Edgbaston High School for Girls CONSOLIDATED FINANCIAL STATEMENTS for th¢ y¢ar ¢nd¢d 31 August 2022 Cornpany Registration No. 10031 Charity Registration No. 504011 Edgbaston High School for Girls PRINCIPAL ADVISERS AUDITORS CROWE UK LLP Black Country Hous¢ Rounds Green Road Oldbury B69 2DG BANKERS HSBC Bank plc BirTllillgham Commercial Area Ground Floor 12 Calthorpe Road Edgbaston BinnAngha B15 IQZ SOLICITORS Shakespeare Martineau LLP No I Coltllor¢ Squ￿? BirminEh8m B4 6AA INVESTMEKI. ADVISERS Evelyn Parther (previously Smith & Willian￿on) 14 Floor. 103 Colmore Row BIrn)n￿h3M B3 3AG Page I Edgbaston High School for Girls DIRECTORS, OFFICERS AND STATLrroRY INFORMATION PREStDENT Sir Dominic Cadbury BA. MBA VI￿ PREStDENrs Mr D J Cadbury MSC, DSW. CQSW Her Honour Judgc S Thomas LLF3 Mr 18n Marshall FIA C￿bridge GoVERN￿G BODY.. Directors appointed by the shareholders, who are also the tnLStees of the charity? since I September 2021: Mr M Chity BA Hons -chair Mr G I Scott MA (Oxon)- Resigned from Chair 3010912022 Mrs J Tozer LLB (Hons). Soli¢ilor, BD- 2020 Resi￿ed from Deputy Chair 0510912022 Mrs A Howarth- Deputy Cbair-appoinled 06109ll022 Member of tbe Educatlon & Weif•re Commlttee: M]% A E 8 Howarth (Chair) C PrAtchard- Appointsd 0810312022 S Priest MA MRJCS M]5 S Robinson m¢￿ber of tbe Fin¥ttce & G¢n¢ral Purposes Committee: Mr T G M Downing Appoinfrd 510112022 (Chair) Mrs C Diamentr Mrs A Solanki Member of the Govern•nee & CompllAtt¢e Commlttee: frs L Smiley (Chair) Mrs S Parveen- Appointed 05107r2022 Mrs R Matambo- Appointed 0710612022 Mr G Seotr (Oxon) School Ambassador: Mrs C Fala OGA (Old girl's Association) representative: Mrs Ann¢ r.ac¢y and Mrs Eli7.&b¢th Harticy EHSPA (Edgbaqton Higb School Parents Association) representstive: M]% Rehana Watkinson and Mrs Kerry Fenverda HEADMISTRESS Clare Macro HEAD OF PRE,PATORY SCHOOL Mrs S Hartley BEd FINANCE DIRECTOR & COMPANY SECRETARY Mrs Bealrice Kail ACMA Page 2 Edgbaston High School for Girls DIRECTORS, OFFICERS AND STATUTORY INFORMATION COMPANY NUMBER 10631 (England and Wales) CHARITYNUMBER 504011 REGISTEIiED OFFICE Westbourne Road Edgbaston Birn)ingham B15 3TS Page 3 Edgbaston High School for Girls DIRECTORS, REPORT (including strategic report) The members of the Governing Body> who are the charity trustees and directors of the company for the putposes of company lawy presellt their annual rcport and finaJi¢ial $tatcmcnts for the year ended 31 August 2022. Th¢ Governing B has adopted the PfOViSiODS of Charity Statement of Recommended Prnctice (SORP) (FRS102) in preparing the ￿Ual report alld financial statements of the charity. The Annual Report cover8 Edgba5ton High School for Girls and its Subsidiary EHS (Propcty Services) Limited. REFEREIYCE AYJ D ADMtMSTiUTIVE INFORMATION The School w&s founded on 25 May 1876 as a private COD]pany litnited by shaTes. The fO1￿￿erS were a group of philanthropic Bimingham businessmen and civic dignitaries, who were concerned at the limited opportunities forthe education of young girls in Birniingham atthattime. The School WAS origitMlly situated in a set of privale buildings near Five Ways and moved to its current purpose-built premises in 1962. The members of th¢ GoverningBody. Headmistressj professional advisers and the principal address ofthe charity are listed on pages l and 2. STRUCTURE, GOVERNANCE AND MANAGEMENr Governillg Instruments As a private company lijnited by sl)ares. the School h&8 a Memorandum and Articles of Association. Its company number is 10631. It is also a registered charity, number 504011. Sehool Governing Body The Memorandum l￿d Articl¢s of Association specify a maximum of15 and a minimum of10 members of Governing BIKIY. of which at least one third shall be wOM￿L The (ioverning Body appoint5 & PresidenL currently Sir Dominic C&dbury BA MBA and up to five Vice Presidents, none of whom need be members of the Governing Biyjy. Recruitment and training New members of the Governing Body ate recruited to fill vacancies wbich occur on the qkills Matrix. New Membe￿ are offered induction briefings by the Heathnistress. All members of the Governing Body are encouraged to attend appropTiafr training events. An annual training day wlth update training for the whole Governing Body takes place usually in May. The topic for this year's training was on equality, diversity and inclusion. Organisational Management The ￿11 Governing Body, as trustees of the chosity, legally responsible for the overall management and control of thc School. They meet a minimum ()f three times per year, with at least one meeting per academic term. The Committets meet on a rninimum of three occasions peryear, normally before the main governing body and make5 r￿0￿[￿endatIon$. The Headmistress and the Finance Director attend all buil Gov¢rning Body meetings. The Governing Rody dcterniincs the gcnernl policy of the School and delegatcs d&y-tO-d&y management to the Headmis(ress. The pay and remunerdtion of the Head is set by the Finance & General Purw)ses Con)mittee. Page 4 Edgbaston High School for Girls DIRECTORS, REPORT (including strategic report) STRUCTURE. GOVERNANCE AND MANAGEMEiYf {coDtitiued) Croup Structhre and Relationships RelutsdPartie The School h&s one wholly owned subsidi8ry EHS (Property SeThices) Limited. Frotn I September 2014 the activities of hiring the School facilities to third parties w&s transfetTed to the company from the Charity. The subsidiary madc & trading surylus of £43.9k (2021.. £11.2k)- The daughters of the Finance Director hav¢ been employed as'casual employe¢s" to PTovidc support in th¢ library and with the Lifesaving ¢OUTses offered by the school to Current pupils. Their co]nbined income during the year was £1,098 (2021: £420). Govemors of the school received £101 (2021: £90) in compensation for ex￿n$¢$ incurred during the year. Connec¢edParlles The School benefils from th¢ generosity of both the EHSPA and a network of old girls. The OGA is an association of fomer pupils of the Schtx)I, which offers fornier pupils the opw)rtunity to Jnaintain friendships, continue intcrcsts and remain in contact. The EHSPA or¥anise social and other events. ￿Ing any surplusesmade for the bellefrt of the sch￿1. Wegreatly &ppre¢iafr and acknowledgethe supportoffered. OtherRelatlonshlps The School also strives to optimise the use of its ¢ulttwa] and sporting facilities by local charities and otb¢r organisation5. It encourdges its pupils to participate An both the local and wider ¢ommunity. Employment of the Disabled The School is committed to securing equality of opportijnity through the creation of an environmentin which individuals are treated solely on the basis of their relevant merits and abilities. All mernbers of staff and Council share this commiknent. The School does not perniit any offensive, discriminatory or hostile attithdes to be displayed by any person or group tOW8rds an individual with a disabilffity. The School's policy is to recruit disabled WOTkers for thos¢ vacancies that they are able to fill> providing all necessary &ssistance with initial training and continuing C￿e¢r development to ensure suitable opportullities for each disabled penon. A￿gernents would be mad¢, when necessary, for retMning employees who become disabled to enable them to perform work appropriate ro their aptitudes and abilities. The School bas an Accessibility Policy gnd Plan which are revifflved every 2 years. Employee iDvohTem¢nl The School's policy is to Consult employees, through regular staff meetings. on matters likely to affect employees. interests. Inforni&tion on matters of concern to employees is given through bulletins, reports 8Ld presentations which seek to achieve a common awareness on the p8rt of the employees of the financi81 and economic factors affecting the School's perforniance. The School's academic stsff hold regular meetings and presentations througboul the year. Th¢ non-t¢aching staff also meet on a regular basis. The school has put a Wellbeing Committee in place. The romtnittee Jneets temily atyl all areas of the school are represented 81ong with a member of the Governing Body. Page S Edgbaston High School for Girls DIRECTORS. REPORT (including strategic report) STRATEGIC REPORT OWEcf& AIMS, ORJECTIVES AND ACTIVITIES Cbarithble Objects The fornial objcct of the School is- To establish for ¢haTitsblc purposes only and to maintaiJA a public day school or schools for the education of gir15 and boy5 and to supply general instruction of the highest cl￿. Altus and tn¢ellded ImpAct In fiwtherance of its objects, the School continues to follow the founders. vision of providillg a challengi Liberal education for girl& which combines academic rigour with & breadth of ski115. The acquisition of knowledge coupled with a wide range of other accomplishments rernatns the School's aim. The School has a strong pastoral ethos. ObJeethtes for the Ye#r The School's primary obj¢rtiv¢s for Ihc ycar havc k¢n.' To maintsin and injprove the School's academic results" b. To maintain the fabric of the School at a very good standard and to improve the facilitie5 availablc. c. To Maintain and develop links with the loeal community" d. To widen access tts th¢ School through thc provision of means tested bursari&s' To provide continuing support of our pupi15 who are in receipt of means test¢d bursaties" and £ To continue to make a SUTplus sufficient to fund fiLture capital projects. Strategtes to Achleve the Year's Objective8 The School has a tlllet-year Strategic Development Pla￿ from which an aruRul plan is produced for each a￿le￿i¢ year. The annual plan for 2021122 bas focussed on the following key th¢mes.' & A¢ademA¢ development b. Pastornl development Staff voic¢ and wcllbcing Finance and facilities PEL Marketing and 8dmissions Prin¢ip¥l Aetivities durillg the Year The principal activity of the charity has been the provision of singl¢-sex e(lucation forgirls bettyeen the 8Ees of 21A and 18. In addition. it has nm holiday clubs during all school holidays for the younger pupils. Public Benefit The directOTS have complied with the duty of the Charities Aci 2011, lo have due regard to public benefit guidance published by the Charity CommissioTL As well ￿ providing education in accordance with the Charitable Objecls Set out above, the charity provides bursaries, community acces8, work experience and ommunity serYic¢s as set out on pag¢s 6 to 8. Page 6 Edgbaston High School for Girls DIRECTORS, REPORT (including strategic report) O&IECT& A￿lS, OWECTIW£S AND ACTivrriES (eontinued) l. Admissions Polley Access to an Edgbaston High School education is made possible through the a]location of means tested bursari¢s to those who pass our entrance examination but gtre unAbl¢ to pay the full fees. The availability of th¢se bursaries 15 Outlined in our admissions FKblicy on our web site. 2. Bursary Provtsions The Schix)I has tt compr¢b¢nsive policy Im means testsed burs8ries which are available on application to all who pass OUT eThtrane¢ examination to the senior school. Thc cquivalent of 2 places are availabl¢ as bursary support within the Sixth Forni, and 3 places for YeAr 7 enty. The school tntroduced in 21-22 & Bursary for children entering Reception equivalcyjt to five full fee plw. Existing pupils, who al￿nd Nursery and Kindergthell are eligible to apply for these bursaries as well as pupils applying to join in Reception. If awarded, the buNry in Reception comttLeDces aft¢r th¢ pupil is no longer eligiblc for 15 free hours of childcare. In year 3, Bursaries equivalent to 3 full