cALDIC0￿ TRUST LIMITED (LIMITED BY GUARANTEE) REPORT AI¥D FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Company R¢￿stration Nurnb¢r: 0936838 Ch*rlty Number: 310631 CALDICOTT TRUST LIMITED KEPORT AND FINANCL4L STATEMENTS YEAR ENDED 31 JULY 2022 CONTENTS P*g* Rcf¢r¢nce aThd Athninistrativ¢ dets51s R¢port of the council membcr5 2-12 Report of the independent auditors 13- 15 Statement of financial activities 16 Balance she¢t 17 Casb flow statement Notss to the wsh flow 8tatement 19 Note5 to fJnat)¢ial statemcnts 20-30 CALDIc0￿ TRUST LIMrrED REFERENCE AND ADMINISTIL4TIVE INFORMATION COUNCIL MEMBERS I TRUSTEES M.S. Swift(Thatrnwi) Mr5 C. J. Brough J. S. Moule A. J. Murley J. D. Newton Mr5 V. S. P¢rl {UDtiI 07 July 2022) C. Rana Mrs V. M. Roddy E. W. Hi88it)s MTS E. D. Hungin G. M&rsb KEY MANAGEMENT PERSONNEL J. M. BaDks (Hcadmaster) Mi&s T. R. Naidoo {D¢puty Head (A¢ademit)) M. J. Hutcbings {Ikputy Head (Management)) MI￿ S. J. Bisschop (Deputy H¢od (Pastornl) attd a(klitionally Head of Boarding) Miss N. Wri8ht (HR MaDag¢r) P. H. Vi¢kers (Bunar and Compatsy Seeretsry) CHARITY REGISTRATION I¥UMBER- 0936838 COMPANY REGISTRATION NUMBER- 310631 PRINCIPAL OFFICE Caldicott Farnham Ri)yal Buekinghamsbi SL2 3SL AUDITORS HaY8m￿1ntyre LLP 10 Queen Street Pla¢e London EC4R IAG LEGAL ADVISORS Berrym￿ La¢e Mawer LLP Salisbury House London Wall EC2M 5QN Knights pl¢ Midland House W¢$t Way Oxford OX2 OPH BANKERS Svensk&Handcl8bank¢n AB High Wyrombe BTan¢b 40 Oxford Road High Wycombe HPI 12EE CALDICOTT TRUST LIMfTED REPORT OF THE COUNCIL MEMBERS YEAR EI¥DED 31 JULY 2022 INfRODUCTION l. Thc Council Members present th¢irTeport togetherwith the fIna￿la1 8taternents for the year ended 31 July 2022. The Council M¢n)bers Confirm t1￿¢ th¢ fJnan¢i&l statcments comply with Cur￿￿1 statytory requir¢m¢nts, tho$e of the 8overniDg documents atxd the requiremcnts of thc StaI¢m￿t of Rec0t￿l￿nd￿ Practice "Accounting aod Reporting by ChaTities"_ s￿ond Edition. STRUCTU￿ GOVERNANCE AND MANAGEMENT 2. Caldicott T￿st Limited is a ¢ornpany limited by guarante¢ (company re8iStration nurnber 936838) and L6 registered with the Clharity Conunis5ion as att educational charity for th¢ ethiealion of boy5 (registration nwnb¢r 310631). It is governed by its M¢morandum alld Article$ of Asso¢iation, 1&8t amended on 26 Novcmbw 2015. GOVERl¥tNG BODY AND ORGANISATJONAL STRUCTURE 3. The Cow)cil M¢mber4 who arc also trustees of the Charity, during the year were as follows: M.S. Swift (Chairman) Mrs C. J. Brough Mrs B. J. Hampshire E. W. Higgitis Mrs E. Hungiti G. Marsh J. S. Mollle A. J. Murley J. D. Newton Mrs V. Peel {until 07 July 2022) C. Rana Mrs V. M. Roddy 4. Council members constifyte directors of thc company for th¢ puryK>5eB of the Companies Act 5. The Council aims to have a br¢adth of expericncc and skills amongst its members, ensuring th&t it has knowledge and expertisc to work with the Headmastcr and his 5t&ff to govern th¢ school effectively. The CouDciI Mcmb¢rs cot)tribute skills in the following key areas: ¢thJcationaland. iti p8rti¢ular,boarding sehool experience andpastoral ¢ar¢, safeguardin& hea]th safety, fJnaDcial, legal, personnel, marketing, so¢ial media, dcvelopmen( fundrnising athl ¢omrnercial. Where a Council M¢mbcr with a particular skill ￿1g￿$ or r¢tir¢4 th¢ Cowicii activcly tries to r¢¢tvit amember with similar skills. 6. All prospective Council members are met by the Chainnall, 3 pattel of Govemors and the H¢adm&8ter to ensure they art sui¢abl¢ ¢onJ]nitted to serving th¢ Schoolj PTior to their appoinknenL Thc Chairnjan 5vbswucrttly mccts all ncw Couth¢il Members to brief thcm on their duties 8nd responsibilitics. The Council M¢Tnb¢r$ ar¢ invited to spclld time a¢ th¢ School. which includes a tour of the grouth aDd meetings wath the H¢4dmaster attd Bursar. They are also providcd with information and do¢uments on the School and its oper4ti0ns. All newly appointed8ovemors arerequiTedto read and 4yrove a series ofpo]i¢y documents aDd to cornplet¢ online Educar¢ training on tbe gov¢TTW)¢¢ of safe8urdin8, child prote¢tion in education, and ￿fer recruitment amongm other role related training paekage8 during induction as well as ¢0nwleti￿g 8nnually rnandthd declarations of Related Pwty Interests aDd fLt alld pioper sraths Ke¢ping Children Safe ill Edu¢ation and Caldic4)tt's Safeguarding and Child Protection policy. All governots a￿ offered access to additional webirtar& ￿nfer￿C£S and traiDing regources to ¢nsur¢ th¢ir awarcne&8 of alld Complian￿ with their governance duties andr¢Sponsibiliti￿. 7. The Council mects Y4t l¢a5t three tit)Jes a year, with both the Headmast¢r and the Bursar presens. The Coutt¢tl is supported by five Gov¢rTh)r.l¢d sub-comnuttees: Finan¢e.. Human R￿OurteS (HR}' Education" Marketing, Admissions and Dev¢lopm¢nl Buildings and Estate. These sub40nimLtt¢es usually meet tbree times a year or as uired. Furthermore. Governors p¢riodi¢ally attend other internal meetings s￿h as the Safe8uardin& Boardiiig and Health & Safety wmmitt¢es. 8. The Heathna5t¢r. Bwsor and the HR Managcr a150 meet regularly with the Chairnwi. 9. The Council d¢t￿min￿ tbe 8eneral p)]i¢y of th¢ School but its day-t(Aay maDa8¢m¢nl 1$ delegated to the H¢admastsr and Bursar. cALDIC0￿ TRUST LIMITED REPORT OF THE COUNCIL MEMBEILS {eontknlled) YEAR ENDED 31 JULY 21122 10. The Headn￿ster and the Bursar ar¢ also supported by the D¢puty Head (A¢ad¢mi¢), the Deputy H¢ad IPastoral). th¢ Deputy Head (Management) and the HR Manaw. These personll¢l m¢¢t at l¢ast weekly and together make s tb¢ S¢nior ttad¢rsbip Team (SLI). 11. R¢mun¢ratt"on is set by the cou￿11, with the policy objective of ensuring appropriate incentives to ettwLwage eTthaDced perfonnance alhd. in a fair and responsible ll￿￿¢r, r¢waxding individual wntiibution5 to the School's succe￿. The appropriateness and relevance of the remuneration policy is ]rviewed annually including refereDce to open-sowre dats allowiog ¢tsnwarison with other ind￿Endent ￿hoolS to eDsure that Caldicott Trust Ltd remains Competitive. Delivery of the School's eharrtabl¢ vision and PUTpose is prDnarily dependent on the expertise and ¢n¢rgy of owk¢ymanagementpersoJ]nel. Staff cl, Charterbouse S¢hool 8t)d King's, C8nterbury; one eath to CraThl¢igb Srhool, Millfield School. WiDchesterCollege or schools in Russia and Spain. Every singl¢ l¢•v¢r was placed successfully at their preferred next school and a IOOOA pa&8 Trte for Con]moll EntraDce Exams w&8 recorded. CALDICOTT FOUNDATION 28. The ￿ld1c0tt Foundation has been established in year with the twin aim of supp)rtitJg th¢ S¢hool's provision of bursaries alld developing it$ infr&structur¢. Thr Foundation has received funds donated for ot)e or other of thesc objectives. Within this finantizl year £2.233.666 has been donated to thc School 85 restri¢tsd fi￿a$ specifjcally to meet thcsc two obj¢ctives of the CaJdi¢ott FowidAtion. Three full bursarics h&ve been support¢d by the