Company No. 81130 Chariiy No. 311057 Bishop's Stortford College THE INCORPORATED BISHOP'S STORTFORD COLLEGE ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 THE INCORPORA TED 815FIOP'5 STOR TFORD COLLEGE AssocIAfioN ANNUAL REPOR T AND FINANCIAL STA TEMENTS YEAR ENDED 319f JUL Y 2021 Contents Pa Governors, Direcrors and Charit Trustees Annual Re 3-21 Llrectors, Re ort 3-12 Ener Re Oft 13 Strat icRe ort 14- 19 Staternent of Accountin and Re nsibilitie5 20 Inde dent Auditor's Re ort 21-23 s￿ternent of Flnanctal Activitie5 24 Colle e Balance Sheet 25 Cash-flow slatefflent 26 Nores to the Financial Staternent5 27-45 Page 11 rHE INCORPORA TED BISHOP'S 5TORfFORD COLLEGE AS50CIA TIQN ANNUAL REPOR T AND FINANCIAL STA TEA4ENTS YEAR ENDED 31Jt JUL Y 2021 GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governor5 Qf ihe Incorporated Blshops Stortford College A5sodation are the trustees of the £harity and the d7￿CtorS of the charitable cotnpany. The trustees who served on Governing Council during the year were.. G. E. Baker, Ichairrnanl l. M. Peartnan Ivfice Chairl Bjjil ReSI8￿d ￿ Chair of Estate5 Committee on 1° Wtember 2021 and resi ned a5 Chalr of Develo ment Committee on 91h Decetnber 2020 Elected as Chair of 15tale5 CommitTre fr(Nn I Sep Z020 D. Al. Alexander G. W. W. Barker A. J. W. Conti P. E. Dodd M. Goitiandia Resigned as Chair of Nominatlons Committee and Governor on Se tember 2020 Elected a5 Chair of Nom1naiions Commlttee Septembpr 2020 P. J. Hargrave R. C. V. Harrison Chalr of thè Finance Committ S. Lehec Electèd as Governor from SepLember 2021 P. Mullender Cha?r of the Ed￿atIon Committee S. Nurbhai C. P. Solway D. F. Thomson Elected as Chair of Develowent Commltree frorn 9, December 2020 ember ot the Developtnent Commitiee. A*rnI￿r of the EthJcatioTh CcfftmlttFe. Member ot ih@ Estat￿ Committee. Mtmber ol the Fltsance Cotnmirtee. Member of Ihp Nomlnaiioo5 CcfflmSlieè. Pafenl ol a wpil ai the ColleEe. The following were Representative Governors- G. W. W. Barker, A. J. W. Conti. P. E. Dodd, R. C. V. Harllson, S. Nurbhai and C. P. Solway. OFFICERS OF THE COLLEGE-. Head: K Crewe-Read, Appointed 1st September 2020. P. M Stanley Secretary and Bursar.. ADVISERS: Bankers.. Lloyds TSB Bank plc, 20 North Street, Bishop's Stortford, Hertfordshlre, CM23 2LN Crowe U.K. LLP, 55 Ludgate Hlll, London, EC4M 7JW TEES, Tee5 House, 95 London Road, Bishop'5 Stortlord, Herlfordshlre, CM23 3GW Veale Wasbrough Vizards LLP, Narrow Quay House. Narrow Quayj Bdstol BS14QA Endsleigh Insurance5 (Brokers) Lirnited. Shurdington Road, Cheltenharn Spa, Gloucestershire. GL51 4UE Auditors.. Solicliors: Insuran¢e: OTHER INFORMATIOM: Addre55 and Reglstered Offlce: School Hou*, Maze Green Road, BishDP'S 5tDriford, HertfOrdshi￿ , CM23 2PQ Webslte- www.bishD 5-5tOftford-colle e.herts.sch.uk Page 12 THE INCORPORA TED BISHOP'S STORTFORD COLLEGEA550CIA TION ANNUAL REPOR T AND FINANCIAL STA TEAIENTS YEAR ENDED 3 1st JUL Y 2021 The Governors, who are also directors and charTty Trustees, have pleasure in subrnirtlng their one hUnd￿d and seventeenrh annual report together wilh ihe audited financial statements for the year, and confinr they cornply WTth the requirement5 of the Memorandurn and Article5 of Association, the Charilies Aci 2011 and the Companie5 Act 2006. DIRECTORS, REPORT REFERENCE AND ADMINISTRATION INFORMATION The Incorporated Bishop's Stortford College Assoclaiion. known a5 Bishop's Stortford College I'the College") wa5 founded in 1868. It 15 constltuted as a private litnTted company (Number 811301 with charitable status IN￿rnber 3110571. The College operates three schco15 known as Pre-Prep, the Prep Schwl and the Senior School. STRUCTURE, GOVERNANCE AND ht4NAGEMENT Go¥ern?ng Document The College is governed by its Memrandum and Arlictes of ￿SOCIation incorwrated on 2nd June 1904, as amended by Special Re501utions, passed on 30 June 1978 and 29th June 2001 and further amended by deiermlnation on 20tb March 2015. The Governors continued to keep the Memrandum and Articles under review to ensu￿ they remain appropriate. Govèrn1￿ Body The Governing Council is a 5elf-appDinting ￿dY that may comprlge of up to ten elected Governor5 and six representatTve Governors. Up to. but no more than, one third of the elected body Is required to retire by rotatlon each year. They are then eligible for re-eleciion at the Annual General Meetlng should ihey wish Io Stand. The￿ TS one Governin8 B￿Y for all parts of the Colie£e and the Governor5. executive officers. principal advisors and bu5ines5 addresses are listed on page 2 above. Representative Governors are norninaied by the Bapii5l Union and rhe United Reformed Church. In addition, the Merrnrandum and Artlcles permit four other suitable representatives such as College parents, to serve on the Governing Council. Represenlative Governor5 reti￿ each year but are eligible for re-election should they wish to s￿nd. Parent Governors play an Important role in bringin8 the view5 01 the parent cornmunlty to the attention of the Goveming C(¥Jncil. Re¢ruitment of Governors A Nofflirlations Committee is responsible for identifying, tnieryiewing, and recornmendine candidates who are not representative5 of outside bodies to join ihe Governing Council. After considering the candidale's eligibility, peisonal competence. skllls and availability, the Governing Council decide, by a vote, to either accept or reject the Th)minated person. The Bapt15t Union and the United Reformed Church identify and recotnrnend their own representatives io the elected Governors. The Governing c￿nCIl then decide, by a vote, io either a{￿pl or reject the recommended per50n. The Charlty Governance Code The Trustee5 are aware of the Charity Governance Code putrAlshed In 2018 and updated in March Z021 which sets out the principles and recommended practice for 4￿d governance within the Sector. The Tru5tee5 are satlsfied that the Charity applies the pdnciples of the code wilhin its current Governance arrangements. Tralning of Governors New Governor5 are inducted into the workings of the College, including Ihe policies and priKedures of the Governlng Council and its ComTnittee5, by a serie5 of rneetlngs with the Chairtnan and the Clerk to the Governing Council and through optK)rLunitie5 to aitend during their first year, cornmittee meetings. External courses are also rnade avallable to Encoming Governor5 as part of their Inductif￿ pfiKess. Governors are encouraged to further develop Iheir ski115 and knowledge, by artending relevant seminars. training events and presentailons. Page | 3 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIATION ANNUAL REPOR T AND FINANCIAL STAfEAIENTS YEAR ENDED 31*t JUL Y 2021 Or4anlsatlonal Structure 8. The GoverTh)rs, as Trustees of the Charityb a￿ leRally responsible for the overall control and supervision of the College and they tneet as a full Governing Council no less than three times per year. In between meeting5, the Chair of the Governing Council, or ihe Vice Chair In their ab*nce, are available to prowde guidance or ad%qce to the College if it is needed. The work of overseeing strategy and implementatlon of policies agreed by the Governing Council is devolved to one of the following Committees.. Education Committee, which 15 responsible for academic, pastoral, staffing, welfare and other operational issues. Eslates Committee, which is responslble for the built estate, staff aCcom[￿datIon, rnaintenance. lea￿ng of property, health and Safety, security and building project planning. Finarre Cotnrnittee, which is responsible for financial planning and investment strategies, as well as, scrutinising revenue and capital expenditure, the budgei, salaries and monitoring agreed key perforrnance indicators. Development Comrnitree, which is res￿nSible for scrutinising sirategie5 and plans to raise additional funds via grants, gilt5, legacies and endowrnents and to fosier link5 Wlth alumni, friend5 and other like-Thinded organisations. Nomination5 Committee, which is responsible for ensuring that the Governin8 Council has the right balance of skllls and experience, leading the priKess for Governor appointments. In addition, the Governing Council are ￿presented ai a Project WoTking Group to prowde oversighL of major College projecrs, a Remuneration Working Group and a Coniingency Working Group w review exiernal risks and identify appropriate plaAnln8 and mitigation of those ris￿. The Conlingency Working Group led In all COVID-19 related planning matters. As part of the strategic planning process the Goverr+ing Council meets annually at an 'Awoy DGY. to discuss malters of importance, to review key document5 and policies, a5 well as considerlng furure plans and initiatives. Struciufe of the Charlty The College comprises three schools, three cr05s-college departments, a support organisation and a Developnpnt Qfflce as follows.. Pre-Prep. Pre-Prep comprises three year group5 from the age of 4 and operate5 frorn purpose-built facililies. Prep school. The Prep School comprise5 six year groups frorn the a8e of 7 Iyear 31. Frorn Pfe-Prep the children move to Shell which provides a tran51tion from Pre-Prep into the Prep School, which offers subjett-based teathlng Irorn the age of 9 (Year 51. The transfer age to the Senior School 15 13 (Year 91. Senior School. The Senior Scht>)I has five year groups and prepares pupils for the GCSE and A-Level public exarninatlOn5, unlver51ty entrance and for adult lTrfe. Cfoss College Departments. Learning Supw>rt, Music and Sp)ri are taught across the three Sch￿1$ by STngle deparLments. In this way best use is made of specialist teaching, coaching and SUPFK)rt Staff and pupils are able to develop skllls frorn an early age. College Professlrjnal 5ervlces. College Professional Services provide College-wide supwrr to all section5. Th2 main functions are bursary adtninistration, marketing and adfflissions. finance, information technology services, huFnan resource5. e51ates and facilities, health & safety, commerc1al and rnedical. A number of College Professional Service staff are emtedded and line managed withln their allocated schools and departments. Blshop's Stortford College EnteFprlses. In Decernber 2020 the charity established a subsidlary, Bishop'5 Storiford College Enterprise5 Limlted with the alm of supporting non-fee iacome generation in 5UPPOrt of the Trust's objective5. Marketlns and Communlcations. On change of Heads, the ￿'[ectOr of Markeiin8 and Corllmunications reported irectly to Head of the Colle8e and was re5pon5ible for the marketing, communications, and adffli55ions buslnes5 Critical function5. Developmènt Office. Alw, on change of Head5, the Developrnefit function reported directly 10 the Head of ihe College and wa5 responsible for raising additional funds through grant5, gifts, legacie5 and endowrnent5. In addition, it also encourages other non-financial gift5 to the College such as offer5 of work experience w CUTrent pjpils and supports the College'5 relationship with lis alurnni. All developrnent activitie5 are now orchestraied through the Stortfofdian Foundation. Page 14 THE INCORPORA TED BISIIOP'S STOR TFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FIIIANCIAL STA TEIAENTS YEAR ENDED 315t JUL Y ZQ21 Management Str￿tts￿ and Other Relatlonshlps 10. The day-to-day running of College was delegated to the Head of the College who ¥Ya5 also the Senior School Head. The three Schools were managed by the Senlor School Head and managen￿nt Team, the Prep SchoDI Head and Managernent Team and the Head of Pre-prep. The College Head, the Prep Sch(Kkl Head, the Head of Pre-Prep and ihe Bursar were the Key Management Personnel (the College Executlve Teaml who met regularly throughout the year. The Head and Bursar also attend all meetFngs of the Governing Body, almogi all of which are also attended by the Prep School Head and the Head of Pre-prep. Jeremy Gladwin, retired in August 2020 a5 Headmaster of Bishop'5 Storrford College, having taken up post In 2011. He oversaw the rtK>St significant period of estates development in the history ol the College and TS succeeded by Kathy Crewe-Read. Kathy wa5 Hea4J of an award-winning co-educational day School, Wolverhalnpton Grarnmar khool from 2013. 11. The College rernalned a 5electlve co-educational day and Ly)arding sch(x)I thBt offers, in relum for a fee. an education from the age of 4 Lo 18. The desired ouicome wa5 for pupils to achieve suitable public examination grades to allow them to tnake rewarding cFK)ices about their future. As pari of the provision. pupils were given assistance in appiyTng for univeT5ily, work, or gap year travel. 12. To support the aitainment of the highest standards, the College actlvely Interacted with other schools through ftEtnbership of the Headmasters, and HeadMiSt￿Sses. Conference, the Independent Association of Preparatory schools and the Independent Schools Bur5ars' Association, and, in the local area, Ihrough the Head's mernbèr5hip of the Bishop's Stortford Educational Trust (see paragraph 371. 13. The Governor5, the Developtnent Olflce, encouraged the fostering of link5 between forrner pupils, parenis and present-day Students. The College thus encourag￿ tnefflbership of an aciive society of ex-wpils, known as Old Stortfordian5 IOSI, who tneet on a regular basis at the College and other venues. The College benefited from the generosity of it5 forn*r pupils, whose support continued to te greatly appreciated. The volunteer supp)rt of parent group5, such as the Friends of the Prep SchcK)I, was similarly valued. To develop these link5 further the College retained a programrne that includes Parent Evenings and links with the wider cort¥munity. These were an important aspect of ensuring the delivery of the charftable aims of the Trust. 