2023-08-31-accounts - Girls' Education Company Ltd

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		Contents	Page
Review by the Headmistress
Council Members, Officers and		Advisors
Annual Report by the Council		(including the Strategic Report)
Independent	Auditor's Report
Consolidated	Statement of Financial Activities		21
Consolidated	and Charity Balance sheets		22
Consolidated	Statement ofCash flow		23
Notes to the	Accounts		24

Members of Council	served on these committees	during the year as follows:	during the year as follows:
	(1)	(2)	(3)	(S)	(6)	(7)	(8)
Mr Jeremy Bailey
Ms Jenny Fannin-Lovell
Professor Louise Fawcett
Mr Emir Feisal
Mr Vivek Ganotra
Mrs Amanda Gibbon
Dr Caro Godlee
Miss Wendy Griffiths
Mrs Nicole Hughes
Mrs Sarah Judd
Mr Patrick Lewis
Mr David Lillycrop
Dr Jane MacDougall
Dame Juliet May
Mrs Diana Rose
Mr Peter Warren
The Rt Revd Dr Alan Wilson
Mr Richard Winter

									22-23	21-22	20-21
Energy consumption used to calculate emissions			(kWh); all			mandatory			10,091,258.39	10,672,620.32	10,790,526.2
energy sources are included.
Scope 'I: Emissions from the combustion		of natural		gas	tCO2e				997.29	1,069.32	1,172.90
Scope 1: Emissions from combustion	of	fuel for	transport			and	/ or
heating tCO2e									503.53	483.21	474.0
see evidence pack for breakdown)
Scope 1: Emissions of Biomass Pellets tCO2e									0.0	0.0	0.0
Scope 3: Emissions from business travel in employee-owned where the company repaid mileage claims tCO2e (average						vehicles, vehicle /			0.00	5.27	0.8
fuel source unknown)
Scope 2: Emissions from purchased	electricity tCO2e								536.54	531.41	535.2
Total gross CO2e based on above	(tCO2e)								2,037.35	2,089.21	2,182.9
Intensity Ratio 1; kg CO2e gross based		on mandatory			fields above			per	3.15tCO2e	3.21 tCO2e	3.38tCO2e
pupil

Income from:
Donations and legacies Charitable activities			92 28,229	373	465 28,229	153 26,977
Other trading activities Investments			2,088 382	324	2,088 706	1,892 333
Interest received			5		5	2
Other income			31		31	84
Total income			30,827	697	3$524	29,441
Expenditure on:
Raising funds Trading activities Fundraising expenditure Investment management	costs		820 195 7 1,022	9 32 18 59	829 227 25 1,081	490 343 27 860
Charitable activities			29,101	66	29,167	25992
Total expenditure			30,123	125	30,248	26,852
Net income before Ins	and losses on investments		704	572	1,276	2,589
Net (losses)/ gains on investments Net income before transfers			3 707	(206) 366	20h3 '1 st)	818) 1,771
Transfers between funds		10	461	(461)
Net movement in funds			1,168	(95)	1,,073	1,771
Reconciliation offunds:
Total funds brought forward Total funds carried forward			56,256 57,42'I	12,351 12,256	68,607 69,680	66,836 68,607

						I	I
						III	III
Fixed assets
Tangible assets Investments					11 12	54,483 10,856	50,369 10,869	54,517 2,030	50,381 2,098
						65,339	61,238	56,547	52,479
Current assets
Stocks						173	185	26	41
Debtors						2,376	1,394	2,726	2,732
Cash at bank and		in	hand			13,636	17,602	13,201	16,004
						16,185	19,181	15,953	18,777
Creditors: amounts			falling	due within one year	14	(7,804)	(9,321)	'(7,678)	(9,189
Net current assets						8,381	9,860	8275	9588
Total assets less	current			liabilities		73,720	71,098	8'4;4)22	62,067
Creditors: amounts			falling due after more than		15	(4,040)	(2,491)	(4;040)	(2,'l91)
one year
Pension scheme	(Deficlt)/Surplus				21
Net assets					17	69,680	68,607	60,782	59576
Charity Funds
Called up share Restricted	capital funds				16 18	12,257	12,351	3,324	3,308
Unrestricted funds					18
Fixed Assets						54,483	50,369	54,5'17	50,381
Estates Development Free Reserves				Fund		940 2,000	3,887 2,000	940 2,001	3,887 2,000
Total funds						69,680	68,607	60782	59,576

