The Corporation of Oundle School
Incorporated by Royal Charter NurnbeT RC000396
Illllll
11111
Annual Report
and Financial Statements
for the year ended 31 July 2023
Charity number.. 309921
CONTENTS
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|KEY|MANAGEMENT|PERSONNEL|AND CORPORATE|INFORMATION|.......csscsccscctssesenesees|
|REPORT OF THE GOVERNORS|FOR THE|YEAR ENDED 31|JULY|2023.......|ccc|ccssseessseeeD7|
|INDEPENDENT AUDITOR’S|REPORT|TO|THE|GOVERNORS|
|CONSOLIDATED|STATEMENT|OF|FINANCIAL|ACTIVITIES|
|CORPORATION|STATEMENT|OF|FINANCIAL|ACTIVITIES|
|CONSOLIDATED|AND CORPORATION BALANCE|SHEETS|AS|AT|31|JULY|2023............23|
|STATEMENT|OF|CONSOLIDATED|CASH FLOWS|
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The Corporation of Oundle School SSS ee ee a a SE Sa Ee Re
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## GOVERNORS AND EXECUTIVE OFFICERS
## The following served as Governors during the year or through to the date of signing:
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|Name|Committees|Served|Nominated|by|
|§+|Mr Robert|Ringrose|(Chairman)|Education,|Finance,|Remuneration*,|Grocers’ Company|
|Development,|Estates,|Laxton|Junior|
|School,|Nomination*|
|+|Mr|David|Hutchinson|(Vice|Chairman)|(resigned 31|July 2023)|Development**,|Finance,|Nomination|Governing|Body|
|As|Mr|lan|Hodgson|(Vice|Chairman)|Finance,|Development*|Governing|Body|
|Mr|Neil|Chippington|Education™,|Laxton|Junior|School|Grocers’|Company|
|Mr Howard|Clayden|Finance**,|Estates,|Remuneration|Governing|Body|
|§|Mr Timothy|Coleridge|Estates|Grocers’|Company|
|Mrs|Jane|Kibbey|(resigned 31|August|2022)|Education**,|Remuneration|Governing|Body|
|Mrs|Rebecca|Lawes|(resigned 31|July 2023)|Education,|Laxton|Junior|School|Governing|Body|
|§|Mr Charles McAndrew|Finance|Grocers’ Company|
|Mrs|Deborah|McGregor|Laxton|Junior|School*|Grocers’|Company|
|Mr|Michael|Spens|(resigned 31 August 2022)|Education|Grocers’|Company|
|§|Mr Toby Stubbs|(resigned 31 August 2022)|Estates,|Laxton Junior School|Grocers’ Company|
|§|Mr James Thomson|(resigned 31|July 2023)|Estates|Grocers’|Company|
|Mr|Christopher|Tyler|Estates,|Finance*|Grocers’|Company|
|§|Mr James|Whitmore|Estates*,|Finance|Grocers’|Company|
|§|Sir Charles|Bowman|Development,|Education|Grocers’ Company|
|Mrs|Suzanna|D’Oyly|Education,|Laxton|Junior|School|Governing|Body|
|§|Mr Guy Chisenhale-Marsh|(appointed 1 September 2022)|Development,|Estates,|Laxton|Junior|Grocers’|Company|
|School|
|+|Mr Jason|Hill|(appointed|1|September 2022)|Estates|Grocers’|Company|
|Mr|Alasdair|Kennedy|(appointed|1|September 2022)|Education|Governing|Body|
|Mr|Oliver|Brettle|(appointed|14|September 2023)|Development,|Education|Governing|Body|
|§|Mr Edward|Campbell-Johnston|(appointed 14 September 2023)|Finance|Grocers’|Company|
|bs|Mr Ben|Shepherd-Smith|(appointed|26 September 2023)|Education|Governing|Body|
|*=|Chairman|**|=|Chairman|1|September|2022|§|=|Member|of|the|Court|of the|Grocers’|Company|+|=Old Oundelian|
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## Head
Bursar and Secretary to the Governing Body Principal and registered office
Mrs Sarah Kerr-Dineen MA (Cantab) Mr Dominic Toriati OBE
The Bursar’s Office, Oundle School, Church Street, Oundle, Peterborough PE8 4EE
## The Corporation of Oundle School 3 ee
KEY MANAGEMENT PERSONNEL AND CORPORATE INFORMATION
## Senior Management
## Solicitors
## Bankers
Sarah Kerr-Dineen, Head Dominic Toriati, Bursar
Greenwoods Solicitors Monkstone House City Road Peterborough PE1 UE
Barclays Bank plc Mortlock House PO Box 885 Histon Cambridge CB24 SDE
Daviona Watt, Deputy Head City Road PO Box 885 Anthony Burrows, Deputy Head Peterborough PE1 UE Histon Admissions Cambridge CB24 Ann Meisner, Deputy Head Pastoral Hunt & Coombs Solicitors Alistair Sherwin, Deputy Head Co35 Thorpe Road Santander UK plc Curriculum Peterborough PE3 6AG Cambridge Business Adam Baragwanath, Deputy Head Vision Park Academic Veale Wasbrough Vizards Chivers Way Gordon Montgomery, Deputy Head Narrow Quay House Histon Partnerships and Outreach Narrow Quay Cambridge CB24 Samuel Robertson, Head Laxton Junior Bristol BS1 4QA School (resigned 31 August 2023) Nationwide Lydia Waller, Head Laxton Junior Farrer & Co One Threadneedle School (appointed 1°t August 2023) 66 Lincoln's Inn Fields London EC2R 8AW Paul Lamb, Director of Finance London (resigned 28" April 2023) WC2A 3LH Svenska James Stronach, Interim Director of 4 Summit Park Finance (appointed 1°* May 2023) Insurance Brokers Cygnet Road Eleanor Charlton, Director of Finance Hampton (appointed 25" October 2023) Marsh Brokers Limited Peterborough PE7 1 Tower Place West Tower Place i Independent Auditors Auditors London EC3R 5BU oresanada HokageSquareple
Cambridge Business Centre Vision Park Chivers Way Histon Cambridge CB24 92R
Nationwide Building Society One Threadneedle Street London EC2R 8AW
Svenska Handelsbanken 4 Summit Park Cygnet Road Hampton Peterborough PE7 8FD
Independent Auditors Auditors London EC3R 5BU Blenheim House Surveyors Newmarket Road Berrys Bury St Edmunds 42 Headlands IPSS 358 Kettering Northants NN15 7HR
Pension Fund Consultants Jardine Lloyd Thompson Group plc Investment Advisers The St Botolph Building CCLA Investment Management 138 Houndsditch Limited London EC3A 7AW Senator House 85 Queen Victoria Street Premier Pensions London Management Limited ECA4V 4ET
Corinthian House 17 Lansdowne Road Croydon CRO 2BxX
## Barnett Waddingham
Decimal Place Chiltern Avenue Amersham HP6 5FG
The Corporation of Oundle School + arEESa
REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
## Structure, governance and management
The Governors present their annual report for the year ended 31 July 2023 prepared under the Charities Act 2011 (the Act) and the Charity (Accounts and Reports) Regulations 2008, together with the audited consolidated financial statements for the year, and confirm that the latter comply with the requirements of the Act, the School’s Royal Charter, applicable accounting standards in the United Kingdom (UK Generally Accepted Accounting Practice) and the Charities SORP (FRS102) and are in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Status and Governance of the Corporation Oundle School (the “School”) has its origin in a grammar school founded in 1556 by Sir William Laxton, who was Master of the Worshipful Company of Grocers eight times between 1536 and 1552 and was Lord Mayor of London in 1544. The Grocers’ Company is one of the oldest Livery Companies of the City of London and ranks second in the order of precedence. Founded in 1973, Laxton Junior School is an integral part of the Corporation of Oundle School.
## The Status and Governance of the Corporation
Under the terms of the will of Sir William Laxton, the Grocers’ Company has been supporting the School since its foundation. The Grocers’ Company gives generously to charity when its means allow and continues to demonstrate its support for the School through the provision of bursaries, scholarships and grants. The School is governed by its Royal Charter (number RCO00396) dating from 1930, and last amended by the granting of a Supplemental Charter in 1999. The School is a registered charity, number 309921.
The assets and business of the School are vested in The Corporation of Oundle School (the “Corporation”) that covers both Oundle School and Laxton Junior School (“US”) (the “Schools”).
The Corporation delegates the management of the Schools and the appointment of the Auditors and their remuneration to a Governing Body. All executive powers are vested in the Governing Body of seventeen, which includes eleven Governors nominated by the Court of the Grocers’ Company, six appointed by the Governing Body; the Master, Second Warden and Third Warden of the Grocers’ Company are ex officio Governors. The appointment category of each Governor is shown on page 3. The Governing Body members, as the Trustees of the Corporation, are legally responsible for the overall management and control of the Schools and meet at least four times each year. The implementation of the Governing Body’s policies is carried out by sub-committees reviewing education, estates, finance, development (fundraising), US, nomination and remuneration. Each sub-committee has its own terms of reference and the decisions of the sub-committees are ratified by the Governing Body.
The Chairman and membership of each sub-committee is indicated on page 3. Each sub-committee meets at least three times a year, except for the Remuneration Committee and Nominations Committee, which normally meet annually. Budgets and the audited financial statements are reviewed and approved by the Finance Committee prior to formal approval by the Governing Body.
The day-to-day running of Oundle School is delegated to the Head and the Bursar, supported by their management teams. A Head Teacher is appointed to manage the day-to-day affairs of US and reports to the Head. The Remuneration Committee considers the pay of executive officers and key management personnel annually. The Committee considers the market position and benchmarks itself against the relevant profession, where possible, to ensure both base salaries and overall packages remain competitive. The Committee aims to ensure senior staff base salary and the overall package is commensurate with the standing of the Schools and recognises the individual contribution to the success of the Schools.
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## REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
## The Governors, Officers and Advisers
The Governors, executive officers, senior management and principal address of Oundle School and US are set out on page 3, and particulars of the Schools’ bankers and professional advisers are given on page 4. Pages 3 - 4form part of the Governors’ Report.
All Governors serve for an initial period of three years and may serve for two further periods of three years. All Governors give of their time freely. They receive no remuneration, but they may claim relevant expenses. Nominations are reviewed by the Nominations Committee which meets annually and are approved by the Governing Body. The Corporation meets once a yearto receive a report and note the financial statements that have been submitted on its behalf, and under its delegation, by the Governing Body.
## Recruitment and Training of Governors
Vacancies for the role of Governor arise through resignations and retirements. The Governing Body agrees the skills, experience and knowledge that are needed and, whilst the process of recruitment is delegated to a subgroup, the Governing Body remains in full control of the process and decisions. Checks are made in accordance with Charity Commission direction on each candidate’s ability and suitability to serve as a Charity Trustee. Consideration is taken of any existing or potential conflicts of interest and of their suitability to serve as a Trustee in accordance with the requirements of the Charity Commission and other relevant bodies. The necessary checks from the Disclosure and Barring Service are obtained and other checks consistent with Independent Schools Inspectorate (ISI) and Charity Commission direction are conducted. New Governors are inducted into the workings of Oundle School and US at an induction workshop organised for them by the Secretary. Governors also attend specialist training appropriate to their roles as Governors and Trustees; training records are kept and held centrally.
## Organisational Management
The report and consolidated financial statements for the year ended 31 July 2023 relate to the total activities of the Corporation and its subsidiaries. The charitable subsidiary is The Oundle School Foundation (“the Foundation” - charity number 1075698), and the limited company subsidiaries are The Oundle School Building Company Limited (company number 1093289, dormant) and Oundle School Enterprises Limited (company number 2329428).
All major donations to the Corporation are directed to the Foundation; the Foundation holds all the donations in appropriate investments until grants are made to the Corporation. Normally, its Trustees meet three times a year to monitor investments and to approve payments to Oundle School, ensuring that all payments are in accordance with the terms of any donation, bequest or endowment.
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 and the Sports Centre is administered and accounted for under this entity and is focused on generating income forthe benefit of the Schools. Inthe year to 31 July 2023, Oundle School Enterprises Limited had a turnover of £1,641,000 (2022: £1,181,000), resulting in aloss of £135,000 (2022: loss £333,000). Budgets and longer term planning suggest Oundle School Enterprises Limited will return to profitability in 2023/24. Risk Management The Governing Body is responsible for the management of the risks faced by the Schools. A formal risk management policy has been adopted by the Governing Body, whilst the Senior Management Team is responsible for managing control procedures. A formal review of the Schools’ risk management processes and registers is undertaken three times annually. Detailed considerations of risk are delegated to the Finance Committee, which is supported by the Senior Management Team of the Schools.
