Charity Number: 312025 SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION TRUSTEE'S REPORT AND FINANCIAL srATEME￿rS 31 AUGUST 2020 SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION coKrENTS Page Trustee's Report 1-20 Independent Audltor's Report 21-22 Statement of Flnanclal Actlvltles 23 Balance Sheet 24 Cash Flow Statement 25 Notes to the Flnanclal Statements 26-39 Slr Wllllam Perklns's Educational Foundation Trustee's Report for the year ended 31 August 2020 The Governors of Sir William Perkins's Educational Foundation present thelr annual report and audited accounts for the year ended 31 August 2020 and connrm that they comply wlth the requlrements of the Charltles Act 2011, the trust deed and the Charlties SORP (FRS 102). The report covers.. Alms and Objectlves", Ethos, Strategy and Pollcles; Revlew of Activities and Achievements. Future Plans. Prfnclpal Rlsks and Uncertalntles; Buildings and Maintenance. Flnances; Structure, Govemance and Management. Statement of Trustee's ResponsSbllitles. The address of the Foundatlon and the names of the Govemors and School's Key Management Personnel and thelr roles and responslbllltles are shown on pages 16 to 19 under Structure, Govemance and Management. Alms and Objectlves Alms Slr Wllllam Perklns's Educatlonal Foundatlon operates In accordance wlth the Charlty Commlsslon scheme L5 312025 all whlch was sealed by the Charlty Commlssloners of England and Wales on 25 January 1978 and included the regulations for the appolntment of trustees. Slr Wllllam Perkins's School, company number 3298142, was Incorporated on 31 December 1996 as a company Ilmlted by guarantee not havlng a share capltal and Is also a reglstered charltyi number 1060597. Slr Wllllam Perklns's School ('The Company,) was appointed to be Trustee for the admlnlstratlon of Slr William Perkins's Educational Foundation and Its assoclated propertyi by a sealed order of the Charlty Commlsslon dated 2 July 1997. Each of the Governors of Slr Wllllam Perklns's School listed on page 17 Is a dlrector and trustee of the Company and a Govemor of the Foundatlon. The obJectSves of the School are: the provlslon and conduct In or near the area comprlsed of the Parlshes of Chertsey, Thorpe, Egham and Chobham of a School whlch.. shall be a school for girls and, if the Governors think flt, for boys; and shall be a day school or, If the Governors thlnk fit, a day and boarding school; and the provlslon of other educatlonal benefits for glrls, boys and young persons. The prlmary aim of our charlty is to provlde Chertsey and the surrounding area wlth an excellent day school for girls aged 11 to 18 years, and as such to play a significant role in the local community. Our alms reflect the purposes for whlch the charlty was set up. The School aim5 to: Maintaln high academic standards; Encourage the enjoyment of learning and good hablts of work. Help each student to.. develop fully as an Indlvldual; cultlvate creatlve and practlcal skllls; gain the qualifications they need to embark on their chosen ca￿er. grow in confidence. think independently. and be a responslble, unselflsh member of the communlty. Objertlves Our objectlves are set to reflect our educatlonal alms and the ethos of the School. It Is Important to us that we malntain and enhance the academlc success of the School, in the context of the broader goals we set for the School and Its students, In settlng our objectlves and plannlng our actlvltles, our Governors have given careful conslderatlon to the Charlty Commlsslon's general gUIdan￿ on public benefit. Our key objectives this year included: To maintain and improve the current level of educatlon provlslon, almlng at excellen￿ In all areas both academlc and extra-currlcular; To contlnue to provlde as much access as posslble for local children by providing up to lOO% means-tested bursaries, so that those who would not otherwlse be able to attend have the opportunlty to do so; To contlnue to bulld on Ilnks wlth the local communlty, especlally wlth local malntalned schools and to make the School's facllltles avallable to beneflt the community. To focus on soclal responslblllty and global cltlzenshlp, encouraglng outward-looklng conslderatlon of others, Indlvlduals and the community, locally and globally (Including envlronmental Issues, charlty work, development of leadershlp skllls and taklng responslblllty). We believe that, as shown below, good progress has agaln been made durlng the year to meet these objectlves and that we have complled wlth the duty In sectlon 17 of the Charltles Act 2011 to have due regard to guldance publlshed to date by the Charlty Commlsslon. Ethos, Strategy and Pollcles Ethos Slr Wllllam Perklns's School is an educational charlty whose ethos Is to bulld confldence, Integrlty and excellence In a caring, Innovatlve and happy communlty so that each student leaves having been glven the best POS5ible chance of achlevlng thelr full potentlal, takSng wlth them sound values, breadth of skllls and knowledge, and 'ready to take on the world,. Academlc success Is our prlorlty but educatlon should be about far more than Just top grades. We belleve In educatlng the whole person and equipping our student5 to make their mark on the world. We encourage them to get Involved In the many extra-currlcular actlvlties on offer, to take every opportunlty to develop thelr Interests and creatlvlty, thelr Interpersonal, teamwork and leadershlp skllls, to be forward-thlnklng, and to reach out Into the wlder communlty. strategy Our Governors are responslble for setting a strategy for achlevlng the objectlves they have set. The focus of our strategy Is on the development of our pupils, their continued high levels of academlc and extra-curricular achievement and on further widening ac￿$5 to the educatlon our School provides. In taking forward our strategy we: Revlew and benchmark the School's academlc polldes, teachlng practlces and examinatlon results; Ensure the range of co-curricular activities available to our students Is stlmulating and challenging; Invest In technology and the Infrastructure of the School. Build on ￿latIOnShipS with local schools and share Idea5 and resources wherever possible; Contlnue to focus on our bursary provlslon and find ways to increase aC￿sS for students from all backgrounds as much as possible. Polldes Equal opportunltles The School has a Christian foundation but we welcome students of all or no faiths and from all backgrounds. Our students come from a range of about 100 feeder schools from the maintalned and Independent sectors. Entrance examlnations are undertaken to satlsfy ourselves and parents that potentlal students can cope with the pace of learning and benefit from the educatlon we provlde. In accordance with the relevant requirements of the Equallty Act 2010, an individual's disability, gender reassignment, marriage or civil partnershlp status, pregnancy or maternity status, race, religlon or belief and sexual orlentation do not form part of our assessment processes. Slmllarfyi as an equal opportunlty organlsatlon, we are committed to a working environment that Is free from any form of discrlmlnatlon on the grounds of age, dlsability, gender reassignment, marrlage and clvll partnershlp status, pregnancy or maternity status, race, rellgion or belief, sex or sexual orlentation, We wlll make reasonable adjustments to meet the needs of staff or students who are, or become, dlsabled. Safeguardlng and Welfare We are commltted to safeguarding and promotlng the welfare of our students and expect staff and volunteer5 to share thls commltment. The pastoral care of our students Is a top prlorlty, wlth all staff focussed on the welfare and progress (academically, In extra-currlcular areas and socially) of each Indlvldual. Parents are given regular feedback about thelr chlld's progress at annual parents, evenlngs and In regular reports. We malntaln regular contact wlth parents throughout the year through Informal contacts plus the newsletters and other letters to parents. Year 11 students are glven formal mentor tralning and attached to Year 7 forms, particularly helplng wlth the Inductlon and transltlon from feeder schools. Sixth Form students are Ilnked wlth Year 7-11 forms and also contrlbute to the pastoral care. The School Is known for Its ethos of klndness and there Is a strong culture of acceptance of dlverslty and of supportlng one another. Access It Is important to us that access to the educatlon we provlde Is not restricted to those who can afford our fees. We belleve that our students beneflt from learnlng wlthln a dlverse communlty and from belng Involved wlth the local communlty. We are dellghted that our bursary pollcy and our Ilnks wlth local schools contrlbute to a wldenlng of access to the education we offer and the facilltles we enjoy. Bu￿arleS The Governors vlew our bursary awards as Important In helplng to ensure chlléren from famllles who would otherwlse not be able to afford the fees can access the educatlon we offer. Our bursaries are available to those who meet our general entry requirements and are made on the basls of parental means. Our School does not have a large endowment and In funding our awards we have to be mindful that we must ensure a balance between fee-paylng parents, many of whom make conslderable personal sacrlflces to fund thelr chlldren's educatlon, and those benefiting from the awards. All bursaries are awarded accordlng to the School's means-testlng criteria which are informed by Independent Schools Bursars Assoclation (ISBA) general advlce. They are for any amount up to a full 100% remission of fees (and In approprlate cases, uniform, equipment, essentlal school trlp costs etc.). We offer Foundation Bursaries for those entering the School, and we also provide Hardship Bursaries for families who fall into hardship during thelr tlme at the School. Information about bursarles Is provlded to all those applyin9 to the School. The exlstence of bursaries Is advertlsed on our website, in the local press and the Head wrltes to local prlmary schools to ensure that they are aware of thls opportunity for all local famllles. The School Buslness Director is available to discuss how the School may be able to help families who run into difficulty with paying fees. Further detalls of our bursary policy and how to apply are avallable on our website. Financial circumstances leadlng to the award of bursarles are revlewed annually. The success of our bursary scheme is explained below. Details of bursary awards are also set out in Note 2 to the accounts. Scholarshlps We offer a number of Academic, Music and Arts Scholarshlps for entry to Year 7 and the Sixth Form, and also Sport Scholarships for the Sixth Form. Scholarshlps are awarded on the basis of the Indlvldual's exceptional (academlc, musical, artistic, sporting) ability and potential. Scholarships are offered as an honour, wlth a maxSmum of 50% remlsslon of fee5. Candldates are encouraged to apply for a means-tested bursary to supplement their scholarship If financial constraints are a consideratlon. We advertise the availability of the scholarshlps in our prospectus, on the webslte and in advertisements in the local press. Further details and ￿nstructIOnS on how to apply are available on the website. Detalls of Bursary and Scholarshlp Awards Durlng the year, the Govemors broadly sought to maintain the amount of funding available for Foundation Bursaries, to continue the prfnciple of enabllng access to the School for as many girls as possSble, who would beneflt from It but would not otherwise be able to Joln. Thls year the value of means-tested bursaries totalled £512,867 and represented 5.34% of our gross fees. They provided assistance to 45 of our puplls of whlch 8 students benefited from a full remlssion of fees. Funds are also made avallable, where appropriate, to help students In recelpt of bursarles to meet the addltlonal costs of currlculum school trlps, equipment and other essentlals. Thls year £359 was pald out for these purposes. In addltlon, the School awarded scholarshlps to 72 students, based on educatlonal merlt and potentlal, totalllng £132,866 and representlng 1.38010 of our gross fees. Of thls number, 9 also quallfled for means-tested bursary support and are Included In the flgures relatlng to bursary awards. The progress of students recelving scholarshlps Is reviewed at least annually to ensure that thelr progress 15 In line wlth thelr abllltles. No scholarships were withdrawn in the year as a result of revlews. Revlew of Actlvltles and Achlevements The actlvltles in the school year were Impacted by the outbreak of the Coronavlrus pandemlc (COVIO- 19). The school was closed for a perlod between March and June 2020 under natlonal lockdown measures announced by the government, During thls perlod, the provlslon of teachlng and learnlng and pastoral care was dellvered remotely to all students. During lockdown, lessons were taught remotely via Microsoft Teams following a timetable which allowed the curriculum to be dellvered to all students. Attendance records were malntained by the school. Marklng and feedback took place regularly and reports were Issued to parents at the usual calendared tlmes. Mllestone assessments, exams and parent meetlngs were all held remotely. In the Summer, the school made further investments in its technology infrastructure to allow teachlng and learnlng to be dellvered Sn a 'hybrld' form ( onslte and remote) from September 2020. The school has also Invested In better communlcatlon software to facllltate vlrtual open days, extemal meetings and parent engagement. The Digital Strategy already underway when the pandemic hit, ha5 been accelerated and the School pressed on wlth the Introductlon of Ipads to all Year 75 In Sept 2020, The school will transitlon Into a full Ipad school withln the next 2 years. Fees and bur5arfes The school provlded a small reduction in fees for the Summer Term in recognition of the hardship faced by parents during the pandemic. Our financial assistance programme was made widely available to qualifying parents on application. In addition, governors increased the level of hardship funding for next year in recognition of the continued flnanclal dlfficultles faced by some of our parents. Inspectlon 2019 The school was inspected in October 2019 by the Independent Schools Inspectorate (ISI). Both the quality of the pupils, academlc achlevements and personal development were found to be excellent. Pupil Numbers Our average School roll for 2019120 was 586 students. Academi Due to the COVID-19 pandemlc both A Level and GCSE grades were based on the CAG {Centre Assessed Grade) and the adj'usted Ofqual calculatlon (whlchever was the higher grade being awarded to the student). Our students again achieved 100 % pass rate at A level, with 64% of all grades being A*_A and 86% of grades being A*_8. 