Ipswich School Charlty numb•r: 310493 TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 August 2023 TRUSTEES, REPORT The Governing Body presents ils Annual Report for the year ended 31 August 2023 under the Charities Act 2011, together with the audited financial statements for the year. and confirm that the latter comply with the requirements of the Act, the Trust t)eed and the Charities SORP IFRS 102). The Governors have considered the ongoing financial and operational impacts of the Ukranian war, the economic crisis, the introduction of VAT on school fees and the resulting impact on the School. Pupil numbers for 202312024 are strong bui the impad of inflation, utilty ¢osts and wage pressure have all been considered in the preparation of the current year budget. From January 2025, independenl schools will be required to charge VAT on school fees. This has significant implications for independent schools across the country. Ipswich School has been aware of this challenge for some months and has undertaken extensive planning. The focus of the School remains on maintaining ils excellent educational offering. with a dear focus on minimising the impacl on the fees payable. The accounts have been prepared on a going concern basis notwithstsnding the fact that they show nel current liabilities of £4,688,550 for the Group and £4,408,604 for the Charity, for the following reasons. The Governors have reviewed the cash flow forecasts for the Group and Charty for a period of at least 12 months from the date of the approval of these accounts, taking into account the Group's borrowing facilities and the nature of Ihe liabilities due. The Governors consider that the current banking facility 1$ more Ihan sufficient lo cover ils operating requirements. It is noted that fees received in advance by the School are shown within creditors- amounts due wrthin one year as prescribed by FRS 102. This balance represents future fees of pupils received in advance and from experience no material amounts are expected lo become repayable. As at 31 August 2023 the amount due wrthin one year is £2.546,684 12022.. £2,718,608). Accordingly, the Goveming Body believes rt is appropriate to prepare these accounts on 8 going concern basis. INDEX: TRUSTEES, REPORT AND ANNUAL ACCOUNTS TRUSTEES. REPORT Objects. Aims. Objettives and Principal Activities Fundraising Activities Review of Achievements and Performance for the Year Awareness Raising Financi31 Review The Future Reserves Policy Investment Policy and Grant-making Policy Structure. Governance 2nd Management Reference and Administr3tive Details Page 4 Page 6 Page 8 Page 12 Page 13 Page 13 Page 14 Page 14 Page 14 Page 19 ANNUAL ACCOUNTS Independent Auditors. Report Consolidated Statement of Financial Ac¢ivities Balance Shee¢s Consolidated Cash Flow Statement Notes to the Account5 Page 20 Page 23 Page 24 Page 25 Page 2847 OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES CHARITABLE OBJECT Our charitable object (as set out in the School's Scheme dated 14th November 1991, revised December 20141 is.. 'The provision and conduct in or near Ipswich of a day and boarding school for boys and girls.. provided that in selecting pupils the Injslees shall give preference to children who are or have a parent resident in the surrounding area.. We interpret this to mean the advancement of education by the provision of the best education we possibly can, both in lemis of high standards and in breadth of opportunty. This include the provision of support to children of a pre-school age. Within this is the requirement to maintain and improve the physical environment of the School, including preservalion of items of artistic, archrteclural or cumural interest lo the community, such as the Old Town Library. the John Piper stained glass windows and other notable works of art and the old School building. Ipswich School actively SUPFX)rts the attainmenl of the highest slandards in Ihe Independenl Schools sector. partly through neI￿orkIng with other major schools and partly through peer group studies for the evaluation of quality and performance improvement methods. We also cooperate with Ic￿1 and national charilies in our endeavors lo widen public 8eKess lo the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and lo awaken in our pupils, in the public interest, an awareness of the social context of the all-round education Ihey receive al the School. The School also benefrts subslantialty from Ihe generosty of its fomer pupils via the Old Ipswichian Club whose close support we greatly appreciale and gladty acknowledge. In setting our objectives and planning our activities our Govemors have given carefvl coftsideration to Ihe Charty Commission's general guidance on public benefrt and in particular lo ils supplemenlary public benefit guidance on advancing education. VALUES The School has four key values which we believe are at the heart of education al Ipswich School, and which are firmly embedded into the organisalion.. Care: For each individual. For the communty. For each otheT. For others. Potential.. Wrthin each indivKlual, our pupils and our staff, lo grow and excel in all Ihal Ihey do. Passion: For our subjects and actNities. For the transfoming power of education lo realise potential. Communication.. Clear, cOMp￿hen$1ve and limety. These values are supported by the following aims of the School.. To provide an environment where pupils feel safe and brave in all they do. 1. To present pupils wrth a wealth of opportunilies. bolh inside and oulside the classroom, and to help them lo find their own passions. 2. To monitor our provision.. pastoral, cu￿1CUlar and C￿cU￿￿U1ar, learning from the best that we do, lo ensure every pupil achieve5 their full wlential. 3. To look for new ways to achieve the high standards that the School aspires to. working in a smarter way, by using a "less is more. approach, and managing the demands on our pupils and slaff. 4. To strengthen the links in the 'triangle' joining parents. pupils and School, to ensure that we communicate well and are all working together wrth a common purpose. 5. To encourage our pupils to consider moral and spiritual values, to undersland their place in the world and to develop a spirit of service within the communty- 6. To equip our pupils with the skills to be happy in their success at IpSW￿h School and beyond. In 2022-2023 the strategic plan for the School Unde￿Vent a process of review invofving all stakehokjers. The plan, which is a working document, enables the School's Governors and Senior Executive to plan ahead and look beyond the immediate and every day, and lo look al how we can improve what we offer to our pupils and their paTents in The Lodge. the Preparatory School and Senior School. The plan is reviewed annualty in line with the policy of a cycle of continuous improvement, and the success of the plan is considered in temis of implemenlalion. delivery and achievement. OBJECTIVES FOR THE YEAR We have continued to review and amiays seek to improve aspects of the School and to maintain and enhance our reputation both locally and nationally- First and foremost we have sought to maintain and where possible enhance our high standards of teaching and leaming. Similarly, we have sought lo continue improving and growing our facilities by ensuring pupil numbers remain high. We continue to work lo maintain slrong links with our feeder schools and lo market the School effectively bolh inlemalty and externalty. The Senior School, Prep School were inspected by ISI on September 2022. Both Schools received Excellent in both the areas of judgement, which supports the ethos of the School and the high levels of achievement as well as the pastoral support provided lo pupils. The Lodge also had an OFSTED inspection in September 2022 and received an outcome of Oulslanding, again reflecting the commitment and attrtude of all involved. The strength of our Sixth Form provision, with the popular Edge Programme. augmented by the Extended Project Qualification IEPQ), has not prevented us from looking to progress further in this area. Other objectives have been the improvement of our sporting facilities for hockey, netball and working towards the improved facilities merited by the high standards of our pupils in music and drama. The School is funded by fee income bul we aim lo ensure Ihal pupils from all backgrounds have access to an IpSW￿h School education via the means-tested Ipswich School Bursary Scheme. One of the key objectwes of our Strategic Plan has been to widen access lo the School lo those on lower incomes through greater investment in means-lesled bursaries. We welcome applicants from all backgrounds and consider that a diverse School population is important to the provision of the rounded education that we aim to provide. Our formal policy on bursaries ensures that access to an Ipswich School education is a possibility for 811, no matter what Iheir income. The launch of our Founding Futu￿$ campaign was designed lo help secure addrtional funding for such bursaries. In the year ended 31 August 2023, 8.5Q/o of pupils were in receipt of means-lested bursaries12022.' 1 OQ/o). Twenty one of those pupils were assessed at 1 OOQ remission and a further two at over 90 /.. The a￿￿Unt spent on bursaries in 2023-24 was 5.7% higher 12022.. 11.8 /4 lower) Ihan in Ihe previous year. The School also aims to recognise high academic potential. or the ability to excel in C￿CurriCUlar activities, by the provision of scholarships. In 2022-23 the value of scholarships held rose by 15.6'/0 12022.. 11.6Q/o). We strive lo remain a valued and integral part of the local communty, providing benefit lo the public and encouraging our pupils to develop through their own service to the communty. FUNDRAISING ACTIVITIES The Fundraising and Development Office at Ipswch School is designed lo support the school in its aim of providing pupils wilh an oulslanding educational experience and offering an Ipswich School educalion to those families for which il is out of financial reach. It plays a vital role in growing and maintaining links with the wider Ipswich School community whose support we so greatty value and appreciate. Ipswich School has a relativety small pemianenl endowment to support our financial needs and ambrtions. We rely upon fees and the generosty of parenls, alumni and rnernbe￿ of the wider School communty to fund projects and for this we are hugely grateful. Through the Founding Futures Bursary Fund which was launched in 2019, we wanl lo open up access to Ipswich School to any pupil with the potential to thrive here. regardless of their abilty to pay. Since 2019 the Development office has raised some £1.028.114 wrth further monies lapproximatety £600,000) pledged in gifts in wills. Ipswich School is built on philanthropy. It is in our very foundations- from the generosrty of Richard Felaw, who gave his house to accommodate the School, lo the people of the town, who funded our Chapel in 1852, to the outstanding generosity of the families and friends of Ipswich School and. of Course. our Old Ipswichians. Philanthropy has been essential to our history. and will be to our future. In Ihe longer lerm, our vision is lo offer the lifewchanging opportunity of an Ipswich School educalion more widely. moving towards a 'needs-blind' entry. Alongside this we will continue to support the provision of resources of the highest standard lo maintain the school's position as the premier school of choice in Ihe area. The School is registered with the FuTrdTaisiTrg RegulatOT and follows its code of practice to ensure that fundraising is monitored, any complaints are dealt wrth corre¢lty and Ihal no undue pressure 1$ pul on people lo donate to the School. including those who are vulnerable. There have been no ¢omplainls received during the year. Giving Days and fundraising campaigns Ipswich School's first ever Giving Day was held in June in 2022, and raised £109,748 wilh 354 donors involved. The aim was lo support vrtal bursaries, offering young people Ihe chance to study at Ihe school, who couldn't otherwise afford lo. Giving Days are predominately digital campaigns and seek a higher volume of smaller gifts. We held another Giving Day in June 2024 which allowed a two year break between Ihis type of fundraising aclivty and we are awarting the ffinal outcome. In Ihe past we have engaged in telephone campaigns which although successful Ilhe 1s1 of the 2 was Particularly successful) are less visible to the rest of the school community. A Giving Day is tasked with maximising awareness, engagement, and donations, and was a huge success with the whole school communty getting behind rt. Indeed we received gifts and messages of support from all over the world from Ihe USA, China, UAE, Australia, New Zealand, Gemiany, NO￿aY and Sweden which ￿allY goes lo show the breadth of our Ipswich School community across the globe. OPENING ACCESS TO AN IPSWICH SCHOOL EDUCATION In May 2019, we launched Founding Futu￿$, our bursary campaign. 11 recognises Ihal Ipswich, whilst being a wonderful place to live and work, has several neighborhoods that are within the top 100/0 of most deprived in all England (Suffolk Communty Foundation, Hidden Needs 20161. Founding Futures aims to open up access to Ipswich School to any pupil, regardless of their abilty to pay. It will make a rnajor contribution lo education in Suffolk and help lo build a better future for our students and our region. 