The Corporation of Oundle School Incorporated by Royal Charter Number RC000396 Illllll ' GRANT . GTr Annual Report and Financial Statements for the year ended 31 July 2022 Charity number.. 309921 CONTENTS GOVERNORS AND EXECUTIVE OFFICERS................................................................................... KEY MANAGEMEwf PERSONNEL AND CORPORATE INFORMATION.............................. REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022............................. 5-17 INDEPENDENT AUDITOR'S REPORT TO THE GOVERNOKS OF THE CORPORATION OF OUNDLE SCHOOL..............-.................................................... 18-20 CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 JULY 2022...............................................................................................21 CORPORATION STATEMEwf OF FINANCIAL AcfIviTIES FOR THE YEAR ENDED 31 JULY 2022............................................................................................... CONSOLIDATED AND CORPORATION BALANCE SHEETS AS AT 31 JULY 2022............ STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022............................................................................................-24 NOTES TO THE FINANCIAL STATEMEwfs........................................................................... 25-55 The Corporation of Oundle School GOVERNORS AND EXECUTIVE OFFICERS The following served as Governors during the year or through to the date of signing.. Name Committees Served Nominated bv Mr Robert Rin8rose {ChairmanJ Educatlon. flnance. Remuneration Developmènt. Estates, Laxttsn Junior School, Nomination Grocers. Company Mr David Hutchin50n Ivice Ch3irmanl Development Finance. Nomination Governing Body Mr Neil Chippin8ton Education" Laxton Junior School Grocers, Company Mr Howard Clayden Finance* Estates. Remuneratlon Governing Bodv MrTimothy Coleridge Estates Grccer5' Company Mr lan Hodgson Finance, Development Governing Body Mrs jane Kibbev IresiEned 31 August 20221 EducatSon Remuneration Governing Body Mrs Rebecca Lawe5 Éducation. Laxton Junior khool Governing Bodv Mr Charles McAndrew Finance GrocÈrs' Company Mrs Deborah MCG￿gOr Laxton Junior School* Grocers. Company Mr Michael Spens Iresi8ned 31 August 20221 Education Grocers. Cofflpany Mr Teby Stubbs (resigned 31 August 20221 E5tate5, Laxton Junior School Grocers. Companv Mrjarnes Thomson Estètes, Laxion Junior khool Grocers, Company Mr Christopher Tyler f states, Finance Gro¢erg Company Mr James Whitrnore l(Jppointedfrom l August 2021J Sir Charles Bowman loppointedlrorn l Augu5t2021J Estates Finance Grocers. Company Development, Education Grocer5, Cornpany Mrs Suzanna D'oyly loppointedfrom l August 2021) Education Governing 8ody Mr Guy Chisenhale-marsh (Gppointedlrom I Stpttmber 2022) Development, Laxton Junior khool Grocers, Company MT J450n Hill luppointedlrom I September2L1221 Éstatès, Development Grocers, Company Mr Alasdair Kennedy loppthntedfrom I September20221 Education Governing Body Choirmort **_ Chairn?on I September 2022 5= Member of the Court of thé Gr￿er Retirement Benefits The School contributes to three pension schemes on behalf of its Staff. Retirement benefits to the School'5 professional teaching staff are provided by the defined benefit Teachers, Pension scheme. This is an unfunded multi-employer scheme and contracted out of the State Earnings-Related Pension Scheme. The scheme deficit is notional and is used only to determine contribution rates, so no deficit is attributable to employers. The contributions are determined by qualified government actuaries and made on a 'pay as you go. basis. The scheme therefore is treated a5 a defined contribution scheme. and the contributions recognised as they are paid each year. The Corporation of Oundle School 29 NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 JULY 2022 l. Principal accounting policies {continued) {0} Retirement benefits (continued) Non-teaching staff are members either of the Pension & Life Assurance Plan for the Non-Teaching Staff of Oundle School or of the Oundle School Group Personal Pension Plan. The Pension & Life Assurance Plan for the Non-Teaching Staff of Oundle School is being accounted for under FR5102 as a defined benefit scheme. The defined benefit pension Scheme current service costs, together with the scheme net interest are charged to the relevant expenditure heading within the consolidated Statement of Financial Activities in line with the salary costs of the related employees. The defined benefit scheme assets are measured at fair value at the balance sheet date. Scheme liabilities are measured on an actuarial basis at the balance sheet date using the projected unit credit method and discounted at a rate based on market yields of high quality corporate bonds of equivalent currency and term as the scheme liabilitie5. Actuarial 8ains and losses are recognised in the Statement of Financial Activities in the year that they arise, together with the return on plan assets, less amounts included in net interest. The resulting defined benefit liability is presented separately on the face of the balance sheet. The Pension & Life Assurance Plan for the Non-Teaching Staff of Ovndle School was closed to future accrual on 30 June 2012. Members were therefore offered