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## REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
The top risks identified by the Schools are:
1. Inability to recruit sufficient qualifying boarding pupils leading to the unsustainability of the current model.
2. Inability to recruit sufficient US qualifying pupils.
3. Inability to retain pupils.
4. Inability to recruit sufficient qualifying Oundle School day pupils leading to unsustainability of the current model.
5. Inability to attract/retain sufficient staff at required levels/quality.
6. Reputational damage/financial loss.
7. Inability to react to unexpected political, economic, health or environmental events.
8. Data not being securely held leading to loss of personal or confidential information. 9. Threat to IT systems from cyber-attack including that from individuals employed by the School with access to systems.
10. Change of government policy meaning that School Fees may be VAT-rated and other tax reliefs associated with Charitable Status, including mandatory rate relief, will be withdrawn.
The key controls used by the Schools to mitigate these risks include:
- e Acomprehensive risk register presented regularly to the Governing Body which identifies risks, the plan to assess and manage those risks, and those responsible for taking appropriate management actions;
- e Comprehensive strategic planning, budgeting, management and statutory reporting; e Vetting and safeguarding procedures, as required by law;
- e Formal agendas, terms of reference, and minutes for all Committee and Governing Body activity; e €stablished organisational structure and lines of reporting;
- e Formal written policies, reviewed regularly;
- e Clear authorisation and approval levels;
- e Close engagement with individual families by senior staff, active engagement with prospective families and new joiners and open days in place;
- * Ongoing review of staff terms and conditions and external salary benchmarking undertaken regularly; e Use of recruitment agencies for areas of particular difficulty or where speed of placement is needed; and e Engaging with local MPs and sector bodies such as the Independent Schools Council and Independent Schools Bursars Association, reducing the effect of any changes to tax legislation by reviewing debt and reserve levels, the School’s cost base, overall staff benefits, the bursary programme, capital projects and reclaiming tax on applicable expenditure where appropriate.
The Governing Body continues to focus on all areas of compliance and project management to manage risk where possible. Through the risk management processes established by the Corporation, the Governors are satisfied that the major risks identified are being managed appropriately by the Senior Management Team. However, such systems can provide only reasonable, and not absolute, assurance that major risks have been and will be adequately managed.
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REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
## Objects, aims, objectives and performance
## Charitable Objects and the Public Benefit Requirement
The Governors confirm that they have complied with the duty in the Charities Act 2011 in respect of having due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the Corporation.
The charitable purpose of the organisation is: ‘the advancement of education’. The Royal Charter for the Charity states that ‘The object of the Corporation shall be to provide at the School an education of the highest class.’ The intended beneficiaries of the Charity are the pupils of Oundle School and US. The Bursary programme ensures that pupils from less privileged backgrounds are not excluded as potential beneficiaries. Other significant beneficiaries include pupils at state schools who have access to the Schools’ facilities, pupils at state schools who receive teaching and support at their own school through Oundle’s Partnership and Outreach programme, and young people who, through participation in local and national clubs and bodies are given regular access to the Schools’ facilities, teaching and sports coaching. The public, with savings to the public purse, receive the benefits in the economy and the community of approximately 1,350 well-educated children with the transferrable skills and values to prepare them to contribute to the communities in which they live.
## Strategic Plan
The Strategic Plan 2016-2026 is updated annually to show the next year’s priorities in detail, designated as the Annual Objectives, and the following three years in outline. The Strategic Plan and the Annual Objectives are founded upon five core values:
1. Pupils who are at the heart of what the Schools value and central to every decision made. 2. The staff who contribute to the lives of the pupils in whatever capacity.
3. The opportunities that the Schools make available both to pupils and to staff. 4. The various communities of which the Schools form part, not least former pupils and parents.
5. Seeking the highest quality in all that the Schools do.
## Annual Objectives and Performance for the Year
The information provided throughout this report gives an overview of the Schools’ strategy and demonstrates how the Corporation has met its main objectives for the year; School publications provide further insight and are available from the Schools and their websites.
## 1. To deliver a distinctive and outstanding preparation for life
Developing the character of pupils beyond the classroom is a distinctive hallmark of an education at the Schools. Pupils continue to be challenged intellectually outside the examined curriculum whilst performance at GCSE, Pre-U and A level remains strong across all subjects. This year, ten pupils were awarded Arts Exhibitions for contributions to the intellectual and cultural life of the School beyond the limits of exam syllabuses and any scholarship awards already held. There continues to be a focus on ensuring the cocurriculum programme is appropriate for the twenty-first century. It remains a priority to give the children time and space to maintain healthy minds and bodies.
## Oundle School Universities Entry
There were 223 applicants, comprising 195 Upper Sixth pupils and 28 Old Oundelians. The 223 applicants made a total of 1,119 applications this year and of these 825 offers were made by universities.
There were six applicants for Medicine including five upper sixth applicants and one Old Oundelian. One Old Oundelian applied for Dentistry this year: out of 23 applications, seven offers were received.
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REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
The most popular courses were Business, History, Politics and Engineering. Pupils applied to 91 different universities with the most popular being Edinburgh, Durham, Exeter, Bristol and Newcastle. All 17 pupils with offers to Cambridge or Oxford Universities had their place confirmed.
## Academic Year 2022/23 results
The strong results achieved demonstrate the integrity of the School’s approach not only to the awarding of Centre Assessed Grades (CAGs) and Teacher Assessed Grades (TAGs) over the past two years, but the preservation of the education of the young people within its care throughout the pandemic.
## Oundle School Alevel and Pre-U Academic Year 2022/23
Overall, at A level 26% of grades were A* or equivalent, with 63% A*-A and 83% A*-B. Ten pupils achieved four A* grades each. Overall, 40% of pupils achieved all A*-A grades.
## Oundle School GCSE Academic Year 2022/23
Despite facing unprecedented disruption in their education both before and during their time at Oundle, our pupils performed admirably. GCSE results were very strong; 27% of all grades awarded were 9, 54% graded 9- 8 and 74% were graded 9-7. Across all entries, the most common grade was a grade 9.
## Oundle School Co-curricular
The School continues to provide and develop a broad and enriching co-curricular programme, which is both challenging and enthusiastically received.
In music, a major focus this year has been the development of our Royal College of Music partnership. The school enjoyed attending concerts and playing in the stunning Amaryllis Fleming Concert Hall in London.
A highlight of the year was a performance of a Winter Journey, one of Schubert’s Song Cycles, with 24 pupils each performing a song in English, and the following night, in German. Returning events this year included: May Madrigals; the Summer concert; the Music Theatre Competition and Music into a Summer's Evening. The Jazz Bands played in four concerts during the year. There were Choral performances each Sunday and a Choral Evensong at Girton College Cambridge, and the Schola Cantorum combined forces with the Peterborough Cathedral Choir and Youth Choir for an Evensong at the Cathedral. Amidst the almost 150 music events this year, there were 29 lunchtime concerts, five informal Music Opportunity concerts, and 170 practical music exams.
The Stahl season launched with the Fifth and Sixth Forms’ production of The Seagull by Anton Chekhov. This was followed by a 24 strong cast of First and Second Form pupils performing The Phantom Tollbooth by Susan Nanus in December. House plays continued to be a real strength of the Stahl season. In January there was a sellout performance of Agatha Christie’s Witness for the Prosecution by Laundimer House. In March, Third to Fifth Form pupils performed Success by Nick Drake. The piece was originally commissioned as part of the National Theatre’s Youth Theatre program, NT: Connections. A Midsummer Night’s Dream concluded the school season of work in May.
Over 350 pupils were involved with Community Action during the year. They work with over 75 hosts across Northamptonshire helping the elderly, working with disabled people, assisting in schools, running after school clubs, conducting environmental and charitable work as well as supporting internal initiatives.
Dedicated events included Have a Go Days in October and May as part of Field Weekend for participants with learning difficulties and disabilities and their families. This event attracted over 300 guests. In June, ‘A Grand Day Out’ was held in the Great Hall and offered an afternoon of music, games, and afternoon tea for elderly guests. The October Sleepout raised over £10,000 for St Basils Charity for the Homeless in Birmingham.
The CCF (Combined Cadet Force) programme returned to a full programme after the interruptions of COVID19. There was a ski trip to Siviez in Switzerland in February; two field weekends and trips to the Peak district,
The Corporation of Oundle School 9 SS IE a Ed PT
REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
North Wales, the Thetford training area, and HMS Queen Elizabeth. The Coronation celebration was accompanied by the full Marching Band (90 strong), who also performed at Franklin’s Gardens and the Pass Out Parade. They also played at the school’s memorial parade to the late Queen in September and the town’s Remembrance parade in November.
## Oundle School Sport
It has beenan excellent year of School sport, both in terms of fixtures and results. Hockey and Rugby each put out 22 teams across the Michaelmas term, playing over 120 matches and 200 matches, respectively.
During the Lent Term the School played host to both the Regional and National Schools England Netball finals, alongside multiple regional and national Fives Championships. The whole School Cross Country was held on the final Tuesday of term, with the cross-country squad enjoying representative success at both regional and national competitions.
In basketball the School fielded our first ever girls’ team, with the sport continuing to grow in popularity. There was also the House Indoor Rowing event, and the Dance Show made a welcome return to the Stahl Theatre with a gala programme of 18 different performances. Inthe final week, three boys’ squads and one girl’s squad successfully competed at the Rosslyn Park rugby 7s tournament.
The Summer Term saw Cricket, Tennis, Athletics and Rowing take centre stage. The Golf squad reached the area final of The Heads Conference (HMC) competition, assisted by practice on the newly installed golf simulators in the Sports Centre.
Across the year, pupils have continued to enjoy the outstanding facilities of the Sports Centre. School records in swimming have tumbled with almost weekly regularity.
In May, the Prep Schools’ Triathlon welcomed over 900 Year 3 — Year 8 pupils to Oundle fora highly successful event.
Partnership links with Northampton Saints Rugby, Loughborough Lightning Netball, Northants Cricket, and the England Hockey Talent Academy Pathway all enhanced our Sport Scholarship and dedicated athlete programme offering.
Representative honours for pupils have been achieved this year in athletics, cricket, cross country, equestrian, hockey, netball, rugby, squash, tennis, and swimming.
## Laxton Junior School
Laxton Junior School (“US”) enjoyed another successful year. After last year’s inspection by the |S] where the School was awarded the highest grade for both its academic and pastoral provision, a new inspection framework is in place and the leadership team are attending seminars and training to ensure the School's compliance continues at its highest level.
This year, the School supported Year 6 children to gain places at their chosen senior schools; this included 34 moving to Oundle School, and one each to Latimer Arts College, Maidwell Hall, Bourne Grammar, Prince William, Oakham, and Stamford Schools.
Several pupils took part in the Oundle Festival of Literature, Poetry and Short Story writing competitions and a number were awarded prizes. In sports there was success with US placed first overall in the Leicester Grammar Cross Country competition. Pupils set swimming records at school and others were selected for the U10 Northamptonshire Tennis Team. The U11 Girls were undefeated in the US Rugby Festival. In chess two pupils were placed first and second in the U10 Regional Chess Championships, whilst one pupil won the U9 Leicester Music Festival singing competition.
In music, 30 children entered the Trinity and Associated Board of the Royal Schools of Music (ABRSM) examinations and everyone passed with 48% achieving a Distinction.
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REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
Sustainability continues to be a key factor in the school. The Eco Team introduced recycling schemes to catering, a different meat free meal each week, houseplants for classrooms and a hugely successful Big Toy Swap event. Nesting boxes were placed in the woodland garden and thousands of wildflower seeds were planted throughout the school grounds.
As part of the OPEN Learning Partnership, six local primary schools attended the Year 3 Athletics Festival at Oundle School. Children from US attend Abbott House, a local care home, where they talk, read, and play games with residents some of whom are suffering from dementia.
## 2. To be associated with the very best of 21* Century boarding/day education
The 4-18 vision for day pupils is now a working model, strengthened by the development of Scott House and all this has brought to the care of our younger Oundle School pupils, day and boarding. Care is being taken to ensure that the School continues to resource and celebrate the opportunities of full boarding.
