Channing House Incorporated, Highgate (Limited by Guarantee) REPORT AND FINANCIAL STATEMENTS For the year ended 31 Augusl 2023 Company No: 00063121 Registered Charity No. 312766
Channing House Incorporated, Highgate GOVERNORS, OFFICERS AND ADVISORS To be presented at the Annual General MeetinE of the eompany to be held at Chrtnning 8th1, The BanK Hi8h8aie Hill. London N6 5HF on 14 March 2024. GOVERNORS The Board of Govemors may appoint any member of the Association as a Covemor. either to fill a ¢4su41 vacanoy or by way of addltlon to the board. All Governors are required to confim) that they will support the Unitarian traditions tsf the School. Bx¢ep¢ Is oth¢rwlse Indlewed the followlng were Governors durln8 theyeer and to the dat¢ of 5igTLing this report.. MT5 L L¢S8h' Ms C Peck FCA. Bse IHonsllM8nchesierl {ChAirl (Appoinied Chasr 18 h'ovember 20221 LLB IBri5toll IR¢iire41 os Choir and os A Governor 18 Nov¢mb¢r20221 Mr JAG Al¢xArtd¢r' MT A Appl¢ywd fvlrs J Burns Mrs C Ch8ndler-Thompson R¢v D Cosil¢y Mrs L Cristi¢ * MT R Hili Mr5 C Hulme-M¢Klbbln FCA. BA and MA (London) BS¢ (RdIn8} BA {Souihampton) BA {Bxcierl BA {Open University) BA IBri$ioll MBA IManch¥i¢rl B.Ed (Caniabl IR¢¢ired 16 Mareh 20231 IR¢ilr¢d 17 Nov¢Tnb¢r2022) Ei- Mr D Oliver MTS P P¢¢k Mr S Vrior Ms B R¢ntoyl * Ms A Rentoul Mr WJH Spcw5' DrA Sutton Mr K Van dcrS8nde M Phil (Oxford) MBA (Oxonl Bsc (HonsllR¢1rt8) MA IYal¢l BA IHonsl Oxford BA ISOASI, MBA MLI Ch MAIHon51 Dip Aroh RIBA (Appointed 24 Ma 2023) Memb¢r8 of the Flnance and General Purposes Committee MEMBERS OF ASSOCIATION The Memb¢T$ Of the Association, except as oih¢rwlse Indlcated, throu8hout the year were, in addition to the Governors listed Qbove: Mr SD Barber Professor HG B¢aJ¢ MTS D Bond MrSMDBrowL Ms CEA Bud8eit-Meakin Mr JM Bums BHroncss J Coussins Baroness C Cox Drj Da¢r¢ Mi55 JAM Dhvidson DrAPHo Mr5 S Moloniy Mrs J Oiierburn Holl Mr5 D Patslln Mrs C Ri¢hards Mlss M Rudland Mrs VA Schllllng Mr M St¢in¢t DrT Ston¢ Miss FM Tuck¢r Dr DJ Williams Dr DL Wyk¢s Bsc (Econl FCA MA (Oxonl BA {C8ntab} BA (Dun¢lml BA {Kcnll MA (Oxonl MA (Cantab) Msc IE¢onl PhD BS¢ BS¢ (London) MA (Oxon) PhD {LoTrdon) SRN RHV BA (Brisioll FRICS ACIArb BSc.Arch (London) BS¢ MCSP MA {Oxonl MA {Caniabl PhD MA (Contabl MB Bch BS¢ PhD
Channing House Incorporated, Highgate GOVERNORS, OFFICERS AND ADVISORS OFFICERS The Headmistress Mrs L D J Hughes BA (Wanvi¢k) The Bursar Mr R K J HIII OBE MA ACMA Addres5 Channing School Highgatc Hill London N6 5HF BANKERS Lloyds Bank plc Commercial Banking PO Box 1000 BXI ILT SOLICITORS Dentorts UKMEA LLP One Fleet Place London EC4M 7WS V¢ale Wasbrough Vizards LLP NatTOW Quay House Narrow Quay Bristol SI 4QA AUDITORS RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB REGISTERED OFFICE Channing S¢hool Highgate Hill Highgare London N6 5HF
Channing House Incorporated, Highgate GOVERNORS, REPORT REFERENCE AND ADMINISTRATIVE INFORMATION The School was inrpOrated in England and Wales on 27 July 1899 and is a cotnpany limiied by guarantee, its membeT5 being Members of the Association, having a liability not exceeding £5 each. The School was established under a Memordndum of Associotion which established the objects and powers of ihe chariiabl¢ School and Is govemed under its Articles of Association. The company is a registered charity with charity number 312766 atld company number 00063121. The GovernoTS of the School. who are a150 the charity trustee5 and ¢ompany dir¢¢tor5. and the School's principal officers and advisers are lisied on pages l and 2. Whenever Governors are referred to in this report this subsumes their roles os both charity trustees 2nd company directors of Channing House Incorporated. Highgate thin the meaning of Compony Law. STRUCTURE. COVERNANCE AND MANAGEMENT The Governors detennine the general policy of the School. The day-to-day management of the School is delegated to thc Hcadmi3tress and the Bursar. Oovcrnors dcterminc the remuneration of key management personnel through a RemuneTation Committee. In s¢ttiTrg the remuneration of key personnel this committee lakes note of n&tiona] pay scales, individual performance and internal and cxtcrnal benchmarking as necessary. There hav¢ b¢en no transactlon5 With the related partle5 of the Sthool. with the exceptlon of the key management personnel remuner0Th as dlsc105ed in Note 4. RECRUITMENT AND TRAINING OF GOVERNORS Governors are 8ppolnied as va¢an¢i¢g arise. In maklng oppolntmenls Otsv¢mors take into accouTtt Charity Commission guldance ond ihe skills that are required by the School. Potential candidates who posscss the requisitc personal and sp¢cl15t skills are identified. includin8 ihrou8h th¢ ust of speclalist recrultment 88encles, dlscu5sed by Governors and Invited to become a Governor as appropriate. New Govemors are provided wlth InhrmAtlon about the School and approprlate trainlng and Inducilon Is attan8ed. On appointment, Governors are briefed on iheir responsibilities as Direclors. Trustees and Govcrnors. They arc also encouragcd to attend tralning courscs on thc roles of Govcmors run by The AssociE4tion of Governing Bodics of Independent Schools {AGBISI. Governors are also given regular presentations by Heads of Department on speclfic currleular developments. STATEMENT OF PROVISION OF INFORMATION TO AUDITORS The Governors in office on the date of this report h#v¢ ¢onfirm¢d, far as they are awar¢, that th¢Te 1$ no relevant audit information of which the ¢haTltable company's auditor is unaware. Each ofthe Governor5 h8$ confirmed that they have taken all the s¢eps that tls¢y ought w have iaken as Gov¢rrtors io m8k¢ themselves awar¢ of any relevant audit infonnjtion And to establish that the auditor is awkre ofthat infomi&tiort. AUDITOR RSM UK Audit LLP has indi¢ated its willithgness ¢0 ¢ontlnue itt offi¢¢. PUBLIC BENEFIT The Governors confimi thaL to the best of their knowledge and belief, they have complied with the duty in th¢ ChaTitSes (Accounis and Reports) Regulations 2008 in respect to having due regard to the public benefit guidance pvblished by the Charity Commission. The School provide$ public benefit in many ways. The School provides bursaries generally on enty to the School at Year 7 and Year 12. Th¢ School has a policy to rnake awards on the basis of ability to pay. Bursdries and concessions of £1.177,960. were givcn during the cutr¢nt y¢ar12022: £1.051.4761. Th¢ conttlbution is consistent with previous years. Additionally, the School has ntIu¢d to develop its Partnership pmgramme throughout the year. At the centre of the school's partnership is its r¢lationship with Highgate Newtown Community Partners (HNCPI where they work Closely with HNCP and Brnokfi¢ld School to support other local schools under the umbrella of their Education Plus Programme. Th¢ Schools currently working closely with 10 schools in totsl and in CesS of 100 pupils per week attend clubs provided by Channing. In addition, Channing hosted its thiid suxessful Summer Camp in July for students from Pwther Primary Sehool$. The School's partnership with HNCP a]50 extends into the Community and
