2023-08-31-accounts - St Edward's School

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Governors, Officers and Advisers
Governors' report
Statement ofaccounting and reporting	responsibilities			19
Independent auditor's report to the members		ofSt Edward's	School	20
Group statement offinancial activities				23
Group and School balance sheet				24
Group statement ofcash flows				25
Notes to the financial statements				26

harity law. The Governors who se	rved in office durin	rved in office durin	g t	he yea	r a	nd sub	sequen	tly are	detailed	be	ow:
Name	Date ofchange		1	2	3	4	5	7	8	9	10
C I M Jones, MA, FRSA
J A0Adedoyin, MA, MBA
Mrs SAinsworth, MA, MSc
Mrs C M Baggs, BSc
J M Burrows, MA				v'	v'
Mrs H Cook, BEd
Ven J P M Chaffey CB	Appointed	5
	Sept 2022
Mrs G A S Dennis, BA, MA
Dr L L Fawcett Posada, MA,
DPhil
DJJackson, LLB
K M Macritchie, MA, BD, LLB
Dr C Robertson, MBChB,
MRCPC(Paeds), FRCPCH
M W Roulston, MBE, Med
EW Stephenson, MA, FCT
Dr P A Winston, MA, PhD
General Purposes Committee Education Committee Compliance & Risk Committee Safeguarding &Well-Being Committee Investment Committee				7 8 9 10 11		Nominations &Remuneration Committee Bursary Committee Beyond Teddies Committee The North Wall Trust St Edward's School International Limited
Audit Review Committee

		Unrestricted	Restricted	Endowment	Total	Total
		Funds	Funds	Funds
	Note	2023 6'000	2023 K'000	2023 6'000	2023 6'000	2022 f'000
Income from:
Charitable activities: School fees receivable Ancillary trading income The North Wall Trust	2 3 26	29,430 1,269 275	25		29,430 1,269 300	26,710 1,070 189
Other trading activities: Letting ofSchool facilities Other activities		1,073 84			1,073 84	793 123
Investments: Investment income Bank interest		48 63	101		149 63	150 10
Voluntary source: Donations and legacies Total income:		45 32287	128 254		173 32 541	632 29,677
Expenditure on:
Charitable activities: Education of pupils The North Wall Trust	26	29,693 555			29,693 559	25,941 500
Other trading activities: Letting ofSchool facilities		966			966	792
investments: Financing costs		1,454			1,454	1,448
Voluntary source: Fundraising & Investment		168	22	2	192	130
Management Total expenditure:		32,836	26	2	32,864	28,811
Net income for the period before transfers and investment gains Gains /(Losses) on investments Net income for the period	10	(549) 61 (610)	228 118 110	(2) 10 (12)	(323) 189 (512)	866 458 408
Transfers between funds Losses on revaluation of property Net movement in funds	18 18	77 4,449 (4,982)	(77) 33	(12)	4449 (4,961)	408
Fund balances at start of period Fund balances at end ofperiod	18 18	65,832 60850	4,801 4,834	376 364	71,009 66,048	70,601 71,009

			Group 2023	Group 2022	School 2023	School 2022
		Note	K'000	'2'000	8'000	K'000
Fixed assets Tangible assets Investments in securities		9 10	«3152 5,594 «8,746	«3,340 6272 «9612	«3,152 5594 «8,746	«3,340 6,272 «9,612
Current assets Stocks Debtors Investments cash deposits Cash in hand and at bank		« 10	83 8,793 1,823 305 «,004	22 8,447 1,760 2,853 13082	83 8,821 1,823 172 10,899	22 8,482 1,760 2,759 13,023
Current liabilities Creditors payable within one year Net current (liabilities)		12	~15,877 873	~14,377 ~, 1.295	~15,855 ~4.956	~14,350 ~1,327
Total assets less current	liabilities		«3,873	«8,317	«3,790	«8,285
Creditors: Amounts falling	due	13	(47,794)	(47,259)	(47,794)	(47,259)
after more than one year
Provisions for liabilities charges	and	16	(31)	(49)	(31)	(49)
Net assets			66,048	71,009	65,965	70977
Represented by: Share capital Endowment funds Restricted funds Revaluation reserve Other unrestricted funds		17 18 18 18 18	364 4,834 24,800 36050 66.048	376 4,801 29,249 36,583 71,1109	364 4,807 24,800 35,994 65,965	376 4,795 29,249 36557 70,977

