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2021-07-31-accounts

THE SAINT JOHN’S SCHOOL FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

Registered Charity No: 312064

THE SAINT JOHN’S SCHOOL FOUNDATION

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

CONTENTS

Governors’ Report 1-14
Independent Auditor’s Report 15-17
Consolidated Statement of Financial Activities 18
Consolidated and Charity Balance Sheets 19
Consolidated Statement of Cash Flows 20
Notes to the Financial Statements 21-40

THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Council and Trustees

The Council of The Saint John’s School Foundation consists of Governors who are also the Trustees of the Charity. The Governors who have served since 1 August 2020 are:

John Willis BA (Chair) Sandra Phillips BSc John Gravett (OJ) (Vice-Chair) Alison Pullman MA FCIPD Tim Beckh MA Ed Sanderson MA Clare Davies BSc Nikki Senior BSc CA Alexander Duma (OJ) LLB FCA (retired 8 January 2021) Bruce Shaw BSc MRICS Tracey Fantham MA NPQH Nick Teunon MA ACA Lesley Hume FBCS Scott Williams BA FCMI Ruth Marshall BA GDL PgDL *Simon Williams MA Sue Noble (retired 13 April 2021) Angela Wright

Governor Membership of Committees as at date of signing:

Education Estates Finance Tracey Fantham (Chair) Bruce Shaw (Chair) Nick Teunon (Chair) Clare Davies Ruth Marshall Tim Beckh Lesley Hume Ed Sanderson John Gravett Sandra Phillips Scott Williams (elected 19 October 2021) Nikki Senior Scott Williams Simon Williams Angela Wright

Nominations and Remuneration Risk Management and Compliance

John Willis (Chair) Clare Davies (Chair) Clare Davies Lesley Hume Tracey Fantham Sandra Phillips John Gravett Alison Pullman Bruce Shaw Angela Wright Nick Teunon Alison Pullman

The Head and other members of the School’s Senior Management Team attend as required to inform and update Committee members on the day-to-day management of the School.

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THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

Head Rowena Cole BSc MBA
Finance Director Sian Holwell BSc ACA
Operational Name The Saint John’s School Foundation
(also known as St John’s School, Leatherhead)
Principal Address Epsom Road
Leatherhead
Surrey, KT22 8SP
Solicitors TWM Solicitors LLP
Sweech House, Gravel Hill
Leatherhead
Surrey, KT22 7HF
Veale Wasbrough Vizards
Narrow Quay House
Narrow Quay
Bristol, BS1 4QA
Independent Auditor Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Bankers HSBC Bank plc
10 North Street
Leatherhead
Surrey, KT22 7AR
Fund Manager Investec Wealth & Investment Limited
2 Gresham Street
London, EC2V 7QN
Property Advisor Patrick Gardner & Company
1/3 Church Street
Leatherhead
Surrey, KT22 8DN
Insurance Broker Marsh Education Practice
Capital House
1-5 Perrymount Road
Haywards Heath, RH16 3SY

The School is a charity registered with the Charity Commission for England and Wales, number 312064.

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THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

The Governors present their annual report and audited financial statements for the year ended 31 July 2021 which comply with the requirements of the Charities Act 2011, the School’s Charter and By-Laws, the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ 2015 and legal requirements of The Charities (Accounts and Reports) Regulations 2008.

The Saint John’s School Foundation was established in London in 1851 for the education and maintenance of the sons of poor clergymen (Foundationers). It moved to Leatherhead in 1872 where it continues to operate and trades under the name of St John’s School, Leatherhead. While retaining its identity as a charity boarding school, The Saint John’s School Foundation gradually developed the characteristics of an independent school and began to attract fee-paying parents and an increasing number of day pupils. Girls were admitted into the Sixth Form in September 1989 and into the Fourth Form in September 2010. The School became fully co-educational in September 2012 and from September 2016 has accepted pupils from age 11 into the Lower Third (Year 7).

Henceforth in this report, The Saint John’s School Foundation is referred to as ‘the School’, ‘the Charity’, and ‘St John’s’.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is incorporated by Royal Charter and is governed by the Second Supplemental Charter and By-Laws which came into effect from 31 December 2014 and which consolidated, with amendments and additions, the Original Charter of 1921 and Supplemental Charter of 1982.

Council

The governing body of the Charity is the Governing Council which consists of seventeen Governors currently and may not exceed twenty four. Governing Council meets at least three times each calendar year and delegates various functions to Committees which undertake the work of planning, implementing and reviewing the School’s policies and aims at a more detailed level prior to discussion and approval by the Governing Council. The aims and objects of the Committees are as follows:

A list of Governors who have served since 1 August 2020 and membership of Committees is provided on page 1.

Governing Council takes its governance responsibilities seriously and aims to have a governance framework that is fit for purpose, compliant and efficient. In 2019 a governance review was undertaken and a Governors’ Working Group conducted a thorough self-assessment against the Charity Governance Code. Satisfied that the School’s governance framework is robust and fit for purpose but striving for best practice and continual improvement a number of actions and opportunities for improvement were identified and are being tracked to completion.

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THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Group Structure

A separate company, St John’s (Leatherhead) Enterprises Ltd, deals with trading business related to the non-core activities of the School. Profits generated by the company are donated to the School.

Management

The day-to-day running of the School is delegated to the Senior Leadership Team, comprising the Head, the Senior Deputy Head, the Deputy Head (Academic), the Deputy Head (Pastoral), the Finance Director, the Estates Director and the Operations and Compliance Director. The Senior Leadership Team is considered to represent the key management personnel of the School.

The remuneration of key management personnel is set by the Council. Pay for senior staff reflects the market for comparable jobs in comparable organisations, the level of knowledge, skills and experience required and the responsibilities and accountabilities associated with each role, the performance of the School, and the individual contribution of each staff member.

OBJECTIVES AND ACTIVITIES

Charitable Objects

The objects of the School are the advancement of the education of boys and girls by the provision of a day and boarding school or schools in or near Leatherhead in the County of Surrey or at such other place or places within the United Kingdom as the Council may direct and by ancillary or incidental educational activities and other associated activities for the benefit of the community.

The School’s statement of intent is:

St John’s School is a registered charity and a partnership of pupils (past and present), parents, staff and governors. Together, these groups form the St John’s Community. The School aims to promote academic excellence, intellectual curiosity and a love of learning. In addition, it provides a caring pastoral environment in which each and every pupil is nurtured. Co-curricular opportunity and an all-round education for all are central to the School’s philosophy. We hope to foster in our pupils an appreciation of culture, music, drama and art. We also wish to instil a sense of leadership, service and responsibility. A St John’s education prepares the pupils for progression into higher education and the world of work beyond. The School is mindful of its history and is fully committed to widening access from across the community.

Principal Activities

St John’s is a senior, independent boarding and day school which provides education to boys and girls from the ages of 11 to 18. The School welcomes pupils from all backgrounds and selection is made on the basis of an assessment at St John’s in the January of the child being in Year 6 for entry at Year 7 or Year 9, or an academic assessment and interview in the November of Year 11 for entry into the Sixth Form, as well as taking into account a child’s co-curricular strengths and a report from their current school. An unconditional place is then offered for Years 7 and 9, whereas for Year 12 a conditional place is offered subject to the child achieving the required grades at GCSE or equivalent. Special arrangements are made for pupils who attend schools that do not prepare for these examinations and they will be required to sit the School’s own assessments in the year prior to entry.

An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of the School’s selection processes. During the year, the roll comprised 840 pupils (2020: 826), of whom 803 were day pupils (2020: 798) and 37 boarders (2020: 28). Analysis of the roll between boys and girls was 480 (2020: 493) and 360 (2020: 333) respectively. In relation to the School’s historic foundation, 15 pupils (2020: 12) were from families of clergy.

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THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

OBJECTIVES AND ACTIVITIES (continued)

Strategic Objectives

The aims of the School are to:

The St John’s curriculum offers breadth and rigour, while equipping pupils with the transferrable skills that enable them to be successful lifelong learners. The academic offering is reviewed on an ongoing basis to ensure it meets the needs of the pupils and the St John’s Learning Culture sets out the School’s expectations of pupils to have high hopes, high standards and high spirits in their approach to all areas of academic life.

The School recognises that aspiration is specific to every pupil and the intention is to support every child to fulfil their own potential. The collective ambition is to raise academic attainment and consistently produce A level examination results at 85% A* to B grade or above and GCSE results at 65% grades 9-7 or above, with at least 30% grade 9s. Results for 2020-21 are set out under Achievements and Performance on page 8.

The ‘elite for all’ approach to sport, the performing arts and the wider co-curricular programme, provides all children with access to the highest standards of input and development no matter their ability level. Through its scope and quality of content, the co-curricular programme underpins the aim to help pupils become happy, resilient, self-assured young people.

The School is committed to recruiting, retaining and developing exceptional staff to meet the needs of the pupils in all areas from subject teaching and pastoral care to their personal health and wellbeing.

PUBLIC BENEFIT

In making decisions about carrying out the School’s purposes for the public benefit, the Governors have had due regard to the Charity Commission’s guidance on public benefit. The Governors have not identified any potential detriment or harm arising from the education activities of the School which is committed to safeguarding and promoting the welfare of pupils and expects all staff and volunteers to share this commitment. The Governors actively review pupil safeguarding and welfare and monitor adherence to the robust policies and procedures in place at the School.

During the year a new Governors’ Public Benefit Working Group met once per term to review the School’s community partnership activity and other associated activities that contribute to the public benefit requirement (as defined by the Charities Act 2011).

Reporting to the Head, the School’s Director of Community Partnership is responsible for building relationships with local maintained-sector schools. He maintains an overview of all matters related to the School’s public benefit and community partnership.

