WYCOMBE ABBEY Girls Education Company Limited Annual Report and Consolidated Financial Statements Year ended 31 August 2022 Charity number. 310638 Company number. 47031 Gids. EduCa￿On Company Um Year Ended 31 W 2022 Content5 Page Review by the Headmistress Council Members, Officers and Advisors Annual Report by the Council (including the Strategic Report) Independent Auditor's Report 15 Consolidated Statement of Financial Actiiqties 19 Consolidated and Charity Balance sheets 20 Consolidated Statement of Cash flow 21 Notes to the Accounts 22 Gids, EduCa￿On Company um￿ Year Ended 31 August 2022 Rthew by the Headmlstress Founded in 1896 by the pioneerin8 Headmistr￿$ Dame Frances Dove, Wycombe Abbey has been a leader in g'r15, education for well over a century. The Schwl is at the forefront of boarding edlpcation and is recognized globally for the world class education r( pr￿IdeS for it5 pupiLs. Last year we marked WyccKnbe Abbey's 125 anniversary in a variety ol ways including a whole School Colour Run. a 'ma￿rng a Difference Senior5 speakers, programme and a fantastic 125 Concert. A range of stakeholders from parents to Seniors joined u5 for rhese events, demonstrating the strong sense ol community that exists at Wycombe Abbey. A parbcular highlight was the end ol year celebration on Dove Day which is the fI￿t one we have held Sin￿ 2019. Over the course of the last year. we have vvorked hard to instil the SchocA's value5 of Trusr, EncouragemenL Mutual Respect, Dyn3rniSffl, Excellence. Innovarion, Service and Balance into both staff and pupils. We have shared these a5 the principles that guide our interactions with each other to help shape the communrty we live in. Wycombe Abbey is set in magnificent ground5 of MO￿ rhan 170 acr￿, and the khool enjoys superb modern facilifiei including 3 Sports Centre with a 25-metre indoor heated swimming pool. a dan￿ studio, a fitnegs studio, a Courtyard Café and a Performing Arts Centre wth a theatre and recitsl hall. We have made Pro￿55 on our &tates Ma5terplan and shared the vision lor the site with a range of stakeholders. The Estates Masterplan 15 our road map lor how the School site can be further developed in order ro provide a world class learning environmenr for our pupils. It include5 plans lor modem, interdisciplinary teaching space5 and new arding accomrnodation. You can read mo here.. https.'Ildevelopment.wombeabbey.comlc3pitalprojertsl Our curreni pupil roll stand5 at 655 pupils, with 196 gids in the Sixth Form and 126 joining us in September 2022. 586 pupils are full boarders and 69 are day t￿arde￿. The majority of our pupi15 come from wthin a one-hour radius ol London.. other boarders travel frorn further afield. More than 35 nationalities are rewesented within the School's lull boarding community. Last year's UVI pup.ls We￿ awarded 64.3% A* and 90.7% A*_A grades at A Level. Most importantly. the vast majority ol our UVI gid5 secured places at their first-choice insritutyon including Unwerstty College London. hng's College London, Durham untr￿r$￿ and the unr￿rSity of Edinburgh, to Study a broad onge of courses. Twenty-six gir15 took up placeg ar Okford and Carnbridge, and a number of others secured iheir chosen places at US univer51tie5 including Columbia, California Institute ol T￿hnology. Dartmouth, Cornell, Duke. Tufts, NYU. Vassar. At GCSE, 73.3% were awarded grade 9. 89.6% were awarded 9-8 grades and 96.4% 9-7 grades. The vast majority ol last year's UV (year 111 have continued into our Sixth Form. We continue to enjoy c105e relationships with the hvo boys gramrnar schwls in High Wycombe, wth whom we host an annual Management Conference and a Communications Conference. We continue to 8row our Partnerships and 8ur5aries prowsion and are investing in staff to supporr thi5 Strateg'c initiative. As I begin my fourth year at Wycombe Abbey l am loo￿ng forward to getting to know our new parents, staff and pupils and to further developing relationship5 Wlth existing members ol the School comrnunty. lo Dun￿ll MA (St Andrews), PGCE IC3ntabl Headmistress Date.. 22.S,IS Page 1 Glrfl Edu￿￿On Company Um Year Ended 31 August 2022 Coundl member5, offl￿r5 and Athknrs Mce Presldents Mr A M D Willis LLB FCIArb and Lady Sassoon MA Members of Covndl The following 5ervd as Counol members during the year and up to rhe date of signing this report.. Mr Fknchard Ashby MSC BSC (Eng) ARSH FRICS Idecea5ed 14 May 20221 Mrleremy Bailey ACA Ms lenny Fannin-Lovell W (Honsl Dip Arch ARB RIBA lappointed 29 November 20211 Prolesgor Louige Fawcett MA DPhil Mr Vivek Ganotra 8Eng MBA (appointed 20 October 20211 Mrs Amanda Gibbon BA (Oxonl Dr Caro Godlee 8Sc MB Bchir Mi55 Wendy Griffrths (appointed 2 july 20221 Nrs Nicole Hughe5 (nee Emer50nl &4 MSC MBA (appointed 22 5eptsmber 20211 Mr Patrick Lews MA M Nr David Lillycrop MA LLB FCMI Drlane MacDougall NA MB Bchir FRCOG MD Med Mrs Diana Rose MA (Cantabl Nr Peter Warren MA Ch￿rn￿l The Rt Revd Dr Alan Wi150D MA DPhil Bishop of Buckingham Mr ￿Chard Winter CBE BA FCA Company Secretsry Mr Mark Mackertzie Cro0￿ Bsc MSC MBA Headmlstress lo ￿rnCaTh MA PGCE P￿r￿ Mr Mark Nackenzie Crooks Bsc Msc MBA sors B3nkors Lloyd5 Bank PIC 27-31 White Hart Street High Wycombe HPI12HL Insuran￿ 8rokws Marsh 8roker5 LiMi￿d Capital House 1-5 Perrymount Road Hayward5 Heath RH16 3SY Solldtors Stone King LLP Boundary House 91 Charterhouse Street Clerkenwell London EC1 M 6HR Page 2 GIAS, Educalon Company tim Year Ended 31 August 2022 Coundl memkn, Offlcers and Adv]s(Ys (contlnued) Investrnert Managers Cazenove Cap4tal Management 12 Mcorgate Loridon EC2R 6DA CCLA Investment Management Senator House, 85 Queen Victoria Street London EC4V 4ET Raihbone Investment Management 8 Finsbury Circu5 London EC2M 7AZ Audthr Critchleys Audlt LLP Istatutory Auditorl Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP PerYsk)ns Ath50r Mercer 7 Loch5ide Avenue Edinburgh EH12 9DI P￿ndpA1 address and Reg￿tted Offl Wycombe Abbey School Frances Dove Way High Wycombe cksHP11 1PE Web Site.. Email.. vww#.wycombeabbey.com bursar@lorycombeabbey.com Page 3 Glds, Education Company Umltg Year Ended 31 August 2022 Annud Report by The Members of Council of the Girls, Educatiw Company Limited I the khcol.. the "Company" or the'charirable Company") present their Annual Report for the year ended 31 August 2022 under the Charities Act 2011 and the Statement of Recommended Prartice Accounting and Reporting by Charities SORP FRS 102, including the Directors arbd Strategc Reports, under the Companies Act 2006, together with the audited accounts for the year. RE￿REN￿ AND ADMINIsTRAT￿E INFORMAMON Girls. Education Company Limited is a registered charity number 310638. limited by 5hare5, and w35 consriruted by Memorandum and Article5 of Association In 1896 with the registration number 47031. The Group consists of the Gids. Educati(M Company ￿mited, known as Wycombe Abbey. and its Six Sul￿1￿1arie% The Company has four wholly owned nonI has long been ￿nowned fiw it5 leadership in teachin& learnin& pastoral Ca￿ and a wide range ol c curricular activiti￿. The khoo15 commitment to be a leader in pupil welfare, is embodied in current practices where the School strives to place pupil care at the heart ol all that It does. The School seeks to continuousty develop ifflprove our safeguarding policies and procedures and ro promote a cuhure of excellence. The SchoDI'5 key policies, procedures and Summary documents are developed in line with statutory guidance, ISI regulatory requirement5, Local Authority requirements and best practice. Dats Prote£tkon Pollc/ The khool is committed to compliance with the General Data Prole￿10￿ Regulation l GDPR"). For ihe purpose5 01 the Data Protection Act 2018, the School Is the.data controller ol personal data about PLspils and their parents andlor guardians I'your personal data'l. Personal data prOc￿Sed by the School includes contact details. national curriculum and other a55e55ment results, attendance Information. Sp￿la1 educational need% and images of pupils for identily purposes and engaging in School activities land in relation to parents andlor guardian5. may include financial information). The School may also proce55 sen&tive personal data such as ethnic group, religi¢Ju5 beliefs and ￿le￿ant medical inlorrnation. Page 8 Glds, EduoUon Company Llm Year Ended 31 Augurt 2022 Annu￿ Report by Coundl (COTTdn En￿r¢￿rnerft The School has completed the Streamlined Energy and Carbon Reporting Pr￿e$S I'SECR'I lor the third year. Key extracts ol the SECR are provided below. Greenhouse gas emissions I'GHG'I and eTher￿ use data were as follows.. 