14. Remuneration is Set by the Governing Body J With ihe policy ob]ective of attractin8 and retainEn4 talented and rnotivaied people 10 dellver the College'5 charitabl@ purpose and il recognises thai it is primartly dependent OTr our key managernenl persotinel. The appropriatenes5 and relevance of the rernyneratTon is reviewed annuallyp including reference io compari50n5 Wlth other organisation5 and ￿nChMarkIng report5 to ensure that rhe College remains sensitive to ihe broader issues of pay and ernployment condilion5 elsewhere. Employment Policy 15. The Governing Council recogni5ed that staff engagemenl was vital to the SUCC￿ of the College, and appreCIa￿d the contributTon rnade by academic and non-academlc staff to that succes5. Senior tnanagement promoted a culture of cooperation and partnership between staff in different seciiotTr5 and departtnents within the College. The airn was to treate a culture of mutual respect, and good Internal communication5. The Whole School Forurn was e5Lablished to pro¥Trde representatEve and scheduled consultation and dialogue between staff and the Executive. The College retnained an equal opportunitie5 ernployer and was fully cornmitted to safeguardin4 and wornoting the welfare of children. Accordingly, recrulting procedure5 for College Staff followed pub115hed guidance. At least one member of any Interview panel will have aitÈnded 'Safeguarding and Recruittneni, training and all apwintrnents are subject to Executive safer recru7ting review before employment cOMr￿nces. 16. The Governing Council and management were commilted to staff developmeni. Training was delivered as part of an ongoing INSET prD8ratnme to meet ideniified prioritTes. All staff who were new to the College recelved induction Lraining Ihat Included Ihe College's safeguaiding politie5 and guidance on safe worklng practices. Senior leade￿hip development was facilitated Ihrough 360 degree feedback. Page 15 THE INCORPORA TED 81SHOP'S STORTFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STA TEMENTS YEAR ENDED 31Yt JUL Y 2021 Equallty Po16cy 17. The College's equality pollcy applies to all the pupils, staff and visitors at Bishop's Stortford College and is held on the College websiie. The College airns to ernbed equality of access, opportunity and outcorne for 311 rnembers of our College communiiy, within all a5pect5 Of College life. The Colle8e actively seeks to ernbrace the followlng concepis.. Sha￿￿ Humanity. Identif￿n£ cornfflonality and shared values, aspirations and rEeds, underpin5 our apFKoach to equality. We value our fundamental sirnilaritTes and universality. Valuing difference and diversity. We appreciate the richness within our diffe￿nceS and l(K)k for ways ol celebrating and understanding thern better. Interdependence. interaction, and influence. We ¥ecogni5e that, as they evolve. distlnct culture5, beliefs and lifesryles will impact on and inform each other. s[￿la1 cohesion within our College and within our local community. Excellence. We airn toin5pire and recognise high personal and collective achievement thr(yJ8hout ourcommunity, the UK and the wider world. Excellence is to be found everyW￿re. Personal and cylturdl identity. We will provide opportunities w explore and value the complexity of our personal and cultural idenrities. Faime55 and stxlal lusrice. We will develop our understanding of the i￿QUalItY that exists in %)cSety )nd explore ways of Individually and collectively promoting a rnore equitable society. Mulual respect of those with different faiths and belief5. The College seeks to foster warm, welcomtng, and respectful environments, which allow us to question and challenge discrimination and inequality, resolve conflicts peacefully and work and learn free from hara55ment and violence. We recognise that tFEre are slmilarities and differences between individuals and 8roup5, but we will strive to ensL5re thai our differences do not become barrier5 to participation, access learning and to c￿ale inclusive processes and practice5, Whe￿ thè vawng needs of Trndividuals and groups a￿ Identified and met. We therefore cannot achieve equallty for all by treaiTng everyone the same. We wlll ￿lId on cur similaritie5 and seek enrichment from our differences, and 50 pror￿lte understanding and learning between and towards others to c￿ate cohesive cofflmunitie5. Investment pollcy and ¢Jblectlves 18. The College's investment objectives are to balance the Cufreni and future needs by.. malntalnlng lat least) the value of Lhe investments in real term5', producTng a consistent and sustaFnable amount to supix)rt expenditure,. and delivering these ob3ecLlves wlthin acceptable levels of risk. To meet these objectives the College's inve5trnents are managed as a whole on a total return ba515, maintaintng diversification in order to produce an appropriate balance between risk and return. The itwesirrent strategy is rnonitored by the FÈnance Committee. as is investrrEnt performance, which is rewrted below within the Strategic Report. OBJECT5, AIMS, OBJECTIVES AIID ACTIVITIES Charltable Objects 19. The objects of the Charily. a5 set our in it5 Trust Deed, can be summari5ed as to promote, and provide for the advancernent of education and thu5, 10 conduct. carry on or acquire and develop in England any boarding or day school for the education of children. In addition, some small tru5l funds are held to make award5 for purp05e5 specified by the would benefit from it. COVID.19 has realised t)oth challenge and opportunity and rhe Go¥emors are determined to secure long term benefits frcm the accelerated developmen¢s of digitised leaining. The aims for the College are now described In eTght pillars.. Plllar 1 Dellvering Academic Excellence. We will offer a modern currlculum. which prewtres pupils for the future. We will seek to Instil a love of learning and devèlop intellectual curiosity. Teaching will be excetlent, learning will be excitin8 and consequently our pupi15 will achleve outstanding results. Pillar 2 - Finding the Best In Every Pupfl. Our puplls lylll be treated 05 individuols. We will find and develop every pupil's unique strengths, by providin8 a bfoad ctsrdculum and co-curriculum. Our pupils vrill have wonderful OPFNirtunities to bec0[r￿ fulfilled, skilful, happy,. young people who have coTrfideKe for life. Plllar 3 - Developlng Strong Personal Values. We will nurttsre inteBrity ond strons values through provislon of outstandins po5torol cor8. Pupils will learn the itnportance of tolerance, inclusivity and respect for other5 and will be aspirational about the contrlbutlon they make to our community and the wider world. Plllar 4- Enhanclng the School Environmeni. Tht physlttsl learning envlronment wlll be of the hlshest quallty. A pro4ratnrne of maintenance and Improvemeni wlll ett5ure ihe campu5 is completely up to date ir* order w suppoit our vlbrant learning community. Pfllar 5 Attractlng Fantastlc Puplls and Communicatin8 about Colle8e Llf•. Our rep￿￿tIOn for excellence 11 be strong and ensure healthy dernand for trt)ardin8 and day places. Pillar 6 - Bein8 a Great Pl&t¢ lo Work. Our staff are our m05t importont resource. We will recruli and retain inspirational teachers and highly skilled support staff. All staff will be equally valued, supported and developed profes￿OnallY in their roles. Pillar 7. Maximising our Resources. The College 15 G reglstered chority committed to securing andmoxlmisins the effec¢ivene55 01 oll Its resources toword5 Its educotio1￿l purp)se. The financlal strategy wlll recogni5e. and deliver, both affordability and teathing excellence. Plllar 8 InspTring Governance and Leadershfp. LeGdershlp of the Collese is occountoble, responslble, c(wrGsEous and has cleGr ty4510n. 24. The College remained first and forernost a place of learning but wa5 also a place where child￿n enjoyed opporiunitte5 lo become fulfilled, confide￿t, 5kilful and happy young men and women. It was the College's aitn lo provide thi5 process of all round growth, academically, morally, spintually, athlèiically and creatively. Every pupil was encouraged, laught and challenged to fulfil his or her true potential, by being irnmersed in an environment of discovery and cowtnitted pariicipation. The College thus allowed time and space for acadetnic work io be balanced by sport. ari, music, drama and a diverse choice of other extra-curricular activiiies, including community Service. 25. The College had irs roots in the Chrfstian faith. but welcornes and values young people from all faiths and none. It encouraged each pupil's spiritual discovery and expre55ion in work overseen by the College Chaplain. The College House systeffl was at the heari of the experience offered to pupils. The aitn of the House System is to provide small enough units to achieve a real sense ol belonglng and comtnunily, and the family atmosphere that results is, quite deliberately. a strong one. Through Lhis approach, the College airned to allow its yOLtng people to acquire a confidence in their relation5hip5 boLh with each other and a150 With adults. 26. The College gave sixth formers, a5 they approach adulthood, opkx)rlunities to exercise responsibility and leadership as well as to show appropriate care arld concern for Ot￿rg. The aim was that as the result of an educaLion here, they should be sufficiently self-confident to contri￿te constructively to Society at large and play a full role in it, whatever their chosen path. 2T. Overall, the College aimed to provide a secure and structured cornmunlty for all its pupils, in which they can fulfil their potential while learning to live and work together in a 5piriI of to-operation, kindne55, re5peci and enthusiasm. Page 17 THE IIICORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIA TION ANNUII REPOR T AND FINANCIAL STA TEAIENTS YEAR ENDED 3 1st JUL Y 2021 Objectlves 28. The Governing Council, through the Contingency Working Group and Finance Committee, tracked the financial impacis of the pandemic on the College and our cornmunity, alongsTde the itnperative to pmteci the qualily of the education being provided under lockdown and additional safety rneasures. The itnpact on pupils, parents and staff was challenging. However, through careful consideraiion of the needs of all parties, the primary objectives were largely protected and delivered. The Value Added scores reali*d during thi5 period were amongst the best in the country, the pupil roll has continued to increase and the finance5 of the College remained healihy. To achieve ihe Governing Counc?I's strateglc vision, 'bJsiness as usual. objective5 include.. prornoting high acadetnic standards through.. o an appropriately sized Scholarship scherrE and a rnentorirY4 scheme for those schoiar5', o the recruitrnent of high quality academic sraff and succession plannlng for future 5￿ffIng needs. o reviews of academic value added by the College to identify ac3demic strengihs and weaknesses- o continued enhancement of lea¥nin8 support pmvision; and o encujragement of academic ambltion beyond school through the College's Pfigher Educatlon and Careers Department,. prowding a tried and tested, House-based. pastoral care system., pmllding extracurrictslar and sporling opportunitie5 lor each pupil., • main￿￿ning a full pupil roll., • offering a broad range of subjects at public examinaiions to 5U5tain the appeal of the Colleqe and the opportunitieg available to it5 pupils., • encouraging a happy and well-motlvated workforce deltvering an effective and broad education- providing all staff, academic and non-acadernic, with appropriate training and deVelOp￿n( opportuniiies,. the operatiorn of perforrnance management procedure5'. 8enerate operatlng 5urplu5e5 sulficienr, onlyi to mee the needs of the objec¢s,' generate non-fee income ￿venue to reduce pressu￿$ on fees: • re-investlng the operaling surplu5 in the College infra5tructure', fundraise to help finance bursarles and itnprovement of College facilities., actively promoting its rneans.tested financial assistance Ibursaryl prosramrne for pupils; and, where possible • sharing the College facilities with local schools and charitable cornmunity groups. 29. Governors a150'. kepi under review the: ernoiandum and Article5 to ensvre they remained relevant. Business Plan., and The Head of College'5 Developrnent Plan. reviewed College policie5 and supporiing prwedures on a rolling tycle; and prePa￿d for external inspectlon5 and audils: ISI, Boardins, UKVI etc. so that the College pa55es these test5 and, thereby, enhances its reputation ln the local and wider cofflmunity. 30. The Governing Body contlnued with the delivery of a number of major projects, subject to available funding. In particular, the GoverrLors focussed on the cotnpletion of the Site Master plan which culminared in the completion of the School House project Vlhich ha5 provided 12 new classrooms f¢x the Senior Schwl and a new for College adrninistration. Page | 8 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE AssocMfioN ANNUAL REPOR T AND FINANCIAL STA TEAIENTS YEAR ENDED 315t JUL Y 2021 Prlnthpal Actlvlty 31. The prirKFpal actEwity was to provide an education to children between ages of 4 and 18 in a co-educational day/boarding envIr¢￿tr￿nt. The number of pupils ai the College at the end of the year was.. Pr*.Pre P1 P2 44 41 School L5 US FI F2 L3 U3 65 65 66 93 110 107 Senfor kh¢x¥l 4F L5 U5 L6 U6 116 116 1f2 119 119 io 15 io 19 14 15 Form Totals Boorders FlexllPort-Tifflg Totals 1217 75 59 32. fo ensure the College continued to have a strong financial base and as wider reflection of outside society a5 P055ible, the key Management team placed considerable emphasi5 on marketing the College, particularly on future admi$5Eons for the younger age groups and on at¢ractTng pupils from a wide range of social backsrouttd5. As a result, rhe nufflber5 of potential pupils who are ￿Corded a5 prospeciive pupi15 and have an Interest in joining the College for entry up until 2026, are.. Year of Ent 2022 2023 2024 2025 2026 Pros 412 26 10 PUBLIC BENEFIT Wldenlng Acce55 33. One of the College a7rns contlnued to be to ensu￿ that it can rnake 'extellence offordqble.. lfi addiiion to 5ettFng lees at a level that widens the nurnber of families that can afford to provide their children with a private education, the College also aim5 to pFovide opporiunlties for those who would noi ordinarily be able to afford the opportunity to send their children to the College to do so through a bursary 5chetne. Means-tested financlal a551Stance Is, therefo￿. provided so that such familie5 are able ro benefii from our charitable objectives. The Goveining Council regularly revlews the adrnis510n5 protes5 to ensure that those who would benefii from attending the College, are encouraged to apply even If their fafflilies may lack the necessary financial resources. Annual adverli5ing of Lhe College's bursary scherne is undertaken. Ffjnanclal As51stanee 34. Financial as$7Stance is available where a pupil rneets the College entry requirements. It 15 funded by a(locatin8 a percentage of anticipated income to the scheme. Awards are available from full support by way of a 1(XYA concession, to lesser awards where parental income 15 assessed to be ar a h1gher level. When necessary, further supp)rt 15 provided., thi5 can lake a nurnber of forms e.g. by way of a grani towards the cosis for uniform. Iravel to and frorn the College or assistance with trips relaled to the curriculurn. During the year, bur5arie5 fotalling £840,(MIO were awarded to provide means-tesied fittancial assistance. A5 a result, there were 16 pupils in recelpt of a bursary 118 in the previous yearl worth 1(x)% of the tuition fee5, and a furiher 31 pupil$123 in the pre￿ou5 yearl receiwng assistance of between 50% and 90% of the fees. The Governlng Council aims to grow the percentage of fee Incorne spent on rneans-Le5ted bursarie5 Lo 4% from a current figure of 3.8% of gross fee incon*. 35. The total value of bursaries, scholarships, srants, prizes and other awards made out ol restricted funds was 130,WO 12020.. C38.0001, whilst £2,069.00012020.' £1,952,(￿) wa5 awarded out of unrestricted funds, thi5 eguate5 to 9.5% 12020- 9.8%) of gross fee Tncome. The total number of children receiving assis￿nCe of all klnds was 340 120ZO.. 3421.. equal to 27.9%12020.. 29.1%) of Colle8e pupils. 