GLENDOWER SCHOOL TRUST LIMITED GOVERNORS, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2022 Regisiered Company No.. 9608.11 Regisiered Chariiy No.. 112717 GLENDOWER SCHOOL TRUST LIMTfED CONTENTS Page Lcgal and administraiiv¢ inf1￿m￿lI0￿ Govemors. reEM)rt Independeni audiiors. repori SthiLmeni of fittancial aciiviiics 10 BJlancL.sheei Sia(etnenl of cash flow5 N()IL.S ti) IhL acc()unl. GLENDOWER SCHOOL TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2022 Governors R K Harrison (Chair) G Apkarian J Aviss (appointed 17 June 2022) N Baker E Bassett (appointed 30 November 2021) Rev P Cowley (Te5igned 30 June 2022) B Daffey E Hewer S Kurnleben S J S Martyrossian P Martar F Morton D Nangia {resigned 30 June 2022) J Richards J Sloan P Vanni (appointed 30 November 2021) Headmistre5S N Kingsmill Moore Charlty Number 312717 Compgny Number 960831 PrineipAI Addre55 rCgtsIer￿ office 87 Que¢n's Gate London SW7 5JX Auditors Haysmacinryre LLP 10 Queen Sireei Place London EC4R IAG Bankers Metro Bank plc One Southampton Row London WCI B SHA Naiional Westminster Bank plc South Kensington Ststion (A) Branch PO Box 592 18 Cromwell Place London SW7 2LB GLENDOWER SCHOOL TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR EIYDED 31 AUGUST 21n2 The Governors present their r¢port and accounts for the year ended 31 Augusi 2022. The financial statements have been prepared in accordance with th¢ Statemerjtof RecomTt]ended Practice for Charities (SORP 2019) (Second Edition, effective l January 2019) applicable law and the Trust's Memorandum and Articles of Aswciat1￿. REFERENCE AND ADMINisfRATIVE INFORMATION Glendow¢r School Trust Lirnlted wa5 founded by Tru￿ Deed in 1969 which was amended in 1977. Tlic charity is a company limited by guarantee. The Governors. who are also the directors for the purpose of company law and the rharity'5 tru5tee5, who served during the period and up to the date of the signing of this report wer¢.. R K Harrison (Chair). G Apkarian. J Aviss (appointed 17 June 2022) N Baker E Bassett (appointed 30 November 2021) Rev P Cowley (resigned 30 June 2022) B Daffey l.Icwcr S Kumleben S J S Martyrossi#n' P Mattar F Morton D Nangia (resigned 30 June 2022) J Richards J Sloan. P Vanni (appointed 30 November 2021) * Mctiiber5 of th¢ Finan¢¢ C(Knmittee NoiiL of the Governor5 has any beneficial interest in the company. All ofthe Govemors are member5 of ihe company and guarantee to contribute £1 in the event of a winding up. STRUCTURE, GOVERNANCE AND MANAGEMENT Govtrning Doeument The CoTllPany is govemed by ils Memornndum and Articles of Ass(Kialion, last arnended ffi 22 November 2005. Governlng Body The Governors who kre also required under the Anicles io serve as membeTS of the company, ar¢ ¢l¢¢ted ￿ a full Governors. meeting. They are chosen io represent a Sul￿ble ¢r05S S￿lion ofexpertise and ai least one Governor is a parent of a pupil {or fomier pupil) ai the school. Covernor Training New Govemors are inducted into the workings of the school by the Head and Bursar and provided with an introductory pack of school infomiation. Regular training WOTkshops are organised and Governor5 are kept infornied of other relevani training days run by outside organisations. Organisational Management The Govemors meet as a Board at lea￿ three time5 a year to deterrnine gencrdl policy. The Governors have sei up five sub committees which meet as needed but at least once a year.. an Education sU￿¢0mMittee. chaired by Mr P Vanni which Considers and advises on all aspects of the school's curriculum- a Finance sub-commiuee. chaired by Mr G Apkarian, which nonnally meets two weeks before each Board meeting. io discuss matters arising and to review budgets and temily management accounts.. a Risk Management sub-committtt chaired by Mrs S Martyrossian which considers the risks to which the school is exposed and the measures in plo¢¢ to mitigaie them. a Health and Safety Cornmittee chaired by Mr5 S Martyrossian and a Nominaiions Committee which recommends appointments io the Board. The day-10-day running of (he GLENDOWER SCHOOL TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 srRUCTURE. GOVERNANCE AND MANAGEMENT (continued} The Board reviews siaff salaries annually ai ihe Sprin8 Board meeting and ihe Chair and Chaii of the Finance sub- cotnmittee review the remuner￿]0￿ of Ihe Senior L£*JeTship Team.. Group Strueture and Relationships The Headmistress is a member of IAPS and Ihe school is also a member of the Girls, Schools Associaiiort. Both organisations are dedicaied 10 promoiin8 all round excellence in eduC￿lOn and accredil Ortly those schiK)Is that can detnon5tTate the highesi s¢andards of educaiion. A5 part of Kts commitment (o provsding Public Benefii ihe sch￿1 OFtraies a bursary scheme (see below). Fundraising The school benefits from the work and generosity of Ihe Glendower Parent Teacher A$S￿lation I'GFfA'} formerly known as the Parents. Association.. Thc new name reflects the closc c0-O￿TatiOft and mutual support ofparents and teachers. The GvfA hold regular special evenis io raise funds for ihe school (including for ihe butsary schemel. The usual main events are a Spring Dinner Dance (held bi-annually) and an annual Christmas Fair. During the year parenis gave £145.11 I to suptK)rt ihe bursary progrtsmme and 10 prOVK￿ educaiional equipment loi the new Nursery Sch￿1. In rdi%ing funds. neither Ihe school nor the GFfA engage professional lundraising organisations. Donations arc only sought and receiv¢d frotn parents of past and eurreni pupils. The school did noi incur kny Costs in connection with donations which it re¢eived. The School follows the fundraising regulators CtKle of praciicc in rcgard io aThy eomplainis on fundraising prDc¢dure. Ther¢ were no complainis rceeivtd iii the year. Separately. Ihe GvfA headed by ihe Direcior of ParinLr%hips and Dcvclopmeni has forffled relaiioThships wilh NeighlK>uring Maintain￿ schools. especially Park Walk school whcrL a joint programrne ha5 included. INSET Iraining and shared weekly aeiiviiies I￿[ween Year 6 siudents. Thc GPTA has also worked with RBKC 10 ossi41 Afghan refugLrs 10 