21-22 20-21 19-20 Energy consurnption used to calculate emissiong {kWhl,' all mandatory energy sources are included. 10.672.620 32 10,790,526.2 9,435,420.4 Scope 1.. Emi55ion5 from the combustion of natural gas tC02e 1,069.32 1,172.90 949.4 Scope l.. Emi$5ions from combustion of fuel for tran5POrt and l or heating tC02e Isee evidellce pack for breakdown) 483.21 474.0 517.00 Scope l.. Emissions of 8￿maSS Pdlet5 tC02e 0.0 0.0 0.0 Scope 3.. Emi55ions from buginess iravel in employee-c>wned vehicle& where the company repaid mileage claim5 tC02e (average vehicle I luel source unknown) 5.27 3.5 Scope 2.. Emissions from purchased electricity tC02e 531.41 535.2 521.6 Total gross C02e based on above ItC02el 2.089.21 2,182.9 1.991.5 Intengity Ratio l. kg C02e gross based on m&ndatory fields above per pupil 3.21 tC02e 3.38 tC02e 3.13 tC02e The energy data ha5 been compiled and audired by Sean Midgley IESOS Lead Assessor) of Powerful Allies ￿rnited. CIBSE Registration No.. ESOS185262. An eNidence-based methoddogy Wds adopted in accordantr with BS EN ISO 14064-3..2019. Section 4.3. The ba5dine reporting year of 2019120 includes a period of normal Khool actiwties and the first National Lockdown, due to Covid-19, when schoolg reopened later in the year and 5ignificantty ifjcreased ventilation was required. Therelore. the comparison between the three reporting period% does not reflect the action5 taken by the School to reduce energy and cathn emigsions. which will only become aPpI￿nt in future year5. The School continues to place a high priority on reduang any adverse impact on the environment frotn it5 activities as lar as Possible. There is a joint Staff Sixth Fom) sustainability team which rneet5 on a regular b￿1$. The School 15 currently developing a long-term master￿an for its estate and iniends to capitalise on opportunities from modern building standards and infragtructure Improvements to significantly reduce its energy consumption. Girls. Education Company Limited (Wycombe Abiwl a￿ participants in the Energy Savingg Opportunity Stherne I'ESOS'I. Organisations that qualify for ESOS are required to carry out ESOS 3sse55rnent5 every 4 years. The School's first ESOS Phase11 ReFort was completed in December 2019. These assessments are an audit of the energy used by rheir buildings and tran5POrt to identify cost effective energy saving measures, The School ha5 Started to implement geveral energy saving Initiativ￿ to reduce Greenhouse Gas Emi55ion5 IGHGI. Page 9 Glds, EduCa￿On Company Llmtted Year Ended 31 August 2022 Annu￿ Report ty c￿J￿clI (cortrJnued) Pr￿ureMent 011 CN)% REGO backed Zero Carbon Renewable Electhcity (since 20191, minimigingthe schools Greenhouse Gas Emisyons as part ol a Fuel Svwitch and National Decarionisarion sirategy. A rolling program of lighting upgrades have continued throughout the financial year, which is now nearing completion, approximatety 98%. Astro turfand the tennis courts as well as approxlmately 20 room5 have been completed wihin the financial year. The most significant eney consumption 15 for heating and dom*tic hot water, which remain a decarbonisation priority for the Kho(J. Scope 1 Emission5 account for 74.3% 01 rotsl emiwons, which are attribL4table to generation ol heaL dc>me5tic hot water and caterin& Appointment of full time Ga5 safe registered gas engineer has allowed a more detailed focus on the heating systems. A number ol projects have been completed with thermal Ljpgrades to piping insulation and mag fillers filled to all wet heating systems. Both proiects acr055 the estate Vbill Increase system efficiency through better heat tonsler. Wycombe Abbey have within the financial year appointed a facilities manager to oversee project5 and gustain3bility. The role wll ensu sustained locus on equiprnent efficiency and areas for improvement. Big School has undergone heating boiler upgrade with ageing noncondensing boiler upgraded to Hamworthy condensing toilers, efficiency Irorn 80% to 93%. Four 120 kw Vaillant boilers with new plate heat exchanger were in5ts11ed ￿rythin the Butler and Campbell building. BMS Trend 963 systern has been removed and the whde campus upgraded to Tridium N4 system, The Niagra 4 system will ensu beller optimisation, control and monitoring of the plani and equipment within the portfolio plantr00rn5. Additional benefits to alarm moniioring and verification wll In(￿aSe system effciency and reduce energy. Further p055ible ￿v(￿onS in electricity use have been identified through the insts113tiori of a heat retention pool cover. These opportunities are currently being investigated further and will be Con￿dered. lollowingthe resuk5 of the 5pecialigt contractor aSse￿r￿ent5. RATEGIC REPORT ACHIEvEmE￿[S AND PERFORMANCE Pupll Numbers aTrJ Aeademk Achievemert During the 202112022 year. rhe School had 658 pupils1202012021.. 6461 ol whom 65 were day pupils1202012021.. 621. The Schod's academic results in 2021122 were excdlent. Ar A Leve1. 64%163% 20201211 of subject entr￿5 resulted in A* grade% 91%194% 20201211 resulted in A* or A grades." and 97%199% 20201211 resulted in A* A or B grad￿. At GCSE, 73%177% 20201211 of SU￿.e￿ entries in grade 9, 90%195% 20201211 ol subject entries resulied in grade 9 or 8 and 96%199.6% 20201211 resultd In 9. 8 or 7. From a cohort of 98 in the Upper Si)rth, 19 pupils Secured their places at the Universities of Oxfford or Cambridge. In addition, 13 pupils have gone to study in the US at universitieg induding CalTeth, Chicago, Columbia. Cornell. Darymouth, and Princeton. Subjects being studied cover a wide range and include Medicine, Oent15try, Economiu. Law, Engineering. History. Languages, and Psychdogy. Spordng AthIe￿rne￿ts The excellence dernonstrated by our pupils this year has been fantastic and we have seen much success for both iTrdriidual arhletes and our team5. We are delighted with the number of pupils who regularly take part In co-curricular sport. Three quarters ol our pupils have represented Wycombe Abbey in competitive fixlures this year which is outstanding. Ajongside comperitive fixture5 we have a150 50ughr to Increase the opportunities for non-competitive activities including dance companies. recreatyonal swimming and hockey club. Page 10 Glds, Edurn￿on Company knmtt&J Year Ended 31 August 2022 Annu￿ Report by Coundl (contlnued) orts Leader5 Sport5 Leader5 C￿rge5 continue to be popular with putxls. We have had rnany pupils undertake Level 2 and Level 3 Sports Leaders courses. All of our leaders have planned and lead sessions to their peers. alongskle planning