Ch•rity Numbor: 312025 SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION TRUSTEE'S REPORT AND FINANCIAL 5TATEMENT5 31 AUGusf 2022 SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION coNrENTS Page Trustse's Report IndependentAuditorfs Report 22-24 Stat•m•nt of Financial Attivilies 25 Balance Sheet 26 Ca$h Flow Statement 27 Notes to the Financlal Ststem•nts 28-41 Sir William Perkins'5 Educational Foundation Trustee's Reportforthe year ended 31 August 2022 The Governors of Sir William Perkins's Educational Foundation present their annual report and audited accounts for the year ended 31 AugLJ5t 2022 and confirm that they cornply with the requirements of the Charities Act 2011, the trust deed and the Charities SORP (FR5 1021. The report cover5_' Aims and Objectives,. Ethos, Strategy and Policies,. Review of Activities and Achievements,. Future Plans., Principal Risks and Uncertainties,. Buildings and Maintenance,. Finance5', Structure, Governance and Management., Statement of Trustee's Responsibilities. The address of the Foundation and the names of the GoveinoTS and School's Key Management Personnel and their roles and respc>nsibilities are shown on pages 18 to 21 under Structure, Governance and Management. Aims and Objecknves Aims Sir William Perkin5'5 Educational Foundation operate5 in accordance with the Charity Commission scheme L5 312025 all which was sealed by the Charity Commissioners of England 8nd Wales on 25 January 1978 and included the regulations for the appointrnent of trustees. Sir Williarn Perkins's School, company number 3298142, Was Incorporated on 31 December 1996 as a company limited by guar3nte& not having a shar& capital and is also registered charity, number 1060597. Sir William Perkins'g School (The Company'l was appointed to be Trustee for the administration of Sir William Perkins's Educational Foundation and its associated property. by a sealed order of the Charity Commission dated 2 July 1997. Each of the Governorg of Sir William Perkins's School listed on pages 18-19 is a director and trustee of thè Company and a Governtsr of the Foundation. The objectives of the School are.. the provision and conduct in or near the area comprised of the Parishes of Chert5ey, Thorpe, Egham and Chobham of a School which.. shall be a school for girls and, if the Governors think fit, for boys,. and shall be a day school or, If the Governors think fi't, a day and boarding school,. and the provision of other educational benefits for girls, boy5 and young persons. The primary aim of our charity 15 to provide Chert5ey and the surrounding area wbth an excellent day school for girls aged 11 to 18 years, and a5 such to play 3 significant role in the local community. Our aims rèflect the purposes for which the charity was set up. The School aims to". Maintain high academic standards,. Encourage the enjoyment of learning and good habits of work., Hèlp each stLJdent to.. develop fully as an individual-, cultivate creative and practical skills.. gain the qualifications they need to embark on their chosen career,. grow in confidence,. think inc4ependently,' and be a responsible, unselfish member ol the community. Objectives Our objectives are set to reflect our educational aims and the ethos of the School. It is important to us that we maintain and enhance the academic suceèss of the School, in the context of the broader goalg we set for the School and its students. In setting our objectives and planning our activities, our Governors have given careful consideration to the Charity Commission's general guidance on public benefrt. Our key objechveg this year included.. To tnaintain and improve the current level of education provision, aiming at exc&llence in all areas both academic and eKtra-curricular,' To continue to provide as much access as possible for local children by providing up to l 00% means-tesled bursaries, so that those who would not otherwise be able to attend have the opportunity to do so,. To continue to build on links with the local community, especially with local maintained schools and to make the school's facilities available to benefit the community,. To focus on social responsibility and global citizenship, encouraging outward-looking consideration of others, individuals and the community, locally and globally (including environmental issues, charity work, development of leadership ski115 and taking responsibility). We believe that. as shown below, good progress has again been made during thè year to meet these objectives and that we have complied with the duty in section 17 of the Charities Act 2011 to have due regard to guidance published to date by the Charity Commission. Ethos, Strategy and Policies Ethos Sir Williatll Perkins's School 15 an educational chzrity whose ethos 15 to build confidence, integrity and excellence in z caring, innovative and happy community so that each student leave5 having been 9iven the best POS5ible chance of achieving their full FX>tential, taking with them sound values, a breadth of skills and knowledge, and 'ready to take on the world,. Academic succe55 is our priority but education should be about far tnore than just top grades. We believe in educating the whole person and eqLJipping our students to make their tnark on the world. We encourage them to 9et involved in the many extra-curricular activities on offer, to take ev&ry opportunity to develop their interests and creativity, their interpersonal, teamwork and leadership skills, to be forward-thinkin9, and to reach out into the wider CDmmunity. Strategy Our Governor5 are r8spon5ible for setting a strategy for achieving the objectives they have set. The focus of our Strategy is on the dev&lopment of our pupils, their continued high levels of academic and extra-curricular achievement and on further widening access to the education our School provides. In taking forward our strate9y we.. Review and benchmark the School's academic policies, teaching practicès and èxamination results,. Ensijie the lange of co-curricular activities available to our students is Stimulating and challenging,. Invest in technology and the infra5tructuie of the School., Build on relationships with local schools and share Ideas and resources wherever possible., Continue to focus on OUT bursary provision and find ways to increase access for students from all backgrounds as much as possible. Policies Equal opportunities The School ha5 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 maintained and independent 5ettors. Entrance examinations are undertaken to satisfy ourselves and parents that potential students can cop& with the pace of learning and benefit from the education we provide. In accordance with the relevant requirements of the Equality Act 2010. an Individual's disability. gender reassignment, marriage or civil partnership status, pregnancy or matemity status, race, religion or belief and sexual orientation do not fortn part of our assessment processes. Similarly, as an equal opportunity organisation, we are committed to a working environment that is free from any form of discrimination on the grounds of age. disability, gender reassignment, marriage 2nd civil partnership status, pregnanry or maternity status, race, religion or belief, sex or sexual orientation. We will make reasonable adjustments to meet the neèds of staff or students who are, or become, disabled. Safeguarding and Welfare We are comtnitted to safeguardin9 and prorlloling the welfaie of our students and expect staff and volunteers to share this commitment. The pastoral care ol our st(Jdents Is a top priority, with all staff focussed on the welfare and progress (academically, in extra-curricular ar&a5 and 50ciallyl of each individual. Par&nts are given regular feedback about their child's progress at annual parents, evenings and in r&gular reports. We maintain regular contact with parents throughout the year throu9h informal contacts plus the newsletters and other letters to parents. Year 11 students are given formal mentor training and attached to Year 7 formg, particularly hèlping with the induction and transition frorn feeder schools. Sixth Fortn Students are linked with Year 7-1 I forms and also contribute to the pastoral care. The School is known for it5 ethos of kindness and there 15 a strong culture of acceptance ol diversity and of supporting one another. Access It is important to us that acces5 to the education we provide Is not restricted to those who can afford our lees. We believe that our students benefit from learning within a diverse community and from being Involved with the local community. We are delighted that our bursary policy and our links with local schoolg contribute to a widenin9 of ccess to the education we offer and the lacilities we enjoy. Bursaries The Governors view our bursary awards as important In helping to ensure children Irom families who would otherwise not be able to afford the fees can access the education we offer. Our bursaries are available to those who meet our general entry requirements and are made on the basis 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-paying parents, many of whom make considerable personal sacrifices to fund their children's education, and those benefi'ting from the awards. All bursaries are awarded according to the School's means-tegting criteria which are informed by Independent Schools Bursars AgSOCiation IISBAI general advice. They are for any amount up to a full l 00% remission of fees land in appropriate casés, uniform. equipment, essential school trip costs etc.). We offer Foundation Burgaries fr)r those entering the School, and we also provide Hardship Bursaries for fèmilies who fall into hardship during their time at the School. Information about bursaries is provided to all those applying to the Schoc)l. The existence of bursariès is advértised on our website, in the local press and the Head writes to local primary schools to ensure that they are aware of this opportunity for all local families. The School Business Director is available to discuss how the School m3y be able lo help families who run into diffi'culty with paying fees. Further dètails of our bursary policy and how to apply are available on our website. Financi31 circumstance5 leading to the award ol burs8ries are reviewed annually. The success of our bursary scheme is explained below. Details ol bursary award5 are also set out in Note 2 to the accounts. Scholarships We offer a number of Academic, Music and Arts Scholarships for entry to Year 7 and the Sixth Form, and also Sport Scholarships for the Sixth Fom. Scholarship5 are awarded on the basis of the Individual's exceptional lacadernic, musical, artistic, sportingl ability and potential. Scholarships are offered as an honour, with a maximum of 5010 remission of fees. Candidates are encouraged to apply for a mè3ns-testéd bursary to supplernent their scho1ar5hip if financial constraints are a consideration. We advertise the availability of the scholarships in our prospect(Js, on the website and In advertisements in the local press. Further details and instructions on how to apply are available on the website. Detsils of Bursary and Scholarship Awards During the year, thé Goveinor5 broadly sought to maintain the amount of funding available for Foundation Bursaries, to continue the principle of enabling access to the School for as many girls zs possible, who would benefit from it but would not otherwise be able to join. This year the value of means-tested bursaries totalled £424,262 and represented 4.13% of our gros5 fee5. They provided assistance to 38 of our pupils of which 4 students benefited frotn a full rèmission of fees. Funds are also made available, where appropriate, to help stLJdents in receipt of bvrsaries to meet the additional costs of curriculum school trips, equipment and other essentials. In addition, th& school awarded Scholarships to 72 students, based on educational merit and potential, totallin9 £138,337 and representing 1.35% of our gross fees. 01 this number, 3 also qualified for rneans-testEd bursary support and are included in the figures relating to bursary awards. The progress of students receiving scholarships Is reviewed at least annually to ensure that their progress is in line Ith their abilities. No scholarships vwere withdrawn in the year as a result of reviews_ R8view of Acknvitses and Achievoments Academic Our students again achieved 1 Oolo pass rate at A level, with 33.5% of all grades being A. 3nd 69.8% of grade5 being A".A. 91% of o(Jr students got into their first choice university. 