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2023-07-31-accounts

Berkhamsted Schools Group

REPORT AND FINANCIAL STATEMENTS

For the year ended 31 July 2023

Registered Charity Number: 310630 Registered Company Number: 622349

Berkhamsted Schools Group

CONTENTS
Page
Who we are 2-3
Governors, Officers and Advisers 4-5
Annual Report of the Governors 6-26
Statement of Governors’ Responsibilities 27
Independent Auditor’s Report 28-30
Consolidated Statement of Financial Activities 31
Consolidated and School Balance Sheets 32
Consolidated Cash Flow Statement 33-34
Statement of Accounting Policies 34-38
Notes to the Financial Statements 39-59

Page 1

Berkhamsted Schools Group

WHO WE ARE

Berkhamsted Schools Group is a prestigious group of independent day schools in Hertfordshire and Buckinghamshire which also offer boarding for the senior year groups. Founded in 1541, we are a school that is firmly rooted in our local community and also has an international outlook with overseas students joining the school from Year 10.

Berkhamsted has an outstanding reputation based on the following key characteristics:

A ‘diamond school’ - one of just a handful in the country, Berkhamsted offers co-educational tuition up to age 11 and single sex classroom education from the age of 11 to 16 - at a time when we believe girls and boys benefit most from being taught separately in the classroom, whilst extra-curricular activities are undertaken co-educationally at all ages. Girls and boys come back together in a co-educational Sixth Form. We also have a girls-only Prep School, Heatherton, in Amersham, which has a co-educational nursery class.

A passion for learning and well-being - the world is changing at an ever-increasing pace. We believe life-long learning will be required of all of us and awareness of the skills that enable us to learn effectively are a key requirement. At the school we develop these skills through the use of an educational framework called the “Learning Powered Approach” which underpins our approach in the classroom and in all extracurricular activities. We also believe that our pupils need to develop qualities of character such as mental toughness and resilience to believe they can cope with whatever life throws at them. Our well-being programme and framework is comparable with any school programme in the country and we care deeply about the well-being of our school community and the individuals within it.

A broad education - we develop outstanding, well-rounded, remarkable young people through a broad education based not just on academic excellence, but also through activities outside the classroom, including sport, outdoor education, music, art and drama. We are proud to have produced excellence at national and international levels while maintaining very high levels of pupil participation in extra-curricular activities. We have one of the most outstanding outdoor education programmes at any school in the country, demonstrated by the high numbers of participants in the Duke of Edinburgh’s Award at all levels, and the range of experiences offered through our Combined Cadet Force. Every pupil in senior school attends Bushcraft training and spends a night under canvas as part of the introduction to the Duke of Edinburgh’s Award.

A school that ‘grows with you’ - we offer our pupils fantastic experiences and opportunities that stretch their abilities and help develop their full potential at all stages throughout their formative years. Our pupils leave us with the qualifications and life skills needed to make a successful transition to the next stage of life, be that a top university, or the start of their career in the workplace. These are gained through initiatives such as our innovative Student Consultancy, pioneered at Berkhamsted in conjunction with the Oxford University Careers Service and since rolled out nationally, or the work experience opportunities we provide to our Sixth Formers. Other opportunities exist at our Sports Centre as a lifeguard or with our in-house caterers to gain customer service experience at School events.

Outstanding pastoral care - we are predominantly a day school running on structures built up through a history of being a traditional boarding school. We have a vertical house system, run by Heads of House and their teams of tutors, who oversee and support each child’s personal development.

A large school with a small school feel - we are based on four campuses in Berkhamsted and one in Amersham, each structured to cater for the different age groups taught at those sites from Pre-Prep in the woodland setting of the Haresfoot campus to a Sixth Form moving between Castle and Kings campuses as a taster of what lies ahead at university. Each school benefits from outstanding whole school facilities in close proximity, which smaller schools are unable to provide. Examples include our 500 seat Centenary

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Berkhamsted Schools Group

Theatre, the Knox-Johnston Sports Centre and 25 metre swimming pool, nine Eton Fives courts, a Wooded Gruffalo Trail and our High Ropes course.

A school with community spirit - our pupils are consistently helping in the community and looking to uphold the school’s value of ‘Serving Others’. From the Prep school children visiting the local care home for regular musical performances, to Year 7 boys litter picking across town, through to our Sixth Formers helping at local primary schools and in High Street charity shops. The introduction of The Berkhamsted Society has also offered our local neighbours the opportunity to use the school’s facilities and attend a number of cultural events which are open to all. We work with maintained sector schools in Berkhamsted, Hemel Hempstead and Luton, and co-sponsor the Wren Academies Trust.

A school which supports working parents - we provide care at all stages of a child’s school journey so parents need never be concerned if they are delayed at the office, have to go on a business trip, or wish to find activities for their child in the holidays. We provide wrap-around care at both ends of the day up to Prep School, flexi-boarding at the senior schools, and work with specialist companies to lay on a range of courses and activities during half terms. We offer all year-round nursery provision from five months to three years old. In addition, our travel network also offers a coach service from home to school each day with late services available to cater for those pupils taking part in after-school activities.

A key aim of the Berkhamsted Schools Group is to deliver teaching and learning excellence for the benefit of pupils throughout the group. Investment in the continuous training, professional development and wellbeing of our staff is a priority. We are proud to have been awarded the Investors in People Gold Award twice in recent years, an unprecedented achievement for an independent school, reflecting our commitment to this aim.

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Berkhamsted Schools Group

GOVERNORS

The Board of Governors is appointed in accordance with the terms and conditions laid down in the Scheme of the Charity Commissioners for England and Wales sealed on 29 August 1996. Except as otherwise indicated, the Governors served throughout the year and are as follows:

Appointed /Resigned (1) (2) (3) (4) (5) (6) Notes
G.C.Laws (Chair) Appointed 17March 2012 ▪ (c) ▪ (c) ▪ (c)
D.J.Atkins Appointed 1September 2014 ▪
V.Bingham Appointed3December 2022 ▪
ProfS-J.Blakemore Appointed 17 June2017 ▪
C. Copland Appointed 18March 2023 ▪ Note1
C.Edwards Appointed 1September 2022 ▪
Dr M.A. Fenton Appointed 1 January 2014
Resigned 25March 2023		 ▪ ▪(c) Note 2
A.R.Hart Appointed 1 December 2018 ▪
G.Imlah Appointed3December 2022 ▪
K.Musgrave Appointed 1 December 2018 ▪
K. Nijjar Appointed 24 September 2020
Resigned 23 September 2023		 ▪
C.Nicholls Appointed 1September 2015 ▪ ▪ Note 3
S. Rolland Appointed 19 January 2011
Resigned 20 January2023		 ▪
S. Shields Appointed 25March 2017 ▪
J.J. Smith Appointed 1September 2020 ▪ ▪
N. Twogood Appointed 1 September 2015 ▪ ▪ (c) ▪ ▪
A. Wilcock Appointed 26 November 2016 ▪ ▪ (c) ▪ Notes 2,3
J. Williams Appointed 1 March 2018 ▪ ▪ (c) ▪

(1) Chair’s Committee

Notes:

  1. C. Copland was appointed on 18 March 2023 and has succeeded G.C. Laws as Chair with effect from 1 September 2023. C. Copland was in attendance at the Chair’s Committee and Remuneration Committee meetings after 18 March 2023.

  2. A. Wilcock replaced Dr M.A. Fenton as Chair of the Education Committee with effect from 26 January 2023.

  3. A. Wilcock replaced C. Nicholls on the Nominations Committee with effect from January 2023.

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Berkhamsted Schools Group

OFFICERS

Principal Clerk to the Governors Vice Principal Chief Operating Officer Chief People Officer Assistant Vice Principal (External Relations) Headteacher, Berkhamsted Sixth Headteacher, Berkhamsted Boys Headteacher, Berkhamsted Girls (left 31 Aug 2022) Headteacher, Berkhamsted Girls (joined 1 Sept 2022) Headteacher, Berkhamsted Prep (left 31 Aug 2023) Headteacher, Heatherton Headteacher, Berkhamsted Prep (from 1 Sept 2023) and Pre-Prep

R P Backhouse MA (Cantab) J McCulloch BSc, FIA A Ford BA J Anthony BSc, FCA T L Evans CIPD, FlnstLM R C Thompson BA M Walker BA TL Hadcroft BA (Hons), MSc, MRes, MEd E Richardson BA E Watson BEng J Hornshaw MEd, BEd, NPQH, FlnstLM N Nicoll MEd, BEd (Hons) K O’Connor BA (Hons), PGCE, NPQH

Principal address and Registered Office

6 Chesham Road Berkhamsted Hertfordshire HP4 3AA Bankers NatWest Bank HSBC plc 250 Bishopsgate 8 Canada Square London London EC2M 4AA E14 5HQ Solicitors Veale Wasbrough Vizards Orchard Lane Bristol BS1 5WS Auditors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Investment Advisors Brewin Dolphin 12 Smithfield Street London EC1A 9BD Insurance Brokers Aon UK Limited 8 Devonshire Square London EC2M 4PL Property Advisers Aitchison Raffety Bidwells 8 Cavendish Square Trumpington Road London W1G 0PD Cambridge CB2 9LD ESG Advisers Orbis Advisory 1 St Katherine’s Way London E1W 1Y

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Berkhamsted Schools Group

ANNUAL REPORT OF THE GOVERNORS CHAIR’S REPORT

CHAIR’S REPORT

Students of all ages, staff and parents enjoyed a year of significant success and development in 2022-23. The School’s brand of holistic education flourished in academic, super-curricular and extra-curricular pursuits. Pastoral care continued to be an area of importance, and the appointment of a School Psychologist represented the way in which the School has continued to respond to the changing needs of, and demands on, young people across the school age range. Parental feedback continued to be exceptionally strong. Enquiries for places rose again, and the School continued to have waiting lists for entry into many of our year groups.

The Executive and Trustee Board spend a great deal of time ensuring the financial stability of the group, looking not just at the present but also to the short and medium-term future. We run the school on conservative financial principles with strict financial governance policies and procedures in place.

Our aim is also to be a school which serves its local community excellently, with outstanding staff and infrastructure that compares to the best in the country. We want to be world class in everything we do to give the young people here the best chance to develop and succeed in whatever they choose to do. We do not just select pupils purely on academic skills – we offer an all-round education challenging our students and giving them real skills to help in later life.

During the academic year we have continued to build our reputation for outstanding Digital Learning – with over 100 delegates attending a conference hosted by us and supported by many of the leading names in IT, and we launched a consultancy service for schools to spread the intellectual property developed here in establishing consistent excellence in IT provision across the curriculum. Pupils’ achievements and development continue to make today’s adults envious of their successor generation’s experience of Berkhamsted School. Whether in outdoor education, sport, drama, music, or academia, the year saw students achieve their potential, grow in confidence, and develop the character traits which will serve them well after school.