SLltle in London by providing English lessons and various S(￿la] activiiies. Principal Risk5 llnd Uneertaintie5 The Board. with pariicular 055lStance from ihe Risk Manag¢fflent sub-comThitte¢ and lh¢ Head and Bursar. continu¢ lo keep ihe 5ch(x)I's aciiviiie5 under r¢view, particularly with regard to any major risks thai may ari5¢ from lim¢ io lim¢ as w¢ll as the sy51ems and pr(K¢dur¢s ¢S￿blIsh¢d to manag¢ th¢fft. Th¢ principal risks and their ¢ffeciive miiigaiion ar¢ sei oui b¢low- H¢Jlih arHI safety aThd fLr¢= the sch￿1 h&$ a Health and Safety CommilLee (chaired by a Gov¢rThor) whi¢h m¢eis termly ¢0 COD5id¢r th¢ ¢ffeciiv¢nes5 of pr¥iic¢s and pr￿edUreS. U￿l￿nOunCed fire prdciices lake plac¢ ai leasi once a t¢rm. The ￿h0o) also ¢mploys H¢alih and Safely and Fire Consultanis LO provid¢ appropriate ITaining and io review ihe hool's policies and pr￿11¢¢5. Th¢ consultants pr¢par¢ and keep uDd¢r review the Sch(K)1's Fire Risk As5¢ssrneni and General Risk As5essmeni. The CoDsulianis aiiend th¢ H¢alih and Safely Commiiie¢ regularly io provide feedback Every member of siaff Te¢eives FiTe Safely induciion and regular Iraining. Poor financial management.. Ihe sch(M)I produces an annual budgei and i¢rnily managemeni ￿COUnt$ which are carefully ¢on5idered by the Finance Cornrniii¢e ai their iermly meeiings. The CommiiLe¢ make5 enquiries wheTe items of income and expendiiure are ai variance wilh the annual budgei and ensures Ihai ihe school has adequaie reserves io meei lis needs. Safeguarding Children. The Pasioral Depuiy Head is ihe DeSigna￿d Safeguarding Lead who is supported by three other members of siaff and iwo Safeguarding Governors who check (he schools, recruiimeni procedures and files as well as Tecords of cases broughi io Iheir aiieniion. Every member of staff receives Safeguarding iraining annually. Risin8 interes¢ raies= The Finance Commiiiee carefully moniiors the FKTrssible imp￿1 of rising inieresi raies and assesses ways of miiigaling iheir effeci on ihe school's finaThces The Governors cotliinue io moniior poliiical eveTJts which may affeci ihe fuiure of itidependeni schools. Potential risks include the removal of chariiable siaius, which may have significani negative financial consequences. GLENDOWER SCHOOL TRUST LIMITED GOVERNORS. REPORT (rontinued} FOR THE YEAR ENDED 31 AUGUST 2022 PURPOSE AIMS, OBJECTIVES AND PRINCIPAL AcfiviTIES Purpose Thc Purpose of the Tntsl is TQ own and orKraiL GILnth)wer Prepar￿Ory School as an inde￿.]MILnI preparatory and p￿.. prLpaTatory day sch(M)I for girls agLd 4 10 11. Alms ThL school aims 10 do more ihan simply iL&h Y(￿n¥ chiklrLn. RaihLr. Ihe aitn is io inirtKluce Ihem iv ihe plc&surL dnd LXLiILmcni of le￿InIrtg. Slimulaiintr their culli￿lly. IhLir imuoinaiion arHI Com￿li11ve spirii and developino ihLir criiical Ihinking skill%. Whilsi aiminu rui Ihe hiJts LSI acadLmiL ￿￿.￿p(}ning rLsulis. the sch(K>l is cqually concLrncd wilh fostering IIIL Kind ol. .%kills Ihai help young girfs rAft)w ini¢? L&tpablL yl)ung WOmLn wilh J 4Ln%L of sclf_worih and a developing UW¢irLnesS ()l-Ihe con¢ribuiion ihey can make i() S(KiLly whi)l¥. Thc.school aim.4 1(? providc an educaiional environmeni wIILfL iach pupil can develop io her pO￿All¢tI. inLuILdiiin&i J dL5ifL to cDniribuLL IcTr IhL wider communiiy, Ihus preparing LdLh Lhild for the optrfjnuniiies. responsibiliiiu% LI￿rIL￿¢¢5 of latei life. Objeetive5 for the year Th¢ Board's main objeclivL continued to he io L7duLdiL' IhL ￿hODI"S pupils io the same high standard achtLv¥d in prLViOU.5 years, so thai they will be able (o gain a place ai ihL'ir ihi)*'n s¢nior ￿h(m)I a￿1 io benefii fully from IhLir I'uiure educaiion. The siral¢gy lor achieving this is io maintain a high ILxher-i(kpupil ratio and exc¢lleni leaching siandards. In seiiiny objeciives and planning activitle5. Governors hav¢ given careful consideraiion io Ih¢ Chariiy Commission's genLral guidance on Publi¢ Benefii. The Govemors confimi ihat Ih¢y have complied wilh the duly in Seciion 17 of ih¥ ChoTiiies Aci 2011 io have due regard io the Chariiy C(*nmission'5 gen¥ral guhdance on Public Benefii. "Chariii¢s and Public Benefii" (hhLr key objeciives are outlined below.. To c()ntinllL to d¥v¢lop the firsi4lass paM¢)ral carL. for pupils. Tc) suppivi pupil% in neL'd ihrouoh me3ns-t¢sted bur%aiiL%. T() LoniinuL Ihe developmeni of Ihe sch(K)I's infra51ruLiurL Ill providL teachLTh Wlih ih¥ niLL%sdry I￿lI111l$ tc providL itn ouisianding and UPlfFdaie educaiion for its pupils. To ¢ontirtUL to develop our leaching link progrdmme and joini working with local SthiL primary schoo15. In this conneciion iwo Mem￿15 of the school's leadtrship teaTn werc Governors rest￿lIvLIY of siaie primary schools in souih wem London dunno IhL year. Principal Activity GILndower School TrusL'S principal aciiviiy coniinuLs in tL' IhL operaiion of a day school for 4 10 1 l year-old girls. During IhL year thc sch￿[ carried oui exiLnsive IMLilding works IÉ) an adjaceni buildirts acquired in 2021, in order to operaie a Nursery tor childrLn aged 74 (see k.lowl. Bursaries The Tiusi operates an entrance bursary 5cherne io &ssill parents who would oiherwise be unable io afford lo pay ihc fees Two ¢hildr¢n b¥n¥fiiied from bursary assisiance during ihe yeat. The schwl continues to follow Ihe ISBA'S guidance on bursaries. Js%'s5ing all pupils Ihai apply for a bursary place within the schoDI. The Governor5 view ihe bursary awards as imponanl in hLlping 10 Lnsure Ihai childrLn from lamiliLS who could nol otherwise afford Ihe fees can accL%S Ihe Lducaiion ofl'ered ai Gl¥Thd()w¥r. In &%sessing m¢ans accouni is iaken ol inVLsiments. family income. 