REGISTERED COMPANY NUMBER: 00504032 (England and Wale51 REGISTERED CHARITY NUMBER: 310635 STRATEGIC REPORT. REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 FOR PIPERS CORNER SCHOOL •zzK8. COlEs t#XJSÉ
PIPERS CORNER SCHOOL CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Pag¢ Strategic Report Report of the Tru$tsès 2 to 7 Report of the Independent Audltors .8 to 10 Statement of Flnanclal Activltles Balance Sheet 12 Cash Flow Slatemenl 13 Notes to the Cash Flow Statement 14 Noles to the Financial Statements 15 to 27 Detailed Stslement of Financial Activiti•s 28 to 29
PIPERS CORNER SCHOOL STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2022 Pipers Comer School has had another excelnt year of achievement in 2021122 as we relum to normal operation following the challenges of the COVID-19 pandemic. The students have perforned exeeptionally well in all area$ of school life- our staff aTr to be particularfy congratulated for their skill. dedication and hard work". and our finances remain sourKI enabling us to continue to improve and develop the Sch(K)l. The resilience and determination of Pipers students was ewdentfrom this summerfs public eXaMinat)n results. when students sal physical examinations for the first time in two years. Our students performed excepbonally across the board, achieving excellent results al both A Level and GCSE. The A Level results for 2022 saw 60% of all 9rades awarded al A".A, with almost a quarter of all grades awarded al A", and 86% of all grades A'-B. In the GCSE assessments. 66% of students athVed A'.A or grades 7-9. with 85% of students achieving A".B, or grades 6-9. As in pVIouS years these students have secured places at top4anking universities on competitive courses. ineluding Bimingham. Bristol. Exeter. King's College London. Loughborou9h. Manchester and Nottingham. During the year we continued to reeruit new teathers and support staff. We have appoinled 12 new teachers. in¢luding new Heads of Mathematics. Sociology and Sixth Form. and a new Deputy Head (Pastoral). A new Wellbeing Manager and Head of Careers were also appM)inte(l and joined the School in September 2022. The Board of Govemors and the Senior Leadership Team engaged in a Strategy Day in February 2020 and the SLT has continued to develop the emefging elements of the Schoofs d8veknpment plan. As the country emerges from the worst of COVID-19 and deals with the ongoing economic impact of the pandemic. Govemors have been engaged and informed throughout the period in scrulinizing and reviewing budgets and forecasts to assess the impact on the School. with Cornmittee and Board meelings being held to make key decisions. Followng 8 reviewoflhe schI,s budgets and its performance for the year ended 31 July2022. the Govemors have estimated the impact on the Schoofs aclwibes in the year. Based on the prior year, revenue has increased by £568. 381 to £12.009.391 {2021= £11.155.5821 wth net income of £727, 620 {2021.' £358. 1511. Followng construction of a Drama Studio which has provided much needed Arts Centre back-stage facilities. no decision has yet been taken lo pr(eed with phase two of the original project. The School is now consolidaling its estates planning to focus on preveniative maintenance and ensuring that teaching facilities continue to support the high-qualily teaching staff. We are mindful of the importance of ensuring that the Schcol provides the benefits of a good education to as many girls as possible and amounts are sel aside each year for this purpose. This enables us to allow a number of girls with talent and polential to lake advantage of the excelnt education that Pipers Corner provides, regardless of their parents. financial circumstances. l am pleased that we have also extended opportunities lo share our resources with olher local schools and increasing the Sthool's invofvemenl with the local community., regular use of the swirnrning pcd and other facilities has recommenced folk)wing the lifting of COVID-19 restrictions. I would like to thank all my fellow Govemors, the Headmistress. the Bursar and the whole team of teaching and support staff. Our parents and of course our 9irfs for their invaluable contributions and commitment to our comrnunlty. dby der of the board of trustees on 8 Novernber 2022 and signed on its behalf by. MrF ru
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 The Trustees of Pipefs Comer sChcl present they annual reFQrt for the year ended 31 July 2022 under the Charities Act 2006, together the audited accounts for the year. The accounts have been prepared lo comply with the requirements of the Statement of Recommended Praclice - Accountirvj and Reporting by Charities issued in 2015. OWECTIVES AND ACTIVITIES Prlnelpal Aetlvltles and Ethos Pipers Comer Schod is an independent day school for gids aged 4 to 18 years whose principal purpose is lo provide education lo the highest stsndard, including academic instructton and phyEical. moral and spiritual development. In addition. Ihe Scho(A aims to create a secure and positive environment in which social responsibility, integrity and mutual respecl are emphasized. Achievemenl is celebrated and girts emerge as confident. articulate young women, effective communicators with a sound foundation of knowledge, understanding and skills and with a sense of purpose for lrfe's opportunities and challenges. The School upholds the Christian faith whilst expecting and encouraging sensitivty to the beliefs and conviction5 of others. strateglc Objectives The Charity's strategic objectives can be summarised as follovts.. To continue to Pfovide an environment in gids maximise their potential for achievement, both academically and personally, enabling them to go on to attend the univetsty of their choice. - To seek continuous improvement5 in the qualty of the curricular and extra4urricular education provided and in pastoral carg. ncluding the need to ensure that the Schwl prepares girls fijlly for future success in a rapidly changing world. To manage the School's financial affairs so that it is at4e to coniinue to wivest in excellent staff and high quality facilib"e5 that will ensure its long lemi success. - To develop further opportunittes to wden access and to enhance the w#Jer benefits that the School provides to the wblic and the loeal community. Public Benefit The Governors have stated that their aim is to continue to Klentify further opportunities for widening access within the School's financial ability lo do so and.within a manageable tsmeframe. In the year ended 31 July 2022. the School has supported 172 gids12021= 1931 Ihrough scholarships, bursaries and other fee reductions to a value of £693.470 {2021.. £812,443}. representing approximately 7.2Yo12021- 7.1 %) of gross fee income. Several scholarships and means-tested bursaries for entry inlothe Senior Sch¢)ol are established which enable parents lo receive financial support up lo 100°A of fees. There 15 a150 an annual means-lesled bursary award that is available to a girl of all-round ability from a maintained sector primary school in the local area for entry into the Senior School. again available up to 100% of fees- and up to four additional 100% bursaries are made available each year lo girls joining Pipers Corner for Ihe Sixth Fi)rn. Having ir)Iroduced il in 2018. the School has continued the Foundation Bursary for those j(Mning Reception into a seeond year. In addition to these established bursaries. the Sch)d continues to grant a number of other means tested bursaries for parents who find themselves in unexpeeled hardship and for girls moving up to the 6th Fom and a separate fund enables additional finanaal assistsnce lo be provided lo meet other costs. such as uniform and school wsils when appropriate.