Despite the impact of Covid-19 on the reporting year the School delivered a number of highly valued initiatives.

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THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

PUBLIC BENEFIT (continued)

Bursaries and Widening Access

Funding for the provision of education for those who would not otherwise be able to afford the opportunity has been at the heart of the School’s purpose since its foundation in 1851. Though this assistance was initially provided only for the sons of poor clergy, over time this purpose has broadened to include children of both genders. These children, referred to as ‘Foundationers’, still attend the School and benefit from financial assistance in order that their families may afford the education that the School provides. During the year £302,098 (2020: £253,324) was provided to 15 pupils (2020: 12).

In addition to the provision of assistance for children of the clergy, the School sets aside a proportion of its income and raises money from donors to fund other means-tested bursaries. Scholarships, based on academic potential or potential in specific fields such as sport, music, and art, are also available and awarded through competitive assessment.

During the academic year 2020/21 the number of non-clergy pupils benefiting from bursarial support was 82 (2020: 61), with the value of funds provided being £741,802 (2020: £788,394). This includes fully funded awards to 18 pupils (2020: 12) of £384,803 (2020: £263,448). The total value of bursarial assistance towards fees, examination fees, educational trip costs and similar expenses was £1,043,900 (2020: £1,041,718) representing 5.4% (2020: 5.6%) of gross fees. Total fee remissions funded by the School were £1,674,094 (2020: £1,709,045), representing 8.7% (2020: 9.1%) of gross fees.

The Community Holiday

Each August, St John’s School provides a seven-day residential holiday for children and young people with special needs, aged 12-19. The ‘holidaymakers’ are cared for by present and former St John’s School pupils, assisted by a small management team, all of whom are volunteers.

In August 2020, the seventh annual holiday was unable to invite holidaymakers to stay at the school due to Covid-19 restrictions, but a week of live online events was successfully delivered to 17 children and young people with disabilities by a team of 43 current and former pupils. The remote activities and entertainment included a daily singalong, story time, dancing, a music session (making instruments from household items), a talent show and bingo. Although it couldn’t be residential, the virtual holiday still provided valued respite for parents and carers, learning and development experience for the holidaymakers and volunteers.

Some of the feedback from the 2020 holiday included:

Wow! What an amazing week. I can't thank you and your team enough for allowing Jack to join the 'holiday' this year! It was certainly the highlight of the week and probably the summer! I loved watching him watching you all and interacting. He loved it all! It must have been an enormous job to organise but it all came together, thank goodness for Zoom! What an amazing group of people you have leading and helping. Please pass on our sincere thanks to everyone involved.

The book “Giraffes can’t dance” is one of Preetha’s favourite. She was beaming listening to the story and for the first ever time, she signed “good” with her hand. She has never done this before and tried it with her right hand first and succeeded in signing it with her left hand. It was so exciting! She has not done it since but I am hoping she will, soon. Thank you so much for all your help.

A huge thanks from Matthew and family. He has absolutely loved this week’s ZOOM calls and watches the videos on replay! The entire St John’s School Community Holiday team has been fantastic. Many, many thanks for your energy, positivity, enthusiasm and inclusivity! You’ve been brilliant!

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THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

PUBLIC BENEFIT (continued)

Cannot thank you all for everything you have done this week to make up for summer camp not happening in person. James loved it all and we are so pleased how he joined in everything. Seeing him so happy was lovely. James said he will see you all in person next year. In the meantime he is making his way through all the videos from the week.

The Governors are delighted to note that in August 2021 the eighth annual Community Holiday was once again residential, visited by several Governors, and look forward to providing more detail in next year’s report.

Educational Links with Other Schools

St John’s School aims to share expertise, resources, facilities and time with local schools. In the reporting year there has been focus on developing and embedding partnerships with two key primary schools. For the last few years the School’s Classics teachers have visited Leatherhead Trinity School to host a successful Latin club and during the pandemic the School was able to provide laptops to support Leatherhead Trinity School’s pupils with remote learning.

The School will soon be starting a similar Latin club at Epsom Primary School, a school which has in the last year benefitted from cricket sessions for 58 Year 4 pupils (each class receiving minibus travel to three sessions at St John’s). The Head of Epsom Primary School said:

I just wanted to express my gratitude for the support that St John’s has given this past year. The children have benefited hugely from your generosity, enthusiasm and expertise. It has genuinely made such a difference to providing our children with rich experiences. Please extend my thanks to your staff team and we look forward to working with you next term.

(Michelle Pollard, Head of Epsom Primary School, 13/07/21)

Although hampered by Covid-19, partnership activity with local schools was not restricted to the primary sector. In the Autumn of 2020, the higher education and careers advice programme included mock Oxbridge interview sessions which were attended by 15 pupils from St Andrew’s Catholic School.

St John’s School Pupils in the Community

Helping others is part of life at St John’s but for much of the reporting year the impact of Covid-19 meant that many senior pupil volunteer placements were suspended.

In a typical year, the School welcomes members of the local community into St John’s for a Christmas lunch and summer tea, hosting groups of over 60 local elderly and disabled people on each occasion. The Christmas lunch was a great success in 2019 and, although it was not possible to hold the summer tea, Lower School pupils wrote letters to residents of local care homes during the lockdown, which were appreciated greatly by the recipients.

Fundraising and Support for Other Charities

The School’s pupils are organised into ten Houses each of which carries out fundraising events for a Housenominated charity. From House Charity Nights, which see pupils taking on the responsibility of organising formal dinners to raise money, to a 12-hour swimming challenge, crafts for sale at the SJPA Christmas Market, and sponsored challenges that continued in lockdown, the pupils are creative and industrious in their approach to fundraising. During the reporting period pupils raised £5,760 for their House charities.

The Old Johnian Charity Limited, which is an independent charity, provides support to families who experience unforeseen financial hardship during their children’s education at the School by assisting with fees and helping to meet the cost of educational trips. Support of £8,510 was provided during the year.

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THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

PUBLIC BENEFIT (continued)

Sharing facilities

St John’s is fortunate to have excellent facilities and the School continues to improve and develop these to ensure that it can provide an environment that enables the best possible educational experience for the pupils. Governors are also keen to share these facilities with the wider community. Prior to the pandemic, the newly built swimming pool was being used by a number of local swimming clubs and had been made available free of charge to a local special school. The sports facilities were also being used by a variety of groups, such as local netball and cricket clubs, as well as being made available free of charge to groups such as Flyerz hockey. When it is once again possible to make the site more openly available to other groups, we will seek opportunities to offer regular, free of charge, access to the swimming pool for timetabled sessions for local primary schools. In other areas of the School, groups such as The Children’s Trust, Surrey Philharmonic Orchestra and Leatherhead Girlguiding use facilities including the Old Chapel, Performing Arts Centre or Chapel for concerts and events when it is possible to do so.

Having reviewed the positive feedback from Community Holiday families, the local schools and community groups that have benefitted from St John’s School initiatives, the Governors consider these activities to have been a success in achieving the advancement of education in the broader community.

Development (Fundraising and Alumni Relations)

The Development function has focused on building the culture of giving at St John’s. Widening access is central to the School’s ethos and the bursary awards and Foundationer schemes continued to attract donations, enabling more children from all backgrounds to come to the School.

Alumni relations activity was unfortunately curtailed this year because of the restrictions imposed by COVID-19.

During the year, a total of £49,704 (2020: £57,056) was received as a result of development activities. The School is most grateful for the support and generosity shown by the donor community.

The School had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

ACHIEVEMENTS AND PERFORMANCE

Academic Achievement

Each pupil has the opportunity to study a broad range of (I)GCSE and A level subjects. Small class sizes and staff support pupils through both the academic structures and the pastoral system; these ensure that each pupil has the opportunity to learn and develop to their fullest potential. The care and attention provided by the staff is supplemented by well-resourced departments and modern facilities, which enable pupils to achieve high standards across all areas of academic studies and co-curricular activities.

There were no formal examinations in the Summer Term because of COVID-19, but the results of the Summer 2021 assessments saw a 100% pass rate at A level, 95.9% A to B; 80.3% A/A grades; and 41.5% A*.

At (I)GCSE level, 87.1% of the grades achieved by St John’s pupils were at 9-7; 71.0% of all grades achieved were 9- 8 and 44.5% of all grades awarded were at the top grade 9. Overall there was 100% pass rate.

Each year, the Education Committee, on behalf of the Governing Council, undertakes a detailed review of all results and action plans are agreed with every academic department. Particular attention and support are given to those which are considered to be performing below expectation.

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THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Co-curricular Activities, School Trips and Expeditions

The School offers a broad range of co-curricular opportunities, from school-based clubs and activities to trips within the United Kingdom and abroad. These activities provide opportunities for pupils to develop subject knowledge, gain additional qualifications and personal experiences across a broad range of choices beyond the basic curriculum.

The majority of planned trips had to be cancelled because of COVID-19. Practice expeditions for the Duke of Edinburgh Silver and Gold Awards had to be delayed, but were combined successfully with the assessment expeditions in June and July 2021, meaning that pupils were able to achieve their awards and gain full recognition for all their hard work throughout the year.

Combined Cadet Force (CCF)

The CCF has a total of just over 300 St John’s cadets and pupils from our partnership school (Southborough High School) parading every Thursday across the Royal Navy, Army and Royal Air Force Sections. The year has focused on re-building following the disruption caused by COVID and school closures. The COVID-19 pandemic and the uncertainty surrounding school trips meant that Annual Camp was once again cancelled for hopefully the last time. There were still several field days for all sections including an Army and RAF Overnight exercise to Mereworth Woods and an RN Lower 6[th] Leadership training package delivered in the Easter break for the first time. The popularity of the CCF has shown with numbers steadily increasing and almost double the number of cadets attending from Southborough School. The absence of a CCF Dinner and Annual Inspection was disappointing, however the CCF and School community came together to mark Remembrance Sunday on the Quad with elements of the Senior school watching from the side and the remainder from classrooms. This showed the true can-do spirit faced by staff and cadets in the face of adversity and disruption across the year.

