Registered number: 00485947 Charty number: 312057 TORMEAD LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 "AAJYQ17M* 18112r2021 COMPANIES HIXJSE A17
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TORMEAO LIMITED IA Company Limited by Guarantee) CONTENTS Page Reference and Administrative tktails of the Company. its Trustees and Advisers Trustees. Report Trustees. Responsibilities Statement Independent Audltor's Report on the Financial Statements Statement of Financial Activiti 3-17 18 19-22 23 Statament of Finala1 Position 24-25 Statemént of Cash Flows 26 Notes to the Financial Statements 27-43
TORMEAD UMITEO IA Company Limiled by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Trustees R Harris BA ACA. Chair A L Cullum BA PGCE NPQH+ S A Geary" M Howse LL8" R J Jewkes B Eng FIE Aust. Drc M Kissin MB Ch8 MRCP FRCR+' Prof G Miller Bsc Msc Pho PGCE+ S G Newnes-smith ACA" P J O'Keefe RIBA MCIOB MIMgt' A R C Spender 8Sc FIA+ J C Walkins FCA+ J M Wicks BA" {Resigned 9 Oe¢ember 20201 ' Members ofthe Finance & General Purposes Crynmittee + Members of the Academic Committee + Designated Safeguarding Govemor Company regÉstered number 00485947 Charity registered number 312057 Registered office Tom)ead Cranley Road Guildford Surrey GU1 2JD Bursar Miss H DaNies MA (Oxon) MBA (resigned 31 August 20211 Mrs Stella L&¥lon CSBM INCTLI laFpointed 1 August 2021) Head D 80sYl MA (Oxon) MBA Independent audltor Nexia Smith & Williamson Chartered Accountants Stalulory Audrtor5 Onslow House Onslow Slieet Guildford GU14TL Bankers Lws Bank pk Connaught House Alexandra Terrace Guildford GU1 3DA Page 1
TORMEAD UMITED {A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Solicitors Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Page 2
TORMEAD UMITED IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 OBJECTS, AIMS AND ACTIVITIES Objects The School was founded in 15 and rts d)jects. as set wt in rts goveming documertl. are the advancement of education Ihrough the prowsion of a School or schools for girls and boys_ Tormead School is the operatlng name of Tormead Limile<l. 11 is a ¢harity established as a company limi(ed by guar8nlee. registration fiu[T)er 485947. 11 is the policy of the School to attain the hwJhest a¢ademi¢ levels as well as provKJing an extra-curricular programme that aims to help devekjp a life-bng love of aMIng and a desire to contribute to the community. It looks also lo prepare the girls for life at universty and beyond in a changing wodd. The School provides education in Guildford for girfs ft¢yn the ages 014 10 18. The scho has no endowment income and therefore makes a proportion of gross fee income availab to promde fee assistance lo pupils who would not otherwise be able lo join or remain al the Schocl. Our aims We are commilled lo prowding an exeelent. all round education in a wami. stimulating and supportive environment. Our v81ues are-. . We tat everyone with Spect and dKJnty . We deliver academic excellence . We enrich through a broad and varied cunrculum . We celebrate effort and achievement We bring out the best in our gsds . We prepare our girls for life beyond school Ethos Tomead School Is a Charrtab trust which seeks to benefrt the public through Ihe pursuit of rts aims. Our fees are set at a level to ensure the financial v7abilrty of the school and that is a150 consistent with providing a first- class education. Tomiead Schod is committed to safeguarding and proriKAing t weare of our pupils and expects all staff to share this commitment. In all we do. we strive to keep our pupils safe and appropriately provided for. and this was confimed by our most re¢ent ISI Compliance inspection {May 20171 in which the school met all the requirements of the Independent School Standard RegUlatn$. in¢luding those that ielate to safeguarding. The ISI Educational Quality Inspedion (May 20171 fvrther noted that 'pupils behave in an exemplary way and have a strong sense of moralrty,. 'pupils have a strong Sal awareness and a sense of respect for all members of the school communiti arKI'pupils at the school are WelroUn¢jed, seK-confident and artlate young p¥).. The School was SU.ect lo a Compliance Inspection by the Independent Schcols, Inspectorate in November 2021 and expects the ieport lo be published in December 2021. Page 3
TORMEAD UMITED IA Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 O&JECTS. AIMS AND ACTIVITIES Icontlnuedl Objectives for the year Our obje¢tives are sel lo reflect our edu¢alKy)al aims and the ethos of the School. In setting our objectives and planning our activilies the Trustees have given rareful consideration to the Charity Commission's general guidants on public benefit and in partujlar to rts supplementary guidance on advancing educion and on fee- charging. Objectives for the year. and strategies for obiecti¥e4 were: Prepare girls. wrthln a supportlve envlronment. to meet today's ehallenges The year began in a most unusual way. wrth restrictions on year groups rrmxing physicalfy. and limited access lo certain aa$ of the sch1. The complex plan for schcol re-opening 8fter the lockdown, in the Spring and Summer terms. caled for reassurance and time. To that end. several retum404chool guides were produced in advance of pupils retuming in September and when we dwj start back, il was as a phased beginning, th each year group being given dedicated time for half a day to a¢climatise back to school. On those half days, pupils were spoken to by pastoral staff about how ihey might expect to feel, hang been away from schcol for seven months an¢J wh support was in place to help them. Assemblies remained virtual and the concept of year group bubbles meant thal exfra4urricular dubs that involved mixing ages of pupils could not tske pl&e. However, from day one, sport iesumed, as did music lessons and very quickly. Tormead was offering a comprehensive eXtra-m¢Ular prc•Jramme for each year group- As Year 7 could not enjoy their usual bonding weekend at PGL in September, we arranged for a company that specialised in ouldoor eduealion to run a day of activrties at the Umfiekl for Year 7. House meetings atKI events suffered heavity from the bubble system, bul despite this we maintained virtual meetings and found clever ways lo IK4d compehtions. The first of the year. House Drama, was filmed and then edrted togelher so that different ages of pupils Id interact to produce a final piece. These were then aired lo the school at the end of the first haff lemi. Our team of pupil House Captains and stsff Heads of House created inventive means to keep House spirit and charity events continuing throughout this disrupted year. One of the highlights was the celebration of Wotld Menlal Healih Day in which yellow clothing became uniform for the day. In the sumrner term we bolstered the traditional House Sports Day by taking over Surrey Sports Park for House football. netball. njgby and ho¢key tovmaments. As we entered a second national Icckdown and reacted to news that public exams were to be cancelled, the school moved to a virtual VerSn of the tiMetsb wlh Iwe vKleo lessons. This induded tutor and assembly slots as well as virtual Offi hours 'dr¢w in. sessions wrth Heads of Year. to support pupils maintain pastoral links vth staff and each other. Our eourtseNing service also moved lo a virtual settirTg for those that wished lo cary on with that form of support. In the Spring Term, our community resFonded lo the intensity of computer use and online leaming wrth a TOmad Time Out day in which pupils and staff went offline to produce Greive projects which were then showcased to the rest of the school in an online assembly at the end of the day. This in¢lu¢Jed cooking. creating music, singing 8 50ng, comp05ing a poem or completing a phy5Kal activrty. PSHE talks and the Horrzons Speaker Programme continuwj albeit rtalty, including talks on online safety, and 8 host ol inspiring and th)ught-provoking indiwduals speaking aboul a variety of topics. The School Council's activities began in eamesl towards the latter part of the year with a Call from students to expand the remit of the council towards more 5peaalisl areas of sch1 life. Sub-¢ommittees for food, the environment. diversrty and equalty. were esLslished and met for the first lime In the Summer temi of 2021. Page 4
TORAIEAD LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 OBJECTS, AIMS AND ACTIVITIES (continued) The Head and members of the Sixth Fomi learn mel wrth representatives of the Sixth Fom and some Year 11 pupils, to discuss the impact of 'Everyone's Invited, and how Tomiead might better support pupils in this area. This was folked by an assembly al the end of the Spring lemi in which the Head addressed the whole school community on actions that had agreed in consultation wrth pupils, and that the School was here to supw)rt any pupil who had suffered sexual Molence or harassment. In the Spring term pupils requested permission lo establish a LGBTQIA+ socth and this was approved. Al a launch charty event in January, which induded a r8tnbuw cake corrpetilion and a 24 hr wrtual disco. a laudable sum was raised for the charity St¢y)ewall_ wrth the cancellat of public exams. replaced with T&icher Assessed Grades. the pastoral learn focused pastoral supwrt on the Upper Sixlh and Year 11 in particular. as these pupils grappled wf(h the newly announced format of assessments. Our Prrze Day, in which Upper Sixth parents and pupils were able to attend in person, heard from a former Head Girf, who retumed lo deliver a powerful and positrve message about the importance of perspective in career and choices, and how being able to respond creatively and flexibly to changing circumstances was key skill to devebp and ¥ue in life. The pursuit of a¢adÈmlc excellence With almosl 80°A of resutts at A'th. 94°A at A'l and over 6 Jt of every 10 CidateS gaining slraighl A'IAS, the gids once again did themselves, their families and their School proud al A Level. The Urse$ they will go on to study al university indude M&iane. Velerinary Mediane, Dentistry, Law. Engineering, Modem Languages. Polit, English Lrterature. History. Economts and Psythology wr(h one girf going up lo Oxford lo study Chemistry. AI GCSE, over a third of all grades *Ere 9. Over 85°h of grades we 7. wth over 70% of the cohort securing nine or MO grades 7-9 September 2020 saw the Sch¢xl devdop a fenewed and highty effectNe remote leaming programme, that leaml from and built on. the successes from the previous academic year. Thanks in part lo a hbgh level of existing ability and nrence gained from the ffirst school closu. teaching staff were able to continue offering 8 broad curriculum from a distance. There was an expectation for a 'lwe' teaching element in each lesson, therefore 811owing the pupils lo interact fiJlfy th their teacher5 and peers. A 'blended' approach to teaching and leaming was another important wuirement to ensure t1 ptjpils present in Class. as well as those Isolating at home, all had access to the same high-quality leaching. Har(Iware was installed in all leaching sp&es lo facilitate this and ensure that the experience was as d05e as possible lo live in-person teaching and leaming. The strenglhening'of extra-cu¥¢u1ar activities Every girf had an eXtra-curr[luM progrMe tailor8J to her interests and needs, wlh 120 different ¢lubs and activities offered. A wide range of opportunities We prowde¢J lor Wership. communty engagement. Sptyting achievement and interests Page 5
