WYCOMBE ABBEY Girls, Education Company Limited Annual Report and Consolidated Financial Statements Year ended 31 August 2024 Charity number,. 310638 Company number., 47031
Gii"Is' Educatltsfi Cr)Inpany Liniiled Year. Ended 31 ALig5t 20)4 Contents Report by the Chair of the Governing Couricil Annual Report by the Council (including the Strategic Report) Independent Auditor's Report Consolidated Statement of Financial Activities 22 Consolidated and Charity Balance Sheets 23 Consolidated Statement of Cash Flow 24 Notes to the Accounts 25 Council Members, Officers and Advisors 45
Girls. Educatioii Conipaiiy LIiTlited Year. 31 August 2024 Report by the Chair of Council l am delighted to repoit that the pupils and staff have enjoyed another successful and rewarding year at Wycombe Abbey aiid their academic, pastoral and co-curricular e.ndeavours continue to ensure that the School remains at the forefront of gil'ls, boarding education. We are recognised globally foi. the world class education we provide for our pupils, but we do so entirely in keeping with the values set out by our founder. Dame Frances Dove. In 1896. Trust, encouragement, niutual respect, dynamism, excellence, innovation. service and balance are centr-al to our community and guide our day-to-day interactions and decision making. We have continued to make excellent progress on implementing the School's Strategic Directiori over the past year and the detail of this can be found at httPS.'IIwww. wycombeabbey.comlexplore-21#strategicvision. The quality of the School s education and the breadth of its offering mean that, despite the challenges of the current economic environment. we remain a popular choice lor parents wishing their daughters to benefit from the very best of a British boarding education. We continue to be a full school, and are fortunate to be over-subscribed at all the main entry points. The majority of our pupils come from within a one-hour radius of London,, other boarder5 travel from further afield and more than 30 nationalities are represented within the School s full boarding community. Whi15t we celebrate our diverse and global outlook, we are also passionate about the need to serve and support our local community. We are proud of our close relatioiiships with many local primary and secondary schools in High Wycombe, and also our ability to SUPPOlt local charities and community groups, whether that be by pupil outreach, the provision of facilities or through shared programmes. l.inked to this is Qui- commitinent to the provision of financial £uppoit to pupils who would otherwise be unable to access the education we offei-. Such pupils bring their owri L4nique contributions to the School and last year we allocated over £1.5m in bursaries which supported 3 1 pupils,, the average bursary award Is 85% and our objective is to continue to 1ncrease the number of bursai-ies across the School. Council and the Executive devote considerable time to ensui-ing the financial stability of the School and Sook to strike a balance between the need to invest in excellence toda>, and to ensure that resources are appropi-iately marlaged for the loi)g-term future of the School. High inflation, Shifting Government policies and the need to invest further in our people and facilitieg all present their particular challenges, but the School reinains In a robust financial position, from which it can plan and Invest for the future. The Scliool coiitinues to ideiitify and grow additional source5 of income from its commercial and International operations. which is directly invested back into Bursai7 and Capital programmes. Wycombe Abbey is set iri magnificent grounds of more than 170 acres, aiid the School enjoys many modern facilities. This year we were delighted to complete the refurbishment works on the PerfOrMng Arts Centre (PAC) and we continije. tn progress our ambitious Estates Masterplan. This Is our road map for how the School site will be sustainably developed in the coming years and it Includes plans for modern, interdisciplinary teaching spaces and new boarding accoinmodation. You can read more hei-e.. https.'Ildevelopment.wycombeabbey.comlcapitalprojectsl Wycombe Abbey pupi15 continue to excel and after anotlier outstanding year, we are delighted that our departing UVI pupils have been successful in securing their places at the best of British, US and wor-ldwide universities. More details are in our annual i-eport below and an overview of leavers i-esults and destinations can be found at.. https'.11 www.wycombeabbey,comllearningl#results On behalf of Council, I would like to thank the Headmistress and all the staff at the School for the brilliant work that they do on behalf of the wonderful pupils we are privileged to educate. Whatevei. their role, all staff membei-s play an Integral part In making Wycombe Abbey a world cla55 school, and they should be justifiably proud of their impact and achievements In he5ping to prepare youiig women to be the leaders of the futui-e. P I C Warren Chair of Council
Gil-15 Fdijcalion Conipany Limited Year F.nOed 31 August 2024 Annual Report by Council The Members of Council of Girls Education Company Limited ( the School" the Company" or the 'Charitable Company ) present their Annual Report for the year ended 31 August 2024 under the Charities Act 201 l and the statement of Recommended Practice 'Accounting and Reporting by Charities SORP FRS 102. including the Director5 and Strategic Reports, under the Companies Act 2006, together with the audited account5 for the year. Key Achievements and Review of the Year Pupil Numbers and Academic Achievement DLJring the 2023124 year, the School educated an average of 646 pupils (2022123.. 6531 of whom 70 were day pupils (2022123,. 681. The School's academic results in 2023124 were excellent. At A Level. 42% (32% 2022123) of subject entries sUlted in A¥ grades,. 83% (75% 20221231 i-esulted In A or A grades. and 95% (92% 2022123) I'esulted in A A 01- B grades. At GCSE, 70%173Y. 2022123) of Subject entries resulted In grade 9, 89% {90% 2022123) of subject entries resulted in grade 9 or 8 and 97% {97% 20221231 resulted In 9, 8 or 7, The A level results show a significant improvenient. and the GCSE result5 compare lavourably with pre-pandemic results. From a cohort of 90 in the Upper Sixth, 17 pupils secured their places at the Universities of Oxford or Cambridge. In addition. l-l pupils have gone to study in the US at universities Including Yale, Stanford, Brown, University of Chicago and john Hopkins. Our leavers go on to Study a wide range of subjects from Medicine and Anthropology to Theology and Mechanical Engineering - at a broad range of world class institutions around the world. Tlie most popular courses in 2024 weiE Law, Geography, Medicine, Classics, Philosophy, and Economics. Public Benefit, including School and Community Partnerships As a Charity, tho School Is mindful of Its commitment to public benefit by working to fLiifil three charitable aim5: l. To provide an independent secondary education of very high quality which maximises each pupil s potential and lifelong interests to the benefit of the wider community, There a many pupils who have performed active roles In public service.. including high court judges, members of parliament, doctors, lawyers and suffragettes who fought for the right of women to vote, A history that the School is very proud of, 2. To widen access by providing bursary funding. During the year 98 pupils (2023,, 94) were granted 3 level of fee reduction in the form of bursaries, scholarships and other remissions, and the total spent on scholarships and bursaries was £1 .6 million (2023.. 1.1.4 million). including support for 15 girls (2023.. 16) who bcnefitted from full fee bursaries. A further element of the School's funds is set aside to enable the Headmistress and the Bursar to alleviate cases of hardship so that girls may continue with a Wycombe Abbey education if their parents experience financial dificulties. The award of 8ursary support has become a focus for the School with an ambition to Increase the proportion of the stude.nt body In (eIpt of a bursary. The School is aiming to double Its 5UPPOft within the next 5 to l O years, The School continues to ensure that there is funding set aside In the budget each year for Bursaries and continues to receive donations into the Bursary Fund.
Jir15 k.dJchtioii Comi)any Lin)Iled Year Endpd 31 Aiigiisl ?.Q24 Annual Fieptrri by Council cont... 3. To provide educational facilities to membei-s of local schools and to other members of the community, Wycombe Abbey's philanthropic, charitable, OLltreach and partiiership work Is central to School lifc. OLir primary school placemcnl programme cont,.nues to Ilourish, and we have now added two more local schools in High Wycombe (Higliworth Combined School and Abbey View Primary Academy) to our family of priniary pai-tners. Our innovative primary school enrichment programme, where enrichment lessons af'e taught to Year 5 aiid Yeai- 6 pupils by our own Sixth f oi'mcrs, entei-s its second year. with an even more diver-se offering ()f Slibiects. to include computer science and social sciences. We plan to be a hub for the teaching of chess in High Wycombe, with coaching sessions being or£an1sed foi- Year 3-5 pupils In oijr wonderful Fisher Library by our Head of Chess Society, one of our Year l O pupils. With secondary schools, our main comniitments are to local non-selective schools, particularly Cressex Community School, wh5ch is a flazship partner school. We hAve deep links Wlth Cressex a5 we are Prirt of their co-opei"ative trust of 11)stitutions, and we further strengthened that i-elationship by hosting their Year 7s for a fun teambuilding day dui"Ing October Half Term, This event was a great success. and we look forward to welcoming the Cressex Year 9 pupils for their annual Summer School in lune 2025. We are looking for ways to further develop links with St Michael s RC School and Highcrest Academy, having hosted Sixth Formers from both schools in 2023124 at careers events. OLir comniitnient to t.he Inc.Al area of High Wycoinbe is a very iinpoi-tant pai-t of our school s DNA, and v1th a new cliaplain In place (Padre Paul), vrfe will be exploring volunteering oppoi-tunities for our pupils. Oiie of our longstaiid1ng volijnteei-lng events is our- hosting of Horizon, a local chai-lty to promote access to sport for disabled childr-en. Our Yecir 12 Jnd 13 pupi15 at-e paired up w1th specific swii))iiiers arid ovei- a per'iod of neai-ly a year, spending on hour on Thursday evenings with their child. hclping to develop their confidence In the water. Oui. Senior Matron, Hazel Nugent, has been the teacher in charge of this programme for niany years and it Is a cherished part of oui. par-tnerships provision. It 15 so enriching for our PLipils. and Horizon continue to be very complimentary about the quality and dedication of our Wycombe Abbey volunteers. Total fundraising for the year was £21,112. Pupils concentrated on the following fundraising.. Dove Charicies We continued our Support for St Patricks School in Vanuatu with the Melaiiesiaii Mission, together with Central Aid in High Wycoinbe via our n)ufti days (billed as the Foundation Fiver). Elected Charities Our Elected Cliarilies are Mai'y s Meals, who provide food for childi-en In education around the world, and the Wycombe Refugee Partnership. Money for our Elected Charities this year was raised with several fundraising initiatives,, The annual 8onfire Night stalls raised £4,786 Most house5 held bake sales and house raffles dui-Ir)g the year. The house hampcrs raffle And dog show event on Dove Day raised £2.218. The was also an auction of iPhones which rfiised 11.30?. and a 7umbathon which raised £3 60.