91Wo of the students got In to thelr first cholce university, with 4% golng to Oxbrldge. 11 students opted to do the Extended Project Qualification, resultlng In a fascinatlng range of independent research on toplcs of indlvldual choice. 33 Oh of all grades at GCSE were 9 and 580h of all grades were 9-8. 6Yo of students gained nine grade 9s,' 25% of all students got 9-8s whilst 570h of all students achieved all 9-7 grades. Teachlng and Leamlng Although Lockdown Ilmited the amount of events that could occur from March 2020, the followlng achievements took place throughout the year: Autumn Temi 2019 Excellent PGCE Mentorlng The school's Head of Engllsh was graded 'excellent' In her recent mentoring of a PGCE student. Bucklngham Unlverslty sent a certlflcate to recognlse her achlevement and mentioned that the mentor Is, by some way, the most Important person In the support of tralnees. Only a very small proportlon of mentors receive this recognitlon. Les Mlsérables, Summer Workshop - Throughout the summer 2019 Students from Years 7 - 12 took part In a four day workshop to learn solos and choruses from 'Les Mlsérables, wlth West End performers. Oxford Unlverslty Choral Scholarshlp success - A second student was awarded a Choral Scholarshlp at Orlel, thelr first cholce of college at Oxford Unlverslty. Exams Offlcers, Networklng Meetlng - The school was dellghted to welcome the Head of Examination Servlces (JCQ) and local exams officers to our networklng meetlng In September. These meetlngs are vltal to ensure that our school Is a)mpllant wlth JCQ regulatlons and awardlng body requlrements. Duke of Edlnburyh Durlng summer 2019 SWPS had several expeditions In the UK and Slovenla. At the end of June both the Bronze and Silver students attended their tralnlng and quallfying expeditlons in Surrey and Derbyshlre respectSvely. Durlng the summer the Sllver rowers attended thelr quallfylng expeditlon. Both Sllver expedltlons were successful and some extremely dlllgent students galned thelr Sllver Award by the end of term. The Gold cohort saw a team travel to the Lake Dlstrict and two teams In Slovenla. The UK team gave a very good account of themselves, passlng the expedltlon and galnlng pralse from the Independent assessor as outstandlng. Bronze DOE Flnal Expedltlon 84 Bronze participants set out on the qualifylng expedition ir7 the beautlful Surrey Hllls around Dorking. The teams were met by thelr supervlsor and assessor, briefed and then set off on the route the participants had planned and prepared for back at SWPS. Rowlng - Former SWPS rowers have achleved some outstanding successes: One to be part of a Women's Eight racing in Tokyo next year at the Olympic Games, Another who was part of the first ever SWPSBC crew to qualify for Henley Royal Regatta, and then twelve months later, our first crew to wln a race at the prestigious event, Over the course of the slxth form seasons, they represented Great Britain on four occasions winning gold at the 2018 Munlch International Regatta and bronze medals at the Coupe de la Jeunesse in the Double and the Eight in 2018 and 2019. They have recently joined the High-Perfomiance Programme whilst studying Geography at Durham University. SWPS Boat Club - The first weekend In Ortober saw the flrst race of the season for members of our Senior Squad. 12 athletes from J16-18 raced the Palrs Head of the Rlver, which runs over a large section of the historic University Boat Race course In London,. six rowers finished in the top 20 out of 48 WJ18 doubles. SWPS also had th￿e WJ16 doubles who finished at the top-end in their own category, Including a paSrs whlch flnlshed 2nd, 5th, and 6th out of 17 crews. Readlng Small Boats Head - The Senior Squad braved a day of perslstent raln at Readlng Small Boats Head in October, with the whole group impressing in singles and doubles. For some of the rowers this was thelr flrst race In a slngle scull, and they all dealt well with the twisting 3700m course. There was a fantastlc 2nd place In the WJ16 slngle5, A few hours later they buddled-upi two crews flnlshlng 2nd and 3rd In WJ16 doubles, wlth a promising 4 SWPS crews in the top 10. Crlcket- In November the England Crlcket Board announced a Senlor Slxth student as one of the 29 players to be part of the Women's Academy and Tralning Squad for 2019-2020, Netball - tour to Dubai took place in October half term 2019 and thls was an enormous success. Swlmmlng - Several new Personal Bests were recorded at a hlgh quallty gala at st. Mary's, Ascot dudng the autumn term As one of five schools at the gala, SWPS flelded teams In the Under 12, Under 13 and Open age groups. Flrst places were achleved In fifteen out of a posslble twenty-one events, includlng all relays across the three age groups - a fantastic achievement. SWPS ff nlshed In Jolnt flrst place overall, desplte not havlng an U 14 team on thls occaslon. Slghts are set flrmly on our gala5 next term, Includlng the Surrey Schools, Relay Champs. Cross Country - 18 students from Years 7- 1 I took part In the Dlstrlct Cross Country Champlonships. Competitors ran between 1.6 and 3.2km around Llghtwater Country Park In a bid to win thelr races and for a chance to be selected for the North West Surrey Cross Country Team. Students competed both Indlvldually as well as part of a team and achleved some commendable results. Theo Fennell Mastercla5s - SWPS DT department was thrilled to welcome back world-renowned Jewellery deslgner Theo Fennell to the Technology department. He gave a master class In Jewellery design to Deslgn Technology students from Year 10, 11 and 13 where groups were glven the challerbge to deslgn a pendant for someone to show they care about the planet and a tallsman or good luck charm for a professlonal making their debut, Theo Fennell Masterclass Competitlon - The elght Theo Fennell competitlon wlnners attended the tour of hls prestlglous store, studlo and workshop. Theo was extremely generous wlth hls tlme explalnlng his different jewellery and sllverware collectlons as well as how he comes up wlth hls Insplrational Ideas. Hans Woyda Maths Competltlon 2019 - In splte of an outstandlng performance In the flnal 'race' round, SWPS narrowly lost 35-47. Area Maths Challenge - Teams from SWPS competed in the Area Maths Challenge earlier in October agalnst other local schools, putting thelr mathematical and logic skills to the test. Our YIOS fought fiercely and achieved a very respectable second place in their year group competitlon and our Y7 and Y8 groups entered the competition head on and both emerged vlctorlous In first place for both of their year group competitions. Bocholt Exchange September 2019 - 51 of our Year 9s had a busy time entertaining their German Exchange partners In September. There was great excitement when students and their teachers arrived on Wednesday afternoon and there was a packed programme of events over the next few days. EPQ Exhlbltlon Evenlng - 18 students from S6 presented their extended projects to staff, parents and friends. Students presented on a range of fascinating subject areas including the prison servlce, sustalnable fashlon and treatment of breast cancer. Thoroughly enjoyable and informative evening. Sprlng 2020 Netball The U12 A and B team played brilliantly in the Districts on Tuesday, with the A tearn qualifying for the District Finals and the B team wlnnlng the B Tournament. Hockey - A successful day for the U12 A and B teams at Epsom College Tournament on 4 March. Both came away wlth creditable performances and results against stiff opposition. The B squad finished 4th having won one game and drawn one while the A squad went one better flnishlng 3rd, thanks to wlnning a shoot-out against Epsom College, the goalkeeper savlng two to wln the game. Ice Skatlng-GB Development Squad - A year 8 student was re-seletted for the GB development squad for Ice-skating. Synchronlsed Ice Skatlng - A Year 9 student came 3rd In the Brltlsh Synchronlsed Ice Skatlng Championships in January. Taekwondo - A Year 8 student Is a Natlonal and England Open medalllst In Taekwondo and was awarded thelr 1st degree Black Belt In January. Swlmmlng - A year 11 won the 16 years In the 800m Freestyle and also won the entlre County Championships by postlng the fastest tlme In any age group. Ttte SWPS Swlmmlng Team competed at the Surrey Secondary Schools, Indlvldual Champlonshlps on 18 January. Our Year 7 swlmmers achleved new personal best times and our Year 10 swlmmer and Year 8 swimmer narrowly missed out on a thlrd-place medal. The best SWPS performances resulted In three medals: gold medal In the Intermedlate Glrls, loom backstroke. sllver medal In the Junior Glrls, loom butterfly. gold medal In the Junlor Glrls, 200m Indlvldual medley, setting a new personal best tlme. Fendng - A year 7 student competed In the Southern Reglonal Champlonshlps for foll fenclng In January. In the quarter flnal, they narrowly lost out to the number one seed, but managed to score more polnts agalnst her opponent than they had conceded throughout the earller rounds of the competltlon. Thelr performance helped them qualify for the Brltlsh Natlonal Champlonshlps. A year 8 student competed Sn the Fenclng Southern Reglonal Champlonshlp Quallflers 2020. Comlng 7th, they quallfled for the Brltlsh Youth Champlonshlps. Natlonal Schools Badmlnton Champlonshlps- After successfully wlnnlng the dlstrlct round before Chr15tmas, the Year 9 team went to play the county road. The day offered an excellent opportunlty for the students to put Into practlce the tartlcs they have been learnlng durlng co-currlcular club5. They played excellently throughout the day and showed great team splrlt. The team flnlshed 3rd in the county. Theo Fennell work experlence - Followlng the Theo Fennell master class at SWPS In September Senior Sixth student was one of our two Senlor Slxth to wln a work experlence placement at Theo Fennell's workshop and studlo, Over the course of the week the student mastered adobe illustrator and accepted the challenge5 of working with silver on a small scale to design and make a pendant which indudes one of Theo's iconic bee motits. The student has now been offered an uncondltlonal place at Klngston School of Art whlch Is the equlvalent of galnlng a pla￿ at Oxford. Englneerlng Educatlon Scheme - Six Lower Slxth physicists spent two days at University College London at a residential workshop as part of their participation in the Engineering Education Scheme. They are set a project by BP to design and build a model to collect plastic waste from rivers and lakes. They wlll contlnue to work on the projett thls term, wrlte a formal technical report and present thelr Ideas to an assessment panel of englneers. Maths Masterclass - Head of Year I l and Mathematics teacher delivered a Royal Institutlon Mathematlcs Masterclass at Halstead Prep School to 25 Year 5 students from local schools. Everyone had great fun exploring the wonders of the hlstory and development of number systems across the world. The students created thelr own number system for I to 15 and even made thelr own secret codes uslng blnary numbersl Chlna-UK Internatlonal Muslc Festlval A year 9 gained success in the 3rd China-UK Intemational Music Festlval In January. They sang a traditional Chinese song called 'Ying Shan Hong, to a panel of prestigious Britlsh and Chinese professional muslclans. Woklng Young Musldan of the Year- A year 10 student took part in thls competitlon on l February. Havlng won both the Crane Cup for the Sonata for brass /wind instrument and plano class, and an Outstanding Award for the Wind/Brass Recital under 18 years class, at the Woklng Festlval last November- the student was one of seven young muslclans who were Invlted to compete for this prestiglous award. Portsmouth Muslc Festlval A year 9 student achleved success at this festlval, taklng part In the woodwind sectlon on her descant and treble recorders. They were awarded a Dlstlnctlon and The Druce Trophy for thelr performance In the 'Own Cholce Solos Treble Recorder Grades 3-4, class, and a Dlstlnction and The Margaret Cotterlll Memorlal Trophy in the'own Cholce Solos Descant Recorder Grades 5-6. class. Make Your Myth - For two years runnlng Slr Wllllam Perklns's School Classlcs students have won Cambrldge Unlverslty's 'Make Your Myth, competitlon. This year's wlnner has taken the prlze wlth her artistlc representatlon of Athena. Model Unlted Natlons Conference - Students from Yr 10 and 11 recently attended the Lady Eleanor Holles Model Unlted Natlons weekend conference. The team immersed themselves In the debate, representlng Iran, France and Greenland. One SWPS student dellvered the best opening 