Registered number: 01136229 Charity number: 325018 BERKHAMPSTEAD SCHOOL (CHELTENHAM) TRUST LIMITED (A company limited by guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
BERKHAMPSTEAO SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by yuarante¢l CONTENTS Page Referencg and administrative details of the Company. its Governors and advisers Govemors. report Independent auditorf$ report on the financial statements Consolidated statement of financial activities 8-11 12 Consolidated balance sheet Company balance sheet Consolldated statement of Cash flowy 14 Notes to the financial statements 16-39
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED A company limited by guaranto8 REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Govemors Mr N E Southwe113 Mr M A Kirbyl Mr C M Collier lappointed 16 November 2021}1 Mi C B Martin lappoinled 16 November 202115 Mr J E Vvalton (appointed 16 November 202114.5 Mrs G Agg lappointed 1 January 202214 Mrs D M Cox lappoinled 22 March 20221 Mr D Freer lappoinled 22 Mah 20221 Mrs Z J Meredrth-smyth (appointed 22 March 202215 MT P Connaughton lappoinled 17 May 20221 Mr S Ackland lappointed 17 May 20221£3 denotes membership of Finan and General Purposes Commrttee denotes membership of Health and Safety Committee 3 denotes membership of the Compliance Committee denotes nominated Safeguarding Governor denole5 membership of the Education Committtee Company regsstered numbar 01136229 Charity registered number 325018 Registered office and principal address Berkhampslead School pittville Circus Road Chef(enham GIoUstershIre GL52 2QA Bursar and Company secretary Mr B Edwards Headmaster Mr R Cross Independent auditor Crowe U.K. LLP Fourth Floor Sl James HoLJse Sl James Square Cheltenham GL50 3PR Bankers Lloyds Bank PIC 130 High Street Chellenham GL50 1EW Solicitors Sherbornes Solicrtors 4 Royal Crescent Chehenham GL50 3DA Page 1
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED (A company Ilmlted by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Governors present their annual report together with the audited financial slalemenls of the group and the company for the year ended 31 Augu51 2022. The Governors confim) that the Annual Report and financial slalemenls of the company comply with the current statutory requirements, the requirements of the ¢tsmp8ny's governing document and the provisions of the Statement of Recommended PTaclice ISORPI, applicable lo charrties preparing their accDunts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20151 as amended by Update Bulletin 1 leffedive 1 January 20151 STATUS AND ADMINISTRATION Berkhampslead School Icheltenhaml Trust Limited is a ¢harty within the meaning of the Charities Act 2011 and has been entered on the Central Register of Charrties (number 3250181. It is incorporated under the Companies Act 2006 Inumber 011362291 as a company limited by guarantee and not having share ¢8Pltal. It is govemed by its Memorandum and Articles of Association and was incorporated on 26 September 1973. CHARITABLE OBJECTS The objects for which the charity is established are to promote and provide for the advancement of education and in connection Iherewilh lo conduct. carry On, acquire and develop ln the Un11ed Kingdom any boarding or day school for the education of children. PRINCIPAL ACTIVITY The principal actTvity of the School continues to be the provision of a welkrounded education to both boys and gids up to the age of 11. ORGANISATIONAL STRUCTURE The Trust is managed by the Board of Governors. Meetings are held frequently throughout the year. The day to day running of the Trust's a¢livities is undertaken by the Headmaster. wth the assistance of the adminislralive staff. The Bursar ¢o-ordinales the financial and adminislr81ive work of the School and manages any building and maintenance work in conjunction with the Estates Manager. Delegated tasks include those of a Chef Manager who is employed by Palmer & Howells Catering and runs the kitchen on a contract basis. Remuneration is set by the Board of Governois, with the policy of ensuring appropriate 5alarie5 to enGourage enhand perfomance and. in a fair and responsible manner, rewarding for indiwdual conlribulFJns to the School's success. GOVERNORS The Chair of Govemors 15 Mr Martin Kirby, who has a long-standing relationship with Berkhampslead School by way of ex parent and former Chair of the Finance and General PuTP05es Committee. The Governing Body continues 10 strongly support the School, "Governors. days" had been restarted following the end of the Financial Year. Governors attend courses and seminars to ensure that they are fully informed wlh regard to Governance and work closely with the senior management and leaching staff supporting and challenging their wotk at all limes. The Full Board is infom)ed and supported by three main COMMeeS,. Compliance, Finance and General Purposes. and Education, who meet at least once a term. Named Govemors are allocated responsibility for monitoring Healih and Safety and Safeguarding. The Governors are aware of the new Charity Governance Code issued In July 2017. A review wll be undertaken of the guidance in order to ensure that the School Is working in line with the code. in all ways where it 15 practical to do so. Page 2
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 GROUP STRUCTURE The School has one wholty owned non-char((able subsidiary, Berkhampslead School (Day Care Nursery) Limrted. The trading activities of the subsidiary consist of the provision of a day nursery. Annual profrts will be donated lo the School under the Gift Aid Scheme where appropriate. Transactions between these entities are detailed within Note 10. BOARD POUCY AND PUBLIC BENEFIT AIMS The board policy continues lo put excellen in both teaching and learning as the prime strategic objective. We consider that this is brought about by providing an environment where every child is known and cared for in happy and fun surroundings. Effort and achievement in all areas a encouraged and recognised. Governo[5 appreciate the importance of the very high standard of pastoral care that Berkhampslead continues lo 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 and independent schools. The teachers provide advi and guidance so that the pupils are able lo transfer confidently lo the school of their choi. Several pupils gain places at local grammar schools and others achieve awards al independent schools. There is a large variety of after school clubs and ac11V11ies so that the children can develop individu8lly in areas outside the main curriculum. Throughout the school participation is encouraged In Music, Drama, Art and Sport. In administeTing the charity, the charity Govemors have complied with their duly in section 17 of the Charities Act 2011 and have paid due regard to the published Charity Commission guidance on the operation of the Public Benefit requirements. The School continues to allow ils facilities to be used by local organisalions for music, yoga. Chess and local speakers. REVIEW OF ACTIVITIES AND ACHIEVEMENTS The School continues to go from strength to strength and having received an oulslanding ISI inspection in December 2019 we are aware that there is no room for complacency in any area of School life and it will continue lo Strive for excellence across the board. Academically this was another excellent year. Of 36 pupils, 9 went on lo grammar school. 