43% of all grades at GCSE were 9 and 71% of 11 grades were 9-8. Aubjmn Term 2021 MUSIC A Year 8 violinist submitted four entries for the London Young Musician Season 1 2021122 achieving excèllent results. They entered three violin solo pieces in the Grade 6 performance category and a violin duet with her sister in the Open Chamber Music category, gaining the Gold award and two Silver awards for her solos, as well as the Gold award for her duet. SWPS EQuAL￿y & D￿ERS￿y MONTH During October 2021, SVVPS students engaged with Black History Month as well as a wide range of equality nd diver51ty events, talks, discuggions and activities, welcoming speakers including: Rt Hon Stuart Lawrence- Stephen Lawrence's brother, the black British teenagèr who was murdered in a racially motivated attack in 1993, Dr John McAleer- A550ciate Professor of History, Faculty Of Arts & Humanities at the University of Southampton and Barone$5 Barker, Liberal Democrat spokesperson for LGBTQ+ Assemblies were held on themes of Equality & Diversity through the month, as well as student competitions and activities during Form Time, PSHCE, and incorporated Into the curriculum. SPORT One of our Sixth Form Sports Scholars, was a member of the Surrey Ladies 1 st Golf Team who rnade it to the final of the English Women's County Championships. The two and a half day competition took place in Denham near Uxbridge, with Surrey playing Lincolnshire, Yorkshire, Buckinghamshire, Herfordshire and Somerset. Surrey won against all the other Counties to become National Champions. They last won this title 24 years ago, 50 thi5 has been a very special win. She played in all the games, winning four and tying the final match. U17 Fencing National & Brf(ish Ranking Championships a Year 9 student recently took part in the U17 Fencing National Championships and the British ranking championships. They were ranked 39th In the British Ranking Championships. Thi5 is an outstanding achievement lor a Year 9 student in an U17 competition. National Swimming Development Selettion A Year 8 student has been selected by Swim England for the National Development Programme 2021-2022. They swim for Elmbridge Phoenix Swimming Club and has achieved some excellent Personal Bests over various distances in the past 12 monthg. Surroy Schools, Netball Tournament The U14 netball squad performed well against tough opp05it?on at the Surrey Schools. tournament, with improving play throughout the day and a strong finish against Charteihouse. St Theresa's Hockey A lew weeks ago, saw the first hockèy matchés lor Yèars 7 & 8 against St Terèsa's with several players playing their first ever gatnes of hockey. The results were fantastic with the Y7 A team winning 3 - 1 and the Bl losing l - O while the 82 team drew O - O. Year 8 won all three of their matches, A team 1 0 and both the Bl & B22-1. Priorfs Field Hockey Tournament Both Y8 squads performed well, improving with each game. The A squad lost their first two games, but came back with two great wins against gtrong St Ma￿$ and St Theresa's teams. The squad were Jnbealen in their tournament, resulting in èn èxcellent 2hd place. District Cross Country Our cros5 country runners competéd well in the district event, with runners from Year 7 and Year 8 pushing themselves over the 2.5km course. South East Division Swimming Junior and Intermediate students competed at the South East Division Secondary Schools, Championships. The Intermediate Girls came in 8th place in both thè Freestyle and Medley Relays and a 6th place finish for the Junior A frèéstyle relay team. Swimming Exceptional Achievement A Yéar 10 student has been selected to attend Phagè l of the Swim England Swimming National Development Programme for 2021-2022. They will be attending development camps which will support, inspire, and connect a wide-reaching cohort of young swimmers, in their quest to achieve Senior international podium success. District Badminton The U14 Badminton Team played well in the District Badminton Tournament. The team won all their matches and are now District Champions. Netball There have been some fantastic netball matche5. Wlth a total of 71 goals scored lor SWPS teams. In response, Sutton High, Tormèad and The Howard of Effingham Scored a total of 48 against SWPS. The matches were fast and competitive, with improved attacking on show as well as some very determined defending. ock8y The hockey teams gave their best in matches against St. M3ry'5, Ascot and Notre Dame and scored some excellent goals, with an over311 tally of 7 goals for SWPS and 6 against. Highlights coming up are the ESSA National Team Relays Championships, in which our Junior Fiee5tyle Relay team will take on the top teams in ihe country at the London AquatlC5 Centre, and the District CTQSS Country at Lightwater Country Park, whèré we have our largest contingent of runner5 foi many years competing for SWPS. LIBRARY As in prEViOUS yearg, in the last week of September we celebrated Banned Books Week. We talked about Cen50r5hip and Freedom of Expression, about Banned Books and our Right tD Read what we want. DRAMA Junior Drama Year 8 have been busy rehearsing for the htstly-contèsted Junior Drama competition. Directors from Year 13 have independently written the scripts after bein9 inspired by the quotes 'Even If you are on the right track. YOLI'II get run over if you just Slt there" and -1 felt like it Wa5 time to set up my future, so I set a goal. My goèl was inclependence." Performances take place on Thursday 25 November. DofE In 2021, 5WPS trained and assessed 86 8ron2e, 37 Silver and 34 Gold participants. Despite all the Covid-19 restrittions until July this year, we have managed to deliver training, amended practice expeditions In the school grounds and qualifying expeditions in Surrey at all three levels of the Award. Unfortunately, participants were not permitted to Camp, but all other traditional expedition rules were applied as they would be in a normal year. The return to the traditional camping programme started on 25 September, with the new Year 12 Gold cohort training at SWPS, before travelling to the rnountains of Snowdonia. In early Ottober the new Gold DofE cohort were staying under the shadow of Mount Snowdon which meant they could walk straight out of the front door. The teams set off on their respective routes around Capel Curig. putting nto practice the skills learnt previously. CAREERS We welcomed one of our SWPS parents to speak to our students about careers in th& Pharmaceutical industry and the step5 thèy need to t8ke to get there. This was an ideal opportunity to make contacts and find out first-hand about the reality Df working In the Pharmaceutical industry. It wa5 also a fantastic opportunity to 9et advice about appropriat& University courseg and guidance on what the industry Is looking for in terms of prospective employees. MEDUCATOR WORKSHOP 50 students from Years l 0 - 12 took part in the Meducators workshop. The students enjoyed participating in the interactive se5510ns to le2rn about the basic skills and fundamental concept5 taught to healthcare 5tudent5 in the early years of university. The workshop was organised lor those students who may be thinking about a medical career in the future. The students rotated around different learning ststions Includin9 Heart auscultation, rellexes, vital Signs, X-ray interpretation, medical ethics and Doctor-patient relationships. CO-CURRICULAR A Year 7 class took adv8ntag& of their form tutor Dr Masri's STEM expertise for a co-curricular activity ov&r their lunch time. Taking inspiration from images they found on their iPads, they replicated them in hand-drawn versions, then adding a light up circuit to their desi9ns to comp5ete their final products. Th& results, which ranged frorn pandas to elephants were excellent examples of both artistic creativity and application of sound STEM knowledge. In our Bio109y department, three Year 7 Students, spent time le3rning everything they could know about bats and how they communicate and navigate. The end goal 15 to build a fully functioning bat detector to try and understand bat language. They are already gettin9 to grips with atnplifier circuits, a key component of a bat detector. Creative Wrrting Club Creative Writing Club allows students to improve their creative writing Skills, meet other creative writers, see things from a different perspective, find inspiration, and try sornething new and different. TRIPS Visitto the Hare Krishna Temple, Watford RS GCSE students were able to experience first-hand, the workings of the Bhaktivedanta Hare Krishn3 Ternpl& in Warford. Students received tourg of the Temple's farmstead, where they fed the culls and cows. and rode the cartwh&el pulled by the farm's bulls,. as well as speaking with a member of the laith, who shared her own personal spiritual journey in joining the cornmunity of Hare Krishna 20 year5 ago. Sari5 were then provided to enter the Temple, where the community ol worshipper5 were performing Pula, along with other guests to the Temple learning about Hare Krishna. ClassTCS Trip to the GlobeTheatre 35 pupils studying Classics GCSES or A levels enjoyed a very lively performance in th& Globe of some select&d stories from Ovid's Metamorphoses. Ovid's stories explore the power of transformation. the resilience of humans and the wonder of life. They were a 9reat inspiration to Shakespeare and over 2000 years later, are reimagined for our world now. ROWING The firgt race of the sèason for SWPS Boat Club was at Reading Small Boats Head. For our J165, it was attually their first ever experience of a head rèce, as well a5 their first chance to race in a single scull - both major life events of a rowerl Thrèe of our J16 Single Sculler5 finishing in the top 10 of their event. In the WJ16 Double Sculls, the SWPS crew finished second to a strong Henley RC crew, and they were backed-up by the cr&w who finished third nd fourth. In the WJ18 doubles, SWPS came home third another promising performance. The highlight of thè day though was a win for a SWPS student in the WJ16 Band 2 Single sculls - a fantastic reward for her excellent work ethic. WORK EXPERIENCE At the beginning of September a former student, class of 2020 completed lon9 awaited work experience week with Theo Fennell In his London workshop. Due to the pandemic the placetnent was delayed and rescheduled multiple times. During the week she was on the placement she learnt and mastered tnany fi'ne iewellery making skills from design to realisation. EPQ EXHIBMON EVENING In September, 22 students from Year 13 presented their extended projects to staff, parents and friends. Studènts presented on a range of fascinating subject areas including the future of Bitcoin, how diet can be used to prevent Alzheime¢s, and the use of female hysteria in Gothic novels. NATIONAL ONLINE SAFErY Parents can now sign up to National Online Safety using our school membérship and have accèss to tnany useful help sheets. training courses and webinars on subjects relatin9 10 internet safety, 3pp5, Social media and mental health. CHARITY Once again, SWPS is tearning up with The Salvation Army this Christmas by donating gift5 to children in our local rea who are less fortunatè. The 5chDDI will be collecting the gifts and the Salvation Army will collect them and deliver them to local families in time for Christmas Eve. Tèam SWamPieS made their èpic return taking on a fire walk at Woking Football club on 11 November. The team of nine members of Teaching & Support Staff went through rigorous training before facing the barefoot walk across burnin9 hot coals1600° Cl. Thi5 was all done in the name of charity and the team managed to raise £1200 fDr Woking Sam Beare Hospice. SENIOR AWARDS On 12 November we were thrilled to host, in person, our Senior Awards. It wag wonderful to welcome back our former Year 13 students, having travelled from their respective universities ènd gaps, to receive their well- deserved A level certificates, Extended Project Qualrfications and Academic Prizes. Our guest of honour was rowing Olympian and SWPS alumna Hattie Taylor, who took the opportunity to remind the audience of the importance of seeing failure as a friend and something to learn from rather than be avoided. The Academic Ambrtion Seminars have continued and this term they have discussed the following.. The Ethic5 of Vaccination 9111- Twenty Years on Madame Bovary Let's talk about congciousness 21Jt Century Feminism What is Essentialism? The society is open to all and turn OLrt from the students, e5peci3lly our Academic Scholars continues to be excellent and very encouraging. We are also seeing an increasing number of sixth form students from Salesian School come each time, which is very èxciting. DT Since starting their GC5E Design Technology options in September our Product Desi9n and Te¥tileg student5 have worked hard to learn new skills in woodwork, CAD /CAM and constructing clothing. In Product Design, students have learned about timbers and put the theory into practice in rnaking Anglepoise style lamps,. where they used plywood and 3D printed PLA to make the modern des19n. Meanwhile in Textiles, students have started their technical sewing journey by crealing a matching sun-top & shDrt5 set lo send to the charity 'Dress a Girl Around the World,. Student5 worked hard to master complicated construction skills and furthermore, were able to utilise the department's new digital embroidery machine to create their own child friendly embroidered motifs. Spring Term 2022 ANNIE THE MUSICAL The school was energised from our outstanding Annie production5 in February - our first live shows in several years. Three live shows were performed to sell- out audiences and featured a fantastic performance from a cast of over 60, with students from Year 8 to Year 13. SCIENCE Year 7 budding engineers have been building fully functioning robots capable of walking on a Martian surface. They have been inspired by the 'Mission to Mars, cross-curricular work that the whole of year 7 are currently involved in during their Science lèssons. The first robot was called Resilience, it had 50rne difficulty climbing, so the team decided to build a sècond, named Independènce, which had special rubber shoes to gain extra grip for climbing. With both robots working, thè studénts thén congtructed a Martian surface out of rocks and sand. A high resolution caméra was fitted to Re5ili&nc& which could beam video and photographs to a classroorn next door. The camera could a150 68 controlled remotely from a different lab, similar to controlling robots on Mars frc)m Mission Control on Earth. DT World-renowned jewellery designer, Theo Fennell, gave an inspirational design masterclass to K54 and 5 Design Technology students in January. Theo tslked the students through hi5 design prDces5', demonstrating how a qtjick sketch of anything the view through a c13ssroorn window, to a walk In the woods or an image of a city skyscraper - can become a meaningful and succegglul design. He also shaied some important tips for any aspiring designer to follow ROWING Early