5aving5 4hnd also family circumstancL4 t'or ixomple sibliTr&% and dL￿nde￿I relaiivcs. REVIEW OF ACHIEVEfvIENTS AND PERFORNIANCE FOR THE YEAR On 29 January 2021 and in accordancL Wlth IhL GI)VLrnof5' siraie8LC plan, Ihe sch(Jol acquired a residcniial property direcily adjaceni 10 and over1￿kIng IhL playground, suilablL lur conversion inio faciliiiLS for the main sch(H)l and a Nursery for up (0 .32 childTen aged 1.4 yCaTS. Planning permission was obiained in Octo￿r 2021 aThd conversion work commenced in early 2022. Thc new laciliiies were ready for (Lcupation. in tnid-(kiDkr 2022. The (Trriginal purchase pricc was £.l.Om and costs of £1.5m have inCUfTed in re5￿cl of the conversion works IseL ¢low) GLENDOWER SCHOOL TRUST LIMITED GOVERNORS, REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2022 raiional Perforrnance.. The ￿h[K)I had an average of 250 pupils during ihe year (2021= 249). In Spring 2022 pupils achieved excelleni resulis in Ihe I l+ examination5. which included a numiyr of Scholarships. pl￿e$ were offered ai the very besi day and boarding ￿h0o15. There were ple&5ing results in both Inusic and music thealr¢ exams again this academic year. Operational perforn￿nCe of the school (CODtinuedl Every yeai each form, year group and House is encouraged io raise ￿ndS for their ch(Trsen chariiy. Arnongsi ihe donarions made in ihe year were to= Kensing(oTr and Chelsea Fo(xl Bank £9941. Brompron Hospiial (£9.12). Ihe HarTOW Club (pan of West London Youth Clubs {£5761. M￿lne Conservaiion1£964). Macmillan Cancer {£294). Well Waier (£1.506). Spon for Schoo151£3.1491 and WWF {£509).. The school continues io focus on ihe need io ensure thai ihere is no parking. dropping off or colleciing outside ihe sch￿1 beiw¢¢n 8am and 9am and again ￿tWeen 1..15pm and 4'.15pm. The Sch￿1 Travel Plan, which was uplaied during Ihe y¢Jr. hu5 been approved by the local auihoriiy RBK&C and Transport for London. and ihe sch(x>l has achieved a Bronze Award for Su51ainable Travel. RBK&C hawe painied 'school keep clear. road marking ouiside ihe school 10 esiablish ihe area as an olfi¢ial School No Parking Zone. This has ensured that the area will b¢ rnoniloted by RBK&C parking atlendanis. RBK&C have in51alled green man cro55ing5 on all four corneT5 ofouttrh's Gai¢ and Sianhope Garden5. which are in use. Gl¢ndower's IraffLC management 15 Used a5 an example of IK51 praciiee by the Borough and anoihei Itxal school has been asked io observe how ihe no-parkiThg zone 15 managed. The schTh)I cortlinues 10 take part irt thE "Walk on Weekdays" scheme aThd oiher Borough led inilialives lor road Safety a￿j traffic managernenl. FINANCIAL REVIEW AND RFSULTS FOR THE YEAR The accoun[5 for th¢ year show net incotne ￿[orC other rccognised gains (x losses of £l.1.81912021.' £161.792). Investment Poli¢y• Powers aDd Perforniance There are no TesiTiciions on Ihe %hool's abs(Trluie power5 of invesifftenl. The sch￿1.% policy continues io be io achieve long-ierm capiial grow¢h Ihrough risk-averse inves¢ments. Included wiihin ihese financial siaiernenis is ihe fair value of an iniere51 raie swap contr¥i Ihe 5chiK)I has in place. The fair value of Ihe inieresi raie swap is provided by ihe bank ¢ounierpan. The valu¢ of lh¢ swap is ¢siirnaied based on ih¢ bank'5 markei projeciion of fuiure bank raies and is iherefore subjeci w mark¢i ¢oDdiiions. The purchase of Ihe adjacen( priweny Tequired a re-siruciuring of the company's finan¢es-. Ihe £6.2m loan from BNP Paribas was repaid usin8 new tK)rrowings from Meiro Bank which provided a further faciliiy of £2.8m io assisi wilh ihe purchase. The conversion W￿kS are esiimaied io co￿$ £1.5m which have come from ihe school's exisiing resources. Reserves Poliey The school Currently has unrestticied funds of £8.(rfll,521 {2021= £8,278,931). li has ￿en Ihe policy of the Trusi ihai unre51ricltd free re5erve5 which have not been de5l8nated foi a specific use should be maintained at a level between nine and iwelve monihs, expenditure (between approxirnately £1.2 ¥nillion and £4.2 million). As part of 115 re-developmeni plan. the schi)ol ha5 invested heavily fixed assets and 50 currently ha5 no free reserve5 when taking inlo accourhl the loan used to fund the capital work5. The school is Salislied that Li has sufficierti reserves and cash resources io meei ils foreseeable financial obligations. There are also restricted funds of £118.161 {2021= £186.30lI. which will be used to financ¢ bur5aTIC5. GLENDOWER SCHOOL TRusf LIMITED GOVERNORS, REPORT leontinued) FOR THE YEAR ENDED 31 AUGUST 2022 STATEMENT OF GOVERNORS, RESPONSIBILITIES The Gov¢rnors (who ar¢ al4() direciors and Iruslees of Gle[￿Ower School Trust LimiiL•d for the purpoKs of company lawl arL rLsponsible fDr preparjng IhL Gov¢TnoTg Repon IhL Iinancial siaiemenis in aLCtbrdance wilh applicable law and UnitLd Kingdotn ALcouniing 8iJrKlards (Unl￿d Kingd()m GL'nerally Accepied Accounling PTaoii¢¢l. Ci)Jnpany law requires lh¢ GvvLrni)r.% IL) prepare fin￿LI￿[.￿lJILMeDl5 I'vr each financial yLai which give a Irue and fair view lif IhL siaie ol allair5 of thL charildhlL Lompany and of IhL inL()ming res(?urces arb(J applicalion ol resourci5, including the InL(?me and ¢x￿ndItUrU. of ihe Lh￿ritable company for Ih¢il r￿riod. In preparin8 IhL'SL finanLial siaiernenis, th¢ GoveTnoTS rL required i().. SclLLI.suilable xcouniing tK)licies and Ihen apply IhLm con%isienily: Oh5Lrve Ihc meihixls and principles in ihe cl￿11￿& SORP- MakL.judgemcnis and esiimaics Ihai art IcasonablL and wudenl- SiaiL wheiher applicable UK Accounling Stsndards hxyc folloWL￿. subjeci io any maiLri&l departures di5clikSLd and explained in Ihe financial sthiemenis- P￿par￿￿ th¥ financial siaiements on ihe goin8 corKern basis unk5S li is inappmpriaie io presume ihai lh¢ charitable otnwdny will coniinue in business The GovLrThoTS are re5pon8iblL for keLping prottr aeeouniing records thai di%losc wilh rcasonablL accuracy ai any litrt. of ihe financial po811ion ol" IhL chariiahlL Lompany and enable ihem 10 en5Ltrc thai financial siaiemcnts comply with ihL Comp41niLs Aci 21X)6. ThLy arL' dlsu fLStMin.sihlL fi)r safLguaiding ihe a55e15 of thL ¢hariiable company and hLnce for iaking reason￿bIL %lLli% l()r IhL' PFLVLntl4)n and Ik.ILXllI)n (Ir rraud and LNher lrrLgUl￿￿l1L.4. In so far WL rt thai fact. We have noihing to report in this regard. Opinions on other matters prescribed by the Companies Art 20( In our opinion, based on the work undertaken in the course of the audit= the informaLion giv¢n in the GoverThors' Repon {whi¢h incorporaies ihe direcior5' report) for Ihe financial year foi which Ihe financittl statements are prepared is consisteni wilh ihe fLnan¢ial siaEemen(s- and the Governors. Repon (which Incorpor￿eS ihc directors. re[￿) has been prepared in accordance with applicable legal requiremeni5. Matters on whith we are required to report by exceptio In the light of the knowledge and undersiandiThg of the chariiable company and its environmen¢ obiained in ihe course of the audit, we have not identified material misstaiements in the Governor5. Re[￿ (which incorpora(es (he direciors. reporil. INDEPENDENT AUDITOR'S REPORT TO THE,MEMBERS OF GLENDOWER SCHOOL TRUST LIMITED WL have nothing io repori in respect of thc following matiers in Tel*ion io which the Companies Aci 2006 require5 U$ 10 rLpon to you if, in our opinion.. adequale ac¢ouniiThg r¢¢ords havi n(M ￿.