WYCOMBE ABBEY Gids. Edu(atN)n Company Limtted Annual Report and Consdidated Financial Stat￿ents Year end￿1 31 August 2021 Charity Iwrnb￿. 310638 Company number. 47031 Glrls, EdLKation Company knmited Year Ended 31 W %)21 cOnt￿ts Remew by the Headmistress Council Members, Offlcws and knrs Annual Report by the COU￿11 Oncluding the Stratw Rept)rt) Independent Auditorfs Rewt 14 Consolidated Ststement of Flnancial Actmbes 18 Consolidated and Chaity 8*nce sheets 19 Consolklated Ststemtht of Cash flow 20 Notes to the Acc¢xJnts 21 Glrls, Educatton Company Umited Year Ended 31 August 2021 Re￿eW ty the Hea(kn15tresS FouTh4ed in 1896 by the plor￿￿ng Headm55tress Dame FraTKes DOK wYC￿nbe Abw has been a ￿der kn yrk, educatkjn for 125 years. The School'5 visi(￿ is to k at the forefront of boarthng ed¢￿at￿)n and to recogrll5ed gbwly as a world dass scknol. I have recentw completed my second year as Headmstress of Wyc¢ynbe Abbey l am commrlted to continuing to promde a first- class, holi5tlc educats(y) to wpi& ersurfrg that ty d￿0P the kr￿ dwacter and Confiden￿ to excd in thelr future careers and I￿￿% Set in magrMfKent grounds spanning rn￿e tr4n 170 a¢re> (xr 5cFxxA eryt)ys a rarEe of exCd￿nt rrKJderr) faalrties, induthng a Swrts Centre with a 25-metre indoor ￿ted swmmry F￿L a da￿e sith a fitness st￿10. a Courtrard Café and a Performing Arts Centre with a theatre arxl recit￿ hall. D￿pite the CoMd-19 p￿1 Nmbers have risen aTrd a5 of September 2021. we Fove 690 pupils on roll aged from 11 to 18 years.. 593 are full boardw& 67 are day ixwder5 and 196 a￿ In the Sixth Form, The majorty ol pupiL% come from wthin a ontr￿Ur radiu5 of Lon¢*)n; other boarder5 tra¥el from fvrttw afdd. Mow th￿ 35 nationaSties are rePr￿ented Mrithin the Sch)ofs full boaftlM)g communTty. ma￿rE deci51ons about the stfdtegk tllrection of an organfiAdon is both a Pr￿￿e aThl a respo￿sIbIlity and the School has engaged In an examlnation of it5 5trength5 an¢J weaknesgei exploring fvndamentsl questlons abcrtJt how we can and should stèk to achleve our vlslon. We have outlined the roadmap forthe nert five years in rjjr Strategic Dir￿0￿ 125 which is set crtrt uryler six strate8lC pillars.. Academic Excellence, Pastoral Care and Wellbe1￿ Leadership and GrowtN Engagement and Connectivity, Global Awareness and hIt￿e-FOcuS and Transformational Chary. Chjr pLins are arn￿110￿5 ar￿ wide ranglng and wlll enable Wycombe Abbey to contirwe to flourfish. bU1￿ing on Its I￿£ IIILwlous hisioryTNs year we erwd Walters and Cohen to work with us to create an Estates Masterpkn towwrÈ thatthe &￿re￿Ie￿s1￿Pc￿sthe b03r* ex￿rienCe and a future.focussed curriculum. The 2021 GCSE and A Level res￿￿% were tosed cm Teac￿ Assessed Grades is5￿ by tPt SchooL 99.6% of all GCSE entrks wtre graded A*_A At A Level. 94% were A•_A Every year gir￿ secwe pL￿￿ at toprankn.thg Un￿ers￿eS on COmFEtitlve courses wlth the majDrity headi￿ to Russell Group uThstr&tses I￿udIrV8 appro)omat* 20% to cam￿d8￿ IncreaSi￿y. ￿rIS are chooslng to appty to unwersibes around the vloth and we have a sw US 3ThJ Intematwjnal uMer$￿e5 programrrt We are dejighted wth (xjr academic re5uk5 al￿ higher e(kJcthn IAJtc(xn25', tFw testament to the hard workaThJ ded.CatyC￿ of the staff and pupil& Wycombe AEèey Is comnrritted to edLKating the wwe p￿Son and we offer a wy imad range of c(KurrfcuL4r and errichment Op[￿rtUn￿eS for pu￿15 of all ages to enloy. The OF soft s￿11$ inckJdirÉ the abilty to wmmtmicate In a vari2ty of arcumstancei teamwork ￿dershIP, eny)bonal intellEerKe is essentol fcr ChaI￿nge5 of ￿'n8 and wtrknng in the 21st Century. We enfoy good relationshlps wth the grammar schoojs h) Wycomb& and Cressex Ccrnunty SchLY)l and devdoFAng our Partr*rships artd Bursarks promgon is an area of strateg¢ focus o¥tr comwE yea As we come out of the global pandemlc whkh has dominat*J the past year5.1 am Very muth looking forward to Cgntinuing to work Yrfith parats staff, PUFX'ls ard Members d CO￿1. We are excited to mark 125* year in 2021-22 a number of events that ¥MII bdng together the Wywmbe Abty communrty SctrK*)l the oPp￿bJrXty to rell&t a5 wdl as to lo(* forwdrd v confiden￿. Jo Duncan MA (St Andrew5). PGCE (Cantab) Headmistress Dat< &1 2K)LL Glrls. Educ2tTon Company Lkntted Year Endd 31 August 2021 Coundl memlxs Offlws Athrfsors Mce Pre51thnts Mr A M D will￿ LLB FCW), Mr5 C M fvthtrJP BA arxj Larty sa55[￿ MA Members ofcwndl The following seryed as Council members drring the year arKJ L4J to date of 98r1￿ ttys report. Mr RKhard Ashby rik Bsc (E￿ ARSM FRICS Mrleremy Bailey ACA PrOf￿sOr Loulse Fawcett MA DPhll Mrs Aman￿ GIb￿n BA (Oxon) (appointed 25 ￿nIllry 2021) Dr Caro Godlee 8k MB Bchtr Mr Patrick Lcwis MA MBA Mr Damd knllycrop MA LLB FCMI Drlane MacOoLEall MA MB Bchir FRCOG MD Med Mrs Dk?na Rose MA (Cantab) Mr Peter Warren MA Ch￿rrnan The Rt Revd Dr Ajan Wilson MA DPhil Buth Mr Wchard Wlnter CBE ￿ FCA Miss Nicok Emerson 8A Msc MBA (apptxnted 22 Septenknr 2021) Mr Vivek Ganotra BEng MBA (app¢inted 20 October 2021} Mslenny Lovell BA(Hons) Dip Arch ARB RJBA (app￿nted 11 DecemEw 2021) Mrs Rosalind Doctor FCA (to 30 November 2020) Mr Mark maC*enZ￿ Croth BSC Mk MBA (from 1 D￿ents 2020) Headmlstress Mrsjo Duncan MA PGCE Bursar. Mr Mark MackenzE Crook5 Bk Mk MBA Lloyds Bank PIC 27-31 Whste Hart Str Pligh Wycombe HP112HL lTh%urarKe Brnk￿5 Marsh Broker5 Limited CaFltal HtyJse 1-5 Perrymount Road Hawds Hwath RH16 3SY Stone knng LLP Boundary House 91 Charterhouse Street Clerkenwell London ECIM 6HR Page 2 Glr15' Eduoilon Company knmlted Year Ended 31 August 2021 Cour￿1 memb￿& Offlcws an¢J Ath*tsoTh (c￿￿(*dI Cazenove capit￿ Management 12 Moorgate LondDn EC2R 6DA CCL4 Investment Marwnt Senator Hou*, 85 Queen Victc*la Street London EC4V 4ET Pathbone Investment Management 8 1#)sbury Circus London EC2M 7AZ Aud￿ Crltchleys Audit LLP (Statutrry Authtcr) 23.38 H￿he Bridge Oxfc*d OX12EP Mercer 7 LtsCh￿de Avenue Edlnburgh EH12 9DJ addw and Wstered Qffl Wycombe Abw School Fran￿5 t)ove Way Hlgh Wycombe Bucks HP111PE Web sitv, Emall.. www.wycomb&bbey.cem bursar@wcombeabw.ccxn Glrls, Edu42tion Compwy Llnlbj Year Ended 31 ￿st 2021 AnnLd Report ty Cryjnd The Mem￿r5 of C¢)urKI ofthe Gkls, Edurdtion Compary Llmited Dhe Sthoof. thè-ccmpany" or the-charitable Companl) present thelr Annual Report for the year ended 31 Aug(￿ 2021 Lmder the CIHrtfies Act 2011 aTrJ the Ststement of Recommended Practice "Accounting and Reporty￿ by Charityef SORP FRS 102. the Dwectcys. and Strate&'c Reports, under the Compar4e5 Art 2006, togetFw with the audited acccyJnts for the year. REFEREN￿ AND fvDMNtsrRATIVE INFORMATION The Glrls, Educats"on Company is a r￿stered charlty Thjmber 310638. limit￿ by share5. Wds consdtuted by Mwnorandum and Artlcles of ASSOCIad￿ in 1896 with the reg'5tration number 47031. The Gr￿JP Con￿Sts of the Glds. Education Company Limited known as Wycombe Abby. and its srK 5ubsidvari Company has f￿Jr whoty owned r￿-Char7tab￿ 5ubsklari Wycombe Abbey se￿Ces ￿rr￿ed Iccryany nLrnber. 