larger events for 5chwls within the District. House Game5 Pupils from LIV- LVI competed weekly in both long 5tsnding traditional sports ol Lacrosse, Netball and Tenni5 and also less traditional ol Ultimate, QR Code Orienteering and Cheedeading Lacrosse Lacrogse continL￿$ to be at the lorelront of the PE department5 cornpetitwe programme. All our team5 saw 5ucce55 during the annual County Tournameni with the IY U14A, U148, U13A and U13B teamg all being crowned chafflpions and the 2". U154 U12A and U13B teams placing second. Thwe are many pupils from U13 10 Seniors who are current rnembers of the Erngl￿d Regional and National Academy Pathway. We congratulate five pupils who rePr￿ernted W31e5 and Scotland U21A and B teams. Four pupi15 were a150 5elerted to compete in the Senior Lacrosse World Championships, they were amongst the youngest athletes at the competition. and we are Incredibly proud ol their success. Netball A real highlight this season hag been the U14 Regional Round of the National khoo15 competition. We wouEd also like to con￿atulate the U16. U15 and U14 teams who all won iheir District Tournaments. We have increased rhe quantiiy ol fixtures this year to allow g￿ater opportunities for pupils, and we have enjoyed seeing the girls thrr¢e. Swimmin The Swimming programme geen great growth this term with the introduction of Extrai the appointment of riew vi5itin8 teachers and developing a relationship with Wycombe District Swimming Club IWDSCI Providing free swimming le550n5 to those pupils who are unable to safely complete our deep-water assessmeni has proved beneficial, as we strive to ensure that all pupils are both capable and confident in the water. The Wycombe Abtey Svwimming League has continued to be a Success this year, with 15 schoo15 now cornpeting. uash The squash progratnfne ha5 continued to grow throughout the season with more beginners attending clubs each week. This season we entered five team5 Irom U14 to U18 into the N3tional SchcK>ls cijrnpetriion, reaching the finals at Lvery age-group. Particular mention should go the U16A and U18A teaffl5 who placed 3 in the country. an ouistsnding achievement. Athlerics & Cross Count The winter and Spring termg saw ourlunior and Inter Cross Country Teams qualify lor the Regional Finals of the National Cr055 Country Cup for the first time in receni history. With nearly 1￿0 competitor5 at this event competition was fierce and we are extremely proud of all our runners, with both teams placing 6 in the region. Both the junior and Inter teams placed first in the District round ol the Track and Field Championships gaining qualification to the Regional finals. Tennis Competitive Tennis has been ￿aYed throughout the year. Our Senior Students cornpeted in the Regional Senior Stud￿t8 Competition with great Suc￿$$ and our Ul 3 and U15 LTA County Team5 were all undefeated throughout the year. The National Schry)Is. Aberdare Cup, ream won all their knockout area m3tche5 and gained a coveted place the the National Finals which took place during the Summer Long Leave. Cricket Cricket ha5 started strongty at school. The uptake in the lower sthool has been go￿, with a large number ol pupi15 attending squad training. The Cricket nets have proven to be popular, and pupils can often be seen playing In them In rheir own time. Page11 GIA5, Edu0￿On Company Llmlied Year Ended 31 August 2022 Report ty Ccojndl (conthu&* Dance We have been thrIl￿d to have had multiple dance shoms thi5 year. UIV Hou* Dance competition got U5 off to a excitlng start, vAth all gir15 in uri helping to choretsgraph their House dance. The Senior dancerg then look to the stsge for their SpotliEhts show in january. The show was largely choreographed, costumed arbd coordinated by our dance captains who all worked with precision and professionalism. Wycombe 125.. Live was an excellent evening that showcased Drama, Music and Dance and the collaboration between the three department5 and are looking forward to developing this lurther in future years. The junior dantrs showcased their performance5 ITr the Summer term. The evening saw a selection of dance styles on stage with Choreographi￿ group pieces and indiwdual exam work performed on 5tsge. Extras and Clubs Boih onsite and offsite sports extrag have resumes and continue to remain popular among pupil5. Gdf. Ridins Polo and Rowir)g have all seen an increase in the number ol pupils opting for these. We are excited to see how these sports progress and are looknng fop/rfard to entering school competition5 in the near futu￿ ftsr these sports. Kickboxing and Karate pup.ls have continued to refine their skills and completed many grade5 thi5 year. Two pupilg have achieved their Black Belt In Kickbo%ing. an outstanding achievement adminton, Trampolining and Fencing lessons and clubs have enabled pupils to further their enjoyment ol their sport. Our Fencing ream deserve speci31 rnention after an outstsnding perforrrarice at the Public Schods Fencing Ch3nlPIOn5hips. The team won the Moor Shield which was presented to the team who placed second across all age groups and weapons. Jndrdslng Perforrnan During Ihe year the School received donations of £153,OCK)12021.. £317,000) including for the following purp05es'. Maths and Digit Learning Fund £10.OCh)12021..£nill', Bursary Fund £61,00012021." £19,0(X)l." General Fund £80.00012021". £129.0(M)I., HK Foundation £2,00012021.. £nill". chirn￿e Learning Centre Inil12021.. I1W,￿OI.. Verdant ￿rSary Fund £nil12021.. £30.(￿OI,. Samba T￿tIllg machine £nil12021.. £38,￿0).. Boardin8 House Fund £nil12021.. £1,CK)01. Fundraising actwities were undertaken by the Schod's Development Office in rhe year with some 5UPPOrt from Compton Fundrai￿n8 Consultants Ltd. The￿ were no prOf￿S1on&l lundrai5ing organisations used in the year and therelore no monitoring processe5 uired. The School 15 re&'stered with the FUndraI￿rng Regulator and ha5 paid the voluntary levy. The School adhere5 to the code of Fundraising Practice when undertaknng fundraising actiwtie5. There were no complaints received by the khod in relation to the fundraising actiwty in the year. The School does not seek to raise lund5 from the wider general public The khool takes irs ￿SPOnSIbl11ty to anycne who might be vulnerable very Seriously and this will continue to be considered in the Schod's approach to fundraising artiwty. FINANCIAL REVIEW Rnandl Results Incoming resources arnounted to £29.4 million12021.. £26.5 million). Re50urce5 expended amounted to 126.9 million12021.. 124.8 million) generating a net income lor the year before movements on investment values of £2.6 million12021.. £1.7 million). As usual. the majority ol income is from school lees1£27.0 rnillion - 92%., 2021.. £24.5 mi5IK)n - 92%1 but with irnportant contributioris from donors1£153,CQO In the year- 1.0%, 2021.. £317.000- 1.0%) and the trading 5ubsidiarie5 including income from our international arrangeMent$1£1,479,0￿ in the year- 5%. 2021 £870.(￿- 3%). Of the School's revenue expenditure, £15.2 million or 56% is wageg and salaries12021.. £14.6 million, 58%). The consolidated balance sheet shows net assets of £68.6 million12021.. £66.8 million) ol which 73% 15 represented by tangible asset5 of £50.4 million 12021-. £47.0 million 70%). Unrestricted net current assets are a posltive £8.4 million on 31 August 202212021.. £8.5 Page12 Glds, Eduouon Company Llm Year Ended 31 Au8USt 2022 Afftnu￿ Rewt by Cwncll (c1)nUrX￿ The khool 5ub5idiarie5 made the following contributions to the surplu> Wycombe Abbey Ser4qces Limited". 