Gif'ls, Educatson Coinpaiiy Lamiied Year Ended 31 August 2024 Annual Report by Council coni... Other Charities Our extra Inufti days raised money for Marys Meals, as chosen by the Head Girl Team. We held our usual collections foi- the Royal British Legion on Remembrance Day and All Saints Chui-ch at Carol Concerts (£1 .302). Thore was a I"8ff le dui-lng our annual Sports Awards which raised £766 lor the cliarities the netball tour to South Africa supported. Fundraising Performance During the year the School received donations of £227,000 (2023.. £465,000) including foi- the following purposes.. Annual Fund L182,000 (2023: L78,000)', General Fund £45,000 {2023- £9?,000)', Maths and Digital Learning Fund Lnil (2023.. £10,000).. Bursary Fund Lnil (2023.. £38,000).. and HK Foundation £nil12023.. £102,000). Fundraising activities were undertaken by the School s Development Office. There were no professional fundraiging organisations used in the year and therefore no monitoring processes required. The School is registered with the Fundraising Regulator and has paid the levy. The School adheres to the code of Fundraising Practice when undertaking fundraising activities. Theit were no complaints received by the School in relation to the fundraising activity in the year. The School does not seek to raise funds from the wider general public. The School takes it5 responsibility to anyone who might be vulnerable very seriously and this will continue to be considered the School s approach to fundraising activity. Co-curricular Achievements Academic achievements were supplemented by ri ILIII programme of sporting activities And fixtures across a wide range of sports Including lacrosse. netball. cricket, athletics, tenriis, swimming, fencing. rowing and golf. Ovei- 80 pupils applied for the new Performance Programine and we have appointed a new Director of Performance and Athletic Wellbeing who will be star-ting during 202412025, The School s musicians excelled with a very busy programme of weekly recitals. and whole-school concerts including the Spring Orchestral Concert at St Mary's Marylebone. As well as mus.'c, drama also flourished with each year group putting on performances, and an excellent performance of Legalty Blonde for thi5 years musical. Future Plans In order to realise the vision that Wycombe Abbey remains at the forefront of girls boarding education and is recognised globally as a world class school, it Is Imperative to develop a coherent. long-term gtrategy to transform the estate. Over. the last 3 years. the School has produced a site-wide Masterplan that extends to 2035-2040. The aim of the Masterplan Is to set out a long-term strategic programme that will see us build state-of-the art teaching, learning and living spaces in line with the best schools in the world. The major elements of the first phase of the plic n are to design and build a new junior House and an Innovation and Design Centre. The process to obtain planning permission for both of these new buildings has been rather longer than anticipated, and work had originally been planned to start during 2024. This has now been delayed until at least 2025, but given that external fundn8 will be required to finance the new developments. the delay provides more time for a sofiening of Interest rates and therefore lower anticipated borrowing costs, The current forecast shows that both buildings should be complete by 2028 pending planning permission being granted. Aside from Improvements to the estate, the School is looking to enhance its connectivity with other countries. and a Head of Global Links will be recruited to di'ive and fulfil this ambition.
Gir15 IdLication Company Limited Year l.nded 31 AiJgust 2024 Aniiual Peport by Council cont... Financial Review Financial Results Ii)come amounted to £3 3.8 million (2023.. £31.5 million). Expenditure amounted to £33.3 million (2023.. £30.2 million) genei-ating a net income for the year before movements on investment values of 10,6 million (2023.. £1 .3 million). As usual, the majority of income is from school fees - £29.9 million or 89% (2023.. £28.2 million - 86%) biit with Important contributions from donors of £227,000 in the year, or l Y. (2023.. £465.000 - 1 %) and the tradiiig subsidiaries including income from our international arrangeme.nts of £1.708,000 or 5% (2023 £1,512,000- 5%). Of the School's revenue expenditure. £17.9 million or 54% 15 on wages and salaries (2023.. £16.5 million, 55%). The consolidated balance sheet shows net assets of £71 .2 million (2023. £69.7 million) of which 81 % is represented by tangible assets of £57.5 million (2023.. £54.5 million 78%). Unrestricted net current assets are a positive £15.0 million at 31 August 2024 (2023.. £8.4 million). The School sub5idiarieg had the following impacts on the surplus.. Wycombe Abbey Services Limited.. £44.000 (2023.. £48.0001 representing income from lettings, the iiew Wycombe Abbey Suniiner Progran)me and the School shop, mainly froin sales of uniform, Wxcombe Abbey International Limited.. 11.103,000 (2023.. £889.000) repi-esenting the income from Brttish Education Limite.d in i-elation to the operation of international 515ter scliools. Wycombe Abbey Developments Liinited. IL9,000) (2023.. £12,000). Overhead costs and recharg,es from Girls Education Comparly Ltd exceeded the Incoiiie fiDm riiaiiageiiieni fees on design and build activity In tlie year-. Investment Policy The Council. which is giveii absolute discretion under the terms of the Articles of Association to invest the reserves, strictly observes the limitation of the Trustee Investment Acts. The Council's policy Is.. to maintain Income whilst. wliere possible. preserving the real value of inve5trNents', to maximise Income on temporarily Invested restricted fiJnds'. and to match tlie return of invested Compositioi) Fee Scheme monies in lir)e with the n)aturation pi-ofile of the related liability to provide schooling in future years. Wycombe Abbey specifically excludes from the investment portfolio companies whose practices are congidered to be In conflict with the Uiiited Nations Convention on th,e Rights of the Child 1989 and witli Ihe Sihool s own objectives a5 Stated in the Articles of Associalion and ori the Sol)ool s website. Pension Scheme Up to 2003, the School operated a defined pension scheme- Ihe Wycambc Abbey Pension Scheme for non-teaching slaff. The scheme was closed with effect from 31 December 2003 and since then the members have iiol accrued any fui-ther benefits. The scheme has an Investment fund which is managed by Cazenove and which Is intended to cover tlie future liabilities ol the scheme. The funds are mainly invested In low i-lsk bonds with a pi-ofile to match the fulure Iiiib..Iities, wliose valLie a no L expec'led to fluctuate significantly given Ihal no additional benefits are dLcriiing lo mt4mbL)rs. This approach shoLild en5Lirp tnat there will be no material Impact on the School from changes in either the pension value 01- the Investment value.
Girls Èdiication Lonipany Limited Ye¢ll- l.nded 31 Aiigiist 2024 Aiiiiual Report by Council cont... Asset Cover for Funds and Reserves Policy An analysis of the assets and liabilities attributable to, and d description of, tlie various funds maintained by the School Is shown In Note l / to these accounts., the assets Ji-e 5ullicient to meet the obligations of each fund. All the property and otlier tangible assets owned by the Company are used solely for the pui-poses of the School. The market value of the School's freehold property is considei-ably mol-e than the cost or valuation shown in the balance sheet. The accoLinting policies of the Company are set out In Note l of the accounts. Unrestricted funds amount to £57.9 million and are represented mainly by the fixed assets of £57.5 niillion of which £41 .6 million is the land and buildings in which the School operates. Note 21 gives information on the provision for Pensions. Council reviewed and updated its Reserves Policy in 2021., this aims to ensure the School Is free from the risk of disruption at short notice duc to a lack of funds and that therc are sufficient funds to undertake building and refurbishment pr-ojects to Inaiiitain the 170-acre estate and Its building5 (Including the School s responsibility for maintaining its listed buildings), whi15t at the saine time ensui'ing Il does not retain Income for- longer than required. In accordance with CC19 guidaF)ce, the Trustees regai-d 'free' reserves in the School s context as being the reserves of the School after deducting fixpd assets Rnd any funds held as i-estricted or designated. As at 31 August 2024. free reserves were c,£2.Om, which is deemed sufficient to be retained against the repayment of i-esidual creditors due within one year. Council hds ambitious plans to develop the educational InfrastructLJre of the School Including fur-ther enhancements to the boarding hoLises. The Estates Development Fund Is being biiilt lip to p.nablp. this programme to progress when fiinds permit and currently holds l. I m. Risk Management The Council excimines the major risks that tkTe Group and the School face each financial year when up¢Jilting the Risk Registei- aiid any strategic plans. The Council and Executive Leadei-sliip -leam consider the risks desci-kbed below to be the key risks facing the Group at the current time..
Girls Education C_op.)pany Limited Year Endpd 31 Aiigiist 2024 Annual Rep(Yt by Council cont... Key Risk Adverse Government Policies Potentlcll Iiiipact Increased statling costs resulting from burden50me i-egulationllegislation. 2. Reduction in pupil numbers. leading toloss of income. MItiLTation ai)d Conti-ols l . Monitor proposed legal and I"egulatory changes. 2. WA is a member of appropriate umbrella bodies, who are lobbying eFtectively on policy changes that affect the sector. 3. Build up resilience in cash reserves to withstand any changes 4. Diversify sources of income to reduce reliance on fee5. 5. Recognition of importance of public benefit qualification with significant Increase In Bursary support planned under new Bursary Strategy. 6. Monitoring and following Charity Commission guidance. 7. Council strategic consideration of options for School oper¢ltin£ mode.15hould Charitable status or taxation benefits be lost. 8, Financ.e Coinmittee to monitor performance against budget throughout the year. l. Deliver-y of School Strategic Plan and Vision. 2. Maintenance of the highest academic standards. 3. Mairitenance of the highest 5tandai.ds of pastoral care and welfare support. 4. Suitable and effective policies. 5, Excellent communications and marketing. 6. Engage independent PR support. where necessary. 5ignificcint Ioss of I damage to the Schools reputation l . Declining Applications I numbers joining the School. 2. Increased pupil leavers. 3. Loss of revenue. Funding of Long Temi Strategy l . Inability to deliver Estate Masterplan at pace desired or at all. I , Fuiidi'aisin8 Campaigns by E)eve1opment C)Hicc. 2. Expansion of International Schools to generate additional income. 2. InSu1c1ent funds to achieve Bursary Strategy objectives 3. Impact on achievement of School vision and world class status, 3. Ten-year cashflow modelling, scenar-io analysis and St Ss-testing. 4. Consideration and arrangement of appropriate finlr nce fiicilities to en<ible projects to be delive d In a timely fashion. 5. Options to adjust Estates Masterplan programme and pace. 6. Options to scale back Bursary aspirations.
Gir"15 Educdtion Coinpdny Limited Year Ended 31 August 2024 inual Report by Council cont. Key Risk Large scale local or national catastrophe I pandemic Poteiilici I Inipact l . Daiiger 10 gil'ls, sldll oi" visitors. MItlUcilion and Coi)ti'ol. EiY)ei-gency Response ano Busiiiess Contiiiuity Plan, Including establishment of Pandemic Response Team. 2, Formal crisis management training undertaken by ELT. Key principles to be cascaded to other leaders. 2. Destruction of property. equipinent. recoi-ds through rire, flood or similar damage. 3. Compiiter system failures or loss of data. 3 Contingency Plans (e.g. SARS) for isolating infected pupils, if numbers permit or. alternatively, sending pupils home. 4. Data backup procedures and securtty measures 5. Rules on appropriate behavioijrlcode of conduct. 4. Major GDPR breaches. 5. School has to close. 6. Loss of income if the School Is unable to offei- education. 7. Staff unable to work. 8. Medical andlor Doniestic teams unable to cope with Impact of pandemic. 9. Reputational impact of educational provision being below expectations. 6. Appropriate insurance cover. 7. EducAlional offering to be provided through remote or hybrid learning models If pupils unable to retLJrn to site. 8. Naintenance of adequate finaiicial tEserves. 9. Acce5S to relevant Government 'inancial support where available. l O. Consideration of additional hardship support and fiL'xible payment arrangements for. pBrent5. I l . Have a link with an external nui-sing agency. Throiigh tlie annual review of i-lsk management pi-oce55es established for the School, Council 15 satisfied that the major risks identified have been adequately managed. It is i-ecognised that systems can only provide i-easonaile but not £ibsolute assurance that major risks have been adequately managed. Structure, Governance and Management Details ol Ihe School s Council member-s, Oflicers and Advisoi-s al-e set out on pages 45 to 46. Governing Documents Girls, Education Cornpany Limited is a registered charity number 310638, limited by shares, and was constituted by Memor-andum and Articles of Association in 1896 (adopted by special resolution dated O I july 2023) with the registration number 47031 .
