CI THE CAVENDISH SCHOOL The Cavendish School Charitable Trust Limited Annual Report and Financlal Statements 31 Augusl 2022 Company Llmiled by Guarantee Reglslration Numb8r 987480 (England and Wales) Charlty Reglstrallon Number 312727
CONTENTS Rgports Legal and administrative Information Governors, report {incorporatlng a strategic reporti Independent audllor's report 15 FlnanGlal Statem8nt8 Slalemenl of financlal acllvllie$ 20 Balance sheot 21 Statement of ¢ash flows 22 Prlnclp81 accountlng policles Notes to the flnanclal statements 23 The Cavendish School Charitable Trust Limited
LEGAL AND ADMINISTRATIVE INFORMATION Govemors S Bettlson B Crystal G Fontain8 A M Gollo (Co.Chalr of Governors} K Hake E Molnar A Pangonis D Phillips (Chair of Flnance and General Purposes Commilleel N Rushlon (Co-chair of Governors) E Saudl lappolntod 28 Septèmber 2022) A Tsol M Webster Head T Lombard Secretary S Chen Coopèr 8ur8ar and Clerk to the Govérnors S Chen Cooper R8gl8t•r•d Prlnclpal offlce The Cavèndlsh School 31 Invem888 Streèt London NW17HB Tolophone 020 7485 1958 Websltè WW.Gavendish choo Company roglstratlon number 987480 (England and Wales) Charlty reglstration numbar 312727 Audltors Moore Klngston Smith LLP Floor 6 9 Appold Street London EC2A 2AP
LEGAL AND ADMINISTRATIVE INFORMATION Bankers Lloyd5 TSB Bank pl¢ 140 Camden High Street London NW1 ONG Sollcltors Harrison Clark RickeTbys Ltd Ellenborough House Welllngton Street Cheltenham GL50 1YD
GOVERNOR'S REPORT (including a Strategic Report) For the year ended 31 August 2022 The Governors (who are also directors of The Cavendish School Charitable Trust for the purposes of company law and trustees for the purposes of charity lawl present th¢ir statutory report together wllh the financial statements of The Cavendlsh School Charitable Trust Limited l¢ompany reglstralion number 987480 {England and Wales)) (the'chartlable company") for the year 8nded 31 August 2022. The reporl has been prepared in accordance with Part 8 of the Charitles Act 2011. The financlal slatemgnts have been pr8p8red In accordance with the accounting policies sel out on pages 20 10 35 of the attached flnancial statements and comply with the charitable company's memorandum and artlcles of 8ssoGiatlon, the Companies Act 2006 and Accounting and Reportlng by Charities.. Statgment of Recommended PractlGe applicable lo chariti88 preparing their financial stalemenl$ in accordance with ths Flnanclal Reportlng Stsndard appllcable In th8 United Klngdom and Republic of Ir61and (FRS 1021. Legal status The charltabla company Is conslilutgd as a company Ilrnlled by guarant66 and not h8vlng a shar8 eapi181. The members, who are also Governors, are Ilable to contrlbute an amount not exce&dlng £1 &ach In the event of wlndlng up. The ch8rltsblg company was Incorporated on 20 August 1970 by Mèmorandum of Assoclallon, Prlnclpal alm8 and object8 The prlnclpal alms and objects of the charllable company are the advancemènt and promotion of education and, In partioular, the runnlng of The C£v6ndlsh School In Camden Town, London Ilhe 'school"l. Ml8slon We aim lo provlde.. • A non-seleclive, high-quallty, carlng and dlverse learnlng environment that promotes and respects a learnlng partnershlp b$lween homo, school and the wlder communlly, making the m05t of what London has lo offer. An educational approach that is always cenlred on and 8ensilive to th¢ indivldual needs of puplls and supports them lo b8come resilient, confident, posllive, flexible ar)d independent learners. Our pupils are prepared for the future. A broad, balanced, slimulallng and challenging currlculum wlth enriching extra-curricular opportunllles so th8t puplls Can reach their full polenllal in all areas of their learning and development, A welwming, nurturing. vibrant, Safe and sustalnable learning environmenl. An excellent preparation for pupS1s lo move confi'dently to the next stage of th8lr learring wllh the opportunity to develop tho skills, knowledge and understsnding lo become posiuve and confident lifelong leamers and role moclels.
GOVERNOR'S REPORT (including a Strategic Report) For the year ended 31 August 2022 An environment that celebrates and buikls on our origlnal foundation ol Calhollc values and wolcomes those from all faiths and none. Through.. Appoinlmonl, recnjllment and development of a skllled and empalhetlc teaching and support Staff of the highest calibre, Effective leadershlp and management that can provide a strategic vislon for the 8chool. We see ourselv68 as a Garing, incluslve, non-seleclive communlly of indlvldu8ls who gnloy worklng logether to support and appreciate each oth8r's personal development and love of16arnlng. We are committed lo provlding equallty of opportunity. Publ1¢ benoflt Tha Charllles Act 2006 made chang88 whlch affect the school, prfncipally removlng the presumpllon In law that eduG8tion is for public benefll. The effoct of th15 Is a roqulrement that eduGg1ional ¢harlti88 dsmonstrale tha publlo benefit they provid¢. The Charlty Commlsslon h8s provided guldelin85 on the changes togelh8T wlth an an81ysl$ of the law affecting charitles. Theso documents have begn consIded by the Govgrnors, who are ¢onfidanl that tha charitable company is operating in the Snterest of the publlc. Furtherm¢r8, the object of Ihg charllabla company is the advancement and promotlon of Qducatlon, specifically th8 runnlng of the Cavandlsh School for, but not oxcluslvely for, ehildren of the Roman Catholic faith, whlGh 1$ a charltsble purpose wlthln thè meanlng of the Ch8rlties A¢t 2011. Th1$ report 18 doslgrted to meet tho Charity Commlsslon'8 requlrement to des¢rlbe the public benefit providgd by the charltable company. The paragraphs below describe the varlous ways in whl¢h the Governors belleve Ihal the charitable company provldes publlc benefll. + The malor public benefit the school provides is a rlch and diverse educallon, wllhoul recourse to the public purse and a strong ethos of 8 Posltlve contrlbution to our local communlty. Much of tho curriculum laughl follows the areas prescribed by law for slate schools, on the basis il is considered es5enlal for a 8ucc6s$ful society. Consequently, Its provision Is to benefit Ihe public. The school Is open to all and Governors aim to make it as affordable as reasonably possible. consistent with the alm of providing a hSgh44ualty education Sn a small school gnvlronment. Durlng the last year, the school awarded bursaries to slx pupils whlch covered 20% 10 100% of Iheir fees. The school a180 has a Bursary Fund from whi¢h award5 were made at the di8crelion of the Governors. Th8 Fund and the school's Bursary Policy were advertlsed on the school's website. Dudng the last year, Ihg school also gr8nted hardship awards to a pupil which covered 24% and 42Vo of Sprlng and Summer term fees, respectively.
GOVERNOR'S REPORT (including a Strategic Report) For the year ended 31 August 2022 Public beneflt (Gonllnued) • Tho Head also operates a hjnd lo assist pupils from less wellwoff families With support for educational assessment, muslo lessons and uniform. As part of thè commllment to promollng educallon the school also provides training for teachers of around £10,000 for the year. Providing teachers with addltional skills, who in turn w511 use these skills al The Cavendish School or other schools, is for the benofit of the wider public. • We also work in partnership with other sehools. Puplls from two local schools joined our puplls for a talk from Afua Hir$¢h on how Afrlca Is percelved and for a Royal Inslilulion Science In Schools event. Cavendish parent volunteers also provlde weekly reading support to 8 lo¢al school. • Following the appolnlment of a Co-currlcular and Partn8rshlps Co•ordlnator, efforts to share the school'8 facilllies with local 8choo18 will increase and reciprocal training has b8an sel up for the new yegr. • Slneo May 2022, 0 Ukralnlon group has bo¢n u$lng tho sehool's premls&s for Ils weekly meellngs that inform, support and advocate for refugee families In Camden. Children play while adults and Ih8lr hosts are helped wllh medical, lob and houslng advlc8, • The Cavendlsh also h89 8 long-standing collaborallon wllh the Instllule of Educallon, the educ8tSon school of Unlversity College London, whlch speciallses In postgraduate study and research in the flold of 9du¢allon. Sludenls aro usually offgwd work plaoemenls dudng the school year, provldlng opportunilles lo observe, make ass&ssmenls, ass181 and teach, complete tasks and to engage Sn reflectlve discu8slon, In addlllon, they are providod with advlce and support in relation lo the plannSng, pr8parallon and as888smenl of children and the management of behavlour. One member of the Senlor L&adershlp Team has lolneé th$ R•¢rullmont Pan&1 whl¢h me•ts sevoral Ilmes durlng the Autumn, Spring and Summer terms In order to IntOTvlew and assess potential sludenl teachers. As part of the educational goal of good cltlzenshlp, the school's puplls and thelr famllles are encouraged ar)d en8bl$d lo tako an interest in local and national issues. As a practical consequence of this, the school's pupS1s ralsed funds for a range of local and nallonal charllles durlng the year. We estimate that the value of these actions is approximately £70,000, equivalent to around 20h of the total revenues of the school.