194,￿0(2021.. £nill representing income from the School shop mainly from sales ol uniform. In the previous year the decrease arose due to the Coronavirus pandemic, the School wa5 unable to open in the summer to residential lettings. Wycombe Abbey International Limited.. £1,195,OW12021.. £785.0(Y)I rèpresenting the income from British Education Limited in relation to the operarion of international 51Ster 5chool> Wycombe Abbey Developments Limited.. £12,00012021.. £nill, the increase is due to new building wojects dunng ihe year. Inve5tmert Pollcy The Council, which Is given absolute discretion under the terms ol the Artides of A550Ciation to invest the rese￿￿5, Strictly obSen￿$ the limitation of the Trustee Investment Att5. The Council's pdicy i to maintain income whi15t. Whe￿ FK)ssiNe, preser44ng the real value ol investments,. to maximise income on temForarily invested re5trirted lund5", and to match the return ol Invested Composition Fee Scheme monies in line wlth the maturation profile of the related liaknlity to prowde schoding in future year5. Wycombe Abbey Specifically excludes from the investment portfolio companies whose practices are congidered to be in conflici with the United Nations Convention on the Rights of the Child 1989 and with the School's own obiective5 as Stated in the A￿deS of 50ciation and on the School's website. Penslon Sthene Up to 2003, the Schod operated a defined pension scheme- the v￿coMbe Abbey Pension Scheme for non-teaching staff. The stheme was closed with effect from 31 Decernber 2003 and since then the members have not accrued any further benefits. The scheme has an investment lund which is managed by Cazenove and which is intended ro cover the fijture liabiliti￿ ol the 5(heme. The funds are mainly invested in low nsk bonds with a profile to match the fulure liabilities, whose value are not expected to fluctua signific3ntly gwen that no additional benefits are accruing to member> This approach should ensure that there will be no material impart on the School from changes in either the pension value or the investment value. Asset Cover Funds and ReseThes Polty An analysis of the as5et5 and liabilities attributable to and a description of the various funds maintained by the School is shown in Note 17 to these accounti the assets are 5Utricient to meet the obligations ol each fund. All the property and other tangible asgets owned by the Company are uged solely for the purp05e5 01 the Schod. The market value of the School'g freehold property is considerably rnore than the cost or valuation shown in the balance sheeL the accounting polKies of the Company are set out in Note 101 the account> Unrestricted fund5 amount to £56 million and are represented malnly by the fixed asset5 of £50 Milli￿ ol which £41 million is the land and buildings in vthich the School operat￿. Note 21 groes information on the prthfjsion lor Pengons. Council reviewed and updated its Resen/es Policy in 2021.. this aims to ensure the School 15 free from rhe risk of disruption at short notice due to a lack of funds and that there are 5Lifficient fund$ 10 undertake ￿lIdIng and refurbishmeni projects to maintain ihe 170- acre estate and itg buildings (including the Schwl'5 respon51bility lor maintaining it5 listed buildinggl. whilst at the same time ensuring it does not relain income for longer than required. In accordance wth CC19 8uidance, the Trustees regard "Iree" reSe￿￿S in the School's conrexL as being the reserves ol Ihe School alter dedurting fixed a55ets and any funds held a5 restricted or d¥ignated. As at 31 August 2022, free reserves were c.£2.Om, which is deemed suffiaent to be retained against the ￿payrnent of re5idLJal Credit￿ due wiihin one year. Council ha5 ambitious plans to develop the educational inlrasiructure of the School including further enhancement5 to the boarding hou5e5. The Estates Development Fund 19 being built up to enable thi5 Pfograrnme to progress when fund5 permit and currently holdg £3.9m. Page13 GIAS, EduCa￿on Company Umltè Year Ended 31 August 2022 Annu￿ Report by ￿n(lI {conlnued) STATEMENT OF RESPONSIBIUMES OF THE COUNCIL In their capacity as Trustee5. the Council is responsible for preparing the Annual Report and finanaal Statements In accordance wth applicable law and United Kingdom Generally Accepted Accounting Practice. Company Law requires the Council to prepare accounts lor each financi31 year which give a true and fair view of its financial activiti during the year and of it5 financial p051tion at the end ol the year. In preparing the accounts the Council has followed best practice which requires them to.. select suitsble accounting policies and apply them con&stentty'. obgerve ihe methods and principle5 in the Charities SORP.. make judgments and e5timate5 that are reasonable and prudent., State whether applicakle UK accounting srandardg have been followed, sut4.ect to any material departu￿9 disc105ed and explained In the finanoal statements, and p￿pare the accounts on the going concern basi5 unles5 it is inappropriate to assume that the khool will continue in operation. The Counal is responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial pO￿tIon of the School at any fime, and io enable them as trustees to ensure that the account5 comply with the Companies Act 2006. The Council is also ￿SPOnsible lor safeguarding the Sthwl's assets, and hence for taking ￿aSonabLe steps for the prevention and detecrion of error, fraud and other irregularitie5. The Council 15 responsible for the maintenance and integrity of the corporate and finanoal information included on the charitable companys web5itt Legislation In the United Kingdom governing the preparation and dissemirLation ol financial ststements may diller from legislation in other jurisdictions. In 50 far as the Council is aware, th￿e reqUIr￿mentS have been met and there is Tro relevant audit information linformatK)n needed by the charitable corTrpany's auditory in connection with preparing their rewrtl ol which the chariiaNe company's auditors are unaware., and Each member of Council has taken all the steps thar he or She ought to have taken as a director in order to make himself or herself aware of any ￿levant audit Information and to establish that the charitable company'g auditors are avrare of that information. On behalf of the Council.. Mr Peter Warren Chairman Date.. Page 14 INDEPENDENT AuD￿oR5. REPORT TO THE MEMBERS OF GIRIS EDUCATION COMPANY LIM￿ED FOR THE YEAR ENDED 31 AUGUST 2022 0￿￿1 We have audited the financial ststements of Gir15' Education Company Limited for the year ended 31 August 2022 which cotMpri5e the Consdidated Statement of Financial Activities, the Consdidated and Pa￿nt Balance Sheets, the Consolidated Statement of Cash Flows and notes io the financid statements, including a surnmary of significant accounting policie5. The financial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standard5. including Financial Reportir)g Standard 102.. The h'nancial Reporting Standard applicable in the UK and Republic ol Ireland Iunited Kingdom Generalty Accepted ACC￿￿ting Practice). In our opinion, the financial sratements., give a true and fair wiew of the state ol the consolidated and parent charikble company's a113irs as at 31 August 2022 and of Its Incoming resourc* and application ol re50urce5 lor the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirementg of the Companies Act 2006. s for O￿n We conducred our audit in accordance with International Standard5 on Audtting IUKI Ilskn IUKII and applicable law. Our responsibilities under those sundards a￿ further