￿n kepi by ihe charithble company: or Ihe chariiable company finanL]￿lI 51aiemen15 are in agreemeni wilh ihc accounling r￿OrdS and rclurn5; or c¢rtain d15c105ure5 of Gov¢rn()r%' rLmunLraiioTh specified by law are not made.. or we have not received all Ihe infijrrnaiion and explanaLions we requLTe for our audii., or lh¢ Governors wer¢ noi ¢niiil¥J iiTr pr¥parL ihe financial stsiements in accordance wilh Ihe small companies regimL' and take advaniage of ihe small iiTriiipJniLS Lxetnpiions in preparing t￿. Govirnors, R¢pori and from I￿. requirem¢ni io prepare a ￿raLL'gle rLPi)rt. Responsibilities of GovernDr5 for the financial statements As rxplained rnorL fully kn Ihc Govctn()l¥' IL.4￿>￿41bIIII1l$ slaiemLnt sei out on pagL 6 Ihc Governors (who are also ihl ifLrlor5 01. IhL charilablL company for ihL piirpii￿￿ i)fLM)mpany law} are re5wnsiblL (or Ihe preparaiion of the finan¢ial .sidiemeni4 anij I'or ￿1ft8 saiisfied Ihai IhLy &TIVL J ITUL fair view, and for SULh inlcrnal conlrol a5 the Governors eiermine 1% necessary io enable Ihe prcpaialL(xi ¢11" fin￿1￿1 slaietnLnl5 ihal (rLX' Iiotn material mi551alutncni, wheiher due to fraud or error. In prLparing ihe financial siailmenis. Ih¥. GovL'miW% arL' rest4)￿41b]i foT assessing ihe chariiablL company's abiliiy lo coniinuc as a going concern, disclosing. as appliLdblL', InaitLrs r¢I￿lLd 10 going cot)cern and using IhL going concern basi5 ()f &LLLI)unikng unlLss IhL GoYLrniYs' ¥iih¢r iniend li) liquidaie lh¥ ¢h&riiabl¢ ¢ompany or to ¢¥as¥' 14Kr8iions. or have n rLdlislic aliernative but to do so. Aiiditor's responsibilitie5 for the audit of the financial ststem¢nts ()iir i>bjeciivLS arL io obiain reasonable assurance alx)ul whether the financial siaiLmLni% as a wholL are free fmm material Iiii%%ldlLmeni. wheiherdue 10 fraud oremir. and io issue an audilof s ieport ihai inLI￿lL% (iuropinion. RLasonable assurancL 14 ¢1 hioh lewLI of assurance. but is not a guaraniee ihai an audit conduciLd in atLiJr(liinLL wilh ISA5 (UK) will alway.% dLILCI J Inaiurial missiaiLmeni when li exi51s. Missiaiemenis can arisL. from fraud Lrnif lind are considered ma(Lrial ir. individually iv in IhL aogregaiL, IhLy could r&isonably ￿ ex￿LIld i() influLnLL IhL LLlTrn(¥miL dL'LI.%Lon.% ol. th%LI.% liikLn lh¢ ba5i.s ()I' 11K'.￿ findncidl siai¥nK'nis. ItfL'gulariliLs. LllLluding frnud. are ins(ances of non-eornpliancL wilh laws and rL¥uldli(?ns. WL dLsign procedurL'S in linL wilh our r¢s￿￿51b111lies. ouilinLd aknve. io deteci maierial Tnik%laiLmLiIIs in ILSlXLt ()[ li￿gu]arlIIc5. including fraud. Th¥ LXILni 10 which our Procedu￿$ arL' capable of deiecitng irregulariiie& incl￿j1￿g Iraud is (k.iailed below: BJsLxi on our undersianding of ihL Charitable Company and industry. we ideniitied thai Ihe principal risks of t)on- cotnpliance wilh law5 and regulaiions, company law arKi charity law applicable in England and Wales. and we con5idLred Ihe exien¢ io which non-compliancL mighi have a material effect on Ihe financial staiements. We also considered Ih05e laws and Tegulaiions ihai have a dirL'Ci impact on the preparation ofihe financial sthiements such &$ ihe Companies Aci We evaluaicd managemLni's incenlivLS and opponuniliL5 for fiaudulcni manipulaiion of Ihc financial 5taiemenis lin¢luding ihL risk of OV¥trid¥ c>[ LOlllii)15) and deiLrniiNLd thai principal risks wer¢ i¥laied io ￿anagement bias in accouniing Lsiimaies. Audii procedurL'S ￿rf0nn¢d hy IIK. LngageinLni ieam in¢luded= In5PLiiion of ¢ory¥'spondLD¢¢ wilh rL'gulJiiw% lax authoriiies. Discu&sions wilh manaLTremeni inLludino Libn%idLrniion of known ￿ suspected inmances of noncompliancL' wilh law.% and regulaiion and fraud: Evaluaiing manag¢m¥ni's ronirDl% ￿.51￿￿￿1 ti? prlvcni and dLl¢¢t irrcgulariiies: Identifying and ILqing journals: and Challenging assumptions and judgLnK'nts m*Je by managLn￿TrI in iheir critical attouniing e51imaies. Because of ihe inhereni Iimiiaiions of an audii. ihcte is a risk ihai WL will noi delec( all irregulariiies. Including those Icading io a maierial missiaiLmeni in Ihe financial siaiements or non-compliance wilh regulaiion. This risk in¢rea5f5 the rnore ihai cornpliance wilh a law or regulaii(Jn is remnved fft)m (he evenLE 2nd tran￿CLInnS retlecied in ihe fit)an¢ial statements. as we wjll be le55 likely lo become aware of instances of non-complianc¢. The risk is a150 greai¢r r¢garding irregulaiiiies occurtit)u due io fraud raihtr thath error. as fFaud involve5 inientkonal conc¢alm¢nt. forg¢ry. collu510TI, omission or misrepresL'niaiion. ' INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENDOWER SCHOOL TRUST LIMITED U$e of ollr report This report is made 50kly to th¢ charitable company's m¢mkn. as a l)ody. in accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audit wot* has been undertaken so that we might state to the ¢haritable company's members thos¢ wnatters we are rwuir¢d to statr to thern in an Auditovs rE￿rt and forno other PUTPOSe. To th¢ fiJll¢st ¢xt¢nt p¢rniitt¢d by law, we do not a¢¢¢pt oi #ssurne responsibility to anyone otherthan the charitsble company andthe ¢haritsble company's memberg as a body, for our audit worK for this repor( or for the opinions we have fonned. St¢ven Harper (Senior Stawiory Auditor) For and ¢Jn behalf of Haysmacintyre LLP. Stanrtory Auditors 10 Queen Stre¢t Plac¢ London EC4R IAG 13 December . 