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2021-08-31-accounts

REGISTERED CHARITY NO: 309910 COMPANY NO: 587874

BEACHBOROUGH SCHOOL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

BEACHBOROUGH SCHOOL TRUST LIMITED INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

Page
Reference and Administrative Information 1
Providers of Professional Services 2
Report of the Governors 3 – 5
Strategic Report 6 – 12
Statement of Trustees’ Responsibilities 13
Independent Auditor’s Report 14 – 17
Statement of Financial Activities 18
Balance Sheet 19
Cashflow Statement 20
Notes to the Financial Statements 21 - 31

BEACHBOROUGH SCHOOL TRUST LIMITED REFERENCE AND ADMINISTRATIVE INFORMATION

REGISTERED COMPANY NUMBER

587874 (England and Wales)

REGISTERED CHARITY NUMBER

309910

REGISTERED OFFICE

Westbury Manor Brackley Northamptonshire NN13 5LB

GOVERNORS:

The Governors are the charity trustees of Beachborough School Trust Limited and have all served in office throughout the year, except where indicated.

Mrs J Askham (resigned 5 November 2020) Mrs S Barrett (Chair of Governors) Mr A Bentley (resigned 10 September 2020) Mrs R Donaldson Mrs G Eilbeck Mr J-M Hodgkin (Vice Chair of Governors) Mrs E Hill Mr N Mullineux Mr P Sanderson Mrs S Sowden Mr J Tearle Mrs S Willis Mrs E Wilson Mr B Wood

HONORARY OFFICERS:

Mr C Pritchard (Headmaster) Mrs C Wallace (Bursar, Clerk to the Governors and Company Secretary)

KEY MANAGEMENT PERSONNEL:

Mr M Barrett (Deputy Head, Beachborough) Mr S Preece (Deputy Head, Beachborough) Mr D Gross (Head of Manor House) Ms C Sharps (Head of Boardman)

(Resigned 31[st] October 2021) (Appointed 1[st] November 2021)

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BEACHBOROUGH SCHOOL TRUST LIMITED PROVIDERS OF PROFESSIONAL SERVICES

Bankers

Barclays Bank Plc Brackley Branch North Oxfordshire Group PO Box 1 Oxon OX16 8PS

Insurers

Marsh Brokers Limited Education Practice Capital House 1 - 5 Perrymount Road Haywards Heath W. Sussex RH16 3SY

Auditors

Crowe UK LLP Aquis House 49 - 51 Blagrave Street Reading Berkshire RG1 1PL

Solicitors

Veale Wasbrough Vizards Orchard Court Orchard Lane Bristol BS1 5WS

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BEACHBOROUGH SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31 AUGUST 2021

The Governors of the School, who are also Directors of the Company and Charity Trustees for the purposes of the Charities Act 2011, present their Annual Report in compliance with both that Act and the Companies Act 2006. The report contains Directors’ Report and Strategic Report together with the audited financial statements for the year ending 31 August 2021.

The format and content of the report and financial statements comply with the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice: ‘Accounting and Reporting by Charities’ (SORP FRS102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Beachborough School Trust Limited (herein “Beachborough School”) was incorporated on 25 July 1957 as private company limited by guarantee without share capital. The company number is 00587874 and the charity number is 309910.

Governing document

The company is controlled by its Memorandum and Articles of Associations.

Governing Body

The Governors of the Trust are all Directors of the Company. Those who held office during the financial year are listed on page 1. Governors are elected by the Board to fill a vacancy due to retirement, or to enhance or add to the particular skills of Board. The Directors are elected at a full Directors meeting on the basis of nominations received from members of the Board or the Head taking into account eligibility, personal competence, specialist skills and local availability.

The Trust has no share capital and consequently none of the Governors has any interest in the Trust. The liability if the governors is limited to the extent of £1 each in the event of the trust being wound up.

Recruitment and Training of Governors

Potential governors are identified by members of the Governing Body and considered against the Body’s specifications concerning eligibility, competence, specialist skills and local availability.

New Governors receive a thorough induction so they clearly understand the responsibilities of the role and the workings of the School. In addition, all Governors are encouraged to attend relevant training seminars and conferences throughout the year to further their own professional development.

Organisational Management

The members of the Governing Body are legally responsible for the overall management and control of the School. The Governing Body meet as a Board at least three times a year and at other times as required by the School’s business. The Governing Body has five sub-committees to support the running of the School. Each committee has Governor representation as well as members of the School Leadership Team. Each sub-committee will also meet three time a year and feed their termly report and minutes of their meeting to the Full Board of Governors meeting. The purpose of the Governing Body meeting is for the Governors to determine the general policy of the School and review its overall management and control. At the end of each meeting there is an opportunity for the Governors to have a discussion without staff present if and when the need arises.

In addition to the sub-committees, the Board have appointed a Governor with specific responsibility for Child Protection and Safeguarding, Boarding Provision, SEN, and Parent Liaison.