Gir15 Fducaiion Company LIiT)ILed Year Ended 31 Aiig115t 2024 AnnuHI Rert by CoLincil conl... Group Structure The Groijp consists of the Girls, EducAtion Company L.Imited, known as Wycombe Abbey. and Its five subsidi(Iries'. The Compaiiy has four wholly owned non-charitable 5ubsidiaries'. Wycombe Abbey Services Limited (company number.. 2510811) receives ifjcome from the letting of land and buildings at the 5choo1 and any other activity not deemed to fall within the School's charitable statu5 including the School Shop, which sells uniform and other. Items to parents and girls. Wycombe Abbey Developmerlts Limited (company number. 0954970) handles new buildings and major redevelopment projects as part of the long-term improvemer)t of the School Estate. Wycombe Abbey Internationa5 Limited (conipany number.. 09911805) manage5 the licensing of overseas schools. Wycombe Abbey Pension Trustees Limited (company number.. 3743179) is a Trustee company for Wycombe Abbey 1966 Pension Schcme lor Non-Teachir)g Staff, a pension schcmc closed to new entrants from 31 December 2003. The Company has one linked charitable subsidiary.. Wycombe Abbey School Foundation ("WASF") (i-egiste.i-ed c.harity number., 310638) which is a linked charitable subsidiary with a separate Trustee Body which receives and disti-ibutes funds donated for the furtherance of tlie charitable objects of the School, Governing Body Each meimber of Council is a Trustee of the Charity and Director of the Company, holding one Ordinary Share thereof, The day-to-day management of the School Is delegated to the Headmistress supported by the Executive Leadership Team and members of the Wider Leadei-5hip Team. The Executive Leadership Team ("ELT"I comprise the key management persoiinel of the Charity, in charge of directing and controlling, running and operating the School on a day-to-day basis. Members of the ELT are.. The Headmistress, Bui-sar. Deputy Head (Strategy and Operations), Deputy Head (Pastoi-all, Deputy Head (Academic). Director of Safeguarding and Pupil Welfare, Director of Sixth Form and Director of People. Recruitment and Training Members of Council are appointed by Council following recommendations by the Nominations Committee which comprises the Chairman and other nominated member5 of Council. New members of Council are inducted into the workings of the Charity, including the policies and procedures. during an Induction programme specially organised for them by the Headmistress and Bursar. It is CoLJncil policy that meinbers of Council undergo relevant specialist training where appropi-iate. Pay Policy for Senior Staff Members of Council do not CeIve remuneration for their duties as a Member of Council. The pay olthe senior Staff Is reviewed annuAlly and noi"mally Increascd in accordcince with avei-age earniqgs. Council benchmark against 3ay levels Ir) other independent schools of a similar size. the Infoi-mation being available in aggregate form.
Girls Educatioi) CO1pariY Liinii¥d Year- Elided 31 Au%1151 2024 Annual Reptsrt by Crn(lI cont... Organisational Management Council determines the general policy of the School and meet5 at least four times a year. Council is serviced by eight specialist Committees, six of which have responsibility as follows: Finance I l ), Education (2),. Safeguarding, Pastoral and Boai-ding <3),. Human Resources and Remuneration (4)., Risk (5) and Estates (6). The members of these Committees meet before each termly meeting of the Council. The remaining two committee5', the Nominations (7) and the Development and Communications {81 meet at least once a year, and as and when necessary. Members of Council served on these committees during the year as follows.. (21 (3) (i) Ms lenny kannin-Lovell Prof Louise Fawcett Mr Emir Feisal Mr Vivek Ganotra Mrs Amanda Gibbon Di" cal Godlee Miss Weiidy Griftiths Mrs Nicole Nughes Mrs Sarah Iijdd Mi- Patrick Lewis Dr lane MacDougall Dame juliet May Mrs Diana Rose Mr Peter Warren The Rt Revs Dr Alan Wilson Mr Richard Winter- Objectives and Activities Charitable Objects The objects of the Company 1nc1ude the provision of complete and systeniatic education and train1ng for girls., this Is met by the ongoing, siJcce.ssfiJl operation of the School. The Charity's Vision and Aims The vision and aims of the School, which is a charitable company, are encompassed in the School's Strategic Plan 2020 to 2025.
Gills I".ducation Company Limited Year Inded 31 Aug115t 2024 Annual Report by Council cont... Vision To be at the forefront of girls boarding education and recognised globally as a world class school. M ission -ro inspir'e evel'y pupil to strive for" ambitious goals and to recognise that they can make a positive diffeiEnce in the woi"Id, now and In the future. Aim5 The pursuit of academic excellence. The development of each individual's talents in creative, physical and social skills. The encouragement of faith in God and service to other people all in a happy, fulfilling and caring community. Strategy To achieve the school's vision and mission, there will be a focus on six strategic pillars: l . Academic Excellence. Pursuing academic excellence through scholarship, 11ltellectual challenge and the development of a genuine love of learning. 2. Pastoral Care and Wellbeing. Providing outstanding pastoral care which supports individuals. promotes mental health and wellbeing and enables each pupil to flourish and fUri1 theii- potential. 3. Leader-ship and Growih. Developsng an impressive, diverse, high-performing staff body with strong leadership at all levels which is built on the values of trust. respect and encouragement. 4. Engagement and Connectivity. 8uilding strong and Slipportive relationships in every area wliich is Inanifested in practical engagement with the School s strategic objectives. 5. Global Awarenes5 and Fulure-Focus. OFtering a dynamic, fu Lure-focLised curricLilar and co-curricLilar offer which broadens horizons and successfully prepares pupils for life beyond School. 6. Transformational Change. Stewarding resources responsibly to preserve tlie School's legacy and build lor the future. creating a world class campus and enabling as many pupils as possible to expei-ience a Wyconibe Abbey education. In the furtherance of these aims Council, as the Trustees of the Charity, have complied with the duty Imposed by section 17{51 of the Charities Act 201 I to have due regard to the Charity Commission's published general and relevant sub-sector guidarice concerning the operation of the Public Benefit requirement under that Act. Duty to Promote the Success of the Charity The Council has met the requirements under Section 172 of the Companies Act through application of the policies and procedures disclosed In this repoi-t. In particular, the Members of the CoLincil nave had regard to the specific considerations Set out in Section 172 below.. the likely consequences of any decision In the long lerm., the Interests of the Charity's employees., the need to foster the Chai-lty's relationship5 W1th supp11ers, customers and others,, the impact of the Charity's operation5 on the community and the environment., the desirability of the Chai-ity maintaining a reputa110n for high standard5 of conduct,
Girls Ldiir.ation C.'tsinpany l.Imitp.d ye.ar F.nded 3 I Au8llSt 2024 Annual Repoi-t by C015ncil conl... Employment Policy The School Is an equal opportunities employer. Full and fail- consideratioii is given to job applicatioiis from disabled pei'sons and due considei"ation is giveri to their training and employment needs, Consultation with employees, or their representatives, has continLied at all le.vels with the aim of taking the views of employees into account when decisions are made that are likely to affect tl)eir Interests. Employees al-e made aware of the financial and economic performance of the School, Safeguarding Policy The School is committed to safeguarding and promoting the welfare of pupils and expects all in our community to share this commitment. The School has long been reriowned for its leadership in teaching. learning. pastoral care and a wide range of co-curi'icular activitie5. The School's coinmitment to be a leader in pupil welfare. is embodied in current practices where the School strives to place pupil care at the heart of all that It does. The School seeks to continuously develop and Improve our safeguarding policies and procedures and to promote a cultiire of excellence. The School s key policies, procedures and summai-y documents al-e developed in line with statutory guidance, ISI regulatory requirements, Local Authorrty reciuirements and best practice. Data Protection Policy The School Is committed to compliance with the Genei-al Data Pi'otection Regulation l GDPR"), For the purposes of the Data Protection Act 2018, the School is ihe "data conti-ollei- of per'sonal data about pupils and their parents andlor guai-dians {"your pei-sonal data ). Personal data processed by the Scliool Includes coiitact details, natioiial curriculum and other assessment results. attendance inforination, special educational needs, and images of pupils for identity purposes and engagir)g In School activities (arid iii I'elat10n to parents andlor gLiai-dians. may Include financ.al Inforination). The School may also process sensitive personal data such as ethnic group, religious beliefs and relevant medical information. Environment The School has completed the streamlined Energy and Carbon Repoi'ting Process ("SECR"I for the fifth year. Key extracts of the SECR are provided below. Greenhouse gas emissions ("GHG") and energy use data were as follows.. reakdown of energy Lonsumption used to calculate emissions (kwh)., Energy Jype 202212023 2023120?.4 Mandatory Gas 5,451,790 5,453,214 Purchased electricity Transpoi-t fuel Total energy (mandatory) Voluntary Scope I 2,591,028 2,91 ,554 155,467 154.536 8,198,285 8,519,304 Burning oil 1 ,892,974 997,221
Girls Educat.on CofP.P4riy Llmlted Ycai. Lnded 31 Aii2bSt 20?.1 Annuhl Rerx)rt by Council conl... Energy Type 202212023 20231202AI Total energy (voluntary) Total energy (mandatory and voluntary) 1 ,892.974 997,221 10,091,259 9,516,525 Breakdown of emissions associated with the reported energy use (tC02e}'. Emission source 202212023 202312024 Mandatory Scope I Gas 997.3 997.4 Company owned vehicles Scope 2 Purcalised electricity 36.4 35.5 536.5 602..8 Scope 3 Category 6.. Busines£ travel Igrey fleet) Total gross emissions (mandatory) Voluntary Scope I Burning oil Total gross emissions (voluntary) Total gros5 emlssions (mandatory and voluntary) 1,570.2 1,635.8 467.1 246.1 467.1 246.1 2,037.3 1,881.8 Inten51ty ratios ?0? ?i?.o?_I 2023120211 Mandatory emission5 only.. Tonnes of CO?.e per pupil Mandatory and voluntary emission5'. Tonnes of Cole per PLJpiI 2.430 2.536 3.154 2.918 The 2019 UK Government Environmental Reporting Giiidelines and the GHG Protocol Corporate Accounting and Reporting StAndard (revised edition) were followed. The 2024 UK Government GHG Corlversion Factors for Company Reporting were used In emission calculatlfjns ag these relate to tl)e majority of the re.porting pei-iod. The report has been reviewed Iiidependently by Zenergi Limited Iti-ading as Briar Consulting Engineers Limited). Current UK based annual energy usage and associated annual greenhouse gas l GHG ) emissions al-e reported pursuant to (he Companie5 (Direotoi-s Report) aiid Limited LabilitY Partnerships {Energy and Carbon Report) Regulations 2018 ("the 2018 legulations ') that came into force I st April 2019.