fcc places can be awarded annually to thosc Cntering the year group. As with Reception bursaries, existing pupils and new entrants are eligible to apply for the bursaries if they meet the published criteri All applications ore means tested, taking into accoiint family incom4 investments and s&vinES and family Circumstances e.g. dependent relatives and the Dumber of siblings. Th¢ School employs th¢ Servi￿ of an independent assessor to support this procc&8 by making home visit5 or video G￿lS to all new bU￿ary applicants. Bursaries are also available to the parents of currenl pupils who may face haTdships such &$ redundancy or a death in the family. The School does not have an endowment forbursary fimdin& and in funding our awards abal8n¢e has to be made between fe¢ paying parent4 many of whom mak¢ peJEona] sacrifices to fiuld theiT child's educatio and those who benefit from the awards. 3. Family Discoullts The school offers a sibling discount of 50/0 for all new pupils at EHS and a fiwther 5Q/fy for the 3rd at subsequent child. The school also offers a 5 /0 discount for a pupil whose brother enrolled in their Prep8Tatory School at Westhouse, our I￿￿1 boy's School. One or both pupils have to be new to either s¢hool. 4. Scholarship awards And policy 'rhe School allocates funds for the following fces remi&gions: Thr¢¢ up to 500/0 academic scholarships at Year 7 enty. Martineau (a music scholarship), Ch0mb¢rlain and Dixofy named after thre¢ of the original founders based on academic achievement in the entrdnce examinatLOn. One scholarship at Year 7 ellty giving up to 500/r* remission Of fees (Th¢ Anthea Cadbury, also an academi¢ scholarship). Edgb&8ton High School for Girls scholarships at Year 7. to a M￿]MUn) total va]ue of four sets of full fees each fmancial year, across the seven year groups in senior school. Music scholarships are also availabl¢ following a written examination and audition in the Sixth The equivalent oftwo full places can be awarded 8Dnually to pupils entering sixth form reseThed for pupils of the school whose parents would benefit from support to allow their daughter to undertake two years in the Sixth foTm. These are not subject to academic xw)kin& but can be awarded in conjunction with a scholarship. Page 7 Edgbaston High School for Girls DIRECTORS, REPORT (including strategic report) Scbolarship and Burs*ry Assistsnte In 2021-22 52 (2021: 55} pupils were asststed by me8ns-t¢sted bursaries. corresponding to an avcrage ternily cost of £95.629 (2021= £77,367). The numberof scholaTshipsTeceived by pupils was 149 {2021.' 117). amounting to an average tennly c05t of £137,683 (2021.. £128,933)- The continued re£eipt of scholarships is subject to annual review. Siaff allowances and Sibling allowan¢es amoimted to an av¢rage of£96,269 (2021: £88.265) and £22248 (2021- £21,317) per term respe¢tiv¢ly. OKIECTS, AIMS, OBJECTIVES AND AcTIV￿IEs (¢ontiMued) 5. A$sist#n¢e for Employees All employees of Edgb&ston High Schix)I may benefit from a discount scheme Should they choose to educate their children at our S¢hool. 6. Work Exp¢rien¢e The School offers work experience to students prior to their registration on the PGCE course. We also take students on teaching plac¢ments. 7. Communfity Access We assist the lo¢al wmmunity by allowing use of our faciliti¢s for a ¢omp¢titive fee where there is no detriment w the education of our pupi]s. Regular lets in¢lud¢ the City Ev8llEelical Churc14 Stage Coac sw1nllnj￿ clubs and we of the all-weather pitch by local hockey clubs. REVIEW OF ACTIVITIES AND ACHIEVEMENrs l. Pupll Iyumbers and Fees Pupil numbers were 877 in thc Summer Terni 2022. The fee in¢re&s¢ for the year was 20h from prcviou5 year. Ternily fees are as follows: Westbourne £3,012.75 Prep £3,012.75- £4,363 Se))ior School £4,621 Sixth forni £4,695 2. A¢Ademic We are proud of the spirit and resilience our A level students showed as they prepaTed for their A Level. Their Tesults reflected their hard work drive to succecd. Examination results for th¢ 2021r22 academic year were as follows. At A level the pass Tate IOOQ/o with 67.80/0 of all passas bein¥ al A*IB ￿ade. GCSE s￿dentS also show¢d great resilience and the results that thcy 8¢hiev(xl r¢flected their hard wotk over the last two yeaTS. At GCSE the overall pass rate was 64.9Yo at ￿ade 71819 and 97.7Yfy of all pupib &chi￿¢d grade 4 to 9. 3. Other Achievements Tbe education girls re¢eive at EHS is significantly enhanced through a widc range of carefully designed experiences outside the formal curyiculum. tn addition to talks, WOTk5hops and conferences held in school. a variety of trips at home and abroad contribute to the girls developing a broader knowledge and understanding of the world around them. Pagt 8 Edgbaston High School for Girls DIRECTORS, REPORT (including strategic report) REVIEW OF AcrivrriES AIW ACHIEVETrtENTS (eontffinlled) 4. Extra-currleular activitie The School n&ns a wide range of activities for all year groups from Year l upwards. Lunchtime clubs and support groups are cornplem¢nt¢d by after school 5POrts activities. There is a mixture of academic clubs e.g. Lost in Tran51atioD, Classics Clubs bv¢ also clubs for enrichment putposes eg Calligrnphy, Chinese dancing and mod¢1 UnitedNations. Musical and dTarnati¢ productions are slaged throughout the year groups each year. IArgc scalc produeiions include the annual Year 6 production and in thc Senior School a biannual musical and, on alternate years, a play is staged. The School kLas' been pleased lo be abl¢ to once again stage various productions this year such as Ernie5 Incredible Illucinations by AIAn Ayckbourn involving 26 year 7 pupils. All of Year 6 pupils were proud to perforn] Pirates of the Curry Bean at the end of Amarch in front of their farnilie5 alld frieDth. Physical Education play5 an iInportant part in School life and we continue to field teams in all major sports for girls and enjoy suc£es5 in matches and r¢gional championships at all levels. The educatioll girls ￿e1ve at EHS is $i￿1fic￿￿lY enhAnced though a wide rallge of carefully designed experiences outside the f0rn1a] curriculum. 