The day to day running of the School is delegated to the Honorary Officers who are supported by the key management personnel, the Senior Leadership Group and other staff.

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BEACHBOROUGH SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021

The remuneration of the Honorary Officers is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School’s success.

The appropriateness and relevance of the remuneration is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

We aim to recruit, subject to experience, at the lower to medium point within a band, providing scope for rewarding excellence. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

Group Structure

The company has no subsidiaries.

The School is an active member of:

The Headmaster is an active member of:

Local Community Relationships and Other Charitable Activities

The School provides the use of its facilities to local community groups and to local families on a regular basis either at low cost or no cost. It supports both national and international charities through a wide variety of fund-raising initiatives. The School is committed to serving the best interests of the local community and regularly meets with the local Parish Council in order to actively contribute, promote and improve the local environment.

AIMS, OBJECTIVES AND ACTIVITIES

Primary Objectives

The main charitable objective of the Trust is the education of boys and girls from the age of two and a half to thirteen years of age within the United Kingdom. The principal current activity of the Trust is the operation of an independent preparatory, pre-preparatory and nursery school.

The Governors believe that the School performs its functions well and regularly monitor the performance of the School and its leadership.

Strategies to Achieve the Primary Objectives

The School's strategic aim is to provide every child with an excellent academic, spiritual and moral education in a warm and supportive environment. The focus is on creating and inspiring a nurturing learning adventure where each and every child can flourish. This is achieved by drawing out the children’s individual abilities and academic potential as well as awakening and developing their wider interest in life.

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BEACHBOROUGH SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021

Principal Activity

The School's policy is to provide a high quality education for its pupils. The majority of senior pupils enter senior independent schools either via the common entrance exam or public school scholarship. The Prep school includes boarding as well as day facilities for children between the ages of seven and thirteen. The Pre-prep and Nursery provide education for children between the ages of two and a half and seven on a day basis.

Objectives for the Year

The Board’s main objective continues to be the education of all school pupils to at least the same high standard achieved by the School in previous years as well as to continue to improve the facilities within the School.

The School aims to provide generous resources to support the delivery of an exciting curriculum and to maintain and enhance, through a programme of continuous development, an experienced, dedicated and well qualified staff who can educate effectively both academically and spiritually. The School encourage all staff and pupils to positively contribute to the life of the School and the wider community, thus helping the pupils to prepare for their next school and the opportunities, responsibilities and experiences of adult life.

Strategies to Achieve the Year’s Objectives

Our strategy to achieve our objectives for the year has been to continue to strive for a successful and prosperous school, so that our objective of providing generous resources can be fulfilled. Our objective of providing the best possible staff has been achieved by maintaining a most thorough and demanding recruitment process.

Volunteers

The School is immensely grateful to be supported by volunteer parents. The Beachborough Friends Association is made up of parent volunteers and they meet regularly throughout the academic year. They continue to help with the School's fundraising and cultural activities during the year and are an invaluable support for the day-to-day operation of the School.

Beachborough School benefits from the generosity of a thriving network of current and former parents and pupils whose close support is greatly appreciated and acknowledged.

Fundraising Activities

Beachborough School does not engage in large scale fundraising activities like mass mailings, telephone fundraising or door-to-door campaigns. The School does not employ a separate fundraising team or third party organisation to help raise funds. Any small level fundraising activities focus on the current parents and other individuals or organisations connected with the School rather than the wider community. During the financial year, the School did not receive any fundraising complaints requiring action by the Fundraising Regulator.

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BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2021

SIGNIFICANT EVENTS

2020/21 provided the School and the wider community with significant challenges due to the Coronavirus (COVID-19) pandemic.

On the 4[th] January 2021, the Prime Minister announced details of a national lockdown, which required schools to move to a remote provision from the 5[th] January 2021 for all children except vulnerable children and children of keyworkers. The school successfully re-launched its home learning provision to all pupils at home when term started on the 6[th] January. During this time the School continued to open and operate on a significantly reduced basis to ensure that all eligible pupils were able to continue to access the Schools resources on-site.

On-line Learning Programme

The School used its experience from the previous national lockdown to provide all children with an online home learning provision throughout the Spring Term. The children had the opportunity to continue to follow their normal timetable throughout the lockdown period with staff providing on-line live support during these lessons. Prep continued to be set, marked and feedback provided to ensure that children continued to receive an extensive educational experience and support could be given to children to ensure understanding of areas covered.

Extensive pastoral support was provided to children and their families throughout the Spring term, and children were encouraged to come together on-line and share their experiences within their tutor group sessions.

The School remined open for vulnerable children and children of to provide support for those children who needed to be in school. The children accessed the same on-line learning programme as the children out of school, and received significant support from the members of the teaching staff within the School.

The school welcomed all children back on-site at the start of the Summer term, and remained open until the end of the 2020/21 academic year.