2510811) receives 1￿C*￿e from the letting of land and bulldings at the 5¢Pr)¢l and any othw actfvity not (kemed to fan vA¢Nn the Sdv)c4's tharrtab￿ statu5 irKkndlng the Sck)d Shry whKh Sells unifomi and other items to parents and girl& Wycombe Ably Developments L#nited (ccryany r•Jnber. 0954970) hande5 new buiidln85 a￿1 mapr redevelopment projects a5 part of bng.tsrm inpr0ver￿rrt of the SdK)ol E5kte. Wycombe hbbty Internadonal knmited (company number. 09911805) manages the IKwtslng of overseas schools. Wycombe Abbey Penslon Trustee5 Lknlted (company wmber. 3743179) a TNstee company f(* Wycombe Abbey 1966 Penslon Scheme for Non-TeachiThg Stsff, a powon schyne ck)sed to new entrants from 31 Decemèer 2003. The Company has two Ilnked charitable subsKfiarles.' Wyeombe Abbey School FOUndat￿n CWASFI {re8tstered tharity nwnE*r. 310638) 18 a Ilnked clwritable subsldi?ry wth a separate Trullee Body whkh rKeNes and distrbJtes funds donated the fUrther?￿e ￿ the tharitable oblecis of the Sthjol. Wycombe Hong Kong F(yJndation has sin*r otlects to the WASF bu¢ Lg based In Hong Kor Each rnember of Counol Is a Trustee of Charity and Clrettor ofthe Company. hc4dkng one Ordlnary Share thereof. The day.104ay mark8emeni of the sd￿ b de*aied to Headmlstress SLPPOrted by the Éxecuthe LeaderS￿P Team and M￿MberS of the Wlder Leadershlp TearrL The Executyve Leaderthip Team fELTI cernprise the key management per50nrtd of the Charltx, Sn charge of direcrlng and contrdlir& running 2nd operats'rg the School oi a day-to-day basis. Nember5 of the ELT are.. The Headmistr85s, Bw5ar, Senior Deputy Head (Staff), Dewty Head IPupii%}. Oewty Head {AcademK). Di￿a¢r of Safeguarding and Pupll Welfare, Dlrector of SLxth Fcrn and Overseas Puwl Cocrfdinator. Recruknient atTra T￿￿nI Memben of Council are arpc4nted by Councl folkhMrE re(onwnenthtions Ly the NI￿nInatI0r￿ Committee whch comprfse5 the Chlman and other nominated members of CounciL New n￿￿terS of Cwrt¢ll a￿ IndLKted k)to the worklngs of Charity kncludlng polcles and procedures dwing an Induction t*OgraMn￿ speck41ty Organ￿ed for them by the Headmistress and Bursar. It15 Councll polScy that members of Council undergo reknnt sF*dali%t training where appropriate. Pay pdlcy forsenlor stsff Mernbers of Council do not receive rernwffit￿n for th* dut*s as a Memtw of COU￿1. Tke pay of the senior staff is r￿leWed annual￿ aThJ ￿rmalty Increased in a¢cordartt th average earnirE& c￿nCil b¥Kl¥hark aEJnst pay levels in other independent sthwls of a skniSlar Sy￿, I￿ornia1￿￿ ￿n8 a￿Lab￿ in awegtt fomi Glrw Educatlon Compry Urrlted Year Endtrj 31 August 2021 Ann￿ Rep)rt ty Cound (ccffitkn Bisk MarA2err￿rt The Counal examines the rnayjr rth ttNitthe SChry￿ fKe5 eath year kn wdating the PJsk Reyster and any strat* plan& The School has developed systems to monit¢x a￿j CLY)trol these rsk& The key contr￿$ used by ttE School I￿ludE. Annual revw of risk5 ccr6idered in detsl ty the Risk Comrnth and by C(xJnol' CC￿rehe￿r￿ strateg'c pknnin& LNJdgEting and rrwwrbt accounts.ng establkshed orgathtional structure of rewtiTr6 Form￿ written polioe5'. Clear authori5atK)n and approwal Through the annual review of risk matr7agement processes esta￿tshed fcrt- tr* Sch)oL Counal is satisfied that the Tr4i(x risks identlfled have been adequate￿ marAged. ￿ is recwised that s￿m$ c2n On￿ pr￿(de reason￿ but not absdute assurance ttHt major risks have been adequate￿ manage(L Coun(il determines the general pollcy o( thè SctKX)i and rneets at kast f￿rtimeS a year. Countil is serwiced by slx sPea￿lSt committe￿ three of which have respcffisibl1￿ as folcwx ￿arKe aThJ G￿31 Purposcs11)', EduCa[K)￿ Pastor￿ ar¥J Boarding121; Stsff Devebwent arid Safeguarding {31. The members of tlEse Committees rr*et before each terrn￿ meeting of the Council. The reftwn1￿d three committee> The Nominations ComnMt*e (4). D￿e￿i cOmrMKa￿ns and PR Commttee {5) aThJ tk TeathErs' Remunerntion and PerNon5 Wor￿n8 GroLP (6) meet at least orKe a year. and as and wheri nècessary. The cornmittee Strutture has been uFthed f￿ the year 2021r2022 committw f(r Huron Rtsourw aThJ Risk Members of Councl seryed these committee5 the year as fd (i) {3) 14) 15) (6) Mr Rlthard As Mrleremy s￿leY Profèssor Louise Fawcett Mrs Amanda GI￿On Dr Caro G¢dke Mr Patrck Lewis Mr Da￿d Lillycr(v Dr lane Mact)ougal rs D￿na Rose The Rt Revd Dr Ajan Wrt50n Mr Peter Warr Mr Rlchard Vwnter The objetts of the Company inckKJe the proVS￿n of COM￿ett and SYSter￿ edLKalion and traiMg for &ds," thi4 is met by the ongoin& gjccessful opwation of the Sctr￿L The vision arKJ alms of the Sthcd wFMch15 a charitslk ccfflpany. are enComp￿ed h the School's Strategk Han 2020 to 2025. Vislon: To be at the forefront of ¥ds' tx)arding education and recwtsj as a workl d&ss sc￿￿L Gldg Educxtkni Company Umit Year Ended 31 Au￿St 2021 AnNo1 Report by thJrKJI (contIn￿d} Mi55ion'. To Insptre every pupil to strive for amtr#tytyJs goats aThJ to recw•5e that tw C¥b make a POsi￿ve differen￿ in the workd, now and h) the futLJr& AJ'm% The P￿S￿t ofa￿deMiC excdlen devdopment of each ir￿mdUars tatents in creatro phy*cai atvj socd encourag￿￿ent of faith in G¢yJ ser¥Ke to other peopk al a Wpy, fu￿nIrE and carirE comm￿ty, Strategy.. To adMevÈ th 1. To prowle an I￿ePendent SeCc￿&dry educa￿￿ of Nwy hEh 9uatty vthch rTHxuni5e5 each pupil's potential and lrfelong Snterests to the bep,efbt of the wder commLmty.' T￿.ere ￿ many WIK) have wforrnd artive roks in publlc $erNi￿, Including Ngh court judg￿, ￿MberS of pthlamrt ¢knors, and thagrtte5 WF￿ fought foy tl% right ofwomen to vote. A history that the School Is very proJd of. 2. To wden access by prowthng bursary fundrE tkning ￿r 125 wpi& (202(F. 1CQ) were some form Off￿ nd the total swt on scholarships and bw53rE5 was £1.017 rr¥￿(￿ Q02Tr. £1.074 n￿lIOn), incluthrE support for 15 girk (2020.. 201 benefrtted fr￿Tr full fee bursarie& A fixther dement of the knxA'5 funds ts Set aside to ena￿e the Headmistress and the Bursar to alleviate ca5e5 of hardship y) trkt wls nrny (CffitirK￿ wth a Wycombe Ablw e(kKation If thelr parents experience finanoal diffKultie& The award c< 8ursary yjpport has become a f(xus [{￿ ts khool wth an amb￿On to increase the proportion ofthe student try)dy in recapt of a txjrwy. 