TORMEAD UMITED {A Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 08JECTS, AIMS ANO ACTIVITIES Iconlinuedl The link with Bhu Pu Scho)l Besisahar. Nepal continued dvJrtally, and a joint expedrtion wlh the RGS was planned for October 2024. Students from all year grcMJPS raised money for the DEC India Appeal, Royal 8rilish Legion, The Marine Conservation SoCty. Young Minds, Better Lives Cambodia. The pupils vdunteered over 1209 hours as part of the DolE scheme, a stxial value of £550.95. During the year, the school community made ular donations to the Guitdford North Fc)d Bank and last winter over 600 coats were donated to Wrapup London. Missing Maps is a cOlborative prqecl in wh¢h our Sixth Form pupils helped map regH)ns where humanrtarian org8nisations a hetping * ftsk of disasters. Work has included refugee site mapwng for the ongoing Tigray crisis and the mapping of the spread of COVID-19 in the Lethakane District-19 of Botswana. A number of students volunteer for Zooinverse. the world's largest citizen powered research plaffomi. whh supptyts the WO of professional researcher8. Regularly the Sixth Fomi undertake a litter pick in the Jocal area. A leadlng posltlon at the cutting edge of IT in education Replaced half of our remaining proie¢tors with tou¢hs¢reens bringing improved cL4rity and brightness lo our displays, as well as reduced maintenan Introduced high qualty cwnera5 rnwhones rnto all dassrLX)ms to facililate blended leaming, which allows pup41s self-isolating to still access lessons renv)tely Moved Prep Schwl lo Ggle CLgssroom and Google Meet for remote leaming. This integrated platfomi was welcomed by parents and pupils who found rt easier to navigate than using showb with a separate meeting platfom) Moved Senior Schod meeting plaffom lo hAiciosoft Teams. which allows for class rnigralion from our MIS Planned for the introduction of School¥ned staff iPads to ensure a consistent and modern device 1$ available to am teaching staff Worked towards {and subsequently awarded) Apple Distinguished Schods status for the third lime. This recognises us a centre for technological excellence that is comnirtted to a culture of conlinuous innovalion. An a$ptrational and ambitious Sixth Form The Sixth Form continued to have an academic focu5 ¥th even more opportunities for the girls to take part in intellectual lrfe. All subject mentors psented a short talk in Sixth Fom Assembly which was suitsble for a general audience. The entire Sixth Fomi took part in either SyThposium or EPQ. and Horoons exposed the gifts to a wide variety of life experiences and also subject knowledge e.g. the latest medical or engineering research. 'Oxplore' and 'What Ir sessions were open to the Sixth Fomi. both of which provide opportunth'es for ¢ounter- factual and critical thinking. The Oxbridge coordinators continued to provhle a structured programme of preparatK)n for our carKI81eS and arranged mod¢ intemews forthose girfs who are invited. This year we held our inaugural Sixth F(*m Tom)eadlRGS pfects dinner whieh Included a 30•minute presenlathjn from RKk Findler an awafd-wnning war photr8rapher whose work has been published in The Sunday Times. The Sixth Form team has been $truCtUred an¢Y there are tsvo co-direetors.. Mr. Robin Ewbank (Academic) and Mr. Julian Sykes (Past1). As part of this restructuring, the is a new Sixth Form Tutor Team that provides strong leadership in both academic and pastoral sur4)ort. All girls meet with their Tutor at least once every term and prowde an additional level of support for the UCAS applicats.on prcs. Page 6
TORMEAD LIMITED IA Company Limited by Guaranleo) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 OWECTS. AIMS AND ACTivmES (continuedl Voluntary work continues to be an integral part of Sixth Fomi lrfe and we now work with a number of local schools.. Pond Meadow. Boxgrove. ShWl and St Joseph's. Due to COVID-19, voluntary work switched lo on-line with pupils creating innovative pr(yJrams to support the communty. We have continued to litter pick in the roads that surround Tomiead and in January 2022 * hope to resume voluntary wod( in person for double vaccinated pupils. Many of our Sixth Form expeditions are ncN4 shared wth RGS, including our intemalional partnership with sGht)ol in Nepal. Again. we hope lo conts.nue these valuable links as soon as the intemalional COVID-19 and associated insurance situation imFKoves. The further development of links with parents and the community Increased levels of parental involvement in Tormead community events We reviewed OUT Outreach programme prior to Cowd. ar its effectiveness. and a new programme was launched during 2020 whth included the addibon of further I31 stht)oL8. Post Covid rt is hoped that the increased scope of the proviswjn wll create more opFortunTties for Tormea(I girts to participate. and the uptake of 5uGh Opportunit by our Sixth Formers continues lo grc We have continued to grow relationships wth alumnae and created a new Development Department at the school lo focus alumnae engagement and acts'thty. An anbrtKJus programme has been created to foster onwng l)nshIpS beeeft our nelwoth ofdd girls arKI the Torrnead community. The optimisation of the site In 2020 local architects were engaged to prepa a Masterplan of Ihe school site lo consider how lo maMise opportunty from the space available and provide 21st century leaming facil¢ties for pupils. Plans lo construct a new Mutb. Use Games Area We place(J on hokl Whi the Masterplan was prepared. Architects reported lo Trustees in June 2021. Trustees asked ts the Mastery)kn to be fulty costed to allow for further consideration in the 2021r22 aCade1n year. Following on from the partnership agreement entered into wth Guildford County School. for lh& development and improvement of sports faeiir(ies at the Umfield, the preparations for a planning application have continued in 2020r21. The Umfield 15 a fa¢ilty U4vned by Guildford County Schod it is approxim81ely 5 minutes from Tormead by minibus and current facilities include two cricket pitches. a grass athletics track. tsvo rugby and three football prtches. plus a pavilion. Under the partnership agreement, and In exchange for Torme8d covering the cost of redevelopment. use of the Urnfield would be shared between Tormead and Guildford County Sch(M)I both schools being ab to consider il their horne ground. The planning application includes a full-size artthcial hockey pitch surrounded by a new. artthcial athletics track, new facilities for field sports. a new first Xl natural grass football pitch. conversion of the X1 cricket prtch lo an artific1 wcket. and the instsllion of erid(et nets. The planning appltstion went live in May 2020, bul has been subject to several significant delays, outside of the control of either school. The planning application was rewewed by Guildford Borough Council and leCted at their December 2021 meeting., an appeal is being considered and both Tormead and GuIklfd nty SchorA remain fulty CLYnmitted to the project. Future developments The above objectives will Continue to be ntral to the fvlure devebpment of the Sdwol and are all priorities in the School's 2021122 development pL4n. However. the planning delays related to the joint Urnfield project, noted above are resliicting the School's ability to COMThEn any further redevelopmenl wotks. Paoe 7
TORMEAO UMITED {A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDEO 31 AUGUST 2021 PUBLIC BENEFIT Bursary policy The trustees are committed to ensuring that finanaal assistance is available, wthin the rneans of the School, for families who would not otherwise be able lo afford the fees or to rel*ve hardship where a pupil's education might be at risk. Our bursary awards are available to all who meet cwr general entrance requirements and are made solely on the basis of pantaI means. The financial needs assessment is made through the use of a means questionnaire and an independent assessor. The Trustees are aware that the Schoc4 has no endovKnents from which lo draw funds lo meet the financial commrtments of bursaries, all the charitys income coming solely fiom fees. There is therefore a balance lo be stwck in the number of bursaries awarded and the fees being receNed from other parerhts thal subsidise the scheme. Bursary awards can be for up to 100% of fees and the Trustees have fixed the number of awards al five at 1 OOOA, Of equivalent. in each year group from Years 7 10 13. Entrance Bursaries are awarded on entry to the school at Year 7 and Year 12, whilst Hardship Bursarie5 can be offered at 3ny stage. including in the Junior School. In addition. the is financol assistance for families warded Entrance Bursaries towards the cost of uniform, educational schcol trips and publi¢ examinations_ During the year, the Sch¢> pfovided means-tested Entran Bursaries for 42 pupils whose parents could not afford the full fees. with 13 pupils retsNing support of 1CM)% of fees. An additional nine pupils received Hardship Bursaries for all or part of the year. Beyond the considerable public benefit of providing a hvJIass eduCatn to pupils of the School, which equips them wrth exlIent academic qualifications and instils in them a sense of crtizenship and responsibilrty in later lrfe, the Sch1 also provKled wder benefits as detailed bekw. Charitable giving The pupils of both the Junior School and Senior School raised money for designated tharities throughout the year. During the 2020121 academic year £1.640.41 was 9sven to charities and among the reGipienls were. Red Nose Day WWF Disability Challengers Save The Childn Cancer Research Age UK Royal British Legion Through the Duke of Edinburgh scheme administered by the School. our pupils are involved in helping Ial charities and vdunteer on a regular basis. Page 8
TORMEAD LIMITED
(A Company Limited by Guarantee}
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2021
PUBUC BENEFIT l¢ontinuedl
Educatlonal benefits to those who are not puplls
Before the COVIt>19 lockdown, we offered outreach proMsion to local hC¥)IS and care homes,. the girls and
staff enjoyed participating and working wrth the l¢xal ¢ommunty. We plan to resume these act1vrtS when
possible.
