Ipswich School Charlty number: 310493 TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 August 2024 INDEX: TRUSTEES, REPORT AND ANNUAL ACCOUNTS TRUSTEES, REPORT Introduction Objects, Aims, Objectives and Principal Activities Achievements and Successes Financial Review The Future Reserves Policy Investment Policy Grant-making Policy Structure, Governance and Management Reference and Administrative Details Page 3 Page 4 Page 6 Page 7 Page 8 Page 8 Page 8 Page 8 Page 9 Page 13 ANNUAL ACCOUNTS Independent Auditors, Report Consolidated Statement of Financial Activities Balance Sheets Consolidated Cash Flow Stacement Notes to the Accounts Page 14 Page 17 Page 18 Page 19 Page 22 TRUSTEES, REPORT INTRODUCTION The Governing Body presents its Annual Report for the year ended 31 August 2024 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 Deed and the Charities SORP (FRS 102). The Governors have considered the ongoing financial and operational impacts of the changes announced by the new Labour Government most notably the imposition of VAT on independent schools. fees from January 2025 and the ongoing wider economic challenges. This together with other changes including the loss of business rates relief. the increase in the National Living Wage. and the increase In the cost to the employer of National Insurance have had significant implications for independent schools across the country. Ipswich School had been aware of the imposition of VAT on independent school fees for a number of months and had undertaken extensive planning to manage its impact. The focus of the School remains on maintaining ils excellent educational offering, with a clear focus on minimislng the impact on fees payable. The accounts have been prepared on a going concern basis nolwilhstanding the fact thal they show net current liabilities of £4,641,744 for the Group and £4,340,535 for the Charily, for the following reasons. The Board of Governors have reviewed the cash flow forecasts for the Group and Charity 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, the nature of the liabilities due and wider challenges such as the introduction of VAT on Independent school fees and other recent taxalion changes implemented by the new Labour Government. Whllst acknowledglng the uncertainty that exists over pupil numbers the Governors consld8r that th8 measures taken lo address the challenges faced by the Group, together with the current borrowing facilities means that the Group will have sufficient resources to cover its operating requirements for a perlod of at least 12 months from the date of approval of these accounts. It is noted thal fees received in advance by the School are shown within creditors amounts due within one year as prescribed by FRS 102. This balance represents fulure fees of pupils received in advance and from experience no material amounts are expected to become repayable. As at 31 August 2024 the amount due within one year is £4,932,028 (2023.. £2,546,684). Accordingly, the Board believes it is appropriate to prepare these accounts on a going concern basis. OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES CHARITABLE OBJECT Our charilable object (as set out in the School's Scheme dated 14th November 1991, revised December 2014) 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 trustees shall give preference to children who are or have a parent resident in the surrounding area. We interpret this to mean the advancemenl of education by Ihe provision of the best education we possibly can, both in terms of high standards and in breadth of opportunity. This includes 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 preservation of items of artistic, architectural or cultural interest to Ihe 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 supports the attainment of the highest standards in the Independent Schools sector, partly through nelworking with other major schools and partly through peer group studies for the evaluatlon of quality and performance improvement methods. We also cooperate with local and nalional charities in our endeavours to widen publlc access to 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 they receive at the School. The School also benefits substantially from the generosity of its former pupils vla Ihe Old Ipswichian Club whose close support we greatly appreciale and gladly acknowledge. In setting our objectives and planning our activities our Governors have given careful consideration to the Charity Cofflmission's general guidance on public benefil and in particular to ils supplementary public benefit guldance on advancing educalion. VALUES The School has four key values which we believe are at the heart of education at Ipswich School, and which are firmly embedded into the organisation: Care: For each individual. For the communily. For each other. For others. Potential.. Within each individual, our pupils and our staff, to grow and excel in all that they do. Passion: For our subjects and activities. For Ihe transforming power of education to realise potential, Communlcatlon.. Clear, comprehensive and timely. These values are supported by the following aims of the School.. 1. To provide an environment where pupils feel safe and brave in all they do. 2. To present pupils with a wealth of opportunities, both inside and outside the classroom, and to help them to find their own passions. 3. To monitor our provision.. pastoral, curricular and co-curricular, learning from the best that we do, to ensure every pupil achieves their full potential. 4. To look for new ways to achieve the high slandards 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 staff. 5. To strengthen the links in the 'triangle' joining parents. pupils and School, to ensure that we communicate well and are all working together with a common purpose. 6. To encourage our pupils to consider moral and spiritual values, to understand their place in the world and to develop a spirit of service within the community. 7. To equip our pupils with the skllls to be happy in their success at Ipswich School and beyond. In 2022-2023 the strategic plan for the School underwent a process of review involving all stakeholders. 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 to look at how we can improve what we offer to our pupils and their parents in The Lodge, the Preparatory School and Senior School. The plan is reviewed annually In line with the policy of a cycle of continuous improvement, and the success of the plan is considered in terms of implemenlation, delivery and achievement. OBJECTIVES FOR THE YEAR We have continued to review and always seek to improve aspecls of the School and to mainlain 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 learning. Similarly, we have sought to continue improving and growing our facilities by ensuring pupil numbers remain high, We continue to work to maintain strong links with our feeder schools and to market the School effectively both internally and externally. The Senior School and Prep School have been inspected by ISI with both Schools receiving Excellent in bolh the areas of judgemenl, which supports the ethos of the School and the high levels of achievement as well as the pastoral support provided to pupils. The Lodge also had an OFSTED inspection in September 2022 and received an outcome of Outstanding, again reflecting the commitmenl and attitude of all involved. The strength of our Sixth Form provision. wilh the popular Edge Programme, augmented by the Extended Project Qualification (EPQ). has not prevented us from looking lo 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 but we aim to ensure Ihat pupils from all backgrounds have access to an Ipswich School education via the means-tested Ipswich School Bursary Scheme. Our Founding Futures campaign was designed to help secure additional funding for such bursaries. In the year ended 31 August 2024, 13 % of pupils were in receipt of means-tested bursaries (2023: 8.5 % ). Forty one of those pupils were assessed at 1000/0 remission and a further two at over 90Q/o. The amount spent on bursaries in 2023-24 was 4.39 % lower (2023: 5.79/0 higher) than in the previous year. The School also aims to recognise high academic potential, or the ability lo excel in co-curricular aclivilies, by the provision of scholarships. In 2023-24 the value of scholarships held rose by 3.580/0 (2023. 15.6% ). We strive to remain a valued and integral part of the local community, providing benefit to the public and encouraging our pupils to develop through their own service lo the communily. COMMUNITY INVOLVEMENT Thomas Wolsey Project Launched in March 2023 to celebrale the 550th anniversary of Cardinal Thomas Wolsey's birth. The project highlighted Wolsey's rise from Ipswich to power. emphasising his legacy in education and his connection to Ipswich School. Wolsey 550 Educotion Programme & Concert 500 local primary school students attended a Tudor music concert, and Ipswich School held a special evening celebrating Wolsey's life, featuring performances by Richard Edgar-wilson and the Wolsey Consort. Wolsey Essay Competition An essay compelition for students in Suffolk and North Essex, Inspired by Wolsey's passion for education, awarded six prizes, Duke of Edinburgh Aword Ipswich School students volunteered 2,262 hours, contributing to community activities valued at £11,942. CS Drama Perlorms to Schools The school's drama group performed Alice in Wonderland to local schools in Ipswich, delighting children with their performance. Suffolk Refugee Support Weekly homework support sessions are held for refugee children, helping up to 25 young people. CHARITABLE SUPPORT AND FUNDRAISING ACTIVITES The School is registered with the Fundraising Regulator and follows ils code of practice to ensure that fundraising is monitored. any complaints are dealt wilh correctly and thal no undue pressure is put on people to donate lo the School, including those who are vulnerable. There have been no complaints received during the year. Lend With Care.. Raised funds to support entrepreneurs in low-income countries, helping create 80 jobs. Big Band Bonanza.. Raised £803 for EACH (East Anglia's Children's Hospice). Pupil Tombola.. Raised £250 for St Elizabeth Hospice. Survivors in Transition.. Raised £2,086 to support victims of sexual abuse and violence. Operation Smile.. Raised £2,532 for cleft palate surgeries overseas. Ipswich Prep Fundraising.. Raised over £7,700 for various causes including Felixstowe Coast Patrol & Rescue, FIND, and Children in Need. ACHIEVEMENTS AND SUCCESSES Exam Results Ipswich School celebrated record-breaking exam results. 