REGISTERED COMPANY NUMBER: 00504032 {England and Wales) REGISTERED CHARITY NUMBER: 310635 STRATEGIC REPORT, REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMEIITS FOR THE YEAR ENDED 31 JULY 2024 PIPERS CORNER SCHOOL
PIPERS CORNER SCHOOL CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Page Strategic Report Report of the Trustees Report of the Independent Audltors 9 to 12 Statement of Flnanclal Actmtles 13 Balance Sheet 14 Cash Flow Statement 15 Notss to the Cash Flow Statement 16 Notes to the F5nanclal Statements 17 to 29 Detslled Statement of Flnanclal Actlvltles 30 to 31
PIPERS CORNER SCHI)OL STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2024 Pipers Comer Schod has had another excellent ar of achievement in 20224. The students have perfonned exc8ptionally well in all areas of school lrfe: our staff are to be particularly congratulated for their skill. dedication and hard w)rk. The Schoofs finances remain s(nd. enabling us to continue to improve and develop the Sthoot and to face with confldence the exiernal thallenges that are facing the independent schod sector. Our students perfomied extremety auoss the board in Ihis summ*s public examinations. The A level results for 2024 saw 12% of all grades awarded at A". 37% of all grades awarded al A'_A, and 73% of all grades A".B. In the GCSE assessments. 52% of sttKlents admeved A'_A or grades 7-9, with 72% of students achi8ving A'_B, or grades &9. As In preoUS years. our students have secured places at top universlttes attoss the county, Including Binningham, Cardiff. Durham. Exeter. King's Cdlege London. Liverpool. Southampton and Warwlck. whwe they wlll be studylng a wlde range of subjects Including Biothemlsty, Ftne Arl History, Modem Languages, and Th8atre and Performance Studies. During the year we c¢)ntinued to recruit new leachers and supwt stall. We have appolnled nlne new teachers, including new Heads of Pp Music and Prep Drama. a new Deputy Head Prep Academic and new Assistant Heads of MFL and Geography. all of started in September 2024. A new Head of Grounds joined the School In January 2024 and a new Head of Careers started V4ilh us In )rI1 2024. The Board of Governors, the Headmlstress, the Bursar and other members of the Senlor Leadershlp Team (SLT} engaged in a Strategy Day in February 2024. At the meeting, Ihe Board and the SLT considered some of the key politlcal and economic challenges facing the county and the IndeperK1I school sector, Including the potential Impact of a posslble change of government fdlowlng the next general election, and how the School should seek to address these challenges in its strategic planning. Govemors have been engaged and infomed throughout the period in suutinizing and reviewing budgets. for8Sts and modelling to ass&8s the impact of these challenges the School, in particular the implications of VAT belng charged on Independent school fees and the removal of Mandatw Business Rate Rellef for Independent schools. with Committee and Board meellngs being held to make key decislons. FollowSng a revEew of the School's budgets and Its performance for tha ended 31 July 2024, the Governors have estimated the outturn for the r. Based on th8 prior Jw, revenue has increased by £1.554,722 to £14,644,278 (2023: £13.089,556) rtet income of £1,386,484 (2023: £582,525). During the year. the School initiated a fwnal spxe review and estates masler-planning exercise, th a view to preparfng a longer temi plan for the future development of ts estate, induding optimizing effident use of Its curr8nt buildings and facilitses. We are already laking action. in light of the space review and masteryFanning exercise, to make Improvements to the School's estate. For example. over the summer 2024 hollday, iwo dassrooms were converted to create a rW scien laboratory. the Saence prep rcmxn was refurbished and the Food Science and Technology prep njom was upgraded. Alongside thls strateglc planning exercise. the School continues to implement a programme of preventative aThJ routine maintenance to ensure that teachlng faalities c¢)ntinue to support our highualty teathing stsff. We ar8 mlndful of the importance of ensuriry that the Sthool Fyovwjes the benefrts of a good education to as many girls as possible and amounts are set aside each year for this purpose. induding the Bursary Endowment. Thls enables us to allow a numbw of girls 1th talent and potential to take advantage of the excellent education that Pipers Comer provtdes. regardless of their parents, financial circumstsn¢es. l am pleased Ihat we have provided opportunities to share our resources with olher local schools and increasing the School's Involvement with the local community. including regular use of the swmmlng pool and other facilities, and through support for the local Residents Association here in the village of Great Kingshill.
PIPERS CORNER SCHOOL STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2024 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 girls for their invaluable contrlbutions and commitrnent to our community. Approved by order of the board of trustees on 5 November 2024 and signed on its behalf by. MrF Joh n - Trustee
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 The Trustees of Pipers Comer Sthool present thelr annud report for th8 year ended 31 July 2024 under the Charilies Act 2006. together with the audited accounts for the year. The accounts have been prepared to comply Viith the requirements of the Statement of Recommended Practlce - Accounb'ng and Reportlng by Charitles Issued in 2015. 08JECTIVES AND ACTMTIES Prlnclpal Actlvltles and Ethos Pipers Corner School is an indep8nd8nt day school for girls aged 4 to 18 years whose prfnclpal purpose Is to provlde educallon to ihe highest stsndard, including academic instruction and physical. moral and splrftual development. In addltlon. the School alms to create a secure and positlve enVi)nMent In vthich social responsibility, integrity and mutual r8specl are emphasized. Achievemant is C818brated and girls emerge as confident, articulate young women, effectSve communicators wlth a sound foundatlon of knowledge, understanding and skills and with a sens8 of purpose for 1rf8's opportunitieg and challenges. The Schod upholds the Chrlsttan falth whllst expectlng and encouraglng SensIty to the bellefs and convlctlons of others. stratoglc ObJectlv•• The CharEtys strateglc objectlves can be summartzed as follows: To continue to provide an environment In whlch girls maxlmlza thelr potentlal for achievement, both academlcally and per8cmally, en8bllng them to go on to attend the universSty of thelr cholce or pursue thelr Chosen career path. - To seek contlnuous Improvements in the quallty of the curTlcular and extra-currfcular educatlon provided and In pastoral car8, Includlng the need to ensure that the School prepares girfs fully for future success In a rapldly changlng ¥r1d. To manage the School's financlal affaSrs so that It18 able lo contlnue to Invest In excellent staff and hlgh quallty facllitl8s that w511 ensure Its long temi succ8SS. - To develop further opportunlties to wlden access and to enhance the wider benefits that th• Schaol provldes to the publtc and the local communSty. Publlc Benoflt The Governors have stated that thelr aim is to contlnue to Identify opportunllies for wldenlng access YthIn the School's financial ablllty to do go and within a manageable timeframe. In the year ended 31 July 2024, ihe School has supported 173 girls (2023: 167) through scholarships, bursaries and 0th8r fe8 reductions to value of £690,680 (2023: £660,640), representlng approxlmately 5.1 %{2023: 5.4%) of gros8 fee Income. Several scholarships and means-tested bursari88 enty Into the Senlor Schod are establlshed which enable parents to recelve financlal 9UPPOrt up to 100% of fees. There Is also an annual means-tested bursary award that is available to a girl of all-round ability from a maintsined seGtor primary school in the local area for entry Into the Sensor School, agaln avallable up to 100% of fees; and up to four addltlonal 100% bursaries are made available each year to girls joinlng Plpers Comer for the Sixlh Form. In addlOn to these establlshed bursaries, the School continues to grant a number of other means tested bursaries cr specLg1 awards for parents find themselves In unexpected hardshlp and for glrls movlng up to the 6th Fomi and a separate fund enables addltlonal finandal assistance to be wovlded to meet other costs, such as unrforni and school vlslts when appropriate. As agreed by the Govemors in 2022123. an amount of 2.5% of gross fee income yS allocated in 2023124 to the Bursary Endowmenl to fund means-tssted bursaries, with any unallocated funds being retained in the Bursary Endowment and rolled over Into the subsequent year.