15 aThirg to dodAe its. SL¥JM withln the next 5 to 10 years. The School continues to ensure that there Is fLmdlrYd set aside in thÈ Ix*t each year fcK Bursaries and conb"nLES to recove donations into the B￿sary Fund. 3. To PrO￿de edur2tional facil￿¥ tts ofkd scTrmls to ots moikn oftt* COMrr￿[1ty. Wytorfe Abbels plmlanthroplo charrtabl& outreach partnership work is Cerrtr￿ to SchocA Sthool P¥twshlps At Wycombe Abbey, our partnership5 State s(￿K)b and the kxal commuiyty are of great Irrportanc& CAT partnerships work eniompa55es both student-cattrtc teatttt-centnc IruttatNe5 at local primary and secondary sch(y)Is, and sixth form Colleg￿ l¢xally and In area5 of high deprivation in London. The propcts tlyt are run are r￿￿ou5 and varE& The Schoc4 a150 h35 a number of 5tsff who are p4ernors in lod schools incbjdlng fysex Ccrnuryty Sdk)¢A aThd Wycombe High SchocA. Glrfs. Educatlon Company Lknited Year End￿ 31 August 2021 hmual Rwt ty cou￿1 (C￿ The pandemlc ￿gnIfiCan￿Y curtalled the Scknofs partnership opptrtuths drring the year, and it lrtend5 to retLrn to its trad￿0[ helghtened l￿d5 of actimty a5 scon as circwnslances ￿k￿. There contlnues to be a strong of partnership betsveen RGS (Roydj GraMrn￿ SthooD in High Wycombe and Wycomb& Abw. As well as shared socil events there are reg￿ar shrnl academic forLTh& Lnwersity a￿catIo[l support and the sthmner trmi marwment COnferer￿ for slxth form ￿￿dents was able to 80 Due to the Coronawrus pandwmlo pupfffj corKentrated on fijNJr￿% The Head Glrl Team started the year wrth a in aKI of Yes WycoM￿, a 1¢X￿ chadty that provide5 free counselling and sexual health dink for 13- to 2>Ye￿-Ok The charity committee.vK*ked Fwrd to iLkn for futhlskng at ow armLAI Bcnfffe Nlght and arrNed at the idea of each boarding h￿se cwtSng a Hamptr and a raffl¢ Fu￿S ra￿ed fcy ow elected chantte5 Wycombe Homele5$ Connection and Renevrable World. A Christmas lumper Day wa5 hdd in akl of Save the CF¥k￿ a%>Ev41th a gen￿￿ colledon of food item5 for our local food bank. the aie Can Tnjst In response to the 'EveryC(￿'S In%Yted' Campaign, the sixth fomi ran a w succtssfvl mufd day and ra15￿ funds for the Rape Cr1515 Centr Butler boarding ￿se creatsd a book calkd Tk* Girf ar¥J pk￿.. Ths was ￿Itten and illustrated by the House aThJ sold to staff and Paren￿ TNS prc4eci raGed fLm& fc￿ Acti￿ for Chik4ren. Funds were also raised for sa￿ Ctrykjren, Headway, NHS Char(oe& Sptyts Relkf. Central Ad. Wodd Reader, H¢ytions, All S&nts Cmjrch High Wyc(xmbe, Virufy. aassks for Ai Mdane5kn MI￿On and The Glrt5' Netr￿ri Total pupll for yw was ne¥ty £17.C(Ll. The paTrJemlc dld mean that the Schod's atty to open ￿ fac111￿9 to the comm￿￿ty were limlted but the School was able to )St EngL4nd Lauosse In the Easter and SLYbYner hOlda￿ run 4 5umrw schJol wth the Cressex commun￿ School and also host the anrwl sports day frx Wyc¢mbe CIMJrth Ctynt•ied SdK Empw Pol The School 55 an equal opportunWe5 employer. Full and far con5bkntk)n b &*n to jc4) a￿CatiOnS frcxn dsabkd per50n5 and due conslderaJon Is &ven to their trydi￿n8 and employtr.ent need& conSuhati￿ with ￿n￿OyeeS or ther representatNes, has COn￿nUed at all levels with the aim of taknng the ￿ewS of *iWoyees into aCc(¥￿rt when are made that are Ikely to affert thelr Interests. Empljyees are made aY4are ofthe fInanCk￿ pWfOrm￿ ofthe Schor Safe8uth Policy The khool 15 committod to Safe￿ardIng and prorTr)ting the wdfare of and e4)e¢ts al In our ccthmuw to sh¥e this c(xvmttrnent. The Sch(x)I has l(ry been renowned fcr Its kadtrshlp In leath1￿ knnln& pastoral care and a wde range of CO• curricufar athv￿￿5. The Sthoof5 commkniert to be a lea(kn in pupl w￿lare. 15 embocled in CLwrent F*acti￿5 where the School strives to place wpll care at the heart of all that It The SC￿￿ seeks to COMirwryJ5ty d￿￿0P knpr(we our safeguardlng pollcles and pr(Kedwe5 and to promote a ajlture r)f excelknc£ Tr khcd's key pckne& trt*edures and summary docLments are devdoped in line wth statuw gJlJano N reguktory reqLwernent& Lcd AKrthMty ￿u1rerrents and ￿t practice. Dats Prot¥Uon Pollcy The School Is commltted to complance with the GeneA Data Prrtection Re￿Ll￿on {"GDPR-). For the PLrpose5 of the Dats Protettion Att 2018, the SchcM)l is trE"dats COntr￿￿- of personal dats a￿ut PLpI5 a￿1 thoir Par￿t5 anayor guardians (¥our pemnal data). Personal data PYlKessed by the SthcKA I￿ude5 contact detwls. ojrriculum and Ot￿ assessment results attendance informatlon. special eihJtatK)nai rted% cl Wlmis for identy purpose5 atMI engaging in School acbvlties (and in relatlon to parents andlor guardAns, rrw incbjde financial information). may a￿0 Fyocess sensttNe personal dats such as ethnic group. reli8lOiJ5 ￿￿lÉfS and rÈlevant Med￿al infoTmat*? Glr4s' Education C(Jmpany Lknlted Year Ended 31 W 2021 Amual Report b/ Cgundl (corttwed) The School has completed the Streamkd Enry and Cartx)n Repo￿rg Proces5 fsECRI for the second year. Key extracts ofthe SECR are promded ￿￿Ow. GrèenhcAJse gas en￿ss￿￿5 fGHGI data as folk 19-20 Energy consumOon used to olculate &ni18K)ns (kwh).. ￿1 marKhtcvy ￿ sources are indLKled. 10.790.526.2 9,435,420.4 koFe 1.. Emissk)ns from the combu5tKJn of naknal gas tC02e 1.17Z9 949.4 Scope 1.. EMI￿￿n5 from combustKJn of for tran5POrt wvj l or tC02e (see ewdence pack for breakth)wn) 474 517n Scope 1.. EMI￿10￿5 OF E*ynass Pellets tC02e on Scope 3.. Emlsslon5 from buslness travd In eMpbYeew￿d Nthde% %*here corT4)Wy repald mileage claims tC02e (average vehde I fuel Sow￿ L￿kn￿) 0.8 35 Scope 2.. EMi￿pJnS from pwchased decirfcity tC02e 535.2 521 Totsl gro55 C02e based on above (tC02e) 2,182.9 1,9915 Intensity Patio 1: kg C02e woss based on alxm pw (kJrirE 2019- 20. 3.38 tC02e 3.13 tC02e The erner￿ data ha8 been c(xnpiled and audited by Sean Mi*y (ESOS Lead Assessor) of Powerful Allles Lkn1￿ C18SE Registration No.. ESOS185262. kn evIden￿based methodokw was a<*)pted in accordartt v*th BS EN SO 14064-32019. Sectyon 4.3. The School continLE5 to pke a W prKJrity on raqucing any adverse impact on the eThironmert fr(xTh ks actswties as far as posslble. Th&* is a joint staff and Stxth Form sustair.ab'.lrty team meers c¥) a reguLar basi& Tr School 15 Current￿ d￿elopIng a long-term maslerplan for its estate intends to CaF4tthe cm otporturytips frcffi [￿d￿n ￿l￿'rE standards and infra%tmcLure inprovements to significantty re&Ke its energy cortsuMpti￿. The Glrk, EdLKatv)n Company LImt￿d (WYc￿e Abw) are particpants Sn the Energy Opportuw Scheme C'ESOS'I. OrganisatiOTrS that •Jalfy for ES05 a￿ to orry ESOS asSe￿nts ¢wy 4 yearn The Sthool's first ESOS Phase11 Report was completed in Decetnber 2019. Th￿e aS5esyn￿ts are ￿ awjit of used by thew builthngs and transrx)rt to Iden￿ cost effecuve energy 5avirg measures. The