We continue to invest sustainably in our infrastructure. During the year, the site where a new Sixth Form Centre will be constructed was cleared of the foundations of previous buildings, and earthworks stabilised the ground for the new building. In addition, across the School’s sites projects to improve outdoor space were undertaken at Heatherton, the Prep and on our Lacrosse pitches, a new Food Science classroom was created at the Castle site, necessitating the relocation of the Staff Room, and the classrooms used by Y1 children at the Pre-Prep were extended to improve further their accommodation. We recognise that students and parents rightly expect first class facilities, and we are continuing to invest in infrastructure which generates educational opportunities for young people. We are also very aware that affordability of school fees is at the front of many parents’ minds. Our goal is to provide an outstanding all-round education at a competitive price and therefore we have continued to strive to constrain our fee increases for the past few years whilst finding efficiencies within the schools to allow continued investment in staff and facilities.

With over 500 staff and around 2,000 pupils aged between 5 months and 19 years old, and in excess of 100 acres of land in Berkhamsted, we recognise our importance and need to contribute to, the local community. Our students continue to give thousands of hours of their time to community service, with nearly 2,000 hours by the sixth form alone. Whether it’s visiting a senior citizens’ home, a hospice, reading with pupils at local primary schools, or working with disabled adults and children, Berkhamstedians’ time and effort makes a difference to the lives of so many in our community. We also open up our facilities to the community, and the Knox-Johnston Sports Centre is very well used outside of school hours. We support the people of the area through the provision of wraparound care and holiday camps to help working

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Berkhamsted Schools Group

ANNUAL REPORT OF THE GOVERNORS CHAIR’S REPORT

parents. In a new development, we have hosted booster weeks for Looked-After-Children in partnership with Hertfordshire Virtual Schools in both Easter and Summer. The Berkhamsted Schools Group and the London Diocesan Board for Schools continue to co-sponsor the Wren Academies Trust who have recently opened a new school in Enfield. In the context of all this activity, we were pleased to publish our first Community Impact Report.

As I come to the end of my tenure as Chair, I would like to thank all my colleague governors for their time and expertise, the parents for their trust and support, and our staff who commit so much energy, skill and professionalism to the school. Governors, staff and parents make this a place where young people are excellently provided for, and where they are able to make the best start in life.

G.C. LAWS Chair of Governors

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Berkhamsted Schools Group STRATEGIC REPORT

CONSTITUTION AND OBJECTS

Berkhamsted Grammar School was founded on 14 October 1541, re-founded by an Act of Parliament in 1549, and is regulated by a scheme made under the Endowed Schools Act on 13 May 1887 and subsequent amendments. Berkhamsted Girls Grammar School was constituted by the above scheme on 13 May 1887. The administration and management of these two charities and other subsidiary charities were amalgamated by a scheme dated 14 August 1975 approved by the Charity Commissioners for England and Wales.

With effect from 1 August 2011, the School merged with Heatherton House, a Prep School for Girls in Amersham. As part of the merger process, Berkhamsted School changed its name to Berkhamsted Schools Group and became an incorporated charity. The registered charity number is 310630 and the registered company number is 622349.

The Charity has two operating wholly owned non-charitable subsidiaries, Berkhamsted School Enterprises Limited and Berkhamsted Day Nursery Limited. The school actively supports the provision of the highest standards of education in the independent sector and co-operates with many local charities, schools and organisations to widen public access to the education and facilities it provides for the public benefit.

The School’s objects and principal activity, as set out in the Articles of Association, are to promote the education (including social and physical training) of boys and girls and in particular but without prejudice to the generality of the foregoing to conduct and maintain day or day and boarding schools in or near Berkhamsted, at which religious education in accordance with the principles of the Church of England is provided.

GOVERNANCE AND MANAGEMENT

Governing Body

There is one Governing Body for all the schools in the Group. Details of the Governing Body, together with the school’s officers and principal advisors, are given on pages 4-5.

The Governing Body consists of between twelve and fifteen people with each Governor term limited to three years. Each Governor is limited to a maximum of three terms, unless elected to become the Chair or Vice Chair, or if the Board consider it would be in the best interest of the Charity for a Governor to be eligible for re-election, in which case further terms are permissible.

Recruitment and Training of Governors

The school’s Governors are appointed at a meeting of the Governing Body on the basis of recommendations made by the Nominations Committee, taking into account eligibility, personal competence, specialist skills and availability.

New Governors are inducted into the workings of the school and of the Charity, including Strategy, Policies and Procedures, at an induction meeting organised by the Clerk to the Governors. Governor training is carried out by using seminars either organised nationally or arranged internally.

During the 2021-22 year, Governors undertook a voluntary governance review with a team from AGBIS undertaking a series of interviews with all governors and senior members of the executive. The outcome of this review was both to endorse strongly the governance of the School, and to make recommendations for consideration in respect of further development. As a consequence of this review, and the consequent implementation of recommendations, the Governors are satisfied that the Charity both applies the principles of the Charity Governance Code, and that governance is executed very well at the School.

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Berkhamsted Schools Group STRATEGIC REPORT

Organisational Management

The School Governors, as the Trustees of the Charity, are legally responsible for the overall management and control of the school and normally meet (as a full board) four times each year, plus one biennial meeting usually in Lent Term to review strategy.

The School’s Committees (the first four of which meet termly) are:

The day-to-day management of the school is delegated to the Principal, Vice Principal, Chief Operating Officer and Chief People Officer who, together with the Headteachers of the respective schools in the group and the Assistant Vice Principal, External Relations, form the Executive. The Executive is supported by the Senior Management Team which includes the Deputy Heads and other key educational and operational roles.

Remuneration of staff is set by the Governors with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the school’s success.

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

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

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Berkhamsted Schools Group STRATEGIC REPORT

Employment Policy

The school is an equal opportunities employer. Equal consideration is given to job applications from all candidates irrespective of race, colour, religion, nationality, ethnicity, sex, disability, or age, whilst due consideration is given to any particular training and employment needs. Our applicant tracking system has been refined to further strengthen the process by adopting a blind shortlisting approach to recruitment. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests.

The school follows its Disability policy and an Equal Opportunities policy, which is compliant with the Equality Act 2010, and has regard to the guidance issued by the Equality and Human Rights Commission “What equality law means for you as an education provider: schools”. The Disability policy states that the school will maintain and drive a positive culture towards inclusion of disabled people in all the activities of the school, and will not knowingly discriminate against any disabled person, including in matters of employment such as admissions, training and career development.

In addition, the school has a strict Staff Code of Conduct policy that sets the standards of behaviour for all staff to ensure the ethos of the school is maintained.

AIMS, OBJECTIVES AND ACTIVITIES

Aims

The School’s aim is to be the first-choice independent school in a wide catchment area for families seeking educational excellence and to develop remarkable people with an awareness, understanding and care for their community and the wider world.

The governors are mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011. In this connection the Board has monitored closely the guidance of public benefit produced by the Charity Commission together with its supplemental guidance on fee-charging.

Primary Objectives

The School continues to place huge importance on its Core Values. At the heart of every decision made and practice used we continue to cultivate a culture in which our values are evident. Our Values are as follows:

We believe that we should strive to be the best possible version of ourselves, in the classroom or debating chamber, on the stage or sports pitches, to be the best we can be in everything we do. To aim high with integrity means being successful without exercising sharp elbows. Try, as CS Lewis suggested, to ‘do the right thing even when no one is looking’. Whatever we achieve in life will be all the more worthy if it is done in support and not at the expense, of others.

Being adventurous is an important ingredient of aiming high. We need to discover what our talents might be before we can develop them, and this will only happen if we are adventurous in thought, word, and deed. We must all have the courage to fail and the resilience to do so repeatedly…because we will. We should all think of mistakes – whether made by ourselves or others – as opportunities to learn. As Nelson Mandela once said: ‘Do not judge me by my successes; judge me by how many times I fell down and got up again.’ If we are all brave enough to try, fail and then start again, we will all, in time, become the best we can be.

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Berkhamsted Schools Group STRATEGIC REPORT

We want our students to grow in moral purpose, character, and courage as they go through our school, and in doing so, contribute to the wellbeing of our community. We want them to become remarkable people. Our definition of success is an inclusive one, and our expectation of school life is for it to be a team game: we believe it is as important to contribute to the successes of others as to our own. Our definition of leadership includes elements of altruism, and being a school community, we often find that, in giving, we are also receiving. We celebrate and encourage the work of our students in the local community, as volunteers for example, and as those who engineer change for good, inside and outside the School. Our expectation is that Berkhamstedians will not just go on and do well, although of course, we expect that they will, but that they will also go on and do good.

The implementation of these values in the provision of education which is both excellent and broad, boarding and day, single sex and co-educational, large in scale, but small school in feel, traditional and forward looking continues to be the aim of the Group.

STRATEGIES TO ACHIEVE PRIMARY OBJECTIVES

The Group has selected seven areas of focus, which will not only help us to meet our primary aims and objectives but move us to a position where we are recognised to be world class. It must be noted that this list does not preclude our pursuit of excellence in all areas.

Teaching and Learning / ICT

The “Learning Powered Approach”, a whole school approach to teaching and learning, is embedded across the group to provide a core focus on dispositions within the four learning types (emotional, social, cognitive, and strategic). There is a focus on meta-cognition and self-regulation, as well as critical thinking to enable pupils to flourish in the world beyond School. We continue to work with schools in both the independent and maintained sectors, universities, and teacher training institutions to share best practice with Berkhamsted being a centre of excellence for teaching and learning. Alongside a strong focus on cyber security we have this year continued our digital device provision plan so that each pupil in Y5-13 has their own Microsoft Surface device, with younger children having access to class sets of iPads, the stock of which was renewed during the year.

Wellbeing

The school recognises the importance of wellbeing amongst its pupils and staff and employs several strategies to encourage and promote it. The senior school operates a house system which ensures a high level of pastoral care for pupils which is further supported by the availability of counselling services and other initiatives such as the presence of wellbeing dogs throughout the school week. The School has also employed a dedicated Psychologist to further support pupils’ wellbeing. In all parts of the school, class sizes are small enough to enable our teachers to notice any behavioural changes that may require their intervention. Staff wellbeing is also deemed very important and all staff have access to counselling services on request and provision is made for other beneficial activities such as mindfulness sessions, yoga, wellbeing treatments and a wide range of other social activities.

Outdoor Education

Very few schools in the South-East have strong Outdoor Education – this is seen as a market differentiator. The School has a long and distinguished Duke of Edinburgh Award programme and Combined Cadet Force (CCF). Today pupils from Stepping Stones through to Year 13 have extensive opportunities to have a range

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Berkhamsted Schools Group STRATEGIC REPORT

of outdoor education experiences both at school and around the country and world. An Outdoor Education centre for the Group has been established on the site of the Pre-Prep school.