In music. our choir and orchestra were unable lo perform regulaty at concerts and servi$ lo the publ
because of reslriclirMs in place to lim* the spread of COVID-19.
As noted previously. we have entered into a partnership with Guildford County School for the redevelopment and
expansion of spoth'ng facilrties at the Um Fk1. Shcxjkl planning approval be weTved. this projecl will create
signrfi¢ant benefit for the pupils of Guil
TOFIMEAD UMITED
IA Company L•mited by Guarantee)
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2021
Sports Report 20121
In the Autumn and Spring Terms we focused on the range and quality of Sk)Qrt Ihat we were able to offer the girls
in their bubbles followng school and NatJnal Governing BodS, guidelines. They cleady enjoyed their return to
sch¢)ol sport and attendance was excepb'onalty hh * our extrxurriculum sessions.
Reduced external facilities encouraged a creative appr¢)ach and all¢d us an addiÉional fccus on sports that we
are looking to devebp going forward.
Curriculurn
Ph
sical Fitness
ialisation and Wellbèin
We reeognised that rnany of the girls had not had the level of physical actiwty they were previously used lo so
overall frtness levels were reduced.? Isoktion and SOCTal distancing over the kickdown was challenging for many
of our students and they were looking forward lo getting back in I¢th wrth Iheir friends. Sport and Physical
Education provided a great vehicle f thi&
To this end we implemented the following".
Introduced new leambviltling and fftness lessons
Launched new opportunities for all to play footbal tag rugby. Devekjped the eady moming Strength
and Condf(ioning sessions and created virtual 'Maslerclasses for Sports, as well as a range of extra-
curricular actwities to watch when isibng or for exira training.
Set up a Tormead Strava club to encourage our running tornmunrty
Extra
TORMEAD UMITED IA Company Limited by Guarantee) TRLISTEES. REPORT {CONTINUEO FOR THE YEAR ENDED 31 AUGUST 2021 Gymnastics In the gym. the girfs continued lo train throughLXrt the year in group bUbbS c(Nnbining girfs from all three tiers, Participation. Oevek)pment and National squads during the after school and Saturday classes. Whilst there were no competitions in 2020121, the emphasrs was on skill progressionldevelopment and preparations for Regional and Nationals competitions In the follNing academic year. During periods of lockdown, the gymnastics dasses moved to renvxe learning Mth sessions held via Gocgle Classroom for the Prep School gyrnnasls and Zoom for the Senr School girts. The remote pro9ramme was designed to focus on conditioning and flebil alongside dance. yoga, Pilales and chraphy. These sessions were offered to all gids In the Summef temi, it was wonderful to retum to a m(we nom1 sports prcoram svth a focus on hlelics, cricket and tennis. Followng government guidelines and those of the indNidual sports, National Goveming Bodies, we We able lo fu11 some of our premously organised fixtures as well as inircxluung a few new ones with local schwls where pemissible. The emphasis was on getting Ihe gids bxk to enjoyable coryetitive inler-school fixtures. Athletics Whilst the was no Distrid Sports or Surrey Schools Ath1[¢$ we We able lo get the gids back to inler-school competitions and put into pr0¢t1 Iheir training in running. jumps and throws during the season, both virtual ané real time. Crick Cricket has very much follo1d a normal path wrth the Surrey competi18 Still running across the btsard. Tormead participated in". ESCA U13 and U15 Hardball competitk The SOCS U13 Hardball and Softball eompetrts Surrey County Cup. with limited hardball experience the gids gained valuable experien to build on for next season. Tennis The gids enjoyed their pre-season tennis camp hosted at Tormead during the Easter holidays. They were subsequently able lo enjoy sorne friendfy fixtures. against local teams. Prep School There was a drive to Continue building and nurturing connections in w)rt across both the senior and prep schools through shared resources induding coaching. use of facilth'es and support for rmpetItIOns. This was enhanced later in the year by compeb'tNe opportunities in athleb'¢s including three Qua(1 kKIs' competitions with Manor House, GHS and CLFS wrth some eInt indmdual perfomiances across the disuplines. Sports Day enabled all the girls to test their athletics skills wriih each House showing grit and determination to do their besl. It was also great to see the Prep gids pathcipate in the Starburst Cricket Festivals from Years 3-6 as part of our on90ing prcrfnotion of cricket as a key summer sport from Prep School upwards. Teambuilding On the back of the tearnbuikling lessons introjuced in the first haff term of the year. the Sports Team provided Teambuilding afternS 11 was an invaluable opportunity for all the girls to rekindle relalionships and have some fun in a safe and supportive environment. Rowing Tomie8d's fifsl venture into rtyng h•J a gcKxl start in the Sum[ term with ts¥o curriculum sessions for the Year 8 arK4 9 girls and an extra-curricular session for the Year 8s. we)rIdge Ladies Rowing Club were exlremely welcoming, and rt was gcod to see the girls make their firsl forays on the w*er in the Octo boat. Having already established a slrong link. there are plans to provbje rovnng in the new year for Years 9 and 10 with the potential for C¢Ftrt1O. Page 11
TORMEAD UMITED {A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 House Sports Everyone enjoyed a revNed H(se Sports Day The girls played in their year groups and the atmosphere was extremely lively. The girls were able to participate in four drfferenl sports ¢Juring the day," netball, hockey. football, rounders an¢J for the Year 9 and 10 girls, thwe was a150 the of Ngby. In addition, following slrict guidelines. our Lower Sixth girls were abk to nd their support and knowledge with some of the umpiring and scoring across all the sports whilst at the same time having opportunities lo engage in their own sport including squash, spinning. Pilates dojgeball. Sports Day Sports Day provided a lovely denouement to our year th opw)rtunities for all the girls in the senior school to participate in both track and field athletics for Iheir HIseS. Our Iron Women were strong contenders in their pentathlon wth sCe fierce compelthn all rourKI. A New Identity orts Ki The final half term of the year the lJnch of Tomad sports kit and the girfs will look extremely ofessional. Fitness suite A new Fitness Suite was instaned in June, providing great opportunrties for the girls to improve their strength and conditioning and fitness and supplement their preparab.on for match play and CLYrtpetitic)n. The staff will also have the opportunrties and wil be welcryne to use the fa¢ihtw. Muslc Due to COV1[19, 811 must live perfomwnce was cancelled for 2020121, but the school continued to run a successful, virtual choir. When the school turned in Summer term 2021. year group ensembles and choirs continued in bubbles wth some rerdIng of ensemble work. There was one outing of music in the year. namely the Carol servi which was v¥Jeoed in advance, again in separale year groups. Drama It was a strange year as large amounts of time were spent sludw.ng Drama from h¢Jne and this played a significant part in stopping the girts from being able lo improve their confidence levels and leadership ski115 bul they all improved their presentational versatility by embracing technok*Jy and using spotlighting, virtual backgrounds and all Ihe other available Zwm features to projuce work of the hhest qualty can be. October saw the Tomiead House Orama Competrtion take place as usual vAlh the added twist that the entrS had to be filmed with no Min9 of year groups allowed. The esteemed ILging panel were unable to separdle Livingslone's crime L1rama 'Six Fknrs Underf. featuring drone footsge and location shooting at a Guildford car park, fr[ Wellington House's 'Among Us.. which had scmne dever edib.ng trid¢ery as well as some excellent eharaeterisations, so they were dedared Int wnners. In the spring, we were able lo host another theat screening for all 57 students studwng Drama at GCSE and 'A' Level. We were privileged to watch 'Re<l Velvet. by Chakrabati. This play lold Ihe true, untold story of Ira Akjridge, the most renovme<l Afn'canAmeri¢an xtor of the 19th cenlury. The summer temi sw a ne4V re¢ord in the Drama Department as there were 4 prOdUctn$ in the space of four weeksl - Year 7 Drama Club got the ball rolling 'An Evenhng of Ccmedy Sketches. which was very well attended iria Zoom and saw a large cast of creative girts demse their comic scenes featuring a wde range of wacky scenarios and characters such as a yodeller. a terrible make-up artist and a teenager vtho misguiéedly bought their mother a chainsaw and sarurai sword for her birthday. Page 12