February saw the first èvent of 2022 for the Boat Club, r3cing at the highly competitive Hampton Head. Schools from as far afield ag P&terborough and Nottingham competed. and there were promisin9 performances across all the SWPS age-groups. For our enthusiastic JI 4s (Year 91, Saturday was their first taste ol public Eompetition. and they wer& a credit to the school and their coaching tearn. Our crews placed 7 14, and 20, in a very competitive field, which bodes well for the Spring and Sumrner sea50n. Our J155 Iyear 101 continued their impressive season, this time racing in quads, eights and doubles. The highlight was a Bronze Medal for the quad. The Senior rowers Iyears 11 131 were also out in force with the J18 (Year 131 double placing an encouraging 41h in 3 very competitive ev&nt against 28 other schools and club5. Thi5 combined with 5, and 61h places In the J16 double and &ight shows that the hard work our rowers have put into their winter training is setting them up well for an excitin9 Summer. MUSIC Year 8 Music scholar had great Success in the Woking Music Festival in November. She has now received a letter from the Festival Committee advising that she has been selected to receive the 'Dame Ethel Smyth Award, 2021 lor her performance of 'Nocturne' by Lili Boulanger. The trophy, presented by Woking Borough Council, is being awarded this year for the best performance in an instrum&nt3I class of a work by a female composer. It Wa5 presented to K31tlin during the Festival's prestigious Young Musician of the Year Competition in February. WORLD BOOK DAY To celebrate the 25°World Book Day on 3 March 2022, the library organised a number of literary- themed activities. Years 7 and 8 were invited to dress up in book-related fancy dress for the day - letting their imaginations and ueativity guide their costume choicesl In our Potato character cornpetition, students could decorate a potato lor other vegetable) in the style of their lavourite book character. Another entertaining activity was 'Bookface' competition where students and teachers used photographs of book covers to create new pieces of art. During a recent religioug studies le550n, students Irom 7M learned about Pula, the Hindu worship ritual. A small group Df studènts gathered around the shrine ol Lord Shiva, Parvati and Ganesh. To take part in Pula the students went barefoot and bore bindi marks on their foreheads. tbE At the end of term assembly last December, the Head was deli9hted to present ninety-nine Bronze and silver Duke of Edinburgh's Award certificates to those who completed their Award during 2021. This incredible effort from ourstudents demonstrated a great deal of personal resilience and deterrnination, despite all the interruptions during the Covid 19 pandemic. These skills, along with many Others developed durin9 their DofE journeys, will stand the participants in good stead in whatever they choose to do after leaving SWPS, exactly what the DofE Award is designed to do. In addition, a further eleven students have completed their Gold Award and will be presented with their certificates by Prince Edward at a Royal Palace, when the ceremonies resume. ART The 'Plinth' located in the Atrium is now showcasing 'Reduction Prinimaking at SWPS,. Lino printing is the process by which a print Is taken from a raised area on the printing plate. A reduction print is made when an artist crèates a multi coloured, layered print using a single print block. The artist Catves away or 'reduces' Portions of a printing block, printing at intervals, one colour at a time. Colour5 are usually printed frotn the lightest to the darkest Since dark colours usually colour light colours better. The art15t repeats the process of carving and printing over and over until the final look is achieved. At GCSE our Art and Design student5 are introduced to this entire process. These prints have been developed over many weèks ol dedication. The Students are encouraged to create multiple prints as they work, so that different colourways can be exposed. MISSION TO MARS Our Mission to Mars Cornpetition is a culmination ol four weeks, worth of work in Chemistry. Physics, Biology, Computer Science and PHSE sessions. Whilst participating in the competition, students work together to Improve their research skills and use their creativity to produce an array of exciting presentations. One group from each form was selected to go through to the Grand Final. The final saw students delivering their creative presentations in Iront of a judging panel. As part of the project brief the group5 had to consider how to plan a successful rocket launch, devise a mechanism for landing on th& Mart13n surface and *oresee any potential issues with their plans. ALUMNAE COMEBACK On 6 January, we welcomed back students from Classes of 2019, 2020 and 2021 at The Hand and spear in Weybridge for a catch up. It was great to see so many familiar faces and hear so many exciting updatesl We all enjoyed the food and drink and lot5 of chatter. We were also delighted to hear that the University students were getting back to normality with more in person lecturès. CAREERS On Monday 21 February 2022 rèpresentatives from TWP Accounting talked to students about career roule5 into the accounting industry and what a career in accounting can look like. They discussed their training programme. and students heard Irom qualified accountants and managers who have experienced the training first-hand. SPORT This first half of the Spring term was packed full of fixtures and tournaments, The PE Department held their lirst ever Sports Scholarship event, which more than twenty students from a variety of primary and prep schools attended. Swimmin9 Surrey Schools, Swimmin9 Individual Championships Our swimmers represented SWPS in fine style, with a win in the jUn￿Or Girls 200m and getting the si5ver medal in the Senior Girls l OOM backstroke. Hockey U12 hockey enjoyed their biggest victory to date, with a 4-0 win over St. Teresa's. The U14s won 2-1 v Salesian, the U12A team won 3-0 a98inst Notre Dame and the Ul 28 team lost 0-3 against the Notre Dame mixed A and B team. Netball The spring term started off with our Year 9 A's, B's and C's playing St Marys In very wet and rainy conditions all three teams won. The Under 14 tearn wc>n 311 of their matches at the recent tournament, beating St. Teiesa's, City of London Freemans, Notre Dame, Rosebery, Manor House and Box Hill. U16 A netball team played a brilliant match to beat Charterhouse U18 B 15-5. The Ul 6s have had two wins out of two, beating Notre Dame 8-2 and S¢ George's Ascot 22-15 in a very fast and physical match. The U14Ag a150 beat Notre Dame 10-8. The U18 team put up a valiant fight, but were well beaten by St. George's Ascot 18-38. Football Our Y7 and 8 football tearn played their first fixtures for SWP5, winning 1, drawing 1 and 1051ng 2 in their tournament. ACADEMIC AMB ￿lON The talk5 have conlinued this term with the Head discussing the following tOPiCg'. What is anthropology Introduction to Paradisè Lost How we make decisions Russia, Ukraine and the West- how did we get here What makes a great leader Negligence and blame In medicine Higher Education Fair This year the event was conducted in ihe Sport5 Hall and the feEdback a5 well as the presentstions from the universities were excellent. The day gave the students to attend master classes critical to the decision making process. Class&s on offer." Student Finance, Degree Apprenticeships", How to write a personal ststement," student IIFe In a COVID secure environment and many other5. Huge numbers from other schoo15 attended and there was a fantastic buzz throughout ihe afternoon. Summer 2022 Over the Easter holidays, a Y13 student gained work experience at the world-famous Theo Fennell workshop in FLJlhèm. During her time there, she learned many new skills, producing a fine silver pendant in the shape of her initial, 3dorned with a silver cast bee, lavender and daisies. Since completing their recent summer exams, our Produrt Dèsign and Textiles students have been doing quick practical projects using new skills. In textiles, students usèd the CAD CAM embroidery machine to create their stylised star sign symbol and thèn used conductive thrèad and small LEDS to add a light Jp element. The produrt designers combined some beautiful olive wood with resin casting to create their stunning river resin clocks. After half term both disciplines will be putting these skills into practice when they start their non exam assessment project on a iheme given by the exam board. 10 Chertsey Trail After a two year absence and Covid restrictions, the school w3s able to hold our annual Chertsey Trail for the Y7s who joined us thi5 September. Over 60 families descended on the streets of Chertsey to discover more about its heritage and ev&ry child who attended was rèwarded with an Easter Egg. Lower Schc)ol Talent Show Last term, pupils Irom Years 7, 8 and 9 had the opportunity to star in the Lower School Talent Show. It was a wonderful display of singing, musical performances, dancing. a monologue and even featured tirned Rubik's cube speed solvin91 The standard of performances were extremely high, making it a difficult decision for our judges. The event raised money for The British Red Cross. MUSIC Spring Concert Our music Spring Concert was marvellous - we were treated to fantastic performances by our School Orchestra. Flute Factory, Clarinet Crew, Flute Trio. Jarvis Orchestra, Swing Band, School Choir, Advanced Strings. Flute Choir. Sax Group and Chamber Choir at this year's event. Summer Concert Our Summer Chamber Concert was a great success, and very atmospheric, with wonderful performances. After twenty years as Director of Music, it was her last music concert before her retirement and as a fitting finale she performed on stage with the Year 9 Chamber Group. The concert included a wide range of siyles and composers and featured performance5 on piano, violin. cello, flute, oboe, and vocal solos. The evening ending with Hu and Isla from Year 13 performing lor the last time at a SWPS concert. Singing Compettbon Our annual Singing Competition took place on Thursday 23rd June. There are two cla55eg'. the Margarei Hull Junior Cup for students in Years 7-9 who are at least Grade 3 stsndard, and the Senior Salver for students in Years 10-13 who are at least Grade S. French- Francophonie Day International Francophonie Day is celebrated wiihin the 77 member states annually on March 20th to celebrate the French language and Francophone culture. Our very creative Year 8s held a c3k8 decorating competition to celebrate French language and culture. Two students from each form were nominated and had to decorate a sponge cake to cèlebrate International Francophonie Dzy. The student5 worked very hard under tough time restrictionsl The winning cake was made by 8Y. Felicitations. RS Trip to the Gurdwara On 15" March 7M and 7Q visited the Gurdwara in Southall. Highlights of the trip included the wearin9 of headscarves. learning the terminology for the different areas ol th& temple. Sikh Gods and experience Sikh worship and enjoyin9 a sweet treat called Prashad. The students also took part In Langar, the free kitchen that the Gurdwara offers to everyone and were treated to a dhal soup, sweet rice, a potato curry, and roti- a bread to dip In the soup. Science Week-'Growth' From the 1 Ith to 2thh March we celebrated Science Week 'Growth'. During the week we hBd a number of exciting èvènts and activitie5 running within the school, involving STEM subjects. The week started when our budding engineers in Y8 researched, designed, built and tested their own wind turbines. Team 'Tangy Turbines, won the competition as they gènerated a class-best 0.5 V potential difference. SWPS Science Week continued when Y8 planned their entry to the #Stopthespread challenge. Biology students were studying the spread of disease and designed hand sanitising Stations for use in the developing world. Other Science Week activities included our Y8 Phygicists, who designed, built and tested wind turbines a5 3 renewable solution to the ènergy demandg of a growing population, and culminated in the Lower School cloning cauliflowers in Science Club. Science- Di55ection Club Our Dissection club continues to be active over the Sufnmer term, Yl 2 prefects expertly d1rected students to the ligaments. cartilage and synovial joints in pig trotters. Our budding Y7 and 8 surgeons took the scalpel and forceps to locusts and were guided through the exposure of the abdomen and location of the spiracles and bronchioles Year 12 MDV Meanwhile, our Ye3r 12 Medics, Dentists and Vets have completed their final A Level Biology Enrichment practical. They used Gram staining to successfully differentiate b&twe&n Micrococcus Luteus and E. Coli barteria by colour ar)d shap& under the electronic optical microscope. They have also enjoyed Solving a paternity problem by testing DNA using electrophoresis. Lunchtime Science Club Proving very popular with a full lab of lower school chemists t&sting the effect of ye35t on the rate of formation of Elephant's Toothpaste. Geography Year 10 completed two fieldwork studies in March, one on urban environrnents IKingston-upon-Thamesl and one on river environment5 (Juniper Hall). In Kingston-upon-Thames, they were 'investig3ting the land LJ5e pattems and change over time,. Here, they completed Environmental Quality Assessments, Land Surveys, Pedestrian Count5, and Questionnaires. In Juniper H811, they investlgated the change5 going downstream in the River Tillingbourne. Year 12 students spent a day explorin9 local geography and sense of place in preparation for their Independent Investigation. We visited the local history exhibition at the Lightbox and considered the different 3spect5 which make up a place profile from