5. Community Service Pupils take part in community seThice as part of their Duke of Edinburgb award scheme, or as part of the Sixth form enrichment Pr0￿me. The scheme is ￿owing in popularity with 138 pupils ts&ing part this year, an in¢￿a5¢ of 3V/a over1&8t ycar. The school covers Bronze to Gold award. £7,739.48 was raised for Charity in the year 2021122. Th¢ money raksed came from a large variety of events which took plaoe in school and have gone to support charities such as the Edwards TTUSL Marie Curie, St Mary'5 hospic¢, Midlgnd5 Air Ambulanc4 British Legio￿ Comic Relief, Race tor Lrfe, Age UL Pink day. Red Nos¢ Day. women's aid to name & few. Small fundraising events were also organised by pupils in school. In the Summer of 22. th¢ School loaned costumes to a l(Kal school for their production, hosted the loc netball league for girls aged 8-1 I from a selection of loca] schools and supported with production of programme5 for Gig Caritss and European Youth Music Week 2022. The Deputy Ilead CurrAculum and a number of teaching staff arc Govemors of a local school. Page 9 Edgbaston High School for Girls DIRECTORS. REPORT (including strategic r¢port} & Sustainability The School h&8 Green Flag stst￿. W¢ have pupil and staff committees throughout the School and are workingto incTe&se our 8ustLinability. We crthntinue tn focus an recycltng and reducingthe single use plLstic and paper throughout the school. We have also continued our interest in looking at ways of saving energy and reducing our foot print. Scnior school has held a number of cl(ithes donations for charity in order to recycle textiles too. Girls are encouraged to walk to School and for parents to switch off engines and lift slwe where it is possibl The Prep qchool continues to hold the Gold Award on the Woodland's Trnst Cir¢cn Tree Schools Award for planting tr¢cs in thc grounds. It also contiMu¢d to recycle pl￿tiC pens and batteries. Also, by using Seesaw, the online learning platforni. the Pffp School has reduced the amount of paper used. An incredible alnount of plastic folders have also iKell saved by postiTLg the spellings on thi5 platfonn. We have pupil and staff committees throughout the Sch(M)I who are workillg to in¢rease our sustaiDability, in particular the move to electronic learning has reduced the amount of stationary being used. Our focus this year continues to be on recycling all item5 that can be recycle4 including items of technology. We are also actively encouraging more pupils to wa]k to school. cycle and scoot The Scho()I's a]lotment is a great asseL providing valuable curriculum and %ocial opportunilies for pupils nd enablingthe School to make greater links with the local community. The sitc has an open a¢¢ess orchard and thc remains of a bothy. The maintenance of the alloknent is maintainedby a few regularpupits (Garden Club) and parents look after it during th¢ Summer Holxd&ys and winter months to ensuye the garden remains in good condition at)d safe for the pupils to use. In 21-22. th¢ yo￿£ gard¢JM h8v¢ won v8rious trophies for the best flowers And veg¢tabl¢s produced in tbe ailotmenL 7. Old Gfirjs A&8o¢Aation Tbe EHS Old Girls. Association is a vibrant. thTiving organisatton that links alumni with their fricnds and peers, while CTe84ting an opp)rtunity for members to make connections between al￿n￿lIa]umnxe and ¢uu¢nt pupils- to 'give back,. The OGA is thriiryng and contributesto the cotnmunity spirit of the School. Regular events such asthe AGM and supper, Camls and Canapes and year group reunions seTYe to bring together ex pupils gmd staff along with current members of the School. 8. Edgba5ton High School Parents AssoriatioD The School receives generous sw)port from the EHSPA which organi$es social events and uses the profits for the benefit of the School. This year, the EHSPA have contributed to the purc]we of an ultra ¢ompact ¢arn¢ord¢r. a huge div¢rsity of new books for the libraries. contributed towards the cost of our new Year 7 activity carnp. purchased a bench &Thd plaque to commemorale Queen Elizabeth Tl'¥ Jubilee as well &s a new store reel and midi-racing lane for the swtmrning pool. The EHSPA resumed various events this year such &s the Firework in November, the Ball organised in Febnjary and the exciting Christmas Tree Lighting which had to be cancelled in th¢ previous years due to Covid. These events are always very enjoyable for all as well as generdting fuad for the s¢hooL Page 10 Edgbaston High School for Girls DIRECTORS. REPORT (including strategic report) 9. F#¢ilities The school ha5 ststed a new IT program where all pupils will have access to belter and f&%ter Ipads and using the'old" one in the Preparatory School to ensure all year groups have acccss to cnmputer equipment t￿. It has Commissioned a new IT infrastructtwe which will ensure that the school remains modern and foTward thinkin The School resumed its repair and maiJJt¢nance progrdmme lo provide both pupils and staff a more conductive place of learning and work. These took place over Ihe academic ye8r and major re￿rbiShMents in thc summer 22. The 6th form eentre saw & remodelling that will provide S￿dellts with more space lo study and a¢afé where drinks and food will bc served throughout the day. The staff came back to anew sthff room fully equipped with kitchen equipment and ar¢4 where they can sit and Telax. FINANCIAL REVIEW AJ¥D RESULTS FOR T&tE YEAR (Fllll