GOVERNOR'S REPORT (including a Strategic Report) For the year ended 31 August 2022 STRATEGIC REPORT Governance. structure and management • Governance The Board of Governors Is responslble for settlng aims an(1 agreeing on a strategy for the school, r8cruillng and assesslng senior management and for ensuring frameworks exlst lo meet legal, flnancial and regulatory obligations. Management of the school Is the respongibSllty of the Head and the management leam. Tre school has B rolng programme for revi8wing procedures and policies. All are raviowed at l&ast once every three years or more frequenlly should changes in l@glslallon or clrcumslance require. The Governors WOLtld like to expre55 their thanks to th8 H8od, Senlor Management Team and the entir8 Staff for their hard work during tha yaar, for the progress that has been made Iri the school durlng Ihe p8rlod and for thalr considerable efforts durlng tho perlod of nallonal lockdown. The Govèrnors also thank the parents and carers who contribute so willingly and generously to Iho1Sfe of the $¢hool and all the offlcors of the Friends of the Cavendish (see18l&rl. • Gov•rnors The following officers servéd throughout th@ year, except where shown: Governors AppolntedlReslgngd S Bettison B Crystal D Philllps G Fontaine AMGotto K Hake E Molnar A Pangoni8 N Rushlon E Saudi A Tsol M Webster Appoinled 26 September 2022 Secretary S Chen Cooper
GOVERNOR'S REPORT (including a Strategic Report) For the year ended 31 August 2022 STRATEGIC REPORT l¢or)linued) Governance, structure and management (continued) Non& of th8 Gov8mors received any remunerallon in respect of their services as gov@rnor8 during the year {2021 £nll). outf-poCket expenses of £274 were relmbursed to three Governors durlng the year {2021- £4851. Three12021 five) Govemors who are also parents had chlldren att8ndlng the school durlng th¢ financial year. Fee8 paid by the Governors are the same as fees paid by others. Al the year-end, the School wa8 owed £nil12021: £nill by any Governor. Tho sehool ha8 purchased Insur8nce lo pmt8¢t th¢ school from loss arlslng from th6 neglect or defaults of Its Govornors. The insurance premium payable by the school during the year totall8d £1,02012021- £1,195) and provld•s cover of up to a maxlrnum of £2 mllllon. • Appolntm•nt of Govemors and tralnlng procedures New Governors are el¢¢ted by a consensus of existing Governors and may serva for a perlod of three years before belng rgqulred to 8t8nd for rfrelecllon. Th8 Governors havo pul In place a system whereby Indlvldual Govemors hav8 nominated Ilnk$ with Individual lea¢hgrs and currlculum argas to enhan¢e the Ilnk5 beeen Govomors and the te8ching staff and wlth the raspon8lblllty for Early Years Foundatlon Stage {E.Y.F.S.I, safeguarding, ho81th and safely and ¢ompllance. The Governors are members of the Associallon of Governlng Bodles of Indep8nd8nl S¢hools. The Governors are offered the opportunlly lo atiend semlnars and conference8 and regular Iralnlng to maintain their expertlsa In governance Issues. Key management personnel The Governors consider that they, together with the Head and the Senior Management Team, comprise th8 key management of the charity In charg¢ of dirocllng and conlrolllng, runnlng and operating the s¢hool on a day-to4ay basis. Th8 remunerallon of key management personnel Is sel by the Finance and General Purposes Committee and is confirmed by the Governing Body, Note is takon of market conditions, national and local p8y scales and levels of performance. The Head and the Bursar have annual rtviews where their largels are agreed uponlreviewed with Governors. The rest of the Senior Management Team has biennial performanGe reviews where thelr targèts are agreed uponlreviewed wlth the Head.
GOVERNOR'S REPORT (Including a Strategic Report) For the year ended 31 August 2022 STRATEGIC REPORT Icontinuedl Governance, structure and management Icontlnued) The Senior Managem8nt Team consists of: T Lombard R Prilcheti l Boyt H Edwards J Hodgson S Chen Cooper Head Asslstanl Head & Head of Exprasslve Arts Senior Deputy Head Deputy Head (Ac8demicl Deputy Head (Paslorall Bursar & Clerk to the Governors Committèés Thè general school governan¢e continuod wllh regular Board and sub-oommltte8 meellngs. The composlllon of the 8ub-Gommlttees for this year was as follows: Educatlon Flnanca & Génaral Purpo808 S Bettlson G Fontalne K Hake A Tsol M W$bster (Chalrl B Crystal E Molnar D Phllllps {Chair} The two CchaIrS of Governors are ex-offi¢lo members of both committees. statement ol Gov•mors' responslbllltles Th9 Governors (who are also dlreclors of The Cavendlsh SGhool Charitable Trust for the purposes of company law and trustees for the purposes of charity law) are responsible for preparlng the Governors, report, the slratoglc report and flnanclal statements In accordance with appllcable law and United Kingdom Accounting Slandards (United Klngdom Generally A¢cepted Accounllng Practioe). Company law requires the Governors lo prepare financial statements for oaGh financlal year which glve a true and fair view of thg State of affairs of th8 charitable company and of the incoming resources and application of Tesour¢es, including the in¢ome and expenditure, of the charitable Gompany for that period. Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair vlew of the state of affairs of the charltable company and of the incomlng resources and appllcatlon of resources. including the income and expenditure, of the charllable company for that period.
GOVERNOR'S REPORT (Includlng a Strategic Report) For the year ended 31 August 2022 STRATEGIC REPORT IGontinued} Governance, structure and management (contlnued) In preparing these financSal stalem6nts, the Govemor8 are required to., • select sullabl& accounting policies and then apply them consislenlly., • obs&rv9 the methods and prlnciples of Accounllng and Reporting by Charities.. Slalemenl of Recommended Pracllce applicable lo chanli8s preparing their financlal statements In accordanc8 wlth the Financial Reporting Standard applicable In the United Kingdom and Republic of Ireland (FRS 102}: • make judgemen18 and esllmales that ar6 rèasonable and prud8nt', • slate whalher appllcable Unlled Klngdom A¢counling Sland8rds have b8en followed, 8ubl•ct to any malerlal departures dlsclosed and explalned the financial slatem8nls' and • prepare thé flnanclal statements on thè going concern basls unle8811 is Inapproprlale lo presume that the charllabSe company wlll continue In oporalion. Th$ Govgrnors are r6sponslble for keeping proper accounting records Ihal dlsclose wlth reasonable accuracy at any lim9 the flnancial poslllon of the charllable company and enable them to ensure that the ff nanclal stalemanls comply with the Companies A¢1 2006. They ara also r•spon8ibl8 for safeguarding the a8S818 of Ihe charltable company and hence for laklng re88onablg steps for tha prevenllon and d8lectlon of fraud and other irregularltles. Each of the Govemors confirms that.. • so f8r as the Governor Is aware, there 1$ no relevant audit infomiallon of whbch the ch2rflable company's auditor 1$ unaware., and Th8 Governor has taken all the steps that helshe ought to have takon as a Governor In order lo make himselflher8elf aware of any relevant audll Information and to estsbllsh that the ch8ritabl8 company's auditor is aware of that infomiation. This conflrmalion is given and should be inlerpreled in accordance with the provlsions of 8418 of the Compar)les Act 2006. The Governors ar8 responslble for the malnlenance and inlegrity of the flnancial information Included on the charitable company's website. Leglslalion in the United Kingdom gov&rning the preparation and dlssemlnallon of flnancial statements may differ from 18gislalion in other jurisdiGtions.
GOVERNOR'S REPORT {including a Strategic Report) For the year ended 31 August 2022 STRATEGIC REPORT {continuedl Governance, structure and management {¢onlinu•dl + Working wlth other organisations Frlends ofthe Cavendish The Governors reiterate their gralllude to the Friends of the Cavendish for thelr support during the year. Fundralslng after the pand8mlG wa$ resumed in September 2021, + Rlsk management In Ilne with th8 requirement for Governors to undertake a rlsk assessment exercise and report on the same in their annual report, the Governors have looked at the risks the school currently faces and have reviewed the measures already In place, or neodlng to be pul in place, to deal with them. The Governors have idonlified four maln areas where risks may occur.. SlratÈgl¢ Operational Fin8ncial Regulatory 8trategl¢ conslders the long-t8rm health of th8 school. It 18 concomgd wllh orèas such as pupll numb8r8, Staff r8cruilment and rèlenlion, quality of management, financlal management and IdenUfl¢allon of changes lo the school envlronmenl. Operatlonal looks at the risks inherent Sn the school's 8clivltles including the operallon of Ils school reputational, communication wllh parents. trainlng. the su1tablllty of teachlng r9s0urces arsd bulldings, malnlenan¢e, health and safety, safeguarding of chlldfen. dl$aster plannSng, etc. Along wlth all other organSsation5 whlch work wllh ¢hlldren, the Governors recognise the absolute neoessily of ensurlng the prolectlon and safely ol all those the school setves. This means that all staff, including perlpatelic staff, have to undergo a cheGk with the Disclosure and B8rrlng Servlce {previously the Crfminal Records Bureau} and other exten$lv& pffj-recrultment chècks. In addition to this, all staff receive child protection tralning whlch is updated a mlnimum of on¢e per y6ar, Additionally, there is a designated Governor assigned to safeguard5ng children. The safeguardlng policy aims lo oulline the role IhBI The Cavendish School ha5. the procedure that staff should follow and the guidance issugd on pupil protection generally. All stsff musl ensure thet the needs and safely of the pupils are al the forefront of their practice. In Ihelr day-to-day ¢ontacl th individual pupils, leachers and other staff are particulady well placed lo observe outward slgns of abuse, changes in behaviour or failure to thrive. Financlal risk¥ include those relating lo budgetary control, fraud and money laundering. spendin9, aG¢ounling, bomwing pollcles, elc. and the ed to ensure adequate cash IEOW coverage and reserves lo meel future needs. 10
GOVERNOR'S REPORT (including a Strategic Report) For the year ended 31 August 2022 STRATEGIC REPORT {conlinu¢dl Govemance, structure and management Icontinuedl Long-18rm forecasling of pupll numbers continues lo be diffiGult and Governors are mindfvl of the continuing need to raise the profile of the school, maintain and further enhance good working praclicos and continue lo achi8ve an Excellent grading in Inspections. The Senior Management Team. overseen by Governors, works with an Admissions and Marketing Officer lo overso0 marketlng strale9ie8 and ensure that they are allgnecl with the key strategic aim8: 1. To develop the buslness moéel. 2. To improve thè quality of provislon. 3. To develop structure8 to 8LlPPOrt the plan. Regulatory looks St th8 effects of 9ovemment policles, th¢ ¢onsequen¢es of naw 18W8 and regulations, 81¢, A¢tlvltlès, spè¢lflc obJectlv88 and relèvant pollcles Aotlvltles andspeclN¢ objectlves The prlnclpal actlvlty of the charSlable company In the year under revlgw was the runnlng of The Cavendish School, whlch was orlglnally eslabllshod to provlde a Cathollc education for glrls aged belw$en three and eleven wlth siblirkg boy8 lo age seven. + Volunteers The Governors would Ilke to thank all the parents for thelr much-valued conlrlbulion lo the school community. Parents have partl¢ip8led in acllvilies such as fundraislng for local and international Gharllles, unlform sales and 6duc8tional vislls as well as sharing the benefits of their professional exp$rtlse. Flnanclal reviow Resutts for the year Income for the year wa$ £3,621,88312021- £3,373,554}, including £3,398.307 {2021- £3,285,235) In respect of gross school fees and £44,412 {2021- £50,786} irb resp8cI of lotal bursarles. Expenditure was £3,459.706 {2021- £3,283,845). Expenditure ir)cludes £2,403,280 {2021- £2.439,434) In respgcl of staff cosl$,' £22.076 {2021-£25,717) lor intere81 on thè bank loans and £170,98912021- £178,011 > in respect of depreciation ¢harges. The net income for the year was £162,15712021- £89,709).