a beneficial contribution rate in the Oundle School Group Personal Pension Plan. Pension costs in respect of the defined contribution scheme are charged to the relevant expenditure heading within the consolidated Statement of Financial Activities in line with the salary costs of the related employees. (p) Employee Benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the year in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Corporation is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Iq) The Group's Funds A fund is a pool of unexpended resource5, held and maintained separately from other pools because of the way in which the resources were originally received or the way in which they have subsequently been treated. A fund may be unrestricted, restricted. or endowed as described below.. unrestricted income funds are expendable at the discretion of the Governing Body in furtherance of the objects of the Corporation. Designated funds are those unrestricted funds transferred from the general fund for particular purposes at the discretion of Trustees. restricted income funds are received for a particular purpose, usually bursaries and scholarships, and expenditure is restricted to that particular purpose. endowment funds are received usually for bursaries and scholarships, income is treated as restricted and expenditure is restricted to that particular purpose from income only. Capital cannot be spent unless otherwise Specified by the donor. (r) Operating Leases Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. The Corporation of Oundle School 30 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 2. Critical accounting judgements and key sources of estimation uncertainty In the application of the Corporation's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based ors 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 ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Critical Judgements The Corporation accounts for depreciation on staff residential properties, freehold land and buildings and education buildings in accordance with FRS 102. The properties are depreciated over their esti mated useful life, taking into account their residual values. Judgements are made on the residual values and estimated useful live5 of the assets which are regularly reviewed. Key Sources of Estimation Uncertainty The Governors do not consider there to be any significant sources of estimation uncertainty giving significant risk of causing a material adjustment to these financial statements. 3. Income from charitable activities - School fees receivable Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Group and Corporatlon Gross fees charged Less.. bursaries, Scholarships and allowances 43.470 15.1741 38,504 14,7171 Net fees 38.296 33.787 Scholarships, bursaries and other awards were paid to 227 pupils 12021.. 2481. Within this means-tested bursaries totalling £3,096,000 were paid to 145 pupils1202 1.. £2,714.000 to 138 pupilsl. 4. Income from charitable activities - Other educational activities Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Group and Corporation Registration fees Others 122 141 1.208 1,038 Total 1,330 1,179 The Corporation of Oundle Sehool 31 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 5. Ancillary trading and other activities Year Ended 31 July 2022 £'fy)o 1.181 216 Year Ended 31July 2021 £'ooo Group Facilities lettings Rents received 116 198 Comrni55ion5 and discounts 36 Other 77 Total 1.474 357 Corporation £'ooo Rents received 216 198 Commissions and discounts 36 Other 77 Total 293 241 6. Income from investments Yèar Ended 31 July 2022 Year Ended 31July 2021 £'ooo Group Income from managed investment5 Bank interest receivable 598 26 Total 624 495 Cofporation E'OOO Bank and loan interest receivable 42 15 Total 15 The Cory)oration of Oundle School 32 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 7. Income from donations and gifts Unrestricted income funds E'OOO 47 Restricted income funds £'ooo 453 Endowment Funds £'ooo Year Ended 31 july 2022 Year Ended 31 July 2021 £'ooo 864 Gioup Bursaries & scholarships New buildings & equipment Revenue expenditure 188 688 26 26 314 36 36 Total 47 515 188 750 1,182 Unrestricted income funds Restritted income funds £'ooo Endowment Funds Year Ended 31 July 2022 Year Ended 31July2021 £'ooo Ctsrporation £'ooo Bursaries & scholarships New buildings & equipment Revenue expenditure Total 47 744 791 1,378 623 13 13 47 757 804 2,004 8. Charitable activities Depreciation and cèpital profits and losses E'OOO Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Staff costs £'ooo Other costs £'(x)o Group Education 19,402 2.785 3,307 5,350 5,256 430 23,139 8,260 8,97S 21,421 7.951 Boarding and catering Premises 125 1.526 2,193 8.927 Total 23.713 13.913 2.748 40.374 38,299 Depreciation and capital profits and losses Year Ended 31 July 2022 Year Ended 31 July 2021 E'OOO Staff costs Other costs Corporation Education £'ooo £'ooo £'ooo 19,402 2.785 1.526 3.404 5.343 430 23,236 8.253 8.968 21,556 7,934 Boarding and catering Premise5 125 5.249 2,193 8,920 Total 23.713 13.995 2,748 40,457 38.410 The Corporation of Oundle School 33 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 9. Support costs Year Ended Year Ended 31 July 2022 31 july 