Registèred number., 01136229 Chavlty numb•r: 32S018 BERKHAMPSTEAD SCHOOL {CHELTENHAM) TRUST LIMITED IA company limlted by guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 BERKHAMPSTEAD SCHOOL {CHELTENHAMI TRUST LIMITED {A company Ilmlted by guarantee) CONTENTS Page R&foTenc• and admlnlstratlv• detsils of tho Comp•nyi Gov•rnors' report Ind•pend•nt audltorfs r•port on the flnanclal ¥t*t•m•nts Con•olldat•d statsment of Iln•nclil J¢tivltl•s Con•olldatod bal•nc• sh••t Company bolan¢• *h••t Contyollda￿d •tst•m•nt of ca•h flow• Not￿ to the flnanclal 8tst•m•nts its Govornor8 and ad¥ls•rs 8-12 13 14 16 17-38 BERKHAMPSTEAD SCHOOL ICHELTENHAM) TRUST LIMITED IA ccmnpany Ilmltsd by guarant881 REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Governors Mrs Catherine Jane Kent, Chair I￿519ned 21 June 202111.2 Dr J Wand (resigned 22 June 20211 Mr A Llllywhite (resigned 21 June 202111,2 Mr N E Southwell Mr¥ C Woodhead (resigned 21 June 20211 Mrs S E Williams (resigned 21 June 20211 Mrs K Sheamian Iresigned 21 June 202111 Mr8 L C Rayner Ire91gned 15 March 20211 Mr M A Kirby lappointed 4 August 2021) Mr C M Collier lappointed 18 November 2021 Mr C B Martj'n lappoinled 16 November 20211 Mr J E Walton lappolnted 16 November 20211 Mrs G Agg lappointed 1 January 20221 Mrs D M COK lappointed 22 March 2022) Mr D Freer lappolnled 22 March 20221 Mr8 Z J Meredlth-srnyth lappolnted 22 March 20221 Mr P Connaughlon lappoinled 17 May 20221 Mr S Ackl4nd lappoinled 17 May 2022) denotes membershlp of Finance and General Purpo$e8 Committee 2 denotes membershlp ol Health and S81ely Commrttee Company r•glJtornd numb•r 01136229 Charlty r•glitered number 325018 Reglstèrod offl¢e •nd prlnclpal addre$• Berkharnpslead School Plttvllle Circu5 Road Chellenham Glouce81er8hire GL52 2QA Bur••r •nd Company s•cretary Mr 8 Edwards Hwdma•ter Mr R Cro$$ Ind•pend•nt audltor Crowe U.K. LLP Black Country House Round5 Green Road Oldbury West Mldlands 869 20G Bankers Lloyds eank PIC 130 High st￿et Chellenham GL50 1EW Page 1 BERKHAMPSTEAD SCHOOL {CHELTEMHAM) TRUST UMITED IA company Ilrnltod by guarantè•l REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNOR8 AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Sollcltor¥ Sherbomes Soliatorn 4 Royal Crescent Challenham GLSO 30A Pag• 2 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmltsd by guarantstl GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The Govemor5 present their annual report together ￿th the oudiled fln3ncial statements of the group and the company for the year ended 31 August 2021. The Governors confirrn that the Annual Report and finandal stslemenls ol the company comply wth the current statutory requirements, Ihe requirements of the company'5 governing document and the prov15Ion$ of the Statement ol Recommended Practice ISORPI, applicable to charitseg preparing their accounts in accordance wth the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 102) leffecllve 1 January 20151 aB amended by Update Bulletin 1 (effective 1 January 20151. STATUS ANO ADMINISTRATION Berkhampslead School Ichellenhaml Trust Limited19 a cha￿tY ￿thIn the meaning of the Charities Act 2011 and has been entered on tho Central Register ol Charities (number 3250181. 1115 Incorporated under the Companies Act 2006 (number 011362291 as a Company limited by guarantee and not havlng share capital. It 15 governed by It¥ Memorandum 8nd Articles of As¥o¢ialion and w88 incorporated on 26 September 1973. CHARITABLE OBJECTS The objects for which the charity is established are lo promote and provlde for the advancement ol education and in connectlon Iherewlh lo conduct. cary on, acquire and develop in the United Kingdom any boarding or day School for the educalon of children. PRINCIPAL ACTIVITY The principal activity ol tha School continues to be the provision of a V•YII-rounded educotion lo both boy8 and girts up lo the 8ge 0111. ORGANISATIONAL 3TRUCTURE The Tru81 is managed by the Board of Govemors. Meets'ngs are held frequenlty throughout th8 year. The day lo day running of the Trusl'g activities is undertaken by the Headmaster, Wlth the a55iStance of the administrative staff. The Bur8gr co-ordinates the financial and admlnl3lr&live work of the School and manages any bullding and malnlenance work in conjunction ￿￿th the Eslal&s PAanager. Delegated tasks include those of a Cèlering Manager who Is employed by PalmeT & Howells Catering and run• the kil¢hen on o conlr8Ct basis. Remunorats'on 15 8el by the Board of Govemor8, w￿h the pollcy of ensuring appropriate 5alarie$ lo encourage enhanced performance and, in a fair and responslble m8nneT, rewarding for individual conlributs'ons lo the School'¥ success. GOVERNORS The Chair of Govemorglg Mr M8rtSn Kirty, hag a long-slandlng relalionshlp wlh Bèrkhampslead School by way of ex parent and fomier Chair of the Finance and General Purposes Committee. MTS Louise Rayner resigned during the year. The Goveming Body conllnue to strongly support the Schoc4, alihough the attendance of 'Governors' days" had been a Challenge owng lo the pandemic. Govemors attend courses and seminars to engure that they are fully informed WTth regard lo Govemance and work dosely wih the Senior management and le8chSng staff supporting and challenging their work at all lime¥. The Full 8oard 18 infomied and supported by three main Commillees,. Compliance, Finance and General Purposes and Educatson, who meet at least once 8 term. Named Governors are allocated responsibilrty for monitoring Health and Safety and Safeguarding. Three of the Full Board meetings look place remotely by Microsoft Teams and one Full Board Meeting look place at the School. The Go¥emors are aware of the new Charity Govem8nce Code issued in July 2017. A review will be undertaken of the guidance in order to ensure that the School is worknng in line wth the code, in all ways where rt is pracb'cal to do so. Page 3 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guarnntsel GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 AUGUST 2021 GROUP STRUCTURE The School has one wholly owned non-charilable subsidiary. 8erkhampstead School {D8y Care Nursery) Limited. The trading activities of the subsidiary Consist of the provision of a day nursery. Annual profits ¥MII be donated lo the School under the Gift Aid Scheme %there appiopriate. Transactions between these enlilieg are detailed wthin Note 16. BOARD POLICY AND PUBLIC BENEFIT AIMS The board policy continues lo put excellence in both leaching and learning as the prime strategic objective. We Consider Ihat this ig brought about by providing an environment where every chilij is known and cared for Sn happy and fun surroundings. Effort and achievement In all areas are encouraged and recognised. Governors appreciate the importance of the very high standard of pa51oral care that Berkhampstead continues to provide so that the children are supported in every way throughout their lime in the school. Berkhampstead is a 'feeder school" for a variety of secondary schools both in the maintained sector 8nd independent Schools. The teachers provide advice and guidance so that the pupils are able lo transfer confidently to the school of thebr choice. Several pupils gain places al local grammar schools and others achieve awards al independent schoo15. There IB a large variety of after school clubs and a¢livilie8 $0 Ihal the children can develop indivldually in areas outside the main curriculum. Throughout the $eh19, 8onflre night and the Summer Fayre had lo be cancelled. FUTURE PLANS Investment wll tske place In outdoor development forthe Day Nursery, Plans include activities and an area cOVe￿d by a canopy to enable more free flow insideloulside play even in inclement wealheT', The creab'on of a new access point between the Day Nursery and the ￿"ndergarten wll help collaboration bethen the fvKJ departments., The boys changing rooms In the Prep School wll be replaced. The GymlHall in Prep will be replaced wth a more modern building to accommodate drarna and music perfomiances. Page 