Sthod los started to sever￿ savirvd irit4*bves to reduce Greenhouse Gas Emissions (GHG). Procurement of 100% REGO backed Zero Carbon Ren￿￿e Eknrioty {s￿e 2019). Min1￿￿se5 the xhwls GreenP￿se Gas Emis$1(X)S a5 part of a Fuel Switch and Natiorkil Decarborisation 5tratw. A rcaTrg Brogrdm of I1￿.nE upgrdde& continued throughout the flnana31 year, wF4ch Is now r￿[ffig completton {aw0￿matelY 95% C￿kne, Auwsr 2021). The Scho)I rewns keen to explore OpJ0￿ to decarborise Oilhed Heathig sy5tem% ￿ preparation. the schwl are currentty upgrading High Vdtage suppFx to the support of a traffjitI￿ to deaner heating soknw6. Mains Gas reductions Include building fabr¢c improvements and in5uLaUon waNs haNE been hwjated aTrJ suspeTrJed ceilww ￿alled to reduce heat l()sses and volun* of air ¢LxkJitDniA& Page 8 Glrls, Educayon Company Um5teJJ Year Ended 31 August 2021 Annual Report by C(yJrxll (contlnLRrf) The School tros improved energy meterirg in a to Ickntify the effioent bull dings and Ser*)￿ whlch will assist in prioritising prq'Éct& The Èxght Electricity metws are avalable VA an onmne pcrtaL BLYning Oil and Gas Oil fud use Is now monit(Yed by the ol supplier and sd￿01 also ha5 P￿tal acce￿ ml rel￿ show dwly average consumpdon. whlch should ako be monitored against extern￿ teryeratures wBttr commpti(n to assess fabr( impr¢)vements and water saving opportunit*5. baseline reportwg year of 2019120 ￿CIl￿ a Ftiod of n¢xma] sthcd actmtses arKJ the frt Nativrd L(Kk(kM, due to Cowd.19, when Khw15 reopened la￿r in ts year and signifKanty tr￿reased ventiFatson was required Thereforo the compariEon between the rep(*ting Per7￿ does not reflett the actKJns tsken by the Sckd to reth￿ erry and cartK*n emissions, whith will orty become apparent In future yea most significant ener￿ conxmption ￿ for heating aJKJ (kxn￿IC Imxwatw. a deortx)nisation prlorty for the school. kope 1 EmissK)Tr5 account for 75.4% of tot￿ em7w￿S, of wtrwch 98.4% of Scope l are attrit¥Jtable to generabon of heaL dometi hot watèr. and caterin& wFwe caterww accwnts for apprrinut* &7% Further rgjurtions in electrkity use have bwj to the MethanKal Venb"kts"on Systems and reconfiguration of the kn'lthng managern￿rt wEth￿ the Swrt5 Certre T￿e ow1xt￿￿es ar2 Current￿ being InvestI￿ted fwther and thrill be constdered further. f￿1￿1r% the rwJJtts of the spec4kt contractrr assessment& ATEGIC REPORT ACHIE1￿M&￿rS AND PERFQV4WCE Pu￿1 Numkn and Aodankpthe￿rnÈrt D￿Ing the 202012021 year, Schod had 646 (2019I202fr. 636) of 62 wwe day pupik (201912020.. 63). The School'5 acacknic rewlL5 in 2020Q1 wffe eKeknL At A 63% (50% 2019120) of subject entries re5Ldted In A* grad￿. 94% (91% 2019120) ￿5￿ted In A* or A Wddeg and 99% (99% 2019r20) rests￿ed in A¥ A or B ￿ades. At GCSE, 95% (91% 2019120) of subject entrie5 re5Utted in A* 9 cr 8 ￿ a￿j 99h% (98B% 2019120) reSu￿e￿ ￿ A• A. 9. 8 or 7 grdde& From a cohort of 99. 16 gr15 seoJred their pke5 at the LknlWer&￿ of Clxford C￿ Cambr￿& In additM)r4 8 wrls have gone to Study in the US It unherrities induding Stsnford. CcthJmkx4 Georget. £4£1V repre5entirg inccffie from the Schod slKy r(wn* frorTTr 5ale5 of uniform. The ¢knease arose due to the CcfonaMru5 paTKknK as the was l￿ble to open in summer to resldential lettirgs. Wycombe Abbey International ￿￿￿ted., £785.0(J) (202Tr. £1h80,CO)) representing the income frcm Brtiish Education Llmhed in rdatv)n to the operath)n of Int￿at￿ra1 &ster schodL Wycombe Abbey D￿?￿ents Llmtte& £nil (202Tr. £nll), t￿￿e were Th) bLthg p@ects d￿l￿d tke year and w￿h administraOon costs of audit ￿111 irKtrred tl¥s tlve WJS a small dd¢iE in the year. Impad ofthè Ccrtrthlnts PaTrJemk The Pandemlc meant the School was dosed nN)st ofthe Swrg Tem switthed to a renN)te kthng prov$ion for the secor me in line wth gwnment guidelines. School calcthted a re£krt￿ In &Jmmer Term fee5 whKh vrd5 Pa55ed onto pawts and brought the fees for boarding wpils In line with day pl￿ Thi% rethKtth arose frcm ck)sirE the boarding houses and hawng no catering for the ￿rIng Tem). The SchocA placed staff on furiwh and thmed where aPp￿prIate. on G(W￿nMent. Coronavlrus lob Retention Scheme ICIRS). The Sch(*A conbnved to pay 11 staff, pbced on fiJkn%h 1Crt)% of ts￿r salary. The use of the CIRS ena￿ed some staff to employed WhI￿t ￿￿le to work at the Schts)L I￿[uding domesuc staff. 5crE Offi￿ staff, visitirÉ PE teacher5 who were unabk to teach and 5(xrr boarding pa5torJ skff. Tead￿ and extra {other than w5tbng PE teache￿) taught notely. The CounciL whlth absdute discrethJn the tern￿ ofthe htdes of Ass￿￿1￿C￿ to invest the re5ervEs Strict￿ observes the Nmitatton ofthe Trustse Investment The coU￿rS i to mwntsin incoFne wkilsL where w)551b￿, pre￿￿rE of irWe5tn￿nt% to mthmLse thcome on temporarty irwe%ted restrKted furKIs tr> match the retum of invested Composition Fee kheme kne with the maturatth profie of related liabthty to provide schooling n fLrture year& Wycombe Abbey 5pecificaty excthes frcxn the investr))ent Portrd￿j cckmpan*s whxe yattKes are consideray to be in conflict with the Unl￿d Nations conventi(￿ on Rghts.￿tr￿ Thikj 1989 ard th the Sthod'5 4*ectives as stated in Artides of Assooavon and on the SchocA's websi Page11 Glrw Educatlon Ccffipany Umlted Year Ended 31 Augu¥c 2021 Ann¢kl Report by Coundl (CortIn(￿d) Asset Cover fe¢ ￿Jnd$ and Resefvas Polty An anatysis of the assets and liabilitE5 attribtstab￿ to and a des(riptK)n of ￿ %rJrv)u5 fund5 malntakned by the School b shcyNn in Note 17 to these accounts., the assets are sUff￿ent to meet the ￿lgat￿Srts of eath (uThJ. Al the wop¥w and other tanOble assets owned by the Company are used for the purp05e5 ofthe S(hooL Tr market ￿ve of Sch(xl's freehold propety is conyderab more than the cost or valuation shov4n in the baL4ft￿ sheet. the accwnting polKie5 of the Company are set out in Note 1 ofthe account> Unrestrlcted funds amount to £53milllI(￿ a￿1 are r¥￿ted mawty by f￿ed assets of £47 milliw of whith £42 r￿lliOn is the land and bulldlngs in which the ScFh)ol opera*s. Note 21 gives Infom1ati￿ on the Prov￿ for Pen￿0 Council reviewed and upjated its Reserves Pc4cy in 2021: tims alms to enswe the Sd)wl Is free from the r5sk of dlsruptlon at short notlce due to a lack of funds and that the￿ are suffKient fuThds to undertake Ixw'lthng and refurbishment projects to maintaln the 180- a¢￿ estate and hs buildings (Inck¥Jing the Schod's resp<)rwtMlity for mintsiivng its listed building5), whtlst at the same time ensurlng does not retain income for lon8er than WLHred. In accordance wth CC19 guidance, the Tru5*e5 rewd "free- reserves In the Schocl's context as bdn8 the res*ve5 of the Schod after deducbng r￿ed assets