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 OBJECTIVES AND ACTIVITIES Public Bertefit - continued In addition lo financial assistance. the Sthool Continues to develop strong links with local ccrfnmunities and lo pursue opportunities for partnerships and collaborative work wth k)cal schwls and organizations. in particular we share many of our facilities yth local schooL5, community groups such as amaleur choirs and mu5ician$. and sports clubs. Specific arrangements have been made for regular use of the Arts Cenlre. the swimming pool, the Sports Hall and our Astro sports pitch, providing valuable enrichment opportunities for local children. Although some of these collaborative and partnership actwities were affected during the COVID-19 pandernic. the School has been pleased to reslablish these activities followng the lifting of the Govemmenl's COVID- 19 reslriclions. This remains an important thread in the School's strategic objectives and we continue to seek further opportunities for providing public benefrt within the swje of the School's charitable obje¢ls. Gids at Pipers Comer also raise funds to support local. national and overseas charthes. including the work of Brain Tumour Research. Cancer Research UK. Children in Need. Young Carers Bucks. Rennie Grove Hospice. Save the Chiklren. as well as conlribuiing to the One Can Trust and Ial fc4Jdbanks. FINANCIAL REVIEW Fixed Assets In August 2021 the School invested in a new k)ng jump which was officially opened in the Summer Tem ahead of the athletics season. A new playground facilty was installed forthe Prep School in early 2022. New Ground$ maintenance equipment includes a new Baroness Triple Mower and a Kubolo tractor. The School has invested in creating new administralive work space wilh the creation of a large shared office suite. The movements in the fixed assets during the year are sel out in note 13 lo the ffinancial statements and future commitments a sel out in note 24. Borrowing During the year repayments on the £2.5m kjan aThanged with Barclays Bank for the construction of the Arts Centre have been made. Details of Ihe loan tenns are set out in nole 19. Reser•es pollcy In each financial year the Trustees forecast the level of free reserves (that is those funds not lied up in fixed assets and designated and restricted funds). It is Ihe policy of the Trustees to retain funds in excess of those required for day-to-day support of the School and ils aclivilies, in order to meet the substsntial and irregular costs of major maintenance and the extension of buildings and facilities to fvifil the School's development plan. The Trustees are confident that the Sthcrf)I has sutficient reserves to enable il to meet all of its financial responsibilities as they fall due. Penslon Followng a review by the Governors of the current and future impact on the School's financial sustainability of the 2019 increase in employer contributions to the Teachers. Pension Scheme {TPSI, as well as the longer term impact of any future rises. in 2022121. followmng a formal consultation exercise with affected staff, Ihe Governors agreed that the Schwl should adopt a 'mixed econom or Total Pay and Reward model, under which affected staff would be gwen a choice of either remaining in the TPS on ievised temis or leaving the TPS and moving to a new defined conlribulion pension scheme (Aptis). These new penSn arrangements were implemented wilh effect frcrfn January 2022. As described in note 22 the ISPS muttimph)yer defined benefit scheme is in deficit. Wrthin these financial statements provision has been made for the known funding deficit payments as required by FRS102. The totsl defTciI due by Pipers Comer Sch¢y)l al 31 July 2022 is £386.661 (2021.. £360. 570)-
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 FINANCIAL REVIEW AND RESULTS FOR THE YEAR Flnancial Statements The financial slalemenls illuslrale the stability of the organi%ation wth healthy reserves and a relatively low level of borrowings. The assets are only hekl for the furtherance of the chariws objectives. Flnanclal revlew The surplus of income over expenditure as set out on page 13 still enables the School to maintain a signrficanl level of reserves for future investment. Net fee income shows an increase on the previous year, reflecting the increase in the number of students as well as a modest increase in fees. The Governors agreed a fee increase for 2022123 in line with pre-pandernic levels txjt under the current rale of infiation. The Govemors remain confident in their long-lem commitment lo invesl in the people and facilities thal will enhance the quality of education for all girls who attend the Schor)l. Investment powers The investment powers are governed by the Articles of Assoualion. Volunteers Although the charity welcomes the valued counsel of unpaid volunteers, it is financially independent. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Pipers Comer School is a Company limited by guarantee and a registered charity: registration details are shown below. The MpanY is govemed by its Artides of Assouation. Governon¢e and Managemenl Structure The day-to-day wnning of the School is managed by the Headmistress and the Bursar under the direction of the Board of GovemoT5. The charity has no subsidiaries or any close assoualion with other ¢haritie5 and does not hold funds on behalf of other charities. The Board'of Govem¢xs may delegate any of ils management powers to Committees consisting of Govemors or other persons as il thinks fil. Meetings and proceedings of the Board and Committees are govemed by the provisions of the Articles of Association. A strategy day was held in February 2020 for the vthole Goveming Body and Senior Leadership Team lo provide strategic direction for the next five years. These events are nomally held every two years: due to the COVID-19 pandemic the next strategy day has been deferred lo February 2023. Remuneration of Key Pers¢nnel Independent specialists conduct performance appraisals for the Headmistress and the Bursar. which lake place every three years. The Headmist5$ was reviewed in November 2018 and was due to be assessed again in 2021. Given the need lo focus on dealing wth the impacl of the pandemic. the next perfomance appraisal of the Headmistress VMII take place in 2022. The Bursar was appointed in August 2020 and will be assessed in 2023. Infonned by these appraisals, the Chairman of Govemors and the Chairnian of the Finance and General Purposes Committee agree remuneration arrangements for the Headmistress and Bursar. Recruitment. Inductlon and Training of Governors Prospective Govemors are idenlrfied on the basis of reWant attributes including personal abilities. speeialist skills and availability. They meet representatives of the Board and senior management prior to appointment and are appointed al a meeling of the Board. An induction programme is arranged by the School and they are provided wth copies of School policies. financial accounts, the risk register and other relevant documents. All Governors are encouraged lo attend appropriate seminars and training sessions or9anized by AGBIS and other professional bo(iies and lo have familiarization days al the School.
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 REFERENCE ANO ADMINISTRATIVE DETAILS Reglstered Company ntsmber 00504032 (England and Wales) Registered Charity numbor 310635 Registered offi¢¢ Pipers Comer Great Kingshill High Wycombe Buckinghamshire HP15 6LP Company Secrelary Mr J D Clarke Govemors Chairman Ms H F Morton {Until Octobèr 20221 Mr F W Johnston (From October 2022) Vice Chaimian Mr F W Johnston (Until October 2022) Rev H Peters {From October 20221 Mr P Bhullar Mr A Cannon Ms E Carrighan Mrs N Doran Mr M F T HartM)me Mrs J B Ingram Mr A McBamett Lady Redgrave Mr H B P Roberts Mr P B Wayne Ms H Semple Mr M Slepney {appointed March 2022) {resigned July 20221 (appN)inled March 2022) (resigned July 20221 (appointed March 2022) Govemors are the Injstees of the charity and are appointed in accordance wth the Articles of Assouation. Visitor Rt Rev The Lord Bishop of Buckingham Dr A Wilson Honorary Fellow Lady Buckinghamshire Principal Officers Head Mistress Mrs H J Ness-Gifford Clerk to the Governors and Bursar Mr J D Clarf(e Retirement of Govemors In accordance with the company's ArtleS of Association on the trustees. tem of office. tsvo trustees Ims H F Morton and Mr P B Wayne) are due for re4lection at the Annu81 General Meeling this year. Mr M F T Harbome will be retiring from the Board al this yeaS Annual General Meeting after many years dedicated servi¢e lo the School.