Channing House Incorporated, Highgate GOVERNORS, REPORT throughout the year Channing has hosted monthly Community Teas as well as supporting lunch clubs in local venues. The School wa5 also parti¢ularSy pleased to be invited to support a comfort box programme for displaced families during the year. Separdtely. the School is delivering a 5tron8 #nd MutulY supportive partnership with St Aloysiuscollege involving 8 number of joint activities and the sharing of resour$ and facilities. This also involves extending invitations tt) St Aloysius and other partn¢r %hools to attend workshops, training events and presentations from visiting speakers. The School also makes available its f111t7¢S for use by the local community for sportin8 events and occaslonal confenceS and meetings. Th¢ School is particularly suppoMv¢ of 8irl$' sport and provides its facilities for use by Middlesex County, two local netball Clubs and ihe local Cricket club. The School's playing fields are also used by Hampstead Archery Club and the l¢xal community. The School generally mAkes Its facllities available to lo¢a] community 8roups for frcc or for a nomin charge. OWECTIVES AND ACTIVITIES The School's principal purpose is to carry on a day School for 8lrls. Puplls enjoy ouistanding personal success at School ond Wond, as a result of the Sehool's holistic, bAlanced education. The School inspected by the Independent Schools Inspectorate in June 2022 durin8 which the quality of the S¢hool's d¢[C and othrr achlevements and the quality of the pupils ptsrsortal development wer¢ both ¢onsider¢d ¢x¢¢ll¢nt. In Addition it was considered that the School w&8 compliant with the slandards in the schedule to the Education (Independent School Stsrtdardsl Regulations 2014, and relevant requlremerbts of the s18tutory framework for the Early Years Foundation $toge end ossoclated requirements, The S¢hool'$ sur¢ess is achieved by a combination in equRI measure of academic excellence, pastorE41 core and breadth of extra and co.¢UJTicular actlvlties. The School's Unltarlan eihos encourages Its pupils to be intellectually curiou$, open.minded and respectfvl. Detall$ of the School's straie81¢ objc¢tlv¢s to achiev¢ thi$ 8r¢ providcd in the Strat¢gl¢ Report that follows. REVIEW OF ACHIEVEMENTS AND PERFORMANCE During the year the School has continued to work towwrds achieving its published Strategic objectives which support the School's mission. The objectives were in¢roduced from S¢pt¢mber 2020 and COV the period 2020 to 2025. The School continues to make progre55 &gain$t these objectiVeS. To provlde Y4n excellent 9nd re]evgnt edueatlon, free from ttndut pressure, thAt Insplres all pupll$ to *¢hlcve thelr full potentlal. The S¢hool ¢ontlnu¢d io deliver txcell¢nt academi¢ results in 2023. Th¢s¢ were the second exams which were undertaken under exam Conditions since 2019 and no allowances were made for th¢ impact of COVID. In Summer 2023 83.1 OA {2022:87.IYol of pupll$ 8alned A•_B 8rades at A lev¢1 and the p¢rc¢ntage of all CCSE r¢svIts graded 918n was 85Y4 (2022-85.20/ty) of which 64 Yo12022: 68.3%) 8a5ned 8fAdes 918 at GCSE. 2. To support personal developmertt whieh puts wellbeixg at the heart of our PAStoral provision. The School continues to develop its provision for pasloral ¢are. further d¢veloping th¢ support which the School can provide to support pupil Mental Health. The S¢hool now uses CPOMS to support th¢ provision of pastoral care os well as Tooled Up which provides rtgtaTch b&std pastor support for pupils and parent$. The School has also signifintlY enhanced the opportuniti¢s for pupil leaderthip at both the Senior and Junior Schools with a full review of Sixth Fomi responsibiliti¢s. The Channing Choracters developed at the Junior School are now firmly ebedded in the school life of the Junior pupils. Careers edu¢alion and guidance well as prepar2ti0n for University in the UK and overseas remains an area of focus across the School and it has been pl¢ased io welcome a wide seleetion of eminent speakers throughout the year. The School 50 w¢l¢om¢s sdentS from local h0O1$ io share in ihese opporttjnltles. 3. To embraee modern techuology and use ti 9$ 4 means to ÈtthAnee puplls, IDdependenee as learners to
Channing House Incorporated, Highgate GOVERNORS, REPORT prepxro them for the thtsre. The SchoDI continues to invest in and embra¢e new technology, recognisithg th¢ oppor¢uniti¢5 it provid¢s to ¢nhan¢¢ ind¢penden¢e and collaboration amongst students and enhanced efficiency in ihE wid¢r opgration of thc School. Thc School completed a Strategi¢ Review of its Digital provision during the year 2nd is ttow implementing the new strategy aerois the Schaol. The initial phases of Ihi5 implementation are focused on ensuring that the whole community h&$ the right skills to optimis¢ lh¢ use of iechnolo8y lft the School. Th¢ S¢hool also remains awgre of the risk$ that te¢hnology ¢an presem to young people and continues to address this through educating pupils and by supporting P8Tents ineluding offeritlg dlgital safety inforniation events. In 8ddition tt) comb thls th¢ School h45 Put In pla¢¢ the The¢essary poli¢i¢s and saf¢guards around the us¢ of te¢hnology in S¢hool. 4. To provide # seeure, safe and healthy environment. Thc School continue5 to put pupil safeguarding and the safety of its surroundings at the heart of the School's operation, ensuring that st&ff and pupils ar¢ aware of the strate8ies and procedures in place to minimise the risk to pupils. The School has also implemenied a new pastoral structures during ihe year providing grelter capacity in this key area. Safeguarding provision contlnues to be kept under revlew to reflect developments in the School as well legislatlve chartges. The S¢hool also ¢ontinue$ to d¢velop its w¢ll-b¢ing $tralegie$ for both pupll$ and staff. 6. To dev¢lop furlh¢r OppornIti for S¢i¢n¢¢, Te¢hnology Engirt¢¢riig & Maths ISTEMh The development of STEM i# recognised ts an ongoing priority for the School across all lQey Stage5 8nd Is r¢fle¢t¢d In the S¢hool makln8 addltiortal resou¢5 8vall¥ble to develop STEM provision within the School. Th¢ S¢h¢)ol recently T¢view¢d its S¢i¢n¢e curriculum providing greater choi¢e to students at GCSE. The School Is B]wAys seeking new ways to supplement the core STEM currlcullrm w5th extra ¢urri¢ul8r provislon whSch now Includes a wide rang¢ of ¢lubs attd o¢ilvltles ttteludlng R¢boti¢s, Deslgn and T¢¢hnology ond the CREST Awwds, A l¢v¢l Conipuwr S¢ien¢¢ is now firmly emb¢dd¢d in th¢ ¢urri¢ulum. 6. To mgnag¢ iht S¢hool'8 r¢sourew ¢ff¢¢l&v¢ly gnd to ett$ure that the S¢hool ¢4tt ¢ontltty¢ to 8ttra¢i the brlghtest students. As a sUIt of exeKislng sound control over the School's fiDances. thc School has been able to eontirtue to invest in improving facilities beth at the Stnior Ènd Junior Sehool. The School is now dev¢lopinB plans io deliver the oui¢ome of its strat¢gi¢ r¢vl¢w of its e$ta¢e and fa¢ilitles. 7. Th recognlse and promote our soclal re5ponslbS11ty. The School is aw¢ of ils s77 rcsponsibility to both the local and wider communlties. The School continues to develop links With the local MMUnity including Highgate Ncwtown Community Pariners and a number of local Schools including Brookfield Prlm8ry School and Si Aloysius College. The volume of partnership work continues to Increase and plans are in place to continue to develop this part of our provision. This objective also includes the School's wider ¢ommlimeni to sustainability. Th¢ pupils at both the Junlor and Senior School are increasingly active at PTomotin8 gustainability Initiativ in the S¢hool ineludlng Cleatt Alr Days, meat free days and also strlvln8 lo improve our recy¢ling rate5. The School was a150 awarded the Green FIAg {with distinclionl this y¢ar. The School ¢oniinues to WOTk to identify its carbon footprint wlih 8 vi¢w io d¢v¢lopln8 4 net zero ¢8rbon strategy for ihe School. Revlew of other Aehlev¢ments The S¢hool ¢ontinues to support a very large number of charltable and eultural activities. In particulftr it makes a signifitÈnt eontributlon fo the commuttlty throu8h many local actlvlties includin8 musical and sportin8 events as well as patlicipatlDg in locgl $porting and community evenis. The Young Enterprise scherne and the Duke of Edinburgh Award programme Continue to enjoy signifi¢ant popularSty and the forest School leaMin8 pro8ramme has been further developed in the Junior School and forms a core p#rt of thc currieulum. Additionally during the year the School raised funds both directly and via Just Oiving for its ¢hosen ¢harities ofThe Alexandra Wylie Tower Foundation, Young Womens T Young Roots. Save the Children 2nd Red for Ruth amon8 others. The total raised for charities during the year was £14,049. FINANCIAL REVIEW The Ststement of Finan¢ial A¢tivlties ¢)n page 14 shows net income of £3,539,400 (2022.. £3,305.100)- The result ft)r the yvdr and the year end flngncial posltion of the School is considered satisfactory and 15 nSIstenI with the School's planned t8rg¢t. During the year capitsl expenditure of £36.400 (2022: £1,141,500) was incurred.