2022 GLETrIDOWER SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL AcTI￿TI￿s FOR THE YEAR ENDED 31 AUGusf 2022 Totsl 202Z Tot*1 2021 Unrestritt¢d Restricted Note5 INCOME FROM: Income from charitsble activitie5: S¢hool fees Oiher educational ineome Investment httcome Donations and legacies Governlneni grant$ 5268.561 286.847 768 5.268,561 286,847 768 4.867,924 107.181 13,023 52.846 14.535 145,111 Totsl Income s￿46,176 145.1 I I 5.691,287 5,055.509 EXPENDITURE ON: Costs of Raising FuDd$ tnvestmenl management fees Finance ¢osts 12.833 559.202 12,833 559202 4.618 442.195 Cbarltabie Activities School Op¢rdtiDg Costs: Teaching costs welfa￿ ¢05ts Premis¢s Costs Support and governance ¢osts Grants and awards 2.554,218 225,885 1.153.967 1.158.112 2,554.218 225,885 1.153,967 1.158,112 13,251 2.558,347 168,715 946.730 710.601 62.811 13.251 Total Expenditure 5.664217 13.251 5.677,468 4.894.017 Net (defielt) I iDcorne before other g*ins and 1055es -118.041 131.860 13.819 161.492 Chang¢ in fair value of interest rate swap 441.631 441.631 279,770 Net in¢ome and net movement in f￿thd$ 323,590 131.860 455,450 441,262 Fund balances at I S¢ptember2021 8278.933 186,303 8,465236 ,023,974 Fund ballnees at 31 August 21n2 .602.523 318.163 8.920.686 8.465236 All arnou)￿ relate to continuing adiviti¢5. All rexognised gaiti$ and10sses are includ¢d in the income and ¢xp¢nditure accounL The prior year Statetnent of Fitianeial Adivities are inchthd in note 20. The notes on ￿ge$ 12 to 23 fonn part of these financial ststements. io GLENDOWER SCHOOL TRUST LIMITED Company number: 960831 BALANCE SHEET AS AT 31 AUGusf 2022 2022 Note5 FIXED ASSETS Tangible assets 18.686.142 17.7.35,868 CURRENT ASSETS Debiors Cash and cash equivalenis 10 IJ08.088 2.141.977 I.1￿,054 2.(￿4.955 CREDITORS: amounts falling due within one year 12 (.1.515.891) (2.261,770) NET CURRENT ASSETS 314.172 1.112.219 TOTAL ASSETS L￿s CURREIYT LIABILITIES 19,(m.514 18.848.107 CREDITORS: due afier more than one year {10.079.8281 (10.782.871} NET ASSETS 8.920.686 8.465.276 FUNDS Unres¢ricied funds.. Restric￿d funds 18 18 8,((I2.521 118.161 8.278.93_3 186..70.3 19 8.920.686 8.405,216 The finaThcial slalemenL% were approved and auihorised for issue by the Board of Governors and were Signed below on lis behalf by.. R K Harrison (ChALr) Gov¢rnoT G. Apkarian Governor Date: 17 November 2022 The no(e5 on pages I l 10 21 forni pan of these financial Sth*men GLENDOWER SCHOOL TRUST LIMITED STATEME￿[ OF CASH FLOWS AND MOV&%IENf IN NET DEBT FOR THE YEAR ENDED 31 AUGUST 2022 21122 2021 C*sh flows from operatin8 aetivitits 2.516.509 .3.702.755 Cash flows from investing artivities Inieresi inc(Trme PurchasL ()t' P￿￿rty. plani a￿1 LyuipnKni 768 (1.681,05?) 17.467.-IY21 Net cash Ivsed inl investing activities (1.680.285} 11,454.?691 Cash tknw5 from financing 4ctivi¢ie5 Finan¢¥ ¢osls 1559,202) 1442.1951 Net {used Inl fill*￿]￿g actlvliies 1559.202) 1442.1951 Change in cash at)d Lash equivalents in ihe rew)Tiing wi Cash and cash equivalenis ￿ the beginning ofihe rcrthing ￿riod 277.022 2.064.955 119.3,8091 2.258.764 Cash and ¢quival¢nts at the end of the Teporting p¢riod 2.141.977 2,064,955 NOTES TO THE sfATEMENT OF CASH FLOWS 2022 2021 Reconciliation of net movement in funds ID net flow from operating aelivities NLI movLmcni in I'uThJs DL'prLCLalion IlnLILasel in dLbtQT5 InLILasellDccrL'asel in crediiors- induding swap liability IniLrL.$1 income I'iii4ltJLi eosis 455.450 710,579 1199.0141 971,080 17681 559,202 441.262 542.807 18,6141 2298,148 117.02?) 442,195 Not cgsh provided by opernting wctivities 2,516.509 3.702,755 Analysis of cash aDd equivalents Cash ai bank and in hand 2,341.977 2,064.955 2.341.977 2,064.955 Movement ID Iiet debt Ca5b cash Borrowiw Int¢resl rate equivalents swap Total At I septLffl￿r 2020 Cashllow Fair value gains and1055es Inieresi Charges Ai I l August 2021 £2.258,764 (£6,2￿,(￿) 1£197.8(YJ) (£2,81M).(m) {LY77,5011 {£4,Yl8,777) (2,99_1,809) £279,770 £279,770 £2.1￿4.955 [£9.(￿.(K￿)) 1£697,7111 1£7,612.776) At I Septernber 2021 Cashflow Fair value gatns and Ioss¢5 Inlcresi char8e5 AI 30 Au8usI 2022 £2.064,955 1£9.(m.(M))) £277.022 (£697.711} 1£7,612,7761 £277,022 £441.611 £441,611 £2 141.977 £9.(XX).IXM)) (£256, Ilx)) 1£6.914.123 12 GLENDOWER SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Basis of accounting The accounts have prepared in acctrdance with Accounitng and Reporting by Charilies.. Statement of Recommended Practice applicable io charitkes preparing their accounLS in accordance with (he Financial Reporting Standard applicable in the UK aThd Republic of Ireland IFRS 102} (Second Ediiion. effeciive l January 2019) (Chariiies SORP FRS 102). the Financial Rep)rthng Standard applicable in ihe UK and Republic of [￿IaTrd (FRS 1021 and the Cornpanies Act 2￿. The charity meets the definition of a public benefii eniiiy un(kr FRS 102. Assds and liabiliiies are initially reco8nised at historical cost or transxtion value unless oiherwise sthied in ihe relevani accouniing ￿l1¢Y note. Criti¢414ccounting judgem¢Dts and cstim*tes In preparing ihese accoun15. managemeni has mwje judgements. esiimates and assut¥LPlions that affecl the application of the charity's aecouniing policies and the reForned asset5, liabiliii&s. income and expenditure and the disclosure5 made sn Ihe uc¢ounis. EsLirnaies and Judgemenis are coniinually evaluaied and ate based on historical experience and other faciors, including ex￿c￿lOn$ of fuiure evenis ihai a￿ believed 10 be rt&%onable under the circumstances. A significant esiirnaie is used for ihe annual Te-valuaiion O￿ained for ihe changes itt fair value for Ihe inl¢r¢st raie swap derivative. Income Fees receivable arKI charges for services are accoun*d for in ihe year in which the services we provided. Fccs Teceivable are staled afier deducring allowances. Inveslment incorne is accounted for in ihe ￿n(￿j in which the school is eniiiled 10 the income. R¢Thial iDcom¢ 15 a¢counied for in the which Ihe school is eniiiled 10 Ihe income. Donaiions are a¢¢ounied for as and when eniiilemeni arises. Ihe amount cart Ix Teliably quanlifked and the economic nefii io ihe school is considered