5 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlt•d by guaranteel GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 RESERVES POLICY The Governors airn to build up the free reserves ol the Trust lo ensure that these are sufficient lo cov&r recurring expenditure in Ihe short temi lo allow for P055ible loss or delays in re8pe¢l of income. In common with m051 Independent schools BeTkhampsle8d ha8 negative free reserves. At 31 August 2021, the total unrestricted reserve was £2,156.357 ￿t￿ fixed a55ets valued al £2,644,295 resulting in negative free re5erve5 of E487,938. In recent year5 the Govemors have invested significant sums in improvements to the School facilities which have attracted pupil number8, Improvements have been funded by long term loans secured on the Ireehold property. Al 31 August 2021, £274,953 was due in over 5 years, lime. RISK MANAGEMENT All commillees are charged with the need lo review risk and to check school policies that affect them specific811y. Ail committee-level risk registers inform the Board Risk Register which is an agenda item al all board meetings. The Govemor wth responslbilily for Health and Safety has continued to meet wlh the Bursar and Eslateg Team each term and report lo the Goveming body. A Governor had been nomlnaled to oversee the arrangements put in place lo fa¢ililale pupils returning lo School during and beyond the lockdown. Financial performance is compared lo budgets. ￿lch are prepared on an annual b8318, lor each of the three terms in the year and far the yegr Bs 8 whole. The Finance Committee meet5 regularfy lo di8CUS3 financial performance and fulure funding requlromenls. Ouring the lockdown, the Finance Commlttee mel fortnighlly lo closely monitor and discuss School finance5. The Chairman of Governors meets the He8drnagler regularly and also the Bur88r when possible. The Compliance Committee, Finance and General-Purpose8 and Ihe Education Cornmittee report lo the Full Board. Th1$ structure ha8 proved effective In en8bling the Governors to meet their obligatlons. Reports from external 3gencles providing expertise in areas such a8 water, fire safety and asbestos m8nagernenl continue lo be gought, acted upon and signed off. PRINCIPAL RISKS AND UNCERTAINTIES The 3 Principle Board Ri8ks are the impact of Brexit and other economic factors such as anelher national lockdown as8ocial8d wth the Coronavirus pandemic that might adveryely affect the economy. gtsff retention in key posibon8 and the ￿ntinued membeiship of the Teathers, Penslon Scheme assoclated the revaluation that wll take effect from September 2024 GOING CONCERN Governors have a5se5sed the financlal poslb.on of the School and 119 subsidiary and whilst there Bre Significant financial pressures on the independent education Sector agsociBled vllh the Impact ol the pandemi¢, Brgxlt. energy prices, the cri513 in ihe Ukraine as well as increa8e8 lo the national living wage pupll and child numbérs have increased beyond expectations and the level ol Inleregt in the School conlnues lo impress. The Nursery continues lo have a wailing list for a number of roorns and thi¥ trend 3hould continue inlo the future. COVID-19 ICORONAVIRUSI UPDATE The outbreak which resulted In a Second national lockdown from 5th November 2020 bul schools remalned open. Consequently, thi5 lockdown had a very small impact lo th¢ School. However, Ihg third national lockdown which Started on 4th January 2021 had a much greater impact. The School conlinued lo operate throughout the lockdown to look after children of key worker staff calegorised by the Government. Remote leaming had been prepared and the scho￿ delivered education wa online platforms. The Day NLsrsery conts'nued lo operate and 8ccommodated all children during the thir¢J national lockdown period. Fortunately, all pupils relumed to the School on 8th March 2021 as the lockdown restrictions eased. A ri8k of another lockdown always remains a possibility but national measures have been taken lo reduce the impact of this iisk. It is hoped that the continued roll out of the vacrAnes Mll help to address this risk. Page 6 BERKHAP41PSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guaranto9) GOVERNORS, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 STATEMENT OF GOVERNORS. RESPONSIBILITIES The Governors {vtho are also directors of 8erkhampslead School IChellenham} Trust Limited for the purposes of company lawl are responsible lor preparing the Gov&mors' Report and the financial slalements in accordance th applicable law and United Kingdom Acc¢unts'ng Siandards (United Kingdom Generally A¢cepled Accounting Practice). Company law requires the Govemors to prepare financial statements for each flnancial year. Under company law the Governors musl not apprtsve the financial statements unless they are satisfied that they give 8 true and fair view ol the stale ol affalrs of the charrtable company 8nd the group and of the incoming resources 8nd application of resources, Induding the income and expenditure of the charitable group for that period. In preparing these finandal slalements, the governors are required lo.. select suitable accounting policies and then apply them consIsten￿Y', observe the methods and principles in the Charitie5 SORP,, make judgemenlg and e81imales that are reasonable and prudEnt', 8tale whether appllcable UK Accounting Standard5 IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalemenls, prepare the financial statements on the golng concem ba318 unles3111s Inapproprlate to presume thal the ch8rltsble group wll conllnue in operation. The Governors are responsible for keeping adequate accounting records that are sufficlenl lo 3how and explain the chBritsble company and the group's Iran$3cllons, disclose wlh reasonable accuracy at any lime the financial pO9￿10n of the charitable group and enable them to ensure that the financial glalemenlg comply wlh the Companle8 Act 2008. They are also reBpon61ble for safeguarding the assets of the charitsble company and the group and hence lor taking reasonabl& slep$ for the prevenlion and detection of fraud and other irregularilles. DISCLOSURE OF INFORMATION TO AUDITOR Each cf the pgr¥ons who are Governors al the ts'me when this Governor¥, report is approved has confirmed that.. so for 99 that Govemor 19 aware, there 1$ no relevant audit Information of whlch the charttst4e Group's auditor 18 unaware, and that Govemor has taken all the steps that ought lo have been taken as a Governor in order to be aware of any relevant audit inforTnatlon and lo establish that the charitable Group's auditor is aware ol that information. AUDITOR The auditor. CTowe U.K. LLP. has Indicated his wllingnes5 to continue in office. The designated Govemor8 Wll propose a motion reappointing the audltor al a rneeting of the Governors. Approved by order of the member¥ of the board of Govemor8 8nd Signed on thelr behaN by.. Mr M A Kirby (Chair of Trustees) Dale.. Page 7 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED (A company limited by guavantsol INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKHAMPSTEAD SCHOOL ICHELTENHAM) TRUST LIMITED Oplnlon We have audited the financial slalemenls of Berkhampslead School Ichelienhaml Twsl Limited (the 'parenl charitsble ¢ompany'i and ils subsidiaries (the 'group'l for the Year ended 31 August 2021 which comprise the Consolidated 818teTnenl of financlal activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated slalemenl of cagh flow5 and the related notes, induding a summary of significant accounting policies. The financial repo>rting framework that has been applled in their prep81ation is applicable law and United Klngdom Accounling Slandards, ineludins Financial Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Repvblic of Ireland. Iunlled Kingdom Generally Ac¢epled Accounting Praclicel. In our opinlon the flnancial slalemenl$'. give a true and falr view ol the slate of the Group's and of the parent charitable company's affalr5 a5 al 31 August 2021 and ol the Group's incoming resources anL1 application of resources, including ils income and expenditure lor the Year then ended., have been properfy prepared in accordance wlh United Kingdom Generally Accepted Accounllng Practice, and have been prepared In accordance the requirernents of the Compani88 Act 2006. 