TORMEAD UMITED (A Company Lirnited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Later lh same week. a lerrift bunch of Year 9's lrVestreard a play called 'The Pack,, under some skille¢J direth'on. This production was part of a new naliorwide, partiapory projecl called 'Posrtive Stories for Negative Times,, and was the brainchild of theatre company Wonder Foc4s. This innovative and excrting project was a response to a lack of physical spaces for young people to be able to partIpate in ¢ative activttles due to the pandemic, and therefore aljowed Ihem to come ttsjether to make new work online. The plot was 8 playful and poetic exploration about getting lost in the loneliness of your bedroom and trying to find your way home. - The followng week saw the showpiece event of the temi. The Head of English directed a cast of talented Year 10s in Splendid Productions barmy adaptation of Homer's 'The Odyssel. The cast retoky the story of Odysseus {perfom*d with grace, flair and skill by a wooden spoon) as he embarked on his famously inconvenient journey home from the Trojan War. Packing a decade of advenlures into a breathless hour, the rest of the heroi¢, 811- female, non-wcthen cast ¢ed a mythical wortd of hungry monslets, devious sorceresses and frequent shipwrecks as the resourceful Odysseus battled to relum lo his family. This pro(luclion was perfomed twice and actually had a live. masked audience each night ol Year Ios and stsff, as well as being livestreamed. It was wonderful to have Injly live theatre back again and the.rtjstac course. section featuring a brave member of the audience being squirted with water, bashed by a monster in a rubber riThJ and trying to limbo to safety was one of many highlights in a show containing an impressive array of physical theatre, audience interaction and song. In the buikl-up to this show, the Year 10 cast were lucky enough to have benefitted from an inspiring anerson workshop with Kerry Framplon. Artstic Director of Splendid and east member in the original production, who relY helped them to phys11$e ar vocalise Ihe characters in the play. Finally. a dedicated and adept cast of Year 8s were directed by the He&1 of Drama in a fulklenglh production of play lled 'Second Person Narrative. by Jemma Kennedy. The play consisted of a series of scenes, some comic, some dram81ie, which captured fragments of a single characterfs lrfe. starting at her birth. and ending at her death more than 80 year later. In behveen the audnce saw her 9TOW up. make fn"ends. get jobs, form relationships, win awards, buy dothes. make mistskes, have a child. discover herself. and enjoy a good laugh. The central character, referre<l to solety as YOU throughoul. was aK¥ays SUTrounded by a group of voices who shaped her and her narotive_ This was livestreamed in the last week of haW4em and the perforManS from the young casl were impressivety mature. Reccffdings of aH four of these pr(wJUCtns have since been made available to parents. Page13
TORMEAD UMITED (A Company Limited by Guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 STRUCTURE. GOVERNANCE AND MANAGEMENT Under the MemoTandum and Articles of Ass¢xialion of Tomiead Limrted. control of the rnpanY is vested in the Council of Management. whose Members perfom a rde equant to that of company directors. The Council Members are also the Charily Trustee5 and the Governors of Ihe School and are responsib for appointing new Trustees. Any proposed appointment shcKJld be nots.fied to the Council ten daJE before the proposal is put to the vote. New appointments QUire a three quarters majorty vote at a Counul meeting f¢Y the appointment to be approved. The School aims lo have a broad range of skills on the Trustee bty and the current Trustees are experienced in the following fields.. school and universrty educatwjn. ffinance, propety, business, Medne, engineering and law. Nominations for vacanaes as they are anticipated or arise generally are foNarded to the Board of Governors for review. The Head and Chair of Govemors ioinlty propose the appointment of new govemors for the Board's approval. New TTuslees rerave formal induction materials from the cle lo the Govemors. All Trustees are notified of relevant training ¢Cr$e$ an(J all the governors a encouraged to attend the AGBIS new Trustees. eourse. Ongoing training is promded through specialist training presentations to the Board of Govemors and tls committees. . Trustees The Trustees who were in office during the year ended 31 August 2021 are k.sled on page 1. Trustees retiring by rotstion and who. being eligible, offer themselves fty fe-e are.. Mrs A Callum Mrs A Geary Mr M Howse Management The day to day running of the sch is delegated to the Head and the Bursar, supwrted by an Executive Leadership Group, Senior Management Team and the Prep S¢hcol Senior Team. Page 14
TORMEAD UMITED (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Iconlinued Risk management The Trustees have a risk management stregy which comprises". An annual review of the prinupal risks and uncertainlbes that the Schcd faces.. The establishment of policies. systems and procedure5 to mrtigate those risks identified in the annual revwi". and The implementstson of predureS designed to minimise or rn¥ge any polenlial impact on the School should those risks m8lerialise. Financial risks The School's operattons expose it to a variety of fmancial risks th indLJde ¢di1 risk and interest rate risk. The monf(oring of these risks is the resp)nsibility of the Finan CLxnmittee of the Tru$tee5. The Trustees are aware of the uncertain litIcal clime at the present time, exacerbated by the impact of COVID-19, and how this may IMW upon Ihe future pupil numbers at the School. Potential changes lo the structure of the maintained schcd sector may further affect fLrture pupil numbers whilst possible changes lo the tsx and l charitable ststus of independer)t schcols may affect financial perfomiance. The Trustees continue to exercise prudence in the management of the SchcÉ•l's finances to ensLbre that any effe¢ts resulting from the problems in the wder econ(my, or polital shffts, a effedTvety managed. Craditrisk Tomead has in place a very dear and well defined procedu for the Collection of all debts. The 8ursar ensures that the procedure is followed and that the School enters into earty diak)gue wrth any potential debtors lo ensure that problems are idenlffied and resohfed ai an earfy stage. Interest rate risk The Schwl ensures that its exposure to unfavour)le rnovents in interest rates is minimised by negotiing very favourable terms through its lender by fin9 its loans for a number of years so lh future repaymenls are kn<Min. During the prior year the lem thn was fixed for 15 years at an extremety favourable rate to provide stability. The debt repayTnenls are factored into the Schcol's terni finanaal planning to ensure that they are affordable. Compliance risk The Sehool has robust poliaes, procedures and plesseS in pl to ensure Complian. S8feguardin9 and Health & Safety are lundamentsl to all that the Sch1 dces and the welfare of the girfs and our staff is of the utmost importance. There is a ncNninated Trustee wth responsibilrty for oversight of Safeguarding and the Trustees wew the managemenl of Safeguarding at each meeting of Full Counul. There is also a nominated Govemor for Heatth & Safety who rewrts to the Finan & General Purposes Commrttee each temi. Covid i¥sk The school has a rotryjst COVID-19 risk assessment in place. revIVed on a regular basis in conjunction with Trustees and local and national agencies (PU1C Heafth England. Surrey County Council, the local Health Care Prolects'on team). The whole Sch?1 community has worked together to maintsin a strong sense of wellbeing to mitigate the risk of Covid and to limrt the fInanU risk lo the organisalion. Page 15
TORMEAD UMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 lcontinuedl Investmenl powers The trustees are empowered to invest the funds ol TomEad L#nited in stocks. secur((s. propety or other investments as they think frt and in accordance wth Trust Law. Pay policy for senior staff The Trustees consider the board of Trustees {who are the directors for the purposes of company lawl, along with the Head and the Bursar, to be the key management personnel of the chanty in charge of directing. controlling, running and operating the S¢*(d on a day to day basis. Al Trustees give of their time freely and no Trustee received remuneratian in the year. The Trustees consider the remuneration of key management personnel * s¢hwls of a similar size and profile to benchmark the Salaries of the Head and the BuaT. The Trustees approve the annual pay increase. if any, for all staff * the school and this is applietl lo the salaries of the Head and the Bursar. In determining the annual pay award. the Trustees consider the maintained sector pay 8ward. the overall economic ouilts)k and the financial posrtion of the sch¢1, particularty wth reference to the budget for the next year. An element of the pay of the Head and 8ur5ar is a150 performance-relaled. The levd of award of the performance-related element of remuneration is detemined by a sub<ommittee of the Trustees after considering level of allainment of agreed targets for the year. FINANCIAL REVIEW The Statement of Financial Actmiies is presented on page 23. Total incoming resources amounted to £10,601,184 (2020." £10, 122,212) ol which £9.657.3C6 (2020.. £9.518,982) was expended as direct charitable expenditu. Following the January 2021 national COlllD-19 Icckdown and assocjated c105ure of schools for the spring temi. the Goveming Bcxly approved COlllD-19 related c05t cutting ini(ialives that were rmplemented rigorously during Spring and Summer lemis. During the year the UK Govemment furtough seheme was accessed to support the salaries of sports, admintstration. supwrt an¢J premises staff who were unable to ¢trIbute due lo the restrictions. At year end the UnreStrted funds increased by £942,599 (2020.. £602. 777J. As reported above, the Schojl is committed to a joint prc4e¢t wth the Guildford County School to upgrade the sports facilrties at the Umr. Should approval be receNeil and the Trustees elect to preed wth this project. reserves would be alkncated wth some priority to eff¥ting these plans. Fixed aets The School's land and buildings were valued by King Sturge & Co at 10 December 1999 at £6,975,000. The valuation has not been included in these fin8ncial ststements. Since the date of this valuation the school has invested a further £16,973,077 in land and buiklings. The nel book value of land and buibJirwJs in the finatKial slalements is £15.788,365 (2020.. £16,491.249J. The trustees believe that the markel value of land and buiklings hekl by the School is signifuntly in.excess of the net book value. ahhough no formal valuatKsn ha5 been undertaken since 1999. Page 16