literature, art, architecture, history and religion. We looked at recent rebranding attempts and the recent openin9 of the Victoria Way Development In Wokin9. DolE- SWPS Y12 Gold participants During the Easter holid8yS, ten SWPS Y12 D of E Gold participants travelled to Dartmoor for their Gold practice expedition. Incredibly this was the first Gold expedition In 'wild country, since April 2019. Also, due to previously cancelled Silver expeditions during the pandemic, this expedition doubled up as the students, final Silver qualifying expedition too. Despite the warm and clear weather conditions, the navigation across open featureless moorland proved quite a challen9e but the teams were equal to this and finished their expedition in high spirits, looking forward to their final expedition In July. SPORT Swimming Congratulations to the swimmers who represented SWPS at the recent ACS Invitational Gala there were lots of PBS and medals Hockey U12 hockey teams, played in thè recent A and 8 toumatnents at Epsom College. The As finished 3rd and the Bs finished gecond, only losing to the eventual winners. The U16 Squad bèat Sèlesian 2-1. Netball The Ul 8 and U16 netball teams, having been defeated by St John's the previous week, bounced back In convincing style against Reed's teams, winning 22-8 and 18-8 respectively. The Ul 4$ were in fine form against Howard of Effingham recently, with the As winning 31-16 and the Bs winning 25-9. The Ul 2 A-E teams travelled to St Geor9e's Collegè this week for what turned out to be fast and furious matches. District Netball- End of Sèason Successl SWPS netball teams competed against eleven other schools in the Distrirtfor the title of District Netball Champions. There were some lantastic performances and hundreds of goals scored across the age groups. The final results for SWPS were.. U12A-runner5UP U12B-runnersup U13A-3rd112 U13 B winners 12 U14A-winners U14 B-winner5 U16- runners up (after a nail.biting extra time match). Indoor Athl&tiC5 Congratulatioris to the Y7 athletes, who represented SWPS $0 well last week. The team were placed 2nd overall. Athlotics SWPS entered Epsom Athletics Meet. It was a fun day for all involved and another opportunity for our athletes to improve on their per50nal bests Congratulations to Isla E (Year 81, Jasmine S (Year 91, Annabel M (Year 91. Harriett R-C Iyear 101, Jade A (Year l 01 and Annabelle T Iyear l 01 who will all be competing at the North West Surrey District Athletics this Saturday 11 th JLJne. wish you all the best of luck. Tgnnis This year we held the inaugural SWPS Tennis Tournament, with thè winnèrs of each of the ts¥o events awarded the Junior 01 Senior Tennis Cup. The tournament saw ourjunior playér5 compete for the title In the morning, followed by a picnic lunch with supporters and spectators, before thé senic>rs take to the courts in the afternoon. Our U12'5, U13'9 and U14's had an enjoyable day at the Surrey Schools Tennis Festival that took place at St George's College. Crickèt Our U12 cricket team had a fantastic stsrt to their season with a win against St Geor9e's Ascot for their first fixture. Whilst our U15 Cricket team first fixture resulted in a sevén run wln. District Rounders Congratulations to the Year ? rounders team, who won thé District tournament this week. With cricket taking centre stage on the summer pro9ramme, there have been few opportunities to play rounders but the team adapted well and won all their matches. Following on from the Year 9's success our Year 8 rounders team won the District toumament against B hLJ9e number of schools. Rowing The end of the Easter term and the subsequent holiday period were very busy for our rowers. Mid-march saw the ajor natronal head races, which close-OLrt the lon9 winter season, and lor the first time in a number ol years, we had meda15 at these events from both our Senior and J15 squads. The Women's Eights Head of the River, run on the same course as thÉ University Boat Race, saw SWPS boating two senior eights as part of a Pield of well over three hundred crews of all a9es, from juniors up to Olympians. It was the first time since 2018 that the event has taken place, and was a fantastic first experience of the Tideway for the majority of our rowers. Just two days later, on the sarne course at the Schools, Head of the River, there was a range of promising performances from our Year l 0-13 crew5. Th& headline was an outstanding row from the crew ol J15 eight who won the gold mèdal in J15 School 1" Eights, as well a5 a strong second place for SWPS in JI 6 School l $1 Eights, and fourth in J15 2nd Eights. Two days later, at the National Junior Sculling Head at Dorney Lake, there was a brilliant silver mèdal from the J16 Quad as well as the first ever national r3ce for our enthusiastic J14 5quadl A Year 12 studènt's GB trials campaign continued with a tough four day testing camp in Nottingham, racin9 againgt and alongside the top junior rowers in the country. She acquitted herself impressively and remains in ihe trialling process which continue5 this coming Sunday with the GB U19 Small Boats Regatta in Nottingham. The Easter holidays saw 40 of our J15-18 rowers attending a week-long training camp at the beautiful Cambridge University Boathouse in Ely. There was a challenging mix of weather, but the rowers rernained in 9ieat spirits throughout and completed some fantastic trainin9 ag they prepare themselve5 for the major svmmer races. Six pupils represented their county in British Rowing's Junior Inter-Regional Regatt3 for J14-16s, held in late April at the National Watersports Centre in Nottingham. This 15 the first regatta of the summer season, and the only chance for County representation in the 5POrt. Two SWPS students rowed to a glorious Gold Medal in the WJI 6 pèir. This was backed up with a Silvèr Medal in the WJI 6 double, as well as a very promising 4th place for two more students in WJ15 double5 in what was their first ever small b03t regatta performancel The Junior sculling Regatta at the b&ginning of May is a fantsstic preparation event for the major summer season races, and there were very promising Signs for our rower5. For the first time at this regatta, SWPS had medals spread acr055 J15, 16 and 18 events, showing excellent progress for the club. Nat10nal Schools, Regatta 15 the biggest annual domestic school regatta in any country on the planet, and alongside Henley Royal Regatta, is the local point for every school and club in the UK. SWPSBC'5 lead boat raced in the top-tier Championship Doubles event and wag an inspiration to our younger rowers as the crew won Silver, our first ever Championship Sculling medal at NSR, ag well ag Our first Champ medal since 2013. The J16 squad was represented acros5 three different A Finals, with our 2nd Quad rowing to a fantastic Silver Medal, the 1 st Quad just being edged OLJt of the medals In the final 150m, and our Coxed Four rowing the race of their lives to secure their A final place. Our J15 1 st Eight recovered from a mishap which saw them three lengths down on all other crews after 1 SOM, with an unbelievable row to chase down the field and win a well-deserved Bronze Medal. We saw a brave race to a stiong 5th place from the J15 2rid Eight, and another impressive 5th from our JI S Quad competing against a massive 67 other crewsl The JI 4s produced our best set of octuple rèsultg on record at NSR, with crews finishing 5th in boih 1 st and 2nd Octuple Sculls, Drama Some of the GCSE and A, Level practical exams were underway in the summer term. with our Year 11 students completing their AQA components comprisin9 three texts in their practical GCSE drama exams. Their exams featured work from playwright and screenwritei, Evan Placey and the writer and director, Polly Teale. Our A-Level drama students performed an extract from Sarah Kane's 4.48 Psychosi5 in the style ol The Paper Birds, These were very challenging pieces lor their AQA scripted exams and we are incredibly proud of them all. Just before the Easter holidays, our year 13 A-Level drarna student5 performed Sarah Kane's 4..48 Psychosis, a very challenging piecé for their 5CliPted exam. Year 13 also went to see Jèrus3lern at the Apollo Theatie in the West End. We werè incredibly lucky to secure tickets for them at the sell-out show. Pèter Jones Tycoon Competition All the SWPS Year 12 students who were involved in the Enterprise prograrnrne took part In the Peter Jones Tycoon cornpetition, where they competed nationally a93in5t other schoo15. Last term the students were busy creating products and building their brands. A variety of business were created ranging from ethically sourced candles, sustainable bags, cotton heat packs, handmade soaps and bookmarks, eco-lriendly IIFestyle plants. Crystal rings and pearl necklaces. Whole School Easter Egg Hunt In a fitting end to Wellbeing Week, students enjoyed the resurrection of a SWPS tradition.. the whole School Easter Eg9 Hunt, which had b&en put on hold lor two years due to Covid. This year, students had to solve riddles in at l&ast 8 different subj&ct areas, without the help of IPad or smart phones. Once this tssk was cornpleted, they were rewarded with a tr&at and a raffle ticket for The Golden Egg. Charity- Classroom in the Cloud5 SWPS ha5 decided to support Classroom In The Clouds. which is a charity that prornotes female educatian in Nepal, by providing funds for new earthquake-proof schoo15 and sponsoring Nepalese students through universlty and teacher training, before returning to their home villages to teach the next generation of students. It 15 hoped that SWPS will be able to organise an expedition in 2023, visiting Nepal and trek between these village5, Vlslting the CITC supported schools and their students. On Wednesday 30 M￿rCh repiesentative5 from Y7-13 joined the inaugural SWPS zoom teleconference call to students at Sri Lukla Basic School, in the srnall Himalayan town of Lukla, near Mt Everest Nepal. Both students and teachers were able to ask each other questions about School life in their respective countries and learn that, despite the challenges in Nepal, education Is taken very seriously. The Nepalese stLJdentS are taught to speak English Irom 3 very early age and spoke very fluently on the call, despite their young ages, which was very impressive. 14 En91ish Year 12 English Literature student5 enjoyed a Literary walk around Southwark on Saturday 14th May. before watching Much Ado About Nothing at the Globe theatre. Highlights of the walk includ&d 'Little Dorrit'5 church,. the remains of the Marshalsea Debtors, Prison and George Inn Yard, home to The George, London's only remaining galleried inn. Saturday afternoon's clear blue sky provided the perfect backdrop for a delighrful performance of Much Ado. Super Sport Saturday On Saturday 21 st May the PE department hosted a group of keen Yèar 4 5tudent5 from local feeder schools. The aim of the event was for the students to gain a snapshot DF what we offei here at 5WPS, taking part In Hockey, Trampolining and Cricket workshops. For some this was their first experience of these 5POrts, particularly trarnpolining on a competition sized trampoline_ Future Plans The Governors intend to continue thèir current strategies to maintain the School'5 P051tion at the cutting edge of educational provision in a competitive market, and provide high quality education for our students, by.. Ensuring a culture of continual self-evaluation with a focus on independent learning and resilience,. Investing in both the academic and extra-curricular development of the School and in the buildings. facilities and technology which support this development,. Achieving a high standard of academic règults whi15t maintainin9 the breadth and depth of the éducation provided. From an academic perspective, the Head and staff continue to review the curriculum to engure that the educational provision remaing appropriate for our students, development. A broad curriculum Is offered In the Sixth Form, with most students taking three A Leve15. A proportion of each year 9roup also opt to do the highly- regarded Extended Project Qualification, enabling them to do independent research in an area of personal inteie5t. Equally, an Important consideration for the School's future plans is for Investment in buildings and facilities. This involves refurbishrnent of existing facilities and the extension of the School's buildings to facilitate provision of a wider breadth and depth of acadernic and extra-curricular activities. Our plans are financed primarily 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 Governors, by arrangement of bank funding. The Governors look to maintain an equitable balance, ensuring that our current student5 benefit whilst, at the same time, ensuring that a sound infr85tructJre and a strong financial base are preserved for the next generation of students. just as our current students benefit today from the prudent financial management and Infrastructure investment practised by the School in the past. Principal Risks and Uncertaintie5 Detailed consideration of Tisk is delegated to the Senior Leadership Team ISLTI. The School operates a form31 Risk Register and risk asse55rnent process. On a rolling basig, the SLT considèrs each existing risk on the règistèr and any additional risk5 which appear to be emerging. Risks arè assesged as to their likèlihood and impact. The appropriate controls and procedures nèedèd to mitigate and monitor those risk5 are documented and actioned. Each risk is allocated by the SLT to be owned by one of the Governors, Committees, or by the Vice-chair or Chair of Governors. A report of the relevant risks is then presented to each Committee on an annual basis. The Committee makes appropriate recommendations or changes to their risks and the overall Risk Register Is thèn presented to the Board for review and approval at the Spring term Board. The principal risks currently faced by thè School in light of Covid-19 and economic uncertainty are assessed to be th& following.. Liquidity and viabilty of the business.. Economic challenges from Covid-19 and inflationaiy pressures will put pressure on students numbers within the sector. The School has also Increased the value of hardship funds in the next year to support our paients through this difficult time and continues to assess affordability of our fees. Financing and loan covenants.. The school continues to monitor its ability to meet the requiiernents of its loan covenant and repayment terms. 