described in the Auditor's responsibilities for the audit olthe financial statements Section of our report. We are independent of the charitsble company In accordance wilh the ethical reqU4￿MentS rhat are relevant to our audit of the Financi315tatements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with thege requirement5. We bdieve that the audit emdence we have obtsined 15 sufficient and appropriate to provide a ba￿$ lor our opinion. Conclu51ons relatlngto golng concern In auditing the financial statemenis, we have concluded that the Council's use of the going concern bagis of accounting in the preparation of the financial statements is appropriate. Based on the wo4* we have performed, we have not identified any material uncertainties relating to ￿rnt$ or conditions thaL indiwdually or collecrively. may cast Significant doubt on the Gir15 Education Company Limited's ability to continue a5 a going concern lor a peri(￿ of at least 12 months Irorn when the finarbcial statement5 are authori5ed for issue. Our re5ponsibilitie5 and the responsibilities of the members ol the Council wEth respeci to going con￿rn a￿ descrlbed In the relevant sections ol thi5 rep(rt. Other Infomut The other inlormaton comprises the information included in the annual report, including the Report of the Council, other than rhe financial statement5 and our auditor's report thereon. The Council is ￿SPOnsible lor the other Information contained within the annual report. Our opinion on the financial statements does not cover rhe other Information and. except to the eKtent otheDNise explicitly stated in our report, we do not expre55 any form of assurance condusion thereon. Our regptsnsibility is to read the other information and, iri doing so, consider whether the other information is materially inconslstent with the financial staiements or our thovAedge obtained in the cour* of the audit, or otherwise appear5 to be Diaterially misstated. 11 we identify such matrrial rhis gives rige to a material mi55tatement in the financial statement5 themselv￿. If. based on the work we have performed. we conclude that rhere is a materpl misststement of this other Information. we a￿ required to ￿pOrt that facL We have nothing to report in this regard. Page15 Gids, Educauon Company Umlt Year Ended 31 August 2022 INDEPENDW AuD￿OR9 REPORT TO TrIE MEMB￿ OF GIRLS, EDUCATION COMPANY LIMfTED FOR THE YEAR ENDED 31 AUGUW 2022 {cO￿lNuED) OpInlo￿ on other matters presthbed by the COmFAn￿S Act 2c￿6 In our opinion, based on the work undertaken In the course tsl the audit, .the information gn'ven in the Report of the Council, which includL% the directors, report Prepa￿ for the purposes of cornpany law. for the financia1 year lor which the financial Statements are PrePa￿d is consistent with the financial Stat￿Ments., and "the Reporr ol the Council has been prepared In accordance with applicable legal requirement5. Matter5 on whlth we are requlred to report by exttwon In the light ol the thowledge and understanding of the company and its enwronment obtained in the course ol the audit, we have not identified material misstatements in the director5 report included within the tru5tees' report. Vle have nothing to report in r¥pect of the lollowng matters in relation to which the Charitie5 (Accounts and Reportsl Regulations 2(M)8 require us to report io you if, in our opinion". adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branch￿ not Y151ted by us." or the finanoal statements are not in agreement with the accounting record5 and return5.' or cwtain di5c105ures of Council Member's rernuneration SFecified by law are not made., or we have not received JI the infom)att)n and e%planations we require for our audit. Responsi￿l￿eS of the Coundl A5 explained more fully in the Council responsibiliti￿ ststement. Set out on page 14, the Council (who are 3150 the director5 of the charirable company lor the purposes of company lawl are responsible lor the preparation of the financial statements and lor being satisfied that they give a true and fair view, and for such internal control as the rruaees detrrmine is necessary io enable the preparation of financial statements that are free from material Mi￿tatement, whether due to fraud or error. In preparing the financial statement5, the Council are responsible for assessing the company'5 abilty to continue as a going corbcem. disdosing, as applicable, mallers related to going concem and using the going concem basis of accounting unless the Courncil either intend to liquidate the company or to ceage operati￿* or have no realistic akernatr￿ but to do so. Audttorfs resptsnslblI￿es forthe audtt of the financll statements Our objectives are to obtain reasonable assurance about whether the financial 5tsternents as a whole are free from material misstatement, whether due to fraud or error. and to i55ue an auditor's report that includes our opinion. ReasonatAe assurance 15 a high level of assurance. but Is not a guarant* that an audit collducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individu311y or in rhe aggregate, they could reasonably be expected to influence the economic deosions of user5 taken on the basis ol these financial statements. Irregularities. Including fraud, are instances of non-compliance with and regulations. We design procedures in line wth our resFonsibiliiies. ouilined above. io delect material misgrarements in respect of Irregularitieg, Including fraud. The exteni to which our ocedures are capable ol detecting irregularyties, including fraud is detailed b40w.' Page 16 Gids, Education Company Llm Year Ended 31 Au￿SE 2022 INDEPENDENT AUDrroRS' REPORT TO THE MEMBEPS OF GIPLS. ECUCAMON COMPANY LIM￿ED FOR THEYEAR ENDED 31 AUGUST 2022 (cO￿lNUED} Our approach to ￿entI￿.ng and a55e55ing the risks ol material misstatement in r￿pect of irregularities, including fraud and non- compliance with law5 and regulations, was as follo￿.. the engagement partner ensured that the engagement team collecrively had ihe appropriate cornpetence, capabilitie5 and skJ'lls to identify or recognise Tron-compliance with applicable laws and regulation5'. we identified the law5 and regulationg applicable to the charitable company through discugSiOnS With dirertorsltrustees, and from our knowledge and experience ol the client's sector., we focused on specific laws and regulations which we considered may have a direct material effett on the financial statements or the operbtions of the charitable company. we assegsed the extent ol compliance with the laws and ￿gulatIonS identified above through making enquiries of management., and identified laws and regulations were communicated within the audit team regularly and the team remained ath ro instanc ol non-compliance throughout the audit. We assessed the susceptibility of the charitable companls financkal statements to material misstatwnent, including obtaining an understsnding of how fraud might occur. by.. making enquiries ol management as to ¥there they considered there was susceptibility to fraud. their knowledge of actual, SUSFeCted and alleged fraud., considerirTrg the internal controls in place to mitigate risk5 01 fraud and nonM7fr0ns Jrtdlegatis 153 317 Ch3nt3ble acti￿￿e5 26,977 26,977 24.462 OrhertrRdingacrknbes 1B92 1￿2 1.144 Investments InteresrreceNed 43 291 333 309 OtherN￿o￿e 84 295 Tot￿ IKorr 29,078 363 29,441 26.531 &(penditure on.. TradiDg actiwties F￿nd￿Sing expeNJiture Investment wnagement costs 490 323 28S 262 27 574 20 22 42 343 27 860 818 Oiaritable 25,992 25,992 24,233 TO￿ expendthre 26,810 42 26￿52 24,807 Net Income before ￿n5 and105ses on Investments 1268 321 Z589 1,724 Net (k￿e5)I gain5 on iDvestrnents 1291 (7891 18181 1,978 Net I￿￿e before transfers 2,239 1,771 3,702 Transfers between fund5 10 1P22 11.0221 Net moverrtnt h funds 3261 11,4901 1,771 3,702 Reconclllauon of funds.. Ttrial fuTrd5 brought fopoArd 52,995 13.841 66,836 63.134 Totd fvJnd5 carrled fotward 56,256 12,351 68607 66,836 The ststernent ol financial actirfies Includes all gains and1055e5 r£cogn15ed In the year. The net Income oFthe School for the year wa5 £2.373.IK)012021. £2.153.0001 AJI artivitie5 relatr to coDtinuin8 operation5. Tho notes on pages 22 to 34 form part olthese aCC￿jDts Pa8¢ 19 Glds, Educalon Compwy Llrntsd Conso15dated and Chty B￿ance Sheets As at 31 August 2022 stered Number. 