'Wrthout a shadow of a doubl, Ipswich School made me as a person and prepared me for adult life. The opportunities I find myself wrth going into the future are due to the fantastic education I received, experiences which will stay with me for the rest of my life.. Rosie Geelmuyden, Bursary recipient, speaking at the Founding Futures launch. Ipswich School welcomes applicalions from pupils from all backgrounds, and offers financial assistance where applicable. To enable young people to reach their full polenlial, we offer fee remission as part of a means-tested bursaries scheme. We also provide additional support for travel, lunches and examination costs as appropriate. This year, 18.9 10 of Senior School pupils received means- tested bursaries. Twenty of these pupils were assessed al 100¥4 remission and a further 13 al over 75 % . SUPPORTING LOCAL SCHOOLS AND YOUNG PEOPLE 25 young refugees attend a Homework Club each week. hosted al Ipswich School. The hour Homework Club every Wednesday is for young people aged belween 11 and 18 who are assisted by Suffolk Refugee Support. VolunleeTS from SRS and Ipswich School teachers lulor in various GCSE and A Level subjects as well as helping them wrth English. Ipswich School Sixth Form students also attend and support the young refugees in their learning. The Latin Department run a Latin Outreach scheme for GCSE Latin for pupils from state secondary schools. Ipswich School teachers run the weekly lessons. and the school pays for the pupils to sit Ihe GCSE exam al the end of the course every other year. In 2022. 6 of 8 pupils achieved grade 7 or above. Sixth Form sludents from Northgale. Farlingaye and Kesgrave H￿h Schools. Suffolk One and Thurslon Communty College take part in the annual Medics Conference. designed to give them an insight into applying for medical school. The Prep hosts a number of work experien￿ sludenls each year from Year 10 and Year 11. Local primary schools and organisations received help with minibus transport and drivers. The school assisted with 46 journeys across the year, transporting 806 passengers over 250 hours. The Prep hosted a STEM day, invrting schools from around the area to participate in Maths. Science and Engineering Challenges to become the 'Architects of the Future.. Members of the public were invited to attend the Prep School's Science Fair which featured projects created by the chikdren independently,. a culmination of Science Week, during which children learned from experts from our community about careers in Science, and the introduction of Engineering lo Ihe curriculum. Children enlhusiaslically presented and answered questions about their own joumeys of s¢ientifi¢ discovery. COMMUNITY INVOLVEMENT AND PUBLIC BENEFIT Communty involvement is a central feature of life al Ipswich Schcol and one of our core aims. We want to encourage our pupils lo consider moral and spiritual values. to understand their place in the world and to develop a spirit of service within the community. Pupils from the Prep School to the Senior School have continued lo be given the opportunity to take part in a range of activities and charity fundraising, and the school is proud of the contribution il makes lo the local communrty. Isee page 8) The School WOTks alongside the Friends of IpSW￿h School IFOISI. the Okl Ipswichian Club, the Ipswich School Foundation and Ipswich School Enterprises IISE) Limtted to carry oul a range of community involvement and public benefit enterprises. CHARITABLE SUPPORT Support for Ukraing An amazing 60 boxes of vrtal supplies for Ukraine were collected in our Christmas appeal. The firsl of the boxes left Ihe school on Christmas Day, and a￿1Ved 5 days later al the school for disabled children in Kyiv where art teacher Ms Shevchenko's mum is the headteacher. The first delivery included 14 boxes of Main￿ power banks and lights. and were followed by the rest of the boxes which conlained other essential supplie5 such as food and hygiene ilems and clolhing. A touching video was shared wrth our community. made by the students and teachers of the school in Kyiv, expressing their gratitude and appreciation for the support that they received from the aid that we collected. This was followed by a concert and art sale al the end of the March, featuring former and current pupils. A choral piece by contemporary Ukrainian composer Nalalia Tsupryk was received especially well by the audience. The event raised £3,260, which has been used to rebuild classrooms at the school, and enable pupils to receive lessons on issues such as the dangers of landmines. The P￿p School supported the Sufft)Ik Accidenl and Rescue SeNice (SARS). which provides specialist volunteer responders to assist the East of England Ambulance Service at the scenes of serious medical emergencies and trauma. During the year, pupils. parents and staff have raised money through cake sales, retiring colleclions, a sponsored Readalhon and sales of our Eco Calendar to raise an incredible £7,820. Festival of Music supports The Soldiers, Charity A concert by the British Army Band Colchester. which opened the Festival of Music, raised £780 for ABF The Soldiers, Charity. A collection at the end of the concert raised the money. which will be used by the chari(y to support current and fomer service people. Just One Tree In the Michaelmas Term, the school raised money to support Just One Tree, a charity that aims to help instrtulions such as schools and businesses lo plant trees. By donating to the charity, Just One Tree promises lo plant one tree for every pound given. making rt possible for the organisations to contribute to the environment where they would otherwise be unable to make an impact. Our fundraising for this charrty meant that our school has been able lo planl 3593 Irees in Kenya, Haiti and Brazil. Charity funds raised by musicians Ipswich School music ensembles helped local organisalions lo raise over £3,500 through concerts during the school year. A concert at st Matthew's Church in Ipswich raised nearly £1.500 for the church's 'Top Up Shop,, which enables people wrth limrted incomes to buy their weekly shop at a highly discounted price of onty £2. Al the end of the Summer term. the Big Band joined forces with the Ipswich Musici8ns' Union Big Band lo put on a jazz double bill thal raised more Ihan £2,000 lo maintain St Peter's Church in Copdock. SUPPORTING THE LOCAL ECONOMY Local companies supply our school krtchen-, we use over 1.330 loaves of bread and 30,000 eggs each year. Wherever possible we use local conlraclors for building and maintenance work. Annual Economic Impact of Ipswich School IISC) 2023 Contribution to GDP £29.4m UK Jobs supported by School Activrties 703 UK Tax supported by School Aclivilies £9.28m Exchequer saving from Ipswich School education £8.51m 2022 £29.6m 704 £9.32m £8.51m REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR 2022 - 2023 School r¢mèmb¢rs HM Qufron Elizabeth 11 On Friday 16 September, the Ipswich School communty gathered together for an acl of remembrance for Her Majesty The Queen. Pupils from Year 3 to Year 13, along with members of staff. stood on the school field, while Headmasler Mr Weaver paid tribute to HM The Queen. He reminded everyone of Ipswich School's Royal Charter, saying Ihal the Queen was known as Ihe School's Visrtor, "and this conneclion is chenshed by us." Mr Weaver said.. "Throughout her lrfe, our lives, that has been true, she has been a constant, until last Thursday. So we gather here to pay tribute to The Queen who gave her life in service." The School Chaplain, Rev Crompton•Batlersby, led the prayer, and the gathering stood in silence whi the Head Girl and Head Boy tolled a bell 96 times, one for each year of the Queen's life. The ceremony was finished by the Chapel Choir singing "Pea￿ l Leave Wrth You" by Amy Beach, directed by Mr EIIis- Peckham. Ip$wi¢h School book ¢ommemorate$ the Coronation Pupils and staff at Ipswich School and Ipswich Prep School all contributed their signatures to a commemoralive book to celebrate the coronalion of King Charles111. The book, which was senl lo His Majesty in May, has a number of features which complement the King's interest in ecology. As well as pages of eCC￿frlendfy paper, the cover was constructed using hand-made paper which was created by Art Teacher and Chaplain, Rev CromptonthBatteTsby, and includes foliage from the school grounds pressed into the design. The book was bound by a local craftsman, Matt Pilling from Chvl Bookbinding, who carefulty constructed the design of the book. The words "From Ipswich School on the occasion of the Coronation of His Majesty King Charles Ill. have been embedded into the linen spine, via a Special￿ designed metal press. This work of art is stored inside a navy blue and gold box, adorned in velvet and linen, matching Ihe Ipswich School colours. Commended CovEducational School of the Year The school was Commended (second place) as Co-Educational School of the Year in the Independent School of the Year Awards 2022. Altogether, Ipswich School was shortlisted in six categories in the Independent School of the Year awards. which recognise the best in independent education, and il was Ihe only school in the region to achieve an award. This comes after the school was awarded Best Sixlh Form by Muddy Stilettos and achieved an AMCIS Impact Award in 2022 as well. Paront Power - top Indopendent school In December, the prestigious 'The Times, Parent Power Schools Guide named Ipswich School as one of the top ten schools in East Anglia. and the lop independent school in Suffolk, an accolade which the school has now held for seven years in a row. The guide ranked schools by their A Level and GCSE exam grades from the 2022 summer exams. the first taken since the Covid pandemic led lo school and teachei assessed grades for two years. Gold Award for Catering Team The school's ¢*ering leam once again su¢ce$$fvlly won the CAP Gold Award Ihis year, which judges the school to maintain high standards in food quality, hygiene. customer setvice and general cleanliness. This was the fifth gold award the team achieved, and was the Tesult of an unannounced inspection by a CAP Iconlinuous Advancement PTogramme} inspector. As part of the inspection. they tried the food in the Senior School, Prep School and at Westtvood, as well as speaking to staff and pupils, and checking the health and safety paperwork and training logs. Ipswich School has five kitchens in lolal, including ones al The Lodge and Ip$w￿h School Sports Cenlre, and all have 5 star ralings from Environmental Health. Ngw classrooms opened lan Galbraith, former Headmaster, returned to Ipswich School in November to open the new Geography classrooms named in his honour in an important expansion for the school. The Galbrarth Rooms were officialty opened by Mr Galbraith, who was Headmaster from 1993 to 2010. The rooms provide new classrooms for the Geography Department, as well as Iwo dedicated PE classrooms for Sixth Form students, and new office space for the expanded Sports Department. Headmaster Mr Weaver said.. "The new block provides much more space for pupils and teachers and it's wonderful that Mr Galbraith was able to come back to see how Ipswich School continues to go from slrength to strength. The classrooms are light and airy rooms, constructed by refurbishing an area adjacent lo the Sports Hall, which was nol being used. The rooms previousty used by Geography are now used by English and Maths to enable more space for these CLsre Subj￿IS too. Gold medal winner returns Commonweatth Gold Medal winner and Old Ipswichian Hannah Martin returned to her old school in November to unveil a special plaque commemoraling her hockey success. Hannah, who was at Ipswich School from 1998 to 2013, was part ofthe Engtand women's hockey team who won Gold at the Commonwealth Games in Bimiingham in the summer. The plaque unveiled by Hannah was part of the Golden Gateways initiative, which ￿lebrate$ Ihe route to success of the gold medal-winning Team England alhleles. Hannah was able to choose a location relevant lo her pathway lo success, and picked Ipswich School as her special location. Hannah was part of the U11 team at Ipswich Prep School who were the first girls from the Prep School to win a county hockey championship, and the plaque has been installed in the school lo inspire future young alhleles. After giving a talk during the Prep School assembty and unveiling the Golden Gateway plaque, Hannah signed hockey sticks for the current U11 girls team and did a short queslion and answer session with the 1 st Xl girls hockey squad from the Senior School. Aneil brings Oscar back to school A fomer Ipswich School student brought his Oscar slaluette to school in May as he spoke lo pupils about his award-winning film career. Aneil Karla. who was a pupil al the school from 1994 to 2001, won an Oscar in 2022 for his film The Long Goodbye in the Short Film (Live Action) category. He spoke to Year 12 drama students about how he had started making films on a handycam at the weekend, reminding them that they didn't have to have a career plan at an earty age. as he was in his 20$ before he realised what he really wanted lo do. Aneil explained the creative process behind directing and filming, as well as showing The Long Goodbye and trailers for his Iv programmes.. Top Boy on Nefflix and the recent BBC show The Gold, which w8S based on the Brinks Mal robbery. The Year 12 students were very excited lo then have the opportunrty lo hold Aneil's Oscar for themselves, and ask questions about his work and how it relates to their drama sludies. Aftetwards, Aneil visited the Prep School lo deliver an assembly lo the Children in Upper Prep. Students and staff also had the chance lo hold the Oscar- which was much heavier than everyone expecledl Wolsey 550 launch Ipswich School pupils were cenlre slage as part of the launch event for a