Girl5 Education Company l.linited Yeai. Indpd 31 Aiigu51 ?.0?_4 Aniiual Report by Counc4 cont.. In accordance with the 2018 Regulations. the energy use and associated GHG emissions are for those assets owned or controlled williin the UK only as defined by thc opcrational control boiindary. Girls Education CompLiny Limited reg15tered company number.. 0047031 and registered charity number.. 310638. This includes Wycoinbe Abbey and accommodation for slaff and boarding pijpils. along with company vehicles, There a no reported personal vehscles uscd for business milLage ("grey fleet"). Girls Education Company Limited (Wycombe Abbey) are participants in the Energy Savings Opportunity Scheme ("ESOS'I. Organisations tliat qualify for ESOS are required to carl-y out ESOS assessments every 4 year5. The School s first FSOS Phase11 Repori W¢lS completed in Decernbei- 2019. These assessmcnts aiE an audit of the energy used by tlieir building5 and ti'anspoi't to identify cost effective cnci.gy saving measLires. Changes to E505 Phase 3 will require an Energy and Carbon Action Plan to be drawn up following ESOS Phase 3, with progi-ess on initiatives included on the Energy and Carbon Action Plan potentially having to be reported annually. The School has implemented several energy saving initiatives to reduce Greenhouse Gas Emissions (GNG): Pr-ocurement of l 00% FiEGO backed Zero Carbon Renewable Electricity (since 2019), minimising the schools Greenhouse Gas Emissions as part of a Fuel Switch and National Decarbonisation Strategy. Scope 2 Wycombe Abbey procures l 00% Renewable Generation GLJarantee of Origin (REGO) Certified Electricity, resulting in Zero Carbon Emissions attributable to electricity generation, However. the requirements of the Streamlined Energy and Cai-bun Reporting IS&CRI Scheine, require that Grid Electricity or Local Grid Electricity (Market Based) Emission Factor-s are iised to report on Scope 2 Emissions. As such the Zero Carbon Electr1Clty has been reported based on LJK Gi-ld Emisgions 01536.54 tC02e (Defra, 2023). Wycombe Abbey are cui-rently in the process of reviewing and revising a conibined Environmental and Energy Policy. which it is hoped will lead to an action plan based on SMART objectives. Tliey have appointed a sustainability lead, who is working closely with pupils, staff and the wider conimunity to forinulate and assist W1th iinpleinentation of an Energy Aclion and Decai-bonisation strategy.
Giris F.diJcdlion Conpany LITDlted Yeai- friided 31 AD%iisi 2024 Statement of Responsibilities of the Council In their- capacity as Trustees, the Council is i-espon5ible for preparing the Aniiial Report ai)d financial slatement5 In accordance with cipplicable Iclw and United Kingdom Generally Accepted AccoLinting Practice. Company Law qUires the Gouniil to prep<lre accounts for each financial year which give a true and fair view of 1t5 financial clctivities during tlic year and of its financiiil position ai the end of tlie year. In prepJi'ing the accounts the Council has followed best practice which requires them to.. select suitable accounting policies and apply tliem consistently.. observe the methods and princ.Iples in the charitie.s SORP.. make judgments and estimate5 that are reasonable and prudent., state whether applicable UK accounting standards have been followed, subject to any materia1 departures disclosed and explained in the fi nancial slatement5, and Prepa the accounts on the going concern basis unless it is inappi-opi'iate to assume that the School will continue in operaton. The c.ouncil Is responsible for keeping accounting recoi-ds which are such as to disclose, with reasonable acciiracy. the financial position of the School at any time, and to enable thein as tl-LlStees to enslire that the accounts cornply with the Companies Act 2006, The Council is also resPOI)51ble for safeguai-ding the Scliool's assets. and hence for taking reasonable steps foi- the prevention and detec.tion of error. fraiid and nthe.r Irregulciritie.s. The. Coiincil Is responsible for the maintenance and Integrity of the corpoi-ate and financ1AI information Included on the charitable company's website. Legislation In the United Kingdoin gove.r-ning the pi-epai-ation and dissemintltion of rinancial statenients may differ fi-on) leoislciiion In other jurisdict ons, So far as eac.h of Member of Council is aware at the time of tl)e repoi-t Is approved. There is no relevant audit Inforination of which tl)e chartable company 15 unaware and The Members of Council have taken all steps that they ought to liave taken to make themselve5 aware of any relevant audit Information and to establish that the auditors are awa of that Information. On behalf of the Council.. (LJ_ Mr Peter Warren Chairman Iqloil2d?f
Girls EdvcaL'on Coinpai)y LI11ted Year" Ended 31 August 2024 Indpendent Auditors, Report to the Members of Girls, Education Company Lilmited Opinion We have audited the financial statements of Girls Educat.ion Company Limited lor tl)e yPdf Lnded j l Augijst 2024 which coirprise the Consolidated Statement of Financial Activities, the Consolidated and School Balance Sheets, the Consoliddted statement of Cashflows and notes to the financial statL'mLnts, Iniluding a 511mmai'y of ssgnificant accounting policics. T'he financial reporting framework that has been applied in their prepai"3tion Is applicablc law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinior?. the financial 5t.atements: give a true and fair viow of the state of the groups and of the parent char'itable companys aftairs as at 31 Au2USt 2024 and of the group's and parent charitable companys net moveinent In flinds, Including the income and expenditure, for the year- then ended.. have been properly prepared in accoi-dance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared In accordance with the requirements of the Companies Act 2006. Basis foi- opinion We conducted our audit in accordance with Iiiternational Standards on Auditing (UK) IISAS (UKI) and applicable law. Our responsibilities under those standards are further described In the Auditors responsibilities for the audit of the financial statements section of our report. We are Independent of the group in accoi"dance with the ethical requircments that a rclevrint to our audit of the financial statements In the UK, iF)cluding the FRC s Ethical Standard. and have fulfilled our other ethical resporisibilities In accordai)ce with these requii-enients. We believe that the audit evidence we have obtained is sufficient and appi-opi-iate to provide a basis for our opinion. Conclusions relating to going concern In auditing the finflncial 5Latcments. we have concluded that the Councils usc of the going concei"n basis of accounling In ihe prepciralion of Lhe financial statements is appropi-iate. Based on the work we have performed, we have not identified any m¢lterial Lincei-tAinlics relating to events or conditions that. Individually or collectively. may CASI significant dolibt on ilie group's ability to continue as a going concei"n for a period of at1eilS'L twelve months from when the financial 51atementfj (ire authoriscd for issue. Our responsibilities and the responsibilities of the Council with respect to going concern are described In the relevant sections of this report, Other information The Council are responsible for the other informatir)n. The other Infoi-niation coinprises the inforniation Included in tlie. Annu<il Repor-t of the Gouncil. Our opi nion on rhe financial statements does riot covei- the other Information and, except to the extent utherwise explicitly stated In OLJI- report, we do not expi-ess any form of assurance conclusion thereon.
GIAS Education Coirpany Litmited Yeai" l.ndo.d J l AiJgu5t ?024 Independent Audits)rs' Report cont... In connection with OLir audit of the financial statement5, our responsibilily IS to read the other- informAtion and. in doing so, consider whether the othei- Information is matei-ially inconsislent with the financial sta leinent5 or oiir knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material Incons1Stencies or (ipparent material misstatements, we are required to oletermine whether there is a material misstatement in thL finAncial statcments or a matci-ial misstatement of the other information.11, based on the wow-k we have performed, we conclude that there is a material misstatenient of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based oli the work undertaken in the course of the audit.. the information given In the AnnLial Report by the Council (which includes the strategic report and the direclors, repori pi-epai-ed for the pur-poses of compaiiy law) for the financial year for wl)ich the financ.ial statements are prepared is conslstent with the fin<incial 5tatement5', and the strategic report and the directors report included within the Annual Report by the Council have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and undei"staiiding of the group and the parent chai-ltable company and its enviroi)ment obtained in thc Course of ihe audil, we have not identified n)atei-ial Inisstatements ln thp. Anr)ual Repurt by the Council (which Iiicoi-porates the strategic i-eport and the directors report). We have nothing to report in respect of the fallowing matters in relation to which the Conipanies Act 2006 requires us to report to you if, In our opinion.. adequate accounting (OrdS have not been kept by the parent charitable company.. or the parent charitable company financial statements are not in agreement with the accounting records arid returns., or certAin disclosures of Colincil Members remunei-ation specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of the Council As explained more fully in the statement of re5ponsibilitie5 of the Council, set out on page 14, the Council Members (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such Intern¢il control as the Council detei-mines Is 4ecessary to enable the preparation of financial Statements that are free froni material misstatement. whether due to fraud or error. In preparing th- financial statcnients, the Council are responsible for assessinLT the grouos and the parent charitable companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council either intends to liquidate the group or the parent charitable company or to cease opei"ations, or have no realistic alternative but to do 50.