Business Education and Skills

Berkhamsted is a business community and many of our parents are business professionals. Berkhamsted School is well placed to be a leader in Business Education and Skills and looks to achieve this by closing the gap between academic education and the world of work. We give our pupils an understanding of how business works and also work experiences outside of the main curriculum. By developing links with alumni and the local community we can offer insights into business and provide enterprise opportunities to enable pupils to develop the skills required for the modern workplace. We are now constructing a new Sixth Form Centre configured to help bridge the gap between school, university and work, and we continue to seek international opportunities that could give pupils a taste of international culture and diversity that will prepare them for careers in a global market.

Early Years

Berkhamsted is a centre of excellence for Early Years Education, regularly hosting national Early Years’ conferences and is seen as a beacon of best practice. We have a highly innovative curriculum and some of the best facilities in the country. The teaching facilities at the Pre-Prep in a wonderful woodland setting enable the school to provide the very best in Early Years Education. These facilities have been augmented during a period of significant investment in the facilities used by children between the ages of 5 months to three years old.

Sport

Berkhamsted has a distinguished sporting heritage for both boys’ and girls’ sport. We aim to be one of the top sporting schools in England by being consistently:

Furthermore, we actively seek to have some of the highest participation rates in school sport for a large school as evidenced by the number of pupils who actively participate in physical activity each and every week.

Music and Drama

Berkhamsted offers pupils the opportunity of music and drama within the curriculum across the age span, but many pupils undertake additional lessons with 390 Senior pupils playing an instrument and 125 music exams taken by Senior pupils in the 2022/23 academic year. Drama also has many participants with over 229 Senior pupils taking LAMDA lessons each term.

FUTURE PLANS

A new version of the Group’s current Strategic Plan was agreed by Governors in 2022. This will continue to be subject to bi-annual review by Governors. Significant progress has been made towards the objectives identified in this plan. Future plans to underpin the Group’s primary aims and objectives include:

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Berkhamsted Schools Group STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Review of achievements and performance for the year

2022/23 has been a very successful year for the school. During the year the school averaged 2,041 pupils, of whom 1,993 were day pupils and we have started the 2023/24 academic year with 2,123 pupils. Demand for places continues to be high and the creation of additional classes in Year 7 has allowed an increase of pupils in that part of the school.

Despite the Government return to the pre-pandemic grade standards of 2019, Berkhamsted students performed admirably in their GCSE & A Levels. 21.5% of GCSE results were at grade 9, and 65.3% at grade 7 or above. The continued increase in both attainment and value-added continues to show that Berkhamsted adds significant improvement to pupil outcomes when measured against other participating independent schools.

A Level results were also very pleasing this year, not only because of the government intervention on grade standards but because this cohort of students did not have the experience of having physically sat their GCSEs. 11.4% of A Levels were graded A; 38.4% at A or A; and 73.5% at A*, A or B. An increase was seen in all the highest grades by our hard-working pupils. Value-added results also remained very strong.

2022-2023 Sporting Results & Success

In athletics the school competed in several notable local championships over the Summer term and held a highly inclusive and competitive internal Sports Day at Jarman Park in Hemel Hempstead. On a personal level 21 pupils qualified for the IAPS National Finals and 27 Year 7 pupils competed at County level.

Basketball has progressed as a school sport this year with the first ever competitive matches against local schools for the Under 13, 14 and 15 school teams. The school also organised inter-house basketball competitions for the Sixth Form and Senior School.

The school maintained 39 cricket teams across Senior Girls, Boys and the Prep School playing a total of 211 fixtures across a 9 week term. Girl’s cricket has become very popular with mass participation and representation on the School first X1 for the second year running. Overall the standard of cricket is improving with school teams having to travel further to find suitable opposition such as Bradfield, Stowe and Kimbolton. The school restored its biannual overseas cricket tour with a trip to India.

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Berkhamsted Schools Group STRATEGIC REPORT

The Senior School team won the JWS National Equestrian Championships and had participants who qualified to ride at the Royal Windsor Show, Eventer Challenge and Hickstead.

The school maintained its strong reputation as a leading school for Eton Fives with 217 pupils representing the school in competitive fixtures during a year when it won 7 National titles, including both single and doubles titles at Under 13 level.

Football continues to be very popular with the school running A to E teams at both Under 12 and Under 13 level. Senior school teams compete in various Independent School Football Association (ISFA) leagues and were successful in winning 3 different leagues with 2 of those at Under 14 level.

A partnership with Berkhamsted golf club received excellent feedback from the 30 pupils who used the facilities and received coaching from the club professional. Golf is now available for both boys and girls and a development pathway has been created from Year 6 to Year 13. During the year there were 5 friendly fixtures, a junior fixture at Berkhamsted golf club and we also entered the HMC Foursomes.

Gymnastics saw the creation of a junior squad for the first time in the school’s history who took first place at the Under 13 Milano British Schools Gymnastics Association (BSGA). The school also achieved 3[rd] place at the BSGA Floor and Vault National Championships and were National finalists at the Under 13 Independent Schools Gymnastics Association (ISGA) placing 2[nd] overall.

In Lacrosse we played 182 fixtures across 16 teams including a showcase event held at StoneX in collaboration with rugby that was the first of its kind. The 1[st] X team were South and South East Schools Tournament winners and achieved 3[rd] place in the Challenge Cup. Teams also entered the National Schools Tournament and the 2[nd] X, Under 15A, 15B, 14B, 14C, 13B, 12A were all Hertfordshire County Champions.

The 2022-2023 netball season was a roaring success: winning 3 national titles and playing a record 245 fixtures across 31 teams. We continued to develop the depth in each age group, and it was amazing to see the continuous development of our pupils in Years 3 to 13. Winning 3 national titles was an outstanding achievement with the Under 19 age group winning 2 national titles.

In rugby the Senior School played 107 fixtures resulting in 60 wins, 2 draws, 45 losses. 328 Senior School students represented the school in rugby and the Under 14A team were again unbeaten County Champions. The school hosted the Herts Under 12 Tens Tournament with 14 schools in attendance and also attended the Caldicott Under 13 10’s tournament for the first time in the school’s history.

Our Under 13 Rugby 7s team went unbeaten at the Herts Under 13 Tournament and also at the St John’s Beaumont Tournament. Four teams participated at Rosslyn Park and the 1[st] Team reached the semi-final of the Cup competition.

Squash boomed this year with 37 fixtures against 16 schools. 36 students were ranked in the county and therefore playing competitive squash externally, with 30 of them aged under 14. A Berkhamsted pupil won the Under 15 county championships and our Under 14 team reached the national schools final. We also partnered with England Squash to film coaching resources for their curricular coaching pathways, bringing squash to new pupils in Prep and Senior schools.

Our Intermediate Girls and Junior Boys both achieved 1[st] place in the Herts Final Swimming Gala and the Junior Girls achieved 3[rd] place. In the Hertfordshire League the Intermediate Girls were 1[st] and the Junior Boys 3[rd] . The school also took part in the Wycombe league which allowed more swimmers to compete in a friendly but competitive event.

In Tennis the main aim this year was to improve the participation rates which was achieved with an increase of 29%. We had 16 Senior School division teams and 2 Senior 1st Teams playing along with 24 pairs entering the Nicola Mabbitt League competition. The Introduction of coaches from Berkhamsted Tennis Club on

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Berkhamsted Schools Group STRATEGIC REPORT

two early mornings for our Division 1 squad along with lunch time sessions increased the quality of our players and continued our 5-year plan of becoming a more competitive tennis-playing school.

Three of our students represented Hertfordshire at the Regional Cross Country Schools Championships. Three out of four of our cross country teams qualified for the regional finals and a large Berkhamsted cohort supported the Rotary Fun Run, a 5-mile event which saw one of our students achieve overall winner in the open category.

2022-2023 Music and Drama Achievements

In Music and Drama our students continued to excel; the hugely successful production of Little Shop of Horrors was performed by senior school pupils to a full theatre over three nights, showcasing the talents of our remarkable students. Sister Act (Junior) was performed by Year 7 in Trinity term to great acclaim.

The Music department held musical Gala evenings, and showcased their talents too, culminating in a hugely successful Music tour to France again in July this year with 140 pupils.

Community

Our value to ‘Serve Others’ often sees our students giving something back to the local community. This continued with the regular House charity support, the Year 13 volunteering and the Year 7 litter picking. We were delighted to be able to welcome back Senior Citizens to our tea party in the summer. Whilst enjoying the musical talents of students they tucked into sandwiches and cakes (made by the students) and entered the cake judging competition. The usual non-school uniform days took place during the year with money raised donated to worthy charities.

In July the annual Prize Giving Service was attended by 2,700 parents, staff, governors, pupils, and guests; our prizes being value based and awarded on contribution to the school rather than based on academic achievement. The Academic Attainment awards were presented in an end of year assembly at each Senior school.

PUBLIC BENEFIT

In considering the provision of Public Benefit, the Governors have given due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011.

Scholarships and Bursaries

The Governors are committed to broadening access to the school by offering means-tested bursaries to eligible parents/guardians. The gross value of scholarships and bursaries awarded totalled £1.568m (2022: £1.377m) of which £1.562m (2022: £1.289m) was met from unrestricted funds, where the policy is to assist in hardship cases where the pupil’s education and prospects would otherwise be at risk. Bursaries are available both to new pupils to the school where a scholarship place has been offered and parents/guardians cannot afford the tuition fees, and also existing pupils where an unexpected change in parents’/guardians’ circumstances has resulted in severe difficulty in meeting tuition fees and may otherwise result in a pupil being withdrawn part way through a stage of education.

The school has continued with its plans to raise the level of bursary funding through an increased programme of activity to reach out to talented pupils in the local community who would benefit from financial assistance towards fees. Bursary funding was £1.152m (2022: £1.014m) which supported 55 pupils, 28 of these receiving fully funded school places.

Scholarships are awarded on merit to pupils who Governors wish to attract to the school because of the contribution that they can make to school life, be that academic, musical, sporting, creative or leadership. Individual scholarship awards are usually worth 10% of tuition fees and means-tested bursaries

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Berkhamsted Schools Group STRATEGIC REPORT

are available to increase the support where needed. Financial assistance may also be provided, where appropriate, for uniform and sports kit, travel to and from School and for extra-curricular activities and lessons.

Partnerships with other schools and the community

The school seeks to share its expertise and perspectives with colleagues from state schools. This has involved exchanging teaching experience for newly qualified teachers and trainees and providing INSET advice for state school teachers and moderators. Our sports staff have organised tournaments for local and other state schools and the regular annual Oxbridge Information Evening is open to local state schools.

Our pupils take part in many activities in the community including visiting the local Hospice, helping in charity shops, visiting the elderly, hosting an Easter tea party, as well as assisting in local primary schools. Year 13 students also join The Student Consultancy which is run in conjunction with the Careers Service at the University of Oxford, a programme which is now being rolled out to schools around the country after its introduction here through which free management consultancy is offered to charities and local government.

The school’s Knox-Johnston Sports Centre is open to the public and priority is given to local children’s groups and clubs.