special anniversary which will be celebraled in Ipswich over during 2023 and 2024. The Wolsey Consort- singers from Years 10 to 13- perfOrn￿ If Ye Love Me by Thomas Tallis at the launch of Ihe Wolsey 550 campaign, which celebrates 550 years since the birth of Thomas Wolsey, arguably Ipswich's most famous son. Their performance was wamly received by the audience, who were members of the local community involved in the project. and local media. Brain Day for psychologists In March Year 13 psychobgy students took part in a °BTain Day. in Little School. The day involved interactive leclures by Dr Guy Sutton, Director of Medical Biology Interactive exploring fascinating ideas involved with upcoming neuroscience whilst also making various links to the current Year 13 Edexcel specification, exploring areas such as criminal brains, life after death, neuroplaslicily, and brain injury that affects behaviour. The day ended wilh an exciting sheep brain disseclion where Dr Sutton brought Ihis whole Concepl lo reality, lelling studenls hold the brain and see Ihe ￿gIonS Ihal we had learnt about earlier in the day for themsefves, sparking excitement in all. World Book Day Celebrations Our pupils baked some amazing book-themed cakes for Ihe Bookish Bake Off on World Book Day which were sold in the library at lunchtime raising £100 fi)r Ihe school charities of the temi. Winning cakes, as 10 judged by Ihe school Catering Team, We￿ a Snow Queen themed cake by Anaslasia M, Year 7 and a lemon-flavoured Around the World in 80 Days cake (complete wilh a hot air balloon} by Callum B in Year IT event at BT In September, sixteen Year 8 girls were given the opportunty to visit BT Adastral Park in Martlesham, as part of an inilialive lo encourage more females lo join the IT sector. During the lour Ihey were given chances to interact with a number of artificial intelligence and other activities. Remembrance cornmemorations On Friday 11 November, pupils and staff gathered logelher al 11am lo pay tribute lo those who lost their lives in war. Two trumpeters, Niamh and Krt, played the Last Post at the start of the tsvo minutes silence. On Sunday, CCF Cadets and Old Ipswichians gathered in the Chapel for a Remembrance Evensong, with the Wolsey Consort providing the music. A bell was tolled for all the Old Ipswichians who died in l and ￿1, and a wreath was laid on behalf of the CCF and the Old Ipswichians. Sports successes: Top twenty for school sport Ipswich School was named as one of the lop Iwenty schools nalionally for rts sports programme by School Sport Magazine. The school is at number 18 in the 2022 list. a rise of over 100 places from the previous year. The list includes both slate and independent schools. and Ipswich School is the onty school from Suffolk in the top 20. Cricket Highlights of the 2023 season We￿ Ihe U17 girls and U18 girls leams, who were bolh crowned National T20 Champions, following the success of the girls, U15 leam winning Ihe T20 nationals in 2021 and 2022. Brilliant team performances saw the U17 girls beal Forest School by 8 wickets and the U18 girls beat Canford School by 9 wickets in Iheir respective finals. Our U13 girls finished the season as county cup winners and also finished IhiTd in the ECB Indoor finals played at Lord's. It's the first time that the school has had a U13 side make the Lady Taverners indoor finals day. The U12 boys and U14 boys were both crowned County Champions and will progress to the national compelrtions nexl season in 2024. Rugby The 1 sl XV were given clear messages from the beginning of the season, to creale consistency through starting fast, and through their defensive efforts. These were certainly pul lo the lesl with 20 minute games al both the President's Cup and Merchiston Festival. coming out as champions of both festivals, and only conceding two Iries across both of the loumamenls logelher. Across the season, the 1 sl XV won 14 out of a possible 18 games, wrth slandout victories againsl Felsted. Sl Jo's and Seaford College. Ngtball The annual trip to Condover Hall tournament saw the U14 Blue team finish as runners-up in the plate and the U14 Gold team finish third in the cup competrtion. The U15 team were unbeaten all weekend to lift Ihe trophy in the cup compelth'on. Girls, Hockey The U14As had an extremety successful season. scoring 49 goals and onty conceding 8. They won the Tier 1 county cup with convincing victories over Framingham and Culford, which earned them a spot in the regional finals where the team once again dominated with strong wins over Stamford and Framingham, to be crowned regional champions. In the nalional finals they achieved strong wins against Repton School and Wellington College in their pool, but a loss in their final game put them out of the running for the trtle on goal difference. The U16 indoorteam- made ofyear 9, 10 and 11 gids- came togethervery well in a short space of time, beating Framlingham to win the indoor county cup. In the regional rounds, demonstrating a style of 11 indoor hockey beyond their years, they achieved four wins from four games, lo see them piogress lo the national finals at Repton. Here they won all three of their group games. finishing top of their pool and progressing through to the semi final. Unfortunatety, they lost out on shuffles to the eventual loumament winners, Dean Close- but Ihe girls should be very proud of their achievements. Boys, Hockey The U14A team played over 20 games. winning 16 and scoring nearty 50 goals in Ihe process as well as winning the Rugby School Festival in January. They won their county round and progressed lo the semi rinals of the Regionals before unfortunatety losing out lo The Leys on penarties which led to a respectable third place finishln Ihe indoor compelrtion, Ihe U18 boys had a more lurbulenl run Ihrough their group in the national finals, finishing second and which meant they met Wl)rtgift in the semi-final. The team came back from 2-0 down to score on the buzzer in a 44 thriller and take the game to shuffles, where unfortunately, they came out second best. In the indoor competition. the U18 boys had a more turbulent run through their group in the national rinals, finishing second and which meant they met Whilgift in the semi-final. The team came back from 2- O down lo SCO￿ on the buzzer in a 44 thriller and lake the game lo shuffles, where unfortunately, Ihey came oul second besl. In the outdoor season, the 1. Xl progressed out of their Tier 1 group in second place, with some lop level performances against Norwich, Denstone and Oakham. A quarter final tie againsl Peter Symond's saw a lightly conlested game, where unfortunately Ihey losl oul on a penamy shoolout. AWARENESS RAISING ACTIVITIES School achievos Rainbow Flag Award The Rainbow Flag Award is a national quality assurance framework that focuses on positive LGBTQ+ inclusion and visibility. Over the past yeaT, we have been commrtled to creating a positive environment of LGBTQ+ education across our school, resuliing in many positive changes and new initiatives taking place. There a￿ Six areas lo the framework. and some of the Changes and inrfialives include staff training sessions on how lo support our LGB TQ+ community, listening and acting on parent feedback, running LG8TQ+ support groups, adapting policies and creating positive LGBTQ+ resources. We are thrilled that we have been awarded the Raintfv)w Flag Award, which demonstrates that the school is an inclusive environment. where individuals feel welcome and comfortable showing up as their authentic selves. As we continue OUT joumey, we recognise the need for ongoing improvements and the introduction of further iniliatives lo support Ihis work. 81ack History Month fashion lecturè Amy Orchard-King, associate leclurer al the University of Arts London led a talk on 'Fashioning Blackness.. Fashion, Style and the Diaspora, during Black History Month. Amy's talk focused on colonialism and questioning how Black hislory is used in Ihe fashion world, including how Black inventors have been celebrated through Black coulure. The talk was extremely eye opening and inspiring lo everybody who attended, who agreed that they now see Black fashion in a different light. Chinesg Newygar activitie5 Members of the Mandarin Club took part in some Chinese New Year activrties such as writing the Chinese blessing word of fortune (Fu) in calligraphy and paper cutting. In the boarding houses weekend activities include dumpling making and a hot pot night, while Chinese food and music were served al lunchtime to celebrate Chinese culture. The school library made a wishing tree- a tradilional part of Ihe feslive perH)d - which included red and gold lags hanging on the tree, bearing wishes from pupils and slaff. International Women's Day Ipswich School celebrated Intemalional Women's Day in March wilh a panel of eight Sixlh Fomers talking to Year 7 and 8 girls in the Lower School Common Room. Through a series of questions which had been tabled by the Lower School girls, they discussed the hardships that come wrth being a woman in terms of the concerning problem of gender inequalty- 12 This included addressing the issues of discrimination in the workplace such as the gender pay gap, and the matter of body image, wrth one panelisl reminding the Lower School girls Ihal their bodies should nol be trends, they should be something for living and enjoying life in. It was great that the Sixth Formers took the panel as it gave the opportunty for more relevant responses to the questions that Ihe girls wanted answered.11 also provided role models for Ihem from within our own school community. ENGAGEMENT WITH OUR EMPLOYEES Ipswich School values rts employees and recognises the importance of open communication so they are aware of matters of concern to them. financial and economical factors which affect the Charities performance and encouragement of employee invofvemenl lo the Charities performance. Ipswich School undertakes this through a variety of way such as regular one lo ones which enables way dialogue, weekty briefings and more detailed briefings during staff training days and the schools new Joint Consultative Forum which formed in Summer 2023 term. This forum has representatives from both the senior school and prep school wrth a mix of teachers and support slaff. This is the main forum where employees can suggest topics they wish to discuss with senior management and likewise senior management can engage and obtain feedback on topics from the employee represenlalives. FINANCIAL REVIEW We aim each year to proV￿e a surplus of income over expendrfure in order lo provide fvnds for conlinu81 development and improvement of the School and in 2022-23 the net gain after interest and depreciation achieved was £184,01612022.' Nel loss of £161,759). £165,54012022'. £150,948) of expendrture incurred by the development office has been included in costs of raising funds. Ipswich School Foundation has raised £25,11912022'. £10,945} of income this year. Al Ihe end of Ihe year, Ihe funds held by the Foundation were accrued wrthin Ihe School accounts within restricted funds. Our principal source of funding is through luilion fees. Pupil numbers for 2022-23 have increased on Ihe prior year to an average 1,144 excluding nursery and the Lodge. The effort put into marketing, maintaining links with our feeder schools, maintaining a broad curriculum, provision of opportunity for personal development, logether with our academic resulls, has helped lo keep demand for places high, including maintaining heatthy numbers in the Sixth Fomi. The main KPIS used are the level of operating surplus and Ihe percentage Ihal Ihe operaling surplus is of the net fee income. The operating surplus for the year was £1.266.360 (2022.. £700,803}. This represents 6.6010 of net fee income12022.' 4.2010). The level of fees in advance has decreased in 2022-23 and is reviewed regularly al Governors, Committee meetings alongside other aspects of the financial management of the School. THE FUTURE In setting its plan for the futuie the School has identified the following key objectives.. 1. Maintain a sound financial base with an ambttion to grow pupil numbers to an oplimum Trumber, generating increased income through fundraising. maximising income via our trading company Ilpswich School Enterpri5e5 Limtled) and delivering a robust marketing Strategy to enable us to fulfil our ambition. 2. Continue to develop an excellent all-round educatv)n. including pastoral care. which supports every child with full acce55 to all that we offer. 3. Enhance social inclusivity through means tested bursaries. 