Gir Is k(SucaLion Company Liniited Year Ended 31 Augu512024 Independent Auditors. Report cont... Auditoi-'s responsibilities for the audit of the financial statements Our obiective5 are to obtLiin reLigoiiable assurance about whether the financial statements as a whole are fl-ee fi-om material misstatement. whether due to fraud or error, and to Issue an auditor 5 report that includes our opinion, Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 (UK) will always detect a material misstateinent when it exists. Mi55tatements can arise from fraLJd or error and al-e considered matei-ial If, individually or In the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of tliese financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements Iii respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below., Based on our understanding of the group and the environment in which it opei-ates. we identified ihat the principal risks of non-compliance with laws and regulations related to The Education (Independent school Standards) Regulations 2014, safeguarding regulations, health and 53fe.ty requirements, GDPA, employment law and charity law. and we considered tlie extent to which non-compliance might have cl matei-ial effect on the financial statemenls. We also considered those laws and regiilations that h,Ive a direct Impact on the preparation of the financial statemenls such as tlie Companies Act 2006 and tlie Charities Act 201 l. the Statement of Recommended Practice for Charities (SORP FRS102) and consider other factors such a5 income tax and payroll tax, We evalliated management s incentives and opportunitie5 for fr'dudiilenl fnanipulation ol the financi31 statements (including the risk of override of controls), and determined that the principal r-isks were related to improper recognition of revenue and management bias in certain accf)unling eslimites ai)d Iijdgeiiients. Audit procedures perfoi'med by the engagement team included.. Inspecting correspondence with regLilators and tax authorities, including the outcomes of Inspection5'. Discussions with management Including consideration of known or suspected instances of non-compliance with laws and regulation and fraud.. Evalijating management's controls designed to prevent and detect irregularities., Identifying and testing journals, using data analytics to focus on higher risk entries.. and Challenging assuinptions and judgeinents Inade by maiiagement in their accounting estimates. Because of the Inherent limitations of an audit. ther-e is a r15k that we will not detect all irregularities. including those leading to a material m1SStatement in the financial statements or non-compliance witl regulatioii. This risk increases the more that compliance with a law or regulation Is removed from the events and transactions reflected In the rinancial sLaLements, as we will be l-ss likely to become aware of instances of non-compliance. The risk Is also greater regarding Irregularities occurring due to fraud rather than error, as fraud Involves intentional concealment. forgery. collusioii, oinission or misrepre5enLation. A fur-ther description of our responsibilitie.s ror the audit of the financial statements is loiated oli the Financiril Repor-ting Council's website at., VW.[rC.org.UklaudltOr51"esponSlbISltleS. 'fhis description forms part of our auditor s report. 20
Girls Education Company Limited Year Ended 31 Augvst 2L)24 Independent Audrtors, Rcpori cont... Use of our report This report is made solely to the charitable company's members, as a body, iii accoi'dance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are requii-ed to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit woi'k, for this report, or for the opinions we have formed. Tracey Young for and on behalf of Haysmac LLP, Statutory Auditor l O Queen Street Place London EC4R IAG 1510512025
Gil'ls, Education Compaw Limited Year ènded 31 Aiigiist ?0?.4 Consolidated Statement of Financial Activities Incorporating Income and Expenditure Account for the Year Ended 31 August 2024 Unrestricted fuiids 2024 £000 Restricted lunds 2024 £000 Total i,.:; funds 2024.: Total funds 2023 1000 Income from Donations and legacies Charitable activities Other trading activities Investments 45 29,945 2,309 697 182 227 29,945 2,309 1,037 465 28.229 2,088 706 340 Interest received Otliei- inconie Total incoine 291 33,298 291 33,820 522 31.524 Expenditure on.. Raising funds Trading activities Fundraising expenditure Investment management costs 969 257 973 257 27 1,257 829 227 25 1,081 27 1 .226 Char-itable activities Total expenditure 32,008 33,234 32.013 33.270 29.167 30.248 36 Net income before gains and 5osges on Investments 64 486 550 1,276 Net gains l (losses) on investments Net income before transfers 978 1,464 982 1,532 203) 1 ,073 68 Trangfers between funds Net movement In funds 436 504 (436) 1,028 1,532 1 ,073 Reconciliation of funds Total funds brought forward Total funds carried foi-wai-d 57,424 57,928 12,256 13.284 69,680 71,212 68.607 69.680 The statenient of financial activitlLS IncludL'A all gains and losceg rpcognised In the year. The net income of thp School for the year was £736,000 (2023,. £1,239,000). All activities relate to contin(Jing operation5, The notp.£ on pages 2S to 44 form part af tliese accounts. 22
(Jirls Fdiication CompAny I Iniited Yedr Ended 31 August ?024 Consolidated and School Balance Sheets for the Year Ended 31 August 2024 Group 2024 Note ';i'*l £000 School 2024 £000 202_4 .£000 2023 £000 Fixed asset5 Tangible assets Investments 57,508 54,483 12,250 10.8S6 69,758 65,339 57,538 2,643 60.181 54,517 2,030 56,517 Current assets Stocks Debtors Ca51i at bank and in hand 76 173 2,782 2.376 25,183 13.636 28,041 16.185 25 3.236 24.317 27.578 26 2,726 13,201 I S,953 Creditor5-. amounts falling due within one year Net current assets (13,084> (7,8041 14,957 8.381 (12,734 14,844 (7,678) 8.275 Total assets less current liabilities 84,715 73.720 75,025 64,822 Creditors.. amounts falling dLie after more than one year Pension scheme (Deficit)ISurplus Net assets (13.503) (4.040) (13,503) (4,040) 71,212 69,680 61,522 60,782 Charity Funds Called up share capital Restricted funds UnstrICted funds Fixed A55els Estates Development Fund Free Reserve5 Total funds 13,284 12,257 3.549 3.324 54,988 54.483 940 940 2,000 2,000 71,212 69,680 55.033 940 2,000 61,522 54.517 940 2,001 60,782 The financial statements were approved and authorised for issue by the Council and signed on their oehalf by.. P Warren Chairman Date.. 7 q lol) The noles on pages 25 to 44 form part of these accoijnts. 23
Gii'15' Educatioii Coiiipdiiy Limited Year- Elided 31 Augusi 2024 Consolidated Statement of Cashflows for the Year Ended 31 August 2024 2024 1000 2024 £000 Note Cash flows froni operating activities Net cash generated from operating activities 4.103 1.352 Cash flows from investing activities.. Investment inconie receipts Purchase of tangible fixed assets Fieceipts from sale of tangible fixed assets Purchases of investments Disposal of investments Net cash used in invescing activitie5 1 ,048 (6,146) 30 87 (7,002) (193) (4,981) (6,4031 Cash flows from financii)g activities.. Net paynients Intol(out of ) the Composition Fee Fund Investnient management charges Other receipts Net cash used in financing aciivitie5 12.922 (27) (470) 12,425 (25) (31) 1,085 Change in cash and cash equivalenrs in the year 11.547 (3,966) Cash and cash equivalents brought forward 13,636 17,602 Total Cash and cash equivalents ac che end of the year 20 25,183 13.636 The notes on pages 25 to 44 form part of these accounts.
Girls. Edijcation Company Limited Year Endcd 31 August 202¢1 Notes to the Financial Statements for the Year Ended 31 August 2024 I, Accounting Policies General information Thc School is a Publir Benefit Entity giStred as a Char'ity In Inglrind and Walcs and a company Iimitcd by giiarantpp. (cnmpany nijmbcr, 47031 and char5ty numbcr. 31063 8). The registered ofrice is Wycombe Abbey School, Frances Dove Way, High Wycombe, Bucks HP I I I PE, Basis of preparation The finaycial statements have been prepared in accordance. with Accoijnting and Reporting by Charities.. Stcltement of Recommended Practice applicable to charities preparing theii- accounts In accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) (effective I lanuai-y ?.019) - (Chcirities SORP (FFIS 102)), the Finaiicial Repoi-tii)g Standard applicable In the UK and Republic of Ireland (fRS 102) rind the c.ompanies Act 2006. The Girlg, EdLlCation C_onigany L.Imited nieets the definition of a public benefit entity Linder FRS 102, Assets and liabilities are Initially recognised at historical cost 01- transaction value unless otherwise stated In the relevant accounting policy note(sl. Presentation In order to pre.sent a true and fair view, the Company ha5 not followed the str-ict provisions of the Companies Act 2006 I-egarding the format of the prof1t and loss account and hag substituted more rneaningful headings In place or those prescribed. A reconciliation of shareholders, funds has not been provided as. in the opinion of Council, such a statement Is not appi-opriate to the Company's circumstance5. The financial s(atements are prepared In sterling, which is Il)e functional currency of the charity. MonetAry amounts in these statenients are rounded to the nearest LOOO. Consolidation These accounts consolidate the accounts of the Charitable Company. its subsidiar-ies Wycombe Abbey Services Limited, Wycombe Abbey Developments Limited, Wycombe Abbey International Limited and the related charity Wycombe Abbey School Foundat10n. A gub51diary was formed in 1999 naimed Wyconibe Abbey Pension Ti-ustees Limited which is not consolidated as the school has no benefici¢il Interest. It acts as a trustee for the Company in respect of pension benefits foi. employees. Ag permitted by seciion 408 of thL Companies Act 2006 no sepai-ate Statenient of Financial Activities Is presented for the chai-lty. 25
