VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 1r37 Registered number: 00485947 Charity number.. 312057 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 2r37 TORMEAD LIMITED (A company limited by guarantee) CONTENTS Page Roference and administralive details of tho Charity. its Trusteos and advisers Trustees, report Indepeiideiit auditors. report on the financial statsments 2-11 12-14 Statement of financial activities 15 Balance shaet 16-17 Statement of cash flows 18 Notes to the financial staternents 19-35
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 3r37 TORMEAD LIMITED (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Trustees M Howse LL8 ' Chair A L Cu51um BA PGCE NPQH + R B Finnan Bsc IHons} MRICS ' lappointed 1 October 20221 S A Geary . (resigned 30 October 20221 R Harris BA ACA, Chair- (resigned 21 March 20231 K Jefferies MBBS Msc MRCPsych + lappoinled 1 October 20221 Dr C M Kissin MB ChB MRCP FRCR +1 ProfG Miller Bsc Msc PhD PGCE + S G Newnes-smith ACA' P J O'Keefe RIBA MCIOB MIMgt' (resigned 28 June 2023) A R C Spender Bsc FIA +- F Thompson LL8 . {appointed 2S October 2022) J Walkins FCA +- C Zagorski MB Bchir FRCR MA (Cantabl + lappointed 1 October 2022) 'Members of the Finance and General Purposes Committee +Members of the Academic Committee -members of the HR and Remuneration Committee Designated Safeguarding Govemor Company registered numbeT 00485947 Charity registered number 312057 Registered office Tormead Limited Cranley Road Guildford GU12JD Bursar S Lehrter MA IOxon} ACIB Head D Boyd MA IOxon} MA IUCLI PGCE ICantab} Independent auditors James Cowper Kreston Audit Reading Bridge House George Street Reading Berkshire RG18LS Bankers Lloyds Bank PIC Connaught House Alexandra Terrace Guildford GU130A Solicitors Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Page 1
VrbJJkgunurvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 4r37 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Trustees present their annual report. together with the aud¢ted financial statements of the charitable company for the year ended 31 August 2023. The annual report seNes the purposes of both a trustees, report and a directors, report under company law. OBJECTS. AIMS AND ACTIVITIES Obitrs The school was founded in 1905 and its objects, as Set out in its goveming document, are the adVanrnent of education through the provision of a school or schoc45 for girls and boys. Tomiead School is the operating name of Tomiead Limited. It is a charty established as a company limited by guarantee, registration number 485947. The school prowdes education in Guildford for gids from the ages of 4 to 18. It is the aim of the school to attain the highest academic levels whilst providing an extra-curricular programme that seeks to develop a life-long love of leaming and a desire lo contribute to the comMlty- It also looks to prepare pupils for life at university and beyond. The school does not benefit from endowment income and therefore makes a proportion of gross fee income available to provide fee assistance to pupils who Wld not otheNise be able to join or remain at the school. Our aims We provide an outstanding all-round education for gids that is rnodem, progressive and diverse We nurture and develop girts, confidence and Skills, providing a safe space in which they can take risks We promote subjects and careers where women have historically been under-represented We foster a culture of respect, inclusion and kindness towards each other We prepare our girfs for life beyond school We encourage our girls to contribute to their MMunitieS We listen lo staff, pupils and parents and are open to feedback We celebrate the effort and achievement of our community. Our Ethos Tornad Schcol is a charitable trust which seeks to benefit the public through the pursuit of its aims. Fees are set at a level both lo ensure the finanryal viability of the school and lo facilitate delivery of a firsl-class education. Tom)ead Schoc4 is committed to safeguarding and promoting the welfare 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 the ISI Compliance inspectson undertaken in November 2021. in which the school met all the requirements of the Independent School Standard Regulations. including those that relate lo safeguarding. A further compliance inspection was undertaken by ISI on behalf of the Department for Education in September 2023, in response lo the school's request to increase pupil numbers lo 850. The School was again confimied as fully satisfactory in all areas assessed under this process. Objectives for the year Our objectives are set to refiect our educational arns and the ethos of the schc)l. In setting obiectives and planning activities, the Trustees have given careful eonsideralion to the Charity Commission's general guidance on public benefrt and in particular to its supplementary guidance on advancing education and on fee-charging. Objectives f( the year, and strategies to meet these, were.. Page 2
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 5rJ7 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Prepare girls, within a supportive environrnent, to meet today's challenges Pastoral care is at the heart of everything we do at Tomiead, focusing on strong and posrbve relationships betsveen pupils and staff as well as maintaining an open partnership with parents. The relatively small size of our school means that each girt is visible and well-known as the individual she is, wth unique needs. Our purpose-built Wellbeing Centre remains the hub for pupils to engage with our health, welfare and counselling teams. The pursuit of academic excellence Tormead is an academically selectsve school and results in 2023 are teslament to the hard work of our pupils and the dedication of our leaching staff. We continue to review the curriculum to offer the widest choice possible. delivering rigour whilst remaining broad and balanced. Continued focus on extracurricular activities All pupils benefitted from an eXtracu1cu1ar programme tailored to their interests and needs, wth a wqde range of different clubs and activities on offer, providing opportunities for leadership, community engagement, sporbng achievement and other interests. Our Ihree-year joint 6th Form expedition schedule with RGS Guildford started Mqth a jolnt trip to Vietnam over the summer. followed by Nepal this autumn. A leading position at tha cutting edge of IT in education As a schcM)I committed lo technological excellen and innovation in support of delivering our curriculum, Tormead continues tr) hold Apple Distinguished School status_ September saw the rotl-oul of over 200 new Apple devices to pupils and slaff, and we continue lo provide stale of the art facilities in all teaching spaces. During the year, the wffi equipment was upgraded in the main senior school building to allow for better monitoring, management and troubleshooting of our'wireless devices. An aspirational and ambitious Sixth Fomi The Sixth Form continues to have an academic focus wth extensive opportunities for gids to take part in intellectual life beyond their individual subjects. Extended Project Qualification IEPQI continued to provide the opportunity to undertake more in4epth research into chosen topics, and our programme of external speakers introduced the girts to a wde variety of life experiences as well as wdening subject knowledge. We continued lo develop the programme of events with RGS Guildford. This year saw both the return of the joirrt Prefects. Dinner at Tomiead, followed by a reciprocal summer BBQ and games evening hosted by RGS. The further development of external links with parents and the community The school has continued to see increasing levels ol parental invofvement as the number and scale of evenls in the Tonmead calendar has continued to increase. In addition, work to foster relationships wlh our neNvork of cld gids through our Aumnae and Development Office has continued. A number of networking event5 were held, wth alumnae retuming to present to our community on their joumey p05t Tomiead. The optimisation of the site September 2022 saw the opening of our new, fully refurbished 6th Fomi Cenlre. Our new, state-of-the-art Wellbeing Centre became fully operational, and during the year a further £1.1m was spent upgrading school facilities and continuing the delivery of projects in Ouf Site 'maslerplan'. Page 3