15 Health and Safety, Compliance: In light of Covid-19, the school has increased resources to ensure compliancè with the latest government regulations and directives, ensurin9 our risk assessments remain robust. Teache￿ Pension Scheme contributions- The risk from further increase5 in TPS employer pension contribution5 is tnanaged carefully to ensure the School remains financially secure. Pension deficit.. The school participates In a historic defined benefit pension scheme for its support staff although this was closed to new members In 2007. Key staff recruf(menV retsntion.. Whilst the School's recruitment plans have been completed Successfully this year, it is conscious of the increasing competition in recruiting top quality staff and also of the need always to be conscious of the profile and 5ki115 of the teaching staff as a whole. 1t manages this risk by focusing its recruitment policie5 and retention policies on acquiring and nurturing key individuals, providing competitive recruitment teims and recruiting high quality trainee staff. Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. li is recogni5ed that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Buildings and Maintenanc8 The objective for the year in this area hag been to retain all eggential repairs and maintenance activity. All material capital projects have been put on hold for the foie5eeable future. The total building repairs and maintenance cost for the year, excluding staff costs and depieciation, was £842,254 Is&e Note 6lbl to the accounts). Finance5 Currgnty9ar financ The financial statements show net incorne frorn School activities for the year, before Pension Scheme actuarial gains/losses, of £693,07812021.. £1.158,7351. The piincipal source of incorne is fees, accounting lor 90.9% of the School's Income. These results dc> not include actuarial gain51 Ilossesl on the defined benefits Support Staff Pension Scheme of E803,00012021.. £371,000). The school has recognised a net pension asset position at year- end. It has been concluded, having consulted internally and externally with various parties, that the FRS102 criteria to recognise è pension asset has not been met. A "break-even" or "nil. position has been reflected rather than a pension assèt in ihe financial 5t3tement5. As a charity we enjoy tax exemption on our educational activitiés and on our investment Income and gains, provided that these are applied for our charitable airns. As a charity we arè also entitled to an 80% reduction on our business rate5 On the property we occupy for our charitable purpose5. The financial benefits we receive from these tay exemptions are zll applied for educational purposes and indirectly help us to maintain our bursary policies and links with local schools. As an educational charity, we are unable to reclaim VAT input tax on our costs as we are exempt for VAT purposes. We pay tax as an employer through thè national insurance contributions we make. In addition to the substan￿"al benefits our School brings to our studènts, the local community and wider society through the education we offer, our bursary pro9ramme and our links with local schools crèaté a soci31 assèt Going Concem The Governors have reviewed the position carefully with a view to ensure the ongoing provision of schooling for the pupils as well as employment ol staff. There are currently significant cash balances as well as a Substantial investment portfolio should additional liquidity be required through this period of uncertainty Accordingly, the Governors beliève the School'5 fi'nancial resources are sufficient to en5uie thé School will continue as a going concern for the foresèeable futLJre, being at least 12 months from the dale of approval of the financial statements nd have therefore prepared the financial statements on the going concern basis. 16 ## Reserves policy and financial health The School’s reserves policy is to accumulate unrestricted funds generated above basic working capital requirements, with the primary purpose of building up funds to support the School’s capital investment in its facilities or replenishing its reserves. At each year-end, the governors determine how much funds if any are to be designated for the purpose of funding 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 £1M in unrestricted free reserves of cash at all times. Furthermore, the School manages the level of reserves by setting annual operating surplus targets and the judicious use of investment assets. The Governors review the finances, 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 effective stewardship of the School. The management of reserves remains consistent with policy by maintaining a £1M cash buffer. As shown on the balance sheet, the net cash position at 31 August 2022 reflects £3.7M cash on hand with £1,054K held within investments. Capital projects remain on hold. The Governors have examined the School’s cash flows and are satisfied that they are adequate for the purpose of meeting its working capital requirements at the present time. The Governors will continue to review the reserves policy and status on an annual basis. The Governors are satisfied that there are no material uncertainties surrounding the School’s ability to continue as a going concern. The Governors regularly review the level and nature of the School’s reserve funds as part of its strategic investment plan. The Governors continue to be satisfied that cash holdings and the opportunity to obtain external financial facilities are sufficient to achieve the schools stated aims and objectives whilst maintaining a strong working capital buffer. Reserves total £21,412,624 at 31 August 2022 (2021: £20,496,546) made up of £402,368 in restricted funds and £21,010,257 in unrestricted funds. There is a £2m designated fund for future expenditure on maintenance and further development of school buildings, grounds and new sports facilities. ## Investment policy The policy of the Governors in respect of investment can be summarised as: - To manage Investment activities in line with the requirements of the Trustee Act 2000 and of the guidance issued by the Charities Commission from time to time. - To take a low to medium risk approach for the growth of the portfolio of investments; - To consider periodically whether to investigate alternative investment managers and alternative investment vehicles, as regards the balance of risk and reward. - To strategically invest surplus unrestricted funds in interest-bearing accounts and deposits to create additional income and capital growth; - To review and update the School’s Investment Policy annually. ## Current investment position The Governors used Quilter Cheviot as investment manager for its invested funds during the year. At the year-end these funds totalled £1,054,315 (2021: £899,481). - Investment of unrestricted funds in Bank deposits was undertaken in accordance with the School’s policy. ## Fundraising performance The School does not benefit from significant endowments and other sources of income. A substantial proportion of its income comes from the tuition fees paid by parents. Historically, fundraising activities have been limited to: - Encouraging students to participate actively in small-scale fundraising events for charities of their choice; and - Providing regular opportunities for parents to contribute to building up funds in order to provide additional bursaries for girls who would not otherwise be able to attend the School, and occasional initiatives to fund school equipment and facilities. The School will begin to actively increase the scope of fundraising activities in parallel with an increased focus on developing the strength of its Alumnae organisation. All fundraising activities are carried out by pupils, staff, parents and Alumnae. However, these initiatives are still small in scale. Funds raised during the year therefore 17 totalled £012021..£1,0001, all iestricted incorne. A total of £012021: £3801 costs were expendèd durin9 the year. There were no complaints about fundraising during the yeai. strUC￿re, Governance and Management The Governors, as directors of the company which is the Trugtèe of the charity, are legally responsible for thè overa15 man89ement and control of the School. Govornors and CharityTrustees The Governors are the directors and trustees of Sir William Perkins's School, a charitable company limited by guarantee, which is the Charity Trustee of Sir William Perkins's Educational Foundation. ￿ such, they are legally responsible for the overall management and control of the School. Four 'Nominative' governor positions are nominated by local organisations and one by the Friends of Sir William Perkins's School IFOSWPSI, the School's Parent association Other governors are 'Co-optative', being appointed by thè existing Board of Governors. The Governors meet as a full Board, either in person or remotely. three times pèr year. The work of implementing and monitoring continued compliance with the School'g policies is carried out by the mernbers of four Committees. Each meèt5 termly under the Chairmanship of a governor appointed by the Chair of Governors. Additionally, the Chair of Governors meets termly with the Head, and thè Chairs of the four Committees. The govèrnor Committees are.. IAI Marketing Strategy IBI Education and Personnel Icl Property. Technology. Health & Safety IDI Finance and Investment IEI Chairs Committee Nam• CharwJes durfngyear IA] IBI Iq ID] IEJ C¢>optstive governors Mr M Bannister Ichairl Mrs H Archibald LL.B Dr S D8dlèni Ph0 8Sc PGCE Mr N Dent Mrs C Graham 8ScEcon, NpaH, MA Ms S J4mi50n BTEC HND Mrs M Duke BA Resigned March 2022 and reappoinied October 2022 Appointed July 2022 Mr C Newell LLB Mrs K Voller Browning Resigned January 2022 Mrft Ed., Mrs rv1 Clarke MA HRM Appointed July 2022 Mrs T Newell FCIPD Appointed July 2022 Mr D Glover Nominatwe go¥err￿T$ Rev T J Hillier (Guildford Diocesan Counol of Religious Education) Namè Changes durfng ygar IAI 181 ia IDI IEI Mrs M Harnden (Runnymede Borough Council) Vacant 15enat& of the unive￿Ity of London) Vacantrfsurrey County Council) All Governors give of their time freely and receive no remuneration,. no expenses were paid to any Governor in thè year las shown in Note 7 to the accounts). Governor Recruf(ment and Trainin9 The Governor5, BoaTd requires breadth and depth of experience to carry out its duties efFectively and efficiently. When recruiting new Governors important attributes are a passion for the work of our School and an understanding ol education as a holistic and rounded expèriencè of personal growth. When new Governors are needed. we write to parents of Sixth Form students or invite senior local busines5 or other professional people to consider joining the Board. Where possible the Governors consider that the skills and experience of the Board should include è Governor with eèch of the following.. a legal background. a financial/accounting background, education experience, senior managerial or businèss experience, experience ol equal opportunities or disability needs. Governors may have one or more of these skills. We ensure that there is at least one male and at least one female Governor on the Board and are mindful of the diversity of the governing body as a whole. There Is an induction process for new Govemors, and all Governors undertake training as necessary or desirable throughout their tenure. The day-to-day runnin9 of the School is delegated to the Head and the Senior Leadership Team ISLTI. as the key management personnel, who In turn are supported by the wider management team. Organisational Management The Governors determine the general policy and direction of the School. The day-to-day runnin9 of the School is delegated to the Head, supported by senior staff. The Head undertakes the key leadership role overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day-to-day administration of the School is undertaken within the policies and procedures approved by the GoveTnors, which provide for only significant èxpènditure decision5 and major capital projects to be referred to the Governors for prior approval. The Head oversees the recruitmént of all staff, with the School Business Director ISBDI undèr dèlègètè(4 authority overseeing the recruitment of those support staff who work under the auspices of the bursary. The Head and the SBD attend all meetings of the Governors, Committees with other members ol the SLT a5 appropriate. Officers The key management personnel of the School during the year were.. Head Mr CC Muller BA Sgnior Leadership Team School 8usines5 Directorl Clerk to Governors Senior Deputy Head Mrs G Chapman LLB, LLM, FCA Mrs 5A Husselbury BSC MEd H.DipEd CBiol MRSB Resigned April 2022 Academic Deputy Head Mrs A Hynds 8Sc PGCE Director of Marketing and Communications Miss A Casey MCIM- Resigned March 2022 Interim Director of Markèting and Comrnunications Mrs M Duke BA - Appointed March 2022, Resigned Oct 2022 Mrs S Sergeant SA- Appointed Sept 2022 Ms J Bowden 8A MA PGCE MBA Mrs H O'connor BA PGCE Director of Markéting and Communications Deputy HEad- Staff, Co-curricular & Compliance Pastoral Députy Head 19 Remuneration policy The remuneration of key management personnel is set by the Board, with the policy objective of providin9 appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School's success. The appropriateness and relevance of the remuneiatlon policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sen51tive to the broader issues of pay and employment conditions elsewhere. Delivery of the School's charitable vision and purpose Is primarily dependent on our key management personnel and staff costs are th& largest single element of our charitable expènditure. School Address: Guildford Road Ch&rtsey Surrey, KT16 9BN office@swps.or9.uk www.swps.org.uk Email.. Website. Athiser5 Auditors.. Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers.. Barclays Bank plc 8-12 High Street Walton on Thame5 Surrey KT12 20X Lloyds Bank plc 147 High Street Guildford Surrey GU13AG Solicitors.. Veale Wasbrou9h Vi2ard5 LLP Orchard Court Orchard Lane Bristol BS1 5WS Investment Advisers.. Quilter Cheviot Two Snowhill Birmingham B4 6GA Insurance Brokers.. SFS Group Ltd Spring Court Station Road Dorking Surrey RH4 1 EB Other Rèlationships The School is a member OF the Headfflasters, and Headrni5tresses Conference IHMCI and of the Girls, Schools Association IGSAI. These are both prof&ssional associations Of Heads Of the world's leading independent schools and provide opportunities to share expertise, knowledge and experience across the independent school Sector. These Associations are represented by tFte Independent Schools Council IISCI which provides appropriate representation to Government and regulators ol the views of the sector. The Head is also a member of the Corporation of NESCOT and Chair of Its Curriculum and Quality Cornmittee. The Governing Body is a member of the Association ol Governing Bodies of Independent Schools IAGBISI. The School Business Director is a member, through the School, of the Independent Schools Bursars Association IISBAI, which Is also representeol by the ISC in promulgating the views of the Industry to government and regulators. ststement of Trustee's Responsibilities The trustee is responsible *or preparing the Annual Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepied Accounting Practice). The law applicable to chaiities in En9land and Wales require5 the trusteè to prèpar& financial st3tem&nt5 for each financial year which give a true and fair view of the stat& of affair5 of th& charity and of the incoming r&sources and application of rèsources of the charity for that period. In preparing these financial staterr)ents, the trustee is reqijired to". Select suitable accounting policieg and then apply them consistently., Observe the methods and principles in the Charities SORP., Make judgments and &stimates that are rea50nabl& and prudent., State whether applicable accounting standards have been followed. subject to any material departures disclosed and explained In the financial statements,. and Preparè the financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue In business. The trustee is rèsponsible for keeping proper accounting records that disclose with reasonable accLJracy at any tirne the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and th& provisions of th& trugt deed. They are also responsible lor safeguarding the assets of the charity and hèntè for taking ieasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board of Directors of Sir William Perkin5'5 School, the Trustee of Sir William Perkins's Education31 Foundation. and signed on its behalf on 81h December 2022 by.. Ban ister (Ch Li45 le/ 21 Independent Auditorf5 Report to the Trustees of Sir William Perkin$'$ Education Foundation Opinion We have audited the financial statements of Sir William Perkins's Education Foundation for the year ènded 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and note5 to the financial statements, includin9 significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting Stsndard applicablè in thè UK and RèpLfblic of Ireland (United Kingdr)m Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 August 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Acceptèd Accounting Practice., and hèvè bèen prepared in accordance with the requirements ofthe Charitiès Act 2011. Ba515br opinion We conducted our audit in accordance with International Standards on Auditin9 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditoes responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethicèl Standard, and we have fullilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Condusion5 rel*ing to going conc•rn In auditing the financial statements, we have concluded that the trustees, uge of the going concern basis of accounting in the preparation of the financial statements is appropriate. Basad on the work we have performed, we have ntst identified any material uncertainties relating to evenls or conditions that, indivtdually Of collectively, may castsignificant doubt on the charity's ability to continue a5 a going concern for a period ol at least twelve months from when the financial statements are authori5ed for issue. Our responsibilities and the responsibilities of the tmstees with respect to going concem are described in the relevant sections of this report. Othor Informatl•n The trustees are responsible for the other information contained within the annual report. The other information comprise5 the information included in the annual report, other than the financial staternent5 and our auditor's Teport thereon. Our opinion on the financial statements does not cover the other information and w& do not express any form of assurance conclusion thereon. Our responsibility is to read the other inforrnation and, in doing so, consider whether the other information is materially inconsistent with the financial statements Dr our knowledge obtained in the audit or othe￿45￿ appears to be materially mi55tated. If we identify such material inconsistencies or pparent material misststements, we are requiTed to determine whether this gives rise to a material misstatement In the linancial statements themselves. If, based on the work we have performed, wè conclude that there is a material misststement of this other information, we are required to report that fact. We havè nothing to report in this regard. Matters on which we are r•qulrod to report by ex￿pIlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require u5 to report to you if, in our opinion-. the information givèn in the financial statements is inconsistent in any material respect w¢th the trustees, report., or sufficient accounting record5 have not been kept,- or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit Responsibililies of trusts•s As explained more fully in the trustee5' responsibilities statement set out in the Trustees Report, the- trustees are responsiblè for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such Internal control as the trustees determine is necessary to enable the preparation of financial ststements that are Iree from material misstatsment, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for a5ses5in9 the charty'5 ability to continue as a going concern, disclosing, as applicable. fnatters related to going concern and usin9 the going concern basi5 of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs r•sp•nsibilities for the audit of th• financial statèmènts We have b8en appointed a5 auditor under section 144 of the Charities Act 2011 and report in accordance with the Art and relevant regulations made or having effect thereunder. Our objectives areto obtain reasonable assurance aboutwhetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable a55urance is a high18vel of assurance, but is not 8 guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econornic decisions of users tsken on the basis of these financial statements. A further description of our responsibilities forthe audit of the financial statements is located on the Financial Reporting Council's website at.. ww.frc.tsr .uk/ ditorsr&s nsibilitie& This description forms part of our audr(or's report. Extenl to which the audlt was ¢on$idered capable ol detecting irregularities. including fraud 23 l¥regLJlariti&s, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material mis5taternent of the financial statements from irregularitie5, whether due to Iraucl or error, and discussed thes& b8tween our audit team members. W& then designed and pedormed audit procedures responsive to those risks, including obtsining audit evidence sufficient and appropTiat8 to provide a basis for our opinion. We obtsined an understanding of th8 legal and regulatory frameworks within which the charttable company and group opefate5, focusing on those law5 and regulations that have a direct effect on the determination of material amounts and disclosures in the financial staternents. The laws and Tegulation5 we considered in thi5 context were the Companies Act 2006, tsxation legislation. together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as pan of our audit procedures on the related financial ststement items. In addition, we considered provisions of othèr laws and regulations that do not have a direct effett on thè financial statemènts but compliance with which might bè fundamèntal to the charitable company's and the group's ability to operate or to avoid a material penaliy. We zlso considèred the opportunities and incentives that may exist within the charitable company and the group for fraud. The lawv5 and iegulations we considered in this context for the UK operations weie The Education Ilndependent School Standards) Regulations 2014, General Dats Protection Regulation IGDPRI, Health and Safety legislation, Taxation legislation and Employment legislation. Auditing stsndards limit the required audit procedures to identify non-compliance with these laws and regulations to enguiry of the Trustees and cither management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial Statements from irregularities, including fraud, to be within the overiide of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, rèviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and readin9 minutes of meetin95 of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk th8t we may not have detected somè material misststements in the financial statements, even though we have properly planned and performed our a(Jdit in accordance with auditing standards. For example, the further removed non-compliance with law5 and regulations lirre9ularitiesl is from the &vents and transactions reflected in the financial statements, thè less likely the inherently limited procedures requir8d by auditin9 Standards would identify it. In addition, as with any audit, th8re remained a higher risk of non-detertion of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to deted non-compliance with all laws and regulations. Use of our report This report is made solelyto the charity's trustees, as 8 body, in accordance with Part 4 ofthe Charities IAccounts and Report51 Regulations 20D8. Our audit work has been undertaken 50 that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To thE fullest extent permitted by law, we do not accept or assume responsibilityto anyone other than the charity and the charity'strustee5 a5 a body, for our audit work, for this report, or for the Dpinions we have forrned. O.g. LLP Crow• U.K. LLP Ststutory Auditor London 22 December 2022 Crowe U.K. LLP is eligible for appointment as auditor ofthe charity byvIr￿e ol its eli9ibilty for appointment as auditt>r of a Compèny under section 1212 ofthe CtsmpaniesAd 2006. 24 SIRWILUAM PERKINS'S EDVCAYIONAL FOUNDATIOM STATEMENT OF FINANCIALAcllviTIES Ilhcorporatbng an Incom• & Exp•ndltureAc￿￿ntI FOR THEYEAR ENDED 31 AUGUST 2022 Restria•d Fynds Unr•MrOot•d Funds 2022 Totsl 2021 Total Notè INCOME FROM: Chavitsble adivities School feès Other educational incom• 9.715.836 1.122.536 9,715,B36 1,122.530 9,211.382 761,701 Inv•thn*nt Incomè & bank Int•rest 30.268 30.208 18.385 Donatlons 15.231 8.239 23A70 24.377 Oth•rtrèdtn9 aod¥kl•s 13.610 23.260 30.870 12.440 87,979 LOC￿ Gowrnmenl Fundin9 19,720 Total Income 28,84) 10.900.139 10.928.9eo 10.135,984 EXPENDfTVRE ON: Ralsln9lunds 14.275 70.439 84,714 13,2621 Ch￿ilable 10,031.632 10.031.632 9,094.236 Total Expendlture 14.275 10.102.071 10,110,346 9.090.974 NET INCOME FROM OPERATIONS 14.566 798,068 81Z.634 1,045,010 Gain (Lossl on investment5 138.2851 181.2711 1119.5501 113,725 NeT INCOME FOR THEYEAR 123.7191 716.797 093,078 1.158.735 Pension Scheme attuarial 9ainOllossesl 223.000 223.000 371,(K)O NEf MOVEMENT IN FUNDS FOR YEAR 123.7191 939,797 916.078 1,529,735 Total lunds at 1 $9Ptember2021 426.086 20,070.460 20.490.546 18.966,811 TOTAL FVND5AT31 AUGUST 2022 4D2.367 21.010.257 21.412.424 20.496.546 The notes on pa9e$ 28to 41 form part of these Financial Stat&ment$ 25 51R WILLIAM PERKINS'S EDUCATIONAL FOVNDATIQN BALANCE SHEET ASAT 31 AUGUST 2022 Note 2022 2021 FIXEDASSETS Tangible Assets Investment5 18.709A32 1.054,315 19.023.160 899.481 19.763.747 19,922,641 CURRENT ASSETS Dèbtors Cash and Bank balances 10 382,455 3.671,730 4.054.191 167,925 5,2J2,920 5.400.845 CURRENT LLABILrriE5 Creditors payable within one year 11A41.2101 11.599.726) N￿cuRReNT￿$sEws t612.981 3,801,119 TOTALASSETS LESS CURRENT UA8IUTIES 22.376.728 23.723.760 LONG TERM LIABIUTIES Creditors payable after one year 1963.4201 12,987,$311 NET ASSETS BEFORE PENSION SCHEME UABILITIES 21A13.302 20,736,229 Pensitsn Scheme funding surplus/ldelicitl 10831 1239.6831 NET ASSETS 21A12.014 20.496.546 CHARITY FUNDS Unrèstricied.. Pension Reserve Designated General Funds 14 14 14 10831 2.000.000 19.010,939 21.010.250 1239.6831 20,310.143 20.070.460 Restritted 14 402.308 426.086 TOTAL FUNDS 21.412.024 20.496.546 Approved and authorised for issue by the Bo3rd of DireLTrrs of Sir William Perkins'5 School, the Tru5tEe of Sir William Perkins's Educational Foundation, and signed on its behalf on 8 December2022 by Mr tsaDni5te Chair note on pa9 $28to4 o>m ofthese Financial StstemÈnts 26 SIRWILLIAM PERKINS'S EDUCAT1014ALFOUNDATION sTA￿￿E￿•ToF CASH FLOW FOXTHEYEAR ENDED 31 AUGVST2022 2022 2021 Cathlk>wfromopqntkng NotC45h provld•d by•per*lng aat¥ltks I.2?