36. Where our existing parents find thetn5elves in a difflcult financlal position, the Coltege, where appropriate, will offer tneans-tssred emergenry support 50 that the pupi15 can at least reach the next naiural break w>int ol their education. for exafflple 50 that a pupil may cotnplete a publlc examination year. Page 19 THE INCORP¢)RATED BISHOP'S STORTFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STATEMENTS YEAR ENDED 3191 JUL Y 2021 Socfal Impact 37. The Governing Council is committed to developin8 Its programnr of support and co-operalion with others i educalion and wishes to ensure that the College 15 tnaking an educatlonal irnpact for as rnany children as p055ible. The College is parr of a wider community in which its Staff and pupils are encouraged ro participaie. In addTtion to educaiing 1217 pupils, the College also ensured ihat Its facilities and experii5e were available for use by others, particularly by children. Examples of support to local state schools and community organisation5 included: the continued developrnent of Itnk5 Wlth MosstrKiurne Community Academy in Hackney by the sharing of d¥lce and practical support with UCAS and Oxbridge applicatlons, and with the curriculum. the annual Festival of Literature an eveni aiffled purely at children. The College actively encourages participation from other local schools and provides tAJr5ary partTrcipatSon for schoo15 acr05S the UK. Several well-known authors took part in storytelling and helpin8 to reach out to children,. the Bishops stortford Pupil Voice Network was e5tabli5hed by the Prep School in 2017, wlth ihe aim of establishing a new network in Bishop's Stortford. The network enables repre5enlatives from different Pupillschool Councils to 8et together to share good practice, and learn rnore a￿￿t the value of Pupil Volce in the Local community. This has been held three tiFnes, and pupi15 and staff from approximately 10 local p￿Mary schwls atteftd. rhe nexi Pupll Voice Network Meeting Is due to be held in Spring 2022., the use of the College swimming p¥xsl by I￿al clubs, youth groups and schools. The Swimming p(K)l is an 'Approved Tralnlng Centre, for the InsliLu￿ of Qualified Lifeguard5 and the College offers spaces on thi5 course for staff from other local scho)15 and s￿mming club5. The College is a150 3 PADI Educational Facility- the College continues w be at? MCC Foundation Cricket Hub giving greater access to superb cricket facilitles to a wlder group of young people. The MCC Foundation. the chariuble artn of rhe MCC, runs a network of Hub5 across the LIK, providin8 free coaching and match.play to state-educated 11-15 yeaf old b)y5 and girls with the aim of improving their cncket abillty and b005ting iheir confidence an and off the pitch,. Bishop's Stortford Scouls and Police Cadet5 hold regular rreetings USTng College facilities., worklnq with the Britlsh Heart Foundation the College continued to provide two defibrillators on the Campu5 and lin an emergencyl for the local community., the College has held Summer Activity Camps for children, includlng a rnulti-agency camp and 5￿Cer and tenni5 coèchlng activities for children and the children of key workers., number of drama and mu51c performances that are open to the local cornmunity, includtng Lhe Water Lane Church Lunchtime Recitals. in Decembei 2020, the Music department filmed and edited a nurnber of schwl productions for Windhi1121 la local primary schty)11 to 5UPPDri them during the lockdown period to keep their drama and muslc active. College equipment wa5 used to record audio and film their pr￿Uctions, a5 well as editingtr hostitlg the annual Rotary Youth Speaks competltion (which allow5 local SC￿1$ w cornpetei,. >5ting the annual Rotary Young Musician Competition, using a number of facllirie5 around the campu5 including the FLT, IAemorial Hall, Recital Room and MU1. Last year's event was cancelled due to COVID-19. but they will be back in school this year at the Stari ol the Summer Term- a programme of charitable works by the pupils. Highlights I￿lUdeI raised £22.LNX) lor St Elizabeth's Centre, Much Hadham. Activities Included Chanty Day5, Sprin8 Community Charity Challenge, Family Virtual BiTr80 Nights. Prep School summer Term on.line pop-up shop raised a nei income of C755 in the year which was Used to purchase 20 Word Wide FuTrd for Nature IWWFI adoption packages- the College again collected 'iins and toiletries, for Lhe Whitechapel Mission and Sixth Formers ompleted the breakfast challenge, preparing and serving breakfast to the homele55 and raising over the Senior School raised over £2,700 for the College's wolect school. Ihe Ungana Academy in Nakuru, Kenya., the Senior School Stars in Their Eyes event raises morw allnually for the Niemann Pick Research Foundalion and The Tumer Syndrome Support Society., the RPH commemorative hedge and the Friends of Ihe Earth honey sale raised £741 across the year, hich funded donati¢)ns to CALM and Friends of rhe Earth., Page 110 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STAfEMENTS YEAR ENDED 31&t JUL Y 2021 In March 2021 two Upper Sixth pupi15 dld a 5FK)nsored walk for the Motor Neurone Assoclaiion and raised over C10.000.. Pre-Prep charity fundraisino throughout the year Saw over £1.6CQ donaled to the RSPCA. a clo* partnership with a large number of local tnaintained schcK>15 as a founder member of the Bishop'5 5tortford Educat?onal Trust IBSETI. BSET was established in 2015 to create a co-operative, forward.thinking educatlonal organisation to suprK>rt provision from Early Years to P05t-16 and beyond for the town of Bishop's Stortlord and its surrounding vlllages. The Trust was created to lorrnalise already effective partnership between l(Kal primary and secondary schoo15 and draws on the individual 5trengihs of each institution. Thi5 collaboration is noi only cornmuniiy.ba5ed. but is qulte tK>ssibly the orEIy such Trust at present to include the stste and independent sectors working together to provide hlgh quality education. BSETS ten key airns a￿ to.. provide a strategic overview ol school provi510n to ensure suffTcient places are fflade available for primary and secondary schools to tneet local demand - this include5 bidding Lo SFrtMsor new and existing Khools.. provide support and advice lor schoo15 in ordef to adhere to the Department for Education's IDfE academisation programme by 2022., provide effective pmfessional development for staff and share schu)l-to-sch)ol experti5e', ovide rRer-to-peer School support regarding educational standard5'. support Initial Teacher Tralnlng and staff recruittrEnt by providing local teacher placenEnt and collectlve teacher ￿CruitMent., invest In effectTrve schfy)l-led research development., SUPPOrt finarrial prcturernent thiough collective purchasing power,. work collectively wlth regards to curriculurn plannlng and resour¢ittg.' develop and enhance 5chiK)I leadership and governance,. and engage fully with our local community io ensure that proylslon rneets demand. Sectlon 172 Statèment 38. This statement is ifitended to be a dFscrete facrual state￿￿nt on how the direttor5 Ithe College Governors) have regard for Stakeholder interest5 in performing their dutie5 as re¢wired under section 172 of the Companies Act. Bishop's Stortford College identifies its princlpal stakeholders as pupi15, parents, prospective parent5 and pupils, teacher5 and siaff, Old Stortfordians, suppliers. contractor5 and our local comrnunlty leader5, busine55e5 and neighbours. Stakeholders are identified by £ontraciual engagemeni In terrns of pa￿nt. wpils, staff and external licensees or by virtue of effect and impact of College activity and support oprA)rtunities to our comtnunity. 39. The College is very nxKh rooted in ihe communityp Wlth approximately of pupils being day pupils and hence living locally., due to it being one of Lhe largest ernployers In Bishop's Siortford.. and frotn the siKial Interaction described in paragraph 37. stakeholder views are secured through communications strat￿leS specific to groups, for example prospective pa￿ntS 2nd puplls through admi55ions and event5., pupils, teache￿ and staff through sc￿)1 routines., parents, evenings, meeting5 and newdetLer5, community and neighbours through town business forums and groups. Engagement with all of our community informs strategy, decision5 and outcotne5. The succe55 of the College is predlcated on balancing 51K>rt and long terrn ￿annIng and aspTration, to effectively-. consider the long terrn likely consequences of any College decision on our cornmunityi consider the Interests of the College's employees., foster relatlOll5hips with Suppliers, custorners, and oihers.. evaluate the impact of College operation5 on the cornrnunity and the environment- maintain a reputation for high standards of business conduci. and ensure that ￿rnber5 of the College aci fairly between themselves. The Governors identtfy and consider issues and lactors affectin8 the College by= maintaining Memorandurn of Ariicles and govemance of The Incorporated Bishop's Stortford College Association in accordance wlth the law and the Charity CotnTni5sion Regulations.. maintainin8 a long term sirategy that recognise5 and balance5 the needs of all 5takeholders- developin8 a ctslture and eihos founded on fairne53, Christianity and compliar￿? with law and the fequirements of the Charity Commission., Pagè | 11 THE INCORPORA TED BISMQP'S STORTFORD COLLEGE ASSOCIA TION ANNUAL REPORT AND FINANCIAL STA TEMENrs YEAR ENDED 3151 JUL Y 2Q21 managing risk and impact on the College and community through active risk managernent as It affects all stakeholders.. complying with legal obligalions relaiins ro the irnpacr the College is rnaking on the envimnment and meet5 Its obligations in relation to the Energy Saving5 Opportunity schen￿., developing clear contractual relationship5 Wlth employees Supl￿ed by effective, Informal and informal dialogue between ernployees and the senior leadership of the College. maintaining 51ton4 links with neighbours, local schools and local bu5ines5es In order LO be ￿tuallY supportive and cogni5ant ol their needs; operating profe$5ionally and appropriately with twsines5 practice5 and in payment terms., as a significant employèr and contractor of services., employing staff under terms and condiLions encapsulated in the staff handtK)ok to enstsre that people aci fairly and coasiderarely to each other, to our pupils, parents and otker stakeholders- and declarfn8 interests and conflict5, annually and before any governance meeting. Paragraphs 8 to 37 of the Directors, Report provide further detail of the Governors, engagerneni wrh differeni key stakeholder5. 40. The Governors have engaged vAth employee5 through g(Nernance, leadership and direction Inclusion the forming 01 sirategTre5 and p)licy and through oversight of the ExecLStive Team and College acii¥ities. The Governor5, VlSIts tts the College are frequeni and activities recorded. Senior employees are present at Governing Council meetings to rewrt, facllitate oversight and receive dlrection. The reports contain a broad spectrum of employee activity. pupil pastoral and academlc performance and detail of staff wellbetng. The Governors receive outputs frotn the Health and Safety Committee, security audlts, and Staff wellbeiThg activities alonqside genéer pay reporting and remuneration benchmarking data. The directors oversee the muneratlon pollcy and deci510nS through & dedicated working group in order to make annual recornmendatlon on policy and pay awart1s. Paragraphs 22 and 28 of the Director5, Repori provide further detail on Ihe Governors, vision and strategie5 including Lhose relatin8 to etnployees. 41. The key decisions made during the year were.. The appointment of the new Plead of College, Kathy Crewe-Read. The response to the COVID-19 Pandemic through contingency plannln£ and actions almed at keepins rAJpi15 and staff safe frorn harm and protecting academic progre55. Specific decisions included.. follo￿ng GovemmeTrt guidance and suppo¥tins wholeheartedly the n3tlOn's response ¢0 the pandernic. robusrly defending acadernic dellvery, through proiection of teachins capacityj invesrment in remote teaching and learning technology and sUStainnEnt of brllliant teaching. Providing facilities w £hildren of key workers as part of the national response to the COVID-19 pandemic., freezing fee levels for the Autumn Terrn 2020 and the redl￿tIOn of fees durtng periods of remote teachin8', and realising in-yeaf budgetary saving to sustain financlal resilience and facilitation of fees reduttlon. To grow the College through marginal cla55 Size increases to meet the geographical and demographic local demands, which. with no detriment to teachTng and learning, delivers benefit5 through econotnies of scale and allows us to better mana£e the challenges of fee affordabillty. Page 112 THE INCORPORATED BISHOP'S STOR TFORD COLLEGE ASSOCIATION ANNUAL REPORT AND FINANCIAL STA TEMENTS YEAR ENDED 315E JUL Y 2021 ENERGY REPORT 42. The College'5 energy usage and emissions are detailed in the table below. Year Ended 31" July 2021 kwh tC02e Year Ended 31" July 2020 kwh tC02e Type of Emlssion Acti￿tY % ofTotsi % of Total Scope 1 direci ern15$1ons Natural gas Vehicle fleet 5,079,210 71,535 930.31 16.89 76.94% 3,791,972 12,252 697.23 70.16% 0.77% Sub-total 5.150,T45 947.20 78.34% 3,824,Z24 704.9Z 70.94% Scopè 2 eneryy1ndTrect emissions 1,230,890 261.35 21.61% 1,228,459 286.40 28.82% Sub-totsi 1,230.890 Z61.35 21.61% 1.228,459 286.40 26.82% Scope 3 Olher indirect ￿￿$s1On5 Grey fleet 2,402 0.59 0.05% 10,271 2.40 0.24% Sub-total 2,402 0.59 0.05% 10.271 0.24% Total gross consurnptlon and emisslon5 6.384.037 .209.14 100.00% 5,062,954 993.72 ioo.oo% Metric used: Number of pupils 1,176 Intensity ratio- Tonnes of C02 per Number 0.994 0.845 Note.. due to increased accuracy iTh methooblogy, reporting of ga5 kwh and emissions has increased by 2.2% in the year ended 31￿ July 2021. Intenslty Ratlo The intensity metric chosen was nutnber of puplls (finishing the year). The resulting intensity ratiL¥ of tC02eJnumber of pupil5 best reflects changes in operation and energy consumption ovèr time. Off5Èttfng The ga5 Supply to 4 College Close wa5 Supplied by Good Ener8y. IO% of Good Energy's gas supplies is biogas whilst the other g)% T5 offset through international bloga5 generation projects. Assuming G￿d Energy's offset5 can be verified, the resulting ernissions ￿duCtion is 1.885 tC02e. Efflclency The increase In emis5Tons compared to the prior year wa5 due to the swimming pool being closed from March to July 2020 and therefore not being heated during this period. The pool was heated throughout 2020121, albeit at a low level during the during the period of retnote leachlng and learninE In the Spring Term 2021. Emlssion5 have also Inc￿aSed due to Lhe completion and use of School House from March 2021. AItIK)ugh Sch(xil House con5urnes energy, this ha5 been kept to a minimm by installing energy saving Lechnoiogy throughout the building including LED lighting and motion lighi sen50r5. The following efficiency measures were taken during the financial year.. Continued investment LED lighting and rrK>tion light 5en59r5 Roll out of additional Colle8e Tran5wrl route, ￿d￿cIng the number of cars on the local roads Commlssioning a report into energy efficiency opportunities in Ihe swlmming pwl ￿lIding Expanded video conferencinB and online rneeiings las optwd to late-to-face n*eLingsl Quantificatlon and Reportln8 Methodology The methodology used to calculate the College's GHG emt55ion and eneryy consumpiion has been taken frorn The GHG Protctol Corporate Accounting and ReFK)Iting Standard. The 2013 UK Government Environmental Reporting Guidelines lupdaieo March 20191 have been followed 2020 UK Governrnent's ConversioN Factors for Company Reporting have been used. The energy efficiency narrative trEthodolo4y ha5 t>een created based on energy mana8emeni best practice. Organisatlonal Boundary The College ￿pOrtS on all source5 of environmental impact over which It has financial control (financial control approach). Page 113 THE INCORPORA TED BISHOP'S sfoRTFORD COLLEGE A55OCIAfioN ANNUAL REPOR T AND FINANCIAL STA TEA4ENTS YEAR ENDED 31st JUL Y 2021 STRATEGIC REPORT ACHIEVEMENTS AND PERFOliItINCE Revlew of achlevements and performance for the year 43. The effect5 of COVID-19 continued in the UK duAng the academic year re5ultin8 in two periods where it was necessary for the College to operate remotely. Academic progress was su5rained, and a variety of creative and non- curricular aciivitie5 also ￿0k place. Pupil welfare wa5 piioritised, and the pastoral teams monito￿d wellbeing acr055 the College, ensuring support was in place where needed. 