'speech' through rhymlng, whllst two others won awards for thelr performance In their commlttees. Blology - Flve Year 13 students took part In the Brltlsh Blology Olymplad, answerlng challenglng questlons on all thlngs Blology. One earned a Gold medal - whlch Is only awarded to 60/0 of entrants; two students achleved Silver medals,. one student galned Bronze, and one student recelved a Highly Commended Certlficate. LSbrary - Ally Sherrlck, author of best-selllng 'Black Powder, vlslted the school as part of our World Book Day celebratlons to talk to students about her passlon for readlng and wrltlng. She ran creatlve writin9 workshops, which we hope wlll Insplre our students to start writlng for themselves. Hlgher Educatlon Falr - Wlth 40 Unlversltles In attendance from all over the UK, our Hlgher Educatlon Falr 2020 offered a fantastlc one-stop Shop for our students from Years 10-L6, and more than 70 vlslting students from Salesian Schooll From as far afield as Dundee, Abery5twyth, East Anglla and Plymouth every course and every interest was catered for. Unlverslty MasterclayJes - Preparation Is key and the wide range of masterclasses on offer gave students and their parents the opportunity to ask all of those questlon5 crltical to the decision-making process. Classes on offer i ncluded Student Flnance and Budgetlngi Applying to Russell Group Unlversltles; Student Llfe. Intervlew Technlques and more. The Female Lead The Female Lead Society welcomed back eight highly successful members of our alumnae who want to share their career experiences with our current students. From the worlds of business, avlation, cake making, marketlng and more, they wlll outline their path5 to succe55 as well as the highlights and pitfa115 along the way. Students In years 10- 13 had the opportunity to find out more about a range of careers and ask thelr own questlons. Soclety reps from L6 will visit classrooms to explain more next weekl The Female Lead is a campaign to showcase inspirational female role models across the worfd. Summer 2020 Rowlng Athlete Hotseat- Our new Athlete Hot seat Series sees our students involved in live intervlews and Q&As wlth ellte athletes - Including World and Olympic medallists, Boat Race winners, Henley Royal Regatta winners and overseas rowers. For our second 'Women's Boat Race Special, event we welcomed Pippa Whittaker (Cambridge 2019) and Caroline Greves (Osiris 2015) to discuss how they combined elite rowing and with studying at a high level, and how rowing has influenced Some of their life events. Rowlng Club students share thelr rnemorfes - SWPS students have come together to share their wonderful memories of life on the rlver and the special moments with their team mates that they will never forget. From flr5t Regattas to Personal Bests; finlshlng second against the odds to battllng through races in the rain. the girls share a wonderful splrlt of camaraderle and adventure. DT Year 10 Clocks - Befo￿ we broke up for the Christmas holidays Year 10 students finished their first major project - designing and making clocks inspired by iconic designers I design movements. Slnce September, the students have Immersed themselves into the world of plastics, learnlng the dlfferent categorles and capabllltles of the materlal as well as learnlng about ways we can work wlth plastlcs In a more sustalnable way. Recepuon table - Deslgn of the Week at the start of term In the Technology Department was the table made by the three members of our senlor slxth class. The three students worked as a creatlve team. deslgnlngi testlngi modelllng and maklng thls elegant coffee table for the school reception. The tlmbers used for the table are all sustainably sourced, the table top deslgn Includes some of the wlllow tree which was cut down when bulldlng the SWPS boat house meanlng that thls plece wlll soon become a unlque part of our school's hlstory. Ready Steady Cookl Year 7 and 8 students were tasked to deslgn thelr own reclpes from ingredlents found In thelr homes to feed their families and alter thelr reclpe so it could be sold as a ready meal In supermarkets. The food made looked absolutely dellcSous and the packagln9 designed would ensure thelr dlshes would fly off the shelves. YIO Deslgnlng to prevent the spread of Covld-19 The purpose of product design Is to solve problems creatively to improve the Ilfe of the user. Year 10 students examlned the worklng propertles and deslgn of the hand sanltlser dlspenser and explored ways the deslgn could be developed to further prevent the spread of COVID-19, Uslng pencll and paper, card and CAD modelllng our students explored dlfferent shapes, colours, materials and ergonomic5 to produce highly successful outcome5. Year 9 end of rotatlon Year 9 students are In thelr flnal DT / textlles lessons before they swap over to experlence the other area of the technology faculty. We have been very impressed as a department by the hard work, creativity and attitude of the classes so far where we have seen them learn how to Use sewlng machines for the ftrst tlme, how to bend plywood, and how to use the laser cutter In a dlfferent way. Maths - Y8 Mathematlaan Project Competition, Over the Christmas holidays, a Year 8 mathematlcs class completed a project on a modern mathematldan. The standard of projects was Incredlbly hlgh, and In jolnt second place was a student who made a board game, and the other who made a graphlc novel. In flrst place was the student who made an Incredlbly detalled poster about the life and work of Fern Y Hunt, Indudlng a poem, artwork and a comic strip. Muslc Lunchtlme Concerts - Our students gave some lovely performances In the Concert @ i: pianists, violinists, and obolsts. Year 7 students also chose a wide range of muslcal styles to slng or play on thelr Instruments. There were many solo and group vocal Items and performances on piano, violin, cello, recorder, flute, clarinet, saxophone, trumpet, French horn, guitar, electronic keyboard and drum kit. °Wel1 Meet Agaln"_ Mrs Scrutton has Invlted SWPS staff, students and families to come together to form the 'Big SWPS Cholr, and record a one-off dlstanced perfomiance of 'We'll Meet Agaln,, a song made famous by Dame Vera Lynn, who sadly died recently. A Year 9 student recently sang for Andrew Lloyd Webber, Graham Norton and Sierra Boggess in Lloyd Webberfs 'Cadenza Challenge.; part of his #ComposerInlsolation series. The Judge5 slngled them out as bein9 'Extraordinary', Careers - SWPS has teamed up wlth an external organlsation called InvestIN, which dellvers immersive career experlences to students aged 15-18 who aspire to break Into some of the world's most deslrable Industries. Their Spring 2020 programmes include Archltecture, Computer Sclence, Medlclne, Englneerlng, Ent￿PreneUrs, Filmmaklng, Investment Banklng, Joumalism, Law, Marketing & PR, Politits and Psychology. They also offer longer Summer internship programmes and there is a weekend programme for students aged 12-14. In Februaryi year 10 to 13 students attended a talk from Katrlne Petersen, an Advanttd Practice Physiotherapist for University College London hospltals, and treating patients with chronlc pain. students learned about her career path Into physlotherapy, a typlcal day in her Job and the klnds of patlents she sees. It was useful to understand a more about the broad range of careers that are on offer In medlclne. Our Medlclne, Dentlstry & Veterlnary Society welcomed Dr Sharon Burroughs In February to flnd out about her unusual career In medlclne and her experlences as a Ilfelong learner and practitloner. Inltlally studylng Blomedlcal Sclences at Southampton Unlverslty followed by Medlclne at Cardlff Unlverslty, she has been a partner in a practlce for several year5 and is now focussing her errorts on children's safeguardlng. UK Blotechnology - Dr Carlos Plttol came In to talk to students In Year 10 and above. He dlscussed hls role at a UK blotechnology company whlch Is a leadlng Innovator in smaller format antibody drug conjugate therapies for the treatment of cancer. Dr Pittol explained how the new cancer treatment works, and gave careers advlce to those who may wlsh to work In that field the future. aasslcs - We welcomed Dame Emma Klrkby and her husband, conduttor Howard Wllllams, as our guests at our Classlcs dinner. Emma told us how she had studied Latin from the age of seven and started Greek at ten, enabling her ultlmately lo achieve a place to read Classlcs at Oxford. Whlle teachlng Classlcs near Readlng she began slnging professlonally. Emma played some recordlngs of songs on a Classlcal theme, Each in a hlstorlcal context wlth detaS1s about the composer, slnger and style, a perfect end to a delightful evenlng. Comedy & Trngedy - Slxth Form Classlcs Students have seen two of thelr set plays performed; Arlstophanes The Frogs (In translatlon) at UCL, an enjoyable modernlsatlon of thls Greek comedy. Xanthlas arrlved on roller skate5 replaclng the tradltlonal donkey, and he and Dlony5U5 travelled to the Land of the Dead (a club called Infernos) by Underground, with an officious London Transport policeman In charge instead of Charonl They travelled to the Greenwood Theatre to see new Klngs College productlon 'Dlonysus I n the Underworld,, comblnlng The Frogs wlth Eurlpldes, tragedy The Bacchae. Both plays were produced in 405 BC and both featured the god Dlonysus - a bold Idea, especially when set agalnst an Extinction Rebelllon backdropl Bacchae (in Greek with sur-titles) was part of the literary contest, whlch takes place wher) Dionysus reaches the Underworld in The Frogs. One of the hlghllghts of the comedyi the frog chorus, was beautlfully executed, but overall we enjoyed the tragedy more. There was rhythmic music, flne actlngi Strlklng sound effects and costumes, all of whlch created a powerful performance. Our Medldne, Dentistry & Veterinary Soclety learnt about blood groups, and how we inhertt them from our parents. We looked at the maln blood groups and what it means to be type A, B, AB or O In terms of the antigens on your red blood cells and the anti bodies within blood plasma. The students tested thelr own blood groups uslng Eldon cards, comparing their blood type against the rnost and least common types. The students discussed the importance of identifying blood groups prior to receiving a blood transfusion. Charfty - On dlscoverlng the plight of Australlan wildlife durlng recent wlldfires and the extraordlnary efforts of the NSW Rural Fire Service, our students were determined to show their support. A mufti io day with addltlonal fundraisers was decided and our Year 7$ attended school in full Aussie wildlife regalia, seeing a colourful band of koalas, platyPU5'5, emu5, wallabies and even a life-slze crocodlle. Thelr efforts raised £595.25 - Includlng proceeds from IOQS cake sale. Thls w511 be spllt between WIRES Wildlife Rescue and NSW Rural Fire serv1￿. Former SWPS Sports Teacher Rebecca Rowe is one of a crew of fearfess female firefighters pitting their survival skills against the elements In a bld to conquer Antarctlca. Havlng experlenced the trauma of Grenfell Tower first hand, the crew, known as The Flre Angels, alm to raise awareness of mental health Issues. They will take on a 70 day trek coverlng 1,180 miles in 2023. Whilst studying thelr Wealth & Poverty module, our Year 8 Religious Studies students learned of the shocking statiStlc that there are more Food Banks (2,000) In the UK than McDonalds {1,300). They decided they would Ilke to help the local communlty by each brlnglng In a donation to the Chertsey Foodbank. Geography - Year 8 Geography students were Insplred by thelr recent trlp to Kew to produce a creative dlsplay based on troplcal ralnforest ecosystems, Some created presentatlons on plant adaptatlons others focused on the rlch cultural tradltions of IndSgenous tribes. Geography onllne - Year 7 students celebrated Earth Hour by deslgnlng thelr own anlmatlons and posters sharlng advlce and tlps on the small steps we can take to reduce our envlronmental Impact. Year 8 Illustrated the Impacts of deforestatlon through the medlum of baking and some very vlsual cake deslgns! Year 10 were Immersed in the world of volcanoes, wlth some creatlng thelr own 3D structures. A-level Geographers, as part of thelr'Dlsease Dllemmas, unlt of work, have been InvestlgatSng the Spanlsh Flu Pandemlc of 1918 and drawln9 parallels to the current CoronavSrus pandemSc. Creatlve Further Educatlon talk - Reactlng to Increaslng Interest from students who want to pursue careers related to deslgn and art subjects, three Slxth Form students, all of whorn are applylng for FE courses or Degrees In Product Deslgn, 3D Craft and Art spoke wlth Yr 10 and 11 students about the appllcatlon process, vlsltlng open days and assembllng a portfollo for Interview. They also gave advlce on work experlence, A Level choices and exhlbltions to vlslt. Techognltlon week - As part of Techognltlon week we are celebratlng the hard work of our Sclence technlcians; Mrs Holloway, Mr Mulchrone and Mrs Mann. TechognStlon week Is a natlonal celebratlon recognlslng the Importance of the essentlal work of all school and college techniclans. Staff and students allke are extremely appreciative of the amount of work our Science technldans put In behlnd the scenes In order to make our Sclence lessons come to Ilfe - lessons certalnly wouldn't be the same wlthout them. Unlverslty Masterdasses - Preparation is key and the wlde range of masterclasses on offer gave students and their parents the opportunity to ask all of those questlons crltlcal to the declslon-maklng process. Classes on offer included Student Flnance and Budgetlng. Applylng to Russell Group Unlversltles; Student Llfe; Intervlew Technlques and more. Wllllam Shakespeare Week 16-20 