2023-08-31-accounts - Sir William Perkins's Educational Foundation

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		Page
Trustee's Report		1-16
Independent Auditor's	Report	17-19
Statement of Financial	Activities	20
Balance Sheet		21
Cash Flow Statement		22
Notes to the Financial	Statements	23-37

Charity collections 2022/2023
Multi Day - December	f453	House charities
Mulfti-Day February	f1,146	House charities
Save the Children	f509
urkey/Syria Earthquake	f662
Ukraine	f290
KT	f60
unior Drama Event- Mar 23	f564	House charity winner
World Book Day	f140	lassroom in the Clouds
Classroom in the Clouds	f38	M Vigden
Galop charity	f117
		Charity collection S
Wellbeing week March 23	f585	Ravivarman (split 50%CITC,
		0% DEC &20% SARI)
Mufti Jamboree day 7th July 23 (93to be collected via fee bill)	f1,440	0%classroom 12.5%to each harities	in the clouds, ofthe 4 House
otal	f6,004

	ear Group		utumn	Spring	Spring	Summer
	12/13		10%	15%
			26%	28%
	10		51%	53%		59%
			7%	57%		57%
			53%	59%		63%
			74%	85%		86%
All Sports;	2022/23; All Age Levels
Beclrninton				1	0	83.3+o
Cricket		1	6	0	6	50.0'Yo
Footbell			1	0	1
Hockey			29	7	16	558%
Netball		1G:	61	7	35	59.2%
Tennis		10	6	1	3	60.0yo
	Tote Is.	136	1G9	l6	61

Name			Changes during year	Changes during year	Changes during year
Co-optative	governors
Mrs M Duke	BA (Chair)		Resigned	March 2022 and
			reappointed		October 2022
Mrs H Archibald LL.B (Vice Chair)
Dr S Dadlani	PhD BScPGCE
Mr N Dent
Mrs TPuttock			Appointed		March 2024
Ms SJamison	BTEC HND
Mr C Newell	LLB		Appointed		July 2022
Mrs M Clarke MA HRM			Appointed		July 2022
Mrs T Newell	FCIPD		Appointed		July 2022
Nominative	governors
Rev TJ Hillier	(Guildford Diocesan
Council ofReligious Education)
Mrs M Harnden (Runnymede		Borough
Council)
Vacant (Senate ofthe University of
London)
Vacant (Surrey County Council)

The key management pers	onnel	ofthe School during th	e year were:
Head			Mr CC Muller BAto August 2023
			Mrs D Picton MA from September 2023
Senior Leadership Team
School Business Director/	Clerk to Governors		Mrs G Chapman LLB, LLM, FCA
Deputy Head —Academic			Mr P Forrest-Biggs MA BA QTS
Director of Marketing and	Admissions		Mrs SSergeant BA
Deputy Head- Staff, Co-curricular		&Compliance	Ms J Bowden BA MA PGCE MBA
Pastoral Deputy Head			Mrs H O' Connor BA PGCE


School Address:	Guildford Road
	Chertsey
	Surrey, KT169BN
Email:	office@swps.org.uk
Website:	www. swps. org.uk
Advisers
Auditors:	Crowe U.K. LLP
	55 Ludgate Hill
	London EC4M 7JW
Bankers:	Barclays Bank pic
	8—12 High Street
	Walton on Thames
	Surrey KT12 2QX
	Lloyds Bank
	pic 147 High
	Street
	Guildford
	Surrey GU1 3AG