In recent years, emphasis has been placed on pastoral provision, promoting positive mental and physical health for pupils. This year saw the development of Digital Detox into Digital Health, encouraging pupils to have a healthy relationship with their mobile devices and raising their awareness of over-reliance on smartphones to remain ‘entertained’. With dialogue and discussion at the heart of all matters pastoral, the Schools have also made available a variety of articles on various issues ranging from education, digital matters, sex and relationships, to health and wellbeing.
## 3. To optimise financial performance
The Governors are aware that the financial cost of achieving the Schools’ aims is high and that achieving value for the income it receives and the charitable expenditure made is paramount. Optimising financial performance through a carefully constructed control framework remains a central objective of the Schools’ Senior Management Team and the Governors.
The Governors’ policy, true to the guiding principles of the School’s Foundation and Royal Charter, is that access to the education offered should not be restricted only to those who can afford the fees. The Schools’ pupils benefit from learning within a diverse community and the bursary policy, ethos and activities contribute to widening access to the education and the facilities they enjoy.
Key to the financial strength of the Schools is income generation beyond fees and the growth of the Foundation’s endowment fund. Both remain priorities for the Governors and the Strategic Plan has highlighted areas where additional income might be gained. Oundle Scholarships are now, in most cases, honorary in nature with the funding having moved to the support of Bursaries. This means that the Schools provision a sum equivalent to 8-9% of fee income on bursaries and legacy scholarships to the families of children who would most benefit from an Oundle education. Financial assistance is planned to grow to 10% over the coming years.
## 4. To be in control of our market
It is important that the Schools maintain the integrity and consistency of admissions standards, thereby safeguarding the Schools’ academic position and competitiveness in their markets, whilst also ensuring each pupil can flourish. This consistency is achieved through appropriate messaging to prospective parents and directly to feeder schools and nurseries. Such messaging also seeks to achieve a balanced and consistent mix of pupils across boarding houses and includes consideration of the proportion of boys and girls and the diversity of internationally recruited pupils.
The pupil numbers in both Schools are healthy given the current economic circumstances. Oundle School continues to foster strong links with over 115 feederschools across the country. Around 20% of pupils across both Schools are from families resident in 37 different countries overseas, bringing diversity and cultural enrichment to the School.
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REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
At the beginning of the 2022/23 academic year, Oundle School had 843 (2021/22: 843) boarding pupils and 301 (2021/22: 279) day pupils, and US had 249 pupils (2021/22: 259), giving a total of 1,393 pupils (2021/22: 1,381). In the current 2023/24 academic year, there are 1,368 pupils in the Schools. This small reduction is expected to be recovered for the start of the next academic year.
The Governing Body, supported by the bursary and admissions departments, regularly reviews the admissions strategy to ensure the Schools’ strategic aims are met. Registrations for future entry are at normal levels. US has strong numbers with waiting lists for many year groups and has benefitted from a review of its facilities and marketing methods. Its recruitment focus is on Reception and KS1 helped by specific and well-timed Reception open days, social media presence, targeted advertising and nursery years’ outreach.
## 5. To nurture global contributors
Criteria for success are not limited to what happens at the Schools or to external examinations. The School is focused on supporting the intellectual, spiritual, physical, emotional and social growth of pupils so that they may become happy, balanced contributors to society. It is important that they leave school with an understanding of their place in the world and their responsibility to the communities they will serve. The Schools are focused on nurturing their pupils to be global contributors. They plan to enhance the pupils’ notion of what it means to be acontributor in this sense by continuing to deliver a sixth form programme that delivers, at the very least, the same breadth, rigour and international perspective as other programmes such as the International Baccalaureate. The Schools’ extensive ‘trips’ programme and their wider co-curricular programme are tailored to enhance the pupils’ understanding of their place in the world and their responsibility to the communities they will serve.
## Partnerships and Outreach
Oundle School has a long history of supporting communities in its area and providing academic support to children through various partnerships.
With Imperial College London under its STEM Potential programme we support 100 pupils in four schools. The relationship with Imperial College continues to go from strength to strength.
Through the Social Impact Fund, the School supports transport requirements for the STEM Potential programme and also aids education for Ukrainian pupils. The IT department has loaned six laptops to pupils for their schoolwork where previously they had had to use mobile phones. Our pupils are supporting a Ukrainian family with English lessons at the library each week.
Headline data:
- e Total attendance at in-person events exceeded the 2021/22 total of 10,000 across all activities. Of these, 300 are attending regular courses or receiving academic support.
- e Our online offering has declined in total attendance but will still exceed an additional 10,000 this year. e The OPEN Summer STEM Festival reaches over 3,000 in the first week of July and is collaboratively delivered by OPEN schools.
- e The first Swansea University Engineering Summer School hosted a full complement of pupils and received outstanding reviews.
- Our first two offers from Imperial have been achieved for STEM Potential pupils (one from Kettering, one from Peterborough)
## Oundle’s Place in the National Landscape
The number of children who benefit from our activities is amongst the highest of any cross-sector partnership of its kind.
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The Corporation of Oundle School 12
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REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
## Financial review and performance
## Overall Financial Performance
The consolidated net movement in funds after other recognised gains and losses, as shown in the Statement of Financial Activities on page 21, was £2,280,000 (2022: £1,356,000).
In 2022/23 the Group benefited from donations and gifts of £2,250,000 (2022: £750,000). The overall net assets represented by the capital and reserve funds were £134,835,000 at the year-end (2022: £132,555,000).
## Grant-making Policy
The Oundle School Foundation, a wholly owned subsidiary of The Corporation of Oundle School, raises money with the approval of its Trustees for bursaries, scholarships, prizes and specific projects and grants the proceeds to the School when funds have been expended.
The School's policy is to make awards and prizes based on the individual’s educational potential or performance and, in the case of bursaries, financial need, subject to the conditions imposed by the original donor where the award is out of restricted funds.
## Bursaries and Scholarships
In the year ended 31 July 2023, the value of bursaries, scholarships, prizes and other awards made to the Schools’ pupils was £3,538,000 (2022: £3,425,000). During this year, the value of means-tested bursaries totalled £3,362,000 and represented 7.3% of gross fees (2022: £3,096,000 representing 7.3% of gross fees). The Schools provided bursary assistance to 146 pupils of whom 33 pupils benefited from full remission of fees (2022: 145 pupils of whom 35 benefited from full remission).
In addition, the Schools awarded scholarships and discounts to 42 pupils that totalled £176,000 and represented 0.4% of gross fees (2022: 82 pupils, £329,000, and 0.8% of gross fees). Bursary and scholarship funds are being enlarged to meet a long-term target of 10% of gross fees to support future generations of pupils at the Schools through the Foundation. At 31 July 2023, the total value of restricted funds held for bursaries and scholarships was £1,292,000 (2022: £1,425,000). The Foundation also held non-expendable endowment funds of £18,957,000 (2022: £17,626,000), which generate restricted funds for bursaries and scholarships.
## Fundraising
Oundle School has a development office, the Oundle Society (“the Society”), which raises funds on behalf of the Foundation. Through this entity, the School seeks to encourage charitable contributions from former pupils, parents and friends. These contributions are sought in order to enhance the Foundation’s bursaries and scholarships funds and to provide funds for capital projects, and for revenue projects that can be accomplished during the year. The fundraising strategy has been to: maximise the size of individual gifts; to widen participation, and to publicise the mutual advantages of gifts of shares and securities, and of legacies.
The Society holds a range of events and administers those organised by the Old Oundelian Club, in order that members of the community should be as closely engaged as possible with the School's charitable priorities. These events are supplemented by a range of communications, including a monthly e-bulletin and periodic reports on the work being funded by the Foundation.
Most gifts are solicited and agreed through one-to-one meetings, or exchanges with members of staff, or through telephone calls made by staff or by current or former pupils. Whilst some electronic communications include information on how donations may be made, most are not considered marketing or ‘solicitation’ communications, but rather serve to inform the wider community about developments at the Schools.
The Corporation of Oundle School SS aE a a ed oe a
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## REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
Neither external professionals nor commercial participators are appointed to solicit gifts on the Foundation’s behalf. Those who are likely to receive a telephone fundraising call are notified by letterin advance and given the opportunity to opt-out of receiving the call. The Foundation records and adheres to both opt-in preferences concerning how people wish or do not wish to be contacted, and granular preferences concerning communications, publications, and subject matter. Great care is taken in dealing with individuals evidencing any sort of vulnerability. No subsequent attempt to persuade is ever made following a negative response to a specific fundraising overture, and the person approached is always assured that he or she remains a valued member of Oundle School’s broader social community irrespective of the response. The Foundation is voluntarily subject to the Fundraising Regulator, having previously subscribed to the antecedent Fundraising Standards Board. It subscribes to the Code of Fundraising Practice and is an organisational member of the Institute of Fundraising. The Foundation is unaware of any occasion in the reporting period in which it has failed to comply with the Code.
The Foundation received no complaints during the reporting period (2022: none). It should be noted that such a low number is typical for the organisation, and is a consequence both of the care taken over compliance matters, and of the inherently close and multi-faceted relationship that the Foundation’s close community of supporters have with Oundle School.
Oundle School also has a legacy society — the William Laxton Society — and is grateful to all those who have pledged legacies to the School. Legacies are left to the Foundation and during the year the Foundation was the beneficiary of five (2022: six) legacies totalling £1,488,000 (2022: £44,000).
During the year donation income totalled £2,250,000 (2022: £750,000). The main fundraising undertaken in the year was for Bursaries and Scholarships funds totalling £2,178,000. (2022: Bursaries and Scholarship funds, £688,000).
Oundle School donated £100,000 (2022: £100,000) to the Foundation during the year. As in the previous year, this donation was placed in the endowment fund for bursaries and scholarships.
In the year, the Foundation contributed £1,529,000 (2022: £757,000) towards the charitable expenditure at Oundle School. Of this sum, £1,096,000 was to fund bursaries and scholarships awarded by the School in the year (2022: £745,000).
## Investment Powers, Policy and Performance
At 31 July 2023 £17,944,000 (2022: £17,861,000) of assets of the Foundation were held in managed funds and deposits. The Trustees’ overall investment policy is decided against the background of the Foundation’s liabilities and guided by a number of factors, some of which are set out below. The Trustees seekto maximise the return on the Foundation’s assets commensurate with an acceptable level of risk, recognising the need for the security of donations and the implications for Oundle School should the Foundation have insufficient assets to meet the liabilities for ongoing grants as they fall due.
The Trustees’ overriding funding principles for the Foundation are to ensure that there are sufficient and appropriate assets in the Foundation (at their realisable value) to cover the expected costs of making grants in accordance with donors’ wishes and to build the endowment funds held by the Foundation over the longer term.
The Trustees seek to balance the investments held against the current and future needs of the Foundation. The Trustees recognise that the returns received from different kinds of investments are achieved in different ways, and that the liabilities of the Foundation are of different kinds. For this reason the Trustees have decided to hold two separate classes of investments, one for endowed donations where the capital must be kept in perpetuity, and one for expendable donations, where funds must be spent within a reasonable period and in accordance with any restriction on the donation.
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The Corporation of Oundle School SSS Me
## REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
The Trustees have taken into consideration the expected return on investments and liquidity when setting the Foundation’s investment strategy.
For the expendable fund, the objective is to preserve the nominal purchasing power of the fund, net of withdrawals, reflecting the requirement to spend such funds within the timescale ofa particular project or within a reasonable period for funds such as bursaries and scholarships. Funds identified as required for expenditure within a minimum of three months are held in cash or cash equivalents.
For the endowment fund, the objective is to preserve and increase the real purchasing power of the fund, net of withdrawals, over a five-year period. The total return objective is to match or exceed RPI plus 4% per annum. As this is a permanently endowed portfolio and, as such, only income can be spent, a yield of circa 3% on the initial investment is targeted.
The Trustees seek to ensure that assets are not realised at disadvantageous market levels to pay for grants when due by managing the income from donations and the Foundation’s expected outgoings. Where outgoings cannot be paid from donations or investment income, the Trustees will realise the required amount from the investments.
The Foundation appoints an Investment Manager to carry out all the day-to-day functions relating to the management of the investments and, as custodians, to look after and keep secure the assets under management. The Foundation’s investment performance is monitored on a regular basis by comparing the Investment Manager’s performance to the benchmark set by the Trustees for each fund. The investment strategy is reviewed frequently. The Trustees are satisfied that the Foundation’s funds were invested during the year in accordance with the agreed policy.