2021 £'ooo Group Education Governance Finance IT HR Other 19 900 1.108 375 281 751 3.059 1,061 2,704 972 Boarding and catering Premises 31 306 95 254 31 375 462 117 313 1,298 1,241 Total 81 1,581 1.945 493 1,318 5.418 4.917 Year Ended Year Ended 31 July 2022 31 july 2021 £'LX)O Corporation Governance Finance HR Other Education 16 900 1,108 375 281 751 3,056 1.054 2.702 967 Boarding and catering Premises 24 306 95 254 24 375 462 117 313 1,291 1,235 Total 1.581 493 1.318 5AOI 4,904 10. Cost of fund-raising and trading Year Ended 31 July 2022 Year Ended 31 July 2021 £'o Staff Costs £'ooo 258 Other Costs Group Fund-raising costs Other £'ooo 143 401 395 693 817 1.510 699 Total 951 960 1,911 1,094 Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Staff Costs Other Costs Corporation Fund-raising c95t5 Other £'oc £'ooo 258 144 402 395 19 20 li Totsl 259 163 422 406 The Corporation of Oundle School 34 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 11. Governors and employees Year Ended 31 July Z022 £'ooo Year Ended 31 July 2021 £'ooo Group Wages and salaries Social security costs Pension costs 19.656 19,293 2.001 1,922 3,007 2.956 Total 14,664 24,171 Monthly average number of employees: Year Ended 31 July 2022 FfE Year Ended 31 July 2021 Group Teaching staff Other staff No. FfE 222 173 223 184 451 264 494 307 Total 673 437 717 491 Higher Paid Employees.. 2022 2021 Group £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £ICX),000 £140.001- £150.000 £240.IJOI- £250,000 No. No. 41 33 18 18 All staff are employed by the School. The number of employees whose employee benefits excluding employer pension contributions. amounted to over E60.000 in the year was 65 12021.. 591. The Key Management Personnel of the parent charity. the Corporation, comprise the officers noted on pages 3 and 4. Total employment cost of these people was £1,289,00012021= £1,151,900). No remuneration was paid to any of the Governors 12021.. nill. 7 Governor5 12021.. 11 were reimbursed expenses for travelling both in the UK and overseas, and training, amounting to £4,113 12021.. £6081. The Corporation has purchased Indemnity Insurance at a cost of £2,06312021.. £2,063) to protect against any loss arising from negligence or default5 of its Governors, and to indemnify them against the consequences of any negligence or default on their part. During the year redundancy and termination payments. including pay in lieu of notice, were made of £71,504 12021.. £145,904). The Corporation of Oundle School 35 NOTES TO THE FINANCIAL STATEmEr￿s FOR THE YEAR ENDED 31 JULY 2022 12. Investment management fees Year Ended 31 July 2022 Year Ended 31July2021 £'ooo Group Restricted funds- investment management fees Total 131 113 131 113 13. Governance costs included in support costs Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Group Governors, expenses Servsces provided by the Corporation's auditors.. fees payable for the Corporation and constslidated financial statements lees payable for the Corporation's subsidiaries lees payable in relation to the NTPS audit fees payable in relation to tax advisory for the current year VAT on auditor lees li 37 36 li li li Total 81 73 14. Operating lease commitments At the reporting date the Group and Corporation had the following future minimum rentals payable in respect of non-cancellable operating leases.. Group and Corporation 2022 2021 £'ooo Not later than l year 673 472 Later than I year and not13ter than S years I,Isi 1,028 Total 1.824 1,500 Lease expenditure for the year was.. Group and COrF￿ratIOn 2022 £'ooo 2021 £'ooo Total 472 334 The Corporation of Oundle School 36 NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 JULY 2022 15. Tangible assets Freehold land and educational buildings £'ooD Staff residential properties £'ooo Group Assets under construction Fixtures and equipment £'ooo Motor vehicles £'ooo Total E'OOO As at l August 2021 Additi(>ns 129,594 59 15,472 10.097 266 652 156.099 1,589 15491 1.248 1431 16 171 Disposals Reclassification Transfer5 As at 31 July 2022 umulated Depreciation As at l Augusi 2021 Charge for the year Disposals As at 31 July 2022 14831 4.902 590 14.9021 15991 890 135,129 10.570 9,889 661 157.139 18,045 2,329 Iizi 1,325 195 7,829 572 543 27,742 3,158 15041 62 14811 20.362 1.5ZO 7,920 594 30,396 Net book amount as at 31 July 2022 114.767 9.050 1.969 67 126.743 Net book amount as at 31 July 2021 111.549 14.147 2.268 109 128,358 Freehold land and education31 buildin85 £'ooo Staff Corporation Assets under construction Fixtures and equipment £'ooo Motor vehicles £'O(M) properties £'ooo Total £'ooo £'ooo Cost As at l August 2021 Addition5 Disposals Reclassification Transfers As at 31 July 2022 Accumulated Depreciation As at l August 2021 Charge for the year Disposals 129,834 59 15.472 10,097 266 14831 652 156,339 1.589 15491 1.248 1431 16 1161 4,902 590 14.9021 15991 890 135.369 10.570 9.889 661 157,379 17,753 2.329 1121 1.325 195 7.829 572 542 27.449 3.158 15011 62 181 14811 As at 31 July 2022 20,070 1,520 7,920 593 30,103 Net book amount as at 31 July 2022 890 115.299 9.OSO 1,969 65 127.273 Net book amount as at 31 July 2021 112.081 14,147 2.268 iio 128,890 The Corpor#1tion of Oundle School 37 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 16. Restricted fund investments