13 4. To maintain our public benefit by continuing to provide community benefils, both economic and in kind. RESERVES POLICY Notes 15, 16 and 17 to the financial statements show the assets and liabilitses attributable lo the various types of funds and summarise the movements in the year. At 31 August 2023 the Group had unrestricted funds of £8.877.260 (2022.. £9.071.207}. Taking into account the operational fixed assets (net of related loans) of £14.233.161 the school has negative free reserves of £5,355,902. The Govefflors regard the reserves position as appropriate for the School's current operation. given the investment in fixed assets such as Anglesea Heights. the Music School and the sports facilities at ISSC Rushmere. As at 31 August 2023, the School had Restricled reserves of £2.943.13312022.' £2.563.5551 and Endowment reserves of £762,971 12022.. £764.586). The Governors believe that the School is able lo operate wrth low or negative free resetves and wish lo continue improving the facilities of the School through accumulating operating cash surpluses. In assessing the viability of the School's financial plans and strategies the Governors consider more appropriate indicators such as cash flow and working caprtal requirements and the impact on operating surpluses. The Governors are satisfied with the financial posrtion of the School. This policy will be monrtored by the School's Govemors, Commrttee and reviewed 8nnu81ty. In particular the policy will be r&evaluated if additional free rese￿e5 become available. The Governors aim to reinvest any cash surpluses achieved into extending and improving the facilities and qualty of education offered by the School. enhancing the fabric of the School and widening access to an IpSW￿h School education for lower income families. INVESTMENT POLICY The Trustee's iTrvestment powers are governed by the Trustee Act 2000. The vast majority of fixed asset investments are held in C.O.l.F income and accumulation units. These provide adequate income for the reslricled and endowed funds whilst remaining low-risk inveslmenls. GRANT-MAKING POLICY Note 8 to the financial statements shows the amount of scholarships and bursaries awarded from the unreslricled and restricted funds of the School. The Governors, poliry is to award these on the basis of educational and related abilty, in the case of scholarships, or in the case of the bursaries, on the basis of financial need. Scholarships are designed to attract pupils of high academic abilty to the School, bursaries are aimed at broadening the School's intake by allowing access to those who would benefrt from an Ipswich School education but would nol otherwise be able lo afford the fees. The School has in recent years increased the level of funding for the means-lesled bursaries il offers.11 is understood that the provision of means-tested awards contributes lo public benefit provided by the School. THE GOVERNING INSTRUMENT The origins of Ipswich School go back perhaps as far as 1200 or even before. allhough the first fim evidence dates from 1399. The School has been known by a variety of names over the centuries.. 14 originally the Guild Merchant School, it has also existed as (amongst others} The Free School of Ipswich, The Cardinal's College of St Mary (Cardinal Wolsey's foundation), King Henry Vlll School, Queen Elyzabeth's Grammar School and, since 1883. Ipswich School. Henry Vlll's re-founding of the school after the dissolution of the Cardinal's College was confirmed by the granting of Letters Patent by Elizabeth l. The School is now govemed by a Scheme of the Charity Commission for England and Wales dated 14 November 1991, as amended by a resolution of the Govemors effective on 3 July 2015, as amended by resolution of the Governors effective on 5 September 2022 and as amended by a further Scheme of the Charity Commission for England and Wales dated 5 September 2022. REGULATIONS CONCERNING OPERATIONS The operation of the Charity is regulated by the provisions of Ihe Scheme of the Chanty Commission for England and Wales dated 14 November 1991, as amended by resolution effective on 3 July 2015, as amended by resolution effective 5 September 2022 and as amended by a fvrther Scheme of the Charty Commission for England and Wales daled 5 Seplember 2022, and by the Articles of Governmenl made by resolution of the Governors passed at a meeting held in December 2014. CHARITY TRUSTEES Ipswich School is a Registered Charity and therefore a non-profft-making organisalion. During the 2021- 22 financial year Ihe truslees of the School were the Indiv￿U815 referred lo as Ihe members of Ihe Board of Governors. who collectively constrtuled "The Trustees of Ipswich School" lan incorporated body of charf(y Iruslees by order of the Charity ComMiss￿n for England and Wales dated 30 March 19981. The Board of Govemors comprised- one ex-officio Governor- the Bishop of the Diocese of St Edmundsbury and Ipswich; and not fewer than 17 nor more than 24 other Governors. With effect from 5 September 2022, a new sole corporate trustee for the School Ilpswich School Corporate Trustee Limrted, registered company number 14201265} was appointed in place of all previous Charty trustees. The new sole corporate trustee has a board of directors (initially comprising subslanlially the same individuals who were previousty charity Irusleesl. For reasons of convention and consistency, we will continue to use the same lerminology as has been used historically, which means Ihal we will refer to the new sole corporale Iruslee as the 'Go¥erning Body and lo ils directors as the 'Governors'. The Governors comprise unpaid volunteers whose responsibilty it is to ensure that the school operales in accordance with charity law and its Scheme as laid down by the Charity Commission. The Goveming 8ody selects and ￿¢rUitS new COwOPted Govemors on the basis of the mix of skills, knowledge, experience and diversty identified by the Board as being requisite for the effective running of the School. We are fortunate that our Governors are prepared to commit extensive amounts of time to seNing and supporting the School and ensuring Ihal ils best inleresls are foslered. Governors are appointed for a three year lerm and can be re-elecled for further lerms. The Governing B(NJy includes members from academic, business, medical and legal backgrounds. giving the School a w￿e range of experience and expertise upon which to draw. Induction of new Govemors consists of familiarisation wilh the School by introductory letter and visit and discussion with the Headmasler and Bursarlclerk to the Govemors and wrth the Chairman. Governors are provided with documenlalion relating lo the Goveming Body's conslrtulion, the School's constrtution, aims, policies, plans, procedures, educational and financial perfomiance, Guidelines for Govemors issued by the Association of Governing Bodies in Independent Schools and details of the sponsibilities of charity Iruslees as provi(Je(J by Ihe Chanty Commission. The system of on-going training for Govemors continued in 2022-23 with Governors being offered both external courses and sessions on the morning of the main Board meelings. Governors are encouraged 15 lo indi¢ale any areas about which Ihey would like to know more or in which they would like to be broughl up lo dale. ORGANISATIONAL MANAGEMENT The Governing Body meets three times a year towards the end of each term and al the end of each school year appoints a Governors, Committee lo serve for the following ￿e￿e months. The Govemors, CoMM￿ee consists of the Chairman of Governors. Vice-chairman and a minimum of four other Governors and meets at least seven times during the year with the School's senior managers to consider matters relating to the conduct and management of the School and to make reports and recommendalions lo the Governing Body. The Governors, Committee is elected annualW at the last meeting of the Governing Body to serve for the following year. The Chairman is elected for a maximum penod of three years. Further committees may be appointed from time lo lime by the Govemors to consider other mallers as deemed appropriate and a majority of each committee consists of members of the Governing Body. During 2022-2023 there were five such committees.. an Academic Committee. a Propety Strategy Committee, a Pensions Commrttee, an Audit & Risk committee and a Preparatory School Committee. The Governing Body determines the aims and overall conduct of Ihe School. 11 sets and reviews the policies, plans and procedures that will ensure thal the School offers the best possible educalion for present and future pupils.11 also ensures the proper control of the School's finances. The Governors are responsible, in conjunction with the Headmaster and Director of Finance and Operations, for the formulation and periodic review of the Strategic Plan setting out the School's objectives, vision and values and h¢)W they will be achieved. During the year Ihe School's Strategic Plan was reviewed and updaled. The Headmaster is responsible for the general welfare of the School and the implementation of th6 policies agreed by the Governing Body. The Headmaster has power lo select and appoint, suspend and dismiss staff and lo delegate these functions to the Director of Finance and Operations in respect of administrative and ancillary staff. The control of the School's finances on a day to day basis is delegated lo the Direclor of Finan￿ and Oper*ions. The Govemors, Commrttee is responsible for setting the salaries of the Senior Management Team. RISK MANAGEMENT, SAFEGUARDING CHILDREN AND CHILD PROTECTION The major risks to which the School is exposed. as identified by the Govemors. have been reviewed and systems have been established to mrtigale those nsks. which include both intemal Isafeguarding, rirelflood, GDPR} and external (Political influence. TPS. taxation, cyber). This is an on-going process and the Board reviews and updates the risk management process al least annually. Key controls include.. formal agendas, including an annual review of risk management. for all Board and Committee activity., detailed terms of reference for all Commrttees- comprehensive strategic planning, budgeting and management accounling., an established organisatKTrnal structure and lines of reporting., clear authorisation and approval levels- vetting procedures as required by law for the protection of children. Throughout its risk management processes, the Goveming Body is satisfied that the major risks identified have been adequately mrtigated where necessary. Prior to the signing of these financial statemenls, tl was announced by Ihe new Labour Government, on 29th July 2024, to introduce VAT on Independent School fees from January 2025. This has significant 16 implications for independent schools across Ihe country and Ipswich School is no exceplion. However, Ipswich School has been aware of this potential risk for some months and so has undertaken the following actions so far.. The Board established a dedicated working group Invo￿1ng the sch￿1 executive and Governors Wlth the primary aim of reviewing and planning for VAT on School fees Completed various scenario planning and stress testing of the School's financial plans Continued to work with our professional bodies, the association of Governing Bodies of Independent Schools IAGBISI, Independent Schools Council IISCI, Independent Sch¢Jols Bursars Association IISBAI and the Independent Association of Prep Schools IIAPS) to continue to open the conversation and work with the Laèx)ur party on this policy. Lobbied our local Labour candidate surrounding the expected impact of this policy to Ipswich School and more widely Invested in its boarding provision to enable further growth in pupil numbers in this area. We recognise the impact of this laxation on school fees lo our pa￿nts1 body and the affordability aspect of privately educating children. We are k)oking at options with our VAT specialists and updating our rinancial planning and stress tests to only pass on some of the VAT charge, whilst being mindful lo maintain our overall high level of educalional and pasloral excellence Ipswich school is renowned for. The Board will continue to closety monitor this area as further announcements and details are released, working closely with our professional advisors and bodies lo update and refine ils plans.11 Tecognises Ihe impact of this taxation on school fees lo our parental body and the affordabilty aspect of privalety educating children. Therefore the focus of the board will be lo balance this whilst maintaining an excellent educational offering, wrth a clear focus to minimise the overall impact of the imposition of this lax on Ihe fees payable. A review of the School's Chibj Protection and Safeguarding Children Policy and procedures for safeguarding children was carried out and amendments made lo ensure compliance with Ihe besl practice recommendations from the Suffolk Safeguarding Children Board and ISI. including guidance for staff.11 was agreed that the policies and systems in place were salisfaclory. RESPONSIBILITIES OF CHARITY TRUSTEES Law applicable to Charities in England and Wales Tequires chanty trustees lo prepare accounts for each financial year which give a true and fair VEW of the Charty's financial activities and of ils financial position al the end of the year. In preparing accounts grving a true and fair view, charrty trustees should follow best practice and.. select suitable accounting policies and then apply them consistentty., observe the methods and principles in the Charrties SORP., make judgements and estimates thal a￿ reasonable and pwdenl., state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the accounts., and prepare the accounts on the going concem basis unless tt is inappropriale to presume that the Charity will continue to operate. The Directors of Ipswich School Corporate Trustee Ltd who are all Govemors of the schoolhave overall responsibility for ensuring that the Charity and ils trading subsidiary has appropriate systems and controls, financial and olherwise. They are also ￿SPOnsible for keeping proper accounting ￿COrdS which disclose with reasonable accuracy at any time the financial position of the Chanty and enable them lo ensure that the financial statements compty wrth the Charrties Act 2011. They are also responsible for safeguarding the assets of the Charity and for Iheir proper application as required by charity law, and hence for taking reasonable steps for the prevention and delectson of fraud and other irregularities and to provide reasonab￿ assurance Ihal.. the Charty is operating efr￿lentty and effectivety.. 