Reduced School Fees

In response to the impact of COVID-19, the Governors felt that it was necessary to review the fees charged for the spring term, in light of the move to home learning and the way in which the Schools usual services were delivered. The trustees approved a reduced fee for the Spring term, which was applied to the summer term invoices issued to parents. The reduced fees resulted in £284,384 reduction in income for the term.

In addition to the reduced fee income, the closure of the School in January has had an adverse impact on the income received from boarding, additional nursery sessions, and extra-curricular activities. It is estimated that the combined loss of income due to the closure was £64,000.

Additional Hardship Support

The Trustees continued to recognise the financial impact that COVID-19 had on some of our parents. The school continued to provide financial support through the hardship fund established at the start of the pandemic. Four applications for financial support were received and £16,435 of hardship funding provided.

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BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2021

Coronavirus Job Retention Scheme (CJRS)

The CJRS scheme was announced by the Chancellor 20[th] March 2020, and was designed to support employers whose operations have been severely affected by COVID-19. When the School temporarily closed in January 2021, there were a number of staff who could not carry out their normal duties or were no longer required given the change in the way the School was operating. The employees affected were ‘flexibly furloughed’, and worked on a part time basis to meet the school’s needs. The employees remained on the payroll and continued to receive their regular monthly salary. The School were able to claim 80% of the regular salary for the time they unable to work. The first employees were furloughed from the 9[th] January and the last employees were un-furloughed on the 31[st] March 2021. The total amount claimed and received during this financial year was £94,558.81.

ACHIEVEMENTS AND PERFORMANCE

Academic Excellence

The School and Governors congratulate each and every pupil in Form VIII (Year 8) as all 35 pupils at the end of the academic year gained entry into their school of choice. An outstanding 23 awards, scholarships and exhibits were achieved by the Form VIII’s in disciplines such as Art, Music, Drama, Sport, Design & Technology and Academic from Bloxham, Eton College, Millfield, Akeley Wood, Stowe and Tudor Hall. We consider this to be an exceptional achievement as Beachborough is a non-selective school.

The School continues to enhance its reputation for academic excellence producing another impressive year of scholarships, exhibits and awards. Throughout each year group formative and summative assessment remains rigorous enough to place children within the correct environment to maximise their learning; allowing scholarship potential and learning support to be recognised earlier than ever. Future schools continue to acknowledge Beachborough’s ability to work with each individual child and to help them meet the entry requirements of their senior school.

Sporting Performance

Sport has continued to play a prominent part in the life of our pupils at Beachborough School throughout the past academic year. Underpinning everything we do here at the School is the notion of “Sport for All”. We recognise that inclusivity is a key part of our fabric as a school and ensure that we consistently hit a 100% participate rate in team sports. In addition, we have also run school teams in other sporting areas, namely athletics, cross country, equestrian, gymnastics, swimming, tennis and triathlon with the breadth of the programme enabling our pupils to experience competition and enjoyment in equal measure.

Music

Our music department continues to grow and develop. This year music scholarships and exhibitions were awarded to Eton College, St Edwards and Bloxham. In addition to curriculum lessons, 160 one to one instrumental and singing lessons are taught each week, most of whom are working towards sitting public exams, with some students working towards Grade 6 and above.

The children continue to have many opportunities to perform, and whilst the usual schedule of music concerts and performances was curtailed die to COIVD-19, recording the instrumental performances allowed the children to share these.

Music Technology continues to play a crucial role in our curriculum, with future investment planned within this area.

Technology

Technology, Engineering and Design has yet again grown and flourished. Building on being named Best Prep School for STEM in the UK, by The Week Independent School Guide the Department strives to continue delivering STEM in the best way imaginable across the school. Five scholarships and / or wards perfectly showcasing the skills developed by the children whilst at Beachborough.

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BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2021

Home learning in the Spring term bought with it come challenges, but with a choice of more than 50 activities to try at home the children delivered some very exciting projects. As the children strive to create useful products which are more environmentally friendly and sustainable, tech at Beachborough continues to evolve, thrive and prosper.

We were all disappointed that the annual Form VI STEAM event ‘Innovation, Imagination & Inspiration’ had to be cancelled due to the COVID-19 lockdown. This event, where four local school spend the day at Beachborough School, is always one of the highlights of the Spring term but we look forward to hosting the event next year.

ACHIEVEMENT IN RELATION TO LAST YEARS FUTURE PLANS:

Due to the ongoing impact of COVID-19 on the strategic development of the school, the following achievements also recognise that the school has managed a pandemic alongside these and has provided online learning and key worker support throughout:

PUBLIC BENEFIT

Whilst the principal beneficiaries of the Charity are the pupils aged between two and a half and thirteen years of age there are also a number of organisations in the local community who benefit through the use of the School facilities or equipment.