GOVERNOR'S REPORT (including a Strategic Report) For the year ended 31 August 2022 STRATEGIC REPORT Iconlinuedl Financlal review Icontlnued) ReseJV8S policy The Governors have examined the requirement for free reserves (also referred lo as the general frjndl, i.e. thos$ unreslri¢ted funds not invested in tangible fixed assets. designated for specific purposes or OtheIse Committed, The Governors consider that, glven the nature of the school's work, the level cf fr¢e reserves should be equival8nt to the termly expenditure at any on8 time. Based on current expenditure levels thls should be in the region of £1,000,000. The Governors belleve that Ihls lev81 of re5erve8 would provide suffic16nt flexibility to respond lo unforesegn em8rgencies whi181 sp8clfic action plans are imp18mented. In addltion, th6 school retains a healthy c86h roserve that18 capable of meeting anticipated fulurè118billtl$s. nanclal posltlon The balance shael shows tolol funds of £5,074,647. The tangible fixed assets fund of £3,680,197 represents the nel book valu8 of the 5¢hool'8 tangibl8 fixed assets less the related borrowlngs. General funds of the $¢hool al 31 August 2022 ara £1.268,201 and the Head's Dlscrgllonary fund was £5,240, Ovorall. the Governors conslder the 8ffalrs of the school to be Satisfactory but they are aware of the need to monllor Its r8sourcos closely., th& poléntlal flnanclal issues faclng independent schools; and th9 negd to constantly monitor budg&l$ and forocasls. Flxod assets The main asset of the school Ss the freehold bulldlng. A¢quisllions and disposals of flxed assets during the year are recorded in the notes to th8 fln8nclal 8latgments. Summary The 2021-2022 financial year saw an Improvement In trading condlllons for the school as the negative effects of Covid eased. Th8 School eNded the year with a surplus of £162k and a cash balance of £2.6m. Income increased by 7.7Vv year-on-year, returning to 201912020 levels. Thi5 was driven by a material increase in income from clubs, after school care and letlings offsetting a small decline In average pupil numbers from 215 10 211. Costs increased by 5.7DA, reflecting broader economic developments. While the School elected to increase salaries in the second half, total salary costs for the year fell, reflecting a slighdy smaller head¢ount year-on~year. Despite thls Improvement, a significant and Sustained Increase in UK inflation presents challenges for the School. For example. signlficant increases In the ¢ost of living could cause some families to reassess household Èxpenditure, and while School's energy priGes are largely fixed Lsnlil late 2024, its costs have risen materially in other areas. Separately. the proposed removal of buslness rate r@Ilef represents a significant futur8 headwind al an estimated additional cost of £160k a year-approximately equal to the School's avorage annual surplus over the p8St four years. 12
GOVERNOR'S REPORT (including a Strategic Report) For the year ended 31 August 2022 STRATEGIC REPORT Iconlinued) Flnancial review Iconlinued) Nonetheless, the Board remains focused on managing these challenge5 8nd maintaining a disciplined and prudent approach lo financial management. Cash levels are continuously mor)itored, and the School ensures at least a term's worth of expendllures is readily available. This year the Board elected lo lake advantage of higher interest rates and deposlled £1m of SUTplus cash In three separate savings facilities with well-known UK banks. Fees for 2022-2023 were inereasgd, ensurlng the School remained on a financlally prudent ft)ollng and al th8 compelilive end of market pricing. An incr6ase in school fegs in 2023-2024 Is highly likely given underlying inflation levels. Flnally, a sub-committee has been formed to review staff salary 18vels and ensuro these remain competitive versus the broader Industry and commensurate with hlghor living costs. Acknowledgement The Governors would IlkG to express thelr thank$ lo those Cavendlsh leaver8 who generously donated Ihelr deposits to the s¢hool's Bursary Fund, Future plans The sgnse of energy and enthusiasm In the School highllghted in 18St year's report has continued unabated, wllh the Head conllnulng lo prove a gTeal success and rleveloping excellent relationships wllh the Gov6rnors. Financial challenges for the school continued posl-covld, bul118ppears that these have now,bottomed out. This is evldenced by conslderably heallhler than predicted nurnbers overall. In p2rticular. there is good-slzed cohort In the Nursery thls year which will feed into Reception in 2023 and a very strong conversion rale for applicants for oGGasional vacancles al all levels In the school. The Head and the Admlssions Officer have worked closely togelhor lo improve the markellng offering, in particular with 8xcellenl use of social media lo increase the school's online presence. This has resulted in a marked Inerea8e in interest in the school with Individual family tours happening almost every day and regular open momings for groups. The school is also In the middle of a comprehensive Brand Strategy proje¢l lo further enhance the school'3 Pfofile and give a clear rnes5ago to prospective parents about Its core values and strengths. The Head and the Bursar work extremely well together and remain closely f(Kused on the school's rinanoos. Although numbers have improved we are mindful that the current cost of living cThsis may imp2cI families wllhin the School and pupil numbers. We are confident that the school's current healthy financial posilign will enable the school lo weather this. should 11 prove lo be the case. Th9 School will conllnue to offer its broad and balanced Curriculum and provide numerous enrichrnenl opportunities for pupils. including the greater use of Regent's Park for outdoor activities introduced by the new Head, numerous duriNg and after-school clubs. and increased opportunities to play team sports. 13
GOVERNOR'S REPORT lincluding a Strategic Report) For the year ended 31 August 2Q22 STIUTEGIC REPORT leontlnuedl Futur6 plans {wnlinuedl Thg Head hasworked hard to develop$trong retIn91witb the hoadsofa broad r?ngo ofsecondary 8chool$. The school 8chieved excellent results in the 11+ U)is year, wlth the focug f$Fnairsing on g commllmgntkn malthing Year 6 girts to Iho Secondary school most 5Uit8ble to them. Govemc¥8 report Ilnoludlng tho otrdleglc r¢port> approvgd by the Governors and siyntsd on th$ir b8n8ir by- AGotto and N Aushlon Governors ofThg Cand1$h School Chirftabl? Trust GompODy l$tration number 987480 (England and Wale51 Appr¢w8d by the Govornors on,. 14
INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE CAVENDISH SCHOOL CHARITABLE TRUST LIMITED For the year ended 31 August 2022 Oplnlon We have audlled the financial 8tstemenls of The Cavendlsh School Charttable Trust Llmiled {'Ihe company'l for the year ended 31 August 2022 whlGh comprlse the Slatemenl of Flnancial Aclivilies, the Balance Sheet, the Cash Flow Statement and notes lo the financial slat&m$nls, includlng significant a¢counting poli¢los. The financial reporting framework that has been applied In their preparation 18 applicable law and Unlt$d Kingdom Accounting Standards, includlng FRS 102 'The Financlal Reporting standard AppliGable In the UK and Republic of Ireland, {Uniled Klngdom Generally Accepted Accounting Practice). In our oplnion the financlal statements.. glve a true and falr view of the slate of the Charllable comp8ny'8 affalrs as at 31 August 2021 and of Its Incomlng r88ources and application of resources, in¢ludlng its Income and expenditure. for the year then 8nded', hav& been properly prepared in accordance with Unlted Klngdom Generally Accepted Accounllng Practlc¢', and hava been prepar8d in accordance wllh the r&qulremants of Ihg Companles Act 2006. Ba81$ for oplnlon We conduclad our audit In accordanc8 wllh Inlernatlonal Standards on Audlllng {UK} {ISAs {UKII and 8ppllcable law. Our responslbilllles under tho88 standard8 are further described In the Audllor's Rospon81bilities for the audit of the flnanclal statoments 8ectlon of our report. We are Independent of the charitabl8 company In accordance wllh the ethical requirement8 th81 are rel8vanl to our audit of the ftnan¢ial statements In the UK, includlng the FRC'3 Ethical Slandard, and we have fulfllled our other elhl¢al responslbllitles In accordance wllh Ihe8e requir@ments. We b8lleve that the audit evidence we have ObtaIn Is sufflclent and approprfste lo provlde a basls for our oplnlon. Concluslons relatlng to going concom In auditing the financlal slatemonls, we have concluded that tho trustees, use ofthe going concern bas18 of ac¢ounling in the preparation of the financial statements Is appropriate. Based on th& work we have performed, we have not Identified any materlal uncertainties relatlng lo events or condition8 that, Indlvldually or collÈ¢lively. may Gast slgnificanl doubl on the charitable ¢ompany's ability to ¢onlinue as a going concern for a period of at least twelve months from when the financial statements are authosed for issue. Our responsibilllies and the responsibililies of the trustees wlth resp8cI to golng concern are described in the relevant sections of this report. 15
INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE CAVENDISH SCHOOL CHARITABLE TRUST LIMITED For the year ended 31 August 2022 other informatlon The other infomialion comprise5 the informallon included in the annual pOrt, other than the financial statements and our auditor's report Iher8on. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements do6$ not cover the oiher Informatlon and, except to the exlenl otheNise explicitly slated in our report, we do not express any fomi of assurarsce conclLJsion Ihereon, Our responslbility is lo read the other informatlon and, In dolng 80, conslder whether the other information is materially Inconsisternt with the financlal statements or our knowledgè obtained in the course of the audit or otherwise appears to be materially m15Stated. If we Identlfy such malerfal Inconslslencies or apparent material mlsstalemen18, we are requlrad to determine whèther there 1$ a material mlsststemenl in the fln8nclal statements themselves, If, based on tho work we have performed, we conclude th8t there is a material mlsststem8nt of this other information, we are requlred to rgport that fact. We have nothlng to report in thls regard, Oplnlons on othor matters pr8scrlb•d by the Companle8 Act 2006 In our oplnlon, based on the work undertaken In the ¢our8e of the audll., tho information given In the strategic report and the governors, annual report for the flnancial year for whl¢h the financial statements are prepared Is conslstent wllh the flnancial stsl8menls; and the strateglc report and the governors, annual report have been prepared In accordanc8 wlth applicable legal requirements. Matters on whl¢h we aro rgqulred to report by exGeptlon In Ilght of the knowledge and understandlng of thè company and Ils anvlronment obtained In the ¢ourse of thè audit, we havo not Idenllfled materi81 mlsstatemenls in the strategic report or the governors. annual reporL We have noth1ng to report In respect of the followlng matters where the Companles Acl 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been k8Pt, or returns adequate for our audlt have not been received from branches not vlslled by us., or tho financial ststemenls are not in agreement with the aG¢ounting records and returns; or certain disclosures of trustees, remuneratlon speGified by law are not made., or we have not re¢elved all the information and explanations we require for our audlt. Re$ponslbllitiès of trustees As explalned more fully In the governors, responsibilities stalemenl set out on pages 8 & 9. the Iruslees (who are also the directors of the Gharitable company for the purposes of company law} are responsible 16
INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE CAVENDISH SCHOOL CHARITABLE TRUST LIMITED For the year ended 31 August 2022 for the preparation of Ihe financial statements and for being Satisfied that they glve a true and falr view, and forsuch Int$rnal control as the trustees determlne15 necessary to enable the preparatlon of financlal statements that ar8 free from material misstat&ment, whether du8 to fraud or error. In preparlng th6 financial statements, the trusl8e¥ are respon8lble for asse581ng the charitable company'$ ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and uslng the going concern basis of Rccounllng unless the Iruslees either Intend to IiqLridale the charitable company or lo cease operations or have no r8allsllc alternative but lo do so. Audltor's R08ponslbllltles for the audlt of the flnancial ststements Our objecllves are to oblain reasonabla a88urance about whelher the flnanclal statements as 8 whole are fre6 from material misstalernenl, whether due to fraud or error, and lo issue an audllor's report that Includes our opinion. Reasonable assuranc& Is a high level of assuranee, but is not a guar8ntee that an audit conducted In ac¢ordanc8 with ISAS {UKI wlll always delect a m81erlal misstatement when it exlsls, Mlsstalements can arise from Iraud or error and are considered material If, individually or in aggregat&, thèy could reasonably be expected to inftuence Ihg economic declslon5 of users taken Dn tho basis of these fln8nci81 $tal8mgnls. As part of an aud51 accordance wlth ISA8 (UK), we ex8rGlse professional ludgemenl and malntaln professlonal 8cepliclsm throughout the audlt. We also.. Idenllfy and 8S8es$ the rlsks of materlal mlsstalement of the flnancial st81om8nts, wh8ther dua to fraud or 8rror, dasign and p8rform audll procedurés responsive lo those rlsk8. and obtaln audit evldence that is sufficient and appropriate to provlde a basis for our opinlon. The rbsk of not delectlng a malerlal misslatemenl resulting from fraud Is hlgher than for one resultlng from error, as fraud may Involve collusion, forgary, intenllonal omls$lons, mlsreprosenlallons, or the overrlde of internal control, Obtan 8n understsndlng of Internal Gontrol relevant lo th8 audit in order lo design audit procedures that ar& approprlale In the Gircumstances, but not for the purposes of expre88ing an oplnlon on the effectiveness of the charitable company's intemal control. Evaluate the appropriateness of accounting poll¢les used and the reasonablenesg of accounting esllmates and related disclosures made by the Iruslèes. Conclude on the appropria18ness of tho tru81e6S' Use of the golng concern basls of accountlng and. based on the audlt evidence obtained, whether 8 material uncertainly exists related to events or conditions Ihal may cast significant doubt on the ¢haritsble Gompany's ability lo continue as a going concern. If we conclude that a material uncertainly exists, we are required lo draw attenllon in our audllor's report to the related disclosures in Ihe financlal stalem8nls or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evldence obtained up to the date of our auditor's raport. Howevgr, future events or ondlllons may cause the charitable company to cease to conllnue as a going concem. Evaluate the overall presentation, structure and Gonlenl of the financial statements, including the disclosures, and whether the financial statements representthe underlying Iran$aclions and 8vents in a manner that a¢hleves fair presentation. 17
INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE CAVENDISH SCHOOL CHARITABLE TRUST LIMITED For the year ended 31 August 2022 We communlcale with those charged with governance regardlng, among other matters. the planned scope and liming of the aLJdil and 5ignlflcanl audit finding5, includlng any significant deficiencies in internal control that W8 idenlify during our audit. Explanatlon as to what extent the audSt was consldered capable of dete¢tlng irregularltle¥, Includlng fraud Irregularfties, including fraud, are instances of non-compliance with laws and regulalions. We design procedures in line wlth our responsibili118S, Outlined above, to detect material misstatements In respect of IrgU18r1tIes, including fraud. The extent lo whl¢h our procedures are capable of detecting Irregularitles, includlng fraud Is detailed below. The obj8clive8 of our audit in respect of fraud, are; to identSfy and assess the rlsks of malerlal misslalement of the financial statements due lo fraud. to oblaln sufficient approprlate audll evidence regardlng the ass8S8ed rlsks of materlal misslalement due to fraud, through deslgning and Implemgnllng appropriate r88ponses lo thosg assessed risks: and lo respond appropriately to Inslanc8s of fraud or suspected fraud Identified during the 8udll. Howevor, the prlmary responslbillty for the preventlon and detection of flaud r88ts with both management and those charged with governance of the charilablg company. Our approach was as follows.. We obtslned an und8rstsndlng of the legal and regulatory requirements appllcable to the charitable company and consldered