probable. Th¢ incom¢ is aiiributabl¢ io th¢ PTin¢ipai aciiviiies of ihe chariiy. and is earned eniirely wiihin IhL UK. Governrneni grani income relaie5 10 Ihe Coronavirus Job Reieniion Scheme ICJRSI and ]% recognised as receivable in line wilh lh¢ period thai the Televani eX￿Thse has been incurred. Exp¢nditure EKpendiiur¢ is accwnied for on an XCTuals basis and is summarised under funetional headings ITh ihe.8ialemeni of Financial Aciiviiie5. wilh ihe irrecoverable elemeni of value added lax incI￿led with the iietn of exttnse io which il relaies. Governance cosis are ihose incurred in conneciion wilh the governance of th¢ chariiy and lis a55eis and are primarily as50ciat¢d with consiiiuiional and siaiuiory requirements. Tangible fixed assets And depretiation Tangible fixed asseis oiher ihan freehold land and buildings are stated ai c05t less d¢pre¢iaiion. DepTe¢iaiion is provided ai Tales Calcul￿ed 10 Wri￿ off (he cost less esiimated residual value of ¢ach assei over 115 expecied useful life. as follows- Freehold buildings Building improvemen Furniiure and equipmeni Cornpuiers 2% on cosi IO% on cost 20% on co 33% on cost No depreciaiion is provided on land. 13 GLENDOWER SCHOOL TRUST LIMITED NOTES TO TIIE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES (continued) Hedging arr#rtgements Thu Company applie5 hedge xcountin8 r(r iran5aciions entered into io managc the cash flow exposures of borrowing.s. CThungLS in Ihe fair valuLS of derivaiives dL'%ignaiLYl as c#sh flow hedges. and which are effective, arc recogni4L'd dirLcily in (Hher rLLogniscd gains and IossLS in ihL SiulLmLt)i of Financial AciiviiiL'S siaiemeni - in line with t1￿. hedge acci)uniing IreaimLni a￿ve. Valuation of interesl rgte swaps IncludLd wiihin these financial siaiernents arL' ITr￿. fJir v￿1￿. oran inieresi raiL SWAP Cotiiwi. The lair value of Ihis iniLfL.St niiL Swap is provided by Ihe couniLrpfjiriy. HÉ)WLv¢r. Ihc value of ihL' swap is estimated based on ihe bank's projeciion of fuiure rale5 and is thereftKe ￿hj¥￿1 io ihe raLe markei. Going concer ThL linunlial si*emenis have been diawn vp using the going-COnC¢Tn basis the Governors, afier the review ol. rel¢vani budge15 and forecasis. have a reasonablc eX[￿(all0ft Ihai Ihe or8anisaiion will Coniinue in operaliona] exis¢¢nce for a minirnum of iwelve months from Ihe dale of Ihe signing of ihe accounis. This assessmeNI has t￿en rnode having considered budgeis and cashflow lorecasis covering a perioj of ai least Iwelve months Ir()m ihe dale these accounts w¢r¢ approv¢d. The ass¢ssm¢ni also ¢onsideTS ihe impaci of ihe conversion of the propL￿Y purchased ond convened inio a nurs¢ry as L.xplaini￿ funher in the Governors, Re￿ffl. Debtors TTadL Lind 0lhLr dLb(rKs arL rLx(Jgni￿￿ at ihL' %Liilemeni urn()uni a(ILr any di%Lciunis c)I'fLrLd. PrL'paymLni.% arL vuluLd ￿1¢ IhL diii()uni PrLp￿1id nLI i)I' dny dI￿()￿nis JUL. Creditors and Provisions CTediiors and pri)visions are rLLognised where the school has a pteserhi obligation rL5uliing from &L Pasi L"VLni Ihai will probably rlsuli in ihL Iransfcr ol lunds io a ihird pany anil Ihe amount due io seiile (hL obligation can hL measured OT esiimaiLYI reliably. Crediiors and provisions are nom)ally recognised ai iheir sei(Icment amtsunl altcr allowing tor any discounis duc. 1*8sing Renials payablL urKter ￿Tal]ng leascs are charged I￿ainSt incoTne on a ￿raigh1 line basis over ihe period of Ihc lease. Attumulated funds The oeneral lund represents fu¥Lds available for usc ai ihL' discretion of ihc Governors in funheT*hn¢e of the objecis of lh¢ ¢hariiy and which h&v¢ noi tten designaiL4d for oiher PUTrxJses. Restricted funds The restricied fund repre￿n￿ funds which ar¥ li) ￿. used in xcordance wilh srxrifK rcsiricii()ns imwse<5 by ihe donor. 14 GLENDOWER SCHOOL TRUST LIMITED r40TES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGU￿ 2022 ACCOUNTING POLICIES (¢ontiDued) Pen51ons The teaching staff are members ofthe Department for Educaiion superannuation scheme njn by Teachers. Pensions. This scheme is a multi-employer Fell5ion scheme. It is not ￿)SSIble io id¢niify the school's share of ihe underlying assets and liabilities ofthe Teachers. Pension Scheme on aconsistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if ir were a defined contribution scheme. The school's contributions, which are in accordance with rhe recommendations of the Gov¢rnmenl Actuary. are charged in the period in which the salaries to which they relate are payable. The charity also contributes to defined ¢ontribution per50Dal pension schemes for non-ieaching staff. Contributions are charged to the Statemeni of Finan¢ial Activities in the Ftriod in which the salaries Ilw relate to are paid. SCHOOL FEES 2022 2021 Gross school fees Less bursaries and allowances 5258.561 (33.226) 4,867,924 (62,8111 5225,335 4.805,113 Add bursaries paid for by restriaed funds 33.226 62,811 5,258,561 4.867.924 OTHER EDUCATIONAL INCOME 2022 2021 Mu51¢ lessons Deposits retained Regisiraiion fees School Fees Proteciion and Personal A¢cident Poli¢ie5 Swimming Other 396 100 47,015 1,214 17,974 220,148 836 2,625 40.141 ,357 8,110 54,112 286,847 107.181 INVESTMENT INCOME 2022 2021 Rental income Interest receivable 12,715 308 768 768 13,023 15 GLENDOWER SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 EXPENDITURE 2022 Other C(8ts Tot81 2022 Tot*l 2021 St#fTcDsts Dtpreeiatiort Costs of Ralslng Funds: Investment management fees Finance cosis 12.833 559.202 12.833 559,202 4,618 442,195 Charitable Activity: School Operating Costs- Teaching costs Welfare costs Preiiiises costs Siipport and gov¢rnanc¢ cosls Gr4nts and awards 1.959.698 594.520 225.885 353,413 307,957 13,251 2.554,218 225,885 .153.967 2,558,347 168,715 946,730 710,601 62,81 69.970 850.155 730,579 13,251 2,879,823 730,579 2,067,066 5.677,468 4,894,017 Govemance cost$ includes fees to the auditors of £15.CKrf) (2021: £13250) for audit and £4.660 (2021-. £3.510) for other services. Finance costs include inierest payable on the swap ag￿ment io BNP Paribas and ihe loans to Metrobank- stt noie 14. EXPENDITURE 2021 Comparative S¢a(f costs Other Costs Total 