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BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2021

Unfortunately, due to COVID-19 the school was unable to run some community events including its annual ‘inspiration for innovation’ programme provides local primary school children with access to STEM learning and business connections. We look forward to re-introducing such events in the coming year. The Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011, to have due regard to the guidance issues by the Charity Commission on public benefit.

Grant-making

The School aims to widen access to its education on offer by continuing to provide a means tested bursary scheme to allow parents who would otherwise be unable to afford the fees, to send their children to the School. Bursaries are also offered to existing parents encountering unforeseen hardship through no fault of their own.

The Finance Committee has an established Bursary policy that has been endorsed by the Full Board of Governors. With its own set of aims and objectives, a formal application is made which is 'means-tested' against the asset value of the parents.

This year, the School has also made additional awards due to hardship resulting from COVID-19.

Fundraising for Charities .

Fundraising for charitable purposes is a fundamental part of Beachborough School life. The School encourages children to fundraise for particular areas of interest as part of their social responsibility and there were many fundraising events for various charities during the first two terms of the academic year.

The School's nominated charity was Mary’s Meals and £9,200 was raised, which was enough to feed every pupil in our sponsored school in Malawi, for a year.

The School had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

FINANCIAL REVIEW

Results for the year

A surplus of £511,128 on unrestricted funds was reported for the year, which the Governors consider satisfactory given the significant impact COVID-19 has had on the School’s financial performance in 2020/21.

The School closure in the spring term resulted in a reduced income of c.£348k. However, increased pupil numbers, reduced costs linked to the School’s closure and receipt of the coronavirus job retention scheme grant, meant that the School managed to achieve a healthy surplus.

The School aims to achieve a sufficient level of net incoming resources to finance ongoing capital expenditure required to keep the School’s facilities and infrastructure at a level which may be expected of an independent preparatory and to allow for unforeseen, but essential, expenditure.

Reserves level and policy

The School’s unrestricted funds stood at £5,978,919 at the year end. After deducting the carrying value of tangible fixed assets held for the School’s own use, free reserves were £1,487,947 of which £100,000 has been designated to a bursary fund. The School does not have any bank loans or borrowings.

It is the Governors’ policy to maintain free reserves equivalent to 10% of school fees receiveable to cover the immediate needs for essential operating expenditure and any unexpected financial event.

The School further plans to build up free reserves out of annual operating surpluses to develop a Capital Projects Reserve to fund future projects and maintain up-to-date facilities needed to maintain the standard of educational services to attract and provide benefit to future pupils.

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BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2021

RISK MANAGEMENT

The Board continues to keep the School’s activities under review, particularly with regard to any major risks that may arise from time to time, and to monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified by the Governors can best be mitigated.

The Governing Body is responsible for the management of these risks. The School has a comprehensive risk management framework which includes a detailed risk register. Consideration of risk are assessed within the sub-committees and the Governing Body. Risks are identified and assessed and controls established throughout the year. Key controls used in the management of risk include:

Through this established risk management process, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary and practicable. It is recognised that these systems can only provide reasonable, and not absolute, assurance that the major risks have been adequately managed.

Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks. The breadth of activities at the School is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment. The School will continue to work with their appointed Health and Safety Consultant to ensure that risks are identified and managed appropriately.

PRINCIPAL RISKS AND UNCERTAINTIES

Ongoing impact of COVID-19

The COVID-19 pandemic has continued to have a significant impact at Beachborough, with national lockdowns resulting in the school being closed for two terms over the last two financial years The Governing Body have anticipated that the School may need to close due to an outbreak within the School, or local / national lockdown. The controls in place within the School are designed to reduce the transmission of COVID-19 within the school community, but for the foreseeable future the School needs to be prepared for a mandated period of closure. The School’s main focus will be to continue to meet our moral and contractual responsibility to provide an educational service to the children at Beachborough School, via a remote learning model. The School Leadership Team are confident that the School will be able to deliver a high standard to education should the School have to close, having built and improved on the model used previously. The Trustees believe that this is key in ensuring pupil retention during these difficult times.

The Trustees are aware that further financial support may be required, through further fee reductions or bursary awards. This will continue to be monitored, with the Trustees making appropriate decisions, in the best interest of the School, as required.

The School are also aware of the impact COVID-19 will continue to have on the well-being and mental health of the School community and will continue to provide support to all, throughout this turbulent period.

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BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2021

Teachers’ Pension Scheme (TPS)

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £434,202 ( 2020: £425,174 ) and at the year-end £nil ( 2020 - £nil ) was accrued in respect of contributions to this scheme

In light of the level of employer contributions and potential future increases which may be imposed, the Governing Body will continue to monitor the situation and assess the impact on the School when considering any necessary action.

HS2

The Trustees are monitoring the impact of the construction of the HS2 high speed railway project, with work commencing in the local area. The main concern is that any temporary road closures in the local vicinity may deter parents from choosing to send their children to Beachborough as travel times to the site may increase. The School is monitoring the situation and investigating ways to minimise any potential impact.