Gir'ls Fdvcaiion Company Limited Year Lndod 31 Augiist 2024 Notes to th* kiiianciAI Sta',oments cont... Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Chcirity and which have not been de.siEnated for other purposes. Restricted funds are fundg which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds a charged against the specific fund. The aim and use of each restricied fund is Set out In the note5 to the financial statements. Donations received for the general purposes of the Charitable Company are included as "unrestricted funds" Donations for activities restricted by the wishes of the donor are taken to "restricted funds" where these wishes are legally binding 011 the Council member-s. DesiEnated funds comprise unrestricted funds that have been set aside by the Council for a particular purpose. Donations required to be retained as capital in accordance with the donor's wishes are accounted for as endowments" permanent or expendable according to the nature of the restriction. Income All incoine is recognised once the Charity has entitlement to the Income. It Is probable that the Income will be received and the amount of Income receivable can be measured i-eliably. Fees con515t of charges for the year less bursaries and allowances. Investmeiit incoine consists of dividends declared and Interest i-eceived. Grants and bursaries Graiits and bursaries froin restricted funds are included a5 expenditure In the period for which the award Is given, Bursaries and allowances from unrestricted funds are treated as a reduction In school fees recoverable. Expenditure Expenditui-e is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, It Is probable that a transfei- of economic benefits will be required In settlement and the amount of the obligation can be measured reliably. Fundraising costs are those incurred In seeking voluntary contributions and do not include the costs of disseminating Information in support of the charitable activities. Governance costs are those incijrred in connection with administration of the Charity and compliance with constitutional and statutory requirements. 26
Girls, Eduoation Corpipany Limited Year E nded 31 ALigu5t 20?4 Note5 to ihe Fiivncial Siateinenis f cont... Cost5 of raising funds are costs inciirred In attracting voliintary income. and those Incurred In trading activities that raise fiinds. Charitable activities and Govei-nance costs are costs incurred on the school s educational oper-ations. including support Costs and cosls relatir)g to the governance of the charity apportioned to charitable activities. Operating leases Rentals payable are ch(Ii"ged t.o the Statement of financial activities over the tei-m of the lease on a straight line b¢lS15. Tangible fixed assets and depreciation All assets costing more than £ 1,000 are capitalised. Tangible fixed assets aff cari-ied at cost, net of depreciation and any provision for impairmcnt. Deprecitition is pi"ovided at rates calculated to write off the cost of fXed assets, le5S tlieir estiniated residual valije. over their- expected useful lives on the followiiig bases. Freehold pi-operty Is included at its market value in 1961 of £757k. Subsequent additions and property purchases are i-eported at cost. The Company has not adopted a policy of revalLiat50n bijt has used the book valijes of fixed assets Whe the Ctiri-ying cimount of fixed (issets i-enect previoLJS valuation5. The valuation undertaken 11) May 5 961 has Ihere(01-e not been updated. Freehold property - Over So year5 Straight line Facilities - Over l O years straight line. Fixtures, fittings and eqiiipment Over 6.67 Yea straight line Motor vehicles Over 4 years reducing balance Coniputer eqLJipment - Over 4 years straight line Assets under constriiction - depreciated once brought Into use Investments Listed Investments are included at market value at the balance slieet date. Any gain or loss on revaluation is taken to the 5tatLAment of firiancial activities. Stock Stock Is stated at the lower of cost and net realisable value. Debtors Trade and other debtor5 ar'e recogniscd at the settlenient amount after any trade discount offered. Prepayments Are valued at the amount prepaid net of any trade discounts due, Cash at bank and in hand Cash at bank and in liand Includes cash and short term highly liquid Investments with a short maturity of three months or less from the date of acqu151tion or openiiiE of the. deposit or similar account, 27
Gil'ls Education Company l_lfnited Year. Ended 31 AIiRusI 2024 Note5 to tl)e Fii)ancial St£lteryntS Cwt... Liabilities and provisions Liabil ities are recognised when there 15 an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benef1t will be required in settlement, and the amount ol the settlement can be estimated reliably. Liabilities al-e recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount It has received as advanced payments for the goods or services It must provide. Provisions ar-e measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money Is material, the provision is based on tlie present value of those amoLints, discounted at the pre-tax discount rate that reflects the risks Specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. Fees In Advance scheme The School offers parents the oppoi-tunity to pay for up to seven years, tuition fee5 in advance. The amounts received are treated as geiier31 funds for the School. Fees In Advance agreements specifically slate Ihe value and period that the funds relate to. Funds are credited to pupil fee accounts in the relevarrt prepaid period. Pensions l-he Charity pays defined pen5I0n con(ribLltions on beliAlf of rnembers of the teac.hing staff who are in the Teachers, Superannuation Scheme operaLed by the Teachers Pension Agency. The contributions are dclincd by the Agency and are charged as an expense to tlie Statemerit of Finaiicial Activities as they fa11 due for payment. The. Charity also ()pei-atPS (i Defined Conti'ibijtion Pension Scheme foi- non-tL)ail)Ing staff. Contr-ibutions to the Scheme are charged to the Statement of Financial Activities as they fall due. The School also contribiite.s to a definpd benefits scheme. the Wycombe Abbey 1966 Pension Scheme, at l-ates Set by the scheme Actuary and advised to Council by the Scheme Administratoi". Under FRS 102, the annually calculated notional surplu5 or deficit on the funding of the Scheme Is shown in the accounts as a designated lund entitled "Pensions Resei-ve" which is deducted from Unrestricted Funds In the balance sheel. Council believes that the schenie currently meets statutory minimum fLJnding requirements Council notes thlc t the calculated notional deficit or surplus calculated under FRS 102 can vary greatly (rom year to year depending on the assumptions made at the valuaLion date, but with nornially Iitt5e or no effect on short term cashflows. Where the gchcnie is determined to be In a def5Clt position, this 15 rccognised In full a5 a liability. Where the scheme 15 determined to be in a surplus Position, a surplus is recognised as an asset only to tlie extent that this can be recovered in future year5 tlirough reductions in employei" conti"Ibutions or through a specific refundlreimbursement from the scheme. Going Concern The accounts have beefl prepared on a going concern basis. The Charity will be able to meet it5 obligations in full foi- at least 12 months following the signing of these accounts, I'he Members of CoLJncil have reviewed and approved the budget for 2024-2025 Including the reserves that will be available after that period. There 15 no mater1al uncertainty regarding the charity to nieet its liabilities as they fall due, and lo contiriue as a going concern. 28
Girl% Fducaiion Cornpany Limited YLiai' l.nded 31 August 2024 Notes lo the Financial Stazement4 cont... Judgements and key sources of estimation uncertainty In preparing the financial statements. thc mL'mbers of the council clre rcquircd to make judgements, estimatLAs and assumptions about the carrying amount of assets and liabilities that are not readily apparent from otlier sources. The estimates and associated assumptions are based on historical experience and other factors that al-e considered to be relevant. Actual results may differ from these estimates, The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised Iii the period in which the estimate Is revised where ;he rev15ion affects only that period. or In the period of the revision and future periods where the revision ciffects both currenl and future periods. The directors consider the most significant areas of estimate in the accounts to be as follows.. (i) Depreciation - The accounting policies detailed in the notes to the accounts describe the policies adopted for calculating depreciation. These have been based on the assessed useful economic lives of the assets capitalised and charged accordingly. (ill Wycombe Abbey 1966 Pension Scl)eine The net value of the assets of the Wycombe Abbey 1966 Pension Scheme is based on a valuation carried out using assumptions in line with FRS 102. 2. Income from donations and legacies Unrè_gti-icted fund5 2024 Restrictèd funds 2024 Totcil funds 2024 £000 tunds 2023 £000 Donations 45 182 227 465 In 2023, of the total incoine from donat10115 and legacies. 192,000 related to unrestricted funds and L373.000 related to restr-icted furlds. 3.1 ncome from charitable activities Uiii-estricted ij fiinds ?024 £000 Restricted funds 2024 £000 Total funds 20241£, £000 Total LOOO Gross fee income 29,895 (1,6251 28,270 29.895 27,975 Bursaries and scholarships (1 ,625) 28,270 11.3801 26,595 Fees for extra subiects Registration fees and insurance 1,486 1 ,486 189 1,434 200 189 29,945 29,945 28,229 In 2023. of the total Income from cliaritable activities, L28,229.000 related to unrestricted funds and Lnil related to restricted funds. 29
Gir'ls, Educatioii Con)yany Limited Year Fiided 31 Augusi 2024 Note5 to the Financial Siatwnents coni... 4. Income from other trading activities V..'4QIYk 411.,.,. UDI-estricted funds 2024 1000 Resti-icted funds 2024 £000 Total funds 2024 £000 Tot¢il funds 2023 £000 License lees r-eceivable for ovei-seas schools 1,708 1,708 601 1.512 448 Sales of goods and services Rent and use of school facilities 601 128 2,309 2,309 2,088 In 2023, of the total income from other trading activities, 12,088,000 r-elated to unrestricted funds and £nil related to restricted funds, 5, Other income Uiii-LStI"ILted Restl-ILled funds 2024 l otal lunds 2021 £000 '1ty....,,i:, funds 2024 £000 funds 202R £000 Othei. 29 291 291 291 In 2023, of the total othei- income, £31 ,000 related to unrestricted lunds and £nil related to restricted funds. 6. Analysis of total expenditure Sial'f Cosls 2024 1000 Depi'ecialion Other- i¥.,, 2024 rf11.'." £000 Total £000 £000 £000 Costs of raising funds.. Trading expenditure Fundraising expenditijre Investment management 973 973 829 138 27 1,138 257 27 1,257 227 25 1,081 Charitable activities.. Teaching Welfai'e 10,552 2,463 239 1,046 5,663 11,837 11,792 8,126 6,208 7.046 Premises 1,409 2,394 2,405 6,322 Finance costs Support costs Settlement costs 3,318 30 458 1,928 5,704 30 3.949 Governance cost5 37 37 34 30
Girls. Education Company Limited Yeii i- Fnded 31 ALJgust 2024 Notes to the financial Stateiyents con(.., Statf costs 2024 1000 17,772 17,891 Depreciatioii Other ;r", '::',:'.;: Thotal ,,I:',f-;' 2024 2023 1000 29,167 30,248 , f_ooo 3.091 3,091 32,013 33,270 Total Expenditure 12,288 In 2024 of the total expenditure, £33,234.000 was expenditure. from unrestricted funds and £36,000 was expenditure from restricted funds. In 2023 of tlie total expenditure, £30,123,000 was expenditure from unresti'icted funds and L125,000 was expenditure from restr-icted funds. 7. Governance costs Ui)i-esli-Icted funds ?.O?4 Looo Resti-i£ted fund5 2024 £000 funds 2024 funds 2023 LOOO Audilor's i-emunei-ation - statutory audit ALiditor's remuneration - non audit services 35 35 32 Other 37 37 34 8, Staff costs 202,1, 202J £000 Wages and salai-ie5 Social securty costs Pension costs 14.076 13,174 1,387 2,428 17,891 1.348 1.954 16.476 9, Employee and l<ey management personnel information The. average number of persons employed during the year was as follows.. 2024 No 2023 No Teaching 5tlr ff Academic support Adm1nistration 120 124 107 54 50 Pastoral 60 54 Domestics 62 57 Estates 46 459 433