revlew} The consolidated Statement of Fin￿ela] Activities is onpage 19. The PTofiI forth¢ yearw&s £376,573 (2021: a profit of £1.094.872). There is a net loss on the investTnent wTrrtfolio of £273.443 (2021.. £788,060 gain). The pupil numbers in 21f22 started in September with 871but increased to 878 by the end of the year. FINANCIAL REVIEW AIYD RESULTS FOR THE YEAR (colltADued) Overall. the net tuition incom¢ is 120/0 ￿aterthan last year. educational costs have increased by 7•/0 aftd the establishD]ent costs increased by 230/0 over last ye8J's leYe15 due to the fact the school Tesumed the maintenance of the fabric of tbe building progratllme which were reduced over the Covid period. As a chaTity the parents of our pupils h&ve the &8suranee that all the income of the school must be applied for educational pL￿poS¢s, and we enjoy tLx exemption on our edu¢&tional activitie5 and investment income. However, we are unable to reclaim VAT input tsx on costs as we are exempt for VAT pwposes. Reserves Pollry The School has no endowment income and therefore relles on retained sutpluscs to m¢et its fixture requirements. The truslees have established policies to maintsin the following desigDated reserves: Tangible fixed asset fund to match the net book value of tangibl¢ f￿d assets" and Bursaries and scholarships fund to generate the income necessary to provide bursaries and schol8rsbips. The trustees also consider il prudent to hold unrestricted and undesignated reserves to meet exceptional and unforeseen contingencies of between one and four months of thc resources expended, which equated to between £869.000 and £3,479.000 in general funds in 2021122. The level of unrestricted and undesignated reserves at 31 August 2022 was £7.033.637 (2021: £6,553275). Investment Poly and Objfftiv¢s The investment manager. Evelyn Partners (previously known as Smith and Williamson) have invested all funds in accordance with the School's Stslement of lDVCStment Principle5. This includes ethical restrictions on investin& The invesknent aims are 10 Provide a re&sonable level of income, to benefit the School and to &ssist witb the provision of s¢holarships and bursaries, whilst matntaining and growing the value of the capital in real tetms. The school is in the process of reviewing its reserve policy. This will tsk¢ into consideration risks following pandemics, lease and extraprojects the school would like to undertake in the near future. Pagell Edgbaston High School for Girls DIRECTORS. REPORT (including strategic report) InV￿tment PerforJnAllee against Objectives In the year 2021122 the market value of the School's General Fund portfolio (excluding wh) decreased by 5.50/0 (illcre￿ed by 20.6Q/o 2020121). All investments were undertaken in accordance with the School's invesiment Principles. FUTURE PLANS The key objectives are to: Mailltain the current high Stand￿d5 of academic achievement, measured by exten￿1 public examirlations and irLdependent value-added criteri Ba18nce academic achievement with a CU￿leu1uM which allows full scope for the development of extra-curricular aclivlties" To continue to maintain amd improve the fabric of the School's building and fa¢ilities' MaintaiTr alld develop the Sch￿1,5 paslorai 5yStem' Provid¢ appropriate professional development for all S￿￿ training for new le￿herS To continue to provide financial support on a means tested basis within the limits of our resource5. To continue to widen links with local schools. To fostsr and encourdge community ofthe School's tscilities. To work to ensure the financiaE viability of the school. Rlsk Monagement Council has examined the major risks to which the ch8rity is exposed 8nd h&s developed systems lo Monitor and control these risks. in order to mitigate any impact they may have on the S¢hool'$ future. A fomMI review of the charity's risk management matrix is undertaken amuaIly. Th¢ key risks are considered to be: Maintaining adequate pupil numbers. Ensuring cotnpliance with applicable regul&tions" Attracting quality teaching staff; Providing a safe environment for pupils and staff. Maintaining excellent fuJan¢ial ¢oJrtrols and 5ySt¢ms' Growing investment values and rettuns. and Maintainin¥ aca(kmic results. Keep aware of the political enviroxLment HSE regulations and obligations The key controls used by the charity include: Fom)al agendas and minutes for all meetings of fu]1 Governing Body and sub-committees. Detsiled terms of refeTenGe for the Sub-committees. Comprehensive plat]ning, budgeting and management accounting. An established orgaDisational structure and lines of reporttng. Fomial written policies including comprehensive safeguarding and health and safely measures. Clear authorisation and approval levels for all finatLcial traDsactions" Vetting procedures for every member of the teaching staff and non-teaching staff ai the Disclosure BatTing Service enhanced level and for teachers checking of Prohibition from Teaching Management orders. Local Authority GrgJrts. controlling costs and close attention to forecasts and c&sh flow" Purchase of comprehensive insurance to combat business intemiption. Investment in the maintenance and development of the school's IT systems. While the Governing B(Mly reviews its risk &sse&sment documentation annua]ly. it is recognised that no System ¢an give on absolute &ssurdnce against all risk& Page 12 Edgbaston High School for Girls DIRECTORS, IIEPORT (including strategic report) Tknlrd party indemnity provision The School has purchosed and maintai￿8 insurance to cover it5 trustees and officers against ]iabilities in relation lo their duties to th¢ SelM)ol at a cost of £268 (2021- £268). Statement as to DK%closur¢ of InforJnaÉion to Auditors Th¢ director5 who were in office on the date of approval ofthese finyncial statements have cotthrnied. as far as they are aw￿e, that there is no relevant audit inforn)atiim of which the auditors are unaware. Each of the directors have confutned that they have tsken all the steps that they ought to have tsken as diTectors in order to make themselves aware of any relevant **INCOME AND ENDOWMENTS**