			SIRWILLIAM PERKINS'5 EDUCATIONAL	SIRWILLIAM PERKINS'5 EDUCATIONAL	SIRWILLIAM PERKINS'5 EDUCATIONAL	SIRWILLIAM PERKINS'5 EDUCATIONAL	FOUNDATION
STATEMENT OF			FINANCIAL ACTIVITIES		(Incorporating	an Income &Expenditure Account)
				FOR THE YEAR	ENDED 31AUGUST 2023
					Restricted	Unrestricted		2023	2022
					Funds		Funds	Total	Total
				Note
INCOME FROM:
Charitable activities
School fees							10,209,665	10,209,665	9,715,836
Other educational	income						1,436,595	1,436,595	1,122,536
Investment income &bank interest							113,393	113,393	30,268
Donations					60		10,608	10,668	23,470
Other trading activities					11,350		58,777	70,127	36,870
Net property income
Local Government Funding
Total Income					11,410		11,829,037	11,840,447	10,928,980
EXPENDITURE ON:
Raising funds					4,606		98,890	103,497	84,714
Charitable activities							10,172,692	10,172,692	10,031,631
Total Expenditure					4,606		10,271,583	10,276,189	10,116,346
NET INCOME FROM OPERATIONS					6,804		1,557,454	1,564,258	812,634
Gain (Loss) on investments					(8,635)		(17,761)	(26,395)	(119,556)
NET INCOME FOR THE	YEAR				(1,831)		1,539,693	1,537,862	693,078
Pension Scheme actuarial		gains/(losses)							223,000
NET MOVEMENT IN FUNDS FOR YEAR					(1,831)		1,539,693	1,537,862	916,078
Total funds at 1 September		2022			402,367		21,010,257	21,412,624	20,496,546
TOTAL FUNDS AT31AUGUST 2023				15	400,536		22,549,950	22,950,486	21,412,624

		Note	2023	2022
FIXEDASSETS
Tangible Assets			15,749,370	15,777,128
Investments			3,993,160	3,986,619
			19,742,530	19,763,747
CURRENT ASSETS
Debtors		10	740,329	382,455
Cash and Bank balances			4,900,910	3,671,736
			5,641,240	4,054,191
CURRENT LIABILITIES
Creditors payable within	one year		(1,585,835)	(1,441,210)
NET CURRENT ASSETS			4,055,405	2,612,981
TOTAL ASSETS LESSCURRENT LIABILITIES			23,797,935	22,376,728
LONG TERM LIABILITIES
Creditors payable after one year		12	(847,453)	(963,426)
NET ASSETS BEFORE PENSION SCHEME LIABILITIES			22,950,486	21,413,302
Pension Scheme funding	surplus/(deficit)			(683)
NET ASSETS			22,950,486	21,412,624
CHARITY FUNDS
Unrestricted: Pension	Reserve	14		(683)
Designated		14	2,000,000	2,000,000
General	Funds	14	20,549,949	19,010,939
			22,549,949	21,010,256
Restricted		14	400,537	402,368
TOTAL FUNDS			22,950,486	21,412,624

				Note	2023		2022
					E		E
	Cash Row from operating activities:
	Net cash provided by operating	activities				1,902,120		1,273,603
	Cash Rows from investing activities:
	Payments for tangible fixed assets				(573,644)		(275,630)
	Disposal ofFixed assets						2,391
	Purchase ofinvestments						(250,000)
	Sale ofinvestments
	Investment income Ik bank interest received				80,355		1,779
	Net cash (used in) investing activities					(493,289)		(521,460)
	Cash Rows from Rnancing activities:
	Loan				(120,431)		(2,253,526)
	Finance costs paid				(59,224)		(59,799)
	Net cash provided by (used in)	Rnancing	activities			(179,655)		(2,313,325)
	Change in cash in the reporting	period				1,229,176		(1,561,182)
	Net cash at 1 September 2022					3,671,734		5,232,921
	Net cash at 31August 2023					4,900,910		3,671,734
(i)	Reconciliation ofnet income to	net cashflow from operating		activities
						2023		2022
						E		E
	Net income before revaluations					1,564,258		812,634
	Returns on investments and interest received					(113,393)		(30,268)
	Pension scheme adjustments					(683)		12,000
	Interest paid					59,224		59,799
	Investment management fees					102		4,098
	Depreciation					601,403		586,966
	(Increase)/Decrease in debtors					(357,874)		(214,531)
	Pension scheme deficit payments	in year						(28,000)
	Increase/(Decrease) in creditors					149,083		70,905
	Net cash inflow from operations					1,902,120		1,273,603
(ii)	Analysis ofcash and cash equivalents					2023		2022
						E		E
	Cash at bank					4,900,910		3,671,736
	Deposits/Others
						4,900,910		3,671,736
							Other non-	At 31Aug
	Analysis ofchanges in net debt			At	1 Sep 2022	Cash Flows	cash changes	2023
	Cash and cash equivalents				3,671,734	1,229,176		4,900,910
	Borrowings
	Debt due within one year				(125,262)	125,262	(120,804)	(120,804)
	Debt due after one year				(963,426)	115,973		(847,453)
					(1,088,688)	241,235	(120,804)	(968,257)
	Total				2,583,046	1,470,412	(120,804)	3,932,654