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 Professional Advisers Auditors MGI Midgley Snelling LLP. Slalutory Auditor Ibex House Baker Street we)ridge Surrey KT13 8AH Bankers Barclays Bank PIC East Berkshire Group Business Cenlre PO Box 23 Slough Berkshire SL1 4NX Solicitors Veale Wa5brough Wizards Orchard Court Orchard Lane Bristol. 8S150S STATEMENT OF TRUSTEES. RESPONSIBILrriES The truslee5 (who are also the directors of Pipers Comer School for the purposes of company law) are responsible for preparing the Report of the Trnstees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel- Company law requ*es the trustees to prepare financial statements for each financial ar whith give a true and fair view of the slate of affairs of Ihe charitable company and of the incoming Tesource5 and application of resources. including the income and expenditure. of Ihe charitable companyfor that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently- - observe the methods and principles in the Charity SORP: make judgements and ests'males that are reasonable and prudent- prepare the financial slalements on the going concem basis unless li is inappropriate to presume that the charitable company wdl conlinue in business. The tnjslees are responsible for keeping proper accounbng re¢d$ which disclose reasonable a¢¢ura¢y al any time the financial position of the charitable company and to enable them to ensure that the financial statements comply th the Companies Act 2006. They are aLso responsible for safeguarding the assets of the charitable company and hence for tsking reasonable 5tep5 for the preventton and detection of fraud and other irregularities. In so far as Ihe trustees are aware.. - there is no relevant audil infomation of which the charitable eompanls audf(ors are unaware.. and the trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant udil inf¢ymalion arKI to establish that the auditors are aware of that information.
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 AUDITORS The auditors, MGI Midgley Snelling LLP will be re-appointed n accordance with section 487(2> of the Companies Act 2006. Approved by order of the board of trustees on 8 November 2022 and signed ¢)n ils behalf by.. Mr WJO
REPORT OF THE INDEPENDENT AUDoRs TO THE MEMBERS OF PIPERS CORNER SCHOOL Opinion We have audited the financial slalemenls of Pipers Comer School (the 'charitsbk companll for the year ended 31 July 2022 which compfise the Staternent of Financial Activities. the Balance Sheet. the Cash Flow Statement and notes lo the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalefflent$-. give a true and fair view of the stale of the charitable compan$ affairs as at 31 Juty 2022 and of ils incoming resources and application of resources. including its income and expenditure. for the year then ended., have been properly prepared in accordance th United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordan with Inlematsjnal Standards on Auditing {UK) IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements secb.on of our report. We are independent of the charitable company in accordance with the ethical requirernents that are relevant to our audil of the financk41 statements in the UK, including the FRC'S Ethical Standard, and we have fu•lled our other ethical responsibilities in accordance with these requiremen15. We believe that the audit evidenGe we have obtained is 5uffiGient and appropriate lo provide a basis for our Opin. Conclusions relating to going concern In auditing the financial Statements. we have concluded thal the trustees, use of the going ¢oncem basis of a¢¢ounting in the preparation of the finanual statements is appropriats. Based on the work we have performed. we have not identtfied any material uncertainties relating to event5 or conditions that. individually or collectively. may casl significant doubt on the charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the reswnsibdiknes of the trusiees vth respect to going CcceM are des¢xibed in the relevant sections of this report. Other information The trustees are restthisible for the olher infomiation. The other infomiation comprises the infomiation included in the Annual Report. other than the financkgl slatements and our Report of the Independent Auditors Ihereon. Our opinion on the financial statements does not cover the other infonnation and, except to the exlenl olhenvise explicitly slated in ryJr report. we do not express any fonn of assurance condusion thereon. In conneclion with our audit of the financial slalements, our responsibility is to read the other infomialion and. in doing so. consider whether the other infomialion is materially inconsislenl with the financial stslernellt5 or our knedge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required lo detem)ine whether this gives rise to a material rnisstalemenl in Ihe financial ststernenls themselves. If. based gn the work we have performed. we conclude that there is a material mi5Statement of this Other information. we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit-. the inforrnalion given in the Strategic ReF)Ort and the Report of the Trustees for the financial year for which the financial statements are prepared is consistent wth the financial stslemenls-. and the Strategic Report and the Report of Ihe Trustees ha5 been prepared in accordance with applicable legal requirements.
REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS OF PIPERS CORNER SCHOOL Matters on which we are requlred lo report by exceptSon In the light of the knowledge aTrJ understanding of the charTtable company and its environment obtained in the course of the audit, we have not idenirfied malerial misstatements in the Slralegi¢ Report and the Report of the Trustees. We have nothing lo report in respecl of the folbwing matters vthere the Companies Act 2006 requires us to report to you rf, in our opinion= adequate accounts'ng records have not been kept or retums adequate for our audit have not been received from branches not visited by us.. or Ihe financial statements a not in agreement wtth the accounting records aThJ retums: or certain disclosures of Iruslees. remuneration speryfied by law are nol made.. or we have not received al the informats'on and exanatiOnS we require for our audil. Responsibilities of trustees As explained more fully in the Slalement of Trustees. Responsibilities. the trustees (who a also the d1ctorS of the charitable company for the purF4)ses of company law) are responsible for the preparation of the financial statements and for being satisfied that they 9Ne a true and fair view. and for such inlernal control as the trustees determine is necessary to enable the Weparatn of finaTrial statements that are Ie from material mis$talement. whether due lo fraud or error. In preparing the financial statements, the Injslees are responsible for assessing the charitable companls ability to continue as a going concern, disclosing. as applicable. matters related lo going concern and using the going concern basis of accountsng unless the tnjstees either intend to liquidate the charitable company or lo cease operations. or have no realistic allemalive but to do so. Our responslbllltles for the audlt of Ihe financial slatements Our objectives are to obtain reasonable assurance about whether the ffinancial statements as a 016 are free from material misstslement. whether due lo frau¢Y or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance wth ISAS IUKI wll ahva delect a material misstalemenl when il exists. Misslalemenls 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 usefs taken on the basis of these financial stalements. The extent lo which our procedures are Capable of detecting irregularities. including fraud is detailed below." Identifying and assessing potential risks related to irregularities In idenlifying and assessing risks of material misststement in respecl of irregularities, induding fraud and non- compliance wlh laws and regulations. we nSIdered the following: - the nature of the industry and sector, control environment and business perfomiance" results of our enquiries of management about their own identification and assessmenl of the risks of irregularities., - any matters we ident¢fied having made enquiries of management about their policies and procedures relating to.. identifying. evaluating and complying wilh laws arKI regukqtions and wtiether they were aware ol any instances of noncompliance- - delecling and responding to the risks of fraud a1 whether they have knowledge of any actual. suspected or alleged fraud.. the internal controls established to mibgate risks of fraud or non-compliance with laws and regulations. - the matters discussed among the audit engagement team ar*d involving relevanl internal specialists. including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures. we considered the ¢)pportuniti'es and incenlives that may exist within the organisation for fraud. In ¢ommon wth all audits under ISAS (UK), we are also required lo perfom) specific procedures to respond lo the risk of management override.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PIPERS CORNER SCHOOL We also obtsined an undeT5tsnding of the legal and regulatory frameworks that the Charitable Company operates in. focusing on provisions of tse lavts and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context inchjded the UK Companies Act and local tax l$latiOn. In additKn, we considered provisions of other Lqws and regulations that do not have a direct effect on Ihe financial statements but compliance with which may be fundamental to the Charitable CoMpanS ability lo operate or lo avoid a material penalty. Audit response to risks identified As a result of performing the above, our procedures to respond lo risks idenlffied included the following.. - reviewing the financial statement disclosures and testing to SUP[fvlng documentalK)n to assess compliance with provisions of rdevant law5 and regulations described as hamng a direct effect on the financial statements.. enquiring of management conceming actual and potential libgabon and daims,. perfomiing analytical procedures to identify any Unusu or unexpected relationships that may indicate risks of material misstatement due to fraud- - reading minutes of meetings of those charged with govemance: and in addressing the risk of fraud through management override of controls. testwig the appropriateness of joumal entries and other adjustments- assessin9 whether the judgements made in making accounting estimates are indicabve of a potential bias: and evaluatin9 th8 rationale of any s19nrfanI transactions that are unusual oi outside the normal course of business. We also communtcaled relevant idenbfied laws and regULAnS and wlential fraud risks to all engagement team members and remained alert lo any indications of fraud or noncompliance with laws and regulations throughout the audrt. A further description of our resnsIbIlitieS for the audit of the financial slalemenls is located on the Financial Reporting Council's website al www frc org.ukJaudilorsresponsibilib'es. This description fom)s part of our Report of Ihe Independent Auditors. Use of our report This report is made solely lo lh8 charitable MPanI¢s rnembers. as a body. in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we might state to the charitable companys members those matters we are required to stale to them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not ap1 or assume responsibility to anyone 0th8r than the charitable company and the charitable companrfs members as a body, for our audit work. for this report, or for the opinions we have formed. Sarah Squires BEng FCA (Senior Stalulory Auditor) for and on behalf of MGI Midgley Snelling LLP Ibex House Baker Street We)ridge Svrrey KT13 8AH .&?. t)Qc4rrtbr loZL. 10
PIPERS CORNER SCHOOL STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING AN INCOME AND EXPENDrruRE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2022 31.7.22 Unrestricted funds 31.7.21 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 726 1.234 Charilable activities Fees and registratsons 11.919.844 11.078.862 Other trading activities Investment income 85.029 3.792 73,474 2,012 Tolal 12.009.391 11.155.582 EXPENDITURE ON Charitable activities staff costs Adminislralion and rnaintenance costs Depreciation Fee5 and registration5 7.268.957 2.294.237 733,604 984.973 7.081.631 2.223.842 706.582 785.376 Total 11,281..771 10.797.431 NET INCOME 727,620 358,151 RECONCILIATION OF FUNDS Tolal fvnds broughl foThvard 13.535.275 13,177,124 TOTAL FUNDS CARRIED FORWARD 14,262.895 13.535.275 The notes fomi part of those financial statements 11