Pupil retention

Although Beachborough has record numbers on role, the Governors are conscious of the political climate and the challenging of charitable status of independent school has given rise to potential risks which may affect the Schools cost base. Strategies around how this could be managed within the School have been explored by the Governing Body, with contingent plans being explored.

FUTURE PLANS

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BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2021 PROVISION OF INFORMATION TO AUDITORS Each ofthe persons who are Governors al the time when this Governors leport is approved has confirmed that.. so far as that Governor is aware, there is no relevant audit infomialion of which the School's auditors are unaware., and that Governor has lak8n all sl&ps that ought lo have been taken as a Governor in order lo be aware of any relevant audit information needed by the School's aLJdilors in connedion with preparing their report and lo establish that the S¢hool's auditors aré 8ware of that information. AUDITORS In accordance with SeclK)n 485 of the Companies Act 2006, a resolution proposing the re-appoinlmenl of Crowe U.K LLP as auditors lo the Company will be pul lo the Annual General Meeting. This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Beachbgrough School Trust Limited on 25th November 2021 inGluding in th@ir capacity as company directors approving the strat￿lC Report ¢onlained therein, and is signed as authorised on ils behalf by.. e Barrell Chair of Governors - 2011 Page 12

BEACHBOROUGH SCHOOL TRUST LIMITED STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2021

The Trustees are responsible for preparing this report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Crowe U.K. LLP

Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEACHBOROUGH SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Beachborough School Trust Limited for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes, 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 charitable company 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEACHBOROUGH SCHOOL TRUST LIMITED (CONTINUED)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

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 our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ 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

As explained more fully in the trustees’ responsibilities statement set out on page 14, 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.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEACHBOROUGH SCHOOL TRUST LIMITED (CONTINUED)

In preparing the financial statements, the trustees are responsible for assessing the 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 intend to liquidate the 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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 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 ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the School were school inspection regulations, Health and Safety, General Data Protection Regulations and Safeguarding. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

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 recognition of non-fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing of documentation relating to non-fee income, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and Ofsted and reading minutes of meetings of those charged with governance.

Page 16

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEACHBOROUGH SCHOOL TRUST LIMITED (CONTINUED)

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 noncompliance 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 noncompliance 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce Senior Statutory Auditor For and on behalf of

Crowe U.K. LLP

Statutory Auditor

Reading

26 November 2021

Page 17

BEACHBOROUGH SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021

Notes
INCOME FROM:
Charitable activities:
School fees receivable
4a
Other income
4b
Other trading activities:
Lettings and shop income
Investments
Investment income
Donations and legacies
Donations
Government CJRS grant
Total
EXPENDITURE ON:
Charitable activities:
School operating costs
Raising funds:
Financing costs
Marketing and advertising
Total
5
NET INCOME AND MOVEMENT
ON FUNDS
FUNDS BROUGHT FORWARD
AT 1 SEPTEMBER 2020
FUNDS CARRIED FORWARD
AT 31 AUGUST 2021		 Unrestricted
£
5,292,074
249,795
79,469
1,468
7,111
94,559
5,724,476
5,156,682
1,378
55,288
5,213,348
511,128
5,467,791
5,978,919		 Restricted
£
-
-
-
-
-
-
-
11,901
-
-
11,901
(11,901)
11,901
-		 Total
2021
£
5,292,074
249,795
79,469
1,468
7,111
94,559
5,724,476
5,168,583
1,378
55,288
5,225,249
499,227
5,479,692
5,978,919		 Total
2020
£
4,450,393
392,586
42,724
8,087
31,874
225,975
5,151,639
5,131,354
1,371
68,243
5,200,968
(49,329)
5,529,021
5,479,692

There were no gains or losses arising during the current or preceding year other than those reported above.

All income and operating surplus arise from continuing activities.

The notes on pages 21 to 31 form part of these financial statements

Page 18

BEACHBOROUGH SCHOOL TRUST LIMITED

(COMPANY NUMBER 587874)

BALANCE SHEET

31 AUGUST 2021

Notes
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Stocks
10
Debtors
11
Short term investments
12
Cash at bank and in hand
CREDITORS:Amounts falling due
within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FINANCED BY:
Unrestricted funds - General
14
Unrestricted funds - Designated
14
Restricted funds
14
15		 2021
£
£
4,490,972
41,516
149,062
508,021
1,855,791
2,554,390
(1,066. 3)
1.87,947
5,978.919
~~5,978 919~~
5,878,919
100,000
5978919
2020
£
4,562,792
43,884
119,429
506,732
1 649 316
2,319,361
(1,02,461)
916 900
916 900
5_479 692_
5,467,791
11 901
5 47 692		 2021
£
£
4,490,972
41,516
149,062
508,021
1,855,791
2,554,390
(1,066. 3)
1.87,947
5,978.919
~~5,978 919~~
5,878,919
100,000
5978919
2020
£
4,562,792
43,884
119,429
506,732
1 649 316
2,319,361
(1,02,461)
916 900
916 900
5_479 692_
5,467,791
11 901
5 47 692
916 900
916 900
5_479 692_
5,467,791
11 901
5 47 692

Approved and authorised for issue by the Board of Governors on 25 November 2021.