8ail• for oplnlon We conducted our audit in accordance wlh Internallonal Sl8ndard8 on Audbllng (UK) IISAS IUKII and applicable law. Our re8pon$ibililie5 under those standards are further descrlbe¢J in the Auditor's re3ponsibilille8 for the audit of the financial sialemenls geclion of our report. We are independent of the Group in accordance wlh Ihe ethical requiremenls that are relevant to our 4udil of the financial statements In the United Kingdom, including the Financial Reporting Council'8 Ethical Standard. and we have fuffilled our other ethical respon$ibilili&s in accordance wlh these requirements. We btslieve that the audit evidence we have obtained is 8ufficienl and appropriate lo provid¢ a basis for our opinion. ConcluslonB rfrlatlng to golng Concern In auditing the financial slalernenls, we have concluded that the Govemors, u#è of the going concem basi6 of accounting In the preparation of the financial statements 1$ appropriate. Based on the work we have perfomied, we have not identified any malerlal uncertalnlies Telating lo events or conditions that, individually or colleelively, may cast significant doubl on the Group's or the parent charitable company'5 ability lo continue as a going concem for a period of at18asl fftlve months from when the financial statements are aulhori8ed lor Issue. Our re¥ponsibililies and the responsibilities of the GovernorB with respect to going concern are descrlbed in the relevant Sections of this report. Page 8 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKHAMPSTEAD SCHOOL {CHELTENHAMI TRUST LIMITED ICONTINUEDI Oth•r Infomiatlon The other information compriyes the informallon included in the Annu81 report other than the financial statements and our Auditor's report Ihereon. The Governors are responsible for the other inlormalion contained wlhin the Annual report. Our opinion on the fin3naal 61atemenl$ does not cover the other information and, except lo the extent elherwise explicitly slated in our report. we do not express any form cf assurance conclusion Ihereon. Our responsibility is lo read the other inlomi81ion 8nd, in cjoing so, con8ider whether the other Inforrnation iy materially inconsistent wth the financial slalemenls or our knowledge obtsined in the course of the audit, or otherwise appear8 to be materially misslalfjd. If we Identlfy such rnaterial inconsistencies or apparent material misstslemenls, we are required to dolermine %theiher thi$ 9ives rise lo a malerial misstatement in the financlal glatements them$elve8. If, based on the work we have perfomied, ￿ conclude tho1 there is a material mi¥slalemenl of IhS8 olher information, are required lo report Ihat fact. We have nothing lo report in th18 regard. Oplnlon on oth•r matt•rn pro•crlbod by tho Ct)mp•nlo• Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the Infomialion glven In th• Governor8, report Includlng th? Slraleglc report for the fin8nGl81 Year for vthlch the financlal 81alernenl$ gre prepared Is consistent with the financial statements. the GoveTnors' report and the Strategic report have been prepared in accordance wrth applicable leg81 requirements. Mattor8 on whlch we ar• r•qulr•d to r•port by •xc•ptlon In the light of our knovAedge and vndersl4nding of the charitable company and ils environment oblalned in the course of the audit, we have not idenlfled material misstatements In the Governors, report including the Strategic report. We have nothing to ￿pOrt In respect of the following mallers in relation to which Companie5 Act 2006 requires us lo report lo you If. in our opinion.. the parent charitable company has not kept adequate and sufficient accounllng records, or relums adequate for our audll have not been recelved from branches not vlsiled by us,. or Ihe pa￿nI charitable company finanaal slalemenls are not in agreemenl wlh Ihe accounting records and relums", or certain disclosures of GovemoT5' remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit. Page 9 BERKHAMPSTEAD SCHOOL ICHELTENHAM) TRUST LlhllTED IA company limlt•d by guaranl•g1 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 8ERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED ICONTINUEDI R85ponslblllUe¥ of tru¥l•$¥ AS explained more lully in the Governors, responBibililies statement, the Governors (who are also the director5 of the charitable comp8ny for the purposes of company law) are responsible lor the preparation ol the financial stslemenls and for being sath'sfied that they give a true and falr ￿ew, and for such Internal control Bs the Governors determine is necessary to enable the preparation of financial slalemenls that are free frorn material rni$slatement. whether due to fraud or error. In preparing the flnAncl418lalemenls, the Govemors are responsible for assessing the Group's and the parent charitable company's ability lo continue a5 a going concem. disclosing. as applicable, matters related lo going concem and using the going concern basis of aecounllng unlèss the Gtsverntsrs erther Intènd lo liquidate the Group or the parent ch8rilable company or lo cease operations, or have no reali51ic altemats've but to do so, Page 10 BERKHAMPSTEAD SCHOOL (CHELTENHAM} TRUST LIMITED A company Ilmlted by guarnnteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBER5 OF 8ERKHAMPSTEAD SGHOQL ICHELTENHAMI TRUST LIMITED ICONTINUEDI Audltor's rnsponsibiliti•s for th• audit of the financial $tstsm•nt$ Our objectives are to Ob￿1n reasonable assurance about %thelher Ihe financial statements as a whole are free frorn material mi551alemenl, whether due lo fraud or error, and to issue an Audil0rf6 report that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misstatement when il exi518. Mi3318lements can arise frorn fraud or error and are considered m81erial if, individu811y or In the aggregate, they could reasonably be expected to influence the economic decisions ol users taken on the bas[$ ol these financi81 Statements. Inegulari￿￿$, Including fraud, are instances of noTreompli*nce wth law8 and regulations. We design procedures in line with our responsibili￿'es, outlined above, lo detect material misslatemenls in respect of Irregularities, Including ftaud, The exlenl lo which our procedureg are capable of delecling irregularilie5, including fr8ud is detsll8d below., We obt8ined an understandlng of the legal Jnd regulatory framework3 vAlhin which the charitable company operates, focusing on those law5 and Tegulaiions that have a direct effect on the delerminalion of material 8mounls and disc105ure8 in the financial slalemenls. The laws and regulation5 we considered in Ihis contexi were the Companie5 Act 2006, laxalion legislation, together with the Charities SORP IFRS 1021, We assessed the required compliance with these laws and regulations as part of our audit procedures on the related flnancigl Slalemenl ilem$. In addllion, we considered provlslons ol other 18WB and regulations that do not have a dlrect effect on the financial slalemenls bul compliance wih vthich might be fundamental lo the charitable company'5 abi15ly lo operate or lo avold a material penalty. We also considered the opportunlues and incents'ves that rnay exlsl within the eharllable company lor fraud. The laws and regulations we considered In this conlexl lor the UK operations were The Educ81Son Ilndependenl School Standards) Regulats'on8 2014, General Dat8 Protection Regulaknon IGDPRI, Health and safely legislation, and Employment legisl8lion. Auditing slandardg Ilmlt the required audit procedure8 to idenllfy non-compliance with Ihe8e laws and regulations lo enquiry ol the Truslee8 and other managernenl and inspeetlon of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial ststements from irregularities, including fraud. lo be income