Foundation. The Council'& aim, as soon &$ it caD do so. ts for the Foutthtion to fully 5UPPOrt dl bursary atMI SPOn50rship provision and to fi￿lY separat¢ this from incoTn¢ ff¢eived from fee pairyneDts and other sources. CALDicorr TRUST LIMITED REPORT OF THE COUNCIL MEMBERS (contlllued) ITAR ENDED 31 JULY 2022 PUBIIC BENEFIT 29.The Governors have complicd with the duty An secti(￿ 17 of the Ct)arities Aci 2011 to have due rewd to the publi¢ benefit guidan¢e published by the ComrntsiioD. The Council's strategic aim to rea¢b its annual obJ'e¢tive for the public benefit as a ¢hari¢able Inde￿dent S¢hool is th¢ attainment of the bighestp)&8ible acadelljic Icvel8 consistent with our wder-a¢c¢ss admissions poli¢y for b¢lpiDg boys from low¢r in¢om¢ or oth¢rwis¢ disadyalltaged fami]ies to benefit from our fee-based schooling. whilst allowing all pupils to benefit from o ¢xteDsive extra-cu￿1¢llIar pnWaI￿e. 11 seeks to enable local Statt Scboo15 aDd a wide range of charitable and oth¢r I)rg￿ls￿tiOns, with PTiority given to those from the locality, to use or benefit from Caldicott's extetsshve fa¢ilitie8 and resow¢es. And the School seeks to promote aworen¢ss of alld support foT a wid¢ range of ¢h8Titabl¢ causes to enhallc¢ the boys. sense of so¢i81 rcspotisibility. Nonyithstanding reSttI￿10tjS pjaced becau￿ of the pandemic, exryI￿ of the publi¢ benefits offe￿d by Caldicottthis year includ¢d: The provtsioD of me#ns•tested bMrMrie¥ #Dd otber dl•¢•Mllts- the valu¢ ofmeatss t¢s*d ixtssariesatyj odw discountstots]led£231k(2020r21.. £133k). Thcy as$i5t¢d 23 of ourpupibof whi¢btbre¢ pupib b¢n¢fitted from a ￿11 iemi58Lon of fees. The Governors vicw our bursary awards a5 iMporf#￿t in helpitig to ensure ¢hilthen fromfalnilieswhowould othenvisenotbeAble to affordth¢ fee8canac¢e8s th¢ we offer. Ourbursary award4 are available to all who meet our general enty requirements and are made solely based on parentsl means ortorelieve hardsbip where a pupkl's education al￿ pro4)ects would otherwisebe atJisL b. Arbollr V*14 Dropmore Inf*n( Beaco￿￿field Hlgb, Beac•nslleld Secondary. Commt)n IDf*nt & F&rJth*m Commott Jwhior Sehooli - usc of faci]ities to hold PaTht T￿cher A&80¢iatkon other fundraising eventy use of vehicles a￿1 equipment. conductpupil Visits to the School for ￿nCert$ atyj lesson provision of staff traDSPOrt to SW￿ort school ttips and outings. S￿nSorship of elld-of_ye￿r leaver5' books. hosted science days for a loca] primary %hool, provided free expert advice from our Human R¢Wur￿5 Mana8er and the Deputy Head (Mana8em¢nt) has b¢￿ appointed as & Governor to a local jUDior %lM>OI. FreeDUntie Trust Care Horne- rcgular pcn-pal ¢owdencc lith with a view to hosting visits by the pupi15 during terni tim¢ and spe¢ial tea-time evet)t al Scbool for residents. BuTnh*m #Dd Slough Rtst￿ Clubs- of facilities to hold fundraising events. St John'4 F*rnh*m &Dd Hedgerley Churehe&- use of facilities to I￿ld concerts, reii8ious and fuTMlraisin8 eveDts and provision of occasional donations of charitable mon¢y and mat nmn¢r& h. SI0￿h Plhl]hanDoDle Orebestra- use of Perforn]ing Arts Centre to host publicly xcessib￿ Co￿er￿. Lu[nI￿- Caidicott has joined Lumin4 a charity which ailns to improve educational progres4 attainmellt alld enrichmetht for youthg people. estttially those facitig si8nific8nt dis8dYanthge in the loca] c•mmuDity. Charlt•bl¢ Fundraiiing - Sparn)w Schools Foundation in Johannesburg, Soutb Afric4 was the pupil's s¢l¢¢t¢d nuin elwity for the ye&r. Despite litnitations imposed by the pandemi¢, atkd s¢v¢ral ¢v¢nt cancellations. Other charities were also supportd whi¢b in¢luded.. ChildreT) in Need. Crisi$ 4t c1￿19tMas, Flood Appeal for Malaysia. Home Star¢ Red Cr05s' Ukrainian Appeal. Re$tleM DevelopmeD¢ Royal British L¢gion, ROY￿ Natioll￿ Lifeboat Institution. Save tbe Ckxildrell. Slough Food Bank, Slough Homeless Our Concern. St John'$ Ambulance. St Johns Church F￿)harn CommoJJ and T¢orfund. In &ll over £54,000 (2020121.. £36,904) wa5 raised foT tbe5c cbarities over the year. CALDICOTh TRUST LIMrrKD REPORT OF THE COUNCIL MEMBERS (eontlnued) YEAR ENDED 31 JULY 2022 TEACHING LINKS 30. The Governors and Headmast¢r intsnd to extend OUT ]inks and eAGhanges with the state sector and our already stroD8 Iknks with Arbour Va]e School. We continue to work closely with the Heads and key staff members from the schoo13 we p8rtfbLY, ￿SUring th¢positive ¢ontriburion w our shar¢d ¢du¢ation*] aims wrninues. 31.It 1$ imrn that to the ethication wc offtt is not r¢stri¢t¢d to thos¢ who ¢an &ffoAI our fe¢& We believe our pupils beneftt from learning within a diverse c¢)mmuDity. A gr¢* deal of learning orw5 through social inlerdctioD and shared experien¢es whi¢h helps our pupils develop an understandirtg of the per￿e¢tIVeS of other people thatwill bE vitsl in their adult lives. FUNDRAISING DISCLOSURES 32. ID accor￿ with the 8uidaDce issued by the Charity Commi55ion for Ellgland a]vl Wales regardmg CC20 Icharity fvlldraising.. a guide to trustee dutie$ (CC20) issued November 20161 the following detstls should be rtoted ¢on¢emitig Caldi￿tr Trust'8 approach to ert&ure its compliance with th¢s¢ standard&. Fundralslng ActIvlty. No fimdraising has been condwt¢d in year by any profe5sAonal furtdraisern and commercial participalors on bchalf of Cakli¢(ptt. Some fimdraising has been achieved by parent-initiated donations ￿ th¢ newly estabiisbed Caldicott Foundation who% twin pwp05e is to provide bursaries for pupils wbo othenvise could not atte[￿ the school separately, to provid¢ for building projects to eDhance andmodcrnise the school'8 facilities. Additionally, mod¢8tvohmtaryfundraisingha5 been completedthis ytar by the stsff aJ)d pupi]s, always for the bencfit of other prethlared ¢bariti¢8, and is sumnwised in the fmal bullet at Parograph 29 abovc. Fund-rnistng by staff andpupils that does llOtb¢n¢fit Caldi¢ott is overseen by Charity Comtnittee, chaired by a designatcd staff lead at)d 1$ an$werabl¢ to the Deputy Head (Pastoral). The 'Fri¢nds of Caldicott, is a ￿up within the Caldi¢ott Trnst that coJ)sists of volunteers found from th¢ par¢nts of pupi18 attendiD8 the school. The 'Friend8' organise a scries of voluntary attendance events usually at the S¢hool througb the year to rai5¢ fi]Dd$ for th¢ bellefit of thc TnL4t and other pre4]eclarcd charitics. b. Fundraiiing approaeh. The Govemors, as Charity trustees. are mitidful of the legal requirements set out in the Charitics Acts 1992 and 2011 for all its fijndraising activities. Funtrai5ing either t$desi8ned to raise fvnds foT Specified pmjects which materially b¢n¢fit the Trust attd support the aChieVe￿ent of its objects or seek8 to b¢n¢fit other clwttie8 to £ll￿ge the pupils in 8upporting worthy cause& itself generating an educational and pergonal development benefit for those engag¢d in the ￿1]dra]sIng activity. The overall approach followed by Caldi¢ott's trustees. its Govcrnors, in overseeing a]1 