47031 Group 2022 2021 £ow 2022 2021 £000 FLxed assets Tangible asset5 Investments 50,369 10,869 47.095 12,540 50.381 2,098 47,093 3,098 61,238 59.635 52.479 50,191 Current assets Stoc Debtors Cash at bank and in hand 185 1,394 17,602 141 1.197 17,147 41 1732 16.tx)4 26 2,089 16,124 19,181 18.485 18,777 18,239 Credthrs.. amounts fJling due within one year 14 .321 .772 ,189 (7.7251 Net current assets 9,860 10,713 9,588 10,514 Tot￿ assets less ojrrert IthIIMe5 71,098 70,348 62.067 60,705 Credthrs.. amounts flling due after more than one year 15 (1491} 13,5121 P,491) 13,5121 Pensbn stheme (Deficltysurplus 21 17 68,607 66,836 59,576 57,193 Chty Funds Called up share capital Re5tiicted fund5 Unrestricted funds Fixed Assets Estates Development Fund Free Reserves 16 18 18 11351 13,841 3,308 4,200 50,369 3,887 47,095 3.900 2.000 50,3B1 3,887 47.093 3.900 TO￿ funds 68,607 66,836 59,576 57.193 The financial ststements were approved and authorised fN Issue by the Council and signed OD their behJf by". P Warren Chairman Date.. IEI 813oz3 The nores on pag￿ 22 ro 34 form part of these accounts. Page 20 Glrfs, Educatbn Company Umtsj Consolldated Statement of Cash Row Forthe Year Etyjed 31 Awst 2022 2022 2021 Note Cash flow5 from opu2￿ng p£bMU Net (￿h generated from operating acbifjtyes 19 5,396 4, 156 Ca%h flow& from hvesung Athlue Inve5tfflent irhcome receipts Purchase ol tsngible fixed assets Receipts from Sale of tsn&ble fixed asset5 Disposal Ipurchasesl ol investments 335 ($592) 38 853 313 (2.605) 1.677 Net cash used In Invesdng athlUe5 (4.366) (610) Cash flows from flnandng actmtles.. Net payments out of the Comp05ititsn Fee Fund Inve5tfflent management charg Other receipts (548) (27) (483) (27) 440 Net cash used In flnandng aC￿vI￿e$ (575) (70) Change In cash and cath equwents In th2 year 455 5.476 Cash and cash equivalents brought forward 17,147 13,671 Tot￿ Cash and cash eqUfvaIw￿ at the end ofthe year 20 17.602 17. 147 Page 21 GI￿$, Educadon Company Llmikd Notes to the Accounts For the Year Ended 31 August 2022 1 Aceountjng wlld¢s G￿ernI Informauon The SclKbol is a Public Benefit Entity registered as a Charity In EnglarKJ and Wales a cornpany limited by guarantee Icompany number. 47031 and charity nutnber. 3106381. The re8i5tered office Is Wycombe Abbey S(hooS, France5 Dove Way, Hioh Wycombe. Bucks HPI 1 1PE. 1.1 of preparatEon The financial 5talernents have been prepared in accordance with Accounting and Reporting by CFArities'. 5tarement of Recommend& Prartice applKable to charitie5 preparing th￿r accounts in accordantr with the Financhil Reporting Standard applicable in the UK and Republic of I￿laThd IFF￿ 1021 leffeclive 113nuary 20191- Icharities SORP IFR5 10211. the Financial Rewrting Stsndard applicable in the UK and RepuMic of IreLind IFRS 1021 and Ihe Companies Art 2ffl6 The Gid5' EducaDon Cornpany LirTrited meÈts the definition of a public benefit entity under FR5 102 Assets and liabilitie5 a￿ initially ￿CoSniSed at historical cosi or transaction value unless othww15e 5tat*J in the relevant accounting pollcy notel51. 1.2 Prtsentstk)n In order to present a true and Fair wew. the Company has noi followed the strirt PfQ¥i5ion5 of the Companies Act 2006 regarding the format of the profit and 1055 account, and has substituted MO￿ meaningful heading5 in place trf those prescrnbed. A reconciliation of Sha￿hOlderS, fund5 not been provided as, in the opinion of Council, such a ststement 15 not appropriate to the CompanV5 circumstances. The financial statements are prepared in steding wthch Is the functional currency of the charity. Monetary amounis In these sraiements we rounded to the nearest £Cm. 1.3 Con5011thon These accounts consolidate the accounts of the Charitable Company, its subsidiaries Wycombe Abbey Sertrice5 Lifnited, Wycombe Abbey Developments Limited. Wycombe Abtey Internatiofial Limited, and the ￿lated chariDes. Wycombe Abbey School Foundation and Wycornbe Abbey Hong Korg Foundation A subsidiHry was forffled in 1999 named Wycombe Abbey Penyon Trusiees knmited which is not consolidated a5 it has net assets of £1, which would be eliminated on con501idation. It aCLS as a trullee for the Company In re5pert of pension benefits for efTrployees. As per￿￿ed by section 408 of the Companies Art 2006 no separate Statemeni of Financial Aariities is presented for the charity. 1.4 Fund ac￿Jn￿r General funds are unrestriaed funds which are available for use at the discretion of the Trustee5 In furtherance gf the general objertive5 of the Charity and which have not been designated for other purposes Re5tri(ted funds a￿ funds which a￿ to be used In accordance wryrh specific r￿trIdIO￿S imposed by donors or which have been raised by the Charity for particular purpose5. The c05t5 of raising and admin15tering such funds are charged against the specific fund. The aim and use of each re5tritted fund 15 set out in the notes to the financial statements. DoTratiOn5 received for the general purposes of the Charitable Company are included a5 'unre5tritted fur￿8, Donations for acriwtie5 restricted by the wishes of the donor are tsken 10 'restricted funds" where these w5hes I￿ legally binding on the Council members. Designated funds compnse unrestricted furds that have been set agde by the COU￿11 for a particular purpose. Donations requ5red 10 be ￿tal[led as capital in accordance with the donor'5 wishes are accounted for as 'endowfflent5" permanent or expendable actordirE to nature of the restriction. Donated profe5510nal services and donated facilities are recogni5ed as income when the tharity has control ower ihe iiem. any condition5 a550ciated with the donated Item have been meL the receipt of econoinic benefit from the use by the charrty of the Irem Is Fwobable and thai economic benefit can be measured reliably. In accordance with the charities SORP IFRS1021. gerberal Yolunteer tiffE is not ￿cOgnIsed. On receipt. donated professional serwce5 and donated facilities are recognised on the ba515 of the value of the to the charity which Is the èmount the cha￿ty would have been willing to pay to obtain facilities of equivalent economic benefit on the open fnarket-. a ctrresponding amount Is then recogni5ed in the expenditure In the Feriod of rec•pL 15 Income All Income 15 recogni5ed ￿(e the Clwrrty entitlerrEnt to the incom< it is FKobable that the Income will be received ar the amouTrl ol iDcome receivable can be measured reliably. Fee5 consist of charges for the year le55 bursari￿ and allowanc￿. Inve51ment Income conysts of divider￿5 declared and interest recepied. Page 22 Glds. EdU￿￿ort Compary Umtted Notes to the Accounts (con￿nUe￿) For the Year Ended 31 August 2022 l AccouThYng pollths [con￿nUed) 1.6 Grants and bur5arfes Grants and bursaries from restricted funds are included as eKpenditure In the period for which the award Is g￿￿n. 8ursarie5 and all(w¢ances from ￿n￿stri￿ed funds are treated as a redu(tioD in school fees recoverable 1.7 Govemmertgwts Government grant5 are recogn15ed at the fair value of the asset ￿Cer￿ed or receivable when there 15 ￿2$onable ￿￿rance that the grant conditions will be met and the grants wll be ￿￿e1Ved A grant that specifies performance conditions 15 recognised in income when the performance conditions a￿ met Vlhere a grant does not specify performance condition5 it is reco8nised in inccme when the proceeds are ￿te1Ved or receNable. A grant Is retrDRd ￿fOre the recognition crrteria are satisfied 15 retognised as a liability. 