Channing House Incorporated, Highgate GOVERNORS, REPORT The Balattce Sheet on page 15 shows nei current assets of £7.146.400 (2022:£5.112.8001. The signiflcant in¢rease In the School's net current asset position is attributable to the net income generated during the year. DONATIONS lrteome for the year includes £2,700 (2022.. £4,800) of resrricted Donations, all of which were attributable to the d¢v¢lopm¢nt of new Sport, Sixth Forni, Music and Perfomiing Arts facilities, and the Junior School redevelopment. Durlng the yr the School h&4 not undertaken any signiflcant fundraising activitie5 and no third party fundrdiSers have be¢n cngage FUTURE PLANS The Governors have agreed to continue to develop the Sehool in line with the itrtttewe objettivei abov¢ which a]1 build on th¢ ovKall aim that Channlng puplls should ¢nJoy succe58 * School and beyond. FUNDS HELD Notes 10 and I I to the financial stat¢m¢nts sets oul an analysls of th¢ School's restricted and unr¢5tricted funds of £484.600 12022: £487.700) and £29.305,100 12022.. £25.762.7001 respectively and th¢ir attribuiabl¢ assets and liEbilities. These Det set3 are sutTici¢nt to meet the obligRtlotb5 on a fund by fvnd basis. Tlie School'5 tongibl¢ 8S3¢ts are all held for in the School. It is the School's long tern) policy to build and maintain the School's free reserves, though the Governor5 r¢¢ognSse that a¢hievln8 any material Increase In free r¢setve5 will not be possibl¢ whilst th¢ School has bank loans to raY and continues to d¢v¢lop its buildings and facilities for thc benefit of current and future generations of pupils. With thi5 in mlnd. raih¢r ihan Set a specific target for free reserves, when considering the School's availablc rcserves, Qoyemors tttke into aeeourtt the long lemi bank focilitleslloans in place but undrawn at the year end and credltors fallin8 due in more Ihart one year. Creditors falling due in more than one year comprise the funds held In respeci of flnal tenn deposiis and advan¢¢ f¢e$, and lon8 ierm bank loans drawn down. Taking a¢¢ouni of th¢ gbove definltlon of the School's fvee reserves, the free reserves at the year end comprise the sum of th¢ School's confirmed bank 108n fa¢iliiies undrawn plus net current assets. On this basis at ihe year end the S¢hool's free reserves were around £7,100,000 {2022'. £7,600,000). Substftntial sums hav¢ b¢¢n investcd into the School over recent ye&rs and Governors have authorised a continuing pro8ramme of refurbishment, dev¢lopment and investment in order to maintain and enhance thc facilities for pupils. Whilst this programme is Continuing and the long temi b#nk loans ar¢ beln8 repald, the Sehool 1$ unlSkely io be Sn a po$ltlon to bulld up free reserves on a long terni b85i5. The Governors consider thai, given the strength of the School'$ balan¢e sh¢¢¢, for¢¢ast n¢t in¢ome for the year to 31 Ausus¢ 2024 and the market value of the School's property. whi¢h is not ClJTrently reflected in the iescrve4 the School's level of reserves at the year end are satiSfl0ry. Thi5 assessment refle¢ts the intenlioll of the governors to nlinue to develop the School estate and facilities and the natUT¢ of its ertditors flllling du¢ in more than one year. Additionally, Govemors en$ure robusi bud8etin8, cHsh flow monitoring 8nd risk profiling are exereised to ensure the School Can meet its ongoing educational needs and continue to invest in its ¢Stat¢ and facilities. The Governors ar¢ satisfied that the School has suffL¢L¢Tht available cash and borrnwing facilities to meet its strategic obj¢¢tiv¢$. Restrlcted Funds Sebolarshlpy Prlze and BuT5ary Funds This represents bequests and donations re7Ved by the School, which are subject to the specific wishes of the donor. These ndS are matched by investments. Movem¢nt in the fvnd during the year comprised donations. investrnent lrtc¢me and interest. Th¢ investsn¢nt income 2nd interest is used to fund Scholorships and BuTsaries for pupil$ attending the School.
Channing House Incorporated, Highgate GOVERNORS, REPORT S¢hool Dev¢lopment Fund I)[porated within the School Development Fund is "The Capital Challenge" furtdrAising progrnmme. Thi5 progrdrnm¢ w&5 launched in 2013 to rnise fund5 to build a n¢w Sports Hall and Sixth Fomi Centr¢ and a new Performing Arts facility. The School is no longer aetively promoiing fundraising for Th¢ Capital Challeng¢, though donatiotts continue to be received and credited to this fund. In 8ddition, funds raised towards th¢ Junior School red¢v¢lopmeni are also ¢redlied to thls Thd. Funds ¢redit¢d io this furKI ar¢ transf¢rred to Unrestrlcted Funds wh¢n the restriction placed on the incom¢ received hag been dis¢harged. Th¢ restri¢tlon plattd on th? funds rec¢ived In r¢sp¢¢¢ of both The Capital Challenge fundraising pro8ramme and in respect of the JunitsT S¢hool Tedevelopment have been discharged as th¢ expenditure has been incurred and capitalised within fixed assets. Th¢ funds received in respeci of both The Capital Challenge and Junior School redevelopment have therefor¢ been transferred to Unrestricted Funds. Chftnnlng Alumnae The Channing AlumnA¢ Fund is a restricted fund of the School held for the purpose of promotirtg School urnnae. The fund is used to promote communition betw¢en the School And alumnae and also amongst alumnae. A number of reunion events are also held throughout the ycar. The Channing Alumnac fund is managed by the Alumna¢ Committe4 and an appTopriat¢ bAian¢¢ maintained. Chinnln¥ kno¢l#tlon The Channing Association is a restricted fund of ihe School for the Purpose of fostering SUPPOrt for the School from th¢ wider Channin8 community includin8 current and former parents and fviends of the School. The Channln8 Association organises social events for both parents and pupils and also helps support a number of School events durlng the yeAr. The Associatlgn also undertAkes occ&slonal fundra55in8 for the School. but ihis Is In¢ldental to its core purpos¢. Th¢ Channing A$$o¢iaiSon has lis own ¢ommltt¢¢ struauT¢, whi¢h d¢t¢miin¢s both its a¢¢ivities and expenditure for the year. The ChBnnlnB Assotsiation fi]nd 1$ manAged by the Channln8 As50clation comm5ttee and an approprlo¢¢ balan¢e maintalned. Unrestrlcted Funds The Qov¢rnors In¢end to malnlain und¢sl8naied unresirl¢i¢d fvrtds Ai a l¢vel approprl&t¢ to meet the S¢hool's ongoin8 workin8 ¢apital requirements. Th¢ S¢hool'$ ndS continue to be reviewed annually by the Governors in th¢ context of th¢ School's need5 and obligations and fviure plans. INVESTMEIYTS The Governors hav¢ a8re¢d that inv¢siments are held to Create in¢om¢ to help fund the S¢holaTships and Bursaries awarded. Investment$ are held in Y4 mix¢ur¢ of listed inv¢stm¢nts and ¢h d¢po$its and are manog¢d and b¢n¢hmaTked appropriately so as to mainlain their contribution whilst pr¢s¢rying the r¢al valu¢ orth¢ investments. Governor5 hav¢ taken account of the ethi7 considerations of the investments held and adopted a low risk appmch. such that the vast majority of the School's listed investments are held in recognised charity funds. During both th¢ current and the prevlous y¢8r. no additional e&sh deposlt Itjvestments were received in respect of restricted fvnds. The market value of Ihe School's investtnents have decreased by £11,200 during the year12021: increased by £48,100). RISK MANAGEMENT The School maintains a ¢tsmprehen$ive risk register which Is regularly r¢vlewed and Ss presented io lh¢ Govemors al every meeting. The School developed a n¢w approach to risk managemeni during the year and undertook fundamental review of both its approach to risk management and the major risk5 fa¢ing th¢ Schi)ol. The Governor5 will continue to routinely consider both the m8jor risks 8nd other possible risks facingthe School and the probability of the risks arisin8. They are assisted in this regard by the Headmistres5. Burw and oth¢r m¢mb¢rs of the School'5 Senior Le2dership Team. General controls used by the Governors to identify and a5ses5 risk5 during th¢ year include- FOnTr agenda ilems for Gov¢rnors' Committee meetings Regular r¢vi¢w of the School'5 Risk Registerwhich is reviewed temily by the Governing Body