The performances of the funds in the year August 2022 to July 2023 and against their total return objective were as follows:
||||||Total|Return|Objective|
|---|---|---|---|---|---|---|---|
|Oundle|School|Foundation|Endowment|Fund||0.9%|13.0%|
|Oundle|School|Foundation|Expendable|Funds||0.8%|9.0%|
Total return has significantly underperformed the return objective for both the endowed and expendable funds. This is primarily due to a confluence of abnormally high inflation resulting from a number of global factors and below-trend investment returns.
## Reserves Policy
The Governors regularly review the funds available to the Schools. The total funds held by the Schools are £134,835,000 (2022: £132,555,000), of which £1,845,000 (2022 : £2,180,000) is held in restricted funds, £18,957,000 (2022: £17,626,000) in endowed funds. The unrestricted tangible fixed assets held for the Schools’ own use is £125,810,000 (2022 : £126,744,000).
The defined benefit pension plan for the Schools’ support staff does not show either a surplus or deficit calculated under FRS102. The Governors believe that this funding calculation, which can vary considerably between surplus and deficit according to the assumptions used and market valuations at each period -end, has no material effect on the Corporation’s cash flows in the short or long term.
Due to significant investment in the Capital Development programme, notably the School's new state-of-theart Sports Centre, there are currently no free reserves in the School. The Governors believe that the level of reserves, restricted and unrestricted, is adequate to cover the purposes for which they are intended. The Group’s reserves policy is reviewed annually, and the Governors consider it appropriate for the financial statements to be prepared ona going concern basis.
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The Corporation of Oundle School 15
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REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
The Governors note that the School's borrowing has been paid down significantly over the year from its £20M opening balance to £7,299,000. This has reduced the exposure to increased interest rates whilst maintaining a strategic cash reserve. The loan therefore continues to provide assurance on the level of cash available to the School. The Governors consider that access to liquidity is a priority and that the Schools can usually, with reasonable accuracy, predict their income levels with a long notice period of change. The Governors have set a minimum level for liquid assets of £4,200,000 (defined as cash at bank and in hand and bonds with a maturity of less than one year), equivalent to six weeks’ expenditure. Liquid assets at 31 July 2023 were £9,929,000 meaning this target was exceeded. It is, however, recognised that, in the event of some unexpected event, fee income might reduce very suddenly. The need for day-to-day working capital is met by careful management of short-term liquid resources. The Governors believe that the School will continue to generate sufficient reserves through annual operating surpluses to generate resources to fund the continued development of the School.
## Future Plans
The Corporation’s plans are financed primarily from fee income, the performance of the subsidiary services company and from reserves. The Governors are determined to maintain an equitable balance between ensuring the current pupils’ benefit, whilst also ensuring that a sound infrastructure and financial base are preserved for the next generation of pupils.
The Strategic Plan 2016-2026 was approved in 2016/17 and is updated annually. At its foundation are the elements that the Schools consider to be of greatest value: its pupils, its staff, the opportunities it offers, its communities and the intrinsic importance of striving for the highest quality. The School’s Strategic Development Plan is at the heart of its immediate future. Both Schools will benefit greatly from the educational vision that is at the heart of the capital projects and the new opportunities that these facilities will bring. Along with historical cash reserves, the loan agreement with HSBC, fundraising receipts and the forecasted level of operating surplus, the Corporation is in a satisfactory financial position to develop and deliver its plans. During the coming years, Oundle School will seek to offer an increasing degree of bursarial support through growth in fundraising and to continue to improve the estate in accordance with its Strategic Development Plan. The move of scholarships to honorary status rather than offering automatic fee remission and the plan to provide an increasing level of bursary funding towards a target of 10% of gross fee income are achievable and supported by long term financial planning.
Oundle School is proud that its extensive range of awards enables the School to remain a widely inclusive community, attracting children from a broad range of backgrounds. Through successful fundraising, both for imminent expenditure and for the relevant Endowment Funds, the Foundation plays a major part in the School's ability to offer such support now and in the future.
## Project 24
Project 24 is the Schools’ vision for the long-term security and success for our schools and pupils. It includes plans for a new purpose-built girls’ boarding house to be constructed in the centre of Oundle, a refurbishment of the existing boarding estate, enhanced boarding and day opportunities, modernisation of our Day offer with development to Scott and Laxton Houses and upgraded facilities in Early Years as well as the Science and Art facilities at US. The project is progressing well. The focus is now on the development of the new girls' boarding House, ongoing works to Laxton and Sadler Day Houses, and the refurbishment of our boarding houses. The ongoing projects programme has seen extensive refurbishment works being carried out in the Art Department and to the Stahl Theatre, both of which were completed this year.
## Statement of Governors’ Responsibilities
The Governors are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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The Corporation of Oundle School 16
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## REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2023
The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the group for that period.
In preparing these financial statements, the Governors are required to:
- e select suitable accounting policies and then apply them consistently;
- e observe the methods and principles in the Charities SORP (FRS102);
- e make judgments and estimates that are reasonable and prudent;
- e state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
- ® prepare the financial statements on the ‘going concern basis’ unless it is inappropriate to presume that the charity will continue in business.
The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Governors are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## Acknowledgements and Appointments
The Governors would like to thank the Head, Bursar and all staff for their dedication and commitment to the School. The success of Oundle School and US as centres of academic, pastoral and all-round excellence, alongside the achievement of pupils and the tireless efforts of the staff, has confirmed the provision of an education of the highest class. The Governors are grateful to all who contributed to the continuing achievement and success of both Schools.
Approved by the Governing Body on 14 December 2023 and signed on its behalf by:
Robert Ringrose yer Chairman of the Governing Body
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The Corporation of Oundle School 17
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OUNDLE SCHOOL
## INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE CORPORATION OF
## Opinion
We have audited the financial statements of The Corporation of Oundle School (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, the Corporation Statement of Financial Activities, the Consolidated and Corporation Balance Sheets, the Statement of Consolidated Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
- e give a true and fair view of the state of the group’s and charity’s affairs as at 31 July 2023 and of their incoming resources and application of resources for the year then ended;
- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- e have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for Opinion
We have been appointed as auditors under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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 group and parent charity 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
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## Other Information
The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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The Corporation of Oundle School 18
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INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF THE CORPORATION OF
OUNDLE SCHOOL
## Matters on which we are required to report by exception
- We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
- e the information given in the financial statements is inconsistent in any material respect with the Report of the Governors; or
- e sufficient accounting records have not been kept by the parent charity; or
- e the parent charity financial statements are not in agreement with the accounting records and returns; or e we have not received all the information and explanations we require for our audit.
## Responsibilities of Governors
As explained more fully in the Statement of Governors’ responsibilities set out on page 17, the Governors 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 governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Governors are responsible for assessing the group’s and parent charity’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 Governors either intend to liquidate the group or parent charity 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 whetherthe 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.
## The extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:
- e obtained an understanding of the nature of the sector, including the legal and regulatory frameworks, that the group and parent charity operates in and how the group and parent charity is complying with the legal and regulatory frameworks;
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INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF THE CORPORATION OF
OUNDLE SCHOOL
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- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- e discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
Asa result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charities Act 2011, the parent charity’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Report of the Governors, remaining alert to any new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence local tax authorities and evaluating advice received from external advisors.
The most significant laws and regulations that have an indirect impact on the financial statements are The Education (independent School Standards) Regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations and inspected correspondence with regulatory authorities.
The group audit engagement team identified the risk of management override of controls and the completeness of certain income streams as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business and performing tests of detail in relation to completeness of income.
A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## Use of our report
This report is made solely to the charity’s trustees as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to themin 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 charity and the charity's trustees as a body, for our audit work, for this report, or forthe opinions we have formed.
## RSM UK Audit LLP
Statutory Auditor Chartered Accountants Blenheim House Newmarket Road
Bury St Edmunds
Suffolk IP33 35B Date: 20/12/2023
RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
The Corporation of Oundle School 20 SSS Se ee ee Se ee ee ee ee ey
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023
|||Unrestricted|Restricted||||
|---|---|---|---|---|---|---|
|||Income|Income|Endowment|Year|Year|
|||Funds|Funds|Funds|Ended 31|Ended 31|
|||(Note 29)|(Note 28)|(Note 27)|July 2023|= July 2022|
||Note|£'000|£’000|£000|£’000|£'000|
|INCOME AND ENDOWMENTS FROM:|||||||
|Investments|6|329|558|-|887|624|
|Coronavirus Job Retention Scheme||-|-|=|-|5|
|Donations and gifts|7|28|657|1,565|2,250|750|
|Charitable activities|||||||
|School fees receivable|3|41,733|-|-|41,733|38,296|
|Other educational activities|4|2,098|-|.|2,098|1,330|
|Ancillary trading and other activities|5|1,894|-|-|1,894|1,474|
|Total income and endowments||46,082|1,215|1,565|48,862|42,479|
|EXPENDITURE ON:|||||||
|Raising funds|||||||
|Investment management fees|12/16|-|-|(129)|(129)|(131)|
|Costs offund-raising and trading|10|(2,123)|-|-|(2,123)|(1,911)|
|Charitable activities|||||||
|Education|8|(43,744)|(11)|.|(43,755)|(40,374)|
|Total expenditure||(45,867)|(11)|(129)|(46,007)|(42,416)|
|Net income and net movement in funds||245|1,204|1,436|2,855|63|
|before gains on investments|||||||
|Net (losses) on investments|16|-|(10)|(205)|(215)|(53)|
|Net income||215|1,194|1,231|2,640|10|
|Transfers between funds|33|1,429|(1,529)|100|-|-|
|Other recognised gains/(losses)||1,644|(335)|1,331|2,640|10|
|Re-measurement of defined benefit pension
setae|30|(360)|-|-|(360)|1,346|
|Net movement in funds||1,284|(335)|1,331|2,280|1,356|
|Fund balances brought forward at 1 August||112,749|2,180|17,626|132,555|131,199|
|Fundbalancescarriedforwardat31July||114,033|1,845|18,957|134,835|132,555|
The notes on pages 25 to 55 form part of these financial statements.
The Corporation of Oundle School 21 SSS aa ee es Ce ee Se a eel
## CORPORATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023
|||Unrestricted|||||
|---|---|---|---|---|---|---|
|||Income|Restricted||Year|Year|
|||Funds|Income|Endowment|Ended 31|Ended 31|
|||(Note 29)|Funds|Funds.|July 2023|July 2022|
||Note|£000|£’000|£000|£’000|£’000|
|INCOME AND ENDOWMENTS FROM:|||||||
|Investments|6|382|-|-|382|42|
|Coronavirus Job Retention Scheme||.|-|-|-|6|
|Donations and legacies|7|28|1,529|-|1,557|804|
|Charitable activities|||||||
|School fees receivable|3|41,732|-|-|41,732|38,296|
|Other educational activities|4|2,098|-|-|2,098|1,330|
|Ancillary trading and other activities|5|253|-|-|253|293|
|Total income and endowments||44,493|1,529|-|46,022|40,771|
|EXPENDITURE ON:|||||||
|Raising funds|||||||
|Costs of fund-raising and trading|10|(405)|.|-|(405)|(422)|
|Charitable activities|||||||
|Education|8|(42,309)|(1,529)|-|(43,838)|(40,457)|
|Total expenditure||(42,714)|(1,529)|-|(44,243)|(40,879)|
|Net income/(expenditure) and net
movement offunds before gains and losses||1,779|.|.|1,779|(108)|
|on investments|||||||
|Net income/(expenditure)||1,779|-|.|1,778|(108)|
|Re-measurement of defined benefit pension
shanks|30|(360)|-|-|(360)|1,346|
|Net movement in funds|29|1,419|-|-|1,419|1,238|
|Fund balances brought forward at 1 August||114,338|-|-|114,338|113,100|
|Fundbalancescarriedforwardat31July||115,757|.|-|115,757|114,338|
The notes on pages 25 to 55 form part of these financial statements.