March - To celebrate Shakespeare Week, we placed some books around the school for students to flnd, read and pass along for others to enjoy. We also had some fun actlvlties in the Ilbrary. The Female Lead The Female Lead Society is delighted to welcome back eight hlghly successful members of our alumnae who want to share their career experlences wSth our current students. From the worlds of business, aviation, cake making, marketing and more, they wlll outllne thelr paths to success as well as the highlights and pitfalls along the way. Students In years 10-13 will have the opportunity to find out more about a range of careers and ask their own questions. Society reps from L6 will visit cla55roorns to explain more next week! The Female Lead is a campaign to showcase inspirational female role models across the world, "You can't be what you can't see. Role Models allow young people to believe In their own power" Edwlna Dunn (Founder) li The Female Lead - Miss Blackman and Miss Burdett challenged students to make thelr own 'Hard Boiled Hero, over Easter. Thls competition is run to launch The Female Lead Society at SWPS. We are keen for as many of you as posslble to Joln thls communltyi empowerlng and Insplrlng each other, as well as havlng fun. The alms of the society are., CHALLENGE.. Use a hard-boiled egg to c￿ate trfbute to a woman you admlre (they can be anyone; from an actress to an astronaut or doctor, to deep sea diver). Photograph your 'hard boiled hero, in a scene (you could make a set in a shoe t￿X or Use a computer Screen to display a picture). Drarna - Stage Combat Workshop - In the recent Stage Combat Workshop In the Drama Department, students were taught hand to hand stage combat performance skllls for stage and screen by a professional practitioner. The students then used their new skills to devise scene5 and perform to the rest of the group. The result was some hlghly memorable and reallstlc perftjmiances trom all Involved! student Shorts On YouTube - Over lockdown we have tasked our drama students with producing Songalogues requlring them to examlne the lyrlcs of a song wlthout the melody, relmaglnlng them as a spoken scene, We have had a tremendous response, also seelng Duologues {wlth one student playlng multlple roles). Do have a look at the talent In evldence on our YouTube channell Drama students explore sllent fllm - For thelr Summer Term project Drama students from years 7, 8 and 9 are studylng silent fllm. Over five lessons they explored the hlstory, artlng technlques and storyllnes used In sllent fllm. as well as studylng costumes, make-upi muslc and productlon methods. Once they have developed thelr expertlse they wlll put their new knowledge to the test by writing and recordlng thelr own sllent movle. At Home artlvltles for Easter - Students were encouraged to take up varlous challenges over the Easter holidays Including a Llp Sync Challenge In whlch they COLJld create an epic Ilp Sync routlnel Go solo and glve It your best diva... or get your family involved as backing singers or In a Ilp sync battlel Edlt vldeos together with your friends and create somethlng speclal l Be as creatlve as posslble - add a dance routlne, wlg changes - whatever you can thlnk oflflnd around the house. Share your photos and vldeos. Also a Klndness Challenge In whlch they were asked to make a creatlve act of klndness - It can be anything you can think of that will spread a little joy and happiness. A poem to a grandparent or a keyworker, a drawSng, a banner to put In your wlndow, a monologue or a short fllm. Thlnk hard about the people who may value an act of klndness now and create somethlng posltlve and an Easter Photol Challenge. They were asked to take a photograph that represents Easter and upload It to our twltter feed @SWPSOfficlal. Rellglous Studles - Year 8 Religlous Studles students recently learned about the Unlted Natlons and the 30 Human Rlghts. Students were tasked with creatlng a poster on the subject of whlch hLJman rlghts were especlally Important to them. Students put a great deal of thought and effort Into thelr poster deslgns, Year 9 Southall Project - Before lockdown, Y9 vlslted Southall as part of the RS toplc 'Multl-Falth Brltaln.. The trlp has been golng for over 15 years and provldes our students wlth the opportunlty to visit three places of worship in one day {Mosque, Gurdwara and Church). In advance of the vi51t lessons explore the subject of immigration and the benefit5 and problems of living in a multi-faith and multl-cultural country. On return the students are challenged wlth puttlng together scrapbooks to evldence thelr learnlng and experlences. Quarantlne Chemlstry - Each Monday SWPS Biology & Chemistry Teacher, Miss Brownt presents Quarantlne Chemlstry from her YouTube channel, On her channel you will find a collection of fun experiments which can be ea511y replicated uslng common household item5. SWPS students are encouraged to take photograph5 and record their experiments, as well as provide explanations of the science. These experiments have gone down a storm with our students. Stop Motlon SCIen￿ CompetI￿on - Our half-term Stop-motlon Sclence Competitlon was set to encourage all students to explore an area of Scien￿ they flnd interesting. SWPS scien￿ Department selected the winners, and were Impressed by the passlon conveyed wlthln the chosen toplcs. The wlnning entries were an exploration of energy within the human bodyi which the Judges found very 12 funny and entertainingi whllst another delved into plastic pollution, which conveyed a powerful and Important message- and a Year Il's Lifecycle of a Star was extremely detalled and her vldeo was very professlonal and Impressive. The Functlon of the Ear- Year 7 student produced this fasanating animation about the structure and function of the ear after a lesson in our Sound series in Physics. Her Procreate animation demonstrates a comprehenslve sharlng of knowledge wlth a great use of Educatlon Technology by young science communlcator in the maklng. Engllsh Mlnl Book- Our English students in Years 7, 8 and 9 have been working hard at making a miniature libraryi and filming their books. Physlcs Projett - Our Summer Temi Physlcs project for year 8 students explores the dlverse people, personalitles and Job roles in STEM I Students will tske a personallty trait qulz and research a female scientlst. In future weeks students will focus on sustainable STEM, completing an interactlve Investigatlon involving wlnd turblnes and creatlng a poster wlth the theme 'Englneedng a Sustalnable World., to enter the Women's Engineerlng Soclety (WES) poster competitlon. Slxth Form Futures - The second part of our A Level Future Serles for our 2020 cohort of Senlor Sixth students Is well underway. Our extensive programme of degree style lectures covers a wlde range of toplcs wlth much to choose from. As part of the same Inltlatlve we have also equlpped our students wlth access to onllne flnance tralnlng - much-needed knowledge often over-looked as part of University preparation; and subscribed to the Medlc Portal whlch Is an online interartive webslte offerlng tutorials and guldance on all aspects of studying and pursulng careers In Medlclne, Dentlstry nd Veterlnary Sclence. All Senlor Slxth students are Invlted to enrol In MOOC courses provlded by Future Learn. There are hundreds of Interesting and extremely useful courses avallable and we have recommended courses relevant to each student. Hlstory - To commemorate VE Day our students researched World War Il, Intervlewed grandparents to understand Its Impact on thelr famllles and completed mlnl projects. To celebrate the event they baked and decorated cakes and blscults. DOE Gold Award Wlnners - To celebrate the achievement5 of Gold award holders who can't attend a presentation at Buckingham Palace thls sprlng HRH The Earl of Wessex sent a message of congratulatlons. Alumnae Assoclatlon - The Perkonlan Network Llnks are maintalned vla the twlce-yearly Newsletters and the School website as well as the dedicated page The Perkonlan Network. We are dellghted that former students contlnue to SUPPOrt the School provldlng work experlence, career advlce, financial glfts and legacies to support prlzes and bursarles. We contlnue to encourage past and present familie5 to conslder contrlbutlng to the Glrls Bursary Fund. An inltlatlve launched in 2009 by current and alumnae students to supplement funds avallable for future placement to those that otherwise couldn't take full advantage of the schools offering5. Future Plans The Governors intend to contlnue thelr current strategies to maintain the School's position at the cutting edge of educational provislon In a competitive market, and provide high quality educatlon for our students, by.. Ensuring a culture of contlnual self-evaluatlon wlth a focus on Independent learning and resllience; Investing In both the academlc and extra-curricular development of the School and in the bulldings, facilities and technology which support this development; Achieving a high standard of academic results whllst malntalnlng the breadth and depth of the educatlon provided. From an academic perspective, the Head and staff contlnue to revlew the currlculum to ensure that the educational provision remains appropriate for our students. development. A broad curriculum is 13 offered In the Sixth Form, wlth most students taking three A Levels. A proportion of each year group also opt to do the highly-regarded Extended Project Qualification, enabllng them to do independent research in an area of personal interest. Equally, an important conslderation for the School's future plans Is for Investment In bulldlngs and facilitles. This involves refurblshment of exlstlng facilltles and the extenslon of the School's bulldlngs to facilitate provision of a wider breadth and depth of academic and extra-curricular actlvities, On 28 February 2020, the school completed the purchase of freehold land adjacent to school property Our plans are financed prlmarily from fee Income and from our revenue reserves, as the School has no endowments or other sources of funds of its own. These sources of funds are supplemented, when considered appropriate and prudent by the Govemors, by arrangement of bank funding. The Governors look to malntaln an equltable balance, ensurlng that our current students benefit whilst, at the same tlme, ensurlng that a sound infrastructure and a strong flnancSaS base are preserved for the next generatlon of students, Just as our current students benefit today from the prudent flnanclal management and infrastructure investment practlsed by the School In the past. Prlnclpal Rlsks and Uncertalntles Detalled conslderatlon of rlsk Is delegated to the Senlor Leadershlp Team (SLT). The School operates a formal Rlsk Reglster and rlsk assessment process. On a rolllng basls, the SLT conslders each existlng rlsk on the reglster and any addltional rfsks which appear to be emerglng, Rlsks are assessed as to their likelihood and Impatt. The appropriate controls and procedures needed to mltlgate and monltor those rlsks are documented and actioned. Each rlsk Is allocated by the SLT to be owned by one of the Governors, Commlttees, or by the Vlce- Chalr or Chalr of Governors. A report of the relevant rlsks Is then presented to each Commlttee on an annual basls. The Committee makes approprlate recommendations or changes to their risks and the overall Rlsk Register Is then presented to the Board for revlew and approval at the Sprlng term Board. The prlnclpal rlsks currently faced by the School In Ilght of Covld- 19 are assessed to be the followlng., Uquldlty and vlablllty of the buslnegs: Economic challenges from Covid 19 wlll put pressure on students numbers wlthln the sector. The school has also Increased the value of hardshSp funds In the next year to SUPPOrt our parents through thls dlfflcult tlme and contlnues to assess affordablllty of our fees. Flnanclng and loan covenants: The school contlnues to monltor Its ablllty to meet the requirements of Its loan covenant and repayment terms. Health and Safety, Compllance: In Ilght of Covld 19, the school has Increased resources to ensure compllance wlth the latest government regulatlons and dlrectlves, ensurlng our rlsk assessments remaln robust. Teachers Penslon Scheme contrlbutlons". The rlsk from further Increases In TPS employer penslon contrlbutlons Is managed carefully to ensure the School remalns flnanclally secure. Penslon defldt: The school partlclpates In a hlstorlc deflned beneflt penslon scheme for its support staff although thls was closed to new members In 2007. Key staff recrultmenv retentlon.. Whllst the School's recrultment plans have been completed successfully thls year, It Is consclous of the Increaslng competltlon In recrultlng top quallty staff and also of the need always to be consclous of the profile and skills of the teaching staff as a whole, It manages this risk by focusing it5 recruitment policies and retention policies on acquiring and nurturing key Indlvlduals, providing competitive recruitment temis and recrultlng high quallty trainee staff. Through the rlsk management processes establlshed for the School, the Govemors are satisfied that the major rlsks IdentSfled have been adequately mitigated where nece55ary. It is recognised that 5y5tems can only provide reasonable but not absolute assurance that major risks have been adequately managed. 