2024-07-31-accounts - Charterhouse School

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Annual Report

Charterhouse l Edgeborough Annual Report

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Charterhouse | Edgeborough

Annual Report

Charity Reference and Background Information

Charterhouse School and Edgeborough School are registered with the Charity Commission under the name the Governing Body of Charterhouse School and charity number 312054. The financial statements comply with current statutory requirements and the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP and FRS 102).

Particulars of the Charity’s main professional advisors are given at page 19.

The Charity comprises Charterhouse School, a senior coeducational school for children aged 13 to 18 and Edgeborough School, a coeducational preparatory school for children aged 2 to 13.

Charterhouse was founded in 1611 under the terms of the will of Thomas Sutton who died on 12 December 1611. His bequest provided for the establishment of a school for poor boys and also an alms house for 80 elderly gentlemen, known today as “Sutton’s Hospital”, on the site of an ancient Carthusian monastery in London. In 1872 this Foundation was divided in two with Sutton’s Hospital remaining in London and the School moving to its present site in Godalming. From that date Charterhouse was administered by its own Governing Body which is separate from the Governors of Sutton’s Hospital. Following the report of the Clarendon Commission, Charterhouse was one of seven schools to have its constitution regulated by an Act of Parliament, namely The Public Schools Act 1868.

On 31 July 2021 the Charity merged with Edgeborough Educational Trust Ltd (charity number 312051). Edgeborough School was founded in 1906 as a preparatory school for boys and moved to its current location in Frensham Place in 1939.

Edgeborough School has been coeducational since 1992, while Charterhouse became fully coeducational in 2021.

Charterhouse | Edgeborough

i “- Introduction from the ‘-— - Chair of the Governing Body

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Charterhouse | Edgeborough

Annual Report

Objects, Aims, Objectives and Activities

Charitable Object

The charitable object of the schools is to advance education by the provision of a boarding and day school for boys and girls. The Governors ensure that this charitable purpose is carried out for public benefit by making education available to all who are sufficiently talented and, where possible, irrespective of financial circumstances.

The Governors confirm that they have complied with the duty in the Charities Act 2011 to have due regard to the general guidance issued by the Charity Commission on public benefit.

The charitable purpose for the schools within the meaning of the Act is enshrined within the objects, as noted above.

Aims and Intended Impact

The aim of the Charity is to equip pupils to lead fulfilled and purposeful lives by providing an all-round education based on the Charterhouse and Edgeborough values. Teaching and learning are at the heart of what the schools do, although this does not mean achieving only qualifications and passing examinations. A Charterhouse and Edgeborough education should endure long after examinations are passed. Each of our pupils will become future-ready during their time at the School, in preparation for the challenges and opportunities that they will face within our rapidly evolving society. The centrepiece of our future-ready education is Charterhouse’s FutureU programme. Delivered as a structured programme across all year groups, sitting alongside academic courses, it aims to ensure that pupils develop the transferable skills, professional knowledge, experiences and mindset required to thrive throughout their later lives. Our Sixth Form professional qualification in Applied Entrepreneurship is the first of its type anywhere in the world.

The schools value all pupils as individuals with unique talents and interests, and seek to instil intellectual curiosity and the ability to learn independently; the skills and attitudes to succeed in a fast-changing, multi-cultural society; a sense of personal values based on compassion, integrity and sound judgement; a commitment of service to others and to society; and spiritual, moral, cultural and aesthetic awareness, all of which contribute to a balanced and well-informed approach to life.

Objectives for the year

The Charity’s current strategy was endorsed in 2017 and covers the period to 2031, with the objectives of introducing full coeducation at Charterhouse in September 2021, while developing all aspects of its education provision and improving its non-fees income to assist in supporting public benefit. The strategy is regularly reviewed, most recently in September 2024. An annual management plan is produced for each school, setting out specific tasks in support of the strategy.

Specifically, the objectives for 2023-2024 were:

To continue to provide the highest quality coeducation possible. A review of the Under School curriculum (Years 9-11) was carried out during 2023-24 for implementation in September 2024. This provides greater flexibility and choice for Fourth Form pupils (Year 9), particularly with reference to their study of creative subjects and modern

languages. At GCSE, a nine-subject pathway has been created alongside the traditional ten-subject curriculum to reflect the range of pupil abilities at the School. A new ‘Future U’ programme has been established in Years 9 and 10 to ensure that pupils are well prepared for the rapidly changing nature of modern life. This includes courses on developing independent study skills and learning prompt engineering for AI.

To construct the new Creative Arts extension and complete the Business, Leadership and Entrepreneurship Centre projects at Charterhouse. The Business, Leadership and Entrepreneurship Centre opened in October for the start of the second half of the Autumn 2 term. The facility provides a modern learning space that has enabled Charterhouse to be the first school to offer an externally accredited Entrepreneurship Diploma. The exciting and flexible new space has been well received by pupils, staff and visitors alike, and was officially opened in May 2024 with a ceremony to thank the generous donors who enabled the project to go ahead.

The construction of the new Creative Arts extension started in July 2023 and was completed on time in May 2024. Art teaching migrated to the new extension while the original art facility was refurbished, with this second phase completed in September 2024.

Charterhouse | Edgeborough

Annual Report

To review opportunities to continue to develop the Charterhouse brand. Charterhouse has completed an extensive piece of work to re-articulate its key messages, each of which aim to provide clarity, authenticity and excitement to its external audiences.

To complete a new reception and start the pedestrianisation projects at Edgeborough. The vibrant new reception and office area opened in September 2023, transforming the welcome experience and making wonderful use of the original character features of the main building. To enable pedestrianisation of the 6 main part of the school, a car park

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Record levels of online interaction with applicant families, coupled with record volumes at recruitment events throughout the year have contributed to the School’s largest ever pupil roll for the start of 2024/25, demonstrating the growing regard with which the Charity is perceived.

extension is required and construction began in May 2024, for completion in October 2024. Edgeborough will also soon benefit from new changing room facilities with construction beginning in the Summer of 2024.

To start the conversion of Girdlestoneites from a boys’ House to a girls’ House. To enable meeting Charterhouse’s objective of achieving close to a 50:50 girl/boy pupil mix and to meet the strong demand for girls’ places, conversion work on Girdlestoneites started in July 2023, following Weekites in 2022. The conversions have been well

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received by pupils, staff and parents. Weekites will be fully girls from September 2025 and Girdlestonites by September 2026. In May 2024, the conversion of Lockites to a girls’ House was announced. Work will commence from the Summer of 2025.

To continue to grow non-fee income in order to increase funding for bursaries and public Charterhouse has worked benefit. hard to diversify its income in recent years, through lettings of facilities for summer schools, sports camps and other various events, public memberships for the Queen’s Sports Centre, and from its International schools

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subsidiary which plays an important role in raising revenues which are gift aided to the School. During the year, a partnership agreement was signed for a school in Almaty, Kazakhstan, adding to the portfolio of schools in Malaysia and Nigeria (opening September 2024). Opportunities to further increase non-fee income continued to be actively explored during the year as part of the Schools’ plans to mitigate the adverse financial impact of VAT on fees.

The Charity was shortlisted for Coeducational Independent School of the Year at the Independent School of the Year Awards 2023. The Good School’s Guide renewed its written review of Charterhouse in very positive terms, following a visit to School, providing the Charity with the opportunity to showcase successful coeducation in practice.

Commercially, the brand has seen further enhancement through the expanding portfolio of clients accessing the Godalming site during vacations, alongside significant additional growth through international partnerships.

To review the Charity’s structure and prepare for any future government tax changes. Early in the year an externally facilitated assessment was made of the adverse financial impact of VAT and loss of charitable business rates relief being proposed by the then Government opposition. The analysis included a review of potential changes to

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the Charity’s structure, with independent tax advice obtained. Options were considered by a strategic working group comprising the Governing Body and senior management, though no changes to structure are currently planned.

Management and the Governing Body have continued to prepare financial plans for the introduction of VAT on fees and loss of charitable rates relief despite a lack of detail over some elements of legislation. The schools have communicated openly with parents and fee payers based on the information we have to try and alleviate the many uncertainties they face.

Charterhouse | Edgeborough

Annual Report

Principal Activities During the Year

During the year the Charity provided education as follows:

	Age Group	Average Pupils for the Year 2023/24 2022/2023	Average Pupils for the Year 2023/24 2022/2023	Remarks
Charterhouse	13-18	951	930	603 boys; 347 girls. 859 boarders
Edgeborough ~~—~~	2-13	382	367	208 boys; 174 girls. 16 boarded per night on average

Despite the continued economic and political uncertainty, pupil numbers have continued to grow and trading activities have been very positive. While the Governors and the Executive have spent significant time this year planning for possible future financial tax changes, they are confident about the continued success of both schools.

September 2022 was the first time there were girls in each year group at Charterhouse and the girls’ Houses are now well established with coeducation thriving. The conversion of Weekites from a boys’ to a girls’ House is almost complete and in May 2024 the School announced the conversion of Lockites to a girls’ House commencing in 2025. Demand for both girls’ and boys’ places continues to be very strong as we move closer to our goal of achieving a 50:50 girl/boy balance by 2027/28.

Edgeborough has undergone a major transformation under its Head, Daniel Cox. All areas of the curriculum have been developed while improving facilities to ensure the best prep school education possible. An infrastructure masterplan was finalised in 2022 with two of the identified projects completed since, a refurbishment of the reception area and of the Senior Prep classroom. Work has begun on new changing rooms and the first phase of a pedestrianisation project which is planned for completion during the 2024/25 academic year.

Trading activities are strong with a robust membership of the Charterhouse Sports Club and a full summer letting programme in 2024. In addition Charterhouse International has announced plans for the opening of another international school in Almaty, Kazakhstan in 2026 and has just opened the doors of its newest school in Lagos, Nigeria.

Grant-Making Policy

The Charity sets aside funds to support means-tested bursaries and scholarships. In particular the Charity aims to build a bursary fund from various income sources to support future requirements. Bursaries, which range from 10% to 100% of the tuition fees, are offered to parents/guardians of pupils who could not otherwise afford to send their children to Charterhouse or Edgeborough, based on a comprehensive assessment of financial need, largely at entry, though some funds are available for parents who suffer financial hardship during the year. These bursaries are re-assessed annually and may change during a pupil’s time at the schools depending on changes to their financial situation. Scholarships and awards are based on educational ability, the maximum scholarship value being 10% of the fee. Scholarships may be supplemented by bursary support up to the full value of fees in cases of proven financial need.