16 continued wrthin independent education and 11 went to maintained schools or home education. The 36 pupils leaving the School would go on lo 15 different leaching establishments which highlights the School's ability to cater for a wide range of individuals where not only are they well-prepared for the next stages of their education, their next environment will be well-suiled lo their indiwdual needs. Furthemore. the pupils leaving the School were awarded 14 scholarships for their academic, sport, drama and music prowess. Whilst the academic success of the school is rtaInty regularly acknowledgeLf and celebrated, the School regularly promotes and celebrates the achievements of those who participate and excel in other arèas of school lrfe and outside in the local community. The School continues lo take pride in the excellent quality of our pastoral care and the well-being program is embedded in the school day. 11 aims to gwe children the too13 to manage their own well-being which aids learning. The School has been awarded the Mental Heath Champions Award. The School was delighted lo be Tecognised by th8 'So-Glos' Award scheme as the 'lndependent School of the Year, in Glouceslershire. This has been an excellent Improvement upon the previous year's 'Runners up, award and demonstrates the excellent following the School and Nursery enjoys. The sporting successes have again been very good, and the school punches above ils weight in terms of nning at fixtures against other schools. Sport continues lo be an important aspect of school life, with everyone from Years 3 - 6 taking part in matches. There were numerous sporting clubs across the school. There were gUlar musical perfomances during this school yeaT. As well as termly, in-house recitals showcasing musicians of all abilities, there were Christmas nalivilies and services, the Spring Concerts at the Pump Rooms and the Summer productions. Harvest Fastival and the Easter Service at All Saint5. Church also Page 3
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A company Ilmlted by guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 show¢ased musi¢ at Betky. All of Year 6 performed in their Summer production, 'Pirales of the Cury Bean. and the majority at leavers, recital at the Parabola Art Cenlre. An abundance of music clubs were offered in the Autumn and Spring lems. The enrichment progiamme of activitiès and visits Continued to be diverse and slimulaling adding a valuable dimension to the children's learning. Visrts ranged from residential trips for Years 5 and 6 to Viney Hill Outdoor Adventure Cenlre, We the Curious for Year 5. Chepslow Castle for Year 4, Warwick Castle for Year 2 Crickley Hill for Kindergarten and Bristol Aquarium for Years 1 and 2 children. Year 6 also took part in a crime investigation workshop and a mosaic workshop. Their fi'nished mosaics are on display in the Jubilee Garden. The pupils have been encouraged to become involved in various fundraising activities. Voted by the School Council, the two main charities for this year were Maggie's Chellenham and the World Wide Fund for Nature. The School Eco Committee delivered on a number of initiates during the year ranging from an Eco Christmas Acrostic Poem Competition in the Prep Sch¢x)l and an Eco-Friendly Arts and Crafts Day for Years 1 and 2. Litter- picks are a regular occurrence and the Prep and Pre-Prep commillees grew plants to sell at the Summer Fete. Children all over the school were encouraged to lake part in the 'Berky Eco Pledge,, and quite a few achieved their Eco Warrior Badge. Speech Day for the Year 6 pupils leaving the School had taken place in All Saints Church which had not been possible for the past 2 years owing lo the COVID-19 pandemic. Parents, staff and Govemors returned to the School for canapes and refreshments. Pupil numbers were extremely strong al the end of the year," 45 were in Kindergarten, 100 in the Pre-Prep and 141 in the Prep department. There were 140 children on role at the Day Nursery. The number of enquiries has been very positNe throughout the year. Follow up of initsal enquiries and subsequent visits have been ¢arefully monitored. The Open Days continued on an appointment only basis and proved lo be popular events. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Net income for the year lolalled £12,8os (2021 net ii?come £1 12,57n. The consolKlaled unrestricted general fund of the group at 31 August 2022 was £2,169,462 (2021.. £2, 156.357). In addition. the balance of funds upon which restrictions have been placed by donors is £1,647 (2021.. £7.946J. DEVELOPMENTS The School continues to invest in the fabric of the buildings, a continual rolling Maintenan program and the Board and Senior Management continue lo consider ways of optimising the space available for the pupils. The Boys Changing Rooms had been replaGed, automatic light sensors had been installed in the Prep building to reduce energy ¢onsumplion, all LCD TV screens had been upgraded in all classroom5 across the School to enable the iPad leaming environment and the Prep building had been refurbished along with the Jubilee garden. The Day Nursery continues to thrive and 1s a happy and safe environment for the children. The number of children transferring either lo 8erkhampslead Kindergarten or to Reception at a later age has remained high and exceeds expedations. The Nursery has become more inlegraled into the main School and the children are often Included In activities such as music and French. They have access lo all the School indoor and outdooi faalilies for their activities and concerts. The active PTA has continued lo raise funds throughout the year by means of the operation of the second hand unrfomi shop. Owing to COVID-19, Bonfire night and the Christmas Fayre had to be c&ncelled. Page 4
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limitgd by guarant901 GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 FUTURE PLANS Investment will lake place in outdoor devek)pment for the Day Nursery. Plans include activrties and an area covered by a canopy to enable more free flow in5ideloutside play even in inclement weather," The creation of a new access point beeen the Day Nursery and the Kindergarten will help collaboration behyeen the two departments., The GymlHall in Prep will be replaced with a more modern building to accommodate drama and music perfomiance5. RESERVES POLICY The Governors aim to build up the free reserves of the Trust lo ensure that these are sufficient lo cover recurring expenditure in the short term to allow for possible loss or delays in respect of income. In common with most Independent s¢hools Berkhampslead has negative free reserves. Al 31 August 2022, the lolal unrestricted reserve was £2,169,462 with fixed assets valued at £2,601,691 resulting in negative free reserves of £432.229. In rent years the Govemors have invested significant sums in improvements to the School faciltties which have attracted pupil numbers. Improvements have been funded by long term loans se¢uTed on the freehold property. Al 31 August 2022, £210.188 was due in over 5 years. time. INVESTMENT POLICY Under the direction of the Goveming Body, investment of the School's funds may be applied in any of the following.. Land or Propety whether freehold or leasehold. Investments in which the Governing Body feel appropriate, considering any risk which may be Involved being at a minimum. The Improvement or development of propety belonging to the School. The approval of this policy. and any amendments lo it, are a matter reserved for the Goveming Body. The policy will be reviewed at intervals of no more than two years. The Governing Body has deleg*ed responsibility and authority for the moni(oring of the performance of investments to the Finance and General Purposes Committee. For the purpose of this policy, the lem 'investment' is rarded as the purchase, holding and sale of Investments Wlih a view to achieving a return, by way of income andlor capital gr<)wth. with an under8tanding that the capital value may go up or down. Placing money on deposit, in Bank deposit accounts or in dep051t funds. is not regaTded as 'investmenl' and il is recognised that keeping funds in Bank accounts in the longer term will almost certainly lead to erosion of real Capital values. Long and short-temi objectives.. The long-temi investment objective of the School 1$ lo protect the real value of the School's invested Capital by reference to the Retail Prits Index IRPII and to produce real growth in net investment income arising therefrom without undue risk. The short4emi objective is lo achieve the long-lerm objective wf(hout undue fluctuations year by year in the income arising frtsm investments. Qualifying investments and criteria are established by the Governing Body. The investments shall be those in which the Goveming Body are pemitted to invest by Law. Page 5