					2023	2023	2022	2022
				Note	6'000	6'000	6'000	C000
Net cash flow from operating				20		2,375		3,308
activities
Cash flows from investing
activities
Tangible assets - payments for assets					(5,885)		(6,324)
Tangible assets - proceeds on	sale		of
assets
Investments —receipts (payments) short-term deposits			of		(63)		(10)
Investments - payments for investments					(1,491)		(4,893)
Investments - proceeds of investment sales					1,980		4,782
Investments - investment income					149		150
Net cash provided by/(used investing activities		in)				(5,310)		(6,295)
Cash flows from financing
activities
Loan Funding
Bond Funding							(15)
Advance Fees - new amounts received					1,702		2,014
Advance Fees -used towards School's fees					(2,085)		(1,592)
Advance Fees - amount offees repaid					(80)		(131)
Net cash provided by I(used financing activities		in)				(463)		276
Increase I(decrease) in cash		and
cash equivalents in the period						(3,398)		(2,711)
Cash and cash equivalents beginning of period	at					2,853		5,564
Cash and cash equivalents ofperiod	at end			21		(545)		2,853

residual value ba follows:	sed on current market	prices, on a	straight-line basis over its expected	usef	ul l	ife, a
	Freehold buildings		50to 100years
	Refurbishments and sports pitches		5 to 20 years
	Staff housing		Nil, as have residential property	value
	Equipment, fixtures and	fittings	3to 10years
	Motor vehicles		5years
	Assets in the course of	construction	Not depreciated, as not yet brought		into	use
The depreciation at the end of their	charge on Staff Housing useful economic life to	is nil as the the Company	Governors are ofthe opinion that the residual will be at least the balance sheet value.			value

							2023	2022
							K'000	K'000
Gross	school fees	receivable					32,848	30,231
Less: Scholarships Add: Scholarships		and bursaries and bursaries		paid from	Restricted	or Other	(3,418)	(3,537) 16
Funds
							29,430	26,710
3.	Charitable	activities —Ancillary			charitable	activities
							2023	2022
							6'000	R'000
Additional tuition and other fees							792	778
Entrance fees and		registration	fees				477	292
							1,269	1,070
4.	Investment	income
							2023	2022
							6'000	r'000
Income from securities —equities							134	150
Income from securities —fixed interest							15
							149	150
5.	Donations	and legacies
							2023	2022
							K'000	R'000
Donations Legacies							131 42 173	216 416 632

6. Financing	costs
					2023	2022
					6'000	R'000
Pension scheme Financing costs Interest payable Interest payable	financing costs (Note 23) accrued to Advance Fee contracts (Note 15) on bank loans and overdraft on bond				26 148 1,280	24 144 1,280
					1.454	1,448
7. Analysis	ofexpenditure
			Staff	Deprec-	Other	Total	Total
			Costs	iation	Operating	2023	2022
					Costs
Year ended 31August 2023			K'000	f.'000	2'000	6'000	8'000
Charitable activities:
Teaching			10,465	258	1,709	12,432	11,674
Welfare			3,298		1,985	5,283	4,971
Premises			1,634	1,367	4,686	7,687	5,507
Support and governance			2,184		2,107	4,291	3,789
North Wall Trust			269		290	559	500
Raising funds:
Letting ofSchool facilities			453		513	966	792
Financing costs	(Note 6)				1,454	1,454	1,448
Investment management		fees			36	36	37
Fundraising			155			156	93
			18,459	1,625	12,780	32,864	28,811