Sport

Since the start of the 2020/21 academic year the School has operated a normal schools sport package. The Summer Term of 2021 saw a welcomed return to competitive school sport including county and national competition.

With boys’ and girls’ block fixtures of Cricket v Trinity, St Pauls, Epsom, Ardingly and St George’s to mention but a few there were many outstanding team and individual performances. A special mention to the U13 Girls and U15 boys teams who both made the finals of the Surrey Schools Cup. The Tennis season saw a record number of fixtures with both boys and girls playing from U12s to seniors. Blocks included the likes of Haileybury, Epsom, Bradfield and Freemans.

With much of the other terms’ major games fixture programmes falling to school closure the Summer Term saw a unique opportunity for the emergence of ‘legacy’ fixtures with seniors competing in Touch Rugby, Hockey, Netball and Football. The introduction of a new summer sport instant success with the senior boys team finishing 3[rd] in the Surrey Schools Golf Championship and one pupil being named an ISGA National Gold Individual winner for his Net score at the championships in Warwickshire.

The inaugural sports day at the David Weir Stadium in Sutton was a huge success. A big thank you to the SJPA and OJs for their finical support of the day.

Looking forward to 2021/22, the new academic year is busier than ever, with with 400 fixtures played before the October half term, along with progression into the later stages of the National Cups in Rugby, Football, Hockey and Netball across U13-1[st] team level.

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THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Performing Arts

Last academic year presented many challenges; for the Performing Arts Department the main challenge was to maintain momentum and enthusiasm from the pupils while following the limitations of the government guidelines. To make the performing arts work while working in year group bubbles required real inventiveness and determination. Most ensembles could rehearse but in smaller sizes, and every member of staff and every available space was in use at lunchtimes and during activities to enable as much to take place as possible.

There was determination to keep music and drama performances live as much as possible. This was simpler to achieve with the regular lunchtime recital series which have been formed into year groups and well-supported. Parents initially watched these as uploaded files to MSP, but as the department improved its streaming capabilities, these eventually streamed out live to the wider community. The House Singing competition was trickier and was truncated to only the Unison competition. Videos from individual year groups from each house were edited together and streamed into bubble zones They were adjudicated by Mr Andrew Kennedy, Director of Music at Uppingham School who joined live to deliver his verdict.

Alongside live events the department continued to develop the use of streaming to broadcast events. The first foray was to stream the Remembrance Day service to the entire School from the Quad (this year with a short anthem from Schola). The Fourth Form drama club performed a short dramatic reading of a Christmas poem before the end of the term, the Michaelmas Concert was streamed live from various locations across the School, the Concerto Competition took place with a socially distanced orchestra in the PAC, followed almost immediately by the Christmas Rock Concert, and the Lower Sixth and Upper Sixth from the Chapel Choir recorded a short Carol Service made available to the whole community.

During the second lockdown in early 2021 the lunchtime recitals were released as videos, and a production of Little Women was streamed as an edited video, stitched together from individual pupil recordings. The Forbes Music Competition continued remotely and received over 100 entries despite its unusual nature this year. Adjudicators videoed their decisions and comments for every entry and these and all the performances were released to the School community. The increasingly popular House Film competition took place in February, with every house showing astonishing imagination with how they could create films while cast members were performing several miles apart. All the films were uploaded to Planet e-stream, and the adjudication was streamed out live along with the winning film. The California Dreamin’ concert, intended to be a grand affair in the Old Chapel, with a vintage VW camper, surfboards, non-alcoholic beach bar cocktails and Hawaiian shirts, was distilled down to a cross section of ensembles. Those pupils who felt comfortable with videoing or recording themselves worked with real determination and independence to enable us to put together a short concert featuring ensembles from across the School. Finally, the department staged two live musical theatre cabarets with pupils performing live from their homes to backing tracks recorded by the Director of Performing Arts. These are a good indicator of how the department is still growing and has maintained momentum despite lockdown; twice as many pupils were involved in these cabarets than last summer, live attendees were up almost fourfold and the links to the recordings have almost reached the number of views within three weeks that last year’s cabaret reached in nine months.

The Summer Term began with a Passiontide anthem recorded by L6 and U6 choir members and concluded with our Leavers' Recital. The live May concert, Into the Unknown, included a valedictory performance from string quartet members in the Upper Sixth, who joined forces with a socially distanced member of the Upper Fifth, as well as performances from the Fourth Form/Lower Fifth choir, the Lower Fifth rock band, the Lower School Choir and the Lower School ensemble. An edited concert from all our rock groups was released towards the end of term. The Lower School held a theatrical evening, showcasing work from drama and LAMDA lessons, Upper Third drama club, Lower School musical theatre club and Lower School choir. A Night at the Theatre enabled 73 of the Lower School pupils to perform to a live virtual audience and keep their enthusiasm alive.

The centrepiece of the Summer Term was the musical Miss Saigon. Pupils performed live in HD across four cameras, live-edited by a professional TV producer. The shows were watched by over 1600 people and feedback was outstanding. For a school production to produce a performance of such a high standard with such emotional maturity across all the cast really shows how the department is constantly moving forward. It had a substantially

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THE SAINT JOHN’S SCHOOL FOUNDATION GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

larger cast than the 2019 Legally Blonde and would not have been possible to stage normally, but the absence of a live audience meant the seats could be removed and the playing space turned around.

The department has continued to invest in the infrastructure of the Performing Arts Centre and its equipment, purchasing instruments and improving facilities in the auditorium. Miss Saigon benefited from significant extra equipment and the department has invested in new sound desks and microphone receivers for the tech box, new haze machines and more 'intelligent' lighting. This investment will help the department in its desire for 2021/22 to surpass previous years in creativity and numbers of pupils involved; plans include a Fourth Form/Lower Fifth production in the middle of the Autumn Term 2021 to give those whose Lower School productions have been cancelled a chance to experience a bigger dramatic experience, and a greatly enhanced drama schedule which should feature around 11 events from cabarets to double bills and from musicals to Oscar Wilde staged in the PAC.

PLANS FOR FUTURE PERIODS

The focus for the academic year 2021-22 is to rebuild, retain and refocus.

FINANCIAL REVIEW

Results for the Year

The consolidated Statement of Financial Activities shows another year of positive outcome with net incoming funds from operations being £306,180 (2020: £519,372), which was a reassuring result given the 10% reduction in fees for the Spring Term because of the restrictions imposed by COVID-19. All the School’s income is applied for educational purposes, with the primary source being through the receipt of fees. Other income is received mainly through donations, the trading activities of St John’s (Leatherhead) Enterprises Ltd, through letting of School premises and registration fees, and, in both 2019-20 and 2020-21, furlough income.

The balance sheet shows net current liabilities of £2,538,627 as at 31 July 2021 compared with net current liabilities of £1,883,576 at 31 July 2020. The increase in net current liabilities is because the bond falls due in July 2022, so has moved from long-term to current liabilities. Total funds stand at £28,157,358 (2020: £28,145,952). The School no longer has a pension scheme asset (2020: £494,000) as a buy-out of The St John’s Foundation School Pension and Assurance Scheme was completed in March 2021. There is no further asset or liability relating to the scheme pertaining to the School. Although the School has net current liabilities, £1,802,600 (2020: £1,801,294) of this relates to pupil deposits refundable when a pupil leaves the School, the majority of which is not expected to fall due within one year. A further £830,337 (2020: £833,257) relates to fees paid in advance for 2021/22 which is not expected to result in an outflow of cash. Therefore the net current liabilities position is not considered to be an issue.

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THE SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

FINANCIAL REVIEW (continued)

Reserves and Financial Planning

The School maintains reserves for the following reasons:

Governing Council, via the Finance Committee, reviews the ongoing adequacy of free unallocated reserve levels and availability of cash funds, taking into account the cyclical nature of the School’s activities. Free Reserves include unrestricted funds (excluding the FRS 102 pension asset in 2020), reduced by the net book value of fixed assets (less associated secured borrowings) on the basis that such assets are needed to support the School’s activities and cannot readily be converted into cash.

The Reserves Policy is to ensure immediate access to funding at the financial year-end for the equivalent of one month’s operating expenditure, being approximately £1.5m, plus capital expenditure requirements. The total required will vary according to the size of the summer capital programme. Fees for the Autumn Term are invoiced during August, and the majority of parents pay at the start of term in September although about one third pay by direct debit over three months. It is therefore considered prudent for the School to be able to cover forecast expenditure for August in full at the year-end, recognising that cash balances will be significantly higher once the Autumn Term’s fees (around £6.6m in 2021) are invoiced.

As at 31 July 2021 the School’s total funds amounted to £28.1m (2020: £28.1m), including cash balances of £3.7m (2020: £2.8m) whereas Free Reserves stood at a negative £2.3m (2020: negative £3.6m). Free Reserves are calculated as follows:

re calculated as follows:
General Fund
Foundation Fund (unrestricted)
Fixed Assets
Less related borrowings
Free Reserves		 33,519
(3,702)		 2021
£000
26,846
636		 35,261
(4,598)		 2020
£000
26,156
863
27,482
(29,817)
(2,335)		 27,019
(30,663)
(3,644)

Although Free Reserves were negative at the year-end the School’s immediately available cash balance of £3.7m exceeded the policy target. In addition, £2.0m of the creditor balance (£830k due within one year and £1.2m due after more than one year) relates to payment of fees in advance, which will be taken to income on a termly basis and which is not expected to result in an outflow of cash.