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA Company limited by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 RISK MANAGEMENT All committees are charged with the need lo review risk and to check school policies that affect them specrfically. All commillee-level risk registers infom) the Board Risk Register which is an agenda item al all board meetings. The Governor with responsibility for Heatth and Safety has continued to meet with the Bursar and Estates Team each term and report lo the Governing body. Financial performance is compared lo budgets. which are prepared on an annual basi5, for each of the three terms In the year and for the year as a whole. The Finance Committee meets regularfy lo discuss financial perfomiance and future funding requirements. The Chaim)3n of Governors meets the Headmaster regularly and also the Bursar when possible. The Compliance Committee, Finance and Geneial-Purposes and the Education Committee report to the Full Board. This structure has proved effective in enabling the Govemors to meet their obligations. Reports from extemal agencies providing expertise in areas such as water. fire safety and asbestos management continue lo be sought, acted upon and signed off. PRINCIPAL RISKS AND UNCERTAINTIES The 3 Pnnciple Board Risks are the Impact of Brexit and other economic such as inflation creating the cost of living crisis, staff retention in key positions and a possible change in government. GOING CONCERN Govemors have assessed the financial position of the School and ils subsidiary and whilst there are signrficanl financial pressures on the independent education sector associated with the impact of the pandomic, Brexit. energy prices, the effect of losing charitable slalus, the crisis in the Ukraine as well as increAs 13 the national livin9 wage. pupil and child numbers have increased beyond expectations and the level of Interesl in the School Continues lo impress. The Nursery continues lo have a waiting list for a number of rooms and this trend should continue into the future. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors Iwho are also directors of Berkhampslead School Ichellenhaml Trust Limited for the purposes of company lawl are responsible for preparing the Governors, Report and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Standards IUni(ed Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financkAI statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fa1r view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charrtable group for that period. In preparing these financial slatemenls, the governors arg required to". select suitable accounting policies and then app them consislenlly., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slalemenls on tho going concem basis unless bt is inappfopriatg to presume that the charitable group will continue in operation. The Governors are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable company and the group's transactions, disclose with reasonable accuracy al any time the financial P0511ion of the charitable group and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the asset5 of the char1table company and the group and hen for taking reasonable steps for the prèvention and detection of fraud and other Irregularities. Page 6
BERKHAMPSTEAO SCHOOL ICHELTENHAMI TRUST UMITED IA company Ilmlted by guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Governors al the lime when this Governors, port is approved has confirmed that". so far as that Governor is aware. there is no relevant audit infomialion of which the charitable Group's auditor is Ljnaware, and that Govemor has taken all the steps that ought lo have been taken as a Govemor in order to be aware of any relevant audit infomialion and lo establish that the charitable Group's auditor is aware of that infomialion. AUDITOR The auditor. Crowe U.K. LLP, has indicated his wllingness to continue in offiee. The designated Governors will propose a motion reappointing the auditor at a meeting of the Governors. Approved by order of the members of the board of Governors and signed on their behaff by.. Mr M A Kirby Chair of Trustee5 Date. ai 3 13 Page 7
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED A company limited by guaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKHAMPSTEAD SCHOOL {CHELTENHAM} TRUST LIMITED Oplnion We have audited the financial slalemenls of Berkhampslead School Ichellenhaml Trust Limited Ilhe 'parenl charitable companll and ils subsidiaries Ilhe 'group'l for the Year ended 31 August 2022 which comprise the Consolidated slalemenl of financial aclivilies. the Consolidated balance sheet, the Company balan sheet. the Consolidated 5tstement of cash flows and the related notes. inclLJding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalements.. give a true and fair view of the state of the Group's and of the parent charitable company's affairs as a131 August 2022 and of the Group's incoming resources and application of resources, including its income and expenditure for the Year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wrth the reqU1MentS of the Companies Act 2006. Basis for opinion We conducted our audi( in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fuLfilled our other ethical re$ponsibililies In accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to oolng concÈrn In auditing the financial slatemenls. we have concluded that the Governors, use of the going concem basis of accounting in the preparation of the financial slalemenls is appropriatè. Based on the work we have performed, we have not identified any material uncertainties relating lo events Dr condrtions that, individually or collectively, may cast significant doubl on the Group's or the parent charitable company's ability lo continue as a going concem for a period of at least twelve months from when the financial slalements are aulhorised for issve. Our responsibilities and the responsibilities of the Governors wf(h respect to going concern ale described in the relevant sections of this report. Page 8
BERKHAMPSTEAD SCHOOL ICHELTENHAM} TRUST LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKHAMPSTEAD SCHOOL ICHELTENHAM) TRUST UMITED (CONTINUED) Other information The other information comprises the information included in the Annual report other than the financial slalements and our Auditor's report thereon. The Governors are responsible for the other information contained wrthin the AnnLJal report. Our opinion on the financial statements does not cover the olher infom)alion and, ex¢epl to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially Inconsislenl with the financial statements or our knowledge obtained in the course of the audrt, or otherwise appears to be materially misslaled. If we identify such material in¢onsisten¢ie$ or apparent material misstalemenls, we are required to detemine whether this gNes rise to a material misslalement in the financial slalements themselves. If, based on the work we have performed. we conclude that there is a material misslalement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Opinion on other matters prescribed by the Companies Ad 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Governors, report including the Strategic report for the financial Year for which the financial slalemenls are prepared is consislenl with the financial statements. the Governors, report and the Strategic report have been prepared in accordan with applicable legal requirements. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not idenljfied material misslalement5 in the Governors, report including the Strategic report. We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requiies us to rgport to you if, In our opinion. the parent charitable Company has not kepl adequate and sufficient accounting records, or relums adequate for our audit have not been received from branches not visited by us.. or the parent charitsble company financial statements are not in agreement with the accounting records and relums., or certain disclosures of Governors. remuneration specified by law are not made., or we have not received all the information and explanations we require for our 3udf(. Page 9