During the year some 272 (2023: 274) bursaries, scholarships and other awards were made at a total cost of £2.693m (2023: £2.45m); £2.34m (2023: £2.10m) from Charity funds, £21k (2023: £12k) from restricted funds and £330k (2023: £342k) from third party funds. Additional support was given to existing Ukrainian pupils as result of the conflict in their country.

Volunteers

Alumni, parents and members of the local community assisted and supported the Charity’s educational and cultural activities throughout the year. The Governing Body would like to record its appreciation for this continuing support.

Charterhouse | Edgeborough

Annual Report

Public Benefit and Community Engagement

The Charity remains committed to the aim of providing public benefit in accordance with its founding principles. The Charity provided education to 1,297 pupils who might otherwise have been educated in maintained schools at public expense. However, the Charity recognises that it has wider responsibilities to the community and to assist in making the education offered at Charterhouse and Edgeborough more accessible. This year has seen continued development of the Charity’s public benefit activities to ensure maximum impact. There are five core elements to the public benefit it provides.

Widening Access and Bursaries

In 2023/2024, a total of 243 pupils across both schools benefited from bursaries and/or scholarships. Bursary spending totalled £2.033m (2023: £1,919m). In total 72 pupils benefited from bursaries of which 11 pupils were on 100% bursaries. This year saw continued support to two Ukrainian pupils who suffered as a result of the Ukrainian crisis. The Charity also continues to be part of the School Partnership Alliance as well as Royal National Children’s Spingboard Foundation in support of transformational bursaries.

Working with other Educational Providers

The Governors continue to believe strongly in the many benefits of educational partnerships with maintained and Academy Trust schools. This partnership comes in various forms:

Six members of teaching and support staff are governors of other schools, having a positive impact on over 2,500 pupils; this equates to roughly 180 hours work per year.
465 pupils from 21 local state schools have taken part in academic focused educational activities at Charterhouse, for example Mathematics masterclasses, Science for Schools lectures and workshops as well as Easter Revision courses.
2,800 staff hours, or equivalent of 311 teaching days, have supported Charitable and Volunteering work.
At least 50 teachers from other schools have benefited from attending courses hosted and taught by Charterhouse.
15 trainee teachers have benefitted from our placements at Charterhouse or involvement in Charterhouse led CPD.
1,400 children have had enhanced opportunities and activities as a result of Charterhouse, such as residential summer schools, the Broadwater learning partnership, Chapel use, CCF partnerships and revision courses.
The annual Shaftesbury Park Primary School summer camp took place in August 2024 providing activities and opportunities for 40 pupils and yet again was a great success.

Community Access and Engagement

The Charity has continued to allow use of its facilities to external users. Charterhouse has maintained its long-standing relationship with the local community supporting a wide range of activities for children at schools including Broadwater School, Guildford Grove School, Shafestbury Park Primary School, Godalming Junior School, Amesbury and Aldro prep schools. These activities enabled children to enjoy physical activity, outdoor space and nature safely. A major event this year was the Restless Development Schools’ Triathlon which involved over 1,000 children on site.

This raised over £105,000. Also, a number of local community groups and organisations used school facilities, including Guildford Hockey Club, Guildford Swimming and London Pulse.

Charitable Activity

The Charity continues to place great value on its charitable activities. Members of the School have raised over £20,000 for a range of other charities including; Cancer Research UK, The Royal Marsden and Green Hub to name but a few. This year has seen support for a variety of charities, particularly Godalming Community Store, The Meath, and Shooting Star Children’s Hospices.

Volunteering

Volunteering continues to be highly valued at the Charity, reflecting as it does our values of responsibility and kindness, with at least 70 teaching and support staff involved this year in various activities. In addition, over 200 pupils have been involved in the Duke of Edinburgh Award Scheme, which includes 3-12 months of service. Overall, pupils dedicated 7,000 hours to volunteering.

Charterhouse | Edgeborough

Annual Report

Review of Achievements and Performance for the year

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In addition to a busy and fulfilling academic timetable, this year saw a very full programme of activities and events at both Charterhouse and Edgeborough, with impressive achievements across a wide range of co-curricular activities and trips. We are fortunate to receive huge support from parents who want to be involved in school events and it is incredibly rewarding to see the full involvement of the Charterhouse and Edgeborough communities in school activities.

Academic Performance

The academic performance of Charterhouse pupils in Summer 2024 was very strong at GCSE, A Level and IB Diploma.

GCSE results constituted an improvement on those of 2023, with the number of top grades increasing significantly. 32% of entries were awarded the top 9 grade (compared with 22% in 2023, and a national figure of only 5%), and 55% were at grade 8 or 9. 24 pupils achieved eight or more grade 9s, and 98 pupils in the year group (well over half) achieved at least eight grade 7s or better (previously A/A*).
In the Sixth Form, performance in the International Baccalaureate Diploma was extremely pleasing. Pupils achieved an average Diploma score of 37.5, the highest figure achieved at Charterhouse outside of the Covid period. 65% of all subject papers were graded 6 or 7 (the equivalent of A*/A at A Level).
A Level results were again very good, and comparable to those achieved in 2023 with 83% of grades between A-B. This constituted excellent progress for a Covid-affected year group that had slightly under-performed at GCSE two years previously. 23 pupils achieved 2 As or more, and 72 (half of the cohort) achieved at least AAB.
96% of our leavers have taken up places at university with the remaining leavers re-applying for 2025 entry or finding employment.

Standardised academic attainment and progress data provides evidence of a promising year for Edgeborough pupils, with outcomes showcasing strong achievement in English, Maths, and Science. Once again, GL assessment results show that pupils from Year 1 to Year 8 are producing results significantly higher than the national average. Common Entrance Results were very good with 39% of grades A-A and 68% A- B. Year 8 pupils all move on to exceptional future destinations: Bryanston, Canford, Charterhouse, Cranleigh, Eggar’s School, King Edward’s School Witley, Lord Wandsworth College, Prior’s Field, Royal Grammar School Guildford, Seaford, St Nicholas’, The Royal School, Wellington College and Winchester College. There were a record 21 scholarships awarded to the Year 8 cohort this year, including academic scholarships, all round scholarships and scholarships for sport, music, DT, drama, dance and art.

Charterhouse | Edgeborough

Annual Report

Arts, Music, Sports and Other Achievements

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Music

Music has had a very successful year. The formation of a new advanced choral group (Schola Cantorum) has given the most advanced singers and musicians further opportunities, and they have delivered a weekly choral evensong in addition to acclaimed performances at Candelit Carols and high profile Chapel events. This has led to a more inclusive Chapel Choir offering, with separate Under School (Year 9-11) and Specialist (Sixth Form) ensembles singing in the weekly Friday whole school services as well as a performance of Faure’s Requiem for All Souls’ Day accompanied by the Chamber Orchestra.

The orchestras have performed challenging repertoire, including six concerto performances from advanced soloists across two concerts. The Chamber Orchestra have showcased our most advanced string players and Chamber Ensembles represented Charterhouse in the national final of the Pro Corda Chamber Music Competition.

The Rock School has doubled in size and with more demand still we are delighted to have appointed a new Head of Contemporary Music and 2024/25 will see the introduction of Music Technology as a one-to-one tuition option, and be the second year of the Pop Choir and Glee Club.

House competitions saw whole House singing, part song and battle of the bands extremely well represented, and individual music competitions allowed the advanced performers to flourish as well as some previously unknown stars to shine.

Excellent work with local primary schools has continued and over 50 prep school pupils attended our Choral, Wind and String days. The Choral Society performed Hansel’s Messiah and included singers from every area of the Charterhouse community, as well as guests from the local area.

2024/25 promises to be equally exciting for music, including a performance of Beethoven’s 9th Symphony at London’s Cadogan Hall by the Symphony Orchestra and Choral Society, also to include showcase performances from Charterhouse’s most advanced ensembles.

At Edgeborough it was an exceptionally successful year for our most experienced musicians, with five out of five applicants successfully awarded music scholarships at their future schools. Some Edgeborough musicians also enjoyed a fantastic choir tour, performing at Onze Lieuwe-Vrowkerk (Church of Our Lady), De Panne, followed by a stunning performance at Ypres Cathedral.

Art

After 20 years of creative leadership, Peter Monkman retired and Helen Pinkney took over as Director of Art and Design, overseeing the final stages of the exciting new extension and refurbishment of the arts building. The sector-leading new facility provides a fantastic space to grow the reach of creative arts and extend the art studio’s opportunity for collaborations with the Futures department and FutureU programme.

The House Art competition last year was judged by Alexandra Prosszer, an Old Carthusian and now successful business leader, who talked to the pupils about creativity in the business world, inspiring them to think more widely about how art, design and creativity are important across a wide range of careers.

Numerous trips through the year included a visit to St Ives to work with a professional photographer, capturing dawn light as the sun rose, trips to the Tate, the Hayward gallery and the Kurt Jackson gallery. Pupils also began to build links with the Newlands House gallery in Petworth through some online projects.

Charterhouse | Edgeborough

Annual Report

Sport

The department continues to attract pupils interested in architecture, with several pupils moving on to study at top universities. Additionally, pupils have pursued diverse courses, including game design and film studies at prestigious institutions. With new and refreshed space and energised staff, the art studio is well equipped to enable pupils to foster their creativity and influence the wider environment.

The Edgeborough art department has been a hive of activity this year and the standard of pieces produced has been phenomenal. Three Year 8 pupils applied for scholarship in their destination schools and all were successfully awarded the accolade. One pupil was also awarded a scholarship on Design Technology. The year ended with a wonderful Art and DT exhibition, which was incredibly well attended by staff, pupils and visitors.

Performing Arts

2023/24 was an extraordinarily positive year for performing arts at Charterhouse with auditions, rehearsals and performances for ‘Tess of the d’Urbervilles’ leading the way in the Autumn term for Fifths (Year 11) and Specialists (Sixth Form). This was followed in the busy Spring term with ‘A Monster Calls’, a moving piece beautifully portrayed by a very mature and dedicated Under School theatre company – many of whom were performing for the very first time. A cast of 20 strong actors and a pupil-led technical crew received huge plaudits for their astonishing efforts.

Legally Blonde took to the stage just before Easter with eight sellout shows, nearly 2,000 audience members pouring into the Ben Travers Theatre and two casts totalling 59 pupils on stage and 35 off stage in tech crew, orchestra and front of house roles. The show received critical acclaim as ‘The most successful show in Charterhouse history’. Towards the end of the year Artifex brought great joy and energy to the theatre with a pupil-led production of ‘ABBA… Here We Go Again’ – it was the perfect way to round off a staggeringly strong year for performing arts.