¥,￿3 1,683,Q49 C**hll•wsfroM Ihv•siiTrg•#fvm•s: Paym8ntslort4ngiblgfjxed assets Di¥)osal of Fixed è55Ets Purthase Dlinvestments le olinvestmeThts Inve5rment Income& bank int8rastreceived 1275.6301 2.391 250.OWI 11.102.383) 250.OWI 370 IS21.4601 Loan Finance costs Pa￿ 12,2S3.5261 159,7991 176.8271 N4ttash PMYld•d by{UMdknlfln￿dry acit¥M•s 12.313.32J) 1430.7441 Chan9•ln cash knth• r•portlng p•rf 11.561.182} 199.7071 N￿r•Sh* 15•pt•Mb•f 2021 5.232.911 5.332h28 at31 ￿9￿5¢202? 3.671.134 S.232,921 (il R•cunEililliDThof n•tkKometonetcashll•¥vfroM OP*r•tlty &eiivW•¥ 2022 2021 Net incom& bolorFrwaluations Relurn5 Dll InV@Stm•nts aro Inte￿$t re￿1v9& sch8ffl8 adjvstments Interest paid InvestrNèTri 812.034 130.2681 12.ODO 59.799 4.098 580.900 1214.5311 128.0001 70.903 1.045.010 16.000 76.827 4.878 559,707 24,877 Ilncrea5eVD8crease rn debtors Pension sth¢m¢ dalltst paymentsin y8ar IrLueas¢llDetreasel incrqdr(ors 2.13S 1.273h03 ,6B3.049 Illl AnatysS5 ol&•sh4fid e41h4ui¥*l•nls 2022 2021 Cash atbank posrts 3.071.730 5.232.920 3.071.736 5.232.920 Other At I S•p 2021 Flow At 31 Au12022 S231921 {1.561,182) 3.671.734 bormwlrys Debtduewithin y•ar 1354.6831 3S4.683 1125.2621 D8btduo after oneyear 2.024 105 13.342.214) 2.378,788 11.088.088> Total 1.890.7D7 817.606 2.583.045 The note5 Dn pag•s2Bto41 fomi pJrt¢lthe5e kntsmBnts 27 CHARITY INFORMATION The school is 3 registered charity Sir William Perkin5'5 Educational Foundation Icharity numbèr 3120251. The Trustee of the charity is Sir William Perkins's School, a company limited by guarantee (charity number 1060597, company number 32981421. The registered address is Guildford Road, Chertsey, Surrey, KT16 9BN. ACCOUNTING POUCIES Basis of Accounts PrepaTrtion The financial statements have baen prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Charities Act 2011 and the Statement of RecDrnmended Practice appliczble to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 eff&ctive 1 Januafy 2015. The financial statements have been prepared to give a 'true and fair view, and have departed frorn the Charities (Account5 and Report51 Regulation5 2008 only to the extent required to provide a'true and fair view,. This d2parture has involved fDllowing Accounting and Reporting for Charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and arnended thereafter. Going Conc•m The Governors believe the School's financial resource5 are sufficient to ensure the School will continue as a going concern for the foreseeable futufe. being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on the going coneèm basis. Critical accounting judg•m•nts and k•y sources of •stimation uncertainty In the application of accounting policies. Trustees are required to make jud9ements, estimates and assumptions about the carrying values of assets and liabilities which are not readily apparent from other sources. The estirnates and underlying assumptions are based on historical experience and other factors thèt ère considered to be ielevant. Actual resuFts may differ from these estimates. The accounting policies below hèvè bèen applied consistently in dealing with items which are considered matèrial in rèlation to the School's financial statÉmÈnts. Fo•$ Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fèes raceivablè arè stated aftor deductin9 allowances, scholarships and other remi55ion5 granted by the school, but includè contributions received from Restricted Funds for scholarships. bursaries and other grants. Donations Voluntary income for the School's general purposes is accounted for as unrestricted and is credited to the General Resèrve. Where the donor hès imposed restrictions, voluntary income is credited to the relevant restricted fund. All donations are accounted for as income when the Governors know with certainty thatthey will be received. Expenditur• Expènditure is accounted for on an accruals basis. Expenditure is allocated to expense headings on direct cost basis. Expenditure attributable to more than one cost category is apportioned over relevarrt categorie5 based on rnanagement e5tiffl8tes of the amount attributable to that activity in the year. The irrecoverable element of VAT is included with the item of expense to which it relates. Governance costs comprise the costs of running the charity, including strategic planning for its future development, 3150 external audit, any legal advice for the Governors, and all the costs of complying with constitlrtional and statutory rèquirements. Op•rating Lèases Rentals payable under operating leases and licence agreernents are charged to the staternent of financial artivities on a straight line basis overthe term of the lease. Tangibl• fixèd Awts and Depreciation The costs of consliucting new properties and of improving the infra5tructura, and other a$5ets, are capitalised. The School's freehold buildin9s are depreciated from the financial yeaf in which they are brought into full use. Tangible fixed assets are stated èt cost less depreciation, which is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value. over their expected useful lives on the following bases= Freehold propety Motor Vehicles > £5,000 Fumiture & Equipment > £2,000 IT Harc4ware & Equipment > £250 Boats > £3,000 Inve5tm•nts 0-2% straight line 20% Straight line 7-20% straight line 25% straight line 10% straight line Investments are stated at their markèt value ès at thè balancè sheet date. Unrealised gains and10sses rising on the revaluation of investments arè cr8dited or charged to the Statement of Financial Activitie5 and allocated to the appropriate Fund according to thè 'owner5hip' of the undedying assets. Investment income is accounted for in the period of receipt. Pènsion costs Retirement benefits to employees of the School are provided through three pension schemes, two defined benefit and one defined contribution. Th8 pension costs chargsd in the Statament of Financial Activitie5 are determined as follows.. {a) Th• T•ach•rs' Pènsion Sch•mo - This scheme is a multi-employér penslon scheme. It is not P055ible to identify the School's share of the underlying assets and liabilities of the Teachers, Pension Scheme on a consistént and reasonable basis and therefore, as required by FRS102, the school accounts for the seherne as if it were a definec4 contribution scheme. The School's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. Ibl Th• Surr•y County Council Local Gov•rnm•nt P•nsion Schom• . The School also contributes to the Surrey County Council superannuation Fund, which is a defined benefit scheme for support stsff, and is closed to new entrant5 from the School. The School has fully adopted FRS102 and. in accordance with this the following elements are charged to the Statement of Financial Activities.. . The service costs of pen5i0n provision 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 liabilities and a credit equivalent lo the long term expected return on assets. The artuarial gain or loss on the scheme assets and liabilities. The difference between the market value of assets of th8 Scheme and the present value of accrued pension liabilities is shown as a liability on the Balance Sheet. (c) Th• Sir Williarn P•rkiTrs's school Group Lif• 5chome This is a defined contribution group personal pension plan with Aviva. Employer's pensions costs are charged in the period in which thè salaries to which they relate are payable. Taxation Thè School, as a règisteréd charity, is able to take advantsge of thè tax exemptions available to haiities. Accordin9ly, there is no corporation tsx payable on the net incoming resources. Funds Fund5 held by the School are.. Unrestricted funds.. these are funds which can be used in accordance wtth the School'5 objects at the discretion of the Trustee. These include.. A desi9nated fund. Currently £2m h85 been designated for expenditure on maintenance and further development of school buildin9S, 9rounds and new sports facilities. It is expected to be spent within the next five years A Pension reserve A General R&serve Restricted funds.. these are funds that fflust be used for particular restricted purposes, within the object5 01 the School. Restrictions arise when specified by the donor. These funds are not available for general use. Finanaal Instruments Basic finaneial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments which are held at fair value. Financial assets held at afflortised cost CDmpri5e cash at bank and in hand, together with all debtors except prepByments. A specific provision is rnade for debts for which recoverability 15 in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used a5 WOTking capital. Financial li3bilities held at amortised c05t comprise all creditors except social security znd other taxes and deferred incoffle. Assets and liabilities held in foreign currency are translated to GBP at the balance sh&et date at an appropriate year end exchange rate. SIR ￿￿￿m PERKINS'SEDUCATIONALFOUNDATION NOTES TOTHE FINANCIALSTATEMENTSICONTINUEDI FOR ThE YEAR ENDED 31 ALIGUST2022 T•tsl Funds 2022 TDt31 Funds 2021 Fyhds 2022 Fund 2022 2 CHAR￿A8￿ACnVrnES. FEES RECEIVABLE F••s rK•lvabl• ¢oTrsl#•fr. S¢hotsl fees Ltts Scholarships Less Bursèri*s 10.278.434 10,278.434 (138.3371 1424.2021 9,903,408 1144.9441 1547.D811 1424.2621 9,715.836 9,715,836 9,21 1,3B2 3 CHAR￿A￿LEAcTIVrnE$. OThER INCO Coaches Lunchè5 Edv¢aiional visitsand acbvrtie$ Rowin9 R￿l&trati￿n fee5. surcharge5 and •%tra% Hire of facilitfds 285.413 387.915 242.019 148.933 38.804 28SA13 JB7.5115 242,019 148.933 38.804 19A51 212,898 291,768 58.241 29.919 1.122.536 1.122.S30 4 ItrIVEST*IEpif& BANK INCOME 1.279 500 28.489 1.279 soo 28.489 82 287 18.015 Bank deposits int¢ro# Inv&StsXtnt incorr)e 30.268 30.268 18.385 5 VOLUPllARYINCOME Donation5 8.239 23.470 24,377 31 SIR YIILUAM PERKINS'S EDUCATIONAL FOUMDAMON NQIESTOTHE FINANaALSTATEMEPITS ICOPrnNUED) FORIHEYEAR ENDED 31 AVGLtsT2022 6 ANALYSISOF EXPENDrruRE l•1 SummDrybyfundtype Restritred Funds Unrestricted Funds 2022 Totsl FuTrd5 2022 Funds 2021 2022 Raislngfvnds Financing costs Fundrai51n9& events 10,687 3,588 09.062 1,377 79.749 4,905 120.69DI 17.428 T•tsl ￿$ts of rnl$1Tr9fllnds 14.275 70.439 V4.714 Chaiitsbl• Jrtlvitie5 Teachin9 WÈlFar* Premises Supportcosts and gDvernanEe Grants. donation5 & priie5 6.495.055 539.188 1,106.507 1.879.594 10.687 6A95.655 539.188 1.106.$07 1.879.594 10.6t7 6.023.828 356.50D 1.173,OP2 1.543.0?9 12,2831 6(cl 6(dl T•tsl ¢h•rlt•bh•xp•nditur• 10.Q31.632 1ri.r131.632 9.094,236 Totslexpendlbjre 14 275 10.11A346 9.090,974 {bl S*￿mIry byexpendltyyetype Totsl 2022 Totsl 2021 Sts(IC05ts Depreci¥tion Other Financin9 Costs Fundraisin9 & events 79.749 4.965 79.749 4.965 120.6901 17.428 84.714 84714 13.2621 Ch&rltibl*ad¥ltl Teaching Welfare P￿rn￿5 Supportcosts 9overrhance Grant5. donation5 & prrize5 4.976.631 380.476 31,582 64,813 110,095 1,138.548 507.605 842.2S4 692.040 10.687 6,495.655 539.188 1,100￿07 1,879.594 10.687 6.023,828 356.500 .173.092 1,543.099 12,2831 199.441 .017,459 6fcl dl Tvtsl chiritab]• •xp•nditw• 6.253.532 586,967 3.191.133 lo,031￿32 9.094,236 Totsl •xp4thditur• 6,253.532 586.967 3.27S.847 10.116J45 9.090.974 TeachSD9 otherco￿5 indvdeTeachiw Matfria15 £138.49612021-.£165.7951, Cuaihe5 E336.30012021.. £204.8971.Trlp5& recoverable pupil c05t5 £197,18912021. £137,258k Rowing expEnditutè £144.03312021-. £48.5991. WEllare other costs include Cètering £489.72412021.. £318,337k Premisesotherc05ts Indude Building & Mainteronts E224.449 IZOZ1.. E314.4311. Utililies £220.28312021. £265.5241. G•v•rnan<• indud•d insupportcosts 2022 2021 Audit Fee51induding VATI 21,000 20.100 21,000 20.100 Nil expenses were reimbursedto. or Paid Dn behalf of. Govemors in 20211212020121.. £01 32 SIRWILLIAM PERKINSS EDUCATIONAL FOiINDATION NOIESTOTHE FINANCLAL sfATEMEpirs IcoKriNUEDI FOR THE YEARENDED31 AUGUST 2022 6 ANALY* OFEXPENDIWREICONIINUEDI Id) Gr*nty donation*& prii 2022 2021 Fr¢Mh R•rtTitt*d funds: From UDr•wieted fvnd•: Donations 10,687 12,2831 70.087 (el Flnanclryco￿% 2022 2021 ank Inte￿$t LoèTr Interest Pen$N)n DefiCitchargo8 Bad Debt5 Inv95bném MgnJgeMent Fees 7.467 59.799 11000 8.913 76,827 16,000 4.098 4,878 79.749 120.6901 7 STAFF COSTS 202Z 2021 Staff costs wèrq fDIIows'. Wa908and salaries social secunty costs Pewion costs 4.836.907 503.141 913A04 4.605.640 473,882 890.505 6.253.S32 S.970.D27 No9Overnor5 récfrived ary remuneralon Orothèr benefitslrom Sirwilliam Perkin5sSchool. The nutnberol highei paid employEe5 wa5.. 2022 2021 No £ 60.(M)1 - £70.OCI) £ 70.001 - £80.iKWJ £ 80.(h)1 . £g0.Q £ 90.001- £100.￿0 £ 100.001 EI 10.0 £ 110.001 E120.000 £ 120.001 E130.000 £ 130,001 £140,000 10 Aggr8gate omployee benefits of keymanagemgntpersonn81 2DZZ-. £729.22812021. f 748.544 The èverè9e headcountnumberof full and part lime employee5 duriD9thpyparwa5a5 follDWS'. 2022 78 51 2021 76 50 Teaching staff Other 129 126 Theac*u81 lull-tirne eqtsivaleTht number of gmploye*swas 10512021..IO0lolwhich 6?12021.' 