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The Corporation of Oundle School 22
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## CONSOLIDATED AND CORPORATION BALANCE SHEETS AS AT 31 JULY 2023
||||Corporation||Group||
|---|---|---|---|---|---|---|
|||2023|2022|2023||2022|
||Note|£’000|£’000|£’000||£’000|
|Fixed assets|||||||
|Tangible assets|15|126,342|127,273|125,810||126,744|
|Restricted fund investments|16|.|-|17,944||17,861|
|Total fixed assets||126,342|127,273|143,754||144,605|
|Current assets|||||||
|Stocks|18|85|96|85||96|
|Debtors|20|2,930|3,582|2,659||2,229|
|Cash and cash equivalents||9,929|10,541|11,984||12,847|
|Total current assets||12,944|14,219|14,728||15,172|
|Creditors—amounts falling due within one year|21|(13,710)|(14,765)|(13,828)||(14,833)|
|aaScheme—amountsfallingdue|-|(2,014)|(1,542)|(2,014)||(1,542)|
|Net current assets||(2,780)|(2,088)|(1,114)||(1,203)|
|Total assets less current liabilities||123,562|125,185|142,638||143,402|
|Creditors—amounts falling due after one year|22|(6,476)|(9,792)|(6,476)||(9,792)|
|—reneeScheme—amountsfallingdue|28|(1,329)|(1,055)|(1,329)||(1,055)|
|Net assets excluding pension deficit||115,757|114,338|134,835||132,555|
|Pension Plan funding deficit|30|.|-|-||-|
|Net assets including pension deficit|26|115,757|114,338|134,835||132,555|
|The funds of the charity|||||||
|Endowment funds|27|-|-|18,957||17,626|
|Restricted income funds|28|-|-|1,845||2,180|
|Unrestricted income funds|||||||
|Unrestricted income funds||64,399|62,980|62,675||61,391|
|Revaluation reserve|29|51,358|51/358|51,358||51,358|
|Total unrestricted income funds||115,757|114,338|114,033||112,749|
|Totalfunds||115,757|114,338|134,835||132,555|
The financial statements on pages 25 to 55 were approved and authorised for issue on behalf of the Governing Body on 14 December 2023 and signed on its behalf by: y, — Kft bepre COT yer Robert Ringrose Chris Tyler Chairman of the Governing Body Chairman of the Finance Committee
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The Corporation of Oundle School
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23
## STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023
|||Year Ended|Year Ended|
|---|---|---|---|
|||31 July 2023|31 July 2022|
||Note|£7000|£’000|
|CASH FLOWS FROM OPERATING ACTIVITIES:||||
|Net cash generated from operating activities|32|2,505|2,208|
|Cash flows from investing activities:||||
|Dividends and interest from investments|6|887|624|
|Purchase of investments|16|(428)|(574)|
|Proceeds from the sale of tangible fixed assets||1,323|44|
|Purchase oftangible fixed assets||(3,517)|(1,133)|
|Net cash used in investing activities||(1,735)|(1,039)|
|Cash flows from financing activities:||||
|Loan repayments||(3,519)|(7,819)|
|Interest payable||(425)|(374)|
|Receipts ofendowments|7|1,565|188|
|New fees in advance|25|3,336|2,213|
|Fees in advance used to pay fees|25|(2,590)|(1,976)|
|Fees in advance paid to other schools|25|.|(35)|
|Net cash generatedfrom financing activities|Nag|(1,633)|(7,802)|
|Change in cash and cash equivalents in the reportingyear||(863)|(6,634)|
|Cash and cash equivalents brought forward||12,847|19,482|
|Cash and cash equivalents at the end ofthe reportingyear||11,984|12,847|
|Cash held||11,984|12,847|
|Totalcashandcashequivalents||11,984|12,847|
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The Corporation of Oundle School
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24
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 1. Principal accounting policies
## Charity information
The Corporation of Oundle School is a charity domiciled and incorporated in England and Wales. The registered office is The Bursar’s Office, Oundle School, Church Street, Oundle, Peterborough, PE8 4EE.
## (a) Accounting Convention
These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of[Ireland][(FRS102)][—][(Charities][SORP] (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the best practice as set out above rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis in accordance with the historical cost convention, modified by the revaluation of certain buildings and fixed asset investments measured at fair value. The principal accounting policies adopted are set out below.
The Corporation meets the definition of a public benefit entity under FRS 102. As a qualifying entity within the meaning of FRS102, the Charity has chosen to take advantage in its individual financial statements of the disclosure exemption afforded in respect of Section 7 of FRS102: ‘Statement of Cash Flows’.
Monetary amounts in these financial statements are rounded to the nearest whole £1,000, except where otherwise indicated.
## (b) Basis of Consolidation
The Consolidated Statement of Financial Activities, the Consolidated Balance Sheet and the Consolidated Cash Flow Statement include the financial statements of the Corporation and its subsidiary undertakings made up to 31 July 2023 ona line-by-line basis and using the acquisition method of accounting. Intra-group transactions and profits are eliminated fully on consolidation.
Where the Foundation has granted funds to its parent charity, the Corporation, there is a transfer of funds from restricted funds in the Foundation to restricted funds in the Corporation and Group. Where the Corporation has granted funds to the Foundation, there is a transfer of funds from unrestricted funds in the Corporation, to Endowment funds in the Foundation.
## Uniform accounting policies have been applied across the Group.
A separate Statement of Financial Activities has been presented for The Corporation pre consolidation. It has taken advantage of the exemption under FRS102 not to prepare a separate Cash Flow Statement as its cash flows are included in the consolidated Cash Flow Statement of the Corporation of Oundle School.
Details concerning the subsidiary companies and the charitable subsidiary, along with their results and financial position are set out in notes 23 and 24.
## (c) Going Concern
At the time of approving the financial statements, the Governors have a reasonable expectation that the Group and Corporation have adequate resources to continue in operational existence for the foreseeable future. 1.
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25
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## Principal accounting policies (continued)
## (c) Going Concern (continued)
Thus the Governors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Governors have considered the financial position of the group, the level of reserves, the 2023/24 budget, long term plans and associated cash flow forecasts. Whilst pupil numbers at the school are currently being maintained, the School can continue to operate under a range of pupil mix scenarios modelled. Indications are that the demand for places at the School remains high. The existing finance arrangement with HSBC has been utilised to ensure sufficient cash resources and the debt can be serviced under the scenarios modelled. As aconsequence, the Governors believe the Group and Corporation are well placed to manage their business risks successfully and that there are no material uncertainties in applying the going concern basis of preparation.
The Governors believe it is appropriate to prepare the accounts on a going concern basis and there are no material uncertainties related to events or conditions that may cast doubt about the ability of the School to continue as a going concern fora period of at least twelve months from the date when the financial statements are authorised for issue.
## (d) Income
Income is recognised when the Corporation has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from charitable activities and investment income are accounted for on an accruals basis. Fees for tuition and boarding are credited to the Statement of Financial Activities in the academic year to which they relate. The following specific policies are applied to particular categories of income. Income from ancillary trading and other income is credited to the Statement of Financial Activities during the year that the activity takes place.
Donations and legacies are included in full in the Statement of Financial Activities when receivable. For legacies, entitlement is taken as the earlier of the date on which either: the Corporation is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Corporation that a distribution will be made, or when a distribution is received. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Corporation has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Corporation or the Corporation is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Gifts and grants receivable are credited to the Statement of Financial Activities in the year in which they are receivable. If the Corporation has evidence, usually in writing, from an individual of a pledged donation, then the entitlement to the income is met. Pledges are not recognised until conditions for receipt have been met. Gifts in kind are valued at estimated open market value at the date of the gift, in the case of assets for retention or consumption, or at the value to the School in the case of donated services of facilities.
Income from investments, earned from endowment funds is restricted or unrestricted depending upon the terms attached to the endowment. Any shares or other securities that are donated to the Corporation and its associated Charity are converted to cash as soon as practicable.
Income from charitable activities is accounted for when earned.
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The Corporation of Oundle School 26
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 1, Principal accounting policies (continued)
## (d) Income (continued)
Other educational income such as fees receivable and charges for services and use of the premises, less any allowances, scholarships or bursaries granted by the School against those fees, but including contributions received from restricted funds, are accounted for in the year in which the service is provided. Fees received in advance for education to be provided in future years are carried forward as deferred income.
Income from the sale of land is recognised on completion.
## (e) Donated services and facilities
Donated services and facilities are recognised as income when the Corporation has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Corporation of the item is probable and the economic benefit can be measured reliably.
On receipt, donated services are recognised on the basis of the value of the gift to the Corporation which is the amount the Corporation would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the year of receipt.
## (f) Expenditure
All expenditure is accounted for on an accruals basis. This includes all charitable expenditure and costs of raising funds. Liabilities are recognised as soon as the expenditure is committed, discounted to present value for longer term liabilities.
Expenditure on charitable activities and expenditure on raising funds comprise direct expenditure, including staff costs attributable to each activity. All expenditure is coded directly to each activity. Any irrecoverable VAT is charged to the Statement of Financial Activities or capitalised as part of the cost of the related asset, where appropriate.
Expenditure on raising funds comprises those costs directly attributable to managing the investment portfolio and trading activities.
Support costs include expenses that enable charitable activities and fund-raising to be undertaken. These costs include finance and human resources and are allocated first on a basis consistent with the use of the resource and in proportion to the annual spend on education, boarding and catering and premises where not directly attributable.
Where there are long-term commitments, these are recognised in the year that the commitment becomes binding.
## (g) Tangible Fixed Assets and Depreciation
## Freehold land and buildings
Land acquired prior to 31 August 1987 has not been capitalised. Expenditure since 31 August 1987 is capitalised at cost. Buildings were introduced at valuation with effect from 31 August 1987. The basis of the valuation of buildings was for insurance purposes being replacement value on a ‘new for old’ basis and including fittings, but excluding professional fees involved in any rebuilding work. The valuation was established by the Corporation’s officers after consultation with their brokers and insurers. Additions to buildings are stated at cost. Improvement and extension expenditure during a year is capitalised.
The Corporation of Oundle School 27 SSE ee ee ee ee ee ee a Se a a a ae
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
1. Principal accounting policies (continued)
(g) Tangible Fixed Assets and Depreciation (continued)
## Educational buildings
The cost or valuation of educational buildings with an estimated remaining useful life of less than 100 years is depreciated in equal annual instalments or on a reducing balance basis. Educational buildings with an estimated remaining useful life of 100 years or more are not depreciated. They are maintained in such a condition that the residual values are not materially different from the book values, and hence and depreciation charge would not be material.
## Staff residential properties
A review of the valuation of these residential properties was carried out in 2015 by the then Deputy Bursar (Estates) using published indices to assess any change in market price. The Corporation has elected, in accordance with Section 35.10(d) of FRS102 to use the carrying value on 1 August 2014, the date of transition to FRS102, of these properties as their deemed cost.
## Fixtures and equipment
Expenditure above £1,000 is capitalised at cost.
## Depreciation
Freehold land is not depreciated. Other tangible fixed assets are depreciated to write off their cost less estimated residual value based on current market prices, in equal instalments over their expected economic lives, or ona reducing balance basis, as follows:
||Estimated Useful Lives|
|---|---|
|Freehold educational buildings|5 to 100 years|
|Staff residential properties|20 to 200 years|
|Fixtures and equipment|3 to 10 years|
|Motorvehicles|4years|
Assets under construction are not depreciated until they are available for use.
## (h) Impairment of Fixed Assets
At each reporting end date, the Corporation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the value in use is estimated in order to determine the extent of the impairment loss (if any).
Animpairment loss is recognised immediately in the Statement of Financial Activities.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
## (i) Investments
External investments are stated at market value. Realised and unrealised gains and losses on investments are dealt with through the Statement of Financial Activities. Income from investments is included together with the related tax credit in the year in which it is receivable.
Investments in subsidiaries are stated at book cost, less any impairment.
The Corporation of Oundle School SSS a ee ce a) eee a Pes 2 ee od ee
28
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 1. Principal accounting policies (continued)
## (j) Fees in Advance
The Fees in Advance Scheme represents monies deposited in respect of future fees fora specified number of terms. A liability is recorded in the balance sheet to reflect the future fee obligations, stated at the cost of the net fee liability. An analysis of the liabilities of the Scheme is given in note 25.
## (k) Stocks
Stocks are held for building, catering and certain teaching purposes, and are stated at cost or at net realisable value if lower, where net realisable value is based on service potential, less any further costs expected to be incurred to completion and disposal, for stock provided free of charge, or selling price less cost for stock for resale. No provision is required for slow moving, obsolete or defective stock due to the nature of the stock. Cost includes all expenditure incurred in bringing each product to its present location and condition, as follows:
Consumables and goods for resale: Purchase cost ona first-in, first-out basis.
## (1) Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.
## (m) Financial Instruments
The Corporation has applied the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial assets and financial liabilities are recognised in the Corporation’s Balance Sheet when the Corporation becomes party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle ona net basis or to realise the asset and settle the liability simultaneously.
## (n) Taxation
The Corporation is a registered Charity and it is not liable to United Kingdom income tax or corporation tax on charitable activities.
The Corporation is aregistered Charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Corporation’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.