14 Bulldlngs and Malntenance The objective for the year in this area has been to retaln all essentlal repalrs and malntenance actlvlty In Ilght of Covld-19. All material capital projects have been put on hold for the foreseeable future. The total building repairs and Maintenan￿ cost for the year, excluding staff costs and depreclatlon, was £759,278 (see Note 6(b) to the accounts). FInan￿5 Current year flnances The financlal statements show net Income from School activltles for the year, before Penslon Scheme actuarlal galns/losses, of £750,764 (2019.. £922,998). The prlnclpal source of income is fees, accounting for 87.20h of the School's income. These results do not include artuarfal gains/ Ilosses) on the defined benefits Support Staff Penslon Scheme of (£178,000) (2019: (£226,000)). As a charlty we enjoy tax exemptlon on our educatlonal actlvltles and on our Investment income and gains, provided that these are applled for our charitable aim5. As a charlty we are also entltled to an 800/0 reductlon on our business rates on the property we txcupy for our charltable purposes. The flnanclal beneflts we recelve from these tax exemptlons are all applled for educatlonal purpose5 and Indlrectly help us to malntaln our bursary policies and Ilnks wlth local schools. As an educatlonal charltyi we are unable to reclalm VAT Input tax on our costs as we are exempt for VAT purposes. We pay tax as an employer through the natlonal Insurance contrlbutlons we make. In addltlonal to the substantlal beneflts our School brlngs to our students, the local community and wlder soclety through the education we offer, our bursary programme and our links with local schools create a social asset. Golng Concern Covld 19 At the time of approval of the annual report, the COVID-19 pandemic continues to evolve and the long-term impact on the charltyi In common wlth other buslnesses, Is unknown. The Governors have revlewed the posltlon carefully wlth a vlew to ensure the ongolng provlslon of schooling for the puplls as well as employment of staff. Furthermore, There are currently slgnlficant cash balances as well as a substantlal Investment portfolio should addltlonal Ilquldlty be requlred through thls perlod of uncertalnty. Accordlnglyi the Governors belleve the School's flnanclal resources are sufflclent to ensure the School wlll contlnue as a golng concern for the foreseeable future, belng at least 12 months from the date of approval of the financlal statements and have therefore prepared the financial statements on the golng concern basis. Reserves pollcy and flnanclal health The School's reserves pollcy Is to accumulate unrestricted funds generated above baslc working capital requlrements, with the primary purpose of buildlng up funds to support the School's capital Investment in Its facllltles or replenishing its reserves. At each year-end, the governors determine how much funds If any are to be deslgnated for the purpose of fundlng future capital projects and/or are released to fund existing projects. In order to meet the day-to-day working capital requirements, the School maintains £IM in unrestrirted free reserve5 of cash at all times. Furthermore, the School manages the level of reserves by settlng annual operating Surplus targets and the judlclous use of investment assets. The Governors review the flnances, budgets and spend of the School on a termly basis against the budget and a cash flow analysis is updated monthly as part of the effectlve stewardship of the School. Whllst the COVID-19 pandemic continues to evolve, the management of reserves remain5 consistent with pollcy by maintaining a £IM cash buffer. As noted within note 9, The net cash position at 31 15 August 2020 reflects £5.3M cash on hand wlth £522K held within investments. Capltal projects remain on hold until 2022. The Governors have examlned the School's cash flows and are satisfied that they are adequate for the purpose of meeting it5 working capital requirements at the present time. The Govemors will continue to revlew the reserves policy and status on an annual basis. The Governors are satlsfied that there are no materlal uncertaintles surrounding the School's ability to contlnue as a golng concern. The Governors regularly review the level and nature of the School's reserve funds as part of Its strategic investment plan. The Govemors continue to be satisfied that cash holdings and the opportunity to obtain external financial facilities a￿ sufficient to achieve the schools stated alms and obJectlves whilst maintaining a strong working capltal buffer. Reserves total £18,966,811 at 31 August 2020 (2019.. £18,394,047) made up of £383,476 In restrlcted funds and £18,583,335 In unrestrlcted funds. Investrnent pollcy and performance Investment pollcy The policy of the Governors in respect of investment can be summarised as: To manage Investment actlvltles In Ilne wlth the requlrements of the Trustee Act 2000 and of the guidance 15sued by the Charltles Commission from tlme to tlme. To take a low to medlum rlsk approach ft)r the growth of the portfollo of Investments. To conslder perlodlcally whether to Investlgate alternatlve Investment managers and altematlve Investment vehlcles, as regards the balance of rlsk and reward. To strateglcally Invest surplus unrestrlcted funds In Interest-bearlng accounts and deposlts to create addltlonal income and capital growth, To revlew and update the School'5 Investment Pollcy annually. Current Investment posltlon The Governors used Qullter Chevlot as Investment manager for Its invested funds durSng the year. At the year-end these funds totalled £522,619 (2019.. £523,319). Investment of unrestrlcted funds In 8ank deposlts was undertaken In accordance wlth the School's pollcy. Fundralslng perfomiance The School does not benefit from slgnlflcant endowments and other sources of Income. A substantlal proportlon of Its Income comes from the tultlon fees pald by parents. Hlstorlcallyi fundralslng actlvltles have been limlted to: Encouraging students to participate actively in small-scale fundraising events for charities of their choice. and Provldlng regular opportunltles for parents to contrlbute to bulldlng up funds In order to provlde additional bur5arles for girls who would not otherwlse be able to attend the School, and occaslonal initiatives to fund school equipment and facilities. The School has begun acilvely to Increase the scope of fundraislng actlvltles In parallel with an Inc￿ased focus on developing the strength of Its Alumnae organlsation. All fundralslng attivlties are carried out by pupils, staff, parents and Alumnae. However, these initiatives are still small in scale. Funds raised during the year therefore totalled £13,616 (2019:£3, 155), all restricted income. A total of £7,457 {2019:£1,000) costs were expended durlng the year. Structure, Governance and Management The Governors, as directors of the company whlch Is the Trustee of the charity, are legally responsible for the overall management and control of the School. 16 Governors and Charity Trustees The Governors are the directors and trustees of Sir William Perkins'5 School, a charitable company limlted by guarantee, which is the Charity Trustee of Slr Wllllam Perkins's Educatlonal Foundation. As such, they are legally responsible for the overall management and control of the School. Four 'Nominatlve' governor positions are nominated by local organisations and one by the Friends of Sir Wllllam Perkins's School (FOSWPS), the School's Parent association. Other govemors are 'Co- optatlve,, belng appolnted by the exlstlng Board of Governors. The Governors meet as a full Board, elther in person or remotely, three tirnes per year. The work of Implementlng and monltorlng contlnued compllance wlth the School's policles is carded out by the members of four Commlttees. Each meets termly under the Chalmianship of a governor appolnted by the Chalr of Govemors. Addltionally, the Chalr of Governors meets termly wlth the Head, and the Chalrs of the four Commlttees. The governor Commlttees are.. [AJ Marketing Strategy [B] Education and Personnel IC] Property, Technologyi Health & Safety [D] Finance and Investment [E] Chairs Commlttee The members of the Governlng Body who served In office as Governors durlng the year and subsequently are shown below, together wlth the Commlttees on whlch they served. All Governors have served throughout the year except where Indlcated. The Unlverslty of London and the Surrey County Councll Nomlnatlve Governor roles were vacant at the year-end. N•m¢ Ch•nges durln9 year IAJ Ic] [D] [E] Co-optatjve govemors Mr G R Want CEng MBA (Chalrl Resigned August 2020 Joined September 2020 Mr M Bannlster (Chalrl Mr5 H Archlbald LL.B Mrs C Bannlster Reslgned March 2020 Reslgnetj November 2019 Prof AJC Cook BVMandS MS¢ DlpECVPH CertPM PhD MRCVS Dr S Dadlanl PhD Bsc PGCE Mr N Dent Mr l R G Fulton ACA Resigned June 2020 Mrs C Graham BScEcon, NPQH, MA M5 S Jamlson BTEC HND Mrs M Duke BA Mrs K Voller Browning Mrs J Phlllbps Mr R Edis Mr D Grover Nomlnatlve governors Rev T J Hillier (Gulldford Dlocesèn Councll off Religiou5 Education) Mrs Harnden (Runnymede 17 Name Ch)ng•s durfng year [A] [B] [c] [0] IE] Borough Council) Vacant (Senate of the Unlvetsity of London) Vacant {Surrey County Counul} Mr5 A Hatherall (Frlend5 Of SWPS) Reslgned June 2020 All Govemors glve of thelr tlme freely and recelve no remuneratlon. no expenses were pald to any Governor In the year (as shown In Note 7 to the accounts). Governor Recrultment and Tralnlng The Govemors, Board requires breadth and depth of experlence to carry out Its dutles effectlvely and efflclently. When recrultlng new Govemors Important attrlbutes are a passlon for the work of our School and an understandlng of educatlon as a holistic and rounded experience of personal growth, When new Governors are needed, we write to parents of Slxth Form students or Invite senlor local buslne55 or other professlonal people to consider Jolnlng the Board. Where posslble the Governors conslder that the skills and experien￿ of the Board should Include a Governor wlth each of the following: a legal background, a financlallaccountlng background, education experience, senlor managerial or buslness experlence, experlence of equal opportunities or dlsablllty needs. Governors may have one or more of these skllls. We ensure that there Is at least one male and at least one female Governor on the Board. There Is an Inductlon process for new Govemors, and all Governors undertake trainlng as necessary or deslrable throughout thelr tenure. The day-to-day runnlng of the School Is delegated to the Head and the Senlor Leadershlp Team (SLT), as the key management personnel, who In tum are supported by the wlder management team. Organlsatlonal Managernent The Governors determlne the general pollcy and dlrettlon of the School. The day to day runnlng of the School Is delegated to the Head, supported by senlor staff. The Head undertakes the key leadershlp role overseelng educatlonal, pastoral and admlnistrative functions In consultatlon wlth the senior staff, The day to day adminlstratlon of the School Is undertaken wlthln the policies and pmcedures approved by the Governors, whlch prov5de for only slgnificant expenditure dec151ons and major capltal projects to be referred to the Governors for prlor approval. The Head oversees the recrultment of all stsff, wlth the School Buslness Dlrector (SBD) under delegated authority overseelng the recrultment of those support staff who work under the auspice5 of the bursary. The Head and the SBD attend all meetings of the Governors. Commlttees wlth other members of the SLT as approprlate. Officera The key management personnel of the School durlng the year were: Head Mr CC Muller BA Senlor Leadershlp Team School Business Directorl Clerk to Governors Mrs G Chapman LLB, LLM, FCA Senior Deputy Head Mrs SA Husselbury Bsc MEd H.DipEd CBiol MRSB Academlc Deputy Head Mrs A Hynds BSC PGCE Dlrertor of Marketing and communications Mlss A Casey MCIM Senior Teacher Ms J Bowden BA MA PGCE M8A Pastoral Deputy Head Mrs H O'connor BA PGCE 18 Remuneratlon pollcy The remuneratlon of key management personnel is set by the Board, wlth the pollcy objertlve of provlding appropdate Incentives to encourage enhanced performance and of rewarding them falrly and responslbly for thelr Indlvidual contrlbutlons to the School's success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparlsons with other independent schools to ensure that the School remalns sensltlve to the broader Issues of pay and employment conditions elsewhere. Dellvery of the School's charitable vlslon and purpose is primarlly dependent on our key management personnel and staff costs are the largest single element of our charitable expendlture. School Addre55; Gulldford Road Chertsey Surreyi KT16 9BN office@swps.org.uk www.swps.org.uk Email: Website". Advlsers Audltors: Crowe U.K. LLP 55 Ludgate Hlll London EC4M 7JW Bankers., Barclays Bank plc 8-12 High Street Walton on Thames sUr￿Y KT12 2QX Uoyd5 Bank plc 147 Hlgh Street Gulldford Surrey GUI 3AG Natwest Bank 116 GuSldford Street Chertsey Surrey KT16 9AJ Sollcltors: Veale Wasbrough Vlzards LLP Orchard Court Orchard Lane Brlstol BSI 5WS Investment Advlsers.. Qullter Chevlot Two Snowhlll Blrmlngham B4 6GA Insurance Brokers: SFS Group Ltd ' Spring Court Statlon Road Dorking Surrey RH4 IEB Other Relatlonshlp5 The School Is a member of the Headmasters, and Headmlstresses Conference (HMC) and of the Girls. Schools Association (GSA). These are both professional associatlons of Heads of the world's leading independent schools and provide opportunities to share expertise, knowledge and experience across the independent school sector. These Assodatlons are represented by the Independent Schools Councll (ISC) whlch provides appropriate representatlon to Government and regulators of the views of the sector. The Head is also a member of the Corporatlon of NESCOT and Chair of Its Curriculum and Quality Committee. The Governing Body is a member of the Association of Governing Bodies of 19 Independent Schools (AGBIS). The School Business Director is a