Group 2022 2021 £,￿0 Sted investments Valuation at the beginning of the year Additions at cost IDecreasel/increase in market value of investments after management costs Total 17,471 574 14.405 682 11841 17.861 2,384 17.471 Carrylng value at 31 July 17.861 17.471 The Trustees believe that the carrying value of the investments is supported by their underlying net assets. The cost of investments, held at the year-end was £15,617,00012021: £15,043,000). At the year-end investments comprise: 2022 2021 £'ooo £'ooo Multi Asset Funds 17,861 17,471 Net book value at 31 July 17.861 17.471 17. Capital commitments Group and Corporation At 31 July 2022 committed capital expenditure on building developments amounted to £139,000 (exclusive of VATI12021: £nill. At the same date, there was capital expenditure which had been approved by the Governin8 Body of £1,170,000 but not yet commited {2021 £nill 18. Stocks Corporation 2021 Group 2021 2022 2022 £'ooo £'ooo £'ooo Consurnables 96 96 48 Total 96 96 48 The Corporation of Oundle School 38 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 19. Financial instruments Corporation 2022 Group 2022 2021 £'ooo 2021 £'ooo Carrying amount of financial assets Financial assets held at fair value through SOFA 17,861 17,471 20. Debtors Corporation 2022 Group 2022 2021 £'ooo 2021 Fees and disbursements recetvable Amounts owed by group undertakings Other debtors Prepayment5 and accrued income Total 881 1,239 788 881 1.239 1.816 37S 29 682 51 510 425 666 506 3,582 2.481 2.229 1,796 21. Creditors- amounts falling due within one year Corporation 2022 2021 £'ooo Group 2022 2021 £'ooo Bank loans Trade creditors Amounts owing to subsidiary companies Other taxes & Social Security Other creditors Fees received in advance Advance fee deposits Total 1,170 1,303 22 1,818 1.338 1,170 1,314 1,818 1.343 502 446 502 446 3,728 455 1.733 1.382 8,1 3,738 524 1,788 1,382 8,100 7,585 7.585 14.765 14,823 14,833 14,877 At 31 July 2022 the sum of £547,00112021.. £293,682) was owin8 to the Teachers. Pension Scheme in respect of employees. and employerfs contributions. The Corporation of Oundle School 39 NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31 JULY 2022 22. Creditors- amounts falling due after one year Group and Corporation 2022 2021 £'o(x) Long-term bank loan= -fallin8 due between l and 2 years -falling due between 2 and 5 years -falling due after more than 5 years Other Creditors 1.170 3.507 4,971 144 1,818 5,454 9.546 Total creditors falling due after one year 9.792 16.818 There is one unsecured term loan facility 15 in place at a rate of 1.7% above the Bank of England Base Rate, and is due for final repayment on 31 July 2031. 23. Subsidiary undertakings consolidated into these financial statements Charitable Subsidiary The Oundle School Foundation was established to provide the support of such charitable purposes that promote the advancement of the education of the pupils at Oundle School, including the provision of bursaries, scholarships and the funding of capital projects connected to Oundle School. The Foundation is governed by a board of up to six Trustees, appointed by the Governing Body of Oundle School, and is a registered charity Icharity number 10756981. Limited Company Subsidiaries Oundle School Enterprises Limited carries out ancillary and other trading. The principal activities are the letting of premises of Oundle School and US including the provision of associated catering and domestic services and managing the commercial aspects of the Sports Centre. All trading activity associated with the letting operation is administered and accounted for under this single entity and is focused on generating income for the benefit of the Schools. Oundle School Enterprises Limited made a loss in the year to 31 july 2022 and therefore no Gift Aid payments of taxable profits, as defined by the Income and Corporation Taxes Act 1988, were made to the Corporation 12021- £nill. The Oundle School Building Company Limited holds land for possible resale. The activities of the Company have wound down and the company is currently dormant. Audited financial statements for the subsidiary companies are filed with the Registrar of Companies. The Corporation and the charitable subsidiary aL*dited financial statements are filed with the Charity Commission. The Corporation of Oundle School 40 NOTES TO THE FINANCIAL STATEMEiWtS FOR THE YEAR ENDED 31 JULY 2022 24. Investment in subsidiaries 2022 £'ooo 2021 £'ooo Cofporatlon Cost Details of the subsidiaries at 31 July 2022 are.. Company or Charity number Shareholding £'Th)o Oundle School Enterprises Limited* The Oundle School Foundation. 