TORMEAD UMITED IA Company Limited by Gyaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Charlty rgser¥es The School aims lo retain unrestricted f reseNes equwalent to £100.000. This is after designating unrestricted resefves equivalent to the nel Carng value of the School buildings. The unrestTiCted funds held by the School al the year end were £16.465.564 (2020.. £15.522,965). The are Currently free TeseNes of £677,000. The trustees intend lo invest these free reserves in fvrther improvemenls to the School's faeililies. See future developments section on page 7. Reserves are necessary as a contingen¢y for meeting unstheduled repair5 and mainlefian or unforeseen expendrture. The Trustees monrtor the level of reserves on a term by term basis revw the policy on an annual basis. Auditors Our auditors, Nea Smith & Williamson have indicated a willingnes$ to continue in office. A resolution to re- appoint the auditors wtll be proposed al the next meets.ng ol the governing b)dy. Disclosure of Infonnation lo the audltors So far as each of the Trustees semng at the time this rep)rt is approved are aware. There is no relevant audit information of which the alltorS are unawa, and They have taken all the steps they ought to have taken to make themselves aware of any relevant audit information and lo establish that the auditors are aware of that infomiation. Approved by or¢Jer of the members of the board of Trustees and signed on their behalf by. R Harris (Chair of Trustees) Date. 8 December 2021 Page 17
TORMEAD LIMITED {A Company Limited by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2021 The Trustees are responsib for prepariThJ the Trustees. Report and the financAal statements in ardance wrth applicable law and regUlatn$. Company law reqvTres the Trustees to Prepare financial statements for each financial year. Under that law the Trustees have elected lo prepare the finanaal slalemenls in accordance wrth United Kingdom Generally Accepted Practice (United Kingdom Accounting Standards and applicable lawl. Under eompany law the Trustees must not approve the finanual statements unless they are satisfied that they give a true and fair Mew of the slate of affairs of the charilable Company, and ol the incoming resources and appIatn of sOUrces, including the income and expenditure of the thartsble company for th perioj. In preparing those financial statements. the Trustees are required lo.. select surtable accounting polic then apply them consistently.. observe the methods and principles in the Charities SORP., make judgemenls and accounting estimates that are reasonable and prudent-, prepare the financial statements on the going concern basis unless it is inapproprie to presume that the Sch1 wll continue in busine5S. The Trustees are responsible for keeping adequate aca)unling records th* are sufficient lo show and explain the charitable companvs transactions and disclose wth reasonable accuracy at any ts.me the financial posilion of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 20C6. They are also responsib for safeguarding the assets ol the Chantab company and hence for taking reason8ble steps lor the prevention and detection of fraud and other egularitIeS. Page 18
TORMEAD UMITED (A Company Limited by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TORMEAD LIMITED Opinion We have audited the finarrial statements of Tom)ead Lwnrted (the ' Charitable Companv) for the year ended 31 August 2021 which comprise the Slalement of Financial Adivities, the Slalement of Financial Posrtion, the Statement of Casmows and the notes lo the financial ststements. induding significant accounting policies. The rinancial reporting framework that has been applied in their preparation Is appluble law and United Kingdom Accounting Standards, including FRS 102 "The Financol Reporting Stsndard applicable in the UK and Republ of Ireland" {United Kingdom Generally Accepted Accounts"ng Pricel. In our opinion, the financial stalemenls.. give a true and fair of the stste of the charit Companys affairs as at 31 August 2021 and of its income and expendrture for the year then ended.. have been property prepared in accordan ¥&ith Unrted Kirydn Generalty Accepted Accounting Practice," and have been prepared in accordance th the requirements ofthe CThwanies Act 2006. Basis for opinion We conducted our audit in accordance wih IntematR)nal Standards on Auditing (UK) IISAS {UKII and applicable law. Our responsibilities under those standards are further descllbed In the Audrtor's responsibililÈs for Ihe audit of the finartcial ststements se¢lion of our report. We are independent of the Charitable Company in accordance th the ethi¢al requiremenls that are revant to our audtt of the financial 5tstemenls in the UK. including the FRC'S Ethul Stsnéard, and we have fulfilled our other ethical responsibilities in acwrdance with these requirements. We believe that the audit evidence have otlained is suffKient and appropriate to provide a basis our opinion. Conclusions relating to going concern In auditing the finanaal statements, we have conclude(t that the trustees. use of the going concem basis of aKounling in the preparatn of the financ slalemenls is appropriate. Based on the work we have perfomied. we have not identified any material uncertaint$ relaling to events conditions that, individually or coFlectNdy. may cast signfficant doubt on the Charitable CoMpanS ability to continue as a going concem for a peric#l of at feast twefve months from when the financial ststements are authonsed for issue. Our responsibilities and the responsilitieS of the Insstees ¥th respect to going concem are described in the relevant sectK)ns of this report. Page 19
TORMEAD UMITED {A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TORMEAD LIMITED (CONTINUED) her infomiation The other infomiation comprises the infomialion included in the Trustees, Report and Financial Statements, other than the financial statements and our auditorfs report thereon. The trustees are responsib for the other infomialion contsined within the Trustees. Report and Financial Statements. Our t¥)inion on the financial statements does not cover the other information and. exp1 lo the extent otherwise explicitty slated in our report, we do not express any fomi of assuran eonclusion the(. Our SpOnsIbl111Y is to read the other information and. in doTng so, considef whether the other infomiation is materially inconsistent wth the financial ststemenls or our knowledge obtained In the course of the audrt or othetwse appears to be materially misststed. If we identfy such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstslement in the ffinanaal slatemenls themselves. If, based on the work we have perfomed. we condude that the is a maten.al misstatement of this other information. we are required lo report th fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act >06 In our opinion. based on the work undertaken in the course of the audrt.. the infomation gwen in Ihe Trustees. Report, which incorporates the Strategic Report and the Diro¢t¢rs' Report prepared for the purpose of company law, for the financial year for which Ihe finanaal statements are prepared is consistent with the financial statements," and the Dire¢tors' Report induded thirt the Truslees. Report has been prepared in accordance with applicable legal requirements. matte on which we are required to report by exception In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit. we have not identffied material misstatements in the Directors. Report contained within the Trustees, Annual Report. We have nothing to p¢)rt in respect of the fc1lc"n9 matters in relation lo vthich the Companies Act 2006 requires us lo report to you if. in our opinion.. adequate accounting records have not kept. tr tUrnS adequate for our 8udit have not been received from branches not visited by Lts.. or the finanual slalemenls are not in agreement wfh the accounting records and returns.. c rtain disclosures of trustees. remunefation specffjied by law are not made. of we have not received all the inforrnation and explanations we require for our au¢JiL Responslbilities of truslees As explained more fully in the Slalernent of Trustee5' Responsibilities set out on page 18, Ihe trustees (who are also directors of the Charrtable Company for the purposes of company lawl are responsib for the pparatIOn of the financial statements and for being sisfied that they gwe a true and fair wew. and for such internal control as the trustees delennine is necessary to enable the preparatK)n of finanual slalements that are free from material misststement. whether due to fraud or error. In preparing the financial stalernents. the trustees are responsible for assessing the Charitable Company's ability to ntinUe as a going concern, disdosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidale the Charitable Company or lo cease operations, or have no realislic altern*ive but to do so. Page 20