Cash flows from operating activities
Net cash generated from operating	activities		19	1,352	5,396
Cash flows from investing activities:
Investment income receipts				711	335
Purchase oftangible fixed assets				(7,002)	(5,592)
Receipts from sale oftangible fixed	assets			8'I	38
Disposal (purchases) of investments				193	853
Net cash used in Investing activities				(6,403)	(4,366)
Cash flows from financing activities:
Net payments into/(out of) the Composition		Fee Fund		'1,'I4-1	(548)
Investment management charges				:(25)	(27)
Other recei ts				(3",)
Net cash used in financing activities				10353	(575)
Change in cash and cash equivalents	In the year			(3;966)	455
Cash and cash equivalents brought	forward			17,602	17,1'I7
Total Cash and cash equivalents at	the end	ofthe year	20	13,636	17,602

Other	31	31
	31	31	84

Costs of raising funds:	Costs of raising funds:
Trading expenditure				829	829	490
Fundraising	expenditure	150		77	227	343
Investment	management			25	25	27
		150		932	1,082	860
Charitable	activities:
Teaching		10,057	314	1,421	11,792	10,963
Welfare		2,388		4,658	7,0'I6	5.936
Premises		1,316	2,142	2,864	6,322	5,680
Finance costs				10	10	9
Support costs		2,551	406	992	3,949	3,364
Settlement	costs	14			14	6
Governance	costs			34	34	34
		16,326	2,862	9,979	29,167	25,992
Total Expenditure		16,476	2,862	10,911	30,248	26,852

Auditor's	remuneration	- statutory	audit	32	32	31
Auditors'	remuneration	—non audit	services
Other
				34	34	34

Wages and salaries	13,174	12,206
Social security costs	1,348	1,222
Pension costs	1,954	1,793
	16,476	15,221

Teaching staff	124	'I15
Academic support	107	105
Administration	50	47
Pastoral	54	60
Domestics	57	57
Estates	41	40
	433	424

E60,001 to f70,000				25	26
E70,001 to f80,000				4	5
E80,001 to E90,000				6	1
E90,001 to E100,000				1	1
f130,001 to f1'l0,000				1
E150,001 to f160,000				1	1
E180,001 to f190,000					1
f200,000to E210,000				1
			.X4' ""Sary
Aggregate employee remuneration	of key management	personnel		1,384	1,3'i3
Number ofemployees				14	14

						u,
						,i 'IJ.
						'rl ir ~,	rirr	r&	'
Transfer	from Chinese		Learning		Fund	13	(13)
Transfer	to Wycombe	Abbey		Hong Kong Foundation		(9)	9
Transfer	from Annual	Fund				87	(87)
Bursaries	Funded from	Wycombe			Abbey School Foundation	220	(220)
Transfer	from Bursary	Capital		Fund		60	(60)
Transfer	from Verdant		Bursary	Fund		15	(15)
Transfer	from Catherine		Mary	Scott-Smith		75	(75)
						461

Cost
At 1 September	2022
Transfer
Additions
Disposals
At 31 August 2023		58,133	15,153	3,432		869	2,063	79,650
Depreciation
At 1 September	2022	14,572	5,228	2,097		463		22,360
Charge for the	year	1,123	1,224	406		109		2,862
On disposals						(55)		(55)
At 31 August 2023		15,695	6,452	2503		517		25,167
Net book value
At 31 August 2023		42,438	8,701	929		352	2,063	54,483
At 31 August 2022		40,690	5,943	886		400	2,450	50,369
					f
Cost
At 1 September	2022	55,262	11,147	2,983		863	2,463	72,718
Transfer			2,057				(2,057)
Additions		2,871	1,925	'l49		65	1,71'I	7,024
Disposals						(60)	(23)	(83)
At 31 August 2023		58,133	15,129	3,432		868	2,097	79,659
Depreciation
At 1 September	2022	14,572	5,205	2,097		463		22,337
Charge for the	year	1,123	1,224	406		109		2,862
On disposais						(55)		(55)
At 31 August 2023		15,695	6,429	2,503		517		25,144
Net book value
At 31 August 2023		42,438	8,700	929		351	2,097	54,515
At 31 August 2022		40,690	5,942	886		400	2,463	50,381
			Page 32