			Staff		Deprec-	Other	Total
			Costs		iation	Operating	2022
						Costs
Year ended 31August 2022			6'000		S'000	K'000	E000
Charitable activities:
Teaching			9,787		231	1,656	11,674
Welfare			3,061			1,910	4,971
Premises			1,287		1,159	3,061	5,507
Support and governance			1,938			1,851	3,789
North Wall Trust			258			242	500
Raising funds:
Letting ofSchool facilities			373			419	792
Financing costs (Note 6)						1,448	1,448
Investment management	fees					37	37
Fundraising			81			12	93
			16,785		1,390	10,635	28,811
						2023	2022
						6'000	S'000
Included in support costs Operating leases	are:					145	137
Reimbursement of personal		expenses to 2 Governors				4
Remuneration paid to Auditor for audit ofaccounts						28
Remuneration paid to Auditor for taxation			compliance		services	4
Remuneration paid to Auditor for other non-audit				services		5

. Staff costs
								2023	2022
								8'000	8'000
The aggregate gross Wages and salaries Social security costs	costs of		staff were as	follows:				15,235 1,564	13,824 1,466
Other pension costs								1,660	1,495
								18,459	16,785
The aggregate employee		benefits of key management				personnel	was:	554	405
The average monthly	number		ofemployees	during the		year was:
Teaching Domestic								212 200	203 204
Administration								100	92
								512	499
The number ofemployees		whose total benefits			during	the year
(excluding employer	pension		contributions	and	social	security) over
f60,000 was:
260,001 - 870,000								37	37
870,001 —r80,000								11
K80,001 - F90,000								3
f90,001 - 2100,000								1
F100,001 - rt 10,000								1
r130,001 - 2140,000
8140,001 - 8150,000
r170,001 - 2180,000
8180,001 - 8190,000

. Tangible fixed assets
Group and School	Staff Housing	School Campus	Vehicles and Equipment	Total
	E'000	K'000	K'000	f'000
Cost or valuation As at 1 September 2022 Additions Revaluation	28,301 2,974	86,893 5,437 (11,130)	6,544 448	121,738 5,885 (8,156)
As at 31 August 2023	31,225	81,200	6,992	119,467
Depreciation As at 1 September 2022 Charge for the year Released on revaluation		2,341 1,367 (3,708)	6,057 258	8,398 1,625 (3,708)
As at 31 August 2023			6,315	6,315
Net book value As at 1 September 2022	28,301	84,552	487	113,340
As at 31 August 2023	31,275	81,200	677	113152

Ifthe freehold land would have been as	and buildin follows:	gs had been carried under the cost	model, the balance sheet net	book value
			2023	2022
Freehold land and Staff Housing School Campus At cost from 1890to	buildings 31 August	—Group and School 2023	E'000 9,247 77,511 86,758	E'000 9,247 73,441 82,688
			2023	2022
			E'000	E'000
Capital commitments	outstanding		1,850	1,656

10. Investments
Group and School	Investments
	F000
Investments in securities: As at 1 September 2022 Additions Disposals Losses in the year As at 31 August 2023	6,272 1,491 (1,980) (189) 5,554
Analysis of investments: Fixed interest securities Equities	S'000 904 4,690 5,594

11. Debtors
	Group 2023 6'000	Group 2022 R'000	School 2023 R'000	School 2022 6'000
Fees outstanding Trade debtors Staff loans Other debtors	7,633 518 6 260	7,277 25 30 302	7,633 508 6 260	7,277 20 30 301
Amounts owed by subsidiaries Prepayments and accrued income	376 8,793	813 8,447	38 376 8,821	41 813 8,482

12. Creditors: amo	unts	falling due wi	thin one yea	r
			Group 2023	Group 2022	School 2023		School 2022
			6'000	6'000	S'000		6'000
Bank overdraft Trade creditors			850 572	1,113	850 572		1,113
Taxation and social security Other creditors and accruals			379 1,649	401 1,666	379 1,644		401 1,639
Amount due to subsidiary
Deferred income: Fees held in Advance	Fees	Fund	1,314	1,627	1,314		1,627
(Note 16) Fees received in advance ofterm Registration deposits held Other deferred income			10,710 376 27	9,428 142	10,710 376 10		9,428 142
			15,877	14,377	15,855		14,350
The bank overdraft of6850,000consists ofa			School overdraft ofr2,716,000 and F1,886,000 of			balances	in
respect of funds. There	is a right ofset off.
13. Creditors: amounts		falling due after more than one year
					Group and	Group and
					School		School
					2023		2022
					6'000		6'000
Bank loans (Note 14) Bond less unamortised	financing costs (Note		14)		7,000 37,690		7,000 37,706
Deferred income: Fees held in Advance Registration deposits	Fees held	Fund (Note 15)			649 2,455		773 1,780
					47,794		47,259