23429428 loo% 1075698 Profitlllossl in the year Assets Net Assets Turnover Expenditure £'ooo £'ooo £'ooo £'ooo E'CMJO Oundle School Enterprises Limited The Oundle School Foundation 839 11.8951 1341 11,0561 19.805 1.181 1,648 11,5141 11,1981 13331 450 19.839 For comparative purposes, last year's summary was as follows: E'OOO E'OOO ¢'ooo 'ooo E'OOO OLndl ) Scb.00. Enlè'prises Limitdd The Oundle School Foundation 116 18JOI 17241 19.3)5 116 19,308 41.487 2,188 * Registered address: The 8ursarfs Office, Church Street, Oundle, Peterborough, PE8 4EE All the above undertakings prepare financial statements to 31 july each year. The Corporation of Oundle School 41 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 25. Fees in advance scheme Parents may enter into a contract to pay Oundle School boardin8 and tuition fees in advance. This money is then invested by the School to cover the amount of fees quoted to the parent. The money may be returned to parents Subject to specific conditions. Assuming pupils will remain in the Schools, advanced fees will be applied as follows: 2022 2021 Group and Corporation Unexpired fees falling due- within one year IGrossl Discount granted to parents unexpired fees due within one year Unexpired fees falling due. within one year INetl Unexpired fees falling due between l and 2 years - between 2 and S years after 5 years Unexpired fees falling due after I year IGrossl Discount granted to parents - unexpired fees due over one year Unexpired fees falling due after l year (Net) Total liability IGrossl £'ooo 1.560 1181 1,542 616 1,422 1231 1.399 576 458 623 1,074 1191 1.055 1.199 1191 1.180 2.634 2.621 Total lizbilty (Net) 2,597 2,579 Summary of movements in the year end liability= Group and CorF)oration 2022 2021 £'ooo Balance brought fonvard New contracts 2.579 2,213 11,9761 1351 11841 2,922 1.131 11.4471 1271 Amounts used to pay fees Amounts paid to other schools Amounts due to be paid to other schools now shown w1thin Other Creditors Balancè carried fon¥ard 2,597 2.579 The School acts an agent for parents for pupils no longer at the school, holding fees paid in advance into the scheme for payment to other schools as those school tuition fees fall due. The balance held at year end for those parents is £183,81312021.. £218.9491. These are now shown within Other Creditors. The Corporation of Oundle School 42 NOTES TO THE FINANCIAL STATEMEwfs FOR THE YEAR ENDED 31 JULY 2022 26. Summary of net assets of the funds of the Group and Corporation At the year-end, the Group's and Corporation's net assets were represented by the various funds lincluding the Fees In Advance schemel as follows.. Net Current Assets/ Long-Term Balance 31 July 2022 £'ooo Fixed A55et5 Investments £'ooo Corporation Endowment funds £'ooo £'ooo £'ooo Restricted income funds Unrestricted income funds 75.915 12,0881 110.8471 62,980 Revaluation reserve 51.358 51,358 Pension deficit Total 127.273 12.0881 110.8471 114,338 Group Endowment funds 17,347 279 17,626 Restricted income funds 514 1,666 2.180 Unrestricted income funds 75.385 13,1481 110.8471 61,391 Revaluation reserve 51.358 51,358 Pension deficit Total 126.74a 17.861 11.2031 110.8471 132.555 For comparative purposes, last yearfs summary was as follows.. Ner Current Assets Long-Term Èalance 31 July 2021 Fixed Assets £'ooo Investments Corporatlon £'ooo £'ooo £'ooo Icteo Ir￿Orne fij* srrii pd I 77,53? 690 Q981 63,424 51,358 Gro li,516 1.839 62, 16 51.35 The Corporation of Oundle School 43 NOTES TO THE FINANCIAL STATEMEwfs FOR THE YEAR ENDED 31 JULY 2022 27. Endowment funds: movements in the year The following endowments are held by The Oundle School Foundation. (There are nil12021.- nil) endowment funds held by the Corporation).. Balance I Au8USt 2021 £'ooo 11,586 1,705 877 773 737 673 Transfer from Net gains on Corporation investments £'ooo 11181 Balance 31July 2022 £'ooo 11,747 1.690 869 766 733 667 384 205 199 152 139 75 Income £'ooo 179 Bursaries & Scholarships General Endowment De Angeli james Bursary Thommy Purbrook Manners Wood Frank Spragg Anthony Solomons Dudley Heesom john Matthews Reilly Scholarship Other endowments Total endowment funds 100 191 181 171 207 201 153 140 76 17.S16 iii 11781 loo 17,626 For comparative purposes, last yearfs movement was as follows- Balance l August 2020 Transfer from Corpo¥ation £'ooo Investment gains Balance 31 July 2021 £'ooo Donations £,￿0 Endowment funds Bursaries & Scholarships General Endowment De Angeli James Bursary Thommy Purbrook Manners Wood Frank Spragg Anthony Solomons Dudley Hee50m John Matthews 9.634 1.472 757 297 1.555 232 11,586 1,705 877 120 666 106 773 636 ioi 737 580 92 673 334 53 388 207 179 28 173 28 201 132 21 153 140 Reilly Scholarship Other endowments 121 19 io 76 Total 14,748 303 2.365 17.516 The Coryoration of Oundle School NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 27. Endowment fund movement5 (continued) A description of the main endowed funds, with a value over EIOO,000 at 31 July 2022. 15 given below- Bursaries & Scholarships-. Income to be used for the provision of bursaries and scholarships at Oundle School. General Endowment- Income to be used for the provision of bursaries and scholarships at Oundle School, but without precluding the use of income for other purposes. De Angeli-. Income and capital to be used for the provision of bursaries at Oundle School, primarily for pupils at School House. James Bursary.. Income and capital to be used for the provision of bursaries at Oundle School. Thommy Purbrook.. Income to be used for the provision of general scholarships at Oundle School. Manners Wood.. Income to be used for the provision of bursaries at Oundle School. Frank Spragg.. Income to be used to support Annual Scholarships at Oundle School. Anthony Solomons.. Income to be used for the provision of Art Scholarships at Oundle School. Dudley Heesom.. Income to be used for the provision of sixth Form history