As numbers continue to rocket in academic drama and with dance growing, an exciting new extension to the theatre is under construction, due to open around Easter 2025. Things go from strength to strength and there’s a determination that this is simply the beginning. Our pupils are beyond inspirational.

At Edgeborough the Dunbar Hall Theatre has been a fitting venue for several performances: the Pre-Prep Nativity, Year 5 production of Seussical and the senior production of A Midsummer Night’s Dream, which was named Best Play at the National School Theatre Awards. We also enjoyed a fantastic dance show, in which pupils from Reception to Year 8 delighted audiences with their creativity and fabulous stage presence.

Sport at Charterhouse continues to flourish with football, hockey, cricket, netball, tennis, lacrosse, athletics, squash, fives, racquets, basketball, cross country, swimming, golf and water polo as the principal sports. Across 16 different sports there are 192 teams who combined played 1,226 fixtures during the year, with 773 pupils representing Charterhouse in at least one sports fixture. Sports tours have included cricket in Cape Town and football in Gothia, with further tours planned in the year ahead. Charterhouse has also hosted 10 well attended prep school tournaments, mainly in our core sports of football, hockey, netball and cricket. The School also hosted the Prep Schools Triathlon, raising over £105,000 for charity.

2023/24 was another very successful year for sport, with the following highlights showcasing achievements:

The Boys’ Under-15 Football A team reached the last 16 of the Independent Schools Football Association.
The Under-15 Girls’ Cricket team won the final of the SOCS tier 2 hardball cup.
The Under-18 Boys’ Basketball team were winners for a second year in a row in an invitational tournament involving independent schools from the South of England.
Charterhouse girls were pre-season netball tournament winners.
The year saw the launch of the inaugural ‘Charterhouse Cup’ in badminton, involving 10 of the best badminton schools in Surrey and the London area, for both boys and girls.
In Water Polo, our Boys’ Team reached the National Plate semi-final.
Eight Under-14 Fives pairs competed at the National Schools Championships.
One of our girls reached the final of the Under-18 National Schoolgirls’ Racquets Singles.
At county level in Surrey, Sussex and Hampshire, Charterhouse had representation from pupils in hockey and cricket.
In shooting, two pupils were selected for the British Cadet Rifle Team, which is the highest level before selection for the under 19 Great Britain team.

Over the course of the academic year, Edgeborough has offered the major sports of football, rugby, hockey and cricket for the boys and netball, hockey and cricket for the girls. In addition the pupils are also offered cross-country, swimming, judo, clay pigeon shooting, tennis and athletics.

Eight Edgeborough pupils qualified for the IAPS National Swimming Finals culminating in two IAPS National Champions. The Boys’ Under 11 Hockey team and Girls’ Under 13 Netball teams both qualified for the IAPS National Finals. Ten pupils represented Edgeborough at the National Athletic Finals held at Alexandria Stadium, Birmingham. The new format for Prep School sports day was a great success, as was the new Pre-Prep sports day which involved the Year 8 pupils helping run events. The school also hosted its first annual golf competition.

Charterhouse | Edgeborough

Annual Report

Leadership and Outdoor Education

Duke of Edinburgh (DofE) Award

It has been another incredibly busy and successful academic year for the Award. Numbers continue to climb, clearly indicating that both our boys and girls are always up for a challenge. The recently introduced Bronze Award saw 154 pupils complete the necessary requirements during the year, and this year 178 pupils have signed up, most of whom completed their assessment expedition in March. To date we already have 44 who have fully achieved their Award, with many more now close to completion.

A new format for the Silver Award has proved to be very popular, with a record number of 137 Removes (Year 10) signing up, all of whom have fully completed their Bronze Award, and aiming to complete their Silver after their assessment in October. For the first time we welcomed three girls from a local school, Prior’s Field, to join our Gold training programme. We had 38 complete their assessment expedition and training.

Pioneers

‘Pioneers’ is a non-uniformed outdoor education programme for Removes (Year 10) who are not members of the CCF. The programme has small groups of between eight and sixteen pupils engaged in a variety of activities, including adventurous activities such as climbing, geocaching and mountain biking, life skills such as cooking and sewing, and volunteering such as helping at a local youth centre, tidying the grounds outside Guildford Cathedral and collecting plastic for recycling at School. Trips included a 20km walk across the South Downs and three nights at a residential activity centre in Wiltshire.

Combined Cadet Force (CCF)

It was an excellent year for CCF with 105 Fourths (Year 9) electing to take part. In addition our partnership with Broadwater School has doubled in size to 30 cadets. The Contingent continues to perform well in competitions winning ‘Best Contingent’ in the 11 Brigade Summer Camp this year and the ‘Marksmanship’ competition at the Pringle Trophy. The shooting team had a successful Bisley meet, winning the Regimental Cup, being runners-up in the Devon Trophy and Babcock Trophy, coming 7th in the Ashburton Shield and one pupil winning the Imperial Cadet Aggregate.

Outdoor learning at Edgeborough has flourished with the guidance of a new lead for pre-prep years. Edgeborough is now a certified Forest School, offering children the opportunity to immerse themselves in nature and learn through outdoor play. In Years 3 and 4, The Edge lessons have provided pupils with the chance to develop essential skills in an outdoor setting, enhancing their communication, collaboration, and leadership abilities.

Fundraising

The Charity’s three priorities for donations are to support bursaries, infrastructure projects, and social responsibility. Following one of the best ever years for donations, this year £2.912m was donated (2022/23: £3.206m). Similarly to last year, this has been one of our most successful years and maintains the momentum that has been building. Overall the Foundation Office raised a total of £2.581m (2022/23: £2.851m), of which £2.207m (2022/23: £2.751m) was in the form of restricted donations. The restricted gifts were mainly for the Ben Travers Theatre extension. For this year, the return on investment of the Charity’s fundraising was £7.00 (2023 £7.50) for each £1 spent, based on expenditure of £416k ( 2023: £380k).

All fundraising activities for the Charity are carried out by our staff with assistance from parents and pupils for specific fundraising events. The Charity does not use third-party fundraisers. All fundraising activities are managed by the Foundation Director and monitored by the Charity’s Executive. No complaints relating to fundraising activities have been received by the Charity during this financial period though there are procedures in the event of a complaint. The Charity does subscribe to the Code of Fundraising Practice, as managed by the UK’s Fundraising Regulator. In addition the Charity considers that it has set appropriate standards for the operations and management of its fundraising activities based on national guidelines and best practise. In particular the Charity considers that its processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion.

Charterhouse | Edgeborough

Annual Report

Review of Financial Activities

The Charity’s principal financial aim remains one of generating a surplus to enhance its facilities and continue to provide an education of the highest quality, and to help enable its ambitions to widen access to its education. Financial performance in 2023/24 was pleasing as inflationary pressures have eased, with donations and investment gains leading to an out performance of the budget set for the year. With confirmation of VAT being imposed on independent school fees in 2025, and the intention to remove charitable business rates relief, the Charity has been developing plans to mitigate the adverse financial impact to come.

For 2023/2024, Charterhouse had a target surplus of 4% of fees receivable or £1.9m and achieved 11% or £5.3m (2023: 14.2% and £6.3m). The increase at Charterhouse was largely due to significant donations of £2.9m, investment income and cost efficiencies. The surplus for Edgeborough £342k (2023: £20k loss) was due to strong pupil numbers.

The Governors of Sutton’s Hospital in Charterhouse manage the permanent endowment bequeathed by Thomas Sutton in 1611 and pay over to the Charity the Moiety which is applied to the provision of bursaries. For this financial year the Charity received £456k, slightly lower than the £461k received in the prior year.

Charterhouse diversifies and enhances its income through wholly owned trading subsidiaries which gift aid their profits to the Charity:

Charterhouse Enterprises Limited, continues to manage the letting and hiring of facilities at the School, including management of the external club memberships for the Queen’s Sports Centre. For the year ending 31 July 2024 the trading company made a gift-aid payment to the Charity of £517k (2023: £514k). The gift-aid has increased significantly in the last two years following the lifting of Covid-19 restrictions and a return to full letting activities in the holidays, with future demand looking promising and further opportunities being explored to help mitigate the future adverse financial impact of VAT being imposed on independent school fees.
Charterhouse School Design & Build Limited, is responsible for some major new building projects. There was little activity through this company in the year, with the only transactions relating to the final stages of two houses for staff which were completed in July 2023. The Company gift-aid was therefore nil (2023: £30k). Following the completion of this project, no further work is planned in the near future.
Charterhouse International Limited is a revenue-generating subsidiary that is creating traction within the international schools market. Our first two schools are open in Kuala Lumpur, Malaysia and in Lagos, Nigeria, with an agreement signed in May 2024 for a school in Almaty, Kazakhstan to open in 2026. Further opportunities are in the pipeline and our royalty-based model is intended to ensure consistent income streams for

many years to come. In addition, an online one-year A-level education offer has been developed for a 2023/24 start and further online learning offers continue to be explored. This year the Company made a profit of £30k after the retained loss brought forward (2023: £71k profit).

Total Charterhouse group income grew 6.5% year on year to £57.6m (2023: £ 54.1m), largely due to increased investment income. Expenditure was £52.3m (2023: £47.8m), up 9% due to general cost inflation and some specific increases in for example utilities.

Overall this year, net income from operations was £5.3m (2023: £6.4m), gains on investments were £2.7m (2023: £321k) and the pension scheme position also improved despite an actuarial loss of £137k (2023: gain £783k). This resulted in net movement in funds for the year being £7.9m (2023: £7.5m).

Reserves

The Charity’s unrestricted funds stand at £79.6m (2023: £72.4m) at the year end, and total group funds are £87.0m (2023: £79.1m). The unrestricted funds of £79.6m represent funds deployed as part of the schools’ premises and equipment. Free reserves are unrestricted general funds less the fixed assets deployed for Charity use. On this basis, the Charity has no free reserves (2023: nil), due to the long-term investment in buildings (see note 14). The Governors continue to be satisfied that external financial facilities provide an acceptable level of support and the asset base includes property which can be realised to support the schools’ capital programmes should it be required. The Governors believe that the conditions for preparing these financial statements on the going concern basis are met and have therefore prepared them accordingly.

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Annual Report

The Governing Body normally considers the budget for the new financial year initially in March and finalises it in June. In addition, regular financial forecasts are produced that estimate incoming funds and expenditure, as well as capital expenditure, providing a clear understanding of the schools’ short-term and mediumterm financial obligations. Should additional liquidity be required beyond normal operating levels, the Charity could draw upon its revolving credit facility which it established during the year with its principal bankers, or temporarily utilise some of its investments.