14. Analysis ofloans	Group and School	Group and School
	2023	2022
	E000	R'000
Loans:
Due within one year Due between one and two years Due between two and five years Due in more than five years	7,000 37,690	7,000 37,706
	44,690	44,706

		Group	Group
		and	and
		School	School
		2023	2022
		6'000	R'000
As at 1 September 2022 New contracts with parents Finance costs accrued to contracts		2,400 1,702 26	2,085 2,014 24
		4,128	4,123
Amounts used	towards School's fees	(2,085)	(1,592)
Capital repaid or paid to other schools As at 31 August 2023		(80) 1,963	(131) 2,400

		Group	Group
		and	and
		School	School
		2023	2022
		6'000	E000
Due Due Due	within one year between one and two years between two and five years	1,314 344 305	1,627 476 297
		1,963	2,400

16.Provisions for liabilities	16.Provisions for liabilities	and charges	Group	Group
			and	and
			School	School
			2023	2022
			F000	K'000
Defined	benefit pension scheme	liability (Note 23)	31
17.	Share capital
			2023	2022
			R'000	f'000

18. Funds
	Movement on Funds for the year			ended 31August	2023
	Note	As at1 Sep2022 E'000	Income E'000	Expend- Iture 6'000	Gains I losses 6'000	Transfers E'000	As at 31 Aug 2023 E'000
Endowment Funds
Rotherfield Scholarship	(a)	376		(2)	(10)		364
Fund
Restricted Funds
Rotherfield Income Fund		1	8			(9)
Foundation Fund	(I3)	161	20			(68)	113
Endowment Fund Scholarship Fund The North Wall Trust	(c) (c)	1,486 3,147 6	30 171 25	(7) (15) (4)	(38) (80)		1,471 3,223 27
Total Restricted Funds		4,801	254	(26)	(118)	(77)	4,834
Unrestricted Funds
Revaluation Reserve	(d)	29,249			(4,449)		24,800
Other unrestricted funds
Gener al reserves		(5,375)	31,856	(32,241)		(1,579)	(7,339)
The North Wall Trust		35	275	(555)		311	66
St Edward's lni'l Ltd		(8)		(2)			(10)
Other designated funds Rotherfield Designated		190	4	(1)	(5)	(26)	162
Fund Advance Fees Fund Capital Fund	(e) (f)	647 38,898	63	(26)		1,371	684 40,269
Foundation Fund	(ti)
Scholarship Fund	(c)	2,196	89	(11)	(56)		2.218
		36,583	32,287	(32,836)	(61)	77	36,050
Total Unrestricted		65,832	32,287	(32,836)	(4,510)	77	60,850
Funds
Total Funds		71,009	32,541	(32,864)	(4,638)		66,048

und balances a	s	at 31 Aug	ust 2023 wer	e represented by:
			Fixed	Investments	Net	Long	Interfund	Total
					current	term
			Assets		assets	(liabifities)	Loans	Assets
			8'000	6'000	6'000	5'000	6'000	6'000
Endowed Funds				364				364
Restricted Funds
Rotherfield Income		Fund
Foundation Fund					113			113
Endowment Fund				1,088	383			1,471
Scholarship Fund				2,382	841			3,223
The North Wall Trust					27			27
Total Restricted	Funds			3,470	1,364			4,834
Unrestricted Funds
Revaluation Reserve			24,800					24,800
Other unrestricted		funds
General reserves			677		(4,881)	(3,135)		(7,339)
The North Wall Trust					66			66
SlEdward's lnt'I Lid					(10)			(10)
Other designated		funds
Rolherfield Designated				120	42			162
Fund Advance Fees Fund					684			684
Capital Fund			87,675		(2,716)	(44,690)		40,269
Foundation Fund
Scholarship Fund				1,640	578			2.218
			88,352	1,760	(6,237)	(47,825)		36,050
Total Unrestricted		Funds	113,152	1,760	(6,237)	(47,825)		60,850
Total Funds			113,152	5,594	(4,873)	(47,825)		66,048