17 - all assets are safeguarded against unauthorised use or disposition and are properly applied; - • proper records are maintained and financial information used within the Charity, or for publication, is reliable; - the Charity complies with relevant laws and regulations. The Directors of Ipswich School Corporate Trustee Ltd who are also Governors for the school are responsible for the maintenance and integrity of the financial information included on the School's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In so far as the Governors are aware: - there is no relevant audit information of which the Charity's auditors are unaware; and - the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Approved by the Governing Body and signed on its behalf on .9?,./.9W�9'!:'J. ... Mr H E Staunton Director/Governor Mr N C Farthing Director/Governor 18 REFERENCE AND ADMINISTRATIVE DETAILS The following people served as trustees until the Seplember 5 2022. From Ihal dale on they became directors, referred to as Govemors, of the sole corp)rate trustee. Ipswich School Corporate Trustee Limited. Governors and responsibilities Mr H E Staunton Ichairmanl G Mr N C Farthing (Vice-Chairman} G P N Dr E Alimela P Prof. M Bailey A Iresigned 6th July 2023) MrG H Clarke MrWDCoeGPSN RevdDrGMWCookA Mr R Cooper PS Mrs J M Crame AD MrJSDaveyA AD Dr R E Gravell G Mrs A E Hennell-James P Mr E B Hyams G S N (resigned 25 Juty 20241 Mr S A Morris A (Joined 9 December 2022) Mr C J Oxborough P MrA C Seagers Mrs L Stephens (J'oined 9 December 2022) Mrm J Taylor GAD Dr R A Watts A (resigned 1 Juty 2022) Mr T A H Wilkinson (j'oined 8 De￿mber 2023) Ms E Williams (joined 1 July 20221 MrRPEWilsonG Ex.officio Governor The Lord Bishop of the DI0￿Se of St Edmundsbury and Ipswich- The Rt Revd M A Seeley P Not•$ G indicates a Member of the Govemors. Commrttee A indicates a Member of the Academic Committee P indicates a Member of the Preparatory School Committee S indicates Govemor responsible for Safeguarding PS indicates a Member of the Property Strategy Committee N indicates a member of the Pensions comM￿ee AD indicates a member of the Audtt Committee Headmaster: Mr N J Weaver. MA Bursar.. Mr P V Wranek, BSC, ACA (Resigned 14th May 2023) Director of Finance and Operations: Mrs J Hunwicke. CGMA. ACMA (appointed 15th May 2023) Principal address: 25 Henley Road, IPSWICH, IP13SG ADVISERS Bankers Lloyds Bank plc, 13 Cornhill, 1psW￿h. IP1 1DG Solicitors Birketts LLP, Providence House, 141-145 Princes Street, Ipswich, IP1 1QJ Auditors Ensors Accountants LLP, Connexions. 159 Princes Street. Ipswich. IP1 1 QJ Insurance Brokers James Hallam {fomierly Ryan Insurance). Crane Hall. London Road. 1psW￿h. IP2 OAL Nominee Shareholder of ISE Limited Current Shareholder.. Ipswich School Corporate Trustee Ltd 19 Ipswich School Independent Auditor's Report to the Trustee of Ipswich Sch(K>l Opinion on financial statements We have audited the group financial statements of Ipswich School ('parent chariry'l and its subsidiary (the 'group') for the year ended 31 August 2023 which comprise the consolidated statement of financial activities, the consolidated and parent chariry balance sheets. the consolidated cash flow statement and notes to the financial statements. including 3 summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted Accounting Standards. including Financial Reporring Standard 102 The Finanaal Reporting Standard applicoble in the UK and Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give 3 true and fair view of the state of the group 2nd parent charity's affairs as at 31 August 2023. and of it5 incoming resources and application of re50urce5, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pracuce., have been prepared in accordan￿ with the requirements of the Charifies Att 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities Under those s¢andards are further described in the Auditor's responsibilities for the audit of the financial sta￿mentS secuon of our report. We are independenr 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 appropria* to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statemen¢s is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relatirbg to events or corbditions tha( individually or collectively. may cast significant doubt on the charity'5 abiliry to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibility 2nd the respon5ibiliries of the tru5ree wich respett ro going concern are described in the relevant settions of thi5 report. Other information The other inform2tion comprises the informatyon included in the annual report. other than the tinancial statements and our auditor's report thereon. The trustee is 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 statsments or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there 15 a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed. we conclude that there is a matsri31 misstatement of this other inforniation" we are required to report that fact. 20 We have nothing to reFM)rt in this regard. Matters on which we are requrred to report by exception We have nothing to report in respea of the following matters in relation to which the Charities (Financial Statements and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in the ffinancial statements is inconsistent in any material respect with the trvstee's reporc or sufficient accounting records have not been kepo or the financial statements are not in agreement with the accounting record5', or we have not received 211 the informauon and explanations we require for our audiL Responsibilities of the trustee As explained more fully in the trustee's responsibilities stacement set out on page 17, the trustee is responsible for the preparation of the financial s¢atements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from ma￿rIal misstatemen( whether due to fraud or error. In preparing the financial statements. the trustee is responsible for assessing the charity's ability to continue a5 a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the truS￿e either intend5 to cease operations, or ha5 no realistic al￿rrIatiVe but to do so. Auditor'5 responsibilities for the audit of the financial 5tatementS We have been appointed as auditor under section 144 of the Charities Act 201 l and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether Che financial statements as a whole are free from material misstatemen( whether due to fraud or error, and to Issue arb 3uditor's report that includes our opinion. Re350nable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK> will always decect 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 u5er5 taken on the ba515 of these financial statements. Irregularities, including frnud. are instat7tts of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to dew material mi55tatements in respect of irregularities, including fraud. The engagement partner ha5 ensured that the audit team collectively had the required experience, knowledge and competence to perform the planned work and identify any relevant irregularities. Our work has included considering areas of higher risk of fraud. including transactions with related parties. income recognition and areas where there is a risk of management override of systems and controls. The extent to which our procedures are capable of detecting irregularities, including frnud, is detailed below. In identifying and assessing the risks of material misstatement we have ensured we hav obtained sufFicient and appropriate understanding of the systsm5 2nd controls operated by the School., reviewed the leg21 and regulatory framework that the chariry operates within 2nd enquired of management and those charged with governance for details of any issues during the year or since., considered the control environment and culture of the School- assessed the accounting estimates within the financial statements in order to assess their reasonableness and determine whether there is any bias in management's estimates. 21 - **enquired of management whether there have been any alleged, suspected or actual instances of fraud during the year.** - **enquired of management and those charged with governance whether there has been any litigation or claims.** - **reviewed minutes taken at Governors' Committee meetings during the year.** - **reviewed legal expense accounts for any indicators of litigation or claims.** - **undertaken detailed tests, tailored to the School, including additional work on areas where we consider there to be a higher risk of fraud, which includes revenue recognition and areas of potential management override.** **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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.** ## **Other matters** **Your attention is drawn to the fact that the group has prepared financial statements 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 (FRS I 02) issued on I January 2019 in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on I April 2005 which is referred to in the extant regulations but has since been withdrawn.** **This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.** ## **Use of our report** **This report is made solely to the group's and parent charity's trustee, as a body, in accordance with Part 4 of the Charities (Financial Statements and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the group's and parent charity's trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the group's trustee as a body, for our audit work, for this report, or for the opinions we have formed.** **Ensors Accountants LLP, Statutory Auditor Connexions 159 Princes Street Ipswich IPI IQJ Date: Q�/.Q�/.�9.�'J .......... .** **Ensors Accountants LLP is eligible for appointment as auditor of the group and parent charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.** **22** Ipswich School Consolidated Statement of Financial Activities For the year ended 31 August 2023 Re$trl¢ted Joint Restricted Endowment Funds Funds un￿triCted General Fund8 2023 Total Fund8 2022 Totsl Fund8 as restated Nots Income and endowments from: Donations and 18gaci08 Other tradlng a¢tlvltl*s'. - Rental and ¢ommer¢ial inccme Trading In¢ome Invostments 511,268 511,273 137,750 45,940 390,799 295 4.727 50.667 390.799 13,761 15.863 313.632 12,768 7.003 6,463 Charitable Actlviti85: School lee Incorne and associat*d charges 23.6C6.679 23.606,679 20,875.170 Totsl Incorne 24.043.718 518.271 11.190 24,573,179 21,355,183 Expendlture on: Raislng fund• Trading expenditu Development office Financing costs Fee discounts and cornmis$ign¥ 385.668 165.540 267.460 99, 385.$68 165.540 367.4$0 99,969 317,335 150,948 219,077 57,668 Charftable actlvlUe Provision of education Scholarships, remissions and bursarhs 18.935.639 4.276.560 15.704 118.412 18.951.343 4.394.972 16,776.337 3,951,091 Oth•r Share ol endowment income tr) Northgate Foundation 18,177 18,177 17,903 Total oxp•ndltur• 24.230.836 134.116 18.177 24,383.129 21.490,359 Net gainslllossesl on investments 11 158 14.5771 11.6151 16.0341 126,5831 Net l•xp•nditurellin¢ome 1186.9601 379.578 18.6021 184.018 1161.7591 TransferB betsmon fund8 16.9871 6,987 Net movement in funds 1193.9461 379,578 11,6151 184,016 1161,7591 Funds balance brought forward at 1 Seplernber 2022 9,071,207 2,563,555 764,586 12,399,348 12,581,107 Funds balance carried fornyard at 31 August 2023 15,16 8,877.262 2,943,133 762,971 12,583,366 12,399,348 All the above rnovernents relate to conbnuirvJ acbvthes. The notes on pages 28 to 47 fotm part ofthese accounts. 23 ## **Ipswich School** ## **Consolidated and Charity Balance Sheets** ## **As at 31 August 2023** |**Note**
**Fixed assets**
Tangible fixed assets
10
Investments
11
**Current assets**
Debtors
12
Cash at bank and in hand
**Current liabilities**
Creditors - amounts due within one year
13
**Net current liabilities**
**Total assets less current liabilities**
Creditors - amounts due afer one year
14
**Net assets**
**Funds**
Restricted
15
Endowment
15
Unrestricted
General
16
Designated
16|**Group**
**2023**
**2022**
**as restated**
**£**
**£**
21,375,358
21,498,870
699,796
705,828
22,075,154
22,204,698
880,783
1,006,793
598,434
352,671
1,479,217
1,359,464
(6,167,767}
(5,986,814}
(4,688,550)
(4,627,350)
17,386,604
17,577,348
(4,803,238)
(5,178,000)
12,583,366
12,399,348
2,943,133
2,563,555
762,971
764,586
8,868,185
9,071,207
9,077
12,583,366
12,399,348|**Group**
**2023**
**2022**
**as restated**
**£**
**£**
21,375,358
21,498,870
699,796
705,828
22,075,154
22,204,698
880,783
1,006,793
598,434
352,671
1,479,217
1,359,464
(6,167,767}
(5,986,814}
(4,688,550)
(4,627,350)
17,386,604
17,577,348
(4,803,238)
(5,178,000)
12,583,366
12,399,348
2,943,133
2,563,555
762,971
764,586
8,868,185
9,071,207
9,077
12,583,366
12,399,348|**Charity**
**2023**
**2022**
**as restated**
**£**
**£**
21,285,408
21,407,643
699,798
705,830
21,985,206
22,113,473
1,327,444
1,272,798
385,466
325,900
1,712,910
1,598,698
(6,121,514}
(5,956,733}
(4,408,604)
(4,358,035)
17,576,602
17,755,438
(4,803,238)
(5,178,000)
12,773,364
12,577,438
2,943,133
2,563,555
762,971
764,586
9,058,183
9,249,297
9,077
12,773,364
12,577,438|**Charity**
**2023**
**2022**
**as restated**
**£**
**£**
21,285,408
21,407,643
699,798
705,830
21,985,206
22,113,473
1,327,444
1,272,798
385,466
325,900
1,712,910
1,598,698
(6,121,514}
(5,956,733}
(4,408,604)
(4,358,035)
17,576,602
17,755,438
(4,803,238)
(5,178,000)
12,773,364
12,577,438
2,943,133
2,563,555
762,971
764,586
9,058,183
9,249,297
9,077
12,773,364
12,577,438| |---|---|---|---|---| |||1,359,464
(5,986,814}
(4,627,350)
17,577,348
(5,178,000)
12,399,348
2,563,555
764,586
9,071,207
12,399,348||1,598,698
(5,956,733}
(4,358,035)
17,755,438
(5,178,000)
12,577,438
2,563,555
764,586
9,249,297