scholarships at Oundle School. i John Matthews: Income to be used to fund a general scholarship for a pupil to enter Oundle School in the Third Form. Reilly Scholarship= Income to be used to provide a scholarship for an academically able good all round pupil of Laxton. With the exception of the James Bursary, the Dudley Heesom, De Angeli and Frank Spragg scholarships, which are expendable, the capital on all endowed funds is to be held in perpetuity, with the income, as described above, included in restricted funds. The Corporation of Oundle School 45 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 28. Restricted income funds: movements in the year The following restricted funds are held by The Oundle School Foundation.. Net gains on 31 Jvty l August Donations 2021 £'ooo Investment Income £'ooo Grant- making Admin Expenses Trans- investrnents 2022 £'ooo £'ooo E'OOO Restricted income from endowed funds 8ur5arie5 & Scholarships General Endgwment james Bursary Manners Wijod De Angeli Anthony Solomons Other endowments Restricted Funds 245 387 13981 233 36 73 69 56 92 100 82 63 27 23 iioi 1311 181 1371 30 22 21 189 12 163 General Scholarship Sports Master Plan Thommy Purbrook Gèneral 8urs3ry Zimmern Bursary Laxton Junior School Other Restricted Other Bursaries & Scholarships Total li 207 11551 63 li ioi 17 123 187 97 27 141 1591 1391 69 135 177 iii 337 iii iii 339 339 io 1161 387 77 14 93 1.778 447 598 17571 {51 In addition, unrestricted funds held by Oundle School Foundation are included as restricted funds within the con501idated accounts. The following restricted funds are held by The Corporation of Oundle School.. Balance I August 2021 DonatlOn5 Admin Expens es Invest- ment Gains Balance 31 July 2022 Inve5trnent income Expenditure £'ooo Bursaries & Scholarships 757 17571 Total 757 17571 Amounts expended from the funds are in respect of bursaries and scholarships awarded to pupi15, 3nd contributions towards capital projerts of the School. The Corporation of Oundle School 46 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 28. Restricted fund investments {continued) A description of the main restricted income funds, with a value at 31 July 2022. or donation5 or grants in the year over £IOO,000 is given below.. General Scholarship.. To be used for the provision of scholarships at Oundle School. Thommy Purbrook.. To be used for the provision of a general scholarship at Oundle School. General Bursary: To be used for the provision of bursaries at Oundle School. Zimmern Bursary- To be used to fund a IOO%+ Bursary pupil. Laxton Junior School.. To be used for the provision of education at Laxton Junior School For comparative purposes, last yearfs movement was as follows.. l August Donation5 Invesrment Income Grant- makine Admin Expenses Tran5 -fefS Net gains on Invesrments 2020 31 July 2021 £'ooo Restricted income frcill endowed lund5 8ur5a.'i&. & Sr101arih..os C-ener31 EidoknvmuTrn. James BLirsary Manners Wood De Angeli Anthony Solomons 161 42 50 54 49 17 31.8 48 22 19 1237.; 245 36 73 69 64 22 189 25 Iiii -hthr en¢il'A Te-. R>strictad Funds 158 196 11881 15801 li Sports Master Plon Thommy Purbrook Gener31 Bursary Zim.m@rn B￿rSary Laxion Junior School Other Restricred 514 77 li ioi 69 135 337 100 63 186 11801 1361 170 201 132 iio 273 1491 339 75 77 1,929 703 485 1,77E Bala nce Transfers to Un-restricted fund5 Incte 331 E'ooo 31 Balance l August 2020 £'coo Investm ent Invest- ment Admin Expenses E'oeo 2021 £'oo 0onation5 £,(￿0 incorne Gains E'oeo £'ooo Bursaries & Scholarships Total 1,930 11.9301 The Corporation of Oundle School 47 NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31 JULY 2022 29. Unrestricted income funds: movements in the year Investment and actuarial losses £'ooo Balance at I Au8USt 2021 Balance at 31 July 2022 Income Expenditure £'ooo Transfers £'ooo Corporation Revaluation reseNe £'ooo 51,358 61,742 51.358 62.980 Unrestricted reserves 40.014 140,1221 140,1221 1.346 Total 113.IlJO 40,014 1,346 114.338 Group Revaluation reserve Unrestricted reserves 51,358 60,486 51,358 61,391 41.178 142.2751 {42,2751 1.345 657 Total 111.844 41,178 1.345 657 112.749 Unrestricted funds are allocated at the discretion of the Governors and include the pension deficit. For comparative purposes, last year's movement was a5 follows- Investment and actuarial losses Balance at l August 2020 £'ooo Balance at 31 Jury 2021 £'ooo Income Expenditure £'ooo Transfers £'ooo Corporation £'ooo £'ooo Group £135 1,782 111 94J 30. Pension scheme costs In accordance with Financial Reporting Standard 1021"FRS 102,1 and the accounting policies detailed in note I, The Corporation has included the liability for the Pension and Life Assurance Plan for the Non-Teaching Staff and for the non-funded pensioners of Oundle School. The Corporation's employees belong to three principal pension schemes- the Teachers, Pension Scheme for academic staff,. the Pension & Life Assurance Plan for Non-Teaching Staff,. and the Oundle School Group Personal Pension Plan for non-teaching Staff. The Pension & Life Assurance Plan for non-teaching staff was closed to future accrual on 30 June 2012. There is a fourth scheme which was closed in September 2006 that pays pensions to three12021.' three) former employees,. it is not funded. The Corporation of