Much of the Charterhouse estate is not attributed at any value in the balance sheet, particularly the Victorian buildings erected when the School moved to Godalming in 1872 and the Memorial Chapel built in 1926 to seat some 800 people (the largest war memorial in England). All these buildings are Grade II listed properties whose costs were written off at the time of building.

Investments

The Trustees’ investment powers are governed by the scheme approved by the Charity Commission on 12 October 1989. The portfolios are managed by investment managers who have been given discretion to manage them, within agreed guidelines, by investing in mainly equities and fixed interest securities. The Charity’s portfolio is divided with equity investment with Meridiem Investment Management LLP and medium-term investment grade bonds with Vanguard Investments. Advanced fees received are invested entirely in bank deposits. The portfolio and its performance are regularly reviewed by the Investment Sub-Committee which reports to the Finance and Business Development Committee.

Pension Scheme

The Charterhouse Retirement Benefits Scheme is administered by First Actuarial. Scheme funds are invested in accordance with its investment strategy, with funds currently invested in Meridiem Investment Management LLP, M&G Total Return Credit Investment Fund, a Partnership Group semi-liquid fund and an LDI managed by Legal & General. The triennial review of the Pension Scheme held in 2021 assessed the scheme deficit had reduced and a new recovery plan was agreed between the Charity and the Fund Trustees, which maintained Charity payments at £408k per annum with the aim of clearing the deficit in a shorter time frame. As the funding position improves the Charity and Trustees have agreed a de-risking investment strategy with a move from growth assets to matching assets; this process started this year. The next triennial review results are due at the end of 2024.

Capital Expenditure

Charterhouse has a significant 250-acre estate to maintain, comprising heritage buildings, some with listed status, alongside modern facilities. In addition, the charity owns a number of residential properties for certain teachers and support staff. This requires the setting of appropriate priorities and financial plans. It is the policy of the Governing Body, if possible, to provide funds of at least £2.5m annually towards investment in equipment and facilities, including the refurbishment of existing buildings.

Work on the Charterhouse infrastructure master plan continues. A major new extension to the Creative Art Centre was completed in May 2024, with refurbishment of the original building completed in September 2024 to create a bright and modern space, double the size of the original facility. Construction also began on a new drama studio extension to the Ben Travers Theatre which is planned to be completed by Easter 2025. Whilst projects currently underway will continue as scheduled, the School has taken the decision to pause some non-urgent future capital investment, until the future tax regime landscape becomes more certain.

Edgeborough School is smaller at 55 acres and has its own infrastructure masterplan. Following the refurbishment of five Senior Prep classrooms in the prior year, 2022/23 saw the completion of a fully refurbished reception and office area, and the start of two significant projects; a car park extension to ease pressure at pick-up and drop-off times and to enable further pedestrianisation of the school site, and new changing room facilities. Both projects will be completed during the 2024/25 academic year.

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Principal Risks

The Governing Body is responsible for overseeing the management of risks faced by the Charity. Detailed consideration of risk management policy and strategy is delegated to the Audit, Risk and Compliance Committee, which is assisted by the Director of Finance and Operations, and reports back to the Governing Body regularly. The Charterhouse and Edgeborough senior leadership teams take responsibility for identifying and managing the operational risks. The key controls in the Charity include the following:

Formal written policies, including policies and procedures required by law to protect the vulnerable, and external reviews of policies and procedures;
Formal agendas for all Governing Body and Committee meetings, with detailed terms of reference for all Committees;
The creation and ongoing review of strategies;
Comprehensive planning, budgeting and management accounting;
Schemes of delegation, formal financial regulations, and systems of internal control;
Regular review of activities and events with lessons learned process;
Expert advice and support from professional support teams including Human Resources, Estates, Finance, Health and Safety Management, Catering, Operations, Domestic services, Admissions and Communications.
Expert advice from qualified and experienced academic staff with dedicated responsibility for safeguarding and pastoral care.

The key risks identified and focused on through the year were:

1. Imposition of VAT on independent school fees and loss of charitable business rates relief.

Early in the year the Charity assessed the significant adverse impact on its finances of VAT being imposed on fees and the loss of charitable business rates relief. A working group of senior management and Governing Body representatives continues to evaluate mitigating options and a revised financial strategy has been prepared, though the sector awaits further details from the Government. The Charity is committed to improving support to other schools and the wider community, and to improving accessibility to the education provided at Charterhouse and Edgeborough, despite the imposition of VAT in the year ahead.

2. Increases to employer contributions for the Teachers’ Pension Scheme (TPS).

The Charity remains in the TPS which it feels is important for attracting and retaining high quality teaching staff. However, it has been concerned for some time by the rising employer contribution rates which in April 2024 rose by 5% points to 28.68%. During the year the School began and successfully concluded a consultation with teaching staff at both Charterhouse and Edgeborough to offer the choice to opt-out of TPS and join a flexible defined contribution pension scheme, or remain in the TPS with the employee offsetting the additional cost of employer contributions through a lower salary increase in September 2024.

3. The economic climate adversely affects affordability and pupil numbers.

Pupil numbers and demand for places remains strong at both schools, though there are signs that fee increases due to VAT may be deterring some parents from starting an independent school journey. Whilst the rate of inflation fell during the year, high prices and an uncertain economic situation remain a concern for many. Bursary support remains an option for parents, though the amount of funding is limited and under pressure. With VAT added to fees, continued low levels of economic growth, and other measures in the Government’s October 2024 budget, parental affordability will continue to be a risk that requires close monitoring. As a result, the Governing Body continues to work hard with the Executive to identify areas for cost-efficiency, as well as to develop non-fee income streams, such as international schools, to contain future fee increases.

4. Environmental issues create a financial burden. Reducing carbon emissions comes at a significant cost, particularly with older and listed buildings. This year the schools have continued to evaluate opportunities to achieve their net zero long term plans and all new building projects continue to be developed with the objective of achieving net zero in operation.

Through the risk management processes established for the Charity, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

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Future Plans

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Art and Design Centre
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Ben Travers Theatre
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The Charterhouse development strategy (2017 to 2031) was endorsed by Governors in December 2016 and is reviewed each year. The first phase was successfully completed with the start of full coeducation and the introduction of girls at 13+ in September 2021. The current phase sees further development of the curriculum and facilities, with the aim of achieving close to a 50:50 girl/boy balance. In the year ahead the School will complete an extension and refurbishment of its Art facilities and an extension of the Ben Travers Theatre. Beyond 2024/25 plans include an extension and refurbishment of its Music facilities, though the timing has been adjusted in light of the impact of VAT on the School.

The Edgeborough development strategy was endorsed in June 2022 and a new vision document distributed to parents. The aim is to build on the School’s existing strengths and develop both academic and pastoral provision, with the appropriate infrastructure.

In both schools demand is very strong and the future looks promising, though the Governors and Executive are not complacent. The key objectives for next year in support of these strategies are:

1. To continue to provide the highest quality coeducation possible;

2. To prepare for tax changes, most notably the imposition of VAT on school fees;

3. To complete the new Creative Art extension and Ben Travers Theatre extension;

4. To complete the car park enlargement and new changing rooms facilities at Edgeborough;

5. To continue the conversion of Girdlestoneites at Charterhouse from a boys’ House to a girls’ House and to start the conversion of Lockites, announced in May 2024 as the final House to convert;

6. To continue to grow non-fee income in order to increase funding for bursaries and public benefit, and to mitigate the impact of VAT on fee levels;

7. To review opportunities to continue to develop the Charterhouse brand.

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Governors and Charity Trustees

Mr M J Bishop BA MA PGCE MBA[7,10,11] Mr K Awuku-Asabre BSC Dip LAW[3,7]

Mr E D A Barnes BA[4,7,9,10]

Ms C Brown MA PgDL LPC[3,6,10 ] Mr S Browne MA, MBA, PGCE, MCSI[2,4] Professor V Emery PhD FRSB FAST (End of term 14 March 2024)[1] Ms H M Goatley BA LLB[4,6 ] Mr J Goldsmith BSc MRICS[1,5,9] The Very Revd. D L Gwilliams DL BA MA[4,6] Ms C Ferguson MEng (from 1 December 2023)[7,11 ]

Dr N Krause MBE BSc MSc PsychD C.Psychol C.Sci AFBPsS[4] Mr C W D Macey FCA[2,3,9]

Mr P Malcolm[1,5 ] (Resigned 21 June 2024) Mr J McIlroy FCA ATII[1,9,10]

Mr J R Olsen BA[1,7,9,10 ] (interim Chair until 29 February 2024) Mr A M Reid MA MBA FCA[1,2] Mr D J G Royds BSc[1,2,5,9,11 ] Mr M W T Walton MA MBA FRICS[3,5,8,10]

OFFICERS

Head of Charterhouse School Director of Financial Strategy Director of Finance and Operations Head of Edgeborough School Bursar of Edgeborough School

Dr A L R Peterken BA, MA, EdD

D S Armitage MBE BSc MSc (Resigned 31 Aug. 2023) P J Grainge MA (Cantab), ACMA (Appointed 1 Sept. 2023) D R Cox BA MSc

S H Riley BA MBA

CLERK TO THE GOVERNING BODY

Mrs A C Warburton

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Annual Report

Advisors

AUDITOR

BANKERS

SOLICITORS

INVESTMENT MANAGERS

INSURANCE BROKERS

PRINCIPAL ADDRESSES

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Structure, Governance and Management

Governing Documents

The Charity’s own Statutes and Regulations are made in accordance with the provisions of the Public Schools Act 1868 and its amendments. The Statutes were last amended on 13 December 2017.

Governing Body

The Governors are the Trustees of the Charity. Up to 15 governors can be appointed by the Charity with a further three appointed by the Governors of Sutton’s Hospital in Charterhouse and one appointed following a nomination by the teaching staff. Governors, except the Chair, serve a term of up to five years and may, if reappointed by the Governing Body, serve for one further term of up to five years. The Governors appointed by Suttons Hospital have a fixed ten year term. The Chair may serve the remainder of their term as a Governor and then one further term of up to five years if reappointed by the Governing Body.

Recruitment and Training of Governors

New Governors are inducted into the workings of the Charity by the Head, the Director of Finance and Operations, and the Clerk to the Governors. Governors visit the schools and observe lessons as well as attend relevant training workshops and presentations. They also attend external and internal trustee training and information courses designed to keep them informed and updated on current issues in the sector and regulatory requirements.