The notes on pages 21 to 31 form part of these financial statements

Page 19

BEACHBOROUGH SCHOOL TRUST LIMITED

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2021

Cash flows from operating activities
Net movement in funds
Depreciation
(Increase)/decrease in debtors
Decrease in stock
(Decrease)/increase) in creditors
Investment income
Net cash provided by operating activities
Cash flows from investing activities
Payments to acquire tangible fixed assets
Movement in short term investments
Investment income
Net cash (used in) investing activities
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year		 2021
£
499,227
184,343
(29,633)
2,368
(336,018)
(1,468)
318,819
(112,523)
(1,289)
1,468
(112,344)
206,475
1,649,316
£
1,855,791		 2020
£
(49,329)
153,089
71,499
3,053
196,899
(8,087)
367,124
(91,780)
(3,548)
8,087
(87,241)
279,883
1,369,433
£
1,649,316
Analysis of changes in net debt
Cash
Short term investments		 At 1 September
2020
£
1,649,316
506,732
2,156,048		 Cash flow
£
206,475
1,289
207,764		 At 31 August
2021
£
1,855,791
508,021
2,363,812

The notes on pages 21 to 31 form part of these financial statements

Page 20

BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. CHARITY INFORMATION

The School principally operates an independent preparatory, pre-preparatory and nursery school. The incorporated charity (registered charity no: 309910, company no: 587874), is incorporated and domiciled in the UK. The address of the registered office is Westbury, Brackley, Northamptonshire, NN13 5LB.

2. ACCOUNTING POLICIES a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Beachborough School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

At the time of approval of the Annual Report, the COVID-19 pandemic continues to evolve and the long-term impact on the charity, in common with other businesses, is unknown. The Governors have reviewed the position carefully with a view to ensuring the ongoing provision of schooling for the pupils as well as employment of staff. The charity currently holds adequate cash balances, which could be supplemented by liquidating short term investments if required.

Demand for school places at Beachborough remains strong. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the charity are adequate to meet the charity’s obligations as they fall due. Accordingly, the Governors believe the School’s financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis.

b) Tangible fixed assets and depreciation

Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided at rates that reflect the anticipated useful lives of the assets and their estimated residual values.

Land and buildings - 1-10% straight line
Fixtures and fittings - Over 3-5 years straight line

Individual items costing less than £1,000 are written off as expenses when acquired.

c)

Stocks

Stocks are valued at the lower of cost and estimated net realisable value, after making due allowance for obsolete and slow moving items.

d)

Pension costs

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 21

BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (continued)

d) Pension costs (continued)

The School contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multiemployer pension scheme and is not possible to identify the assets and liabilities of the scheme, which are attributable to the School. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution scheme.

The School also operates defined contribution schemes for non-teaching staff, including an auto enrolment arrangement. Contributions to the schemes are charged in the SOFA as they become payable, in accordance with the rules of the schemes.

e) Fees receivable

School fees income comprises the value of amounts invoiced for tuition fees charged in respect of pupils. They are stated after deducting any remissions granted by the School in respect of bursaries and allowances. Fees received for education to be provided in future years are carried forward as deferred income.

f) Government grants

Grants are accounted for under the performance model as permitted by the Charity SORP. CJRS grant income is therefore recognised on a straight line basis over the furlough period for each relevant employee.

g)

Other income

Other income comprises the value of amounts in respect of related services charged in respect of the pupils, including registration fees.

h) Letting income

Letting income comprises the value of amounts invoiced in respect of facility and premises hire charges.

i) Donations

Donations receivable for the general purposes of the School are recorded separately and any wishes of the donor(s) taken into account whenever and wherever practical. Where donations are made under certain terms and conditions, the Board will consider such conditions before accepting the donation. Donations in kind are included in the Statement of Financial Activities at a reasonable estimate of their open market value.

j) Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Costs have been directly attributed to one of the functional categories of resources expended in the Statement of Financial Activities. The school is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

Expenditure in respect of the other support costs of the School includes school trips expenditure, recruitment costs, general office costs and governance costs.

Governance costs comprise the cost of running the School, including external audit, Governors’ legal advice, and constitutional and statutory compliance costs.

Page 22

BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

k) Bursaries

Bursaries are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional. Such Bursaries are recognised as expenditure when the conditions attaching are fulfilled.

l) Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

m) Fund accounting

Unrestricted funds

Unrestricted funds are net incoming resources generated for expenditure on the general objectives of the charity. Within unrestricted funds some funds may be designated by the Trustees to be used for particular purposes.