	Movement on Funds for the year	Movement on Funds for the year	Movement on Funds for the year	ended 31August	2022
	Note	As at 1 Aug 2021 E'000	Income 6'000	Expend- Iture E'000	Galas I losses E'000	Transfers E'000	As at 31 Aug 2022 E'000
Endowment Funds
Rotherrield Scholarship	(a)	404		(2)	(26)		376
Fund
Restricted Funds
Rotherfield Income Fund		9	8			(16)	1
Foundation Fund Endowment Fund Scholarship Fund The North Wall Trust	(b) (c) (c)	76 1,561 3,180 45	110 32 184 7	(8) (16) (46)	(99) (201)	(25)	161 1,486 3,147 6
Total Restricted Funds		4,871	341	(70)	(300)	(41)	4,801
Unrestricted Funds
Revaluation Reserve		29,249					29,249
Other unrestricted funds
General reserves		(774)	28,696	(28,249)		(5,048)	(5,375)
The North Wall Trust		22	182	(454)		285	35
St Edward's Int'I Ltd							(8)
Other designated funds Rolherlield Designated		200	4	(1)	(13)		190
Fund Advance Fees Fund Capital Fund	(e) (f)	661 34,094	10	(24)		4,804	647 38,898
Foundation Fund Scholarship Fund	(b) (c)	1,882	443	(10)	(119)		2,196
		36,077	29,335	(28,738)	(132)	41	36,583
Total Unrestricted		65,326	29,335	(28,738)	(132)	41	65,832
Funds
Total Funds		70,601	29676	(28810)	(456)		71,009

	Fixed	Investments	Net	Long	Interfund	Total
	Assets K'000	8'000	current assets 8'000	term (sabilities) E'000	Loans 6'000	Assets f'000
Endowed Funds		376				376
Restricted Funds
Rothertield Income Fund
Foundation Fund Endowment Fund Scholarship Fund The North Wall Trust		1,248 2,643	161 238 504 6			1 161 1,486 3,147
Total Restricted Funds		3,891	910			4,801
Unrestricted Funds
Revaluation Reserve	29,249					29,249
Other unrestricted funds
General reserves The North Wall Trust StEdward's lnt'I Ltd	487		(3,260) 35	(2,602)		(5,375) 35
			(8)			(8)
Other designated funds
Rothertietd Designated Fund		160	30			190
Advance Fees Fund Capital Fund Foundation Fund	83,604		647	(44,706)		647 38,898
Scholarship Fund		1,845	351			2,196
	84,091	2,005	(2,205)	(47,308)		36,583
Total Unrestricted Funds	113,340	2,005	(2,205)	(47,308)		65,832
Total Funds	113,340	6,272	(1,295)	(47,308)		71,009

		2023	2023	2022	2022
		K'000	K'000	f'000	K'000
Net income for the Year
			(512)		408
Elimination ofnon-operating items:
Investment income
(Gains)/losses on investments Finance cost accrued to Advance Fees Amortisation of bond costs Depreciation and similar charges (Profit) on sale offixed assets		(149) 189 26 (16) 1,625		(150) 458 24 1,390
Decrease/(Increase) in stocks Decrease/(increase) in debtors Increase/(decrease) in creditors and Increase/(decrease) in Registration	provisions deposits	(61) (346) 710 909		(4) (1,290) 1,617 855
			2,887		2,900
Net cash flow from operating activities			2.375		3,353