The school is a co-sponsor with the London Diocese for Schools of Wren Academies Trust, based in Finchley and Enfield, providing two Directors for the Board, and two governors for each of the local governing bodies. The school continues to offer extensive help and advice to both the senior team and to Heads of Department at the Academy. Pupils from Wren Academy Trust continue to enjoy visits to utilise the school’s extensive facilities on site, as well as some of our education programmes. The relationship with Wren is of mutual benefit for both parties. For example, Wren’s experience of being a Building Learning Power school pre-dates ours.

We have also developed a similar partnership with Denbigh High School in Luton, sharing access to facilities and expertise. Denbigh High School does not have its own Sixth Form, and in September 2018 we admitted an initial intake of six aspirational pupils from this school to benefit from a Berkhamsted Sixth Form education, funded completely from School bursary funds and targeted donations. A further three pupils from Denbigh High School have joined our Sixth Form in September 2023 making a total of 38 since 2018. We have also established additional similar collaborations and partnerships, particularly across the wider Chiltern learning Trust.

Our Chief People Officer is Vice Chair of Governors at Ashlyns, a local secondary state school.

During 2021 and 2022 the School donated thousands of pounds worth of classroom furniture, books, dining room fixtures, sports equipment and an industrial cooker to schools in Gambia through “Gambia Building Project”, a charity dedicated to improving the lives and education of children in The Gambia by supporting and building schools. Further donations of digital devices have been made to the Mission Employable charity whilst many of our facilities have been utilised free of charge for local community and charity benefit.

During Easter and Summer holidays for the last 4 years the School has provided a free of charge Summer School for Hertfordshire County Council Looked After Children.

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Berkhamsted Schools Group STRATEGIC REPORT

FINANCIAL REVIEW

Results for the Year

The Consolidated Statement of Financial Activities on Page 31 shows net incoming resources before transfers for the year of £2.026m (2022: £1.940m).

Income

School fee income was £37.332m in the year (2022: £35.733), representing an increase of 4.5% which reflects the prevailing level of fee increase supplemented by higher pupils numbers. Ancillary income was also higher at £2.489m (2022: £2.121m) primarily due to higher revenue from school trips and extracurricular drama and music lessons.

Expenditure

A large proportion of the School’s expenditure item is on staff costs and these rose in the year ended 31 July 2022 to £24.577m (2022: £23.171m), a increase of 6.1%. This was due primarily to the annual pay award to staff which was higher than in previous years in light of high inflationary pressures in the economy driving increases in the cost of living.

Cash

The School’s net cash position reduced during the year ended 31 July 2023. At the year-end the school had cash balances of £13.358m and borrowings of £8.799m, a net cash position of £4.599m (2022: £6.727m).

Subsidiary company performance

The School has two wholly owned trading subsidiaries. Berkhamsted School Enterprises Limited runs the various commercial activities of Berkhamsted School, and following the resumption of many activities operated pre-pandemic, recorded a profit of £81k (2022: loss of £36k). Berkhamsted Day Nursery Limited provides day-care to babies and children under 3 years old and out of school hours care for Prep and PrePrep pupils. The Nursery company generated a profit before tax and gift aid of £179k (2022: £164k).

Contribution to UK authorities

The School’s direct contribution during the year to the UK Exchequer amounted to £8.7m (2022: £8.3m) of tax revenues, based on the school’s payments of employer national insurance contributions (NICs), business rates and council tax, Vehicle Excise Duty, taxes on business supplies purchased (such as VAT), plus payments by our school’s staff of income tax and NICs.

It is also worth noting that all parents in our school, as with all other private schools, contribute to State school funding via taxes whilst also saving the government from having to fund their children’s education in the State system. Based on State funding fees, as per the government’s published National Funding Formula, the estimated saving to the public purse is £10.4m per annum.

Going concern assumption

The Governors closely monitor the current and future expected financial performance of the school, taking into consideration budgets, forecasts and the longer-term strategic business plan. In 2023, these budgets, cashflows and forecasts have been remodelled to reflect plausible downside scenarios specifically relating to increasing energy costs and increases in interest rates. Conservative cash flows were prepared based on the revised forecasts with sensitivity analysis on the key assumptions such as the impact of a drop in pupil numbers. This scenario planning confirmed the cash reserves of the School are adequate to meet the

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Berkhamsted Schools Group STRATEGIC REPORT

charity’s obligations as they fall due and the same modelling continues to be valid to demonstrate the School is financially secure and able to operate effectively for the foreseeable future.

The School reported a strong cash position at the year-end together with healthy pupil numbers for 2023/24 offering the Governors a confident expectation that the charity has adequate resources to continue its activities for the foreseeable future, being at least 12 months from the date of approval of the financial statements with there being no material uncertainties over the school’s financial viability.

Accordingly, Governors continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Governors’ Responsibilities on page 27.

Fundraising Performance

The school continues to progress a number of initiatives to increase awareness amongst the school’s constituent communities to provide additional resources. £105k (2022: £182k) was raised during the year, with monies allocated to Bursary and Scholarship Funds. The Governors would like to thank all donors for their generosity and support for the school in this regard.

The majority of the school’s income is from school fees and other associated income. The school has not engaged with third parties to raise funds and any direct approach to members of the public for funding has been limited to parents of pupils and alumni. No complaints were received in relation to our fundraising activities.

Investment policy, objectives and performance

The Governing Body aims to maximise the overall return on the portfolio consistent with a degree of risk acceptable to it. Funds are invested with Brewin Dolphin in a broad range of global equities, bonds and other forms of investment.

The overall investment objective for total return for funds invested with Brewin Dolphin can be quantified as inflation plus 3% per annum. The Charity’s investment performance of its managed investment funding is monitored as a standing item by the Finance & Property Committee. During the year, the value of investments held in the School’s main investment account with Brewin Dolphin fell from £1.866m in 2022 to £1.810m in 2023, a 3.0% decrease. The school also has a second investment account for the management of the monies raised for its Anniversary Fund. The value of this investment account increased from £1.411m to £1.491m. This increase was due to £71k of additional funds and £40k of reinvested dividends which was partly offset by a fall in the value of the existing investments. On an annual basis Governors assess performance in the light of prevailing market conditions. Whilst it is disappointing that the investment performance has not met the objectives set, the volatility across the market place over the last twelve months has driven the under performance and Governors will continue to assess the fund management effectiveness.

Reserves level and policy

The school’s reserves policy is to maintain sufficient unrestricted income reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall.

The school’s total reserves of £47.407m at the year-end included £7.838m of endowment funds, £0.223m of unspent restricted funds and unrestricted funds of £39.346m. The school has no free reserves at the balance sheet date due to the investment of funds in tangible fixed assets, largely buildings for use within the school. However, the Governors regularly examine the school’s cash flows alongside the development plans for the future and are satisfied that they are adequate for the purpose of meeting its working capital requirements and that they will also cover strategic capital expenditure.

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Berkhamsted Schools Group STRATEGIC REPORT

Notes 13 and 14 to the financial statements set out an analysis of the school’s endowment, restricted and unrestricted funds and their attributable assets. These assets are sufficient to meet the charity’s obligations on a fund by fund basis.

It is the school’s policy to build up funds to meet planned improvements and additions to the School’s resources by means of annual operating surpluses and judicious management of investment assets.

Total investment return

During the year ended 31 July 2016 the Governors, in their role as Trustees, exercised the power granted under section 104A of the Charities Act 2011 to adopt a total return approach to investment of the School’s permanent endowment. A permanent endowment of £1,144k was originally given to the school in 2003 and an initial valuation of the Unapplied Total Return (UTR) of £687k was approved by the Governors on 14 June 2016.

PRINCIPAL RISKS AND UNCERTAINTIES

The current cost of living and energy crises together with the Russia Ukrainian war, following on from the continuing impacts caused by the COVID-19 pandemic, represent significant risks for the School both in terms of its own cost base, its supply chain sustainability and the potential impact on affordability of fees by parents across the independent sector due to interruption in employment and wealth. Further significant affordability challenges also potentially lie ahead with a likely change in political leadership in the UK. Demand for places at the School remain high and Governors are keen to ensure all that can be done is done to maintain that interest. The School’s cost base was already under significant pressure from managing the COVID-19 pandemic and Brexit impacts on supply chains, so the latest challenges emphasise even more sharply how important robust cost management is to the School to enable Governors to continue to ensure fee increases are maintained over the medium to long term to an average well below that of the Independent School sector and general inflation.

Linked to the effects of all the challenges referenced above, Governors are also very conscious of the potential risk to the morale and general wellbeing of staff and pupils and this is an area reviewed with Management on a regular basis.

Cyber risk and general data security remains in sharp focus, with schools continually being targets for cyber attacks. With the support of our Governors the School has invested in tools and user training to protect against attack.

The rising costs of the Teachers’ Pension Scheme arrangements remain a significant risk within the sector and any risk mitigation needs to balance the exposure to further cost rises with the need to retain and recruit outstanding staff.

The Governors have agreed an estates development masterplan aimed at ensuring the School can deliver the best and most appropriate facilities to help our pupils develop to the best of their potential and to prepare them for the world beyond school. Such ambitious building development plans also carry associated

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Berkhamsted Schools Group STRATEGIC REPORT

risks, particularly in relation to planning issues, that are managed with the appointment of relevant expertise and close Senior Management and Governor supervision.

Health and Safety is considered to play a significant part in risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the campus on trips and expeditions). Risk is mitigated via risk assessment and the enforcement of Health and Safety Policy which is monitored and reviewed by the School’s Health and Safety Committee. This body reports to the Risk and Regulatory Committee. The School also employs a Health and Safety Officer to ensure that the Health and Safety Policy is consistently applied.

Governors are responsible for the management of the risks faced by the School. Detailed consideration of risk has been formally delegated by Governors to the Risk and Regulatory Committee, assisted by the Principal, Chief Operating Officer, and members of the School’s Senior Management Team.

Through the above risk management processes, the Governors are satisfied that major risks are identified and, as far as practicable, adequately mitigated. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed. Other key risks are considered to be those which would materially impact the brand and reputation of the Group. Examples of these, which should they occur would likely generate significant media interest, include:

Key controls used by the Governors to identify, assess and mitigate risks during the year include:

The Governors regularly review the effectiveness of current plans and strategies for managing all identified major risks across the Group, including “what-if” scenario planning to address the financial risks.

SECTION 172 STATEMENT

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Berkhamsted Schools Group STRATEGIC REPORT

Berkhamsted School’s Group is governed by its charitable objects as set out on page 8 which outline the purpose of the charity. All decisions and activities of the charity take into account how we best deliver that long-term purpose and are driven by our strategic aims (see page 10). All decisions we make as a charity, from our operational teams through to the Board of Governors, are made in the best interests of our beneficiaries, (pupils), and in the knowledge we are accountable to them, their parents, regulators and our staff.