Gir'ls Education Conipanx Liiyiled Year Fnded 31 Aligiisi 2024 Noies to the FINncial Statements conl... The average number of persons employed expressed in full time equivalent5, whose remuneration payable (includin redundancy) fell within the following bands.. ?.024 No 2023 No £60.00 I to £70,000 £70,00 I to 180,000 £80.00 I to £90,000 £90.00 I to £ l 00,000 30 25 20 £IOO.001 to£llO,000 £130,00 I to £140,000 £140.00 I to £150,000 £150.00 I to £160,000 £160,00 I to £170,000 £200,000 to £210,000 £210,00 I to £220,000 2024 1000 202J £OOQI AggiEgrate employee remuneration of key management personnel Number of employees 1 ,267 1,384 During the year, no Men)bei's of Council received any remuneration (2023.. £0). Dijring the year, no Mp.nibe.rs of counc.il CeIVed any benefits In kind (2023.. £0}, During the year, no Members of Council i-eceived any reimbursement for expenses (2023.. £687). During the year there We termination payments totalling £30,183 (2023.. 114,000). l O. Transfer between funds Uni'esti-lclcd fund5 2024 £000 Restricted funds 2024 1000 Total fund5 2024 £000 Transfer to Annual Fund 182 (182) (220) (341 (436) Bursai-ies funded from Wycombe Abbey School Foundation Transfer from Wycombe Abbey Counselling Programme 220 34 436 The transfers from the Annual Fund relates to funds towar-ds bursar-ies and capital projects The transfer from Wycombe Abbey School Foundation relates to bursarie5 funded by the Foundation. The transfer from Wycombe Abbey Counselling Progi-amme was funds used for Counsellors. 32
Cirls Edlication Conipany Limired YLcir Ended 31 Ai,'gust 2024 Noics t? the findNCial SLaienients cont I l . Tangible fixed assets Group Coinputer Motor iiehicles equipiment and machinery 1000 bxt4¥1'4, Freehold land Furniture and. ,Ind buildings equipment £000 i_ooo Assets under consti'uction £000 , GiY)up Totcil Cost At 15eptember 2023 Transfer 58.133 15.153 3,432 869 2,063 79,650 (14) 1,952 Additions 318 284 326 3,266 6,146 Disposals At 31 Augugt 2024 Depreciation At I September 2023 Charge for the year On disposals At 31 August 2023 (224) 971 (1916) 83,880 58.451 17.080 2,035 5,343 1 5,695 1,167 6,452 1,329 2.503 458 517 25.167 3.091 137 (10) 7.771 11 .679) 1,282 (197) 457 11 ,886) 26,372 16,862 Net book value At 31 August 2024 At 31 ALigugt 2023 41.589 9,309 8,701 753 514 5,343 57,508 54.483 42.438 929 352 2,063 School Motoi- vehicles and Assets under- machinery construction Freehold laiid Furiiiturè and and buildings equipinent £ouo Computer equipment £000 Group Total 1.000 Cost At I September 2023 Tr-ansfer 58,133 15.129 3,432 868 2.097 79.659 (141 1 ,942 Additions 318 284 326 3,269 6,139 Disposals At 31 August 2024 Depreciation At I September 2023 Charge for the year On disposals At 31 Au2USt 2023 Net book Yalue (224) 970 11 ,905) 83.893 58,451 17,057 2,035 5.380 15.695 6.429 2,503 517 25,144 1.167 1.329 456 137 3,089 11 .679) 1.280 {197) 457 (1 ,876) 26,355 16,862 7,756 At 31 August 2024 At 31 Au ust 2023 41,589 9,301 755 513 5,380 57,538 42.438 8,700 929 351 2.097 33
Gil-ls, LrJLication Coinp<iliy LimiLed Yedl- Elid 31 Augbsi 2024 Notes to toe Finaiicihl Statements cont... 2.024 No 2023 No rreeliold land and buildings.. Valuation by AC Frosl and Co, in May 1961 Additions at cost 757 757 57.822 57,504 (128) 58,133 Less disposa15 to date Total cost of freehold land and building5 {128) 58,451 All the property and other tangible assets owned by the Company are used solely for the purpose of the School. The market value of the freehold land and bLJildings is significantly higher than the arnount statpd in the accounts., however, in the cibsence of a valuation, no figures (ire disclosed. Freehold Land and Buildings include the School buildings and detached boarding houses along with several residential properlies In Higli Wycombe. There Is no depreciation on Land included within Fi-eehold Land and Buildings. 12. Investments Group 2C124:: £ooo' School 2024 1000 1000 AL I Sepleiiibei- Additions at cost Disposal proceeds Movement in market value 10,856 10,869 2,030 2,098 124 226 509 (195) 189 2.138 504 2.643 977 (2061 11,746 10.856 504 12,250 10,856 174) 2,030 Cash within investnients At 31 August 2,030 The following represented more than 5% of the market value of Investments held.. Group 2024 j ii.:... 2023 School 2024 1000 2023 £000 Lazenove Cnarity Multi A55et Fund Fidelity Global Dividend Fund Schroeder Global Sustainable Growth Vanguard FTSE All World 1-1SBC FTSE All World Index Fund UCITS ETF COIF Charity Global Equ5ty frund COIF Charity Investment Fund Rathbones Unit Trust Core Investment Fund for Charities 1.156 1,019 1,019 138 104 120 3.039 2.699 3,843 2,498 3,547 34
Gil'ls Education Coinpany Limited Year. Ended 31 August 2024 Notes'io the Financial Statements coni... Tlie Company holds l 00% unlisted shares in subsidiary companies.. WyiombÉ' Abbey Pension .Trustee Limited £000 Wycombe Wycombe. Abbey. Intern<ltional I. Llniited £000 services Limited f.000 Development5 . .LiiMited ¢;." Income 608 32 1 ,739 Expenditure Profit for the year (564) 44 (41) (9) (636) 1,103 Total assets 332 23 1,539 Total liabilities (332) (32) (9) (1,539) Net fund5 at the end of the year The Company has a linked charitable sub5idiciry'. Wycombe Abbey School 4b Foundatioii £oo(I Income 1,036 Expenditure (Deficit)ISurplus for the year (232) 804 Total assets 9.73?. 14) 9,728 Net funds at the end of the year Principal activities of subsidiary companies and trusts., Wycoinbe Abbey Services Limited (Registration number 025 10811 I.. The sale of school uniform5 and other- Item5 to parents and girls, the letting of property and tlie use of the school's facilities. Wycombe Abbey Developments Limited {Fiegistration number 09547970), Pi-oviding building 5ervicp.s to the School preniises, wyc.ombe Abbey Inleriiational l_lmitpd (reaisti-ation number 09911805).. The management of Wycombe Abbeys Internatioiial operatlOnS. Wycombe Abbey Pension Trustees Limited (Registration number 03 7431791.. to act as Trustee for Girls, Education Con'pany Limited In the provision of benefits from the 1966 Pension Schpme fni- yon-teac.hing staff (see nore ? I l. 35
Gii'1s Ediication Coirpany I Ityiited Year Fndpth 71 AiJ8llSt 2024 Notes iu tlie Financial Staren19 cont... Wycoinbe Abbey Scliool Foundation (Regislered Charity number 310638).. A1inked charity that receives donations for Bui-saries and contr-ibutes towards the funding of Bursaries in Wycombe Abbey. The registered office of dll Lhe subsididry companies Is Wycombe Abbey School, Frances Dove Way. High Wycombe, Bucks, HPI I IPE. Wycombe Abbey Hong Kong FoLindation.' Receives donations and coiiti-ibutes towards the funding of Bursaries and Capital projects in Wycombe Abbey. The registered otTice of all the subsidiary companies is Wycombe Abbey School. Frances Dove Way, Fligh Wycombe, Bucks. HPI I I PE. 13. Debtors Group 2024 <.000 School 2024 2023 iono 2023 Irade debtors 1,489 932 1 ,347 1 ,545 75 269 3,236 918 AmoLJnts owed by subsidiaries Ollier debtors Prepayments and accrued income 1,323 129 356 2,726 1,026 267 2,782 1 ,088 356 2,376 14. Creditors: Amounts falling due within one year Group 2024 £000 Scliool 2024 £000 2023 1000 £000 Fees in advance 5.129 2,344 5.119 2.344 Amounts owed to subsidiaries Fees In Advance Scheme and Composition Fee Fund Fee dep051ts held against final bills Trade creditors Other taxation and social security Other creditors Accurals and deferred Income 4.079 509 376 659 369 1 .963 13.084 354 4,079 509 77 648 363 1,929 12,734 354 85 336 2,143 1,931 7,804 67 326 2.113 1,863 7,678 36
Gi1'15 FdLicalion Conipany Limited Yeiir Ended 31 Ai.gLlSI 2024 Note.% to the Iinancial siiltemen15 con:. 15, Creditors., Amounts falling due after more than one year Group 2024 Scllool 2024 £000 2023 2023 FLC deposits held ag,IlnSt final bills Fees in Advance Scheme 3,118 2,852 10,385 1,188 13,503 4,040 3,118 10,385 13,503 2,852 4,040 Fees In Advance Scheme Group and School 2024 2023 £000 £000 AssLiniing pupils remain in the School, advance fees wilS1)e api)lied as follows.. t)ue within oiie year Within one to two years Witliin two to fivc y(:ai-s Aftei- five yeai-s 4,079 3,878 5,438 1.069 14,464 354 354 834 1,542 Summary of movements in liability LOOO 1,542 13,889 (967) 14,464 Balance at I September 2023 New contracts Aiiiounts used to pay fees Balance as at 31 August 2024 16. Share capital Group and School 2024 2023 1000 Alolted. called up arid fully paid 16 (2023. 161 ordinar'y sliai-es of Sop each The sliares carry one vote ea(.l). The shares carry neither rights to dividends nor to participate in an surplus In the event of the company being wound up. 37
Girls Education Compariy Limited Year Ended 31 August 2024 Not.e9 to the Financi<il Stkiements coni... 17, Analysis of net assets between funds Unresti-icted fiJnd5 2024 1000 Resti-lcted funds 2024 £000 Total funds 2024 £000 Tangible fixed assets Investments 57,508 57,508 12.250 12,250 1,034 Current assets 27,007 28,041 (13,084) (13,503) 71,212 Creditors due within one year Creditors due in more than one year {13,084) (13,503) 57,928 13,284 Uni-estricted:. flinds 2023,. Restricted funds 2023 £000 Total funds 202J Tangible fixed asset5 Investments 54,483 54,483 10,856 16,185 10,856 Current assets 14.783 (7,8031 (4,0401 57,423 1 .40?. Creditors due within one year Creditor5 due In more than one year (7,804) (4,040) 69,680 12,257 38
Girls Education Company I Imite.d Year. E.nded 31 AugiJ5t ?11?.4 Notes to the FinanciAI Statements cont.. 18, Summary of funds - 2024 InvcslmcDt gains l Transfers I;. .111 (losses) inl(out) £000 £000 Brought Forward 1000 I Carrie(I '. forw<ird £000 Income Expenditiire Looo £000 Uni-e5trlcted fund5.' Ordinary school funds Estate Development Fund 56,484 33,298 (33.234) 436 56,988 940 940 57,424 33,298 (33,234) 436 57,928 Resti'icted funds: Prize funds Bursary Capital Fund Estate Development Fund Chinese Learning Centre Verdant Foundation Maths and Digital Learning Annual Fund Wycombe Abbey CoiJnse.Iling Programme Hong Kong Bursary Fund Wycombe Abbey Foundation - Bursary Fund 1,988 742 456 67 25 (18) (5) 139 2,176 813 456 182 {182) 34 (34) 8.923 12,256 248 522 788 978 (220) (436) 9,727 13.284 (36) Total unrestricted and restriced funds 69,680 33,820 (3 3,270) 982 71,212 39
Gil'ls Iducdlion Company Limited Year Ernded 31 ALigLlSt ?024
Note5 to the FirRncial Siaienwiis cont...
Summary of funds - 2023
Inve5tn)eiil
gains l Transfers r
CarrieLq
{10sses)
inl(oiit) 4,¥,£.. forwarcl
Looo
LOOO
£000
Brought
Forward
LOOO
Income ExpenditLire .51
£000
LOOO
Unrestricted funds:
Ordinary School funds
Estate Development Fund
52,369
3.887
30,827
(30,123)
3,408
(2,947)
461
56,484
940
56,256
30.827
(30,123)
57.424
Restricted funds,.