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 6rJ7 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Work commenced on the fOrnr residential propety at 15 Hillier Road to provide further teaching facilrties for the growing Prep School. This started wth the conversion of the old garage to a new music room, and will continue in 202>2024 with work to the ground and first floors and outside spaces. We have developed new 'prototype' classroom spaces, incofporating leaming walls, modem fumiture, and air nditioning, which will in due course be rolled out across the school. We continue to progress our partnership project with Guildford County scho for the development and improvement of the sports farylities at the Umfield, a sports ground situated around 5 minutes from Tomiead by minibus. This indudes a full-size artificial hockey pitch, athletics track, new facilities for field swrts, a grass football pitch, and the installation of cricket nets. The use of the ground Mqll be shared, with th schools considering il lo be their home ground. Planning pemission was finally granted for the proposed scheme followng an appeal heartrng in September 2022. We are now in the process of fulfilling the planning officer's final pre-commencement condition. involving complex ecological matters. and expect construction to begin in 2024. Future developments The above objeth.ves wll continue lo be central to the future development of the school- our strategic goals for 2023-2024 can be summarised as follows: Our educational offering is consistently excellent Our pastoral care is consistently excellent School leadership is consistently excellent To make Tomiead a first choice for parents in the Guildford and wder Surrey area, when they are thinking about their daughter's education To make Tormead a first choice for teachers when we reUlt and to create a working environment that retains the best staff To grow our community at both the top end {Sixlh Forml and the start (Prep) to be a nre resilient organisation To develop our alumnae community and build a community for life To develop meaningful partnerships lo make a valuable conlribulion to the wder community To build our development capacity to support bursaries and facilities projects To develop our school e51ate to be leading within the area Ensure prudent management of the school'5 finances. mindful of current and future pressures in the sector, to assure delivery of our ambitious targets. PUBLIC BENEFIT Bursary policy The Trustees are committed to ensuring that financial assistance is available. within the means of the 001, for families who would not otherwise be able to afford the fees, or to relieve hardship where a pupil's education might be at risk. Our bursary awards are available lo all who meet our general entrance requirements and are made solely on the basis of parental means. The fjnancial needs assessment is made in conjunction with an independent assessor. wth awarts made by the Bursary Committee. The Trustees are aware Ihal the school has no endowments from which to draw funds to meet the financial Commitments of bursaries. all the charity's income coming solely from fees. There is therefore a balance to be struck in the number of bursarie5 awarded and the fees being received from other parent5 that subsidise the scheme. Bursary awards can be for up lo 100% of fees. Entrance 8ursaries are awarded on entry to the school at Year 7 and Year 12. Financial assistance is available for families awarded a bursary with the cost of unrfomi, educational school trips and public examinations. Page 4
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 7r37 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 During the year, the school provided means-tested Entrance Bursaries for 47 pupils whose parents could not afford the full fees, with 15 pupils receivtng support of 100QA of fees. An additional 4 pupils received some additional financial assistance for part of the year, wlh means-tested bursary funding tolalling £651 k. Beyond the considerable public benefit of providing a high-class education to pupils of the school, which equips them wth excellent academic qualifications and instils in them a sense of citizenship and responsibility in later lrfe, the school also provided wider benefits as detailed below. Charitable giving Advenlure and service is an important part of the education we provide to our pupils and we seek to help them develop their awareness of, involvement in and cornmitmenl lo the w4der community and charity. The students. under staff supeNision, undertake a number of fundraising activities during the course of each year. Chanlies are nominated by the pupils and are approved by the Head or Bursar who. amongst other considerations. check that they are all approved charities. The Assistant Head= Ccrcurricular maintains overall oversight of thr fundraising activities. During the 2022123 academic year the pupils of both Prep and Senior Schools raised over £15,000 for a number of different charities, including the DEC Ukraine appeal. House charities receiving donations include MIND, UNICEF, WWF and Home Start Guildford. Funds were also raised to support DEC fundraising following the earthquakes in Turkey and Syria, BBC Children in Need and Comic Relief. Fundraising Tom)ead has not historically undertaken any activities to raise funds for use by the school. Instead. all equipment and services required by the school lo operate have been ffinan from the school's normal operating expenditure and capital expenditure budgets. As such, the school did not make use of prolessional fijndraisers or commercial participators during the year. This situation is likely to change in 2023-2024, as the Mumnae and Development Office commen$ fvndraising adivilies in anticipation of the school's 120th birthday in 2025. There is an active parents, association {Tomiead Parents Assoaalion 'TPA'I which organises and runs a number of events during the course of each academic year, typically including a fundraising element. either through income from ticket sales exceeding event costs, or through the inclusion of a raffle or auction. This year saw a full retum lo the TPA'S traditional fundraising activities. including the popular Christmas 'Cracker Fair,. summer black lie dinner. game5 evenings and Prep Easter hunt. Whilst the school does not direct the TPA in any way, all events require the prior approval of the Head or Bursar. During the year. the TPA made a donation of £35,000 to the school. which was used towards the purchase of a new minibus. Neither the schwl nor any person acting on behalf of the school during the year was subject to an undertaking to be bound by any voluntary scheme for regulating fundraising, or any voluntary standard of fundraising, in respect of activities on behalf of the school. As such, there have been no failures to comply with any such a scheme or standards. The school has received no complaints about the activities of the school or those of persons acting on behalf of tho school for the purpose of fundraising. Educational and other benefits to those who are not pupils The partnership arrangement wlh Guildford County School for the redevelopment and expansion of sporting facilities al the Umfield will create signfficant benefit for the pupils of Guildford County School, in addition to the benefits afforded to Tomiead students. The facilities 11 also be available for use by the wider community. Tormead wa5 instrumental in the formation in 2022 of the West Surrey Partnership, a group of schools from both the independent and state sectors. established lo work for the mutual benefit of all students and staff in the area, fostering respect, collaboration and citizenship. During the year, pupils benefitted from three partnership days- Literacy day for KS3, a Wellbeing day for KS2, and a Sustainability Day for KS5. Page 5