Oundle School 48 NOTES TO THE FINANCIAL STATEMEKTS FOR THE YEAR ENDED 31 JULY 2022 30. Pension scheme costs (continued) The Teachers. Pension Scheme The School participates in the Teachers, Pension Scheme I'TPS"I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,356,00012021'. £2,265,0001 and at the year-end £547,00012021- £294,000) was outstanding 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 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go" basis with contributions from mem bers 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 I 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 S March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloudlSargeant case,. This case h2s 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 judgement that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The Government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between l April 2015 and 31 March 2022 at the point they become payable. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be review of this cost cap mechanism, in January 2019 announced a pause to the c05t 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 a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary and are aiming to implement these changes in time for the 2020 valuations. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation mav 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 cost cap mechanism revision is 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. The Corporation of Oundle School 49 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 30. Pension scheme costs (continued) The Pension & Life Assurance Plan for the Non-Teaching Staff The Pension & Life Assurance Plan for the Non-Teaching Staff I'the Plan") is a funded, defined-benefit scheme, with the a55ets held in separate trustee-administered funds. The scheme closed to future accrual on 30 June 2012. The Plan's assets do not include any property occupied by Oundle School. The last full published actuarial valuation of the Plaft was carried out by a qualified independent actuary as at 31 December 2016. As the Plan closed on 30 June 2012, the main contribution to the Plan for the year ended July 2022 was a lump sum of £360,000 as part of the schedule of payments agreed with Trustees of the Plan to pay £360,000 on an annual basis until the deficit is cleared. In August 2015 the pensions-in-payment liability was sold to Canada Life and all pensioner members at that date were transferred out of the Plan. Amounts recognised In SOFA Year ended 31 July 2022 £'ooo Year ended 31 July 2021 £'ooo Interest income on plan assets Interest on pension obligation Net amount recognised in the SOFA 157 11811 1241 114 11651 1511 Amounts recognlsed in Balance Sheet Year ended 31 July 2022 Year ended 31 July 2021 £'o Asset5 at fair value Present vèlue of defined benefit obligation Asset ceiling adjustment 9.399 19,1031 12961 9,687 111.3691 Net amount recognised in Balance Shett 11,6821 Reconciliation of present value defined benefit obligation Year ended 31 July 2022 Year ended 31 July 2021 £ 'ooo Opening Balance at l August Interest cost Actu3ri31831lls and losses Benefit paid Closing Balance at 31 Julv 11,369 181 12,3151 11321 11,839 165 14921 11431 11.369 9,103 The Corporation of Oundle School 50 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 30. Pension scheme costs (continued) Reconciliation of fair value plan assets Year Ended 31 Jvly 2022 Year Ended 311uly2021 £'ooci Opening Balance at l August Expected return on assets Returnlllossl on plan assets le$5 interest income Employer contribution Benefit paid Closing Balanct at 31 Julv 9.687 157 16731 360 8,032 114 1.324 360 11321 9,399 11431 9,687 Reconciliation of change in funded status Year ended Year Ènded 31 July 2022 £'ooo 11,6821 1241 360 31 July 2021 £ 'ooo Opénlng Balznte at l August Pension expense Employer contribution Re-measurement gainlllossesl Asset ceiling adjustment 13.8071 1511 360 1.642 12961 1.816 Closing Balance at 31 July 11,6821 Actual Ilossllreturn on Plan assets 15161 1,438 Assumptions At year end 31 July 2022 per annum 3.30% At year end 31July 2021 per annum 1.60% Discount Rate Revaluation in deferment 3.10% 3.1 P05t-97 pension increased (capped at S%p.a.I Expected return on assets 3.10% 3.1(FA 3.30% 1.60% Life Expectancy lat age 65) 2022 Yèars 2021 Years Current age 65 Males 20.8 21.0 Female5 24.2 24.5 Current age 45 M31es Females 21.7 22.7 25.3 26.2 The Corporation of Oundle School 51 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 30. Pension scheme costs(continued) Scherne a55et At year end 31 Juty 2022 At year end 31 July 2021 £'ooo Equitie5 Corporate Bonds Cash 7,483 1.580 336 7,669 1,911 107 Total 9.399 9,687 The Oundle School Group Personal Pension Plan The Oundle School Group Personal Pension Plan is a money purchase scheme. During the year ended 31 July 2022 the School contributed £551,427 for 390 members of staff1202 1.. £622.183 for 494 members of staff). At 31 July 2022 £nil12021: £73,048) was owing to Royal London for this plan. Non-funded pensions The Corporation pays pensions to three12021.. three) former teaching employees or their surviving spouses. During the year, the cost amounted to £5,74312021 £5,631). This arrangement was closed to new entrants in September 2006. This arrangement is non-funded and pensions are paid from the surpluses of the day-to-day activities of the School. Based on revised mortality rates, it is estimated that the total future pension liability to the Corporation of the remaining members will be £13,56812021'. £19,312). 