Freehold property		0-2%straight	line
Motor Vehicles &ES,000		20%straight	line Furniture
8 Equipment &E2,000		7-20%straight line IT
Hardware & Equipment	&f250	25%straight	line Boats &
E3,000		10%straight	line

				Restricted	Unrestricted	Total	Tota
				Funds	Funds	Funds	Funds
2	CHARITABLE ACTIVITIES - FEESRECEIVABLE			2023	2023	2023	2022
					E	E	E
	Fees receivable	consist of:
	School fees				10,800,304	10,800,304	10,278,434
	Less Scholarships				(175,200)	(175,200)	(138,337)
	Less Bursaries				(415,439)	(415,439)	(424,262)
					10,209,665	10,209,665	9,715,836
3	CHARITABLE ACTIVITIES - OTHER INCOME
	Coaches				288,077	288,077	285,413
	Lunches				425,683	425,683	387,915
	Educational	visits and activities			457,056	457,056	242,019
	Rowing				187,547	187,547	148,933
	Registration	fees, surcharges	and extras		50,522	50,522	38,804
	Hire offacilities				27,710	27,710	19,451
					1,436,595	1,436,595	1,122,536
4	INVESTMENT Br	BANK INCOME
	Bank interest				79,052	79,052	1,279
	Bank deposits interest				1,303	1,303	500
	Investment	income			33,038	33,038	28,489
					113,393	113,393	30,268
5	VOLUNTARY INCOME
	Donations			60	10,608	10,668	23,470

(a)	Summary by fund type	Summary by fund type							Restricted	Restricted	Unrestricted	Total		Total
										Funds	Funds	Funds		Funds
										2023	2023	2023		2022
										f	f	E		f
	Raising funds
	Financing costs				6(e)					819	96,468	96+87		79,749
	Fundraising &events									3,788	3,422	7,210		4,966
	Total costs ofraising	funds								4,606	98,890	103,497		84,714
	Charitable activities
	Teaching										7,102,095	7,102,095		6,495,655
	Welfare										514,680	514,680		539,188
	Premises										1,082,706	1,082,706		1,106,507
	Support costs and governance				6(c)						1,762,077	1,762,077		1,879,594
	Pension Realised - Service		Costs								(289,684)	(289,684)
	Grants, donations &	prizes			6(d)						819	819		10,687
	Total charitable expenditure										10,172,692	10,172,692	10,031,631
	Totalexpenditure									4,606	10,271,583	10,276,189	10,116,345
(b)	Summary by expenditure		type									Total		Total
						Staff	Costs		Depreciation		Other	2023		2022
								f		f	f	E		E
	Raising funds
	Financing costs				6(e)						96,287	96,287		79,749
	Fundraising &events										7,210	7,210		4,965
	Total costs ofraising	funds									103,497	103497		84,714
	Charitable activities
	Teaching					5,216,928			408,277		1,476,889	7,102,095		6,495,655
	Welfare									29,587	485,093	514,680		539,188
	Premises					197,883				62,241	822,582	1,082,706		1,106,507
	Support costs and governance				6(c)	1,026,231			101,296		634,549	1,762,077		1,879,594
	Pension Realised —Service		Costs			(289,684)						(289,684)
	Grants, donations &	pdzes			6(d)						819	819		10,687
	Total charitable expenditure					6,151,358			601,403		3,419,932	10,172,692	10,031,631
	Total expenditure					6,151,358			601,403		3,523,429	10,276,189	10,116,344
	Teaching other costs	include Teaching			Materials	f172,127		(2022:f138,496),Coaches f356,277 (2022:f336,300),Trips					& recoverable
	pupil costs f413,391	(2022:f197,189),Rowing				expenditure			f182,294	(2022;f144,033).Welfare other costs include Catering				f473,540
	(2022:f489,724). Premises f220,283).		other costs		include	Building	&	Maintenance		f204,730	(2022:f224,449),	Utilities f173,096(2022:
c)	Governance	included		in support costs
											2023 E	2022f
	Audit Fees (excluding			VAT)							21,600	21,600
											21,600	21,600