futthishng activity at or beneflttiug the Trust is Shaped by thc CC20 fundraÈsing guid•tt¢¢. The Governors seek to app]y CC20's six key fimdraisittg principles for wtees.. plan effectively. supttvise fimdraisers, ¢D$ure compliance with fulldraising law, protect the charity'5 reputation and as3¢ts. follow reCo￿liSed stsndatds and, finally, be op¢n at￿ Accountable. Any fi￿draising undthak¢n for thebellefit of the TTr￿ or indeed atry i)therclwity, is conductcd using eithcr its own staff and pupi18 or other volunteers, lllost ¢ot)]mo)Jly th¢'Frienth of Caidicott. and parents of pupil Fondralslng standards. Caldicott K¢ks to appty the fimdraising stsndards and scljerne for fundraisin8 r¢gulatrAOD 8¢t outby tbe Clwity Commission within th¢ Charities Acts 1992 at￿ 2011. Neither the Trust t anyperson acting on its behalf voluntarily subscLiI)ed to any oth¢radditioDal fi￿dr&I$lllg stalldards wAthll) the 2020121 finan¢ial year. d. Complt811¢¢ Fitb sthDd#nl#. To the bestof its ktwledgeneithertheTn29tnor8nyperson a¢tin8 on its beha]f has failed to cotnply with the requirements Set out in the Chwitie$ A¢tq 1992 snd 2011. CALDicorr TRUST LIMITED REPORT OF THE COUNCIL MEMBERS (eontinueil) YEAR ENDED 31 JULY 2(J22 ComplalM￿ There have been no complaints received by Caldicott. or by a person acting on its behajf for th¢ pu￿Se$ of fundraising, about fi￿draiSIng activity undertaken during the 2021122 r]nancial year. Prote¢titig vulnerable people. In order to ensure adequatr protection of vulnerable people and other embers of the public from fimdraising behaviour which 18 an unreasonable inlnL8ion on a peThon's PTivacy. is unreasonably persistent or which pla¢es undue pressure on a person to give money or other propety it h&$ ensured that no fimdraising a¢tJvitie$ whatsoever have been ¢onducted on its behalf outside of the itnmedia¢e Caldicott community. Addiiionally, Caldicott bas continued to comply with General Dath Protection Regulation (GDPRI law. enforced since 25 May 2018. This has helped to reinforce PLr)¢edures whlch limit the use of personal daia held by the School thereby fi￿tr protecting the interests of vulnerable people and other members of (be public who are known to it. F￿ANC￿ REv￿w 33. Unrestricted income illcre&s¢d in-y¢ar to £6,124.483 (2020121 £5,762,094 with Restricted incotne totalling £2,233,666 (2020121.. £809,485) lik¢wis¢ showing an in¢rease. Re8tri¢t¢d funds came from donations gifted to the Caidicott FoundatLOll to support it8 twin pU￿oSe8 of enhancing bursaries and delivery of new and improved buildings and iufrastructure. With pupil numbers having risen ill each of the past two yeats. a trajectory predicted to ¢ontinue, and both cash flow and unrestricted operaiing swrplub remaining positive in year alld irtcreasin¥ly so going fonvard, the business is assessed unequivocally to be a going concern. RESERVES POLICY 34. The Unregtricted School Fund Tepresents tbe unreslricted ftm¢ls arising from past operating results. 35. The Charity'gmerves policy is to generate a 5-10 /0 cash su￿lUS of unre8tri¢ted funds to meet thebudgeted future capital expenditure require￿e￿￿' of the school. 36. The free re5erve5 Ibcing UDfc8tri¢tcd funib l¢&s tangible ftyed assets) ai ycar end were in deficit of £l.l59.633 (2021: deficit of £931.9421. 37. A¢ 31 July 2022, the ¢lwity had tothl reserveb OE £9347.601 {2020121.' £7,368,597). Of the¥e fullds som¢ £6,396,187 were unrestriLted and £2.951.411 were restricted at the y¢ar¢nd. Th¢ restrict¢d fvuds w¢r¢ held within the receThtly fO￿¢d C#ldicott Foundation sub-accouot, whose dual pur￿$¢ is to enhance the Sebool's capacity to provide ruth￿Cial support to b(Fys requiriug bursary support and to fi￿d$ donated for tbe purposes of specthed llfrastrnclL￿eprOJeCts. The Coullcil's aitll, as soon a$ it Can do so, is for the FoUnd￿lOn to fully sUPPOrt 81lbu￿ary and sponSor￿Mp provision and to fully separate this from income received frollk fee payments aud other sources. CALDICOTT TRUST LIMITED REPORT OF THE COUNCIL MF.MBERS (continued) YEAR ENDED 31 2022 PRINCIPAL RISKS AND ur4cERT￿￿TlE5 38.The Collncil continue5 to keep the Ttvst's activities under rcview. particularly with regard to any major ri4k8 that may arise from time to timc, and io monitor the eff￿tiYen£￿s of the system of internal Control8 and other viable mean5, including in*uran¢e covcrwhere appropriate. by wlii¢h those already ideniified catt best be mitigated. Council is responsible for the management of all risks faced by the School. and a forn￿1 review of the Cbarity's risk management processes is undertaken c)n an annual basis. 39. IDfladon. The most significant strategic risk durAng this flnancial period has been the impact on all aspects of the school's life or rising inflationary pressures linked to the cost-of-living crisis. With inftation rising to a 20-y&v high, aad continuing to incre&se, and recessionary pressures threatening the UK economy, Coun¢il ha5 Illitigated thi$ riskwith deltberatc care. It has set the school's tuiiion fees and¢har¥¢s at an appropriate rate whilst continuing to apply rigorous fisGal disciplines in the management of its operating Costs. New energy supply contracts have been agr¢ed ahead of the 2022 fuel cost rises, thereby avoiding excessive price incre&8es over the llext seveFal y&4rs. A return to ¥upply management relationship directly with food suppliers since January 2022 has offersj some measure of enlwic¢d ¢ontrol over the management of food cost illcrea5ey. The active coniainment of staff cost gro￿th and close ¢ontillued s¢nJtinyof all other op¢ratiDg costs combined with gradually rising pupil nurnbers attending the ￿1￿>0[ together serve to diminish tis risk. 40. Other rlsks. In addition to tbe risk associated with inflation, the Governors have identified three othermain risks and developed plans to mitigate these.. UkT4lniaD cri518- causing supply ¢hain disruption and EDcreased Costs and nsking pupil r¢ducti¢)ns. W¢ mitigate thts risk through tra¢king alld applying all relevant UK government guidelines, offering appropriate supwrt to parents and pupils directly impacted by this conflict, minirnising exposure to the risk and careful w8Da¥ement of operdtional co¥l¥. Economic ￿nCertaInty- leading to reduced pupil numbers able io start OT continue at Caldi¢ott. W¢ mitigate this risk through the continued pursuit of exLellence across the school's k¢y oulputs. tsrgeied n￿￿keting. eompctitive prjcing and containmcnt of cost growth. The loss of eharitable status for prlvately provlded educatiOD- riskillg the loss of non-domesti¢ raie relief, VAT exemption on School fees and other benefits as$ociated with being a chan"tsble educational trust. We mitigate this ri8k by maintaining fees and other charges at competitive levels. careful financial plannin& and the ¢ontainm¢nt of eapitAI works and all oiher co8t gro￿ to sustdinable levels. 