12,577,438| Approved by the Corporate Trustee and signed on its behalf on 03/09/2024 Mr H E Staunton Director/Governor Mr N C Farthing Director/Governor The notes on pages 28 to 47 form part of these accounts. **24** Ipswich School Consolidated Cash Flow Statement For the year ended 31 August 2023 Nole 2023 2022 as restated Net cash provided by I lused in) operats'rrfJ actiwtk8S lal 1,239,769 988,771 Cash Ilows used in Investing a￿v￿"e$ Ibl 11.042.930) 1724.5231 Cash flows pro￿￿ed ty I luseil inl financing Icl 1271.5821 1280,1421 Increase I (dec￿¥sel in net funds dl 174.7431 4.106 The notes on page 28 to 47 fomi part of Cash Flow Sts¢ement. 25 Ipswich School Consolidated Cash Flow Statement For the year ended 31 August 2023 2023 2022 as restated al Net cash provided by l {used in) operating activities Net lexpendrturel l income for the repothrrfj penod D8preciation Major project5 written off IGain5lllos5es on Investments InvestrDent income Iincluding Interest Interest payable {ln¢￿aSe} I decrease in debtors In￿aSe I Idecreasel in cre(litors 184,016 709,120 103.623 6,034 113.7611 367.480 55.420 1172.1431 1161,7591 616,902 26.583 112,7681 219,077 1107,5111 1408,2471 1.239.769 988,771 bl Cash flow used in investing activities Inve$lment incomg Inlgrest paid Purchase of prcp8rty, ￿ant and 8quiprnent 13.7S1 1367.4601 1689.2311 12,768 1219,0771 1518,2141 1.042.930) 1724,5231 ¢1 Cash flow provided by l (used inl financing activitie• Repayments of boffowin9S 1271.5821 1260,1421 1271.S821 1260,1421 dl Reconciliation of net cash flow to movement in net funds Increase I Idecreasel in cash in the year Ilncr8asel I decrease in overdraft Movemant In nel funds In Ihts pene•J 245,763 320.506 174.7431 1446,6471 450.753 4.106 Net funds at 1 September 2022 1.023.196) 11,027,301) Net funds at 31 August 2023 11.097.939) 11,023,196) el Analysis of changes in net funds At31 August 2023 Sgptembgr 2022 Cash FIov*S Cash at bank and in hand Overdraft 352,671 11,375,867) 245,763 1320.5061 598,434 11,696,373) Net Funds 11.023.196) 174.7431 11,097,939) 26 Ipswich School Consolidated Cash Flow Statement For the year ended 31 August 2023 Q Analysis of changes in net debt At1 S¢ptombor 2022 At31 Augu$t 2023 Cash Flo Cash at bank and in hand Overdrsft 352,671 11,375,867) 245,763 1320,5061 598,434 11,696.3731 Net Funds I1,023,1￿) 174.7431 11,097.9391 Loans falling due within one year Loans falling due after year Financ• lèas• ci)ligations 1271,5821 14.312.325) 12,5151 13,7521 275.334 2,515 1275.3341 14.036.991) Debt 14,$86,4221 274,097 14.312.325) Net debt 15.609.617) 199.354 15.410.264> 27 Ipswich School Notes to the Accounts For the year ended 31 August 2023 1. Accounting policies The financial statements have been p￿parE£l Tfl ac￿rdan￿ WTth applicab￿ a¢wunting stsndards, in a¢￿[dan with the Slatwnent of Recomrended Pwth1￿ applicab￿ to ¢haritw prepanng their accounts In a¢¢ordan¢e wrth the Financial Reporting Standard applicab￿ In the UK and Republi¢ of Ireland IFRS 1021. effe¢bve 1 January 2019 and In accordan￿ wrth the Charities Act 2011. The Governors Confimi that the School 1$ a public benefilerb*ty. Basis of accounting The financial $tstements have been prepa￿ on the historical cost basis. ¥Alh the ex￿p￿On of Investments. which are stated at their current marf(et val￿. The finanryal ststements are prepared in pounds $terfir￿ and rounded ¢0 Ihe nearest pound. The financial slatem8nts have t*en prepared to give a 'true and fairf view and hav8 departed from the Charit188 (Account5 8nd Reportsl Regulations 2(K)8 only to Iheemtenl required lo provide a'true and fair. view. This departure has involved following Accounting and Reporting by Chanties" Stalernenl of Recornmended Practice applicab￿ to charities preparing their financial 51alernenls In accordance wrth the Financial Reporting Standard applicable in the UK and R8public of Ireland IFRS 1021 effecbve 1 January 2019. rather than the Accounting and Reportsng by Charities". Statement of Recomlended Pract¢e trffecbve frertn 1 April 2005 whith has Sin￿ boen withdrawn. Golng concorn The accounts have been prepared on a going concern basis notswthstsnding the fact that they show net current liabilitie5 of £4,688,550 for the Group and £4,408.604 for the Charity, lor the following reasons. The Board of Governors has reviewed the cash llow forecasts for the Group and Charity for a period of at least 12 months from the dats of the approval of these accounts, tsking inlo account th8 Group s borrowing facilrties, the nature of the liabilitie5 due and wider chAI￿nge5 such as Ihe inlrc#Juction of VAT on school lees. Aecordingly. Board il is apprCprla￿ to prepare these accounts on 8 going DJncern basis. Group o¢¢ounts The finanoal statements consolidate Ihe results of the charity and its whdly.owned subsidiary Ipswich School Enterprises Limitecj on a Iine-ty-line basts. 1p$w￿h School Foundabon Is not consolidated In the group accounts 8S the activit￿3 of Ipswich School Foundation are not contrc41e(I by Ipswich S(*oG4. A separate Statement of Financjal Acti¥Abes for Ihe charity rtself 1$ not pl￿nted b￿U$¢ the Charity has tsken advantage of the exemptions afforded by Charities SORP IFRS 1021. Ipswich School's urKonsolh4ated SU￿￿5 for Ihe year is £195,92312022 as restated.. defiat of £145,765). In¢om8 All Income Is Induded in the Ststement of Financial Adivrt*s when the charity's enbtlement to tt)e Income is probable and the amount can be quantifie(I wrth reasonable 8￿r8¢y. follwrvj $pe¢ific polues are apsjied to particular categones of Income". Income from s¢h¢ol fees and a$S￿lated thapJes 18 8tsted gr08$ of all $¢holarship8. rerni$sion8 and bursaries. This Is accounted for In the school year to whith the fee relates. Donations and ￿g8cleS are accounted for on the basis of amounts re￿iVable. t)onations for a¢tiwtie$ restricted by the wBhes ol the donor are taken lo reslrictèj funds where these wishes are legally binding on the Governors. Investment Incorne is induded when reCe￿alle. Income Irom trading activrties is accounted for when earn￿. Grants in wpe¢t of Capital proie¢ls are oEdrted to the reserve artsiryj fr(xn appeals and donations In tt)e period In which they are ￿￿￿a￿e. Incorne from trips and events 15 reccgnis&J in the year in whKh the lrip or event took place. 28 Ipswich School Notes to the Accounts For the year ended 31 August 2023 1. Accounting policies {continued) Expenditure Expenditure Is recognise(l on an accruals basis as a liability is incurred. EXpen￿rtU￿ indudesany VATwhich cannot be fulty ￿Cove￿. and Is reporteil as part of expenllrture to whth rt relates". Cost5 of raising funds comprise the costs as50aated attracting Voluntary Inco￿, the ￿sts of trading for fund raising purposes, financing costs and fee dkscounts and commission5. Charitable expenditure cornpri5es those costs incuryed by the charity in the delwery of it5 activities and seryices for ils beneficiaries. It Include5 both costs that can be allocated direcdy to such actNities and Ih05e costs of an indirect nature necessary to support thern. Governart￿ Costs IndL¥Je thtsse associated wrth meetyng the ¢onsb"tutional and statutory Qu1￿MentS of the charity and include the 8￿Irt fees aNJ ujsts linke(I to the $trate9i¢ management of the chanty. All costs are allocated betr4een the expeThJiknJre categories of the Slatement of Financk81 Activibes on a basis designed to reflect the use of resour￿. Employoe boneffts Thg costs of $hort-tsrm gmpbye¢ bgnefits T*￿g￿lS8￿ 08 a li?bilty and an Qxpensg. The cost of any unu8ad holhlay 8nbd8rnent 15 reccgnised ￿ Ihe Feriod in which th8 8rnployee'5 58IVIC8S 8r8 received. Tèrmination bènèfits ar• r•eognisod imm•diatety as an •Mptrnsè whèn thè Sthooi is dèmonstrabty etrnmittèd to t•rmin8t• th• •mploymtsnt ol an •mplty•• or tts provhY• t•rniination b•nofits. Debtors Exponditure on opern￿n9 suppl*$ lor th8 next Sd￿01 yeaf ts treatsd as a payment in advanc• wrthin d8btors. Inv•stm•nts Listed Inve51rnenlS are re-valued annually to market valuè and the *j1￿%1M8￿t shown as an unr881ised gain tsr ltsis in the Stalernent of Financial Activit￿s. Inccffie is included in respect of divthnds 8nd interest on a rec8ivabl8 basis. Investrnenl in th8 subsidiary undertaing is valued at historical cost. Tanglbl8 flxed assets Any Item lor groups of Items) and Th)t necessarity on the same ord8r but wrthin the same accounting penod with value MO￿ than the ¢aprtalisalion limrt defined below that a￿ Con$th￿ to have a lrfe longer than the financial year In which they were purchased arn1 are an upgrade or improvemenl are dassed 8$ a t8ngible fixed e$set. £10,000 for buildin9 improvements and Ot￿rp￿M￿eS relale(I projects £2.000 for all other a*aets Iplant and mathinery. fumiture and equipment. cornputer equipment, rnotor vehicks. sofvarel Assets held historically are notcapitalised or depreciated as no rehab￿Value can be attributed. Onty items acquirèd sinc• 1 Septembsr 1993 8rn indudsd in c05t 8￿j accumulat8d depr8￿a￿0fft. Finan￿ leases arKI hi￿ purchases a￿ caprtalised and opernbNJ leases a￿ not caprtalised In-line wiy) FRS102. Dep￿tiatIOn ts ￿COgnised on a Stra￿h1 line basis to wriie oft Ihe cosr *ss estimated ￿kYUa1 value of ea¢h asset over its expecte¢ useful lrfe and starts from Ihe month of purd)ase as follows". Freehold Land F￿ehOld Property Leasehold Property Fixtures, Fittings & Equipment Plant ar￿ machinery Fumiture and equipment Computer equiwnent Motor vehicles Software Assets under construction Not dep￿￿ated 10-50years Lower of kne term and 50 years 5 years 4- 20 years 3-5year5 4 years 5 year5 Not depreaated until brought into use 29 Ipswich School Notes to the Accounts For the year ended 31 August 2023 1. Accounting policies lcontinuedl Impaim)ènt offixèd assèts At each reporting periLKI end dale. Ihe SclK)ol revEws the carrying amount$ of its tangible assets to deterTnine whether theo is any ItKlication Ihai tlK)se assets have suffered an impairment loss. If any su¢h indication exists, the recoverable amount of the asset is estimate(l in ¢yder to detemiine the extent of the Impaimient loss (if any). Where It is not possib￿ to estimate the rewverabk amount of any indwiduèl asset the School estimates the ¢overable amount of Ihe cash*enerating vnil to Ihe asset belongs. Leases Leases are classified as financ8 ￿as&S Wher￿er th8 tenns of Ihe 18ase tra[￿l￿r substantialty all the risks 8nd rewards of ownership to th8 K8sse8. All other leas8s ar8 dassif*d as operabng le858s. As5els held under finance ￿aseS are recc#3ni58d as assets at the lower of the assets fair value 8t the date of inception and the pr85enl value of Ihe rninimum lease payments. The related liability 15 included in the baL4nc8 sheet as a finance ￿ase obligation. Lease payments are treated as consisting of capital ar￿ interest elernents. The Intefftst Is charged lo the Statement of Financual AcD"vilies so as to prc¥Juce a constant periodic rate of Interest on th• remaining balanc• of the Irabilrty. Rentsls payabb under operating ￿ase5. I￿lL￿j1n9 any in¢￿￿"¥e$ received. are charged to the Statement of Financial Activit￿$ on a strai9ht4in6 bas* over the lease temi. Cash at bank and In hand Cash at bank and in hand are basic fiThanoal assets aTrJ indude cash in hand, deposits held at call wrth b8nk$, other short-term INuid inve51rnents wilh Orig￿al rnaturi1l￿ of thre8 rnorths or K885. Unr8Stri¢tsd fund$ The charity mainiains a g•n8ral unr•slrici•d lund which r•pres•nts lur#Js which ar• expendable at the discretion of the trustees In furtherance of Ihe objecls of the chanty. SLth fu￿13 may be held In order to finance both working capital and capital Invesiment. D•slgnatsd funds Designated fund$ are unrestricted fund$ whith hav? t)een ?am)arked by tho charity for particu18r purposes. Rostrlctod funds Restricted funds have been provided lo the charity for particular purposes. and it is the policy of the board of Governors to carelully rnonrtorthe applKats'on ol those funds in accordance with the restrictions placed upon them. D8t8ils ol the natura and puw• of •ach lund is s•i in NO￿ 15. Penslon Commltments The Charity contributes to th8 Teach•ts' Pension D•fined Btsneffts sch$￿0 at rates stst by tha Sch8me Aetugry and advise(I by the Scheme Administrator lor ts teachiry staff. In adllrtion, the Schod ¢ontnt￿les to a pensi￿ schwne fr*r ts support Stsff uThJer The Pensions Trust scheme. Both schemes are mJl¢i*mployer pension schemes a￿1 rt 1$ not pra¢ti¢abk to identify the assets and liabilities of the schemes which are attributable to School. ln accordance with FRS 102. the schemes are a(%ounted for as defined contnbulion schemes. The Chanty has re¢oJnised its liability In re$ped of the defi¢rt funding plan on the support staff s defined ￿r￿fil pension scheme. as req4Jired under FRS 102. Joint Endovlment A Scheme made on 29 November 1881 arranged for the jThnt ajMin￿lration of the endowrnents and foundations of Queen Elvzabeth's Gramrnar School IlpswKh School), Chr￿1,5 Hospital Schod and a number of charities. Under the Scheme Chnst's H05Pltal School w35 to dose aTrJ n8w schools estab115hed. Ipswich Midd18 School for Boy5 and Ipswich School for Girf5. An Order ofthe Board of Education in 1906 attered Ihe prowsions of the 1881 Scheme forthe admini51ratson of the Foundation lo be known as Ipswich S¢hool. wilh a fvrther Scheme being set up to wjtninister the Middle S¢hiK>ls nder the name of the Ipswich Muniupal Seujndary Schools. The Govemors of the Foundabon We￿ requi￿ to pay ontrlhird of the residuary ￿t Income from the endowment to be used for the purposes of the Municipal Secondary Schools. Northgate Foundation was established in 1960 and bec2me the recipient of the Or￿thIrd residuary net inrxjme from the endowment, which wntinues to be paid under the Scherne of 14 November 1991. Ipswich School Notes to the Accounts For the year ended 31 August 2023 1. A¢¢ounting poli¢ig8 {¢ontinuedl Flnan¢lal In$twments The group ha5 eknted to apply the PTovisions of Section 11 'BaS￿ Finanual In5ttuments' and Section 12 '0ther Financial Instrurnen15 155ues' of FRS 102 to all of its financial in5tturnents. Financial Instruments a￿ rerJogni8ed in the Balance Sheet when the group becomes party to the contractual provision$ of th& instrument. Financial assets and liabilities are offse¢ with the nel amounts presented in the financial statements. when there is a legally enforceable nght to set off the recogntsed amounts and there is an intention to settle on a n81 basis or to realise th8 asset and se￿e th8 lia￿lty sirnuttaneously. asic FinancialAssets Basicfinanual a55ets. whith indude debtorsand cash and bank balances, Ini￿allY ￿easu￿d at transadion prit Induding transaction costs and are subsequenty catried at amorbsed cost Uslry the effective interest ￿th0￿. unles5 the arrangerrenl consiitules a financing transaction. where the transaction Is rneasured at the present valuè ol the future receipts diseountefl at a mathet rate of interest. Finaneial assets dassthed as receivable within one year a￿ not amortised. ClJsslllc8tloft of Fln•n¢l•l Ll•bllltles Financial liabilities and equity Inslrum$nl$ a￿ classif￿d ac¢ordin9 to the substsnce of the (ontractual arrangements enlofed into. An equity Instrument * any fx>Thtracl that ev*len￿$ a residual interest in the as$ets of the charty atsr d￿uCting 011 Qf 11$ liabilitr'¢$. 