that the most slgnlficanl are the Companles Act 2006, the Gharflies Act 2011. the Charity SORP, and UK financlal reporting standards as issued by the Financial Reporting Councll We obtained an undgrstandlng of how the Gharltable company complies wllh thotse Tgqulremenls through dls¢us¥ions wllh manag¢menl and tho$& charged with governance. We as80ssed the rlsk of materlal mlsstatem8nt of the financial statements, Including Ihe rlsk of material misstatement due to fraud and how It might owur. by holdlng dlscusslons wSlh managom8nt and thos9 charged wllh governance, We Inquired of management and those charged with governance as lo any known Instances of non-compliance or suspected non-compllance wllh laws and regulatlons. Based on Ihls understanding, we designed specific appropriate audll procedures lo id&ntlfy ill8tanceg of non-compliance with laws and regulalions. Thi5 included making enquirles of management and those charged with governance and obtaining additional corroboratlve evldence as required. There are inherent limitations in thé audll procedures described above. We are less Ilkely to become aware of Instances of non-compliance with laws and regulations Ihal are not closely related to events and transactions reflected in the financial statements. Also. the ri8k of not detecting a material mlsstatemenl due to fraud 1$ higher than the risk of not detecting one resulting from error, a8 fraud may involve deliberate concealment by, for example, forgery or Intenllonal mlsrepresenlations. or through collusion. 18
INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE CAVENDISH SCHOOL CHARITABLE TRUST LIMITED For the year ended 31 August 2022 Use of our report This report is made solely to the charllable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the company's members those mallers we are requlr8d lo stsle lo them in an audllor's report and for no other purpose. To th8 fullest exlenl permilled by law, w& do not accept or assume responsibility to any party other than Ihe charitable company and charitable comp8ny's members as 8 body, for our audit work, for this report, or for the opinions we have formed. gMtL L Shivanl Kotharl (Senior Slatulory Audilorl 13 December 2022 for and on behalf of Moore Klngslon Smlth LLP, Stalulory Auditor Floor 6 9 Appold Slroel London EC2A 2AP 19
The Cavendish School Charitable Trust Limited STATEMENT OF FINANCIAL ACTIVITIES Ilncludlng tho Incoma and expenditure statsment) for thè ear ended 31 Au ust 2022 Unroslrlcled I DoslgnHled funds R¢sldct8d funds Tot41 2022 Totsl 2021 N0188 INCOME FROM.. Charltabla Actlvltles School fées Olhei aducalloTral Income OthÈr Incorne Olher trading ineom8 Olhera¢tivlll85 knveotm8nts Invesiment Income volnIry 8our¢¢ Grants and donallon• 3.340,183 199,400 13,712 3,363,895 199,409 3234,449 35.487 40,675 3,233 40,fj75 3.233 19,SO8 1.498 1.070 1.070 401 2.810 20,971 23,581 82.211 3 621863 3 373 S54 Total Incoma and ¥mdowm•nt8 3.587 180 EXPENOITURE ON.. C08ts of ralolng lund8 Intèiesi and ¢lh6r co811 22.076 22,076 25,717 ¢h8rii•bl8 aGtlvltl•b EduCan 42,846 3,437.630 3,2S8,128 3.394,985 Tot•1 •xp•ndltur• 3 417 081 42.645 3 409 706 3 283 845 N•1 op•ritlng Incomoll•xp•ndi¢uY•I 170,119 17,9821 162.167 89,709 M•t InMm•ll•xp•ndltur•l 170,119 17,9621 162,157 89,709 Trw5f¢r between fund 13712 Not movemant In lunds 183,831 121.6741 162,157 89,709 4.853 765 4 822 781 Fund b8lances broughtfwjprd Fund balancos ¢arrlgd lorwurd 18, 19 Tho St8tem8nt of financlal 8cllvltls IndjS all 9olns 8nd th8e8 In ¢h8 year and therefor8 a slalement ol lotal rg¢ognl8od g$lns and 10&&88 hÈ8 not bpen prepBred. 5 037,696 5 074 647 4 912.490 I cf tho above amwnts relate to conllnuing actfvllle8. The •trMprng nol88 fom partoflhaBQ InBndal ststsmonts. Page 20
The Cavendish School Charitable Trust Limited BALANCE SHEET &sat31Au usf Note¢ 2021 4XEDA¥SET$ r4nOlbk aSB8t8 4 1¢9.63a 290 332 RMENT A8sEr$ bloi4 Catsh at bank h 1169.631 4290,332
4
113,3 2 56r042 54,459 2.700M19 2,3S4.677 CREDITORS.. Affjow16 f•ithw duo whyar 15 1066.1801 14ETCURRE14T ASSET3 17JZ 318 1481.497 TOTAL AS$ET¥ LESS CURR£NfuABJUYIES ¢REDITORS.' Amounts dw gfiormor4 Ihononoy••f J,921.1J6
.778,829
1147.2411 1868,8391 18 NEY A88Er 8074 647 4 912 49Q FU14DS R¢slikled Fundi unre$Lcted FunO9-0grthl H88¢s otscréiTraryFUlld Hird4Np Furd TngltrA6 FtWAii•tFund 19 )9 31.Q51 1.281.19 24ts SB,72 1,031.796 8,084 83.osg 3.728.94 18 18 ¢71147 4 912 46YJ Apprty•d and authortmd BalOIsOmrI tsn.......... . •nd iiqnedofi th)Ir&11 by.. AGo#D¥rtdN Rushion Q•¥•mo5• ofTh0 CovendlshS)kni¢nwb•lo TNII Cgmp4nyr•gl$ti0 numb 987480 lÉngl•nd aid w$> Th• ceomwfvg noJ fwTh part01h•1¥fic11thm0Tr1s. P*B021
The Cavendish School Charitable Trust Limited CASHFLOW STATEMENT for ths ear ended 31 Au ust 2022 CASH FLOW STATEMENT Notes 2022 2021 Nel cash inflowfrom op8ralirto acllvllies 23 430,660 472.292 Cash Ibws from invesllng adwities.. Bank Inl8res1 rectslved Paymcni8 to acqulre f1xed ssseis 1,070 150.1931 401 120,1891 Ntic4sh oulfknwfrom Inv851ino activil 19,788 Flnancing.. Loans rèpaid Infrro51 repald IT2.6371 122,0761 169,6411 Nel ¢8sh oullbwfrom flnanclng aclldti Inereas8llOacra8sel In cèsh 286,824 3S7,146 CH$h and cash equiv8l¢n15 ai Ihe boglnning ol the r8pDrtlng periad Cash 8nd G8sh equlvalenls al th• end ol th• i¢portlng PBrbd 230Q218 1943 072 2 087 042 2 300,218 Page 22
The Cavendish School Charitable Trust Limited ACCOUNTING POLICIES for the ear ended 31 Au LI812022 1 ACCOUNTING POLICIES The Gavend15h School CharllaNg Trnsl Llmlted18 a ¢Dmpary Ilmlled byguar8ntee wllh regislèred numb8r 987480, In¢orpDmled and domlcll&d In England and Wales. Ite wl$itred Offi18 The Cavendish School, 31 Inverness Street. Londi)n. NWI 7HB. .1 BASIS OF PREPARATION Thè financial $ial8m8nl6 hsv8 boen prepared In a¢¢ordance wllh the Flnanclal Roporfing St8ndard appli¢8ble In Ihg UK and Republi¢ of Ireland IFRS 1021. The Charltable Company15 a publ b8n8fl1 enuly for the purposes of FRS 102 and Ih6r&for8 Ihe Charfly also prepared 11$ financisl slatemonts In accordance wlth Ihe Sl$tement of Recommended Pm¢iice applloabl6 to ¢h4rf11B5 preparlng Ihelr a¢¢ounts In accordance Ihe Flnanclal Report9 Standard 8wIIc8b18 In the UK and R8publk of Iraland IThe FRS 102 Charf1188 SORPI, th8 Companles Aol 2006 and the Charities Act 2011. Th8 flnancial 5191gmgnt8 8re prepared In slerllno, whlch 18 th8 funcwonal eurrency DI the charfty. Mon8t8ry amwnts In Ihe8e ffnonck418t8lemen18 8M rounded lo Ih8 noest pound. Thes6 flnan¢lo15t8lernenl8 8re w8pared the gokno concwn ba818, uThJer thè hi$lrylcal cos1 cenv8nlbn 8$ modiffgd by th8 revolu8llon of inve51menls 8nd In accordance wllh the Companles Act 2006 antj opplicable accounting standard5 In the Unlied Kingdom, The prinGlpal accounlSng poliei¢s, wNch hav& been applied conslsienlly Ihroughoul the year. ara 801 out bohJw. 1.2 GOING CONCERN The trusle88 hav8 assessèd whelhar lh¢ u$¢ of the toncwn 858umptlon 18 8pproprk41fr In prepèrlro IhBs8 financKg1 81alemL4nt¥. The Iru$toe& have rnade ihl& as$e6smtnl in re$peGI to 4 perlrJ of onè year frem th8 dale ol approval of thèse fln8ncl&l $tatemenls. The 8chool 1$ d8P8nd8nl on puplls applylng lo 11 and cn p8renl$ to Pay Iheir 1885, Long l¢rm forecasting ol pupll number818 dlfFEcull bul work conllnue$ r8180 the profil6 of the Bchool and to m8lnlaln and enhanc8 Ihv relationships with p8renl$, foeder schools and nurserles 8nd d88llnation school$. The Impgcl ef the COVID.19 pandem[¢ ¢re8les uncertainly over pupil numb8r8 and Its itnpqcl on lh8 p8rents' ability lo conOnulng paying school fe0$ for tha fore¥88ablo luture. Howover, the gchoDI has produced forecasts for at18as112 months frem the d8te ol approval of Ih88e flnenc1818ialern8nts whl¢h 8how Ihgt th• School will hav6 suffrclenl lundb to clInUe op&r8n9 •B a gcdng concern. A8 such the School can expèct lo bg 8blo 10 ffleet Ils118b51111e8 8$ Ihtyfall due In the p8rlod ol 81 le88112 month8 from the d91• oF4pproval of th888 Bttounls. Howav8r, Ih•rg can b8 no certalrty In relallen to Ih660 mailer8. On tr1> b081$ th• Governor8 hav0 concluded that tho School18 8 gdnll concern. Th8 InBn¢lal 51at8Thnt8 do Indude Y adluslmonts tholwwkl res1 from th• S¢ho)I not b•Jng to meet It8 Ilabllltl•$ •• Ihoyfoll dw. 1.3 COMPANY LIMITED BY GUARANTEÉ Tha company 1$ Ilmll8d by guqrnnlee, Ihg gvqY8n¢ors al the pre$ent IMB belng the Governors, to Iho 6xionl ofR10h. 1.4 FEES RECEIVABLE AND SIMILAR INCOME Fe99 roce&ble and charge8 for 8eJvl¢$$ and use ol pr8rnl888 ara 8¢¢0un16d for In the porfod In whlch Ihe 8etvlc81s provld8d. Fé09 rec81v8bl• are staled after d•du¢lln9 811owanco9. 