recognits'on (excluding fee income) the overnde of ¢onlrols by management. OUT audr( procedures lo respond lo these risks included enqulTle5 of management, and the Finance Comrnittee about their own idenlfficalion and assessment of the risks of irregularities, sample testing on lh& posling of journ815. sample testing of income, reviewing accounting estimates lor biases, reviewng regulatory correspondence with the Charlty Commission, Independent Schools Inspeclorale, Ofsled and reading minutes of meetings of tho88 charged with governance. ¢lving to the inherent limltstions of an audit, there Is an un8voldable risk that we may not have detected som? material misslalemenls in the financial stalemenls, even though we have propedy planned and performed our audit in a¢¢ordance auditing standards. For exarnple, the luther removed non-compliance with 18ws and Tegulalion5 lirregularilie$l is frorn the event5 and transactions reflected in the financial statemen15, the less likely the inherendy limited procedures required by audib.ng standards would identify it. In addi15on, as wlh any audit, there remained a highgr risk of non-deteclion of irregularities, as these may involve collusion, forgery, intentional omlssions, misrepresentations, or the overTide (>f inteTnal Controls. We are not responsible for preventing non- compliance and ￿nn0t be expected to detect non-compliance with all laws and regulatsons. A fijrther des¢ripllon ol our responsibil￿e8 for the audit of the financlal statements is located on the Financial Reporting Councsl's website at.. .uklauditorsT Thi5 description fomis part of our Audil0rf5 report. Pag• 11 BERKHAAIPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company Ilmlt•d by gu4rnnl••l INDEPENDENT AUDITOR'8 REPORT TO THE MEMBERS OF BERKHAMPSTEAD SCHOOL (CHELTENHAMI TRUST LIMITED ICONTINUEDI U•e of our report This report is made solely lo the charitable company's members. as a body, in accordance wllh Chapter 3 01 Part 16 of the Companies Act 2006. Our audlt work has been undertaken 80 that we mlghl 3t8le lo the charltable company's members those matters ￿ are r•qulr•d to Slate lo Ihtrm in an Auditor'5 report and for no other purpose. To the fullest exlenl permitted by law, w• do not ac¢ept or a$8ume responsibility ta anyon• other than the charitable company and itg members, 88 • body, lor our 8udil work, for this report, or for the opinions have formed. l(K K•rry Brown IS•nior stalulory •udltorl for and on behalf of Crowo U.K. LLP Slatulory Auditor Black Country Houie Round8 Green Road Oldbury Wesl Midlands 869 20G Dale.. 30 May 2022 Page 12 BERKHAMPSTEAD SCHOOL ICHELTENHAN) TRUST UhllTED (A Company limit•d by guaranto9) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2021 Unrostrlct•d funds 2021 R￿trIcted funds 2021 Total funds 2021 Total funds 2020 Note Income from: Don81iong 8nd leg8des Charitable acliwties., School Fees Ancillary tr8ding In￿Me Non-ancillary trading adlvilieB Other Income 7.645 2.500 10.145 15.113 2,243,101 130,788 1,019,086 16,796 2.243,101 130.788 1,019,086 16,796 2,335, 196 125,531 869,474 85,648 Totsl Incom• 3.417,416 2,500 3,419.916 3,430,962 Exp•ndltur• on: Raiying fund&'. Tradlng actlvlUe$ Financing costs Charltable activities 9.10 806.517 63,965 2,436,303 806,517 83,96S 2,436.8S7 706,968 81,689 2,380,802 11 Total •xp•ndltur• 3,306,785 554 3,307,339 3, 169,459 Net movement In fund• 110.631 1,946 112.577 261,503 R•conclllatlon 01 lund•: Total fundy brought forward Nel movement in fiJnd¥ 2,045,726 110,631 2,04S,726 112,577 1, 784,223 281,503 1,946 Total funds carrl•d forward 2.156,357 1,946 2.158.303 2,045, 726 The notes on pages 17 to 38 fomi part ofthe$• financi81 statements. Page 13 BERKHAMPSTEAD SCHOOL (CHELTENHAMI TRUST LIMITED (A company Ilmited by guarantee) REGISTERED NUMBER: 01136229 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Noto Flxed as•&ts Tangible a55ets Current a•sot8 2,644,295 2, 762, 709 Stocks Debtors 3.995 89.620 1.476,291 3,995 67,968 753, 169 17 Ga$h 41 bank and in hand 1,568,901 825, 132 Creditors,. amount8 falling due wlhin one ye•r 18 1651,5071 (459,801) N•t curr•nt as••t• 917.399 365,331 Tot•1 ••••t• l••• curr•nt Il•bllltl•• 3,561,694 3, 128,040 Credllors., amount6 falling after mor• than one year 11,403,391> (1,082,314J Tot•1 not •s¥•ts 2.158.303 2,045, 726 Charfty fund• Reslricied lund¥ Unre51ricled fundB 20 1.946 2,156,357 20 2,045, 726 Total lunds 2.158,303 2,045, 726 The Governors aCknO￿edge their responsibilities for complwng wth the requirements of the Act wlth respect to accounbng records and preparation of finon¢ial stalernents. The financial $totemenls werg approved and aulhorised for issue by the Govemors and slgned on their behalf by.. Mr M A Kiyby Ichair of Trustee8) 08le, s.aJ. The notes on pages 17 to 38 fom part ofthese financial statements. Page 14 ## **BERKHAMPSTEAD SCHOOL (CHELTENHAM) TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 01136229** ## **COMPANY BALANCE SHEET AS AT 31 AUGUST 2021** |**Fixed assets**
Tangible assets
Investments
**Current assets**
Stocks
Debtors
Cash at bank and in hand
**Note**
15
16
**3,995**
17
**180,469**
**1,260,512**
**1,444,976**
Creditors: amounts falling due within one
year
18
**(541,276)**
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due afer more
than one year
19
**Total net assets**
**Charity funds**
Restricted funds
20
Unrestricted funds
20
**Total funds**|**2021**
£
**2,589,731**
**100**
**2,589,831**
**903,700**
**3,493,531**
**(1,403,391)**
**2,090,140**
**1,946**
**2,088,194**
**2,090,140**
_3,995_
_194,862_
_503,556_
_702,413_
_(372,335)_|_2020_
£
_2,711,842_
_100_
_2,711,942_
_330,078_
_3,042,020_
_(1,082,314)_
_1,959,706_
_1,959,706_
_1,959,706_| |---|---|---| - The Company's net movement in funds for the Year was £130,434 _(2020 £248,683)._ The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Governors and signed on their behalf by: **Mr M A Kirby �** •� (Chair of Trustees) Date: **�9'.,,** Q� The notes on pages 15 to 38 form part of these financial statements. Page 15 8ERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITEO IA Gompany limlt8d by guarnnte81 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Not• Cash Ilovm from opernting activities Nel cash used in operating activities 23 402,254 411,037 Cash flows from Investlng actlvltle* Purchase of tangible fixed assets 144,9481 (75,973) Not c•sh u••d In Inv••tlng •ctlvltle• 144,9481 175,9731 Cijh flov4ry from Ilnanclng actlvltl•8 Cash Inflows frtsm new borrO%￿n9 Loan repayments Finance costs soo,000 IB4.2141 150,9701 (84,617) (57,5041 N•t eash provld•d byllu*•d Inl fin•nclng •ctlvltl•• 364,816 1142,1211 Chngo In e**h and cash •qul¥alènt• In the Yèar Cash and cash equivalents at Ihe beginning of the Ye8r 722.122 191.943 75J.169 560,226 C••h •nd ca•h •qulv•l•nt• at th• ond of th• Year 24 1,475,291 753, 169 The note8 on paoes 17 10 38 form part of these fln8nclal glalements Page 16 BERKHAMPSTEAD SCHOOL (CHELTENHAMI TRUST LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Gènaral Infomiatlon Berkhampstead School Icheltenhaml Trust Limited is a registered charity with the Charities Commission England and Wales l¢harily number 3250181 and wa¥ incorporated in England a¥ a privole company Ilmiled by guarantee (company number." 