8oslc Fln8nclal Ll8bllhlo8 B8sic financial liabilitvès. including credrtors, bank loans and loans from lellow group undertakings that are classified as debt, are initially recorded at transaction price unks5 th8 arrangement constilules a financing transaction, where the debt inslrurnent is measured at the present value of the future payments dI￿unted al a rnathet rate of inler88t. Financial liabilib'e5 dassified as payable within one year are not amortis•J. Dabt instrumonts ar• subS•q￿nIfy carri•d at amorts•d cost. vsin9 •ff•ctw• int•r•$t rat• m•thod. Trade creditors a￿ c*)IvJation$ to pay for 9oods or seryw that have been a¢quire¢l in the ordinary course of business from suppliers. Amounts payable are dassthed as Cul￿nI liabilities rf payment 1$ due within one year or less. If not, they are presented as non of management fees charged frcrn Ihe Scho)I which ha5 been elirninated on con801idalion. At the year-end IpswKh School wa5 due £486.57812022. £302.9721 from Ipswich School Enterprisès Limitad. Shtsrtly aftèr the year end, the subsidiary paid £184,242 to Iho Sthool to redute thè balan¢0 to £302.336. 2023 2022 4. Donations and legacies Donation$ Legacies 346.779 164.494 137,750 511.273 137,750 2023 2022 5. Investments Inte￿$t on cash deposts Income from li8ted investrnents 305 13.456 12.569 13.761 12.768 32 Ipswich School Notes to the Accounts For the year ended 31 August 2023 6. Expenditure 2023 2022 as restated Charitsbl• oxp•nditurg In¢ludos: Audrtors remuneration". For audit sery1￿5 For other services 25.560 17.495 20.475 13,925 Rentals paid under operating kases 61.619 39,209 Totsl stsff ¢osts comprls•: Wages aTh* salar￿8 Social security costs Pension costs 10,221.502 896.600 1.622.586 9,699,145 888,906 1.518,467 12,740,688 12.106,519 The average number ofemployee8 dufin9 the yearwa8'.- 2023 No. 2022 No. TeachirE and Associated Stsff Building & Grounds Maintonanc• Adminislralive T?thniuan$ & Matrons 256 89 61 17 238 89 61 17 423 405 During the year the Sch￿1 pa￿ £nil12022.. Enll in rnduThYaney paymonts. The number ol employees who eamed £60,￿) p.a. lexduding pension ¢ontnbutionsl or more dunng the year was as follows" £60,001 1¢ £70.000 £70,001 10 £80,000 £80,001 10 £90,000 £90,001 10 £100,000 £160,001 to £170,000 £180,001 to £190,000 No. No. ContribLrtion5 W8r8 made to Ihe T8ach8r5' Pen*on SCheff￿ and a d8fin8d contribution schem8 OP8rated by The Pen510n$ Trust. which are multi*rnployef Schw￿$. In respect ol all iho h￿J￿r pavj omployees above these amounted lo £188,241 12022." £160.8421. Members of the Board of Govemors do not r￿1Ve any ￿munerati(￿ for Ihwr serV￿e$. There is insurance cover lor the Govemor5 agairtst liabilty arising frcffl thwr offic8. The premium paid i5 included within the prernium for put4ic liability cov8V. 33 Ipswich School Notes to the Accounts For the year ended 31 August 2023 7. Expendituro Staff ¢osts Oiher Costs Deprecia. tion Total 2023 Total 2022 a8 rest•ted Raising funds- Finance costs Development off￿9 Fee discounts Subsidiary trading costs 367.460 63.059 367,460 165,540 99,969 385 668 1,018,637 219,077 150.948 57.668 317.335 745.028 102.481 69.284 171.765 292.348 822,836 24.036 24,036 Provision of education Teaching W81fare Prèmises Trip5 and events Support costs Governancts costs 9,470.749 634.338 779.172 1.070.500 812.035 1.617.C61 562.090 1.413,972 194.331 S.869.989 55,997 91.655 546.683 10,597,246 1,538,028 2,942,916 562,090 3,072,982 238,081 18,9S1.343 10,205,054 1,327.017 2.225.877 109.204 2,724.134 185.051 16.776.337 1,640.914 43.750 12,568.923 18,097 712.432 Scholarship•i remi88ion8 and bur•ario• 4,394,972 4,394,972 3,951.091 Share of endowment Incorne 18.177 18,177 17,903 Totsl for tho groiip 12,740.688 10.g¥)S.974 736.468 24,383.129 21.490.3S9 2023 2022 8. Scholarships. remissions and bursaries Bursaries and ￿mISsIOnS Scholarships 2.076.412 2.318.560 1.944.722 2.006.369 4.394,972 3.951,091 The above educab.onal benefits We￿ made lo 625 iThJivKJual$12022". 6041. 9. Governance costs 2023 2022 Legal and professional fee$ Staff costs 194.331 43.750 141.301 43.750 238.081 185.051 Ipswich School Notes to the Accounts For the year ended 31 August 2023 10. Tangible fixed assets Fixtures, Fittings & Equipment Freehold Land Leasehold Property Freehold Buildings as restated GROUP Total Cost Al 1 September 2022 las restated) Additions Transfer Oisposals 120,(O) 2,173,702 25,822.478 284,219 1170.3731 1103.6241 2.342.900 405.012 170.373 30,459,080 689,231 1103.6241 At 31 August 2023 120.0 2,173,702 25,832,7Q) 2,918,375 31,044,687 Accumulat8d deprnciation At 1 September 2022 Charge for the year Disposals 334,106 43,474 6.815.534 539,925 1.810.$69 125.721 8,960,209 709,120 At 31 August 2023 377,580 7,355,459 1,936.290 9,669,329 Not 8ook Valu• At 31 August 2023 120.000 1.796,122 18,477.241 982.085 21,375,358 At 31 August 2022 las rg$tstedl 120,CQO 1,839,596 19.OCfj.944 $32.331 21.498,870 Included within the above fvJures ar8 major projects in the course ol construction with a etsst And net book value of £75,752 12022. £416,991). These ass•ts ara not d•pre¢iatéd untsi they ara ¢omplel•d. Flxlur•s, Fittlngs & Equipmont Frnehold Land Loas8hold Fmhold Proporty Buildings as restated CHARITY Totsl Cost At 1 September 2022 las reststedl Additions Transfer Disposals 120.C(Q 2.173.702 25,748,865 263,387 1170,3731 1103.6241 2,179,937 403.086 170.373 30,222,503 686,473 1103,6241 At 31 August 2023 120.lx 2,173.702 25.738.255 2.753.395 30,785,352 Accumulat8d depreclatlon At 1 S8Pternber 2022 Charge for th8 y88r Di$po$als 334,106 43,474 6.777,325 530.791 1.703.429 110.818 8,814,860 685,083 At 31 August 2023 377,580 7,308,116 1,814,247 9,499,943 Net Book Value At 31 August 2023 120.000 1.7%,122 18.430.139 939.148 21,285,408 At 31 August 2022 las restst*Jl 120,000 1,839,596 18.971.540 476.$08 21,407,643 InclLKled within the above fwJutes are major proieL#s in the cOu￿e of construcbon with a cost and net book value of £75,752 12022". £416,991). These assets are not (lepwated unb"I they aTe cotnpÈted. 35 Ipswich School Notes to the Accounts For the year ended 31 August 2023 11. Fixed asset investments - Group 2023 2022 Quot8d Inv8Stments Market value at 1 September 2022 Net unreali8ed investment gainlllossl 705,828 16,0321 732,373 126.5451 Market value at 31 August 2023 699.796 705,828 Cost at 31 August 2023 27,188 27,188 Quoted investrrents Comprise. al Holdings of more than 5% of total investments- C.O.l.F. incorne and acDJmulztion units bl Others invested in UK 699.684 112 705,705 123 699.796 705.828 Flxed asset Snvestments - Charlty As above plus the Invesimeni in the Irading sub5￿￿4ry. Cost al 1 S•pt*mb•r 2022 and 31 August 2023 Details ofthe Charty's trodirvj Subs￿10ry a￿ 91￿n in Nole 3. Historical cost of investments Scholgtships and Bursari•s Fund Further Education Fund Pnze Fun Endowment Unr8slricted 5,222 3,948 2,3C 14,441 1,271 27,188 12. Dobtors Group 2023 Charlty 2023 2022 •$ reststed 2022 as restated Fees and recoverabk disbursements Pr8payrnent5 and other debto Trade debtor5 Amounts due fr(xn group urKlertakings 222,199 642.318 16.266 276,109 721,558 9,126 222,199 618,666 276,109 693,717 486.579 302,972 880.783 1.￿￿.793 1.327.444 1.272,798 Ipswich School Notes to the Accounts For the year ended 31 August 2023 13. Creditors: amounts falling due within one year Group Charlty 2023 2022 as restated 2023 2022 as restated Trade creditors Other creditor5 Pension deficit creditor Aecruals and deferre(l incory Bank loan$ and overdrafts Fees recei¥*d in advance 390,CW)4 624,750 80,379 554,244 1,971,707 2.546.684 205.S80 570.844 78.038 766.295 1.647.449 2.718.608 372.639 621.147 80.379 528.958 1.971.707 2.546.684 200,608 560,065 78.038 751.965 1,647.449 2,718.608 6.167.767 5.986.814 6.121.514 5,956,733 14. Creditors: amounts due after more than one year Group Charfty 2023 2022 2023 2022 lal Bank loanj: Bètwèèn en* and tsv¢ yaa Between Iwo and five years In five years or morg 385.016 883.￿12 2,768,913 380.492 932.785 2,999,048 385,016 883,C62 2,768,913 380.492 932.785 2,999,046 4.036.991 4.312.32S 4.036.991 4.312.325 Fees recelved Sn advance l$00 14bl: Between one and tsvo years 8e¢ween and five years In five years or more 36.559 11X).235 104.110 39,386 105.363 102.854 36,559 100,235 104.110 39,388 105.3S3 102.854 240.9)4 247.603 240.¥W)4 247.803 Pension d•fi¢it ¢r•ditor: Between one and two years 8e¢ween and five years In five years or more 82.790 263.573 178.980 80.379 255.896 281.797 82,790 263,573 178.980 80.379 255.8 281.797 525.343 618.072 525.343 618.072 Other creditor- Between one and hvts yea 4,803,238 5.178,000 4.803,238 5,178,000 The School has an agreed ovwdraft tscilrty of £2.750.0(K). which was wewed in 2024. The School has fixed bank loans. one Variab￿ rate ba￿ ban and th￿ mortgages. The first fixed rate loan i8 repayab￿ by lemity instalmerts over 8 20 year Peri￿1 crmmenring from January 2007 and tears interest at a fixed rate of 6.5%. The second fixed rate loan was taken OLrt in 2020 and was interest only until March 2021 and bears interest at fixed rate of 3.180h. 37 Ipswich School Notes to the Accounts For the year ended 31 August 2023 14. Creditors: arnounts due after more than ong year (continued) The variable loan is repayabl8 by t8mity instalments over a 20 year perK*J ccfflmenung May 2007 bears interest at 1.15% over base. The older mortgages are repayabk by temity in$tslments over 8 20 year perirxl commen¢ing July 2015 and bear Inte￿$t al 3.96%. The mortgages are $ecureil on the vndedying propert*s. The newer mortgage was on a year Inte￿5t onty peric4J, now rt will be repayab￿ over 8 20 year perio Cofnmencing Decetnber 2018 and bear inlerest al 3.42Qh. Thi5 rnortgage 15 secured on the undertying property and the f￿ehOld land and buikling5 at t>oth 161 Valley Road and I￿Stw¢y>j House. In addition, these borrowing5 are $8cur&J by a first *al charge over assets known as Negative Pledg8 and 23 Henley Road. {bl Fèès r•c•lved In advanc•- 8alan¢e at 1 September 2022 New deposrts Amounts ublised In payment of fees to the Schod Amounts refunded 2.966.211 477.150 503.9721 1151.8021 8alan¢e at 31 August 2023 2.787.588 Due wrthin one year.. Due after one year. 2.546,684 240.904 2.787.588 15. Restrl¢tod and Endowment fund8 S¢holarshlp$ Further & Bursari•s Education Fund Fund Prlze AP￿al Fund Fundi othor Fund8 Total Endowm•nt As at 110912021 833,621 253,328 71.705 1,140,587 196,739 2,495,980 779,368 Net movem8nt 21122 85.771 11.5821 115,7031 67,574 114,7821 As al 3110812022 la$ re51atedl 919,392 251,746 70.794 1,124,884 196,739 2,563,555 764,586 N8t movernent 2V23 393,974 912 397 115,7041 379,578 11,6151 As at 3110812023 1,313.366 252.658 71.191 1,109,180 196,739 2,943,133 762,971 By an order sealed by the Charity Cornrnissioners on 25 October 1994, Ihe individual prize funds previously donated to the School were consolidated into three funds to be known as. Ipswl¢h School S¢holarshlps and Bursarles Fund To prowde scholatships and bursaries to pupils attendiThJ or entering ttE Schod. Ipswich School Further Education Fund To award leaving exhibith)ns to pupls leav4ThJ Ihe Schod in Ihat year. Ipswich School Pri2• Fund To award prizes or other 5Ultable awarth ¢y tnarks of di5tind%)n to any worthy pupil of the SchtsDI tnentioned in reports to the Trustees. Ipswich School Notes to the Accounts For the year ended 31 August 2023 15. Restricted and Endowrnent funds (continued) The Governots of the School for the brr* being are the Tffustees of the FurKls and may. SLI)jed to the undits.ons set out in the Order. make such awards, as they t￿$￿jer suitable. Appeal Funds Appeal Funds ralate to donations gi¥*n to th8 Schwl in resFeCt of Building prg8cts. othor Funds This reposenls donations m•Je to the sch￿1 for speofic projects and indudes the various funds transferred Ir( Ipswich School Foundation. End01￿￿ent This rep￿SentS the fun(ts hekl undertl* pint endowment scheme dated 29 Noven**r 1881 and last updated on 14 November 1991. Th8 named funds from which lh8 above were Consol￿aled are as folhThvs'. S¢holarshlp and Bursarf•8 Fund The Rainer Fund The Sir W P Burton Fund The E W Porter Bursary FuThJ Tho Rowley Elliston Fund The Baruett Scholatship Fund Th• Armstrong Schdatship Fund Th• St•phèn Salmon Fund Further Education Fund The Albert Memorial Exhibition The St Edrnunds Schoc4 Fund Th¢ Pemb¢rton Exhibi￿.0￿ The RvJaud Exhibrtion Prlz& Fund Th8 Barlett Priz• Th$ D H 8oum$ Pnz• The E S Broadway Sixth Fom) Sa"•nc• Priz• Th¢ J C Cobbold Pnz The Fartbrolher Pnze The Joah Hunt Prize The Holden Prize The R J Howlett Prize The Kettle Prize for Junior Geogrnphy Th• Cardine BArMs Pr¢z Th• Breèna Raading Priz• Thts E B Cowdl Proe Th• Viscount Falmtsuth Memorial PrK The Gnee Mathematic31 Prizes The Hannah Maria Hunt Pnze The W C Hayward Pnze The Jossefyn S￿ptUre Prize The mau￿ Prize Fr The Stephen Abbott Nol¢utt Memorial Piize The Paterson Prize The Crewe Prize The Ras8i8h Prize The Geoffrey Barnard Prize The Charfes Steward Prize Th8 Tanqu8ray Geography Piizè The Raymond Treheame Prize The Mr5 E D Young Prr£e The Sir Thomas Whrte Pnz8 The Palmer Pnze The Lee Pnze The Hamblin Prize The Sr2mmell Pryze The Sewell Prize The SullNan Pr￿e for French The Thnng Pnze for the Handupped The ￿lSOn Prize The Swinyard Prize The Millington Prize 39 Ipswich School Notes to the Accounts For the year ended 31 August 2023 16. Unrestricted funds Unrostrl¢t D•slgnatsd Totsl As at 110912021 la8 restated) 9,285,759 9,285,759 Net movement 21122 1214,552 1214,5521 A5 at 31108120221as r8ststedl 9,071,207 9,071,207 Net movement 22123 1203,0241 9,077 1193,9461 As Bt 3110812023 8,868,185 9,077 8,877,282 Deslgnated fund The designated fund relates to unrestricted colK8Ctions by the School, which have beeTh desvJnated for specific purpo8e5 including the Prep 8azaar. musical instrument hire. ho￿wOrk dub and Ihe tuckshop. 