The policy of ensuring immediate access to funding enabled the School to react quickly to the impact of COVID19 and the closure of the School site in March 2020 and again in January 2021. Governors were able to offer a reduced fee for both the Summer Term 2020 and the Spring Term 2021 and funds were available to adapt the School site to be compliant with social distancing and other COVID-19-related requirements. In the light of this it is considered that the reserves policy remains appropriate.

12

SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

FINANCIAL REVIEW (continued)

Going concern

Negative Free Reserves as at 31 July are not considered to be of significant concern because the School has a full roll of pupils for September 2021 and forecasts including cash flow projections indicate that the School will continue to meet its liabilities as they fall due. Cost management measures introduced in previous years remain in place and ongoing annual surpluses are predicted. Detailed multi-year scenario planning has been carried out to consider the School’s resilience and ability to meet banking covenants. This planning indicates that covenants will not be breached and the School should remain solvent for at least one full financial year after the date of signing these financial statements. As such, the Governors believe that the going concern basis of accounting continues to be appropriate in preparing the financial statements.

Investment management

The Governors’ powers of investment are widely defined and, in accordance with the Trustee Act 2000, investment may be in stocks, shares and other investments, as they consider appropriate. The investment assets of the School are managed by Investec Wealth & Investment Limited. The primary objective of the management of investments is to preserve the capital value of the fund in real terms and to provide income and capital growth if possible. In line with the investment strategy set by the Governors, the Fund Manager has discretion to invest in the approved asset classes accordingly. The performance of the Fund Manager and the investment strategy are reviewed regularly by the Finance Committee.

Risk Management

The Governors are responsible for the management of risks faced by the School. Detailed consideration of risk is delegated to the Senior Management Team and their reports on the Risk Register and the Risk Management Policy have been reviewed by the Risk Management and Compliance Committee. The Head reports to Council via this Committee on the risks and steps being taken by the School to mitigate and manage those risks.

The Governors are satisfied that for the year ended 31 July 2021 adequate systems and controls were in place to mitigate and manage the School’s exposure to the major risk categories which were identified as:

13

SAINT JOHN’S SCHOOL FOUNDATION

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31 JULY 2021

This financial year COVID-19 posed a significant additional risk to the quality of education, safeguarding of pupils and staff, and to the financial stability of the School. The impact on quality of education was mitigated through the effective use of online teaching, the School site was adapted to minimise the risk to health, and support was made available to all pupils and staff to help them cope with the impact of the COVID-19 restrictions. As stated above under Reserves and Financial Planning, the School was able to react swiftly and adapt financially to the impact of COVID-19. All this was made possible through the risk management process outlined above and the steps already taken to mitigate the major risks identified.

It is recognised that systems are only able to provide reasonable and not absolute assurance that major risks are being adequately managed.

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2015 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Council on 1 December 2021 and signed on its behalf by:

John Willis Chair of the Council

14

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF THE SAINT JOHN’S SCHOOL FOUNDATION

Opinion

We have audited the financial statements of the Saint John’s School Foundation for the year ended 31 July 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

15

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF THE SAINT JOHN’S SCHOOL FOUNDATION (continued)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

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

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

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

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

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

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

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

16

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF THE SAINT JOHN’S SCHOOL FOUNDATION (continued)

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor

London

Date 13 January 2022

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

17

THE SAINT JOHN’S SCHOOL FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2021

Notes
Income from:
Donations and legacies
2
Charitable activities: School fees
3
Other income from charitable activities
4
Other trading activities
5
Investments
6
Other income
Total income
Expenditure on:
Raising funds
10
Charitable activities
10
Total expenditure
10
Net incoming funds from operations
before investment gains
Net gains / (losses) on investments
13
Net income
Transfers between funds
22
Other recognised gains:
Actuarial (losses) / gains on defined
benefit pension scheme
Net movement in funds
Reconciliation of funds
Total funds brought forward
22
Total funds carried forward		 Unrestricted
funds
£
19,186
17,495,842
665,823
57,248
19,578
293,698
18,551,375
30,474
18,211,696
18,242,170
309,205
43,834
353,039
100
(384,000)
(30,861)
27,512,850
27,481,989		 Restricted
and
endowment
funds
£
59,005
-
-
-
20,277
-
79,282
10,969
71,338
82,307
(3,025)
45,392
42,367
(100)
-
42,267
633,102
675,369		 Total funds
2021
£
78,191
17,495,842
665,823
57,248
39,855
293,698
18,630,657
41,443
18,283,034
18,324,477
306,180
89,226
395,406
-
(384,000)
11,406
28,145,952
28,157,358		 Total funds
2020
£
133,280
16,998,094
766,043
33,062
52,087
446,518
18,429,084
145,194
17,764,518
17,909,712
519,372
(61,566)
457,806
-
45,000
502,806
27,643,146
28,145,952

All amounts derive from continuing activities.

All gains and losses recognised in the year are included in the statement of financial activities.

Movements in endowment funds have not been shown separately in the Statement of Financial Activities on the grounds of immateriality. No endowment income was received during the year. An analysis of movements in endowment funds can be found in note 22 to the financial statements.

The notes on pages 21-40 form part of these financial statements.

18

THE SAINT JOHN’S SCHOOL FOUNDATION

CONSOLIDATED AND CHARITY BALANCE SHEETS

AS AT 31 JULY 2021

Notes
Fixed assets
Tangible assets
12
Investments
13
Total fixed assets
Current assets
Debtors
15
Cash at bank and in hand
Total current assets
Liabilities
Creditors: amounts falling due within
one year
16
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets excluding pension asset
Defined benefit pension scheme asset
Total net assets
The funds of the School:
Endowment funds
Restricted income funds
Total restricted funds
Unrestricted funds
Pension reserve
Total unrestricted funds
Total School funds
22		 Group
2021
£
33,518,577
1,159,314
34,677,891
265,368
3,724,874
3,990,242
(6,528,869)
(2,538,627)
32,139,264
(3,981,906)
28,157,358
-
28,157,358
226,261
449,108
675,369
27,481,989
-
27,481,989
28,157,358		 Group
2020
£
35,260,645
1,080,906
36,341,551
355,290
2,793,604
3,148,894
(5,032,470)
(1,883,576)
34,457,975
(6,806,023)
27,651,952
494,000
28,145,952
210,959
422,143
633,102
27,018,850
494,000
27,512,850
28,145,952		 School
2021
£
33,518,577
1,199,314
34,717,891
290,134
3,656,308
3,946,442
(6,525,069)
(2,578,627)
32,139,264
(3,981,906)
28,157,358
-
28,157,358
226,261
449,108
675,369
27,481,989
-
27,481,989
28,157,358		 School
2020
£
35,260,645
1,120,906
36,381,551
407,142
2,697,472
3,104,614
(5,028,190)
(1,923,576)
34,457,975
(6,806,023)
27,651,952
494,000
28,145,952
210,959
422,143
633,102
27,018,850
494,000
27,512,850
28,145,952

The School’s incoming resources, excluding the subsidiary company, amounted to £18,626,290 (2020: £18,424,558), resources expended amounted to £18,712,514 (2020: £17,905,186) and net resources expended amounted to £86,224 (2020: net incoming resources of £519,372).

The financial statements were approved and authorised for issue by the Council on 1 December 2021 and were signed below on its behalf by:

Chair of the Council John Willis The notes on pages 21-40 form part of these financial statements.

19

THE SAINT JOHN’S SCHOOL FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2021

Total funds
2021
£
Cash flows from operating activities
Net cash provided by operating activities
1,691,739
Cash flows from investing activities
Dividends, interest and rents from investments
41,488
Purchase of fixed assets
(704,373)
Proceeds from the sale of investments
389,429
Purchase of investments
(389,429)
Net cash used in investing activities
(662,885)
Cash flows from financing activities
Repayments of borrowing
(895,771)
Cash inflows from new borrowing
-
Fees in advance – receipts less refunds
796,881
Increase / (Decrease) in advance deposits
1,306
Net cash provided by financing activities
(97,584)
Change in cash and cash equivalents in the year
931,270
Cash and cash equivalents at 1 August 2020
2,793,604
Cash and cash equivalents at 31 July 2021
3,724,874
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Reconciliation of net income / (expenditure) to net cash flows from operating activities
Total 2021
£
Net income for the year
395,406
Adjustments for:
Depreciation charges
2,133,660
(Gains) / losses on investments
(89,226)
Dividends, interest and rents from investments
(39,855)
Loss on disposal of fixed assets
95,466
Release of fees in advance
(1,012,257)
Decrease / (increase) in debtors
88,289
Decrease in creditors
(563)
Other non-cash movements – pension and investment management costs
120,819
Net cash provided by operating activities
1,691,739
Analysis of cash and cash equivalents
Total 2021
£
Cash in hand
3,724,874
Total cash and cash equivalents
3,724,874		 Total funds
2020
£
1,145,954
51,959
(2,493,613)
705,183
(705,183)
(2,441,654)
(13,089)
685,664
1,048,444
(8,255)
1,712,764
417,064
2,376,540
2,793,604
Total 2020
£
457,806
2,066,052
61,566
(52,087)
(1,360,099)
(55,288)
(2,623)
30,627
1,145,954
Total 2020
£
2,793,604
2,793,604

20

THE SAINT JOHN’S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES

a) Basis of Preparation of the Financial Statements

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) issued on 16 July 2014 and FRS 102 and the Charities Act 2011. They are drawn up under the historical cost convention except that investments are carried at market value, and properties outside the School grounds at their valuation in 1996. No cash flow statement is presented for the School alone as the exemption to do so is taken under section 1 of FRS 102.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 issued on 16 July 2014 rather than the previous Statement of Recommended Practice: Accounting and Reporting by Charities which was effective from 1 April 2005 but which has since been withdrawn.

The School constitutes a public benefit entity as defined by FRS 102.