8¢lkilar8hs and other romls8lonÈ grani•d by scho. 1.5 DONATIONS AND FUND ACCOUNTING Donoliony recelved for the 98n9ral purposes of the $¢hool are InchJd8d 80 unrèytrlct8d funds. Donallons r8slrlcf0d by tho wishes of tho donor or th8 terms ol an app681 aro 18ken to r881rlcled fund$. Donallons required lo be r8181ned o• capll81 In 8ccordanco wllh Ihg donorfs wlshe8 oro accounlgd fur as endowmeni$- porm8n8nt or èxpolldsblo according lo the n8lum ef Ihe r881ri¢110n. 1.8 EXPENDITURE Expendlur8 18 allooated lo expense he8dng8, whlch agyegate all costs rolalno to the calegtsry eFther on a dkect cost ba818, or 8PPOrtloned accordlng trj spent. Ll8bililies are re¢ognls8d 88 soon a$ there Ss a legal or Gonytrudve obllgolion commlitino the school to make a payrn8nl lo third pariy, it Is prob8ble thqt a Iransf@r of e¢onomlc b8nefrts 11 be required In selllemenl and ihe amount of Ihe obllgatlon Gan be mea$ur6d rellabty. All expEndlture1s ac¢tsunted foron An aceruals basls and includeg any aliribu18ble VAT whSch oannDI be recove. All 8xpènses are allocated apportk>ned lo tha applb exp¢ndilure headings. Expendilure on GharitablÈ tlvilie$ coTnprise8 exp8ndllure on the provislon of edu¢8110n. Gov8rnan¢e w5ts compr[88 the ¢osls of njnning the Trust. Includlng slr818glc pLqnnlng for 11$ luiure devdopment. exlem81 audit. and all elher ¢osts of complwng wilh conslllulonal 8nd stalutuy requtr6ments. Page Td
The Cavendish School Charitable Trust Limited ACCOUNTING POLICIES for the ear ended 31 Au ust 2022 1.7 TEACHING COSTS Tho cost of leachlng aThJ support staff sakrf88, induding pension and nallon81 Insuran costs, b)(8, Other lull expen888 and IT 8UPPOrt. 1.8 FIXED ASSFTS AND DEPRECIAnoN All fixed assds ar8 used in dlrect furtheranc8 of thé schoDI's objtctlves. Fd assets ar8 Included In th668 financtal $tBlerneni$ al ihelr orkjlnal cost le5$ depreclallon and aCcumubl Impalrmenl k)8ses prowded lo date. Assels Ihol ar8 eX¢tad lo hav8 4 u$èful econom1¢ ol te55 than one year and cost h&s IhBn £2,000 orè not capitd16ed ond are wrlll8n off in Ihe y88rof purthasa. Fr88hold propertyls dekYetiatÈd al a rate of 2% perannum on a stroiohl.Iln8 ba515 order lowrlle tt)e buildlngs offover thelr sllmaled useful aconomlc Ilves lo Ihg School. Certaln Improv8rwnt8 to property ora depretsatsd on a Str¥h141na basis in order to olf Ihe costs over a perio¢J of fiftean year8. Deprepjal1 is p(ovkled on all langible llxed a$s8ls, ¢lhgr than fr8ehok1 18nd. at r8188 caLculaled to wrfte off Ihe ¢08ts le55 eslltnalad residual valu8 ol eB¢h asset, by ow81 annuHI knslalments, over Ihelr gxpeclad u88ful liv08 whlch arb con8IYw8d to Furnllure 8nd genero1 ¢ffice Bquipmonl CoMPUt8r and IT Plano . 10 ye8r8 .3 year$ .30yea 10%. 20% per gnnum based on cost 33.3% per annum based on cost 3.33Yo per8nnuffl based on cos1 The co81 of ff88h0 propèrty reprÈs•nls lh8 hlstorf¢81 value rewrded in Ihe book$ of £5,849,407. Tha council Jrè of Ihe oplnion IhBI the curroni value of Ihè 8chool'B land and buildhg18 8ubstwll8lly In exce$$ of the 8hown Sn thè fin8nGlal $t818rn8nlB. The bU11ng8 h8ve an insured valu6 of £17.082,32012021.. £16.638.0521. 1.9 PENSIONS Full-llmg and part.11rno le8¢hing •loff èmployed und•r a wnlr3cl of seIe8 aro 411glbl6 lo contrlbulo to tho To8¢h8r8' Penslon Scheme ITPSI. Thè TPS. a $tJlulory, conlrtbutory, fin41 salary hOme 19 admlnlsleTed by Capha Teach0rs' Pen81ons Dn bohjll ol th8 D8Porim8nl for EducaOn and Skills. Losis In¢iude nom81 ana supp18m•niary coninDUUOnS. In8 regulAf co81 18 me norm#i CONriouuon, expr8888d ats o perGgnlage ol $818ry of a leaGh8r newly ¢thlring 8ervic8, whlch would defray th8 co81 ol b*nel18 payablo in respecl of Ihol 6ervlce. Voilallons from Ihe reGulBr penslon cost ar8 met by a suppleméntary conlr1bullun. Thls uccurs 11, os o re¥ult Of Ihts 8cluarlal Inv88llgallon, 1118 foun¢ that the accumulaled IlablllllÈs for benBfllS to pest and pr8S0nl teacher8 are nol fully covered by normal cenlrlbuiion¥ le be p8k1 in tho fulwe snd by the fund bu111 up fr¢rn pa8t coniilbulbn&. Thg normal and &wpl8mgntory contrlbullon8 are Ghgrg8d lo tho In¢we and ¢xpend5tur9 p¢¢wnt in th8 ye8r, The School p8rtlGIp818d In the T6Bch8r8' Penslon Schtrmo I'lho TPS'I for118 leachkng staff. how&v8r from 1 September, afior a pèrfod ol Lonsullation the school took the dodglon lo b•va Ihg TPS and put In plHce an 8llern8llv8 defin8d contribullon schem0 wllh AWVA for tho 188rhing staff. The school also p8y8 conlribullonj Into 8 Group Personal Penslon Scheme lor Support ¥laff. Th? Schome 1$ 8 de8 eontribullon pen$lon sch8m9. Th8 asse18 Df th8 Schema ar6 held 9gpgralety Irom tho88 Qt the School In an Ind8pendenlly dmln15tered fund. Thv Pon¢lon S¢hem• oharyo r8pr88en¢g conIrlbuDnS Payab by tha $¢hoc4 kn accordance wlth the rul ol the Sch8m&. 1.10 LEASES AND HIRÉ PURCHASÉ CONTRACTS Where assets Bre financed by flnanc8 18590$ hire purchas? agreements the 855el$ ore Ineludod In the Bal8nce She81 at co$1 le85 depreclalion In 4¢¢ordance wilh lh& 8choo16 norm81 accounting policy. The present valua of future rgDt81$ is shown as 8 IL8bllKy. The Inl8r8sI element of rgnlal obllgalions 1$ charged lo th¢ Stalem8nl of FSnancial A¢llvlil88 ovèr the period of the $9 In proportlon lo Ihe ba18nce of¢•pllal p8ymenls QUts18ndkng. R8ntal8 pa1d undar operotlng leases are ¢horyed lo the Slal¢ment C>f Fln8KL41 AGtiY11188 ev¢nly over lh8 perlod of the laa88. 1.11 CASH AND CASH EQUIVALENTS CaÉh and ca¥h equivalenls Indudg cash lrt hand. deposts haLd al tsll bsnks, oiher 8hort-tèm Ilquid inv6¥trnent8 wllh orTralnal matur85 of threè Mont or le$$. 1.12 FINANCIAL INSTRUMENTS The company ha5 elècted lo apply Ihe provislon5 of Sectlon 11 Easlc Flnon¢lal Instr)ents. 2nd Sectlon 12'01her Finandal In8trumen15 Issues. ol FRS 102 to all tsf 118 finandal inslrumenis. FSnanclal Instruments aR récogn18ed In Ihe companls baLgn¢e sheeiwhen ihe company beGornBs pariyto Ihe conlraclual prtsvisbns ol Ihe Instrumént. Firtanclal 8ssels and li2bilille8 ar? uflsei. wllh Ihe net arnounts PTeaeDled In tho finNnolal 8latBtn•nts, when IhÈm Ig 9 1&gAlly Ènfarceable rEght lo sel off the r8cogn15ed amoun15 and Ihera 18 an intention lo settl8 on 4 n&t basis or tts realL%e ihe ass8t and sellle thè Ilabllily $imultan8ousIy. With the excepllons of prepaymÈnis and Lleferrtd Iwome all other debtor and creditor balances are nsIdered lo be b25lC financial Insbum8nts undér FRS 102. Sep notss 14. IS and 16 forthe debtor and creditor notes. Page 24
The Cavendish School Charitable Trust Limited ACCOUNTING POLICIES for the ar ended 31 Au ust 2D22 1.13 TA%ATIQN The COMnY[S 8 reg181ered Gharlty and i5 exempl frun tsK8llon as alforded by Secllon 505 ICTA 1988. 1.14 EMPLOYEE BENEFJTS Th¢ costs of short.term ernpkjyo? b8rfrt& Org recognised as a lablllly and an exp6n89. 2 KEY ESTIMATES & JUDGEMENTS In the 8pplic3llon of IhB ¢ompanl5 accouniinp pollcles, the Council Is r8qulréd lo make ludgemonls, esllmales and assumpllons aboul Ihts carrylng amount of assets aTh1 Ilabllllies that ore not raadily apparent from othèr source$. The 68Vmaie5 8nd assoclaled assumpllons are basèd On hlsloAcal &xperlen¢e other la¢knrs thai are consbjwed to be rdavani. Actual result$ wnaydiffer from th88fl è811mates. The eslimaley and llnderlng 899umpllons are revl&wed cn an ¢x-golng baslB. lo aoeountlng egllmaies 8ra racognSsed In the period In whlch Ihè esllmalo18 r68&d, If the revi$ affect8 only that perlod, or In th¢ perfod of th8 revlslon And future p¢rlods If th$ revlslon 8ffe¢15 both current Iuiure pwlod$. In th6 opinion ol tho Counc41 of M8n8gÈm&nl, the Is8188 and as$umpUon$ whl¢h have a $19nific8nl rlsk ol causlno a mat8rlal odlu81Menl10 Ihe CO9 8mounl of 8580ts and Ilabll'lies wa oullln8d beb¥v. Crftlcal ludgem•nt& Us9fvle¢ontrm IIv• Thè onnu81 oJepr8c1811on charge for property, plont and èquipment Is s8n8itlvè lo chang96 In lh8 è$limalod u8&ful economlc liv08 and resldual values of the 8SS8ts. The usgful oconomK Ilves gnd res&1 values ao re.a8$essed 8nnu8lly. Thgy are amended wh8n necassgry lo r6fl8ei curranl 9sllmalas, based en 10t01091¢818dvanceMn1, futuro Inveslm6nl$, 8conoml¢ ullll80lion and the phyBi¢al condiuon of the 8$$0ts. Sa? note 12 for carryirvJ smount of the prop8rly, plant 8nd equlpmont 8nd rK)16 1.8 for lfve useful •conomlt lives for 8ath cl888 wssel. R6cav8Trts• v•lts• olfoe d•bior¥ The cemp8ny mak88 an e8ilmal• of the recov8rablo value ol trade and olher debtors. When 0s¥8sslng Impalrmartl ol tra clher debtors, manaoemonl conBld¥rs laGior8 Inoludlng Ihe current credll r811ng ol tho debtor, th8 og81ng profllg of d•btors ond h181orfcal oxp8rienc8. Se8 note 13 for th8 n81 carrying amount of th? doblor8 and 4ssoc181$d ITnp8irmgnl provi6Fon. In preparing fin¥n¢l81 Slat8moFt15 51 n8c95S8ry t¢ m8k6 wrt8ln judg4m8n18, e811male$ 8nd $¥8umpUtsn8 Ihal 8ff¥l tho amount$ recognl80l In tho financ1818tal8menl$. Th8 fellowry ludgamenls and e¥ilrnola8 ar• con8k1•rod by the Iru8lee8 Ici have mosl ylgnlllcanl 8tt8cI on 8mounl$ recogni$¢d In tha financP81 st818m8nt¥. P8gB 25