Organisational Management

The members of the Governing Body, as the charity trustees, are legally responsible for the overall management and control of the schools. They meet at least three times a year to review reports and discuss strategic issues.

The Committee Structure is:

The Finance and Business Development Committee considers financial matters, admissions data, communications, and commercial opportunities;
The Investment Sub-Committee scrutinises investments, reviews the investment and treasury policies and reports to the Finance and Business Development Committee;
The Education Committee considers academic, co-curricular and pastoral matters;
The Projects and Planning Committee considers infrastructure and other development projects;
The Audit, Risk and Compliance Committee oversees the formal external audit process, reviews the internal risk management matrix, and considers compliance matters;
The Nominations and Governance Committee reviews the effectiveness and membership of the Governing Body;
The Edgeborough School Committee oversees the educational and pastoral aspects of the preparatory school, including safeguarding;
The Remuneration Committee meets annually and considers targets and remuneration packages for senior members of staff (members of the Strategy and Business Committee) within an agreed annual budget;
There are designated Governor leads for Safeguarding, Health & Safety and Boarding.

During the year the Governors have also operated three working groups to consider and advise on strategic opportunities, VAT and other anticipated tax regime changes, and teachers’ pensions. The latter group had its last meeting before Easter following a successful consultation with staff to cap the schools’ exposure to rising employer pension contributions.

The Governing Body appoints the Head and the Director of Finance and Operations for Charterhouse and the Head and Bursar of Edgeborough School and delegates day-to-day running of the schools to them. The Head of Edgeborough School reports to the Head of Charterhouse School and the Bursar of Edgeborough School reports to the Director of Finance and Operations of Charterhouse.

Each School has its own Senior Leadership Team which is responsible for the daily management of the School. In addition the Head and Director of Finance and Operations for Charterhouse and the Head and Bursar of Edgeborough School meet regularly. A joint Executive Strategy Committee considers longer-term issues.

Remuneration is set by the Governing Body, with a policy of providing appropriate incentives to encourage enhanced performance and to reward individual contributions to the schools’ success fairly and responsibly. This also covers members of the key management personnel.

Mindful of the Charity Governance Code, the Charity continues to review its processes and procedures to ensure the best possible governance. The reorganisation of the committees has worked well as has the introduction of software system for managing board papers. This year governor skills were again reviewed and individuals allocated to the appropriate committees. In addition, the Governor Handbook has been enhanced, providing clear direction on all procedures.

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Associated Charities

Sutton’s Hospital in Charterhouse (Charity No: 207773) was the charity governing both Charterhouse School and Sutton’s Hospital until Charterhouse moved to Godalming in 1872 and is administered by its own Governors. The Governors of Sutton’s Hospital in Charterhouse manage the permanent endowment bequeathed by Thomas Sutton and pay over to the Charity the Moiety; for this last financial year the Charity received £456k (2023: £461k).

The Carthusian Trust, a Charitable Incorporated Organisation (Charity No: 1171955), providing means-tested bursaries and scholarships to pupils of Charterhouse School or donations towards capital projects that will benefit the pupils of the School. During the year the Trust provided £233,122 (2023: £205,313). The Carthusian Trust also pays for up to nine Birley scholarships amounting to £20,220 (2023: £16,365).

The Carthusian Society Charitable Fund (Charity No: 1099809) was formed in 1938 with three objects: to provide additional finance for the Old Carthusian Club; to provide amenities for Charterhouse which would help enrich experiences; and to foster relations between the School and Old Carthusians.

The Charterhouse War Memorial and Tercentenary Trust (Charity No: 268012) was established to provide grants to help pupils whose parents experience financial hardship to remain at Charterhouse until a natural breakpoint. During the year £27,315 (2023: £35,376) was provided to Charterhouse as bursaries.

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Statement of Responsibilities of the Governing Body

The Governors are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governors to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law the Governors must prepare financial statements so that they are satisfied that they give a true and fair view of the state of affairs of the Charity and the group and of the group’s net incoming / outgoing resources for that period. In preparing these financial statements, the Governors are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity and the group will continue to operate.

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and the group, and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the Governing Body

Mr M J Bishop BA, MA, PGCE, MBA Chair Dated: 6th December 2024

rho se l Edgeborough

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Annual Report

Independent Auditor’s Report to the Members of the Governing Body of Charterhouse School

Opinion

We have audited the financial statements of the Governing Body of Charterhouse School (‘the charity’) and its subsidiaries (‘the group’) for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, the Parent and Charity Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, including 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 Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and the charity’s affairs as at 31 July 2024 and of the group’s income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity/group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
sufficient and proper accounting records have not been kept by the parent charity; 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.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 22, the trustees are responsible 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 statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Annual Report

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Health and Safety regulation, Employment legislation and General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the 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 assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of trading subsidiary income, procurement processes for significant capital projects, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit, Risk & Compliance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection 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 detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so 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 responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP, Statutory Auditor, London

17 January 2025

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024

Unrestricted Funds £’000 48,316 456 128 2,470 374 1,329 1,835 79	Endowed Funds £’000 - - - - - 33 - - 33	Year ended 31 July 2023 £’000 44,332 461 2,148 3,206 353 1,455 2,147
54,987		54,102
1,876 1,262 142 416	- - 20 - 20 141 161 (128) 291 163 - 163 2,459 2,622	1,491 1,270 161 380
3,696 45,744		3,302 44,448
49,440		47,750
5,547		6,352
2,073		321
7,620 (137)		6,673 783
7,483 71,535		7,456 71,675
79,018		79,131

The notes on pages 30 to 56 form part of these accounts.

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GOVERNING BODY OF CHARTERHOUSE SCHOOL BALANCE SHEETS

AT 31 JULY 2024

		Consolidated	Consolidated	Schools	Schools
		2024	2023	2024	2023
		£’000	£’000	£’000	£’000
FIXED ASSETS
Tangible fixed assets	7	96,136	90,106	96,100	90,106
Investments	8	25,028	22,523	25,278	22,773
		121,164	112,629	121,378	112,879
CURRENT ASSETS
Stocks	9	115	125	38	37
Debtors and prepayments	10	3,898	2,288	4,191	2,849
Bank and other deposits		23,451	18,626	23,451	18,626
Cash and bank balances		1,096	3,987	6	2,902
		28,560	25,026	27,686	24,414
CREDITORS: amounts falling due
within one year	11	(22,334)	(21,505)	(21,678)	(21,143)
NET CURRENT ASSETS		6,226	3,521	6,008	3,271
TOTAL ASSETS LESS CURRENT
LIABILITIES		127,390	116,150	127,386	116,150
CREDITORS: amounts falling due
after more than one year	12	(39,851)	(36,193)	(39,851)	(36,193)
NET ASSETS EXCLUDING PENSION
FUND LIABILITY		87,539	79,957	87,535	79,957
Pension fund liability	17	(552)	(826)	(552)	(826)
NET ASSETS	13	86,987	79,131	86,983	79,131
Total Unrestricted Funds		79,570	72,361	79,566	72,361
Restricted funds		5,347	5,137	5,347	5,137
Endowed funds		2,622	2,459	2,622	2,459
Total Restricted Funds		7,969	7,596	7,969	7,596
Total Funds before pension liability		87,539	79,957	87,535	79,957
Pension scheme fund	17	(552)	(826)	(552)	(826)
Total Funds	14	86,987	79,131	86,983	79,131

The net result for the year dealt within the financial statements of the parent charity was a surplus of £7.852m (2023 surplus £7.385m).

Approved and authorised for issue by the Governing Body and signed on its behalf by M J Bishop BA MA PGCE MBA C W D MACEY FCA Chair Chair of Audit,Risk and Compliance tf Dated: 6th December 2024 Dated: OR 6th December 2024 tn

C W D MACEY FCA Chair of Audit,Risk and Compliance Dated: 6th December 2024

The notes on pages 30 to 56 form part of these accounts.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2024

Notes Net cash flow from operations Net cash provided by operating activities 15 Cash flows from investing activities Payments for tangible fixed assets Proceeds from sale of property, plant and equipment Receipts from sale of investments Investment income and interest received Net cash (used) in investing activities Cash flows from financing activities Bank loan repayments Net cash provided by financing activities Change in cash and cash equivalents in the reporting period 15 Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 15	2024 2023 £’000 £’000 11,907 7,282
	(10,032) (11,182) 79 2,147 282 356 1,090 90
	(8,581) (8,589)
	(1,392) (2,496)
	(1,392) (2,496)
	1,934 (3,803) 22,613 26,416
	24,547 22,613

The notes on pages 30 to 56 form part of these accounts.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES

Charity Information

The Schools is a charity registered with the Charity Commission in England and Wales (charity number 312054) and is a Public Benefit Entity operating from its registered office Charterhouse, Godalming, Surrey, GU7 2DX.

Basis of preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The functional currency of the Charity is considered to be GBP because that is the currency of the primary economic environment in which the Charity operates.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2015 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Statement with the consolidated financial statements.

The accounts present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the Charity on a line by line basis with its wholly owned subsidiaries Charterhouse Enterprises Limited, Charterhouse International Limited and Charterhouse Design and Build Limited. No separate SOFA has been presented for the Charity alone.

Going concern

In light of significant changes facing the independent schools sector, notably the introduction of VAT on school fees in 2025, the Governors have reviewed various financial scenarios related to pupil numbers, fee levels, and options to mitigate the impact of VAT to ensure that both schools can continue to deliver excellent educational outcomes and the necessary master plan infrastructure projects. A working group comprised of senior management and Governors continues to explore and implement solutions to the key challenges and opportunities faced as a result of tax regime changes. In addition to these solutions, which include the passing on of some of the impact of VAT to parents, proposals to delay non-essential projects have also been implemented. The Charity holds significant cash balances and investments should additional liquidity be required through any period of uncertainty. Given the record number of pupils in September 2024 and robust registration levels, the Governors have a reasonable expectation that the schools have adequate resources to continue its activities for the foreseeable future and have prepared the financial statements on the going concern basis.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES (CONTINUED)

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Charity’s financial statements.

Fee income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the Schools, but include contributions received from Restricted Funds for Scholarships, Bursaries and other grants.

Donations

Donations subject to specific wishes of the donors are carried to relevant restricted funds.

Foundation Income

Foundation Income is recognised on a cash received basis.

Grant Income

Grant income is recognised where there is evidence of entitlement, the receipt is probable and the amount can be reliably measured. There were no performance related conditions attached to grant income received.