member, through the School, of the Independent Schools Bursars Asstxiation (ISBA), which is also represented by the ISC in promulgating the views of the industry to govemment and regulators. Statement of Trustee's Responsibilities The trustee is responsible for preparing the Annual Trustee's Report and the financlal statements In accordance wlth appllcable law and United Kingdom Accountlng Standards (Unlted Klngdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustee to prepare flnanclal statements for each flnanclal year whlch glve a true and falr vlew of the state of affairs of the charlty and of the incoming resources and appllcatlon of resources of the charlty for that period. In preparlng these flnanclal statements, the trustee Is required to: Select suitable accounting policies and then apply them consistently; Observe the methods and prlncSples In the Charltles SORP; Make Judgments and estlmates that a￿ reasonable and prudent; State whether appllcable accountlng standards have been followed, subject to any materlal departures disclosed and explained In the financial statements. and Prepare the financlal statements on the golng concern bas15 unless It Is Inapproprlate to presume that the charlty wlll contlnue In buslness. The trustee Is responsible for keeping proper accountlng records that dlsclose wlth reasonable accuracy at any tlme the flnanclal posltlon of the charity and enable them to ensure that the flnanclal statements comply wlth the Charltles Act 2011, the Charity (Accounts and Reports) Regulatlons 2008 and the provlslon5 of the trust deed. They are also responslble for safeguardlng the assets of the charlty and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularitles. Approved by the Board of Dlrectors of Slr Wllllam Perklns's School, the Trustee of Slr Wllllam Perklns's Educatlonal Foundatlon, and slgned on Its behalf on 8th December 2020 by Mr M Bannlster (Chalr of Govemors) 20 Independent Audltorfs Report to the Trustees of Sir William Perkins's Educatlon Foundation We have audlted the financlal statements of Sir Williarn Perkins's Education Foundation for the year ended 31 August 2020 which comprise the Statement of Financial Actlvltles, the Balance Sheet, the Statement of Cash Flows and notes to the financlal statements, Includlng a summary of slgnlflcant accountlng pollcies. The financlal reportlng framework that has been applied in their preparation is appllcable law and Unlted Klngdom Accountlng Standards, Including Flnanclal Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Practice). In our oplnlon the flnanclal statements: give a true and fair view of the state of the charlty's affalrs as at 31 August 2020 and of Its Incomlng resources and applicatlon of resources, including its income and expenditure for the year then ended,. have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted Accountlng Practlce; and have been prepared In accordance wlth the requlrement5 of the Charltles Act 2011. Basls for oplnlon We conducted our audSt In accordance wlth Internatlonal Standards on Audltlng (UK) (ISAS (UK)) and appllcable law, Our responslbllltles under those standards are further descrlbed In the Audltor's responsibillties for the audit of the financial statements sectSon of our report. We are independent of the charlty In accordance wlth the ethlcal requlrements that are relevant to our audlt of the flnanclal statements In the UK, Includlng the FRC'S Ethlcal Standard, and we have fulfllled our other ethlcal responslbllltles In accordance wlth these requlrements. We belleve that the audlt evldence we have obtalned Is sufflclent and appropriate to provlde a basis for our opinion. Concluslons relatlng to golng concern We have nothing to report in respect of the followlng matters In relatlon to whlch the ISAS (UK) requlre us to report to you where: the trustees. use of the golng concern basls of accountlng In the preparatlon of the flnanclal statements Is not approprlate. or the trustees have not dlsclosed In the flnanclal statements any Identlfled materlal uncertaintles that may cast signlficant doubt about the charity's ability to continue to adopt the golng concern basis of accounting for a period of at least twelve months from the date when the flnanclal statements are authorlsed for Issue. Other Informatlon The trustees are responslble for the other informatlon. The other Informatlon comprises the information included in the annual report, other than the flnanclal statements and our audltor's report thereon. Our opinion on the financlal statements does not cover the other Informatlon and we do not express any form of assurance concluslon thereon. In connectlon wlth our audlt of the financlal statements, our responslblllty Is to read the other Information and, In doing so, conslder whether the other Informatlon Is materlally Inconsistent with the financial statements or our knowledge obtaine(l in the audit or otherwise appear5 to be materlally mlsstated. If we Identlfy such material inconsistencles or apparent material mlsstatements, we are required to determlne whether there 15 a material mlsstatement in the flnancial statements or a materlal misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 21 Matters on whlth vie are requlred to report by exceptlon We have nothing to report in respect of the following matters In relation to which the Charitie5 (Accounts and Reports) Regulations 2008 require us to report to you if, in our oplnion: the information glven In the flnancial statements Is Inconslstent In any material respect with the trustees, report. or sufficient accounting records have not been kept; or the fSnandal statements are not In agreement wlth the accountlng records and retums" or we have not recelved all the Informatlon and explanatlons we requlre for our audlt Responslbllltles of trustees As explalned more fully In the trustees, responslbllltles statement the trustees are responslble for the preparatlon of the flnanclal statements and for belng satlsfled that they glve a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparatlon of flnanclal statements that are free from materlal misstatement, whether due to fraud or error. In preparlng the flnanclal statements, the trustees are responslble for assesslng the charlty's ablllty to contlnue as a golng concern, dlscloslngi as appllcable, matters related to golng concern and using the going concern basis of accounting unless the trustees either Intend to IlquSdate the charlty or to cease operatlons, or have no reallstlc alternatlve but to do so. Audltor's responslbllltles for the audlt of the flnanclal statements We have been appolnted as audltor under sectlon 144 of the Charltles Act 2011 and report In accordance wlth the Act and relevant regulatlons made or havlng effect thereunder. Our objectlves are to obtaln reasonable assurance about whether the financlal statements as whole are free from materlal misstatement, whether due to fraud or error, and to Issue an audltor's report that Includes our oplnlon. Reasonable assurance Is a hlgh level of assurance, but Is not a guarantee that an audlt conducted In accordance wlth ISAS (UK) wlll always detect a materlal mlsstatement when It exlsts. Mlsstatements can arise from fraud or error and are consldered materfal If, Indlvldually or in the aggregate, they could reasonably be expected to inflLJence the economic declsions of users taken on the basls of these financlal statements. A further descrlptlon of our responslbllltles for the audlt of the flnancial statements Is located on the Flnanclal Reporting Councll's webslte at,. Thls descrlptlon forms part of our audltor's report. Use of our report Thls report Is made solely to the chartty's trustees, as a body, In accordance wlth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audlt work has been undertaken so that we mlght state to the charlty's trustees those matters we are requlred to state to them In an auditor'5 report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charity and the charlty's trustees as a bodyi for our audlt work, for thls report, or for the oplnlons we have formed. 0.0. LLP Crowe U.K. LLP Statutory Auditor London Date: 4 February 2021 Crowe U.K. LLP Is ellglble for appolntment as audltor or the charfty by vlrtue of ts ellglblllty for appolntment as audltc* of a company U￿ler section 1212 of the Companies Act 2006. 22 SIR WILUAM PERKINS'S EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL AcllvITtES (Incorpordung an Income & Expendlture Account) FOR ThE YEAR ENDED 31 AUGusf 2020 2020 Total 2019 Total Funds Funds INCOME FROM: Chadtable pctbvltle$ School fees other educatlonal Income 8,961,828 957,100 8,961,826 957,100 8,874,990 1,253,518 Investment In￿me & bank Interest 8.250 19,401 27,651 28,954 Donatlons 6,048 3.360 45,262 Other trjdlng •ctlvltle$ 27,676 10,185 37,861 37,697 Furlough 261,014 261,014 Local Government Fundlng Total Incom• 41,974 10,229,858 10,271,832 10,240,421 EXPENDITURE ON: RalBlng funds 10,467 288,497 296,964 86,947 Charltable actlvltles 9 210 799 9 210 799 9 250 443 Totsl Expendlturq 10,467 9,499,296 9,509,763 9,337,390 NEf INCOME FROM OPERATIONS 31,507 730,562 762,069 903,031 Gjln {L055) on Inv•stment5 NEf INCOME FOR ThE YEAR 24,694 726,070 750,764 922,998 Penslon Scheme actuarlal 98lnsl(losses} 178 000 178 000 226 000 NET MOVEMENT IN FUNDS FOR YEAR 24,694 548,070 572,764 696,998 Total funds at I September 2019 358,782 18,035,265 18,394,047 17,697,049 TOTAL FUIIDS AT 31 AUGusf 2020 15 383,476 18,583 335 18 966,811 18 394,047 The notes on pages 26 to 39 fomi part of these Flnanclal Statements SIR WILLIAM PERKINS'S EDUCATIONAL FOU14DATION BALANCE SHE AS AT 31 AUGUST 2020 Note 2020 2019 FIXED ASSErs Tanglble Assets Investments 18,480.484 522 619 16.891,676 523,319 19 003 103 17 414,995 CURRENT ASSFrs Debtors Cash and Bank balances io 192,802 5 332,628 5.525,430 349,823 4 129,776 4,479,599 CURRENT UABILrriES Credltors payable wlthln one year 1 587 631 1.533 S43 NEf CUAREirr ASSErs 3 937 799 2 946.056 TOTAL ASSETS LESS CURREPTh UABILMES 22,940,902 20,361,051 LONG TERM UABILThIES Credltors payable after one ye4r 12 3 351409 1 529 898 NET ASSETS BEFORE PENSION SCHEME UABILITIES 19,589,493 18,831.153 Penslon Scheme fundlng deftclt 622 682 437 106 NET ASSErs 18 966 811 18 394 047 CHAR￿1 FUNDS un￿StrICted .. Penslon Reserve General Funds 14 14 (622.683) 19,206,018 18.583.335 (437,1061 18,472,371 18.035.265 Restrtrted 14 383076 358,782 TOTAL FUNDS 18 966 811 18 394 047 Approved and authorlsed for Issue by the Board of Dlrertors of Slr Wllllam Perklns's School. the Trustee of Slr Wllllam Perkln5's Educatlonal Foundatlon, and slgned on Its behalf on 8 December 2020 by Mr 8annlster (Chalr of Governors) The notes on pages 26 to 39 form part of these Flnanclal Statements 24 SIR WILLIAM PEAKINS'S EDUCATIONAL FOUNDATION SfATEMENT OF CASH FLOW Fofi THE YEAR ENDED 31 AUGUST 2020 2020 2019 Cash fiow frorn Ope￿￿Trg aGtlvlUe5'. Nét cath provlded by OFeraUng athvlUe6 1 057,814 C4$h flows from Investlng 9cv￿￿e6.. Payment5 for tanglble fixed assets D15posal of Flxed assets Purchase of Investrnents Sak of Inve5trnents Investment Income a bank Interest recelved 12.173,5021 6.294 1430.8131 3.291 (500.0001 269,539 Nat cath {uKd In} Irbvertlno •LtMtkw 2 153 241 C•sh Ilw frLffi ljnanckng •cU￿tIN., Loan Flnantt costs pbld 1,783.759 73.743 N•t COBh provlded by {u58d Inl flnandry ictfvthi 1710 016 Cthonge In uah In th• r¢portlng pert 1.202,852 36S,432 Nrt it I S•ptMib¢r 2019 4,129,776 3,764,344 Not t￿h It 31 Auoult 2020 5 332 628 4 129 776 (l) Aeccrfllotlon of not Income to nat ca¥hflow from oporaung athvlU•B 2020 2019 Net Income before revaluaOoTr Returns on Inves¥ment$ 8nd lrtterest re¢elved Pensk)n xh¢me adjustments Intere$t pald Invéstment mana9ement lee Depr¢¢18tlon IIncre3sellDecrease In debtors Penslon scheme defidt payments In year IncreasellDacreasel 4Tr cred￿orS 762.069 (27,651) 23.000 73.743 3.079 578.400 157.020 IIS.4231 903.031 128,9541 18,0001 59.139 1,019 529,847 1144,0761 16.4391 247 953 N•t cmh lThfl¢w from owrotlc 1646 077 1 057 814 1111 AN1￿1¥ of cmh •nd c￿h •4ulv•k*rt• 2020 2019 Cash at bank Depc6 5.332.628 2,129,776 2 000 000 5 332 628 4 129 776 An•￿8 Of. ¢hor*Je• In net debt At I S•p2019 Mh FhJw• h ¢h•noe• At 31 Aug 2020 4,IZ9.776 1.202,852 5,332.62e Borrvwln Debt due wthln one year 1382,4741 382,474 1344,7221 1344,7221 Debt due after one year 11,529.8981 12.166,2331 344,722 13,35L,4091 11,912.372) 11,783,759) (3.696,1311 T¢)t•l 2 217 404 580 907 1 636 497 The n¢)tes on pages 26 to 39 fom) part of these Flnan¢Lql Statements 25 SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 CHARrrY INFORMATION The school is a registered charity Slr William Perklns's Educatlonal Foundation (charity number 312025). The Trustee of the charity Is Sir Wllliam Perkins's School, a company limited by guarantee (charity number 1060597, company number 3298142). The reg15tered address is Guildford Road, Chertseyl Surrey, KT16 9BN. ACCOUNTING POUCIES Basls of Accounts Preparatlon The flnanclal statements have been prepared In accordance wlth the Financlal Reportlng Standard appllcable in the UK and Republlc of Ireland (FRS 102), the Charltles Act 2011 and the Statement of Recommended Practice applicable to charities preparing thelr accounts In accordance with the Financlal Reporting Standard appllcable In the UK and Republlc of Ireland (FRS 102) effectlve l January 2015. The financlal statements have been prepared to give a 'true and falr vlew, and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and falr vlew,, Thls departure has Involved following Accountlng and Reportlng for Charltles preparlng thelr accounts in accordance wlth the Flnanclal Reporting standard appllcable In the UK and Republlc of Ireland (FRS 102) Issued on 16 July 2014 and amended thereafter. Golng