Restricted funds

Restricted funds are those which must be applied in accordance with the purpose specified by the donor. Expenditure relating to these purposes is charged directly to the fund.

n) Financial instruments

Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost.

o) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

p) Short term investments

Short term investments represent cash deposited in notice accounts which are not accessible within 90 days

q) Parents’ deposits

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at the year end have been included within current liabilities.

Page 23

BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the School’s accounting policies, which are described in note 2, Governors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. 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 the current and future periods.

The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

4. INCOME – CHARITABLE ACTIVITIES

a) SCHOOL FEES

The School’s fee income comprised:

Gross fees
Less: Bursaries and allowances
b)
OTHER INCOME
Chargeable extras – income
Registration fees
Flexible boarding fees
Event income		 2021
£
5,438,760
(146,686)
5,292,074
2021
£
199,259
17,704
32,832
-
249,795		 2020
£
4,702,215
(251,822)
4,450,393
2020
£
293,660
10,954
86,922
1,050
392,586

Page 24

BEACHBOROUGH SCHOOL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

5. TOTAL RESOURCES EXPENDED

2021
Charitable activities
School operating costs:
Teaching costs
Welfare costs
Premises costs
Support costs of schooling
Hardship Fund
Raising funds
Financing costs
Marketing and advertising
TOTAL RESOURCES
EXPENDED		 Staff costs
Depreciation
£
£
2,969,482
-
395,091
-
176,442
184,343
512,265
-
-
-
4,053,280
184,343
-
-
-
-
-
-
4,053,280
184,343		 Other
£
196,117
243,023
249,081
238,206
4,533
930,960
1,378
55,288
56,666
987,626		 Total
2021
£
3,165,599
638,114
609,866
750,471
4,533
5,168,583
1,378
55,288
56,666
5,225,249		 Total
2020
£
3,093,164
624,914
523,358
889,918
889,918
5,131,354
1,371
68,243
69,614
5,200,968

Included in support costs are governance costs of £15,857 ( 2020: £15,444).

2020
Charitable activities
School operating costs:
Teaching costs
Welfare costs
Premises costs
Support costs of schooling
Raising funds
Financing costs
Marketing and advertising
TOTAL RESOURCES
EXPENDED		 Staff costs
Depreciation
£
£
2,882,762
-
385,914
-
142,555
153,089
515,138
-
3,926,369
153,089
-
-
-
-
-
-
3,926,369
153,089		 Other
£
210,402
239,000
227,714
374,780
1,051,896
1,371
68,243
69,614
1,121,510		 Total
2020
£
3,093,164
624,914
523,358
889,918
5,131,354
1,371
68,243
69,614
5,200,968

Page 25

BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

6. NET INCOME

Net income is stated after charging:
Depreciation of tangible fixed assets
Operating lease expense
Auditors’ remuneration (excluding irrecoverable VAT)
– audit fees
– tax advisory
– other services		 2021
£
184,343
4,420
11,925
550
900		 2020
£
153,089
7,865
11,600
-
875

7. EMPLOYEES

a) The average number of employees in the period was:

b)

2021
No.
Teaching
88
Support
11
Premises and Welfare
35
134
Staff costs
2021
£
Wages and salaries
3,260,149
Social security costs
303,880
Pension costs
489,251
Total
4,053,280
The number of employees whose emoluments exceeded £60,000 were:
2021
No.
£60,000 - £69,999
1
£70,000 - £79,999
1
£80,000 - £89,999
-
£90,000 - £99,999
1		 2020
No.
85
9
31
125
2020
£
3,152,737
292,703
480,929
3,926,369
2020
No.
1
1
-
1

Of the above 2 staff members (2020: 2) have benefits accruing under the defined benefit Teachers’ Pension Scheme and 1 staff member (2020: 1) under a personal pension scheme. Contributions in the year totalled £38,284 (2020: £43,020) . Key management personnel consisting of the governors, officers and key management listed on page 1, received aggregate remuneration (including employers NI and employers pension contributions) of £436,747 (2020: £441,563 ).

Termination payments in the period totalled £nil (2020: £7,801) .

No remuneration (2020: £Nil) was paid to members of the Board of Governors and £206 (2020: £58) expenses were reimbursed to two Governors (2020: one Governor) for travel. There was a balance of £Nil (2020: £Nil) outstanding to Governors at the year end.

Mrs Z Pritchard, the Headmaster’s wife and Mrs S Gross, the wife of the Head of Manor House, are employed at the School under standard contracts of employment and under the appointment of the Governors.

Page 26

BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

8. TAXATION

Beachborough School Trust Limited is a charity and is entitled for the current and prior year to the exemptions provided by Section 505 Income and Corporation Taxes Act 1988.