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 OBJECTIVES AND ACTivrriES Publlc Benefrt- continued In addition to financial &sststance, the Sth)d ¢tinUeS lo strong links vath bcal communities and lo pursue opporlunities for partnerships arml collab(Jrative Wrk with local schools and organizations. in particular we share many of our facilities Imth l¢xal schools. community groups such as nateur choirs and musiaans, and sports clubs. Speafic arrangements have been made for regular use of the Arts Centre. the swirnming pool, the Sports Hall and our Astro sports pitth. providing valuable enrichment Opp(nitieS for k)cal children. Thls remains an important thread in the SdN)ol's strategic objectives and we contnue lo seek further opportunitie5 for providing public benefft Imthin the scope of the S(KxJfs dwitable objects. Girfs at Pipers Comer dso raise funds to support local, national and overseas charities, induding the work of Wyrombe Women's Aid, w)M Homeless Connedion. Helen and Douglas House. Children with Cancer UK, Children in Need, Rainforest Aliance, Save Ihe Children and Médecins Sans Fronts'ère5 (MSF). FINANCIAL REVIEW Flxed Assets During the year. iwo dassrooms we converted to create a rw scien labatory. the Sctence prep room was refurbished and the Food Science and Techndogy prep room was upgraded. The School also invested in new sviimming pool heating pumps and installed new interactive llebOardS in a number of classrooms. The movements in the fixed assets during the yEar are set out in note 14 to the financial statements arKI future commitments are set out in note 24. Borrowlng DurirwJ the year repanents on the £2.5m loan arraThJ8d IMth Bardays Bank for the cons1rud1 of tha Arts Centre have been made. Detsils of the loan terms are set <xrt in note 19. Reserves pollcy In each financial year the Trustees forecast the level of free reserves (that is those funds not tied up in fixed assets and designated and restricte(I funds). It is the pollcy of the TrLK%tees to retain funds in excess of Ihose required for day-to4ay support of the School and its activities. in order to meet the substantial and irregular cosls of major maintenance and the extension of buildings and facilbties to fulfil Ihe Schoofs develowent plan. The Trustees are c4Mfident that the School has suffKient reserves lo erkgble it to rneel all of its financial respsibl[1ties as ty fall due. Pension Since January 2022, Sthool has been operating a 'mixed economsl or Total Pay and Avmrd model for Teachlng stsff pensions. under vthich affected staff are given the choice of remaining in the TPS revised terms or opting out of the TPS arKI jolning a defined contribulion stheme (Aplis). As described in note 22 the ISPS multi*mknr defined benefit scheme is in deficiL Within these financial statements provision has been made for the kr funding defi¢it payments as required by FRS102. The totsl deficit due by Pipers Corner School at 31 July 2024 is £330,764 {2023: £357.829).
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 FINANCIAL REVIEW AND RESULTS FOR THE YEAR Flnanclal Stataments The financial statements illustrate the stablllty of the organizatlon wlth healthy reseNes and a relatively low level of borrowings. The assets are only held for the furtherance of the charitys objectives. Flnanclal revlew The surplus of income over expenditure as set out on page 13 Still enables the School to malntain a significant level of reserves for future investment. Net fee income shows an increase on the prevlous year, reflecting the increase in the number of students, an Increase in fees, and an increase In nan-fee income (prfmarily from extemal hires of School facilities). The Govemors agreed a fee increase for 2024125 in Ilne wlth pre-pandemlc levels but under the Gurrent rate of Inflatlon. The Governors remaln confident In thelr long-temi commitment to Invest In the people and f8cllltles that Nwll enhance the quallty of educatlon for all glrfs who attend the School. Investment powers The investment powars are governed by the Artlcles of Assoclatlon. Volunteern Although the charlty welcomes the valued counsel of unpald volunteer8. it 18 flnancially Independent. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document Pipers Comer School Is a company Ilrnlted by guarantee and a reglstared charlty; reglstration detalls are shovm below. The company Is governed by Its Artlcles of Assoclatkon. Govemanco and Management Structurè The daY-tdaY runnlng ol the School Is managed by the Headmlstres8 and the Bursar under the dlrecllon of the Board of Govemors. The charity has no subsidlarfes or any close association other charltSes and does not hold funds on behalf of other charities. The Board of Governors may d818gate any of 5ts management powers to Committee8 conslsting of Govemors or other persons as It thlnk$ flt, Meetings and proceedlngs of the Board and Commlttee8 are governed by the provlslons of the Artlcles of Assoclation. A strategy day was held tn February 2024 for the whole Governing Body and members of the Senior Leadershlp Team (SLT) to proiide slrategic direciion for the next five years. The Governors subsequenuy agreed that In future these slrategy days should be held annually rather than blennl8lly, as was previously the case, so the next strategy day wlll be held In February 2025. Remuneratlon of Key Per80nnel Independent specSalists conduct perfomiance appralsals for the Headmlstress and the Bursar every two or three years. The Headmi8tr8ss was last r8Vl8wed in November 2022. The Bursar 111 be assessed in 8Utumn 2024. Infomied by these appralsals, the Chalmian, Vice-chainnan, the Immediate past Chairman of Governors, and the Chalmian of the Flnance and General Purposes Committee, as members of the Nominations Committee, agree rernuneration arrangements for th8 Headmistress and Bursar. Recrultment. Inductlon and Tralnlng of Governorn Prospective Govemors are identified on the basis of relevant attributes Includlng personal abilltles, specialist skills and availability. They meet representatives of the Board and senior management prlor to appointment and are appointed at a meeting of the Board. An induction programme Is arranged by Ihe School and they are provided Iwth copies of School poliaes. financlal accounts. the rfsk reglster and other relevant documents. All Governors are enGouraged to attend approprfate seminars and training sessions oryanised by AGBIS and other professional bodies and io have familiarisation dayE at the School.