TORMEAD UMITED IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TORMEAD LIMITED (CONTINUED) Auditorfs responsibilities for the audit of the finan¢ial $tatement$ Our objectives are to obtain reasonab assurance about whether the financial stalements as a whole are free from material misstatement, whether due to fraud or error, and to issue an aijditorfs report that includes our opinn. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance wrth ISA5 {UKI will aVayS delect a material misstatement bthen it exists. Alisstatements can arise from fraud or error and are conshlered material rf. indiwdualty or in the aggregate. they could reasonably be expected to influence the economic deasions of users taken on the basts of these financial slalements. Irwularilies, including fraud, are instance5 of non<ompliance laws and regulations. We design procedures in line wtth our responsibilitie5, outlined above, to detect material mi55talement5 in resped of irregularities, including fraud. The extent to thich OLFr procedures a capable of detecling irregularities, inehJding fraud is detailed bek)w'. We obtained a general understanding of the charrtable CoMpanS al and regulatory frameworf( through enquiry of management concerning their understanding of relevant and reguL4tions and the entity's policies and procedures regarding ¢onWiance. We understand thal the charitable ccryany complies vthh the framework through.. Outsourcing payroll. accounts preparation and tsx Compliance to extemal experts Subscribing to relevant updates from external experts, and making changes lo internal pr¢)cedures and contrcAs as necessary Updating operating pr(edU and intemal controls as legal and wulatory requirements Change, In the eontext of the audrt, we considered those laws and regulations wthich detemiine the form and conlenl of the financial statements, which are central lo the chantable companys ability to conduct its business, and where there is a risk that fajlure lo comply could resutt in material penahEs. We identified the following laws and regulions as being of s1gn1fKan in the Conte of the charbtable Gornpanls aciivities." the Companies Act 2006 the CharilEs Act 2011 Safeguarding legislation retevant to educational settiThJs Based on our undersianding we perfomied the following $ifiC predu to gain evid¢8 about compliance wlh the signrficanl laws and regulations idenlrfEd above". making enquiries of management and those tharged with governan to understand their awareness of any non<(ynlanCe of laws artd regulabons inquiring about the policies that have been estsblished to prevent non-compliance with Iws and regulations by officers and employees of the charitable company inq(Jiring about Ihe methods of Monitorir Complian wilh such policies reviewing trustee minutes lo identrfy any instances of non<ompliance. The senior slalut¢yy auditor led 8 discuss)n th senior members of the engagernent team regarding the susceptibility of the enttys financial statements to Material misstatement. induding how fraud might occur. The areas identrfied in ths discussion were". Manipulation of the financial statements. especially revenue. via fraudulent ioumal entr*s These areas were communieated lo the other members of the engagement team not present at the dI$S1On. The procedures we carrd out lo gain ewdence in the above areas included." Substantive work on material a$ affecting profits. Testing joumal en1rs. focusing particularly on postings to unexpected or unusual accounts. Page 21
TORMEAD LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TORMEAD LIMITED {CONTINUEDI A further desCriptn of our respons1]ieS is available on the Financkal Reporting Council's website al.. wMv.frGorg.ukl8uditorSsponslbi1rt1es. This description fonns part of our audrtorfs report. Use of our rep)rt This report is made solely to the Charitsble Ctxnpanls members, as a body. in accordance wilh Chapter 3 of Part 16 of the CoMpanS Act 20C6. Our audrt work has been undertaken so that we might state to the Charitable Company's member5 those malters we are required lo slate to them in an audilor.'s report and for no other pUoSe. To Ihe fullest extent permitted by Law. we do not accept or assume responsibility lo anyone other than the Charitable Company and the Chanlable Companys MberS as 3 bcKty. for wr audit work, for this report, or for the ¢Jpinions we have fomied. Jeffrey Selden Isenior StatutoryAudrtorl for and on behalf of Nexia Smith & Williamson Chartered Accountants Statutory Auditors Onslow House Onslow Street Guildford GU1 4TL Date.. 1011212021 Page 22
TORMEAD UMITED IA Company Limited by Guaranlee) STATEMENT OF FINANCIAL AcllvtTIES IINCORPORA71NG INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted funds 2021 Restricted Endowmenl funds funds 2021 2021 Total funds 2021 Total funds 2020 Note Income and endowments from: Donations and legacies other income 70.284 191.881 10.337.211 70,284 191.881 10.337.211 125. 715 197,972 9. 792.822 School fees Income fr(xn InVestnnIS 1.279 1.808 5,703 Total income and endowments Expenditure on: Charitable activrties 10,599,90S 1.279 10,601,184 70. 122,212 9.657.306 9,657.306 9,518.982 Total expenditure 9.657.306 9.657,306 9,518.982 Net movemenl in funds Reconciliation of funds: Total funds brwghl foNard Net movement in funds 942.S99 1,279 943.878 603,230 15.522,965 942,599 5,283 119.000 15.647.248 943.878 15.044,018 603.230 Total funds earned forward 16,465.564 119,000 16.591.126 15,647,248 There are no recognised gains or losses in erther period other Ihan the surplus sh¢M) above. All amounts relate to continumg operations. Page 23
TORMEAD UMITED IA Company Limited by Guarantee) REGISTERED NUMBER: 00485947 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2021 2021 2020 Note Fix•d assets Tangible assets 14 15.998.593 76,671,476 15.998,593 16.671.476 Current assets Debtors Cash at ba( and in hand 15 455,084 S.221.484 349,831 3. 710.235 5,676.$68 4,060,066 Creditors" amounls fallin9 tlue vithin one year 16 (1.425.869) (1,210,511) Net current assets 4.250.699 2.849,555 Total assets less Curront liabililies 20.249.292 19,52t.031 CrediloTS'. amounts falling due after more than one year 17 13.658.166) {3,873, 783) Total net assets 16,591.126 15,647,248 Crity funds Endowment funds Restricted funds UnrestrKted funds 19 19 19 119.000 6,562 16.465,564 119.000 5,283 15,522,965 Total funds 16.591,126 15,647.248 Page 24
TORAIEAD UMITED {A Company Limited by Guarantee) STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 AUGUST 2021 The Trustees acknowledge their responsibiif(ies for complying %Mth the reqUInIS of the Ad wth respect to accounting records and preparatIC of financial sL*ement$. The financial statements were approved and authorised issue by the Trustees and signed on their behaw by.. I•tr.%5GT) .xIJ 1I4JGlI71 R Harris {Chair of Trustees) R J Jewkes {Chair of Finance and General Pue$) Date.. 8 Oecember 2021 The notes on pages 27 10 43 fomi part these financial ststements. Page 25
TORMEAD LIMITED {A Company Limited by Guaranieel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Note Cash flows from operating activities Net cash used in c¥)eraling activrt*s 21 2.017.986 1.683,033 Cash flows from investing activities Investment incLyne receipts Purchase of tangib assets 1,808 (220.190 5, 703 (277.902) Net cash used in investing activities 1218.382) {272,1991 Cash flows frcwn finan¢lng a¢tlvl¢les Finan costs paid Bank loan repayments {80.1891 1208.1661 (142,639) (161,802J Net ¢ash used in financing activities 1288,3551 1304.4411 Change in Cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1.511,249 1.106.393 3.710.235 2,603.842 Cash and cash equivalents at the end of the year 22 5.221,484 3. 710.235 Page 26
TORMEAD UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEPJENTS FOR THE YEAR ENDED 31 AUGUST 2021 General inlorTnation The Schtx)l L% a wi5tered charity and a private cL)mpany lirnited by guarantee wi¢orporated in England and Wales. The members of the Charrtable Company are the Trustees named on page 1. The registered office is Tomiead School, Cranley Road. Guildf(¥d. Surrey. GU1 2JD. In the event of the Charitable Company being wound up. Ihe liatslty in resk)ecl of Ihe guarantee is lirnited lo £1 per member of the Charitable Company. The Scho)I functional presentationa currency 1$ GBP. Accounting policies 11 Basis of preparation of financial statements The financial statemenls have been prepared in accordance ¥wth the Charities SORP IFRS 1021 Acccyjnling and Reporting by Chanties.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Finanaal Rep¢Yting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effeth"ve l January 20191, the Finanaal Reporting Standard 8pplicable in the UK and Republ of Ireland IFRS 102} and Ihe Companies Act 20C6. Tomiead Limiled meets the definition of a public knefft entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unS otherwise stated in the relevant accounting poIy. 2.2 Going concern There are no material uncertainties aljout the School's ability lo continue as a goin9 concem. In reaching this condusion. Ihe Trustees have considered, amongst other5, the initial and ongoing effects of the Covid-19 pandlie. 2.3 Income Income is recognised when the charrty has entitbement to the fijnds. it is probable that Ihe income will be received and the amount can be measured reliably. Fees receivable arsd charges for services and use of prernises are accountefj for in the pericKJ in whh the seNce is provided. Fees receivable are staled after deducting allowances, scholarships and other rernissions granted by the School. Income from govemment grants is recognised when the charrty has entitlement to the funds. any perfomiance C¢)ndrtions attathed to the grants have been met. rt is probab that the income wll be ceived 8nd the amount Can be measured reliabty and is not deferred. The School received governmertt grants in respect of the Coronavinjs Job Relenlhjn Scheme for furloughed non4eaching stsff. Page 27