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 8rJ7 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 The Guildford 11-19 Partnership is a collaboration of schools, colleges and the University of Suffey. During the year students benefftted from the IMAG programme, which provides opwttunities for Interested, Motivated and Able pupils in the area to enrich their knowdedge and understanding through a series of workshops and lectures hosted by members. Over the year, Tormead pupils dedicated 2054 hours lo volunteering as part of their Duke of Edinburgh Award Scheme, Mqth a soaal value of £9,879. Regular communty volunteering fomied part of the Sixth Form timetable. Sixth Fom Students volunteer at local primary schools, nurseries, charity shops and schools for disabled children. During the schwl year a total of 1416 hours, with a social value of £6,796.80, We undertaken by Sixth Fomers. Tormead students volunteer with the following organisations= Sayers Croft, St. Joseph Trust, Albury Care Home, St. Joseph's Catholic Primary School, Boxgrove Primary School. Holy Trinity Junior School. and the Shooting Star Charity. REVIEW OF ACTIVITIES AND ACHIEVEMENTS Pupil number5 were 788 at the end of the Summer temi 2023. made up of 185 in the Prep School and 603 in the Senior School. Academic Review During the year, a fvll review of the senior school timetable was undertaken. results'ng in a 10% per cent increase in contact lime across KS3 and KS4 and a 20% increase at KS5. The appointment of a new Careers Advisor saw a significant growth in personalised provision, wth neaY 2(K) individual appointments conducted over the academic year. Parents and alumnae contributed to comprehensive careers education prcgramme, introducing their careers to Year 10 through to Year 13 during assemblies, PSHE lessons and speaalist Careers events. A new work experien programme was launched to Year 11 and Year 12 in June 2023, with 490/0 of Year 11s and 100Yo of Year 12 students completing an online or in-person plaMent. Placements ranged from mediune. law, engineering and finance to Iheatre, education. charity and the creative arts. The Oxbridge coordinators continued to provide a siructured programme of preparation for our candidates and arranged mock interviews for those girls invited to inlerview. As ever. the Lower Sixth enjoyed participating in the Young Enterprise Company programme. In response to the disruptions brought about by the cancellation of exams in 2020 and 2021, the govemment continues to progress towards its goal of realigning results wth pre-pandemic nomis, following several years of grade inflab"on. The Trustees are delighted to report that pupils have demonstrated consistent academic achievement, highlighted by exceptional results at both A level and GCSE. At A level, 61Wo of our students achieved A. or A grades, while an impressive 90% secured A. _ B grades, and 97% achieved A. _ C grades. Our graduating pupils are embafking on diverse a¢ademicjoumeys, with many heading to lop universities. Three students have been accepted to study Law, Engineering, and Classics at Cambridge, whilst 670kn of our A level cohort have eamed a place at Russell Group universities, enrolling in a wide array of programs. inctuding Medicine, Veterinary Medicine. Natural Sciences. Psychology, Mathematics, Physics, Biology, Quantity SuTheying, English Literature, History. Public Relations, Sociolcgy. and Marf(eting. At GCSE level. 69% of all grades fell wlhin the 7-9 grades. with strong performances across all subjects. The 'Value Added,, the Measure of PTogTe5s pupils make over a period of time. was particularfy impressive in Mathematics, Computer Science and Physical Education. Page 6
VrbJJkgunurvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 9rJ7 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Extracurricular Sport We were delighted to be able to bring home an abundan of trophies and awards in another extremely successful year for sport, including the followng.. Gymnastics - Tomiead gymnasts continue to deliver at the highest standard, becoming national champions in 5 out of the 6 Independent Schools, Gymnastics Associion competitions, three of the four British Schools, Milano competitions. and out of the three flcor and vautt competitions. Many pupils also won individual medals. Cheerleading and Dance - Tomead dancers and cheedeaders choreographed artistic pieces for both in-house shows and external competitions. winning awards in the Future Cheer Spotlight competition. Destination Dance. Xcile Dance and the We Create Dance Festival. Netball a strong Season which Saw the U16s qualrfwng for the County Finals of the Mid Surrey Cup. the U14s winning 12 out of 16 of their matches during the season. and some impressive perfomiances in the Condover toumament weekend. Hockey- Tomiead's First team won 13 matches out of 20 and 5 draws. The U12 team ddivered 9 wns and 1 draw out of their 12 matches, becoming the Sutrey Hate champions. Rowng - Tormead rowing continues lo go from slrer¢gth lo strength Mith sessions for all year groups in their curriculum games afternoon, as well as their extra-curricular sessions on Saturdays. Over 80 students are now involved wth rowng eniowng sessions at Weybridge Ladies Amateur Rowing Club. Pupils participated in a range of other sports with extensive fixture lists, including cross county, biathlon, swimming, athletics. football, cricket and tennis. Music Music continued lo thrive at Tormead, with large-scale concerts showcasing the talents of our whole music community.. the Christmas Spectacular and Spring Concert, each featuring more than 150 perfomiers. The Tomead Singing and Instrumental festivals were introduced, and lo extend the reach to the whole school community, senior and junior choirs were launched, to complement our auditioned choirs. Even50ng perfomiances at Winchester and Portsmouth cathedrals continued, and the Spring temi Saw a sell-out jazz and pop night. An endangered instrument scheme was introduced, encouraging Tomiead musicians to learn less commonly played instruments from highly trained teachers. Drama The academic year kicked off House drama competitions. getting everyone in the mood for the sucsSful and innovative productions which followed. Audiences were wc>wed wqth impressive renderings of Little Women, Bright. Young. Things, and a range of productions devised by our drama club SdentS. The highlight of a fabulous year was a perfonmance of 'Legally Blonde,. played over 2 nights on the mainstage at the Yvonne Arnaud theatre. The production involved over 65 students, including a number of boys from George Abbot Schcol in Guildford. L4MDA speech and drama exams took place as usual. with every sludenl passing with either a merit or a distinction this year. Clubs and A£tivitiès In addition to sports. music and drama, the school continued to provide a wide range of clubs and activities for pupils, encouraging involvement in a variety of activities to broaden interests and develop new Skills. In addition to art, chess, cookery and robotics, this year saw the introduction of new clubs including Circus Skills, Lego Club, Special Effects Club and Advanced Problem Solving. Page 7
VrbJJkgunurvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 10rJ7 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Trips and Residentials A wide variety of day and residential trips were on offer during the school year. As pupils progress through the school, the choice of destinations broadens. The major trips during the year were a sports lour to Malaysia, a biology enrichment trip to Costa Rica and a personal development expedition to Vietnam. Sixth Formers were encouraged to fijndraise part of the cost of the more expensive trips themselves. The trips programme included theatre perfomances, subject master dasses, rId trips, Year 10 language residential trips to Paris, Valencia and Cologne. Year 9 'Battlefields' tour in Belgium, a ski trip, and inductionlbonding tiips fcff Year 7 and Sixth Fomi. Pupils also look part in all levels of the Duke of Edinburgh Award Scheme. wth 77 Year 10 students undertaking the BrorEe award, 35 Year 11 students starting their Silver award, and 26 Sixth Fomiers working towards their Gold award. Six Duke of Edinburgh Award Scheme expeditions took place, supported by Tomiead staff volunteers. In May we hosted a group of Nepalese student5 and their Headmaster from Bhu Pu School in the town of Besishar in Nepal. The visits are part of a wder Nepal Partnership link with RGS Guildford IRGSI. In 2019 team of students and staff from the RGS and Tomiead visited the Bhu Pu School, with a follow-up Visit taking place in October 2023. These reaprocal visits promote a growth in cultural understanding and leaming for all involved. STRUCTURE, GOVERNANCE AND MANAGEMENT Under the Memorandum and Arttcles of Association of Tomiead Limited, control of the company is vested in the Counal of Management (also known as the Goveming Body}, whose Members perfomi a role equivalent to that of company directors_ The Council Members are also the Charity Trustees and the Govemors of the school and are responsible for appointing new trustees. New appointments require a three quarters