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 00504032 (England and Wales) Reglstered Charfty number 310635 Reglstered office Plpers Corner Great Kingshill High Wycombe Buckinghamshire HP15 6LP Company Secretary Mr J D Clarf<e Governor8 Chaimian Mr F W Johnston VIC8 Chairnian Revd H Peters Mr M Antingham Mr P Bhullar Ms E Carrlghan Mrs N Doran Mr A Mcbarnett Ms H F Morton Lady Redgrave Mr H 8 P Roberts Mr P B Wayne Ms H Semple Mr M Stepney Appointed 6 Febnjary 2024 Govemors are the trustees of the charlty and are appolnted In accordance with the Artides of Associatlon. Vlsltor The Lord Bishop of Bud(ingham In February 2024. the School was saddened to leam of the death of the B181p of Bud(Ingh8m, the Rt Rev Dr Alan Wilson. Honorary Fellow8 Lady Buckinghamshire Mr M F T Harbome Prlnclpal Offlcers Mr8 H J Ness-GhYord Clerk to the Governors and Bursar Mr J D Clarke Retlrement and recrullment of Oovernors In accordance with the companys Articles of Association on the truste8S' temi of office, one trustee (Mr M Stepney) is due for re4lectbn at the Annual General Meeting thls year.
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Professional Advisers Audltors Seymour Taylor Limited, Statutory Auditor First Floor North 40 Oxford Road High Wycombe Buckinghamshire HP112EE Bankers Barcla>s Bank PIC East Berkshire Group Business Centre PO Box 23 Slough Berkshire SL14NX Sollcltors Veale Wasbrough Vizards Orchard Court Orchard Lane Bristol BS15DS STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are also the directors of Pipers Corner School for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance vlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitsbl8 company for that period. In preparing those financial statements. the trustees are required to - select suitable accounting policies and then apply them consistently. - Obser the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; prepar8 the financial statements on the going concem basis unless it is inappropriate to presume that the charitable Company will continue in buslness. The trustees are responsible for keeping proper accounting records which disdose with reasonable accuracy at any time the financial poslts'on of the dwritsble company and to enable them to ensure that ihe financial statements Comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities. In so far as the trustees are aware: - there is no relevant audit infomiation of which the charitable companls auditors are unaware; and - the trustses have tsken all steps that they ought to have tsken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that infomiation. AUDITORS The audttors, Seymour Taylor Limited. will be re-appointed in accordance section 48712) of the Companies Act 2006.
PIPERS CORNER SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024 Approved by order of the boafd of trustees on 5 November 2024 and signed on its behalf by. MrF John
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PIPERS CORNER SCHOOL Oplnion W8 have audited the financial statements of Pipers Corner School (the 'charitable companrf) for the year ended 31 July 2024 whlch comprise the Statement of Flnancial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable compan5 affairs as at 31 July 2024 and of its Incomlng resources and application of resou$. Including its income and expenditure, for the yEar then ended: have been properly wepared In accordance wih United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable kw. Our responsfoilities under those standards are further described in the Auditors, responsibilities for the audit of the financial staternents section of our report. We ar8 independent of the charitable company in accordance with the ethical requirements that are relevant to our audlt of the financial statements in the UK, including the FRC'S Ethical Standard, arKI we have fulfilled our other ethical responsibiliti8s in accordance with these requirements. We believ8 that the audit evidence we have oblained Is SLrfficlent and approprfate to probide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial ststements, we have concluded that th8 trustees, use of the going cL)ncern basis of accounting In the preparatlon of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or condltions tt( individually or collectively. may cast significant doubt on the tharitable companys ability to continue as a going cancem for a period of at least iwelve months frorn when the finanGlal statements are authorised for issue. Our responslbllltles and the responsibilitles of the trustees with respect to golng concem are described in the relevant sections of this report. Other Infomiatlon The trustees are responsible for the other informatlon. The other infomiatlon comprlses the Infomiation induded in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does nol cover the other information and. except to the extent otherwise explicitEy stated in our report. we do not express any fomi of assurance conclusion thereon. In connection viith our audit of the financial ststements, our responsibility is to read the other infomiatlon and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. w8 are required to determine vthether this gives rlse to a materlal mlsstatement In the financlal statements themselves. If, based on the work we have performed, we conclud8 that there 15 a material missLqtement of this other infomiation, VR are required to report that fad. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the undertaken in the course of the audit: the infonnation given in the Strategic Report and the Report of the Trustees for the financial year for vthlch the financial ststements are prepared is Gonsistent with the financial statements: and the Strategic Report and the Report of the Trustees has been prepared in accordance appltcable legal requirements.
REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF PIPERS CORNER SCHOOL Matters on whlch we are requlred to report by exceptlon In the light of the know18dge and understanding of the charilabla company and its envlronment oblalned in the course of the audi( we have not identtfied material misslatements in the Strategic Report arml the Report of the Tfustees. We have nothlng io report In reswct of the follcNAThJ matters ffiere the Companies Act 2006 requlres us to report to you rf. in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or Ihe financial statements are not in agreement with the accounting r8cords and returns: or certain dlsclosures ol trustees, remuneratlon speufied by law a not made; or we have not received all the inforniation and ewanattons we require for our audlt. Rasponslbllltles ol trustees As explained more fully in the Ststement of Trustees. ResponsibllSties. the trustees (who are also the dlr8Ctors of th8 charitable company for the purposes of company law) are responsibl8 for the preparatlon of the flnancial statements and for being satisfied that they give a true and fair view, and for such intemal control as the truste8s d8terniine is necessary to enable the preparation of fun¢181 statements that are free from material mlsststement, ether due to fraud or error. In preparlng the finandal statements, the trustees are responsible for assesslng the charitable cornpanys abillty to continue as a golng concem, disclosing. as appllcabte. matters related to going concern and ustng the going concem basls of accajnlng unless Ihe trustees either Intend to liquidate the charftable company or to cease operations. or have no realfiC aliematNe but to do so. 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PIPERS CORNER SCHOOL Our responslbllltles for the audlt of the flnanclal sLernents Our objectives are to obiain reasonable assurance about whelher the financial statem8nts as a whole are free from material misstatement, whether due to fraud ly error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducled in accordance with ISAS (UK) will always detect a malerial misstatement vthen it exists. Misstatements can arise from fraud or error and are consldered materlal If. Indlvldually or in the aggregate, they could reasonably be expected to infiu8nce the economic decisions of users taken on Ihe basis of these flnanclal statements. The exient to which our procedures are capable of detecting Srregularttles, induding fraud is detailed below. Identlfylng and a8se88lng potsntlal rlsks related to Irregularltles In Identifng and assessing risks of material misstat8ment in respect of Irregularities, including fraud and non-compllance wlth law8 and regulatlons, we consldered the followlng: - the nature of th8 industy and sector, control environment and business perfomianca; results of our enqulrfes of management about thelr own Identlficatlon and assessment of the rlsks of irregularlties., any matters we Identified havlng made enqulrles of management about thelr polkles and procedures relating lo: identifyryng, evaluatlng and cOmplng wlth law8 and regulatlons and whether they were aware of any Instances of noncompllance; - det8Ctlng and responding to the r58ks of fraud and whether they have knowledge of any aGtual, suspected or alleged fraud; the Intemal controls establlshed to mltlgate rlsk8 of fraud or non-compllance wlth laws and regulatlons; the matters discussed among ihe audit 8ngagament team and Involving relevant Intemal speclalists, Includlng tsx regardlng how and wfiere fraud mlght occur In the financlal statements and any potentlal Indlcators of fraud. As a result of these procedure8, we consldered the opportunities and Incentlves that may exlst wlthln the organlsatlon for fraud. In common vAth all audlts under ISAS (UK). we are a180 requlred to perfomi $pedtlc procedures to respond to the ri8k of management overrlde. We also obtalned an understandlng of the legal and regulatory frameworks that the Charitable Company operates In, focuslng on provisions of those laws and regulations that had a direct effect on the detemiination of materfal amounts and dlsclosures In the flnanclal ststements. The key laws and regulations we considered in this context included the UK Compan58s Act and local tsx legislation. In 8ddlUon. we cnSIdered prov181ons of other laws and regulatlons that do not have a dlrect effect on the flnancial statements but compliance with which may be fundamental to the Charilable Companls abillty to operate or to avo5d a materlal penalty. Audlt respons• to rlsks Identlfled As a result of performlng the above. our procedures to respond to risks Identified induded the following: - revlewing the financial ststement disclosures and tesllng to supporting documentatlon to assess compliance wlth provlslons of relevant laws and regul1¢n$ descrfbed as havlng a dlrect effect on the finandal statements; enquiring of managemenl conceming actual and potential litlgation and daims; perfonning analyllcal procedures to identlfy any unusual or unexpected relatlonshlps that may indicate risks of material misstatement due to fraud,, - readlng mlnutes of meetlngs of those charged with govemance: and in addressing the risk of fraud through management override of controls. testlng the appropriateness of journal entries and other adjustments,. ass8ssing whether the judgements mad8 In making accountlng estlmates are Indicatlve of a potentlal blas: and evaluating the rationale of any significant transactions that are unusual or outside the normal course of business. We also communlcated relevant Identmed laws and regUlaonS and potential fraud risks to all engagement team members and remained alert to any indlcations of fraud or noncompliance with lavts and regulations throughout the audtt.
REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF PIPERS CORNER SCHOOL A further descriptlon of our responsibilities for the audlt of the financial statements is located on the Flnanclal Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fomis part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitsble companVs members, as a body, in accordance with Chapter 3 of Part 16 of Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companls members those matters we are requlred io state to them in an auditors. port and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitsble companls members as a body, for our audit work, for this report, or for the opinions we have fomied. Elizabeth Horton FCA FCCA (Senior Statutory Auditor) for and on behalf of Seymour Taylor Limlted, Statutory Auditor First Floor North 40 Oxford Road High Wycombe Buckinghamshire HP112EE 5 November 2024 12
PIPERS CORNER SCHOOL STATEMENT OF FINANCIAL ACTivmES (INCORPORATING AN INCOME AND EXPENDtruRE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 31.7.24 Unrestricted funds 31.7.23 Total funds Noles INCOME AND ENDOWMENTS FROM Donations and legacies 1,678 1,135 Charftable actlvltles Fees and registrations 14.311,474 12,909.145 Other trading activibes Inveslment Income 97.138 226.417 112,931 66.345 14,636,707 13,089,556 EXPENDrruRE ON Charftable actlvltlos Staff costs Administration and maint8nan<x costs DepreciatDn Fees and registrations 8.076,285 3,099.615 772,136 1,302.187 7.395,969 3.106.477 744,925 1,259,660 13.250.223 12.507.031 NEf INCOME 1,386,484 582,525 RECONCILIATION OF FUNDS Total funds brought frd 14,845,420 14,262,895 TOTAL FUNDS CARRIED FORWARD 16.231.904 14,845.420 The notes fcffii part of these finwKial statements 13