## (o) Retirement Benefits
The School contributes to three pension schemes on behalf of its staff.
Retirement benefits to the School’s 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 as a defined contribution scheme, and the contributions recognised as they are paid each year.
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The Corporation of Oundle School 29
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## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 1. Principal accounting policies (continued)
## (o) 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 FRS102 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 ata rate based on market yields of high quality corporate bonds of equivalent currency and term as the scheme liabilities. Actuarial gains 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 Oundle 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.
## (q) The Group’s Funds
A fund is a pool of unexpended resources, 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 beentreated. 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.
- e restricted income funds are received for a particular purpose, usually bursaries and scholarships, and expenditure is restricted to that particular purpose.
- e 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 ona straight line basis over the lease term.
The Corporation of Oundle School SS ee a ee St AS ee eS Sea aes a ere Sadie eS
30
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 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 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 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 estimated useful life, taking into account their residual values. Judgements are made on the residual values and estimated useful lives 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|Year Ended|
|---|---|---|
||31 July 2023|31 July 2022|
|Group and Corporation
00H|||
|Gross fees charged|47,202|43,470|
|Less: bursaries and scholarships|(3,538)|(3,425)|
|Less: allowances|(1,932)|(1,749)|
|Netfees|41,732|38,296|
Scholarships, bursaries and other awards were paid to 188 pupils (2022: 227). Within this means-tested bursaries totalling £3,362,000 were paid to 146 pupils (2022: £3,096,000 to 145 pupils).
## 4. Income from charitable activities — Other educational activities
||Year Ended|Year Ended|
|---|---|---|
||31 July 2023|31 July 2022|
|Group and Corporation|£’000|£’000|
|Registration fees|151|122|
|Others|1,947|1,208|
|Total|2,098|1,330|
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The Corporation of Oundle School 31
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 5. Ancillary trading and other activities
||Year Ended|Year Ended|
|---|---|---|
||31 July 2023|31 July 2022|
|Group|£’000|£’000|
|Facilities lettings|1,641|1,181|
|Rents received|200|216|
|Commissions and discounts|3|=|
|Other|50|7?|
|Total|1,894|1,474|
|Corporation|£’000|£’000|
|Rents received|200|216|
|Commissions and discounts|3|-|
|Other|50|77|
|Total|253|293|
## 6. Income from investments
||Year Ended|Year Ended|
|---|---|---|
||31 July 2023|31 July 2022|
|Group|£’000|£’000|
|Income from managed investments|513|598|
|Bank interest receivable|374|26|
|Total|887|624|
|Corporation|£’000|£’000|
|Bank and loan interest receivable|382|42|
|Total|382|42|
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The Corporation of Oundle School 32
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 7. Income from donations and gifts
||Unrestricted|Restricted|Endowment|Year Ended|Year Ended|
|---|---|---|---|---|---|
||income funds|income funds|Funds|31 July 2023|31 July 2022|
|Group|£’000|£’000|£'000|£’000|£’000|
|Bursaries & scholarships|28|585|1,565|2,178|688|
|New buildings &equipment|>|18|:|18|26|
|Revenue expenditure|2|54|-|54|36|
|Total|28|657|1,565|2,250|750|
||Unrestricted|Restricted|Endowment|Year Ended|Year Ended|
||income funds|income funds|Funds|31 July 2023|31 July 2022|
|Corporation|£’000|£’000|£’000|£’000|£’000|
|Bursaries& scholarships|28|1,096|=|1,124|791|
|New buildings & equipment|=|412|=|412|-|
|Revenue expenditure|=|21|:|21|13|
|Total|28|1,529|-|1,557|804|
## 8. Charitable activities
||||Depreciation|||
|---|---|---|---|---|---|
||||and capital|||
||||profits and|Year Ended|Year Ended|
||Staff costs|Other costs|losses|31 July 2023|31 July 2022|
|Group|£’000|£'000|£°000|£’000|£'000|
|Education|20,426|4,784|324|25,534|23,139|
|Boarding and catering|5/327|2,663|121|8,111|8,260|
|Premises|1,489|6,485|2,136|10,110|8,975|
|Total|27,242|13,932|2,581|43,755|40,374|
||||Depreciation|||
||||and capital|||
||||profits and|Year Ended|Year Ended|
||Staff costs|Other costs|losses|31 July 2023|31 July 2022|
|Corporation|£’000|£7000|£'000|£’000|£’000|
|Education|20,426|4,878|324|25,628|23,236|
|Boarding and catering|5,327|2,660|121|8,108|8,253|
|Premises|1,489|6,477|2,136|10,102|8,968|
|Total|27,242|14,015|2,581|43,838|40,457|
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The Corporation of Oundle School
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33 ae
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 9. Support costs
|||||||YearEnded|Year Ended|
|---|---|---|---|---|---|---|---|
|||||||31 July 2023|31 July 2022|
|Group|Governance|Finance|IT|HR|Other|£’000|£’000|
|Education|26|74l|1,674|345|917|3,703|3,059|
|Boarding and catering|14|228|514|106|282|1,144|1,061|
|Premises|aS|291|657|135|359|1,477|1,298|
|Total|75|1,260|2,845|586|1,558|6,324|5,418|
|||||||Year Ended|Year Ended|
|||||||31 July 2023|31 July 2022|
|Corporation|Governance|Finance|IT|HR|Other|£’000|£’000|
|Education|20|741|1,674|345|917|3,697|3,056|
|Boarding and catering|11|228|514|106|282|1,141|1,054|
|Premises|27|291|657|135|359|1,469|1,291|
|Total|58|1,260|2,845|586|1,558|6,307|5,401|
## 10. Cost of fund-raising and trading
|||||||Year Ended|Year Ended|
|---|---|---|---|---|---|---|---|
|||Staff|Costs|Other|Costs|31 July 2023|31 July 2022|
|Group|||£’000||£'000|£’000|£’000|
|Fund-raising|costs||237||151|388|401|
|Other|||763||972|1,735|1,510|
|Total|||1,000||1,123|2,123|1,911|
|||||||Year Ended|Year Ended|
|||Staff|Costs|Other|Costs|31 July 2023|31 July 2022|
|Corporation|||£’000||£’000|£’000|£'000|
|Fund-raising|costs||237||151,|388|402|
|Other|||>||17|1?|20|
|Total|||237||168|405|422|
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The Corporation of Oundle School 34
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 11. Governors and employees
|11. Governors and employees|||
|---|---|---|
||Year Ended|Year Ended|
||31 July 2023|31 July 2022|
|Group|£’000|£’000|
|Wages and salaries|22,595|19,656|
|Social security costs|2,341|2,001|
|Pension costs|3,306|3,007|
|Total|28,242|24,664|
## Monthly average number of employees:
|||Year Ended||Year Ended||
|---|---|---|---|---|---|
||31 July 2023|||31 July 2022||
|Group|No.|FTE|No.||FTE|
|Teaching staff|222|176|222||173|
|Other staff|557|339|451||264|
|Total|779|515|673||437|
## Higher Paid Employees:
||2023|2022|
|---|---|---|
|Group|No.|No.|
|£60,001 - £70,000|71|41|
|£70,001 - £80,000|15|18|
|£80,001 - £90,000|6|x|
|£90,001 - £100,000|-|1|
|£100,001 - £110,000|al|-|
|£150,001 - £160,000|1|a8|
|£240,001-£250,000|1|1|
## All staff are employed by the School.
The numberof employees whose employee benefits excluding employer pension contributions, amounted to over £60,000 in the year was 95 (2022: 65). 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 £1,345,000 (2022: £1,289,000).
No remuneration was paid to any of the Governors (2022: nil). 8 Governors (2022: 7) were reimbursed expenses for travelling both in the UK and overseas, and training, amounting to £2,921 (2022: £4,113). The Corporation has purchased Indemnity Insurance at a cost of £2,063 (2022: £2,063) to protect against any loss arising from negligence or defaults 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 £76,189 (2022: £71,504).
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 12. Investment management fees
|||||||Year Ended|Year Ended|
|---|---|---|---|---|---|---|---|
|||||||31 July 2023|31 July 2022|
|Group||||||£’000|£000|
|Restricted|funds|-|investment|management|fees|129|131|
|Total||||||125|$31|
## 13. Governance costs included in support costs
||Year Ended|Year Ended|
|---|---|---|
||31 July 2023|31 July 2022|
|Group|£’000|£’000|
|Governors’ expenses|10|Ua|
|Services provided by the Corporation’s auditors:|||
|- fees payable for the Corporation and consolidated financial statements|44|37|
|- fees payable for the Corporation’s subsidiaries|14|11|
|- fees payable in relation to the NTPS audit|8|8|
|- fees payable in relation to tax advisory for the currentyear|4|3|
|VAT on auditor fees|15|Ti|
|Total|95|81|
## 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:
|3
Group and Corporation|2023
£000|2022
£000|
|---|---|---|
|Not later than 1 year|1,036|673|
|Later than 1 year and not later than 5 years|1,324|1,151|
|Total|2,360|1,824|
Lease expenditure for the year was:
|Group|and|ti
Corporation|2023
£000|2022
£'000|
|---|---|---|---|---|
|Total|||877|472|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 15. Tangible assets
|||Freehold land|||||
|---|---|---|---|---|---|---|
|Group|aanunder
construction|nist|nelieriaa|Fixturesand|Motor||
|||buildings|properties|equipment|vehicles|Total|
||£’000|£’000|£000|£’000|£'000|£’000|
|Cost|||||||
|As at 1 August 2022|890|135,129|10,570|9,889|661|157,139|
|Additions|2,404|274|-|614|99|3,391|
|Disposals|-|(1,235)|-|(21)|(72)|(1,328)|
|Transfers|(1,317)|1,156|-|161|-|.|
|As at 31 July2023|1,977|135,324|10,570|10,643|688|159,202|
|Accumulated|||||||
|Depreciation|||||||
|As at 1 August 2022|-|20,362|1,520|7,920|594|30,396|
|Charge for the year|-|2,380|195|494|51|3,120|
|Disposals|-|(3)|-|(49)|(72)|(124)|
|Asat 31July2023|-|22,739|1,715|8,365|573|33,392|
|Ss Reooks enous 26.78|||||||
|31July 2023|1,977
:|112,585|8,855
‘|2,278
‘|115|125,810|
|Neence
yaaes
31 July 2022|890|114,767|9,050
‘|1,969
:|67|126,744
z|
|||Freehold land|||||
|||and|Staff||||
|Corporation|Assetsunder
construction|educational
buildings|residential
properties|Fixtures and
equipment|Motor
vehicles|Total|
||£000|£’000|£'000|£’000|£000|£’000|
|Cost|||||||
|As at 1 August 2022|890|135,369|10,570|9,889|661|157,379|
|Additions|2,404|274|-|614|99|3,391|
|Disposals|-|(1,235)|-|(21)|(72)|(1,328)|
|Transfers|(1,317)|1,156|-|161|-|-|
|As at 31 July2023|1,977|135,564|10,570|10,643|688|159,442|
|Accumulated|||||||
|Depreciation|||||||
|As at 1 August 2022|-|20,070|1,520|7,920|593|30,103|
|Charge for the year|-|2,380|195|494|51|3,120|
|Disposals|-|(3)|-|(49)|(72)|(124)|
|As at 31 July2023|-|22,447|1,715|8,365|572|33,099|
|Ses Sooone ee
31 July 2023|1577|113,117|8,855|2,278|116|126,342|
|Net book amount as at|||||||
|31July2022|890|115,299|9,050|1,969|65|127,273|
The Corporation of Oundle School Ss See ee Sn ae ee ee ee a ee
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 16. Restricted fund investments
|Group|2023|2022|
|---|---|---|
||£’000|£'000|
|Listed investments|||
|Valuation at the beginning of the year|17,861|17,471|
|Additions at cost|427|574|
|(Decrease) in market value of investments after management costs|(344)|(184)|
|Total|17,944|17,861|
|Carryingvalueat31July|17,944|17,861|
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 £16,045,000 (2022: £15,617,000).