41. Through theri$kmanagement pr￿eSSeS established forthe School. the Governors are sarisfied tiiat the rnajorrisks. identifJ¢d have been adequately mitigated where necessary. Il is re¢ognis¢d that Systems can only promde reasonable but not ab801ut¢ ossuran￿ that ￿aJor risks have been adequately mitigated. FtrruRE PLANS 42.The Governot¥ have ¢ndorsed a ytrategic pl8n witb its th￿&Year horiz(xL thidl l*en itLknaJ both by a ailltaiu the School'b position in a competitive rnatket by investing to provide high quality edu¢ation for our pupits. Achievingahighstandardof academicresulis is a constantairn whilstalsomaintaining thebreadth.depth andqualityof th¢ GKtiaollri(xdareducation providcd. '1lie smPa¢t of attd lessons drawn from the ongoing io CAU)ICOTT TRUST LIMITED REPORT OF THE COUNCIL MEMBERS (eonthilled) YEAR ENDED 31 JULY 2022 pandemic have reiJJfor¢ed the requirement for ar￿ objeclives setby thi5 strate8i¢ plan, mindfijl of i￿￿¢4$¢d ecoDOmiC uncertainties and evolving parentsl aspiratiOTh8. 43.Th¢ Headma8ter and senior staff continuetoreviewthe ollriculum w ensure Its￿IeVance They S￿ alg) to maintaiD anxTrwthe staff anappropria*lybroad sprad of¢dU¢*k0n￿ and4ua]ificatiolls to enable ourpupils. d¢veloprn¢nt. 44.The Schotsl ha& cotitinued to refitrbish and imprnve its teachll)g. sm, recreational aDd boarding faciliti¢s financed from operating surp]u8es. Plaos ts deliver aphasedprogramme of more ambxtious new builds other devcloprnellts are DOW being considered. wbose tI￿esCa1¢ and rdDge will be tempercd though not substanti&lly alkred by the pat)d¢mi¢ or Br¢xit. As early st¢P ID delivering improv¢d infrastrucbJr¢, undupintwd by in¢rtasable g¢Derous donor support, durin8 this y¢ar th¢ fonn¢r outdoor 6w1n]n￿8 pool h&8 bewL enclosed to cnable all year-rouDd swimming to be offer￿. 45.The Scb(xyl has enhanced and will ctrntitiue to moniior buTwie8 look foi opwttwties to iticrease the level of m¢ans-t¢st¢d bursaries. fjJnded increasingly by its newly Launched Caldicott Foundation and the gen¢msity of donors. It will continue to offer fee rernissions of up to IO¢V/fj alhd oth￿ support to suitable calldidates whil&t inYesti8ating opportunities with senior s¢hoo15 to ensure pwjils who receive Substantial mcaDs-te5ted bursaries at Caldi¢ott can continue in indepcndeDt cducation thercaftcr. STATEMENT OF COUNCIL MEMBERS, RLSPONSIBILITIES 46.Th¢CowJcil Mcmbers (who aTC also trusttts and directOTsof Caldicott Tryst Limit¢d forth¢ pwpos¢s of¢ompatty law) a￿ responsibl¢ for preparing th¢ Report of th¢ CouT)¢il Members and the finan¢ial $tstements in a¢cordan¢e with applicable law and Utiited Kingdom At¢outttittB Stattdards (Uttit¢d Kitt8doJn Generally A¢c¢p¢ed Accoullting Practice). 47. l&w require8 the Council Member8 to prepare fit)an¢ial Statements for ¢a¢h fir￿￿¢781 year whi¢h giv¢ v4 e and fair vi¢w of the st*t¢ of affahrs of th¢ ¢haritabl¢ ¢ompany and of the itt¢oming r¢sourtts attd applicatio of resource4 in¢ludillg the in¢om¢ and expendittwe, of the ¢iwitable company for that perioli Inpreparitig these financial staternents, the Council Members are required to.. Selec¢ suitsble accounting policies and apply them ¢onsistently* Ob9mpe the methods andprinciples in the Clwities Ststement of Re¢on)m¢nded Practice (SORP). Make judgements aDd estimates that are reasonable a￿d prudeTht' Stat¢ whether 4)plicable UK accounting standards hav¢ been followrf wbje¢t to ony materi41 d¢parttw¢s disclosed and exphined iTh the fi[w￿la1 statements; Pr¢pare th¢ fil￿)CIal $tstemet)ts on th¢ 8oing ¢ott¢¢m b￿1$ uDl¢ss li is in8ppwrn ￿ pr¢swne the cF4ritabk ¢ompany will Continue in busin¢ss. 48. The Council Members are responsible for keepiDg proper accountin8 Iecords thai disclose with re&8onable accLwacy atany timeofthe r]nancial positionofthe ciwitable company and cnable them to ensurethattbe financial statemetsts comply with tbe Companies Act 2006. They are also responsible for safrguarding the assets of the cbaritablc cowy for taking reasothle steps the prevention snd detection of fraud alld other i￿¢gUlarIties. AUDrroRS 49.ID 50 faT as th¢ Council Memkrs are aware: There is no relevant audit inforn￿tIOn of whicb the charitsblc companls auditOT is unaware., and The Couticil Menthers have taken au steps that they ougbt to have tsken to mAke thetnselves Vlware of any relevant audit infonnation and to establish that the auditor is aware of that infonnation. CALDICOTh TRUST LiiiirrED REPORT OF THE COUNCIL MEMBERS (eontinned) YKAR ENDED 31 JULY 2022 50. A ￿solutio￿reappOlnting HaymxintyreLLP waspropOs￿ attheAGMon09 JuThe2022 in aCCordall￿￿]th sertio 485 of the Companies Act 2006. 51. Report of the co￿¢11 Memixrs, incorporattng a Strategic RepoT¢ approved by ord¢r of the Council, as the haTitable ¢ompally dirwtors, on 17 NovGmber 2022 and siglled on th¢ O)wiGil's bchalf by.. M. & Swlft Registercd Office.. Caldicott Farnham Royal BuckJ"Dghamshir¢ 17 November 2022 l2 INDEPENDENT AiIDITORS' REPORT TO TIIE MEMBERS OF CALDICOTT TRUST LIMrrED (COMPANY NUMBER: IVJ36838) Opinlo We have audited tbe fillan￿ statements of Caldtcott Tn￿lLimittd forthe y¢ar ¢nded 31 July 2022 which compris¢ th¢ Statement of Fi]tsucial Activities, the Balance Sheei the Cash Flow Siatement and not¢s to the fwn¢ial $tsternents, includin8 a sunuw of SI￿lfICant accountiDg P)iicies. The fmancial reporting framework that has beeo applied in their preparation is 4)pli¢able law and United Kingdom A¢¢ounting Sthndards, including Fin￿¢1￿1 Reporting Standard 102 Th¢ Financial R¢porting Standard 8ppIic8ble in th¢ UK ard ii¢public of Irelsttd (Utiited Kingdom Genetaily A¢cepied Accounting Practi¢e). In our Opinio￿ the f￿￿￿la1 ststernents.. 8ive a true and fair view of the slate of th¢ ¢haritabl¢ ¢ottwany'8 affoirs as at 3 1 July 2022 and of the ¢hari(able company'snetmovement it) fi￿d$. in¢luding the its¢ome and expenditutt, forthe year then bave been properly prepared in accordallce with United Kingdom Generally Accepted Aecounting Practice: hav¢ b¢¢D pr¢pared in a¢wN14Thce with tbe wuiremettig of tbe Conwie$ A¢t 21J)6. Basis for We condu¢t¢d our audit in a￿Orda￿e with IntcrnatiODal Starthr& on Auditing {UK) (ISAS (UK)) alhd app]icabl¢ law. Our responsibilities under th05C Standards arc fithher described in the auditor'$ responsibilitics for the audit of the financial statements section of OUT report W¢ ar¢ independ¢nt of the ¢barithble company in accordance with the ethieal requirements that are relevant w our audit of the finan¢ia] ststements in tbe UK includin8 the FRC'S Ethical StsDdatd, and w¢ have fulfilled our other eihJ"¢al responsthilities in ￿￿dance witb these requirements. We believe that the audii ¢videnc¢ we have obtAined 1$ sufficient and appropriat¢ to provide a basis for our opinion. colle￿910n9 relatlDg to golng ttstteerD In auditit)g the financiY415tat¢meuts. we bt4ve Concluded that the Council Members. use of the going concern basis of a¢wuntitt8 in th¢ prepa￿10￿ of th¢ fJnan¢ial 5tstfflients is