840/0 of A-Level exams were graded A'_B, with 97 % passing at A'_C. Notable achievers included sludents heading lo study Velerinary Science and Medicine at top universities like Cambridge. The school also had success in GCSES, with 67 % of exams graded 9-7, and over two-thirds of students achieving 7 or above. Sporting Success Ipswich School was named in NextGen Xv's Global Top 20 Rugby Schools for the first time, ranking 19th. The school was also recognised as one of Ihe top 20 schools for its sports programme by School Sport Magazine. Girls, Cricket Team Ipswich School's girls, cricket team became national U18 100-ball and T20 champions in the same week, adding to their growing trophy collection. They also played at Lord's Cricket Ground, defeating Bradfield College to win the 100-ball tille. School Catering Ipswich School became the first in the country to achieve the presligious CAP Platinum Award for catorlng, recognising excellence in food quality. hygiene, and service. Chamber Music Winners The U14 Chamber Music Quartet won the national Pro Corda competition, showcasing outstanding teamwork and musical skill. Ipswlch School Young Musician of the Year Ipswich School students excelled in the Young Musician of the Year compelilion, with Colin Chung awarded the title after a competitive final. AnnualArt Exhibition The Art Department hosted its annual exhibltlon, showcaslng GCSE and A-Level students, work. Pieces explored a range of themes, from self-portiails to concepls of order and disorder. The Sunday Times Parent Power Gulde In the most recent Parent Power Guide. Ipswich School was ranked the top independent school in Suffolk for the ninth consecutive year and moved up to 116th in the national rankings, based on A-L8vel and GCSE results. ENGAGEMENT WITH OUR EMPLOYEES Ipswich School values its employees and recognises the importance of open communication so they are aware of matters of concern to them, financial and economic factors which affect the Charity's performance and encouragement of employee involvement in the Charity's performance. Ipswich School undertakes this through a variety of ways such as regular one to ones which enable two way dialogue, weekly briefings, more detailed briefings during staff training days and the School's Joint Consultative Forum which formed in Summer 2023 term. This forum has representatives from the Senior School and Prep School and The Lodge, with a mix of leachers and support staff. This is the main forum where employees can suggest topics they wish to discuss with senior management and likewlse senlor management can engage and obtain feedback on topics from the employee representatives. FINANCIAL REVIEW We aim each year to provide a surplus of income over expendilure in order to provide funds for continual development and improvement of Ihe School and in 2023-24 the net gain after interest and depreciation achieved was £99,960 (2023: Net gain of £184,016). £146,363 (2023: £165,540) of expenditure incurred by the development office has been included in costs of raising funds. Donations for the year totaled £122.535 (2023: £511,273) including Ipswich School Foundation raising £11,652 (2023: £14,806) of income this year. At the end of the year, the funds held by the Foundation were accrued within the School accounts within restricted funds. Our principal source of funding is through tuition fees. The effort put into marketing, maintaining links with our feeder schools, maintaining a broad curriculum, provision of opportunity for personal development, together with our academic results, has helped to keep demand for places high. including maintaining healthy numbers in the Sixlh Form. The main KPIS used are the level of operating surplus and the percentage that the operating surplus is of the net fee income, The operating surplus for the year was £1.178,728 (2023: £1.196.513). This represents 5.8 % of net fee income (2023: 6.20/0) and is Ihe surplus before depreciation, amortisation, bank and finance charges, gainsllosses on investment and bad debt provision. THE FUTURE In setting its plan for the future the School has identified the following key objectives: 1. Maintain a sound financial base with an ambition to grow pupil numbers to an optimum number, generating increased income through fundraising, maximising income via our trading company (Ipswich School Enterprises Limiled) and delivering a robust marketing slrategy to enable us to fulfil our ambition. 2. Continue to develop an excellent all-round education, including pastoral care, which supports every child with full access to all that we offer. 3. Enhance social inclusivity through means tested buisaries. 4. To develop and enhance our boarding provision. RESERVES POLICY Notes 15, 16 and 17 to the financial statements show the assets and liabilities atlribulable to the various types of funds and summarise the movements in the year. At 31 August 2024 the school had unrestricted funds of £9,260,795 (2023: £8,877,262). Taking into account the operational fixed assets (net of related loans) of £16,943,206 the school has negative free reserves of £7,682,411. The Governors 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 which were funded through a combination of formal and informal lending and free reserves. This has also been impacted by the value of fees in advance received during 2024 which impacts the calculation allhough means the school has additional cash reserves. As at 31 August 2024, the School had Restricted reserves of £2,615.411 (2023.. £2,943.133) and Endowment reserves of £807,120 (2023: £762,971). The Governors believe that the School is able to operate with low or negative free reserves and wish lo continue improving the facilities of th& School through 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 capital requirements and the impact on operating surpluses. The Governors are satisfied with the financial position of the School. This policy will be monitored by the School's Governors, Committee and reviewed annually. In parlicular the policy will be re-evaluated if additional free reserves become available. INVESTMENT POLICY The Truslee's investment 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 adequale income for the restricted and endowed funds whilst remaining low-risk investments. GRANT-MAKING POLICY Nole 8 to the financial statements shows the amount of scholarships and bursaries awarded from the unrestricted and restricted funds of the School. The Governors, policy is to award these on the basis of educational and related ability, 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 ability to the School, bursaries are aimed at broadening the School's intake by allowing access to those who would benefit from an Ipswich School education but would not othetwise be able to afford the fees. The School has in recent years increased the level of funding for the means-tested bursaries it offers. It is understood that the provision of means-tested awards contributes to public benefit provided by the School. STRUCTURE, GOVERNANCE AND MANAGEMENT THE GOVERNING INSTRUMENT The origins of Ipswich School go back perhaps as far as 1200 or even before. although the first firm evidence dates from 1399. The School has been known by a variety of names over the centuries: originally the Guild Merchant School, it has also existed as (amongst others) The Free School of Ipswich, The Cardinal's Collego of St Mary (Cardinal Wolsey's foundation). King Henry Vlll School, Queen Elizabeth's Grammar School and, since 1883, Ipswich School. Henry Vlll's re-founding of the school after the dissolution of Ihe Cardinal's College was confirmed by the granting of Letters Patent by Elizabeth l. REGULATIONS CONCERNING OPERATIONS The operallon of the Charily is regulaled by Ihe provisions of the Scheme of the Charily 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 further Scheme of the Charity Commission for England and Wales dated 5 September 2022, and by the Articles of Government made by resolution of the Governors passed at a meeting held in December 2014. CHARITY TRUSTEES Ipswlch School Is a Registered Charity and therefore a non-profit-making organisation. Durlng the 2021- 22 financial year the trustees of the School were the individuals referred to as the members of the Board of Governors, who collectively constituted "The Trustees of Ipswich School" (an incorporated body of charity Iruslees by order of the Charity Commission for England and Wales dated 30 March 1998). The Board of Governors 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, the Charity Commission for England and Wales appointed a new sole corporale trustee for the School (Ipswich School Corporate Trustee Limited, registered company number 14201265) in place of all previous charity trustees. The new sole corporate trustees has a board of directors (initially comprising substantially the same individuals who were previously charity trustees). For reasons of convention and consistency, we will continue lo use the same terminology as has been used historically, which means that we will refer to the new sole corporate trustee as the 'Governing Body. and to its directors as the 'Governors'. The Governors comprise unpaid volunteers whose responsibility it is to ensure that the school operates in accordance with charity law and its Scheme as laid down by the Charity Commission. The Governing Body selects and recruits new CO￿pted Governors on the basis of the mix of skills, knowledge, experience and diversity 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 serving and supporting the School and ensuring that its best interests are fostered. Governors are appointed for a three year term and can be re-elected for further terms. The Governing Body includes members from academic, business, medical and legal backgrounds, giving the School a wide range of experience and expertise upon which lo draw. Induction of new Governors