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
•￿zzK￿8.
CO￿￿lEs 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 excel￿nt 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 ath￿Ved A'.A or grades 7-9. with 85% of students
achieving A".B, or grades 6-9.
As in p￿VIouS 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 sch￿I,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 excel￿nt 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 sChc￿l 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 y￿th local schooL5, community groups such as amaleur choirs and mu5ician$.
and sports clubs. Specific arrangements have been made for regular use of the Arts Cenlre. the swimming
pool, the Sports Hall and our Astro sports pitch, providing valuable enrichment opportunities for local children.
Although some of these collaborative and partnership actwities were affected during the COVID-19 pandernic.
the School has been pleased to re*slablish these activities followng the lifting of the Govemmenl's COVID-
19 reslriclions. This remains an important thread in the School's strategic objectives and we continue to seek
further opportunities for providing public benefrt within the swje of the School's charitable obje¢ls.
Gids at Pipers Comer also raise funds to support local. national and overseas charthes. including the work of
Brain Tumour Research. Cancer Research UK. Children in Need. Young Carers Bucks. Rennie Grove
Hospice. Save the Chiklren. as well as conlribuiing to the One Can Trust and I￿al fc4Jdbanks.
FINANCIAL REVIEW
Fixed Assets
In August 2021 the School invested in a new k)ng jump which was officially opened in the Summer Tem ahead
of the athletics season. A new playground facilty was installed forthe Prep School in early 2022. New Ground$
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 penS￿n arrangements
were implemented wilh effect frcrfn January 2022.
As described in note 22 the ISPS mutti*mph)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 Headmist￿5$ 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 re￿Want 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 Art￿leS 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 yea￿S 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 AUD￿oRs 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 v￿th respect to going Cc￿ceM 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 kn￿edge 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 ex￿anatiOnS we require for our audil.
Responsibilities of trustees
As explained more fully in the Slalement of Trustees. Responsibilities. the trustees (who a￿ also the d1￿ctorS
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 Weparat￿n of finaTrial statements that are I￿e 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 a￿1 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 t￿se 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 CoMpan￿S 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[fv￿lng 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 s19nrf￿anI transactions that are
unusual oi outside the normal course of business.
We also communtcaled relevant idenbfied laws and regULA￿nS 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 res￿nsIbIlitieS 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 a￿p1 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,$67.710
CRED￿oR$
Amounts falling due within one year
17
15.606.259) (5,335,332)
NET CURRENT ASs￿s
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$h flows frorn invèsting activlties
Pur¢hase of tangible r￿ed assets
Sale of tangible fixed assels
Interest received
(317.340)
1192,1611
3,792
2,012
Net cash used in invesbng activities
310.5481
190.1491
Cash flows from financing actlvhles
Loan repayments in year
165.800
171.963
Net ¢a$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 apPI￿able 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. F￿lo￿ng 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. w￿re 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 sUPp￿es.
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.
0￿rating 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 corc￿avINS 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 in￿rne
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.c￿l- £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 gr￿wIll acquired in a business cornbination 1$, from the
acquisition date. allocated to each of Ihe cash-generating units that are expected to benefit from the
synergies of the combination. irrespeclive of whether other assets or liabilities of the company are
assigned to those units.
13. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In the application of the companvs accounting p)licies, the directors are required lo make judgement5.
estimates and assumptions about the carrwng amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumpt10115 are based on hi5tori¢al
experience and other fadors that are considered relevant. Actual results may differ from these
estimates.
The estimates aTrd underlying asSUmpt￿n$ 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 Gu￿ent 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 signffj￿￿nI 95timation.

PIPERS CORNER SCHOOL
NOTES TO THE FINANCIAL STATEMENTS - continu•d
FOR THE YEAR ENDED 31 JULY 2022
14. TANGIBLE FIXED ASSErs
F￿ehOld
property
and Ma￿
refurbishment Fa￿n 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 be￿e￿n ￿ 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 n￿￿ncelIable operabng leases fall due as follows..
31.7.22
31.7.21
Within one year
Befv￿en 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
be￿een
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 f￿lo￿n9 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$' Pension S¢heme
The School participates in the Tea¢hers' Pension Scheme {Ens4and and Wales) (the TPSI. for its
teaching staff. This is a multi*mpk)yer defined benefits pension scheme and it is not possible or
appropriate consistently to identfy the liabilities of the TPS which are attributable to Ihe School. As
required by FRS 102. the Schcol accounts for this Scheme as if it was a defined contribution scheme.
The pension costs are assessed in accordance vrith the advice of independent qlJ81ified actuaries. The
latest actuarial Va￿ation of the TPS was 31 March 2016.
The Teachers. Pension Scheme (TPS) is a statulory. ¢ontributory. defined benefit scherne, govemed
by the Teachers, Pensions Regulations 12010) and. from 1 April 2014, by the Teachers. Pension
Scheme Regulations 2014. Membership is automatic for full-ts'me teachers in academies and, from 1
January 2007. automatic for teacher5 in part-time employThent following appointment or a change of
contract, allhough they are able to opl out.
The TPS is an unfunded ￿h￿rne and members contribute on a 'pay as you go. basis
these
ontribub'on5 along with those made by employers are credited to the Exchgquer. Reliremenl and other
pension benefit5 are paid by public funds provided by Parlk4ment.
Not less than every four years the Govemment Aduary. using normal actuarial principles, conducts
foimal actuarial review of the TPS in accordance wth the Public Service Pensions (Valuations and
Employer Cost Cap) Direelions 2014 published by HM Treasury. The aim of the review is to specify the
level of future ¢ontribub"ons. Actuarial scheme valuations are dependent (m assumptK)ns about the
value ol future ¢osts, design of benefits and many other factors. The latest acluar¢al valuation of the
TPS was ¢arried out as at 31 Mareh 2016 and in accordance with the Public Service Pensions
(Valuati￿$ 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 contribut￿n 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 SChC￿l 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 refe￿nce 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 p￿1￿"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 def￿11 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 indepe￿Ien#Y from the sch￿1.
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 r￿ed 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