The Board of Governors consider that they have adhered to the requirements of Section 172 of the Companies Act 2006 (the "Act") and have, in good faith, acted in a way that they consider would be most likely to promote the success of the school for the benefit of its key stakeholders and, in doing so, have had regard to and recognised the importance of considering all stakeholders and other matters (as set out in s.172(1)(a-f) of the Act) in its decision-making. Our Board of Governors consists of a broad mix of

backgrounds including former and existing parents of the school, educational experts plus well-established commercial successes in areas such as law, property, finance and risk management. Many of our Governors are also local community members.

The Board has approved a number of policies that help to ensure the safety of our pupils and staff, such as Child Protection and Safeguarding, Counselling and Coaching, Health & Safety, Missing Persons, Child-onChild Abuse, Critical Incident Plan, as well as those that ensure the integrity of our business conduct, such as Anti-bribery and Corruption, Bursary, Complaints, Whistleblowing, Anti-modern slavery. The school’s Anti-modern slavery statement can be seen on the school’s website at the following location. https://www.berkhamsted.com/wp-content/uploads/2023/09/Anti-Modern-Slavery-Statement-2023.pdf

As part of the Governor induction process, governors are briefed on their duties and responsibilities under the Companies Act. The governors are entitled to request from the school all such information they may reasonably require in order to be able to perform their duties. On-going training is provided to the governors, as required, to ensure that their knowledge remains up to date and they continue to be able to discharge their duties as company directors.

For all decision making at Board level, discussion takes place around employee impact and impact on other stakeholders, such as pupils, parents and the local community. The relevance of each stakeholder group may vary by reference to the issue in question, so the Board seeks to understand the needs of each stakeholder group and any potential conflicts as part of its decision-making. The school’s Executive team and Senior Management team ensure the Board are fully focused on the impacts to each stakeholder group.

Our Governors attend “Governor Engagement Days” during the school year which affords them the opportunity to engage directly with pupils and staff so they can gain a greater insight into the School’s operations and also challenge staff and be challenged by them.

Key decisions

For the year ending 31 July 2023, the Governors consider that the following are examples of key decisions that they made in the year. This is not intended to be an exhaustive list of board decisions but instead highlights areas of significant impact:

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Berkhamsted Schools Group STRATEGIC REPORT

Stakeholder engagement

The table below sets out our approach to stakeholder engagement during 2022/2023:

Stakeholders Why are they important to
Berkhamsted School?		 Our approach to stakeholder engagement and
consideration in the Board’s decision making
Parents Parents
are
the
school’s
customers
and
also
joint
stakeholders
in
the
development of the pupils.
Their involvement in the school
in both these capacities is
fundamental to the success of
the school and we aim to form
a key alliance with Parents
through strong and varied
communication.
We aim to involve parents as much as possible in the
running of the school through open days, parents’
evenings and other events that showcase the School’s
strength in music, drama and sport.
In addition the Governing body is always cognisant of
the importance of fee levels in attracting and retaining
the pupil base and places great importance in the
efficient running of the school and the tight control
of fee increases.
During the year we introduced year group parent
dinners.
Pupils Our values of “Aim high with
integrity, Be adventurous and
Serve
others”
are
shared
across the Berkhamsted family
of schools. Children from		 The senior school takes a strong pastoral approach
to the development of pupils by maintaining a
“house” structure which exists alongside the
academic timetable.

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Berkhamsted Schools Group STRATEGIC REPORT

Nursery through to Sixth and
staff too are encouraged to
embrace
these
ideals
in
everyday life. Our pupils are the
very reason the school exists
and their development is at the
heart of all we do.		 The purpose of assigning all pupils to a house with
dedicated house tutors is to ensure that each
individual pupil has a sense of belonging and ready
access to approachable members of staff who will
look to ensure that there is a strong focus on their
wellbeing. A revised pastoral structure for Sixth
Form has been developed for implementation from 1
September 2023.
An in-house psychologist has been appointed to add
expertise to thepastoral support available.
Employees Our employees’ commitment
to developing outstanding and
rounded individuals is essential
for us to earn the trust of both
existing
and
prospective
parents so that they have the
confidence that Berkhamsted
School is the best place for the
education of their children.		 We have a Staff Consultation Committee that meets
regularly and raises matters to the Executive for
discussion and decision and have a voluntary
arrangement in place with the NASUWT (the
NASUWT works to enhance the status of the
teaching profession to deliver real improvements to
teachers’ working lives, seeking to ensure they are
recognised
and
rewarded
as
highly
skilled
professionals with working conditions that enable
them to focus on their core role of teaching).
We have regular all staff meetings as well as a weekly
briefing to cascade important information to all levels
of the workforce.
Berkhamsted School is committed to promoting the
health and wellbeingof our workforce.
Suppliers We rely on a range of suppliers
to deliver services to ensure
the
school
can
operate
efficiently and effectively for the
benefit of our pupils and
workforce. It is vital that we
build
strong
working
relationships
with
our
intermediaries,
including
around risk management and
customer service.		 The school works closely with a wide range of key
suppliers with the aim of ensuring that the school’s
requirements in terms of service levels and price are
clearly understood and delivered upon.
At the same time the school works ethically with
suppliers settling invoices within payment terms and
raising queries promptly.
The school has well-developed internal processes to
ensure that suppliers’ invoices receive appropriate
levels of authorisation forpayment.
Community/wider
society		 We recognise the importance
of
contributing
to
our
communities
through
volunteering,
community
investment,
and
long-term
partnerships. In addition, as a
significant employer in the area
and a large landowner we are
fully
aware
of
our
responsibilities with regard to
the importance of sustainability
and the impact our decisions
may have on climate
change.		 We make our facilities available free of charge to a
number of local community groups whether that be
schools, sports clubs or disadvantaged individuals.
In addition, we provide employment opportunities
for a local learning disability employment charity.
For significant development activities, such as the
planning application for a new Sixth Form building,
we hold public consultations to discuss details of our
plans with all interested parties and to seek their
feedback and concerns.
In July 2023 we published our first “Community
Impact Report” for keystakeholders.

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Berkhamsted Schools Group STRATEGIC REPORT

Regulators We understand that regulators
are key in maintaining the
credibility of both the school
and the sector that we operate
in. The school strives to be
fully compliant in all areas in
which
we
face
external
regulatory review and ensures
that any regulatory changes are
understood and acted upon
quickly.		 The Senior Management of the School are fully
involved in all areas where the School is subject to
regulatory control. School Governor Committees
will be kept informed of all regulatory review
outcomes and recommendations and governors will
then ensure that Senior Management acts upon
recommendations to resolve any areas of structural
or process weakness. We seek (and follow) guidance
from relevant parties such as ISBA, IPA, ISC and BSA.
Donors Donations to the school‘s
charitable
entity
provide
opportunities to increase the
public benefit from the delivery
of the school’s main charitable
aim of promoting the education
of its pupils.		 All
donations
are
gratefully
received
and
acknowledged by the school. Donors are made
aware by the school website and other forms of
communication of how their donations are being
used to provide educational opportunities.
Alumni The School recognises the
importance of its alumni in that
they are the representation of
the delivery of the School’s
talent and expertise in teaching
and pastoral care. The School
also regards its alumni as a
strong link to the outside world
which can provide further
benefit to currentpupils.		 The School maintains contact with its alumni through
its links with the Old Berkhamstedians organisation
and also through the Berkhamsted Society which has
been set up by the School to encourage stronger
relationships between the town of Berkhamsted, the
School and its alumni.

Sustainability Report

Berkhamsted School is committed to incorporating sustainability into all of its teaching and operations. This is reflected in these activities amongst others:

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Berkhamsted Schools Group STRATEGIC REPORT

The School acknowledges the wider impacts of our activities and operations on the natural environment and our surrounding communities, and that our decisions and initiatives can make a difference for the better. Berkhamsted Schools Group support the UN’s Sustainability Development Goals (SDGs) and we therefore made sure that in setting our KPIs and goals that some of these aligned with the UN SDGs. We did this by identifying and focusing on the ones where we believe Berkhamsted can have the greatest impact. The targets we are focusing on are:

SUSTAINABLEDEVELOPMENTGALSaM as|.

STATEMENT ON STREAMLINED ENERGY AND CARBON REPORTING (SECR)

GHG emissions and energy used between 1 August 2022 and 31 July 2023

UK and Offshore UK and Offshore
Measure Units 2022/23 2021/22
Energy consumption used to calculate
emissions		 Total Energy
(kWh)		 8,778,000 9,567,000
Emissions from the combustion of gas Scope 1 (tonnes
CO2e)		 1,165 1,305
Emissions from the combustion of fuel for
transport		 Scope 1 (tonnes
CO2e)		 25 30
Emissions from purchased electricity
(location based)		 Scope 2 (tonnes
CO2e)		 443 492
Emissions from the combustion of fuel for
transport		 Scope 3 (tonnes
CO2e)		 0 0
Total gross tonnes CO2e Scope 1, 2 and 3 1,633 1,827
Intensity ratio : Gross tonnes CO2e /
number of students		 Intensity ratio 0.758 0.880

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Berkhamsted Schools Group STRATEGIC REPORT

Methodology

The above data has been prepared in accordance with the provisions of the GHG Reporting Protocol – Corporate standard and HM Government’s Environmental Reporting Guidelines including streamlined energy and carbon reporting guidance, issued March 2019.

DEFRA conversion factors 2019 have been used to convert electricity and gas consumption in kWh to tonnes CO2e and to convert transport fuel consumption in mileage/litres to tonnes CO2e and then to kWh.

Action on energy efficiency undertaken during the reporting period

AUDITOR

Crowe U.K. LLP has indicated its willingness to be re-appointed as statutory auditor.

Insofar as each of the Governors of the school at the date of approval of this report is aware there is no relevant audit information (information needed by the school’s auditor in connection with preparing the audit report) of which the school’s auditor is unaware. Each Governor has taken all of the steps that he/she should have taken as a governor in order to make himself/herself aware of any relevant audit information and to establish that the school’s auditor is aware of that information.