PIPERS CORNER SCHOOL BALANCE SHEET 31 JULY 2022 31.7.22 Total funds 31.7.21 Total funds Noles FIXED ASSETS Tangible assets 14 13.896.11 S 14.312.379 CURRENT ASSETS Stocks Debtors Cash al bank 35.164 3.752.837 4.053.192 32.330 3.682.313 2,853.067 16 7.841.193 6,$67.710 CREDoR$ Amounts falling due within one year 17 15.606.259) (5,335,332) NET CURRENT ASss 2,234,934 1.232.378 TOTAL ASSETS LESS CURRENT LIABILITIES 16,131,049 15.544.757 CREDITORS Amounts falling due after more than one year 18 {1.868,154) 12.009.482) NET ASSETS 14.262.895 13.535.275 FUNDS Unrestricted funds 21 14,262,895 13,535,275 TOTAL FUNDS 14,262,895 13.535.275 The financial statements were approved by the Board of Trustees and aLthorised for issue on 8 November 2022 and were siqned on ils behaw by. MrF rus The notes fom part of these financial statements 12
PIPERS CORNER SCHOOL CASH FLOW STATEMENT FOR THE YEAR ENOED 31 JULY 2022 31.7.22 31.7.21 Notes Cash Ilows from operating activities Cash generated from operations Interest pabj 1.717.260 40,787 1,003,294 37,832 Nel cash provided by operating actiwt 1,676.473 965.462 Ca$h flows frorn invèsting activlties Pur¢hase of tangible red assets Sale of tangible fixed assels Interest received (317.340) 1192,1611 3,792 2,012 Net cash used in invesbng activities 310.5481 190.1491 Cash flows from financing actlvhles Loan repayments in year 165.800 171.963 Net ¢a$h used in financing activf(ies 165.8001 171.963> Change in cash and Cash equivalents in the reporting perlod Cash and cash equlvalents at the beginnlng of the reportlng period 1.200.125 603,350 2.853,C67 2.249.717 Cash and cash equivalonts at the end of th• reporting period 4.053.192 2.853.067 The notes fomi part ol these financial statements 13
PIPERS CORNER SCHOOL NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2022 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTNITIES 31.7.22 31.7.21 Net income for the reporting period (as per the Statement of Financial Activities) Ad5ustments for: Depreaation charges Profil on disposal of fixed assets Interest received Interest paid (Increaselldecrease in stocks Increase in debtors Increase in creditors 727,620 358,151 733,604 13.000) (3.792) 40.787 (2.834) (70.524) 295.399 706.581 (2,0121 37,832 1,395 (363.5361 264.883 Net cash provlded by operatlons 1,717,260 1,003.294 ANALYSIS OF CHANGES IN NET FUNDS At 1.8.21 Cash flow Al 31.7.22 Net cash Cash at bank 2 853 067 1 200.125 4.053.192 2.853,067 1,200.125 4.053,192 Debt Debts falling due within 1 year Debts falling due after 1 year {169,2041 1,690,040 {3.5871 169.387 (172.791 } 1.520.653) 1.859.244 165.800 1.693.444 Total 993.823 1.365.925 2.359,748 The notes fomi part ofthese ffinanual statements 14
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 GENERAL INFORMATION Pipers Comer Schcol is a charitable company limited by guarantee incorporated in England. The Registered Office is Pipers Comer School Great Kingshill High Wycombe Buckinghamshire HP15 6LP The principal activity of the chafity during the year Nvas that of a schtJ)l. The financial statements are presented in the currerty of the primary e¢x)nomic environment in which the entity operates lils function81 currency). as such. the results and statement of financial position are presented in Sterling {£). Monetary amounts in these financial statements are rounded to the nearest pound unless otherwise slated. ACCOUNTING POLICIES Basls of preparing the financial stslements The financial slalements of the charitable company. vthich is a public benefit enlity under FRS 102. have been prepared in accordance wrth the Charities SORP (FRS 1021 'Accounting and ReForting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Finanoal Reporting Standard apPIable in the UK and Republic of Ireland IFRS 1021 {effeclive 1 January 2015).. Financial Reporting Standaid 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been pr8pared under the hi5toric81 eost convention, as modrfied by the revaluation of certain assets. The trustees have rewewed projeclions and budgets for the next Iwefve months along with assessing the impact in the Current year. Flong this review. the trustees consider there to be little impael going forward on the Charity's ability to act as a going eoncem. Income All incorne is recognised in the Statement of Financial Acttwties once the charity has entitlement lo the funds. It 15 probable that the income wll be received and the amount can be measured reliably. Fee5 receivable represent the lotal amounl receivable for fees and services supplied for the academic year in respect of edLscalional facilities before bursaries. scholarships and albwances. Fees received in advance for the folk)¥ng academic year are treated as deferred income and then recognised for the lem in v4hich they relate. Expendlture Liabilities are recognised as expenditure a5 soon as there is a legal or constructive obligalion committing the charity lo that expenditure, il is probable that a transfer of economic benefits will be required in setuement and Ihe amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been cLAssified under headings that aggregate all cost related to the category. wre costs cannot be directly attributed to particular headings they have been allocated lo activities on a basis consistent with the use of resources. Charitable activities costs are those costs incurred direcuy in support of expenditure on the objects of the charity and include costs not primarily relating to teaching and educalional sUPpes. Tanglble flxed assets Depreciation is provbjed al the following annual rates in order to write off each asset over ils estimated useful life. 15
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022 ACCOUNTING POLICIES - continued Tan9ible fixèd assets Freehold property arsd mapx refurbishment stramjht ne - 10% and straight line - 2% Sundry buildings and equipment School equipment straight line - straight line - 33% and straight line - 20% Grounds equipment straight line - 20% Tangible assets over the value of £5.000 are caprtalised. Soft fvmishings, carpets and small equipment are fully written off as the expenditure is incurred. Stocks Stocks are ¥abJed at the lower of cosl and net realisable value. after making due allowance for obsolete and slow moving items. Taxation The charity is exempl frcrfn ¢orwatiM tax ¢)n its ¢haritsble aclivibes. Fund accounting Unrestricted funds can be used in accordance vrith the charitable obJe¢b'ves at the discretion of the Iruslees. Roslridgd funds can onty be used for particular restricted purposes within the objects of the charity. Reslriclions arise vthen specified by the donor or vthen funds are raised for particular restricled purposes. Designated funds are funds sel aside by the governors ouLof.unreslricted general fun(Js for specthc future purwses or projects. These funds are reviewed and released to designated income or expenditure once the funds purpose has been achieved. 0rating Igasg Rentals paid under operating leases are charged to the SOFA on a straight line basis over the lease term. Pensions The company operates defined contribution and funded multi-empbyer defin8d b8nefil schemes on behalf of certain empbyees. Contributions are charged to the SOFA in the year they are made. The schemes funds are adminisiered by Trustees and are independent of the companls finances. Government grants The charitable company receives govemment grants in respect of the corcavINS Job Retention Scheme ICJRSI- These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will Comply with eondrknons attathing them to them and the grants will be received using the accrual model. Redundancy and terminatlon payments Redundancy payments are recognised al the wint the redurmlancy is agreed with applicable liabilities being recognised. Company stalus The School is a company limited by guaranlee. The members of the company are the Trustees named on pages 6. In the event of the charity being wound up, the liabiif(y in respect of the guarantee is limited to £10 per mèmber. 16