Channing House Incoryorated, Highgate GOVERNORS, REPORT Sub Committees to oversee key 8re&% of Sehool Letivity itlcluding education. estat¢5, and financ¢. Ad hoc Commlttees ar¢ also establish¢d from time to tSme to r¢vi¢w spe¢lfi¢ asp¢¢ts of School artivity including such are &s the appointments of new governors #nd the Sthottl'5 pension alrangements for stsff. Compr¢hensiv¢ strat¢gi¢ planning, budg¢ting and management a¢¢ounting Esthblished org4nisational 5trwtur¢ and line8 of reptsrting Fomial autlK)ritIQTh and approval levels for financial transaction5 and approval of contracts Regular Health and Safety w)d Safeguarding reviews and inspections Maintaining appropriate in5UTan¢e Re8uIHr In$p¢¢tion by the Independent Schoo15 Inspectorate Through the above risk management processe& the Governors are satisfied that major r5$k$ are Identlfied and a5 for 4$ prgctieable adequately Mitigad. It is recognised that systems CAn only provide reL%on8ble, but not absolute, aSSUTanBe that major risks have been adequately martQ8ed. The m&irt riskg that the Covernots have identifled ond the plan9 to manage those risks Are.. R¢put8tlon41 A risk to the repu¢a¢ion of the S¢hool by4nd su¢h that there 1$ a ma¢¢rial impact on ¢urrent and pupil numb¢rs ond the abllity of the School to attrBct high quality staff. In order to manage this risk. th¢ School ensures that its policles for r¢cru5tm¢nl, saf¢guaTdlng 4nd Health and Safety put pupil safY and ]Ibe>llg at thc hcart of ihe School and that compliance with thesc policics is chcckcd on an ongoing basis by thc LderShIp.reaM and the Govcrnorg. Th¢ s¢hoDI a150 ensures thY4t it engage5 Wlth puplls and parents to ensure that any Spe¢i81 Educ&tionv41 Needs {SEN) and English Ag an Additional Language (EAL) needs are idcntificd and thot appropriatc support is put in place. A compr¢hensive tr4inin8 pro8ramme for staff, ongoing monitoring #nd m4nag¢m¢nt of poli¢ies and a ¢ultur¢ of oper¢n¢55 and trust b¢tw¢¢n pupils and staff ore also intended to $8fe8u4rd ag4inst thi5 T15k, In addition the School ensures fh&t the Oov¢rnurs exer¢15¢ oveT5i8ht over 311 of these Impgrtant 1s$ue$ ss of the finAnelAI benefits of eharltable status Thc Independent educatlon sector does not currently enjoy stron8 polltlcal support fvom any polltlcal party, desplte the efforts of the Independent Schools Council IISC) and member Schools to demonstrate the financiftl and other benefits to the economy independent schools provide. These benefits include reducing the overall Costs of edu¢&tional provlslon to the Exchequer. local employment of staff and ihe gen¢ration of oV¢Ts¢ ¢arnings. The 5¢dor Hlso provides signifi¢4nt amounts of Publi¢ Benefit in the fom) of bursari¢s and also where ind¢pendeni $¢hools work alon85ide and partner with maintained schools and other local or8aThisation5. The Labour Party are actively con5iderin8 introducing measures that would result in addition81 costs or taxea on the seetor in order to raise mortey for the Ex¢h¢quer. includin8 the payment of Corporation Tax, the loss of Charitable Business Rate Relief and the payment of VAT on fees. In order to mitigate this risk and identify the poiential financial impact such nJeasures would have. th¢ School corttirtues to undertake Its own internal risk modelling. The School recognises that there are some limited measures it can undertake to reduce its cost bas4 or incre&5e its income to Mitigate against the risk of increased ation. The scope for such measures would not fvlly offset the impart of some of ¢h¢ M¢ur¢S b¢in8 prop¢)sed if the School felt unable tc* pass on the costs to fee payers due to the pot2nti81 impact on pupil numbers. In these seeTLari0g the financia] viability of the S¢hool and Its ability to meet current legal and financial commitments would need careful consideration and if necessary appropriate action taken. In order to mitigRte against the cuent la¢k of political 5UPPOrt, th¢ School will contirtu¢ to work with ihe ISC, GSA, IAPS and HMC to articulate clearly th¢ Public Benefjt the School provides and to Édentify further opportunities to demonstrate this to politicians and the publi¢ both lo¢ally and nationa]ly. Di8lt81 rJsk$
Channing House Incorporated, Highgate GOVERNORS, REPORT Ther¢ is a risk ihat wi¢h in¢r¢45iDg r¢lian¢e on digital k¢hnology in all ar¢a5 of th¢ School, insufficient inY¢51m¢nl in iystem integrity, system seeurity and resilience, training or human error makes the School increasingly susceptible to a ¢yb¢r attack. The School considers that such a risk might result in the School operation5 being severely impacted whi¢h in would Jeopllrdlse the School's abS1ity to effectively educate pupi15 and to support the wlder activities of the School. The School manages this risk by continuing to updat¢ and invest in the School'5 information sySt¢ms to ensure that they meet the School'$ needs and to provide enhanced resilienee. The School also continues to educate $thff. puplls and Governors how to use dlgltal technolo8y safely and effectlvely. Th¢ School is also aware that it must continue to ensure that its digithl provision is kept up to date such that the School can maintain ils ¢xcellent Provision of teaching and learning 2nd to further improve the School's etTiciency. The S¢hool 15 CUTTeTltly lrnplemenllng 1¢5 n¢w Digltal Strategy to eTh$thre that Its dl8ital provision Ss ¢onslstent wlih the Sehool's longer tem) strategic objectives. The first step in this process is to ensure that staff, pupils, parent5 and Governors are all given the right skills to optimise their use of the School's digital provision in a 5af¢ Hnd effective manner. Flngn¢lAI Rl$k In addition to the$¢ ri$k& th¢ S¢hotsl must also ¢nsure that the School remains finon¢ially viabl¢. Finan¢l81 s¢abillty is key priorlty for the School. In particular the School must generate sutTLcient cash flow to provide adequ&te resources to ensure a $8f< secure and engogin8 educational environmen( to meet lo£n obli8ations and to continue investin8 in the School's facilities and ¢state. This risk is managed by ensuring sound long tenn plannlng with cl¢ar and hallenglng finan¢ial t4rg¢ls whlch not only wnsld¢r the operallon of the School, but als9 the wlder context In whlch th¢ S¢hool op¢r8te$. Govemor$ with $18nltl¢ani flnancial and buslness experlence provide oversight of the School, finances alongside the Flnance Committee which reviews the detailed finance5 of the School at least t¢rmly drawing on external advlc¢ as requlred. The S¢hool ntInUeS to be vigilant In assessSll8 the Impact of Sdentiflcd risks on the S¢hool>$ flnanc¢$. Thls has included modellln8 various scenari05 as part of th¢ School's financial planning. In particular. measures that the School keeps under consideration In order to mit5gate thi5 T15k include ch4nge$ to the School's provlsion and the associated cost impli¢ations, ¢ost savlngs. redu¢tion$ In s¢affing and d¢f¢rrlng or ¢an¢ellln8 planned programme$ of both Tevenue and ¢apitsl inv¢gtmtnt, The Governors, Report And the Strategi¢ R¢port In¢oTporat¢d withln It were opproved by the board af Governors (In their role as dlrector5) and signed on its behalf by L LeiBh Chair of Governors 16 Novemb¢T 2023 Burs8r and CompAny Secretary 16 November 2023
Channing House Incorporated, Highgate GOVERNORS, RESPONSIBILITIES IN THE PREPARATION OF FINANCtAL STATBMENTS The Governors ore responsible for prep2rin8 the Governors. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Practlcel. Company law requli¢s ih¢ Governors to prepar¢ flnan¢ial statements for each finan¢lal year which giv¢ atrue and falr view of th¢ State of affalrs ¢)f the ¢haritabl¢ company and of th¢ In¢xJmlng resour¢es artd appll¢atlon of resour¢es. including th¢ incorne And expenditUTA of the thbritsble company for that period. In preparing th¢s¢ financi Statements, the Oov¢rnors are required to.. select suitable aecounting policies and then apply them eon$istently' observe the meihods and principles in the Charities SORP. make jud8ments and estimates that are reasonable and prudent; stste whether appllcable UK Accountlng Standard5 h4v¢ been followed, subj¢¢¢ ts any mat¢rio1 d¢pgrtur¢s disc105ed and explalned in the finan¢lal stat¢men¢5,' and prepare lh¢ flnanclal ststemenls on ihe 8oln8 ¢on¢¢rn basls unless St 1$ Inapproprlale to pre$ume that the chHrltable ComnY will continue in business. The Governors are r¢spon$lble for k¢¢plng proper aceountfng reeordi that dilose wSth reL%onable Bccuraey at any timc thc financial posilion of th¢ Charitablc company and enable ¢hem to ensure thai ih¢ finan¢lal slat¢m¢n15 ¢omply with the Companie5 Act 2006. They are also re$ponsibl¢ for $af¢gu8Tding th¢ Sets of the ¢h8ritabl¢ ¢ompany And hence for taking rcasonable sleps ftir the prev¢ntion and detectlon of fraud and other irregularSties. 10
Channing House Incorporated, Highgate Opinion We have audited the financial stateTneTJts of Channing House In¢oTpofdted, Highgats (the 'charitabl¢ company.) for the year end¢d 31 August 2023 which ¢omprise the Statement of Finan¢ial A1VItieS. the Balance SheeL the Sthtement of Cash Flows and notes to the financial staiements. including significant accounting policies. The rinan¢ial reporting framework that hay been applied in their preparation is applicable law and United Kingdom A¢¢ounting Standards. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Ac¢epted A¢couniing Pra¢ti¢e). In OUT opinion th¢ finaneial statem¢nts: give a true and fair view of the stste of the charitable company's affairs a$ at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended,. hav¢ been properly prepared in a¢¢ordanc¢ with United Kingdom Genernlly Accepted Ac¢ountin8 Pra¢tice,' and h&ve been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditin8 (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements sectlon of our report. We Bre independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including th¢ FRC'$ Ethical Stsndard and we have fulfilled our other ethieal responsibili¢ies in ac¢ordan¢¢ with these requirements. We believe that the audit ¢vid¢n¢e we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conelu8lon$ rel8tlng to goln8 concern In auditing the finan¢ial stalemertl$, we have concluded that ihc Govemor8' U9e of ihe goin8 concem basis of accounting in ihe pr¢par41ion of the fin8n¢ial 5tal¢menls is appropriate. Bas¢d on the work we have perfornied, we have not identified any maierial un¢ertainties reloting lo events or conditions that, individually or ¢olle¢livelyk may ¢t Sl8nifi¢gnt doubt on the ¢harilabl¢ company's ubility to continuc as a going ¢on¢¢rn for a period of at least tsv¢lve months from when the financial siatemenis are authorlsed for Issue. Our responsibilities and the responsibllitles of the Governors