appr￿￿ts. Based on thc work we hav¢ pcrfornie4 we have not Identifi￿ any rnaterial unccrtaiDtie5 rel￿)n8 to events ¢ondition8 th84 Individu￿lY or¢oll¢¢¢ivety, may cast $ignificantd¢)ubt on the charitable company's ability to ¢otttinue as a going CQllf¢TD for a period of at least twElve ￿nthS from when the financia] sthtements are authorised for issue. Our responsibilities and the res￿>￿s￿billties of th¢ Council Members with respect to goitig concern are des£th￿l in the relevant scctiODS of this report. Other 1tsforj￿th The CourL¢iI Memb¢r$ ar¢ r¢sponsibl¢ for the other inforn)ation. The otber ir&ormation compTiSG4 the informatioll n¢lud¢d in the Report of the QJun¢il Membets. Our opinion on the financial s¥t¢ments do¢s not COV￿ the other inforn￿tioll anl ¢x¢¢pttotheext¢ntotherwise explicitly statedin ourrqMJrt, we do not ¢xpressany form of assurance ¢onclusion thereon. In conuection with our audit of the fllwicial statements. our responsibility 1$ to r¢ad the other infotrnation in doing so, r4)tJsid¢r whetlw the other inforniation is rnaterially irLconsist¢nt wxth the r]nan¢ial sts¢an¢tsts or our knowledge obtsitied in thc audit or otherwise appear5 to be materially misststed. If w¢ identify sucb TT]atErial I￿¢0￿51$t¢￿¢les or apparent material misstatements. we are rcquired to detemine whether there is a Tnat¢rial misstatement in the finaucial statements or a material misstatement of the oth¢r inforn)ation. If, ba8•J on the work we have p¢rfornie(i we ¢on¢lude that there is a TnateTial misstatement of this oth¢r inforn￿ti￿￿ we are r¢quiredw report that fact. We bav¢ nothing to report in this ￿gar(L OplDlop$ other matters pregcrlbed by the Companley Att 21)06 In our opinion, based on the work uudertaken in the course of the audit.. tbe infonnation giv¢n in the Report of the Council Members (which inclu(ks the directors, report prep￿1 for the pwpos¢s of company law) for the f]nancial y&ir for whicb the finaD¢ial statem¢nts ar¢ Prep￿} 18 ¢ons15tent with the fiDaDcial statements. and the directors, report in¢luded withill the lieport of the Coull¢il Members has been prepared iti accordance with appjicable legal requirements. 13 INDEPENDE￿r AUDITORS, REPORT TO THE MEMBERS OF CALDICOTT TRUST LIMITED (COMPAI¥Y NUMBER: 11936838) M8tters wbieh we Ire requlred to report by exceptiort Ittthc light ofihe knowledg¢ and understaDding ofthe ¢haritsbl¢ ¢ompany and its environment obtsined inthe¢ours¢ of the audi( we havr ttotidelltifi￿ mat¢riai misstatemellts iti the iiwrt of the Council Members (which incorpornt¢s the d]r¢¢t￿8, report). We have nothing to rqth in respect of the following matter8 iti relation to whi¢b the Compani¢8 Act 21X)6 requires u$to r6port to you il, in our opinion.. ad¢quat¢ accouttting records hav¢ not been kept by th¢ rhorithble eompaay.. or the cljaritsble compaDy rjnallrial ststements are not in a8rcctnentwith the a¢¢ounts"ng rc¢ords and rebllns,. or in disclosures of Council Mernbers, remuneration specified by law ar¢ not madc.. or w¢ have llot received all the tnforniaiion at)d explanations we requirc forour audit. RtSPilD$ibiliti¢8 •f Member& for tbe fln8nelAI itstements As explainedrnore fullyinthe Cout)¢ii M¢mbers' resrA>u5ibilities stat¢m¢t)¢ (Srtoutollpage I l),theCounril me￿brI5 (who are o]so the direetor5 of the Gh￿ilabl¢ ¢ompany for the purp05e5 of ¢ompatty law) arc responsible for the prEparation of the fjtwicial statements attd forbcing satisfied that they give a true and fair view, and for such intttnal control a5 the Council Members detemiine is neces38ry to enable the prq)aration of financi&l stat¢ments that are fr¢E from material misstatemcn( whether due to fraud or error. In prq)aring the fitw¢ia] statements. th¢ Coull¢il Members are respoD5ibl¢ for a$s¢ssAng the charitsble company's ability to ¢ontinue as a 80sng CODcern, disclosingy as applicabl¢. matters rcl¥t¢d to gtsing c(pncem and using the goiDg CODc¢rn basis of accountin8 unless the CouD¢iI M¢mbers either intend to liquidat¢ the ¢harit8ble company or to ccas¢ OpeNi0t￿ orhave DO re4]istic alternative but to th) so. Aydlt•r'8 respon%lbUltleg for ¢he audtt of the fill￿￿¢1￿1 $tAtement8 Our objectives to obtsin re&8ottable as5llra￿e about whether the financial statcmthts a$ * whole 8tE free from n)atcrial misstatemenL wbether thic to fraud or error, and to issue alh ¥4uditor's report that in¢lud¢s ow OPiDiO Reasonable 18 A bigh lev¢] of yssurance, but is not a guarantee that audit conduthd in a¢¢ordatv with ISAS {UK} will always detec¢ a mat¢rial misstatement wh¢n it exists. ￿'Sstatements can arise from fraud or error and are ¢onsid¢red material if. individually or ia the aggrega￿ they could rwonably b¢ expectcd to ittfluell¢c the ¢conomic decisLODS of user6 takell on the basi5 Of these fjoancial statements. Irrcgulariti¢s including fraud. are insronces of non-compliancc with l*w$ 8t￿ r¢gulatioDs. We design procedures in line with our Tesponsibilities, outlined abov¢. to d¢t¢ct material mtssta*metsts in ffsp¢¢t of irregularitie& including fraud. The exteDtto which our pro¢edur¢s are ¢apable of detccting irregularities, including fraud is detailed below. Bascd on ow understsndin8 of thc charitable company and the envirooment in whi¢b it op¢rat¢s, we identified that the principal risk8 ofnot)-complianccs wth laws 2nd rcgulations rel4t¢d to th¢ r¢gul*ory reqUireD￿nts of the Charity ComTnission. th¢ 1nd￿endellt Schools lDspectorat¢ IISD aDd the statutory safegllarding and child protrfjtionguidance issued by the D¢partment for Education (DfE), and we con5idcred the ext¢nt to which non-compliance might havc a aterial effect on the finan¢ial statements. We also Considered those laws and regulatiODS that have a ￿l￿t imwdct on the preparation of the fm8ncial statcments surb as the Chariti¢$ Act 2011. Chartties soli￿ (2019), Companie8 Act 2006 athdpayToll tsxes. We evaluated management's tn¢¢ntives and opportunities for fr8udul¢nt manipulatioD of the fLnan¢ial statements (in¢luding the risk of override of ¢ottrols) &nd detem)in¢d th&t the principal risk w&8 relat￿ to th¢ recognition of voluntary income. Audit proc¢dure8 perfonned by thc engag¢m¢nt t¢am included.. Enquiries of MaDa￿ellt regarditig correspondellce with re8ulators and tsx authorities. Dis¢ussions with manag¢￿ent in¢luding consideratlon of known or siwe¢t¢d Inst￿e8 of non4omplian¢e witb laws and regulation and frwd: Rcviewing the controls and tffocedures of the chaTity. partÈcularly ID relation to the re￿rdIng of in¢ome and processing of paymeDts and payroll, ￿ ensur¢ thv¢ were in place throughout th¢ year, i￿luding durin8 the Covid-19 remote W0￿]ng EwioDs]￿lIIty to anyonc other thalh the charitsble cowy and the ¢]wit8ble ¢oropally'8 rtwnb¢rs as * t¥Jdy, for our audit WOEK for this or for th¢ QPiDi(ms w¢ have fornied. Siobh8n Hol￿e& {Senior Stamiory Auditor) For attd on behalf otHay8macintyre LLP. sta￿tOry Auditors 10 Q￿en Street Place ' 30 November 2022 EC4R IAG cALDIC0￿ TRusf IlMrrED STATEMENT OF FINANCIAL ACTfviTIES FOR THE YEAR ENDED JI JULY 2022 ReBtricted Unreitrfeted TO1￿ Total Fundi 2022 2012 21122 2(121 L¥ots INCOME FROM: Ch4rlt•ble A¢tlYltle#: School f¢e$ reeeivable Oth¢r ¢ducatiot)al incornc 5,737,545 352,046 5.737.545 352.046 5246,195 265,909 VoknDt*ry 8ourteg: Donations Government KriiDt itteome 2233.666 17,11)0 2,250,666 809,485 240.011 IMvutmeDts Interest receivable O¢ber". Other in¢om¢ 34,891 34,891 9,980 Ttsts] IDcom¢ 2,233,666 6,141,483 8,375,149 6,571,579 EXPENDITURE ON: Cbarffitable Atllvltlm: Education 6.387,621 6.387,621 5,848,883 RalslDg fwnds: Finsnc¢ coyts 8,526 8,526 6218 Totsl E3pendfiture 6 J96,147 6J96,147 5.855,101 NET INCOMEJIEXPENDr￿IRE} 2,233,666 (254.665) 1,979.002 716,478 Tralhsfers between funds 16 NET MOVEMENT IN FUIWS 2233.666 (254,665) 1,979,002 716.478 BALANCE BROUGirr FORWARD 717.745 6,650,852 7,368.599 6,652,121 BALANCE CARRIED FORWARD 2,951,411 6,396,187 9,347.601 7,368.599 Full ¢omparntiv¢ figures for th¢ year end 31 Juty 2022 are shown in not¢ 19 on pag¢ 29. All in¢ome is derived from contit)uing activities. AII ￿ogniSed gains and losses 8re includcd itt the Statem¢n¢ of Fit￿nCl81A¢tIVitle8. The notes on pages 19 to 30 from p&rt of these financia] statements. 16 CALDICOTT TRUST LIMITED CompaDy Repstrndon Nwnber: 936838 BALANCE SHEET AT 31 JULY 21122 21122 2021 FIXED ASSETS Tangible assetg 7,555,820 7,582.794 7,555.820 7582.794 CURRENf ASSETS Debtots Casb in band and at bank io 282.155 3,015.816 288.437 925.514 3297.971 1213,949 CREDm)RS: DUE WITHIN ONE YEAR (1.016.190) (1.000,146) NET CURRENT IIABILITIES 2,281,781 213,805 TOTAL ASSETS LESS CURREiYr LIABJLrrtES 9,837,601 7,796,599 CREDrroRS: amounts fallin8 th after more thall one year 12 (490,000) [428,￿0) NET ASSETS 9,347.601 7.368,599 Unrestricted Funds (SclK>oI Futtds) Restrict￿ Fw)ds 16 16 6,396,187 2,951,411 6.650,854 717,745 9,347,601 7.368,599 The financial stateM￿ts werc aM)roved alld authori5ed issue by the a)uDcil on below on its b¢half by.. 17 2022 attd were 818nEd November M.Swlft Cknirn18D The notes on page8 19 to 30 forniport of thes¢ fin40¢i81 statsllmts 17 CALDICOTT TRUST LIMrrED CASH FLOW STATEMENT YKAR ENDED 31 JULY 2022 2022 2021 N•te NET CASH INFLOW FROM OPERATIONS 2.403,989 737.305 CASH FLOWS FROM INVESTING ACTMThKS Pur¢bas¢ of tan8ible fixed assers B*nk illterest received (313.688) (433.427) NET CASH USED IN INVESTING ACTtVlTIES (313,688) (433,427) Change in ¢ash and ¢ash equivalents it] r¢portin8 period 2.090.302 303,878 Cath and cath ¢quivalents at the bcgittttiDg of T¢￿thg period 925,514 621,636 CASH AND CASH EQUIVALENfs AT THE EIYD OV REPORTING PERIOD 3.015,816 925,514 18 L4LDICOTT TRUST LIMITED NOTES TO THE CASH FLOW STATEMENT YEAR ENDED 31 JULY 2022 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPEIL4TING AcfIviTIES 2022 2021 Net mov¢tn¢nt in fimds Bank intsrest Dq)r¢¢iation D¢cr¢as¢/lIn¢rease) in d¢btors (Decreaseyln¢r¢ase IA Creditors 1,979,002 716,478 340,661 6,282 78,043 329.346 (23,671} (284,848} Net c*gh Inflow from oper4tio 2,403,989 737,305 ANALYSIS OF CASH AND CASH EQUIVAIINTS 2022 2021 Cash at bank aDd in hand 3.015.816 925,514 ANALYSIS OF CHANGES TN NET CASH FUNDS At l August 21121 A¢31 Jvty 2022 C*sh at baDk and in hand 925,514 2,090.302 3,015,816 Total ¢ash and c&sh equivalellts 925,514 2.090.302 3,015,816 The cbarity iiid not boldany d¢bL th¢r¢forc n¢t d¢bt ￿)t¢ is no¢r¢quitt 19 CALDICOTT TRUST LIMITED NOTES TO THE FINANCIAL STATEMEIYTS YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES Bath of prep*ratioL The fit)allcial statements bave been prepared in a￿ordanCe with the Fitwkcial Reportillg Stand8rd applicable in th¢ UK aDd Rq)ubli¢ of Tr¢]￿d (FRS102), the Companies Act 2006 aryl th¢ Statejnent of Recommended Pra¢ti¢e for Charities (SORP 2015) (S¢¢ond Edition, effective l January 2020) appli¢able to charities preparing their accounts in a¢rordaoce with the Financial Rep¢ffiins Stan(lard applicable in the UK and R¢pub]ic oflrcland (FRS 102). Th¢ awjwits are drawn up on th¢ histori¢al cost basis of accounting. Having reviewed the funding faciliti¢8 available to the Schth)I together wth the ¢xpe¢trd ongoing dettmnd for places and the School's projected c&8h flow4 the Management and Cow¢il M¢mbers have a reoSOt)able expeetslion that the S¢bool has adequate Iesources to ¢ontitsue its a¢tiviti¢s for the foreseeable future and ¢onsid¢r that there were no material uncertainties over the khool'5 finath¢ial viability. Demand for plac¢s by new pupi15 Startitsg in Septembcr 2022 remains strong, and The numb¢r of n¢w pupils starting in 2022123 h&8 risen from th¢ year prewously and demand for placey in ibe following y&qrs will likely ¢ontitJue to ris¢ still further. Mitidfvl that staff costs are the sitigle largest element of th¢ School's operating costs. plans have been developed to ensure tb¢s¢ ¢osts remain proportionate to pupil numbets. All other operating costs r¢rnain tightly controlled, with ¢nergy contrdcts flxed at competitive pre•¢aeEgy cri5j5 rates until 41 least 2027, and discretionary expet)ditwe continuing to be constrained proportionat¢ly. Whilst rnost operating costs rematn subject to intl*ionary pres5urcs seen nationally &8 pan of the cost-of-living crisis. overnll costs will continue to be tightly controlled. Accordingly, Manag¢m¢nt Council Members Comitiue to adopt the going concern basis in pr¢p2ring the f]nancial statements. Th¢ S¢hool 18 a Publi¢ Benefit Entity ryiSt￿ as a charity in Engiattd and Waks and a company limited by guarante¢. It was incorpordtrd 7 Au8USt 1968 (company number. (1936838) and r¢gistered as a charity on 8 July 1969 (charity number.. 310631). Critical Judgemtnt8 and key iourees of es¢Ematton llncertxinty ID th¢ application of the a￿tsuI)bng policies. Council Mcmbers ar¢ required to mak¢ jud8erllent, ¢5timates, And a8sumption5 about the ¢anying valu¢ of a&sets and liAbiliti¢s that ar¢ not readily apparent from other SOUT¢es. The ¢stirnates alld underlying assumptions are based on histori￿] exp¢rieDce and other factors that are ¢oJhsidu¢d to be televanL Actual r¢8ults may differ from these estimates. Th¢ ¢stimates and uJMJ¢rlying a88umptions are reviewed on an ongoing basis. Revi5iOllS to acGouTLting csttmate8 are reco8nised itt theperi¢)d in whichthe eStItt￿te is revised if the r¢vision affects ODty thatperio or in th¢ p¢riod of the revision and futur¢ p¢riod$ if the revision affected current aDd future periods. In the Yiew of the Council, DO as$umptt'ot)s ¢on¢¢rning thc future or cslimation uncwthitrty affe¢ting &8scts or liabiliti¢s at the balance sbeet date a￿ likely to rc5uIt in a matcrial adjustment to their wrying amowjts in the n¢xt finat)cial ycar. The followin8 acc4wnting po]icies hav¢ been applied COD8iStently in dealing with items wbicb ar¢ considered materi81 it) r¢lation to School'5 financial stst¢merLts. Fees and slmllar earThed income Fees receivable and charg¢s for