(d)	Grants, donations &	prizes	prizes	prizes						2023	2022
										E	f
	From Restricted funds:
	Bursaries
	From Unrestricted funds:
	Donations									819	10,687
										819	10,687
(e)	Financing Costs
										2023	2022
										E	f
	Bank Interest									8,083	7,467
	Loan Inte rest									59,224	59,799
	Pension Deficit charges									20,491	12,000
	Bad Debts									(11,934)	(3,615)
	Property Income Costs									20,321
	Investment Management		Fees							102	4,098
										96,287	79,749
7	STAFF COSTS
										2023	2022
										E	f
	Staff costs were as follows:
	Wages and salaries									4,979,357	4,836,907
	Social security		costs							529,181	503,141
	Pension costs									932,504	913,484
	Pension Realised			- Service Costs						(289,684)
										6,151,358	6,253,532
	No governors received		any	remuneration			orother	benefits from Sir William		Perkins's School.
	Nil expenses were reimbursed				to, or paid		on behalf of, Governors		in 2022/23 (2021/22: f0)
	The number ofhigher	paid		employees		was:				2023	2022
										No	No
	f 60,001 - f70,000									10	4
	f 70,001 —f80,000									2	2
	f80,001 - f90,000
	f90,001 - f100,000
	f 100,001 - f110,000
	f 110,001 —f120,000
	f 120,001 - f130,000
	f 130,001 —f140,000
	f 140,001 - f150,000
	f 150,001 - f160,000
										14
	Aggregate employee	benefits ofkey management						personnel		2023:f740,073(2022:	f729,228)
	The average headcount		number		offull and part time employees				during the year was as follows:
										2023	2022
	Teaching staff									75	78
	Other									44	51
										119	129

8	TANGIBLE FIXEDA	SSETS
			Land and	Furniture,	IT Equipment	Total
			buildings	Equipment &	&
				Vehicles f	Photocopiers f
	Cost
	At 1 September 2022		20,735,603	1,582,400	620,358	22,938,361
	Additions		41,568	410,275	121,801	573,644
	Disposals
	At 31 August 2023		20,777,172	1,992,674	742,159	23,512,005
	Depreciation
	At1 September2022		5,508,952	1,159,573	492,707	7,161,233
	Charge for year		407,094	136,760	57,548	601,403
	Disposal
	At 31 August 2023		5,916,046	1,296,333	550,256	7,762,635
	Net book values
	At 31 August 2023		14,861,125	696,341	191,903	15,749,370
	At 31 August 2022		15,226,651	422,826	127,651	15,777,128
9	INVESTMENTS			Restricted	Unrestricted	2023	2022
	Investment in Quiker Cheviot			Funds	Fundsf	Totalf	Total f
	At 1 September 2022			344,897	709,418	1,054,315	899,481
	Investment						250,000
	Reinvested Income			10,808	22,230	33,038	28,489
	Management Fees			(33)	(68)	(102)	(4,098)
	(Decrease)/Increase	in value	ofInvestment	(8,635)	(17,761)	(26,395)	(119,556)
	At 31August 2023			347,037	713,819	1,060,856	1,054,315
	Investments comprise:					2023f	2022 f
	Fixed Interest
	Equities					1,052,120	1,015,045
	Alternative Investments						27,646
	Cash and Cash Products					8,736	11,624
						1,060,856	1,054,315