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED ICONTINUEDI Responsibllities of trustees As explained more fully in the Govemors, responsibilities slalement, the Governors (who are also the directors of the charitable company for the purposes of company lawl are sponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inleTnal control as the Governors determine is necessary to enable the preparation ol financial statements that are free from material misslalemenl. whether due to fraud or error. In preparing the financial statements, the Governor5 are responsible for assessing the Group's and the parent charitable company's abilrty lo Continue as a going concern, disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the Governors erthef intend lo liquidate the Group or the parent charitable company or lo cease operations, or have no realistic allernalive bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error. and lo issue an Auditor's Teport that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audrt conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misslalements can arise from fraud or error and are considered matarial if, individually or in the aggregate, they coufd reasonably be expected to influence the economic decisions of users taken on the basis ol these financial statements. Irregularities, including fraud. are instances of non-compliance wf(h laws and gUlations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates. focusing on those laws and regulations that have a direct effect on the delerminalion of rnalenal amounts and disclosures In the financial statements. The laws and gUlatIOnS we considered in thi5 context were the Companies 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 financial Statement items. In addition. we considered provisions of other laws and Tegulations that do not have a d1cl effect on the financial slalemenls bul Compliance with which might be fundamental lo the charitable company's ability to operate or lo avoid a material penalty. We a150 considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education Ilndependent School Standards) Re9ulation$ 2014. General Data Protection Regulation IGDPRI, Héalth and safely legislation. and Employment legislation. Audrting standards limit the required audit procedures lo identify non<ompliance with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory antt legal correspondence. if any. We identified the gre8lesl risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by rnanagemenl. Our audit procedures lo respond to these risks included enquiries of management, and the Finance Commrttee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals. reviewing accounting eslimales for biases. reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate. Ofsted and reading minutes of meetings of those charged with govemanee. Owing to the inherent limitations of an audi(. there is an unavoidable risk that we may not have detected some material misslalemenls in the financial slalemenls. even though we have properly planned and performed our Page10
BERKHAMPSTEAD SCHOOL (CHELTENHAM) TRUST LIMITED (A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKHAMPSTEAD SCHOOL (CHELTENHAM) TRUST LIMITED (CONTINUED)
audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Guy Biggin (Senior statutory auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR
Date: 20 April 2023
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BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31 AUGUST 2022 Unrestrlcted funds 2022 Restrlcted funds 2022 Total funds 2022 Total funds 2027 Note Income from.. Donations and legacies Charitable acliwties". School Fees Ancillary trading income Non-an¢illary trading activf(ies Other income 26.210 26,210 10, 745 2,387.500 207.114 1,075,006 2.387,500 207,114 1.075,006 2,243, 701 130, 788 1,079,086 16.796 Total Income 3,695.B30 3,695,830 3,479,916 Expendbture on: Raising funds". Trading aclivf(ies Financing costs Charitable activities 9,10 972,871 49,230 2,660.624 972,871 49,230 2.660,923 806,517 63,965 2,436,857 299 Total expenditure 3,682,725 299 3.683,024 3,307,339 Net movement Sn funds 13.105 1299} 12.806 112.5T7 ReGonGiliation of fund¥- Total funds brought forward Net movement in funds 20 2,156.357 13.105 1,946 299) 2.158,303 12,806 2,045, 726 112,577 20 Total funds carried forward 2,169.462 1,647 2.171,109 2, 158,303 The note$ on pages 16 to 39 form part of these financial slalements. Page 12
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA Company limited by guarantee) REGISTERED NUMBER: 01136229 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Note Fixed a$$èts Tangible assets Current assets 15 2,601,691 2,644.295 stocks Debtors Cash at bank and in hand 3,995 89, 620 1,475.291 17 116.561 1,372,690 1.489,251 1.568,906 Creditors.. amounts falling due within one year 18 11,415,748) (651.507) Not current assets 73,503 917.399 Total assets les$ current liabilities 2.675,194 3,561. 694 Creditors. amounts falling due after more than one year 19 {504.0851 (1.403,391J Total net assets 2.171.109 2, 158,303 Charity funds Restricted funds Unreslricled lunds 20 20 1,647 2.169.462 1,946 2, 156,357 Total fund5 2.171,109 2. 158.303 The Govemors acknowledge their responsibilities for complying with the requirements of the Act wfth respect to accounting records and preparation of financial statements. The financial slalements were approved and aulhorised for issue by the Governors and signed on their beha by.. Mr M A Kirby Chair of Trustees Date. 21 3 23 The notes on pages 16 to 39 fomi part of these financial statements. Page 13
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guaranteel REGISTERED NUMBER.. 01136229 COMPANY BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Note Fixed assets Tangible assets Investments 15 2,563,718 100 2,589, 731 100 16 2,563,818 2,589,831 Current assets Stocks Debtors Cash at bank and in hand 3,995 180,469 1.260,512 17 137,813 1.274,929 1,412,742 1.444,976 Creditors". arnounls falling due within one year 18 11,277,988) (541.276J Net current assets 134.754 903, 700 Total assets less current liabilities 2.698,572 3,493.531 Creditors.. amounts falling due after more than one year 19 1504,0851 (1.403,391) Total net assets 2,194,487 2.090, 140 Charity funds Restricted funds 20 20 1,647 2.192.840 1,946 2.088, 194 Unrestricted fvnds Total funds 2,194.487 2.090. 140 The Companys net movement in funds for the Year was £104.347 (2021- £130,434). The Governors acknowledge their responsibilities lor complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and aulhorised for Issue by the Govemors and signed on their behalf by Mr M A Kirby Chair of Trustees Dale21 4 13 The notes on page5 16 10 39 fom) part of these financial slatemenls. Page 14
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company limited by guaranto&1 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Note Cash flows from operating activities Net cash used in operating activitS 23 236.977 402,254 Cash flows from invèsting activities Prweeds from the sale of tangible fixed assets Purchase of tangible fixed assets 799 108,3571 144,948) Not cash used in investing activities 107,5S81 144.948 Cash flows from financing activities Cash inflows from new borrowing Loan repayments Finance costs 500,000 (84,214) (50.970) {178,7451 163.276} Net cash (used inllprovided by financing actlvities 1232.0201 364,816 Change in cash and Cash equivalents in the Year Cash and cash equivalents at the beginning of the Year 1102,6011 1,475.291 722.122 753. 769 Cash and cash equivalents at the end of the Year 24 1.372.690 1.475.291 The notes on pages 16 10 39 fomi part of these financial statements Page15
8ERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 General information Berkhampstead School Ichellenhaml Trust Limited is a registered charty with the Chafilies Commission England and VVale5 Icharty number 3250181 and wa5 incorporated In England as a prive company limited by guarantee Icompany number.. 011362291 on 26 September 1973. The address of ils registered offi'ce is Berkhampstead School, Pittville Circus Road, Chellenham, GloucestershiTe, GL52 2QA. Il's principal activty Is the provision of boarding and day schooling. The members of the company are the Governors named on page 1. In the event of the School being wound up the liabilty In respect of the guarantee is limited to £1 per member of the School. Accounting pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the CharilEs SORP IFRS 1021 Accounting and Reporting by Charrties. Statement of Recommended Practice applicable to charItS preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Berkhampstead School Ichellenhaml Trust Limited meets the definition of a public benefit enlty under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting poliw. The Consolidated 31alement of financial activities ISOFAI and Consolidated balance sheet consolidate the financial statements of the Company and Ils subsidiary undertaking. The su11$ of the svbsidiary are consolidated on a line by line basis. The Company has taken advantsge of the exemption allowed under section 408 of the Compani$s Act 2006 and has not presented ils own Statement of financial activf(ies In these financial statements. 2.2 Going concern The Govemors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For long term finance the School relies on bank loans. In assessing going concern the Governors have assumed that these bank loans will not be repaid In the foreseeable future and are not aware of any circumslanees that rnay adversely affect these facilities. Governors have assessed the financial posrtion of the School and ils subsidiary and whil$t there are signrficanl financial pressures on the independent education sector associated with the impact of the pandemic, Brexit, energy prices. the effect of losing charitable status. the crisis In the Ukraine as well as increases to the national liwng wage. pupil and ehild numbers have increased beyond expectations and the level of interest in the School Continues to impress. The Nursery continues to have a wailing list for a number of rooms and this trend should continuo into the future. After making approprie enquires. the Governors consider that the Group an¢J Company has adequate resources lo continue in operational existence for the foreseeable future and il is therefore appropriate to continue to adopt the going concern basis in preparing the financial 51alemenls. Page 16
BERKHAMPSTEAD SCHOOL {CHELTENHAM} TRUST LIMITED (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies {continuedl 2.3 Fund accounting General funds are unr8Strict8d fund$ which are available for use at the discretion of the Governors in furtherance of the genefal objective5 of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The airn and use of each designated fund is sel out in the notes to the financial slalements. Reslricled funds a funds which a lo be used in accordance with specrfic reslTlCtions imposed by donors or which have been raised by the Group for partieular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial stalemenls. 2.4 Income All income is recognised once the Group has entillernenl lo the income, (( is probable that the income will be received and the 8mount of incorne receiv8ble can be me85ured reliably. Fees and similar income Fees receivable are slated after deducting allowan. scholarships, bursaries and other remissions granted by the School, but include contributions reiVed from restricted funds for bursaries. Where fees are In advance, the income is deferred until the lem lo which f( relates. Donations Donations are recorded in the Slalement of Financial Activities when the School has entitlement to the funds, any performall conditions attached to the items have been mel, il Is probable that the income will be received and the amount can be measured reliably. Where donations are received only to be used for a specific puipose they a allocated lo the appropriate restricted fund. Non Anclllary Trading Incoma Income comprisès the nursery fee Income and other income generated by Berkhampslead School (Day Nursery Limrtedl. 2.5 Government grants Government grants reiVed are credited to the Consolidated slalemenl of financial adivi(ies as the related expendrture is incurred. Page 17
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting poli¢i¢$ Icontlnuedl 2.6 Expendlture Expenditure is recognised On there is a legal or constructive obligation lo transfer economic benefit to a third party. il is probable that a transfer of economic benefits will be required in settlement and the amoLJnt of the obligation can be measured reliably. Expenditure 1$ classified by activity. The costs of each activity are made up of the total of direct costs and shared GOSt$. including support costs involved in undertaking ea¢h activity. Dire¢t costs allribulable lo a single activity are allocated directly lo that activity. Shared costs which contribute to more than one aclivrty and support costs which are not attributable lo a single activity are apportioned btheen those activities on a basis consistent with the use of reSoUrs. Central staff costs are allocated on the basis of lime spent. Expenditure on raising funds includes all expenditure incurred by the Group lo raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expendrture on charitable activities is incurred on directly undertaking the actmties which further the Group'5 objectives. as well as any associated support costs. All expenditure 16 inclusive of irrecoverable VAT. 2.7 Tangible fixed assgts and depreciation Tangible fixed assets costing £1,000 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets a initially re¢ogni$ed at cost. After recognf(ion, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairnient losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is ch8rged so as to allocte the Lost of tongiblts fixed 888ets less their residu81 value over their estimated useful lives. Depreciation is provided on the following bases.. Freehold property Leasehold improvement5 Fixtures and equipment 2_20010 Str8ighl line 10-33OA slraighl Sine 5-33.30/0 Straight line and 33.30A reducing balance 233.3°kn straight line and 33.3°h reducing balance 10_33.30/0 Straight line and 25-330 reducing balance Motor vehicles Computer equipment 2.8 Investments Investments in subsidiaries are valued al cost less provision for impairment. 2.9 Operating leases Rentals paid under operating leas88 are charged to the Consolidatéd statement of financial activities on a slraighl line basis over the lease term. Page 18