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Berkhamsted Schools Group GOVERNORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

The Governors are responsible for preparing the Governors’ Report, the Strategic Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governors to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming resources for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and 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 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

APPROVAL

This Annual Report, including the Statement of Governors’ Responsibilities, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of Governors on 2 December 2023, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

C. COPLAND Chair of Governors

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Berkhamsted Schools Group INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report to the Members of Berkhamsted Schools Group

Opinion

We have audited the financial statements of Berkhamsted Schools Group and its subsidiaries (‘the group’) for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Statement of Cash Flow and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Berkhamsted Schools Group INDEPENDENT AUDITOR’S REPORT

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the governor’s responsibilities statement set out on page 26, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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

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

Page 29

Berkhamsted Schools Group INDEPENDENT AUDITOR’S REPORT

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Data Protection Regulation (GDPR), health and safety regulations, and employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within non-fee income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, substantive testing on non-fee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Dipesh Chhatralia Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

London

Date 31 January 2024

Page 30

Berkhamsted Schools Group CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account)

Note
Income and endowments
from Charitable activities
School fees receivable
1
Ancillary trading income
2
Other trading activities
Non-ancillary trading income
3
Investments
Investment income
Bank and other interest
Voluntary sources
Grants and donations
Total Incoming Resources
Expenditure on:
Raising funds
Non-ancillary trading
4
Fundraising and Development
4
Total deductible costs
Charitable activities
Education and grant making
4
Total expenditure
4
Net income/(expenditure)
before transfers and
investment gains/(losses)
Losses on investments
8
Net income/(expenditure) after
gains(losses) on investments
Transfer between funds
14
Net movement in funds
Fund balances at 1 August 2022
Fund balances at 31 July
2023		 Unrestricted Funds
Restricted
Funds
Endowment
and
Building
Funds
Year
Ended
July
2023
Year
Ended
July
2022
General
£’000
Designated
£’000
£’000
£’000
Total
£’000
Total
£’000
37,332
37,332
35,733
2,489
2,489
2,121
1,397
1,397
1,123
52
40
92
82
371
371
4
-
6
33
66
105
182
41,641
46
33
6641,786
39,245
1,123
1,123
980
22
22
21
1,145
1,145
1,001
37,820
717
9
6938,615
36,304
38,965
717
9
6939,760
37,305
2,676
(671)
24
(3)
2,026
1,940
-
(22)
-
(48)
(70)
(164)
2,676
(693)
24
(51)
1,956
1,776
(2,676)
2,676
-
-
-
-
-
1,983
24
(51)
1,956
1,776

-
37,363
199
7,88945,451
43,675
-
39,346
223
7,83847,407
45,451

Page 31

Berkhamsted Schools Group CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 July 2023

Group Group School School
Notes Notes 2023 2022 2023 2022
£’000 £’000 £’000 £’000
Fixed assets
Land and buildings 6 45,773 42,955 45,773 42,955
Other tangible assets 6 1,433 1,110 1,433 1,110
Intangible fixed assets 7 - - - -
Investments 8 3,301 3,279 3,301 3,279
50,507 47,344 50,507 47,344
Current assets
Stock 9 65 29 65 29
Debtors 10 1,105 904 1,070 890
Cash at bank and in hand 13,358 6,727 13,240 6,642
14,528 7,660 14,375 7,561
Creditors: Amounts falling due within one 11 (7,995) (8,026) (7,842) (7,890)
year
Net current assets / (liabilities) 6,533 (366) 6,533 (329)
Total assets less current liabilities 57,040 46,978 57,040 47,015
Creditors: Amounts falling due after one year 12 (9,633) (1,527) (9,633) (1,527)
Net assets 47,407 45,451 47,407 45,488
Endowment and building funds 14a 7,838 7,888 7,838 7,888
Restricted funds 14b 223 200 223 200
Unrestricted funds
Designated funds 14c 39,346 37,363 39,346 37,400
Total funds 47,407 45,451 47,407 45,488

Company number : 622349

The net incoming resources for the financial year dealt with in the financial statements of the parent Charity were £2.026m (2022 : £1.940m).

The financial statements were approved and authorised for issue by the Board of Governors on 2 December 2023 and are signed on their behalf by;

C. COPLAND (Chair)

Page 32

Berkhamsted Schools Group CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 July 2023

Note 2023 2022
£’000 £’000 £’000 £’000
Net cash inflow from operations
Net cash provided by operating activities (i) 2,052 6,174
Cash flows from investing activities
Payments for tangible fixed assets (4,322) (5,267)
Decrease in cash held within Investment portfolio (70) (294)
Investment income 92 54
Bank interest received 371 -
Net investment management charges settled from the - (7)
investment portfolio
Net cash used in investing activities (3,929) (5,514)
Cash flows from financing activities
Bank loan drawdowns 9,000 -
Bank loan repayments (492) -
Net cash provided by financing activities 8,508 -
Change in cash and cash equivalents in the 6,631 660
reporting period
Cash and cash equivalents at the beginning of the period 6,727 6,067
Cash and cash equivalents at the end of the period (ii) 13,358 6,727
(i)
Reconciliation of net income to net cash flow		 from operating
activities
2023 2022
£’000 £’000 £’000 £’000
Net incoming resources 2,026 1,940
Elimination of non-operating cash flows:
-
Investment income		 (92) (58)
-
Bank interest received		 (371) -
-
Loan interest charges		 291 -
-
Finance costs		 22 20
Depreciation charge 1,181 1,114
Amortisation charge - 6
Prior year donation applied as bursary funding (6) -
Profit on disposal of a fixed asset (39) (16)
Increase in stock (36) (23)
(Increase) / Decrease in debtors (201) 19
(Decrease) / Increase in creditors (excluding fees in (419) 1,425
advance scheme and deposits)
(Decrease) / Increase in fees in advance scheme (999) 1,489
creditors
Increase in parents’ deposits 695 258
26 4,234
Net cash inflow from operations 2,052 6,174

Page 33

Berkhamsted Schools Group CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 July 2023

(ii)
Analysis of cash and cash equivalents
Cash at bank
(iii)
Analysis of changes in net debt activities
Cash and cash equivalents
Borrowings:
Debts due within one year
Debts due after one year
Total net debt		 2023
£’000
13,358
At 1 Aug
Cash flows
2022
£’000
6,727
6,631
-
(173)
-
(8,626)		 2022
£’000
6,727
At 31 July
2023
13,358
(173)
(8,626)
4,559
6,727
(2,168)

BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments.

The charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Statement with the consolidated financial statements.

The individual entities of Berkhamsted Schools Group have taken advantage of the disclosure exemption under FRS 102 to separately disclose categories of financial instruments and items of income, expenses, gains or losses relating to instruments as these have been presented on a group basis in the notes to the accounts.

The accounts present the Consolidated Statement of Financial Activities (SOFA), the consolidated balance sheet and the consolidated cash flow statement, comprising the results of the School and its wholly owned subsidiaries Berkhamsted Day Nursery Limited, Berkhamsted School Enterprises Limited and Berkhamsted Schools International Limited made up to 31 July 2023 and consolidated on a line by line basis. Intra-group transactions and profits are eliminated fully on consolidation. Uniform accounting policies have been adopted across the Group.

No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companies Act 2006.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 5 March 1959 (company number: 622349) and registered as a charity on 15 November 1962 (charity number: 310630). Its registered office is 6 Chesham Road, Berkhamsted, Hertfordshire, HP4 3AA.

Page 34

Berkhamsted Schools Group STATEMENT OF ACCOUNTING POLICIES for the year ended 31 July 2023

GOING CONCERN

The Governors closely monitor the current and future expected financial performance of the school, taking into consideration budgets, forecasts and the longer-term strategic business plan. In 2023, these budgets, cashflows and forecasts were remodelled to reflect plausible downside scenarios specifically relating to increasing energy costs and increases in interest rates. Conservative cash flows were prepared based on the revised forecasts with sensitivity analysis on the key assumptions such as the impact of a drop in pupil numbers. This scenario planning confirmed the cash reserves of the School are adequate to meet the charity’s obligations as they fall due and the same modelling continues to be valid to demonstrate the School is financially secure and able to operate effectively for the foreseeable future.

The School reported a strong cash position at the year-end together with healthy pupil numbers for 2023/24, offering the Governors a confident expectation that the charity has adequate resources to continue its activities for the foreseeable future, being at least 12 months from the date of approval of the financial statements, with there being no material uncertainties over the school’s financial viability. Accordingly, Governors continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Governors’ Responsibilities on page 27.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the accounting policies, trustees and management are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The items in the accounts where these judgements and estimates have been made include:

FEES AND SIMILAR EARNED INCOME

Fees receivable and charges for services and use of premises, less any allowances, scholarships, bursaries granted by the School against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.

EXPENDITURE

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longerterm liabilities. Expenditure attributable to more than one cost category in the SoFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Governance costs comprise the costs of complying with constitutional and statutory requirements. Intragroup sales and charges between the School and its subsidiaries are excluded from trading income and expenditure.

Page 35

Berkhamsted Schools Group STATEMENT OF ACCOUNTING POLICIES for the year ended 31 July 2023

DONATIONS, LEGACIES, GRANTS AND OTHER VOLUNTARY INCOME

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Voluntary income for the School’s general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention is to be permanent or not.

TANGIBLE FIXED ASSETS

Land and Buildings are carried in the balance sheet at their cost as the Governors consider it is not appropriate to apply a current value to such property. The cost of new buildings is added to fixed assets as it is incurred. The School seeks to maintain its properties in a good condition. The costs incurred in doing so, which can include major building modernisation and improvement, are written off as incurred. The cost of land and buildings represents expenditure since 1866. Foundation land and buildings bequeathed on trust for retention in perpetuity have not been valued.

The School capitalises strategic development projects (which are typically greater than £100,000), motor vehicles and significant equipment purchases; minor items of School equipment and furniture are written off in the year of purchase.

DEPRECIATION

Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices in equal annual instalments over their expected useful economic lives as follows:

Land & Buildings 1 - 10%
Furniture & Equipment 20% - 25%
Motor Vehicles 20% - 25%

The Governors have considered the value of buildings and deem the depreciation policy appropriate.

INTANGIBLE FIXED ASSETS

The intangible fixed asset shown in the balance sheet relates to software costs incurred on the School’s Finance and Human Resources management systems.

AMORTISATION

Amortisation is provided to write off the cost of all relevant intangible fixed assets less estimated residual value based on current market prices in equal instalments over their expected useful lives as follows:

Business software 20% - 33%

INVESTMENTS

Investments held as fixed assets are stated in the balance sheet at their bid price as at the balance sheet date. Any resulting gain or loss is taken to the fund to which it relates.

Page 36

Berkhamsted Schools Group STATEMENT OF ACCOUNTING POLICIES for the year ended 31 July 2023

STOCK

Stock represents goods for resale and is valued at the lower of cost and net realisable value.

ENDOWMENT AND BUILDING FUNDS

The Endowment and Building Funds represents the Charity’s endowed assets comprising land and buildings and certain investments (as referred to in the Charity’s Scheme dated 29th August 1996) together with all subsequent additions to buildings. All strategic building projects from 2004 were funded from general reserves and in recognition of this, these costs have been separately identified within a designated unrestricted fund.

TOTAL RETURN INVESTMENT ACCOUNTING

A Charity Commission Order dated 21 October 2012 authorises the School to adopt a ‘total return’ basis for the investment of its permanent endowment. Under the Total Return Order, the School can invest its permanent endowments without regard to the capital/income distinctions of trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated, under the Order, as a capital supplement to the preserved (‘frozen’) value of the permanent endowment.

FUND ACCOUNTING

The charitable trust funds of the School and its subsidiaries are accounted for as unrestricted or restricted income, or as endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.

Unrestricted income belongs to the School’s corporate reserves, spendable at the discretion of the Governors either to further the School’s Objects or to benefit the School itself. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund.