At the year-end investments comprise:
||2023|2022|
|---|---|---|
||£7000|£’000|
|Multi Asset Funds|17,944|17,861|
|Netbookvalueat31July|17,944|17,861|
## 17. Capital commitments
## Group and Corporation
At 31 July 2023 committed capital expenditure on building developments amounted to £183,000 (exclusive of VAT) (2022: £139,000). At the same date, there was capital expenditure which had been approved by the Governing Body of £1,052,000 but not yet commited (2022 : £1,170,000)
## 18. Stocks
|||Corporation||Group|
|---|---|---|---|---|
||2023|2022|2023|2022|
||£000|£’000|£’000|£’000|
|Consumables|85|96|85|96|
|Total|85|96|85|96|
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The Corporation of Oundle School 38
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 19. Financial instruments
|||Corporation||Group||
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||£’000|£’000|£’000|£’000|
|Carrying|amount of financial assets|||||
|Financial|assetsheldatfairvaluethroughSoFA|.|-|17,944|17,861|
## 20. Debtors
||Corporation|Corporation|Group||
|---|---|---|---|---|
||2023|2022|2023|2022|
||£'000|£’000|£'000|£'000|
|Fees and disbursements receivable|481|881|481|881|
|Amounts owed by group undertakings|1,624|1,816|-|-|
|Other debtors|308|375|357|682|
|Prepayments and accrued income|517|510|1,821|666|
|Total|2,930|3,582|2,659|2,229|
## 21. Creditors - amounts falling due within one year
||Corporation|Corporation|Group||
|---|---|---|---|---|
||2023|2022|2023|2022|
||£’000|£°000|£’000|£’000|
|Bank loans|912|1,170|912|1,170|
|Trade creditors|1,001|1,303|1,015|1,314|
|Amounts owing to subsidiary companies|-|22|-|-|
|Othertaxes& Social Security|600|502|600|502|
|Other creditors|2,986|3,728|3,090|3,738|
|Fees received in advance|1,262|455|1,262|524|
|Advance fee deposits|6,949|7,585|6,949|7,585|
|Total|13,710|14,765|13,828|14,833|
At 31 July 2023 the sum of £306,000 (2022: £547,000) was owing to the Teachers’ Pension Scheme in respect of employees’ and employer's contributions.
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The Corporation of Oundle School SSS ee i a a a ae ene ee hn 2
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 22. Creditors — amounts falling due after one year
||Group and Corporation|Group and Corporation|
|---|---|---|
||2023|2022|
||£’000|£’000|
|Long-term bank loan:|||
|-falling due between 1 and 2 years|912|1,170|
|-falling due between 2 and 5 years|2,736|3,507|
|-falling due after more than S years|2,739|4,971|
|Other Creditors|89|144|
|Totalcreditorsfallingdueafteroneyear|6,476|9,792|
There is one unsecured term loan facility is 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 (charity number 1075698).
## 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 2023 and therefore no Gift Aid payments of taxable profits, as defined by the Income and Corporation Taxes Act 1988, were made to the Corporation (2022: £nil).
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 audited financial statements are filed with the Charity Commission.
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The Corporation of Oundle School 40
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 24. Investment in subsidiaries
||2023|2022|
|---|---|---|
|Corporation|£’000|£’000|
|Cost|-|-|
Details of the subsidiaries at 31 July 2023 are:
||||Company or Charity number|Company or Charity number|Shareholding|Shareholding|
|---|---|---|---|---|---|---|
||||||%|£’000|
|Oundle School Enterprises Limited*|||23429428||100%|-|
|The Oundle School Foundation*|||1075698||-|-|
|||||||Profit/(loss)|
|||||||in the year|
||Assets|Liabilities|Net Assets|Turnover|Expenditure|£’000|
||£’000|£000|£000|£'000|£’000|£'000|
|Oundle School Enterprises Limited|532|(1,724)|(1,192)|1,641|(1,776)|(135)|
|TheOundleSchoo!Foundation|20,820|(20)|20,800|2,935|(1,939)|996|
For comparative purposes, last year’s summary was as follows:
||£000|£°000|£°000|£°000|£°000|£'000|
|---|---|---|---|---|---|---|
|Oundle School Enterprises Limited|839|{1,895)|(1,056)|1,181|(1,514)|(333)|
|TheOundleSchoalFoundation|19,839|(34)|19,805|1,648|(1,198)|450|
* Registered address: The Bursar’s Office, Church Street, Oundle, Peterborough, PE8 4EE All the above undertakings prepare financial statements to 31 July each year.
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The Corporation of Oundle School 41
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 25. Fees in advance scheme
Parents may enter into a contract to pay Oundle School boarding 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:
|||2023|2022|
|---|---|---|---|
|Group and Corporation||£’000|£'000|
|Unexpired fees falling due|- within one year (Gross)|2,049|1,560|
|Discount granted to parents— unexpired feesdue within one year||(35)|(18)|
|Unexpired fees falling due|- within one year (Net)|2,014|1,542|
|Unexpired fees falling due|- between 1 and 2 years|813|616|
|- between 2 and 5 years||545|458|
|- after S years||17|-|
|Unexpired fees falling due after 1 year (Gross)||1,375|1,074|
|Discount granted to parents - unexpired fees due over one year||(46)|(19)|
|Unexpired fees falling due|after 1 year (Net)|1,329|1,055|
|Total liability (Gross)||3,424|2,634|
|Total liability (Net)||3,343|2,597|
|Summary ofmovements in the year end liability:||||
|Group and Corporation||2023|2022|
|||£’000|£’000|
|Balance brought forward||2,597|2,579|
|New contracts||3,336|2,213|
|Amounts used to pay fees||(2,590)|(1,976)|
|Amounts paid to other schools||-|(35)|
|Amounts due to be paid to|other schools transferred to Other Creditors|-|(184)|
|Balancecarriedforward||3,343|2,597|
## Summary of movements in the year end liability:
The School acts an agent for parents of 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 £144,000 (2022: £184,000). These balances are held within Other Creditors.
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The Corporation of Oundle School 42
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 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 (including the Fees In Advance scheme) as follows:
||||Net Current|||
|---|---|---|---|---|---|
||||Assets/|Long-Term|Balance|
||Fixed Assets|Investments|(Liabilities)|Liabilities|31 July 2023|
|Corporation|£'000|£’000|£'000|£000|£’000|
|Endowment funds|-|-|-|-|-|
|Restricted income funds|-|-|-|-|~|
|Unrestricted income funds|74,984|-|(2,780)|(7,805)|64,399|
|Revaluation reserve|51,358|-|-|.|51,358|
|Pension deficit|-|-|-|.|.|
|Total|126,342|=|(2,780)|(7,805)|115,757|
|Group||||||
|Endowment funds|3|17,441|1,516|iw|18,957|
|Restricted income funds|.|503|1,342|7|1,845|
|Unrestricted income funds|74,452|-|(3,972)|(7,805)|62,675|
|Revaluation reserve|51,358|-|.|-|51,358|
|Pension deficit||||||
||.|.|2|.|e|
|Total|125,810|17,944|(1,116)|(7,805)|134,835|
|For comparative purposes, last year’s summary||was as follows:||||
||||Met Current|Long-Term|Balance|
||Fixed Assets|Investments|Assets|Liabilities|31 July 2022|
|Corporation|£'000|£’000|£’000|£°000|£’000|
For comparative purposes, last year’s summary was as follows:
The Corporation of Oundle School SS a en a a
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 27. Endowment funds: movements in the year
The following endowments are held by The Oundle School Foundation. (There are nil (2022: nil) endowment funds held by the Corporation):
||Balance||Transfer||Balance|
|---|---|---|---|---|---|
||1 August||from|Net gains on|31 July|
||2022|Income|Corporation|investments|2023|
||£’000|£’000||£’000|£000|
|Bursaries & Scholarships|11,747|244|100|(226)|11,865|
|General Endowment|1,690|z|.|(33)|1,659|
|De Angeli|869|1|-|(17)|853|
|James Bursary|766|1|-|(15)|752|
|Thommy Purbrook|733|3||(15)|721|
|MannersWood|667|1|-|(13)|655|
|Sheila Mary Rideout|-|600|-|-|600|
|Brian Booth|-|504|ss|5|509|
|Dudley Heesom|199|208|:|(2)|405|
|Frank Spragg|384|-|.|(8)|376|
|Anthony Solomons|205|-|=|(4)|201|
|John Matthews|152|-||(3)|149|
|Reilly Scholarship|139|-|-|(3)|136|
|Other endowments|75|sl|-|(1)|75|
|Totalendowmentfunds|17,626|1,565|100|(335)|18,957|
## For comparative purposes, last year’s movement was as follows:
||Balance|||||
|---|---|---|---|---|---|
||1 August||Transferfrom|Investment|Balance|
||2021|Donations|Corporation|gains|31 July 2022|
||£'000|£'000|£000|£’000|£000|
|Endowment funds||||||
|Bursaries& Scholarships|11,586|179|100|(118)|11,747|
|General Endowment|1,705|2|-|(17)|1,690|
|De Angeli|877|a|.|(9)|869|
|James Bursary|773|1|-|(8)|766|
|Thommy Purbrook|737|3|-|(7)|733|
|Manners Wood|673|1|:|(7)|667|
|Frank Spragg|388|-|-|(4)|384|
|Anthony Solomons|207|-|.|(2)|205|
|Dudley Heesom|201|-|-|(2)|199|
|John Matthews|153|1|-|(2)|152|
|Reilly Scholarship|140|-|-|(1)|139|
|Other endowments|76|-|-|(1)|75|
|Totalendowmentfunds|17,516|188|100|(178)|17,626|
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The Corporation of Oundle School 44
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 27. Endowment fund movements (continued)
A description of the main endowed funds, with a value over £100,000 at 31 July 2023, is given below:
||Bursaries & Scholarships:|||Income to be used for the provision of bursaries and scholarships at Oundle|Income to be used for the provision of bursaries and scholarships at Oundle||
|---|---|---|---|---|---|---|
|||||School.|||
||General Endowment:|||Income to be used forthe provision of bursaries and scholarships at Oundle||||
|||.|oO|School, butwithout precluding the use ofincome forotherpurposes.
elite
Sr ee a
a Ae
ees C8. re Sa ie ra Tiea
SEE
ee
or a aa)Se
Ee
eS aie
Si|||
}|
||De Angeli:|||Income and capital to be usedforthe provision of bursaries atOundle School,|||
|||||| primarily forpupils atSchool House.|||
||James Bursary:|||Incomeand capital tobe used for the provision ofbursaries at Oundle School.|||
||Thommy Purbrook:|||Income to be used forthe 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 ofArt Scholarships at Oundle School.|||
||Dudley Heesom:|||Income to be used for the provision of Sixth Form history scholarships|at||
|||||Oundle School.|||
||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 foran academically able good|all||
|||||roundpupilofLaxton.|||
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 a ee ee ee es ee ee Rg ee
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 28. Restricted income funds: movements in the year
The following restricted funds are held by The Oundle Schoo! Foundation:
|||||||||Net gains||
|---|---|---|---|---|---|---|---|---|---|
||1 August|Donations|Investment|Grant-|Admin|Trans-||on|31 July|
||2022||Income|making|Expenses|fers||investments|2023|
|SSS
“$e HD“ OD
$s OOD
($s OOD
OOD
CE
Restricted income fram||||||||||
|endowed funds||||||||||
|Bursaries& Scholarships|233|-|335|(495)|-||-|(1)|rire|
|General Endowment|92|-|48|(129)|-||.|(1)|10|
|James Bursary|100|-|25.|-|-||-|.|125|
|MannersWood|82|.|20|(19)|.||-|-|83|
|De Angeli|63|-|26|(34)|-||-|-|55|
|AnthonySolomons|21|-|6|-|-||-|-|27|
|Brian Booth|-|-|9|-||||.|9|
|Other endowments|163|-|29|(28)|-||-|-|164|
|Restricted Funds||||||||||
|General Scholarship|63|215|5|(228)|-||=|-|55|
|Sports Master Plan|17|4|-|-|-||-|-|71|
|Thommy Purbrook|123|-|23|(25)|-||-|(1)|120|
|General Bursary|187|337|7|(63)|-||-|(1)|467|
|Zimmern Bursary|97|-|2|(42)|-||-|(1)|56|
|Laxton Junior School|339|.|1|(327)|-||-|(1)|12.|
|Other Restricted|387|68|9|{109)|.||-|(2)|353|
|Other Bursaries &|93||2|(30)|-||-|(1)|64|
|Scholarships||||||||||
|Total|2,060|624|547|(1,529)|it)||0|(9)|1,693|
In addition, unrestricted funds held by Oundle School Foundation are included as restricted funds within the consolidated accounts. In addition unrestricted funds totalling £152,000 (2022: £120,000) are included in restricted funds within the consolidated accounts.