			FOR THE YEAR EN	DED 31AUGUST	2023
				Note	2023f	2022 f
10	DEBTORS
	Fees				138,883	49,627
	Prepayments				248,388	262,719
	Accrued income				18,619	50,226
	Sundry debtors				334,440	19,884
					740,329	382,455
	All debtors are	due within one year.
11	CREDITORS
	Amounts falling due within one year:
	Bank loan			13	120,804	125,262
	Deposits received from parents				438,499	368,437
	Trade creditors				404,949	369,440
	Taxation and social security				136,069	115,737
	Other creditors				105,694	124,471
	Fees received	in advance			128,266	220,265
	Accruals and sundry creditors				251,554	117,600
					1,585,835	1,441,210
12	CREDITORS
	Amounts falling due after		one year:
	Bank loan			13	847,453	963,426
					847,453	963,426
13	LOAN CREDITOR
	The bank loan	is repayable	by instalments
	Due within one	year(see Note 11)			120,804	125,262
	Due between two and five years				755,626	558,207
	Due after more	than 5 years			91,827	405,219
					968,257	1,088,688

14a	STATEMENT OF F	UNDS
				At 1stSept			Income	Expenditure	Transfers	Gains/	At 31st Aug
					2022 f				In/(out) f	(Losses) f	2023 f
	Unrestricted Funds:
	Pension Reserve					(683)		683
	Designated Fund				2,000,000						2,000,000
	General Reserve				19,010,939		1L829,037	(10,272,266)		(17,761)	20,549,949
	Total Unrestricted	Funds			21,010,256		11,829,037	(10,271,583)		(17,761)	22,549,949
	Restricted Funds:
	Foundation and school funds				402,368		11,410	(4,606)		(8,635)	400,537
	Total ofFunds				21,412,624		11,840,447	(10,276,189)		(26,395)	22,950,486
	Fund explanations	are noted	in accounting		policies
14b	STATEMENT OF FUNDS - Year Ended			31	August	2022
				At 1stSept			Income	Expenditure	Transfers	Gains/	At 31stAug
					2021 f				In/(out) f	(Losses) f	2022 f
	Unrestricted Funds:
	Pension Reserve				(239,683)			(12,000)	28,000	223,000	(683)
	Designated Fund								2,000,000		2,000,000
	General Reserve				20,310,143		10,900,139	(10,090,071)	(2,028,000)	(81,271)	19,010,939
	Total Unrestricted	Funds			20,070,460		10,900,139	(10,102,071)		141,729	21,010,256
	Restricted Funds:
	Foundation and school funds				426,086		28,841	(14,275)		(38,285)	402,367
	Total ofFunds				20,496,546		10,928,980	(10,116,346)		103,444	21At2,624
15a	ANALYSIS OF NET	ASSETS BETWEEN		FUNDS
							Restricted	Unrestricted	Total	Tota I
							Funds	Funds	Funds	Funds
							2023	2023	2023	2022
							f	f	f	E
	Tangible fixed assets							15,749,370	15,749,370	15,777,128
	Investments						347,037	713,819	1,060,856	1,054,3 15
	Investments Properties							2,932,304	2,932,304	2,932,304
	Current assets						53,499	5,587,745	5,641,244	4,054,196
	Creditors due within	one year						(1,585,835)	(1,585,835)	(1,441,210)
	Creditors due in more than one year							(847453)	(847853)	(964,109)
							400,536	22,549,950	22,950486	21,412,624
15b	ANALYSIS OF NET	ASSETS BETWEEN		FUNDS- Year Ended			31August 2022
							Restricted	Unrestricted	Total	Total
							Funds	Funds	Funds	Funds
							2022	2022	2022	2021
							f	f	f	f
	Tangible fixed assets							18,709,432	18,709,432	19,023,160
	Investments						344,897	709,418	1,054,315	899,481
	Current assets						57,470	3,996,727	4,054,196	5,400,845
	Creditors due within	one year						(1841,210)	(1,441,210)	(1,599,726)
	Creditors due in more than one year							(964,109)	(964,109)	(3,227,214)
							402,367	21,010,257	21,412,624	20,496,546