Group Accounting Policies

These financial statements consolidate the results of the School and its wholly-owned trading subsidiary, St John’s (Leatherhead) Enterprises Ltd, on a line by line basis. No separate Statement of Financial Activities has been presented for the School alone.

b) Going concern

The School has a full roll of pupils for September 2021 and forecasts including cash flow projections indicate that the School will continue to meet its liabilities as they fall due. Cost management measures introduced in previous years remain in place and ongoing annual surpluses are predicted. Detailed multi-year scenario planning has been carried out to consider the School’s resilience and ability to meet banking covenants, This planning indicates that covenants will not be breached and the School should remain solvent for at least one full financial year after the date of signing these financial statements. Therefore the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future, and can continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Governors’ Responsibilities on page 14.

c) Fees and similar earned income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting bursaries, scholarships, Foundation subsidies and other remissions allowed by the School, but include contributions received for bursaries from restricted funds.

In addition to termly fees, which are payable at the commencement of each term, the School accepts fees for longer periods. These longer-term fees paid in advance are held within creditors and credited to income when the fees fall due.

d) Activities for generating funds

This income comprises the trading activities of the School and its subsidiary entity and is credited to the Statement of Financial Activities on a receivable basis.

e) Investment income

Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis.

21

THE SAINT JOHN’S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES (continued)

f) Donations, legacies and other income

Donations received for the general purposes of the School are credited to unrestricted funds on receipt and are spent within the year or carried forward for School-specific purposes. Donations and appeal income received for specific purposes are credited to restricted funds on receipt and applied in accordance with the wishes of the donors.

Legacy income is credited to incoming resources after granting of probate, when the School becomes entitled to the income, receipt is considered probable, and the amount is quantifiable.

Government grants are recognised on the accruals basis, when there is reasonable assurance that the School will comply with the conditions attaching to the grant and the grant will be received. The grant in connection to the job retention scheme, has been recognised in the period to which the underlying furloughed staff costs relate to.

g) Resources expended

Expenditure has been charged in the Statement of Financial Activities on an accruals basis inclusive of value added tax where applicable. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources. Governance costs, which relate to the constitutional and statutory requirements and include any costs associated with the strategic management of the School’s activities, have been included within support costs and apportioned across the School’s activities. Expenditure is allocated on the bases indicated below:

Cost of raising funds

Cost of raising funds comprises the costs of fundraising activities and related staff costs, commercial trading activities and investment management fees.

Charitable activities

Charitable activities are those directly related to the objects of the charity and are reflected in these accounts under three main headings:

Support costs

Overhead costs include finance, insurance, IT, legal and professional, and other administrative and governance costs associated with supporting the running of the School. They have been allocated to the cost raising funds and to charitable activities according to the proportion of direct costs attributed to each area.

h) Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the term of the lease.

i)

Finance leases

Assets held under finance leases are capitalised as fixed assets and depreciated over the term of the lease. A corresponding creditor is recognised at transaction upon acquisition and subsequently measured at amortised cost using the effective interest method. Depreciation and interest costs are charged to the Statement of Financial Activities as they are incurred.

j)

Irrecoverable VAT

Any irrecoverable VAT is charged to the Statement of Financial Activities under the particular heading to which the expenses relates, or capitalised as part of the cost of the related asset, where appropriate.

22

THE SAINT JOHN’S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES (continued)

k)

Fixed assets

Expenditure since 1948 on freehold properties within School grounds has been capitalised at cost. Expenditure outside School grounds was capitalised at market value at 31 August 1996. From 1 September 1996 items of capital expenditure have been charged as expenses in the Statement of Financial Activities where the cost of that item is less than the capitalisation threshold set by the Governors or where the expected useful life is less than three years. The capitalisation threshold is £4,000 and is reviewed periodically by the Governors. Tangible fixed assets are depreciated by equal annual instalments over their estimated useful lives at the following rates:

Buildings 50 years
Land Not depreciated
Assets under the course of construction Not depreciated until brought into use
Chapel Organ 50 years
Improvements and extensions 20 years
Synthetic pitches 10 years
Furniture and equipment 4 years
Motor vehicles 4 years
Leasehold assets Over the term of the lease
Plant and machinery 10 - 20 years

l) Investments

Listed investments are valued at the market value at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate fund according to the “ownership” of the underlying assets.

m) Measurement of debtors

Debtors due within one year are measured at cost less any amounts considered to be irrecoverable.

n) Recognition of liabilities

Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. Liabilities are measured at the amount the School expects to transfer in settlement of the liability.

o) Financial instruments

The School only has financial assets and liabilities of a kind that qualify as basic financial instruments. These include debtors, cash and bank balances, creditors and bank loans. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of investments in equity and fixed income funds which are measured at fair value. Changes in fair value are recognised in the Statement of Financial Activities in accordance with FRS 102, section 11.

At the balance sheet date the Group held financial assets at fair value through income or expenditure of £1,159,314 (2020: £1,080,906).

p) Judgements and estimates

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

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are reassessed annually.

The valuation of the defined benefit pension scheme is subject to actuarial assumptions. These are set out in note 26 to the financial statements.

23

THE SAINT JOHN’S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES (continued)

q) Pension Schemes

Retirement benefits to employees of the School are provided through three pension schemes – two defined benefit schemes and one defined contribution scheme. The pension costs charged in the Statement of Financial Activities are determined as follows:

The Teachers’ Pension Scheme

This is a multi-employer pension scheme. It is not possible to identify the School’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS 102, it is accounted for as if it were a defined contribution scheme. The School’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

The St John’s Foundation School Pension and Assurance Scheme

This was a defined benefit scheme for non-teaching staff which was closed to new entrants on 1 May 2001 and to further accrual on 1 March 2016. A buy-out of the scheme was completed in March 2021 and the School has no further responsibility for the payment of pensions.

The defined benefit pension scheme current service costs were charged to the Statement of Financial Activities within staff costs until the completion of the buy-out. The expected return on the scheme assets less the scheme interest costs have been credited within other interest. The scheme actuarial gains and losses are recognised immediately as other recognised gains and losses. The defined benefit scheme assets were measured at fair value at the balance sheet date in 2020. Scheme liabilities were measured on an actuarial basis at the balance sheet date using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term to the scheme liabilities. The resulting defined benefit asset or liability was presented separately after other net assets on the face of the Balance Sheet. Folloiwng the buy-out there is no asset or liability pertaining to the School.

Defined contribution scheme

The Group Personal Pension Plan (introduced on 1 July 2001) for support staff is a defined contribution scheme and contributions are accounted for as a charge to the Statement of Financial Activities in the period in which the salaries to which they relate are payable.

r) Fund accounting

The funds of the School and its subsidiary are accounted for as unrestricted or restricted income, or as endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.

Unrestricted funds

These are available for use at the discretion of the Council in furtherance of the general objectives of the School. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund.

Restricted income funds

These funds are treated in accordance with restrictions imposed by the donors. Funds raised for specific capital projects are released to unrestricted funds as expenditure on the project is incurred.

Endowment funds

These are funds for which the capital is maintained in accordance with specific restrictions imposed by the donors. All endowment funds held by the School are permanent, where the gift is to be retained permanently to generate income for the School. The income from the endowment funds is restricted as set out in note 22.

24

THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.
DONATIONS AND LEGACIES
Unrestricted
£
Donations
17,186
Legacies
2,000
19,186
3.
SCHOOL FEES
The School’s fee income consisted of:
Gross fees
Less:
Bursaries, scholarships and remissions
Add back:
Bursaries paid by restricted funds
4.
OTHER INCOME FROM CHARITABLE ACTIVITIES
Registration fees
Transport income
Other income
Income from school trips and extracurricular activities
Charitable rent and hire of facilities
5.
OTHER TRADING INCOME
Rent and hire of facilities		 Restricted
£
59,005
-
59,005		 Restricted
£
59,005
-
59,005		 2021
£
76,191
2,000
78,191
2021
£
19,169,936
(1,720,033)
17,449,903
45,939
17,495,842
2021
£
188,700
288,044
33,456
88,823
66,800
665,823
2021
£
57,248		 2020
£
123,280
10,000
59,005 133,280
2020
£
18,707,139
(1,796,214)
16,910,925
87,169
16,998,094
2020
£
146,393
217,308
34,847
293,248
74,247
766,043
2020
£
33,062

25

THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

6.
INVESTMENT INCOME
Unrestricted
Restricted
2021
£
£
£
Bank interest
1
-
1
Investment income
19,577
20,277
39,854
19,578
20,277
39,855
7.
EXPENDITURE
2021
£
Expenditure includes:
Depreciation
2,133,660
Auditors’ remuneration
For audit services
For other services
20,460
1,590
8.
STAFF COSTS
2021
£
Wages and salaries
8,221,149
Social security costs
855,060
Termination payments
63,351
Employer’s contribution to defined contribution pension schemes
1,284,909
Cost of operating defined benefit pension scheme
110,000
10,534,469		 6.
INVESTMENT INCOME
Unrestricted
Restricted
2021
£
£
£
Bank interest
1
-
1
Investment income
19,577
20,277
39,854
19,578
20,277
39,855
7.
EXPENDITURE
2021
£
Expenditure includes:
Depreciation
2,133,660
Auditors’ remuneration
For audit services
For other services
20,460
1,590
8.
STAFF COSTS
2021
£
Wages and salaries
8,221,149
Social security costs
855,060
Termination payments
63,351
Employer’s contribution to defined contribution pension schemes
1,284,909
Cost of operating defined benefit pension scheme
110,000
10,534,469		 2020
£
12,162
39,925
52,087
2020
£
2,066,052
20,584
3,684
2020
£
8,371,068
883,913
73,498
1,314,311
20,000
10,662,790

All termination payments were paid during the year (2020: amounts due but not paid at the year end of £54,998).