majority vote at a council meeting for the appointment to be approved. Trustees are appointed for a 4-year term and may be re- elecled at the end of their tem. The school aims to have a broad range of skills on the trustee body and the current truslees are experienced in the followng fields.. school and university education, finance. property, business, medicine, engineering and law. Nominations for vacancies as they are anticipated or arise generally are foNarded to the Governing Body for review. Prospective candidates are interviewed by a panel of Iru51ees and the appointment of new governors are presented by the Chair of Govemor5 and Head for the Board'5 approval. A recTUitment process for new trustees was undertaken during the summer term and 4 new Trustees joined the Board in October 2022, further strengthenirkg the skillset of the Board. New tnjstees receive formal induction materials from the Clerk to the Governors, are notified of relevant tInIng courses and encouraged lo thilise resources available from the Association of Goveming Bodies of Independerrt Schools IAGBISI. They are tnvited to visit the School and attend School events thereVer possible. Ongoing training is provided through specialist training presentations to the Board of Govemors and its committees. Trustaes Details of trustees who were in offiee during the year ended 31 Augusl 2023 are listed on page 1. During the year, R Harri5 (Chair of the Board), S Geary and P O'Keefe resigned. Four new trustees joined in October 2022.. C Zagorski, F Thompson, R Finnan and K Jefferies. Trustees serve a four-year term and can offer themselves for relection, subject to eligibility. M Howse took over as Chair in March 2023. A Spender offered herself to serve for a further 4-year temi. Page 8
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 11rJ7 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Organisational Structure The Full Counal met four times. It establishes an overall framework for the govemance of the school and delegates certain key responsibilities to its committees. The activities of the committees are monitored through the minutes of their meetings and the ratification of decisions where required. During the year to 31 August 2023 there were three committees" Finance and General Purposes Committee, which also serves as the Audit Committee Academic Committee HR and Remuneration Committee All committees operate under tenns of reference and procedures approved by the Full Council. The trustees are responsible for setting general policy and strategic direction, adopting operational plans. approving the annual budget and other financial decisions in accordance with the Stheme of Delegatton. setting pay policies and determining senior leadership pay. The day to day running of the school is delegated lo the Head and the Bursar, supported by an Executive Leadership Group, Senior Management Team and the Prep School Senior Team. Risk management The Trustees have a risk management strategy whi¢h comprises: An annual review of the principal risks and UnrtaInlieS that the school faces The establishment of polies, systems and procedures to miti.gate Ih)se risks idents.fied in the annual reMew,' and The implementation of prOdureS designed lo minimise or manage any potentsal impact on the school, should those risks materialise. Financial risks The school's operations expose it to a variety of financial risks. The monitoring of these risks is the responsibilty of the Finance and General Purposes Committee. The Trustees are aware of the uncertain political and economic climate at the present lime, particularly the dramatic increase in inflation and cost of living. notably energy and food prices, and how this may impact upon the future pupil numbers at the school. Removal by a Labour govemment of the VAT exemption on private school fees and other benefits of charitable status applicable to independent schools are likely to affect financial perfomiance. The Trustees continue lo exercise prudence in the management of the school's finances to ensure that the impact of problems in the wider economy, or political shifts, is managed effectively. ensuring that the rx)tenlial impact is regularfy monitored through detailed scenario modelling. The recent increase in the school's capacity to 850 ivill enable the school to expand. providing fvrther protection against some of the finanual uncertainties that lie ahead. Credit risk Tomiead has in place a very clear and well-defined procedure for the collection of all debts. The Bursar ensures that the procedure 15 followed and that the school enters into early dialogue Mqth any potential debtors lo ensure that problems are idenltfied and resolved al an early stage. Where the collection of debts remains problematic. these are referred for a debt collection agency to recovery on our behalf. Page 9
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 12rJ7 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Interest rate risk The school ensures that its exposure to unfavourable movements in interest rates is minimised by negotiating very favourable lemis through its lender by fixing its loans for a number of years so that fLrture repayments are known. The term loan was fixed for 15 years at an extremely favourable rate, and the debt repayments are factored into the schcx)I's long-term finanaal planning to ensure that they are affordable. Compliance risk The school has robust poliaes, procedures and processes in place to ensure compliance. Safeguarding and Health and Safety are ftsndamental to the school's operation and the welfare of pupils and staff is of utmost importance. There are nominated trustees with responsibility for oversight of Safeguarding and E Safety, and the Trustees review the management of Safeguarding al each meeting of Full Counal. There is also a nominated trustee for Health and Safety who reports lo the Finance and General Purposes Committee each temi. During the year, the school commissioned a professional survey to reassure trustees that none of the school buildings contains RAAC (Reinforced Autoclaved Aerated Concrete)- The mainterkance of all buildings to the highest standard continues to be a key priority for the estates team. The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operntions and finances of the Company. and are satisfied that systems and procedures are in place to mf(igate exposure to the major risks. Investm8nl powers The Trustees are empowered to invest the funds of Tomiead Limited in stocks, securities, propety or other investments as they think fit ar¢d in accordance wrth trust law. At present. all surplus funds are held in cash in current and appropriate treasury tenm accounts. Pay policy for sonior staff The Trustees consider the Board of Trustees IW1 are the directors for the purposes of company law), along with the Head and the Bursar, to be the key management personnel of the charity in charge of directing. controlling, running and operating the school on a day to day basi5. Trustee5 give of their time freely and no trustee received remuneration in the year. The Trustees consider the remuneration of key management personnel at schools of a similar size and profile to benchmark the salaries of the Head and the Bursar. The TNstees approve the annual pay increase, if any, for all staff at the school and this is applied to the salaries of the Head and the Bursar. In determining the annual pay award, the Trustees consider the maintained sector pay award, the overall economic outlook and the financial position of the school, particularfy with Tefeience to the budget for the next year. An element of the pay of the Head and Bursar is also performanctrrelated. The level of award of any perfomian¢+related element of remuneratson is detemiined by the HR and Remuneration Committee. FINANCIAL REVIEW The Statement of Financial Activities is presented on page 15. Total incoming resources amounted to £13.357,47912022= £11.777,7351. of which £12,178.03012022.' £11,003.9841 was expended as direct charitable expenditure. This increase in income wa5 achieved primarily through the succe55ful recruitment of addibonal pupi15 in both the Prep and Senior School5. At year end total unrestricted fijnds increased by £1.179,439 {2022: £773,738). During the year, £1,109,015 was invested in capital projects for the improvement of the site and computer equipment12022.' £1.797.9001. The cash balance atyear end was £6,395,21212022= £5.479,572). Page 10