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies leontinuedl 2.10 Stocks Stocks are valuèd 8t the lower of cost and nel alIsable value after making duè allowance for obsolete and slow-moving stocks. 2.11 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.12 Cash at bank and in hand Cash at bank and in hand includes cash and short-lemi highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar a¢¢ount. 2.13 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Group anticipates rt will pay to settle the debt or the amount il has received as advanced payments for the goods or services il must provide. Provisions are measured al the best estimate of the amounts required to sellle the obligation. Where the effect of the time value of money is material, the provision Is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activrties as finance cost. 2.14 Financial instruments The Group only has financial 855ets and financial liabilrties of a kind that qualify as basic financial instruments. Basi¢ financial instruments are initially recognised at transaction value and subsequently measured at their Settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.15 Pensions The Group operates a defined contribution pension scheme for its administrative. domestic. teaching assistants and maintenance staff, the assets of which are held separatèly from those of the School. The pension charge represents the amounts payable by the Group to thè fund in respect of the year. The School contribute5 to the Teachers. Pension defined benefits pension scheme. The Scheme is a mulli-employer scheme where it is not possible, in the normal COUTse of events, lo Identify on a consislenl and 8$Onable basis, the share of underlying assets and liabilities beSonging to individual participating employers. Therefore. as required by FRS 102, the School accounts for this scheme as if il was a defined ¢ontribution scheme. The amount charged t() thtr Statement of financial activities represents contributions payable to the scheme In respect of the accounting period. Page19
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limtted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollcles Icontlnued} 2.16 Pupil deposlts The Governors have Teviewed the contract terms under which pupil fee deposrt5 are hekl by the Group. Although under normal Circumstances these will be repaid in future years when the pupils complete their education * the school. pupils Can leave at earlier dales. The Group does not therefore have an unconditional right lo relain the individual deposits for al least 12 months after the balance sheet date and in line with the requirements in FRS 102, the balance of deposits hetd at 31 August has been included within current liabilities. Crltlcal accounting estimates and areas of Judgement Estimates and judgements are continually evaluated and are based on hi$lorical experience and other fador5, including expectations of future events that are believed lo be reasonable under the circumstances. Crf(ical accounting estimates and assumptions.. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the rev1sion and future periods If the revision affected current and future periods. In the view of the Govemors, no assumptions Conrning the future or estimation uncertainly affecting assets or1iabilities at the balance Sheet dale are likely lo result in a material adjuslmenl to their carrying amounts in the next financial year. Income from donations and legacies Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Donations 26.210 26.210 10. 145 Total 2022 26.210 26.210 10. 145 Total 2021 7.645 2,500 10. 145 Page 20
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Income from charitable activities - Fees receivable This represents gross school fees invoiced, less scholarships, bursaries and allowances. 2022 2021 Gross school fees Less .' Bursaries 2,499.722 145,3651 166.8571 2,335,039 (44,399) 147,539) Allowan School fees less discounts 2,387.500 2.243. 701 Bursaries and 3wards were paid for a total of 12 pupils (2021- 14). Wf(hin this means tested bursaries totalling £45,365 were paid lo 12 pupils {2021- £43,900 to 14 pupils). This figure includes free places of £Nil (2027." £10.26TJ which are means tested and awarded to no (2021 l) pupil this year. Included within gross school fees is an amount of £149,452 (2021- £720,098J in relation to governments grants received. In 2021 all of the total incoffle from sch¢x)I fees weivabl8 was to unrestricted funds and £Nil to reslricted funds. Ineome from charitable activities - Aneillary trading 2022 2021 Music tuition School outings and clubs Leaming support Swimming income SFRS School shop and sundry income Registration fees Retained deposits 2.087 109,370 65,516 12.863 9.346 3.532 2.800 1.600 44 66.043 7, 664 11.351 42.086 207,114 130. 788 In 2021 all of the total income from ancillary trading income was to unrestricted funds 3nd £Nil to restricted fund5. Page 21
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Income from Non-ancillary trading activities Unre$tri¢ted funds 2022 Total fund$ 2022 Total funds 2021 Other activrties Trading income- Berkhampstead School (Day Care Nursery) Limited 3,195 3,195 400 1,071,811 1,071,811 1,018, 686 Total 2022 1,075.006 1,075,006 1.079,086 Total 2021 1,019,086 1.019,086 Included within tumover is an amount of £157,11)0 (2027.- £174,306) in relation to govemmenls grants received. Other incoming resources Unrestricted funds 2022 Total funds 2022 Total funds 2021 Govemrnent grants 76,796 Total 2022 16.796 Total 2021 16.796 76.796 The government grants received related to the Coronavirus Job Retenlion Scheme. Page 22
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Expenditure on raising funds - Trading activities Unrostrictod fund5 2022 Total funds 2022 Total funds 2021 Other costs Staff costs Depreciation 265,172 688.535 19,164 265,172 688,535 19,164 202.387 586.Q53 18.077 Total 2022 972,871 972,871 806.517 Total 2021 806.517 806.517 10. Finaneing costs Unrgstricted funds 2022 Total funds 2022 Total funds 2021 Bank loan interest Bad debts 53,275 14.0451 53,275 14,0451 50.970 12.995 Total 2022 49,230 49,230 63.965 Tot812021 63.965 63,965 Page 23
BERKHAMPSTEAD SCHOOL ICHELTENHAM} TRUST LIMITED {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. Analysis of expenditure on choritable actNlties Summary by fund type Unrestricted Restricted funds funds 2022 2022 Total 2022 Total 2021 Teaching ¢osts Welfare Premises 1.488,790 247,920 418,495 505.419 1,488,790 247,920 418,495 505,718 1,445, 869 179,117 397,631 474,240 Support and governance costs 299 Total 2022 2.660,624 299 2,660,923 2,436.857 Total 2021 2.436.303 554 2.436,857 Summary by expenditure type Staff costs Depreciation Other costs 2022 2022 2022 Totsl 2022 Total 2021 Teaching costs Welfare 1,421,264 67,526 247,920 225,401 246,980 1,488.790 247.920 418,495 505,718 1.445,869 IT9.117 397,631 414,240 Premises Support and governance costs 61,513 258,738 131,581 Total 2022 1,741,515 131,581 787,827 2,660,923 2,436,857 Total 2021 1.677. 138 145.285 614,434 2.436.857 Support costs for schooling includes IT. adminislralion costs, and governance costs. Governance costs tolalling £38,694 12021 - £55.487) consist of inspection costs and professional fees (including auditors fees of £11,250 for the yearl. Page 24
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 12. Auditorfs remuneration 2022 2021 Fees payable to the School's audito¥ for the audit of the School's annual accounts 9,500 9.250 Fees payable to the School's auditor in respect of.. The auditing of accounts of the subsidiary of the School All non-audit services not included above 1,750 3,990 1, 750 13. Staff costs Group 2022 Group 2021 Company 2022 Company 2021 Wages and salaries Social securrty C051s Pension costs 2.040,888 161,376 227.786 1,870, 971 158,501 233, 719 1.405,258 123,528 212,729 1,332,274 725,216 219,648 2,430,050 2,263. 191 1,741,515 1, 677, 138 During the period there were lerminalion payments made of £1,730. Nil remained outstanding at year end. The average number of persons employed by the Company during the Year was as follows.. Group 2022 No. Group 2021 No. Teaching Day Nursery Administration 40 38 35 13 95 86 Page 25
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 13. Stsff costs Icontinuedl The number of employees whose employee benefits (excluding employer pension coslsl exceeded £60,000 wa5.. Group 2022 No. Gmup 2021 No. In the band £60,001- £70,000 In the band £80.001 - £90,000 In the band £90,001 - £100.000 The lolal employee benefits of the key management personnel lolalled £228,290 (2021- £258,203). 14. Governors. remuneration and expenses During the year the school paid one of the Governors, Mrs G Agg £1,500 (2021 £Nil) for professional services provided to the School. Three Governors (2021.. Two) had children at the School during the year. One Governor received a staff discount as a resu of a spouse working al the School. Al the year end fees lolalling £551 (2021.. £559) were due from 2 Governors and an amount of £3,965 was owed to 1 Govemor for fees paid in advance (2021. £NIL). One member (2021. One) of the Senior Management Team also had chIldn at the Sch¢x)I during the year. Al the year end fees tolalling £834 were due from the staff (2021." £514) The Governors and SMT paid fees under normal commercial terms and all fee discounts were awarded on an amis-length basis. During the Year ended 31 August 2022, no Governor expenses have been incurred (2021- £NILI. Page 26