40 Ipswich School Notes to the Accounts For the year ended 31 August 2023 17. Analysis of net assets between funds Tangibl Current Fixed Assetsl Assets Investments {Liabilitiesl Long Term Liabilities Total A$ at 31 Augu$t2023 R88tricted Funds Scholarships and Bursaries Fund Further Education FurKJ Prize Fund Appeal Fund$ Other FukKIs 106.167 83.374 43.769 1.207,199 169,284 27,422 95,681 196,739 1,313.366 252.658 71.191 1.109.180 196.730 1.013.499 1.013.499 233.310 1.696,324 2.943.133 Endowmont 120,IJ)O 449,180 193,791 762,971 1,133.499 682.490 1,890,115 3,706.104 Unr•8trl¢t•d fund• 20.241.859 17.X 16.578,6651 14,803,238) 8,877.262 21.375.358 699.7 14.688,5501 14.803.238) 12,583.366 As at 31 August 2022 {as restated) Roitricted Fund¥ Scholarships and Butsaries Fund Furthar Educaiion Fund Prizè Fund Appeal Funds Other Funds 108.249 85.010 44.628 811,144 166,736 26,166 95,680 196,739 919.392 251.746 70.794 1,124.884 196.739 1,029.203 1,029,203 237,887 1,296,465 2,563.555 Endowment 120.IJ)O 450.795 193.791 764.586 1,149.203 688.682 1.490,256 3,328.141 Unr••tri¢tod fund$ 20.349.667 17.146 16.117.6rAI 15.178.000) 9,071.207 21.498.870 705.828 14,627,3501 15,178,000) 12,399.348 41 Ipswich School Notes to the Accounts For the year ended 31 August 2023 18. Pensions {al Teachers, Pension Scheme The School participates In the Teachets. Pen5K)n Stherne llhe TPS'I for it$ teaching staff. The pension charge for the year includes contnbulions payab￿ to the TPS of £1.371,77712022 £1,285.9391 anLI atthe year*nd £146.726 12022 £133.0521 was a¢¢rued In respect of ￿ntrIbU￿on$ to this scheme_ The TPS is an unfunded. defined benefit pension Scheme, govemed by Teachers. Pension Scheme Regulations 2010 las amended) and The Teachers. Pension Scheme Regulabons 2014 las amended). Members contribute on a "pay as you go" basis wrth cOntribUt￿nS from membets th8 employer being credrted to the Exchequ¢r. Retirement and other pension tsen￿ts are paid by publ￿ funds provKled by Padiament. The employer contribution rats is set by the Secrelary of State fol&)wirvJ schern8 valuatb)n8 undertaken by the Government Actuary s Departrnenl. Th8 most recent actuarial valuation of th8 TPS was prepared a5 at 31 March 2020 and the Valuation Report was published in Octcter 2023. Following the Mccl0￿ iudgernent. the remedy prop)sed that when beneffts becorne payabl8. elvjible rnemb8rs can select to receive them Irom either th8 reformed or ￿acY schemes for the period 1 April 2015 10 31 March 2022. The acluanes have assumed that mernbers are likely to choose the option that provides them with the greater bènefit5, and in prsparing 2020 valuation hav• valuèd th• 'grtatèr valu•. bènèfits for groups of r*￿vaNt members. The valuabon confimiecl that the employer eonthbution ratts for the TPS wovk1 tnuease 23.6% to 28.6% from 1 April 2024. Em$oyers are also requireL1 to pay a scheme administrab.on byy of 0.08% giving a total employer contnoulion rats of 28.68%. (bl Support Staff P•n$lon Sch•m•- Th• Ptnslons Trust A defined ¢onlribution $¢henE 1$ operated by The Pen$19r￿ Trust ITPD a$ the Independent S¢hrJol$' Pension Scheme, which is a mutti-employer scheme. The Scheme is contracted out of the State scheme. The Trustee cornrnissions an actuarial valuation of th8 Scherne every three years in order to deternine the 18vel of futur8 contribution5 required so that the Sche￿￿ can [￿et Ils pensh)n obligations as they fall dw. In 2009 the Sehcol took the ¢Jets'sicii to freeze th? Sthomo $0 Ihat no new rnembers Could jtsin and contributions lor ex15ting Staff m8mbets w8re st¢PP8d. Existing staff were moved 10 the TPT defir￿d contribution scherne. Th School partitypaies in the multi4mployer scheme whth provKles bentsfrts to some 66 non4ssociated emplDy8rs. The scheme Is a defined benefit scheme In Ihe UK It is not possible lor the School to obtain sufficient Inlomiation to enab￿ It to account for the scheme as a defined benefit scheme. therefore, the School accounts for the schtrme as a defined contribubon scheme. The scheme is $ubied to the funding legisbbon outlined in the Pensions Act 2004 which came into for￿ on 30 December 2005. This. together wrth d(Kuments by the Pensions Regulator and Technical Actuarial Standard$ i$$ued by the Finanaal Reporting Counril. set outthe framework for funding defi￿ benefit o¢cupational schemes in the UK. The scheme is classified as a 'lasl-man standing arrangement.. Therefore Ihe School is potentialty liable for other participating ernployers. obligats.ons il those employers are unable lo rneettheir share of the stheme deficit following withdrawal from the scheme. Participating ern￿OyerS are *alty wuired to meet th￿r share of the 5chern8 defKit on an annuity purchase basi5 on wthdrawal from the stherne. 42 Ipswich School Notes to the Accounts For the year ended 31 August 2023 18. Pensions (continued} {bl Support Stsff P•n$lon S¢h•m•- Th• P•nslons Trust A full actuarial valuation for the scheme was ¢arrieil out wilh an effective date at 30 September 2020 This actuarial valuation was certified on 22 DeC￿)ber 2021 and showed assets of £201.1m, liabilities of£256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination lrnm al employers this amounts to £2.687,000 pèr annum. payab monthly. The School deficit i8 £6(*k as at31 August 2023 which is ts￿n9 recovered at £80k perannum. increasing at 3% per annum. The recovery plan conlributions are allocated to each participabng ernployer in line with their estirnated share of the scheme liabilitN8S. Total contributions in r•sp•¢t dth• surwrt Staff St￿m•S amount to £250.80912022". £232.5281. 19. Rolated party transactions The S¢hool ha$ taken ￿l¥antage of the exempbons grwted in FRS 102 for not disclosiry separat8ly th8 transactions wrth its 10tYk 0%4ned subS￿lIary Ipswich S¢hool EnlerpThses Limrted. Further anoly$i$ of this In￿lMent and ts tron$a¢b'on$ tth¢gn the party'¢5 Shown in note 3 and nots 11. During the year Ihe S¢hog1 utilv49d thg 8¢Mce$ of &'rkells, its bgal advisors, in which Ggvemor Mr A Seagers 1$ a Partner. Mr5 R E Gravell's husband was a partner in Ihe prior year but has retired. Mr N Farthing is also employed by Birkett5. Fee5 paid to Bithett5 during the year lolalled £37.477 12022.. £56.4341, with £845 12022.. £2,945) outstanding al the year eTrJ. During the year the School continued loengage the seryices ofw D Coè Limited zs the student outh'tter, a cornpany ol which Gov•rnor, Mr W C¢• Is dir•d¢r and shar•holJ•r. In addition. School mad• pur¢has•s frur W O Co• Limited of £92712022. £2.4191 in the year, with £598 12022." £1.1751 outstanding at tho year •nd. Governors made donations lotalling £nl dunng Ihe year12022 £7.2701. Where a Governor has a child attending the s¢hool the full fee rates are paiil. subject tl any scholarships aThJ butsaries which a￿ awarded on the same basis as they are to other families. Dunng the year the School PaKI £1.271 12022 £1191 to Rthard ￿LSOn IGovemorl for the provision of ¢hapd Choir rehearsal$. Mr WL8on also paKI £1212022.. £121 to the Sc*ool for of Ihe S¢hool'$ fwlities lo provide music lessons to pupils. Governors W8r8 reimbursed for expenses totallir#J £nil during Ihe y8ar12022.. £4601. 43 Ipswich School Notes to the Accounts For the year ended 31 August 2023 20. Key rnanagement remuneration The key management personnel tsfthe S¢hool u)mprises" the Headmaster, the Di￿¢tOr01 Finance and Operations". the Deputy Head Acadernic, the Lkputy Head Pastoral". and the Head of the Preparatory School. The total employment benefits for the key ManageTh￿nt person￿1 ofthe School £722.87712022". £639.0231. 21. Operating lease commitments As at 31 August 2023 the group was commtited to Ma￿'[bg the Ic41owing payments under norrtanc8llable operating 18a8es in raspect of ￿ant and machin8ry. 2023 2022 Operating ￿aSe5 which ewre". Within 1 y$ar Within 2 to 5 years Over 5 year8 68.3eo 61.619 91.737 22. Capltal commltmonts At thg y¢8r gnd thg &hool h•J a witsl Cornmrfment of£123,291 lor boibrs in thg $p)rt$ h?11. 23. Contlngont Ilabllltles The School ports¢ipats$ in a mu1￿.-¢MplOyer stheme 0￿rated by The ￿n$￿Th$ Trust. which provide8 b¢nefi'ts lo 88 non-as$o¢iated employers. The ￿herne 1$ da$$rfwd 86 a 'la$t-man $tandin9 arran9ement', meaning that the S¢hod 1$ potentially liab￿ for Ihe rt*ligation$ of olher parhripating employers ifthose employgrs arg un?￿e tr) m¢91 thgir share of the Stheme deficit. Ipswich School Notes to the Accounts For the year ended 31 August 2023 24. Prior ygar ¢omparative Consolidated ststement of financial activities Unrestricted General Funds as restated Joint Restricted Endowment Fund8 Funds 2022 Total Fund8 as re5tatsd Income and endowments from: Donations and 18gaci88 Other tradlng a¢tivlt*s'. - Rental and ¢(xrmer¢ial Inc(me - Trading In¢omo Investments 137,745 137,750 11.135 313.632 117 4.728 15,863 313,632 12,788 6,691 5,960 Charfjtable Actlvllbvs- - School fee Income and associatet1 charg8S 20.875.170 20.875,170 Total income 21.2fy).059 144,436 10,688 21.355,183 Expendlture on: R8i•lng fund• Trading expendilure Dovelopment offic¢ Financing costs Fee discounts and commi8$ior 317.33S 150.948 219.077 57.668 317.33S 150.948 219,077 57,668 Charfjtabl• a¢tfjvitl• Provision of tducaiion Scholarships. remk8sions aDd burnaries 16.760.134 3.901.388 15.704 49.703 500 16,776,337 3.951,091 Othor Share of endowment income to Northgate Foundation 17.903 17.903 Total •xp•nditur• 21.4C6.550 65.407 18.403 21.4￿.359 Not gainslllossosl on investmnts 13461 111.4551 114.7821 126,5831 Net lexpenditurellincome 1206.8371 67.574 122.4971 1161.7591 Transfers be￿￿on fund8 17,7151 7,715 Net movement in funds 1214.5521 67.574 114.7821 1161.7591 45 Ipswich School Notes to the Accounts For the year ended 31 August 2023 25. Prior period adjustments - Group chang￿ to th• Statsm•nt of Flnan¢lal Actlvltl•$ A8 prnvIou8ty rnported Adjustsnent As re8tsted 31 August 2022 Incorno and ondowments from: Charitabl8 activiti05 School fee Income and associate charges 20.785.634 89.536 20,875.170 Exponditure on: charltablo a¢tlvltl•* Provision of educabon 16.470.410 305.927 16,776.337 chang￿ to Balanc• Sh￿t A• pr•vIo￿ty r•port•d AdJu•tm•nt A• r••t•t•d 31 Augu•t 2022 Flx•d 4880ts Tangible fixed assets 21.340. 157.880 21,498.870 Curront #￿•t• Oeblors 936.204 70.$89 1.006.793 Currnnt Ilabllltles Creditors- due within one year 15,513.6981 1473,1161 15,986.8141 Funds Unrestricted funds brought lorward 19.304.993) 19.234 19,285.7591 Not•# to r•eon¢iliaiion The above adjustments ￿late to". Grossing up of Income and expen￿rtU￿. debtots and cre¢litors ￿latrn9 to School trips and events. Capital expendrt￿￿ COMI￿eted In the prior year but wognised In the Current year. Recognise bonus payments to staff where the ccmmitment arose In a previou$ year. Backdated VAT liability for the School. Backdated VAT liabilty lor Ihe tradirvj SUb￿dIary. 46 Ipswich School Notes to the Accounts For the year ended 31 August 2023 25. Prior period adjustments - Charity chang￿ to th• Statsm•nt of Flnan¢lal Actlvltl•$ A8 prnvIou8fy reported Adjustsnent As re8tsted 31 August 2022 Incorno and ondowments from: Charitabl8 activiti05 School fee Income and associate charges 20.785.634 89.536 20,875.170 Exponditure on: charltablo a¢tlvltl•* Provision of educabon 16.470.410 305.927 16,776.337 chang￿ to Balanc• Sh￿t A• pr•vIo￿ty r•port•d AdJu•tm•nt A• r••t•t•d 31 Augu•t 2022 Flx•d 4880ts Tangible fixed assets 21.249.763 157.880 21,407.643 Curront #￿•t• Oeblors 1.202.209 70.$89 1.272.798 Currnnt Ilabllltles Creditors- due within one year 15,492.63BI 1464,0951 15,956,733) Funds Unrestricted funds bn 19.574.352) 19.234 19,555,118) Not•# to r•eon¢iliaiion The above adjustments ￿late to". Grossing up of Income and expen￿rtU￿. debtots and cre¢litors ￿latrn9 to School trips ancj events. Capital expendrt￿￿ COMI￿eted In the prior year but wognised In the Current year. Recognise bonus payments to slaff where the ¢rynmitment arose In a previou$ year. Backdated VAT liability for School. 47 ++ Ipswich School Charity number. 310493 Trustoes. Report Consold*d Flnancfial Staterne￿ forthe year ended 31 A