The average number of employees in the year, including part-time employees, was 218 (2020: 223) of which 108 (2020: 109) were teaching staff.

The number of higher paid employees was: 2021 2020
£60,000 - £69,999 16 22
£70,000 - £79,999 3 2
£80,000 - £89,999 1 1
£90,000 - £99,999 3 1
£100,000 - £109,999 1 2
£170,000 - £179,999 - 1
£180,000 - £189,999 1 -
Amounts paid to key management personnel 950,670 927,791

26

THE SAINT JOHN’S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

9. TRUSTEES

Neither the Governors nor persons connected with them received any remuneration or other benefits from the School or any connected entity. No Governors (2020: none) received reimbursement of travel expenses (2020: £nil). One Governor is a partner at Patrick Gardner & Company who provide property investment and valuation advice to the School. No charges were made for this advice. A premium of £5,000 (2020: £5,000) was paid for trustee indemnity insurance cover of £10m.

10. ANALYSIS OF TOTAL RESOURCES EXPENDED

Raising funds
Fundraising costs
Investment management fees
Trading costs
Charitable activities
School operating costs
Teaching
Welfare and catering
Premises
Support costs of schooling
Bursaries paid from restricted funds
Total charitable activities
Total costs
11.
SUPPORT COSTS 2021
Governance
Finance
Legal, professional, training and
recruitment
Insurance
IT support
Office supplies and equipment
Marketing and communications
Support wages and salaries
Depreciation
Travel and transport
Miscellaneous expenditure		 Staff costs
Direct
costs
Support
costs
Total 2021
Total 2020
£
£
£
£
£
7,106
11,296
6,348
24,750
128,590
-
10,819
-
10,819
10,627
-
4,367
1,507
5,874
5,977
7,106
26,482
7,855
41,443
145,194
7,628,624
700,568
-
8,329,192
8,671,011
1,463,921
1,196,993
-
2,660,914
2,480,771
336,055
2,233,130
-
2,569,185
2,233,969
-
-
4,677,804
4,677,804
4,291,598
9,428,600
4,130,691
4,677,804
18,237,095
17,677,349
-
45,939
-
45,939
87,169
9,428,600
4,176,630
4,677,804
18,283,034
17,764,518
9,435,706
4,203,112
4,685,659
18,324,477
17,909,712
Fundraising
Trading
Schooling
Total 2021
£
£
£
£
30
7
22,108
22,145
315
75
231,966
232,356
213
51
156,914
157,178
183
43
134,479
134,705
395
95
291,514
292,004
139
33
102,706
102,878
69
16
51,174
51,259
1,489
353
1,096,921
1,098,763
3,020
717
2,225,389
2,229,126
493
117
363,332
363,942
2
-
1,301
1,303
6,348
1,507
4,677,804
4,685,659		 Total 2020
£
128,590
10,627
5,977
145,194
8,671,011
2,480,771
2,233,969
4,291,598
17,677,349
87,169
17,764,518
17,909,712

27

THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

11. SUPPORT COSTS 2020 (continued)

11.
SUPPORT COSTS 2020 (continued)
12.
FIXED ASSETS
Buildings
within
School
grounds
£
Cost / valuation
At 1 August 2020
43,174,731
Transfers
-
Additions
-
Disposals
(205,005)
At 31 July 2021
42,969,726
Depreciation
At 1 August 2020
11,886,353
Charge for the year
1,715,300
Eliminated on disposal
(147,058)
At 31 July 2021
13,454,595
Net book value
At 31 July 2021
29,515,131
At 31 July 2020
31,288,378
Governance
Finance
Legal, professional, training and
recruitment
Insurance
IT support
Office supplies and equipment
Marketing and communications
Support wages and salaries
Depreciation
Travel and transport
Miscellaneous expenditure		 Freehold land
and buildings
outside School
grounds
£
2,329,834
-
-
-
2,329,834
916,109
61,293
-
977,402
1,352,432
1,413,725
Fundraising
£
175
1,749
899
715
2,364
533
546
7,451
14,916
1,805
65
31,218		 Plant and
machinery
£
5,120,860
60,695
148,507
(268,241)
5,061,821
2,873,345
357,067
(230,722)
2,999,690
2,062,131
2,247,515
Trading
£
8
81
42
33
110
25
26
346
693
84
3
1,451		 Assets under
construction
£
311,027
(60,695)
338,551
-
588,883
-
-
-
-
588,883
311,027
Schooling
£
23,995
240,458
123,622
98,230
325,034
73,234
75,146
1,024,356
2,050,443
248,167
8,913
4,291,598		 Total 2020
£
24,178
242,288
124,563
98,978
327,508
73,792
75,718
1,032,153
2,066,052
250,056
8,981
4,324,267
Total
£
50,936,452
-
487,058
(473,246)
50,950,264
15,675,807
2,133,600
(377,780)
17,431,687
33,518,577
35,260,645

The School had capital commitments of £436,068 at the year end (2020: capital commitments of £nil).

No assets were held under finance leases (2020: none).

28

THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

13. INVESTMENTS
Group School
2021 2020 2021 2020
£ £ £ £
a) Movements
At 1 August 2020 1,080,906
 1,153,099 1,120,906
 1,193,099
Purchases 382,320 695,304 382,320 695,304
Disposals (389,429) (705,183) (389,429) (705,183)
Investment management fees (10,819) (10,627) (10,819) (10,627)
Cash retained within portfolio 7,110 9,879 7,110 9,879
Net gains for the year 89,226 (61,566) 89,226 (61,566)
At 31 July 2021 1,159,314
 1,080,906 1,199,314
 1,120,906
b) Balances
Investec Wealth & Investment portfolio 1,159,314
 1,080,906 1,159,314
 1,080,906
Investment in subsidiary - - 40,000 40,000
Total 1,159,314
 1,080,906 1,199,314
 1,120,906
c) Historical cost
Investec Wealth & Investment portfolio 1,080,205
 1,072,426 1,080,205
 1,072,426
Investment in subsidiary - - 40,000 40,000
Total 1,080,205
 1,072,426 1,120,205
 1,112,426
14. TRADING SUBSIDIARY
The School owns 100% of the issued share capital of St John’s (Leatherhead) Enterprises Ltd, registered
company number 6646348 (England and Wales). The company was incorporated on 15 July 2008.
2021 2020
£ £
Turnover 57,248 33,062
Cost of sales - (145)
Gross profit 57,248 32,917
Administration expenses (4,367) (4,381)
Net profit 52,881 28,536
Gift aid payment to St John’s School (52,881) (28,536)
Retained profit for the year - -
The assets and liabilities of the subsidiary were:
Current assets 81,681 96,959
Current liabilities (41,681) (56,959)
Total net assets 40,000 40,000
Aggregate share capital and reserves 40,000 40,000

29

THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

15.
DEBTORS
Group
2021
2020
£
£
School fees
43,916
69,919
Due from subsidiary company
-
-
Sundry debtors
20,523
5,458
Prepayments
200,929
279,913
265,368
355,290
16.
CREDITORS: amounts falling due within one year
Group
2021
2020
£
£
Bank loan (note 18)
900,317
881,041
Fees in advance (note 19)
830,337
833,257
Advanced deposit fund
1,802,600
1,801,294
Taxation and social security
225,018
256,129
Other creditors
995,339
847,993
Accruals and deferred income
286,958
412,756
Bond borrowing
1,488,300
-
6,528,869
5,032,470
17.
CREDITORS: amounts falling due after more than one
year
Group
2021
2020
£
£
Bank loan (note 18)
2,801,602
3,716,649
Fees in advance (note 19)
1,180,304
1,392,760
Bond borrowing
-
1,488,300
Accruals
-
208,314
3,981,906
6,806,023
18.
BANK LOAN
Falling due for repayment:
- between two and five years
- after more than five years
- within one year		 15.
DEBTORS
Group
2021
2020
£
£
School fees
43,916
69,919
Due from subsidiary company
-
-
Sundry debtors
20,523
5,458
Prepayments
200,929
279,913
265,368
355,290
16.
CREDITORS: amounts falling due within one year
Group
2021
2020
£
£
Bank loan (note 18)
900,317
881,041
Fees in advance (note 19)
830,337
833,257
Advanced deposit fund
1,802,600
1,801,294
Taxation and social security
225,018
256,129
Other creditors
995,339
847,993
Accruals and deferred income
286,958
412,756
Bond borrowing
1,488,300
-
6,528,869
5,032,470
17.
CREDITORS: amounts falling due after more than one
year
Group
2021
2020
£
£
Bank loan (note 18)
2,801,602
3,716,649
Fees in advance (note 19)
1,180,304
1,392,760
Bond borrowing
-
1,488,300
Accruals
-
208,314
3,981,906
6,806,023
18.
BANK LOAN
Falling due for repayment:
- between two and five years
- after more than five years
- within one year		 15.
DEBTORS
Group
2021
2020
£
£
School fees
43,916
69,919
Due from subsidiary company
-
-
Sundry debtors
20,523
5,458
Prepayments
200,929
279,913
265,368
355,290
16.
CREDITORS: amounts falling due within one year
Group
2021
2020
£
£
Bank loan (note 18)
900,317
881,041
Fees in advance (note 19)
830,337
833,257
Advanced deposit fund
1,802,600
1,801,294
Taxation and social security
225,018
256,129
Other creditors
995,339
847,993
Accruals and deferred income
286,958
412,756
Bond borrowing
1,488,300
-
6,528,869
5,032,470
17.
CREDITORS: amounts falling due after more than one
year
Group
2021
2020
£
£
Bank loan (note 18)
2,801,602
3,716,649
Fees in advance (note 19)
1,180,304
1,392,760
Bond borrowing
-
1,488,300
Accruals
-
208,314
3,981,906
6,806,023
18.
BANK LOAN
Falling due for repayment:
- between two and five years
- after more than five years
- within one year		 School
2021
2020
£
£
43,916
69,919
37,881
52,679
7,408
4,631
200,929
279,913
290,134
407,142
School
2021
2020
£
£
900,317
881,041
830,337
833,257
1,802,600
1,801,294
225,018
256,129
991,539
843,713
286,958
412,756
1,488,300
-
6,525,069
5,028,190
School
2021
2020
£
£
2,801,602
3,716,649
1,180,304
1,392,760
-
1,488,300
-
208,314
3,981,906
6,806,023
2021
2020
£
£
2,801,602
3,716,649
-
-
2,801,602
3,716,649
900,317
881,041
3,701,919
4,597,690		 School
2021
2020
£
£
43,916
69,919
37,881
52,679
7,408
4,631
200,929
279,913
290,134
407,142
School
2021
2020
£
£
900,317
881,041
830,337
833,257
1,802,600
1,801,294
225,018
256,129
991,539
843,713
286,958
412,756
1,488,300
-
6,525,069
5,028,190
School
2021
2020
£
£
2,801,602
3,716,649
1,180,304
1,392,760
-
1,488,300
-
208,314
3,981,906
6,806,023
2021
2020
£
£
2,801,602
3,716,649
-
-
2,801,602
3,716,649
900,317
881,041
3,701,919
4,597,690		 School
2021
2020
£
£
43,916
69,919
37,881
52,679
7,408
4,631
200,929
279,913
290,134
407,142
School
2021
2020
£
£
900,317
881,041
830,337
833,257
1,802,600
1,801,294
225,018
256,129
991,539
843,713
286,958
412,756
1,488,300
-
6,525,069
5,028,190
School
2021
2020
£
£
2,801,602
3,716,649
1,180,304
1,392,760
-
1,488,300
-
208,314
3,981,906
6,806,023
2021
2020
£
£
2,801,602
3,716,649
-
-
2,801,602
3,716,649
900,317
881,041
3,701,919
4,597,690
6,806,023
2021
£
2,801,602
-
2,801,602
900,317
3,701,919		 2020
£
3,716,649
-
3,716,649
881,041
4,597,690