	Note	As at 1	Noncash	Cash	As at31
Cash Bank overdrafts	12	September 2022 g'000 2,853	Change f'000	Flows 5'000 (2,548)	August 2023 g'000 305
Deposits Loans falling due after more than one year	10 14	2,853 1 760 (44,706)	16	(850) (3,398) 63	(850) (545) 1,823 (44,690)
		(40,093)	16	(3,335)	(43,412)

			enefi	p	r was as follows:	r was as follows:
					Group and School
					2023	2022
					6'000	f'000
As at 1 September
Unwinding ofdiscount factor					49	75
Deficit contributions		paid
Re-measurements Re-measurements As at 31 August		—impact ofany change in the assumptions —amendments to the contributions schedule			(18)	(26)
					31	49
The impact of income and expenditure				during the year was as follows:
					Group and	School
					2023	2022
					6'000	K'000
Interest expense
Remeasurements Remeasurements	—impact ofany —amendments		change in the assumptions to the contributions schedule

The St Edward's School International balance sheet as at 31 August 2023,	Limited extracted	profit and loss account for the year ended 31 August from the audited financial statements, are summarised	profit and loss account for the year ended 31 August from the audited financial statements, are summarised	2023 and below:
Profit and Loss Account
			2023	2022
Revenue			K'000	K'000
Cost ofsales
Gross Profit
Administrative Expenses
Profit / (Loss) before taxation			(2)
Taxation			(2)
Profit / (Loss) after taxation being	profit for	the period
Retained Profit brought forward
Profit / (Loss) for the period			(8)	(8)
GIR Aid Payment to Parent Charity
Retained Profit / (Loss) at end ofperiod			(10)	(8)

Balance Sheet		As at	As at
		31August	31August
		2023	2022
Current assets		6'000	6'000
Debtors
Amounts owing by Parent company Cash in hand and at bank
Net current assets
Current liabilities
Creditors payable Amounts owing to Net assets	within one year Parent company	(1) ~10	~9
Represented by:
Share capital Unrestricted funds		~10	~9

Statement ofFinancial	Statement ofFinancial	Activities	Unrestricted Funds	Restricted Funds	Restricted Funds	Total Funds	Total Funds
Income:			E'000	8'000		2023 E'000	2022 6'000
Donations
Income from charitable Total income Expenditure	activities		332 253 585	25 25		357 253 610	337 131 474
Cost ofraising funds
Expenditure on charitable Total expenditure		activities	554 554		5	559 559	500 500
Net income/(expenditure) Net movement in funds Reconciliation offunds:			31 31	20 20		51 51	~25 (26)
Total funds brought forward Total funds carried forward			35			52	63
				27		93	42
~61 eheel
						2023	2022
Current assets						K'000	6'000
Debtors
Cash at bank and in hand						16	6
Total current assets						132	92
Creditors falling due within Net assets	one year			148 ~55			98 ~56
						93	42
Represented by
Unrestricted income funds
Restricted income funds						66	35
						27	7
Total funds
						93	42

		Unrestricted Funds	Restricted Funds	Endowment Funds	Total
Income from:	Note	2022 K'000	2022 E'000	2022 K'000	2022 K'000
Charitable activities:
School fees receivable Ancillary trading income The North Wall Trust Other trading activities:	2 3 26	26,710 1,070 182			26,710 1,070 189
Letting ofSchool facilities Other activities investments:		793 123			793 123
Investment income Bank interest Voluntary sources:		44 10	106		150 10
Donations and legacies Total income:		404 29336	228 341		632 29,677
Expenditure on:
Charitable activities:
Education of pupils The North Wall Trust Other trading activities:	26	25,941 454	46		25,941 500
Letting ofSchool facilities Investments:		792			792
Financing costs Voluntary sources:		1,448			1,448
Fundraising 8 Investment
Management		104	24		130
Total expenditure:		28,739	70	2	28,811
Net income for the period before transfers and investment gains		597	271	(2)	866
Gains I(Losses) on investments Net income for the period	10	132 465	300 (29)	26 (28)	458 408
Transfers between funds Losses on revaluation of	18 18	41	(41)
property
Net movement in funds		505	(69)	(28)	408
Fund balances at start of	18
period Fund balances at end of	18	65,326	4,871	404	70,601
pel'Iod		65,832	4,801	376	71,009