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 ALig￿5t 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 PerfOrM￿ng 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 fund￿n8 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. InSu￿1c1ent 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 (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 Un￿strICted 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 ￿giSt￿red 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 f￿Xed 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£ltery￿ntS 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. restricted donation for dedicated resources for te.aching Mandarin. Ordinary school funds.. Estate Development lund Prize funds Bursary Capital Fund Development Fund Chinese Learning Centre 40 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 I￿abilItIeS (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 Ernd￿d 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 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