011362291 on 26 September 1973. The address of ils registered office 15 Berkhampstead School. Pittville Circus Road, Cheltenham, Glouce51ershire, GL52 2QA. Ivs principal acliwty is the provlslon of boardlng and day 5choolin9. The fflemberg of the company are the Govemors named on page 1. In the event ol the School b•in9 wound up the liability in re$pect of the guarantee 18 limited to £1 per member of the School. Accounllng pollcl•8 2.1 Ba81• of proparatlon ol fln•nclal 8t•t•m•nts The ff nanclal slalements have been prep8red In accordancts with the Chadlies SORP IFRS 1021 Accounting and Reporting by Charrtie8'. Slalemenl of Recommended Practice applicable lo charitie8 preparlng their accounls in accordance wlh the Financial Reporting Siandard applicable in the UK ancj Republic ol I￿land IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic ¢f Ireland IFRS 1021 and the Companieg Acl 2006. Berkhamp8lead School Ichellenhaml Tru81 Limited rneels the definition of a public benefit entlly under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othemse Slated in the relevant 8ccounbn9 policy. The Consolidated $lalemenl of flnandal actlvilie¥ ISOFAI and Consolidated balance sheet consolidate the financial slalemenls of the Company and ils subsidiary undertaking. The resulls of the 8ub$idiary are consolidated on a line by line bajis. The Company h88 taken advantage of the exemptlon allowed under sectlgn 408 of the Gompanies Act 2008 and has not presented ils own Slalemenl of financial adiviti'es in these financial stslèmanls. 2.2 Going conc8m The Governors have a reasonable expectation that the Group has adequate resources lo continue In operational existence for the foreseeable future. For long term finance the School relies on bank loans. In assessing going con¢ern the Governors have assumed that these bank loans wll not be repaid in the foreseeable future and are not aware of any circumstances that may adversely affect these tsalilies. The Covid-19 pandemi¢ has cavsed significant $lrains on businesse$ and charities of all types. The Berkhampstead School and Nursery have responded lo the ¢risi$ adju$tyng $taffing levels and significant capital spending has been put on hold. Wth uncertainty over pupil numbers forecasts and Ajdgets have been stress lesled lo 088ess how the School and Nursery could ¢ope under different scenarios. The Govemors have concluded that the Group and Company is well placed lo cope with the conts'nuing uncertainties and has adequale r9$our￿5 lo continue Icf the foreseeable future. After making appropriate enquires, Ihe Govemors consider that the Group and Company has adequate resources to continue in operational existence for the foreseeable fvture and il is therefore appropriate lo ¢onlinuo to adopt the going concem basis in preparing the financial statements. Page 17 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accountlng polleloB Icontlnu•dl 2.3 Fund accounting General fvnds are unrestricted funds which are available for use al the discrelltsn ef the Governors furtherance of the general objectives of the Group and which have not been designated for other purpose5. Deslgn#led funds comprfse unrèslricled lunds that have been 8el agide by the Govemcrs for particulaT purposes, The aim and use of each designated fund is sel out in the notes lo the finandal 8lalemenls. Restricled funds are funds which are lo be used in occordance wf(h specific reslrlctions imposed by donors or which h8ve been raSsed by the Group for particular purposes. The costs of raising an¢J administering such funds are charged again$1 the specific fund. The aim and use of each Testricled fund is set out in the notes to the finaneial statements. 2.4 Incom• All incomelg recognise¢J once the Group ha$ entl￿ement to Ihe inctsma. it is probable that the Incoma wlll be recelved and the amount of Income receivable can be measured reliably. Fe•¥ •nd •lmll•r Incom• Fee$ receivable are staled after dedvcling allowances, scholarships, bur8arie¥ and other remissiony granted by the School, bul include contributions received from reslrlcted funds for bursarles. Where fees are in advance. the income is delerred until the term to whi¢h il relates. Donation8 Donats'ons are recorded In the St#lemenl ol Financlal Activitles vthen the Sehool ha8 entitlement to the lund5, any performance conditions attached lo the items have been mel, 1119 probable that the income will be reeeived and the amount can be measured reliably. Where donaliong are received only to be used for a speeific pU￿1$e they are all¢caled Its the approprfale reslricled fund. Non Anclllary Tradlng Income Income comprises the nur8ery fee Income and other income generated by Berkhampstead School (Day Nursery Limiledl. 2.5 Govèrnm•nt grants Government grants received are credited to the Consolidated statement of ffinancial activities as the related expenditure is incurred. 2.6 EKp•ndltur• Expenditure Is recogni5ed once there 15 a legal OT con51ruclive obligation lo Iransler economic benefit lo a third party, il 15 probable that a transfer of economic benefits will be required in 5ettlernent and the amount ol the obligation ean be measurèd ￿lIably. Expendrturels classified by activity. The co81$ ol each activity are made up of the lolal of direct costs and shared costs, including support cost8 Involved in undertaking each a¢livity, Direct costs attributable to a single activity are allocated diredly lo that a¢livity. Shared costs which contribute lo more than one aclivty and $upport Costs which are not attributable lo a single actsvity are aPpa￿'0ned between those activities on a basis consistent wilh the use of resources. Central staff costs are alkjcated on the basis of time spent. Page 18 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting polici08 Icontinu•dl 2.6 Expendlturo Icontlnuod Expenditure on raising fund$ includes all expendiluro incurred by the Group to raise funds for ils charitable purposes and includes Msts ol all fundraising activities events and non-charilable trading. Expenditure on charitable activits'es is incurred on directly undertaking the advlti8$ whl¢h further the Group's objectives, as well as any associated support costs. All expendllure i¥ InclusSve ol irrecoverable VAT. 2.7 Tanglbl• flx•d a$s•ts and d•prnclatlon Tangible flxed asBels cosllng £1,000 or more are capilalised and recognlied when fLrture economic benefits Bre probable and the cost or value of the asset can be meagured rellably. Tangible fixed as801$ arts Ini11811y recognl8ed al c08t. After r8eognilion, under the cost model, tangible flxed 858el3 are measured al c051 less accumulated depreciation 8nd any accumulated impairment logseg, All c091s incurred lo brlng 8 t8ngible fixed asset into 119 intended working condition Should be Included In the measurernenl of cost. Depreciation 18 charged so as to allocate the cost of tangible fixed assets leB8 their residual value over Iheir ests'mated usefvl lives. Depreciahon is provided on Ihe lollowng base8'. Freehold property Leasehold improvements Fixtures and equipment 2.20% $lr8ight line 1￿33* straight line 5.33.3% slraighl line $nd 33.3% redudng balance 20-33.3% straight lin• and 33.3% reducing balance 1 ￿33.3% slralght1Sne and 25.33% redudng balance Motor vehicl?¥ Computer equipment 2.8 Inve¥lmgnts Investments in 8ub¥ldlarie8 are valued al cost le5$ provision for impaimienl. 2.9 opgrallng1ga•gS Rentals paid under operating leases are charged to the Consolidated stslement of financial ath'vits'es on a straight line basis over the lease temi. 2.10 Siocks Stocks are valued al the lower of cost and nel reali5able value after making due allowance for obsolete and slow-moving stocks. Page 19 8ERKHAMPSTEAD SCHOOL ICHELTENHAM) TRUST LIMITED IA company Ilmlted by gu¥rnntse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting polici85 Icontinuodl 2.11 Debtor8 Trade and other d8blors are recognised al the 8&tllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade disceunts due. 2.12 Cash •t b•nk and In hand Ca¥h at bank and in hand include$ ca$h and short-lerm highly liquid inv8slrii8nls with a short maturity of three months or less from the date of acquisillon or opening of the deposlt or 51milar account. 2.13 Ll*bllltl•$ and provl$lon# Li¥bilille$ are reco9nised vthen there 1$ en obligation al the Balance sheet dale as a result of a pa81 event, il Is probable that a transfer ol economlc benefit ￿11 be required in gettlement, and the amcunl of th• Settlement can be astimaleil reli¥bly. Liabilities are recognised at the amount that the Group anticipates il wll pay to settle Ihe debt or the amount it ha¥ received as advanced payments for the goods or setvices it musl provide. Provlsions are measured al the best esllmale of the amounly requlred to sellle the obligation. Where the effect Of the lime value of money Is material, the provisbon 15 based on the present value of those moun15, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwnding of the discount 18 recognised in the Consolidated glalemenl ol financial activilieg as flnance co81. 