65lwÈre involvecj In teaching aaiwtye$. Durin9 the yeèrthÈre were redundancy ortermination paymèntg madèwhich amountéd to£25,5$212021". £33.Q631 Ther&waS £Nil Outstanding altheyearend 33 SIR MLLIAM PERKINS'S EDUCATIONAL FOUNDATION NI)TES TO THE FINANCJAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGU5T2022 8 TANGIBLE FIXEDASSETS Land and buildin9S FUrnI￿re. Equiprn•nt& VehScl•s IT Equlpment & Photocopiers Tatal Cost At 1 September 2021 Additions DIsp05als At 31 August 2022 23.630.278 37,029 1A33.115 14•,28S 609.112 88.716 177,4701 620.358 25.672.505 275.030 177.4701 25.870.664 23.607.907 1.582.400 D•prg¢iatits At 1 September2021 Charge foryeèr Disposal At 31 August 2022 5,102,026 406,926 l.Q73.437 86,136 473.882 93.904 175,0791 492.707 0.049.346 586.966 175.0791 7.101.232 5.508.952 1.159.573 Net bookvalu At 31 Au9uSt 2022 18.158.955 422.826 127.651 18.709,432 At 31 Au9USt2021 18.528.252 359.678 135,230 19.023,160 9 INVESTMENTS R•strict•d Funth Unr•¥lricted Funds 2022 Total 2021 Total ImTeslmentin Qyilt•rCh•viot Al 1 5*Pt•mI￿r2021 Investment Reinvèstèd Income Management Fees IDecreaseVlncre&se in value of Investment 374.713 524.708 250,000 18,579 12.6581 181,2711 899A81 250.000 28.489 14A981 1119.5561 522.619 250,000 18.ols 14.8781 113.72S 9,910 138,2851 At 31 August 2022 344.897 709.418 1.054.31 S 899.481 2022 2021 Investmentscomprfs•: Fixed Interèst 67.317 703,406 112.041 16,717 B99.481 1,015.045 27,646 11.624 1.054.315 Aktremative Investment5 Cash and Cash Products The historiccost olthese investments is £l,OOD,000. SIR WILLIAM PERKINS'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL ￿ATEmE￿r$ ICOTrmNUED) FOR THE Y￿R ENDED 31 AUGUST 2022 Note 2022 2021 10 DEBTORS Fees Prepayments Accwed income Sundry debtors 49.626 262.719 50,226 19.884 21,901 144,735 1,289 382.455 167,925 All debtors ar• due within one year. 11 CREDITORS Amounts falllng due within one ￿*￿. Bank loan Deposits recèived from parents Trade creditors Taxation and social security Other creditors Fees received in advance Accruals and sundry creditors 125.262 368.437 369.440 115.737 124.471 220.265 117.600 354.683 354,603 162,474 119,880 101,518 296,346 210.222 1,441,210 1,599,726 12 CREDifoRS Amounts falllng due after one year.. Bank loan 963.426 2,987,531 963,426 2,987,531 13 LOAN CREDITOR The bank loan is repayable by in5talments Dkje wrthin one year15ee Note 111 Due between two and five year5 Oue after more than 5 years 125.262 558.207 405.219 354,683 1,522,403 1,465,129 1.088.688 3,342,214 The bank loan is an ungeeured loan. The loan is repayable by February 2030 and bears interest at 2.06% over the bank base lending rate. siItI•JlLLL4M PEWN5'S EOUCATIOFi4LFOVNL)ATfoN NOIE5TOTMS FINANCL4LsfAIEMFmlCOt4mlJUEOI FOR THEYEAR ENDED 31 Aur￿J￿I022 140 sfATEMEpifoFFUND5 A11JtS•pt 2021 t31stAu9 2022 PeThsiOn Resèrve e51gnaled Fund GèTher81 Resef¥è 28.000 2.000.000 12,028.WOI 223.￿0 1683) 2￿00.000 19.010.939 20.310,143 10,9th),139 110.090.D711 Totsl Ufvr•knthd Fund 20.010.460 10,900,139 110.102.0711 21.010.Z5 R•ttrSttqdFund&' Foundation aThdxhool lund5 426.Ot6 114,2751 138.1B51 4Q2,308 TotsIolF￿ts 20.496.546 10.928.980 110.110.3401 103,444 21M12A24 FurtJexptsnJtrOnS are Thtyted in ¥ccouTrtlng polICie5 l•b STATEMeNTOFFUNDS.Y•aT End•d ai Z021 AtIsISEPt 2020 At31SIA¥g 2021 ILosses1 iknrestyi¢ted FuMIs'. Pgnsion Reserv G2neral Re5eNe 1622.0831 116.OWI 28. 12&0WI (2J9*83) 20.310.143 59,956 Totsi UAftrtrtÈiedF￿d$ 1D.12•.334 I?￿72.166> 430,9S8 20.070AOO R•thirt•d F￿ FoundatiOThand sEknoIfu(￿S 383 476 53.707 426,0•6 T•tsi •lFwdb 18.966.811 10,135.984 1g.IWO.9741 48472$ lo.4￿.546 IS• AVJALY5150FNET Assris I￿¥1£Em FU14DS Unrvatrkt•d ds 2022 Funds 2012 F￿nth 2Q22 Fvnd5 2021 TJn9iblelAed assots Inve5trnents CuiieThtass8L% Cr¢dito￿4￿¢￿￿hlTr Cr8ditorsdts•in morothan one 18.709A32 709A18 3.9?6.727 11.441.210> IW.109) 18.TW.432 1,054.315 054.196 11.441.210> 1964.1091 344,897 57.470 S.40D.845 102,347 21.010,257 21A12,024 2D.496.546 15b ANALYSIS￿ NeT ASStISilrnN PJND5.Y•xEnd•d 31 2021 R4Str1c￿d Tolal Ttstèl Fund5 Z020 F¥Thd5 2021 2021 2021 Tangiblofixod 15501% 19.023.160 524,708 5.349A72 11,59P.7261 13.227.214) I9￿*3,100 499.481 5.400.845 11,599.7261 13.1?7.214) 18.4BD.484 374.714 51.372 (￿rro￿ta￿e¢S cred￿o￿￿￿wthIn oneyea CrèditoTsduèiNmorÈlhan onèye¥ 5.525.430 420.010 20.070AOO 20A96.546 36 16 PENSION SCHEME The School participates in the Teacheis, Pension Scheme I'the TPS"Ifor itsteaching Staff. The pension charge for the year includes contributions payable to the Trs of £1,095,80412021.. E1,038,4431 and at the year-end £nil12021 £nill was accrued In respect of contributions to this scheme. The TP5 is an unfunded multi-employer defined benéfits pension schéme governed byThè Teachers, Pensions Regulations 2010 las amended) and The Teach8r5' Pension Scheme RegLJlation5 20141è9 amended). Members contribute on a "pay as YOU go" basis with contributions from members and the employer being credited to thè Exche9uer. Retirement and other pension benefits are paid by public funds provided by Parliament The employér contribution rate is set by the Secretary of State following scheme valuations undertaken by the GovernmentACtuè￿S Department The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, conlirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 201 g. Employers are also required to pay a scheme administration levy of 0.08% giving totsl employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordancè with the benefits set OLrt in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in ihe 'McCloud/Sargeant case,. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pensions. On 27 Junè 2019 the Supreme Court denied the government perrnission to appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension 5chernes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision ènd has said it will èngage fully with the Employment Tribunal as well as employer and member representatlVè5 to ègree how the discriminations will be remedied. The 9overnment announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choos& either legacy or reformed scheme benefits in respect of their service during the period betsNÈÈn 1 April 2015 and 31 March 2022 at the pointthey become payable. The TPS is subjèct to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretsry to the Treasury, having in 2018 announced that there would be a review of this c05t cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there is certainty about the value ol pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government ActuBry. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no change5 to benelits or member contributions required. The results of the cost cap valuation are not used to Set the employer contribution rate, and HM Treasury has confirmed that any changes to the employef contribution rate res(Jlting *rom the 2020 valuations will take effect in April 2024. Until the 2020 valuation is cornpleted tt is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefrt pension costs is included in these financial statements. 37 Surrey County Council Local Gov?rnmont Pension ISCCLGP) 5chem• The School panicipates in this Scheme which is part of the national Local Government Pension Scheme ILGPSI for its support staff who joined the School prior to January 2007. At that date the School decided to cease offering membèrship of the gcheme to new employees and to existing employees who weTe not already in the Scheme. The Scheme 15 a multi-emplgyei, defined benefits pension scheme. The Fund objertive is to achieve an overall fully-funded position, where assets are sufficient to meet all future liabiliries on a prudent long-term basis. Within this objective the Fund airns tQ 5etcontributions which are affordable and stsble for employers and which reflect the differing characteristics of employers and also to reduce the risk to employers of another employer defaultin9 on its pension obligation. Th8 latest triennial report of the Schemé's actuaries valuing the Scheme and ils deficit as at 31 March 2019. As part of this v31uation, the Administering Authority set minimum annual rates of contribution for the School, to operate from 1 April 2020 for the coming three years, to supportfuture benefit expectations and remove the deficit over the above period. These rates were 37.7% (previously 32.9%) of payroll for existin9 employee m&mber5 of the scheme, plus a monetary sum of £28,000 Ipr&viou51y £6,439) per annum to reduce the School's share of the deficit. Notably, these rates are set for the three year5 to 31 March 2023. Thereafter the rates may be revised further depending upon the value of the remaining deficit and the average working lifetime of the School's remaining active members at that point. The asset values are reported using estimated asset allocations prepared by the scheme Arttjary. The asset value is calculated at each triennièl valuation. Theieafter tt is rolled forward to accounting date5 Using investment returns, contributions received and benefits paid OUL During each annual reporting period between triennial valuations, asset returns are estimated using 11 months of market experience and one month of extrapolation being assumed. The 2019 valuation report showed that on a'continuing membership, basis, the School participation in the Scheme was valued at £3,131,QOO 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 yèar 2021/22 the School ha5 recognisèd a nèt pension asset position at year-end. It has bèèn concluded having consulted intèrnally, and Èxtèrnally with various parties, that the FRS 102 crtteria to rÈcognisÈ a pension asset has not bèen met. A -break-even' or "nil. position has béèn reflècted rather than a pension asset in thè financial statements. For 2020121 a decrease in the reserve and pension liability to £241,000, and a corrèsponding increase in the net movement in *unds for the year, of £371,000. For 2019120, an increase in the pension deficit reseNe and pension liability to £622,683, and a corresponding decrease in the net movement in funds for the year, of £178,000. 38 SCC Final Salary Pen5ion5chErne- di5dosur• undèr FRS 102 Changes Inthe FalrVall• of Platt Assets. Defin•d B¢n*fitObligati•nènd UabSlltyf•rth• year•v4 31 Au9USt2022 Period •rtlpd 31 Auyu5t2022 As$ets Obli98ti•nS Net Ilièbilityl lassot £OOO$ 3.689 13,9301 £OOOs 3,689 £0005 Fairvalue of plan assets Present value of funded liabilities Present valu* of Unlunded liabilities Op$nin9 P￿ItIon as at 31 August 2021 Sprvitè tost Current Servi￿ cost" Past 5eNice stsstlincluding curtailments) IEfled ol settlements ITotal SeNice Cost .Net interest Ilnterestr income on plan a5set5 Int•￿St coston dEtined bonefit obli9atiDn 3.930 3.689 1 3.930 42 1421 42 57 57 1601 57 57 60 102 |Total detinod benefrt cott recognised in Profit or IL05s1 lcashflows |Participants' contributions Employer contributions eenefits paid Unfunded benefits paid IContribution5 in respect of UNf￿ndsd b•nÉfits paid EHeu ol business combin*ionsand disposals Ex￿￿tt&￿ clogn9 Position !RemeasurenieTrts Chan9es in financial assumptions Chin9es in demi¥raphic asSUtnption$ Othereyperien Retum on a5seis Oxcludin9 amount5 included in net int•rgst Tota1 remeasurements reco nised in Other Com rehensive Income l(ill 'Fair valuè C>f plan assets Present vèlue olfunded obli9ation5 Present valu$ ol unfunded obli9ations Clo$lny pv51don as at31 AugUrt2022 |Plea* notè the Employer's fèirvalue of plan a￿et5 is lessthan l % of the Fund'siotal. l estitnate that the present value Df funded obli9ations comprises of approximatoly £1,313,000, £355,000 and £1,196,000 in re¥>ect of employee m&mbtts. defined pensioner5and pensioners ￿sPeCtive1Y & at 31 Au9USt2D22. hg current ser¢ice co# includes an allowan￿ foradmini#ration expensesol 0.3% 01 payroll. he unfunded obligatrions comprisè of £0 in rÈspett of LGPS unfuDded pension5 and £0 in respect ol Te3cher5' unfundpd pensions. 62 11331 62 3,681 3.905 11.0301 1,030 12381 12381 803 3.443 12.8641 3.443 2.864 3,443 2,864 579 39 Table 2.. Fair valLJe of scheme assets 2022 76% 14% 2021 75% 16% Equities Bonds Property Cash Table 3: Key financial assumption5 2022 2021 ,Pension Increase Rate ICPII 3.35% 'Salary Increase Rate Discount Rate 2.90% .Table 4= Mortalty assumptions Male5 Female5 1 .,Current Pensioners 22.1 years,'24.5 ye.ars', Futu re FJensionnrs" 22 1 years 26.2 xears. * Figures assume mebers a9ed 45 atthe la5tformal valuation date SlrWllll•m Pethins'j School Group Life Sd*me Thi5 15 a money purchase (defined contributionl scheme to which the School and employees make contributions. Up to March 2015, employer contributions were at a rate of15% of salary. with any employee tontributions made on a voluntary basis. From this date, employer contributi(>ns for newly eligible Èmployees are made at a rate of 5% of salary, risin9 to 7% afterfive years of service. Employee contributions are currently set at a rate of 3% of salary, butthis will rise overtime in line with the requirements of pensions uto-enrolment legislation. Separate arrangements and lower levels of contribution are in place for any non-eligible and entitled employees who conform with the auto-enrolment legisSatiOn. The superannuation charge forthe year includes contributions to this scheme, on behalf of both the School and employees, totalling £180,43112021.. £147,573). The scheme provides a death in service benefit of twice the annual salary. SIRWILLIAM PERKINS'S EDUCATIONALFOUIIDATION STATEMENTOF FIIIA14aALACTNThIE5 FOR THEYEARENDED 31 AVGVSTZ022 17 sfATEKNTQF FfNANCIALAcnvmES.COMPAkAfvE FIGUftES•YFiINDTYPE Y•ar•n*$3d31 Auty5T 2021 UTrr4strla•d Fvnds 2021 Totsl Fvnds INCOME FROM.. School fee5 Other&dutyional income 9,211.382 9.211.382 761.701 kn¥¢rtm•ntlnr4Yw •b•nk iibtsr•6t 18,385 14385 60 24.317 24377 7.590 4,850 12.440 87.979 87.979 19.720 Totsl IvK•ffle 7.650 10.135.914 LXPENDITweEOM: Rab5tTrgfwTrth 18.808 122.0701 13.2621 Charftsble 9.094.230 9,094,230 Tatsl Lxp•Trdilur• 18.808 9.090.974 NETIN¢OMINfj FUND5 8EFORE I￿E$r￿E￿r￿AIN￿(Lo$s£$j 1.056.16 1,045.010 Gain￿(Lo&Se5lorn investments 53.767 59.958 114725 NeTIKOME FOR THEYEAR 42.609 1,151.73$ Penslon Scheme Artuarial1055é$ 371.000 371.000 NEf MOVEMENTINPUNDS 42.610 1.487.125 1,529.735 Total funds at I Septerni*r 2D20 383.470 18.583.335 18,961811 TOTALHINDSaT31 AUfjiISTZ021 426.OB 20.070.460 20,496,546 18 OPERATING LEASE CQklMITMEpirs Ai31 Augusl 2022 the Chaiity had totsl cornmrtments under non