VkiuaBunatLnTrarffjxlvM Ref. YZXR-TKNH-vfF9 22Jan 2024 12..36..02 GMT{UTC +0) 0 1rdp 13ts7 TORMEAD LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Fixed assets The school's land and buildings were valued by King Slurge & Co in 10 December 1999 at £6,975.000. The valuation has not been included in these financial statements. The net book value of land and buildings in the finanaal statements is £16,103.325 12022.. £16.474,296). The Trustees believe that the martet value of land and buildings held by the school is significantly in excess of the net book value. although no formal valuatson has been undertaken since 1999. As reported above, the school is commilled lo a joint project wth the Guildford County School lo upgrade the sports facilities at the Umfield. The Trustees have elected to proceed wth this project and cash reseNes will be allocated lo the project acLwdingly. Charity resaNas Reserves are necessary as a contingency for meeting unscheduled repairs and maintenance or unforeseen expenditure. The Trustees monitor the level of reserve5 on a temi by term basis and review the policy on an anTrua1 basis. To ensure the school is always in a position to manage it5 ongoing operation5, the govemor5 have agreed the school should retain nel current assets 4uivalent to at least 3 months, Salary cost5. As at 31 August 2023 net CUTrenl assets were £4,925,884 with an average 3-month salary cost of £1,826,110, illustrating that this measure was comfortably met. Auditors Our auditors, James Cowper Kreston have indicated a wllingness lo continue in office. A resolution to re-appoiTrt the auditors will be proposed at the next meeting of the FLFII Coun1 of Management. Disclosure of information to the auditors So far as each of the Trustees serving at the time this report is approved are aware.. There is no relevant audit information of which the auditors are unaware, and They have taken all the steps they ought to have taken to make themselves aware of any relevant audrt infomiation and lo establish that the auditors are aware of that infomiation. Approved by order of the members of the Board of Trustees and signed on their behalf by.. Howse Chair of Trustees Dale= 19 January 2024 Page11
VrbJJkgunurvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 14rJ7 TORMEAD LIMITED (A company limited by guarantee) INDEPENDENT AUOITORS. REPORT TO THE MEMBERS OF TORMEAD LIMITED Opinion We have audited the finanaal statements of Tomead Limited {the 'charity'l for the yeaf ended 31 August 2023 which comprise the Statement of financial aclivities. the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial Teporttng framework that has been applied in their preparation 15 appliGable law and United Kingdom AGGounting Standard5, induding Financial Repong Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdcn Generally Accepted Accounting Practice). In our opinion the financial staternents= give a true and fair view of the state of the charitable companys affairs as at 31 August 2023 and of rts incoming resources and application of resources, including its income and expenditure for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirement5 of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth Intemalional Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the United lthngdom. including the Financial Reporting Counal'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 lo provide a basis for our cpinion. Conclusions relating to going concern In auditing the financial slatements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the ffinanal statements is appropriate. Based on the woth we have perfom)ed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least trNelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect to going concem are described in the relevant sections of this rewL Page 12
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 1srJ7 TORMEAD LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TORMEAD LIMITED (CONTINUED) Other information The other infomialion comprises the infomation included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other infomalion ntained within the Annual report. Our opinion on the financial statemen15 does not eover the other information and. except to the extent othepmse explirAIIy stated in our report. we do not expre55 any fomi of a55uranGe GQTrGIu5i0n thereon. Our responsibility is to read the other infomation and, in doing so. consider whether the other infomiation is materially inconsistent wth the financial statements Of our knovdedge obtained in the course of the audit, or other4¢ise appears to be malertally mi5slated. If we identrfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselve5. If, based on the work we have perfomied. we condude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our Opini?, based on the woth undertaken in the course of the audit". the information given in the Trustee5' Report including the Strategic Report for the financial year for which the financial slalemenls are prepared is consislenl with the financial statements. the TfUStees' Rew# and the Strategic ReFQrt have been prepared in accordance with applicable legal requirements. Matters on which we are raquired to report by exception In the light of our kno%edge and understanding of the chariLible company and its environment obtained in the course of the audit. we have not identified material rnisstatements in the Trustee5' Report including the Strategic Report. We have nothing to report in respect of the following matters in relation lo Mthich Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept, OT Telurns adequate for our audit have not been reiVed from branches not visited by us" or the financial statements are not in agreement wth the accounting records and retums; or certain disclosures of Trustee5' remuneration specified by law are not made., or we have not leived all the information and explanats'ons we require for our audit. Rosponsibiliti8s of trustoes As explained more fully in the Trustees. responsibilities statement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparatson of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees delerniine 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 charitable companYs abilty to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but lo do so. Page 13
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 16rJ7 TORMEAD LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TORMEAD LIMITED (CONTINUED) Auditors. responsibilities for the audit of tha financial ststemenis Our objedives are to obtsin 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 Auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran, but 15 not a guarantee that an audit conducted in accordanot ISA5 (UK) will alway5 detecl a Mateal mi55tatement when it exists. Mis5tatenientS Gan arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably expected to influence the eeonomic decisions of users taken on the basis of these financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, induding those leading to a malertal misstatement in the financial statements or non-compliance wth regulation. This risk increases the more that compliance wqth a law or regulats.on is removed from the events and transath.ons reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than eOr, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentalion. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities. including fraud. were as follows.. Enquiry of management and those tharged with governance around actual and polenlial litigation and claims- Enquiry of management and those charged with governanc£ to identify any material instances of non- compliance wth laws and regulations,. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations-, Performing audit WOTk to addres5 the risk of irregularities due lo management override of controls, including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of signfficant transactions outside the nomial course of business and reviewng accounting estimates for evidence of as. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. wwN.f -uklaudilorsres nsibilities. This description fom)s part of our Auditors. report. Use of our report This report is made solely to the charitable companls members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Ad 2006. Our audit work has been undertaken so that we might slate to the charitsble compan15 members those matters we are required lo state to them in an Auditors. report and for no other purpose. To the fijllest extent permitted by law. we do not accept or assume responsibiltty to anyone other than the charitable company and its member5. a5 a body. for our audit work, for this report. or for the opinions we have fomied. Darren O'connor Bsc (Honsl FCCA ACA (Senior statutory auditor) for and on behalf of James Cowper Kreston Audit Reading Bridge House George Street Reading Berkshire RG18LS Dale= 5 April 2024 Page 14