2.14 FIMn¢lal In$trum•nt• The Group only h8$ financial a$5els and financial liabilities of a kind that qualify as basic fin•ncio1 instruments. Baslc ftnancial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loan¥ which are ¥ub¥equonUy measured al arnortised cost U￿ng the effedive interest method. 2.15 P•n8lons The Group operates a defined ￿nt￿bUb.On penslon scheme for ils adminislrallve, domesllc, te8ching assi51anls and mainlen8nce ytaff. the ayse15 of which are held separately from those of the School. The pension Charge represents the amounlg p8yat4e by the Group lo the fvnd Sn respect of the year. The School ¢ontribules lo the Teachers, Pension defined benefitg pension Scheme. The scheme 1$ mutti-ernployer scheme where it 1$ not po$8ible, in the noTrnal course of even13, 10 identify on consislenl and reasonable basis, the share of underlying 8gsels and li8billlie$ belonging to individual partiapatsng employers. Therefore, as required by FRS 102. the Sehool accounlg for this scheme ag If il was a defined contribution scheme. The amount charged to the Slalemenl of fi'nancial activities repres6nl$ contributions payable to the scheme in rgspect of Ihe accounling period. Page 20 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guaranto91 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUQUST 2021 Accounting palici•s Icontinuèdl 2.16 Pupll d•p081t8 Th• Govemors have reviewed the contract lems under vthich pupil fee deposits èm held by the Group. Although under normal circum5tance5 these wll be repald future year5 vthen the pupils complete their education al the school, pupilg can leave 81 68rlSer dales. The Group does not Iherelore have an unconditional right lo relain the individual dep0511s ftsr al least 12 months after the balance sheet date and in line ￿th the requirements in FRS 102, the balan￿ of deposrts held al 31 Augu$l h88 been included ￿rithin current liabilities, CrlU¢al accountlng ••tlm•l•s •nd •r••• of ludg•m•nt Estimates and judgements are continually evaluated and are ba$ed on hl¥lorlcal experience and other factors, Including expectations of luture even18 that are believed to be reasonable under the circumstances. Cdlical accounting estimateB and assumptions.. The esllmales and undedylng 888umpllons are reviewed on an ongolng basls. Revlslons lo accounllng estimates are reeognl$ed in the period in which thè tsslimale is revlsed il the revision affects only that period, or In the period of the revision and future periods if the revi8ion affected curnnt and fvture periodg. In the ￿eW of the Governor8, no as3umptlon8 concarnlng thè future or e81Imallon uncertainly affecting assets or liabilities at the balance sheet dale are likely to resuSt In a material adjustment to their Carr￿ng amounts in the next financial year. In¢om• from donatlon• •nd l•g•cl Unro8trlct•d R•strlctad fund• fund• 2021 2021 Total fund 2021 Total lunds 2020 Donations 7,645 2,500 10,145 15,113 ToLIl 2021 7,645 2,500 10,145 15,113 Tot812020 15,113 15,113 Page 21 BERKHAMPSTEAD SCHOOL {CHELTENHAMI TRUST LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Incom• Irom ¢hafltabl• a¢tlvlt1•6 - FoeG r•¢olvable This rep￿sents gross School fees invoiced, le83 scholarships, burydaries and allowances. 2021 2020 Gross 8chool fee LeJ8 .' Bursarfe8 Allowance8 COVID-19 discount 2,335,039 144,3991 147,5391 2,578, 110 (47, 164) (38, 141) r157,609) School fe?8 le$¥ dlswunts 2.243.101 2,335, 196 Bursaries and awards were paid for a total of 14 puplls f2020. 13). Wllhin thi8 mèans lesled bursarlés lotalllng £43,900 were paid lo 14 pupll8 f2020- £41,277 to 13 puprfsl. This figure includes free places of £10,267 (2020.. £8,418) vthich are mean8 le8ted and awarded lo 1 (2020- IJ p¢Jpll. Included wthin gros$ School fee8 is an amount of £120,098 12020- £137, 195J in rel8llon lo governrnents grants recelved. In 2020 all of the total income fmm school lees r8ceivable was lo unrèstrictèd funds and £Nil to r8str￿l￿d lunds. Incom• from charltabl• •ctlvltl•8- Anclllary tradlng 2021 2020 Music luilion School outings and dubs Learning $upport Swimming income 1,082 59,172 1,200 9,450 11,854 37,173 5,600 66,043 7,664 SFRS School shop and 8undry income Regislr¥ts'on fees 11,351 42,086 3,600 130.788 125,531 In 2020 all of the total income from ancillary trading ineome was to unrestricted funds and £Nil lo restricted fund8. Page 22 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limltod by guarant￿) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Ineom• fram Non-anetllary trading a¢lJvltl•• Unr•strict•d funds 2021 Total funds 2021 Total runds 2020 Other activits.es Tradlng Income- 8&rkhampsload School (Day Caro Nursery) Limited 400 400 5,292 1,018,668 1,018,686 864, 182 Total 2021 1,019,086 1,019,080 869,474 Toto12020 869,474 869,474 Included ￿thIn turnover Is an amount of £174.3C6 (2020.. £IS6,281J In relalitjn lo governments grant8 received. Oth•r Incomlng i•¥our¢a• Unr••trlcted fund• 2021 Total fund• 2021 Total funds 2020 Govemment 9ranls 16,796 16,796 85,648 Total 2021 16.796 10,790 85,648 Total 2020 85.648 85,648 Th& government grants r•ceived r8lat• to th• Coronaviru$ Job Relents'on Scheme, Page 23 BERKHAMP5TEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Exp8ndltur8 on ralslng fund8- Tradlng actlvltl•B Unr•ffjtrlct•d fund• 2021 Total fundj 2021 Total 2020 Other Costs Stsff cosls Depreciation 202,387 586,053 18,077 202.387 586,0S3 18,077 190,560 494,681 21,72T ToL912021 808,517 B06.517 706,968 Total 2020 708,968 706,968 10. Flnanclng eo•l• Unr••trlct•d funds 2021 Total funds 2021 rotal lunds 2020 Bank loan Interest Bad debts SO,970 12,995 50.970 12,995 57,504 24, 185 Total 2021 63,965 63,965 81,689 Total 2020 81,689 81,689 Poge 24 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysis of •xp•ndltur• on charitabl• activiti•8 Summary by fund type Unrnstricted fund¥ 2021 R••trlclod funds Z021 Total funds 2021 Total funds 2020 Teaching costs Welfare Premise¥ Support and govemance cogls 1,445,869 178,563 397,631 414,240 1.445,869 179,117 397,631 414,240 7,475,511 169,432 386,Q69 349, 790 554 Tot•1 2021 2,436,303 554 2,436,857 2,380,802 Total 2020 2,380,802 2,380,802 3umm•ry by •¥p•ndltur• typ• Total funds 2021 Total funds 2020 Stsff coats O•pr•clatlon Olher costs 2021 2021 2021 Teachlng costs Welfare Premises Support and govemanctt co81$ 1.404.317 41,552 179,117 199,414 194,351 1,445,069 179,117 397,631 414,240 1,475,511 169,432 386,069 349, 790 52,932 219.889 145,285 Total 2021 1,677.138 145,285 614,434 2,436,857 2,380,802 Tol812020 1,697,028 136,284 547.490 2,380,802 Support costs for schooling includes IT, adminislratson costs, and governance costs. Govemance cost$ totslling £55,467 (2020 - £28. 791) consiyt of inspection costs and professional fees linduding auditors fees of £11.250 for the yearl. Page 25 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 12. AudStor's romun•ratlon 2021 2020 Fees payable lo the S¢hool'8 auditor for the audTrt of the School'$ annual accounts 9,250 Fees payable lo the Schoc4'¥ audllor in respect of.. The auditing of accounts of the subJidiary of the School All non-audil services not Induded above 1,760 2.000 1,600 1,900 13. Staff co¥t• Group 2021 Group 2020 Comp•ny 2021 ompany 2020 Wages and $alarie5 Social secunly co318 Pension cost¥ 1.870,971 15B,S01 233,719 1.811,189 149,345 231,175 1,332.274 125,216 219,648 1,350,450 127,000 219,578 2,263,191 2. 