consists of familiarisation with the School by introductory letter and visit and discussion wilh the Headmaster and Bursarlclerk to Ihe Governors and wilh the Chairman. Governors are provided with documentation relating to the Governing Body's constitution, the School's constitution, aims, policies. plans, procedures. educational and financial performance, Guidelines for Governors issued by the Association of Governing Bodies in Independent Schools and details of the responsibilities of charity trustees as provided by the Charity Commission. The system of on-going training for Governors continued in 2023-24 with Governors being offered both external courses and sessions on the morning of the main Board meelings. Governors are encouraged to indicate any areas about which they would like to know more or in which they would like to be brought up to date. ORGANISATIONAL MANAGEMENT The Governing Body meets three times a year towards the end of each term and at the end of each school year appoints a Governors, Commiltee to serve for the following twelve months. The Governors, Committee consists of the Chairman of Governors. Vice-chairman and a minimum of four olher Governors and meets at least seven times during Ihe year with the School's senior managers to consider matters relating to the conduct and management of the School and to make reports and recommendations to the Governing Body. The Governors, Committee is elected annually at Ihe last meeting of the Governing Body to serve for the following year. The Chairman is elected for a maximum period of three years. Further commillees may be appoinled from time lo time by the Governors to consider other mallers as deemed appropriale and a majorily of each commillee consists of members of the Governing Body. During 2023-2024 there were five such committees: an Academic Committee, a Property Strategy Committee, a Pensions Committee, an Audit & Risk committee and a Preparatory School Committee. The Governing Body determines the aims and overall conduct of the School. 11 sets and reviews the policies, plans and procedures that will ensure that the School offers the best possible education for present and future pupils. It 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 how they will be achieved. During the year the School's Strategic Plan was reviewed and updated. The Headmaster is responsible for the general welfare of the School and the implementation of Ihe policies agreed by the Governing Body. The Headmaster has power to select and appoint, suspend and dismiss staff and to 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 to the Diiector of Finance and Operations. The Governors, Committee 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 Governors, have been reviewed and systems have been established lo mitigate those risks, which include both internal (safeguarding, firelflood, GDPR) and external (Political influence. TPS, taxation, cyber). This is an on-going process and the Board reviews and updates the risk management process at least annually. 10 Key controls include". Formal agendas, including an annual review of risk management, for all Board and Committee activity; Detailed terms of reference for all Committees. Comprehensive strategic planning, budgeting and management accounting; An established organisational structure and lines of reporting. Clear authorisation and approval levels; Vetling procedures as required by law for the protection of children. Throughout its risk management processes, the Governing Body is satisfied that the major risks identlfied have been adequately miligated where necessary. The new Labour Government announced on 291h July 2024, to introduce VAT on Independent School fees from January 2025. This has had significant implicalions for independent schools across the country and Ipswich School is no exception. However, Ipswich School had been aware of this potential risk for some months and so undertook a number of actions including: The Board established a dedlcated working group involving the school executive and Governors with 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. Continue to work with our professional bodies, the Association of Governing Bodies of Independent Schools (AGBIS), Independent Schools Council (ISC), Independent Schools Bursars Association (ISBA) and the Independent Association of Prep Schools (IAPS) to continue to open the conversation and work with the Labour parly on this policy. Lobbied the local Labour MP surrounding the expected impact of this policy to Ipswich School and more widely. Invested in its boarding provision to enable further growlh In pupll numbers In thls area. The Impact of this policy was further exacerbated through the Labour Government's first budget on 30 October 2024 where it removed business rales relief for independent schools, increased the National Living Wage, and increased the cost to the employer of National Insurance. Whilst the Governing body has sought to mitigate the impact of these taxation changes as much as11 can, whilst recognising the need to maintain the high level of educational and pasloral excellenl Ipswich School is renowned for and therefore the inevitable impacl that these laxalion changes have on school fees lo our parental body and affordability aspect of privately education children. Therefore, the focus of the board has, and continues to be, to balance the level of fees charged whilst maintaining an excellent educational offering. Mindful of the impact the significant fees increases will have on the affordability of school places, the board closely monitors the level of demand for school places and bursary support applications acknowledging that pupil numbers is a key driver to ils success. A review of the School's Child Protection and Safeguarding Children Policy and procedures for safeguarding children was carried out and amendments made lo ensure compliance wilh the best practice recommendations from the Suffolk Safeguarding Children Board and ISI, including guidance for slaff. It was agreed that the policies and systems in place were satisfactory. RESPONSIBILITIES OF CHARITY TRUSTEES Law applicable to Charities in England and Wales requires charity trustees to prepare accounts for each financial year which give a true and fair view of the Charity's financial activilies and of its financial position at the end of the year. In preparing accounts giving a true and fair view, charity trustees should follow best practice and: - select suitable accounting policies and then apply them consistently; - • observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - 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 concern basis unless it is inappropriate to presume that the Charity will continue to operate. The Directors of Ipswich School Corporate Trustee Ltd who are all Governors of the school have overall responsibility for ensuring that the Charity and its trading subsidiary has appropriate systems and controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and for their proper application as required by charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that: The Charity is operating efficiently and effectively; - 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 of 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 **27th June 2025.** Ms Anna Hennell James Director/Governor 12 REFERENCE AND ADMINISTRATIVE DETAILS Corporate Trustee Ipswich School Corporate Trustee Limited Governors and responsibilities Mr H E Staunlon (Chairman) G (resigned 31st December 2024) Mr N C Farthing (Vice-chairman) G P N (appointed as Chair 1" January 2025) St Dr E Alimeta P (resigned 31 December 2024) Mr A Betton (appointed 6" December 2024) Mr G H Clarke MrWDCoeGPSN RevdDrGMWCookA Mr R Cooper PS Mrs J M Crame AD MrJSDaveyA AD Dr R E Gravell G Ms A E Hennell-James P (appointed as Vice Chair 181 January 2025) (S from 26th July 2024) Ih Mr E B Hyams G S N (resigned 25 July 2024) Mr S A Morris A (G from 7th June 2024) Mr C J Oxborough P Mr A C Seagers Mrs L Stephens Mr M J Taylor G AD (P from 14th May 2025) Dr T A H Wilkinson (appointed 81h December 2023) (A from 7th February 2025) Ms E Williams MrRPEWilsonG Ex-offlclo Governor The Lord Bishop of the Diocese of St Edmundsbury and Ipswich - The Rt Revd M A Seeley P (resigned 281h February 2025) The Rt Revd G Knowles (appointed 27th March 2025) Notes G indicates a Member of the Governors, Commiltee A Indicates a Member of the Academic Commitlee P indicates a Member of the Preparatory School Committee S indicates Governor responsible for Safeguarding PS indicates a Member of the Property Stiategy Committee N indicates a member of the Pensions Committee AD indicates a member of the Audit & Risk committee Hoadmaster: Mr N Weaver, MA (resigned 3181 August 2024), Head: Mr N Gregory, BA MEd (appointed 1st September 2024) Dlrector of Flnance and Operations: Mrs J Hunwicke, CGMA, ACMA Prlnclpal address: 25 Henley Road, Ipswich, IP13SG ADVISERS Bankers Lloyds Bank plc, 13 Cornhill, Ipswich, IP11 DG Solicitors Birketts LLP, Providence House, 141-145 Princes Street, Ipswich. IP11QJ Auditors Ensors Accountants LLP, Connexions, 159 Princes Street, Ipswich. IP11QJ Insurance Brokers th Gallaghers Ltd, 4 Floor, Brooke Lawrence House, 80 Civic Drive, Ipswich, Suffolk. IP12AN Nomlnee Shareholder of ISE Limited Current Shareholder: Ipswich School Corporate Trustee Ltd 13 Ipswich School Independent Auditor's Report to the Trustee of Ipswich School Opinion on financial statements We have audited the group financial statements of Ipswich School ('parent charity,) and its subsidiary (the 'group') for the year ended 31 August 2024 which comprise the consolidated statement of financial activities, the consolidated and parent charity balance sheets, the consolidated cash flow statement and notes to the financial Statements, including a summary of significant accounting policies. The financial repoi'ting framework that has been applied in their preparation 15 applicable law and United Kingdom Generally Accepted Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of che group and parent charity's affairs as at 31 August 2024, and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further desci'ibed in the Auditor's responsibilities for the audit of the financial Statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng 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 statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's oi. parent charity's ability 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 and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustee is responsible for the other information contained within the annual reporL Our opinion on the financial statements does not cover the other information and we do not express any form of 35surance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such macerial inconsistencies or apparent maierial misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misscatement of the other information. If. based on the work we have perfoi"med, we conclude that there is a material mi5Statement of this Other information; we are required to report that fact. 14 We have nothing to report in thi5 regard. Matters on which we are required to report by exception We have nothing to report in respect 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 financial statements is inconsistent in any material respect with the trustee's report; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records", or we have not received all the information and explanations we require for our audit. Responsibilities of the trustee As explained more fully in the trustee's responsibilities statement set out on page 17, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the trustee is responsible for assessing the group's and parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements 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 the financial statements as a whole are free from material misstatemen( whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The engagement partner has 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 3 risk of management override of systems and controls. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. In identifying and assessing the risks of material misstatement we have ensured we have: obtained sufficient and appropriate understanding of the systems and controls in operation; reviewed the legal and regulatory framework that the group operates within and enquired of management and those charged with governance for details of any issues during the year or since. considered the control environment and culture; 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. enquired of management whether there have been any alleged, suspected or actual instances of fraud during the year. 15 enquired of management and those charged with governance whether there has been any litigation or claims. reviewed minutes tsken at Governors. Committee meetings during the year. reviewed legal expense accounts for any indicators of litigation or claims. undertaken detailed tests, including addicional work on areas where we consider there to be a higher risk of fraud, which include5 revenue recognition and areas of potential management override. However, it is the primary responsibiliry 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 SLltements is located on the Financial Reporting Council's website ac: h s..IlvTh￿.frc.0r .uklauditorsres onsibilities. This description forms part of our auditor, report. Other matters Your attention is drawn to the fact that the group has prepared financlal statements in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance wich the Financial Reporting Standai"d applicable in the UK and Republic of Ireland (FRS 102) issued on l January 2019 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Praccice issued on l April 2005 whlch 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 Accouncing Practice. Use of our report This report is made solely Co the group's and parent charity's trustee, as a body, in accordance with Part of the Charities (Financial Statements and Reports) Regulatlons 2008. Our audit work has been undei"taken so that we might State to the group's and parent charity's trustee those matters we are required to state co them in an audiror's report and for no other purpose. To the fullesc 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 reporL or for the opinions we have formed. Ensors Accountants LLP, Statutory Auditor Connexions 159 Princes Street Ipswich Ipi ioj Date.. 30th.June 2025 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. 16 Ipswich School Consolidated Statement of Flnanclal Activltles For the year ended 31 August 2024 Unrestrlcted General Funds 2024 Total Funds 2023 Total Funds Restrlcted Endowment Fundg Funds Note Income and endowments from: Donallons and legacles Other tradlng actlvltles: Renlal and commercial income Trading income Investments 1,259 121,276 122,535 511,273 30.538 431.706 1,216 4,727 35,265 431,706 18,045 50.667 390,799 13,761 9.477 7,352 Ch8rltable Actlvltles: School lee income and assoclaled charges 24.936,167 24.936.167 23,606,679 Total Income 25.4￿.886 130.753 12.079 25,543,718 24,573,179 Expendlture on: Ralslng funds Trading expendllure Development office Flnanclng cosls Fee discounts and commlsslons 457.259 146.363 223,108 87,498 457,259 146,363 223,108 87,498 385.668 165,540 367,460 99,969 Charllable actlvltles Provislon of education Scholarshlps, remlsslons and bursarles 19,876.265 4,450.912 35,041 213,456 500 19,911,806 4,664,368 18,951,343 4,394,972 Other Share of endowmenl Income lo Northgate Foundallon 18,574 18,574 18,177 Total expendlture 25,241.405 248,497 19.074 25.508,976 24,383,129 Nel galnsl(lossesl on Inveslmenls 1.992 19.077 44.149 65.218 (6,0341 Net Incomel(exp8ndlture) 161,473 (98,6671 37,154 99,960 184,016 Transfers between funds 222.060 (229.055) 6.995 Net movement In funds 383.533 (327.722) 44,149 99,960 184.016 Funds balance brought forward al 1 September 2023 8.877.262 2.943,133 762.971 12.583.366 12,399,348 Funds balance carrfed forward al 31 August 2024 15.16 9,260,795 2,615.411 807,120 12.683,326 12.583,366 All the above movements relate to continuing activities. The notes on pages 22 to 39 form parl of these accounts. 17 ## **Ipswich School** ## **Consolidated and Charity Balance Sheets As at 31 August 2024** ||||**Group**|**Group**|**Charity**|**Charity**| |---|---|---|---|---|---|---| |||**Note**|**2024**|**2023**|**2024**|**2023**| ||||**£**|**£**|**£**|**£**| |**Fixed assets**||||||| |Tangible fixed assets||10|21,041,684|21,375,358|20,973,063|21,285,408| |Investments||11|765,013|699,796|765,015|699,798| ||||21,806,697|22,075,154|21,738,078|21,985,206| |**Current assets**||||||| |Debtors||12|530,498|880,783|776,466|1,327,444| |Cash at bank and in hand|||1,514,501|598,434|1,506,340|385,466| ||||2,044,999|1,479,217|2,282,806|1,712,910| |**Current liabilities**|**Current liabilities**|||||| |Creditors - amounts due within one year||13|(6,686,742)|(6,167,767)|(6,623,341)|(6,121,514)| |**Net current liabilities**|||(4,641,744)|(4,688,550)|(4,340,535)|(4,408,604)| |**Total assets less current liabilities**|**Total assets less current liabilities**||17,164,953|17,386,604|17,397,543|17,576,602| |Creditors - amounts due after one year||14|(4,481,629)|(4,803,238)|(4,481,629)|(4,803,238)| |**Net assets**|||12,683,326|12,583,366|12,915,916|12,773,364| |**Funds**||||||| |Restricted||15|2,615,411|2,943,133|2,615,411|2,943,133| |Endowment||15|807,120|762,971|807,120|762,971| |Unrestricted|General|16|9,250,755|8,868,185|9,483,345|9,058,183| ||Designated|16|10,040|9,077|10,040|9,077| ||||12,683,326|12,583,366|12,915,916|12,773,364| Approved by the Corporate Trustee and signed on its behalf on **27**[th ] **June 2025 .** Ms Anna Hennell James Director/Governor The notes on pages 22 to 39 form part of these accounts. 18 Ipswich School Consolidated Cash Flow Statement For the year ended 31 August 2024 Note 2024 2023 Nel cash provided by I (used Sn) operaling activities (a) 3.596,383 1,239,769 Cash flows used In Investing aclivilt8S (b) (701,475) (1.042,9301 Cash flow$ provlded by l (used In) financlng aclivllles (cl (282.468} (271,5821 Incr&as81 (dècrèasè) in nel fund8 (d) 2.612,440 (74.743) The noles on pago 20 10 21 form part of this Cash Flow Slalemenl. 19 Ipswich School Consolldated Cash Flow Statement For the year ended 31 August 2024 2D24 2023 a) Net cash provlded by l (used In) operatlng actlvities Nel lexpendilurel l income for the reporling period Depreciation Major projects wfillen off (Gainslllosses on inveslmenls Investment income (including inleresl) Interest payable Ilncfeasel I decrease in debtors Incfease l (decreasg) in credilois 99,960 780,451 49,635 165,2181 118,0451 223,108 350.286 2,176.206 184,016 709,120 103,623 6.034 {13,761) 367.460 55,420 (172,143) 3,596.383 1,239,769 b) Cash flow used in investlng activities Inveslmenl Income Intere51 paid Purchase of propety. plant and equipment 18,045 (223,108) 1496,412) 13,761 {367,4601 (689,2311 1701,4751 11,042,930) c) Cash flow provlded by l (used In) flnanclng actlvltles Repayments ol borrowing5 1282.4681 1271,582) 1282,468) 1271,582) d) Reconclllatlon of net cash flow to movement In net funds Increase I Idecreasel in cash in Ihe year Ilncreasel I decrease in overdraft Mov8m8nl in nel funds in the p8rKJd 916,067 1,696,373 2,612,440 245,763 320,506 (74,7431 Nel funds a11 Septémber 2023 11.097,9391 (1,023.196) Nel funds al 31 August 2024 1.514.501 11,097,939) e) Analysls of changes In net funds At1 September 2023 At31 August 2024 Cash Flows Cash al bank and in hand Overdraft 598.434 (1,696.373) 916,067 1,696.373 1,514,501 Nel Fund5 (1,097.939) 2,612,440 1,514,501 20 Ipswich School Consolldated Cash Flow Statement For the year ended 31 August 2024 f) Analysls of changes in net debt At1 September 2023 At31 August 2024 Cash Flows Cash al bank and In hand Overdraft 598,434 {1.696,373) 916,067 1.696,373 1,514,501 Nel Funds (1.097.939) 2.612,440 1,514,501 Loans falling due within one year Loans falling due after one year (275.3341 (4.036.991) (14,8381 297.306 (290,172) 13.739,6851 Debt (4,312,325) 282.468 14.029,857> Nel debt (5.410,264) 2,894,908 {2,515,356) 21 Ipswich School Notes to the Accounts For the year ended 31 August 2024 1. Accounting pollcles The financial slalements have been prepared In accordance with applicable accounting standards. in accordance with the Slalement of Recommended Praclice applicable lo charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. effective 