s¢rvicts attduse ofthcpremises, l¢ss any 8111)wance4 scbolar8h4)& burwies granted by the School against ihwe fees. Invejtment kncome Investm¢nt from dividellds baDk bthccs a￿d fixed interest securitie$ are accounted for on an DoD*tioni. Jegacles grsnts gnd ￿t￿ervOI￿ntlry income Voluntgry it)C4)me is incorne accouJ)ted for a$ snd when entidement atises. the amount can be reliably quat)tifiedand theeconon]ic benefit to the School 15 considera probable. Voluntary income forthe School's gcn¢r•l pul￿1$¢8 is accounted for as ut)restri¢ted and is credited to thc Srkwol Fund. Where the donor or an 20 CALDIcorr TRusf LIMITED NOTES TO THE FINANCIAL STATEMENTS (¢ontiv¢d) FOR THE YEAR ENDED 31 JULY 2022 AccouiYfiNG POIJCIES (wnthiued) appeal l)as imposed tsust law resttictions, voluntary income is credited to the relevant restricted fimd. Where the donor or an app¢al h&8 itnpos¢d tnw Jaw restrictions voluntary income is credited to the televant rcstrictcd fund. ExptDdltsre ExPe￿J1t￿rC is accrucd as SOOD as & liabi]ity is ¢onsid￿¢d probable. Expeuditure tittributhble to m4)re than one cost cale80ry in th¢ Statementof F1th￿cIal Activities i$apportioned to thern onth¢basis of the estilljated amount attributable to ea¢h activity in the year, either by reference to time or the use made of the whdertyllig &88ets, approp￿1¢. frnv¢rabl¢ VAT is included with the item of ¢xper#Jittwe to whith it relates. Governance costs comprise the costs of running the ¢harity, including strot¢gi¢ planning for its futtwe developmeDI, external audi4 ally legal ddYi¢e for the School's Coullcil Members, and all the Costs of complyiD8 with constitutional and statutory r¢quir¢ments, such AS tbe costs of cou￿¢11 a￿3 Committee meetings attd of preparing sta￿tory accouttts #nd satisfyiog publi¢ ￿tsu0￿billty. T*￿%￿b]e fred #$5ets Fixed &ssets costiD8 tDore than £50 are tapitslised. Depreciation is provided to ThTite off the cost of all relevanttallgible flxed a&qets less ￿tiMated residual Yalu¢ ba8edon currentmaknpriees and their expected useful ¢coDornic ]iv¢s gs follow8: Fumittw¢, fixtures and fittings Gard￿ and playiD8 fi¢lds quipment Fr¢chold buildings Long leasehold buildings Motor vehÉcl¢$ Compu¢r equipment Other equipment IWo- 25Y. rthillgbalatt¢e I￿/D r¢du¢ing balan¢e 2/• of cost pcr annuni 2•/0 of costper annum 20Yo reducing bal￿¢ 33.30/0 reducing balance 20/0 Ted￿ltig bal8n¢e Fund aCCOUDling The ¢lwitabl¢ rnst fimdi ofthe School are accoun*d for as utwestricted or rcstricted incomc in aCcord8t￿£ with the tern)s of trust ]m￿Sed by the donors OT any appeal tr) wbich tbey may h8v¢ r¢spond¢iL Unrtstrl¢ted income bcloD8S to the School's ¢orporate ffserye8, spendable at the discretion of the Council Memb¢rs ¢ith¢r io fvtther the School's Objects or to benefit the School its¢lf. Where the Council Members decide to set asid¢ ony part of th¢se fuuds to be used in futyre for som¢ sp¢¢ifi¢ purposc, this is accounted forby traDsf¢r appropriate designated (und Restrkttd fimd$ r¢pT¢5cnt aznounts donated to the Sch￿1 for speci6¢ pwp08￿. Pen•knn ¢ost$ R¢tir¢meni benefits to eTJJpLoyees of the S¢hool are provided through two P¢Dsion schcnw. The pen8ion Costs cbarged in the Ststernent of Finw¢i4] A¢tivities are deterrnln￿ as follows: (a) Th¢ Tea¢hers' Pension Scheme- The School cxitcd thj's d¢fined benefit pension s¢bemc on 31 December 2￿20. All affected staff have moved to a defined contribution $¢h¢m¢. (b) Otherpension costs charg¢d itx the a￿oUnts foT defined contribution schemes r¢pr¢swK the contr1￿tionspaY￿bI¢ by th¢ S¢hool during thc ycar. 21 CALDICOTT TRUST LIt4UTED NOTES TO THE FINANCIAL STATEMENfs (c(IDthilled) FOR THE YEAR ENDED 31 JULY 2021 ACCOU￿[NG POLICIES (Tonthiu¢dl (b) Other peDSLOn costs charged ID the accounts for dcfined contribution s¢h¢m¢$ represent thc Contributions payable by the School thirimg th¢ year. OperAtlng le•$e$ Rentals under operating lease5 are charged on a straight-linc b&8is overthc l¢as¢ tem. even if the poyments are Dot rnade on such a b&8is. Benefits rtteived at)d T¢¢eivablc as an incentive to sigti an op¢ratiDg le￿ are similarty spread on 8 str8ight-]ine basi$ over the lea8¢ t¢ FlnAnclal In8truments Basic fina￿181 ittstrvments are initially r¢rogtJised at transactiOD valuc and Subsquently Me￿￿red at amortised c05t value. Fitjgncial assets held at amoTtis¢d cost Comprise cash at bank and itt hand, together with trade and other debtols. A specific pro￿$10￿ ismade fordebts forwhich recoY¢rability is in doubt Cash bank at)d in hand is (kfilled as all casb held in installt access bank a¢¢ouDts and used as working ¢apits]. Finallri41 liabilities held at amortised ¢os¢ Comprise all credittsrs ex¢ept so¢ial S￿uTity and other tsxes and provisions. Credltorj *nd provijions Creditors alldprovisions are r￿OgnISedwh¢r¢tb¢ Sch(v)I has apr¢s¢nt obligation resulting from ap&st evcnÉ that will pyobably result in the trdnsf¢r of fi￿￿S to a third party and th¢ arnount duc to sett]¢ the t￿ligatIon call be measured or &stimated rcliably. Creditors and proyisiotts arc nomally reCo￿ls¢d at their s¢ttlenHJt amount after allowing for arly tradc distounts due. Debton Trad¢ and other debtors are recogthi5ed at th¢ 5cttl¢ment amount due after atry trade discount offered. Prepayments are valLLed at the arnountprq)aid net of any trad¢ discounts due. C*yh at b•nk in Cash at bank atknj cssh in hand includes ¢a8b short terni IJAghly liquid investments with 8 short tnatwity of three months or1¢&8 from the date of a¢quisition or opening of the deposit or similar aecout)t. Employee benefiti Sknrt Éerm benefits Short terni benefits including holiday pay are re¢ognis¢d as an expense in the period in vthich tbc service is received. Employee teTminatiOn bénefits Tern)ination benefits are ￿Counted for on an accnwls basi8 and in ]ine with FRS 102. 22 CALDICOTT TRUST LIMITED L¥OTES TO THE FINANCIAL STATEMENTS (eollthiwed) FOR THE YEAR ENDED 31 JULY 2022 CHARrrABLE ACTIVITIES. FEES RECEIVABLE 21122 2021 Scbool fee5 L¢ss: Bursaries 5,968,979 (231.435) 5,379,282 (133,088) 5,737,545 5246,194 Bursaries and other awards wwe paid to 23 pupils (2021: 19 pupils). iyrHER EDUCATiof4AL II¥COME Extra fc¢8 Registration fee9 337,146 14,900 249,959 15,950 352,046 265,909 BANK AND OTHER INTEREST Bank deposit interest NET MOVEMENT IN FUNDS Ngt rnov¢m¢ni in funds is ststed after charwtig". 