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 17rJ7 TORMEAD LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023 Endovmient funds 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income and endowments from: Donations and legacies other income Charitable activities Investments 43.416 1,102.956 12,688,000 48.556 43,416 1,102,956 12,688,000 48,566 3,759 656,162 11,294,701 707 10 Total income and endowmenis 10 13,882.928 13.882,938 11,955.329 Expenditure on: Charitable activities 12,703.489 12,703,489 11,181,578 Total expenditure 12,703,489 12,703,489 11,181,578 Net movement in funds 10 1,179.439 1,179,449 773,751 Reconciliation of funds: Total funds brought forward 119.IXIO 6.575 10 17,239.302 1,179.439 17.364,877 1,179,449 16.591.126 773,751 Net movement in fijnds Total funds carried forward 119,000 6.585 18,418,741 18,544,326 17,364,877 The Statement of Financial Activities indudes all gains and losses recognised in the year. The notes on pages 19 to 35 fom) part of these )Inanal statements. Page 15
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 16rJ7 TORMEAD LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00485947 BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note Fixed assets Tangible assets 14 16,861.724 16,878,655 16,861.724 16,878,65S Current assets Stocks Debtors 15 16 6,148 379,951 6.395,212 6.358 686,573 5,479,572 Cash at bank and in hand 6,781,311 6,172,503 Creditor5.' amounts falling due wthin one year 17 11,870,643) 12,251.6261 Net current assets 4,910,668 3,920.877 Total assets less current liabilities 21,772,392 20,799,532 Creditors= amourrts falling due after more than one year 18 13,228,066) {3,434,655) Net assets 18,544.326 17.364.877 Total net assets 18,544.326 17.364,877 Charity funds Endowment funds 19 119,000 6,585 18,418.741 119.000 6.575 17.239,302 Restricted funds Unrestricted funds 19 19 Total funds 18,544,326 17,364,877 The Trustees aCknOedge their Teswnsibilities for complwng with the requirements of the Act wth respect to accounting records and preparation of financial stalemenls. Page 16
VkiuaBunatLnTrarffjxlvM Ref. YZXR-TKNH-vfF9 22Jan 2024 12..36..02 GMT{UTC +0) 0 1rdp 1W97 TORMEAD LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00485947 BALANCE SHEET ICONTINUEDI AS AT 31 AUGUST 2023 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Howse Chair of Trustees Dale= S G Newnes4mith Chair of the Finance and General Purposes Committee Dale= 19 Jsnugry 2024 The notes on pages 19 to 35 fomi part of these financial statements. 22 January 2024 Page 17
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 20rJ7 TORMEAD LIMITED (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 AUGUST 2023 2023 2022 Cash flows from operating activitios Nel cash used in operating activities 2,070,519 1,896,427 Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Bank interest receivable 125 (915.464) {1.350,727) 48.556 707 Net cash used in invesling aetiviti8s (866.783} {1.350.0201 Cash flows from financing activities Repayments of borrowng Finance costs pald (217,620) 1212,9361 170,476) 175,383) Nei cash used in financing activitias (288.096} 1288.3191 Change in cash and cash equivalents in the year 915.640 258.088 Cash and cash equivalents at the beginning of the year 5,479,572 5,221,484 Cash and cash equivalents al the end of the year 6,395,212 5,479,572 The notes on pages 19 to 35 fomi part of these financial statements Page 18
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 21rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Gan8ral infomiation The school is a registered charity and private company limited by guarantee. incorporated in England and Wales. The members of the charitable Company are the Trustees named on page 1. The registered office is Tonnead Scfvjol. Cranley Road, Guildford, Surrey, GU1 2JD. In the event of the charitable Company being wound up. the liability in respect of the guarantee is limited lo £1 per member of the charitable Company. The School functional and presentational ujrrency is GBP. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance wrth the Charities SORP {FRS 1021- Accounting and Reporbng by Charities: Statement of Recommended Practi applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 2019}, the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Tonnead Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwse stated in the relevant a(gounting wjlicy. 2.2 Income Income is recognised when the charity has entitlement to the funds, it is probable Ihal the income will be received, and the amount can be measured reliably. Fees receivable and charges for seNices 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 school. Income from govemmenl grants is recognised when the charity ha5 entitlement lo the fund5, and any performance conditions attached lo the grants have been met. it is probable that the income wll reived, and the amount can be measured reliably and is not deferred. 2.3 Expenditure Expenditure 1$ recognised once there is a legal or constructive obligation to transfer economic benefft to a third party, it is probable that a transfer of economic benefits will be required in setuement and the amounl of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activty are allocated directly to tliat activity. Shared costs whi¢li contribute to Inore thali one activity and support cosis whith are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Cenlral staff costs are allctated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is Inrred on directly UTertakIng the actiwtie5 whith further the CharItS objectives, as well as any assoaated 5UPPOrt Costs. AJI expenditure is indu5ive of Irrecoverab VAT. 2.4 Interest receivable Interest on fvnds held on deposit is included when re1vable and the amount can be measured reliably by the Charity- this is normally upon notsfication of the interest paid or payable by the institution with whom the funds are deposited. Page 19
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 22rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Accounting polieies {continuodl 2.5 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capilalised and recogni5ed when future economic benefit5 are probable and the w5t or value of the a55et Gan be measured reliably. Tangible fixed assets are initially recogni5ed al cost. After recognition. undef the cost model, tangible fixed a5set5 are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight4ine method. Depreciation is provided on the following bases= Freehold land Freehold building On a straighl-line basis over 10-25 years. Once they have come into use On a straight-line basis over 5 years On a straight-line basis over 5 years On a straight-line basis over 3 years Minibus Fixture5 and fittings Computer equipment Assets under construction 2.6 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost include5 all direct costs and an appropriate proportion of fixed and variable ovetheads. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayrnents are valued al the amwnt prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand indudes cash and short-temi highty liquid investments wtth a short maturity of three nKJnths or less from the date of acquisition or opening of the dewsit or similar account. 2.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlernent, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it wll pay lo settle the debt or the amount it has received as adVand payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effecl of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks speafic to the liability. The unwinding of the discount is recognised in the Statement of Financial Aclivitses as a finance cost. Page 20
VrbJJkgunurvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 23rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Accounting polieies {continuodl 2.10 Financial instruments The Charity only has financial assets and financial liabilitie5 of a kind that qualify as basic financial instrumen15. Ba51G finanGial in5trumettts are rnitially recoJni5ed at tran5aGtion value and 5ub5equentty measured at their settlement value the exception of bank loans which are subsequenuy measured at amortised cost using the effective interest method. 2.11 Operating lease5 Rentals paid under operating leases are charged to the Statement of financial actiwties on a straight- line basis over the lease term. 2.12 Pensions The Charity operates a defined contribution pension scheme for non-teaching staff and the pension charge represents the amounts payabte by the Charity to the fund in respect of the year. The Charity contributes to the govemments Teachers Pension Scheme. a defined benefit scheme. However, the Charitys liability to the scheme is limited to the extent of contributions payable. Contributions are charges through the Statement of FinancAal Activibes when they are incurred and relate to unrestricted funds. 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds whtch are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each re$triced fu is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 21
VrbJJkgun*urvTrarwoCbc Ref. YZXR.TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 24rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on hiStlca1 experience and other factors. including expectstions of future events that are believed to be reasonable under the Circumstances. Critical accounting estimates and assumptions.. The Charity makes estimate5 and assumptions conceming the future. The resuhing accounting estimates and assumptions will, by definition. seldom equal the related actual results. The e5timale5 and assumptions that have a significant risk of causing a material adjustment to the carrwng amounts of assets and liabilities wqthin the next financial year are discussed below. Critical areas of judgement= Fixed assets: The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets These are re-assessed annually and amended when necessary to reflect current estimates. See accounting policy 2.5 and note 14. Income frorn donations and legacies Unrestricted funds 2023 Total funds 2023 Total funds 2022 Donations 42.995 421 42,995 421 300 Government grants 3,459 43,416 43.416 3.759 Total 2022 3,759 3.759 Page 22
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 25rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Ineome from charitable activities - Foe income Unrestriod funds 2023 Total funds 2023 Total funds 2022 Gross fee5 13,743,027 13.743.027 12,236,323 (651,2441 (651.244) 1590.559) (221,2871 (221.287) 1224.182) {147,4001 (147.400) 197,367) 132,9391 132,939) 125,572) 12.1571 (2,157) 13,942) Less.. Bursaries Scholarships staff discounts Sister discounts Advance fee discount 12,688,000 12,688.000 11,294.701 Total 2022 11.294.701 11.294.701 Other incoma Unrestricted funds 2023 Total fund5 2023 Total funds 2022 Registration fees, reimbursed disbursements and sundry income 543,551 559.405 543,551 559,405 440,490 215.672 Trip income. 1,102,956 1,102.956 656.162 Total 2022 656,162 656,162 . Trip income indudes payments from pupils for residential and day trips of £559.40512022= £215,672}. Page 23
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 26rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Investmenl income Restricted Unrestricied funds funds 2023 2023 Total funds 2023 Total funds 2022 Bank interest receivable 10 48,556 48.566 707 Total 2022 707 707 Analysis of oxpendiiura on ehariiable activities Total funds 2023 Total funds 2022 Staff costs 2023 Other Depreciation 2023 2023 Teaching costs Welfare 6.379,926 161,292 262,491 500,732 950,356 605,004 1,059,713 1,582,328 112.608 72.198 14.051 980.777 22.013 7,402.480 780,347 2,302.981 2,105.073 112.608 6.690.257 737,538 2.100.702 1,532.379 120.702 Premises Supwrt costs Finance costs 7.304,441 4,310,009 1,089,039 12,703.489 11,181,578 Total 2022 6,580.696 3,505,882 917,406 11,003.984 Analysis of oxponditure by activities Support cosis 2023 Total funds 2023 Total funds 2022 Direct costs 2023 Analysis of expenditure by activities 10,485,808 2,217.681 12.703.489 11.181.578 Total 2022 9,528,497 1,653,081 11,181,578 Page 24
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 27rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Analysis of oxponditure by activities (continued) Analysis of support costs Total funds 2023 Total funds 2022 Activities 2023 Staff cost5 500,732 22,013 343,514 60,966 500.732 22.013 343.514 60.966 419,272 7.434 345.573 38,943 Depreciation Travel costs Insurance Legal and professional Books, joumals, IT costs Other office costs iii 238,544 15,477 342,173 70,476 42.132 560,985 20.669 238,544 15,477 342.173 70.476 42.132 560.985 20.669 119,948 31,043 319,607 75.383 45.319 221.373 29.186 Interest on bank loans and overdrafts Bad debt charge Trip expenditure" Govemance 2,217.681 2,217.681 1,653.081 Total 2022 1,653,081 1,653,081 . Trip expenditure includes £560,985 {2022-. £221.3731 payable for residential and day trips. 10. Auditors. romuneration 2023 2022 Fees payable to the Chariws auditor for the audit of the Chariws annual accounts 18.000 19.975 Fees payable to the Charltys audltor In respect of.. Al non-audit services not included above 2,400 3,230 11. Taxation As a charity. the School is exempt from tax on income and gains in accordance with current tax legislation to the extent that these afe applied to its charilable objects. No charge has arisen in the Chairty. Page 25
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 26rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 12. Staff costs 2023 2022 Wages and salaries Swal security costs Contribution to pension schemes 5,704,436 607.051 992.954 5,135,946 534.674 910.076 7.304.441 6,580.696 The average number of permanent employees employed by the Charity was 165 {2022: 149) and the full time equivalent is as follows.. 2023 No. 2022 No. Head Teachers 107 9S Domestic Administration 10 127 114 The number of employees employee benefits {excluding employer nSIOn costs} exceeded £60.000 was.. 2023 No. 2022 No. In the band £60,CNJ1- £70,000 In the band £70,(J)1- £80,000 In the band £80.001- £90,000 In the band £100.001- £110,000 In the band £160.001- £170,000 In the band £170.001- £180,000 The key manageinent personnel of Uie Cliarity nipliSe the Trustees. the He and the Bursar. The total empk¢yee beneffts of the key Manament personnel of the Charity were £357,048 12022.. £334.9691. 13. Trustee5' remuneration and oxpense5 During the year, no trustee received any remuneration or other beneffts12022- £NIL). During the year ended 31 August 2023, no trustee expenses have been incJJrred12022- £NIL). Page 26
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 29rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 14. Tangible fixod assets Assets Freehold under property construction Fixtures and Computer fittings equipment Minibus Total Cost or valuation At 1 September 2022 Additions Disposals 23,994340 586.542 (36.9071 2.059.636 793,321 73.300 129,195 197,634) (19,7441 26.847,297 44.616 1.109,015 1154,2851 275.362 At 31 August 2023 24,543,975 275,362 2,035,302 902,772 44,616 27,802,027 Depreciation At 1 September 2022 Charge for the year On disposals 7,520.044 920,606 1,751.255 697,343 106,265 57,706 197,634) (19,7441 9.968,642 4,462 1,089,039 1117.3781 At 31 August 2023 8,440.650 1,759,886 735,305 4.462 10.940,303 Not book valu8 At 31 August 2023 16,103.325 275.362 275,416 167,467 40,154 16,861.724 At 31 August 2022 16,474,296 308,381 95,978 16,878,655 The school's land and buildings were valued by King Sturge & Co in 10 December 1999 at £6,975,000. The school has adopted the historical ojst rnodel and therefore the valuation has not been included in these financial statements. 15. Stocks 2023 2022 Finished goods and goods f resale 6.148 6,358 Page 27
VrbJJkgun*urvTrarwoCbc Ref. YZXR.TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 30rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 16. Debtors 2023 2022 Due within one year Trade debtors Other debtors 38.068 45.604 296.279 94.109 46.941 545,523 Prepayments and accrued income 379.951 686.573 17. Creditors: Amounts falling due wiihin one year 2023 2022 Bank loans Trade creditors Other taxation and social securty other creditors AccTuals and deferred income 222,460 204.515 147,624 173.421 1.122.623 217,620 485,957 134.436 59.241 1.354,372 1.870.643 2,251,626 2023 2022 Deferred income at 1 September 2022 Resources deferred during the year Amounts released from previous periods 629,182 616,323 1629,182) 572,263 579,324 1522,405) Deferred income at 31 August 2023 616,323 629,182 Deferred income comprises fees paid in advance in respect of the Autumn 2023 term and amounts paid into advance fee schemes in respect of tuition fee5 for ftrture yea[5. Page 28
VrbJJkgunurvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 31rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 18. Craditors: Amounts falling due aftar more than one year 2023 2022 Bank loans Accruals and deferred income 2,766,765 461.301 2,989,22S 445.430 3,228.066 3,434.655 Bank loans of £2,989,225 {2022.. £3,206,845) are secured against the freehold propety of the Charitable Company. The net book value of the assets secured is £16,103,325 12022: £16,474,296), however the market value of the propety is expected to be significanuy higher. In June 2020, The School negots'ated a new fixed rate loan at a rate of 2.281 %, repayable in instslmenls over a 15-year lem. The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is.. As resled 2022 2023 Payable or repayable by instalments 1.823.838 2.067.726 1.823,838 2,067,726 Page 29
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 32rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 19. stsiemeni of funds Staiement of funds - Current year Balance at 1 September 2022 Balance at 31 August 2023 Income Expenditure Unrestricted funds General Funds 17,239,302 13,882.928 (12,703.489) 18.418,741 Endowment funds Endowment Fund 119,000 119.000 Restricted funds Restricted Fund 6,575 10 6.585 Total of funds 17.364,877 13,882,938 (12,703.489) 18.544.326 Page 30
VrbJJkgun*urvTrarwoCbc Ref. YZXR.TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 33rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 19. stsiemeni of funds {continuad) Staiement of funds - prior year Balance at 1 September 2021 Balance at 31 August 2022 Income Expenditure Unrestricted funds General Funds 16,465,564 11,777.722 111,003.9841 17.239,302 Endowment funds Endowment Fund 119,000 119.000 Restricted funds Restricted Fund 6,562 13 6.575 Total of funds 16.591.126 11.777.735 111.003.9841 17.364.877 Summary of funds Summary of funds - current year Balance at 1 September 2022 Balance at 31 August 2023 Income Expenditure General frjnds 17,239,302 13,882,928 112,703,489) 18,418,741 119,000 119,000 6,575 6.585 Endowment funds Restricted funds 10 17,364,877 13,882,938 (12.703.489) 18.544,326 Page 31
VrbJJkgun*urvTrarwoCbc Ref. YZXR.TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 34rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 20. Summary of funds {continuadl Summary of funds - prior year Balance at 1 September 2021 Balance at 31 August 2022 Income Expenditure General fvnds Endowment fvnds Restricted funds 16,465,564 11,777.722 111,003.9841 17.239,302 119,000 119,000 6,562 6,575 13 16,591,126 11,777,735 111,003.9841 17,364,877 The Marian Shackleton endowment was donated to provide 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 lo pupils at the school. 21. Analysis of net assets betw8on ndS Analysis of net assets between funds- current year Endowment funds 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets 16.861.724 16.861.724 6.655.726 6.781.311 11,855,427) {1.855.4271 13,243,282) {3.243.2821 119.000 6,585 Creditors due wthin one year Creditors due in more than one year Total 119,000 6,585 18,418,741 18,544,326 Analysis of net assets between funds - prior year Endowment fvnds 2022 Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Current assets 16.878.655 16,878.655 6.046.928 6.172.503 12,251,626) {2.251.626) 13,434,655) {3.434.655) 119.000 6,575 Creditors due wthin one year Creditors due in more than one year Total 119,000 6,575 17,239,302 17,364,877 Page 32
VrbJJkgun*urvTrarwoCbc Ref. YZXR.TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 35rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Net Income for the year las per Statement of Flnanclal ActitIes} 1,179,449 773,751 Adjustments for: Depreciation charges Bank interest payable Investment income 1.089.039 70.476 148,556} 36,782 210 917.406 75.383 {707) Loss on the disposal of fixed assets Decreasel{increase} in stocks Decreasel{increasel in deblcfs Increaselldecreasel in creditors 16,358) 1231,489) 368.441 306.622 (563.503) Net cash providad by oparating aciiviiies 2,070.519 1,896.427 23. Analysis of cash and cash equivalants 2023 2022 Cash in hand 6,395.212 5.479.572 Total cash and cash equivalents 6,395.212 5,479,572 24. Analysis of changes in net debt September At31 2022 Cash flows August 2023 Cash at bank and in hand 5.479,572 (217.620) 12,989.225) 915.640 6.395.212 (4.840) 1222.4601 222.460 {2.766.7651 Debt due wthin 1 year Debt due after 1 year 2,272,727 1,133,260 3,405,987 25. Pension commitments The Teachers. Pension Scheme {TPS) is a ststutory, contributory. defined benefit scheme. govemed by the Teachers, Pension Scheme Regulations 2014. Membership is autofnalic for full-time teachers in academies. Al teachers have the option to opl-out of the TPS followng enrolment. Page 33
VrbJJkgunurvTrarwoCbc Ref. YZXR.TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 36rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 25. Pension commitments (eontinuadl The TPS is an unfunded scheme to which both the member and employer makes contributions. as a percentage of salary- these contributions are credited lo the Exchequer. Retirement and other pension benefits are paid by public fund5 provided by Parliament. Valuation of tha Teachers. Pension Schem• The Government Actuary, using nomial actuarial principles, conducts a formal actuarial review of the TPS in accordan wth the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contribLrtions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The 31 March 2016 TPS actuarial valuation results were implemented from 1 September 2019. The key elements of the valuation and subsequent consultation were.. employer contribution rates set at 23.68% of pensionable pay (including a 0.08Vh administration levyl total sdbeme liabilities Ipen5ion5 currently in payment and the estimated wst of future benefrts) for seNice to the effective date of £218.100 rnillion and notional assets leslimated future contributions together wth the notional investments held at the valuation date) of £196.100 million, giving notional past service deficit of £22.000 million the SCAPE rate, set by HMT, is used to determine the notional investment retum. The current SCAPE rate is 2.4% above the rate of CPI, assumed real rate of retum is 2.4% in excess of prices and 2% in excess of eamings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of relum including earnings growth is 4_45%. The latest actuarial TPS valuation results, as at 31 March 2020. were released in October 2023. The revised employer contribution rate, arising from this valuation, is due to be implemented from 1 April 2024. The employerfs pension costs paid to TPS in the year amounted to £892.91912022- £828,673}. A copy of the valuation report and supporting documentation 15 on the Teacher5, Pensions website {https:IMwN.teacherspensions.co.uklnewslemployer5120191041teachers-pensions-valuation-report.aspx). Under the definitions set out in FRS 102, the TPS is an unfijnded rnultimployer pension scheme. The Trust has accounted for its contributions to the scheme as if it were a defined contributs.on scheme. The Trust has set out above the information available on the scheme. The School also operates a defined contribution scheme for support staff and contributions for the year were £100,036 {2022: £81,403). Page 34
VrbJJkgun*urvTrarwoCbc Ref. YZXR-TKNH-WTF9 22 Jan 2024 12..36..02 GklT{Lrrc +0) 0 1r2 P 37rJ7 TORMEAD LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Operatingloase commttments At 31 August 2023 the Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows= 2023 2022 Not later than 1 year Later than 1 year and not later than 5 years 80,728 19,630 101,803 66,974 100,358 168,777 27. Related party transactions Five trustees have daughters attending the School, and pay fees in accordance with published rate$. Two Injstees had children in receipt of a 10% scholarship. One Iruslee had a child in reipl of a 5% scholarship. One trustee has a child in receipt of a music exhibf(ion. received instrumental lessons paid for by the school. C Rusk, the spouse of the Head. received ramuneration of £5.771 12022.. £19.2641 under a contract of employment. 28. Controlling party The directors do not consider there lo be an uftimate conlrdling patty. Page 35