191, 709 1,677,138 1,697,028 The average number ol per80n$ employed by the Company during the Year wa¥ 85 follow•'. Group 2021 No. Group 2020 No. Teachlng Day Nursery Administration 40 35 11 41 35 11 86 87 The number of employee¥ whose employee benefits lexcludlng employer pension costs) exceeded £80,000 was.. Group 2021 No. Group 2020 No. In the band £60,001 £70,000 In the band £80,001- £90,000 The total employee benefits of the key managefnent personnel lotalled £258,203 (2020- £257,481). Page 26 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LINITED IA company Ilmlt•d by guarant?01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. Governors. remun•rallon and exp•n¥o¥ During the Year. no Govemors received any remuneration or other benefits (2020- £NIL). During the Ye8r ended 31 August 2021, no Governor expenses have been incurred (2020- £NILJ. 15. Tanglblo flxfrd assets Group Le•sehold Improvo. m•nts Flxturel Motor and Computor ¥•hlcl•$ •qulpm•nt •qulpm•n¢ Fr••hold prop•rty Total C￿t Al 1 Stsptemb&r 2020 3,377,118 Addits'ons 128,742 8J,305 487,942 36.442 112,188 4,187,295 8,506 44,94e Al 31 August 2021 3,377.111 126.742 83.305 524,384 120,694 4,232,243 D•prncl•tlgn Al 1 September 2020 Charge for the Year 931,315 72,979 101,274 7.561 59,409 11,975 273,235 50.251 59,353 1,424,51J6 20,696 163.362 Al 31 August 2021 1.004.294 108,835 71,384 323,486 79,949 1,587,948 Net book val Al 31 August 2021 2,372,824 17,907 11,921 200,098 40,745 2,644,295 Al 31 Augus¢ 2020 2.445,803 25,468 23.896 214. 707 52.835 2, 762. 709 P8ge 27 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED (A company Ilrnltsd by guaranlg91 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 15. Tangibl& fixed a*s•t• Icontlnuedl Company Fr••hold property Motar Flxture8 and vohlcles •qulpment Computer equlpm•nt Total Cost At 1 September 2020 Addllons 3,377,118 83,305 434,755 14,668 106.000 8.506 4.001,178 23.174 Al 31 Augugt 2021 3,377.118 83.305 449,423 114.S06 4,024,352 D•prn¢l•tlon At 1 September 2020 Charge for the Year 931,315 72,979 59,409 11,976 243,419 40.473 $5,193 19,858 1,289.3Jl 146,28S Al 31 Augu812021 1,004,294 71,384 283,892 75,051 1,434,621 N•t book ¥AIu• AI 31 Augug12021 2,372,824 11,921 166,S31 39.4S5 2.se9.731 At 31 August 2020 2.445,803 23,896 191,336 59,807 2, 711,842 Page 28 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limSted by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 16. Flxtrd a$s•t Investrnents Inv••tm•nts In #ubgldlary compAnl•• Company Cost Al 1 September 2020 100 Al 31 August 2021 100 Prfnclp•l subsldlarlos The following was a subsidiary undertaking of the Company.. Nam• Company R•glst•rnd offlco or Prfnclpal number prlncSpal place of busln•ss actlvlty 8har• holdlno Berkhampjtead School (Day 07805292 Berkhampslead School, Nursery) Llmbted Piltville Clreug Road, Chellenham, Gloucesterghire, GL62 2QA Day nursery 100% Ordlnary The financl81 regullg of the subsidlary for the year were., Nam• Incom• Exwndltur• Pmflt for th• year N•t a••et• 8erkhamp8lead School (Day Nur9eryi Limited 1.018,686 1967.6891 95.820 68.263 Included wlhin turnover IB an amt)unl of £174,306 12020 £156,281) in relation lo govemmenls gr8nls received wih regards to fees and 8 further £14,823 (2020 - £51,416J grant re the Coronavlrug Job Relentlon Scheme. Adminislralive expenses include rent lotalling £53.232 (2020 - £40.330) and a management tharge of £77,940 f2020. £64,205) paid lo Berkhampstead School Ichellenhaml Trust Limited. A gift aid payment of £113.677 f2020- £91,275) was made lo Berkhampslead School IChellenh8ml Tru81 Lirnited. Al the year end 8erkhampsle8d School IDay Care Nursery) LlmRed owed 8erkhampstead School Cheltenham) Trnsl Limited £98,415 (2020- £133,49T?. Page 29 BERKHAMPSTEAD SCHOOL ICHELTENHAM) TRUST UMITED IA Gompany Ilrnlted by guarnnte81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17. Dobtors Group 2021 Group 2020 Company 2021 Comp8ny 2020 Trade debtors Amounts owed by gioup undertakings Other tJeblors Prepgymenl$ and 8￿ru¢d Income 38.310 25,300 35,952 98,415 2,057 44,045 20,886 133, 497 3,902 36,577 2,625 48,685 4,620 38,048 89,620 67,968 IBO.469 194,862 Fee debtors are ytaled after impairment provisions lolalling £24,185 f2020.. £24.185J. 18. Cr•dltorn'. Amount• falllng du• wlthln on• y•ar Group 2021 Group 2020 Company 2021 Company 2020 Bank loan8 Trade creditors Other 18KaJon gnd 80¢ial Security Pension creditor Fees paid in advanr Deposits Accruals 179,405 70.947 38,971 29,890 189,877 97,856 44,553 84,696 35,614 34,434 29,247 153,522 85,206 37.082 179,401 62.381 30,473 26,704 188.S2S 38.007 3S,781 84,696 29,304 31, 160 26,456 141,483 32,007 27,229 651.507 459,801 541,276 372,335 Fees In advance represent payment for school and nursery fee5 relatsng to term¥ wthin the 2021122 financi81 year. Movements durbng the year were.. Group 2021 Group 2020 Company 2021 Company 2020 F••8 paid in advanc• Balance at 1 September Resources deferred duTing the year Amounts released from previous yea 1S4,390 189.877 1154.3901 220. 143 154,390 {220, 1431 142.351 168.525 1142.3511 199, 146 142,351 (199, 146) Balance al 31 August 189,877 154,390 168,525 142,351 Page 30 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company Ilmlt•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. Credltors.. Amounts falllng duo aft•r mor• than on• y•ar Group 2021 Group 2020 Company Z021 Company 2020 Bank loans 1,403,391 1.082.314 1,403,391 1.082,314 Included vhthin the above are amounts falling due as follows.. Group 2021 Group 2020 Company 2021 Company 2020 8otw••n on• •nd two yoar• Bank loan8 200,428 311,647 200.428 311,641 8ètw••n two •nd flve y••rs 8ank loans 928,010 251,216 928,010 251,216 Over flvo y•arn Bank loans 274,953 519,457 274,953 519,457 The aggregate amount of liabilities payable or repayable wholly or part more than five years after the reporb'ng dale 18.. Group 2021 Group 2020 Company 2021 Company 2020 Payable or repayable by in$tolmenl$ 267,443 519,457 267.443 519,457 The Sehool has nlne 12020.. elghlj loans. flve (2020.. four) are flxed rale loans and four (2020.. four) are variable rale loan5. The first has a fixed interest rale for len years at a rale of 5.213%, the Second has a flxed rate of 6.07% for 25 years, the Ihlrd has a flxed Interesl rate of 3.71% for ten years, the fourth has fixed rale of 3.90% for 12 years. the flfth has a flxed rate of 3.77gA lor 12.5 years. The four variable rale loans have interest rates of1 %, 1.63% and 1.95% over the baBe rate. The loans are secured by mean¥ of a legal mortgage over the freehold property known as Pengwern House, Pittw"Ile Circus Road, Chellenh8m. GL52 2QA and 8erkhampstead Sthool {Chekenhaml Trust Llmiled, Pittvllle Circus Road, Chellenham. GL52 2QA. There is also an unlimited debenture incorporating a fixed and floating charge. Page 31 BERKHAMPSTEAD SCHOOL {CHELTEP4HAM) TRUST LIMITED IA company Ilmlt•d by gu•ranto•1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 20. Statomgnt of funds Statemont of funds- current Yfrar Balance at 1 S•ptember 2020 Balanco at 31 Augu•t 2021 Income Exp•ndltur• Unr•$trlct•d fund8 D••lgn•t•d fund• Governors Bursary PTA fund 8,878 26.492 8,878 34,393 7,635 268 35,370 7,63S 268 43,271 G•n•rnl fund¥ General fund - Day Nursery General fund - School Elirnlnated on consolidation 86,020 1,924,336 1,033,509 {1,051,3641 2.621,121 {2,500,5361 1244,8491 144,849 2.044,•21 2.010,3S6 3.409,781 13.307,0611 2,113,08 Total Unrnstrlctod lunds 2,045,726 3,417,416 13,306,785> 2,156,357 RMtrlcted fund• Science Equlpmenl Fun staff Entertainment Fund 500 2,000 500 {6641 1.446 2.$00 {SS41 1,948 Total of funds 2.045.726 3.419.916 13.307,339} 2,158,303 Page 32 8ERKHAMPSTEAO SCHOOL ICHELTENHAMI TRUST LIMITED {A company Ilmlted by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2021 20. Statem•nt of funds Icontinuo(11 Statement of funds - prior Year BalanGe al 1 Seplember 2019 Balance al 31 August 2020 Transfers in/out Income Expendltu Unr•strlct•d funds D•signat•d fund• Governors Bursary PTA fund 8,878 22,241 8,878 26,492 15,113 (5.976) (4,8861 37,119 15,113 (5,976) (4,8861 35,370 Ge￿ra1 fund• General fund - Day Nursery General fund School Eliminaleil on coniolidotion 73,200 1,679,904 915,598 (902. 