wlth respect to golng concern are described in the relevant sections of this report. Other Information The other infom)ation comprise$ the inf¢)miation included In the Governors, Report other ihan the fin&nclal statements and our auditor's report thereon. The Governors are resportsible for the other infomation contalned within ihe Govcrnors, Report. Our opinion on the financial statement& does not cover the other inforniation and, except io the extent otherwise explicitly stated in our report, we do not express any form of assurance nclusion thereon. Our responsibility Is to read thc other infomiation and, in doing so, consider whether the other inforn]ation 18 materially in¢ott$isient with the fittattcial statements or our knowledge obtained in the course of the audit or otherwise appears to be mater1211y misstated. If we identify such material inconsistencies or apparent material misstatements, we ar¢ required to detcrniinc whether this gives rise to a material misstatement in the financial stAtements themselv¢s. If. bascd on the work we have perfornied, we conclude that there 15 u material misststernent of this oiher infomiation. we are r¢quired to report that fa¢L We have nothit]g to report in this regard. Oplnions on other matters prescribed by the Companies Ael 2006 In our opinion, based on the work undertaken in the course of the audii: the infom]ation given in the Governors, Report, which itt¢ludes the Directors. Report and the Strategi¢ Report pr¢pared for the purposes of company law, for the financial year for which the financial statements ar¢ prepared is consistent with the financial siatem¢nts: Mnd li
Channing House Incorporated, Highgate The Directors, Report and the Strategi¢ Report in¢luded within the Governors, Report have been prepared irt accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in th¢ Cowse of the audil we have not identified material mi5Statements in the Directors, Report or the Strat¢gi¢ Report in¢luded within ihe Govemors. ReporL We have nothin8 to report in respect of the followin8 matters where the Compgnies Act 21)06 requires us to report to you if. in our opinion: adequate a¢¢ounting records have not been kepl or returns adequate for our audii have not been received from bran¢hes noi visited by us. or the financial 5taietllents are not in agreement with the accounting records and retUrn5' or certain disclosures of tru5tees' remunerdtion specified by law are not made. or we have not received all the inforniation and explanation5 we require for our audit. R¢spon$lbllltles of Governors A5 explained more fully in the Statement of Governor5. responsibilities set out on page l O. the Governor5 (who are also the directors of the charitable company for the PUTP05es of company law) are responsible for the preparation of the financial statements and for being satisfied that they 8ive a true and fair view, and for such internal ¢ontrol a$ the Govemor$ detÈm)ine is necessary to enable the prepar8tion of flnan¢lal statements th are free from material mi8Statemen( whether due lo fraud or error. In preparing the financial Statements, the Governors are responsible for ossessing the ¢haritable company, ability lo continue as a going concern, disc105ing. as applicable, matters related to going concern and using the going ¢on¢ern basis of &¢¢ounling unless the INsle¢s either intend to liquidate the charitable cornp8ny or to cease operations. or hav¢ no realistic al¢emalive bul lo do so. Audltor's re$ponslbllltles for the alldlt of the finAnclal Statements Our objectives are to obtain reasonable a$suran¢e about whether the financial $talement$ as a whole are free from material misstalem¢nt, whether due io fraud or error, and to issuc an auditor's report that includes our opinion. Reasonable assurance is a high level of a$suran¢e, but 1$ not a 8uaranl¢e that art audit conducted In accordance with ISAS {UK) will always detect A material misstalemenl when it exists. Misstaternertts ¢an arise from fr&ud or error and are considered material if, individually or in the aggregate. Ihey Could reasonably be expected to influence the economic decisions of users taken on ¢he basi9 of these finan¢ial statements. The extent to which Iht audit was considered capable of det¢¢ttno irreEularities, irteludin£ frnud Irregularities are instan¢e$ of non-compliartce with laws and r¢gulations. The obj¢ctiv¢s of our 8udit are to obtain sufficient appropTiate audit evidence regarding ¢ompllan¢e with laws and regulations thai hav¢ 8 direct effe¢t on the determinlon of material amounts and disclosures in the finan¢ial stsi¢ments, to p¢rfonn audit procedure5 to help identify instances of non-compliance wlih other laws and regulations that may have a material effect on the f5nancial statements, and to respond appropriately to identified or suspe¢led non-compliance with18w$ 8nd regulations identified during the audit. In relation io fraud, the obje¢tive$ of our audit are to identify and ossess the risk of material misstatement of the financial 5tatemenis due io fraud to obtain sutTicient appropriate audit evidence regarding the assessed risks of material mi55tatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or yuspected haud identified during the audii. However, it 15 the primary responsibility of management, with ihe oversight of those charged with governance, to ensure that th¢ ¢ntity'5 operations are conducted in a¢cordan¢e with th¢ provisions of Ikws and regulations and forthe pr¢vention and detection of fraud. In identifying and assessing risks of material misstatement in r¢spe¢t of irregul8rities, ineludlng fraud. the audit engagement ieam: obtain¢d an understanding of the nature of the $ector. Including thc Icgal 2nd regulatory framework that the charitable company operates in and how ihc charitable company is complying with the legal and r¢8ulatory framework. 12
Channing House Incorporated, Highgate INDEPENDENT AUDITOR'S REPORT TO T14E MEMBERS inquired of management, and those charged with govem&nc4 about their own identification and assessment of the risks of ityegularities. in¢ludin£ any known a¢tual, suspected or alleged instances of discussed matters about non-compliance with laws and regulations and how frdud might occur including assessment of how and where the financial statements may be susceptible lo fiwd. As a result of these pro¢eduru we ¢onsider the most significant laws and regulations that have a direct impacl on the finan¢ial statements are FRS 102. Charities SORP (FRS 102), Companies Act 2006. Charitie5 A¢1 2011 Ènd the charirable compony's goveming document. We perfoTmed audit procedures to detect non-compliance5 which may have a material impact on the finan¢ial Statement5 which included reviewing the financial statements including the Gov¢mors' Report and remaining alert to new or unusual trdnsactions which may not be in accordan¢e with the governing documents. The most signifi¢anl laws and regulktiolls ihat have an indire¢i impact on the financial $tsternenis are The Educaiion (Independeni School Standards) Regulaiion$ 2014, Keeping Children Safe in Education under section 175 of rhe Educaiion Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inqulre of management and those charged with governance whether the charitable company is in Compliance with th¢9¢ laws and regulations and inspecied CotSpOndence with regulEtory Buthorities. The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to rnaterial misstatement due to fraud. Audit procedures perfonned included but were not limited to testing monual joumAI entries and other adjustments, evaluating the business rationale in relation to significont, unusuol transoctions and tr8nso¢1ions ¢nter¢d into outsid¢ lh¢ nonnal cours¢ of business and eh211enging judgments and estimates. A further descriptlon of our regponsibililieg for the audit of the financial $tAtements 1$ lo¢ated on the Financial Reporting Counoll's website at http,'Ilwww.frc.org.uklouditorsresponslbiliiies. Th18 des¢ription fomg part of our auditor's report. Use of our report This report is made solely to the ¢haritsble company's m¢mb¢r8. as a body. in accordance with Chapier 3 of Part 16 of the Comp3nies Act 2006. Our oudit work has been undertaken so that we might state to the charitable ¢ompany's members those matters we are r¢quired to slate to ihem in an audiior's report and for no other purpose. To ihe fullest extent permitted by law. we do not accept or assume responsibiliry lo anyone thher than the charitable company and the charitable company's members as a body, for our audlt work, for this Rport, or for the opinions we have fomed. LLf Ni¢holas Sladden (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP. Staiutory Auditor Chartered Accountants 25 Fatringdon Stre London EC4A 4AB 21 November . 2023 13
Channing House Incorporated, Highgate STATEMENT OF FtNAN IAL ACTIVITIES For the year ended 31 August 2023 Note Unresiriettsl FuBds £'wo Restri¢kd FuTrds 21Jll Unrestricted Fund5 £'oth) Restricted Funds £'OOD 2022 £'o INCOME FROM: Donatlons Charitsble A¢tlvitle$: S¢hool Fees receivable Other in¢ome Investments Investment income Bank interest 24 9J 22.171.6 6n.9 22,171.6 7602 20,877.8 590.1 20.877.8 691.1 107.3 101.0 92 265 8J 1,3 Total In¢om¢ 23.108.0 23.229J 21,473.6 114.6 21,588.2 EXPENDITURE ON: Rglslng fuDd$: Bank loan Interest 153.4 188.6 188.6 153.4 183A 188.6 188.6 Charltabjt attlvltles: School operating costs 19.422.9 109.8 19132.7 17,985.8 97.$ 11.083.3 Total Expendlture 19,576.3 109,8 19h86.1 18,174.4 97.5 18271.9 (Loss) on revaluaiion of Investments- unreali5ed {3.81 1&8 Net Income before IraDSfers 3,531.7 3S39A 3.299.2 3,305.1 10.7 4.8 Transfers between fimds 10 14.81 Net movemtnt In funds 3.542.4 {3.0) 1539.4 3.304.0 3.305.1 Balan¢e$ brought forward at I Sepiember 25,762.7 487.6 162503 22.458.7 486.$ 21945.2 Balances carried forwlrd at 31 Atygust 29JOS.I 484.6 29.789.7 25.762.7 487.6 26JSO.3 14