Freehold land and buildings	Freehold land and buildings
Valuation by AC Frost	and Co. in May 1961	757	757
Additions at cost		57,504	54,633
Less disposals to date		(128)	(128)
Total cost offreehold	land and buildings	58,133	55,262

At 1 September		10,869	12,540	2,098	3,098
Additions at cost		509	319	124	123
Disposal proceeds		(316)	(1,172)	(118)	(1,009)
Movement in market	value	(206	(818)	(74	(114)
At 31 Au ust		10,856	10,869	2,030	2,098

Cazenove Charity Multi	Cazenove Charity Multi	Asset	Fund				1,079	1,150	1,079	1,150
Fidelity Global	Dividend	Fund							138	135
Vanguard FTSE All World									104
HSBC FTSE All World Index			Fund	UCITS	ETF				120
COIF Charity	Global Equity Fund						2,756	2,646
COIF Charity	Investment	Fund					2,498	2,497
Rathbones Unit Trust —Core			Investment		Fund for Charities		3,547	3,604
he Com any	holds 100%unlisted			shares	in subsidiary	companies
Income						447		450	1,512
Ex enditure						(399)		(438)	(623
Profit for the	Year					48		12	889
Total assets						308		21	1,122
Total liabilities						308		(2'I)	(1,122)
Net funds at	the end of	the	ear

he Company	has two linked	charitable sub	sidiaries:
			' ~
					,e
				I
Income				251	122
Expenditure				(361)	(127)
Deficit ISur	lus for the Year			110
Total assets				8,926
Total liabilities				3
Net funds at	the end ofthe	ear		8,923

Trade debtors		932	917	918	880
Amounts owed by subsidiaries				1,323	1,448
Other debtors		1,087	130	129	93
Prepayments	and accrued income	356	347	356	311
		2,375	1,394	2,726	2,732


					ii	& i
Fees in advance					2,344		2,861	2,344	2,861
Amounts owed	to subsidiaries								82
Composition fee fund						354	198	354	198
Fee deposits held against			final	bills		611	1,170	611	1,170
Trade creditors						85	1,078	67	917
Other taxation	and soaal		security			336	324	326	320
Othei creditors					2,143		2,082	2,113	2,057
Accruals and deferred		income			1,931		1,608	1,863	1,584
					7,804		9,321	7,678	9,189

							)4j
Assuming	pupils	remain	in the School, advance fees will	be applied	as follows:
Due within one		year				354	198
Within one to two years						354	54
Within two to five years						834	149
After five	years
						1,542	401
6. Share	capital
Allotted,	called up and fully paid 16(2022: 12) ordinary			shares of	50p each

Tangible	fixed	assets	54,483		54,483	50,369
Investments				10,856	10,856	10,869
Current	assets		14,783	I,'I02	16,185	19,181
Creditors	due	within one year	(7,803)	(I)	(7,804)	(9,321)
Creditors	due	in more than one year	(4,040)		4,040)	(2,'l91)
			57,423	12,257	69,680	68,607

Tangible fixed assets					50,369		50,369		47,095
Investments						10,869	10,869		12,540
Current assets					17,696	1,485	19,181		18,485
Creditors due within one year					(9,318)	(3)	(9,321)		(7,772)
Creditors due in more than one		year			(2,491		2,491		(3,512)
					56,256	12,351	68,607		66,836
8. Summary offunds
Unrestricted funds:
Ordinary school funds				52,369	30,827	(30,123)	3	3,408	56,484
Estate Develo ment Fund				3,887				2,947)	940
				56,256	30,827	(30,123)	3	461	57,423
Restricted funds:
Prize funds				1,990	61	(9)	(54)	-	1,988
Bursary Capital Fund				763	61	(2)	(20)	(60)	742
Estate Development Fund				441				15	456
Chinese Learning Centre				95				(13)	81
Verdant Bursary Fund				15				(15)
Verdant Foundation					50	(29)			21
Maths 8& Digital Learning					10	(2)		(5)
Catherine Mary Scott-Smith					75			(75)
Annual Fund					87			(87)
Wycombe Abbey Counselling	Programme					(66)		100	34
Hong Kong Bursary Fund				13	102	(7)		(100)	8
W combe Abbey Foundation	—Bursa		Fund	9,034	251	(10	132	220)	8,923
				12,351	697	(125)	(206)	(461)	12,257
Total unrestricted and restricted		funds		68,607	31,524	(30,248)	203)		69,680