**FROM:**
Charitable activities
2
Other trading activities
4
Investments
5
**Total**
**EXPENDITURE ON:**
Raising funds
6
Charitable activities:
7
- Educational costs
- Establishment costs
- Support costs
- Awards made
**Total**
**Gains/(losses) on investments:**
12
**TRANSFERS**
19, 20
**NET INCOME/(EXPENDITURE)**
**NET MOVEMENT IN FUNDS**
**BALANCE BROUGHT**
**FORWARD**
**BALANCE CARRIED FORWARD**|_Unrestricted_
_funds_
£
10,839,396
121,526
124,781
11,085,703
45,409
7,221,981
1,763,637
1,406,267
-
10,437,294
(273,443)
1,606
376,573
376,573
21,369,460
21,746,033|_Endowment_
_funds_
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,662
9,662|_Total funds_
_2022_
£
10,839,396
121,526
124,781
11,085,703
45,409
7,221,981
1,763,637
1,406,267
-
10,437,294
(273,443)
1,606
376,573
376,573
21,379,122
21,755,695|_Total funds_
_2021_
£
9,685,173
39,651
88,856
9,813,680
34,853
6,762,422
1,433,315
1,276,278
-
9,506,868
788,060
-
1,094,872
1,094,872
20,284,250
21,379,122| |---|---|---|---|---| _Page 19_ ## Edgbaston High School for Girls CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2022 |Gross income
Total expenditure
Net income
Gains/(losses) on disposal of fixed asset investments
**NET INCOME/(EXPENDITURE) FOR THE YEAR**|**2022**
**£**
11,085,703
(10,437,294)
648,409
54,877
703,286|**2021**
**£**
9,813,680
(9,506,868)
306,812
88,569
395,381| |---|---|---| The net incoming resources for the year arise from the company’s continuing activities. A detailed analysis of income by source and expenditure is provided in the Statement of Financial Activities. The above statement constitutes an income and expenditure account for the purposes of the Companies Act 2006. The net unrestricted movement in funds presented in the Statement of Financial Activities on page 19 of a gain of £376,573 (2021: gain of £1,094,872) includes total unrealised loss of £328,320 (2021: £699,491 unrealised gain) which would not ordinarily be included in an income and expenditure account for Companies Act 2006 purposes. This item has therefore been eliminated in arriving at the net income for the year of £703,287 (2021: £395,382 net income) presented above. _Page 20_ ## Edgbaston High School for Girls CONSOLIDATED BALANCE SHEET as at 31 August 2022 Company Number: 10631 |_Notes_
**FIXED ASSETS**
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Debtors
14
Cash at ba and in had - unrestricted
- restricted fnds and endowment
**CREDITORS: Amounts flling due within one year**
15
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
Endowment fnds
18
Designated fnds ad called up shae capital
19
Other fnds
19
**TOTAL CHRITY FUNDS**|**2022**
**£**
12,459,077
4,631,679
17,090,756
484,487
5,629,147
9,662
6,123,296
(1,458,358)
4,664,938
21,755,694
9,662
14,712,396
7,033,636
21,755,694|**2021**
**£**
12,562,865
4,905,884
17,468,749
451,390
5,275,727
9,662
5,736,779
(1,826,406)
3,910,373
21,379,122
9,662
14,816,185
6,553,275
21,379,122| |---|---|---| The financial statements on pages 19 to 42 were approved by the Council and authorised for issue on 20[th ] March 2023 and signed on their behalf by: Mr Martin Chitty **----- Start of picture text -----**
Anne Howarth
**----- End of picture text -----**
_Page 21_ Edgbaston High School for Girls COMPANY BALANCE SHEET as at 31 August 2022 Company Number: 10631 |**FIXED ASSETS**
Tangible assets
Investments
**CURRENT ASSETS**
Debtors
Cash at ba and in hand - unrestricted
- restricted fnds and endowment
**CREDITORS: Amounts flling due within one year**
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
Endowment fnds
Designated fnds ad called up share caital
Other fnds
**TOTAL CHTY FUNDS**
**_Notes_**
**11**
13
14
15
18
20
20
**2022**
12,459,077
4,725,886
17,184,963
621,403
5,343,916
9,662
5,974,981
(1,454,038)
4,520,943
21,705,906
9,662
14,712,396
6,983,848
21,705,906|**2021**
12,562,865
5,000,091
17,562,956
516,940
5,094,832
9,662
5,621,434
(1,822,313)
3,799,121
21,362,077
9,662
14,816,185
6,536,230
21,362,077| |---|---| Net movement in funds for the parent charity was a gain of £376,573 (2021: gain of £1,094,872). The financial statements on pages 19 to 42 were approved by the Full Governing Body and authorised for issue on 20 March 2023 and signed on their behalf by: Mr Martin Chitty _Page 22_ ## Edgbaston High School for Girls CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 August 2022 |**Cash flows from operating activities:**
Net cash provided by operating activities
**Cash flows from investing activities:**
Dividends and interest from investments
Purchase of property, plant and equipment
Proceeds from sale of investments
- Endowment
- Unrestricted
Purchase of investments
- Endowment
- Unrestricted
**Net cash used in investing activities**
**Cash flows from financing activities:**
Endowment income
Expenditure on endowment
**Net cash (used in)/generated by financing activities**
**Change in cash and cash equivalents in the reporting period**
**Cash and cash equivalents at the beginning of the**
**reporting period**
**Cash and cash equivalents at the end of the reporting**
**period**
**Reconciliation of net income to net cash flows from**
**operating activities**
Net income for the reporting period
**Adjustments for:**
(Gains)/losses on investments
Depreciation charges
Loss and disposal of fixed assets
Dividends and interest from investments
(Increase)/decrease in debtors
Increase in creditors