Period ended 31May 2023					Assets K(000)	Obligations E(000)	Net asset / (liability) K{000)
Fair value of plan assets					3,443
Present value offunded obligations						2,864	(2,864)
Present value ofunfunded obligations
Opening Position as at 31August 2022					3,443		579
Service cost
-Current service cost*							(18)
—Past service cost (including curtailments)
—Effect ofsettlements					(3,058)	(2,169)	(289)
Total service cost					{3,058)	(2,?51)	(307)
Net interest
—Interest income on plan assets					108		108
—Interest cost on defined benefit obligation						89
Total net interest					108		19
Total defined benefit cost recognised		in Profit or (Ioss)			(2,950)	{2,662)	{288)
Cashflows
-Participants' contributions
—Employer contributions
-Estimated benefits paid
-Estimated unfunded benefits paid
-Estimated contributions in respect ofunfunded			benefits	paid
Effect ofbusiness combinations and disposals
Expected closing position					404	89	315
Remeasurements
—Changes in financial assumptions						(498)
—Changes in demographic assumptions						(10)	10
- Other experience					(223)		(642)
-Return on assets excluding amounts	included		in net interest		(181)		(181)
Total remeasurements recognised Comprehensive Income (OCI)	in Other				(404)	(89)	(315)
Fair value ofplan assets
Present value offunded obhgations
Present value ofunfunded obligations*"
Closing position as at 31 May 2023

Period ended 31August 2022					Assets E(000)	Obligations q000)	Net asset l {liability) K(000)
Fair value of plan assets					3,689		3,6&9
Present value offunded obligations						3,930	(3,930}
Opening Position as at 31August	2021				3,689	3,930	(241)
Service cost
-Current service cost*
-Past service cost (including curtailments)
-Effect ofsettlements
Tota Iservicecost							(42)
Net interest
-Interest income on plan assets							57
—Interest cost on defined benefit obligation						60
Total net interest						60	(3)
Total defined benefit cost recognised			in Profit or (Loss)		57	102	{45)
Cashfiows
—Plan participants' contributions
-Employer contributions
—Estimated benefits paid					(133)	(133)
-Estimated unfunded benefits paid
-Estimated contributions in respect of		unfunded		benefits paid
Effect ofbusiness combinations and	disposals
Expected closing position					3,681	3,905	{224)
Remeasurements
—Changes in financial assumptions						(1,030)	1,030
—Changes in demographic assumptions
-Other experience							(5)
-Return on assets excluding amounts		included		in net interest	(238)		(238)
Total remeasurements recognised Comprehensive Income (OCI)	in Other				(238)	(1,041)
Fair value ofplan assets					3,443		3,443
Present value offunded obligations						2,864	(2,864)
Present value ofunfunded obligations
Closing position as at31August 2022					3,443	2,864	579

Table 2:	Fair value	ofschem	e assets
			2023	2022
			76%	76%
			13%	14%
			8%	8%
			3%	2%
Table 3:	Key financial assumptions
			2023	2022
			%pa	%pa
Pension	Increase Rate (CPI)		2.20%	3.35%
Salary Increase Rate			3.20%	4.25%
Discount	Rate		4.50%	4.25%
Table 4:	Mortality	assumptions
			Males	Females
Current	Pensioners		21.7 years	25.5 years
Future Pensioners*			22.0 years	27.0 years
* Figures	assume members		aged 45 at	the last formal valuation	date