PIPERS CORNER SCHOOL BALANCE SHEEr 31 JULY 2024 31.7.24 Total funds 31.7.23 Total funds Notes FIXED ASSETS Tangible assets 14 12,942,540 13,399.054 CURRENT ASSETS Stocks Debtors Cash at bar 15 16 29.509 4,809.315 7.192.740 43,520 4.277.586 5.016.720 11.831.564 9.337,826 CREDITORS Amounts falling due within on8 year 17 (7,008,995) (6.229.412) NET CURRENT ASSETS 4.822.569 3,108,414 TOTAL ASSEfs LESS CURRENT LIABILITIES 17,765,109 16.507,468 CREDITORS Amounts falling due after more ihan one year 18 (1,533,205) (1,662.048) NEf ASSErs 16,231,904 14.845,420 FUNDS Unrestrlcted funds 21 16,231,904 14.845.420 TOTAL FUNDS 16,231,904 14.845.420 The financial statements We approved by the Board of Trustees and authorised for issue on 5 November 2024 and were srgned on its behalf by: Mr WJO ston - Trustee The notes form part of these financial slatements 14
PIPERS CORNER SCHOOL CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024 31.7.24 31.7.23 Notes Cash flows from operatlng actfvltl•s Cash generated from operallons Intwest paid 2.521.411 {106.039) 1,364,370 {85,507) Net cash provided by ¢)perating adivitses 2,415,372 1.278.863 Calh flows from Inve•tlng athftle• Purchase of tangible fixed assets Interest re¢Ved (315.622) 226,417 {247,864) 66,345 Net cash used In Investing activities (89,205> (181,519) Cash Ilow4 from flnan¢lng actlvltl•s Loan repayments In year <150,147) (133,816) Net cash used In Ilnaneing act5vitles (150,14n (133.816) Chang• In ca•h and cuh equfval•nts In the reportlng perlod Cash and cash equlvalents at the beglnnlng of the reportlng perlod 2,176.020 963.528 5,016.720 4.053,192 Cash and cosh equlvalents at the •nd of th• roportlng perjod 7,192.740 5,016,720 The notes fomi part of these financial statements 15
PIPERS CORNER SCHOOL NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024 RECONCILIATION OF NET INCOME TO NEf CASH FLOW FROM OPERATING ACThIITIES 31.7.24 31.7.23 Net IoMe for the reportlng perlod (as per the Statoffnt of Flnanclal Acttvltle•) Adjustments for. Depreciation charges Interest received Interest paid D8cr8asel(increase) In stocks Increase in debtors Increase In credltors 1.386,484 582,525 772.136 (226.417) 106.039 14.011 {277,233) 746.391 744.925 (66,345) 85,507 (8,356) (524,749) 550,863 Net cash provld•d by operatlons 2,521,411 1,364,370 ANALYSIS OF CHANGES IN NET FUNDS At 1.8.23 Cash fl( At 31.7.24 Net cash Cash at bank 5.016.720 2.176.020 7.192.740 5.016.720 2.176,020 7,192.740 Dobt Debts falling due within 1 year Debts falling due after 1 year (215.366) (1.344.262) 49.671 1165,695) 100,476 (1,243,786) (1.9.628) 150,147 (1,409.481) Total 3.457.092 2.326.167 5.783,259 The notes foTm part of these financlal statements 16
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 GENERAL INFORMATION Pipers Comer School is a charitable company Ilmited by guarantee incorporated in England. The Registered Offlce Is Pipers Com8r School Great Klngshill High wornbe Buckinghamshire HP15 6LP The prln¢lpal actfvity ol the ¢haiity durlng the year was that of a school. The financial statements are presented in the currency of the primary economrc envlronment In which the entity operates (Its functlonal ojrrency), as such, the results and statement of financlal positlon are presented in St8rling (£). Monetary amounts In thes8 f5nancial statements are rounded to the near8St pound unless otheise stated. ACCOUNTING POLICIES Basls of preparlng the flnanclal statements The financlal statements of the charltsble company, whlch Is a public benefit entlty under FRS 102, hw4e been prepared In accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charitles: Ststement of Recommended Practlce appllcable to charltles prep8rSng thelr acctyjnts In accordance vlth the Flnancial Reporung Slandard appllcable In the UK and Republic of Ir81and (FRS 102) (effectlve 1 January 2015),, Financlal Reporung Stsndard 102 The Financlal Reportlng Standard appllcable In the UK and Republlc of Ireland, and the Companies Act 2006. The financial slatements have been prepared under the hlstorfcal cost conventlon, as modlfled by the revaluation of certaln a&gets. The trustees have revlewed projections and budgets for the next twelve months along wtth assessing the impact in Ihe current year. Following th15 revlew. the trustees conslder there to be Ilttle Impact golng fopward on the Charitys ablllty to act as a going concern. Income All Income Is recognlsed In the Statement of Financial Activities once the ¢harSty has entltlement to the funds, it is probable that the Income will be recelved and the amount can be measured reliably. Fees receivable represent the totsl amount receivable for fees and services supplled for the 8cademlc year in respect of educadonal facilities before bur8aries, stholarships and allowances. Fees recelved in advance for the foll¢yiing academlc year are treated as deferred income and then recognised for the temi In whlch they relate. Expendlture Llabllltles are recognSsed as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, It Is probable that a transfer of economlc benefts wlll be requlred In settlement and the amount of the obligation can be measured reliably. Expenditure is account8d for on an accnjals basis and has been classified under headlngs that aggregate all cost related to the category. Where costs cannot be dlrectly attributed to partlcular headlngs they have been allocated to activities on a basis consistent the use of r&wurces. Charitable activities costs are those cx)sts Incurred dlrectly In support of expendlture on the objects of the charfty and Include costs not primartly relating to teaching and educational supplr8S. Tanglble flxed aguts All tangible fixed assets are 5tsted at cost less accumulated depreciation and aGGumulated impaimient losses. Such costs include costs dlrectly attrtbutable to making the asset capable of operating as intended. 17