Channing House Incorporated, Highgate Company No.. 00063121 As at 31 August 2023 NeS 2023 £iooo 2022 £'ooo FIXED ASSBTS: Tongible assets Investments 29,76S3 484.6 30,723.4 487.6 30,249.9 31,211.0 CURRENT ASSETS: Debtor5 Cash at bank and in hand 628.7 14,938.5 441.0 13,384.8 IS,S07.2 13,825.8 CREDITORS.. Amounts fallinR due within one year (&420.8) (8.713.0) NET CURRENT ASSETS 7,146.4 5,112.8 TOTAL ASSETS LESS CURRENT LIABILITIES 37?96.3 36,323.8 CREDITORS: Amounts falllng due after more than one year (7,606.6) (10,073.5) TOTAL NET ASSETS 29,789.7 26.250.3 REPRESENTED BY: RESTRICTED FUNDS 10 484.6 487.6 UNRESTRECTED FLfNDS Retained Income 29Jl%l 25,762.7 TOTAL FLfNDS 29.789.7 26,250.3 Thes¢ flnanclal siatements wer¢ approved by the Board of Govemors and authorised for issue on 16 November 20 ned on its behalf by: 15
Channing House Incorporated, Highgate STATEMENT OF CASH FL For the year ended 31 August 2023 Nthes 2023 £yooo Nt from by optrAtirtg ttivitits CJh flows from Invtstln£ ttlvltleA IA) IBI 4,878.5 IlJ32.41 3,546.2 1530.01 Clsh flows from flinclng ¢tlvltS Ic) 11 J16.91 Iner¢4se IN ¢¥th alld ¢qulvaltA15 IA th¢yEAr Cash and cash eqvival¢nts at I Sepmb¢r 3,016.2 IOJ68.6 13J84 TotAI esh Amd ¢ash tqulvlents At31 AuRw$t 14J38J 13,384.8 IAI-Net¢ish provld¢d by op¢ratlng actlvllles N¢1 In¢oming Rwour#s ( p¢r th¢ of fInala1 NGtivlii¢51 3,539A 3JOS.I Unr¢8lised Loss on revaluaticOr Invesunents Depre¢l4tlon (now 31 994 979.9 B4nk loaTh inter¢51 pwble InvemeThi irt¢orn¢ r¢¢eiv•bl¢ 153A 188.6 19.21 126SJ) 1187.71 IIA422) 18.31 11.7) 1108.61 512A Bink ini¢i¢M r¢¢¢ivobl¢ Iln¢r¢wl ltt d¢bior3 IDeuea8eylnBre•s¢ in crtdilors Nèt t provldod by 011¥ aeilvliloj IBI-Cash Ilows from Rctlvlrf Inv¢$tsnertl In¢ome B•ttk initregt received Bahk108n itereSt paid Pllrch8se of thnglble gets {Inctt£sel in thwe51mBni cash 1143AI 136AI 1188.61 IQ-CAih nowA from NllaDeli8 etiwltl Repaymenrs ofbBnk loan8 IlJ16.91 1330.01 IDI-AnAly$ls of thiTriH d¢bt At I S¢pt 2022 C46h Ilows At31 AUR 2023 Casb And ¢sh equiviltrtts 13,384.8 .$53.7 14,938J BorrowlD85: D¢bt du¢ yrythin on¢y¢arlnot¢ 81 Dcbt dut aft¢ron¢ y¢arlnol¢91¢11 1535.11 47.2 1487.91 16
Channing House Incorporated, Highgate TfNG POLICIE For the ye&r ended 31 August 2023 BASIS OF FINANCIAL STATEMENTS The a¢¢ounts of the School are prep8red in accordance with the Companies Act 2006, and with the Charities Statement of Re¢omm¢nded Pra¢tic¢ ('SORP (FRS102)' effective l January 2019) and Firtan¢ial Reporting Standard 102. The aOurtts are drawn up on the historical a¢counting basi$ except that investments held as fixed assets are CaLed at market value. The School rneets the definition of a public benefrt entity under FRSIO2. The financial ststements prepared in $ierling> which is the functional currency of the Sehool. Monetary amounts in these financial statements are rounded to the nearest thousand pounds. GOING CONCERN The Mature of the S¢hool's activities is such that fee iome represents the majority of th¢ School's income. F¢¢ income is billed ond reeeived one t¢mi in ttdvance. Forecasts are produced thking account of the timing and quantity of fee income, likely expenditur¢ profile. These forecasts are provided to the Govemors. On this basis no material uncertainiies that may cast significant doubl about ihe ability of ihe School to Continue as 8 going concem have b¢en identified by the Govemors. Therefore, the Governors have concluded to prepare the accounts on a going con¢¢rn basis. CRITICAL ACCOUNTING ESTIMATES AND JUDCEMENTS In thc application of the aceouniing policies, where the value of asws ond liabilities are not readily &ppar¢nt from other sourc¢s, accounting estimates and judgements are made based on historic81 exp¢ri¢n¢o and other facwrs, including future ¢xpe¢iatlons, which are considered to b¢ reasonabl¢ in the oircumstances. The estimates and underlying assumptions ¢onceminE thc future arc reviewed on an ongoing bosis. Revisions lo accounting estimAtes are recognised in the period in which the estimate is revised. Accounting esiimates and 8$$umptions, will, by definition, seldom equal the actuAI results. DONATIONS, LEGACIES, GRANTS AND OTHER VOLUTrnARY INCOME Voluniary income is accounted for as and when entitlernent Arises, the amount can be rtliAbly quantified and the economic benefii to the School is Considered probable. Voluntary income for the Sch¢)ol's general purpose is accounted for as unrestricted and is Credited 10 R¢tsin¢d In¢ome. Where the donor or an.appeal has imposed re5triCtion5, voluntary in¢om¢ 15 ¢redited to the rtl¢vAnt re$trict¢d fund. FEES RECEIVABLE AND SIMILAR INCOME Fees receivable Comprlse fees Charged lo pupils net of SGholarship$, Bursaries and allowances. and are accounted for In the year in which the service is provided. Pupils joining the School are requlred to pay a deposit whi¢h is then ?ppli¢d against the pupil's fu)al tenn's fee bill. Ronable assumptions are made regarding the time pupils will remain with the S¢hool in as$es$ing when the deposits held will be applied to offset the pupil's fees for their final term. EXPENDITURE Bxpendilur¢ is accrued as soon as a liability is considered probable. Expenditure attributable to mor¢ than one C05t category in the Statement of Financial Activities is apportioned on the ba515 of the activities staff are involved in. Certain costs are netted off against related income when it is appropriate Éo do 50. The Schogl is not registered for Value Added Tax. All expenditure is therefore included in the expense rat¢gory io which il relates inclusiye of any Value Added Tax. TANGIBLE FIXED ASSETS Land and buildings are catried in the balance sheet ai original cost less accumulated dePrLatIon a$ the 17
Channing House Incorporated, Highgate ACCOUNTtNG POLICIES For the year ended 31 August 2023 Governors Consider that il is not appropriat¢ lo ineurthe expens¢ of obtaining valuations of such ass¢ts. The ¢ost of new buildings is 8dded to fixed assets although repairs. alieralions and improvernents Éhal do not mat¢rially enhan¢e the e¢onomi¢ b¢nefit of the buildings are exp¢ns¢d as incurred. su¢h costs are often subsiantial. Costs incurred in aTrdnging long i¢rm debt to fund rnalerial additions lo lh¢ School's land and buildings are included in flxed asset additions. The insured value of the School's assets is shown in note 5. Fumlturc and teathlng equipment arc ¢xponsed in the period of acquisition. Such ttems will gcncrally cost less than £18,000 per individual item and will include computers. equipment. thmiture and ancillary item5. DEPRECIATION Depreciatlon is calculaled by reference to the w51 of fixed assets using a stsaight line basis at rates considered approprlate havlng regard to the expected live5 of the assets. Depreclailon Is nol provided on freehold land. The annual rdtes of depreciation in use ar¢.. Fltehold buildin89 (including landscaping) Buildings in the course of Construction Plant. Equipment, Fixtures and Fittings Motor Vchicles IWo- 33.3•h 25Vo Governor5 have considered the impaimient of those freehold buildings with an estirnated useful lift of over 50 yeaJB and are satisfied, having considered both Tealisable value and value in use, that the buildings have not been materially impaired. INVESTMENTS Investments are initially recognised at cost. They are held os fixed assets lo provide an investment return and ar¢ Stated in the banCe sheet at their open market value as al the balance sheet dale. Any resulting unrealised gain or loss is iaken to the fund lo which it r¢lates. FUNDS Th¢ fvnds of ihe School are $egre8aled between: Regtricted Fund$ Scholarship, Prlze and Bursary Funds The School recelve8 some of ils income primarily for the provision of Scholarships, Bursllri¢5 and Prizes. This income is credited dlrecrly to the rel¢vant fund account. All expenditure in relation to this income ig charged directly to the relevant nd a¢counl. School Development Fund Incorporated within the School Development Fund is "The Capltal Challenge" fundralsin8 programme. This programme was launched in 2013 to raise rtdS to bulld a new Sports Hall and Sixth Fomi Centre and a New Perfomiing Arts Facility. The School Is no longer actively promoting fundraising for the Capitsl Chèllenge, though d¢)n&ti¢)n5 Continue to be received and cr¢diied to this fund. In addition, fijnds raised towards the Junior School redevelopmeni are also credited to this fund. Funds credited to this fund are transfetTed to Unrestricted Funds when the restriction placed on the income r¢¢eived has bcen discharged. Thc restriction placed on the funds received in respect of both The Capital Challenge fi]ndraising programme and in respect of the Junior S¢hool redevelopment have been dischorged as the expenditure has been incurred and capitalised within fixed asscts. The funds received in respect of both The Capital Challenge and Junior School redevelopment have therefore been transfetTed to Unrestricted Funds. Channin8 AlUmte 18.