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022 DONATIONS AND LEGACIES 31.7.22 31.7.21 Donation$ 726 1,234 OTHER TRADING ACTMTIES 31.7.22 31.7.21 Rent received Sundries received Furlough grant 76.107 8,922 33.287 13.657 26,530 85.029 73.474 INVESTMENT INCOME 31.7.22 31.7.21 Interest received 3.792 2.012 INCOME FROM CHARITABLE ACTMTIES 31.7.22 Fees and registrations activities 31.7.21 Total School fees Bursaries, scholarships and allowances Discounts Registrations [e1ved Disbursements inrne Designated income Transport in¢om¢ 11.395.581 {693.471) 217.806 48.000 476.171 11,767 463.990 10,912,536 {812,4431 220,139 42,000 354,555 9.807 352.268 11.919.844 11.078,862 The School had 601 girfs on the school roll at the 1 September 2021 (September 2020 - 600). 17
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 31 JULY 2022 CHARITABLE ACTIVITIES COSTS Support costs (see note 8) Direct Costs Tola15 Staff costs Adminislralion and maintenance costs Depreciats'on Fees and registrations 7.268.957 7.268,957 2.290.273 733.604 2.294.237 733.604 984.973 984.973 988.937 10,292.834 11.281,771 SUPPORT COSTS TeacheTS and teaching assistants Welfare and support ojsts Management and administration Finance Totals Stsff costs Administration and maintenance costs Depreciation 1.308.582 5.188.137 772.238 7.268,957 600.254 6.276 40.787 288.201 56.480 1,361.031 2.290,273 733,604 1.915.112 40,787 5,532,818 2.804.117 10,292,834 Staff costs are assigned based on the department. Depreciation on school equipment is split 10% management and admin and •A teachers and teaching assistants, all other depreciation is within welfare and support costs. NET INCOMEI{EXPENDITURE) 2022 2021 Depreciation- owned assets Auditors. remuneration - audit Operating lease payments - other 733.604 23.532 8,130 7C,581 21,600 12,834 10. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021. 18
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022 10. TRUSTEES. REMUNERATION AND BENEFITS - continued Trustees, exp¢nses Trustees expenses paid for the year ended 31 Juty 2022 iotalled £243 (2021- £nil). 11. STAFF COSTS 31.7.22 31.7.21 Wages and salaries Social security costs Other pensM)n costs 5,636,109 537,701 864,773 5.439.841 516.613 891.384 7 038.583 6,847,838 The average monthty number of emptoyees during the year was as follt)WS'. 31.7.22 120 31 16 14 31.7.21 119 32 16 Teachers and teaehing assistants Management and administration Welfaie and support Subcontracted catering staff 181 175 The nurnber of empk)yees whose emoluments exceeded £60.000 were'.- 2022 2021 £60.001- £70,000 £70.001- £80,000 £80.cl- £90,000 £gO.l- £100.000 £100.001- £120.000 £120.001- £130.000 £130.001- £140.000 £140.001- £150.000 £150.¢)01- £160.000 £160.001- £170,OCM) Value of company penswJn contributions to money purchase schemes for employees whose emoluments exceed £60.000. £125 838 £136 433 Transactions wlth key management personnel 2022 2021 Total compensation of key management personnel 934.776 884,236 19
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 JULY 2022 12. FINANCIAL INSTRUMENTS Financial instruments are classifted and accounted for, according to the substance of the contractual arrangement. as either finanoal assels, financial liabilities Of equity instruments. An equity instrument is any contract that evidences a fes#Jual interest in the assets of the company after deducting all of its liabilities. Where the contractual obligations of financial instruments (including share capilall are equivalent to a similar debt inslrumenl, those financial instnJm8nts are classed as financial liabililies. Financial liabilities are presented as such in the balance sheel. Finance costs and gains or losses relating to financial liabilities are included in the profit and knss account. Finance costs are calculaled so as to produce a constant rale of return on the outstanding liabilily. Where the contractual tems of share capitsl ¢Jo not have any terms meeting the definition of a financial liability then this is classed as an equity instrumenl. Dividends and distributions relating to equity instruments are debited direcl to equity. Impalrment of financial assets A review for indicators of impairment is rrIed out at each reporting date, with the recoverable amount being estimated where such indulors exist. Where the carrying valu9 exceeds the fecoverable amount, the asset is impaired accordingly. Prior impairm8nts are also revigwgd for possible reversal at each reporting dale. For the purposes of irnpairment lesting. bthen it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the rgcoverable amount of the cash-genoraling unit to which the asset belongs. The cash%enerats"ng unrt is the smallest idenb"fiable group of assets that includes the asset and generates cash inll¢)ws that largely independent of the cash inflows from other assets or groups of assets. For impairment te5tirbg of goodwill. the grwIll acquired in a business cornbination 1$, from the acquisition date. allocated to each of Ihe cash-generating units that are expected to benefit from the synergies of the combination. irrespeclive of whether other assets or liabilities of the company are assigned to those units. 13. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the companvs accounting p)licies, the directors are required lo make judgement5. estimates and assumptions about the carrwng amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumpt10115 are based on hi5tori¢al experience and other fadors that are considered relevant. Actual results may differ from these estimates. The estimates aTrd underlying asSUmptn$ are reviewed on an ongoing basis. Rewsions to accounting eslimale5 are reeognised in the tIOd in which the estimate is revised. if the revision affects only that period. or in the period of the rewsion and future K)erK)ds rf the revision affec15 both Guent and future periods. The areas for which estimation has been applied are considered to be in calculating depreciatiorb and the useful economic life of assets. bad debt provision and stock provision. Although these areas are subjecl to judgement. they are not ¢CKb5idered lo be subject to signffjnI 95timation.
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continu•d FOR THE YEAR ENDED 31 JULY 2022 14. TANGIBLE FIXED ASSErs FehOld property and Ma refurbishment Fan land Sundry buiklings and equipment COST At 1 Augijst 2021 Addstions Disposals 20.269.862 189.019 591,177 61X.813 At 31 July 2022 20.458.881 591.177 606.813 DEPRECIATION At 1 August 2021 Charge for year Eliminated on disposal 6.709.150 637.303 598.303 2.836 At 31 July 2022 7.346.453 601.139 NET BOOK VALUE At 31 July 2022 13,112.428 591.177 5,674 At 31 July 2021 13.560,712 591.177 8,510 School equipment Grounds equipment Totals COST Al 1 Augusl 2021 Additions Disposals 463.gS1 73.817 103.477 22.035.280 54.504 317.340 13.455} 13.4SSI At 31 July 2022 537.768 144.526 22.339.165 DEPRECIATION At 1 August 2021 Charge for year Eliminated on disposal 378,683 62,755 36,765 30,710 13,455) 7.722,901 733,604 13,4551 Al 31 July 2022 441.438 54.020 8.443.050 NET BOOK VALUE Al 31 July 2022 96,330 90.506 13.896.115 At 31 July 2021 66.712 14.312 379 Impalm?ent Revlew Due lo the continued maintenance and upkeep of the freehold buiklings an impairment re?W is not considered necessary. During May 2013 surveyors from the current insurers reported lo the School that the freehold buildings {excluding the land} should be insured based on a value of £22.2m. A further valuation was obtained for the purpose of providing security for a mortgage in April 2015. This valuation was carried out by appropriately qualrfied people which valued the propety al £9.1 m (NBV of £8.2m) before the building of the new theatre. In light of this the trustees are satisfied that the caryin9 value as shown above is not overstated. 21