	maintained	by Members ofCouncil to 1)operate the day	by Members ofCouncil to 1)operate the day	to day	to day	activities	ofthe
Ordinary school funds:	School,
	2) to act as a contingency fund and 3) to finance future develo					ments.
Estate Development Fund	designated	fund to	rovide for major capital developments	to	the estate.
Prize funds	to provide	scholarships from specific benefactors.
Bursa Ca ital Fund	to rovide	bursaries	from specific benefactors.
Development Fund	restricted	donations	arising from appeals earmarked for s	ecific		purposes.
Chinese Learning Centre	restricted	donation	for dedicated resources for teaching Mandarin.
Verdant Bursary Fund	restricted	donation	for sixth form bursaries.
Verdant Foundation	restricted donation in support ofthe School's 'Higher Education rogramme desi nated for 16-18 ear olds					Platform'
Maths & Digital Learning	restricted	donations	for Maths and Digitial Learnin resources		and online		latforms.
Catherine Mary Scott-Smith	restricted	donation	for two transformational bursaries.
	restricted	donations	in support of Bursaries, Learning and	Living		Facilities	and Area
Annual Fund	of Greatest Need
Wycombe Abbey Counselling	restricted	donation	for the School's in-house Counselling	programme.
Programme
Hong Kong Bursary Fund	restricted	donations	for building projects.
Wycombe Abbey Foundation—	to expand	the opportunities to allow pupils to benefit from a			Wycombe		Abbey
Bursa Fund	education.	Assets	are in a linked charity and accounted for as		Restricted		Funds.

Net income for the year	Net income for the year	(as per Statement of financial	(as per Statement of financial
investment gains				1,275	2,589
Adjustment for:
Depreciation charges				2,862	2,313
Investment income				(711)	(335)
Loss/ (Profit) on disposal		of plant &	equipment		(6)
Decrease in Composition		Fees Fund
(Increase)/Decrease	in stocks			12	(44)
(Increase)/Decrease	in debtors			(982)	(197)
Increase/ (Decrease)	in creditors			(1,108)	1,076
Net cash generated	from	operating	activities	1,352	5,396

Principal	aauarial	assumptions
Discount	rate			5.5%	4.3%
Retail price inflation (RPI)				3,4%	3.7%
Consumer price		inflation (CPI)		2,5%	2,6%
Pension	increases	—RPI maximum		3.2%	3.5%
Deferred	pension	revaluation	(RPI 5%cap)	3.496	3.7%

For a male aged 65 now		21.2	21.7
At 65 for a male aged 45 now		23.1	23.7
For a female aged 65 now		23.1	23.5
At 65for a female member	aged 45 now	25.2	25.6

Bonds	1,518	84%	1,791	82%
Cash	284	16%	406	I8%
	1,802		2,197

Fair	value ofScheme assets	value ofScheme assets	1,802	2,197
Value of funded		obligations	(1,463)	(1,665)
Sur	lus		339	532

Net interest	expense
Past service	cost
Asset return	less interest income 41ecognized		in P&L
Experience	gains on	benefit obligations
Effect ofassumptions		changes on benefit obligation
Restriction	ofasset
Total Included in em		loyer ex enses

Opening	defined	benefit obligation	benefit obligation	1,665	1,981
Interest	cost			68	31
Actuarial	(gains)/	losses		(131)	(277)
Past service cost
Benefits	aid			139)	70)
Closing	defined benefit obli		tion	1,463	1,665
Opening Interest	fair value ofScheme income		assets	2,197 91	2,456 39
Actuarial	(losses)/	gains		(347)	(228)
Contributions
Benefits	aid			(139)	(70)
Closing	fair value	ofScheme	assets	1,802	2,197

Difference between	the actual and expected	the actual and expected	the actual and expected	the actual and expected	return	on assets (6000's)	347	228
As %ofScheme assets							19o/	10%
Ex erience (losses)/	gains	on obligations	(6000's)				70	(127)
As 96 of obli ations							-4.8%	-7.6%
Total amount recognised		in the statement		of	financial	activities (f000's)
As %of obligations							0%	0%

			t		f +' ixr
				u	~ 4~,;a~~,i~'s' i 1%,.	ii	1 s	s' s	'I.~4 -'.,
Capital	expenditure	that has	been contracted for but has not been
provided	for in these financial		statements		379				379