The loan facility is secured on some of the School’s property assets.

30

THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

19. FEES IN ADVANCE

FEES IN ADVANCE
Balance brought forward
New fees in advance received
Fees in advance refunded
Amounts utilised in payment of fees
Amounts accrued in the year
Balance carried forward
Represented by creditors falling due:
- within one year
- after more than one year		 2021
£
2,226,017
796,881
-
3,022,898
(1,028,181)
1,994,717
15,924
2,010,641
830,337
1,180,304
2,010,641		 2020
£
2,537,672
1,048,444
-
3,586,116
(1,419,349)
2,166,767
59,250
2,226,017
833,257
1,392,760
2,226,017

Parents may enter into a contract with the School to pay for fees in advance. The money may be returned subject to conditions. If the pupils should remain at the School the liability for fees paid in advance is set out as above.

20. DEFERRED INCOME

Balance brought forward
Released to Statement of Financial Activities
Deferred during the year
Balance carried forward		 2021
£
480
(480)
-
-		 2020
£
7,320
(7,320)
480
480

31

THE SAINT JOHN’S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

21. ALLOCATION OF THE GROUP’S NET ASSETS

a)
Balance at 31 July 2021
Unrestricted funds
Restricted income funds
Endowment funds
Balance at 31 July 2021
b)
Balance at 31 July 2020
Unrestricted funds
Pension fund
Restricted income funds
Endowment funds
Balance at 31 July 2020		 Fixed
assets
£
33,518,577
-
-
33,518,577
Fixed
assets
£
35,260,645
-
-
-
35,260,645		 Invest-
ments
£
569,532
363,521
226,261
1,159,314
Invest-
ments
£
531,012
-
338,935
210,959
1,080,906		 Net
current
liabilities
£
(2,624,214)
85,587
-
(2,538,627)
Net
current
liabilities
£
(1,966,784)
-
83,208
-
(1,883,576)		 Long
term
liabilities
£
(3,981,906)
-
-
(3,981,906)
Long
term
liabilities
£
(6,806,023)
-
-
-
(6,806,023)		 Pension
scheme
asset
£
-
-
-
-
Pension
scheme
asset
£
-
494,000
-
-
494,000		 Total
£
27,481,989
449,108
226,261
28,157,358
Total
£
27,018,850
494,000
422,143
210,959
28,145,952

32

THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

22. STATEMENT OF FUNDS

For the year ended 31 July 2021

Balance at Incoming Resources Gains Transfers Balance at
1 August resources expended and 31 July
2020 losses 2021
£ £ £ £ £ £
a) Unrestricted funds
General fund 26,155,824 18,531,798 (17,842,200) - 100 26,845,522
Foundation fund 863,026 19,577 (289,970) 43,834 - 636,467
Pension reserve 494,000 - (110,000) (384,000) - -
27,512,850 18,551,375 (18,242,170) (340,166) 100 27,481,989
b) Restricted income funds
Old Johnian fund 371,614 12,497 (6,571) 27,978 - 405,518
Albany Award fund - 9,765 (9,765) - - -
Foundation Appeal fund - 17,443 (17,443) - - -
Bursary fund - 4,730 (4,730) - - -
COVID-19 Hardship - 6,221 (6,221) - - -
fund
Russell Baker fund - 6,502 (6,502) - - -
Champney’s Fund - 78 (78) - - -
Hinton Scholarship fund - 1,200 (1,200) - - -
Other funds 50,529 20,846 (27,685) - (100) 43,590
422,143 79,282 (80,195) 27,978 (100) 449,108
c) Endowment funds
Russell Baker fund 176,285 - (1,765) 14,552 - 189,072
Champney’s Fund 2,124 - (21) 175 - 2,278
Hinton Scholarship fund 32,550 - (326) 2,687 - 34,911
210,959 - (2,112) 17,414 - 226,261
Total restricted funds 633,102 79,282 (82,307) 45,392 (100) 675,369
Total funds 28,145,952 18,630,657 (18,324,477) (294,774) - 28,157,358

Foundation fund

The Foundation fund has been designated to provide bursarial support for children of clergy. The fund is not restricted or subject to any trust or endowment.

Restricted funds

The Old Johnian fund, being the transfer of assets from the former Old Johnian Society, is used to support the work of the Development Department with alumni.

The Albany Award fund provides up to 100% fee remission for children whose parents would otherwise be unable to afford the fees.

The Foundation Appeal fund supports the provision of bursaries to children of clergy.

The Russell Baker, Champney’s, and Hinton Scholarship funds were all established as endowment funds to provide financial support to parents who, through illness or bereavement, need financial assistance to pay the School’s fees. Support is provided from the income generated by these funds, while the capital is maintained to provide support for future generations of pupils.

Transfers between funds

The transfer of £100 from restricted to unrestricted funds relates to the expensing of restricted funds on the project to publish the Great War Book.

33

THE SAINT JOHN’S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

STATEMENT OF FUNDS (continued)

For the year ended 31 July 2020
Balance at
1 August
2019
£
a)
Unrestricted funds
General fund
25,398,201
Foundation fund
1,091,443
Pension reserve
469,000
26,958,644
b)
Restricted income funds
Old Johnian fund
389,689
Albany Award fund
-
Foundation Appeal fund
-
Bursary fund
-
COVID-19 Hardship fund
-
Russell Baker fund
-
Champney’s Fund
-
Hinton Scholarship fund
-
Other funds
69,759
459,448
c)
Endowment funds
Russell Baker fund
188,063
Champney’s Fund
2,266
Hinton Scholarship fund
34,725
225,054
Total restricted funds
684,502
Total funds
27,643,146		 Incoming
resources
£
18,275,328
19,612
-
18,294,940
12,519
9,525
11,683
15,190
12,909
6,513
78
1,203
64,524
134,144
-
-
-
-
134,144
18,429,084		 Resources
expended
£
(17,519,623)
(217,788)
(20,000)
(17,757,411)
(11,289)
(10,035)
(40,756)
(15,675)
(12,909)
(6,513)
(78)
(1,203)
(51,768)
(150,226)
(1,734)
(21)
(320)
(2,075)
(152,301)
(17,909,712)		 Gains
and
losses
£
-
(30,241)
45,000
14,759
(19,305)
-
-
-
-
-
-
-
-
(19,305)
(10,044)
(121)
(1,855)
(12,020)
(31,325)
(16,566)		 Transfers
£
1,918
-
-
1,918
-
510
29,073
485
-
-
-
-
(31,986)
(1,918)
-
-
-
-
(1,918)
-		 Balance at
31 July
2020
£
26,155,824
863,026
494,000
27,512,850
371,614
-
-
-
-
-
-
-
50,529
422,143
176,285
2,124
32,550
210,959
633,102
28,145,952

34

THE SAINT JOHN’S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

23. OPERATING LEASE COMMITMENTS

At 31 July 2021 the School had the following commitments under non-cancellable operating leases:

Expiring within one year
Expiring between two and five years		 2021
£
42,757
59,545
102,302		 2020
£
62,791
97,702
160,493

During the year £78,691 was recognised as an expense under operating leases (2020: £58,401).

24. RELATED PARTY TRANSACTIONS

During the year the School provided services and catering goods to St John’s (Leatherhead) Enterprises Ltd in support of the hire of facilities, and also paid invoices on behalf of St John’s (Leatherhead) Enterprises Ltd where these invoices were issued in the name of the School. These were recharged at cost. Total recharges during the year amounted to £nil (2020: £13).

At the year-end St John’s (Leatherhead) Enterprises Ltd decided a donation of £51,881 (2020: £28,536) would be paid to the School.