1 January 2019 and in accordance wilh the Charities Act 2011. The Governors confirm Ihal the School is a public benefll enlity. Ba51s of accountlng The financlal slalemenls have been prepared on the historical cost basis, wilh the exception of inveslm&nls, whlch are slated al their curienl market value. The financlal sla18menls are prepaied in pounds sl&rling and rounded lo the near8sI whole pound. The financial slalemenls have been prepared lo glv& a 'lrue and fair, view and have departed from Ihg Charities (Accounls and Reports) Regulations 2008 only lo the exlent requirecl lo provide a 'lrue and fair, view. This departure has involved lollowing Accounting and Reporling by Charilies.. SlalemBnl ol Recommended Practice appllcablè lo charities preparing Iheir financial slalements in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 102) effective 1 January 2019. falher Ih8n the Accounting and Reporting by Charities- Slalemenl ol Recommended Praclice effeclive from 1 Apiil 2005 which has since been wilhdrawn. Golng concern The accounts have been prepared on a going concern basls noiwilhslanding the fact Ihal Ih&y show nel current Ilabililies of £4,641,744 lor the Group and £4,340,535 lor Ihe Charity. for Ihe following reasons. The Bo8rd of Governofs has reviewed lh8 cash flow forecasls lor lh& Group and Charily lor a period of al leasl 12 monlhs from Ihe dalo of the approval of these accounls. taking inlo account Ihe Group's boffowing facilities. Ihe nature ol the liabilities due and wider challenges such as the inlfoduclion of VAT on Indep8ndenl school fees and other recent laxalion changes Implemented by the new Labour Government. Whllsl acknowledgln9 the uncertaSnly Ihal exisls over pupll numbers the Governors consider Ihal tho measures laken lo address the challenges faced by Ihe Group, logelhef wilh the cufrenl borrowing facilili8s means that the Group will have sufficienl resources lo cover ils operating requifemenls for a period of al least 12 months from the dale of approval of these accounts. Accordingly, the Board believes11 Is appropriale lo prepare Ihese accounts on a going concern basss. Group accounts The financial slalem8n15 consolidate tha resulls of th8 charily and its whollyvowned subsidiary Ipswlch School Enterprises Limiled on a line-by-line basis. Ipswich School Foundalion is not consolidated in the gfOUP ac¢ounl$ as the activities ol Ipswich School Foundation are not controlled by Ipswich School. A separate Slalemenl ol Financial Aclivilies for the charity ilsell is not presented becaus8 the charily has taken advantage ol Ihe exemplions allorded by Charities SORP (FRS 102). Ipswich School's unconsolidaled surplus for Ihe year is £142.553 {2023: £195.923). Income All income is included in Ihe Slalemenl of Financial Aclivili8s whon Ihe charily's enlill8menl lo Ihe income is probablg and Ihe amount can be quantified wilh reasonable accufa¢y. Th8 following specific policies are applied lo parlicular cal&gories of income: Income from school fees and aSs￿la18d charges is slated gross of all scholarships, remissions and bursaries. This Is accounled for in Ihe school year lo which Ihe 109 relates. Donalions and legacie5 are accounted for on Ihe basis ol amounls receivable. Donalions for activities ieslricled by the wishes of the donor are taken lo reslricled funds where Ihese wishes are legally binding on the Governors. Investment income is included when Teceivable. Income from Ifading activities is accounled lor when e8Tned. Grar)Is in respect of capital projecls are crediled lo the reserve arising Ifom appeals and donations in the pefiod in which Ihey are receivable. Income Irom trips and events is recognised in the year in which the Irip or evenl look place. 22 Ipswich School Notes to the Accounts For the year ended 31 August 2024 1. Accounting policies (continued) Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. Expendilure includes any VAT whlch cannot be lully fecovered. and is reporled as part of the expondilure lo which it relates- Costs of raising funds comprise the costs associated with attracling voluntary income. the costs of Irading for fund raising purposes, fin8nclng cosls and fee discounls and commlssions. Charitabl8 expendilure comprises Ihoso costs incurred by the charity In thè delivery of ils aclivitl8s and services for ils beneficiaries. 11 includes both costs that can be allocated direclty lo such aclivilies and those costs of an indirect nature necessary to support them. Goveinance cosls Include Ihos& costs associaled wllh meellng tho conslilullonal and stalulory requirements of the charity and includ8 tha audit fees and cosls linked lo the slraleglc managemenl ol Ihe charily. All costs are allocated be￿een the expendilure categories of lh8 Slalement of Flnanclal Aclivilles on a basls deslgned lo roflecl thè use of resources. Employee b8neflts The costs of shorl-lerm employee bènèfits are recognlsed as a Ilablllty and an 6xp8nse. Tho cost of any unused holiday enlillemenl Is r8cognls8d In Ihe perfod in whlch the employ88'S S8rvlces are recelved. Termlnallon benefils are recognlsed immedialely as an expense when th6 School Is demonstrably commlll&d lo lerminale Ihe employment of an employee or lo provide lermlnalion benefits. Debtors Expendilure on operallng supplles for the next school year 15 treated as a paymenl In advance wllhln dgblors. Investments Listed investments are re-valued annually lo market value and Ihe adluslmenl shown as an unroallsed galn or loss in Ihe Slalemenl of Flnanclal Acliviliès. Income is included in respect of dividènds and Inler8sI on a receivable basls. Investment In Ihe subsldlary underlaking is valued al hlstorlcal cost. Tanglble flxed assets Any item (oi groups of Il&ms) and not n8cessarily on the same ord8r bul within Ihe same accounling pèriod wilh a value more than Ihe capilalisalion limll defined below that are considered lo have a life longer Ihan Ihe financlal year In which they were purchased and are an upgrade or Improvemonl ar6 classed as a tangible fixed asset. £10,000 for bullding improvemenls and other premlses related projects £2,000 for all olhor assets Iplanl and machinery. fumllure and equipm8nl, computer equlpm8nl, motor vehlcles. softsvare) Assels held hlslorically are not capllalised or depreclaled as no reliable value can be allribuled. Only Items aCqUi￿d slnce 1 Soplombèr 1993 are includ8d in cosl and accumulated depreclalion. Flnance leases and hlre purchases are capllallsed and operating leases are not capllallsed In-llne wilh FRS102. DBpreclalion Is recognlsed on a slralghl Ilne basls lo wrll& off the c051 less esllmaled resldual valuo of each asset over ils expected usglul lifo and starts from the monlh of purchase as follows- Freehold Land Freehold Pfoperty Leasehold Property Fixlures, Fillings & Equipment Plant and machinery Furniture and equipment Computer equipment Motor vehlcles Soflware Assets under construction Not depreciated 10-50 years Lower of the lease term and 50 y&ars 5 years 4- 20 years 3-5years 4 years 5 years Not depreciated until brought into use 23 Ipswich School Notes to the Accounts For the year ended 31 August 2024 1. Accounting pollcles (contlnued) Impalrment of flxed asse13 Al each reporting period end dale, the School reviews the carrying amounls of ils langible assets lo determine whether Ihere is any indication that Ihose assets havg suflered an impairment kjss. If any such indication exists. Ihe recoverable amount of Ihe asset is eslimaled in order lo deteimine the exlenl of the impairment loss lif any). Where il 15 not possible lo estimate Ihe recoveiable amount of any individual asset th8 School &slimales the recoverable amount of the Cash￿enerating unil lo which Ihe asset belongs. Leases Leases are classified as finance 188ses wh&never thè terms of Ihe 188se Ir8nsl8r subslantially all the risks and reward5 01 ownership lo the lessee. All olher leases are classifiod as operatin9 leases. Assels held under finance leases are recognised as assets al the lower of lh& assets fair valu& al Ihe dale or inception and Ihe present value of the minimum loase payments. The rel818d liability is included in Ihg balance sheet as a finance lease obligation. Lease paymenls are Irealed as consisting ol capilal and inlefesl elemenls. The interest Is charg8d lo Ihe Slalem&nl of Financial Aclivilies so as lo produce a constant periodic ral8 of in18resl on the remaining balanc& of Ihe Ilabllity. Rentals payable under operating leases. Including any incenlives received. are chafged lo tho Slalem8nl ol Flnanclal Activities on 8 slr8lghl-lin6 basis over the lease lefm. Cash at bank and In hand Cash al bank and In hand are basic financial assels and Include cash in hand. deposlls held al call wllh banks, other shorl-lerm liquid inveslmenls with oiiginal malurilies of Ihree monihs or185S. Unrestrlctèd funds The charlly malnlaln5 a general unreslrlcled fund whlch represents funds whlch aro expendable al the dlscrellon of th& Iruslees in lurlherance ol Ihe objects of Ihe charity. Such lunds may be held in order to finance bolh working capital and capllal Inveslmenl. Deslgnated funds Deslgnaled funds are unreslrlcled lunds which h8v& been earmarked by the charily (or particular purposes. Restrlcled funds Reslricled funds have been Pfovided lo Ihe charity lor particular Pufposes. and il is Ihe policy ol the boald ol Governors lo carelully monilor the appli¢ats'on of Ihosg funds in accordance wilh thè resliiclions placed upon Ihem. Delai15 of Ihe nature and purpose of each fund Is sel out in Note 1 S. Panslon Commltments The Charity conlribules lo the Teachers. Pension D8fined Benefits Scheme al rates sel by th& Scheme Aclu8ry and advised by the S¢heme Adminislfalor for its leaching slaff. In addition, the School conlfibules lo a pension scheme for ils support siaff under The Pensions Trust sch8me. Bolh schemes are mulli-employer pension schemes and il is not Practicable io identify the assels and liabilities of the schemes which are allfibulable lo Ihe School. In accordance wilh FRS 102, Ihe schemes are accounted for as defined conlribulion schemes. The Charity has recognised ils liability in respecl ol Ihe deficit funding plan on the support slaws delined benefit pension sch8mg, as required under FRS 102. Joint Endowment A Scheme made on 29 November 1881 arranged for the joinl adminislralion of Ihe endowmenls and foundations of Queen Elizabelh's Grammar School Ilpswich School), Chrisl's Hospital School and a number of charilie5. Under the Schem& Christ's Hospiial School was lo close and iwo new schools established. Ipswich Midd18 School lor Boys and Ipswich Middle School lor Girls. An Order of the Board of Education in 1906 allefed Ihe provisions ol Ihe 1881 Scheme for the admlnislralion of Ihg Foundation lo be known as Ipswich School, with a furlher Scheme being set up lo adminisler Ihe Middle Schools under Ihe name of the Ipswich Municipal Secondary Schools. The Governors of the Foundation were required lo pay one-third of the residuary net income ffom the endowment to be used for the purposes of the Municipal Second8ry Schools. The Norlhgale Foundation was established in 1960 and became the recipienl ol the one-third residuary nel income from the endowmenl, which continues to be paid under Ihe Scheme of 14 November 1991. 