Channing House Incorporated, Highgate LICIE For the year ended 31 August 2023 The Channing Alumnae Fund is a restricted fund of the School for the pujpose of promoting School a]umnae. The lld 15 Used to promote communication between the School and alumnae and also amongst alumnae. A number of reunion event5 are also held throughout the year. The Channing Alumnae fund 15 managed by the Alumnae committee. Charffting Association The Channing Association is a restricted nd of the School for the purpose of fostering 5UPPQrt from the wider Channing community including CUent and fomer parentg and friends of the School. The Channing Association organises social events for both parents and pupils and algo helps support a number of School events during the year. The Asso¢iation also undertakes OCcl0nal fundraising for the School, but this is incidental to its core purpose. The Channing Association has its own committee structure, which de*miines both its activities and expenditure for the year. Unrestricted Funds Retained Income The S¢hool seeks to maintain undesignated unrestricied funds al a lev¢l approprialc io meet the School's ongoing working capital requirements. FINANCIAL INSTRUMENTS The School only hag financial asgets and flnan¢ial Ilabiliti¢s of a kind ihat qualify as baslc finthclal instrument$. As such, financial InstNmeni$ are Initially re¢ognised ai transaction value and subsequently measured and held at amortlsed cost Uging ihe effective interest rare method. Finan¢ial asset$ ¢ompri9e cash at bank and In hand togeiher wlih debtors less pr¢paym¢ni8 and are re¢ognised when the Sch¢)ol becomcs ¢ontractually entltled to recelvc cash or other financial asstis from a third party. Finaneial liabilities comprise ereditors falling due both within and after one year excludlng deferred income and other tax and social security IiAbilities and are recognised when thè School incurs a legal or constructive obligation to deliver ¢ash or another financial asset to a third party. All flnane521 instruments are held for the sole purpose of managing thé ¢ash flow of the S¢hool on a day-to-day basis or aris¢ from norn]al operating a¢tiviti¢$. PENSION COSTS Retirement benefits for rnost tea¢her9 of the School are provided by the T¢hers, Pension Scheme (TPS). Th¢ TPS 15 a multi employer defined benefit pension s¢heme. li is not possibl¢ lo idenrify the School's $hare of the underlying assets and liabilitie5 of the Schelne. Accordingly. as required by FRS102, Ihe School has accounted for its ¢otttribulions to the Scheme as If It were a defined contribution scheme, The School also Operates defined ¢ontribu¢ion schemes for other statT. Contributions to these s¢hemes arè ch8rged to the Statement of Financial Activi¢les in the year In which they are incurred. OPERATING LEASES Rental payments on operating lease5 are charged to the Statement of Financlal Actlvities on a straishl-line basis over the life of the lease. 19
Channing House Incorporated, Highgate TE THE FINTAN IAL TATEMENT For the year ended 31 August 2023 I CHAIUTABLE ACTIVITIES- SCHOOL FEES RECEIVABLE Fees receivable are stated net of Scholarships and Bursaries awarded and allowances given. Scholarship& Bursari¢s and allowan¢¢s totslled £1.742.418 (2022.. £1.555.782). CHARITABLE ACTIVITIES- OTHER fNCOME 2023 £*ooo 2022 £'ooo Edu¢ational visits and other recoverable items Registratlon fees and fees in lieu of notlce Other incorne Profit on sale of motor vehicle 491.9 179A 108.9 447.8 131.8 110.0 780.2 691.1 TOTAL EXPENDITURE Staff costs (note 4) £'ooo Depreciaiion Other costs £'ooo 2023 Total £?000 2022 Toial £'ooo £'ooo Rai8ln8 funds: Bonk Loan interest 153,4 153.4 188.6 Tot81 Cost of Ral$lng Fund$ 153.4 153.4 188.6 Charltable aetlvllle$: School operatlng costs.. Tea¢hin8 Welfare and Calerins Premises and occupancy Property repair and maintenance Administrdtion and support Governance Grants, awards and prizes 10.182.1 690.3 274.1 2.181.8 592.9 1.425.3 12J63.9 1283.2 2,693.9 1,121.1 11.569.0 1.062.3 2,445.7 1277.3 994.5 1256.4 722.3 36.9 10.3 .978.7 81.6 10.3 1,645.8 74.6 Total Charltable expendlture 12,447.6 994.5 6,090.6 19532.7 18.083.3 TOTAL EXPENDITURE 12,447.6 994.5 6244.0 19,686.1 18271.9 2022.. 11,491.6 979.9 5.800.4 20
Channing House Incorporated, Highgate NOTES TO NC For th¢ year end¢d 31 August 2023 3 TOTAL EXPENDITURE (Continued) 2023 £'ooo 2022 £'ooo Charitable exp¢ndikn includes: Operating lease rentals Auditor's r¢muneration', For audit servi¢¢s- RSM UK Audit LLP (¢x¢lusive of VAT) 87.0 126.3 28J 25.6 For payroll $ervices- RSM Employer Setvices Limlted 15.4 For ri$k assurance service- RSM UK Risk Assurance Services LLP 4 STAFF COSTS Th¢ aggregate staff costs (note 3) were as follows.. Wage$ and salarits$ Social Security COStS P¢n$ion ¢ontribution$ 9,777.9 1,022.1 1,647.6 8,989.0 963.8 1,538.8 12,447.6 11,491.6 Included in wage5 and s&lari¢s are terniination payments lotslllng £NIL (2022: £70,244). The average monthly number of employees durlng the year was made up as follows., 21)23 2022 Part Tlrn¢ Full Time Part Time Full TSme Teaching Techni¢ol and support Catering Maintenance and ¢aretaking AdmInislIve 88 38 79 42 Is 13 13 18 131 S7 123 59 Equivalent io appmximately 29 (2023.'30) number of full time emplOys. In addition to the above, the School also rnade payments to 31 peripatetic rnUSi¢ tea¢hers {2022:29). 21
Channing House Incorporated, Highgate NOTES TO THE FNANCIAL S For the year ended 31 August 2023 STAFF COSTS (continued) The number of ernployees whose emoluments (excludes employer's pension contribution) exce¢d¢d £60,000 was.. 2023 30 2022 21 £60.001-£70.0 £70.001- £80.000 £80,001- £90,000 £90,001- £100,000 £ioo,001 £iio.000 £160.001- £170,000 £170,001- £180,000 £180,001- £190,000 £190,001- £200,000 Contributions of £633,566 (2022.. £469,974) were mad¢ to the Teachers, Pension Scheme, which is a defined benefits scheme. for 38 (2022: 28) higher paid employees. Contrlbutlons of £36.747 (2022.. £7,815) were also made to defined contrlbuiion schemes for 5 (2022.. 1) higher pald employees. Aggre8aie employee-benefits of key manogement personnel £4S9.iOS £440,748 (including employer pension and national insurance contributions) TANGIBLE FIXED ASSETS Fr¢¢hold land and buildin8S Planl Eqyipm¢n< rixiures ond rittinRs £'ooo 2.576.Q Motor Vehlcles Total Cost.. I S¢ptember 2022 £'o 34,154.4 £'ooo 84.2 £'ooo 36014.6 AdditI¢S 36.4 36A 31 Au8liSt 2023 DepTe¢lation'. I S¢piember 2022 Ch&rBEd in thc year 3.920.8 731.3 1101.5 254.4 091.2 994.5 31 August 2023 4,652.1 2,355.9 7,08$.7 Net book valu¢: 31 August 2023 29,5023 220.1 419 29,76S3 I Sept¢mb¢r 2022 30,233.6 474.3 15.3 30,723.4 22
Channing House Incorporated, Highgate NOTES TO THE FNANCIAL STATEMENTS For the year ended 31 August 2023 TANGIBLE FIXED ASSETS (Continued) Freehold land and buildings incILe an estlmate by the Governors of the original cost of the land and buildings at £36.000 (2022.. £56,000) of which £18,000 is estimated to be the original cost of the land. Th¢ School's buildings (excluding the value of freehold land) have been valued at £19,000.000 for insurance purposes. The Governors believe that the value of the School's lan(L ¢omprising just under 3 h¢¢tares in North London, is very significantly in excess of its original cost. INVESTMENTS 2023 £'ooo 2022 £'ooo Market valu¢ ai I September Addliions 487.6 486.5 OA 12.3 R¢valuatlons {3A) Mk¢t va]u¢ 31 Au8llSt 487.6 Histori1 st of Inve51menis 246,9 IThv¢5tsn¢nts ¢ompris¢ th¢ followin4,' Listed on Stock Exchange Cosh d¢p051ts 267.9 271.7 216,7 215.9 484.6 487.6 The School had Inv¢5¢ment holdin8s of8r¢at¢r J% of overall matk¢t valu¢ in the followini: Chgxiii¢S Offt¢lal Investment Fur J.P. Mor8an UK Strat¢8ic Equity Income Fund M&G Equitlcs Invcstmcnt Fund for ChDrItlo$ 206.0 210.1 31.4 30.5 23J 24.6 DBBTORS Fees receivable Other debtors Prepayments and awrued income 9J 61.5 14.5 14.9 604.5 365.0 62&7 441.0 *JR¢l4d¢dln oth¢rdebtori Is£lJ08 Q022.. £7.880J J&llin8due irtmore ihan onejwr 23
Channing House Incorporated, Highgate NOTES TO THE FtNANCIAL STATE For the year ended 31 August 2023 CREDITORS: Amounts falling due within one year 2023 £'ooo 2022 £'ooo Advanced Fe rxeiv¢d l year in advan¢e15eeNote 9lal) Other Fees received in advance 4,877.7 1,17&4 487.9 4.792.5 1.075.6 535.1 Bank Loans repayoble withln l year {see Note 9 Ic)) Other taxes and Natjonal Insurance eontrlbutlons Trade Creditors Other creditors 261.4 269.5 573.2 19&3 358.5 186.0 Thps Accruals 11&8 730.1 1,411.2 8A20.8 8.713.0 CREDITORS: Amounts falllng due after more than one year Advanced fees (5¢¢ Note 9IE4)) Flnel temi deposits (see Not¢ 91b>) Bank loans (see Not¢ 9(¢1) 2,000.9 2,742.6 2,863.1 3.499.7 2.441.0 4,132.8 7,606.6 10,073.J 9 (a) Advanced fees Parents are offered ihe opportunity to pay iuliion fces in advance, Certain parents have tsken adv8ntage of this offer and have entered into an arrangement with the School to pay tuiilon fees In advance. Advance Fce payments are paid direct to the School and may be reiumed, subject io gpccific condiiions, on the receipt of one terni's notice. Assuming pupils will remain with the School the &mounr$ held In respect of fe¢s fallin8 due in more than one year will be applied to offset tuition fees as follows: Fees du¢ In ]- 2 years Fees due in 2- 5 yeaT$ 1,922.2 78.7 3.279.8 219.9 2000.9 3,499.7 Fee5 due within l year Is¢e Note 8) 4I77.7 4,792.5 617&6 8.292.2 The movements duTing th¢year were as follows:. Balance 8t I September Amounts received (net of rends) during the year Amounts utllised in payment of fees 8292J 8,990.5 3a78.9 3,602.1 (I792.S) 14,300.4) Balance at 31 August 24