At the year-end St John’s (Leatherhead) Enterprises Ltd owed £37,881 (2020: £53,159) to the School.

25. PENSION SCHEMES

Teaching staff

The School participates in the Teachers’ Pension Scheme (England and Wales) (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,112,543 (2020: £1,163,145) and at the year end £127,804 (2020: £nil) was accrued in respect of contributions to this scheme.

The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers’ Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.

Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

The Teachers’ Pension Budgeting and Valuation Account

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a ’pay as you go ‘basis – contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is

35

equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return. THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

25. PENSION SCHEMES (continued)

Valuation of the Teachers’ Pension Scheme

As a result of the latest scheme valuation employer contributions were increased in September 2019 from a rate of 16.4% to 23.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses.

The next valuation is expected to take effect in 2023.

A copy of the latest valuation report can be found by following this link to the Teachers’ Pension Scheme website: https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuationreport.aspx

Scheme changes

In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, rejected the Government’s application for permission to appeal the Court of Appeal’s ruling and subsequently referred the case to an Employment Tribunal to determine a remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination.

Since then, claims have also been lodged against the main public service schemes including the TPS. The Department has conceded those in line with the rest of the government. In July 2020 HM Treasury launched a 12-week public consultation which will provide evidence to support the delivery of an appropriate remedy for the affected schemes, including TPS.

A final remedy will be determined once the results of the consultation are established.

In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opposite-sex marriages and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020, the Employment Tribunal recorded its findings in respect of the claimant. DfE is currently working to establish what changes are necessary to address this discrimination.

Any impact of these events will be taken into account when the next scheme valuation is implemented. This is scheduled to be implemented in April 2023, based on April 2020 data.

36

THE SAINT JOHN’S SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

25. PENSION SCHEMES (continued)

Non-teaching staff

The School operates a Stakeholder pension scheme for its non-teaching staff. This is a unit-linked defined contributions scheme managed by Legal & General, under which the School contributes 5% and the employee a minimum of 3% of pensionable pay. Employer contributions totalling £172,366 (2020: £143,945) were paid in respect of this stakeholder pension scheme during the year.

The St John’s Foundation School Pension and Assurance Scheme

The information set out in this note below relates only to the St John’s Foundation School Pension and Assurance Scheme (“the Scheme”), the assets of which were held separately from those of the School.

Actuarial valuation

The Scheme was funded by the employer in accordance with the recommendations of an independent qualified actuary on the basis of triennial valuations. The most recent of these valuations was made on 1 January 2017 and was conducted under the Pensions Act 2004. This legislation requires trustees to achieve a defined Statutory Funding Objective, (“SFO”) and to hold sufficient and appropriate assets to meet the Technical Provisions. The SFO valuation in January 2017 indicated that the assets (excluding annuities purchased in respect of secured pension rights), the market value of which was then £3,867,000, represented just over 113% of its liabilities. This actuarial valuation on an ongoing basis indicated a surplus of assets compared to liabilities of £739,000. This surplus is calculated using different assumptions to those required under FRS 102, details of which are set out below.

The formal triennial valuation as at 1 January 2017 indicated that the Scheme was in surplus as a result of which, following consultation between the Trustees and the employer, a new Schedule of Contributions was agreed with effect from 1 January 2018. This confirms that the first £200,000 of expenses will be payable from the assets of the Scheme, after which, the Employer will pay all scheme expenses, including those related to administration and actuarial services, in addition to the PPF levy.

During 2018-19 the pension scheme Trustees, with the agreement of the School’s Governors as Sponsoring Employer, took the decision to purchase annuities for the remaining members of the scheme with a view to effecting a buy-out. The purchase of annuities took place prior to 31 July 2019, resulting in an accounting loss on settlement of £1,059,000 for that year which had no impact on the School’s cash reserves. It was anticipated that the buy-out would be completed during 2019-20, but this was delayed as a result of COVID-19 and it occurred in March 2021.

37

THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

25. PENSION SCHEMES (continued)

Net interest credit
Administration cost
Total pension charge recognised in the Statement of Financial Activities
Actuarial (losses) / gains immediately recognised
Amounts recognised in the balance sheet
Present value of funded obligation
Fair value of plan assets
Pension scheme asset
Change in benefit obligation
Benefit obligation at 1 August 2020
Current accrual cost
Interest cost
Actuarial (gains) / losses
Actuarial gains due to experience
Liabilities extinguished on settlement
Benefits paid
Benefit obligation at 31 July 2021
Change in plan assets
Fair value of plan assets at 1 August 2020
Interest on assets
Actuarial (losses) / gains
Employer contributions
Expenses paid by scheme
Employee contributions
Assets extinguished on settlement
Benefits paid
Fair value of plan assets at 31 July 2021
Actual return on plan assets
Funded status and net amount recognised		 2021
£
4,000
(114,000)
(110,000)
(384,000)
-
-
-
3,285,000
32,000
(250,000)
(15,000)
(3,017,000)
(35,000)
-
3,779,000
36,000
(649,000)
-
(114,000)
-
(3,017,000)
(35,000)
-
(649,000)
-		 2020
£
9,000
(29,000)
(20,000)
45,000
(3,285,000)
3,779,000
494,000
3,707,000
65,000
269,000
(10,000)
(651,000)
(95,000)
3,285,000
4,176,000
74,000
304,000
-
(29,000)
-
(651,000)
(95,000)
3,779,000
378,000
494,000

38

THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

25. PENSION SCHEMES (continued)

Fund assets
The weighted average asset allocation at the year-
end was as follows:
Asset category
Equities
Govt bonds
Annuities
Cash
Principal Actuarial Assumptions
Discount rate
Inflation (RPI)
Salary increases
Pension increases in deferment – accrued before 6 April 2009
Pension increases in deferment – accrued after 6 April 2009
Pension increases in payment – members joining after 1 January 1995
Pension increases in payment – members joining before 1 January 1995
Mortality table
Mortality improvements
Commutation
Life expectancy at age 65 of male aged 65
Life expectancy at age 65 of male aged 45
Scheme closed to future accrual on 1 March 2016.
Five year history
2021
2020
2019
£
£
£
Benefit obligation at 31 July
-
(3,285,000)
(3,707,000)
Fair value of plan assets at 31 July
-
3,779,000
4,176,000
Asset
-
494,000
469,000		 Plan assets
2021
2020
n/a
0.00%
n/a
10.85%
n/a
86.93%
n/a
2.22%
n/a
100%
2021
2020
2.10%
1.45%
3.30%
2.90%
0.00%
0.00%
3.30%
2.90%
2.50%
2.50%
3.20%
2.85%
5.00%
5.00%
S2NA series
S2NA series
1.25%
1.25%
75% of
pension
75% of
pension
22.1 years
22.1 years
23.4 years
23.4 years
2018
2017
£
£
(3,455,000)
(3,593,000)
4,689,000
4,669,000
1,234,000
1,076,000		 Plan assets
2021
2020
n/a
0.00%
n/a
10.85%
n/a
86.93%
n/a
2.22%
n/a
100%
2021
2020
2.10%
1.45%
3.30%
2.90%
0.00%
0.00%
3.30%
2.90%
2.50%
2.50%
3.20%
2.85%
5.00%
5.00%
S2NA series
S2NA series
1.25%
1.25%
75% of
pension
75% of
pension
22.1 years
22.1 years
23.4 years
23.4 years
2018
2017
£
£
(3,455,000)
(3,593,000)
4,689,000
4,669,000
1,234,000
1,076,000		 Plan assets
2021
2020
n/a
0.00%
n/a
10.85%
n/a
86.93%
n/a
2.22%
n/a
100%
2021
2020
2.10%
1.45%
3.30%
2.90%
0.00%
0.00%
3.30%
2.90%
2.50%
2.50%
3.20%
2.85%
5.00%
5.00%
S2NA series
S2NA series
1.25%
1.25%
75% of
pension
75% of
pension
22.1 years
22.1 years
23.4 years
23.4 years
2018
2017
£
£
(3,455,000)
(3,593,000)
4,689,000
4,669,000
1,234,000
1,076,000
n/a
2021
2.10%
3.30%
0.00%
3.30%
2.50%
3.20%
5.00%
S2NA series
1.25%
75% of
pension
22.1 years
23.4 years
2018
£
(3,455,000)
4,689,000
1,234,000		 100%
2020
1.45%
2.90%
0.00%
2.90%
2.50%
2.85%
5.00%
S2NA series
1.25%
75% of
pension
22.1 years
23.4 years
2017
£
(3,593,000)
4,669,000
1,076,000

39

THE SAINT JOHN’S SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

26.
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
Income from:
Donations and legacies
2
19,449
Charitable activities: School fees
3
16,998,094
Other income from charitable activities
4
766,043
Other trading activities
5
33,062
Investments
6
31,774
Other income
446,518
Total income
18,294,940
Expenditure on:
Raising funds
10
113,243
Charitable activities
10
17,644,168
Total expenditure
10
17,757,411
Net incoming funds from operations
before investment gains
537,529
Net gains on investments
(30,241)
Net income
507,288
Transfers between funds
1,918
Other recognised gains / (losses):
Actuarial gains on defined benefit pension
schemes
45,000
Net movement in funds
554,206
Reconciliation of funds
Total funds brought forward
26,958,644
Total funds carried forward
27,512,850		 Restricted
funds
£
113,831
-
-
-
20,313
-
134,144
31,951
120,350
152,301
(18,157)
(31,325)
(49,482)
(1,918)
-
(51,400)
684,502
633,102		 Total
funds 2020
£
133,280
16,998,094
766,043
33,062
52,087
446,518
18,429,084
145,194
17,764,518
17,909,712
519,372
(61,566)
457,806
-
45,000
502,806
27,643,146
28,145,952

40