44. Public examination results are always the most V15ible tneasure of academic achiewewnent at an all.through schiM)l. For a Second year, examinations were cancelled naiionally. and students were awarded Teacher A5se55ed Grades by Lhe Awardin8 PA)dies. 45. At Bishop's Stortford College, A Level student5 received grades which reflected ihe College's usual high levels of Value Added las independently measured by CEAI Icentre for Evaluation & Monitoring) analysi51. 87%186% in 20201 of grade5 achieved were A'.B grades. with 67%162% in 20201 A's and As. 46. In line ￿th the Governors, prirnary objectives to advance a broad curriculum, study skills at STxlh form extend beyond the A Level curriculum. Independent Research Projects are undertaken by all Students and th15 year, and a greater number of student5 took the Exrendecl Projeci Qualification. Result5 were excellent w￿[h 98%188% in 20201 of grades being awarded at A'.B grade and 45% 127% in 20201 receiwng the prestigious A". 47. Despite the complex univer51ty landscape in August 2020. caused by the Government's re5ponsÈ to A Level grades and Cenire As5e55ed Grading, 84% 179% in 20201 of our students received places a¢ their fir5t-choice university. Place5 includèd 6 who met their offer5 for Oxbridge. 74164%1169161%1 in 20201 siudent5 went on to study at Russell Group universities. The average UCAS lincluding EPQ IExterHJed Project Quallflcaiionll score for Ihi5 cohort was 153.1 1148.6 in 20201. 48. At GCSE 79% 179% in 20201 of exatninations were graded 9-7 with 33% 131% in 20201 being graded at the hi8he5t Grade 9. Top perforrnersevery year are awarded the pre5tiglous Ten Club membership, which is gained for achieving 10 or more grade5 9-7. this year 37% 148%) Ten Club rnefflberships were achyeved. 49. In the Prep Scl¥)ol, although imKy)riance is placed on leaching tore subject5, humanities a￿ taught 5eparately¥ language learning is introduced early and creativity 15 well supported thfough weekly drama, design techfiology, ICT. tnusic, and art le550fi5 for every child. Curriculurn breadth is viewed as centr31 to Ihe eihos ol prowding rich and varied opporrunitie5 for tyjr wptls. 50. Subject specialist teaching from Year 5 provide5 acadefflic ri8our and allows curriculum to expand furiher with three rnodern foreign languages and LatTn on rhe curriculum for Year5 7 and 8. 51. In Pre-Prep, the tK)sitive learning environment Is pararnount to supp)rilng the delivery of the curriculum. This was tested during the Icckdown periods, but we generated session5 that helF*d maintain a p)sitive efivironment de5Plte being separated. In Reception, the chTrldren have a nurturing learning experience. They enjoy the f￿e-flOW environment, involving inside and outside learning., pla5qng and exploringtr active learning and creatin8 and ihinking critically to interconnect the seven areas of development in the Early Years. The children enjoy working towards their hundredth day, which is celebrated as a nurneracy day. 52. In Key Stage One, the curriculum is delivered through umb￿113 toplcs which provide breadth and a wealth of opportunlty to develop thTnking skills and grow in acadetnic confidence. 53. Across all parts of the College, opportunltles to deyelop strong personal values have been sought through curricula and extra curricyla activities which expose puplls to the ittiportance of Inclusiviiyy tolerance and respect lor other5 reflecting c105ely on certain movements 5￿ch as Everyone's Inwted and Black Lives Matter. 54. The Governors place greal IMP)r￿nCe on the pupils, parlicipalloD In arts. rnusic, and drarTra. In support of thls, the College ran a5 full a prograrnme of activitie5 as wssible, given natlonal COVID-19 ￿StriCt10n5. Pupils participated In virtual House competitions. including House Music. The Drama department'5 deviged play5 were ￿rforrned without audience5 and one year group created a digital I￿ntage for their assessed piece. 55. In the P￿p School every Year Group has a drama production, with ma55 pariicipation up to Form One (Year 51. In music, Ihere are instfurnental concerts for each Year Group as well a5 OPFX)rwnitie5 to perform wth choirs, ensembles and the Prep Sch(x>l Orchestr3 at Pfep School and Whole College recitals. We have regular entries to the IAPS Art competition ar￿ often exhibit chlldren's work locally. Page 114 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIATION ANNUAL REPOR T AND FINANCIAL STA TEMENTS YEAR ENDED 315E JUL Y 2021 56. In Pre-Prep, children are en￿raged to partlcipate in front of larger audiences. Al the Start of the year, all the children perform Tn the Harvest Fe5rival, where they carry out Singing, recite poetry and read prayer5. In December, all childreft take parr in a Christmas Carol Concert vrith 50ngs and readings. The Receptio￿ children perfortn a Nativity and Year Two present a cla55 a55embly to parents and Pre-Prep children. In March, Year Two lead Pre-prep at an Easter Semce and the Year One cla55e5 present a performance with acting and singing. During the sumrner terrn, the Pre-Prep Choir IKey Stage Qnel, sing In the Pre-prep CotKert, with Year Two chTrldren performing on recordeT5, violins, clarinets, cellos, and piano (this was videoed for parent5 to view reFfK)¢elyl. All tIE children participate in a Sports Day, al which tlw compete for their leagues. Year Two take parl in a swimming gala In ihe Su[n￿￿r ￿rm. 57. In spori, rhe College's aim is to strike the right balance between excelling at the highest level its mosr talented pupils whilst at the 5arne time ensuring that as many pupils as possible can enjoy the match experience and benefit from the excellent coachlng available. Siudents from Pre-Prep to Sixth Form are encouraged to participate in wide range of sport Icore s￿rtS belng cricket, hockey, netball, rugby, and switnmingl. For tnuch of the acadetnic year, Coronavirus regulations meant that matche5 against OPP05in8 schools and garres involving contact could not be played. Throughout thi5 period, 5wdent5 ai the College both trained and played nDn-cont&ct ¥K)ri against College ￿arn5 composed of pvplls of the Same age group. 58. Competitive sport resumed in May and Senior School pupi15 competed in crickei, hockey, netball, tennis, and rugby fixtures against lctal schools. The School fielded it5 flrst qlrls cricket teams who played with soffe 5ucce55. In the Prep School fixture5 have resumed for rugby, swirnming, football, hockey, netball, tenni5. athletlcs and cricket for 4ir15 and boys. 59. The Prep khool regularly has sporting succe55 in several different sports. The U13 football team won the IAPS National Chatnpion5hips and hockey, neiball and fch)tball team5 often win distrTCt championships. The whole Prep khool engaged in wrrual swrls days during lockdown. The Pre-Prep children were also Invited to lake part in a virtual 5port5 day and enjoyed a variety of event5. Alany chose sporting aCLivTties to raise Money lor tlE Pre-Prep charity. 60. The College'5 Elite Swrts Pro￿s7on contlnues to enhance the sporting offer already available. The Eliie prograrnrne offers extra training opporlunities outside of the main term lor each sport. During periods of lockdown, thi5 was delivered through a virtual programtne, Including podcasts by international coaches and sporismen, trainlng programtHes. and advice on nutrition and sport Psychology. 61. In addition to these key area5 of extra.curricular provision, pupi15 at the College in the Senlor School are offered the opportunity to take part in a wide range of activities. dependent on theTr age. CAD Design. History Film Club, Model United Nations, Music Tech, Vlve La France and Frerrh Filrn Club, Che55, Origarni, Police Cadets, Water Polo, Amnesty International, Coding, The Jean-Paul Sartre Club. Prep khool children's actiwty se$510T15 FncludÈ golf, street dance, cookery, yoga, outdoor acrivltles. and photography. Pre-Prep have football and tennis clubs and ballet tlasse5 after school. In school. the childreTr can joFn the Pre-prep Choir or gardening club. Fundraising 62. The College's approach to fundraising. The College has fundrai5ed for a nufflber of projects rhroughoLtt its h1story and since September 2013, a Development Office was established to fflanage all aspects of alumni relation5 and fundraising. Fundraising 15 mainly dlrected at people who have a clear relatlOn5hip wih the College, natnely parents and alumni. Developnent activities itKlude boih formal and informt reunions and sporting and cultural event5, mosi of which are free of charge to attend. Fundraising is carried out via virtual and Ilve event5, ingerts in hard copy wblications, dedicated fundraising mailings and appropriaLe e-mails, online in the Stortfordian F(¥Jndation portal and one io one rneetings. Telephone fundraising campaigns have beetTr used as an additional fundraisFng channel in rhe past. However, due to GDPR, it has been decided to use this method for now. 63. Work h￿th, aTrd oversight of, any Com￿Ercial participators/profe55ional fundraisers. From time to lirne, the College engages companies io a551St U5 Wlth fundra1s1ng activitiès. This iKludes USTng a rnalllng house to rnanage the disiributTon of the magazine, and dedicated fundraising mailings. From tlme to time, the College a150 engage5 s￿tialIst fundraising c(Msultants to support industry best practice and conduct Yro successful community engagement fundralslng. Page 115 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIATION ANNUAL REPORT AND FINANCIAL STA TEAIENTS YEAR ENDED 3 1st JUL Y 2021 64. FundraEsing conformlnE io recognised srandards. The College is a rTEmber of the Institute for Development Professionals in Education IIDPEI. Developrnent Qfflce staff, SMT rrernber5 and Governor5 regularly attend IDPE training events to ensure that best practlce in alutnni lations and fundraising 15 bein8 used. Guidance issued by the Fundraising Regulator Itncluding the latest update5 to the FundraÈsillg Code of Practice) and the InfoTTvation Comrni551oner's' Office are observed. The College uses 'legTtimate interest" as its lawful ba515 ro process personal data for the purposes of fundraising and this approach has been ratified by the College's Governing Council. The College's FundraisillE and Development Privacy Noiice 15 publicly available and prornoted to parents and alumni. The Notice makes the College'5 approach to fundraising clear and if anyone objecis to their personal Oata being used for the legitimate pjrpose of fundrai5in8. these ww5hes are respected. Upon registration to a new portal. www.SLortfordianfoundaiion.orgJ constituent Users are able to specify their preferences, enhancing GDPR compliance. 65. Monltorlng of fundralslng carried out on our behalf. When consultants are used to assist the College in tt5 fundraising efforts, they are data proce5sots, not data controllers. In addition, their work Is rnonitored closely by the Oeveloprnent Dlrecwr to ensure there can be no reputational darnage. 66. Fundralsing complaint5 The Development Office h35 a sophlsticated CRM database. If anyone who receives a fundra1￿n9 communlcatlon objects to it, this is noted on the database to ensure futu￿ comrnunlcatlons are not sent. 67. Prolectlon of the publlc, Including vulnerable people, from unreasonably intrusive or persistent fundraising approaches, and undue pressure io donate. As Stated above, the Development Office operates a 50phi5ticated CRM database. If anyone who receives a fundraising cofflfflunication object5 to it. this is noted on the database to ensure future cotnmunication5 are noi sent. In addition, if a fatnily member contacts the Deyeloptnent Office to advise that thelr relative ha5, for instance moved into residential care due 10 serious health condition should not be coniacLed again, thi5 is respected. Also, the College does noL buy or Sell donor li5t5 and does not attempt to fundralse with the wider publi£ who have no direct connectFon or interest in the College. Fundraising activities a￿ mostly directed towards people who have a clear ￿latIONshiP with the College, namely parents and alumni. 68. The College Development office completed its seventh year of operation. Expe￿itu¥e on fundraislng amounted to £180,OLK) including staff costs of £139,IXO and the lotal donatlons received or comrnilted in cash or in kind d￿rIng the year were 178,000 in value. The fundraising capability of the College was constrained during the year as suff in the Development office were on furloughed leave for part ol the year. The Colle8e regularly invites all constituent5 of the College to voluntarily rake part in fundraising. Appeals are typically dire(￿d iowards raising donation incorne towards bursarie5, scho¢arships, academic and pastoral facilitie5. Investmeni Pollcy 69. Article5 of Association of the Charity allow the Governor5 to invest such pari of the funds of the Association. a5 shall not be requlred to satisfy or provide for imffediate demands urK)n such securities as they deeffl expedient, and may, from Lirne to tirne, vary such securitie5 and convert the same as occasion requires or as they may deem 70. The Investment funds held comprfse units in the M & G Charifund, and a freehold farm and associated propertles, which were bequeathed to the College by a former pupil. In both of these investtnents, the Governors hawe taken the view thai a combinatith of low risk income and long-term capital growth should be their objective. 