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022 1S. STOCKS 31.7.22 31.7.21 Household arKI ¢arling stock 35.164 32.330 16. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 31.7.22 31.7.21 Trade debtors Other debtors Prepayments and aecrued income 3,618,939 3,503,123 3,228 175.962 133,898 3.752.837 3 682.313 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.7.22 31.7.21 Bank loans and overdraft$ (see note 19) Trade creditors Other creditors Social security and other taxes Pupils. deposits held Accruals and deferred in¢ome Fees ceIVed in advance 172.791 46,360 20.942 192.024 315.343 4.822.128 36.671 169.204 43.442 18.461 221.380 314.500 4.462.951 105.394 5,606,259 5,335.332 18. CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 31.7.22 31.7.21 Bank loans (see note 191 Acuuals and defeffed in¢ome 1,520,653 347.501 1,690,040 319.442 1.868.154 2.009,482 19. LOANS An analysis of the malurity of loans is given bek)w: 31.7.22 31.7.21 Amounts falling due within one year on demand- Bank loans 172.791 169.204 Amounts falling between on8 and two years: Bank loans 176.455 172 791 Amovnts falling due been and fNe years: Bank loans 1.344,198 1.517,249 The above bank loan tolalling £1.693.444 {2021= £1,859.244> LS se¢ured by a fixed and floatin9 charge over the charilvs assets. 22
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMEiifs - continued FOR THE YEAR ENDED 31 JULY 2022 20. LEASING AGREEMENTS Minimum lease payments under nncelIable operabng leases fall due as follows.. 31.7.22 31.7.21 Within one year Befven one and fNe years 10,231 24.973 7.501 20.252 35,204 27,753 21. MOVEMENT IN FUNDS Nel movement in funds Transfers betsveen funds At 31.7.22 Al 1.8.21 UnreslrScted funds General fund - general reserves General fund- fixed assets Designated fijnds Bursary endowment PTA fund (978.834} 14.312,379 25.000 141.925 34.805 1.719,249 {733.603) 6.018 (265.829) 1.785 {583.1681 157,247 317,339 13.896.115 (6.018) 25.000 271.847 147.943 36.590 13.535.275 727.620 14 262,895 TOTAL FUNDS 13,535,275 727,620 14,262.895 Net movement in funds. included in the above are as follows= Incoming resources Resources expended Movement in funds Unrestricted funds General fund- general reserves General fund- fixed assets Designated funds Bufsary endowment PTA fund 12,263,4S3 (10,544,204) 1733.603) {3,964) 1,719,249 {733,6031 6.018 (265.8291 1.785 9,982 (265,829) 1,785 12.009.391 11.281,771 727.620 TOTAL FUNDS 12.009.391 11.281.771) 727,620 23
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 JULY 2022 21. MOVEMENT IN FUNDS- continued Comparalives for movemenl in funds Nel movement in funds Transfers beeen funds At 31.7.21 Al 1.8.20 Unrestricted funds General lund- general reserves General fund- fixed assets Oesignaled funds Bursary endowment PTA fund (1.861,455) 14.826,799 25.000 150.548 36.232 1.425.086 (706,581) (260) (358.667) 1,427) (542,465) 192,161 260 350.044 (978,834) 14.312.379 25.000 141.925 34.805 13,177.124 358.151 13.535.275 TOTAL FUNDS 13,177.124 358,151 13.535,275 Comparalive net movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricled funds General fvnd- general reserves General fund- fixed assets Designated funds Bursary endowment PTA fund 11,503,713 110,078,627) (706,581) (5,539) {729) 5,955) 1,425.086 {706,5811 (2601 (358.667) 1,427} 5,279 (357,938) 4,528 11.155,582 10.797.431 358.151 TOTAL FUNDS 11.155.582 10.797.431) 358.151 The Charity has the flon9 designated funds.. Designated funds The funds are hekj by the Charity in respect of school trips, musical instruments and a donation hardship fund. The balance over £25.000 left on this fund al the School's year end is transferred into Ihe bursary endowment fund. Bursary endowment - This fund is held with a eW to endow future bursaries and provide financial assistance where required. PTA fund - This fund is held by the charity in respect of the PTA committee. 24
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - conlinued FOR THE YEAR ENDED 31 JULY 2022 EMPLOYEE BENEFIT OBLIGATIONS T•a¢her$' Pension S¢heme The School participates in the Tea¢hers' Pension Scheme {Ens4and and Wales) (the TPSI. for its teaching staff. This is a multi*mpk)yer defined benefits pension scheme and it is not possible or appropriate consistently to identfy the liabilities of the TPS which are attributable to Ihe School. As required by FRS 102. the Schcol accounts for this Scheme as if it was a defined contribution scheme. The pension costs are assessed in accordance vrith the advice of independent qlJ81ified actuaries. The latest actuarial Vaation of the TPS was 31 March 2016. The Teachers. Pension Scheme (TPS) is a statulory. ¢ontributory. defined benefit scherne, govemed by the Teachers, Pensions Regulations 12010) and. from 1 April 2014, by the Teachers. Pension Scheme Regulations 2014. Membership is automatic for full-ts'me teachers in academies and, from 1 January 2007. automatic for teacher5 in part-time employThent following appointment or a change of contract, allhough they are able to opl out. The TPS is an unfunded hrne and members contribute on a 'pay as you go. basis these ontribub'on5 along with those made by employers are credited to the Exchgquer. Reliremenl and other pension benefit5 are paid by public funds provided by Parlk4ment. Not less than every four years the Govemment Aduary. using normal actuarial principles, conducts foimal actuarial review of the TPS in accordance wth the Public Service Pensions (Valuations and Employer Cost Cap) Direelions 2014 published by HM Treasury. The aim of the review is to specify the level of future ¢ontribub"ons. Actuarial scheme valuations are dependent (m assumptK)ns about the value ol future ¢osts, design of benefits and many other factors. The latest acluar¢al valuation of the TPS was ¢arried out as at 31 Mareh 2016 and in accordance with the Public Service Pensions (Valuati$ and Employer Cost Capl Directions 2014. The valuation report was published by the Department for Educab"on on 10 April 2019 and the report rnade the following recommendations,. employer contribution rates set at 23.68% of pensionable pay (including a 0.08% ernployer administration Charge- total scherne liabilities (pensK)ns cJJrrently in payment and the estwnated cost of future benefits) fc service lo Ihe effective date of £218.1 billion. and notKJnal assets {estirnated future contributions together wth the notional investments held al the valuation date) of £196.1 billw giving a notional past service deficit of £22.0 billion- - an employer cost Cap of 7.3¥• of pensionable pay will be applied to future valuations., and - the assumed real rale of retum is 2.8% in excess of prices until 2019 and after this dale il is 2.4%, and in excess of eamings. The rate of real earnings grob¥(h is assumed lo be 2.21/10. The assumed nominal rate of relum is 4.86% until 2019 arKI after this dale it is 4.45%. The pension costs paid to TPS in the period amounted lo £623.75612021= £798,908). The liability at the year end in relation to this scheme totalled £55.782 {2021.. £96,139). The member contributions to the TPS range from 7.4% to 11.7% depending on the salary band of the member. The salary bands for contribution rates increase annually based on the Consumer Price Index. A copy of the valuation report and supporting docJJmenlation is on the Teachers. Pensions website. Followng fomial consullation with affected staff in 2021 two options were given to te&hing staff in. or eligible to join. the TPS scheme from 1 January 2022.. - They could either slay the TPS. which rf they dwded to do their remuneration would be reduced by 4.77%.Ibased on the currenuy TPS employer contribution of 23.680/0). - move to the Awva Pension Trust for Independent Schoof5 as detailed below. 25