9. TANGIBLE ASSETS

COST
At 1 September 2020
Additions
Disposals
At 31 August 2021
DEPRECIATION
At 1 September 2020
Charge for the year
Disposals
At 31 August 2021
NET BOOK VALUE
At 31 August 2021
At 31 August 2020
10.
STOCK
Stock
11.
DEBTORS
Trade debtors
Other debtors
Prepayments		 Freehold
Property
£
5,075,063
67,590
-






Fixtures
and
Fittings
£
611,842
44,933
(255,717)
401,058
411,635
98,644
(255,717)
254,562
146,497
200,207
2021
£
41,516
2021
£
101,705
16,654
30,703
149,062		 Total
£
5,686,905
112,523
(255,717)
5,543,711
1,124,113
184,343
(255,717)
1,052,739
4,490,972
4,562,792
2020
£
43,884
2020
£
27,161
46,814
45,454
119,429
5,142,653
712,478
85,699
-
798,178
4,344,475

4,362,585

Page 27

BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

12. SHORT TERM INVESTMENTS

Term deposits 2021
£
508,021
508,021		 2020
£
506,732
506,732

Short term investments represent term deposits invested on 95-day terms.

13. CREDITORS: Amounts falling due within one year

Trade creditors
Accruals and deferred income
Parents’ deposits		 2021
£
63,323
875,712
127,408
1,066,443		 2020
£
89,223
1,209,942
103,296
1,402,461

Included within accruals and deferred income are payments for tuition fees received in advance for future terms.

14. FUNDS

2021
At 1
September
2020
£
Unrestricted funds
General
5,467,791
Designated - bursary
-
Total
5,467,791
Restricted funds
Hardship fund
11,901
TOTAL FUNDS
5,479,692		 Incoming
resources
£
5,724,476
-
5,724,476
-
5,724,476		 Resources
expended
£
(5,213,348)
-
(5,213,348)
(11,901)
(5,225,249)		 Transfer
between
funds
£
(100,000)
100,000
-
-
-		 Balance at
31 August
2021
£
5,878,919
100,000
5,978,919
-
5,978,919

Designated fund – bursary

The Governors have designated £100,000 of the 2021 surplus to a designated fund to be able to provide bursaries in the future.

Hardship fund

The hardship fund relates to income received to specifically help those parents during hard times when they are in financial difficulties. The fund is restricted to only help those parents who apply for financial help and upon successful application are eligible to utilise the funds to pay school fees.

Page 28

BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

14. FUNDS (continued)

2020
At 1
September
2019
£
Unrestricted funds
General
5,529,021
Restricted funds
Hardship fund
-
TOTAL FUNDS
5,529,021		 Incoming
resources
£
5,119,765
31,874
5,151,639		 Resources
expended
£
(5,180,995)
(19,973)
(5,200,968)		 Transfer
between
funds
£
-
-
-		 Balance at
31 August
2020
£
5,467,791
11,901

5,479,692

Hardship fund

The hardship fund relates to income received to specifically help those parents during hard times when they are in financial difficulties. The fund is restricted to only help those parents who apply for financial help and upon successful application are eligible to utilise the funds to pay school fees.

15. ALLOCATION OF NET ASSETS BETWEEN FUNDS

2021
Tangible fixed assets
Current assets
Current liabilities
2020
Tangible fixed assets
Current assets
Current liabilities		 Restricted
Funds
£
-
-
-
-
Restricted
Funds
£
-
11,901
-
11,901		 Unrestricted
Funds
£
4,490,972
2,554,390
(1,066,443)
5,978,919
Unrestricted
Funds
£
4,562,792
2,307,460
(1,402,461)
5,467,791		 Total Funds
£
4,490,972
2,554,390
(1,066,443)
5,978,919
Total Funds
£
4,562,792
2,319,361
(1,402,461)
5,479,692

16. CAPITAL COMMITMENTS

There were £nil capital commitments at the year end ( 2020: £Nil) .

Page 29

BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

17. OPERATING LEASE COMMITMENTS

At 31 August 2020 the School had future minimum lease payments under non-cancellable operating leases as follows:-

Within 1 year
2-5 years		 2021
£
11,481
25,877
37,358		 2020
£
4,420
9,115
13,535

18. PENSION COSTS

Teachers’ Pensions

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £434,202 ( 2020: £425,174 ) and at the year-end £Nil ( 2020: £Nil ) was accrued in respect of contributions to this scheme.

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.

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 2019. 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. A consultation was launched by the government on 16 July 2020, and closed to responses on 11 October 2020.

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 2018 announced that there would be a review of this cost cap mechanism, in January 2019 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 2020 and the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.

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BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

18. PENSION COSTS (continued)

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

Other Pensions

The School also makes contributions for non-teaching staff. This is a separately administered defined contribution scheme or an auto enrolment arrangement with NOW and Aviva. Employers contributions for NOW totalling £47,549 (2020: £48,255) and for Aviva totalling £7,500 (2020: £7,500) were payable to the defined contribution fund for the year.

Total outstanding contributions for these schemes at the year-end were £7,454 (2020: £7,891) .

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