Expenditure

Expenditure is accounted for on an accruals basis. Expenditure and irrecoverable VAT is allocated to expense headings on a direct cost basis except for central costs which are apportioned on the basis of an estimate of time spent on the relevant function. Support costs comprise staff and other costs incurred directly supporting the teaching function and general running of the Schools.

Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES (CONTINUED)

Pension schemes

The Charity contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the Schools. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme. The Charity operates the Charterhouse Retirement Benefits Scheme for non teaching staff. This Scheme was closed to new entrants on 31 July 2002.

Finance and other costs

Other costs include amounts accrued in accordance with the terms of the Advanced Fee contracts and private placement interest.

School buildings and equipment

All School buildings and houses erected on campus since 1974 together with off campus houses are capitalised. Properties are included at cost and major upgrade and refurbishment expenditure is also capitalised. The cost of pre 1974 school properties are not included in these accounts and the historical nature of these is reported in the Finance section of the Annual Report of the Governing Body (page XX). All IT equipment and software is capitalised. Plant, vehicles and other items of equipment with an individual purchase price of £5,000 or above are also capitalised.

Depreciation

Depreciation of assets is provided at the following rates to write off the excess of cost over estimated residual amount evenly over their estimated useful economic lives.

These rates are currently as follows:

School buildings	-	50 years (full year in year of completion)
Dwelling houses	-	50 years (full year from acquisition excluding land)
Dwelling houses refurbishment	-	between 10 and 25 years
Plant and vehicles	-	4 years
IT equipment and software	-	1 to 3 years

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Investments

Investments are shown at their year end market value. Realised and unrealised gains less losses are credited to the Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES (CONTINUED)

Stocks

Stocks are carried at the lower of cost and estimated selling price.

Fund accounting

The endowed funds of the Charity are capital funds where normally only the income arising may be applied, in some cases on restricted purposes. Restricted funds have arisen either from restrictions applied by donors or due to the terms of the appeal by which the funds were raised. Designated funds have been set aside by the Trustees for specific purposes.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

At the balance sheet date the Charity held financial assets at fair value through income or expenditure of £25.028m (2023: £22.523m).

2. FEE INCOME

Gross fees, including music fees Less: Scholarships and bursaries: Schools -scholarships and awards - bursaries Fees receivable Add back: Bursaries and other awards paid for by restricted funds	2024 £’000 50,679 (660) (2,033) 47,986 330 48,316	2023 £’000 46,428 (531) (1,919)
		43,978 354
		44,332

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

3. TRADING INCOME AND EXPENDITURE

a. Subsidiary companies

The Charity owns 100% of Charterhouse Enterprises Limited (CEL), whose main activities include the operation of the School shop and the letting of buildings and sports grounds, 100% of Charterhouse School Design & Build Limited, whose main activity is major building projects (CSD&BL) and 100% of Charterhouse International Limited (CIL). All companies donate under gift aid their taxable profits to the Charity. Trading results extracted from their audited accounts are shown below:

2024 £’000 CIL 497 (15)	2024 £’000 CSD&BL 42 (36)	2024 £’000 CEL 1,973 (756)	2023 £’000 CIL 242 -	2023 £’000 CSD&BL 1,157 (1,122)	2023 £’000 CEL 1,906 (799)
482 (447) -	6 (6) -	1,217 (691) (1)	242 (171) -	35 (5) -	1,107 (591) (2)
35 -	- -	525 (8)	71	30	514
35 (31) (4)	- - -	517 (517) -	71 - (75)	30 (30) -	514 (514) -
-	-	-	(4)	-

The net assets of CEL at 31 July 2024 were £2 (2023: £2) and for CSD&BL were £1 (2023: £1) and net assets for CIL were £250,001 (2023: £245,666).

Income of the trading subsidiaries, amounts to £2.51m (2023: £3.3m) which represents the turnover of CEL of £1.973m (2023: £1.906m), the turnover of CSD&BL of £42k (2023: £1.157m) and the turnover of CIL of £497k (2023: £242k).

During the year, CEL paid the Charity £741k which included Staff Costs £564k , Rent £40k and Event expenditure £111k (2023: £152k). The Charity paid CEL £272k which included Pupils Retail invoices £152k and Miscellaneous £9 (2023: £361k). At the year end £6.5k was owed by the Charity to CEL (2023: £76.2k) and CEL owed the Charity £643k which included the gift aid due for the year of £517k

The Charity paid CSD&BL £298k (2023: £1.3m) for New Building work of which £nil was outstanding at the year end (2023 £30k) . CSD&BL paid the Charity £13 (2023 £189). At the year end £nil was owed by the Charity to CSD&BL (2023 £316k) and CSD&BL owed the Charity nil (2023 £30k).

The Charity paid CIL £nil (2023 £nil). CIL paid the School £257k (2023 £83k).

At the year end CIL owed the Charity £93k.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

4a. INVESTMENT AND INTEREST INCOME

Dividends receivable Interest receivable 4b. OTHER INCOME Registration fees Surcharge for late payment of school fees Rental income – staff housing Other 5. EXPENDITURE Expenditure includes: Auditor’s remuneration: For audit For non-audit Depreciation and amortisation - Schools - Charterhouse Enterprises Limited Discounts given on Advanced Fees Operating lease expenditure – hire of vehicles and equipment Total staff costs: Salaries and wages Social security costs Pension contributions Other including pension past service costs	2024 £’000 250 1,146 1,396 393 70 476 896 1,835 71 41 3,999 3 14 181 22,221 2,301 3,861 - 28,383	2023 £’000 233 120
		353
		400 43 401 611
		1,455
		64 5 3,755 5 16 183
		20,228 2,116 3,277 146
		25,767

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

5. EXPENDITURE (CONTINUED)

The average number of full time employees in the year was 282 (2023: 283) and 166 (2023: 163) full time equivalents. Of these:

		2024	2023
		No.	No.
Teaching staff	- Full time	156	152
	- Part time /(full time) equivalent	44	41
Grounds staff	- Full time	14	14
	- Part time /(full time) equivalent	1	-
Maintenance staff	- Full time	26	24
	- Part time /(full time) equivalent	1	1
Pastoral & Domestic staff	- Full time	22	23
	- Part time /(full time) equivalent	81	81
Administration & Other	- Full time	64	70
	- Part time /(full time) equivalent	39	40

The average number of the Charity’s employees during the year calculated on an actual head count basis was 678 (2023: 644).

The number of employees whose emoluments exceeded £60,000 were:

	2024	2023
	No.	No.
£60,001 - £70,000	24	34
£70,001 - £80,000	36	26
£80,001 - £90,000	25	27
£90,001 - £100,000	14	8
£100,001 - £110,000	10	5
£110,001 - £120,000	1	2
£130,001 - £140,000	1	1
£140,001 - £150,000	1	-
£180,001 - £190,000	1	-
£200,001 - £210,000	-	1
£220,001 - £230,000	-	-
£270,001 - £280,000		1
£370,000 - £380,000	1	-

Of those in the bandings shown above, 94 (2023: 87) were members of the Teachers’ Pension Scheme, a defined benefits pension scheme, 17 (2023: 15) were members of Charterhouse DC Pension Plans, “Defined contribution schemes” and there were 3 (2023:3) opt-outs from TPS. Employer’s contributions to the Charterhouse DC Plans were £669,970 (2023: £532,971).

Neither the Governors nor persons connected with them received any remuneration or other benefits. There were 5 (2023: 3) Governors who were reimbursed travelling expenses of £2,295 (2023: £1,694) incurred in attending meetings.

Aggregate employee-benefits of key management personnel was £2,940,505 (2023: £2,576,965). Key management personnel are defined as the School’s Senior Leadership Team (SLT). Four of the School’s SLT have a spouse or child employed at the School at a total cost of £126k (2023 £122k)

Termination payments were £154,076 (2023: £102,496) and £94,000 (2023 £nil) were outstanding at year end.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

6. ANALYSIS OF TOTAL EXPENDITURE

Raising funds Trading subsidiaries Financing costs Investment Management Fundraising Charitable activities Teaching costs Welfare Premises Support costs Grants, awards and prizes Governance costs Schools and grantmaking costs Total expenditure		Staff costs £’000 - - - 257 257 20,017 2,969 2,474 2,666 - - 28,126 28,383	Other £’000 1,876 1,262 182 159 3,479 2,374 4,398 6,335 3,269 17 9 16,402 19,881	Depreciation £’000 - - - - - 93 - 3,277 629 - - 3,999 3,999	Total 2024 £’000 1,876 1,262 182 416 3,736 22,484 7,367 12,086 6,564 17 9 48,527 52,263	Total 2023 £’000 1,491 1,270 161 380
						3,302
						20,183 6,562 11,367 6,273 22 19
						44,448
						47,750

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

7. TANGIBLE FIXED ASSETS Consolidated Cost: At 1 August 2023 Additions at cost Disposals at cost At 31 July 2024 Depreciation: At 1 August 2023 Provision for the year Disposals At 31 July 2024 Net book value At 31 July 2024 At 31 July 2023 Schools Cost: At 1 August 2023 Additions at cost Disposals at cost At 31 July 2024 Depreciation: At 1 August 2023 Provision for the year Disposals At 31 July 2024 Net book value At 31 July 2024 At 31 July 2023	Freehold Property £’000 113,122 9,366 - 122,488 24,596 3,226 - 27,822 94,666 88,526 113,122 9,366 - 122,488 24,584 3,226 - 27,810 94,678 88,538	Leasehold Property £’000 433 - -		Plant, Vehicles and Equipment £’000 8,676 666 (386) 8,956 7,413 771 (386) 7,798 1,158 1,263 8,557 627 (386) 8,798 7,306 768 (386) 7,688 1,110 1,251	Total £’000 122,231 10,032 (386)
		433			131,877
		116 5 -			32,125 4,002 (386)
		121			35,741
		312			96,136
		317			90,106
		433 - -			122,112 9,993 (386)
		433			131,719
		116 5 -			32,006 3,999 (386)
		121			35,619
		312			96,100
		317			90,106

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

7. TANGIBLE FIXED ASSETS (Continued)

Prior to 2000 the cost of land and buildings within the curtilage of Charterhouse School had been written off and not capitalised. In 2000 the cost of buildings constructed since 1974 was reinstated at cost. In addition, Charterhouse School has over the years collected a number of historical assets the value of which cannot be easily ascertained. Included in freehold property are assets in the course of construction totalling £8.439m (2023: £7.170m) which have not been depreciated.