Channing House Incorporated, Highgate THE FINAN IAL For the year ended 31 August 2023 9 (b) Flnal Term Deposits All new pupils are required to pay a deposit which is then applied against th¢ pupil's final iemi's fee bill. Applying reasonable assumptions regarding the time pupils will remain with the School the deposits held will be appli to offset fees for their final terni as follows: . 2023 £'ooo 2022 £'ooo 356.0 609.1 1,475.9 Deposiis due to be refJnded in 1- 2 years Deposiis due to be refi]nded in 2- 5 years Deposits due to be refunded in more than 5 years 682.0 I,S75.8 2,742.6 2.441.0 9(c) Bank Loans Bank Loans are repayable os follows as follows.. . Repwments within ]- 2 years Repwm¢nts wlthln 2- 5 years ReprneTrts in more than 5 years 381.6 557.2 1.419.3 2.156.3 1,241.1 J,240.4 2,863.1 487.9 4,132.8 535.1 Rep8ym¢nts withln l y¢ar {se¢ Not¢ 8) 3,3SJ.O 4.667.9 As at the 31 Au8USt 2023 the School has drawn down bank loan fa¢ilities lotalling £7.5m lo part fund the construction of the new Sports Hall and Sixih Forni Centre, and the Perfomiin8 Arts Building. These fa¢ilities are secured on the School's freehold land and buildings. Of the £7.5m loan f8cilitieg drawn down.. £lm wa$ ¢onverted to a fixed lerni 108n repayable over 10 years commenclng on 29 Au8USt 2014 at an interes¢ rate fixed at 4.47Vo p.a. for the durdtion of the loan. £2m was ¢onverted to a fixed tem loan repayablc over I S years comrnenclng on l December 2015 at an interest rate fixed at 4.73Vo p.a. for the duration of the loan. £l.Im was converted to a fixed terni loan repayable over 15 years eommen¢lng on 29 August 2015 at a variable interest rnte of 2./0 p.a. above ihe Base Raic. This loan was subsequently. on 16 October 2016. converted to a fixed terni loan repayable over 14 years at an intcrest rate fixed at 3.4% p.a. for the duration of the loan. £2.4m wa$ drawn down on 20 December 2017 as a fixed terni lo repayable over 15 years at an interest rate fixed at 3.640/0 p.a, for the duration of the loan. £lm was thzwn down on 30 June 2020 as a fixed temi loan repayable over 12 years and 7 months at a variable interest rate of 2% over Base Rate for ihe dUrlon of the loan. This loan was rapid on 12 December2022. 25
Channing House Incorporated, Highgate NOTES TO THE FtNANCIAL STATEMENTS For the year ended 31 August 2023 10 RESTRicfBD FifNDS BÈlance 31 Au8U5t Incoming Resources resources expended Tronsfers Loss on BalAnc4 31 reVUation of August Inv¢stm¢nts 2023 £'ODO £ooo 2022 £'ooo £'ooo £'ODO £'ooo Scholarship. Pdze d Bursary Funds School Development Fund Channing Alumnae Channing A$so¢iation 429.0 11.3 (15.1) (3.8) 421.4 (2.7). 24.5 34.1 9.4 97,9 {4.71 (90.01 29.2 (8.0) 34.0 487.6 121.3 1109.8) (10.7) (3.8) 484.6 This trartsf¢r relates lo donations received for the purpose of developing the Sports Hall, Sixth Form Centr< Musi¢ and Perfomling Arts facilities ai ¢he Senior School and th¢ Junior School redevelopm¢nt. The restriction pla¢¢d on the in¢ome re¢eived has been discharged in that expendirnre has been incurred and capilalised within fixed assets. Consequently, the funds were transferred to unrestricted funds. A description of each re8tricted fund and its use can found on page 6, FUNDS- ALLOCATION OF NET ASSETS TAn8lble fixcd ass¢ts Inv¢$tm¢nts Nei tUt Aysels Credilor$ rallin8 due aft¢rmor¢ ihan l y¢ar 2023 Total £'ooo £'ooo £'ooo £'ooo £pooo Re$tri¢t¢d Ibjnds. 484.6 484.6 Unrestrlcted fiJnd5 29.765.3 7.146.4 {7.606.6) 29,305.1 29,765.3 484.6 7,14&4 {7,606.6) 29,789.7 2022 Tofal 487.7 Restricted funds 487.7 Unr¢stricted fundi 30,723.4 3.112.8 10.073.5 25,762.7 30,723.4 487.7 5.112.8 10.073,5 26,250.3 lncluded in Restrirted Funds aTe cumul*iv¢ unreillsed 8alns of£237.626 (2022.. £241.430). 26
Channing House Incorporated, Highgate TES TO THE FINANCIAL STATEMEN For the year ended 31 August 2023 12 SHARE CAPITAL The ¢ompany is limited by guarantee and has no share capitsl. members having a liability not exceeding £5 ¢a¢h. 13 PENSION COMMITMENTS . Te¢r$ Trachers are members of the Teachers, Penslon Scheme England and Waks (TPS). Thls stheme is a multi-employer, statutOry* contributory, defined benefit gcheme, governed by ihe Teachers, Pensions Scheme Regulations 2014. Membership is autornatic for fijll-time tea¢hers and, from l January 2007, automatic for teachers In part-iimo ¢mployment following appointment or a change of contra¢t. Trachers are able to opr out of ihe TPS. The TPS is An unfiinded scheme and mernb¢rs contribute on a 'pay as you go, basss - Ihege ¢ontributlons along with those made by employ¢rs are ¢redlted io the Exchequer. Retirement and other pension benefits are paid by publlc ndS provlded by Parliamcnt. AS the TPS is a mulii-employér pension schem¢, the School Is unable to Identlfy its share of the und¢rlying assels and li8biliti¢s of the scheme. Accordingly, the School ha8 taken advantage of the exemption in FRS 102 and has acGounted for ils contributions fo the 5¢heme as if it were a d¢fined.contribution p18n. The School ha$ s¢t out wlrhin this no(e the schem¢ inforniation availabl¢ and th¢ implications for the S¢hool in temis of the anticipated contribuiion raies. Not less than evtry four years the Govemment Actuary, using n¢)rnial actuarial principles. conducts a fomi&l actuarial review of the TPS in accordan¢e with the Public Servi¢e Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of fijture ¢oniribution8. Actuarlal 9¢herne valuations are dependent on assumptions about the value of future costs. de5iyn of benefits and many other factors. Tho latest actuarial valuation of the TPS was ¢affied out a$ at 31 Mar¢h 2016. The valuation report was published by the D¢partTnent for Education April 2019, The Yaluation report¢d totsl scheme liabilities (pension5 currently in payment and the esiimated cost of fviur¢ ben¢fits) for service to the effective date of £218 billion. and notional assets (c5timated lure contributions together with the notional investments held at the valuation date) of £198 blllion giving a norional past service deficit of £22 billion. As a result of the Yaluation. new employ¢r contribution rates were set at 23.680/0 of pensionable pay (in¢luding a 0.080h employer administration charge) from September 2019 onwards. This compares to 16.48% previously. During the year the employee contribuiion rate ranged between 7.4% and 11.71hl depending on a member's Salary. A copy of the valuation report and supporting documentaiion is on the Teachers, Pensions The pension charge includes employer contributions payable to the s¢herne, which amounted to £1.368,907 {2022'. £1.308.073)- As at 31 August 2023 there were outstanding eontributions payable to the scheme of £165,280 (2022: £155,834) included ID other ¢reditors. The contriblltiong of the School represent a minor proportion ofthe payments into the soheme. 27
Channing House Incorporated, Highgate NOTES TO THE FINANCIAL STATEMENTS For the year ended 3 l August 2023 b) Other staff The School also operates defined contribution sehemes for other staff. The 89gets of these schemes Bre held separately from those of the Schty)l in funds administered by insurance ¢ompenieg. The pension Cost charge represent$ ¢ontributions payable in respect of these schemes and amount to £278.660 (2022: £230.713}. £25.183 (2022.. £20.162) in¢luded in other creditors was payable to these schemes at the year end. 14 COMMITMENTS As al 31 August th¢ School had the following capital commitsnents.. 2023 £Jooo 2022 £'ooo Authorised and contracted for NIL NIL 15 OPERATfNG LEASE ARIL4NGEMENTS As at 31 Au8USt the School had mlnlmum lease paymenis under non-cancellable operating leas¢$, In aggregate, as follows., - Buildings £'ooo Equipm¢nt £'ooo 1023 £•ooo 2022 £'ooo Amounts payable:. Within one yeor Within 2-5 years 27,3 102.4 93,1 102.4 129.7 132.5 93.1 2022.. 16 RELATBD PARTY TrANSACTIONS There We no transactions with rel&ted partics during the year to 31 August 2023 or durin8 the year to 31 August 2022 and there were no balances oul$landin£ at the prcvioug or cuttcnt yeaTrend. No member of th¢ Associalion or Board of Governors re¢eived any r¢muneration or other benefits from the School. Five (2022.. three) Govemors were reimbursed travelling and incidental expenses totalling £1,352 (2022: £1,270). The insurance premium paid by the School includes an element of cover for 'directors' (GovernDrs). 28