2021 DepreciatiOA Costs of Raising Funds: Investment Inaiiagcnieni fees Finance cos 4.61K 442.195 4,618 442,195 Charitable Activity: School Operdiing Costs- Teaching cosrs Welfare costs Premises e05 Siipport and governance costs (iianls and awards 2.312,774 245,573 168,715 359,169 251,733 62,811 2,558.347 168,715 946.730 710.601 62.811 44,754 458.868 $42.807 2,816,396 542.807 .534,814 4.894.017 GOVERNORS During th¢ year Gov¢rnor5 w¢r¢ reimbur5¢d expenses totalling £147 (2021.. £72) but an amount of £1.488 (2021: £485) wa$ spent on seminars that were attended by the Govemors. None of ihe Govemors (orany persons connected with th¢¥n) r¢c¢iv¢d any rewnuneraiion or benefits from the charily duiingthc ycar. The cosiofGovernors' indeinnity insurance in th¢ year amounted to £3,863 (2021: £3.750). STAFF COSTS 2022 2021 Wages and salaries Social security cosis Other pension costs 2,285,087 239.302 355,435 2,224,147 224,696 367.553 2.879,823 2,816,396 16 GLENDOWER SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 STAFF COSTS (eontinued) The average number of employees during the yeaT W&S.' 2022 Number 2021 Number Teachers Domesiic Adminisiraiion 49 49 59 58 The full lime equivaleni number was 56. The numF*r of employees whose ￿nYa1 ¢molurnenis were £60,(KK) or more were.. NutDber Number £60,IJOI - £70.CIXI £70.001- £80.1M £80.001- £90,(m £90.001- £ I(K).(M)O £ioo,001 £ I10,o¢xJ £1 10,001 £120,0(K) £120,001- £110,0 During ih¢ yepr pen5iOlI COrttribulion5 on behalf of ihese members of siaff amounied 10 £94,989 (2021= £68.8721. Key management remutterntion 2022 2021 Aggreg&te remuncratiQD and ten¢fit5 for ihe key managemeni ￿rsonnel fAV).015 506,509 TAXATION The school has no liabiliiy for thxation due io its charitable staius. 17 GLENDOWER SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 TANGIBLE FIXED ASSETS L•nd ¥J Buildinv Building kn5et Under Furniturel improvements cons1n￿tiOn Equipment Total C05t or valuation Ai I Sepiember 2U21 Addiiiuns Transl'er 15.662.627 2.147.280 24.391 3.770.041 1.548,287 667.194 108.-175 21,847.142 1.681,051 Ai_11 Augusi 2022 15,662,627 2,171,671 4.918,-328 775.569 21.528.195 Depreciation AI I ,8LPILmber 2021 ChargL lor the year 1.180.974 186.428 527.464 159.959 4,111.274 730.579 Ai I l Augusi 2022 2.791.029 1.147.4Ql 68.3,422 4,841,853 Net Book V*lue Ai I l Augus1 2022 12.871.598 11(>4.270 4.918.128 92.146 18.686.142 Ai I l Augu￿ 2021 1 l.255.7(XJ 966,.NkS 1.370.041 143.730 17,735,868 All c)Ihir iJngihlL lixid &&s¥'Ls ￿. siaicd ai hisiiiriLal c05t. 10. DEBTORS 2022 2021 Fee5 debior5 Prepdymenis and accnled income OihLr debtors 1.479.605 1.280.169 28.684 1.508.088 1,109.054 I I. CASH AND CASH EQUIVALENTS This rLpresents the bank Current accouni plus a fixed deposii wilh Virgin Money of£86.07112021- £86.0441. 18 GLENDOWER SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS l¢otttinu¢d) FOR THE YEAR ENDED 31 AUGusf 2022 11 CREDITORS: amounts [￿ling due within one year 21122 2021 Oiher taxes and social security costs Fee5 charged in advance Fee deposlls Oiher creditors and accruals Bank loans and overdraf 58.5.12 2,081.511 1,490 1,789.086 1,284.515 177.004 1.515.891 2.261.770 13. CREDITORS: amounts f￿1￿8 due after more than one year 2022 2021 Loan noies (o parents Fee deposits Bank loan Interesi Rate Swap liability 821,728 9.000.0(X) 256.1(Kl 685.140 9,000.tx)o 697,731 10.079.828 10.182.871 Bank loans are repayablc as follows= Within one year (see note 12) Between one and two years Between two and flve year% Ovcr fiv¢ y¢ars 144.fA)5 8,855.195 9.IXX).(M)O 9,(K)O.IKX) 9,(K)O.¢XKI There are (wo bank loatts in place. one of £6.2rn which is secured by a legal charge on the school's freehold properties at 86 and 87 Queen's Gale and 86 SianhorK Mew5 Easi. li is in*resi only until February 2024. The loan interesi is floating rale ¢qual 10 lh¢ aggrtgwe of the Margin (3.75%) and ihe Base Raie. For the year ended .1 I Augu51 2022, Ihe ini¢resi ra* was 1.85%. The second bank loan of £2.8m is secured by a legal charge on ihe Sch￿I.S freehold properiies at 80 and 87 Qu¢¢n's Gate and 86 Sianhoky Mews Easi. li is inieTesi only uniil February 2024. The loatl ini¢res1 is floating raie equal io the aggrega(e of Ihe Margin {.1.75%) and the Base Rate. For ihe year ended 11 Augusi 2022. Ihe in¢eresi ra￿ was There is also an inieres( rate swap entered into with BNP Paribas. Due 10 ihe refinan¢ing in ihe year, Ihe swap is now held separaiely 10 the bank loans, with interes1 payable ai a fixcd raie of 5.2% uniil 2027. Ihe swap amoriised from 2019. The value of Ihe swap has ￿en included at the balance sheel dale, in line wilh FRS 102 and ihe accounting polieies set out in note l. 14. SHARE CAPITAL The company is limited by guarani¢e aTKI do¢$ n(M have shwe capiial. In ihe eveni of Ihe company being wound up and unabl¢ to m¢¢1 115 d¢bis. lh¢ maximum liabiliiy of wh mernter is £1. 19 GLENDOWER SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS (￿ne1￿￿ed) FOR THE YEAR ENDED 31 AUGUST 2022 15. COMMITMENTS UNDER OPERATING LEASES Ai.I l Augu￿ 2022 cofflpany h￿1 i()tJl Ll)mmiltnen15 under ni)n-cancellable w￿rUl7￿8 ILasL'S is follows.. Computer Equipment 2022 2021 Expiry dale: Wiihin one year Within two to five years 27,(XX) 35,220 24,9( .19.6(X) 16. CAPITAL COMMITMENTS Ai.? l Augusi 2022 the company had £585.156 capilal expendiiurL' Conl￿ted fnr12021.. £Nill. 17. PENSIONS The School pailicipales irt ihL TLachLfs' PL'nsi()n SL-hLme (-IhL TPS'-I for ils teaching 513ftr. The pen5iofb chaTgL for Ihe year includes coniribulii)n% PdyablL Ic) IhL' TPS i)1 £307.377 12()21'. £312.6691 and ai Ihe year-end £nil 12021 £nili wos accrucd in yes￿¢1 i)fconiribuiic)ns io ihis KhL'mc. ThL TP% 1% ￿ unlunJL,d iiiulii-¢mplÉTryLr defined FK'nLlii% ￿nSIOn xhLmL' giivLrnLxE hy Thi TL(iihLr%' PL'n4ic￿ RLgtuldiiiin4 2UI(I la% JmLn(k.d) ThL Teachers. PLniiiJn SchLIIIL RL¥ulaiion% 21)14 dmLndLxiI. MLinlK'r¥ LoniTihule on a '))ay as you go" l>asis with coniribu(inns from Tn¢tnlK'TS and ihe empl()yer king crLditLd i() t￿. Exchequer. Retirement and other pension ￿TrefItS are paid by public funds provided by Parliamenl. The employer coniribuiion rate is sei by the Secrew of stale following scheme valuaiions undertaken by the Government Aciuary's Departmeni. The rnosi receni aciuarial valuaiion ollhe TPS was prepared as ai 31 Maich 2016 and the Valuation Report. which was published in March 2019, confirmed thai ihe employer contribution raie for IhL TPS would increase from 16.4% 10 27.6% frorn I Sepiefflber 2019. Employers are also required io pay a scheme adrnini5tralion levy of 0.08% giving a Mmal employer coniribuiion rdie of 21.68%. The I l Mthich 2016 Valuaiion Rew>rt w&$ prCp￿rL￿ in xcordanee with Ihe IKnefLi% sei nul in ihe schL"me rLgulaiions and under ihc approach specified in ihe Direciions. as they tspplied ai 5 March 2019. H()WLVLr. IhL assumpiitsns wcrL' eonsidLred tsnd sei by the Depurtmeni for Educaiion prior 10 ihe ruling in the 'McCltsu(VSargLanl ca5c'. This casL has rL'quifLd Ihe couns io consider Ca￿.