and any funds hew as restrlcted or deslgnated. As at 31 August 2021, free reseryes were c[20r￿ whKh is ¢knned suffKknt to be rerwned agajnrt tt* ￿paYment of resldual credrtors due wlthin one year. Councll ha5 amEytiOUs Jans to develop the eduCa￿)nal in(rastrLKture of the S(hoc4 incluthng enhancements to the btsardlng houses. The Estates Development Rjnd is bang built up to enab￿ thts to progre$5 when funds wmit and CUr￿n1 holds £3.9m. Page 12 Glrv Education Compry ￿MIt￿l Year Ended 31 W 2021 srATEMW OF RESPOm51B1Lffl￿ OFTrIE COUNaL In their capacty as Trusttts. the CcxMKil L% responsibk f¢r preparngthe ReF*Jt finanaal statements In accordance wth ap￿Ica￿e law and Unw ￿ngd￿n Getwally AcceNed Accountyre PrartK Company Law requkes the CcAJncS1 to FryAre accounts eath fina￿al a true and fair VI￿ of rts finanoal acUw16es thJring the year and of its financral PDgtson at the end of the yrar. In the the CourKiI ha5 follcwed best pradce whKh requires them to.. Se￿ suttable accow* pc4(cles and appty them COrtsts￿tr. make ludgrnents and estlmate5 that are reasonable a￿j pr￿lent folow appllcabk accoundng standards, aD prepare the accounts on the gdng concem bays unkn it is inappropriate to assume that the School wl contlnue In operation. The c￿nC0 is responsible For keepro accounting records ￿￿th are such as to dklose. wth reasonable accurw. the Inancial position ofthe School at any ￿Me, and to enatle them as tru51ees to ensure that the accwnts compw wth the CompanSe5 Att 2fy)6. The Councll is also responsible for Safe￿rdIng the sd￿Or5 assets arvj he￿e fef t* reasonable steps lor the prevention and detecuon ol error, fraud arld other kregU￿rI￿1 So far a5 t￿ Covnd 15 awar¢ these requkements hm ￿ met aThl therels no thant audit Informatlon (hformatlon needed by the charttable companls aui*tors Mi comec￿1 wth preparing thw rewi) of wNch the Charitab￿ c¢)mp3rf5 a￿jitorS are unawar and Eath rrtwxber of Councll ha5 al t￿ s*ps that or She outht to l¥ve taken as a dretr in order to make Nmself or herself aware of any rekvant a(Kit informatK)n ar¥1 to eStab￿h that the CharItab￿ corwls are aware ofthat informatiorL On behaff of the Coundl.. Mr Pefrr Warren Chalrman Date.. Iqma 2oLI Page13 INDEPENDwfALDrrops RwKr TO THE MEMWS OF IHE GIRLS, EDUCATIChN C(X4PhM LII 2• FOR THE YEAR END&) 31 Au(1￿ 3)21 Oplnll We have audited the fjnawal statements of The Gir15' EdL￿ati￿ CC￿PanY Lrnited for the year eryjed 31 AUW 2021 thch comprise the Consolidated Statement of PITMrThl Actm￿e& t￿ ￿￿$cadated Parent Ba￿r￿e Sheet4 Consolidated Statement of Cash Fbws ard notes to the flnar￿￿ statement% knckjding a summary of sl£r¥fKant accountlrE ￿￿)l￿e* The firkinrial ￿pOrting framework that has been applled in their preparation is ap￿Kable law Urited Klngdom kcounting Standard5, Inckndlng Flnanc ReportyTVd Stand¥d 102.. Tr Pinantrdl Reportlng Stsrvjard aPpItsb￿ In tt* UK and Re[Xj￿1c of lthnd (United Kingd(Kn General Accepted AccoJntlrE Practtce). In c4Jr oF%nlon, tIR flnandal 5tatement&' give a true and fwr view of ihe state of the consddated and ptrent charitat4e ccxnpany's affars as at 31 August 2021 and of tts Incomin8 re50urces and app1kat￿n of resourre5 f￿ year then ended,. have been propedy prepared in accordance with United Genernty Attepted Acc(yJnting PractKe.' have been prepared In acccfdarKe wlth the reqL￿￿nts ofthe Companks Act 2(X6. for*n We conducted our audlt in accordance wlth InternatH)n￿ SiarYl¥ds on Audttkng (UK) {ISAs IUK)) apFAlcable law. Our responsibilrties under those standards are fwthtr described In the Auditcf's resP￿￿￿1[tIes for audit of the flnanclal statements sectlon of our reporL We are Independent of ¢haritth company in att¢￿￿a￿t v*th the etNcal requ*ements that a￿ rdevant to our audffc of the financial ststements In the UK. Incknding the FRC'5 EthKal Standard and we have fulfilled ow other ethical respowlbllitSes In accordance with these rewiremens We belleve that the audit p￿de￿e we have obtalned Is wfficient and appropriatc to provide a basls for our (*iorL cOndu￿On5 r¢Mngto •Jfn8 ccncffn In audrting the financi￿ statement& we have c￿vd￿ that the CourKifs tse ofthe brrfng corwn b￿$ of acCoUn￿ng In the Prepara￿on of the flnanclal statements is approwiats. Based on the work we have wfcrned, we have not kkntthed any M￿al uncert¥ntiÈs relthig to trrtnts or cendffjons thaL IndI￿dual￿ or colectivdy. may cast g8Trficant doubt on The Glrls, E¢knation Compaty Lknthd's abllty to ¢ontlnue as a golng c¢rKern ror a period of at knt 12 Mc￿th5 from firw￿l Ststtt￿ts ￿ authcrnj fty re5ponlbilldes and the resp￿$1b11II￿s of ￿ memiws of the Courril wlth rewt to 8o.ng corKern are deKrfbed in the relevant sectlons of this reporL Other InforM￿on The other informatbon comprises tre Infonnall￿ I￿1￿jed in amual reporL the Report ofthe cour￿1, other than the flnancial ttatements and our audStor's repcrt thereon. The Counol is respoith the other infom)ation contair*d wlthln the annual report. OLf oplnion on the finarK￿ 5tatemw)ts t*)es not cover the other inforrnatton aTrJ. except to the extent other*Ase explIdt￿ stated in OLf rem we do not ewess arty form ofa$5warKe conckjion tIErei¥L Our re5pon51bllty 15 to read the cthor InfOrm￿On In dcx¥ sa c¢￿￿ider vA)ether the ulormation15 mate￿* incon56tent wth the statements or our k￿ledge obtskned in the C(￿ ¢￿the aLh4( or otherw￿￿ appears to be materlalty mlsstatsd. If we identify such material thls g￿eS rse to a material missfatwrnt tn thc firRncial statements them5ch￿ If, based on the work we have performed, we conclLKk t￿t tlve 15 a material rThsstitement of other infcrniatiEK we are req￿￿d to report that fact We have nothlng to In ttu'5 regard Page 14 Glrls, Eduth Company Umttul Year Ended 31 W 2021 IND￿END￿ AUDrrops REPORT TO THE ￿￿MBE￿£ OF THE GIRLS, ECXiCATION COMPNNf Lm[￿) FOR THE YEAR ENDH) 31 AUGusf s)21 (C0NTtr4U￿} ONnlon5 on othw pre5thbed lythe ComFwles ki2( In our opinlon. b￿ed ￿ the wtrk ur%kn3ken in the course of the audlt .the Informatlon In the Reporr of the CcyJnciL wNth Incluts the direct￿5. reFXrt prepared for the pwes of company kw, ffx the financlal year for which fina￿ts1 statements we wepared ts ccffisisient th the fiftarKJal statwWi￿. and .the Report of the co￿￿ has ljeen EYe￿red In accththn￿ ￿￿th kgal rwhrements. In the li￿t of the knovled8e and understAndlrg of the conyany tts enfviment o￿ned in the course of the audSL we have not IdenJfled materfal mIssrat￿nts sn the dkectcrs. rewt ¢ncluded wthin the trLStee5' repcrt We have n¢xhlng to report in respect of the matten in rdation to wNth CFRrities (A(c￿lnts and Reports) Regulauons 2038 reqLtre us to report to ￿ if. in our