71. The investment strategy and perforrnance Is monitored by the Finance Committee. At the year end the College's long-term Inve5tmentS. itKludins the units in M & G Charifund and property investrnent5, were valued at £5,298,000 12020- £4,917,000). The overall invesrment return lor the year was £123,000 12020: £150,OWI (See note 41. The value of investments ha5 Increased by 1381,Ck)O thi5 year 12020.. £419,000 decrease). The performance of Investment5 has met expectations this year with a rebound ol FTruch of rhe previous year's decrease in value of the M & G Charifund inveslments. It 15 anticipated that a full recovery ol value and subsequent capTtal growth ￿11 be achieved over the longer term. 72. The Pre-paid fee scherne while a5515ting some parent5 in managing the cosi of their child or children'5 educaLion continue5 to provide what amounts to be a stable reserve that can be used by the College to the benefit of the charity. The Finance Cornrnittee monitors the cost of running the Pre-paid Fee scheme and this year the scheme generated an incorne of £45,00012020'. C2,￿0). Page 116 rME INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STA TEAIENTS YEAR ENDED 319t JUL Y 2021 FINANCIAL REVIEW Results for the Year 73. The College continued to be affected by COVID-19 during the financial year. The fees were frozerf for the Autumn Terrn and dlscounted by JO% for the period of Sprin8 Terrn remote leamTng. As the boarding house5 were not operatin4 for the majority of rhe Spring Term. the College also received no boarding incorne for thls period. An increase Fn pupil numters of 41 from the prior year was favourable to fee income. Expenditure saving5 and utylisation of government grants also mitigated the impact of reduced incorne during periods of ￿￿TK>te learning. These itnpacls together resulted in a net increase In fund5 for the year of £1,940,000. The completion of the School House capital renovation project marked the end of a peThod ol slgnificani caplial investfflent in the College and capital expenditure for the year was £4,113,(X)O. The resilience and adaptability of Lhe College during rhe pandetnic has resulted in the College's cash reserves remaining strong wlih a cash balance as at 31 July 2021 of £4,450,000. An increa* in pupll numtErs across the year groups and Strong demand for places Tn future years, together with the creation of Bishop's Stortford College Enterprises Liwted to be used to generaie non-fee incorne enable financial resilience for the future. The Trustees remain confident thai the College Is in a strong financial position to coniinue to deliver the curreni academic pro£ramme and planned physical development of the carnpus. 74. The College continued to be adversely affected by the low interest rate5 available to it on Its cash balances. Continulng confidence in the forecasted nurnber of future PUPTIS, however, alloweit the College to contlnue developing the facilities to meet the aspirations outlined in the Head's Development Plan. ResèTves Level and Pollcy 75. In accordance with the objectives Df the A550ciation, and subjeci only to the normal con5train¢s of prudencè, it 15 the Governors, ￿ta(Y not to accumulate and retaln funds to Spend. wisely, the avatlable cash on maintenance, and on enhancèment of the College's faciliries. Such enhancements Usually involve signiflcant capital sums aTrd are therefore, normally only underiaken a5 and when funds on a sufficient scale, built up over a number of years, be£offle avallable. This pollcy tneans rhe College does not hold a large reserve for any length of tin*. Moreover, as rhe fees are paid in advance and the short-term flow of Tncome and expenditu￿ is relativèly predictable, the College does not, as a matter of pollcyi hold reseNes ¢0 cover say a whole tertn'5 operating c09ts. 76. Note 17 to the accounts Sets out a full analysls of the assets attributable to the various fund5. These assets are sufficient to meet Charity's obligation5 on a fund-by-fund basi5. See note 1.10. 77. Deiails of the College's Restncted Fund5 and the movetnents in the year by fund are Set out In note 16 to the accounts. 78. The College's Unrestricted Funds and the underI￿ng assers representing those Funds are Set aut in note 17 to Ihe accounts. The m05t 5ignificani part of rhe Unrestricred Fund5 15 invested in College buildings and other fixed assets used by ihe College In furtherance of its charitable objeclives. 79. In the unusual drcumstances Whe￿ legacies ro the College take Lhe form of properly, ii is the Governors, policy ro retain such inve5ttnents and io look for capital appreciarion while u51ng any net incorre generated to support the Associaiion's ongoing charftable objective5. 80. The College's total reserves of £41,634,WO 12020.. E39,694,0001 at ihe year-end included É2,612,OW 12020.. 12.151.000) restricted fund5 and £39,021,OQNI 12020.. 37,542.0001 unrestricted funds. The College ha5 no free reserves at the balance sheet date due to investment of funds in tangible fixed assets, largely buildires for use within the College. Flnancial Vlabllity and Golng Concern 81. The Governor5 regularly examifie the College cash flows alongslde ihe development plans for the future and are satisfied that they are adequate for ihe purpose of n*eting its working capital requirements and that ihey will also cover strategic capital expendItU￿ when complitrEnted viith an approprtaie atnouni of loan finance. 82. Financial forecasts a￿ Pr￿uCed, stress tested and reviewed by Lhe Executive Team and the Governors ai least termly to a55ess the itnpact of actual and potentlal favourable adverse impacts to the College's finances. The stress testing Includes potential future financial irnpacts of COVIO-19 as well a5 Other Ilnancial Scenarios that may irnpact the College. This allow5 the Governors w resFK>nd quickly ￿ financial changes to enstsre the stability of the College. Page 117 THE INCORPORA TED BISHOP'S STOR TPORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STA TEMENTS YEAR ENDED 31ft JUL Y 2Q2f 83. The Governo￿ are satisfied that the College has rnaTntained an acceptable level of profitability and cashflow5 In the year to 31st July 2021 ro allow it to carry out it5 objeclives and will continue to do $0 in the future. The educational offering has been tailored, including excellent rernote teachin4 and learning and will continue to be modified to match the requiremenrs of these challen8ing time5. 84. The Impact of COVID-19 has been rnanaged to date thrwgh utilisatEon of Government SUPPK)rt schemes and budget savings. The College has been able to stimulate further interest and demand in places due to the positive response to its lockdown initiatives. Detnand lor places has allowed the College to grow frorn 1217 to 1227 pupils by the start of the rew 2021-22 academic year. Accordingly. the College Is operating on a going Concern basis. RISK MANAGEMENT A14D UNCERTAINTIES 85. The GovernDfs. 5upwrted by the Executive, are responsible for the Identification and manasement of the strategic risk5 faced by thè College. A review of the College Strategic Risk Re8lSter wa5 complete£J a5 an annual slanding item on the agenda of each of the various comtnittees and the Governln8 Council itself. Following the review, the register was updated, and this year reforrnatted, and actTon taken Lo add￿$5 any risks that are in5ulficiently mitigated. While it 15 recognised that any 5y5tem can only provide reay)nable Lwi not ab501ute a55urance, the Governors are satisfied the procedures descrribed above have identified the risks faced by the College and that these have been adequately managed. 86. The Governing Council remain m?ndful of the affordability of fees rfsk. The rlsk TS managed by two connected factors, the need to offer excellent education and a5501iated wirh this 15 to provide Trt efficiently at affordable fee5. The resultant excellent value proposltion will sustain demand and mitigate financial r15k. Within this formula is an obvious tenslon between the need to recruit and retain the best teachers in an expensive to live area and the need keep fee5 low. 87. The unforeseen risk faced by ihe College of the COVID-19 pandemic required bespoke and comprehensive risk mitFgalTron. In the first order, il ￿preSeThted a risk io health and learning. Second order risk5 related to ￿tentIal for harrnful impacr M Ihe economy and the affordability of fee-paying education. The Governing Council and Execuiive proactively managed all related risk5. The safety of pupils and staff We￿ Sub)￿l to rigorous risk assessrront and ca￿fullY conceived tnitigating control rneasures in line with Government direction. The affordability of fee5 is moniiored through fee payment trackSng and open communication channels with parent5 who are find them5elve5 in unexpected hardship. Budgeiing and mld-terrn planning were prudently readjusted meei imrnediate nèeds of investment and at the 5atne tiThe, recognition of change in Ihe offer and discount 10 fee5. Midterm planning continue5 to recogni5e the need for int￿ased financial capaciiy to cope with )ny further COVID- 19 irnpacis. 88. The Governors identified 5Lrateglc risk connected to the significant building works, including SchoDI House scheduled during a period of political uncertainty, Brexit and pandemic relaied irnpact5 on construction and supply hains. The Governor led Pro]ect Working Group, reporting into the Estate5 Committee, provided close overslght of the project5 and risk. 89. The College ha5 appropriately recognlsed rhe prificipie and potent1311y combined risks ol 1055 of busine55 rare relief Sn it5 financial forecasi and plans. There remaing risk related lo the affordability of Ihe Teacher5, Pension Scheme. The Governors are looking to In¢￿aSe resTrlience and capacity to tolerate the impacts should the risks materialise but overall, they are confident that the risks are being managed effectlvely through careful control of operational cosis and due to the strong demand for place5 at the College. 90. The Health and Safery risk5, connected to College actlviiies and the College e51ate are clearly identified and elficlently treated through policie5, risk assessment5 and planned preventalive Maintenance and rnea5ures. The College has commTssioned condilion surveys of its oldest buildings to ￿tter quantify mediurn term planning and the priorit15ation of resource5. The College make great rellance on external competence in assessing and mitigating risk, areas of consultation include., fire f15ks, legionella and water safety, electrfcal safety, gas and aste5t05. The College Health and Safety CommiLtee ha5 broad represenration and agenda to ensure thai Ihe College is continually learning and itnprownq safety pupils, Staff and visitors. Page 118 THE INCORPORATED BISHOP'S STOR TFORD COLLEGE AssocMfioN ANNUAL REPORT AND FINANCIAL STA TEAIENTS YEAR ENDED 3151 JUL Y 2021 91. Across all risks, the key controls used Include-. detailed terms of reference and formal age￿a$ for all commlttee and Governlng Council actiwty., the formation of additional Governor led working group5 to oversee specific areas of rlsk or challenge,. remunerat70n, projeEt5, contFn8ency', comprehensive strategic planning, bJdgeting and managerneni accounting., itodng key performance indicator5, e.g. pupil nUrn￿r5, ratY05 and trends., rewew, adjUstw￿nt where necessary and approval by ihe Governor5 of all forrnal written policies- skx)t thecks by Govemors on College record5 and ledger5 to ensure apwoved wocedures are being followed- use of ex￿Mal professional advice., clear authori5ations foF approved levels of expenditure,. safer recryitmen¢ and vetting procedures as required by law for the protection ol chTrldren,' and COVID-19 contingency planning sc￿art0$, risk asse55ment oversight and rewrLiNg of eflectivene$5. LONGER TERM PLANS 92. The College Strategy highlight5 plan5 for the next ten years. li Is updated and it is reviewed each year. The strategy provides the frarnework for the Executive to fortn projecrs and supporting development plan5. TFEse are listed at paragraphs 22-28 bul In sutnmary, they inform efforts to.. continue to actively scrutinise and validate the quality of our academic dellveryb en5ur)ng that we deliver a modern curriculurn, which prepares puplls for tlE future; cOntin￿e to develop strategies thar provide opporiunltles for all pupils,. continue wlth the enhancement of physical lacllitie5 and buildings. including the renewal of the site master plan., • continue with the delivery of amblllous ICT strategies In our teachin8 and learning,. • rectsgnise the imperative to recrult and retain a highly skilled workforce through continued Improvetneni io c￿lture and working condition5', continue with increasing bursaries by making them rnore wldely known abiNL Tn our communications. actively encourage and support all pupi15 in chooslng a place at unlver*ty or other ￿$t Khool options that best 5UIt5 Iheir a5plraLion5.' and reduce pre55ure on lees, by increasing functrai5ing and non-fee income ge￿rated through Bishop's Storlford College Enterprises LTmited. Page 119 THE INCORPORA TED 81SHOP'S STORTFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STA TEAIENrs YEAR ENDED 31st JUL Y 2021 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES 94. The Tru5tee5, who are a150 Direciors of The Incorporèted Bishop's Stortford College Associaiion for the purposes of company law. are responsible for preparing the Annual RepKiri and the financial statetnents in accordance with applicable law and relevant accounting standards. Company law requires the Trustees to prepare fTnancial 5tatemenrs for each financial year. Under company law, the Tru5tee5 must not approve those financial statements unle55 they are satisfied that they give a Irue and fair view ol ihe state of affairs of the charitable cotnpany and of Lhe incoming resources and application of resources, including incorne and expenditure of the charitable company for that period. In preparing these finaficial sraternents, the Trustee5 are ￿qUIred Lo.. • select suitable accountlng policie5 and Ihen appty them consistentlyi observe the rnethods and principles in the Charitles SORP- fflake I￿9MentS and e5timaie5 that a￿ reasonable and prudent., state whether applicable UK accounting Standards have been followed, subject to any Material depa¥tures disclosed and explalned in the financial 5tatemenis,' and prepare the finanaal statements on the going concern ba$15 unless li Is inappropriate to pregjme that the charitable cornpany will continue in business. 95. The Tru5tee5 are also responsible for keeping adequate aCCOUfiLing records that a￿ sufficient w show and explain the chariiable cornpany's transactions, disc105e with reasonable accuracy ai any time the financial position of the charitable company and enable thetn to ensure that the flnancial Statements comply with the Companie5 Act 2W6 and the provi51ons of the Charity's consLituLion. They are in addition re5POn51ble for safe8uard?ng the a55efS of the Chanty and hence for taking reasonable steps for the prevention and detection of fraud and Other irregularities. To that end, the Chair of Finance Committee makes regular 5PQt checks of ledgers and other financial records to ensure rhe iniesrity of the College's accouniing procedures. 