8. INVESTMENTS 2024

INVESTMENTS 2024
Consolidated Opening balance Investments Cash capital At 1 August 2023 New Investment Reinvested income Amounts extracted Investment management fees Gain realised and unrealised Carried forward at 31 July 2024 Closing balance Investments Cash capital At 31 July 2024 Listed Investments Fixed Interest Equities Alternative Assets Bonds Gold Cash Charity Investments UK Overseas	General £’000 16,967 563 17,530	Endowed & Restricted Funds £’000 4,833 160 4,993	Total £’000 21,800 723 22,523
	237 (22) (142) 2,073 19,676 18,875 801 19,676	67 (259) (40) 591 5,352 5,134 218 5,352	304 (281) (182) 2,664 25,028 24,009 1,019 25,028 1,801 19,809 21,610 1,932 467 1,019 25,028 4,616 20,412 25,028

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

8. INVESTMENTS 2023

INVESTMENTS 2023
Consolidated Opening balance Investments Cash capital At 1 August 2022 New investment Reinvested income Amounts extracted Investment management fees Gain realised and unrealised Carried forward at 31 July 2023 Closing balance Investments Cash capital At 31 July 2023 Listed Investments Fixed Interest Equities Alternative Assets Bonds Gold Cash Charity Investments UK Overseas	General £’000 16,401 871 17,272 - 203 (68) (124) 247 17,530 16,967 563 17,530	Endowed, Restricted & Designated Funds £’000 4,924 261 5,185 66 61 (356) (37) 74 4,993 4,833 160 4,993	Total £’000 21,325 1,132
			22,457 66 264 (424) (161) 321
			22,523
			21,800 723
			22,523
			2,152 17,855 1,793 - 723
			22,523
			3,302 19,221
			22,523

During 2021-22 the Charity invested £250k in Charterhouse International Ltd share issue

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

9. STOCKS

Consolidated 2024 2023 £’000 Catering 44 38 Retail shop 71 84 Merchandise - 3 115 125 10. DEBTORS AND PREPAYMENTS Fees and other pupil expenses 1,599 1,259 Staff mortgages and loans 13 5 Loans to subsidiary undertaking - - Trade debtors 1,410 151 Amounts due from subsidiary companies - - Prepayments and accrued income 203 275 Other debtors 673 598 3,898 2,288 Interest is charged at 2% above Lloyds base rate and is repayable on security is given. 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans 360 1,392 Taxation and social security 730 1,092 Trade creditors 2,524 3,421 Amounts owed to group and associated undertakings Other creditors 886 706 Accruals and deferred income 7,766 6,403 12,266 13,014 Deposits from parents (note 12a) 6,709 7,585 Deferred income – fees received in advance (note 12c) 3,359 906 22,334 21,505 12. CREDITORS: amounts falling due after one year Bank loans/Private Placement (note 12b) 34,290 34,650 Advanced fees (note 12c) 5,561 1,543 39,851 36,193	Schools 2024 2023 £’000 £’000 38 37 - - - - 38 37 1,599 1,259 13 5 - 20 1,004 8 736 722 183 259 656 576 4,191 2,849 reasonable notice. No 360 1,392 654 1,026 2,271 2,976 35 392 886 708 7,404 6,158 11,610 12,652 6,709 7,585 3,359 906 21,678 21,143 *34,290* 34,650 *5,561* 1,543 *39,851* 36,193	Schools 2024 2023 £’000 £’000 38 37 - - - - 38 37 1,599 1,259 13 5 - 20 1,004 8 736 722 183 259 656 576 4,191 2,849 reasonable notice. No 360 1,392 654 1,026 2,271 2,976 35 392 886 708 7,404 6,158 11,610 12,652 6,709 7,585 3,359 906 21,678 21,143 *34,290* 34,650 *5,561* 1,543 *39,851* 36,193
		12,652 7,585 906
		21,143
		34,650 1,543
		36,193

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

12a. ACCEPTANCE AND OVERSEAS DEPOSITS

Parents are required to pay a deposit on acceptance of a place which is refundable at the end of the pupil’s pupillage at the Schools.

Consolidated Within 1 year	2024 £’000 6,709	2023 £’000 7,585

Pupil Fees Deposits – the total amount held in relation to fee deposits of £6.709m is included above. In the normal course of business the expected repayment of these amounts will be £1.198m (2023: 1.111m) within one year and £5.511m(2023: £6.474m) after more than one year.

12b. BANK AND LOAN NOTE DEBT

The Charity has a £35m partially amortising private placement with a term of 40 years at a fixed rate of 3.19%. Principal repayments beginning in 2024 and ending in 2058. The Charity also has a RCF of £4.650m with a tenor of 3 years at 1.5% over base rate, currently undrawn.

Consolidated Within 1 year Within 2 to 5 years After 5 years		2024 £’000 360	2023 £’000 1,392 1,392
		360 1,560 32,730 34,290
			1,510 33,140
			34,650

12c. ADVANCED FEES FUND

Parents may enter into a contract to pay to the Schools up to the equivalent of five years’ School fees in advance. Any proportion of the advanced fee may be repaid to the parents at their request.

Within 2 to 5 years Within 1 year	2024 £’000 5,561 3,359 8,920	2023 £’000 1,543 906
		2,449

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

12C. ADVANCED FEES FUND (CONTINUED)

DVANCED FEES FUND (CONTINUED)
The movements during the year were: At 1 August 2023 New contracts Repayments Amounts used to pay fees Amounts added to value of fees At 31 July 2024	2024 £’000 £’000 2,449 8,194 (436) 10,207 1,273 14 (1,287) 8,920		2023 £’000 £’000 2,944 876 - 3,820 1,345 26 (1,371) 2,449
		8,920		2,449

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

13. ALLOCATION OF THE NET ASSETS BETWEEN FUNDS 2024

Consolidated: General funds Designated funds: Tangible fixed assets reserve Endowed funds Restricted funds		Tangible fixed assets £’000 - 96,136 - -	Investments £’000 19,676 - 2,622 2,730 25,028	Net current assets £’000 3,609 - - 2,617 6,226	Long term liabilities £’000 (23,285) (16,566) - - (39,851)	Pension fund liability £’000 - - - - (552) (552)	Total £’000 - 79,570 2,622 5,347 (552)
		96,136					86,987

ALLOCATION OF THE NET ASSETS BETWEEN FUNDS 2023

Consolidated: General funds Designated funds: Tangible fixed assets reserve Endowed funds Restricted funds Pension scheme fund		Tangible fixed assets £’000 - 90,106 - - -	Investments £’000 17,530 - 2,459 2,534 - 22,523	Net current assets / (liabilities) £’000 918 - - 2,603 - 3,521	Long term liabilities £’000 (18,448) (17,745) - - - (36,193)	Pension fund liability £’000 - - - - (826) (826)	Total £’000 - 72,361 2,459 5,137 (826)
		90,106					79,131

Charterhouse | Edgeborough

Annual Report

Balance	31 July	2024	£’000	-		79,570	79,570		671	1,938	18	1,383	-	-	170	1,167	5,347		673	1,836	113	2,622	(552)	86,987
Investment	gains /	(losses)	£’000	2,073		-	2,073		69	216	15	-	-	-	-	-	300		65	216	10	291	(137)	2,527
		Transfers		(7,209)		7,209	-		-	-	-	-	-	-	-	-	-		-	-	-	-	-	-
		Expenditure	£’000	(49,851)		-	(49,851)		(7)	(745)	(2)	(37)	(741)	(925)	(10)	(195)	(2,662)		(4)	(156)	(1)	(161)	411	(52,263)
		Income	£’000	54,987		-	54,987		13	655	1	620	49	122	-	1,112	2,572		7	24	2	33	-	57,592
Balance	1 August	2023	£’000	---		72,361	72,361		596	1,812	4	800	692	803	180	250	5,137		605	1,752	102	2,459	(826)	79,131
FUNDS 2024				Undesignated general reserves	Designated funds:	Tangible fixed assets reserve	Total unrestricted funds	Restricted funds:	Prizes	Scholarships and bursaries	Other	Donations other	Donations Business Hub	Donations Art and Design Hub	Donations Wei Music Fund	Donations Drama		Endowed funds:	Prizes	Scholarships and bursaries	Other		Pension scheme fund
14.

Charterhouse | Edgeborough

Annual Report

	Balance	31 July	2023	£’000	-		72,361	72,361		596	1,812	4	1,050	692	803	180	5,137		605	1,752	102	2,459	(826)	79,131
	Investment	gains /	(losses)	£’000	247		-	247		8	26	2	-	-	-	-	36		9	28	1	38	783	1,104
			Transfers		(9,436)		9,436	-		-	-	-	-	-	-	-			-	-	-	-	-	-
			Expenditure	£’000	(45,230)		-	(45,230)		(4)	(776)	(23)	-	(1,800)	-	(10)	(2,613)		(4)	(249)	(1)	(254)	347	(47,750)
			Income	£’000	50,936		-	50,936		7	761	1	297	1,366	703	-	3,135		7	23	1	31	-	54,102
	Balance	1 August	2022	£’000	3,483		62,925	66,408		585	1,801	24	753	1,126	100	190	4,579		593	1,950	101	2,644	(1,956)	71,675
*FUNDS 2023*					Undesignated general reserves	Designated funds:	Tangible fixed assets reserve	Total unrestricted funds	Restricted funds:	Prizes	Scholarships and bursaries	Other	Donations other	Donations Business Hub	Donations Art and Design Hub	Donations Wei Music Fund		Endowed funds:	Prizes	Scholarships and bursaries	Other		Pension scheme fund
14.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

14. FUNDS (CONTINUED)

The Tangible Fixed Asset reserve incorporates the Reinstated Property net book value of Charterhouse School buildings erected since 1974 that until 2000 were written off in the year of acquisition.

The restricted prizes, scholarships and bursaries funds are a consolidated fund of numerous individual gifts to provide prizes, scholarships and bursaries to enable pupils to attend the schools.

The donations fund includes restricted funds donated in the year for which the expenditure has not yet been incurred. The Wei Music restricted fund is for a bursary for an exceptional musician, the Business hub is for a capital conversion of an existing space at Charterhouse School, the Art and Design hub and Drama are for a capital conversions also.