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 JULY 2022 22. EMPLOYEE BENEFIT OBLIGATIONS - continued Aviva Pension Trust for Independenl Schools From 1 January 2022 the School introduced a defined contribution scheme open to all teaching staff as an alternative to the Teachers. Pension Scheme. Both the members and the School contribute into Ihe scheme. The pension charge for the year includes contributions payable to the Aviva pension trust of £93.434. The unpaid contributions at Ihe year end in relation to this scheme tota119d £nil. Additlonal Voluntary Contributions Scheme Members of the TPS scheme a able to make an additional voluntary contribution (the AVC) rf they choose. This is a defined contributn scheme where the assets and liabilities of Ihe scheme are held independendy from the School. The School iisew does not contribute into the AVC thme. the contributi¢5 come from staff. At the current and previous year-end all contribul#)ns had been paid in respect of this scheme. Independent Schools Pension Scheme . Defined Benefit S¢heme The School participates in The Independent Schoo15' Pension Scheme (the ISPS), which is a funded mulknvemployer defined benefit scheme. This scheme wa5 for employees who do not qualify lo be members of the TPS. The Scheme is contracted-out of the State 5eheme. As required by FRS 102, the School accounts for this Scheme as if it was a defined eontribution stheme atthough recognising any liability directly attribvlable to the school. The SChCl has elecled lo operate the final salary vth a 1160th acctual ra19 benefit structure for all members in this scheme. The ISPS Trustees commission an actuarial valuatron of the Scheme every three year5. The main purpose of the valuation is to determine the financial position of the Scheme in order to determine the level of future contributr)ns required. in respect of each benefit structure. so that the Scheme can meet ils pension ¢)bligalions as they fall due. The actuarial valuation assesses whether the Scheme's assets at the valuation date are likely to be sufficient to pay the pension benefits accrued by members as al the valuation date. Asset values are calculated by reference lo market levels. knrued pension benefits are valued by discounting expected future benefit payrnents using a discount rate calculated by refence lo the expected future investment retums. The actuarial position al 30 September 2019 shows the scheme lo be underfunded with a deficit of £36.5m. The COVID-19 pandemic has led lo falls in global investment markets which has impacted the funding level of the herne. The p1"0n al 31 March 2020 shows the scheme to be underfunded with a deffi¢it of £39.9rn. From 1 September 2021 the defKit pension annual charge was £41.218 this decreased from 1 September 2022 to an annual charge of £39.159 and the remaining period was extended to 30 June 2032 (previously the period lo 30 April 20301- In line FRS 102 the full increase of this revised deficit payrnent of £67.219 has been Charged to the Statement of Financial Activities. Pipers School have made all the payments due in the year in lin8 wth the def11 payments schedule. The total provision in th8 accounts for the deficit funding payments outslanding stood al £386,661 at 31 July 2022 (2021.. £360,570). The total pension funding defiol charge for the yèar lo 31 July 2022 15 £67,21912021- £8,237). The Scheme was closed for all new entrants frorn 31 December 2013 and was closed for all current members from 31 Juty 2020. when the members were transferred to the defined contribution scheme. 26
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2022 EMPLOYEE BENEFIT OBUGATIONS - conlinued Independent S¢hool Pension Scheme {ISPS) - Defined Contribution Scheme From 1 January 2014 the School introduced a defined contribution scheme to all non teaching stsff. The new scheme fvlly satisfies the School's restwjnsibilities under auto enrolment legislation. The Scheme offers qualifying staff three contribution level options. based on the principle of malchlng. The assets and liabilities of the scheme are held indepeIen#Y from the sch1. The pension charge for the year conlribulKsns payable to the ISPS defined contribution scheme of £ 80.36412021.. £81.221). The unpaid conlribulions at the year end dale in relation lo this thme totslled £nil (2021= £nl}. 23. CONTINGENT LIABILITIES Pipers Comer School have been notified by The Pensions Trust of the estimated employers debt on withdrawal from The IndeperHJent Schools Pension Scheme based on the financial position of the Scheme as al 30 September 2021. As of Ihts date the e5ts"mated employer debt for Pipers Corner School was £1.316.331 (the estimated employer debt at 30 September 2020 was £1.733.7141. 24. CAPITAL COMMITMENTS 31.7.22 31.7.21 Contracted but not prowded for in the financial statements 25.043 165,923 25. RELATED PAR DISCLOSURES There were no related party transact#)ns for the year ended 31 July 202212021: £Nill. 27
PIPERS CORNER SCHOOL DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEO 31 JULY 2022 31.7.22 31.7.21 INCOME AND ENDOWMENTS Donations and legacies Donations 726 1,234 Other trading activitiès Rent received Sundries received Furtough grant 76,107 8,922 33,287 13.657 26.530 85,029 73,474 Investment Income Interest recewed 3.792 2,012 Charitable activltle$ School fees Bursaries, scholatships arKI allowances Discounts Registrations received Disbursements income Designated income Transport ineome 11,395,581 10.912.536 1693,471) (812.4431 217,806 220.139 48,000 42.000 476,171 354,555 11,767 9.807 463,990 352,268 11,919.844 11.078.862 Totsl Incoming resources 12.009.391 11.155.582 EXPENDITURE Charitable actlvltles Disbursement expenditure Designated expendittjre Transport expenditure 437.809 345,864 12.223 421,179 547.164 988.937 779.266 Support costs Managernent and admlnlstration Management and adminislralion staff Social security Pensions Admini51ralicfft expenses Bad debts Professional expenses Bank charges and interest Postage and telephone Carried forward 1,058,455 104,993 145,134 140.712 {49.592) 108.312 13.129 4.851 1.525,994 1,076.957 107,542 82,910 119.830 (5.295) 137,633 6,186 24.374 1,550.137 This page does nol form part of the statutory financial slatements 28
PIPERS CORNER SCHOOL DETAILED STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 JULY 2022 31.7.22 31.7.21 Management and admlnistration Brought forward Marketing and promotion Discounts Depreciation of tangible fixed assets GainlLoss on sale of tangible fixed assets 1,525,994 168,036 217.8C 6.276 3.0001 1,550,137 121,011 220.139 4.538 1.915,112 1.895,825 Finan Loan interest paid 40.787 37,832 Teachers and teaching asslslanls Teachers and teaching assistants Social security Pensions Educational supplies - slaff Educational supplies - admin Depreciation of tangible fixed assets 3,860,081 396.951 700,731 230.374 288,201 56,480 3,762,899 380,188 792,311 231,794 268,820 40,845 5.532.818 5,476.857 Welfare and support cosls Welfare and support staff (including subconlracled catering staffj Social security Pensions Services Maintenance Household expenses - ckaning Household expenses - catering Grounds Fumilure and furnishings Depreciation of tangible red assets 717.573 35.757 18,908 390,494 290.423 228,197 321,332 104,112 26,473 670,848 599.985 28.883 16,163 314,816 310,454 308,859 222,817 120,141 24,335 661,198 2.804.117 2.607.651 Total resources expended 11.281.771 10.797.431 Net income 727,620 358,151 This page does not forni part of statutory financial statements