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - conunued FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES - contlnued Tangible fixed assets Depreciation is providad at the following annual rates In order to write off each a&8et over its estimated useful Ilfe. Freehokl profrt and major refurblshment Sundry buildings and equipment School equipment Ground equipment straight line - 10% and stralght Ilne - 2% straight ne- 20% straight n8- 330A and straight line - 20% straight Ilne- 20% Tangible assets over the value of £5,000 are capitalised. Soft fumishings. carpets and small equipment a fully vffitten off as the expenditure is incurred. Stocks Stocks are valued at the lower of cost and net reallsable value, after making due allowance for obsolete and slow moving items. Taxation The charty is exempt from corporation tsx on its charitable activities. Fund accountlng Unrestricted funds can b8 used in accordance with the charitable objectives at the dis¢tion of the trustees. Restricted funds can only be used for particular restricted purposes within the 0.ects of the charity. Restrictions arise vthen specified by the donor or funds are raised for partlcular restrlcted purposes. Designated funds are funds set aside by tha govemors out of unrestricted general funds for specific future purposes or projects. These funds are reviewed and released to designated income or expendbture once the funds purpose has been achieved. Operatlng lease Rentsls paid under operating leases are charged to the SOFA on a straight Ilne basis over the lease Penslons The company operates defined contribution and funded multi-employer defined benefit schemes on behalf of certain employees. Contributions are charged to the SOFA in the year they are made. The schemes fund$ are admlnistered by Trustees and are independent of the compatys finances. Redundancy and ternilnatlon payments RedurKlancy payments are recognised at the point the redundancy is agreed with applicable liabilities being recognised. Company slatU8 The Sthool is a company limited by guarantee. The members of the company are Ihe those named on the Rept of the Trustees. In the event of the charity being wound up, the liability in respect of the guarantee is Ilmited to £10 per member. 18
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMEKfs - ¢ontlnued FOR THE YEAR ENDED 31 JULY 2024 DONATIONS AND LEGACIES 31.7.24 31.7.23 Donatlons 1.678 1.135 OTHER TRADING ACTMfiES 31.7.24 31.7.23 Rent received Sundries received 88,615 8,523 97.482 15,449 97.138 112.931 INVESTMENT INCOMe 31.7.24 31.7.23 Interest recelved 226.417 66.345 INCOME FROM CHARITA8LE ACTMnES 31.7.24 Fees and reglstratlons 31.7.23 Total actlvltles School fees Bursaries. scholarships and allvwancos Discounts given on fee8 Registrailons recelved Disbursements income Designated income Transport income 13,482.340 12,149,179 (690,680) (660,640) 249,072 208.043 34.650 44,100 642.505 644,315 7.939 10.970 585.648 513,178 14.311.474 12,909,145 The School had 609 glrfs on the Sctrwl roll at the 1 Sertembgr 2024 (September 2023 - 619). CHARrrABLE ACTivrrES COSTS Swport (x)sts (see note 8) Direct Tota18 Staff costs Administration and maintenance costs Depreclation Fees and reglstratlons 8.076.285 8,076,285 3,099,615 772.136 3,099,615 772,136 1,302,187 1.302.187 1.302.187 11.948.036 13.250,223 19
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS • ¢ontlnued FOR THE YEAR ENDED 31 JULY 2024 SUPPORT COSTS Teachers and teaching assistsnts Weffare Management and administralli support FinarKe Tolals 1,493,984 5.614.489 967.812 8.076.285 Administration and maintenance costs Depreciab'on 750,039 10,707 106,039 609,546 1,633.991 96.364 665,065 3.099,615 772.136 2.254.730 106,039 6,320.399 3,266.868 11.948.036 Staff costs are assigned based on the department. Depreaatlon on school equipment is spllt 10% management and admin and 90% teachers and teaching assistants, all other depreciation is Vlithin welfare and support costs. NET INCOMEI(EXPENDrruRE) 2024 2023 Depreclatlon - CAed assets Audltors, remuneralSon - audit Auditors, remunerdtion - other ser¥ices Operatlng lease payments - ottw 772,136 25,300 18,180 9,429 744,925 26,000 16,801 10,231 10. TRUSTEEV REMUNERAnoN AND 8ENEFrrs There were no trustees. remuneratlon or other benefits for the r ended 31 July 2024 nor for the ar ended 31 Juty 2023. Tru•tso8' èxpon8e• Trustees expens8s paid for the ar wided 31 July 2024 was £nil (2023- £nll). 11. STAFF COSTS 31.7.24 31.7.23 Wages and salaries Social securlty costs Other pension costs 6,613,735 612,228 850.322 6.038,246 573,481 784.242 8,076,285 7.395,969 The average monthly nwnber of employees dumg the year was as follows: 31.7.24 131 31.7.23 123 Teachers and teaching assisiants Management and administralion Welfare and support Subcontracted catering staff 17 14 16 13 196
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS * ¢ontlnued FOR THE YEAR ENDED 31 JULY 2024 11. STAFF COSTS- continued The number of emplo>Ees whose emoluments exceeded £60,000 were:. 2024 2023 £60,001- £70,000 £70,001- £80.000 £100.001- £120.000 £140,001- £150,000 £160,001- £170,000 Emoluments Indudes gross salary. benefits in klnd and flexlpay contrtbutlons for the Avlva penslon scheme. Value of company penon contrfbutions to money purchase schemes for employees whos8 emoluments exc88d £60,000. 117179 Tran•actlon• wlth key managomant personnel 2024 2023 Total compensatlon of key management personnel 969.915 927,418 Compensation of key management perxlnnel Includes gro88 salary, benefits in klnd. flexlpay contributions for the Avlva pension scheme, 8mploy8rfs natlonal Insurance end employerfs penslon contributlons. 12. FINANCIAL INSTRUMENTS Financlal Instruments are classtfied and accounted for, aGGording to the substance of the contractual arrangement, as either financlal assets, financial liabllltles or equlty Instruments. An equlty Instrument Is any contract that evldences a resldu81 Interest In the assets of the cixnpany after deductlng all of Its liabilities. Where the contractual obligalions of financlal instruments (including share capital) are equivalent lo a similar debt Instrumenl. those financial Instruments are classed as financial liabilities. Flnancial Ilabilttles are presented as such In the belance sheet. Flnance costs and galns or losses relatlng to financial liabilities are included In the profft and loss account. Finance costs are calculated so as to produce a constsnl rate of retum on the outstanding liability. Where the contractual iemls of shar8 capltal do not have any terms meeting th8 definition of a financlal liabillty then this is classed as an equity instrument. Dmdends and dlstributions relatlng to equlty instruments are deblted dlrect to equity. Impalmient of flnanclal assets A review for indlcators of Impairment Is carrled out at each reportlng date. wlth the recoverable amount belng estlmated where such indicators 8XiSt. Where the carrylng value exceeds the recoverable amount, the asset is impaired accordlngly. Prfor impainnents are also revlewed for possible reversal at each reporting date. For the purposes of impainnent testing, when it is not posslble to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to whlch the asset belongs. The cash-generatlng unli is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 21
