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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

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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

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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
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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
Obitr￿s
The school was founded in 1905 and its objects, as Set out in its goveming document, are the adVan￿rnent 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 comM￿lty- 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 W￿ld 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
Torn￿ad 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..
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TORMEAD LIMITED
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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 eXtracu￿1cu1ar 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'.
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TORMEAD LIMITED
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TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2023
Work commenced on the fOrn￿r 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 re￿Ult 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 n￿re 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.
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TORMEAD LIMITED
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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 th￿r
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.
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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 nea￿Y 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 pla￿Ment. 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.
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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 Associ*ion 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 suc￿sSful
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 S￿dentS. 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.
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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, r￿Id 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 t￿InIng
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 re*lection, subject to eligibility. M Howse took over as Chair in March 2023. A Spender offered herself to
serve for a further 4-year temi.
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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 Un￿rtaInlieS that the school faces
The establishment of poli￿es, systems and procedures to miti.gate Ih)se risks idents.fied in the annual
reMew,' and
The implementation of prO￿dureS 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.
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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

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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 Coun￿1 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
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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 Repo￿ng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of
Ireland, {United Kingdc*n 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 ffinan￿al 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
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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
re￿iVed 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 le￿ived 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.
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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 Mate￿al 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 e￿Or, 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
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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 )Inan￿al statements.
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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 aCknO￿edge their Teswnsibilities for complwng with the requirements of the Act wth respect to
accounting records and preparation of financial stalemenls.
Page 16

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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
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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
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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
re￿ived, 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 In￿rred on directly UT￿ertakIng the actiwtie5 whith further the
CharIt￿S 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 re￿1vable 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.
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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 adVan￿d 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

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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$tric*ed
fu￿ is set out in the notes lo the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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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 hiSt￿lca1 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
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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
Unrestri￿od
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

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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
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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.
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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 Mana￿ment 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).
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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
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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.
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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 resl*ed
2022
2023
Payable or repayable by instalments
1.823.838
2.067.726
1.823,838
2,067,726
Page 29

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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

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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

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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 Acti￿tIes}
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.
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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 rnulti*mployer 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).
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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 re￿ipl 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