2022 2021 Audittsrs, remiuKratioll Audit 18.000 16.440 950 329,346 Dq)r¢ciatio 340.661 STAFF COSTS 2022 2021 Wages and sthAes So¢iat s¢¢urity costs Othrr pension costs 3,671.064 329.110 424.929 3,522,991 326,318 469,483 4,425,103 4.318,792 23 CALDICOTT TRUST ￿l￿rTED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR ThE YEAR EL¥DED 31 JULY 2022 STAFF COSTS (¢oDtlnued) 2022 Nurnbtr 2021 Number The average number of ¢rnployett was.. Twhillg Welfare Premises Support 57 45 io 27 54 45 10 27 139 136 Council Member5 receiY&J JKJ r¢rnuneration irt the year or reimburscment of cxpenses (2021.. £Nil). No Council Membcrs rectived ttimbursemeDt of travel expetws in 2022 (2021.. Nil). Th¢ nurnb￿ of ernployees whose eDJolumcDts ¢xrttd £60,0￿ was: £60,001- £70,000 £70,001- £80,0(K) £80.001- £90,0(K) £90,(M)I - £IOO,¢)00 £ioo,001- £1 Jo,0 £110,001- £120.0(X> £120,(MII - £130.0(X) £130,001- £140.0Tr) £140.001- £150,0￿7 £150,001- £160,OIXI All of the above employe￿ Participat￿ in apersonal pension plan. Contributions to pension plan for above dwing the year amounted to £76,937 {2021.. TPS attd Aviva £I20,054). The total employce bcnefits of key managcment penot)n¢l of the school were £652,497 (2021: £584.578). 74). ANALYSIS OF EXPENDITURE (2022) Stlff eosts Other Depred4tion 2022 TotAI CharitAble Aetlvltle8 Teaching eosts Welfare costs Premises rosts Support costs And govwMttce (note 7b) Costs of R#islDg Funds: Finance costs 2,311,565 758,033 254,018 1,101,488 146,011 309.528 659,747 506,571 248.348 2,705,924 1,067.560 1.006.078 1,608,059 92J14 8,526 8,526 4.425,103 1,630,382 340.661 6,396,147 24 CALDicorr TRUST LfMTf&D NOTES TO THE FINANCIAL STATEMENTS (tothllnued) FOR THE YEAR ENDED 31 JULY 2022 7A). ANALYSIS OF EXPENDITURE (2021) St*ff eorti Other Depred8tioD 2021 Totsl Charitable Activities T¢a¢hin8 ¢0sts Welfar¢ Costs emises co8ts Supp>rt Costs and govertwhce (note 7b) Costs ofRai5in8 Ftsnds: Finawe cosL8 2.423,781 717240 248.539 929232 121,117 228.663 433.023 417,942 239J32 2.784.230 945.903 771,576 1,347,174 90.014 6,218 6.218 4.318,792 1,206,963 329,346 5,855,101 7b). GOVERNANCE INCLUDED IN SUPPORT COSTS 2022 2021 R¢muneTrtion pwd to auditor Reimbursemellt of expenses to CouDciI Metnber5 18.000 16,440 Is,￿0 16,440 FINANCE COSTS 2022 2021 Bank ¢b￿ge8 and fees 8,526 6,218 25 CALDICOTT TRUST LIMrrED NOTES TO ITIE Fll¥ANCIAL STATEMENTS (tODIknDed) FOR THE YEAR ENDKD 31 JULY 2022 TANGIBLE FIXED ASSETS Fr¢ebold labd nd bulldingl tittlngs and equlpme Motor Vebltl To¢81 Cost At colnmcncement of year Additions 9.237,358 7,786 4,639,966 170.550 367,842 135 J52 14,245,166 313,688 At end of year 9,245.144 4,810.516 503.194 14.558,853 Acturnul*ted deprecl8tlo At c4JmmencetDent of year Charge fory 2.607.464 92,314 3,766.997 207,534 287.911 40,814 6,662,372 340,661 At elld of year 2,699,778 3.974.531 328,725 340.661 NET BOOK VALUK At 31 July 2022 6,545,366 835,985 174,469 7,555,820 At 31 July 2021 6,629,894 872,969 79,93 I 7582.794 io. DEBTORS 2022 2021 Duc within otte year: Trade debtors Other debtot5 Pr¢payments and accrued income I64,￿6 64.672 52,875 170,508 52,132 65,797 282,155 288,437 26 CALDICOTh TRUST LtMTfED NOTES TO THE FINANCJAL STATEMEiYfs (continued) FOR THE YEAR ENDED 31 JULY 202Z 11. CREDITORS: DUE wrrHIN ONE YEAR 21122 2021 Dqjosits frorn parents Fee8 received in advance Trad¢ cr¢ditors Othertaxes and social security Other creditors Accruals 87,(K)O 527,294 21.395 84,175 137,151 l59,174 I l4,0( 515,863 18,348 83,680 113.760 154,495 1,016,1 I,(th,146 CRED￿oRS. due 8fter More ye 2022 2021 Deposits from parents 490.(4)0 428.0(Kl 13. LIABtLITY TO MEMBERS The company is ]imited by guardntee and ij) the event of a winditsg up rarh cwrent ll￿Mber or mernkn of the lasttwelv¢ m¢mth6 would be liable to Contribu* a sum not ¢xceedin8 one pound to the &ssets. 14. TAXATION Due to the ch&Titsbl¢ statys of the ¢(rfnpany Lo liability to tsx #Tises. 15. AP4ALYSIS OF NET ASSETS BETWEEN FUNDS {2022) UDrutrl¢ted Reitrkted Tot￿ Fundi Tatt8ible assets Current assets Current babi]ities Creditor5 due after ro¢xe than one ye 7,555,820 329,560 (1,016,190) (490,(K>O) 7,555,820 3297,971 (1.016.190) (490.000) 2,968,411 6.379,190 2,968.411 9.374,601 ANALYSIS OF NET ASSETS BETWEEN FUNDS {2O21) UDre$trkted R¢8¢rleted Total Taugible as%ts Curr¢nt a88cts Curr¢nt Jiabilities Cr￿1101¥ due after more tban orte ye4r 7.582,794 496,206 (I,O(M),146) (428,(M)O) 7.582,794 1213,951 (1.000.146) (428,000) 717.745 6,650,854 717,745 7.368,599 27 CALDICOTT TRUST LIMITED NOTES TO THE FINANCLIL STATEMENTS (¢ontlnw¢d) FOR THE YEAR ENDED 31 JULY 21122 I& RESERVES (2022) Bal3n¢e l August 2021 Bal*llte 31 Jllty 2012 Ewndltsre Tran$fers Restrict¢d fiwds UDrc5tri¢t£d futtds 717,745 6,650,854 2,233,666 6,141.483 2.951,411 6.396,187 (6,396,147) 7.368,599 8,375,149 (6,396,147) 9,347,601 The gen¢rai reserv¢ 15 maintsined for fixcd assets and to provide workitig eapitsl. The restricted fimd reflects the Caldi¢ort Foundation. Thi5 is 4 sthnd-aloll¢ fI￿d with the sole purpose of providing opporbJnitie$ to means-testcd bur58ry pupils to bBDefit from the aucatiotul and extra-curricular opfftiti¢$ offcred by the &hool. RESKRVES (2021) B*lallee lajhce 31 Jllly 2021 2020 Income Exp¢ndltsre Tr*m$fers R¢stricted ￿lld$ Unr¢stricted fund$ 24.394 6.627,727 809,485 5.762,094 (I l6,l34) (5,738,967) 717,745 6,650,854 6,652,121 6,571,579 {5.855.101) 7.368,599 17. CAprrAL COMMITMENrs 2022 2021 At the yearerd th¢ wupatty ]Md th¢ following Capital commilm¢nts 18. PENSION SCHEMES The participated in the T¢a¢hers' Pension S¢heme ("the TPS.) for its tra¢bitig staff ￿ttl 31 D¢cember 2020 wh¢n, followittg a lellgthy ¢onsultativt process and subsequent direction from Council. all TPS member8 were moved to a p¢nsion scberne ptDvided by Aviva {a defined contrbution sclwnc). The pension charge for th¢ year itt¢ludes ¢mployer contributions payable to Aviva of £314,701 (2021.. TPS of £252.951 and £16l,902 to Aviva) aDd at the ycar-end £44.713 (2021: £40,419) way &ccrued in re$￿t of ¢ontiibution$ to this scheme. For tton-te*ching staff. th¢ compaDy ¢ontributes to iTKlivld￿1$, personal pension plans. Cortthbutions arc cbarged the a¢¢ouDts &5 incu￿￿ and there were contributions of £17,092 (2021.. £16.395) outstw)ding at th¢ balance sbeet date. Employerpension ¢osts Charged iti the year were £l 12,593 (2021.. £109,151). CALDICOTT TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {continu¢d) FOR THE YEAR ENDED 31 JULY 2022 19. COMPA114TIVE STATEMENT OF FINANCIAL AcfiviTIES Restr1￿ Unrethieted TO￿ F￿ndS 2021 2021 2021 INCOME FROM: CbArit8ble Activltle8: S¢hool f¢¢5 rK¢ivabk Other ¢du¢ational income 5246.194 265.909 5,246,195 265.909 Volwntary sourceB: Donations Governmtht grant in¢ome 809,485 809.48S 240,011 240,011 InV￿tMents Interest re¢eivable Other: Income from insuw¢s Other 1￿come 9,980 9.980 Tolal Inetsn 809,485 5,762.094 6,571,579 Cbarl¢ablt Acthltle•: Education 116,134 5,731749 5.848.883 R¥tsln8 funds: 6218 6,218 Tot*1 Espetsdithre 116.134 5,738,967 5.855.101 NKT INcoM￿(EXPENDITuRE) 693,351 23,127 716,478 Transfcrs between fundi 16 NET MOVEMENT IN FUNDS 693.351 23,127 716,478 BALANCE BROUGHT FORWAIU) 24,394 6,627,727 6,651121 BALANCE CARRIED FORWARD 717.745 6,650,852 7,368,399 29 CALDICOTT TRUST LIMTfED NOTES TO THE FINANCtAL STATEMENTS (eonthilled) FOR TAE YEAR ENDED 31 JULY 2022 20. RELATED PARTY TRANSACTIONS Other thaD the telat¢d paty tran5actLOIh5 refettedto in not¢ 6 relating to Coun¢il Memberexp¢n8es, there were no othcr relat¢d party traDsactions (2021.. £Nil). 30