The Cavendish School Charitable Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the ar endèd 31 Au ust 2022 3 FEE INCOME Th8 School's aGlwities are corf8d Outthin tho UK. The 5chooi¥ fee incorne ¢omprlsed'. 2022 2021 Gross fee5 Less.. Buisari&& p8id forfrom resirfcled funds L855'. Unre5trlcled bursarEé8 3.398.307 113.7121 130.7001 3.285.235 12.1161 148,8701 3 353,895 3,234,449 Included wllhin thB 8bove b an amount of£13.71212021.. £2.1161 whieh18 8UPPOrtad by reslrfcled Income. 4 OTHER EDUCATIONAL INCOME 2022 2D21 Extr28 and dl$burBem6nts Regislrglion feas othar Income 1UO.080 11,100 8,229 23,647 8,100 3.740 199 409 5 OTHER ThADING INCQME 2022 2021 19,508 1,496 Rent and18lllng$ Olhor IrKoma 40,67J 3.233 21 008.00 INVESTMENT INCOME 2022 2021 401 IT•s( r¢c8fved 1.070 401 7 DONATIONS AND GRANTS 2022 2021 Don8llons and ghl$ Furk>ugh grynt Olher gr8ni8 23,S81 30,488 3,468 48,235 23,581 82,211 IrKlud8d 1h1n th8 *bove18 an oUnt ot£20,97112021.. £n,9331 which relates to re8lrkled income. Pag8 28
The Cavendish School Charitable Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the ar ended 31 Au ust 2022 8 EXPENDITURE lal Gharltablo oxpènditw8 8tsff costs Inola 91 T4)ts1 2022 Oiher Depr8dallon Teachkng Wfjwaro Premlses and Eslat85 A(knini51rallo Flnance Cesls Gov6man¢e 1,895.7 8,289 271,521 196.066 280,548 120.745 22,076 20.330 42,573 2,209,80D 204,335 408,964 594,201 22,076 128.416 473.456 Total Charitablo ExpendltUf0 2,377,431 911.286 170.989 3.459,7DB Induded wllhln £3,459,70818 an amount of£42,64612021.. £49.8991 relallng to re8lrf¢led eXpdUr8. Ch4vlthbl• •xpendlturo Staff ett$i 10010 91 Tolol 2021 Olhor Dep141k)n T•aching Weware Pr8mlse8 afid E8lalè8 Adminl$iralion Flnance Govemanc8 1,952,051 8,474 98,254 177.798 245,388 104.455 25.717 14,780 49,879 2,100,184 186,272 373,518 583,384 25,717 128,132 478.909 Total Charftsbl& Expendlture 2,439,434 866,400 178,011 3.283 845 Ibl Othgr Gov•rnan¢e Co¥tg Inelud•: 2022 2021 Audltors. remunor811on . Avdll Foes - Okh8rAudltor$ runeratIon 13,223 13,600 (GI Admlnlstratlon & Flnanc• Costs 2Q22 2021 N8llon81 In$uran¢? Pension Costs Other Staff Costs Subscrlplion$ Slaff Iravel Oparallng Loa809 IT suppori Postage and $lalonery Telephone$ Mark811ng snd advertising Mlscellaneous. AdMIntra¢n Recrullmenl Costs Leg81 and Prof8sslonal F8es OlherAdmln181rotion Costs Bank ch•rg88 Inter881 391,256 45,173 29,497 7,530 22,383 201 6,320 11.499 447 6,085 f8,118 13,327 1.757 16,768 24,547 22,169 391,773 43,136 33,329 10,671 24,457 14,466 3.711 1,743 5,778 3,945 20,888 29,426 25,753 616.277 6Q9,OB1 Page 27
The Cavendish School Charitable Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2022 2022 2021 9 STAFF COSTS Wage$ ond saatte$ SoGlal $gcurrfy t08ts Olhar penslon ¢o$ts Olh8r 51aff costs 1,948,005 216.508 205,29f 33,470 1.931.ieo 205,589 250,294 52,391 The numb8r of employe•B whtr receN8d ramunerallon urffler redundancy and Sèltkment Costs wer6 012021'.11 whlch tOtald £Th112021.. £4,8591. Tho average r¢thlY number of omp1oytss durlng th* year w8& 88 folbw8.' 2022 No. 2021 No. 43 Teachlng Support 63 Th8 number of ¢mploytros whose 4moiuments £60,000 in Ihe yearwas as follows,. 2022 2021 No. £80.000- £70,000 £70,001 - £80.000 £80,001- £90,000 £100,001. t110,IXIO £110,001 . £120.000 PeDsbn ¢ontrIllUnaf0rthe year amountod lo £88.81312021'. £88.8131 ler Iho 8bm •rnpioyoP¥. Key man8goment per¥onn81 InElud8 th8 &Jvom¢r& and Ihg Benlor exscullv¥8 whkh aro mede up 6 memb8rg of th• sonbr Leadershlp T&8m InGludlng the head Ond th8 bur88r. Tho lelal pay and b¢naflt$ r8c8lvod by rnan8uem8nl pet$onnol wor• £574,02412021 £419,275). P8ge 28
The Cavendish School Charitable Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2022 10 PENSIONS The School pailiclp81ed in Ihe T6acher8' Panslon sc1Me I'the TPS") ftsr its t88¢hlng Staff, however Irom 1 Septemb&r 2021, alter a perlod of consultation the school look thè declslon to leave the TPS and pul In placa an allernalivs dèfined conldbulion sd)arne wllh AVIVA lor thè tÈ0chlng $tsff. The p6n$ioTr charge for th& ar Inclu(Jos coniribullons payable lo the TPS and AVIVA Scheme of £175,80012021.. £216,965) and 4t th6 yaar-end £nll wqs accruod in re5peoiof Gontrlbutls to the TPS. Th8 TPS Is an unlunded mulll.8mployer defined bantfils p8nslon s¢hem8 gov8rned by The Tea¢hgrs' Penon$ RegulatlDn& 2010 la8 amended) and The Tèuch&r8' Pension Scheme RewlaUoThs 201418$ am8ndtdl. M8mberÈ conWbule on a'pay as yw go. bas1$ wllh conlrlbulions from membtsrs and the employ8r belng credltÈd lo th8 Exchequer. Relir6ment and other p8nÈlon banfyfilg are by WlfvlS promded by P8rllameTht. Th6 employerconiribullon ralg Is $6t by the S8crolary of Slate followln9 sch&me valu81ron8 undertakèn bylh• Gev&mmeTht Acluarys Dep8rtmenl. Thé rnosl r8Cont actuarial valuallm of the TPS was prepyred as 8131 March 2016 and th8 V8lu811on R8porl, which was published in Merch 2019, confirmed that the 8mpltyer conlllbulion r8le for Ih8 TPS would Increas6 Irtrrn 16.4% 10 23.6% from 1 September 2019. Employers aré also 4Vil9d lo payb scheme edmlnlstrallon18vy ofo.08% giv5n9 iot818mploy8r ¢onidbullon rpte of 23.68%. Th¢ 31 March 2016 v3lu8llon Report was prepped in accordanc6 wllh the beneflts s•1 out In the 8ch8me regulwllon6 ond undtrr the 8ppr¢8ch speclfled In the DlroGttons, as they appl ai 5 Mar¢h 2019. However, the 8Bsumplions w8ro ¢onslderod end sel by Ihg Department for Educallon prlor lo tho rullng In th•'McCloudlSarg88ni case,. Th1$ case ha5 r8qulr8d the courts to conslder ¢a$eB r8gardlng Ihe Impk9metTrt81n el the 2015 r8forms lo Publ1¢ Sorvl¢8 Ponsl¢n8 Includlng the T88¢h¢rs' Pen•lon$. On 27 Junè 2019 Ih? 8upr•m4 Court denlod th8 governmonl porm1881on le Iho Court olAppeal'sludgm•nt th81 Iranslllonal provlslons Introduced lo lh8 r8fDrmed panglon schames In 2015 gavo riBo lo lawFul aga tllscrlmin8llon. The govarnmenl Is r6$pocllng thé Court'$ declslon and hag $ttid il wlll gwage fullywllh Ihe Empbymonl Trlbunal a8 wo1185 ¢mpknyar8nd mambgr repres•n1811vo0 lo agr68 how lh¢ dl$crlmknaVons wlll tyv r8rnedd. The governm8nl announ¢gd on 4 February2021 Ihal il Inlond$ to proceed wllh 8 deferrod ¢hoic8 untlerwN¢h memb8r$ wlll bo 8blo lo ch006e ellher bgaey or reformed 8chem¢ b?n8flts In resp9¢1elthelr servic8 durlng the portod b8lw&•n 1 Aprll 201S 31 March 2022 81 tho polnl they bectsme payablo. Th• TPS Is Bubje¢t lo a co¥1 Cap MecISM wNch w8¥ pul In pl8¢0 to Pf¢tsCI 18xpay8r8 8g8ln$i unfor$seen ch8nges In gch8rn¥ coBis. The ChlefSecr6t8ry to the Trèasury, h8vlng In 2018 8nnounced that IherÈ WOU be ¥ rovlow oflhls COSt Cap m8chaTrlsm. In Jonuary 2019 announcod 8 pauso ID Ihp cost e*p me¢hanlBm fo10ng Iha Court ef Appgal's rullna In 1179 ¢CloudlSargeanl caB8 8nd until Iherejs certalniy about Ihe value of penslonB Io gmployee8 Trom April 2015 onw&rds. Tho Pau98 w89 Ilfied In July 2020, and a consullallon w8s launched on 24 Jun8 on proposod chang85 10 Ih8 cost control meGhani8m following B revl¢w by ihe Govemmenl Actuary. Followlng a publr consuli&lion. the Govemmenl h8ve occopted Ihrep kBy proposaLs rgcomrnendgd ty the Gov8rnmont Actuary, gncl ots 8lmlry lo Implement tho80 chwgBS In Ilmfr for the 2020 v81uallenJ. The 2016 ¢051 control valualons hgv& slnce been completed in January 2022, and Ihg resuhB Indlcaled Ihol there would be no ¢h8nge8 to benefit$ or memberconlrtbuUon$ 1oqulr8d. The Tryulls of the co6(t8p valualFon 8ra not used lo ¥el tha •mploy8r c¢ntrfbullon raie, 8nd HM Tr¢8sury has Confirmed that •nychangg8 lo the employer conthbulion ratè resulting from tho 2020 v8luaiion8 will také &ff8Ct In Aprll 2024. Unttl the 2020 valuallon 1$ ¢ompleled It18 fpDt pOs$le to conclude on any financlal Impact orfulure ¢hang98 to the ¢onlrlbutlon r818s ol Ihe TP8. Ac¢oidIng, no provi0 for 8ny addillon81 p8$1 b8n?fil penslon ¢0818 Lg Includ¢d In Ih&8e firtHrKknI elelomenls. The S¢hoL4 abo rvns o s¢hemelor Its non-leachlng s18ff, which Is 8 deflned eontrtbulH)ns scheffls. Th8 cost ferihg year repr8sÈTrls ihe S¢hool'8 ¢onirlbulions lo the Scheme of £29,49712021'. £33,329) and ai the year Bnd £4,81712021.' £5.2801 was accrued In rF5P8Ct of conlribullons to th18 Èch0m8. 11 QOVERNORS REMUNERATION AND BENEFITS TherB were no Govemors. remuneiaiion or Other benefit8 lor th8 year ended 31 Augusl 2022 noi for th8 year anded 31 ALQUSt 2Q21. Twvel and other rÈlmbursements trfU7212021.. £4851 for the governors were pard by Ihe Ghartly during the year. 12 NET WCOMÈ FOR THE YEAR 2022 2021 Net Income Is stated after charGing'. Depreciallon Df tanglble fixed 8ssets Oporatlng leaÈÉ Mntals- olher Audiloffs r8munerallon Audit servlces for the 8th00l- currert ye Non-8udlt servlcs 170,969 5.320 1T6,012 14,486 13,r23 13,500 1,415 pa 29