Concem - COVID 19 At the tlme of approval of the Annual Report, the COVID-19 pandemlc contlnues to evolve and the long-temi Impact on the charltyi in common wlth other businesses, Is unknown. The Governors have revlewed the posltlon carefully wlth a vlew to ensurlng the ongolng provlslon of schoollng for the puplls as well as employment of staff. There are currently slgnlflcant cash balances as well as a substantlal Investment portfollo should additional Ilquldlty be required through thls period of uncertalnty. Accordingly, the Governors belleve the School's financlal resources are sufflclent to ensure the School wlll contlnue as a golng concern for the foreseeable future, belng at least 12 months from the date of approval of the flnanclal statements and have therefore prepared the financlal statements on the going concem basls. Crltlcal accountlng Judgments and key sources of estlmatlon uncertalnty In the appllcatlon of accountlng pollcles, Trustees are required to make Judgments, estlmates and assumptions about the carrylng value5 of assets and liabilities whlch are not readily apparent from other sources, The estimates and undedylng assumptlons are based on hlstorlcal experience and other factors that are consldered to be relevant. Attual results may dlffer from these estimates. The accountlng pollcles below have been applled consistently In deallng wSth Item5 whlch are considered material In relatlon to the School's financlal statements. Fees Fees receivable and charges for services and use of premlses are accounted for In the perlod In whlch the servlce Is provlded. Fees receivable are stated after dedurtlng allowances, scholarships and other remlsslons granted by the school, but Include contributions received from Restricted Funds for scholarships, bursarles and other grants. Donatlons Voluntary income for the School's general purposes is accounted for as unrestritted and Is credited to the General Reserve. Where the donor has imposed restrirtions, voluntary 26 SIR WILUAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2020 Income Is credlted to the relevant restrlcted fund. All donatlons are accounted for as Income when the Governors know wlth certalnty that they will be received. Expenditure Expendlture Is accounted for on an accruals basis. Expenditure is allocated to expense headings on a d1￿ct cost basi5. Expenditure attributable to more than one cost category is apportioned over relevant categorles based on management estimates of the amount attributable to that activity In the year. The Irrecoverable element of VAT Is Included wlth the Item of expense to whlch It relates. Governance costs comprlse the costs of runnSng the charlty, Includlng strateglc plannlng for Its future development, also external audlt, any legal advlce for the Govemors, and all the costs of cornplylng wlth constltutlonal and statutory requlrements. Operatlng Leases Rentals payable under operatlng leases and Ilcence agreements are charged to the statement of flnanclal actlvltles on a stralght Ilne basls over the term of the lease. Tanglble Flxed Assets and Oepredatlon The costs of constructing new propertles and of Improving the infrastrurture, and other assets, are capltallsed. The School's freehold bulldlngs are depreclated from the flnanclal year In whlch they are brought Into full use. Tanglble fixed assets are stated at cost less depreclatlon, whlch Is provlded at rates calculated to wrlte off the cost of flxed assets, less thelr estlmated resldual value, over thelr experted useful Ilves on the followlng bases: Freehold property 1-10% stralght Ilne Motor Vehlcles > £5,000 20 % straight Ilne Furnlture & Equlpment > £2,000 200/0 Stralght Ilne IT Hardware & Equipment > £250 25Wo Stralght Ilne 8oats > £3,000 IO% stralght Ilne Investments Investments are stated at thelr market value as at the balance sheet date. Unrealised galns and losses arislng on the revaluatlon of Investments are credlted or charged to the Statement of Flnanclal Actlvltles and allocated to the appropriate Fund according to the 'ownershlp' of the underlylng assets. Investment Income is accounted for In the perlod of recelpt. Penslon costs Retlrement beneflts to employees of the School are provlded through three penslon schemes, two defined benefit and one defined contribution. The pension costs charged in the Statement of Flnancial Activities are determlned as follows: (a) The Teachers, Penslon Scheme - This scheme Is a multl-employer penslon scheme. It Is not possible to identify the School's share of the underlylng assets and Ilabllitles of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, the school accounts for the scheme as If it were a defined contributlon scheme. The School's contrlbutlons, whlch are in accordance wlth the recommendations of the Government Actuaryi are charged In the perlod In whlch the salarles to whlch they relate are payable. (b)The Surrey County Councll Local Government Pension Scheme The School also contributes to the Surrey County Councll Superannuation Fund, vvhlch is a defined beneflt scheme for support staff, and Is closed to new entrants from the School. The 27 SIR WILUAM PERKINSS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 School has fully adopted FRS102 and, in accordance wlth thls the following elements are charged to the Statement of Financial Attlvltle5: The Serv1￿ costs of pension provlsion relating to the year, together with the cost of any benefits relating to past service. •The net finance cost represented by a charge equal to the Increase In the present value of the Scheme Ilablllties and a credlt equlvalent to the long temi expected return on assets, The actuarial gain or loss on the Scheme assets and liabilities. •The difference between the market value of assets of the Scheme and the present value of accrued penslon Ilabllltles Is shown as a Ilablllty on the Balance Sheet. (c) The Slr Wllllam Perklns's Sthool Group Ufe Scheme This is a defined contrlbutlon group personal penslon plan wlth Avlva. Employer's pensions costs are charged In the period in whlch the salarles to which they relate are payable. Taxatlon The School, as a reglstered charlty, Is able to take advantage of the tax exemptlons avallable to charftles. Accordlnglyi there Is no corporatlon tax payable on the net Incomlng resources. Funds Funds held by the School are: Unrestrlcted funds: these are funds whlch can be used in accordance wlth the School's objects at the discretlon of the Trustee, They can include.. Funds Deslgnated for Capltal Projects A Penslon reserve A General Reserve Restrlcted funds.. these are funds that must be used for partlcular restrlcted purposes, wlthln the objects of the School. Restrlctlons arlse when speclfied by the donor. These funds are not avallable for general use. Flnanclal Instruments Baslc flnanclal Instruments are Initlally recognlsed at transactlon value and subsequently measured at amortlsed wlth the exceptlon of Investments whlch are held at fair value. FlnancSal assets held at amortised cost comprise cash at bank and in hand, together wlth all debtor5 except prepayments. A speclflc provlsion Is made for debts for whlch recoverablllty Is In doubt. Cash at bank and In hand Is deflned as all cash held In Instant access bank accounts and used as worklng capltal. Flnancial Ilabllltles held at amortised cost comprise all credltors except 50clal security and other taxes and deferred Income. Assets and Ilabllltles held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate. 28 SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR ThE YEAR ENDED 31 AUGusf 2020 Restrlrted Unrestrlrted Fundg Funds 2020 2020 Totsl Funds 2020 Trtal Funds 2019 2 CHARITABLE Acfp4mES . FEES RECEIVABLE Fees recelvjble conslst of: School fees Less Scholarshlps Less Bursaries 9,607,561 (132,8661 512 867 9.607.561 (132.866) 512 867 9,521,298 (109,018) 537 290 8,961,828 8,961,828 8.874.990 3 CHARITABLE AcrIvrrtES - OTHER INCOME Coache5 Lunches Educatlonal vlslts and actlvltles Rowlng Reg15tratlon fees, surcharges and extras HI￿ of fjcllltles 203,303 312,629 328,114 60,343 24.120 203,303 312.629 328,114 60,343 24.120 277,916 388,686 400,215 131.596 28,706 957 100 957 100 1 253 518 4 INVESTMENT & BANK INCOME Bank Interest Bank deposlts Interest Investment Income 671 13,296 671 13,296 667 17,665 19,401 5 VOLUNTARY INCOME Donatlons SJR WILLtAM PERKINSE EDUCATtONAL FOUNDATION NOTES TO ThE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 6 ANALYSIS OF EXPENDrruRE (•) Summary by fund type Restdtted Funds 2020 UnreSt￿cted Funds 2020 Totsl Funds 2020 Total Funds 2019 R•lslng fvnds Financlng costs FundraSslng & events 6{e) 1,856 283,570 4.927 285,426 52,358 Toknl cost8 of ralslng fund$ 10.467 288,497 298.964 86,947 Charltabl¢ •rtlvltle6 Tgachlng Welfare Premlses Support costs and governance Grants, donatlons & prlzes 6,266,869 470,520 1,032,653 1,408,426 6,266,869 470,520 1,032,653 1.408,426 6,144,724 533,380 1,198,377 1,337,271 61c) 6(dl Total charltabje expendlturn 9 210 799 9 210 799 9 250 443 Totsl ￿pond￿ 10,467 9,499,296 9,509,763 9,337.390 {b) Sufflmary by •xpendture typ• rotsl 2020 Tctal 2019 Staff C05t$ Depreclatlon oth•r Ralslng fundi Flnanclno costs Fundrdlslng & events 61el 285,426 285.426 52,358 Total cost8 of ralslnp funds Charttabl• acUvlW•8 Teachlng Welfare Premlse5 Support costs ond governonte Grants, donat1￿5 & prlze5 4,715,158 75,829 208,300 838,780 394,919 29,651 65,075 88,755 1,156,792 365,040 759,278 480,891 6.266,869 470.520 1.032.653 1,408,426 6,144,724 533,380 1,198,377 1,337,271 61¢) 61dl Totsl charltsbl• •xp•ndl￿rO 5 838 067 578 400 2 794 332 9 210 799 9 250 443 Totsl expendlture 5,838 067 578,400 3 093 296 9 509 763 9 337 390 Téachlng other eosts Include Teachlng Materlals É157,43312019.'£186,6951, Coaches £241,607120L9.. E312,198I, Trlps & recoverable pupll costs É331,93912019: £379,129), Rowlng expendlture £71,81212019.. £156,332). Welfare other costs Indude Caterlng £419,485 12019.. £482,240). Prnm15es other costs Include Bulldlng & Malntenance £216,22812019.. £312,860), utllitl•s £257,76112019.. £254,640). (c) Gov•mine• Includ•d In Support costs 2020 2019 Audlt F8e5 Ilncludlng VATI 19,440 20,220 Nll èxpenses wèrè rèimbursed to, or pald on behalf of, Governors In 2019120 12018IL9- £01 SIR WILLtAM PERKtNS'S EDUCATIONAL FOUPIDAnoN NOTES TO THE FINANCIAL STATEMENTS ICONTLNUED) FOR THE YEAR ENDED 31 AUGUST 2020 6 ANALYSIS OF EXPEPIDITURE (COKllNUED) (dl Grants, don•tlorffj & prfies 2020 2019 From RestrfLted fur*ls'. Bur5arles From Unre51r1￿ funds: Dooatlons 2,758 32.331 33,933 32,331 36,691 (•) Flnjndng Coats 2020 2019 Bank rrterest Lobn Interest Penslon Deficlt charges Bad Debts Investment Management Fee$ 7,618 73.743 23.000 177.986 6,906 52,622 18,000) 11891 285,426 52,358 7 sfAFF cosrs 2020 2019 Staff ¢05ts were a5 follow5: Wages and salarles Soclal securlty costs Penslon costs 4,493,166 466.687 878 214 4,319,608 453,836 5.838 067 5,420,930 No govemors recelved any remuneratlon or other benefits from Slr Wllllam Perklns's School. The numter ol hlgher pald employees was.. 2020 No 2019 É 60,001 £70,000 E 70,001 É80,000 £ 80,001 £90,000 £ 90,001 É100,000 £ 110,1101 £120,000 A99regate employee beneflts of key management personnel 725,673 765,690 The average headcount number of full and part tlme employee5 durlng the year wa5 05 follow5,' 2020 2019 Teachlng staff Other 74 77 38 122 115 The •ttual fvIIUme eoulvalent number c4 employee5 WO5 107 12019.1011 of whlch 65 {2019.. 681 were Involved In teachlTrg actlvltles. SIR WILLL4M PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 8 TANGIBLE FIXED ASSErs Land and bulldlngs Fumlture, Equlpment & Vehlcles ET Equlpmert & Photocoplers Total Cost At I September 2019 Addltlons Dlsposals At 31 August 2020 20,627,092 2,082.488 1,244,690 72,435 618,643 18,579 22,490,425 2,173,502 22 703 286 1317 125 637 222 24 657 633 Depr¢¢latyon At I September 2019 Charge for year Dlsposal At 31 August 2020 4,291,378 405,198 941.701 71,619 365,670 101,583 5,598,749 578,400 4 696 $76 1 013 320 467 253 6 177 149 Net book values At 31 August 2020 18 006 710 303 805 169 969 18 480 484 At 31 August 2019 16 335 714 302 989 252 973 16 891 676 9 INVESTMENTS Rejtrlcted Funds Unrestrlcted Funds 2020 Total 2019 Total Investment In Qullter Chevlot At I Septernber 2019 Investment Relnvested Income Management Fees {Decreasel/lncrea5e In value of Investment 315,496 207,823 523,319 500,000 4,014 (1,0191 20,324 8,250 (1,856) (6,813) 5,434 (1,223) {4,492} 13,684 (3,079) (11,305) At 31 August 2020 315 077 522 619 523 319 2020 2019 Investmerts comprlse: Flxed Interest Equltles Alternatlve Investments Cash and Cash Products 67.489 374.669 63.495 65,631 354,300 75,311 522,619 523,319 The hlstorlc c05t of these Investments Is £500,000. 32 SIR ￿LLIAm PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL ￿ATEME￿IrS {CONTINUED) FOR THE YEAFi ENDED 31 AUGUST 2020 Note 2020 2019 10 DEBTORS Fees Prepayments Sundry debtors 36,374 155.152 29,771 318,753 192 802 349 823 All debtors are due wlthln one year. 11 CRED￿ORs Amounts falllng due wlthln one year: Bank loan Deposlts recelved from pa￿nts Trade credltors Taxatlon and soclal securlty Other creditors Fees recelved In advance Accruals and sundry credltors 13 344,722 296,728 213.810 126,149 291,900 120,595 193 727 382,474 262,964 280,460 116,579 94,178 184,187 212 701 1587 631 1 533 543 12 CREDrroRS Amounts falllng due after one year: Bank loan 13 3 351409 1 529 898 3 351409 1529 898 13 LOAN cRED￿oR The bank loan is repayable by Instalments Due wlthln one year (see Note I l) Due between two and flve years Due after more than 5 years 344,722 1,480,268 1 871 141 382,474 1,529,898 3 696 131 1 912 372 The bank loan Is an unSecu￿d loan, The loan Is repayable by February 2030 and bears Interest at 2.06% over the bank base lendlng rate. 33 SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDAnON NOTES TO THE FINANCIAL STATEMENTS (COIITINLIED} FOR ThE YEAR ENDED 31 Al￿V5T 2020 141 STATEMEfff OF FUNDS At i# Sept 2019 Income Expendtture Transftrs Inl(¢ut) G#insl (Losse51 At 315t Aug 2020 Unrtstrlcted Fund•: Perislon Reserve General Reserve 1437,1061 18472 371 123.0001 9 476 296 15,423 1178,0001 (622.683) 19 206 018 10 229 B58 T¢i•l urYesitlthL1 Funds 18 035 265 10 229 858 9 499 296 182 492 IB 583 335 Rejirfrted FwO&.' Foundatton and 5choDI funds Total of Fun 18 394 047 10 271 832 9 509 763 Fund explan￿On5 are ncted In accountlng pollc*s (Page 28. 