778) 2,696,061 (2,456,515) (195,870) 195,810 86,020 1,924,336 4,886 1, 753, 104 3,415,849 {3, 183,483) 4,886 2,010,356 Tot*1 UnM•trlct•d fundi 1, 784,223 3,430,962 (3, 169,459) 2,045, 726 The Govemor8 8ur8ary fund provides fee remi85ion for children vthere need 15 identified. The PTA lund is monie5 raised by the PTA lor use within the Bchool. The transfer in the prior year rglale$ lo fixed asset expenditure. The Sclence Equlpmenl fund is a donation lo provlde for Sclence Mate￿818. The Staff Entertainment fund is a donation lo be spent on the staff. Page 33 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMrrED IA company Ilmlt•d by guaranto•1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. Summary offund¥ Summary offunds - currnnt Year 8al*nc• It 1 S•ptsmber 2020 Balance at 31 August 2021 Incom• Exp•ndltur• Designated funds General funds 35,370 2,010.358 7,635 3,409,781 2.500 266 43,271 13,307,051) 2.113,086 15541 1,946 Restricted funds 2,045.726 3,419,916 13,307,339) 2,158,303 Summary of fund¥- prlor Y•ar Balance 81 I September 2019 Balonce 81 31 August 2020 Transfers in/oul Income Expenditurè Designated fund¥ General ￿ndS 31,119 1, 753, 104 15,113 (5,976J 3,415,849 f3, 163,483J (4,886) 4,886 35,370 2,010,356 1, 784,223 3,430,962 (3, Y69,4591 2,045, 726 Page 34 BERKHAMPSTEAD SCHOOL {CHELTENHAMI TRUST LIMITED IA company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 22. An•lysls of n•t assfjts b*l￿on funds Analysis of net as3•ts b•tw•en fvnds - currènt y•ar Unr•8trlct•d R••trlcted funds fund* 2021 2021 Total funds 2021 Tangible fixed as8els Currenl assets Cre¢Jilory due wlhin one year Creditors due in more than one year 2,644,295 1,568,980 1651,5071 11,403,391) 2.644.295 1,568,906 1651,5071 11.403.391) 1.948 Totsl 2,156,357 1,946 2.158,303 An•ly¥l¥ of net •¥¥•ts b•ts¥•on fvnd¥ - prlor yg•r UnreSI￿GIed runds 2020 Tol81 lunds 2020 Tanglble fixed asset8 Current assets Creditor$ due wlthin one year Creditors due in more than one year 2, 762, 709 2, 762, 709 825, 132 825, 132 f459,801) f459,801J (1,082,314) (1,082.314) Total 2,045, 726 2,045, 726 Page 35 8ERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 23. R•eon¢lll•tlon of n•t movement In funds to not cash flow from operating actlvitios Group 2021 Gmup 2020 Nel income for the year las p&r Statement of Financial Acts'vits'esl 112,577 261,503 AdJu•tm•nt• for: Depreciats'on ch8rye8 Ilncrea8elldecrea8e in debtors Increa¥elldecreasel in creditors Flnance costs 163.362 121.6521 96,997 60,970 158,011 64,314 (130,295) 57,504 Nfrt calh prnvlded by operntlng actlvltl•¥ 402,254 411,037 24. AnalyBl• of caBh •nd ca•h oqulvilents Qroup 2021 Group 2020 Cash in hand 1,475,291 753, 169 Tot*1 calh Ind caih •qulval•nt8 1,475.291 753, 169 25. Analys1• of ch•ng•8 In n•t dobt At1 Sopternbor 2020 C•sh Ilows oth•r non- ca$h At31 changes August 2021 Cath al bank and In han Debt due within l year Debt due after 1 year 753.169 184.6961 11.082,3141 722,122 1415,7861 1,475,291 321.077 1179,405} 1321.0771 {1.403.391} 1413,8411 306,336 1107,SOSI Page 36 BERKHAMPSTEAD SCHOOL {CHELTENHAMI TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 AUGUST 2021 26. Pènsion commitmants T8a¢hers' Pgn8lon Sch8m• The School participale$ in the Teachers. Pen¥lon Scheme I the TPS'} for It$ leaching staff. The pension charge for the year includes conlributions payable to the TPS of E204.099 12020 - £202,959) and at the year-end £23,483 f2020- £22,909) wgs accrued in respect of contributions lo this scheme. The TPS is an unfunded multi-employer defined beneffi15 pension scheme governed by The Teachefg, Pensions Regulations 2010 la5 amended) and The Teachers. Pen510n Scheme Regulations 2014 las amended). Members contribute on a 'pay as you go basis bmlh contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provbded by Partlamenl. The employer conlrlbutlon rale is get by the Sec￿lary of Slate follo￿ng scheme valuations undertaken ty the Govèrnment Actuary's Department. The mogt recent 8cluarial valu81ion of the TPS was prepared as at 31 March 2016 and the Valuation Report, vthlch was published In March 2019, confirnied ihat the employer contribution rale for the TPS would increase Irom 18.4% to 23.8% from 1 September 2019. gmployers are also required to pay a scheme admini$lratlon levy of 0.08% giving a total employer ontribulion rale of 23.68Ph. The 31 March 2018 Valuation Report was prepared In accordance with the benefits sel out In the scheme regulation5 and under the approach specified in the Directions, as they applied al S March 2019. How￿ar. the assumption5 were considered and Sel by the Department lor Education prior lo the ruling in the 'McCleudlSargeant case,. This case h49 requlred the courts lo conybder cases regarding the implementallon of the 2015 rafoms to Public Service Penslon8 Includlng the Teachers. Pen$ion8. On 27 June 2019 the Supreme Court denied the govemmenl permission lo appeal the Court of Appeal'8 judgment that transltion41 provlgiong inlrodueed to the reformed penslon schemes In 2015 gave rise to unlawfijl age discrimlnalion. The govemmenl is respecting the Court'5 decision and has said Il will engage fully wllh the Employment Tribunal as well as employer and member r6presenlalives lo agree how the discriminations will be remedied, The government announced on 4 February 2021 that il intends to proceed wlh a deferred choice underpin under which members will be able lo chocse eilher legacy or reformed scheme benefits in respect of their service during the period be￿en 1 April 2015 and 31 March 2022 81 the polnl they become payable, The TPS Is subject lo a cost C8p mechanism whlch w88 put In plac& t¢ protecl tsxpayers against unforeseen change8 in scheme c0515, The Chief Secretary to the Treasury, having in 2018 announced th81 there would be a review of thls cost Cap mechanlsm, in Janu8ry 2019 8nnounced 8 pause lo the cost cap mechanism ftsllowing the Court of Appeal's ruling in the Mccloudlsargeant case and until there 18 certalnty about the value of pension5 to employees from Aprll 2015 onwards. The pause was lifted in July 2020, and a con5ullalion was launthed on 24 June on proposed changes lo the cost control mechanism following a review by the Govemmenl AGtuary. Followng the public con5uItsts'on, the Govemment have accepted three key proposals recommended by the Government Actuary, and are aimlng lo Implement these changes in time for the 2020 valuats'ons. In view of the above Tuling5 and decisions the assumplion5 used in the 31 March 2016 Actuarial Valuation may become inappropriate. In thi5 scenario, a valuation prepared in accordance with revised benefi19 and sultably revised assumptions would yield different results than those eonlained in the Actuaiial Valuation. Until the cost cap mechani5rn revision 15 completed rt 15 not p055ible lo conclude on any financial impact or future change5 to the contribution mle5 of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements. Page 37 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmltod by guJr¥nteel WOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 26. Ponslon commltments {conllnu•dl Scheme for non-teaching stsff The School operates a defined contribution scheme for rts non-leaching Staff, the assets of vthlch are held separately from those of the School. The pension costs charged represents conlrlbutlon5 payable by the School lo the Scheme and amounted to £29,620 f2020- £28,216J for the year ended 31 Augu812021. AI the year end £6.415 f2020- £6.338J was due lo be paid. 27. Operailng1oa•o commltments At 31 August 2021 the Group and the Company had commilmenl8 to make fvlure minimuTrY lea payment8 un¢Jer non-cancell8bl• operoting leases as follows.. Group 2021 Gmup 2920 Company 2021 Camp&ny 2020 Not later than 1 year Later than 1 year and not later than S yearn 17,616 49,910 32,515 67,425 17,516 49,910 32,515 67,425 67,425 99,940 87,425 99,940 The lollowng le•se poymenls have been recogni8ed as an expense In the Statement of fin8ncial advili•s'. Group 2021 Group 2020 Comp•ny 2021 Campany 2020 Operating lease rentals 23.242 26,441 23,242 26,441 28. Rglatgd party transactions There were no other Related Party Transactions Other than those disclosed in note 14 and 16. Page 38