TORMEAD UMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies (continued) 2A Expenditure Expenditu is accounted for on an accruals b¥sis. Overhead and other costs not directly attributable to partular fvnctional adivrty categories a appooned over the levant Categories on the basis of management estimates of the amount attributsble to that activity in the year. either by reference lo staff time or other methcKI deoned appropriate. The irrecoveoble element of VAT is included with the rtem of expense to which it relates, %Mih the exception of purchases made by the subsidiary where VAT is excluded fr( the SOFA. Governance costs cornprise intemal and exiemal audit. any costs of meetings of the trustees, and all the costs of complwng yh constituts.onal and statutory reqU1mentS such as preparation of statutory accounts. These are included wrthin sup1 costs. 2.5 Tangible fixed assets and depreciation AJI items are capitalised provided they meet the definrtion of a fixed asset. and are recognised when future economic benefrts are probable and the cost vahje of the asset can be measured reliably. Tangible fixed assets are inttially recognised at cost_ After recognition. under the cost model, tsngible fixed assets are measured at $1 less ac¢umulated depreciation and any aMulated impairment losses. All costs incurred to bnng a tangible fixed asset into its intended working condition should be induded in the Measunent of cost. Depreciation is charged so as to alb¢e the cost of tangible fixed assets less their residual value over their estimated useful Iwes. using the slraight-line method. l)epreu'8tiM is proed on the fdlow.ng bases." Freehold land Freehdd buildings On a straht4lne basis over 10-25 years once they have come in to use On a straKJhl-line basis over 5 years On a $traht-1ifie basis over 3 years Fixtures and fittrngs Computef equipment 2.6 Debtors Trade and other debtorB are recognised at the settlernent amount alter any trade discount offered. PpaYYnents are valued at Ihe amount prepaKJ net of any trade dUnIS due. 2.7 Cash at bank and in hand Cash 81 bank and in hand indudes Cash and short-term highty liquid investments wth a short maturty of three months or less IrLYn the date of acquisrtK)n or r4ning of the deposit or simil* account. Page 28
TORMEAD UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting pollcies Icontsnuedl 2.8 Liabilities and provisions Liabilities are re¢cgnised when there is an obligatw * the statement of ffinanctal posltton date as a result of a past event. it is probable th a transfer of economic benefit will be required in settlement, and the amwnt of the setllement be estimate¢J reliably. Liabil((ies are recc3nssed at the amount that the Charitable Company anticipates rÉ will pay tD settle the debt or the amount rt has receNed as advanced payments for the 9OC•Js or servi$ rt must provide. 2.9 Flnan¢ial instwments The Charitsble Company onty has finanual assets 8nd ffinancial liabilits of a kind that qualify as basi¢ financial instwments. Basic financial instnjments are Initlty recognised al transaction value and subsequentty measured at their settlement value wrth the exp[KIn of bank loans which are subsequently measured at amortised st using the effethve interesl methc¥J. 2.10 Fund accounting Unrestrthd ftjnds a availaljk to spend on actmties that further any of the purposes of ¢harty. Restricted funds are donations which the dOrr has specrfth a to be solely used for particular areas of the school's Endctwment fvnds a $tred capital fvnds %thich cannot be spent by the school. 2.11 Finance and operating leases Leases are classffied as finance leases whenever the terms of the lease transfer substantially 811 the risks and rewards of ownership to the lessee. Al other leases are Classthed as operating leases. At the statement of financial position date all leases a dassified as operating leases. Rentals payable under operating leases are charged lo profil or loss on a slraKJht-line basis over Ihe term of the relevant lease. Benefrts received and receivable as an incentive to enter into an q)erating lease are also spread on a straight-line basis over the lease term. 2.12 Employee benefits Short temi employee benefits induding hobday pay and annual bonuses are accrued as sermces are rendered. The Charitable Ccynpany cLMtriixrtes lo the government's Teachers, Penskjn Seheme. a defird benefit scheme. However, the Chantable Company's Iiabilty to the scheme is limrted to the extent of contributions payable. Contributions are charged through the Statement of financial activrties when they are InrTed an*Y relate to unrestncted fvnds. Please see ncAe 24 for detsils of conlribulions paid. Page 29
TORMEAD LIMITED (A Company Llmited by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Key sources of estimation uncertainty and judgements The preparation of financial slatements in confomity with generally accepted accounting practice requires management lo make estimates and judgements that affect the reported noun1S of assets and liabilrties as well 8s the disdosure of contingent assets and liabilitses at the b8L4nce sheet date and the reported amounts of revenues and expenses during the reporting peri¢yJ. Key accounting eslimates and assunwtics Fixed assets.. The annual depreaation charge for tsngible assets is sensitive to changes in the estimated useful en(niC lives and residual values of the assets. These are re-assessed annual and amended when necessary lo reflect curn1 estimates. See accounting )1 2.5 and note 14. Income from donations and governrnent grants Unrestricted End¢)wment funds fvnd$ 2021 2021 Total funds 2021 Donations GOverntnI grants 31,252 39.032 31.252 39.032 70,284 70.284 unstricted funds 2020 Total funds 2020 Government gfanls 125, 715 125,715 Page 30
TORMEAD UMITED (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Other incorne Unrestricted funds 20 Total funds 2021 Registration fees, mmbursed di5tmjrsnents and sundry income 191,881 191,881 Unrnslncted funds 2020 Total funds 2020 Registrat1n fees, reimbursed disburswnents and sundry incon 197,972 197,972 Income from charitable a¢iivities School fees Unrestricted funds 2021 Total funds 2021 The School fee inco comprised.. Gross fees Less" Bursaries Scholarships Staff discounts Sister discounts Advance fee discLwnt 11,238.349 11.238,349 1589,8001 {589.8(101 1272.2381 {212.2381 174,0721 {74,0721 (22.161) {22.1611 (2,867) (2.8671 10.337,211 10,337.211 Page 31
TORMEAD UMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Income from charitable actSv•ties Icontlnued) (continued) UntBsliycled nds 2020 Total funds 2020 Gross fees Less.. Bursaries Scholarships Staff discounts Sister discounts Advance fee discounl 10.542,840 10,542,840 (486.037) 1486.037) (185,987J 1185.987J (51, 114J (51, 114) (23,487J (23,487J 13,393J {3.393J 9. 792.822 9, 792,822 lllvestment income Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Bank interest recewable 529 1,279 1,808 Unresliicted lunds 2020 Restiicted funds 2020 Total funds 2020 Bank interest r1Vable 1.203 5. 703 Page 32
TORMEAD LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Net income 2021 2020 Net incorne Is stated after charging Depreciation of tangible fixed assets Operating leases payrnenls- other Auditorfs remuneration". Statutory audit Other assurance services Other services 893,073 53.757 955.588 30. 182 21.390 1.170 13,140 24,9t4 1,110 14,975 982.530 1,026, 769 Taxation charity, the Sch1 is exempt from tax income and gains in accordan with current tax legislation to the exlenl that these are appligj to its ¢haritatk obJ'e¢ts. No tax charges have arisen in the Chaty. Page 33
TORMEAD UMITED {A Company Limited by Guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 10. Anatysis of expenditure on Charitsble a¢tiVbt Total funds 2021 Staff costs 2021 Other Depreclatlon 2021 2021 Teaching Costs Welfare PmiseS Support costs (note 11} Finance costs (note 121 5.347,547 86,206 220,605 379.578 480,849 362.183 1.011.211 773.471 102,585 29,611 29.124 830,130 4,206 5,858.007 477.513 2.061,946 1.157.255 102.585 6,033,936 2,730.299 893.071 9,657.306 Total funds 2020 Staff costs 2020 Otljer Depre8¢10 2020 2020 Teaching costs Welfare Prernises Support costs Inote 11) Finance eLtsls (r 12) 5.468.390 77,896 2.973 382.421 499.242 341,877 751,669 672,820 168, 166 71,214 41,208 841.829 1,337 6,038, 846 460,92t 1, 794,471 1,056,578 168, 166 6, 129,680 2.433, 714 95&588 9,518,982 Page 34
TORMEAD UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 11. Support costs 2021 2020 Wages and salaries Travel costs Legal and profess)nal Bcd(s. joumals and IT cltS Insurance 379,726 321,283 102,122 27.928 2S.903 269,265 4,206 26,822 382,421 306,318 110,355 24, 709 24,9&1 180.974 1.337 25,514 Other offi¢e $ts Depreciation Governance eosts 1,157,255 1.056.578 12. Finan¢e costs 2021 2020 Interest on bank loans 8nd overdraft Bad debt charge 90,189 12,396 142.639 25,527 102,585 768, 766 Page 35
TORMEAD LIMITEO {A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. Stsff costs 2021 2020 Wages and salaries Social SeIltY costs Contribution lo defined ctribut)n pensi schwmes 4.669.526 483,856 880,554 4, 754,458 499, 129 875,493 6,033,936 6, 129,680 The average number of persons enwoyed by the School during the year was as fe41ows.' 2021 No. 2020 No. Head Teachers Oomestic Administralion 87 94 104 110 The number of empbyee$ whose emee tenefits lex¢luding empknyer pension costs) exceeded £60.000 was 2021 No. 2020 No. In the band £60.0(- £69,999 In the band £70,OIX)- £79,999 In the band £80,000- £89.999 In the band £110,1]00- £119,999 In the band £160.000- £169,999 In the band £190,000- £199.999 The key management personnd of the charity cc*nprise the truslees. the Headrnislress and the Bursar. The total employee benefrts of the key management personnel of the charty vftre £337,162 (2020 - £362,374) None of the trustees received any remuneration. benefrts or reimbufsed expenses from the School (2020 - no Imslee was lbued fortrdvel expenses). Page 36