1 14b STATEMENT OF FUNDS - Year fnded JI August 2019 At lat Sept 2018 EyntlbJr¢ Transfet Inl{wri G*nsl {Ltss6esl At 31* Aug 2019 Unrestrtcied Fund•: Pen51on Reserve General Reser¥e 1225,5451 17 593 277 8.000 9 324 593 6,439 1226,0001 1437.1061 18 472 371 10 205 346 Tot•1 UnreBtrfrted FundB 17 367 732 10 205 346 9 316 59) 221 220 18 035 265 R•6trfct•d FundB: Foundatlon and xhool funds 329 317 358 782 Tot¥1 of Fun 17 697 049 10 240 421 209 324 18 394 047 15• AfiALYSIS OF NEf ASSETS BEfwEeN FUNDS T¢)t41 Fundi 2020 Total FuThYs 2019 Fun 2020 Fund$ 2020 Tanglble fixed assets Investments Current 455ets Crtdltors dye wltThin one yejr cod￿Or$ du¢ In more thon pne year 18,480,484 207.542 5.457,031 (1,587,631) 3 974 091 18,480,484 522,619 5,525.430 11,587,631) 3 974 091 16,891,676 523,319 4.479,599 11.533,5431 1 967 004 315,077 68.399 18 583 335 18966 811 18 394 047 15b ANALYsfs OF ASSEfs BETWEEN PUNDS- Yeor Ended 31 August 2019 vnre8tNcre(I Fund 2019 TQt•i Fun(* 2019 Total Funds 201B FundB 2019 T•ngibk flxed I￿¢1$ Jnvestments Current assets Credltors due withln one year Credltors due In more than one year 16W91.676 107,823 4h36,313 11,533,543) 1 967 004 16.B91,676 523,319 4,479,599 11,533,543) 1 967 004 17,377,371 269.896 3,970,091 11,782,392) 2 137 917 315,496 43.28fj 358 782 18 035 265 18 394 047 17 697 019 SIR WILUAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 16 PENSION cosrs Slr Wllllam Perklns's Educat5onal Foundation participates In three penslon schemes. Two of these, the Teachers, Pension Scheme (England and Wales) for teachlng staff arsd the Surrey County Councll Local Government Pension Scheme for eligible support staff, are multi- ernployer, defined benefit pension 5cheme5. The thlrd scheme, the Slr Wllllam Perklns's School Group Ufe Scheme, was established for support staff on 5 January 2007 following the School's declsion to cease offering membership of the Surrey County Council Local Government Pension Scheme to new employees and existing employees who were not already in the Scheme. Teachers, Penslon Scheme (England and Wales) The School partlclpates In the Teachers, Penslon Scheme {'the TPS.) for Sts teachlng staff. The penslon charge for the year Includes contrlbutlons payable to the TPS of £1,041,948 (2019: £786,686) and at the year-end £nil (2019 £nll) was accrued In respect of contrlbutlons to this scheme. The TPS Is an unfunded multl-employer deflned beneflts penslon scheme governed by The Teachers. Penslons Regulatlons 2010 (as amended) and The Teachers, Penslon Scheme Regulations 2014 (as amended). Members contrlbute on a "pay as you go" basls wlth contrlbutlons from members and the employer belng credlted to the Exchequer. Retlrement and other penslon beneflts are pald by publlc funds provlded by Parllament. The employer contribution rate Is set by the Secretary of State followlng scheme valuatlons undertaken by the Government Actuary's Department. The most recent actuarlal valuatlon of the TPS was prepared as at 31 March 2016 and the Valuatlon Report, whlch was publlshed In March 2019, conflrmed that the employer contrtbutlon rate for the TPS would Increase from 16.4010 to 23.6Wo from I September 2019. Employers are also requlred to pay a scheme administration levy of 0.080/0 9lving a total employer contrlbution rate of 23.68%. The 31 March 2016 Valuatlon Report was prepared In accordance wlth the beneflts set out In the scheme regulatSons and under the approach speclfled in the Directions, as they applled at S March 2019. However, the as5umptlons were consldered and set by the Department for Educatlon prlor to the rullng In the 'McCloudlSargeant case,. This case has requlred the courts to conslder cases regardlng the Implementatlon of the 2015 reforms to Public Servlce Penslons Includlng the Teachers, Penslon Scheme. On 27 June 2019 the Supreme Court denled the government permlsslon to appeal the Court of Appeal's Judgment that transltlonal provlslons Introduced to the reformed penslon schemes In 2015 gave rlse to unlawful age dlscrlmlnatlon. The government 15 respecting the Court's decision and has sald it wlll engage fully with the Ernployment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultatlon was launched by the government on 16 July 2020 and closed to responses on 11 October 2020. 35 SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2020 The TPS is subject to a cost cap mechanism whlch was put In place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanlsm followSng the Court of Appeal's rullng in the Mccloudlsargeant case and untll there Is certalnty about the value of pen51ons to employees from April 2015 onward5. The pause was lifted in July 2020 and the government Is preparlng to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021. In vlew of the above rulings and decisions the assumption5 used in the 3 1 March 2016 Actuarlal Valuatlon may become Inapproprlate. In thls scenarlo, a valuatlon prepared In accordance with revised benefits and sultably revlsed assumptlons would yleld dlfferent results than those contalned In the Attuarlal Valuatlon. Until the consultatlon and the cost cap mechanlsm revlew are completed It Is not posslble to conclude on any financial Impact or future changes to the contributlon rates of the TPS. Accordlngly no provlslon for any addltlonal past beneflt penslon costs Is Included In these financial staternents. Surrey County Coundl Local Government Penslon (SCCLGP) Scheme The School partlclpates In thls Scheme whlch Is part of the natlonal Local Government Penslon Scheme (LGPS) for Its support staff who Jolned the School prlor to January 2007. At that date the School declded to cease offerlng membershlp of the Scheme to new employees and to exlsting employees who were not already In the Scheme. The Scheme Is a multl-employer, deflned beneflts penslon scheme. The Fund objettlve Is to achleve an overall fully-funded posltlon, where assets are sufflclent to meet all future Ilablllties on a prudent long-term basis. Wlthln thls objectlve the Fund alms to set contrbbutlons whlch are affordable and stable for employers and whlch reflect the dlfferlng characterlstlcs of employers and also to reduce the rlsk to employers of another employer defaultlng on Its penslon obligatlon, The latest trlennlal report of the Scheme's actuarles valulng the Scheme and Its deflclt as at 31 March 2019. As part of thls valuatlon, the Admlnlstering Authorlty set mlnlmum annual rates of contrlbutlon for the School, to operate from l Aprll 2020 for the comlng three years, to support future beneflt expectatlons and remove the deflclt over the above period. These rates were 37.7D/o (previously 32.90/0) of payroll for exlsting employee members of the scheme, plus a monetary sum of £28,000 (prevlously £6,439) per annum to reduce the School's share of the deflclt. Notablyi these rates are set for the three years to 31 March 2023. Thereafter the rates may be revlsed further depending upon the value of the remaining defidt and the average worklng Ilfetlme of the School's remalnlng actlve members at that polnt. The 2019 valuation report showed that on a 'contlnuing membershlp, basls, the School participation in the Scheme was valued at £3, 131,000 and its liabilities at £3,865,000, resulting in a deficit of £734,000. During the year the School commissioned specific reports valuing its share of the Fund in accordance with FRS 102. These reports showed,. For the current year 2019120 an increase in the reserve and penslon liablllty to £622,683, and a corresponding decrease in the net rnovement In funds for the year, of £178,000. For 2018119, a decrease in the penslon deflcit reserve and penslon liability to £437, 106, and a correspondlng decrease In the net movement In funds for the year, of £226,000. 36 SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 SCC Flnal Salary Penslon Scheme dlsclosure under FRS 102 Ch•nge$ In the F•lr V•lu¢ of Plan As$tt$, O¢finéd B¢n¢flt Oblloatlon and N¢1 Ll•blllty for year end 31-August 2020 Assets Obllo4tlons Net Perlod ended 3 1 August 2020 a$set £OOOs £0008 £OOOs Falr value of plan a5set$ Presert value of funded IbbUttEs 3,335 3,335 13,7731 3,773 Present value of unfunded Ikbilitie5 OpeThlng PoBltlon Js at 31 August 2019 Servlce cost 3,335 3,773 (4381 Current servKe cost 156) Past servke cost Is￿ludIng cUrtaI￿¢￿t$) Effect of 5ettleTr*nts Total S•r4lce Cost 56 (56) Net Interest Interest kncon* on plan assets Interest cost on deflned beneflt obNgatbn Irry)act of 8s$et cellln9 on net Inte￿$t Total net Intere*t 59 59 67 167) 59 67 {8) {64) Total deflned beneflt cost recognloed In Proflt or {Lo••) Cashflows S9 123 Plan partklpants, contthtkjns Ewployer contrbutbns Contrtbutlons In respect ol unfunded benefks neffts pbky Unfunded beneff(5 pak1 Effect of buslness coffblnatnns and OLspogaLs Expected closlng posltlgn RerreoSure￿entS 56 (1371 11371 3.321 3,767 {446) Changes In denv)grapht 8ssunwtksTrs ChaThJes In fln3nck41 asSUnyt￿rffj other experfence PÉtum on assets excludhg an￿unt$ Included In net Interest Total r•m•asur•ments r•cogn16ed In Other CorryMh•nslv• Income (OCI) Fair value of p￿n assets p￿sEnt value of funded Ikiblllties 113 11131 14) 1207) 207 12761 (2761 12761 (17BI 198) 3,045 3,045 13.669) Presert value of unfun(led Ilabl1*￿$. Closlng posltlon as at 31 August Z020 3.045 3,669 (624) The ajrrent sèrvlte cast Indudes an alknwance for8dr￿nIstratltsrt expenses of 0.3% of payroll. ** The unfunded Ilabllltles cornprtse of £0 In respett of LGPS unfunded penskins and £0 In respett ofTeathers' unfunded penslons. 37 SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE ￿NANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 TABLE 2: Folr value of scheme assets 2020 2019 Equ￿￿$ Bonds Propertv Cash 72% 17010 71% 18% 3% 3% TABLE 3: Key flnanclal Jssumptlons 2020 %pa 2019 46pa Pensh)n ￿c￿&Se rnte Saljry Increase rnte Dlscount rnte TABLE 4: Mortallty ossumptlons Males Females Current pensb)ners 22.1 24.3 FLbture pensloners* 22.9 25.7 Fk3ures assume members aged 45 as at the last fomial valuatb)n date TA6LE 5: Hlstorlc mortallty Pr**r perk*d lffe expectancy Is based upon the Fund's Vltacurves data. The aflowance for future expectanc￿$ for both prOspeCt￿e and current pensbners are a CM120 18 model assumlng the current rate of knprovements has peaked and wll converge to è bn9 term rate of 1.259h. Slr Wllllam Perklns's School Group Llfe Scheme Th15 Is a money purchase (defined contrlbutlon) scheme to whlch the School and, from thls year, newly Jolnlng employees, make contrlbutlons, Up to March 2015, employer contrlbutlons were at a rate of 15% of salaryi wlth any employee contrlbutlons made on a voluntary basls. From thls date, employer contrlbutlons for newly ellglble employees are made at a rate of 5% of salaryi rising to 70/0 after five years of servlce. Employee contrlbutions are currently set at rate of IOA of salaryi but thls wlll rlse over tlme In Ilne wlth the requirements of penslons auto- enrolment leglslatlon. Separate, arrangements and lower levels of .contrlbutlon are In place for any non-ellglble and entltled employees who conform wlth the auto-enrolment legislatlon. The superannuation charge for the year Includes contrlbutlons to thls scheme, on behalf of both the School and employees, totalllng £142,607 (2019.. £117,892). The scheme provides a death In Serv1￿ benent of twlce the annual salary. 38 ## SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020 ## 17 STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE |Year ended 31 August 2019
INCOME FROM:
Charitable activities
School fees
Other educational income
Investment income & bank interest
Donations
Other trading activities
Total Income
EXPENDITURE ON:
Raising funds
Charitable activities
Total Expenditure
NET INCOMING FUNDS
BEFORE INVESTMENT GAINS/(LOSSES)
Gains/(Losses) on investments
NET INCOME FOR THE YEAR
Pension Scheme Actuarial losses
NET MOVEMENT IN FUNDS
Total funds at 1 September 2018
TOTAL FUNDS AT 31 AUGUST 2019|Restricted
Funds
£
-
9,028
9,613
16,434
35,075|Funds
£
8,874,990
1,253,518
19,926
35,649
21,263
10,205,346
Unrestricted|2019
Total
£
8,874,990
1,253,518
28,954
45,262
37,697
10,240,421| |---|---|---|---| ||14,748
2,758|72,199
9,247,685|86,947
9,250,443| ||17,506|9,319,884|9,337,390| ||17,569
11,896|885,462
8,071|903,031
19,967| ||29,465|893,533
(226,000)|922,998
(226,000)| ||29,465
329,317|667,533
17,367,732|696,998
17,697,049| ||358,782|18,035,265|18,394,047| ## 18 OPERATING LEASE COMMITMENTS At 31 August 2020 the Charity had total commitments under non-cancellable operating leases as follows: |Payable within:
Within 1 year
Between 1 and 2 years
Between 2 and 3 years|2020
2019
£
£
20,348
23,054
2,039
23,054
0
23,054
22,387
69,162
Other|2020
2019
£
£
20,348
23,054
2,039
23,054
0
23,054
22,387
69,162
Other| |---|---|---| ||22,387|69,162| All leases are repayable within 3 years. ## 19 TRANSACTIONS WITH RELATED PARTIES During the year, £14,275.20 (2019: £13,012.80) was paid to Moore Barlow LLP (and pre-merger Barlow Robbins LLP) for legal advice. Helen Archibald is a partner at Moore Barlow LLP (and pre-merger Barlow Robbins LLP). There were no other related party transactions in the year. 39