1A Expendthre Expenditure Is recognised once there is a legal or tonstructive obligation to transfer economic benefit to a third parry. o 15 prOba￿e that a transfer of economic benefits will be required In setdement and the ary￿Unt of the obligabon can be rneasur￿ reliabty. Fundraising costs are those Incurred in seeking voluntary contributions and do not include the c05t5 of disseminating information in support of the charitable acttsirties Governance cost5 are those inCUr￿d In conneLtion with administration of the Charity ar￿ cofflpliance with tonstilutional ard statutory wuirements Cost5 of generating fund5 are c05t5 incurred in attrarting voluntary Income, ￿ those Incurred in trading artmties ihat raise fund5. Charitable aaNryti¥ and Governance costs are cos15 incurred on the school's edu(aDor￿1 operations, irKludire support Costs and costs ￿lating io the govemantr of the charity apportioned to charitable 3ttlvities. 1.9 OPern￿n8 lea5e5 Rentals payable a￿ charged to the statement of financial attiNities over the ierm of the lease on a Straight line basi& 1.10 Tawble tw assets and depreclatlon l assets COSling MO￿ than £1,Q)00 are capitali5ed Tangible fixed assets I￿ czrried at cost. net of deFKeck)tion and any prow510n for impairment. Depreciation is proKNded at rate5 C31culated to write off the cost of fiKed assets. le55 their estimated r#idual value, over their expected useful lives on the followng bases Fr*hold property is induded at Its market value in 1961 of £757k The Compary has not adopted a policy of rev￿￿a￿on but has used the book values of fixed ￿set5 wFEre the carrying amount of fixed a55ets reflect previous valuations. The valuaiion undertaken in May 1961 ha5 therefo￿ not be￿ updated. Freehold property- Over 50 years straight line Facilitie5- Over 10 year5 straight line. FixtLJre5. fittings and equipment O¥er 6.67 years straight line Motor vehicles- Over 4 year5 reducing balance Compuier equipment- Over 4 ye3r5 Straight line sets under construction- depreaated once brought into 1.11 In¥estsnents Listed Investments a￿ included at tnarket V￿￿e at the balance sheet dale. Any g￿￿ or bss on revalvatits) is taken 10 the Statemefit of fiDafjcial acbvities. 1.12 StOL*s Stock Is stated at the lower of cost and net reali5able value. 1.13 Debto Trade and other debtors art wogni5ed 4t the settlement arnount after any trade discount offered. Prepayments are valued ai the amount preDaid net of any trade dixounts due 1.14 Cash at Bankand In hand Cash at bank and in hand include5 cash ar￿ short term highly liquid investments with a short maiurity of three rn￿nt￿ or le55 from the date of acquisition or opening of the deposit or 5imiLar accounL Page 23 Glds, Educatlon Company Um Notrs to the Accounts Icontlnued) For the Year Ended 31 August 2022 1 ACCOUn￿n8 Pol￿eS (Con￿nued} 1.15 LIabIl￿eS and Pr￿s1)n5 Liabilitie5 are recogni5ed whefi there is an obligat￿￿ at the Balance sheet date as a ￿S￿l[ of a past event. it is probable ttr¥t a transfer of economic benefit will be required in 5ettlemenL and the amount of the settlement (an be estimated reliably. Liabilities are recognised at the arnouni that the Charity anticipates r( wll pay to settle the debt or the afflount It has rÈceivÉd as advanced payments for the goods ￿ SeNC￿ it must provide. Pro￿1510￿5 are Measured at the best estimate of the amounts requred to settle the Obligat￿n. Vvhere the effect of tFE tiffle value of monry is material, the prom￿0￿ is based on the value of those arnoun15. discounted at the pre tax discount rate that ￿flertS the risk5 specific to the liability. The unwnding of the discount is recogni*d within interest payablÈ and similar charges. 1.16 Athnce fees xherne The School offers parent5 the opportunity to pay for up to years, tUIt￿n fees In advance. The amounis recevRd are invested in tFE Composition Fees Fund I'CFF'I Maintsin￿ by Ihe School and annual amounts are accrued and added to the capitaL Ths 15 treated 3s deferred intomt until tFE pup11 joins the school whereupon the fee5 lor each school tetm are ctrkirged against the runaining blante and taken ro Income. 1.17 Penslo The C￿r￿Y pays defined pension contributions on behalf of metnbers of the teaching staff who a￿ in the Teachers, Superannuation Sthetne operated by the Teachers Pension Agency. The contributions are defined by the hgency and are charged as an expense to the Ststement of Financial ACt￿l￿e5 as they fall due for payment. The Charity also operates a Defined ContribUt￿n Pension Scheme for rK)n teaching Staff. Cwtributions to the 5th￿e are charged to the Stat￿ent ol Financial Activiti￿ as they fall due. The School also contrlbute5 10 a defined benefits Scheme. the Wycombe Abbey 1966 Pension Scheme, at rates set by tFE kheme Actuary and athlised to Council by the Stheme Administrator. Under FRS 102. the annually (alculated notional surplu5 or deficit on the funding of the kheme is shown in the accounts as a deSi￿ted fund entiilth "Pensions Reserve", which 15 dedurted froffl Unrestricted Funds in Ih@ balance sheet. cour￿11 belI￿e5 Ihat the scheme currendy rneetS Statulory minimum Funding requirements . Councll notes that the calculated notional defic￿ Of surplu5 olculated under FRS 102 can vary gready from year ro year depending on the assumption5 made at ihe valuation date, but wlth rM)rmally Ilttle or no eftert on sk)rt term cashflows. 1.18 Golng con￿rn The accoLJnlS have been prepared on a going concern ￿95. The Charity will be able to rneet its obligations in lull lor at least 12 months lollowlng the signing ol th￿e account5. The Mefflbers of Counol have reviewed and approved the budget for 2022-2023 includiDE the reserves that will be avaitable after that Feriod. There Is no materk31 uncertainiiy regarding the charity to meet its liabilitie5 a5 they fall du£ and to continue as a going c(￿(e￿. 