opir* adequate and proper acc¢JJndrq recwds have Thx been or rettm5 a&qtAte for ow audrt have mt ken recelved from branches not by u* or the flnaKW statvnents are not kn a￿ttment ¥￿th the accO￿t￿l r&ord5 arKJ retwn& ¢Y certin discbswes of Courtil N￿be￿$ remUWalx￿ SFedfied Ly ￿ a￿ not maik we have Thx re¢eNed all th Irltxmation and txpknati¢)ns we req￿re for aud RUp(￿bIl￿¥ ofthe C￿1 A5 expl￿Tred more fully kn the Councll resp)nslblltt￿s Staterrent [5et out on 13]. the Coyndl {who are also the threciors of the chadtAble coryany for the purposes of company IMI are rry0￿ble for preparats.on of tke financval statements and for bwng satKsfled that they gNe a true and falr ￿ew, aThl for s￿h kntemal ccffltrcA a5 the trustees detemlne b ne￿Sary to enatr￿e the preparatlon of flnarÉd statements that ¥e free from material miThemen( whetlv due to frdud or error. In preparSng the finan0￿ statements, the Ctsjncl are responsUe for asses￿￿8 the company's ab14ty to contjnue as a going concern, discI￿n& as app1Kab￿. matters rdated to goiry concwn and U￿rE the gory corKem bas15 of accounting unle55 the COU￿11 either kntend to IFuthte the company or to cease eFerati(Y4 or have no reltstic alttrnatfvt txrt to d) so. Au¢*orfs re¥￿n￿bIll￿es for the audlt statem Our objectives are to obtsin reasonable asgjrano ab￿[ wl*ttrw knval statements as a vkKJle are free from matsdal m15Statemen( whetler due to fraud or error, and to tssue an aLvJitor's report that i￿ludeS our cpknlon. ReaSona￿e assurance Is a FWI level of assurance, bth b not a guarantee that an a￿1r( ccmdutted acc(xdan￿ with &As (UK) will akny5 detect a material m15Statement when ￿ exists. Ml&8tatÉments can arisè frcm fraud or errer aryf are ccrridered materd rf. iTh*idu* or in thè aEgregat¢ they r&isonabty be expected to Influence the e¢ty)omic deosions of users taken basis of these xatements. jrregukr￿e5, including fraud. are instance5 of r¥)n•CCMnFAkince Lqws and rwlatio￿ We de￿8n prcKedures in line wth our re5pon5ibilitk5, ouuined abo￿ to detert material rrvsststernents in respect of includw¥ fraud. The extent to which our procedure5 are capatrAe of detecting krwlaritsei ￿c*Jd1￿g fraud Is detaI￿d bel)w. Py15 Glrlg Educa¥on comp￿￿ ￿n￿teA1 Year Ended 31 Awst 2021 INDEPENDEW AUD￿0￿5. PEPORT TO THE M8ffjEPS OF TrE GIRLY ￿TrON IXMhbTf Lf4r FOR THE YEhR ENDK) 31 AUixEf 2021 (CONTN Cxjr approach to idenlfy'ng and assessing the risks of rnater1￿ rn￿Staknnt in rw cl irregular￿4 indL4Jing fraud and non- omplknce laws and regulatityu, was as fc engageFrtnt pathtr ￿$￿ed tF¥t ¥wgwnent team ¢cle¢tNety hxt the approwmte ¢trtsFtte￿e. capabl￿ties and skllls to Idendfy cy recognise rK)womph"arKe ￿th aFFAKat4e and re￿latiOnS we identified the laws and regulatior6 aPpk3￿ to the charitsbk cmpany tw th5cusskJns wlth ￿reC￿r$ItrUSt￿, aThJ from our thowledge and experierKe ofthe clienvs sector. we focused on specifK ryktKJns whKh we constikny may have a ¢*ett Mat￿&1 effect on the flnandal statements or ofthe thar[rab￿ CcxnF4￿. we &%sessed the extent of CornF￿￿Ke wth the law5 and regukty￿ identifEd abrNe t1￿jgh rnakirE erquiries of marAganent and identif& laws and regU￿tiOnS were Convr￿nkated y￿(￿￿n the audit team and the team remained alert to Instances of mn-cornrjrd￿e througlmxrt the aud We &£sessed the susceptibiftLY of thè d)aritibk state￿$ to materd msstat￿n( {￿lUdIng obtalnSng an understanding of how fraud m￿t ¢xcur, ty. maknng enquIr￿S of manageffent &$ to wlve C(¥￿d￿ed tFoe was susrybTrilty to fraud. ther kThJw￿dge of aC￿ts1, SLJspetted and Èlleged frauth, constdertng the Internal CDntro15 h tthe to rTwbgte ri5k5 offra￿1 and wth kws ￿ regulatiorts., and To addre55 the risk Offr&￿ thrryjgh fflarogement ixas and ofcontrc4 ￿. performed an￿Yt￿31 procedures to identify any or unwcted rdation81ts tested journal entries to ithntify unusual transactsc￿￿ assessed whether IL*Jgements and a$sL•)y￿S m%Je wi detenmng aCco￿ting est¥rHt£s wwe indicatNe of potwrti blas.. Investigated the rador￿e behind SVdnrfKart or tr3Th%atho￿¥ arml In response to the risk of Irreg￿ar￿1e5 nc￿ 1476 5,863 Cash and cash egufvaltnts br¢Wt fcxw¥d 1¥n 7,808 Cuh ard equ￿ 20 17.147 13,671 The Glrls, Edtntlon Conwy Un￿ted Notes to the Accounts For the Year Ended 31 Au￿t 2(r21 1 k¢ounUng poldes 1.1 Basts of wepara The financL4 statements been Wep4￿ ¥i accc*dw Accwnt* aTh4 Reportlig by Charitles.. Staternent ol Recornrnended Practice applnNe ￿ thrit1&5 wepari￿ thdr accMts In I￿Orda￿t with the ￿n￿loa1 RepOrri￿ S￿d￿d apFlcabk In the UK a￿1 RePL￿C of IreL4rxl (FPS 1021 {efferttst 1 Jarnwy 201* - (Chthues SORP IFRS 1021), the FknarfUIl R￿￿nE Stsndard aPFd*aL4e In the arnj Rwilc of Irekny (FRS 102) and the Cowmes Act 20C6. The Gir15' Educafjon Company brnrted rneets the of a pub¥c b￿￿￿rt ￿lIty LThler FRS 101 Assets and IHblities ￿ nltkiy reCO￿lSed ai IMstMtsl cost or transa￿ va* othtrwi* stated In Tel￿nt xcrxjntkng rnlcy rntel51. The sc￿01 k a Pubk be￿rrt Entity r￿stered as a In El*￿j and w￿e5 a COTpany 15mFted ty ￿-￿￿Trtee (company 47037 and 31W. 12 l*esentstkn In order to presert a and falr th. ￿ CLymp•rry has not the strtt of the Comwie5 Art 2QJ6 regardkng the format ol the profil k>ss acc<￿￿[ I￿1 hès sthtituted m¢)re nwyful headkn85 In pLace ol tk¥)5e prescrfbed. A reco￿lIatIon of sharehoklers, Pos Thx Yo¥￿ed a* In the ($¥￿0n of Councl such a Statement 15 nDt apprwato to the conv￿￿$ The finan￿￿ $￿ern￿ts are kn sterlrg Ythth of the thty. Monetary amwnts In these statements are rowded to the £L￿. These accoLmts ¢Dnsoldate the accr￿￿5 of the Ccmprty. Its subldkrfes Wytombt Abbty Sèrv7ces Llmthd. Wycon*e Abbey [)￿bpments UrThted Wythrf*t AW Unlwt, aThd the rdated charitie5, Wyceffjbe Abbey School FWndI￿QTh and wyCcm￿ Ab￿Y Hong Ke￿ FoL*Nlatiorn A sub5tdory was fonTEd In 1999 named Wycombe Albv Penslon Trustees LtrnKed Ythlth ts not c¢MokJ#trd as k has net assets of L1. wNch wo￿1 be dlmlnated on ccn5oldat+ory IL acts as a trurtee for the Cojywy In resFea of btnefits for eftwoyees. Ag pemitretj by sethon 408 of the Cornpan1¢5'kt 2CQ6 ry> Ststerrf of Firw?l AdNltle$1s prwted fef tht ttty. 1.4 Fund Kcou Generl fwds are unre5trfaed fuThJ5 whkh are.a￿lat￿ f*x u* at tts cJ5ryrfkin of the Trustees Ki fijrthtr3￿ ofthe ¥￿e￿al oblecti¥es ofthe Charlty bthlch hast ￿t toen de￿¥￿ted fc* other tXWPOses. Restricted are Funds wlith ¥e to be used li XC0rda￿ speafic restptllons Imposed by thnor5 or whlch have raised by the CPArty for partKLrfar PUrpx￿ The costs ol raI￿n8 and athkni5tering such fijnds are charged agal¢w the f￿d. The alm and use ol each rertrf(Xed f￿￿4 15 set out h ihe TrJte5 to the fin¥Kial Statements. Donatlons recefved for the ger*r￿ purposes (rf Ch¥itab* CtYryW¢Y a￿ Inchjded as 'Lmrestricted fund5'. DOna￿on5 for actfvides restrScied ty the wishes of the are tsken to fiJid< bthere t1%5e ￿5h￿S are bindin8 on the Councll menikn. De5iwated fLnth Con￿se unrtstrKiee fuThJs that have be&i set 35kJe by thè Council lor a p3rUcLAar PWP05e. Dowlw5 rerylred to be r¢raW a5 Ca￿￿[ In a￿thn￿ vAth the ¢knoes ￿￿￿tI are a￿Unted for ag endONw￿nrS'. permaneTht er t￿endab* accordkw * the nature of the restrfttK)n. Donated woftsSKjn￿ seNces and ￿￿￿ted fth ¥e reco￿N5ed as when h35 over tkK it￿. any Co￿￿10r6 ass￿ated wbth the drted item teen mel the recey of economic benefrt from the use by the charity of the ￿ Is protrAble that eCOr￿n* t￿￿ (w) be rel*ly. h) accordance ￿th the charitle5 SORP IFR51021, genepal vOl￿teer tirne Is not recowised. th) recdFL donated professbnal wvtes and dcnated fadlffj￿ ￿ reco￿lSed on the bas15 of the v3kJe d the pft to the 15 the rnnt thE rhrty wouky ha¥e been V Investment income ￿$sts ofdk*JpThts decked 1.6 and bursarles C*7nts and bLrsarf¢5 Irorn re5tdrted are IrKbJJ&Y a5 exFthtsxe hh ￿ wod for the aw¥d 15 ghen. &Jr5ade5 and from unrellricted hJnd5 are tre*ed a5 a ￿dl￿tiCfi kn sthcd fee5 recowdb Page 21 The Glrw Educatk)n Comwy Um]tul Notss ts the Accounts (condnued) Forthe Year Ended 31 Aupt 2021 1 Accounvry (corttnud) 1.7 Governmertyants GThmment are reCO￿lSed at the firth ofthe a55et re￿j or reCwwdb￿ thwe ts reasonable a$s￿nCe that the w condwns be the rn wl be re(eAfdA that speafie5 [￿o￿￿￿e condthns 15 recognsed in Income when ￿rfOrr[1ar￿e Cond￿0￿ are nRL a grdni t*Jes ncx 5peofy wfornan￿ cor.ditj0r￿ r( 15 recOgn￿ed incorTE Wh￿ th2 pfLKeeds are rec￿￿￿8 A Trnt ts recewed the reCo￿v(l￿ crirero are satisfied 15 reco%n15ed a5 a I￿NIty. 1A èyndKure Expendi￿re is rwdsed On￿ tr￿e ts a obbgation to transfer e£0￿m￿ berth to a thlrd paty. it 15 prc&ble that a trants of econorThc tonats wil be requ￿ed in setdement th2 amcyjnt of the &4wtion can be rrAsured rellab￿. Fundrriskng costs are tkne rwred in seekin8 Nrbjntary ccffitrlykn do not inthde th2 Costs of disseffiryAting InlorrrAtion in of the thyitable acts￿le% G¢rn costs are those incwred kn ccmethn vAth adrnini5tr3tion of the Charity and complAn￿ wth cortstitiJt*yd and statutory rea￿K￿nen Costs of generatire funds are costs fLcwred ￿ attr&tiE sY)bJnW and those Irxurred In tradirg actiwtie5 that rrise funds. charitab￿ ath￿e5 c￿rna￿ costs are tosts on Sd￿¥￿$ e(*￿0￿￿ owatvJn& irtluthn8 YJPPOrt costs artd costs rdatine n the ￿)￿narKe ofthe tharity ar¢orrifftd to tharitab￿ actmti 1.9 Opuayng le3585 Rents15 parble are charged to tk stater[￿t of attimtrs w the terrn of knse crt a straw li￿ basls. 1.10 Tar￿¢ Il*& awts depre¢ktk>n AJI assets costing more than £1.000 are Capital￿ Ta￿ assets are carrth at co< net of depwaticm and ary pThsiw for impainrwt CtprecotK)n 15 pro¥%ded at rates ukukted to wite off ￿ cost ol fNed a55et& kss their estimated reydul vakJ< over th•"r extttta useful hes ￿ tre f Freew propty is In¢￿ded at its market value in 1961 of £757k The Cornwy not adopted a F¢* of r￿a￿AlOn used book VILES of assets wkere the carrying affl¢￿nt of fixed a55ets reflett T¥￿ Y￿￿On Lndertaken n May 1961 has thwefore not b&n up&ted. . Freeh(Ad property- 50 years ¢rwtht Ine - Fadlitres. 10 years strarthi I . F￿lUreS, fftthgs eqWent - 6h7 y￿S th3eht Ir - Motor vehides . ￿ 4 Ye￿ re(knng . Cornputer equ¥fft￿t. 4 years str¥grt Ire - Assets under cOr￿tic￿- deprecHted ar￿ br￿ ￿ ￿e 1.11 lft¥thnents sted InveStr￿nts are Ind￿e￿ at rnuket at the bakne theet dx kny gln or 195$ on rLwalLHtion taken to t ststwnent of financHI actmt 1.12 Sto&s St¢)ck is stated at the kwer dcost net rea15aEle 1.13 Debtors Trade and other &btors are recwW at the settkn arn￿# aft£r ary trade thscouTht offered PrepayTr¢nts are ￿l￿ed at the amoum prepaid net of trade d¢￿[￿ts dl 1.14 Cash at Bankand tn haTrl Cath at bank aTra in hand kndLLde5 cxh short tm a shLYt matwity of three months or less from the date of acqi*sitK)..i or openirvg oftt￿ xccwL 1.15 uabl1￿e$ and pro%tslon5 Liaixlities are recogrrised then tskn o an at the BakrKe thte as a result of a past event ￿ ts probthe that a tr￿￿er ol eccficrt b￿err( wl be re￿￿ amount of the satlfftnt be e5tinMed ￿l￿bty. are reco8ntsed at the amount that Charity 3ntitipatsS tt wl pay to settle th2 debt Qr the a￿U[It it ha5 ￿eNed as advanced paymerrts for the wxls Se4￿5 fl Prrpit5ion5 ￿e FrTrea5w& at the bert estimate ofthe afflounts raquired to sett￿ the obSgatKxL tl* effett of the value of rrw k r￿rIaL the Pr￿lOn b based gn tr [￿ent of those amoun￿ di5C(K¥rted at the pre discwnt rate that refl￿t% the risks sP￿fIC to the Ilablty. The unvAndingof the disU￿nI is recogTh5ed knterest payable and oknrg2s. Page 22 The Gir15' Education Compary ￿rnited Notes to the Accounts (condnued) Forthe Year Ended 31 Augwst 2021 1 Accounlng pol￿eS (contknued) 1.16 Athan￿ fees stherne The School offers parents the to pay for up to sw years, tull[￿ fees in atharKo The am¢xJKs received are invested in the Compogtion Fees FLThY fCFP) m&ntahied ￿ ￿,e S(tr￿ and annual arrK)unts are accr￿1 and added to the capt￿. Tlis Is treated ￿ dderred inctThe untl the txryjil icxrs the Sc￿￿ whe￿￿(￿ fees fcr each school term Arp rFkHrk1￿ a%Tain¢ thp. rp.mainirv ha14nrp. and tskpn ta inrtxrr_ 1.17 P￿￿on$ The Charity pays defin&l pertsl(th Cont￿ ￿ bdulf of members of the teacNrg staff th are in the Teathers, Superannuation kheme opuatvJ by Teacrw5 Age￿. Th contTthution5 are defined by the Agenry ar)d are thared &5 an extsense to the Statement d F1rWiry￿ Acr￿t￿5 as fv lau due for Davrwt The Charity also operates a Defined C¢)ntrItXAr￿ Penyorb Sd￿me for tea￿￿ staff. ContJibutions to the Sd￿e are ch]rged to the Statemert of FlrorKsal ActMtie5 as ty fal ¢J The s(￿.001 a150 contributes to a defined benefits schem¢ the Wycombe Abbey 1966 PensK)n kherr¢ at rats set by the Scheme ACt￿ry and advtsed to C(AllKiI by the SduTE AdrtMni5trdtor. UtKJer FRS 101 aluwal￿ calculated notional surplus or dekit on ￿ fvnithrtg of tr,e Sthfft is accounts as a desEnated fuThJ entided Pensions Reserve., whKh is deducted fr(Yn Unrestricted FWYJS in the ba￿e 5heeL Cowl beI￿Ve5 that the sthEme currently m*ts ststutory minimum fundirg requlrerr*nts . Ccu)ol no￿ that cakllated rKJuonal deficit or surplus calculated un¢*r FRS 102 can vary 8￿aty frc¥m year to year deFEndin¥ on the aSyJnpti￿ts made at the vabjation dat4 but th rK)rmal littie or no effett on slK)rt term Page 23 The Glrw Eduouon C(xnparf/ ljnlted Note5 tv th? Accounts {con￿nUed) Forthe Year Ended 31 AuRust 2021 Income from dOna￿on5 and Totol fvnds 2020 fvnts fijnds 2021 Donatknn5 317 317 276 In 2020. of the t¢X￿ Income from ¢*Jrnatk)rfj arKI £Thl was to urYestrl￿ f￿d$ and £276,CW w to re5trftted f(md% 3 knEome from cFArknbl• actmtles Toral funds 2020 £000 fun& 2021 fvnd5 2021 nds 2021 ioc Gross fee IncoTh Les& bursarie5 and schoLirships 23,750 0￿17) 23,750 (1KI17) 23,356 (1,074) 21733 22,TJ3 22,282 Fee5 lor extra 5ublert5 1547 1547 1,338 WstratSon fees aThJ InwrarKe 182 182 205 23.825 In 2020, 01 the torèl Income frorn tharrta￿e 123B25,C(O VAS to ￿reStr￿ted fuThJs £nll was to restrkted fvnds. 