Restricted income comprises gifts, legacies and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor.

Permanent endowment arises where a donor intends the gift to be retained permanently for use by the School (freehold land) or for financial benefit (by investment). The Total Return Order stipulates that any investment returns will accrue to a capital element (Unapplied Total Return) to the permanent endowment.

PENSION ARRANGEMENTS

For teachers the School contributes to the Teachers’ Pension Scheme at rates set by the scheme actuary and advised to the School by the scheme administrator. The School is unable to identify its share of the Scheme Funds and therefore the Scheme has been accounted for as a defined contribution scheme. For non-teaching staff the School contributes to defined contribution pension schemes. For the Teachers’ Pension Scheme and for defined contribution schemes the amount charged to the Statement of Financial Activities in respect of pension costs and other post-retirement benefits are the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. The School also sets aside funds to meet unfunded pension obligations for certain former members of staff.

Page 37

Berkhamsted Schools Group STATEMENT OF ACCOUNTING POLICIES for the year ended 31 July 2023

OPERATING LEASES

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

FINANCIAL INSTRUMENTS

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised value with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

Page 38

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

1
SCHOOL FEES
Fees receivable consist of:
Gross fees
Less: Bursaries, Grants and Allowances
Add back: Scholarships paid for by Restricted funds
2
ANCILLARY TRADING INCOME
Registration fees
Extra-curricular lessons
Hire and lettings income
Income arising from school trips
Other income
3
NON-ANCILLARY TRADING INCOME
Membership fees
Hire of facilities
Classes and admissions
Other income
Nursery care
Holiday camp		 2023
£’000
39,829
(2,503)
6
37,332
2023
£’000
171
735
70
967
546
2,489
2023
£’000
37
132
168
39
964
57
1,397		 2022
£’000
37,935
(2,290)
88
35,733
2022
£’000
139
686
73
730
493
2,121
2022
£’000
38
95
71
8
870
41
1,123

Page 39

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

4 ANALYSIS OF EXPENDITURE

4a
Total expenditure
Raising funds
Trading costs
Fundraising for voluntary
resources
Total costs of raising
funds
Charitable activities
Teaching
Welfare
Premises repair and
maintenance
Support costs and governance
Funding of scholarships
Total charitable
expenditure
2022		 Staff
Costs
£’000
818
-
818
19,362
27
2,055
2,315
-
23,759
24,577
23,260		 Depreciation
£’000
-
-
-
341
-
840
-
-
1,181
1,181
1,120		 Other
Costs
£’000
305
22
327
5,234
2,260
4,860
1,315
9
13,678
14,005
12,925		 Total
Total
2023
2022
£’000
£’000
1,123
980
22
21
1,145
1,001
24,937
23,152
2,287
2,170
7,755
8,028
3,630
2,861
9
93
38,618
36,304
39,763
37,305
37,305

4b Governance included in support costs

Management time
Auditor’s fees
-
Audit
-
Tax compliance
-
Other Services
Governors Indemnity insurance
Legal and professional fees		 2023
£’000
53
46
18
3
5
35
160		 2022
£’000
49
41
16
-
12
40
158

Page 40

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

5 STAFF COSTS AND RELATED PARTY TRANSACTIONS

Total staff costs comprise:
Wages and salaries
Social security costs
Pension contributions
Aggregate employee benefits of key management personnel		 2023
£’000
18,996
1,913
3,668
24,577
1,557		 2022
£’000
17,930
1,785
3,456
23,171
1,456

Key management personnel comprise the Executive team as described in the Trustee’s Report.

The number of employees whose emoluments (excluding employer pension contributions) exceeded £60,000 were:

£250,001 - £260,000
£200,001 - £210,000
£170,001 - £180,000
£110,001 - £120,000
£100,001 - £110,000
£90,001 - £100,000
£80,001 - £90,000
£70,001 - £80,000
£60,001 - £70,000		 2023
1
-
1
1
1
1
5
8
44
62		 2022
-
1
-
1
-
2
5
4
25
38

Total payments to the School’s defined contribution pension scheme in the year-end 31 July 2023 were £984k (2022: £919k).

Redundancy or termination payments of £171k (2022: £113k) arose during the year. There was £142k outstanding to be paid at the year end (2022: £80k).

Page 41

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

5 STAFF COSTS AND RELATED PARTY TRANSACTIONS (CONTINUED)

The average number of employees during the year was made up as follows:

Teaching staff
School based support staff
Maintenance and domestic staff
Administrative and Sport Centre		 2023
Full
time
Part
time
186
90
97
113
38
25
18
18
339
246		 2022
Full
time
Part
time
184
84
94
92
35
35
17
18
330
229

In the year ended 31 July 2023 no Governors or persons connected with them received any remuneration or other benefits from the school (year ended 31 July 2022: £Nil). Expenses of £194 were reimbursed to 3 Governors (2022: £278) wholly in relation to the carrying out of their duties.

Gift aid transactions and year end balances between the Charity and its subsidiaries are shown in Note 15.

There are no further related party transactions requiring disclosure.

Page 42

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

6 TANGIBLE FIXED ASSETS – GROUP AND SCHOOL

Cost
1 August 2022
Additions
Disposals
31 July 2023
Depreciation
1 August 2021
Charged in the year
Disposals
31 July 2023
Net book value
31 July 2023
31 July 2022		 Land and
Buildings
Assets under
construction
£’000
£,000
50,441
2,373
1,548
2,075
-
51,989
4,448
9,859
-
805
-
-
-
10,664
-
41,325
4,448
40,582
2,373		 Furniture and
Equipment
£’000
4,924
491
-
5,415
4,081
278
-
4,359
1,056
843		 Motor
Vehicles
£’000
853
208
(160)
901
586
98
(160)
524
377
267		 Total
£’000
58,591
4,322
(160)
62,753
14,526
1,181
(160)
15,547
47,206
44,065

Buildings, including contents, are insured for £159 million (2022: £170 million).

A number of school buildings with a combined value of £26.4 million have been taken as security by NatWest Bank plc in connection with the loan facilities granted to the School for the Estates Masterplan development.

Assets under construction are capital projects the construction of which is still ongoing at the balance sheet date.

Page 43

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

7 INTANGIBLE FIXED ASSETS

GROUP
Cost
1 August 2022
Additions
Disposals
31 July 2023
Depreciation
1 August 2022
Charged in the year
31 July 2023
Net book value
31 July 2023
31 July 2022
SCHOOL
Cost
1 August 2022
Additions
31 July 2023
Depreciation
1 August 2022
Charged in the year
31 July 2023
Net book value
31 July 2023
31 July 2022		 Software
costs
£’000
276
-
-
276
276
-
276
-
-
Software
costs
£’000
255
-
255
255
-
255
-
-

Page 44

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

8 INVESTMENTS – GROUP AND SCHOOL

INVESTMENTS – GROUP AND SCHOOL INVESTMENTS – GROUP AND SCHOOL
Market value at 1 August 2022
Capital invested
Management charges
Revaluation
Net dividend income retained in
Investment Fund
Market value at 31 July 2023
Designated
Restricted
Endowment
and Building
£’000
£’000
£’000
Managed portfolio
1,188
-
2,113
Market value at 31 July 2023
1,188
-
2,113
Historical cost of investments
1,190
-
2,008		 Total
2023
£’000
3,279
71
(22)
(70)
43
3,301
Total
2023
£’000
3,301		 Total
2022
£’000
3,141
294
(20)
(164)
28
3,279
Total
2022
£’000
3,279
3,279
3,024
1,188
-
2,113		 3,301
1,190
-
2,008		 3,198

Investments are represented by (at market value):

UK equity shares
UK bonds
Overseas bonds
Overseas equity shares
Other investments
Cash
Total		 2023
2022
£’000
£’000
647
692
159
143
323
158
1,609
1,362
381
505
182
419
3,301
3,279

Page 45

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

9 STOCK
Group School
2023 2022 2023 2022
£’000 £’000 £’000 £’000
Stock of goods for resale 65 29 65 29

Stock held by the School comprises peripheral items for pupil laptops.

10a DEBTORS: Amounts due within one year

Fees receivable
Recoverable disbursements
Trade debtors
Other debtors and prepayments
Due from subsidiary undertaking		 Group
2023
2022
£’000
£’000
46
6
53
27
179
132
639
546
-
-
917
711		 School
2023
2022
£’000
£’000
46
6
53
27
77
100
635
544
71
20
882
697		 School
2023
2022
£’000
£’000
46
6
53
27
77
100
635
544
71
20
882
697
697

10b DEBTORS: Amounts due in more than one year

Other debtors and prepayments Group
2023
2022
£’000
£’000
188
193
188
193		 School
2023
2022
£’000
£’000
188
193
188
193		 School
2023
2022
£’000
£’000
188
193
188
193
193

Other debtors and prepayments due in more than one year relates to the obligation the school holds to use a court at a local squash club until the year 2059 following a contribution made to construction costs at the club in 2009.

Page 46

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

11 CREDITORS: Amounts falling due within one year

Bank loan
Fees received in advance
Payments received on account
Fee deposits held at year end
Trade creditors
Other
taxes
and
national
insurance
contributions
Other creditors
Accruals
Deferred income
Due to subsidiary undertakings		 Group
2023
2022
£’000
£’000
173
-
585
1,077
243
173
3,196
2,501
1,856
2,219
524
464
422
454
756
600
240
538
-
-
7,995
8,026		 School
2023
2022
£’000
£’000
173
-
585
1,077
243
173
3,184
2,486
1,844
2,207
523
455
417
451
725
584
148
452
-
5
7,842
7,890		 School
2023
2022
£’000
£’000
173
-
585
1,077
243
173
3,184
2,486
1,844
2,207
523
455
417
451
725
584
148
452
-
5
7,842
7,890
7,890

All deferred income shown in the table above relates to fees for the 2023/24 school year. All deferred income held at 31 July 2022 was released in the following year.