31. Related party transactions In the year ended 31 July 2022, Oundle School recharged Oundle School Enterprises Limited for management fees, payroll costs and services provided to the value of El,428,00012021= £680,000). Oundle School also granted Oundle School Enterpr ises Limited a loan, with a £1,816,000 balance at 31 July12021'. £787,000) and charged interest of £16,913 during the year12021'. £5,915). In the year ended 31 july 2022 Oundle School recharged The Oundle School Building Company Limited management fees of £nil12021'. £nill In the year, Oundle School Foundation contributed £757,000 12021= £1,931.0001 towards the charitable expenditure of the Corporation. The Corporation donated £IOO,000 to the Foundation during the year12021: £149.0001. The School's history dates to 1556, when Sir William Laxton, Lord Mayor of London and Master of the Worshipful Company of Grocers endowed a 'Free Grammar School. in Oundle. Under the tefms of Sir William Laxton's will, the Grocers, Company has been supporting the School since its foundation. lffl the year ended 31 July 2022, the Grocers, Company kindly donated, to Oundle School Foundation, £150,000 towards bursaries and scholarships. During the year Governors and Trustees donated a total of £12,61XI12021'. £108,000) to The Oundle School Foundation. The value of expenses waived by Governors and Trustees is considered to be immaterial to the financial statements. The Corporation of Oundle School 52 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Outstanding balances between related parties at the year-end were as follows: 31. Related party transactionslcontinued) Year Ended 31 July 2022 Year Ended 311uly2021 Owing frorn The Corporation of Oundle School Oundle School Enterprises Limited Owing to The Oundle School Foundation 22,000 11,000 The Corporation of Oundle School 1.816.000 788.000 32. Reconciliation of net income to net cash flow from operating activities Group Year Ended 31 July 2022 Year Endèd 31 July 2021 £.￿0 Net lexpenditurellincome las per the Statement of Financial Activities) Adjustments for: Oeduct investment gains Deduct investment income Interest payable Receipt ofendowment IProfitl/loss on disposal of fixed assets Pension contribution5 paid Depreciation charges Ilncreaselldecrease in stocks Ilncre3sel/decrease in debtors Increaselldecreasel in creditors io 716 12,3841 14941 353 12541 16241 374 11881 13361 3.158 1481 14581 144 13091 3,254 42 15481 2.567 Net cash flow from operatlng actlvltles 2.208 2.948 33. Transfers between funds Unrestricted income funds Restricted income funds Endowment funds £'ooo £'ooo £'ooo Within the Foundation The Foundation to the Corporation The Corporation to the Foundation Total 757 iiooi 657 17571 iiooi 11001 17571 In the year, the Foundation contributed £757,00012021- £1,932,IJOOI towards the charitable expenditure of the Corporation. Of this sum £744,000 was to fund bursaries and scholarships awarded by the School in the year12021- £1,304,0001. The Corporation donated £IOO,000 to the Foundation during the year12021'. £149,000). This donation was placed in the endowment fund for bursaries and Scholarships. The Corporation of Oundle school 53 NOTES TO THE FINANCIAL STATEMElWtS FOR THE YEAR ENDED 31 JUL Y 2022 34. Analysis of changes in net debt At I AuBUSt 2021 £'ooo Cashflow £'ooo At 31 July 2022 £'ooo Cash and cash equivalents Total cash and cash equivalents 19.482 16.6351 12,847 8oTrowin85 Debt due within one year Oebt due after one year Total borrowings Total net cash 11,8181 116.8181 118.6361 648 7.170 7,818 11,1701 19.6481 110,8181 2,029 1.183 The Corporation of Oundle School 54 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 35. Comparative infonnation Group Unrestritted In£orne Funds Restricted Income Funds Endowment Funds Year Ended 31 July 2021 £'ooo £.￿0 £'ooo £'ooo INCOME AND ENDOWMENTS FROM.. Investments 486 495 Cortsnavirus Job Retention Scheme 725 725 Donations and gifts 72 856 254 1.182 Charitable artivities School fees receivable Other educational activities Ancillary trading and other activities 33.787 1.179 357 33,787 1.179 357 Income and endowments 36.129 1,342 254 37.725 EXPENDITURE ON.. Costs of ralslng funds Interest and finance charges Costs of fund-raising and trading 11131 11131 11,0941 11.0941 Charitable activities Education 138.2911 139.3851 191 {91 {38.2991 {39,5061 Total expendlture 11131 Net Income and net movement in funds before gains and losses on investments Net110ssesllgains on investments 13,2561 1.333 141 11,7821 19 2.478 2,497 Net income 13,2561 1,782 1.352 11,9321 15801 2.619 715 Transfers between funds 149 Other retognlsèd gainslllossesl 11.4741 2,768 715 Re-measurement of defined benefit pension schemes Net movement In funds 1.816 1,816 343 15801 2.768 2,531 Fund balances brought fonvard at I ALrgust 2020 111.499 2.420 14.748 128,668 Fund balances carried forward at 31 July 2021 111.844 1,839 17,516 131.199 The Corporation of Oundle School 55 www.oundles¢hool.org.uk