TORMEAD UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. Tangible fixed assets Freehold land & Fixfvres and buildings fittings Computer equipment Total Cost or valuation Al 1 September 2020 Additions Disposals 22.474,237 78.014 1518.127 118.224 19.1831 859,365 23.952 25,851,729 220.190 19.1831 At 31 August 2021 22.$51251 2.627.168 883,317 26.062,736 Depreciation At 1 September 2020 Charge for the year On disposals 5.982,988 780.898 2,35S,240 95,518 {9.183) 842,025 16,657 9.180,253 893,073 19,1831 At 31 August 2021 6.763.886 2.441.57S 858.682 10,064.143 Net book value At 31 Au9USt 2021 15,788.365 185,593 24,635 15,998,593 At 31 August 2020 16,491.249 162.887 17.340 t6,671.476 The School's land and buildings were valued by King Sturge & Co al 10 December 1999 at £6,975.000. The valuatK)n has not been in¢ded in these financial statements_ Since the d*e of valuation the school has invested a fvrther £16,973,077 in land and buildings. 15. Debtors 2021 2020 Due within one year Fees ar disbursements recoverable Other debtors Prepayments and accrued income 94.001 26.403 334.680 19. 716 9.276 320.839 455,084 349,831 Page 37
TORMEAD UMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 16. Creditors: Arnounts falling due wilhin one yèar 2021 2020 Bank loans Trade creditors Other tsxalion and social swjrrty Other credrtors Accruals and deferred inry 212,936 309.945 143,802 81.892 677.294 208, 165 236. 120 149,470 72. 151 544.605 1,425,869 1,210.511 17. Creditots: Amounts falling due after more than one year 2021 2020 Bank loans Accruals and deferred incLNne 3.206,845 451.321 3,419, 782 454.001 3.658,166 3.873, 783 Bank loans of £3,419.781 (2020- £3,627.947J are secured against the freehold property of the Charitable Company. The net book value ofthe assets secured is £15.788.365 12020- £16,491,249J. Included in non-currenl bank loans of £3,2¢A.845 (2020- £3,419, 781) is £2.306.271 (2020- £2.539.OLX)) which falls due after five years or nN)re frL*n Ihe ststement of finanual px)sits"on date. In June 2020, the Schoof negotiated a new ffixed rate loan at a rate (rf 2.281 %, repayable in instslments over 8 1 &year temi. 18. Deferred income 2021 2020 Balance al 1 SepterY&)er Amount release<l to inc4yning resources Amount deferred in the year 440.865 {344.3551 475.753 496.958 (359.616) 303.523 8alance al 31 August 572,263 440.865 Deferred income comprises fees paid in advance in resped of the Autumn 2021 tem) and amounts paid into advance fee s¢heme$ in respect of turt fees in future years. Page 38
TORMEAD UMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AiIGUST 2021 19. Statement offunds Statement of funds - current year 8alance at 1 September 2020 Balance at 31 August 2021 Income Expenditure Unrestricted funds General Funds- all funds 15,522,965 10.599,905 19,657,306) 16.465.564 Endowment funds Endowment Fund 119.000 119,000 Restri¢tsd funds Reslricted Funds 5.283 1,279 6,562 Total of lunds 15.647,248 10,601.184 19,657.306) 16,591.126 The Marian Shackleton endowment was donated to provKle the School with interest income. This interest is accounted for in the Marian Shackleton restricted fund. These funds are used for awarding educational travel scholarships to pupils at Ihe Sthcd. Page 39
TORMEAD LlkllTED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. Statement of funds {continuedl ststement of funds- prior year Balan 81 1 Septembei 2019 Balare al 31 August 2020 Income Expendilu Unrestricted fvnds General Fund5- al funds 14.920, 188 12. 777 15,522.965 Endowment fvnds Endowment Funds- all funds t19,Lk 119.OCIg Restricted fund5 Marian Shackleton fund (T) 5.283 Total of funds 15,044.018 603,980 (750) 15.647.248 20. Analysis of net assets between fvnds Analysis of net assets between funds - current year Unrestricted funds 2021 Restricted Endowment funds funds 2021 2021 Total funds 2021 Tangible fixed assets Current asset5 CditOrS due thin one sear Creditors due in me than one year 15.998,593 5.551.0 (1.425,8691 {3.658.166) 15,998,593 5.676,$68 {1.425.8691 {3.658.1661 6.562 119,000 Total 16.465.564 6.562 119,000 16.591.126 Page 40
TORIAEAD UMITED IA Company Limited by Guarantea) NOTES TO THE FINANCIAL STATEMENTS FOR TNE YEAR ENDED 31 AUGUST 2021 Analysis of net assets bel**en funds Icontinuedl Analysis of net assets between funds- prior year Unstted funds 2020 Restiicted Endowmenl fvnds funds 2020 2020 Tol81 funds 2020 Tangible fixed asset5 Current assets Cre¢Jitors due wthin one year Creditors due in miye than year 76.671.476 3.935.783 11,210.511) 13.873, 783J 16,671.476 4,060,066 (1.210,571) (3,873, 783) &283 119.0] Total 15,522.965 5,283 119,(XXI 15,647,248 21. Reconciliation of net movement in funds to net cash flow frorn operating activities 2021 2020 Nel income for the year {as per Ststefflent of Financial Actiwtiesl 943.878 603.230 Adjustments for: Add.. Bank interest payable Less.. Bank interest receivable Decrease in debtors Decrease in credrtors Depreciation Charges 80,189 11,808 {105,253 207.907 893.073 142.639 f5. 703) 12,795 (25,516) 955.588 Net ¢a$h provided by operating activities 2,017.986 t.683,033 22. Analysls of cash and eash equivalents 2021 2020 Cash in hand 5.221.484 3, 710,235 Total Cash and cash equivalents 5.221.484 3,710,235 Page41
TORIAEAD LIMITED IA Company L•mited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2021 23. Analysis of changes in net debt Other non- cash changes At 31 August 2021 1 September 2020 Cash flows Cash at bank and in hand Debt due wthin 1 year Debt due after 1 year 3.710.235 1208.1651 {3,419,782) 1.511,249 208,166 5.221,484 1212,937) 1212.9361 212,937 {3,206,8451 82,288 1.719A15 1.801.703 24. Pension commitments The School partici)ales in the Teachers, Pension Scheme rthe TPS") for its teaching staff. The pension charge for the year indudes contribulions payable to the TPS of £781.3CK] (2020- £878, 189). The TPS is an unfunded multi*mployer defined benefrts pension scheme govemed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers. Pension Scheme Regulations 2D14 {as amended). Members contribute on a "pay a5 you go. basis wf(h contributions from members and the employer being credited to the Exthequer. Retirement and other penSn benefrts are paid by public fijnds provrded by Parfiament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Govemmenl ActUaS Department. The rnosl recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the ValUalK Report, which was published in March 2019. confirmed that the employer contribution rate for the TPS would increase from 16.40A lo 23.60A frorn 1 September 2019. Employefs are also reqlli to pay a Sch administration kn of 0.08% gtwng a total employer contributKJn rate of 23.68%. The 31 March 2016 Valuatson Report was prepared in accordance wtth the benefits set out in the scheme regulations and under the approach specffied in the DireclKJns, as they applied al 5 March 2019. However, the assumptions We considered and set by the Department for Education prior lo the ruling in the 'McCloudlSargeant case,. This case has required the courts to wnsider cases regarding the implementation of the 2015 refomis to Publi¢ Service Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court deni the govemment pemiission to apr1 the Court of Appeal's judgment that Iransrtional proVisanS introduced to the refom)ed pension schemes in 2015 gave rise to unlavAul age discrimination. The govemment is respecling the Court's decision and has said il will engage fully with the Employment Tribunal as well as empk)yer and member representative5 to agree how the discrimin3tKJns will be remedied_ A consuttab'on was launched by the govemmenl on 16 July 2020. and closed to responses on 11 October 2020. Page 42
TORMEAD UMITED (A Company Limiied by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 24. Pension commltments Icontlnued) The rps is subjecl to a cost cap mechanism lCh was put tii place lo protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced th* there woukl be a remew of this cost cap mechanism, in January 2019 announced a pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeanl case and until there is certainty about the Wdlue of pensions lo empwes from April 2015 onwards. The pause lrfted in July 2020 and the govemmenl is prepanng to complete the cost control element of Ihe 2016 valuations, which is expected to be c(mpleted in 2021. In view of the above ruling$ and decisiorts the assumptions used in the 31 March 2016 Actuarial Valuation may become Inapproprkale. In this scenario. a valuation prepared In accordance with revised benefits and suilabty revised assurnplions would yield different results than those contained in the Actuarial Valuation. Until the consuftation and the cost Cap mechanism review are eompleted rt is not possible to conclude on any financial impacl or future changes lo the contribution rates of the TPS. Accordingly no provision for any additional past benefrt pensK)n costs is indude(J in these financial StstentS. 25. Financial Commitments - lease disclosures The School had the folbwing commitments with respect to operating ase5. The future minimum ase payments under non-cancellable leases are as follows.. 2021 2020 Payments due: Within one year After one year and not later than fve years 103,528 158,360 48,248 ,931 261.888 99,179 During the year. the Sch1 paid £53,757 (2020- £30. 182) in relth.on to operating leases. 26. Related party iransactions Two governor5 have daughters who attend the sch( and pay fees Wi accordanee wlh published rates. One child is in receipt of a 50A s¢hola¥ship. 27. Controlling party The director5 do not conshler there to be an uAim8te conlrolling paty. Page 43