Page 47

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

12 CREDITORS: Amounts falling due in more than one year

Bank loan
Fees received in advance
Deferred income		 Group
2023
2022
£’000
£’000
8,626
-
893
1,400
114
127
9,633
1,527		 School
2023
2022
£’000
£’000
8,626
-
893
1,400
114
127
9,633
1,527		 School
2023
2022
£’000
£’000
8,626
-
893
1,400
114
127
9,633
1,527
1,527

Fees received in advance total £1,478k of which £585k falls due within one year, and £893k falls due between two and five years. The balance represents the accrued liability under the contracts. The movements during the year were:

ovements during the year were:
Balance at 1 August 2022
New contracts
Repayments
Amounts used in payment of fees to the school
Balance at 31 July 2023		 2023
£’000
2,477
107
-
(1,106)
1,478		 2022
£’000
988
2,198
-
(709)
2,477

Page 48

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

The bank loan is analysed as:

Repayable:
Between one and two years
Between two and five years
In five years and more
Repayable within one year		 2023
2022
£’000
£’000
184
-
619
-
7,823
-
8,626
-
173
-
8,799
-

The charity has the following loans:

Page 49

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

13 ALLOCATION OF SCHOOL NET ASSETS

Tangible fixed
assets
£’000
Endowment and building
funds
5,584
Restricted funds
-
Unrestricted funds:
Designated funds
38,047
Retained income
3,575
31 July 2023
47,206
31 July 2022
44,065
Unrealised losses included above in investments:
Endowment and building funds
Designated funds		 Investments
£’000
2,115
-
1,186
-
3,301
3,278		 Other assets/
(liabilities)
£’000
139
223
113
(3,575)
(3,100)
(1,892)
2023
£’000
(48)
(22)
(70)		 Total
£’000
7,838
223
39,346
-
47,407
45,451
2022
£’000
(97)
(67)
(164)

Page 50

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

14a ENDOWMENT AND BUILDING FUNDS

Balance Incoming Resources Investment Transfers Balance
resources Expended gains/(losses)
1 August 31 July
2022 2023
£’000 £’000 £’000 £’000 £’000 £’000
Represented by:
Land and 5,653 (69) 5,584
buildings
Anniversary Fund 258 66 324
Scholarship and 1,978 (48) 1,930
prize fund
7,889 66 (69) (48) 7,838
14b
RESTRICTED		 FUNDS
The 193 33 (3) 223
Berkhamstedian
Foundation
500thAnniversary 6 - (6) -
Fund
199 33 (9) 223
14c
DESIGNATED FUNDS
The 111 3 114
Berkhamstedian
Foundation
500thAnniversary 1,165 43 (22) 1,186
Fund
Land and buildings 35,842 (717) 2,676 37,802
Heatherton 245 245
Development
Fund
37,363 46 (717) (22) 2,676 39,346
14d
UNRESTRICTED FUNDS
School funds - 41,641 (38,965) (2,676) -

14e TOTAL FUNDS HELD

TOTAL 45,451 41,786 (39,760) (70) 47,407
FUNDS

Page 51

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

Endowment and Building Funds

Land and Buildings

Tangible fixed assets are all held for use by the School. Land and Buildings represent assets donated on foundation and subsequent major additions at cost. As a consequence these assets are a mixture of those endowed to the School and those subsequently acquired. Tangible fixed assets are shown at cost in the balance sheet.

Buildings are depreciated at 1-10% of cost, with the charge being written off to the Endowment and Buildings Funds. All costs of maintaining the buildings are written off as expenses of the school in the year of expenditure.

Scholarships and Prize Fund

This fund represents bequests and donations received by the Charity, where the donor has specified that the funds should be used to provide opportunities for and acknowledgement of educational achievements for future generations. The investment income recognised on these funds is added to the balance each year.

During the year ended 31 July 2016 the Governors exercised the power granted under section 104A of the Charities Act 2011 to adopt a total return approach to the school’s Scholarships and Prize fund. This allows the School to recognise an Unapplied Total Return (“UTR”) element in the fund which is accessible for spending on current beneficiaries.

Under the Total Return approach, the school must ensure that the value of the fund does not fall below the core endowment value. The core endowment value is fixed at £1,144k representing the value of the endowment in 2003.

The overall movement in unapplied total return in the year ended 31 July 2022 was as follows:

Unapplied total return at 1 August 2022
Add: Investment losses
Less: Resources expended
Unapplied total return before transfer to income
Less: transfer to income
Unapplied total return at 31 July 2023
Add: core value
Scholarship and prize fund assets at 31 July 2023		 £’000
834
(48)
-
786
-
786
1,144
1,930

500[th] Anniversary Fund

This fund holds donations given to the school specifically to be invested under the name 500[th] Anniversary Fund to generate income from which school places will be made available to children who could not otherwise afford to attend the school. The name of the fund is in recognition of the forthcoming important anniversary of the school’s foundation.

Page 52

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2023

Restricted Funds

The Berkhamstedian Foundation

This represents a restricted fund established for the purpose of providing resources for specific projects and to widen the opportunity for scholarships and bursaries.

500[th] Anniversary Fund

This part of the Anniversary Fund has been set up to receive donations to the Anniversary Fund that will be used to directly fund school places. The balance on this fund represents monies which have not yet been applied.

Designated Funds

Land and Buildings Fund

This represents fixed asset additions for major strategic projects mostly since 2004 funded from annual net incoming resources.

The Berkhamstedian Foundation

This represents a designated fund established by Governors. The fund represents unrestricted fundraising donations received which are set aside for the purpose of providing resources for specific projects and to widen the opportunity for scholarships and bursaries.

Heatherton Development Fund

The designated Development Fund represents unrestricted funds set aside by the Governors of Heatherton House School for the future functioning of the School.

500[th] Anniversary Fund

This fund is for unrestricted donations that the Governors have designated to be added to the 500[th] Anniversary Fund, a fund that provides access to the school for aspiring pupils who could not otherwise afford to attend.

Page 53

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

15 SUBSIDIARY UNDERTAKINGS

Berkhamsted Schools Group has three wholly owned subsidiaries all of which are registered in the United Kingdom and share the same registered office as the School (see page 5).

The trading subsidiaries pay all their distributable profits to the school through gift aid declarations and their results for the year and retained capital and reserves are shown below:

Berkhamsted Day Nursery Limited
Profit and loss account
Turnover
Total expenditure
Profit before tax and gift aid
Taxation
Gift Aid
Profit /(loss) after tax and gift aid
Balance sheet
Total assets
Total liabilities
Net assets
Costs recharged from Berkhamsted Schools Group
Amount owed from / (to) Berkhamsted Schools Group
Berkhamsted School Enterprises Limited
Profit and loss account
Turnover
Total expenditure
Profit before tax and gift aid
Taxation
Gift Aid
Profit /(loss) after tax and gift aid
Balance sheet
Total assets
Total liabilities
Net assets
Costs recharged from Berkhamsted Schools Group
Amount owed to Berkhamsted Schools Group		 2023
£’000
2022
£’000
964
870
(785)
(706)
179
164
-
(179)
(164)
-
-
62
70
(62)
(70)
-
-
39
37
(8)
5
2023
£’000
2022
£’000
433
252
(352)
(288)
81
(36)
-
(45)
-
36
(36)
161
55
(161)
(91)
-
(36)
15
5
(62)
(20)

Page 54

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

16 PENSION SCHEME

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2.718m (2022: £2.647m) and at the yearend £226k (2022 - £215k) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Page 55

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

17 COMMITMENTS UNDER OPERATING LEASES

At 31 July 2023 the School had minimum lease payments under non-cancellable operating leases as follows:

Plant and machinery:
Due within one year
Due between one and five years		 2023
£’000
599
920
1,519		 2022
£’000
555
464
1,019

18 CAPITAL COMMITMENTS

There are £13.638m (2022: £14.697m) of capital commitments as at 31 July 2023.

19 FINANCIAL INSTRUMENTS

Group financial assets measured at fair value are the School’s investments which totalled £3.301m (2022: £3.279m). Income from assets measured at fair value in the year totalled £51,000 (2022: £54,000) and unrealised losses totalled £70,000 (2022: a loss of £164,000).

Page 56

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

20 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – COMPARATIVE FIGURES BY FUND TYPE

Year Ended 31 July 2022
Income and endowments from
Charitable activities
School fees receivable
Ancillary trading income
Other trading activities
Non-ancillary trading income
Other activities
Investments
Investment income
Bank and other interest
Voluntary sources
Grants and donations
Total Incoming Resources
Expenditure on:
Raising funds
Non-ancillary trading
Fundraising and Development
Total deductible costs
Charitable activities
Education and grant making
Total expenditure
Net incoming funds from operations
before transfers and investment
gains
Gains/(losses) on investments
Net income/(expenditure) after
gains(losses) on investments
Transfer between funds
Net movement in funds
Fund balances at 31 July 2021
Fund balances at 31 July 2022		 Unrestricted Funds
Restricted
Funds
Endowment
and
Building
Funds
School
£’000
Designated
£’000
£’000
£’000
Total
£’000
35,733
-
-
-
35,733
2,121
-
-
-
2,121
1,123
-
-
-
1,123
54
28
-
-
82
4
-
-
-
4
-
12
102
68
**182 **
39,035
40
102
68
39,245
980
-
-
-
980
21
-
-
-
21
1,001
-
-
-
**1,001 **
35,362
780
93
69
36,304
36,363
780
93
69
37,305
2,672
(740)
9
(1)
1,940
-
(67)
-
(97)
(164)
2,672
(807)
9
(98)
1,776
(2,672)
2,672
-
-
-
-
1,865
9
(98)
1,776
-
35,498
191
7,986
43,675
-
37,363
200
7,888
**45,451 **

Page 57

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

21 SUMMARY OF MOVEMENTS ON SCHOOL FUNDS AND ANALYSIS OF NET ASSETS BETWEEN FUNDS

Year Ended 31 July 2022

21a
ENDOWMENT AND BUILDING FUNDS		 21a
ENDOWMENT AND BUILDING FUNDS		 21a
ENDOWMENT AND BUILDING FUNDS		 21a
ENDOWMENT AND BUILDING FUNDS		 21a
ENDOWMENT AND BUILDING FUNDS
Balance Incoming Resources Investment Transfers Balance
resources Expended gains/(losses)
1 August 31 July
2021 2022
£’000 £’000 £’000 £’000 £’000 £’000
Represented by:
Land and 5,723 - (69) - - 5,654
buildings
500thAnniversary 188 68 - - - 256
Fund
Scholarship and 2,075 - - (97) - 1,978
prize fund
7,986 68 (69) (97) - 7,888
21b
RESTRICTED		 FUNDS
The 191 4 (1) - - 194
Berkhamstedian
Foundation
500thAnniversary - 98 (92) - - 6
Fund
191 102 (93) - - 200
21c
DESIGNATED		 FUNDS
The 118 3 - - - 121
Berkhamstedian
Foundation
500thAnniversary 1,196 37 - (67) - 1,166
Fund
Land and buildings 33,939 - (780) - 2,672 35,831
Heatherton 245 - - - - 245
Development
Fund
35,498 41 (780) (67) 2,672 37,363
21d
UNRESTRICTED FUNDS
School funds - 39,035 (36,363) - (2,672) -
21e
TOTAL FUNDS HELD
TOTAL 43,675 39,245 (37,305) (164) - 45,451
FUNDS

Page 58

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

21f ALLOCATION OF SCHOOL NET ASSETS

Year Ended 31 July 2022

Endowment and building
funds
Restricted funds
Unrestricted funds:
Designated funds
Retained income		 Tangible fixed
assets
£’000
5,654
-
36,076
2,335
44,065		 Investments
£’000
3,278
-
-
-
3,278		 Other assets/
(liabilities)
£’000
(1,044)
200
1,287
(2,335)
(1,892)		 Total
£’000
7,888
200
37,363
-
45,451

Page 59