Prize funds
Bursary Capital Fund
Estate Development Fund
Chinese Learning Centre
Verdant Burs£ll-yFoundation
Verdant Foundation
M
Q-)Irls kdtycAlion C.'ompany l_linitpd Year Ended 31 AiigLlSt 20?4 Nc)tes to the FinanoAI Statements cont... Pui-pose resLI-ILted (Juiial..011 iri SUPPOI-t of Ihe Scliool's ' Higher- Education Platfoi-.'n' programme designated for 16-18 year olds. restricted donations for Maths and Digitial Learning resources and online platforms. restricted donations in support of Bursai-ies, Learning and Living Facilities and Area of Greatest Need. Verdant Foundation Maths and Digital Learning Annual Fund Wycombe Abbey CounseS1ing Programme Hong Kong Bursary Fund Wycombe Abbey Foundation . Bursary Fund restricted donalion for the School's In-house Couriselling programme. restricted donations for bursaries. to expand ihe oppoi-tuniLies to Iillow pupils to benefit Irom a Wycombe Abbey education. Assets are in a linked charity and accounted foi- as Vlestricted Funds. 19. Reconciliation of net income to net cash flow from operating activities 2024 £000 550 20?.? £000 1,276 Net income for the year (as per Siatement of fir)ancial activities) before investment gains Adjustments for.. Depreciation cl)anges Investment income Loss l (Profit) on disposable of plaiit and equipment Decrease in Composltioii Fees Fund (Increase) l Decrease in stocks (Increase) l Decrease in debtors Increase l (Decrease) in creditors Net cash generated from operating acrivicies 3,091 (1,048) (2) 2,862 97 (406) 1,821 4,103 (98?.) 1,352 20. Analysis of change5 in net debt 2023 1000 25.183 Casli at banlK In hand 13,636 Total 25,183 13,636
Girls, Education Coinpaily Liirited Year Ended 31 AiigiJSI 20?4 Notes to the Financial StsteDiefits cont. 21. Pension commitments The Scl)ool pai-ticipales In Ihe Teacher-s, Pension Sclieme ('tlie TPS") for Its texching staff. The Government Actuary, using normal actuarial principles. conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every four years, The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review 5pccifies thc Icvcl of futurc cont[-bUtion$. Actuarial scheme valuations are dependent on assumptions about thc value of future costs. design of bene.fits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, Set by HMT, applying a notional investment return based oli 1 .710 above the rate of CPI. The key elements of the valuation outcome are.. Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). Thi5 is an increase of 5% in employer contributions and the cost control r'esult Is siich that no change In member benefits is needed. Total scheme IabilItIeS (pensions curi-ently In payinent and the estimated cogt of future ber)ef1ts) foi- serv1ce to the effective date of £262,000 million and notional assets (estimated future contributions together with Ihe notional Investments held at the valuation date) of £222,200 million. giving a nolional past service dcficil of £39,800 million. The. i-esult of this valijation will be inipleniented from l April 2024.Tl)e next valvation IEsult is due to be implemented from l April 2028. The employers pension costs paid to TPS In the period amounted to £1,874.000 (2023.. 11,626,000). A copy of the valuation report and supporting documentation is on the Teachers Pensions website. Undei" the definitions set out in FRS 102, the TPS Is an unfunded multi-employer pension scheme. The accidemy trust is unable to Identify its share of the underlying assets and liabilities of the plan. Accoi-dingly, the acadeniy trust has taken advantage of the exemption 11) FRS 102 and has accounted for its contributions to the scheme as If rt were a defined contribution scheme. T.e academy trust has set out above, the Information available on the scheme. The School also operates a Defined Contribution Pension Scheme with Aviva for non-teaching staff. Contributions to the Scheme are charged to the Stateiiient of Financial Activit5es as they fall due. The Pension charge for the year in relation to this scheme Is £5 23.00012023 - L293.000) and at the yeai'_end £76,000 (2023 £48,000) wa5 accrued in respect of contributions to this scheme. Until 31 December 2003. non-teaching staff, after 3 year-s, sei-vice. were entitled to join the Wycombe Abbey 1966 Per)sion Scheme for non-teaching stall ('1966 Scheme,) And became entitled to benefits In accordance with its rules. The 1966 Scheme Is a UK-based defined benefit scheme. providing benefits at retirement and on death ln service. The mosl recent full actuarial V¢ilualion Wris al 31 August 20? l and the results, benefit structure and datA werc siimmari5ed In a report to the Trustecs in November 2022. The Scheme was closed with effect from 31 DiicLJmbLr 2003, and from this date the niember5 arc no longci- acci-liing benefits. A calculation of the 1966 Scheme Siabilities was performed as at 31 August 2024 in accordance with Financial Reporting Standard FRS 102. The FRS 102 balance sheet position as at 31 August 2024 showed a surplus in the SLheme of £282,000 (2023.. £339,000). 42
Girls. Iduiaiioii Crjmpaiiy L,mileo Year Erndd 31 ALig1151 2024 Notes to the Financial Statements coni... At 31 August AL 31 August Principle acturial assumptions Discount rate 4.9% 5.5% Rctciil pi.ice inflation RPI Consunier pricc inflation (CPI) Pension increases - RPI maximum Deferred pension revaluation (RPI 5% cap) 3.2% 2,4% 2.5% 3.0% 3.2% 3.2% 3.4% The current mortality assumptions include sufficient allowance for fiiture improvements In mortalily i-ales. The assumed life expectations are., At 31 August 2024 At 31 AugLlSt 2023 For a male aged 65 now Ai 65 for a male aged 45 now For a female aged 65 now At 65 for a female aged 45 now 21.2 23.0 23.1 23.2 25.2 23.1 25.2 At 31 Audusl L02.1 000 1,567 'k ill i l ilugust 2(Jl')3. 1.000 Eloiid5 88 8?. Cash 221 1 ,788 284 1,802 NL)t del Ined beiiefil <isse I.. Fair valiie of £che.mp. as%et At 31 AuRU5t 2024 At 31 Au&iust ?.02 1 1 ,788 1 .802 Value of funded obligations Surplus (1.506) 282 {1,463) 339 In line with paragraph 28,22 of FRS 102 the net pension assel has been restricted on the bas15 of uncertainties over the fLJtLire i-ecovery ol this asset. 'I'he net pension asset recognised on the balance sheet is therefore £nil (2023.. Amounts I"ecognised in the statement of. linaniial activities 2024 £000 2023 £000 Net interest expense Past service cost Asset return less Interest income recognised In P&L Expciric)iic.o. gain5 on bpnef.t obligations Fffert ()( assumptsoris ch<ingo5 ur) b¢inefit obligation Restriction of asset Total included in employer expenses 43
Girls EducalJOlTr Coinpaiiy Liirited Yeai- Ended 31 Aligust 2024 Notes iu tlie Fiiidl)cial StalLftietils ionL,.. iialysis of tlio cli.Iiigc iri Ihc dclincd bciicfil obligalion 2023 £000 1,665 68 OpeninfS d(:lincd bcnc.lit obligation Interest cost 1,463 78 Actuarial (gains)110sses Past service cost 58 8enefits paid Closing defined benefit obligation (93) 1,506 (139) 1.463 Analysis of the change in the fail- value of Sclieme assets:°- ':;,: 1000 2,197 Opening fail- value of Sclieiiie assets Interest income 1,802 97 Actuarial (lossesll gains Contributions (18) (347) Beno_fits pAid Closing defined benefit obligation (93) 1,788 (139> 1 ,802 The ir sset losse.s arp. the ÉlCtiJLiI ir sset re.turn nvei- the yeai- of [18,000 <2023.. 1347.000) less the Intei-est Incoime ol £97,000 (2023.. £91.000). The employer madc no contributions for this defined benefit pension scheme in tlie ye31- to 31 August 2024 as advised by the Actuary {2023., £nil). 22, Related party transactions Transactions between Gir15 Education Company Ltd and other members of the group are set out below.. services Recieved 2024 Services Provided 2023 £000 1000 32 WyLoiiibe Abbey De'delupi rieiils Liniited Wycombe Abbey Intern<ltional Limited Wycombe Abbey Services 177 156 86 23. Capital commitments Group 2024 . School 2024 £000 2023 1000 2023 £000 C.apitcil expenditLire that licis been rontracted for. bi It has not been pi-ovided for In Ihese finAiicial slalerTier)ts 44
Girls Education Coinpany Limited Yea,.- Elided 31 August ?.024 Council members, Officers and Advisors Vice Presidents Mr A M D Willis LL8 FCIArb and Lady Sassoon MA Members of Council The following served as Council members during the year and up to the date of signing this report.. Professor Nicola Cohen BSC DPhil FRCP FRCPath PFI-IEA (appointed I September 2024) Ms lenny Fannin-Lovell BA Dip Arch ARB RIBA Professor Louise Fawcett MA DPhil (resigned 29 lune 2024) Mr Emir ke55al IP MSC Mr Vivek Ganotra BEng MBA Mi-s Amanda Gibbon BA Dr Caro Godlee Bsc MB Bchir Mi55 Wendy Griffilhs Bsc Mrs Nicole Hughes BA MSC MBA Mrs Sarah ludd BSC PGDL Mr Patrick l_ewis MA MBA Ms lane Liu MA (Cantab) Dr lane MacDoiigall MA MB Bchir FRCOG MD Med Daiiie ILJliet Mak MPhi Mr Nick Powell BA Mrs Diana Fiose MA Mr Peter Warren MA Chairman (resigned 21 February 2024) (resigned 19 lune 2024) (appoiiited I September 2024) (appointed I September 2024) The Rt Revd Dr Alan Wilson MS DPhil Bisliop of BLickingham (deceased 17 February 2024) Mr Richard Winter CBE BA fcA (resigned 29 lune 2024) Company Secretary Mr Mark Mackenzie Crooks BSC MSC MBA Headmistress Mi"s Jo Duncan MA PGCE Bursar Mr Mark Mackenzie Crooks BSC Msc MBA Members of the Executive Leadership Team Ms Emily Boswell, Deputy Head (Academic) NA Mrs Sophie Blunt, Director of Safeguarding and Pupil Welfare BA MSC Mrs Vicky Fawkes, Deputy Head (Pastoral) BA Mrs Sophie Harle. Director of People MA Msc Mrs lacky Tidbury. Director of sixth Form MA Mr Nick Woods, Deputy Head (Strategy and Operations) MA MEng 45
Girls &ducation Company Liniiled Year. Fnded I l AugiJ%t 2024 CnLinril mpmbprs. Officers and Advisor5 corFt.. Bankers Lloyds Bank PIC 27-31 White Hart Street High Wycombe HPI12HL Insurance Brokers Marsh Brokers Limited Capital House 1-5 Perrymount Road Haywards Heath RH16 3SY Solicitors Stone King LLP Boundary House 91 Charterhouse Street Clerkenwell London EC I M 6HR Investment Managers Cazenove Capital Maiiagement 12 Moorgate London EC2R 6DA CCLA Investment Management Senator House. 85 Queen Victoria Street London EC4V 4ET Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ Auditor Haysmac LLP l O Queen Street Place London EC4R I AG Pensions Advisor Broadstone Corporate Benefits Limited 221 West George Street Glasgow G2 2ND Principal address and Registered Office Wycombe Abbey School Frances E)ove Way High Wycombe NP I I I PE Website.. Einail.. www.wycombeabbey.com bursar@wycombeabbey.com 46
Girls Educati()n Compill)y Limited Year Ended 31 August ?.0?4 47