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 JULY 2024 12. FINANCIAL INSTRUMENTS- contlnued For impalrment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generallng units that are expected to benefit from the synergies of the combinatlon, Irrespectlve of ether other assets or liabilitles of the company are asslgned to those unlts. 13. CRtricAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the applicatlon of the companls accountlng polkles, the dlrectors are requlred to make Judgements. ests'mates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experlence and other faclors that are consldered relevanL Actual results may dlffer from these estimates. The estlmates and UnderIn9 assumptlons are revlewed on an ongolng basls. Revlslons to accounting estimates are recognised in the period in which th8 estimate is revised, rf the revlslon affects only that perlod. or In the perlod of the revlslon and future perfods If the revl8lon affects both current and future periods. The areas for whlch estlmatlon has been applied are consklered to be In calculatlng depreciation and the useful economic lrfe of assets. bad debt provlslon and slock provision. Although these areas are subject to judgement, they are not Gonsldered to be subject to $lgnlfi¢ant e$tlmatlon. 14. TANGIBLE FIXED ASSETS Freehold propety and malor rttlurblshment Fami land Sundry buildlngs and equlpment COST At 1 August 2023 Additions 20,595,198 170,672 591,177 606,813 19,005 At 31 July 2024 20,765,870 591,177 625,818 DEPRECIATION At 1 August 2023 Charge for year 7,971,552 627,715 603,974 6,640 At 31 Juty 2024 8,599,267 610,614 NET BOOK VALUE At 31 July 2024 12,166,603 591,177 15,204 At 31 July 2023 12,623,646 591,177 2,839 22
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2024 14. TANGIBLE FIXED ASSETS - contlnued School equipment Grounds equipment Totals COST At 1 August 2023 Additions 649.315 125.945 144,526 22.587.029 315,622 At 31 July2024 775,260 144.526 22,902.651 DEPRECIATION At 1 August 2023 Charge for year 527,717 107,071 84.732 30.710 9,187,975 772.136 At 31 July 2024 634,788 115.442 9,960.111 NET BOOK VALUE At 31 July 2024 140,472 29.084 12,942.540 At 31 July2023 121.598 59,794 13,399.054 Impalrnient Revlew Due to the continued maintenance and upkeep of the freehold buildings an impainnent review is not considered necessary. During January 2023 a valuation was carried out in line with the requirements of the School's existing bank loan, for the sole purpose of valuing the security on the loan. This review valued the site and buildings at £10.7m. A further valuation was conducted on behalf of the School's insurers in May 2023 vthich recommended that the Schod should have a rebuild Insurance value of £49.1m. Glven the large range and differing purposes of these valuation reports, the trustees are satisfied that the values as shown above are not overstated. 15. STOCKS 31.7.24 31.7.23 Household and cleaning stock 29,509 43,520 16. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 31.7.24 31.7.23 Trade debtors Prepayments and accrued income 4,368,253 241,062 4,137,411 140,175 4,609,315 4,277,586 23
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMEKfs - contlnued FOR THE YEAR ENDED 31 JULY 2024 17. CREDrroRS: AMOUNTS FALUNG DIIE MTHIN ONE YEAR 31.7.24 31.7.23 Bank loans and overdrafts (see note 19) Trade creditors Other creditors Social s8cuiity arKI other tsxes Pup115' deposits held Accruals and deferred Income Fees received in advance 165,695 152.563 21.962 146,174 428,791 5,458.579 635,231 215,366 111,182 19.312 199,474 372.311 5.295,614 16.153 7,008.995 6.229,412 18. CREDrroRS: AMOUNTS FALLING DUE AFTER MORE THW4 ONE YEAR 31.7.24 31.7.23 Bank loans {see note 191 Accruals and deferred Inc¢Jne 1.243.786 289,419 1.344,262 317.786 1,533.205 1,662.048 19. LOANS An analysls of the maiurlty of loans Is glven b81w. 31.7.24 31.7.23 Amounts falllng due withln ona year on demand: Bank bans 165,695 215.366 Amounts falllng belween one and tw) 18. Bank loans 1,243,786 21S.367 Amounts falling due between iwo and five years: 8ank loans 1,128,895 The abova bank laan totalbr¥J £1,409,481 (2023: £1.559,628) is secured by a fixed arKI floating charge over the char6tys assets. LEASING AGREEMENTS Mlnlmum lease payThents under n(m48lable oper8llrKJ leases fall due as fdlows: 31.7.24 31.7.23 Within one year Betrween one and five years 9.429 24.886 9,429 15.544 34,315 24,973 24
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2024 21. MOVEMENT IN FUNI)S Net movement in lunds Transfers between funds At 31.7.24 At 1.8.23 Unrestricted funds General fund - g8neral reserves General fund - fixed assets Designated funds Bursary endowment 1.275,961 13,399,054 22.462 147,943 2,366,992 (772.136) 3.335 (211,707) (652,681) 2.990.272 315,622 12.942.540 (797) 25.000 337.856 274,092 14,845.420 1,386,484 16.231,904 TOTAL FUNDS 14,845.420 1,386,484 16.231.904 Net movement in funds, included in the abov8 are as follows: Incomlng resources Resources expended Movement in funds Unrestrfcled funds G8n8ral fund - general reserv8S General fund - fixed assets Designated funds Bursary endowment 14.840.475 (12,473,483) (772,136) (4,604) 2,366,992 (772.136) 3,335 (211,707) 7.939 <211.707) 14,636.707 (13.250.223) 1.386.484 TOTAL FUNDS 14.636.707 (13,250.223) 1,386,484 Comparatfves for movement In funds Net movement in funds Transfers between funds At 31.7.23 At 1.8.22 Unrostrlcted fund8 General fund - general reserves General fund - fixed assets Designated funds Bursary end0vent PTA fund 157,247 13,896,115 25,000 147.943 36,590 1.579,311 (744.924) (2.538) (249,324> <460,597) 1,275.961 247,863 13,399.054 22,462 147.943 249,324 (36,590) 14.262.895 582,525 14.845.420 TOTAL FUNDS 14.262.895 582.525 14,845.420 25
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMEKfs - contlnued FOR THE YEAR ENDED 31 JULY 2024 21. MOVEMENT IN FUNDS - continued Comparats've net movement in funds, included in the above are as follows: Incoming Resources resources expended Movement in funds Unrestrlcted funds General fund - general reserbps General lund - fixed assets Deslgnated funds Bursary endowment 13,327,910 (11.748,599) (744,924) (13,508) 1,579,311 (744.924) (2,$38) (249.324) 10.970 (249,324) 13.089.556 (12.507,031) 582,525 TOTAL FUNDS 13.089.556 (12.507.031) 582.525 The Charlty has the fallowlng deslgnated funds: Deslgnated fvnds - The fijnds are held by the Charity In respect of school trlps, musical instruments and a lundralslng event fiJrKI. Any balance over £25,IXIO left this fund at the School's year end 13 transferred into the bursary endowment fund. Bursary endowment - This fund is held with a view to endow future lyjrsaries and prthnde finandal assistance where requlred. The Sch¢)ol allocated 2.5% of all xhool fees to this fund. PTA furKI - This fund is hdd by the charity in respect of the PTA c(ffimlttee. Th18 has been used to purthase equlpment for Ihe School In the year ended 31 Juty 2023. EMPLOYEE BENEFIT 08UGATIONS Teacher•. Penslon Scheme The Sthool wtapates In Ihe Teachers. Pension Stheme {England and Wales) (tr TPS). for its teaching staff. This is a multi•employer defined benefits pension stheme and it is not possible or appropriate conslstenty to Identify the Ilatj'lities of the TPS Ithich are attributsble to the Schod. As required by FRS 102. the Sch<Jol accounts for thls Scheme as rf it was a defined contribution scheme. The pensron costs are assessed In accordance with ihe adwce of indeperKlent qualified actuaries. Tha latest actuarial valuation of the TPS was 31 March 2020. The Teachers, Penslon Scheme (rps) is a statutory, contrlbutory, defined benefit scheme, govemed by the Teachers, Pensions Regulations (2010) and, from 1 April 2014, by Ihe Teachers, Pension Scheme Regulatk)ns 2014. The TPS Is an unfunded sd*me and membefs contribute on a 'pay as y)u go. basls - these contributions along 1th those made by emplwers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds rxovided by Pafli8menL