96. Each of th@ Directors, as mernber5 of the Governing Body, at the date of appmval of this Rep¥)rt, confirrns Lhat they are aware of no relevant audit Informatlon ITnfortnaLion needed by the company'5 auditor in connection wlth preparing the audit report) of which the company's auditor Is unaware. In ihai context, each Governor has taken all the steps rhar he or She should have taken as a GoverTh)r, In order to make hirnself or herself aware of any relevant audil Information and to esrablish thal the company's audii¢y Is aware of IhaL infortnation. AUDITORS 97. Crowe U.K. LLP have expressed their willingness to continue as audiior for the next financial year. This Annual Report. prepared under the Charities Act 2011 and the Cotnpanies Act 2006, was approved by the Governlng Body of The Incorporated Bi5hop'5 Stortford College Association on 10th December 2021, Includin8 In their capacity as com directors approving the Straiegic Report contained therein, and is signed on it5 behalf by.. R. C. V. Fsarrison Chair of the Governin8 Council Chair of the Finan￿ Coffltnitiee Date.. iolialai Page 120 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIATION ANNUAL REPORT AND FINAKIAL STA TEIAENTS YEAR ENDED 315E JUL Y 2021 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INCORPORATED BISHOP'S STORTFORD COLLEGE ASSOCIATION Oplnlon We have audited the financial starement5 of The Incorporated Bishop's Stortford College Association I'the charltable company'l for the year e￿cted 31 July 2021 which comprise the Statement of Financial Activiries, the Balance Sheet, Cash Flow Statement and notes to the flnancial staiement5, includlng significant accountin8 policies. The financlal reporting framework that has been applied in their preparatloll TS apFAicable law and United Kingdorn Accounilng Standards. including Financial Reporiing Standard 102 TIE Financial Reporting Siandard applicable in the UK and Republic ol Ireland (United Kingdorn Generally Accepted Accounting Practlcel. In our opinion the financial staternents-. give a true and falr view of ihe state of the chadtabie company's affair% as at 31 JULY 2021 and of inc(Mre and expenditu￿, fDr the year then ended- have been properly prepared in accordance with United Kingclom Generally Accepted Accouftiing Practice., and have been prepared In accordarKe vrith the requiretTEnts of the Companies Act 2￿6. Ba51s for oplnlon We conducted our auijit in accordance with International Standards on Auditlng IUKI IISAS IUKII and applicable law. Our responsibilities under those 51andard5 are further described in the Auditor's responsEbilitle5 for the audlt Df the finanoal statements Section of our rewrt. We are independent of the charitable company in accordance with the ethical reqLiirement5 that are relevant to our audit of the financial staternents Trn Lhe UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical reskY>n5ibiliiies in accordance with these requlretnents. We believe that the audit evidence we have obtained Is sufficienr and appropriate to provide a basis for our opinion. Ctsncluslons relattng to goln8 concern In auditing the financial slatemenis, we have concluded that the trustee's use of the going concern basis of accounting Tn the preparation of the lTrnancial statement5 is appropriate. Based on the work we have perfortned, we have not idenrifled any material uncertainties ￿tating to eventsor conditions that, individually or collectively. may cast signiflcant doubt on the charitable cornpany's ability to continue as a going corrern for a period of at least twelve woTrths from when the fEnanclal statements are authoriged for i5SUe. Our re5ponsibFlities and rhe ￿sPonsIbl11t1es of the truS￿e$ with respecr to going concern are described in Ihe relevant sections of this repo¥t. Other Informatlon The trustees are resrK>nsible for the other information cOntai￿d wthin the annual repoit. The other information Cotnprises ihe infomation included Tn the annual report, other than ihe financial statetnents and our auditor's report the￿On. Our oplnion on rhe financial 5tatement5 does not cover the other irlformation and. except lo the extent otherwise explicirly stated in our report, we do not express any lorrn of assurance conclusion thereon. Our respon5ibiliiy Is to read the other information and. in doing 50, consider whether the other informatlon is rnater?ally inconsistent wth the flnancial 5tatement5 or our knowledge obtained in Lhe audlt or otherwise a￿3[5 to be materially misstated. If we ideniify SLLh material incon515tencie5 or apparent fnaterial mi$5tatements, we are reouired to delermine whether this glves rise to a material misstatement in financial 51atemenLs thernselves. If. based on the work we have performed, we conclude that there 15 a rnaterial (ni5Staterrent of this other information, we are reqUfj￿d to reporl thai laci. We have nothing to ￿￿rt in thls regard. Opinions on other matters prescrlbed by the Companles Aet 2006 In our opinion based on the work undertaken in the course of our audit the Fnformation given in the tru5tees' ￿￿K>rt, which Include5 the directors, repori and the strategic rerK>rt prePa￿d for the purp0*5 of company law, for the financial year for which the financial $￿teMentS are prepared is con51Stent with the financial statements., and the straiegic rewri and the directors. reron Included within the tru5tee5' report have been prepared in accordance with applicable le8al ￿quIre[n￿nts. Page 121 THE INCORPORATED BISHOP'S STORTFORD COLLEGE ASSOCIAfioN ANNUAL REPOR T AND FINANCIAL STATEMENTS YEAR ENDED 31Ft JUL Y 2021 IAalters on whfch we are requfred to report by exception In light of the knowledge and understanding of the charitable company and their envlronment obtained in the cOu￿e of the audir, we have not Identified material misstatetnents In ihe strateglc report or the direcLor5' report included Wwthin the irustee5' repori. We have nothing io feporL in respect of the following matters In relation to which the Companles Act 2006 requi￿5 US to report to yo(t if, in our opinion.. adequate and proper accounting records have rK)t been kept or returns adequate lor our audit have not been received from branche5 not ￿SIted by us,. or the flnancial 5taternents are rK)t in agreement with the accounting record5 and return5,' or ter￿In disclosure5 of trustee5' reffluneration spedfled by law are noi rnade- or we have not received all rhe information and explanaiions we require lor our audii. Reswjnslbllltfes of trustees As explained more fully In the trustees, responsibilltles statement, the trustees (who are also the directors ol the charitable company for the purpD5e5 of company lawl are re5pon5ible for the prepararion of the financial statements and for being 5at15fied that they gYYe a true and falr view, and for such internal control as the trustees determine 15 ecessary to enable Ihe preparation of financial stalements that ale free from maierial mi5Statement, whether due to fraud or error. In preparing the finaKial statement5, the trustees are responsible for assessing Lhe charitable company's ability to continue as a going concern, disclosTn4, as applicable, matters relaLed w goi￿ concern and using the going concern basis of accounting unless the trustees either intend Lo liquidaie the chariiable cornpany or to cease operations, or have no realistlc alternative but to do so. Audltor's responsfjbllltles for the autht of the flnanclal statem*nts Our objectives are to obtaln reasonable assurance about whether the financial 5tatemenis as a whole are free from material misstatement, whether due to fraud or error, and to 155ue an auditor'5 report that Includes our oplnion. Reasonable assurance Is a hi8h level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material mi55tatement when it exists. Mi55latements can artse from fraud or error and are consFdered material if, individually or in the ag4re8ate, they could reasonably be expected to Influence the econofflic decisions of users takeTr ofi the basis of Lhese financial statemenrs. Details of the exteni to whlch the audit was considered capable of detecting ir¥egularitie5, including fraud and non- comp11ance with laws and regulation5 are Set out below. A further description of our re5ponsibilitie5 for the audit ol the flnancial statements 15 I{Ka￿d on the Financial Rew)rting Council's website at.. www.frc.or .uklauditorsre5 n5ibi15ties. This de5cr1ption forffls pari of our auditor's reporl. Extent to whlch the audit was considered capable of detectlng Irregularltles, Includlng fraud Ir￿g￿larities, includi￿8 fraud, are instances of non-compliance wth laws and regulatlon5. We idenlified and assessed the risks of material misstatement of the financial statement5 frorn irregularitles, whether due to fraud or error, )nd discussed these between our audit team members. We then designed and pprformed audit procedures responsive to those r15ks, including obtaining audit evidence sufficlent and appropriate to provide a ba515 for our opinion. We obtained an understanding ol the legal and regulatory fratneworks within which the charitable company operate5. focusing on those laws and regulations that have a direct efleci on the determination of material an￿unt5 and dtsc105ure5 in the financial statements. The laws and regulaliong we conside￿d In thi5 Context were the Companies Acr 2006, taxatioTr legislation, employment legi51at10n and general data protection legislation togeth@r with the Charities SORP IFRS 1021. We as5e55ed the required compllance ￿th these law5 and regulation5 a5 part of our audlt procedu￿% on the related fI￿a￿la1 staternent Items. In addilion, we considered provision5 of other laws and regulatEons that do not have a direct effect on the financlal statement5 bui compliance wilh which might be fundarrEtFtal to the charitable company's abiliiy to operait or to avold a Ma￿rial penalty. We also considered the opportunities and incentives thar may exist wirhin the chaniable company for frauo. The laws and ￿gUlationS we considered in thi5 contexi lor the UK operations were Thè Education 11nde￿ndent Sch(Mil Standardsl Regulations 2014. Audlting Standards Ilmit the required audit procedures ro Identify non-compliance with the* laws and ￿9￿lationS to enquiry of the Trustees and other managerTEnt and inswctlon ol ￿gUlatOry and legat correspondence, If any. Page 122 rHE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIA TIOII ANNUAL REPOR T AND FINANCIAL STATEMENTS YEAR ENDED 31st JUL Y 2011 We identlfied the grea￿$t risk of material impact on the financial statetnents from irregulariiies, including fraud, to be within the timing and recognition of non-fee incorne and the override of controls by management. Our audit procedures to reswnd io these risks included enquirie5 of management, at¥d the FSnance Committee aboui their own identificaiion and a55e55rnent of the risks of Irregularities, 5atnple testlng on the postlng of journals, rewewing accounting estimates lor bla￿s. performing analytical reviews and testing i￿one for cofflpletene5s, reviewlng resulatory correspondence wlth the Chartty Cornmis5ion, Independent SchLKI15 Inspectorate, Ofsied and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk ihat we rnay not have detected 50rne material misstatetnent5 in the financial staternents, even t￿￿8h we have properly planned and perf¢xmed our audit in accordance with auditing standards. For example, the luriher rernoved non-compllance with laws and regulations Ilrregularityesl Is frorn the events and trangactions reflected In the fir¢ancial statements, the le55 likely the inherently IirnTted procedures required by auditing standards would identify it. Irs addition. as with any audit, there remained a higher risk of non-delection of Tr￿g￿LarItIeS, a5 these may involve collusion. forgery, intentional omissions, misrep￿Sentations, or tke override of internal controls. We are rK>t responsible for preventing non-cotnpliance and cannot tE expected to detect non-compliance with all laws and regulations. Use of our ￿POrt Thls report ts made solely to the charitable company's rnernbers, as a body, In hccordance ￿th Chapter 3 of Part 16 of the Compantes Act 2￿6. Our audit work has been undertaken $0 thal we might State to the charitable cornpany's members those rnarierg we are required Lo state to thetn in an audllor'5 report and for no other purpose. To ihe fullesl exteni permitted by law, we do not accept or assuFne re5PDrÈslbitiLy to anyone other than charitable company and the charita￿e company's Jnembers as a kndy, for audit work, for this report, or for the opinions we have for￿￿d. Andrew Thomas SenTor Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Londc Date.. 18 December 2021 Paee 123 THE INCORPORATED 81SHOP'S STOR TFORD COLLEGE ASSOCIATION ANNUAL REPOR T AND FINANCIAL STA TEMENTS YEAR ENDED 31st JUL Y 2021 STATEMENT OF FINANCIAL ACTIVITIES Unre5tricied Funds Restficied Funds 2021 Total 202tI Totol Notes É'ooo Income from: Charltable actlvltle5 Sch(K)I fee5 receivable 20,098 369 20,098 18,373 Ancillary trading Income Income Irom EnSUran￿ claims 369 375 37 37 1,863 Grant income 168 168 633 Other tradfjng actlvltles Investments Investrnent income 50 73 123 Inte￿$1 receivable and similar income 96 96 27 Voluntary sources Grants and donatI￿S 33 45 78 Total Income 20,851 20.969 21,489 Expendlture on: Raislns funds Interest payable and similar charge5 Fundraislng & Oevelopment 11801 1140} Total deductible ¢osts 12011 1140) Charltable actlvltles Educaiion and grant mak?ng Total expenditure Net incomln8 fund5 from operatlons befc+re trat7sfers and InY*stment ga5ns Gains/l1055e51 on investment5 1381 119,2091 119,4101 (18,4491 119,3ni 1381 (18.5891 1,479 80 1,559 381 381 14J91 Net nK>vemenr in fund5 for the year 1,479 461 1,940 2.481 Fund balances brought forward Fund balances carrled forward 37,543 2,151 39.694 37,213 39,022 2,612 41,634 39,694 Page 124 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGEASSOCIA TION ANNUAL REPOR T AND FINANCIAL STA TEMENTS YEAR ENDED 31s¢ JUL Y 2021 BALANCE SHEET Notes 31 July ZOZ1 31 July 2020 £'ooo £'ooo FIXED ASSETS Tan8lble asset5 Securities investmenls 39,648 37.089 to 1,935 1,554 Property investment5 3,363 3,363 44,946 42,(1 CURRENT ASSETS Debtors 12 671 730 Cash and Dep051tS 4,450 5,913 5.121 6.043 CURRENT LIABILITIES Credirws payable within one year CURRENT ASSETSIILIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES LONG-TERM LIABILITIES 13 14,9271 (5. 183) 194 7.460 45.140 43,466 Creditors payable after ore year NET ASSETS 14 {3.5061 (3,772) 41.634 39,694 REPRESENTED BY: SHARE CAPITAL RESTRICTED FUNDS 16 2.612 2, 151 UNRESTRicfED FUNDS General Reserve 16 36.657 35, 178 2.364 Revaluatlon Reserve 16 2.364 39,021 37,542 41.634 39.694 These fFnancial statements were approved by the Governlng Body on 10th Oecernber 2021 and were signed on its behalf by.. R.C.V. Har￿stsn Chair of t e Finance Comrnittee Date.. IDlialai Chair of e GoverTring Council Page 125 THE INCORPORA TED 8ISHOP'S STORTFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STA TEMFNTS YEAR ENDED 31Jt JUL Y 2021 CASHFLOW STATEhlENT 2021 2020 £'ooo £'ooo Net Cash Inflow From Charltable Actlvltles (Note 11 2.937 4,167 Returns on fnvestrnent5 and serylclng of finance Inve5tThenl Inco￿ 123 Net interest incon 75 198 177 3.135 4,344 Capital Expenditurtr Payments to acquire tangible asset5 Net Cash Inflowlloutflowl after Capftal Expendlturè and before movement on prepaid fees Flnanclng Prepaid fees New contracts, repayment5 and reVaI￿atiOnS during the year Utllised during Lhe year (3,3221 19781 1,022 1,895 12.3801 14851 11, 154) (1321 INCREASEIIDECREASEI IN CASH IN THE YEAR 11,4631 RECONCILIATION OF TrIET INCOMING RESOURCES TO NET CASH INFLOW FROM CHARITABLE ACTIVITIES 2021 2020 E'ooo Nei incorning resources 1,533 Investrnent income 11231 1751 1.554 IY50) Ilet interest income IZ71 1,510 Depreclation of tangible assets IlncreasellDecrea5e in deblors IncreasellOecrea5el in creditors excluding prepaid fee5 NET CASH INFLOW FROM CHARITABLE ACTIVITIES 59 78 1144) 2,937 4, 167 Page 126 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STATEMENTS YEAR ENDED 3 1st JUL Y 2021 ACCOUNTING POLICIES The College 15 a Public Benefit Entlty registered as a charity in England and Wales and a company limired by share5. It was InCorpora￿d on 2 June 1904 company number.