BERKHAMPSTEAD SCHOOL ICHELTENHAM} TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. Tangible fixed assets Group L8asehold improvè- rnents Fixtures Motor and Computer vehicles equipm8nt equipment Fraehold property Total Cost Al 1 September 2021 3,377,118 Addf(ions Disposals 126,742 83,305 524,384 71,732 120.694 4,232,243 36,625 108,367 12.5981 113.1141 110,516} At 31 August 2022 3,377,118 126,742 72.789 596,116 154,721 4.327,486 Depreciation At 1 September 2021 1,004.294 Charge for the Year 72.978 On disposals 108,835 7,562 71.384 6.705 110,5161 323.486 41,559 79.949 21,941 12,3821 1.587.948 150,745 112.8981 At 31 August 2022 1,077.272 116,397 67.573 365,045 99,508 1.725,795 Net book value Al 31 August 2022 2.299,846 10.345 5,216 231,071 55.213 2.601,691 Al 31 August 2021 2,372, 824 17,907 11,921 200,898 40, 745 2,644,295 Page 27
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. Tangible fixed a55ets Icontinuedl Company Freehold Property Motor Flxtures and vehicles equlpment Computer equipment Totsl Cost At 1 September 2021 Additions Disposals 3.377,118 83,305 449,423 69,158 114,506 ,625 12.5981 4,024.352 105,783 113,1141 110,5161 Al 31 August 2022 3,377,118 72,789 518,581 148.533 4,117,021 Depreciation Al 1 September 2021 Charge for the Year On disposals 1,004,294 72,978 71,384 6,705 110,5161 283.892 30,694 75,051 21,203 12.3821 1,434,621 131,$80 112.8981 Al 31 August 2022 1,077,272 67,573 314,586 93.872 1,553.303 Net book value Al 31 August 2022 2,299,846 5,216 203,995 $4.661 2,563.718 At 31 Aiwiist 2021 2.372. 824 11,921 165. 531 39.455 2. 589, 731 Page 28
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 16. Fixed asset investments Investments in subsidiary companies Company Cost or valuation Al 1 September 2021 100 Al 31 August 2022 100 Principal subsidiaries The following was a subsidiary undertaking of the Company and has been included in the consolidation.. Name Company number Registerèd office or principal place of business Principal activity Share holding Berkhampslead Schcol IDay 07805292 Nursery) Limited Berkhampslead School. Pittville Circus Road, Cheltenham. GloucesteTshire, GL52 2QA Day nuTsery 1000 Ordinary The financial resuhs of the subsidiary for the year were.. Name Income Expenditure Loss for the year Not liabilities Berkhampstead School (Day Nursery) Limited 1.071,811 {1,104.0431 132.232 123.2781 Included wrthin turnover is an amount of £157,100 (2021 £774, 306) in relation lo govemmenls grants receive¢J with regards to fees and a further £NIl (2027 £14, 823) grant re the Coronavirus Job Retention Scheme. Administrative expenses include rent totalling £53,232 (2021 £53,232) and a management charge of £77.940 (2021- £77.940J paid lo Berkhampslead School Icheltenhaml Trust Limrted. A gift aid payment of £59,309 (2021- £113,677) was made to Berkhampslead School IChellenham} Trust Limited. At the year end Berkhampslead School IDay Care Nursery) Limrted owed Berkhampslead School Chellenhaml Trust Limited £39,112 (2021 £98,4 15). Page 29
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limitgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17. Debtors Group 2022 Group 2021 Company 2022 Company 2021 Trade debtors Amounts owed by group undertakings other debtors Prepayments and accrued income 44,836 38,310 42,310 39,112 1,188 55,203 35,952 98,415 2,057 44,045 3,892 67,833 2,625 48.685 116,561 89, 62Q 137,813 180,469 Fee debtors are staled after impaimienl provisions lotalling £34,347 (2021.. £24, 185). 18. Cr¢dltors- Amount5 falling due within one year Group 2022 Group 2021 Company 2022 Company 2027 Bank loans Trade creditors Other taxation and social security Pension creditor Fees paid in advance Deposits Accruals 899,966 111,596 38,562 19,176 179,428 105,872 61,148 779,405 70,947 38,971 29,898 189,877 97,856 44,553 899.966 79,391 32,024 18.118 161,556 38.757 48,176 179,405 62,381 30,473 26. 704 168,525 38.007 35,781 1,415,748 651.507 1.277,988 541.276 3 bank loans were paid in full post year end totalling £818.973. The repayments have been aged as amounts falling due wf(hin one year. Page 3D
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A company limitgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Fees in advance represent payment for school and nursery fees relating to terms within the 2022123 financial year. Movements during the year were.. Group 2022 Group 2021 Company 2022 Company 2027 Fees paid in advance Balance at 1 September Resources deferred during the year Amounts released from previoLbS years 189.877 181.030 {189.8771 154.390 189.877 {154.390) 188,525 161,556 1168,5251 142.351 168.525 (142,351) Balan at 31 August 181,030 189,877 161,556 168,525 Page 31
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 19. Craditors: Amounts falling duo aftor moro than one year Group 2022 Group 2021 Company 2022 Company 2021 Bank loans 504,085 1,403,391 504.085 1,403,391 Included within the above are amounts falling due as follows.. Group 2022 Group 2021 Company 2022 Company 2021 Between one and two years Bank loans 83.066 2QO.428 83,066 200,428 Between two and five years Bank loans 210,831 928,010 210,831 928.010 Over fivè years Bank loans 210.188 274,953 210,188 274.953 The aggregate amount of liabili(ies payable or repayable wholly or in part MO than five year5 after the reporting dale is. Group 2022 Group 2021 Company 2022 Company 2027 Payable or repayable by In5talments 210,188 261,443 210,188 267,443 The School has nine (2021." nine) loans, fNe (2021.. five are fixed rale loans and four (2021.. f(iur) are variable rate loans. The fir51 has a fixed interest rale for len years al a rale of 5.2130k, the second has a fixed rate of 6.070/0 for 25 years, the third has a fixed interest rate of 3.71 Ok for ten years, the fourth has a fixed rale of 3.90°kn for 12 years. the fifth ha5 a fixed rale of 3.77°k lor 12.5 years. The four vaiiable rale loans have interest rates of 10k, 1.63'/ts and 1.95°k over the base rate. The loans are secured by means of a legal mortgage over the freehold property known as Pengwern House, Pittville Circus Road. Chellenham, GL52 2QA and Berkhampslead School Ichettenhaml Trust Limited, Pittville Circus Road, Cheltenham, GL52 2QA. There is also an unlimited debenture incorporating a fixed and floating charge. Page 32
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 20. Statgmgnt of funds Statement of funds- current Year Balance at 1 September 2021 Balance at 31 August 2022 Transfers inlout Income Expenditure Unrestricted funds Designated funds Governors Bursary PTA fund 8.878 34,393 8.878 29,505 26,118 130,2081 17981 43,271 26,118 130,2081 1798) 38,383 General funds General ftjnd - Day Nursery General fund - School Eliminated on consolidation 68.163 2,044,923 1.071.811 11,163,352) 2,788,382 12,679,646) 1190,4811 190,481 123.3781 2,154,457 798 2,113.086 3.669,712 13,652,517) 798 2,131.079 Total Unrestricted funds 2,156.357 3.695,830 13,682,725) 2,169,462 Restricted funds Science Equipment Fund Staff Entertainment Fund 500 500 1.147 1,446 12991 1,946 12991 1,647 Total of funds 2,158.303 3,695,830 13,683.0241 2,171,109 Page 33