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS • contlnued FOR THE YEAR ENDED 31 JULY 2024 22. EMPLOYEE BENEFtr OBLIGATIONS - continued Not1&8s than every four years the Govemment Actuary. using normal actuarial princlples, conducts a fomial actuarial review of the TPS In accordance with the Public Servlce Pensions C4lalu8tions and Employer Cost Cap) Directions 2023 publlshed by HM Treasury. The aim of the revlew is to specify the level of future contributions. Actuarial scheme valualions are d8P8ndent on assumptions about the value of future costs, design of benefits and many other factors, The latest actuarial valuatlon of the TPS was carried out as at 31 March 2020 and In accordance with the Public Serlice Pensions (Valuations and Ernployer Cost Cap) Directions 2023. The valuation r8POrt was publlshed by the Department for Education on 27 October 2023, with ihe SCAPE rate. set by HMT, apPIng a notional inveslment return based on 1.7% al)ove the rate of CPI. The key elements of the valuatlon outcome are: Employer contribution rates set at 28.68% of penstonable pay (including a 0.08% admlnistration lewy). Thls Is an In¢ase of 5% In employer ¢<trIbuon6 and the cost control result Is such that no chang8 in member benefits is needed. Totsl schem8 Ilabilltles (pensions currently In payment and the estlmaled c08t of future beneflts) for senrtce to the effectlve date of £262.000 mlllion and notlonal assets (estlmated fLrture contrlbutions together with the notlonal Investments held at the valuation date) of £222,200 mlllion, giving a notional past service deficit of £39,800 mllllon The resutt of this valuatlon will be implemented from 1 Aprfl 2024.The next valuatSon rnsult Is due to be Implemented from 1 Aprfl 2028. The penslon costs pald to TPS In the perfod amounted to £555,705 (2023: £531,640). The Ilablllty at the year end in relation to thls scheme totalled £nll (2023: £59,980). The member contrfbutlons 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 Prlce Index. A copy of the valuallon raport and suppordng documentatlon Is on the Teachers, Penslons website. Teachern. Penslon Scheme Teachers who opt to be in the TPS cover by way of salary deductlon 4.77% (based on the TPS employer contributlon of 23,68 /0) of the employer pen8lon requirement. From 1 April 2024 Teacher8 who opt to be In the TPS cover by way of salary deducuon 7.4 (based on the TPS employer contrlbutlon of 28.68%) of the employer pension requirement. Avlva Penslon Trust for Independent Schools From 1 January 2022 the School introduced a defined contribution scheme open to all teachlng staff as an altematinffj to the Teachers, Pension Scheme. Both the members and the School contrlbute Into the scheme. The pension charge for the yBar includes contrlbutlons payable to the Aviva pension trust of £173,696 (2023, £152.679). The unpaid contributions at the year end In relation to Ihls scheme totalled £nil. Addltlon81 Voluntary Contrlbutlons Scheme Memb8rs of the TPS scheme are able to make 8n additional voluntary contribution (the AVC) if they choose. This is a defined contribution scheme where the assets and liabllllles of the scheme are held Independently from the School. The School itself does not contribute into the AVC scheme, the contrilxjtions come from staff. At the current and prevlous year•id all contributlons had been paid In respect of thls scheme. 27
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMEKTS - continued FOR THE YEAR ENDED 31 JULY 2024 22. EMPLOYEE BENEFIT OBUGATIONS - continued Independent Schools Pension Scheme - Definad Benefft Schem• The School participates in The Independent Schools, Pension Scheme (the ISPS), whlch i8 a funded multimpltyEr defined benefft scheme. This scheme vras for employees who do not qualEfy to be members of the TPS. The Scheme is contracted-out of the State scheme. As required by FRS 102. the School accounts for this Scheme as rf it was a defined o)ntrlbutlon sdxme alitgh recognising any liablty diredly attributable to Ihe school. The Schaal has elected to operate the final salary with a 11601h a81 rate benefft structure for all members In this scheme. The ISPS Trustees cJmmission an actuai?al valuation of the Scheme evay three ars. The main purpose of the valuation is to determine the finanual PDSition of the Scherne In order lo detemine the 18vel of future contributions required, in respect of eaGh benefit structure, so that the Sthwne Gan meet its per10n obllgations as they fall due. The actuarlal valuatlon assesses thether the Scheme's assets at the valuatlon date ar8 likely to be sufficient to pay the pension benefits accrued by membws as at the valuation date. Assel values are calculated by reference to market levels. Accnjed penst¢)n benefits are valued by dlscountlng expected future benefit payments using a discount rate cal18t8d by reference lo the expected future Investment retums. The actuarial position al 30 September 2023 shM the scheme to be underfunded ryth a deficit of £59.Sm (up from £36.5m at 30 September 2019). From 1 September 2023 the deficit pension annual charge £40,141. this inueased 1 September 2024 to an annual charge of £41,346 for the remalning perfod to 31 Juty 2032. In ne with FRS 102 the full intrease Ihls revised deficSt payment of £12.979 (2023." £10,328) has been charged to the Statement of Financlal Activities. Piper8 Sch(K have made all the payments due in the year in line with Ihe deficit payments sthedule. The total prov151on In the accounts for the deficit fundlng payments ouistandlng stood at £330.764 at 31 July 2024 {2023', £357.829).The Scheme was dosed for all new entrants frcm 31 December 2013 and was closed for 811 current members frr#n 31 July 2020. vthen the member8 wwe transferred to the defined ¢ontribution scheme. Independent SCI01 Penslon Sch•m• (ISPS) - D•fined Contrll>utlon SGhem• From 1 January 2014 the Schod introduced a defined Contritrti0n scheme to all non teachSng staff. The new scheme fulty satisfies the School's re8ponsibilities under auto enrolment legislatlon. The Scheme Offers qualifying staff three ctrIbution level options. based on ts princlplo of matchirvJ. The assets and Ilabllltles of the scheme are held indepenty from the School. The pensron charge for the contributions payable to the ISPS defined contribution scheme ¢1 £107,942 (2023: £89,595). The unpakl contrlbudons al the end date In relation to this scheme totailed £nil (2023: £nil). 28
PIPERS CORNER SCHOOL NOTES TO THE FINANCIAL STATEMENTS - contlnuad FOR THE YEAR ENDED 31 JULY 2024 coKriNGENT LIABILrriES Plpers Corner School have been notified by The pensi Twsl of the eslimated empbyers debt on withdra4val from The Independent Schoots Penskm Scheme based on the financial position of the Scheme as at 30 September 2023. As of Ihis date the estimated employer debt for A'pers Corner School was £1,048.872 (the estimatad emplo debt at 30 September 2022 was £1,176,640). CAprrAL COMMITMENTS 31.7.24 31.7.23 Contracted but not provid8d for in the financial statements 165,306 26.750 25. RELATED PARTY DISCLOSURES There *ere M relatad paty transactlons for the r ended 31 July 2024 (2023: £Nil).