4 Incorne from other tradlnl aC￿leS Teral fvnds 2020 £000 funds 2021 2021 2021 Lkence lee5 re¢tha￿e fef overseas s￿￿tA$ Sales of goods and se￿(e5 Rcnt and use of school faclvtks 1.863 242 97 191 83 191 83 2,202 In 202Q. ofthe total Inco￿ frcm other trathg athtts £U02£rf11 wa5 to Uye5￿ fi￿￿5 and thl was to re5trfrted fund5. 5 Other Income Uwestrtcted fuTh Totol fvnds fijnds 2021 £000 2020 Re(eipts from the Corothruslob Reten Other 219 76 295 219 76 295 657 99 756 In 2020, of totl other ncorne frcffl other tra&irg actft#iW £75&CXK) was to mStrict8J fimds £nil w to restricted fund5. Page 24 The Glrf< Educatlon C¢mp*yUnLlal Note5to the Accounts Icondnuw4 ForthB YtsrEnded 31 W 3lll1 2020 Costs of raWngfi*v 285 262 27 435 166 27 $￿S Upend￿￿￿e 146 116 146 428 S74 628 re¥h￿8 We Prem FinarKe cost5 Suppjrt costs Settlernent co 9.4 10,974 5278 S,134 10515 4J49 3219 1616 1.481 1￿67 605 in8 1429 18 jo 11457 7,747 24233 21.643 11603 &175 14A07 22,271 In ?021 dthe tot41 exFeNkn. 114.rn.(KK>vrn5 expwowre frpm Lwre5trKted £27.IXOvr45 frarn r£strKted fvnd TrJsth IAblrty indkkd kn xw¢rtC95ts 14597 (202fr. (4.4221. Tot fvnd Towl ru 2020 2Y Audtor5' rernuneraDLn- aAKseThKe5 29 29 30 2021 2020 £000 11*51 1208 1.744 10.922 1.037 1.096 5ecurtty CDSts PensDn 6Q3 13.055 Pw25 The Gld< Educathn ComFqny Umlt&l Notss to the Accourts (cor￿nued) For the Year Ended 31 Au￿t 2021 The aswage of Perso￿ emtw by the a>rity year as fdlo 2020 No. Teachkng stsff A￿d￿niC WFF¢x¢ Admini%tratKM) 112 112 113 43 36 70 30 45 54 Pastor Domestics Estates 35 410 The number of emFtyes earrirg w £ÉQIKKJ wa 2020 In the £60,CQ1 £70.IXM) In the £70,￿1 £80,W) In the bard £80,W1 £90.IIQQ In thè £90,001 £IOO,IXO In the baThl £140£(J1 £150.(XK) In the barwJ £180.C()1- £190.ry 19 2021 2020 £coo 1.222 A￿e￿te employee reMur￿allOn c4 key ManagUY￿t pw$￿n￿ Nun*er of emF4oyee5 1J67 11 During thÈ year, no Memben of Counal recewèj arry remur£rntion (2020.. thio. Dudng the year, no tsf C(xJnol receNed any ivrfrts ￿ knrKJ (2020.. £niO. Dudng the year. Members Ofca￿l reKnLxJr5￿nert of £1.285 fcf expenses P020.. £188). During the year there were terminatKsn payM￿ts totalKng £127.OLK) (2020..£niD. After insurance recoverie% the cost to the Chan'ty reth￿￿ to £93.500. 10 Transfers betswe￿ Funds fuTrJs fvnd5 2021 Transfer from PrSze Fth Donatv)ns transf￿ed to D￿Pr￿At Fu￿1 Transfer for Samba te5brvd nthine Transfer frorn WA Fbng Kcrg FouThJatK Trdn5fer to Boarding Houses 8Lrsaries funded frorn Wycombe Abbe/ Four (751 (13) 38 49 75 13 (38) (491 {1) 11801 Page 26 ForthYrr&dEd 31 WX11 M￿ry G TO￿ eqw Cort At I 2020 Add￿Or(S 55262 &783 518 64.551 14 64.575 1.270 At 31 *4jpJA￿2l 67,151 67,175 At l 2010 ltyrt￿Y IZ342 1.125 1716 610 J535 18D36 1030 21 I￿57 1031 At31 W2021 11467 20n51 Ntt b¢4k At )1 2021 197 13S 471593 47 At31 W2020 453 135 46 46 FrcthDkY andbJl¢ Tu•tkn trrfAC From ￿ C4 1961 Cost Ltss toth 757 S4M3 757 54h33 cortoffraknld knd￿d 55262 5x162 Althtwoperv￿dQthertrry￿￿ aifets¢MY*dtythe Ctyrp¥Y¥•￿j FwdthE The m¥k¢t va1uovftrR freEW W45 th￿the hthe ￿ htyatsW.In th a￿$•N(+ r Pjr￿ ¥¢ P4e17 The Gfrv Edu¢21ton Comwty LIn￿ted Fortheyw Ended 31 Augwt ￿1 12 Sthr 2020 ÉULX) 2020 At 1 September 2020 Adtk'tK)ns at co# 11,9J9 79 4.331 343 (1047) 471 4,354 81 Mfftment In (rwk&vafue 241 104 At31￿￿21 IZ239 4.331 Gr¢x khoo4 21Y21 2020 2020 CazwthE Ckortty MU￿. Asset COIF Ch3rty Gbb4 Ewty Fund COIF FIM Rathik)nes UrrtTrust. Core Irh*st￿ Fund (Jkr Z1( 1.9)7 1699 2,108 1613 2￿21 ard 2020 Rela￿￿j profri ror the year after Oft ald Charity Tot Wyctrnbe PbLVS￿es knmitoj Wyctsnbe Abtey Dtstlcpmwts Umitgj 2020 Totd br￿￿t fophvd Net In ftsnd5 Total carrth forward 7,744 353 ao97 1569 2021 2020 Wycombe Atty Htsng Kor¥ Total funds br￿ forward Net mOV¥TEfTt in fwKJ5 Tc¢al funds carrfa fcr*nrd 49 50 50 Abbey Se￿￿e5 Thes&d5dKNJ UrYfcrrs￿d ots itursto parwts the knbngdproF*rty ar¥J use s(kKKsfs kn11￿. Wycoth Abbey De¥e10￿ PThidYE bLthE se*es to ￿ sc￿￿01 prem￿. be￿fft5 from the 1966 Per6k)n sCh￿e for Tr)Trtexhkng #aff (see Trxe 211. orra)eAbiy School F￿￿d￿lic￿.' A l￿d cPvitytrot dC￿ador￿ fcr &J1s3￿s2nd toward5 tt* funding of Bursaries in Wombe A*ey S&KoL prq%ts In Wymmbe Abbey SoknL Thè Girt5' Educatton Compary Urted Ntxes to the ACC￿nts {COn￿nU Forthe Year Enthd 31 2021 13 DeEkn ho 2020 2020 Trdde dd)tors Amwnts owed by Su￿¢SarieS Othtr debtors Prep3yrnents 831 282 759 271 1,933 314 92 43 317 92 43 323 691 14 Cttdkorx Arnounts f￿111￿ Ikn ¢*it > Grajp 21Y21 School 2021 2020 202Q Fees in advance Amounts owed to 5ubsidwies Ccfnposthn fee [￿d Fee deptssits hekj atdlnst final ￿1 Trade creditors Other ta¥at￿n and scKlal securty Other credthrs cru￿$ aryl deferrEd NKCffn¢ 1620 2,380 2J80 35 566 379 433 266 1,803 386 377 566 379 443 271 1.919 403 371 566 1,127 1,129 318 1241 521 20 507 6.361 6.308 Scho 2021 2021 2020 2020 loo 2,898 866 Fee deposits held 4thst b15 c￿￿PO￿on Fee Fund 1940 sn 2,898 866 1940 12 3,764 12 3.764 Fee5 FuThk Group and Scho 2tr21 2020 A￿r￿g pu r*nan in the Sthool, aknce fees 5511 be aPpl￿d as folkTh Due witNn one year Wtthin one to tsvo years Within two to fve yws After flve year5 377 214 2S1 107 566 508 227 949 1.43 I he School has an b3nknrE lacllity ot Lil milth ￿ We Lkn>￿ IS&* Sl Augusi 2023. Th1% faclty ￿ secured ynst a tkbenture Page 29 Note5totho ￿C￿nts Irontkntse4 ftrfth¢Yw Wed 31 W 2021 16 2Q20 tted, 12 121 Wa￿dU Tth T¢ SJn& 21 1020 loco 47JJ95 47JJ95 46J18 IU39 74302 115 yrrert CrEdh4r50x ¥￿hr￿ or• 17.184 (7,7n) P512) 18.485 (7,7n) P511J 13.7611 2019 T￿t4e 41518 624 46511 11239 14502 IA3611 P.74 4&229 11*15 &954 16J611 (176f 11,0301 51 19 63.134 18 lThl(QL*I dhJry y(Fnd Sjrrf 21 Sl.519 995 hr x*yC•t4'A F 156 75 674 350 17 63 456 1CQ Vtrdint Fumd ba testiy S(￿￿1 14* 117 626 Totsjwftsrkwand r•51dthd 61114 2&531 1.978 roart 31 t0fv%&￿tILrtl￿0dtr .YLI .￿ 10 toth?E Pth Iwds d? nt Boardkn h￿5￿5 khwl reStr￿Et￿d￿Ula1K?5 the bu ruL.r& d2rAb4i lo" forte￿ MarKtsruL Vtrdart &Ysary Fu machi Furwj rÈ5TrtCEedthtAkn bi*S. Erknj 31 W2021 2020 Éooo &112 1.974 P24? 1803) 789 Irr￿lmer¢ i￿•Me C)etrease in Comwttion Fees o) 3DI 95 Incr￿4 ItkcrE4sel ￿ ￿u￿ ba*w*h Olk fun& by P¥larr* *l¢h¢d in Nar¢h 2019.)raIC TP5 Ryrtè5tfr