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Statement of funds Icontinuedl ststement of funds - prior Year Balan al 1 September 2020 Balance al 31 August 2021 Income Expenditure Unrestricted funds Designated funds Governor5 Bursary PTA fund 8.878 8,878 34,393 26.492 7,635 266 35.370 7,635 266 43,2T1 General funds General fund - Day Nursery General fund - School Eliminated on consolidation 86.020 1,924.336 1,033,509 (1,051,360) 68,163 2.621. 121 (2,500.534) 2.044.923 (244.849) 244, 849 2,010.356 3,409,781 (3,307,051) 2, 173,086 Total Unrestricted funds 2.045. 726 3.417.416 (3.306. 785) 2. 156.357 Restricted funds Science Equipment Fund Staff Entertainment Fund 500 2,000 (554) 1,446 2.500 (554J 1.946 Total of funds 2,045, 726 3,419,916 (3,307,339) 2, 158,303 Page 34
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guarantgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 20. Statement of funds l¢ontinuedl The Governors Bursary fund provides fee remission for children where need is idenlrf*d. The PTA fund 15 monies raised by the PTA for use wlhin the school. The transfer in the current year relates to a correction to expendrture in the prior year. The Science Equipment fund is a donation lo provide for science materi81s. The Staff Entertainment fund is a donation to be spent on the staff. 21. Summary oflunds Sumrnary offunds- current Year Balance at 1 September 2021 Balance at 31 Augu$t 2022 Transfers inlout Income Expenditure Designated funds General funds Restricted funds 43,271 2,113,086 1,946 26,118 {30,2081 3,669.712 13,652,517) 12991 1798) 798 38,383 2,131,079 1,647 2,158,303 3,695.830 13.683,0241 2,171.109 Summary offunds- prior Year Balance at 1 September 2020 B81ance al 31 August 2021 Incom8 E¥penditu Designated funds General funds Restricted funds 35.370 7,635 3,409. 781 2,500 266 43,271 (3,307,057) 2. 113.086 (554J 1,946 2.010,356 2,045. 726 3,419,916 (3.307,339) 2, 158,303 Page 35
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2022 22. Analysis of net assets between funds Anatysis of net a$$et$ between fund5 - current year Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Current assets Credrtors due wthin one year Creditors due in more than one year 2,601,691 1,487.604 11,415.7481 1504.0851 2,601,691 1,489,251 1,415,748) 1504,0851 1,647 Totsl 2,169.462 1,647 2,171,109 Analysis of net assets between funds - prior year UnstriCted funds 2021 Restricted funds 2021 Total funds 2027 Tangible fixed assets Current assets Creditors due within one year Creditors due In more than one year 2,644,295 1,566,960 (651,507) (1,403,391) 2, 644,295 1,568,906 (651,507) (1,403,391) 1,946 Total 2. 156,357 7,946 2. 158,303 Page 36
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 23. Reconciliation of net movement in funds to net cash flow from operating activities Group 2022 Group 2021 Net income for the year las per Slalement of Financial Activities) 12,806 112.577 Adjustments for: Depreciation charges (Profitl on the sale of fixed assets Decrease in stocks Ilncreaselldecrease in debtors Increase in creditors Finance costs 1SO,746 15831 3,995 126,9411 43,680 63.275 163.362 (21.652) 96,997 50.970 Net cash provided by operating activities 236.977 402.254 24. Analy$is of cash and cash equivalents Group 2022 Group 2021 Cash in hand 1,372,690 1.475,291 Total cash and cash equivalents 1.372.690 1,475,291 25. Analysis of changes In net debt At1 September At31 2021 Cash flows August 2022 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 1,475,291 1179,4051 11.403,3911 1102,6011 1720.5611 899,306 1.372,690 1899,9661 1504,0851 1107.5051 76.144 131,3611 Page 37
BERKHAMPSTEAD SCHOOL {CHELTENHAM) TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 26. Pension commilmgnts Teachers. Pension Schomo The School participates In the Teachers. Pension Scheme I'the TPS'I for rts teaching staff. The pension charge for the year includes contributions payable lo the TPS of £167,374 (2021 £204.099? and at the year-end £16,739 (2021- £23,483) was accrued in respect of contributions to this scheme. The TPS is an unfunded mulli-employer defined benefits pension scheme governed by The Teachers. Pensions Regulations 2010 las amendedl and The Teachers, Pension Scheme Regulations 2014 las amended). Member5 contribute on a "pay as you go. basis with contributions from member5 and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by publi¢ funds provided by Padiament. The employer contribution rale is sel by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report. which was published in March 2019, confirmed that the empkjyer contribution rale for the TPS would increase from 16.40/0 to 23.60h from 1 September 2019. Employers are also reqLJired to pay a scheme administration levy of 0.08Q/o giving a total employer contribution rate of 23.680/0. The 31 March 2016 Valuation Report was prepared in accordance with the benefits sel out in the scheme regulations and under the approach specified in the Directions, as they applied al 5 March 2019. However, the assumptions were considered and Sel by the Department for Education prior to the ruling in the 'McCloudlSargeanl case,. This case has required the courts to consider cases regarding the implemenl81ion of the 2015 reforms lo Public Service Pensions including the Te8¢heTS' Pensions. On 27 June 2019 the Supreme Court denied the government pem)ission lo appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise lo unlawtul age discrimination. The government is respecting the Court's decision and has said Il wll engage fully with the Employment Tbu1 as well as employer and member representatives lo agrèè how the discriminations wi51 be remedied. The government announced on 4 February 2021 that il intends to proceed with a deferred choice underpin under which members will be able lo chcK)se ef(her legacy or reformed scheme benefits in respvcl of their be[vi duriiig the peiiod between 1 April 2015 and 31 March 2022 al the point they become payable. The TPS is subject to a cost cap mechanism which was pul in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary lo the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling In the McCIoLJdlSargeant case and unb"I there is certainty about the value of pensions lo eTnployees from April 2015 onwards. The pause was lifted in July 2020. and a consuttalion was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public cc>nsuttation, the Government have accepted three key proposals récornmended by the Governmènt A¢tuary. and are aiming lo implement these ¢hanges in lime for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the resuf(s indicated that there would be no changes to benefits or mèmber contributions required. The results of the cost cap valuation are not used to sel the employer contribution rate. and HM Treasury has confirmed that any Changes to the employer contribution rate resulting from the 2020 valuations will take effed in April 2024. Until the 2020 valuation is completed il is not possible to conclude on any financi81 impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefrt pension costs is included In these financial slalemenls Page 38
BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 26. Pension commitments {continuedl Scheme for non-taaching stsff The School operates a defined contribution scheme for ils non-leaching staff, the assets of which are held separately from those of the School. The pension costs charged represents contributions payable by the School to the scheme and amounted lo £60,412 (2021 £29. 620) for the year ended 31 Augijst 2022. At the year end £2.437 {2021- £6.415) was due lo be paid. 27. Operating lease commitments At 31 August 2022 the Group and the Company had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2022 Group 2027 Company 2022 Company 2027 Not later than 1 year Later than 1 year and not ter than 5 years Later than 5 years 37.072 88,768 11,096 7T,515 49,910 37,072 88,768 11,096 17.515 49.910 136,936 67,425 136,936 67,425 The following lease payments have been recognised as an expense in the Statement of financial activities". Group 2022 Gmup 2021 Company 2022 Company 2021 Operating lease rentals 27,989 23,242 27,989 23,242 28. Related party transactions There were no other Rel8ted Party Transactions other than those disclosed in note 14 and 16. Page 39