The endowed funds arose from legacies received for the permanent benefit of the schools and £23k was drawn down during the year mainly for scholarships, bursaries and prizes.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

15. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

			2024	2023
			£’000	£’000
Net income from operations			5,329	6,352
Investment income and interest received		(1,396)		(353)
Investment manager and cash management	fee		182	161
Depreciation			4,002	3,760
(Gain) on sale of tangible fixed assets			(79)	(2,147)
Loss on disposal of tangible fixed assets			-	565
Pension scheme net finance costs			31	61
Contributions to the Charterhouse Retirement Benefit Scheme			(442)	(408)
Decrease /(Increase) in stocks			10	(27)
(Increase)/ Decrease in debtors		(1,610)		147
(Decrease) in creditors			(592)	(334)
Increase/ (Decrease) in Advance Fee Scheme			6,472	(495)
Net cash inflow from operations		11,907		7,282
Analysis of changes in net debt		Cash		31 July
	1 August 2023	flows		2024
	£’000	£’000		£’000
Cash in bank	13,973	8,287		22,260
Cash in hand	3,987	(2,891)		1,096
Notice deposits	4,653	(3,462)		1,191
Cash and cash equivalents	22,613	1,934		24,547
Bank loans falling due after less than one year	1,392	(1,032)		360
Bank loans falling due after more than one
year	34,650	(360)		34,290
Total borrowings	36,042	(1,392)		34,650
Net debt	(13,429)	3,326	(10,103)

16. COMMITMENTS

Capital Expenditure

During the year the Charity worked on various projects and £3.6m at year-end is contracted for but not accrued in respect of these; (2023: £5.243m).

but not accrued in respect of these; (2023: £5.243m).
	Vehicles	&
Operating Lease Commitments	Equipment
	2024	2023
	£’000	£’000
The future minimum lease payments under non-cancellable
operating leases which are all payable as follows:
Within one year	198	183
Between two and five years	466	488

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

17. PENSION FUNDS

All members of the teaching staff are members of the Government scheme for the teaching profession, to which the Charity is a contributor. Some of the support staff are deferred members of the Charterhouse Retirement Benefits Scheme, a defined benefits scheme that was closed to new entrants on 31 July 2002. The actuarial valuation at 31 July 2021 indicated that the assets of the fund represented 80% of its liabilities. The position will be kept under review. From 1 August 2002 new members of the support staff were able to join a defined contribution scheme.

Governments Teachers’ Pension Defined Benefits Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2.263m (2023: £2.394m) and at the year-end £0 (2023 - £7k) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Following a consultation process with staff during 2023/24, the schools capped their future liabilities through a mechanism whereby staff electing to remain in the TPS offset future employer contribution increases by accepting a lower level of salary increase.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

The Charterhouse Retirement Benefits Scheme

The Charity operates a scheme for its non-teaching staff, The Charterhouse Retirement Benefits Scheme, which is a defined benefits scheme. The actuarial valuation does not separately identify the Charity’s share of the underlying assets and liabilities of the Scheme. The Scheme was closed to new entrants on 31 July 2002. From 1 August 2002 new members of the support staff were able to join a defined contribution scheme.

The assets of the Scheme are held separately from those of the Charity. The Scheme is funded by contributions from the employees and employers.

The most recent formal actuarial valuation of the Scheme was carried out as at 31 July 2021. The following summarises the accrued funding position as at that date on the basis that the Scheme continues to operate as a going concern and is not wound up:

Value	of Scheme assets	£ 10,286,000
	Value of accrued liabilities	£ 12,791,000
	Shortfall	£ 2,505,000
	Funding level	80%
Principal Actuarial Assumptions
-	Discount rate after retirement	2.92%
-	Discount rate before retirement	2.92%
-	Future Retail Price Inflation	3.70%
-	Future Consumer Price Inflation	3.20%
-	Pension increases (RPI limited to 5%pa)	3.60%
-	Pension increases (CPI limited to 3%pa)	2.60%
-	Pension increases (RPI limited to 2.5%pa)	2.40%
-	Deferred pension revaluation (CPI limited to
	5%pa)	3.00%
-	Deferred pension revaluation (CPI limited to
	2.5%pa)	2.50%

The value of accrued liabilities represented the Scheme Actuary’s estimate of the sum required at the date of valuation to meet all future benefit payments in respect of members’ service up to 31 July 2021.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

17. PENSION FUNDS (CONTINUED)

To eliminate the funding shortfall the Trustees and the Charity have agreed that the Charity will pay contributions of £408,000 per annum into the Scheme. These contributions will be used to reduce the funding shortfall. It is expected that the deficit will be entirely cleared by 30 April 2028. The agreed contributions are set out in a Recovery Plan and Schedule of Contributions dated June 2022.

Despite these contributions it is possible that the funding position of the Scheme might not develop as well as expected if the experience of the Scheme subsequent to the valuation date, particularly the investment returns, is unfavourable compared to the actuarial assumptions used for the valuation. Contributions will therefore be subject to review at future actuarial valuations.

The Scheme Actuary certified that, in his opinion, the rates of contributions shown in the Schedule of Contributions dated June 2022 are such that the Statutory Funding Objective could have been expected on 31 July 2021 to be met by 30 April 2028.

As required by legislation, as part of the formal valuation of the Scheme, the Scheme Actuary also estimated what the funding position would have been if the Scheme had been wound up as at 31 July 2021. The following summarises that position:

Value of Scheme assets	£10,286,000
Value of winding up liabilities	£18,060,000
Shortfall	£7,774,000
Solvency level	57%

The shortfall is an estimate of the additional sum that the Charity would have needed to pay to an insurance company to secure all members’ benefits in full had the Scheme been wound up on 31 July 2021. Providing “winding up” information is a formal legal requirement and does not imply that the Charity is considering winding up the Scheme.

There has not been any payment to the Charity out of Scheme funds.

The fair value of the assets of the Scheme was:

Asset class Gilts Diversified Credit Fund Net Current Assets LDI Partners Veritas Total	2024 £’000 2,605 962 121 633 1,064 2,963 8,348	2023 £’000 2,310 684 475 533 1,020 3,051 8,073

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

17. PENSION FUNDS (CONTINUED)

The allocation of fund assets is as follows:

			Allocation of fund	Allocation of fund	assets
Asset class	31 July	31 July	31 July	31 July	31 July
	2024	2023	2022	2021	2020
Equities	33%	38%	50%	54%	40%
Bonds	39%	35%	22%	30%	44%
Semi –liquid investments	13%	13%	19%	15%	15%
Diversified Credit Funds	12%	8%	8%	-	-
Cash and cash alternatives	4%	6%	1%	1%	1%

The return on assets was:

Return Interest Income Return on assets less interest income Total return on assets	2024 £’000 406 (57) 349	2023 £’000 315 (1,272) (957)

The assets of the Scheme have been included at market value and the liabilities under the FRS102 measure have been calculated using the following actuarial assumptions:

		2024	2023	2022	2021	2020
Expected rate of return on		-	-	-	-	-
scheme assets
Rate of increase in salaries		-	-	-	-	-
Pension increases	– pre	3.10%	3.10%	3.25%	3.25%	2.85%
1/9/07
Pension increases	– post	2.15%	2.20%	2.30%	2.30%	2.15%
1/9/07
Rate of discount		4.95%	5.05%	3.45%	1.60%	1.35%
Inflation		3.20%	3.20%	3.30%	3.30%	2.90%

The liabilities are determined using the projected unit method as required by FRS 102, as distinct from the aggregate method used in the triennial actuarial valuation. Under the projected unit method, the current service costs will increase as the members of the Scheme approach retirement. On this basis, the balance sheet figures in respect of the Scheme at 31 July 2024 are as follows:

Fair value of Scheme assets Defined benefit obligation Net liability	2024 £’000 8,348 (8,900) (552)	2023 £’000 8,073 (8,899)
		(826)

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

17. PENSION FUNDS (CONTINUED)

Reconciliation of opening and closing Scheme liabilities

Opening defined benefit obligation Interest cost Past service cost Actuarial (gain) / loss Estimated benefits paid (net of transfers in) Closing defined benefit obligation Reconciliation of opening and closing Scheme assets Opening fair value of Scheme assets Interest income Actuarial (loss) / gain Contributions by employer Estimated benefits paid (net of transfers in) Closing fair value of Scheme assets	2024 £’000 8,899 437 - 80 (516) 8,900 8,073 406 (57) 442 (516) 8,348	2023 £’000 11,202 376 - (2,055) (624) 8,899 9,246 315 (1,272) 408 (624) 8,073

Closing fair value of Scheme assets 8,348	Closing fair value of Scheme assets 8,348	8,073
The charge to the Statement of Financial Activities over the financial year is as follows:
Operating charge
Net interest expense	31	61
Total operating charge	31	61
Total other recognised gains and losses
Actuarial (loss)/ gain	(137)	783

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

17. PENSION FUNDS (CONTINUED)

Amounts for current and previous periods

Defined benefits obligation Scheme assets Deficit Experience adjustments on Scheme liabilities Experience adjustments on Scheme assets	31 July 2024 £’000 (8,900) 8,348 (552) - -	31 July 2023 £’000 (8,899) 8,073 (826) (181) (1,272)	3 July 2022 £’000 (11,202) 9,246 (1,956) 375	31 July 2021 £’000 (14,303) 10,241 (4,062) (26) 1,305	31 July 2020 £’000 (14,555 ) 8,880 (5,675) (1,120) 390
			(1,080)

The actuary’s calculations have been carried out in line with the requirements of Section 28 of FRS102. The actuary has confirmed that the valuation made above does not indicate actuarial advice for the purposes of funding the Scheme.

The actuary has excluded from both assets and liabilities items which have neutral effect on the Scheme’s financial position i.e. additional voluntary contributions, annuities secured in respect of pensions in payment and insurance contracts for death in service benefits.

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

18. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Funds £’000 44,332 461 2,148 101 292 1,455 2,147 50,936 1,491 1,270 124 380 3,265 41,618	Endowed Funds £’000 - - - - 31 - - 31 - - 19 - 19	Year ended 31 July 2023 £’000 44,332 461 2,148 3,206 353 1,455 2,147
		54,102
		1,491 1,270 161 380
		3,302 44,448
	235
44,883 6,053 247 6,300 - 783 7,083 64,452 71,535		47,750
	254 (223) 38 (185) - - (185) 2,644 2,459
		6,352
		321 6,673 - 783
		7,456 71,675
		79,131

Charterhouse | Edgeborough

Annual Report

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

19. RELATED PARTY TRANSACTIONS

There were no related party transactions during the current or prior year other than those stated in note 3 in relation to the trading subsidiaries.

Charterhouse l Edgeborough Annual Report 57

DANTE CHARTERHOUSE 58

Edgeborough 59

Annual Report

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