1.19 judgements and key $gurce5 of esdmatlon uncertdnlty In preparing Lhe linancial statement% the member5 Ot the counal are wulred to make ludgerrEnts, estimates and assurnptions about the carrying amount of assets and Ilabllilles that a￿ not read11y aPpa￿nt from other 50urce& The estifflate5 and associated assurnptions are based on hiStOr￿al experEnce and other factors that are CO￿ldered to be rdevant. Actual results may dlffer from these estimates. The estimates and underlying assumptions are reviewed on an ongoing b&515. ￿lSiOnS to accounting ￿tIMateS a re(ogTri5ed In the period in which the esrimate is revised where the revision affects that period. or In the per￿d ol the rewsion and future periods where the revision affects ￿th current Future periods. The directors consider the most 5i8nificant areas of estimate to be the depreckition charged on tangible fSxed assets and accruals, bad debts and impairment of fixed asset lil Depreciation- The accounting policies detsiled in the notes to the accounts describe the policies adopted for calculating depreciation, These have been based on the assessed useful economic Ilves ol the assets capitalised and cF4Rrged accordingly lill Accrua15- The estimate for payables relates to the Ilabllitles not settled at the year end. liiil Bad debts- The estimate for receivable5 reLit* to the ￿coVerabl1ity of the balances outstanding at the year end. A r&ryew 15 performed on an individual debtor basi5 to consider whether each debt Is recoverable. livl Tangible Frxed A55et5- A review is performed annually for indicators of Impairment. Page 24 G5d$' Edua￿on Company Llmtsl Notes to the Accounts (conunued) Forthe Year Ended 31 Au￿t 2022 Incorne from donatlons and l88acle5 rotal und% funds 2022 fijnds 2022 funds 2022 2021 Oonaiion5 80 153 317 10 2021, of the tota] Income from donation5 and legacie5, £nil wa5 to unrettrirted fvnds and £317,OW was to rp5tritted fund Income from charttatle actmdes funds 2022 fund5 2022 fijnds 2022 2021 Gr055 fee Inco￿ L￿$.. bur5arie5 and Scho￿rShipS 26,456 (1.0821 24456 (1,08Z) 2J.750 {1.017J 25,374 25,374 22.733 Fee5 for extra SU￿ertS 1,423 1,423 1.547 Registration fees and insurance 180 182 24.462 In 2021. of the ml income from chantable activities, £24,462,OW was to unrestnrted funds and £nil was to restricted funds. 4 Income fmm othertradlng ac￿e¥ rotsl fund$ 2022 fund$ 2022 fund$ 2022 £000 2021 centr fees receriable for over5ea5 schod5 e5 of goods and services Rent and use of school facilities 1,479 301 112 1,479 301 112 570 791 53 1. 144 In 2021. ol the total Income frotn other trading acti¥itie% 11.1+1.LU was to unrestricted funds and &)Il wa5 to restricted fund& 5 Other Income rotsl fijnds 2022 funds 2022 funds 2022 20Jf Receipts from tk* Corowruslob Raention Scheme Other 219 76 295 84 84 In 2021. of the totsl other incomÉ from other trading athvities, £29s.{M￿ was to unrestncted funds and £nil w35 to restricred fund& Pag¢ 25 Glr15' EducAtbn Comp8ny Umtted Note5 to theAI(ounts l¢onIn￿dI Forthe Year Ended 31 Au8U5t 2022 An*sls Oft0￿ typtsidthre Staff costs 2022 Depr￿lI￿On 2022 Trt 2022 2022 2021 Costrs of r*ng fvnd&' Trtding expenditure Fundraising expenditu Inwiment marnag￿ 490 343 27 285 262 27 227 27 227 633 860 574 Teach￿8 Welfare P[g ￿nd hKI￿d￿￿thln￿re0h￿￿ar￿8ulk￿ P48¢28 Glrfg Eduglkjn C<*npw Umtt Notes to the Accounts Iconfjnued) Forthe Year E￿ed 31 Au8Wt 2021 12 In￿l￿ts Group School 2022 2022 2021 X121 At 1 September 2021 Additlolls at cost D￿posal proceeds MovemEN In market ¥a￿e 11510 319 11,1n) 12239 863 1254QJ 1.978 3￿98 123 11M09) 114 4,331 12.04 471 31 Aw5t 2022 12.540 9B 3.098 The [￿1￿￿8 each rtweseoied moreihan 5% 91 the market vthe olin¥esEments heltt Group khool 2022 2022 £000 2021 2021 Qzenove Charity Multi A￿et Fund FidelityGlobal Dividend Fund COIF Charty Global Equity Fund COIF Charty Inve￿￿rnent Fund Rathtwes tyn￿L Trust- Core Inve5tm2nt Fund for Charlti 1,897 1,150 135 1.897 1646 2,497 3h04 2,872 3.613 3.931 The Compry hdd5 1Cx)% w115ted 5hare5 In Compan￿5. R￿ul1$ for the year end Wycombe Wycombe Wycotnbp Abtv Abbry WycomEÉ Abtrw Developmeni Imer￿tronal SepJKE5 Lwnited Llmiteo Limited £￿0 293 Pension Truste 1.479 284 penthtvre Profit fv the Year 207 94 Totsl a￿et5 Total l*billt*s Net fund5 ai the end of the year 250 250 165 Th2 C(xnpary has two lirthed subslth¥ie5' Wycombe WYCOM￿ Atty Abw H￿8 Schoo ndation Founda￿￿ Incon Expenthure IOefi(iiV 5urFIu5 for the Year 262 94 631 12 Totsl 2ssets 9.036 Net funds at the end of the year 9.033 act*iitle5 of sub￿dary companies and trusts. FtycombeAbbeykrkvce5 rhe ￿le of s(hool urwform5 and other Item&to parents and letting of property and ihe use of the 5th001's Faciliti k11tombeAbbexDe¥WentsLiniir¢d Provithng builjing to the khod prerrtIS￿. trilromb2Abbeyht&Mat￿n3llIml1ety. rhe management of Wyc(Knbe Abbey School's Intetnaknnal operatiCIl 1*Co￿AbbeYPeAIwn Irustee5 Lfftwted to 35 Trustee Ior The Girts. Education Conyny Limited In the woM5MJn of benefit5 from 1966 Pell5￿￿ kheme for noll.teaching 5taff1see note 211. ￿￿￿￿eA&beySrhO0lF0Un￿bo￿. A linked chafiiy that reteives donations For ￿r5￿rIeS * contribute5 toward5 fundlngof &Jrsaries in Wycomb2 ￿bbeY Schc itycOmbeAbbÈyH(ryKongR￿￿1?r￿￿J'. Recetye5 donat￿n5 and cOntr￿uteS tow3rd5 the fundingof PAnarles and Cawal pr(¥ect& In w￿ornbe Abbey SthocA. The re￿Ste￿a off￿ ofall the Sub5diary cwie5 15 Wy(ombe Abbey scho￿. FrarKeS Dove Way. Hlgh Wy(￿, ks HP11 1PE P88t 29 GI￿$, Educthon Company ￿m￿d Notes to the Accounts Icondnued) For the Year Ended 31 Au8U5t 2022 13 Debtor5 Group 2022 School 2022 2021 2021 Trade debrors Amounts owed by subsidkYEs Other debtors Prepayments and accrued irKome 917 857 880 759 964 43 323 130 347 43 525 93 311 1. 197 732 2,089 14 CredJior5.' Amunts f￿lIng due vAthkn one year Group 2022 School 2022 2021 2021 FeÈs in adva￿& Amounts owed to subsidiarie5 Composition fee fur Fee deposits held agJnst final ￿1 Trade creditor5 Other tsxation and socpal security Other crditors Accrua15 and deferred income 2,861 2.620 Z861 82 198 1,170 917 320 1057 1,584 2620 198 1,170 1,078 324 2,082 1.608 377 566 1.129 318 2241 521 377 566 1, 127 2,220 507 7,772 9.189 7.725 15 Credltors.. Amounts f￿lIng due after more than one year Group 2022 School 2027 2022 2021 Fee deposf(s held against final bills Composition Fee Fund 1288 203 2,940 572 128B 203 2940 572 3.572 J,572 Composjtion Fees Ftsnd.. Group and khool Assuming pupils ￿maIn in the School. advance fees wll be applied a5 f￿￿￿￿". 2022 2027 Due within one year Withsn one to t4No years Within two to five years After fDE year5 198 377 214 251 107 149 401 949 Page 30 Note% to ￿￿th£OU￿ts IIDnunu ForthEYear Ended 31 AwsL2022 Shire G￿P￿d ScF¥X 2021 k*teddled up fulky pald 12 I￿21. 121 ordlnary Shar￿ each TIE kn cary Dnevote paclk The shdfE5 twry tDthidwQ5 nDrlD partiCP31e In an SuryAvSiTh the eveni¢lthecompary b￿￿￿￿nd 17 Wdsofnet45sets fvr To 2022 2022 2022 3021 nxed ￿Sets I￿￿e￿In￿n 5Q369 50J69 10,869 42.095 12.540 18.485 lQ86 1.485 rrenLassets 17.696 19.3181 4911 Créditors duewlthlThO￿Year Crediim dve In mtye ihwon¢year (9J211 13.512) sa￿6 11351 66.836 1021 2021 20 Tangibleftted as￿5 khve5tments C￿￿￿ta￿erS Crediwrt dUt￿thI￿OnE Credltors dueln ￿rett￿ oney I7￿95 897 1&287 (7,7n) 11512) 47,OY5 12540 4&5Y8 12.239 11h43 1198 (7,7T21 13.764) 995 13B41 18 knnwyoftutwj IrKon* Invesbwrt Trathrs n￿o￿SsES) Wloutl ed 0rdir￿7￿￿o￿￿ F,1￿8 EsLRte D2vebprn￿tFUrnd 49Tr5 29.078 12&810) 129) 1ts3S 3087 56 S2.995 29.078 10 29 2PIO 47 42 15 1261 Bu￿ryCaprtaI Trev&p￿Ent FuThJ chi￿Se Learryng Centre Verdant Bursary 763 441 95 15 30 827 1827) Wy(ombe Aity F0WthtK￿. ￿Tsary Fut 9.666 262 17041 789 9034 TO￿ ￿TEstr￿ed re&tncted I 66.836 68 Irory SC ocl mainl em cunci QFe'aLe I 31 to f￿an(e fvi."e d￿￿e10￿￿￿[s. '0￿e lo. meTht5 totr* e5￿te. I$￿1É Dev¢b meni Fv Pnzc fvrd5 3ted lJnd to ￿ne1￿￿O'S elo -fjd roTha se5 'estr￿ted doDaOorh5 lo. the reFurbrJLrrEni of & khcol. .estfr(ted for ded￿ated ￿sOUrceS Icr teachi restrrcted lor Sixth form b.rsar￿& Cenl VerdaTht Kon Fu Wytntted on the b355 of urKerLainiies Over the futwe recovery olthis asset. net Pen￿0￿ ￿SeL rewnised on the balance shett L5 therefo￿ lthil12021 £nill l*e stAtementorffinan￿A(tr￿I￿s 2021 N2t IntpresL eXP￿Se Past 5Vwice cost A55el reLurn1¥5 Inte￿￿ Income recogrlsed In P&L Experiwice wns on berb2FIt 0￿1g￿l￿5 Effett 01￿5￿mPlI￿5 changes ￿ benefit thligation RÈ%trittw of asset Totsi i￿￿ed In employer expenses An4vsi*olthecha￿etij the d¢finedbenefJrrWigar 2022 2021 Openin8defined ben2fit obliytion Interest COSI ACt￿rIal {g2in5V1055 Pa515ervice oxs 8errfits p￿d C￿*r￿8delin￿d benefii thligaiion 2036 32 31 (27T) 1.665 1.981 Page 33 Grl$' Educatbn Cornpany Umlted Notes to the Accounts {