The Cavendish School Charitable Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2022 13 TANGIBLE FIXED ASSETS Pkrynt Fixlwes Freeh(Ad Propaty Equlpmant Flitlng$ Total Coyt.. At 1 September 2021 dillons 5,818.982 33,200 17.718 322,590 16,993 5.959.29D 50.193 17,710 339.583 6 009,483 Al 31 Augu$l 2022 5 652,182 Depreciallon.. Ai 1 September 2021 h8rge for y881 1.438,223 128,416 3,470 12.403 229,265 30,170 1.6BB.958 170.969 Ai 31 August 2022 1 $64 839 259.435 1 83&.7 N*t book value.. At 31 August 2022 80,148 4 169 536 4 290 332 Al 1 Septombor 2021 4 182 759 14 DEBTORS 2022 2021 20,444 13,518 79,41J 7.503 Foe8 and extra Accruod in¢omo Prep8ymenl$ and arxruod ineom? 48.9S8 15 CREDITORS 2022 2021 Arnoynls fallln9 du¥ wmhln yaar. 75,591 40,084 51.336 65,000 047,964 49,158 18.928 72,637 51,026 49,313 93.000 $63,757 27,715 18,732 Loan TrBde credilorB Taxation and ¥la1 $ewriiyco81¥ Fee Depos115 Fees In advance Olhar eredltors Accru818 948 061 2022 2021 Dèferred kncen3a'. 439,424 1439,4241 563.157 Brought forward$ Rek2s8d In year Rece1ved in year 563,757 1563,7571 647.984 047,964 563,757 Carrlad foards Daferred Income r8L91e8 lo sChoS feè& r8ceSYed In advance ftsr the followSng teirn. Page 30
The Cavendish School Charitable Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2022 16 CREDITORS tXJE AFTER ONE YER 2022 2021 Amounls falling due after TrLtyre Ih8n one year. Bank108n School fea deposh8 413.749 433,SOO 489.339 377,OQO 847 249 866 339 2022 2021 Movem8nl on loans In one ye8r or less alween one and iwo Y8Br& 86lwo&n antl fve y08rs After fiv8 years 75.591 78,684 767,323 167.742 72,637 75,5 208,641 205.108 4B9,340 5619T8 2022 2021 Mov8m•ni on daposlt8'. In onè year or less Bolween on8 ond two y88rs Belw80n two and five wr5 After five ye8r$ 83.000 54,000 170.000 147 000 72,6OQ 191,000 170 QOO 498,500 460.000 The bank lo&n$ 8eoured by flrBt 8nd $6COnd ix•d ch8rg8$ over the froahokl property gllu8ted at 31 Inveme8s Slroèl, NW1 7H8 Iprovlously Mforred to 45 179 Arlln9tor) Rood. LDndon NW1 7EYI 8nd flxod plant and machlnory. Th• ba¢0 01 £469,340 In¢lud08 two nxed Interosl alemonls of£160.169 and £339,171, r8p8yabl¢ by InslalmgnlB, on whleh Inlgre51 IB ch8rged at 3.69% and 4.5% resp8cllv81y. 17 FINANCIAL INSTRUMENTS 2022 2021 Canyong amount of 1lhqno1 aB••ts Mo8$ur8d al amortlsed ¢t 33,962 7,603 Clrrylng mounl of flnÈn¢lal Ilablllt108 Me88ured 81 amortl88d co$1 224106 253,110 P8ge 31
The Cavendish School Charitable Trust Limited NOTES TO THE FINANCIAL STATEMENTS f¢y tho aar ended 31 Au ust 2022 18 STATEMENT OF FUNDS A11 SepiÈmbar 2021 Transfer 8eèefl Fund$ A131 Auuu8t 2022 Incom& Expendlture Unr88trlctBd & DeS1unal Fund5'. General r£serve Tanglble Flxtsd A5$81 Funds HBad's Discrelionpry Funds Hardship Funds I,Q34,798 3,728.946 8,4 83,959 3.584.570 13,413,627) 13,4341 62,460 148,748) 1.268,199 3,680,198 5,240 83,959 2.610 Toiol Unrestrlctod & Dasbanat8d Fund$'. 4,853,786 3,587,180 13,417,0611 13.712 5,037,596 R8slricled funds.. Varfous R1¢tad Funds 37,051 58,726 34,883 142.6451 113,7121 Total fund8 4,912,490 3,621,963 13,459.7081 5.074,647 At1 S•ptsmb¢r 2020 Transl8r B8iw88n Fund8 At31 Auw612021 In¢orne E%p•ndllurtr Unr88trlcled & D&slgnated Funds: Gonaral rg58rve Tanglble Fixtd A$8et Funds AeBd'$ DiJciollon#ry Funds Hèrdsh* FundB 1,034,798 3.728,946 6,084 83,959 873,286 3.816,S39 4,922 83,959 3,293.048 13.232,5151 100.998 167,5931 2,573 11,4311 Tot81 Unreatrtclod & De8kJnalqd Fund$'. 4.778,69S 3,295.621 13,233,948) 13,405 4,8S3,765 R•8lrlol8d fund8: Vailous R8slrlcted Fund8 44,098 77,933 149.8991 113.4051 66,725 Total fund 4,738.822 3.373,554 13,283,845) 4.912,490 R•strlctod lund$ The re51rfcl8d fvnds of th8 sGhool include in¢ome Gomprislng dOnon$, g¥an15 and Olher Incorn8 received on trust lo be u88d f¢r burs91I88, EodyY08r8 5UPPOrt ortd dedlc¥bd ClarOoM 4881slanl 8UPPOrt. Unr8Strlctod fundB The langlblo fixèd as$ets fund repffjsents the nai book ¥88 of Iha schoofs langlblE fixed a$$a18 le55 the relatgd loans. A dacislon was made lo separate thi$ fund from the ooneral fund of the school In re¢ognlllon of the fact Ihèt th8 langlble fixed a$sels yre es$8ntl81 lo the day to day work of the school and as a $uch Iheir ¥aluo should not bg rEgarded 88 funds Ihatwoulij b¢ reollsable with e85e in order to meet fulurÈ conlingencles. A transfer oc¢ur8 each year from Ihe lang1ble fixed 85È81s fLd to ts unrègirfct8d funds foilhe depr8callon eiemonlclthe fixed assets. Thore hos been B tran$ferfrom the rnslrfclsd funds for monles which have been spent ITh lh8 unre¥¢ted fthds. Deslonatod Fund The Head's Discrelion8ry FdIS fun08d by donatk)rb8 from parents and used at lh8 dlscrelbn of Ihe Head In order to assist dev81opmenl and weKare of indlvldual pupll¥. In 2020, thè geMOr5 Iran$lerred £100.0(YJ from ueneral reserves sei up 8 d&3lgnaiÈd Hafd$hlp FutKJ in re$rx)n88 lo Ihe Cov118 pandemlc 10 5UPPOrt pupils and tnelrfamilies during Ih8 5urM)er lertn and beyond Ir necessary. Page 32
The Cavendish School Charitable Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the ar ended 31 Au ust 2022 19 ANALYSIS OF NET ASSETS BEfwEEN FUNDS H&a(f$ Unrastricted Tanglble Fixed Di8cr&donary lunds A869t Fund Fund R88lri¢ted fund 2022 Total Tanglbl8 fixBd aasets Cu01 a8s&IÉ 4,169,538 2.65B,128 1672,4701 1433,5001 4.169,$38 2.700,419 1948,0611 1847.2401 5.240 37,051 Long term Ik8bVth¢s 175,5911 1413,7491 Tolal net 88881$ 1352 158 3680198 5 074 647 e8d's Unroslrl¢tsd T4nglbJ8 FIx8d 015cr8Uon8ry funds AB8al Fund Fwd R8slrlthd fund 2021 Total Tanglbb fixed 888el$ Current assets 4,290,332 2,289,888 1793,5431 1377,0001 4290.332 2,354,677 1866,1801 1886,3391 6.oe4 58.725 Lon9 l&m 1obll41•s 172.8371 1489,3391 T¢l•l n818s$018 1.119345 3 728 3S6 20 COMMITMENTS UNDER OPERATING LEASES Al 31 August 2022, the company had ouisiandlng commliment8 forfutwe mlnlmum18asa payment4 undw non.c9nGollae opgrollng1gase8, which fall due as follows.. 2022 Ofllc• gqulpmont 2021 Offic8 •qulpmenl Du8 withln ono Dua b&lw08n and fve ygors 8,957 17,915 8,987 28,872 21 RELATED PAi¥fiES Five12021.' fw8 Govornor8 vtho ure 81so par•nls had chffth8n ottendthg the $chool during the finandal year. Fees p81d by th8 Governors are Ihe same 8s lees paid by horS. At the y88r end the School w8$ Owgd £nll 12021.. £nill by 8 Govemor In rolaiion lo nursery 8es$ions f?r Ihelrchlld. The s¢hooi h8s puh898d Insurance lo protect thF school from Ioss 8rtHlng from the neglect or delaull$ oi Ils GoY8mor$. The Insurance prsmium payab by the school dudng the yegr tot8ll¢d £1,02812021.. £1,17418nd provide5 cover E>f up to a axlmum of£2 rnllllon. riig th? year no governors were awarded g1ft$12021.' £nlll lor Ihelr a$slslanGv over Ihe Surnmer Teim. Durlng Ihe year lh8 govemoral80 donalad £nll12021.' £nill lo lh8 School's Buryary Fund. Page 33
The Cavendish School Charitable Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2022 22 CAprrAL COMMITMENTS The wmpany h8d capttal comrndmonts controcied for ixjl noi prov]d8d for in these flnanclal 5tal8trEnts of £nll 12021.. £23,505). 23 NOTES TO THE CASHFLOW STATEMENT 2022 2021 Reconclll8llcn of operating r88utt to ngtcash In frorn oparating adNrfles Ntst movement In funds Depreciation Bank interest re¢8ived Inleresl payable Increas81108crea881 kn crgdllors IlncreaB&IID8cr•a86 kn d6btor8 162,157 170,989 11,0701 22.076 135,427 158.919 89,709 178,012 14011 26.717 156,119 23,136 472 292 Anoly818 of ¢hang•• In not d•bt Atl S•ptembgr 2021 othqr non- ¢a•h changèl At31 Auguil 2022 C¥#h Ilow• Ca•h Ind ci8h qqulv)lont8 C88h Qv8rdr8ft6 cash Equl¥alenl$ 2,300,218 28e.824 2,587,042 2,300,218 286,824 2.J87,042 8ott+)wlng• Oebl duo wilhiTh ono year 08bt dufr after ona ye8r 72.818 489.158 -561.976 72,637 -7S,591 -TS,772 -413 587 -489.339 72,e37 To¢Jl 1,738.242 359,481 2.097,703 Pdgè 34