- 081130 and register￿ as a chariiy on 22 July 1964 charlty number.. 311057. 1.1 Basi5 of preparation rhe financial statements have been prepared in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS1021, the Companles Acl 2CQ6 and the statement of Recommended Practice applicable to charities preparing their account5 in accordance ￿th the Financial ReporLing Srandard applicable in the UK and Republic of Ireland IFRS 1021 eflectTrve 1 January 2015. The functional currency of the College 15 considered w be GBP because that Is the currency of the primary economic environment in which the College operates. The account5 are drawn up on the hlstorical cost basis of accountins J a5 mdlfled by the revaluation of inveStff￿nL properties an<1 other investments. Having reviewed the fundin8 facilltles available to the College together wth the expected ongoing demand for places and the College's stre5S te51ed future projeC￿d tash flows, the GoverrK)rs have a reasonable expecraiion that the College ha5 adequate resources w conlinue its activiLies for the foreseeable future and consider that there were no rnaterial uncertaintles over the College's financial ￿abIlitY. Accordingly, thèy a150 contFnue to adopt the golng concwn basis In preparing the flnancial statements as outlined in the s￿lement of AccoLfnting and Reporting Reswnslbillties on page 20. 1.2 Crltfcal accountlng judgements and key sotsrces of estlmatlon uncertalnty In the application of the accounting policles, 7ru51ees are required to make judgernents, estimate5, and assumpiions about the carrying value of assets and liabilities that are not readily appareni from other sources. The e5tirnaies and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these eslimares. The estitnates and unéerlying a55umptTrons are re￿eWed on an ongoing basis. Rewsions to accounting estlmates are recognised In the period In which Ihe estTThate 15 ￿ViSed Tf the revision affect5 only that period, or in the period of Ihe mision and future periods if the revislon affected current and future period5. In the view of the Tru5tee5, m assutnption5 concerning the future or e5timatitsn uncertainty affecling a$5ets or liabilitie5 at the balance sheet date are likely to result Tn a rnaterial adjustment to their carrying arr￿unt$ in the next fTnancial year. The followFng accounting w)licies have been applied consistently in dealing ￿th items which are considered material in relation to th@ College's financlal statemenrs. 1.3 Fees and sirnilar earned Income Fees receivable and charge5 for services and use of Ihe pretnT5e5, le55 any allowances, Scholarships, bursaries granted by the College against Ihose fee5, but including contribution5 received frotn restricted funds, are accounted for Fn ihe period in whlch the servlce Is provided. The College accep15 prepayfflent of fees from parent5 for any period up to flve years from the commencement ol the following acadetnic year. The terrns on which prepayment of fees are accepted are reviewed from tim@ Lo time in the light of inve5ttnent returns and the level of increase In sch￿1 fees. At present, lees are accepied on Ihe basis thaL filture years will be calculated at the base rate prevailing èt the time the contract 15 made incremented by 2.5% per annum compound. The present value of future costs arising from the difference between the fFxed fee prTrce offered and the projected fee price Is provided for a5 a liability in the accounts. Page 127 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIAT￿￿ ANNUAL REPOR T AND FINANCIAL STATEMENTS YEAR ENIDED 31>t JUL Y 2021 1.4 Investment Income Inve5trnent income from dividends, bank balances and fixed Interesr Securities is accounted for on an accruals basls. Incorne frotn investment propErties is accounted for In the period to which the fental incotne relate5. Rental Tncome lincluding incentlves received or paldl for operating leases on investment property are ret￿nISed in proflt or loss on a stralght-line basis over the lease term. 1.5 Donallons, le8acles, grant5 and other voluntary Incomlng resources Voluntary i￿0￿1￿8 resources are accounted for as and when entitlement arises, the amount Can be reliatAy quantified and the econDmic beneflt to the College is constdered probable. Voluntary Income for the College's general puw5es 15 accounred for as unresrricted and is credited to the General Reserve. Where the donor or an ap￿aL ha5 imposed trust law restriction5, voluntary income is credited to the ￿levant restricted fund and incotning endowrnent5 are accounted for as rErmanent trust capital or expendable trust capital, according to whether the donor Intends ￿tentIOn 15 to be permanent or not. Gifrs in klnd are valued at estirnated open market value at the date ol glfi, in the tase of a55et5 for retention or Consumption, or at the value to the College in the case of ¢S)na¢ed 5erYices or facilitie5. Grant incorne is recognised on an accrua15 basis, In the pefiod in which it occurs. Government grant5 a recognised on the performance model, when ihe Cornpany Sias complied with any conditions attachin8 to the grant and the grani will be received. The grant In connection to the job retention scherne has been recogni5ed in the period to which the underlwng furloughed staff costs relate to. 1.6 Expendlturts Expenditure is accrued a5 S(K>n as a liability 15 considered probable, discounted to P￿Sent value for longer-term liablliiies. Expenditure attrlbutable Lo more than one cost category in the SOFA 15 apportioned to them on the basFS of the estimated arnount attriburable to each activity Fn the year, either by ￿ference to staff tirrE or the use made of the underlying asset5, a5 appropriate. The direct costs incurred in preservtng the College's ancient bulldlngs and their contents are shown as a charitable activity distinct from that of education and grani making. Irrecoverable VAT Is Included with the itern of expEnditure to which it ￿lates. Grants awarde(J a￿ expensed as 500n as they become legal or operaiional commitments. Goyemance costs comprTse the costs of cotnplying with constitutional and 5taLutory ￿qUIre￿￿nis. Inira-group sales and charge5 between the College and it5 subsidiaries are excl￿e￿ from tradlng Incorne and exp2ndiiure 1.7 Tanslble fixed assets ExpendTrture on the acquisiilon, con5trLKtion or enhancernent ol land and buildings costlng nxire than £10,￿0 12020-. 11,0001 together with vehicles, furniture, machinery, ICT infrastructure and other equipment tostlng [Tv)￿ than E10,OLK) 12020: £1,orA)i are capitali5eiJ afid carried in the balance sheet ai historical cosi. ICT eqLJipment costs are wriiien off a5 incurred. In certain circumstances, where the original c05t5 01 assets are not astertainable, a reasonable estimate of the cost, if material, has been u*d. Other expenditure on eouiprrEnt i￿Urred in the normal day-to-day running of the College and its subsidiarie5 1$ charged to Lhe 5￿ternent ol Financial Activities as Sncurred. DeP￿ctatIon is provided on all tangible fixed asset5 in use ai rate5 and bases calculated to write off the cosi le55 e5tirnated residual value of each asset over it5 expected useful life, as follows.. Freehold land and building5 over 50, 10 or 5 year5 Asrro Turf All Weaiher Surface over 10 year5 Furniture and equipment over 10 years Motor vehicle5 over 4 years Computers over 3 year5 Page I Z8 THE INCORPORATED BISHOP'S STORTFORD COLLEGE ASSOCIA TION ANNUAL REPORT AND FINANCIAL STA TEAIENTS YEAR ENDED 3 1st JUL Y 2021 The Governors have carried out an itnpairment re￿eW of th? a$5ets and are sarisfled that ihey are not impaired. The Governor5 will undertake future review5 in accordance ￿th FinancFal Reporting Standard 1D2. 1.8 InveSt￿nE$ Investmeni properties a￿ valued as Indi￿duaL investments at their market value5 as at the balance sheet date. Rental Trncome Is recognised in the period to which it relate5. Purchases and sales of investment prO￿rtIeS are ognised on exchange of contracts. The investment properties at Clapton Hall are stated at market value as at 31 July 2016, as calculated by Strutt and Parker. The Govemors believe this to be an accurate estimate of the current open rnarket value. Lssted inve5trnents are valued at rnarkei value a5 at balance Sheet date. Unreali5ed gain5 and tosses arising on the revaluation of investment5 are credited or charged to the Statement of Finar(ial Activiiies and are IlcKaied to the appropriate Fund according to the 'ownershtp" of the underlyltjg asseis. Investments in subsidiaries are valtsed at C05t le55 provision for itnpairrnent. 1.9 Investment accountfng Investment returns are acc(xJnted for on a retrivable ba515 of their income. 1.10 Fund accountlThJ The charitable trust funds of the College a￿ accOun￿d for a5 restricted income, in atcordance wth the ￿rft of trust itnposed by tIE donors or any apFeal to which they may have re5wrthd. Unrestrlcted Income belongs to the College's corporate reser¥e5, spendable at the discretlon of Lhe Governors either to further the College's Objects or to beneflt the College Itself. Where rhe Governors dÈcide to set aside aty part of these fund5 to be used in future for some srtcific purpose. this is accounted for by transfer to the approprlate designaied fund. Restrlcted income compri5e5 gifts, le8acies and grants where there is no capital retention obligation or power but only a trust law reslriciion to 50ffle 5peci1lc purpose intended by the donor. 1.11 Pensfon costs The Charity coniributes to the Teacher5, PensTon Defined Benefit> Scheme at rates set by the Scheme Actuary and advised to the Board by the ScheTrE Admini5tralor. The scheme Trs a multi-employer pension scheme and il F5 not possible to ideniify Ihe a55et5 and liabTlitie5 of the scherne which are attrlbutable to the College. accordance with FRS 102, therefore ihe Scheme 1$ accoutlted for as a defined contribution scheme. The cornpany paititipate5 in a Group Personal Pension Plan for non-teaching siaff to provide individual pension accounts for participatins employees. Individual pension policies accrue io each indiv*dual parLicipatirr4, and are underwritteft by the Scottish Wldows. In additlon, the College as employer will pay premiums under a Group Life Policy, annual contrfbutions are expensed as incurred. 1. 12 Operatlng leases Rentals under operating lea5e5 are charged on a straighi-llne basT5 over the lease term, even if the payn*nts are not made on such a ba515. Benefits received and receivable as an Tncentive to sign an operatlng lease are similarly spread on a srraight-Line basis over the lease term. 1. 13 Flnancial instrument5 Basic financial instrurnents are inttEally recognised at transaction value and 5ubsequefttly [neasu￿d ar amort15ed cost with Ihe exception of investment5 which are held at fair value. Financial assets held at amorti5ed cost compthse cash at bank and in hand, together with trade and other debtors. A Specific Pro￿s7on is made for debts for which re¢overabiliLy is in doubt. Cash at bank and in hand is defined as all cash held In instant access bank accounts and used as working c3Pltal. Financial liabilities held at amort15ed cost compri* all crediwrs except social Security and other taxes and provFsTons. Asset5 and liabiliries held in foreign currency ale translated to GBP at the balance sheet date at an appropriate year end exchange rate. Page 129 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STA TEAIENT5 YEAR ENDED 3 1st JUL Y 2021 CHARITABLE ACTIVITIES- FEES RECEIVABLE 2021 2020 £'ooo Fees recelvable tonsfst of.. School fee5 22.167 20.325 Scholarships, bursaries and staff conce55ions 12,0991 (1.9901 20,068 18,335 Add back= bursarie5 and other awards paid for by restritted funds 30 38 20,098 18,373 Scholarships, bursaries, staff concesslons ancl other awards were paid w 340 pupi15 12020.. 3411. Within ihls means-te5ted ￿r$arleS totalling £840.000 were paid lo 58 puplls 12020.. £T24,(A￿ to 6Q pupilsl. CHARITABLE ACTIVITIES- OTHER INCOAIE 2021 2020 £'ooo Scho)I Irips Entrance and regisiration fee5 Income frorn letting schfy)I facilities Income frorn annSversary celebrations 35 774 55 35 112 165 Holiday camps Ticket sales 146 21 Income from insurance clalrns 37 1,863 Grant incorr£ 168 633 574 2,871 Income from illsurafice claims results from following insurance clairns= 137k 12020.. C81kl of clalmable c05t from the College insurers for school trfps cancelled due to the COVID-19 pandemic. Cnil 12020.. £1.782k} of clairnable cost from the College InsuTers for the rebuilding c05t of Robert Pearce House which was severely damaged by fi￿ in September 2015. The flnal settlernent of this insurance claim was made in the year ended 3151 July 2020. The grant income recelved is for claims made by the College to Ihe Government Job Retention SchefrE for the period from August 2020 - April 2021. During ihi5 period the maximurn numbe¥ of employees ¢la5med for under the schem? in any single month wa$ 85. Page 130 rME INCORPORA TED BISHOP'S sfoRTFORD COLLEGE ASSOCIA TION ANNUIL REPOR T AND FINANCIAL STA TEMENTS YEAR ENDED 3 1st JUL Y 2021 INVESTMENT INCOME UtFre5tricted Restricted Total Totol 2021 2020 c'ooo £'o( £'ooo £'OCt7 SecvrltlÈs Investment fncome: Equitles Property Investment Income Rents receivable 73 73 50 50 63 50 73 123 150 GRANTS AND DONATIONS RECEIVABLE Unrestricted Restricted Total Totol 2021 202Q E'OOO £'ooo Developrnent donation5 33 45 78 68 NET INTEREST INCOME Inte￿$t recefvable and slmilar Incorne 2021 t'ooo 2020 Bank iTrteresr ￿ceivable Fee5 in advance debt-financing I￿0[ne Total interest receivable and sitnilar income 25 92 96 27 Ibl Interest payable and slmllar charges 2021 2021 £'ooo Fee5 in advance debt-financing charge Total interest payable and sirnilar charges 1211 Icl Net Interest t￿Orne/[exp￿nSe 2021 2021 £'ooo Interest ￿ceivable and 5irn%lar incotne Interest payable and similar charge5 Net interesi Incomellexpensei 96 27 1211 75 27 Page 131 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STA TEMENTS YEAR ENDED 31st JUL Y 2021 ANALYSIS OF EXPENDITURE (al Total ex￿n¢j1ture Staff Costs Other Dep￿clarIon TOTAL Totol (Note 81 E'ooo 2021 202Q I'wo £'o(yJ E,000 £'O(K) Costs of generatlng funds OevelopnEnt C05t5 Total cost of generatlng funds 139 41 180 140 139 41 180 Charltable expenditure Education ond grant makins Teaching Welfare 10,008 265 11,386 11,326 498 1,721 2.219 1,910 Prem55es repalr and Maintenance Support Costs and governance Grants, awards and pnzes Inote 7 Ibl Total charitable expendlture Total Expendlture 643 1,289 3,336 2,230 2.884 1,490 740 2,258 71 38 38 12,639 5,016 1,554 19,209 19,389 18,449 12.778 5,057 1,554 18,589 Ib} Grant5. awards and prlzes 2021 2020 c'ooo From Restrlrted Fund5: Bursarie5 and other grants and awards Prizes and leaving awards Llbrary archiving Bullding SpDriing equipment 38 25 38 71 (cl Governance Included fn support costs.. 