24 Ipswich School Notes to the Accounts For the year ended 31 August 2024 1. Accounting policies (contlnued) Flnanclal Instruments The group has elected lo apply Ihe provislons of Se¢llon 11 'BasEc Flnanclal Instruments. and Sgclion 12 '01her Financlal Inslrumenls Issues, of FRS 102 to all of ils financial inslrumenls. Flnanclal inslruments are recognised in Ihe Balance Sheet when the group becomes parly to the conlfaclu81 provlslons of the inslrumenl. Flnanclal assets and liabililies are offset, wilh Ihè nel amounls presenled in tho financial slal8menl$. when there Is 8 legally enforceable right lo sel off the recognised amounts and there Is an intention lo 581118 on a net basls or lo realise Ihe asset and sellle the liability simultaneously. Baslc Flnanclal Assets Basic financial assets. whlch Include debtors and cash and bank balances, are inllialty measured at Iransacllon prlce IncludSng Ifansacllon costs and are subsequenlly carried al amorlised Cosl using Ihe effective interest melhod, unless the ariangemenl constitutes a Ilnancing Iransaclion. where the Ifansacllon is measured al Ihe present value of the future receipts discounted al a m8rkel ia16 of interest. Financial assets cksslfied as r6ceivabl8 within one year are not amortised. CIRsslllcatlon ol Flnan¢lal Llabllltles Flnanclal liabilities and equity inslrumenls are classifiod according lo Ihe subslance ol Ihe conlraclual arrangements enlered inlo. An 8quily Inslrumenlls any conlracl that evldonc8s a residual Interest in th& assels of th& chaTity after deducling all of Ils liabS1ilies. Baslc Flnanclal Llablllfles 88sic financi81 liabilities, includlng creditors. b8nk108ns and loans from fellow 9roup undoTtaklngs that are classified as debt, are inilially reoorded al Ir8nsaclion price unless Ihe arrang8menl conslilules a financlng Iran5aclion, wher& thè debt inslrumenl is measured al th& prosenl value of lh8 future payments discounted al a markèl ralè of Inl8r851. Flnanclal liabilities classified as payable wilhin one year are not amorlised. Debt Instruments are subsequently carrled at amortised cosl. u$lng the effecllve Inleresl ral& method. Trad& credSlors are obllgalions lo pay for goods or seNices Ihal hav& beon acquired In the ordinary course of buslness Irom supplSers. Amounts payable are classilied as cuffenl118bililies if payment is due within one year or less.11 not. they are presented as non•CUfrenl liabilities. Trad8 creditors are inilially recognSsed 81 Iransacllon price and subsequenlly measured al amorllsed cost uslng Ihe effecllve interest method. 2. Judgements and key sources of estlmatlon uncertalnty In the appllcallon ol the group's accounting policies. Ihe Governors are required lo make judgements. esllmales and assumptions about the carrying amount of assets and liabilities that aro not readily apparent from other sources. The eslimales and associated as5umplion5 are based on hislori¢al experience and other faclois that afe considered lo be relevant. Aclual resulls may dllfer from these eslimales. The eslimales and underlying assumpllons ara rovlew6d on an ongoing basls. Revlslons lo accounting esllmalos arè recognised in the p81iod in which th8 eslimala Is rovised where the revision affects only Ihal perlod, or In th& period of the revision and future periods where the fevislon affects bolh curient and future periods. Depre¢latlon Doprgcialion is calculated lo reflect the consumplion in value of the a5sols by Ihg School. In choosing the appropriate policy, th& usèful economic lil8 and residual values are eslimaled, addilionalty, where the asset consists of both land and buitding elements, Ihe eslimaled land value is separated and is not depreclaled. The eslirnales and a55umplions used in calculating the approprialo depreciation rate are based on management's judgement. The depreciation charge in the accounls is £780.451 for the year. 25 Ipswich School Notes to the Accounts For the year ended 31 August 2024 3. Subsidiary: Ipswich School Enterprlses Limited The figures shown in the consolida18d Slalement ol Financial Aclivilies and Group Balance Sheel Include Ihose of the School's subsidiary. Ipswich School Enlerprises Limiled (Company number.. 0404B840). The company's registered oifice is.. Ipswich School. 25 Henl&y Road, Ipswich, Suffolk. IP13SG. The Charity owns the whole ol Ihe ordinary share capilal, consisting of 2 Ordinary shares of £1 each, of Ipswich School Enterprises Limited, which lets the School's sports and other facilities lo Ihe general public. Th8 intention is for the subsidiary lo donate ils taxable profits lo the Charity each yeai by way of a deed of covenant if il has sufficient reserves lo enable il lo do so. The results foi the year and posilion al the balance sh881 dale are summarised a5 lollow5: 2024 2023 Tradlng Incom& 431.706 390,895 Total Resources Expended 474,299 398.726 Nel Mov8m8nl in Funds (42.593) 17,831) Total Funds broughl lO￿ard Total Funds carried forward 189.996 232.589 182,165 189,996 Total Assets Total Liabilities 115,310 347.899 (232,5891 342,835 532,831 1189,996) Unreslrlcled Funds 1232.5891 1232,5891 {189,996) 1189,9961 Expenditure includes £17.04012023.' £17,040) of manag8rnenl fees chargad ffom the Sch¢)ol which has been elimlnaled on consolidation. Al the year*nd Ipswich School was due £284.496 (2023.. £486.579) from Ipswich School Enterprises Llmiled. 2024 2023 4. Donations and legacles Donations Legacies 122,535 346,779 164,494 122.535 511.273 2024 2023 5. Investments Inleresl on cash deposits Income from listed inveslmenls 2.753 15.292 305 13,456 18,045 13.761 26 Ipswich School Notes to the Accounts For the year ended 31 August 2024 6. Expendlture 2024 2023 Charltable expendltur8 Includes: Auditors femuneralion.. For audit s8rvl¢es For other servlces 31,665 40.875 25,560 17,495 Ren181s paid under operating leases 68.360 61,619 Total staff costs comprlse: Wages and salaries Social security cosls Pension cosls 10,487,619 926,589 1,816,122 10,221,502 896,600 1,622,586 13,230.330 12.740.688 The average number of 8mploy888 durlng the year was:. 2024 2023 No. Tèachlng and Assoclaled S18ff Bulldlng & Grounds Malnlenanc8 Admlni$lralive Technicians & Matrons 254 90 62 16 256 89 61 17 422 423 Dufing the year Ihg School pald £7,028 (2023: £nll> In redundancy paym&nts. The number of employees who earned £60,000 p.a. (excludlng penslon conlribulions) or more during the year was as follows- £60,00110 £70,000 £70,00110 £80,000 £80,00110 £90,000 £90,00110 £100,000 £180,00110 £190,000 No. Conlfibulions were mad& lo the Teachers. Penslon Scheme and a defined conlribulion schem8 operated by The Pènsions Trust, which are mulli-employer schomes. In respecl of all lh8 hlghor paid &mployees above these amounted lo £266.312 (2023: £188.241). Membeis of tho Board of Governors do not receiva any r8mun8ralion for their serylces. There Is Insurance cover for the Governors agalnst Ilablllty arislng from Ihelr office. The premlum pald Is Included wllhln the premium for public liability cover. 27 Ipswich School Notes to the Accounts For the year ended 31 August 2024 7. Expandlture stari costs Other cost$ OepreGIa- tlon Total 2024 Total 2023 Ralslng funds: Flnance costs Developmenl office Fee discounts Subsldiary IradSng costs 223.108 49.256 87.498 361.736 721.598 223,108 146,363 87.498 457,259 914.228 367.460 165,540 99,969 385,668 1.018.637 97,107 74,194 171.301 21,329 21,329 Provlslon of educatlon Teaching Wellar8 Premises Trips and evenls Support cosls Governance cos1$ 9.860,446 705.347 767.770 1.091,891 863,291 1.733.973 700.281 1.470.423 231,030 6,090.889 59,884 98.017 584.634 11,012,221 1,666,655 3.086.377 700,281 3.171.492 274,780 19,911,806 10.597.246 1,538,028 2,942,916 562,090 3,072,982 238,081 18,951,343 1.681.716 43.750 13.059.029 19.354 761.889 Scholarshlps, remlsslons and bur8arl88 4.664.368 4.664,368 4,394,972 Share of endowment Incomg 18.574 18.574 18,177 Total for Ihe group 13.230.330 11,495.429 783,218 25,508,976 24,383.129 2024 2023 8. Scholarships, remisslons and bursaries Buisaries and remissions Scholarships 2.385,517 2.278,851 2,076,412 2,318,560 4,664,368 4,394,972 The abovo educalion81 benelils were made to 550 individuals12023: 625). 