The following restricted funds are held by The Corporation of Oundle School:
||||Balance|||||Invest-||
|---|---|---|---|---|---|---|---|---|---|
||||1 August||Investment||Admin|ment|Balance|
||||2022|Donations|income|Expenditure|Expenses|Gains|31 July 2023|
|||Z|£’000|£'000|£000|£’000|£000|£000|£000|
|Bursaries|&|Scholarships|:|1,529|-|(1,529)|-|-|-|
|Total||||||||||
Amounts expended from the funds are in respect of bursaries and scholarships awarded to pupils, and contributions towards capital projects of the School.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 28. Restricted fund investments (continued)
A description of the main restricted income funds, with a value at 31 July 2023, or donations or grants in the year over £100,000 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 ageneral 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 100%+ Bursary pupil.
Laxton Junior School: To be used for the provision of education at Laxton Junior School
For comparative purposes, last year’s movement was as follows:
||Balance|Investm|Un-restricted||Invest-||
|---|---|---|---|---|---|---|
|1|August|ant|funds|Adimin|ment|Balance|
The Corporation of Oundle School
47
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 29. Unrestricted income funds: movements in the year
||||||Investment|||
|---|---|---|---|---|---|---|---|
|||Balance at|||and||Balance at|
|||1August|||actuarial||31 July|
|||2022|Income _Expenditure||losses|Transfers|2023|
|Corporation||£’000|£'000|£'000|£’000|£’000|£’000|
|Revaluation|reserve|51,358|-|-|-|-|51,358|
|Unrestricted|reserves|62,980|44,494|(42,715)|(360)|.|64,399|
|Total||114,338|44,494|(42,715)|(360)|.|115,757|
|Group||||||||
|Revaluation|reserve|51,358|-|-|.|-|51,358|
|Unrestricted|reserves|61,391|46,082|(45,867)|(360)|1,429|62,675|
|Total||112,749|46,082|(45,867)|(360)|1,429|114,033|
Unrestricted funds are allocated at the discretion of the Governors and include the pension deficit. For comparative purposes, last year’s movement was as follows:
|||||Investment|||
|---|---|---|---|---|---|---|
||Balance at|||and||Balance at|
||1 August|||actuarial||31 July|
|Corporation|£’000|£°000|£’000|£’000|£°000|£’000|
|Group|||||||
## 30. Pension scheme costs
In accordance with Financial Reporting Standard 102 (“FRS 102”) and the accounting policies detailed in note 1, 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 three (2022: three) former employees; it is not funded.
The Corporation of Oundle School
48
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 30. Pension scheme costs (continued)
## The Teachers’ Pension Scheme
The School participates in the Teachers’ Pension Scheme (“TPS”) forits teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,573,000 (2022: £2,356,000) and at the year-end £306,000 (2022 : £547,000) 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 (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 2020 and the Valuation Report, which was published in October 2023, confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay ascheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. The financial statements have been prepared under the valuations undertaken by the Government Actuary’s Department 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% in year. 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 judgement that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The Governmentis 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 1 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 areview 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 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 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 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 2023
## 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 (“the Plan”) is a funded, defined-benefit scheme, with the assets 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 Plan 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 2023 was alump 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
|Amounts recognised in SOFA|||
|---|---|---|
||Year ended|Year ended|
||31 July 2023|31 July 2022|
||£'000|£ '000|
|Interest income on plan assets|312|157|
|Intereston pension obligation|(298)|(181)|
|Adjustment to interest expense|14|-|
|Netamount recognised in the SOFA|-|(24)|
|Amounts recognised in Balance Sheet|||
||Year ended|Year ended|
||31 July 2023|31 July 2022|
||£ ‘000|£ '000|
|Assets at fair value|9,761|9,399|
|Present value ofdefined benefitobligation|(6,515)|(9,103)|
|Asset ceiling adjustment|(3,246)|(296)|
|Net amount recognised in Balance Sheet|-|-|
|Reconciliation ofpresent value defined benefit obligation|||
||Year ended|Year ended|
||31 July 2023|31 July 2022|
||£ ‘000|£ '000|
|Opening Balance at 1 August|9,103|11,369|
|Interest cost|298|181|
|Actuarial gains and losses|(2,742)|(2,315)|
|Benefit paid|(144)|(132)|
|ClosingBalanceat31July|6,515|9,103|
The Corporation of Oundle School
50
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 30. Pension scheme costs (continued)
## Reconciliation of fair value plan assets
||Year Ended|Year Ended|
|---|---|---|
||31 July 2023|31 July 2022|
||£ ‘000|£'000|
|Opening Balance at 1 August|9,399|9,687|
|Expected return on assets|312|157|
|Return/(loss) on plan assets less interest income|(166)|(673)|
|Employer contribution|360|360|
|Benefit paid|(144)|(132)|
|ClosingBalanceat31July|9,761|9,399|
## Reconciliation of change in funded status
|Reconciliation of changechange in funded status|||
|---|---|---|
||Year ended|Year ended|
||31 July 2023|31 July 2022|
||£ '000|£ '000|
|Opening Balance at 1 August|-|(1,682)|
|Pension expense|-|(24)|
|Employer contribution|360|360|
|Re-measurement gain/(losses)|2,576|1,642|
|Asset ceiling adjustment|(2,936)|(296)|
|Closing Balance at 31 July|Z|=|
|Actual return/(loss) on Plan assets|146|(516)|
|Assumptions|At yearend|Atyearend|
||31 July 2023|31 July 2022|
||per annum|per annum|
|Discount Rate|5.05%|3.30%|
|Revaluation in deferment|3.15%|3.10%|
|Post-97 pension increased (capped at 5%p.a.)|3.00%|3.10%|
|Expectedreturnonassets|5.05%|3.30%|
## Life Expectancy (at age 65)
||||2023|2022|
|---|---|---|---|---|
||||Years|Years|
|Current|age|65|||
|Males|||20.7|20.8|
|Females|||23.1|24.2|
|Current age|Current age|45|||
|Males|||21.6|21.7.|
|Females|||24.3|25.3|
The Corporation of Oundle School
51
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 30. Pension scheme costs(continued)
## Scheme asset
|||At|year end|At year end|
|---|---|---|---|---|
|||31 July 2023||31 July 2022|
||||£7000|£'000|
|Equities|||7,935|7,483|
|Corporate|Bonds||1,702|1,580|
|Cash|||124|336|
|Total|||9,761|9,399|
## The Oundle School Group Personal Pension Plan
The Oundle Schoo! Group Personal Pension Plan is a money purchase scheme. During the year ended 31 July 2023 the School contributed £684,000 for 487 members of staff (2022: £551,000 for 390 members of staff). At 31 July 2023 £94,000 (2022: £nil) was owing to Royal London for this plan.
## Non-funded pensions
The Corporation pays pensions to three (2022: three) former teaching employees or their surviving spouses. During the year, the cost amounted to £6,000 (2022: £6,000). 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, itis estimated that the total future pension liability tothe Corporation of the remaining members will be £9,000 (2022: £14,000).
## 31. Related party transactions
In the year ended 31 July 2023, Oundle School recharged Oundle School Enterprises Limited for management fees, payroll costs and services provided to the value of £1,647,000 (2022: £1,428,000). Oundle School also granted Oundle School Enterprises Limited a loan, with a £1,616,000 balance at 31 July (2022: £1,816,000) and charged interest of £59,000 during the year (2022: £17,000). In the year ended 31 July 2023 Oundle School recharged The Oundle School Building Company Limited management fees of fnil (2022: £nil)
In the year, Oundle School Foundation contributed £1,529,000 (2022: £757,000) towards the charitable expenditure of the Corporation.
The Corporation donated £100,000 to the Foundation during the year (2022: £100,000).
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 terms of Sir William Laxton's will, the Grocers’ Company has been supporting the School since its foundation. In the year ended 31 July 2023, the Grocers’ Company kindly donated, to Oundle School Foundation, £175,000 towards bursaries and scholarships.
During the year Governors and Trustees donated a total of £625 (2022: £12,600) to The Oundle School Foundation.
The value of expenses waived by Governors and Trustees is considered to be immaterial to the financial statements.
Outstanding balances between related parties at the year-end were as follows:
The Corporation of Oundle School
52
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 31. Related party transactions(continued)
**----- Start of picture text -----**
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Year|Ended|Year|Ended|
|Owing|from|Owing|to|31|July|2023|31|July|2022|
|The Corporation|of Oundle|The|Oundle|School|Foundation|8,000|22,000|
|School|
|Oundle|School|Enterprises|The|Corporation|of Oundle|
|an|1,616,000|1,816,000|
|Limited|School|
**----- End of picture text -----**
## 32. Reconciliation of net income to net cash flow from operating activities
**----- Start of picture text -----**
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Group|Year Ended|Year|Ended|
|31|July|2023|31|July|2022|
|£’000|£'000|
|Net|(expenditure)/income|(as|per the|Statement|of|Financial|Activities)|2,640|10|
|Adjustments|for:|
|Deduct|investment|gains|345|184|
|Deduct investment|income|(887)|(624)|
|Interest|payable|425|374|
|Receipt of endowment|(1,565)|(188)|
|(Profit)/loss|on|disposal|of fixed|assets|(118)|(8)|
|Pension|contributions|paid|(360)|(336)|
|Depreciation|charges|3,120|3,158|
|(Increase)/decrease|in|stocks|11|(48)|
|(Increase)/decrease|in|debtors|(205)|(458)|
|Increase/(decrease)|in|creditors|(901)|144|
|Net|cash|flow from|operating|activities|2,505|2,208|
**----- End of picture text -----**
## 33. Transfers between funds
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|
|income|funds|income|funds|funds|
|£'000|£'000|£'000|
|Within|the|Foundation|
|The|Foundation|to|the|Corporation|(1,529,000)|1,529,000|=|
|The|Corporation|to|the|Foundation|(100,000)|-|100,000|
|Total|(1,629,000)|1,529,000|100,000|
**----- End of picture text -----**
In the year, the Foundation contributed £1,529,000 (2022: £757,000) towards the charitable expenditure of the Corporation. Of this sum £1,096,000 was to fund bursaries and scholarships awarded by the School in the year (2022: £744,000).
The Corporation donated £100,000 to the Foundation during the year (2022: £100,000). placed in the endowment fund for bursaries and scholarships.
This donation was
The Corporation of Oundle School
53
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 34, Analysis of changes in net debt
||At 1 August 2022|Cashflow|At 31 July2023|
|---|---|---|---|
||£'000|£000|£'000|
|_||||
|Cash and cash equivalents||||
|Total cash and cash equivalents|12,847|(864)|11,983|
|Borrowings||||
|Debtdue within one year|(1,170)|258|(912)|
|Debtdue after one year|(9,648)|3,261|(6,387)|
|Total borrowings|(10,818)|3,519|(7,299)|
|Totalnetcash|2,029|2,655|4,684|
The Corporation of Oundle School
54
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
## 35. Comparative information
|Group||Unrestricted|Restricted|Endowment|YearEnded 31|
|---|---|---|---|---|---|
|||Income Funds|Income Funds|Funds|July 2022|
|||£'000|£’000|£’000|£’000|
|INCOME AND ENDOWMENTS FROM:||||||
|Investments||26|598|-|624|
|Coronavirus
Job Retention Scheme||5|-|*|5|
|Donations and gifts||47|515|188|750|
|Charitable activities||||||
|School fees receivable||38,296|-|.|38,296|
|Other educational activities||1,330|-|-|1,330|
|Ancillary trading and other|activities|1,474|-|-|1,474|
|Income and endowments||41,178|LAs|188|42,479|
|EXPENDITURE ON:||||||
|Costs ofraising funds||||||
|Interestand finance charges||-|-|(131)|(131)|
|Costs offund-raising and trading||(1,911)|-|.|(1,911)|
|Charitable activities||||||
|Education||(40,364)|(10)|-|(40,374)|
|Total expenditure||(42,275)|(10)|(131)|(42,416)|
|Net income and net movement in funds
.
.
before gains and losses on investments||(1,097)|1,103|57|63|
|Net (losses)/gains on investments||(1)|(5)|(47)|(53)|
|Net income||(1,098)|1,098|10|10|
|Transfers between funds||657|(757)|100|0|
|Other recognised gains/(losses)||(441)|340|110|10|
|Re-tiensUreMentofdefinedbenefit
pension schemes||1,346|;|:|1,346|
|Netmovement in funds||905|340|110|1,356|
|Fund balances broughtforward at
1 August 2021||111,843|1,840|17,516|131,199|
|Fund balances carried forward at||||||
|31 July2022||112,748|2,180|17,626|132,555|
The Corporation of Oundle School
55
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