$ regardino ihe implemen1￿10￿ of ihe 2015 refornis io Public Service Pensions inLluding the Teachers. Pensions. ()n 27 June 2019 the .Supreme C(Jun dcniLxI ihL g(Jvernmeni ￿rmiSSIon i() ap￿￿1 ihe C(Juri (If Appcal's judgmLni Ihdi iransiiional provi.%ions inir(xlucLrf li) IhL fL.formed F￿nsiOn ￿be￿Ls in 2015 gave ri.%e 10 unluwful age di%Lriminaiion. The governmeni rL'.%fLLiing ihL. Court's decision and has said li will Lngage fully wilh ihe Emplvymeni Tiibunal as well as efflpIIiyLF dnd membei reP￿Sen￿LIVeS li? agt¥e how Ihc diSLiiInLn41tic)tLS will bL rLmedied. The oovernmeni announced vn 4 FLbtuary 2022 1h(Il il iniends io pr￿eed wilh a delerred choice und¢Tpin under which members will be able io ch(￿￿ ¢iiher leoacy ur teforn)ed scheme knefils respect of their serviee during the per1￿j ￿[W¢ert l April 2015 and.I l March 2022 ai ilK poini IhL'y bccomc payablL. Th¢ TPS is 5ubjeci 10 J ¢051 cap mechanism which was pui in place io prowl iaxpayers againsi unforeseers changes in schern¢ cosis. The Chie( Se¢r¢iary to the Treasury. having in 2018 announ¢ed ihat ih¢re would be a review of Ihis C051 ¢ap rnechanism. in January 2019 announ¢¢d a paus¢ io the ¢osi cap m¢chanism following lh¢ Couri of Appeal's ruling in the Mccloudlsargeani ca5¢ Jnd uniil ih¢r¢ is certhiniy aboui lh¢ value of tKDsion5 EO ¢tnploy¢¢s from ApTiI 2015 onwards. The pause was lifi¢d in July 2020. a￿1 a consuliaiion wos launched on 24 Jun¢ on proposed changes 10 the cosi Colllrul tngchanism following a review by the Govetntneni Actuary. Fullowing a public consulialion. lh¢ Governmeni have accepted ihree key prowtsals recommended by Ihe Governmeni Actuary, and ate aiming 10 implement ihese changes in (In￿ (or the 2020 valuations. 20 GLENDOWER SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 AUGUST 2022 17. PENSIONS (CONTINUED) The 2016 c05t control valuations have since been comple￿1 in January 2022, and ihe results indicated ihat there would be no changes to I￿nefIts or member coniribuiions required. The Tesults of ihe cosi cap valualion are nol used to sel Ihe employer conlribuiion raie. and HM Treasury has ¢onfirmed ihai any changes 10 Ihe employer conliibulion raie re5uliing from the 2020 valuaiions will take effeci in April 2024. Until thc 2020 valuation is cornpleied li is ￿)ssIbl¢ 10 conclude on any financial impaci or fulure change5 lo the contribution rales of the TPS. Accordingly. Tho provision for any addiiional pasi benefil pension cosls is included in these fl Thancial statements. 18. FUNDS I September 2021 Gainsl{losses} and trnrtsfer5 31 August 2022 IDcomt Expendithre Restricted fund5 Bursary funds 118.161 Total restricted funds 118.161 Unrestricted funds General fund5 8.278.9.13 5J46,176 5.()64.217 8.602,521 TotAI unrestricted funds 8.278.913 5J46.176 5.()64,217 8.602.521 Tol41 funds 8,465JJ6 5,6913SI 5.677368 8,921b,686 Bursary funds c4)rnprise don41ions received by Ihe sch(rf)I for use in ihe provision of bursarie5 10 children who meei Ihe current requiremenis. The transfer rep￿sentS total bursaries awarded in th¢ year 10 ￿ allocaied agains¢ ihe fund. 18 PRIOR YEAR MOVEMENT IN FUNDS I S￿ptember 2020 GainslOosse51 and transfers 31 Augus¢ 2021 ltteome Expe￿IllU￿* Res¢ricted fwmls BvrsaTy funds (67.6371 186.101 Total restrieted ful £203.fA)7 167.6171 186,301 Unrestricted fund5 General fund5 7.820.367 5.(X)5.176 (4.546.610) 8,278,933 Total unreslrieted funds £7.820.367 5.(X)5.176 14.546.610) 8,278,9.1.1 Total funds £8.1)23.974 s,oss (4,614247) 8A65.236 21 GLENDOWER SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 AUGUST 2(122 19. NET A&SETS BEfwEEN FUNDS Restricted Fund% General Fund5 Total Funds Tangible IIxLd a55ets NLI currLIii a&scls L()ng tertn crLdilors 18.686.142 (.I,9911 (10.079.828) 18.686.142 114.172 110.079.828) 318.1&1 Net assets #t the end of the year 318.1&1 8.920,686 NET ASSETS BETWEEN FUNDS 2021 Restricted FuThJ5 General Fund5 Total Funds Tangihle fixed assets Nel curreni asset5 L(Ing lertn creditors 17,735.868 925,976 (10,282,871) 17.7.15.868 1.112.219 {10.182.871) N¢t WSs¢ts wt the end of the yur 186,30.1 8.278,933 ,465.216 22 GLENDOWKR SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS leontitiued) FOR THE YEAR ENDED 31 AUGusf 2022 PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITES Total 2021 Ullr¢strf¢¢ed Restri¢t¢d Notes INCOME FROM: Income from eharitsble *etlvitltt: Sehool fees Other cducalional income Investment incorne Donations and ￿8￿1¢$ Government gran15 4.867.924 107.181 4,867,924 107,181 2,51? 52,846 Total Incom¢ 5.(MJ5.176 5.055509 EXPENDITURE ON: Costs of R4iSiDg Fund5 Investmeni maThagemeni f¢¢s Finan¢e Co￿$ 4.618 442,195 4.618 442.195 Ch4rilable Activities School Operaiing Cosi5'. Teaching COSI5 Welfare cosis PremtSCS COS15 Suppon and govcrnance c051S Granis and awards 2,558.147 168.715 941.4M 710.(A)I 2,558.347 168.715 946.7.10 710.f￿] 62.811 4,826 62.811 Total Expendllure 4.826.780 67.6.17 4.894.017 Net income btfore other gains and1055es 178.796 (17.-1041 161.492 Change in fair value of in(eresi ra* swap 279.770 279,770 Net ineome and net movement in funds 458.566 (17.104) 441,262 Fund balances ai I sep￿rnI￿r 2020 7.820.-367 20.1.(￿7 8.02.1,974 Fund balances at 31 August 2021 8.278.9.11 186.-101 8,465,216