9. Governance costs 2024 2023 Legal and professional lees Staff cosls 231,030 43,750 194.331 43.750 274,780 238,081 28 Ipswich School Notes to the Accounts For the year ended 31 August 2024 10. Tanglble flxed assets Flxtures, Flttlngs & Equipment Freehold Land Leasehold Freehold Property Buildings GROUP Total Cost At 1 September 2023 Additions Transfer Disposals 120.000 2.173.702 25.832,700 415,754 (206.147} 151.182} 2,918.375 80,658 206,147 (220,4191 31,044,777 4g6,412 1271.6011 At 31 Augusl 2024 120.000 2,173.702 25,991.126 2.984.761 31,269.589 Accumulated depreclatlon Al 1 Seplember 2023 Charge lor the ye8r Olsposals 377,580 43,474 7.355,459 535,141 (1,545) 1,936,290 201.836 {220.328) 9.669,329 780,451 1221,872) Al 31 August 2024 421,054 7.889.055 1.917,798 10.227,906 Net Book Value At 31 August 2024 120.000 1.752.648 18,102,071 1.066,964 21.041,684 At 31 August 2023 120.000 1,796.122 18,477.241 982,085 21,375.358 Included within thè above ligurès arè major projects in Ihe course of conslfuclion with a cost and n81 book valug of £101,945 (2023: £75.7521. These assets afe nol depreclaled unlll they 8r6 compl818d. Transfeis behveen freehold buildlngs and fixlur8s. fillings and equipment relat& lo major prolecls compl816d durlng th6 year, whlch were felt beller recognised as fixtures, fillings and equipment. Flxture8, Flttlngs & Equlpment Freehold Land Leasehold Freehold Properly Bulldlngs CHARITY Total Cost Al 1 September 2023 Addillons Transfer Disposals 120.000 2.173.702 25.738.255 415.754 (206,147) (51.182) 2.753,395 80,658 206,147 (220,419> 30,785,352 496,412 (271.601) Al 31 Augusl 2024 120.000 2.173.702 25.896.680 2,819,781 31,010.163 Accumulated depreclatlon Al 1 S8pl8mb8r 2023 Charge for the year Dlsposals 377,580 43,474 7.308.116 525.895 (1.545) 1,814,247 189.753 {220.419) 9.499,943 759,122 {221,964) Al 31 August 2024 421,054 7.832.466 1.783.581 10.037,101 Net Book Value Al 31 August 2024 120.000 1.752.648 18.064,214 1.036,200 20,973.063 At 31 August 2023 120.000 1.796.122 18,430,139 939,148 21,285,408 Included wilhin the abovg figures are major projects in the course of construction wilh a cost and net book value of £101,945 (2023: £75.7521. These assets are not deprecialed unlil Ih&y are completed. Transfers between freehold buildings and fixtures, fittings and equipmenl relate lo major projects compleled during the year, which were felt beller recognised as fixtures. fillings and equipment. 29 Ipswich School Notes to the Accounts For the year ended 31 August 2024 11. Flxed asset Investments - Group 2024 2023 Quoted Investmenls Market value al 1 S8Ptember 2023 N81 unrealised investment gainl(loss) 699,796 65,217 705,828 (6,032) Market value at 31 August 2024 765.013 699,796 Cost al 31 August 2024 27.188 27.188 Quoted Investments compris8: a) Holdings of more Ihan 5% of lolal inv8slmenls- C.O.l.F. Incorne and a￿UmulaI10n unils b) Others inv8sled in UK 764,840 173 699,684 112 765,013 699.796 Flxed asset Investments - Charlty As above plus Ihe Inv8slm8nl In Ihe trading sub51dlary.' Cosl al 1 September 2023 and 31 August 2024 Details ol th8 Charity's trading subsidiary are glven in Note 3. Historical cost of investments Scholarshlps and Bursarl&s Fund Furlher Educalion Fund Prize Fund Endowment Unreslri¢led 5.222 3.948 2,306 14.441 1.271 27,188 12. Debtors Group 2024 Charlty 2024 2023 2023 Fees and recoverable disbursements Prepayments and other debloTS Trade debtors Amounls due fiom group undertakings 169,899 340,426 20,173 222.199 642,318 16,266 169,899 322,071 222.199 618.666 284.496 486.579 $30,498 880.783 776,466 1.327,444 30 Ipswich School Notes to the Accounts For the year ended 31 August 2024 13. Creditors: amounts falling due wlthin one year Group Charlty 2024 2023 2024 2023 Trade creditors Other credilors Pension deficit credilof Accfuals and deferred incomg Bank loans and overdfafts Fees received in advancè 182.193 699,307 82,790 500,251 290,172 4.932,028 390.004 624.750 80.379 554,244 1.971,707 2,546,684 178.330 667.058 82.790 472.963 290.172 4,932,028 372,639 621,147 80.379 528,958 1,971,707 2.546.684 6.686.742 6.167.767 6,623.341 6,121,514 Deferred Incomè relates lo deposlls towards sch(KJl Irips 8nd lolaled £82,252 al the year end12023: £174,388, whlch was 1818ased in th& year). 14. Credltors: amounts du8 after more than one year Group Charlty 2024 2023 2024 2023 (a) Bank loans: Behveen one and iwo yèars Between Iwo and livè years In fiv6 yoars or more 391.209 785.727 2.562.750 385.016 8B3.062 2,768.913 391,209 785,727 2.562.750 385,016 883,062 2,768,913 3,739,686 4.036.991 3.739.686 4,036.991 Fees recelved In advancg (se8 14b): Behveen one and Iwo years Behveen iwo and five years In fiv6 years or more 36.305 93.953 104.255 36.559 100.235 104,110 36,305 93.953 104.255 36,559 100,235 104,110 234,513 240,904 234,513 240,904 Penslon deflclt credltor: Behveen one and iwo years Behveen hvo and live years In flve years or more 77.820 298.988 130,622 82.790 263.573 178.980 77.820 2g8.gBB 130,622 82,790 263,573 178,980 507,430 525.343 507,430 525,343 4.481.629 4.803.238 4.481.629 4,803,238 The School has an agreed overdraft facility of £2.750.OQO. which was renewed in 2024. The School has tsvo fixed bank loans, one variable rale bank knan and Ihree mortgages. The first fixed rale loan 18 ￿paYable by lermly inslalmenls over a 20 year period commencing from January 2007 and bears inleresl al a fixed rale of 6.5Yo. The second fixed rate loan was laken out in 2020 and was Inlerosl only unlil March 2021 and boars interest al a fixed rale of 3.18°/0. 31 Ipswich School Notes to the Accounts For the year ended 31 August 2024 14. Creditors: amounts due after more than one year (continued) The variable loan is repayable by lermty instalmenls over a 20 year pefiod comm8ncing May 2007 and bears inl818sI al 1.150/0 over bas&. The two older mortgages are ropayab18 by lermly insialments over a 20 year period commencing July 2015 and bear Inter851 al 3.96%. The morlgages are secured on the undertying propertle5. The n8wer morlgage was on a Iwo year interest only period, now il is repayable over a 20 year period commencing December 2018 and bears inleresl al 3.420/0. This mortgage is secuied on the underlying property and lh& Ireehold land and bulldings al both 161 Valley Road and Westwood House. In addilion, Ih8se boTrowings ar8 secured by a firsl legal charge ov8r assets known as Negalive Pladge and 23 Henley Road. Ib) Fees recelved In advance: Balance at 1 Seplember 2023 New deposils Amounts ulilised in paym8nl ol lees lo the School Amounts refunded 2,787,588 4,269,371 11,729,571) 1160,8471 Balance al 31 Augusl 2024 5.166,541 Oue wllhSn one year: Due after one year: 4,932,028 234,513 5.166.541 15. Restrlcted and Endowment funds Scholarshlps Furthèr & Bursarles Educatlon Fund Fund Prlze Appoal Fund Funds Other Funds Total Endowment As a1110912022 919,392 251,746 70.794 1,124,884 196,739 2,563.555 764,586 Nel income I lexpendilure) 22123 Transfers 393.974 912 397 {15.7041 379,578 IB,6021 6,987 As al 3110812023 1.313,366 252,658 71,191 1,109,180 196.739 2,943,133 762.971 Nel income I lexpendilurel 23123 Transfers 177,789) 9.374 3,899 (29.448) 14,704)) (98.6671 37,154 188.630) (750) (2.670) 158,093) (78,912) (229,0551 6,995 As at 3110812024 1.146,947 261.282 72,420 1.021.639 113,123 2,615,411 807.120 During the year. transfers lolalling £229.055 weie made beiween unre51ricled lunds and (eslricled lunds to io-albcale historic reslricled expendilure which had been allocated lo unreslricled funds. A Iransfer of £6.995 has also been mad& belween from unreslricled funds lo the endowment fund lo cover Ihe nel expenditure foT the year in the endowmenl fund. By an Order sealed by the Charily Commissioners on 25 October 1994. the individual prize lunds prèviously donated lo the School were consolidated into Ihree funds lo be known as.. Ipswich School Scholarshlps and Bursarles Fund To piovide scholarships and bursaries lo pupils attending or entering Ihe School. 32 Ipswich School Notes to the Accounts For the year ended 31 August 2024 15. Restricted and Endowment funds (continued) Ipswlch School Further Educatlon Fund To award loaving exhibilions lo pupils leaving the School in Ihat year. Ipswlch School Prlze Fund To award prizes or other suiiable awards or marks of dlsllnclion lo any worthy pupll of th8 School menlioned In réporis lo the Trustees. The Govefnors ol Ihe School for Ihe lime being are the Trustees of Ihe Funds and may. sublecl lo th6 conditions sel out Sn the Ord8r, make such awards. as they consider suitablo. Appeal Funds Appeal Funds relate lo donations glven lo the School Sn r8SP8Ct of Bullding prolecls. other Fund8 This r8presenls donations made to lh8 school for speclllc prolecis and includa$ the varlous funds transferred from Ipswich School Foundallon. Endowment This represenls the lunds held under th8 Joint endowment scheme daled 29 November 1881 and last updated on 14 November 1991. The named funds from whlch th8 81)ove were consolldaled are as follows: Scholarshlp and Bursarles Fund The Rainer Fund The Sir W P Burton Fund The E W Porter 8ursary Fund The Rowlèy Ellislon Fund The 8arllelt Scholarshlp Fund The Afmslfong Scholarshlp Fund The Stephen Salmon Fund Further Educatlon Fund Th& Albert M8mori81 Exhibition Th8 Sl Edmund5 School Fund Th8 Pemberlon Exhlbillon Th8 Rigaud Exhiblllon Prlze Fund The B8rtlell Pfizo The D H Bourne Prize The E S Bfoadway Slxlh Fomi Sclence Prize The J C Cobbold Prlze Thg Farebrolher Prize Th& Joah Hunl Prize The Holden Prize The R J Howlell Prlze The Kellle Prize for Junlor Geography The Stephen Abboll Nolcutt Memorial Prlze Thè Paterson Prize The Crewe Pfize The Ras8i8h Prize The Geofffey Barnard Prize The Charles Steward Prize The Tanqueray Geography Prize The Raymond Trehearne Prize The Mrs E D Young Prize The Sir Thomas While Prize The Cafoline Barnes Prize The Breene Reading Prize The E B Cowell Prize The Viscounl Falmoulh Memorial Prizè The Grice Malhematical Prizes Thg Hannah Maria Hunt Prize The W C Hayward Prize The Josselyn Scripiure Prizo The Maule Prlze The Palmer Prlze The Lee Prize The Hamblin Prize The Scammoll Prizè The Sewell Prize The Sullivan Prize for French The Thting Prize for the Handicapped The Wilson Prize The Swinyard Prize The Millinglon Pfize 33 Ipswich School Notes to the Accounts For the year ended 31 August 2024 16. Unrestrlcted funds Unrestrlcted Deslgnated Total As at 110912022 9.071.207 9,071,207 Nel mov6menl 22123 {203.024) 9.077 1193,946) As at 3110812023 8.868,185 9,077 8.877,262 Nel movement 23124 382,570 963 383,533 As at 3110812024 9.250.755 10.040 9,260,795 Deslgnated fund Th& de5ignaled fund (elales lo unreslricled collecllons by the School. which hav8 been designaled lor specific purposes includSng the Prep 88zaar. musScal inslrumenl hire. homework club and the luckshop. 