2021 2020 £'ooo Remuneration pald to auditor for audit services Other goVerTra￿e costs 21 20 22 zi In addltion to the above audit retnuneration the auditor received fees for advisory semtes i0￿117n8 £10,￿0 12020: £ Thill. Page 132 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGEASSOCIA TION ANNUAL REPOR T AND PINANCIAL STA TEMENTS YEAR ENDED 31st JUL Y 2021 STAFF COSTS AND RELATED PARTY TRANSACTIONS 2021 2020 The aggreEate payroll costs for year We￿ as follows.. Wages and Salaries Social security costs Apprentice levy Other pension c05Ls £'ooo 9.983 10.063 1,031 1,017 35 35 1,729 1,665 12,778 12,780 Key Personnel 2021 2020 £'ooo Ag8regate etnplOyee-bet￿fltS of key management personnel 693 677 2021 2020 lurn￿r of higher paid employees in bands of.. £60,(K>1 to E70.WO £70,CN)1 to £80,000 £80,001 to £90,(I)D £90,001 to £1￿,￿0 £1CK),001 to 1110,000 £110.001 to E120,000 £120,001 to £130,000 £130,001 to C140,OCK) £140,001 to É150.rx)o £150,001 to 1160,000 £160.OW to E170,000 £170,0￿ io £180,orK) 15 01 these employees are in a defined benefii pension 5cheme12020.. 101 and 3 ernployees are in a deflned contribution pension ￿heme1202o. 11. The table below set5 Out the College employee numbers shown by average monthly gross arnunt and full time eouivalent. Gro55 2021 FTE 2021 Gross 202 E 2020 Teaching 187 164 195 157 Welfare 36 19 63 38 Premise5 22 21 19 20 Support Oevelopment 48 35 43 33 296 242 323 251 During the year there were redundancy or termination paynEnt5 rnade whlch arnounted ￿ £1 f7,tm12020-. £19,000) there was £22,000 outstanding at the year end 12020.. £nill. Page 133 TIIE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIA TION ANNUAL REPORT AND FINANCIAL STA TEPAENTS YEAR ENDED 31Ft JUL Y 2021 TANGIBLE FIXED ASS Freehold Land and Builth'ngs £'ooo Buildings under ConStr￿tion Furnlture and Motor Vehicles Total Equipmeni £'o I'ooo £'ooo Cost lor fitszen. valuation) At 1 August 2020 Additions 47,794 2,173 2.970 33 52.970 3,819 34 260 4,113 A55ets transferred 2,052 12,1731 121 Fully deprec1ated a55et5 wrftten off At 31 July 2021 Depreciation At 1 August 2020 12ni 12771 56,806 53,665 34 3,074 33 13,735 2,124 22 15,881 1.554 Charge for the year Fully depreciated assets wrritten off At 31 July2021 1.289 261 12771 {2771 15,024 2,108 26 17.158 Net book value At 31 July Z021 At 31 July 2020 38.641 34 966 39.648 34,059 2,173 846 37,089 All tangible Ilxed as5et5 are held for use on tharitable actI￿ties. he College has subsrantial long-held historic a55et5 used in the course of the College's educatlonal activitie5. These comprise listed buildings on the College campu5, togeiher with their conient5 comprising work5 of arr, ancient book5 and manu5cript5 and other treasured artefacts. Because of their age and, in Fnany cases. unique nature, reliable historical cosi infortnation is not available for these assers and could not be obtained except at di5proportioftate expense. However, in the opinion of the Governors the depreciated historical cost of these assets would now be Immaterial. Page 134 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIA TIOII ANNUAL REPORf AND FINANCIAL STA TEMENTS YEAR ENDED 315t JUL Y 202 1 10. SECURITIES INVESTMENTS 2021 2020 £'ooo Investments comprlse: Listed investments Equlty urrit trysts 1.935 1.554 The movement in the value of Inyestrnents Is due to revaluaiion to ￿rket vall￿. There were no additions or withdrawa15 during ihe period. PROPERTY INVESTMENTS 2021 2020 £'ooo Valuation ai 1 August Net rnoYenEnt 3.363 3,363 Valuatlon at 31 July 3,363 3,363 Investmeni propertie5 consisi of a legacy frorn a College Alumnu5 consisting of farm land and buildings near ¢0 Grear Dunmow. A formal valuaiion of the propertie5 was prepared by Beatrfce Ramsey, FRICS of Strutt and Parker a5 at 31 July 2016. There has been no material change in fair value to 31 July 2021. 12. DEBTORS 2021 2020 £'ooo Fees and extras 256 54 Staff loans 14 15 Other debtors 106 150 Governtnent debtor- Job Retenti￿ Schen 127 Insurance claim debtor 49 Other prepayments and accrued I￿O￿e 295 335 671 73Q Ail debtor5 are due within one year. Page 135 THE INCORPORA TED 81SHOP'S STOR TFORD COLLEGEASSOCIA TION ANNUAL REPORT AND FINANCIAL STA TEMENTS YEAR ENDED 311¢ JUL Y 2021 CREDITORS: amounts fallln8 due wlthln one year 2021 2020 £'ooo Deposits from parent5 Fees received from parents in advance of term Trade creditors 476 327 762 1,049 446 234 Taxation and social security Contributions due to pension schemes Other creditors 253 256 191 Z12 72 34 Fees in advance Kherne 2.130 2,312 Fees In advance adjustment to fair value DelTned benefit pension deficit prov15ion Accruals and deferred income 21 74 io 565 675 4,927 5, 183 14. CREDITORS: amounts falllng due after more than one year 2021 2020 £'ooo £.￿0 Oelined benefit pension def?cit provision Fees in advance scheme 110 100 3,443 3,622 Fees In advance adlusttnent to lalr Value 1471 3,506 3,772 The Governors haye reviewed the contract terms under which Pupil fee deposits are held by the College. Although under t￿rMal circumstance5 these will b2 repaid over future years when the pupils complete their education at the College, pupi15 can leave at earlier dates. The College doe5 mt Iherelore have an unconditional right to retain the Individual dep051ts lor at least 12 month5 after the balance sheet dare a￿d, In line wlth the requirement5 in FRS 102, Ihe balance of ihe dew51ts held at 31 July 2021 have been included within cu¥rent liabilities. prior year Pupil fee deposits balance has similarly represented. Page136 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE A550CIA TION ANNUAL REPOR T AND FINANCIAL srA TEMENTS YEAR ENDED 3 1st JUL Y 2021 FEES IN AOVAMCE SCHEME Parent5 rnay enter into a contract to pay the College in advance for contritwtion5 towards the tuition fees for up to five year5 in return for a fixed prlce on their fees. The rnoney rnay be returned subject to specific conditlons or* the receipt of notice. Assuming pupils ￿11 remain in the College, lees In advance ￿11 be applsed as follows: 2021 2020 £'ooo After live years Within two io five years Withln one to two years 83 1,956 1.036 1,487 2,503 3,443 3,622 withln one year 2.130 2,312 5,573 5.934 Summary of movements In Ilab111ty 8alance at l August 2020 New contracts £'fflo 5.934 2,242 Repaymenis ArTK)unts used to pay fees Balance at 31 July 2021 12221 12,381 I 5.573 SUIAIthRY OF MOVEMENTS ON MAJOR FUND5 1 August 2020 Transfer between funds & revaluation Income ExpendlturÈ 31 July 2021 £'ooo E'OOO £'ooo £'ooo £'ooo Share capltal Unrestrfcted Funds General Resetve 35,178 20.851 119.3721 36.657 Revaluation Reserve 2,364 2.364 37,542 20,851 119.3721 39.021 Restrlcted Funds BursarylScholar5hip Funds AlumnT Funds 1,192 83 1301 193 1,438 846 25 175 1,043 Prize Fund5 85 13 IOT Building Funds Sporting Expendlture Funds Library ArchI￿n8 Fund 10 22 2,151 381 2.612 Page 137 THE INCORPORA TED 815HOP'S STOR TFORD COLLEGE ASSOCIA TION ANNUAL REPORT AND FINANCIAL STA TEMENTS YEAR ENDED 3 1st JUL Y 2021 SUMMARY OF AIOVEMENT5 ON MAJOR FUNDS Transfer between funds & revaluatlon 1 August 2019 31 July 2020 Incorno Expendlture £'ooo £'ooo £'ooo £'ooo c'ooo Share ¢apltal Unrestrlcted funds General reserve 32,329 21,343 24 35,178 Revaluation reserve 2,364 2,364 34,693 21,343 24 37,542 Restricted fund5 Bur5arylscholarshlp funds Alurnni fund5 1,349 998 109 12291 1,192 30 846 Prize funds 98 85 Building funds Sporting expendiLure funds Library archiylng fund 27 1241 25 22 22 2,519 146 1701 14441 2,151 Page 138 THE INCORPORA TED BISHOP'S STOR TFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STA TEMENTS YE4R ENDED 31*t JUL Y 2021 ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Unrestdetèd Total 2021 Total Z020 I'ooo £'ooo c'ooo £'ooo Tangible fixed a55ets Property inve5trnents Securitie5 inve51ments 39,648 39.648 37.089 3,363 3,363 1,935 3.363 1,935 1,554 Net CUr￿￿t a55et511liabiliÈie51 Long term liabilities 677 14361 13,5531 Z41 1,460 13, 5531 13.7721 2.612 39,022 41,634 39,694 Restrlcted Unrestricted Total 2020 Total 2019 £'ooo £'ooo £'ooo £'ooo Tangibte fixed assets PropErty investments Securitie5 investments 37,089 37,089 35,277 3,363 3,363 3,363 1,554 1,554 1,973 Net curreni assets 597 863 1,460 Long terrn l?abilitie5 13,77ZI 13,7721 39,694 14,246} 2,151 37,543 37,213 Page 139 THE JNCORPORA TED BISHOP'S STORTFORD COLLEGE A550CIA TION ANNUAL REPOR T AND FINANCIAL STA TEMENTS YEAR ENDED 31st JUL Y 2021 18. PENSION SCHEMES Ret1￿￿ent benefit5 to employees of the College are provided through two defined beneflt scheme5 and four defined contribution schemes, which are funded by Ihe College'5 and employees, contributions. Deflned beneflt schemes Teacher5. Pen5Ion Scheme The College participaies in the Teachers, Pen51on Scheme I'the TPS") for it5 teaching staff. The pen￿on charge for the year includes contributions payable to the TPS of E1,556.ODD 12020.. EI.498,0001 and at the year-end £186,00012020.. Enill was accrued in respeci of contributions to this scheme. The TPS is an unfunded rnulti-etnployer defified benefit5 pension scheme governed by The Teacher5, Penslon5 RegulatlOn5 2010 la5 a￿Ended> and The Teachers, Pension Scheme Regulation5 2014 las amended). Member5 contsibute on a "pay as you go" ba515 wlth contribulions frcAf ￿MberS and the employer being credited to the Exchequer. Rel1￿ment and other pension beneflt5 are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Deparlrnent. The rnost recent actuarial valuation of the TP5 was prepared a5 at 31 March 2016 and the Valuation Report, which was published in March 2019, confirrned that the etnployer contribution rate for the TPS would increase from 16.4% to 23.6% frorn 1 September 2019. Employers are also reqLrired io phy a schenp adrnini5tration levy of 0.08% giving a total employer coniribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance wArh the benefits set out in the scherne iegulations and under the approach specified in the Ixrections. as they applied at 5 March 2019. However, the as5UfflPtions were considered and sei by the Departrnent for Education prior to ruling in the 'McCloudlSargeant tase. This casÈ has required the courts to consider cases regarding the implementatiDn of the 2015 refom15 to Public Service Pensions Including the Teachers. Pensions. On 27 June 2019 the Supreme Court denied ihe governmeni permission to appeal the Court of Appeal's ludgrrEnt Ihai tr3nsiLional provision5 introdLKed to the reformed pension schetne5 in 2015 gave rfse to unlawfLII age discritninatlon. The go¥ernrneni is re5pecling the Court's decision and has said it will engage fully with the Employrnent Trlbunal as well a5 employer and rnember representatives to agree how the dlgcriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred cholce underpin under which mernbers will be able to choose either le8acy 01 reformed scheme benefit5 in respect of Ihelr service dLtring the period between l April 2015 and 31 March Z022 at the polnt they becon* payable. The TPS Is 5ubjetL Lo a cosi cap rnechanism which was put in place to protect taxpayer5 against unforeseen changes in scherT* cosrs. The Chief Secretary to the Treasury, havin8 in 2018 announced that there would be a rewew of this cost cap rTEchanism, in January 2019 anniyjnced a pause io the c05t cap mechanism followi￿ the Court of Appeal's ruling in the Mccloudlsargeani case and until there is certainly athut tlE value of penslons 10 employees from April 2015 onwards. The pause wa5 lifted in July 2020, and a consultation was launched on 24 June on proposed change5 to the cost control mechanism follDwin8 a review by the Go¥ernnpnt Actuary. Follovring the publlc cOnsul￿tion, the Government have accepted three key pmp)sals ￿c0[￿mended by the Government Actuary, and are aifflitig to implernent these change5 In tirre for the 2020 valuations. In view of the aiKive ruling5 and decision5 the assumptions Used in the 31 March 2016 Actuarial Valuation may bKome inappTopriaie. In this Scenario, a valuation p￿pared in accordance wth revised benelits and suitably vised assurnplions would weld different results than those contained in the Actuarial Valuaiion. Until the cost cap rnechanism revision is completed Tt is nor possible io conclude on any financial Impact or future changes to the contribution rates of the TPS. ACcordi￿$1Y, no provision lor any additional past benefii pension costs 55 Included in the* financial statements. Page 140 THE INCORPORA TED BISHOP'S STORfFORD COLLEGE ASSOCIA TION ANNUAL REPOR T AND FINANCIAL STA TEMENTS YEAR ENDED 3 1st JUL Y 202 1 Petr7slon5 Trust Inde endent School'$ SchemÈ The College pa¥iicipate5 in the sche[T￿, a multi-etnployer Scheme which provldes benefits to sorne 66 non- a550ciated efflployers. The Scheme is a defined benefit schetne in the UK. It is noi POS5Tble for the College to obtain sufficlent information to enable it ro ètcount for the scheme as a defined beneflt scherne. Therefore. st accounts for the scheme a5 a defined contribution scheme. The scheme is Subject to the fundlng legislation outlined in the Pensions Act 2004 which carne into force on 30 Decetnber 2CK15. This, together with docu￿ents E55ued by the Pensions Regulator and Technical Acwar1al Standards issued by the FTnancial Reporting CouncTI, Set out the frafflework for funding deflned t￿refit occupational pension schemes in the UK. The scheme is classlfied a5 a 'last-man 5tandine arrangement,. T￿refore, Lhe company bs potentially liable for other participating ernployers, obligations if those ernployer5 are unable to tneet rhelr share of the scheme deficit following withdraw2L from the 5chetne. Partlclpatin8 ernployer5 are legally required to meet t￿1r Sha￿ of the scheme defictt on an annuity purchase ba515 on wlthdrawal fiom the scheme. A full acwarial valuaiion for the scheffÉ wa5 carried out wilh an effective date of 30 September Z017. This actuarfal Valuation was certified on 27 Decernber 2018 arKt showed assets of £149.4m, liabilities of E187.6m a a deficit of £38.2m. To elimlnate this funding Shortfall, the trustees and the participating ernployers have agreed thai additional contributions wlll be paid. in c¢)mbination from all employers to the scheme as fotlow5.' Defldt contrfbutions From 1 Septernber 2020 to 30 April 2030.. 12.387.357 per annurn Ipayable n￿nthlY and InC￿a57￿8 by 3% on each 15E September) lote that the 5cheme'5 previous valuation was carried out wth an effectlve date of 30 September 2014. Th15 valuation showed a55ets of £110.Om. liabilitie5 of E147.4m and a deficlt of 137.4m. To eliminare this funding shortfall, the Trust￿ has asked the partlctpating employers to pay additlonal coninbutions to the 5cheFrE as follows.. Deficit contrlbutlons From I September 2016 to 31 Augus¢ 2029.. £2,341.000 per aTrnurn (payable rnonthly and Fncreasln$ by 3% on each 1st September) The recovery plan contributions are allocated to each participating employer Tn line wilh their e5timaied share of the scheme liabilities. Where the Scheme is in deficit and where the compary ha5 agreed to a deficit funding arrangernent the company recognises a Ilability for thls obligation. The arnouni recogni5ed 15 the net present value of the deficit reduction contributions payable under the agreement Lhat rèlaie5 to the deficll. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recogni5ed a5 a fTnance cosl. Page 141 rHE INCORPORATED BISHOP'S STOR TFORD COLLEGE ASSOCIA TIOII ANNUAL REPORT AND FINANCIAL STA TEAIENTS YEAR ENDED 315t JUL Y 2027 The following schedule set5 Out the future deficiL ￿dUction contributlons agreed between the Company and the scheme un