34 Ipswich School Notes to the Accounts For the year ended 31 August 2024 17. Analysls of net assets between funds Tangible Flxed Assets Current Long Assetsl Term Inveslments (Llabllltles) Liabilities Total As at 31 August 2024 Restrlcted Funds Scholarships and Bursaries Fund Furth8r Education Fund Prize Fund App881 Funds Other Funds 114.848 90,192 47.348 1.032,099 171.090 25.072 19,754 113.123 1.146.947 261,282 72,420 1.021,639 113,123 1.001.885 1.001,885 252.388 1.361.138 2,615,411 Endowment 120,000 493,330 193.790 807.120 1.121,885 745,718 1,555,818 3,423,421 Unrastrlctod fund8 19.919.799 19.295 (6,196,6TO) (4,481.6291 9.260,795 21.041.684 765.013 (4,641.741) (4,481,629) 12.683,326 As at 31 August 2023 R8strlcted Funds Scholarshlp5 and Bursarlès Fund Furlher Educallon Fund PrSze Fund Appe81 Funds Other Funds 106,167 83.374 43.769 1,207.199 169,284 27,422 95.681 196,739 1,313,366 252,658 71,191 1.109,180 196,739 1.013.499 1,013,499 233.310 1,696.324 2.943.133 Endowmènt 120,000 449,180 193,791 762,971 1.133.499 682,490 1.890,115 3.706,104 Unr8strlcted fund8 20.241.859 17.306 (6,578.6651 (4.803,238) 8.877,262 21,375,358 699.796 (4,688,550) 14.803,238) 12.583.366 35 Ipswich School Notes to the Accounts For the year ended 31 August 2024 18. Penslons (al Teachers, Penslon Scheme The School participales in the Teachers. Pension Scheme {"Ihe TPS'I for ils leaching slalf. The pension charge for the year includes conlribtslions payable to the TPS of £1,487.01412023: £1,371.7771 and at th8 year end £167,898 12023: £146,726) was accrued in respect of conlribulions lo this scheme. The TPS is an unlunded, dofined benefit penslon scheme. governed by Ihe Teachers, PensK)n Scheme Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members conlfibule on "pay as you go. basis with conlribulions from members and Ihe employer being credi18d to the Exchequer. Retirement and olhei pension benefils are paid by public funds Provided by Parliament. The employor conlribullon rale Ss sel by the Secretary of Slate following scheme valuallons undertaken by the Governmenl Actuary's Departmenl. The most recent actuarial valuation of the TPS was prepared as a131 March 2020 and Ihe Valualion Report was published in October 2023. Following tho Mccloud judgement. the remedy proposed that when benefils become payablg, eligible memb&rs can select Io feceive them from eilher Ihe reformed or legacy schemes for Ihe perlod 1 Aprll 2015 10 31 March 2022. The actuaries have assumed Ihal members are likely lo choose the option Ihal providgs Ih8m with the greater benefits, and in preparir¢g lh& 2020 valuation have valued Ihe 'gfealer value, benefits for group5 of r8levanl members. The valuation confirmed that the employer conlribution rale for the TPS would increase from 23.69/0 lo 28.60/) from 1 April 2024. Employers are also required to pay a schem8 adminislralion lavy of 0.08% glving a lolal employer onlribulion rale of 28.68 /•. On 31 August 2024 Ihe School exlled Ihe TPS and Joined a dofined conlribulion scheme Pfovided by Royal London. (b) Support Staff Pènslon Scheme- The Penslons Trust A defin8d ben8fil $ch8m& Is opèialed by The Pensions Trusl {TPT) as lh8 Independent Schools, P8nsion Scheme, which Is a mulli-employer schem&. The Scheme is conlfacled oul of Ihe Slate scheme. The Tfuslee commissions an aclu8rial valualion ol Iha Scheme every three years In older lo delermine Ihe level of future conlrlbulion8 required so Ihal the Scheme can meel ils pension obligalions 8$ they lall due. In 2009 Ihe School look the declsion lo freeze the Scheme so that no new members could loln and contributions lor existing slaff members were slopped. Existing slalf were moved lo Ihe TPT defined conlfibulion scheme. Th& School parliclpates In Ihe mulli-employer scheme which provldes benelils lo some 66 non-associaled employers. The scheme is a defined benelil scheme in the UK. 11 is not possible for Ihe School lo oblain sufiicienl inlormalion lo enable il lo account for the scheme as a defined benefit scheme. Iherefore, Ihe School accounts for Ihe scheme as a dofined conlrlbullon scheme. The schemo is subject lo lh& funding legislallon outlined in the Pensions Act 2004 which came into force on 30 December 2005. Thls. together with documen15 Issued by Ihe Pensions Regulalor and Technlcal Acluarlal Standards issued by the Financial Reporting Council. sel oul Ihe framework lor lunding defined benefit occupational schemes in the UK. The schem8 Is classified as a 'lasl-man standing arrangement.. Thefefore thè School is potentially liable foi olher parlicipaling employers, obligalions if Ihose employers are unable lo meet their share of the scheme delicil following withdrawal from the scheme. Parlicip81ing employefs are legally required to meel Ihelr share of the scheme delicil on an annuity purchase basis on withdrawal from Ihe scheme. 36 Ipswich School Notes to the Accounts For the year ended 31 August 2024 18. Pensions (continued) (b) Support Staff Penslon Scheme- The Penslons Trust (contlnued) A full acluarial valuation for Ihe scheme wa5 carried out wilh an effective dal8 al 30 September 2020. This acluarial valuallon was certified on 22 December 2021 and showed ass&ls of £201.1m, liabililies of £256.3m and a delicil of £55.2m. To elimlnale Ihls funding shorlfall, the Iwslees and the partlclpaling employers have agreed Ihal addSllonal conlfibullons will be paid. in combination from 211 employers Ihis amounts lo £2,687,000 per annum, payable monthly. The School deficit is £590k as al 31 Augusl 2024 whiGh is being recovered al £80k per annum, increasing al per annum. Thè recov&ry plan conlfibullons are allocated to each partlcipallng employer In Ilne wilh Ihelr esllmaled shar& of tho schomo Ilabllllles. Total conlrlbullons In respect of the support staff scheme for the year amounted io £321,844 (2023.. £250,809). 19. Related party transactlons The School has laken advantag8 of the èxempiions grant8d In FRS 102 lor nol dlscloslng separal8ly the Iransaclions with ils 1009/0 owned subsidiary Ipswich School Enlerprises Llmlled. Furiher anatysls of thls Inveslmonl and the transacllons between Ihe partles are shown In note 3 and nole 11. Durlng Ihe year the School ullllsed the seNices of Blrkells. lts18gal advlsots. In whlch Governor Mr A Seagers Is a Parlner. Mr N Farthing Is 81so employed by 8irketts. Fees paid lo Birketts during tho yaar lolalled £84,607 (2023.. £37,477), wlth £78012023: £8451 oulslandlng al Ihg year end. Durlng the year the School conllnued lo engage the servlces of W D Coe Llmlled 85 the sludenl oulflller, a company of which Governor, Mr W Coe Is direclor and shareholder. In addition. the School made purchases from W D Coè Llmilèd of £20.74812023: £927) in Ihe year, with £nil12023: £598> outslanding at th8 year end. Governors mad8 donations lolalling £5,735 durin9 Iho yoar {2023.' £nil). Where a Governor has a chlld allendSng the school the full feè rates are pald. sublecl lo any scholarshlps and bursaries which are awarded on the same basis as Ihay are lo other lamilies. Some Governors wilh chlldren in allendance have pald fees in advance, under the same lemis offered lo olher famllles. During lh& year Ihe School pald £2.035 (2023.. £1,271) lo Rlchard Wilson (Governor) for the provision of chapel choir r&hearsals. Mr Wilson also pald £1212023: £12) lo the School for us8 of the School's facllilles lo provlde muslc lessons lo puplls. Goveinors were reimbursed for expenses lolalling £1,600 during the year (2023.. £nill. 37 Ipswich School Notes to the Accounts For the year ended 31 August 2024 20. Key management remuneration The key managemenl personnel of the School comprises.. Ihe Headmasler- the Direclor of Finance and OperalSons', the Depuly Head Academic., the Deputy Head Pasloral,. and Ihe Head of Ihe Preparatory School. The lolal employment benefits for the key management personnel ol the School were £738,66012023.' £722,877). 21. Operatlng lease commltments As 8131 August 2024 Ihe group was commilled lo making Ihe lollowing payments undgr nOn￿ncelIable operating leases in respecl of plant and machingry. 2024 2023 Operating leases whlch expire: Within 1 year Within 2 10 5 yeais Over 5 yeais 43,766 68,108 68.360 86,069 22. Capltal commltments Al the year end the School had capllal commilmenls lolaling £348,341 for a new fire deleclion $yslem and new bollefs (2023.. £123.291 lor new boilers In th8 Sports hall). 23. Contlngent Ilabllltles The School partlclpal8s In a mullS-employer scheme operaled by The Pen5k)ns Trust, whlch provldes beneflls lo 66 non-associaled employers. The scheme is classified as a 'lasl-man standing arrangemenl., meaning that the School Is polenll8lly Ilable lor Ihe obligations ol olher participallng employers11 those employers are unable lo m&&1 Iholr share of the scheme dolicil. 11 is not possible lo quanlify the potenlial liability for the School. 24. Contlngent assets Prior lo the year end, a science room floor requlred stgnlficanl repairs. To del&rmine whether this would be cov8iod by insurance, the School's insurers had lo carry oul inspections and surveys. These inspections and Surveys look place aller the repoiling dale. Prior lo Ihese financial slalemenls being aulhorised lor issue, the Insurance claim has been completed wilh Ihe School rec&iving £99,823 from ils insurers. In addition. as al the yeai end, Ihe School had been nolilied of an expected legacy donation. The value of the eslale was uncerlain as Ihe executors had nol yel compikd the eslale accounts and probate had not yel been granted. Therelore, no amount has been accfued In respect ol this legacy which Is expected lo Iglal in excess 01 £500.000. 38 Ipswich School Notes to the Accounts For the year ended 31 August 2024 25. Prlor year comparative consolidated statement of financial actlvities Unrestrlcted General Funds 2023 Total Funds R¢$trlcted Endowmont Funds Funds Income and endowments from: Donatlons and legacles Oth&r tradlng actlvStl8s: Rental and commerclal incom8 Trading incom8 Investments 511.268 511.273 45.940 390.799 295 4,727 50.667 390,799 13,761 7,003 6,463 Charllable Acllvlllos: School loe Income and assoclaled charges 23.606,679 23,606,679 Total Incomo 24,043.718 S18,271 11.190 24,573,179 Expendltura on: Ralslng funds Trading expendilure Development offlc8 Flnanclng costs Fee dlscounls and commlsslons 385.668 165,540 367.460 99,969 385.668 165,540 367,460 99,969 Charltablè actlvStlos PfovlsSon of education Scholarshlps, remlsslons and bursaries 18,935,639 4.276.560 15,704 118.412 18,951,343 4,394,972 other Share of 8ndowmènl Incom8 lo Norlhgate Foundation 18.177 18.177 Total oxp8ndlluro 24.230.836 134,116 18,177 24,383,129 Nel galnslllosses) on Inveslmenls (4,577) {1,615) {6,0341 Net (expenditure)lincome 1186.960) 379.578 (8.602) 184,016 Tran5fer8 bètwèèn funds (6.987) 6,987 Net movement in funds 1193,946) 379,578 (1.615) 184,016 39 Ipswich School Charlty numbèr- 310493