**Net cash provided by operating activities**|**2022**
**£**
605,434
124,781
(377,557)
-
486,297
-
(485,535)
(252,014)
-
-
-
353,420
5,285,389
5,638,809
376,573
273,443
481,346
-
(124,781)
(33,098)
(368,049)
605,434|**2021**
**£**
768,366
88,856
(84,586)
-
344,682
-
(395,965)
(47,013)
-
-
-
721,353
4,564,036
5,285,389
1,094,872
(788,060)
514,586
-
(88,856)
(191,179)
227,003
768,366| |---|---|---| _Page 23_ ## Edgbaston High School for Girls CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 August 2022 |**Analysis of cash and cash equivalents**
Cash at bank
**Total cash and cash equivalents**|**2022**
**£**
5,638,809
5,638,809|**2021**
**£**
5,285,389| |---|---|---| |||5,285,389| _Page 24_ Edgbaston High School for Girls ACCOUNTING POLICIES ## GENERAL INFORMATION Edgbaston High School for Girls (“the charity”) is a charitable company limited by guarantee and is incorporated in England and Wales (Company registration number 10631 and charity number 504011). The address of the Charity’s registered office and principal place of business is Westbourne Road, Edgbaston, Birmingham, B15 3TS. The group consists of the charity and its one subsidiary, EHS (Property Services) Limited. The nature of the group’s operations are set out in the Directors’ Report. ## BASIS OF ACCOUNTING The financial statements have been prepared in accordance with Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued on 16 July 2014) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Monetary amounts in these financial statements are rounded to the nearest whole £1. The financial statements are presented in sterling which is also the functional currency of the charity. Edgbaston High School for Girls meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## BASIS OF CONSOLIDATION These financial statements consolidate the financial statements of Edgbaston High School for Girls (“the Charity”) and its subsidiary, EHS (Property Services) Limited (“the subsidiary”) all financial statements are made up to 31 August. The financial statements consolidate the results of the Charity and its wholly owned subsidiary on a line-byline basis. A separate Statement of Financial Activities and Statement of Comprehensive Income for the Charity have not been presented because the Charity has taken advantage of the exemption afforded by Section 408 of the Companies Act 2006. All intra-group transactions, balances and unrealised gains on transactions between Group entities are eliminated on consolidation. ## GOING CONCERN At the time of approving the financial statements, the governors have a reasonable expectation that the group and charitable company have adequate resources to continue in operational existence for the foreseeable future. Thus, the governors continue to adopt the going concern basis of accounting in preparing the financial statements. The governors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the group and charitable company have adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the group's and charitable company’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. _Page 25_ Edgbaston High School for Girls ACCOUNTING POLICIES ## INCOME AND EXPENDITURE Income represents fees invoiced for services provided. Income and expenditure are accounted for on an accruals basis. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School. Donations and gifts are accounted for on a receivable basis. ## SUPPORT COSTS Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources e.g. staff costs by time spent and other costs by usage. ## GOVERNANCE COSTS Governance costs included within support costs comprise the costs associated with the governance arrangements of the charity. This includes external activities, any legal advice for the governors and all costs of complying with constitutional and statutory requirements such as the costs of Council and Executive committee meetings, the preparation of statutory accounts, and satisfying public accountability. ## RAISING FUNDS Expenditure on raising funds are those costs incurred in the management and administration of the charity’s investments. ## CHARITABLE ACTIVITIES Charitable activities include expenditure on providing education and include both direct costs and support costs relating to the activity. ## AWARDS AND BURSARIES Awards from restricted funds are included as expenditure in the period for which the award is given. Bursaries and other allowances from unrestricted funds towards School fees are netted off against school fee income. ## FUND ACCOUNTING General unrestricted funds comprise the accumulated surpluses and deficits on general funds and the cumulative realised and unrealised gains on investments. They are available for use at the discretion of the trustees in furtherance of the general charitable objectives. In addition, the trustees have designated certain funds for particular purposes. Endowment funds relate to those assets which represent the permanent capital base of the charity and which may not be spent. ## TANGIBLE FIXED ASSETS Fixed assets are stated at historical cost less accumulated depreciation. All fixed asset purchases greater than £1,000 are capitalised. Any purchases less than £1,000 are written off to the Statement of Financial Activities as incurred. Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:- Long leasehold properties - over the unexpired term of the lease at the point of addition Fixtures and fittings - over 5 years Plant and machinery - over 5 to 10 years on a straight line basis ICT hardware - over 5 years _Page 26_ Edgbaston High School for Girls ACCOUNTING POLICIES Assets in the course of construction are transferred to the above categories on completion and depreciated from the date the asset comes into use. ## INVESTMENTS Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date stated at bid price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire put options, derivatives or other complex financial instruments. The investment in the subsidiary company is stated at cost less impairment. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value brought forward. ## DEBTORS Trade and other debtors which are receivable within one year are initially recognised at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. ## CASH AND BANK BALANCES Cash and bank balances includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition. ## TRADE CREDITORS AND LIABILTIES Trade creditors payable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. ## FINANCIAL INSTRUMENTS The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## PENSIONS Retirement benefits to teachers at the school are provided by the Teachers’ Pension Scheme (‘TPS’). This is a defined benefit scheme and the assets are held separately from those of the school. The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the school in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. As stated in Note 26, the TPS is a multi-employer scheme and the school is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year. For non-teaching staff the School makes defined contribution payments into individual personal pension schemes. The amount charged to the Statement of Financial Activities in respect of these pension costs is the contributions payable by the School in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet. _Page 27_ ## Edgbaston High School for Girls ACCOUNTING POLICIES ## OPERATING LEASES The annual rentals for “operating leases” are charged to the income and expenditure account on a straight line basis over the lease term. ## IMPAIRMENTS Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards. Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. All impairment losses are recognised in the Statement of Financial Activities. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. _Page 28_ Edgbaston High School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 ## 1 COMPARATIVE INFORMATION - STATEMENT OF FINANCIAL ACTIVITIES |**INCOME AND ENDOWMENTS**
**FROM:**
Charitable activities
Other trading activities
Investments
**Total**
**EXPENDEDITURE ON:**
Raising funds
Charitable activities
- Educational costs
- Establishment costs
- Support costs
- Awards made
**Total**
**(Losses)/gains on investments**
**NET INCOME/(EXPENDITURE)**
**NET MOVEMENT IN FUNDS**
**BALANCE BROUGHT FORWARD**
**BALANCES CARRIED FORWARD**|_Unrestricted_
_funds_
£
9,685,173
39,651
88,856
9,813,680
34,853
6,762,422
1,433,315
1,276,278
-
9,506,868
788,060
1,094,872
1,094,872
20,274,588
21,369,460|_Endowment_
_funds_
£
-
-
-
-
-
-
-
-
-
-
-
-
-
9,662
9,662|_Restricted_
_funds_
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|_Total funds_
_2021_
£
9,685,173
39,651
88,856
9,813,680
34,853
6,762,422
1,433,315
1,276,278
-
9,506,868
788,060
1,094,872
1,094,872
20,284,250
21,379,122| |---|---|---|---|---| _Page 29_ Edgbaston High School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 |2|INCOME FROM CHARITABLE ACTIVITIES|2022|2021| |---|---|---|---| |||£|£| ||School fees|10,087,884|9,029,232| ||Registration fees|26,463|30,450| ||After School cover|59,414|43,504| ||Catering income|575,398|420,375| ||Other income from charitable activities|90,237|82,624| ||_Exceptional Government Funding:_||| ||-Coronavirus Job Retention Scheme Grant|-|64,958| ||-School Open for Key Worker’s children Grant|-|14,030| |||10,839,396|9,685,173| |EHS has been eligible to claim additional funding during the academic year 2020-21 from the Government|||| |Support Schemes in response to the Coronavirus outbreak. The funding received is shown above under|||| |Exceptional Government funding. EHS did not claim anything in 21-22.|||| |3|SCHOOL FEES|2022|2021| |||£|£| ||The School’s fee income comprised:||| ||Gross fees|11,137,376|9,976,882| ||Less: Total bursaries, scholarships and allowances|(1,049,492)|(947,650)| |||10,087,884|9,029,232| |4|OTHER TRADING ACTIVITIES|2022|2021| |||£|£| ||Hire of school facilities|121,526|39,651| |5|INVESTMENT INCOME|2022|2021| |||£|£| ||Income from listed investments|124,153|88,324| ||Bank interest and interest on short term deposits|628|532| |||124,781|88,856| |6|INVESTMENT COSTS|2022|2021| |||£|£| ||Investment management|45,409|34,853| _Page 30_ Edgbaston High School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 ## 7 CHARITABLE ACTIVITIES EXPENDITURE |Charitable activities:
Educational costs
Establishment costs
Support costs
Total – 2022
Total – 2021|_Staff costs_
£
6,721,586
783,548
518,113
8,023,247
7,647,491|_Other costs_
£
_Depreciation_
£
500,395
-
980,089
-
406,809
481,345
1,887,293
481,345
1,309,938
514,586|_2022_
_Total_
£
7,221,981
1,763,637
1,406,267
10,391,885|_2021_
_Total_
£
6,762,422
1,433,315
1,276,278
9,472,015| |---|---|---|---|---| Support costs include administration costs: including salaries, professional fees and depreciation. Other costs include £25,481 relating to audit fee (2021: £31,384) and governance costs of £33,598 (2021: £77,066). |8|NET INCOME|_Unrestricted funds_|_Unrestricted funds_| |---|---|---|---| |||2022|2021| |||£|£| ||Net income is stated after charging:||| ||Depreciation and amounts written off tangible fixed assets:||| ||Charge for the year: owned assets|481,345|514,586| ||Operating lease rentals:||| ||Land and buildings|1,792|1,963| ||Plant and machinery|17,261|7,543| ||Auditor’s remuneration:||| ||Audit fees current year|25,481|31,292| ||Non audit services|-|2,952| ||Trustee Indemnity Insurance|268|268| _Page 31_ ## Edgbaston High School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 |9
EMPLOYEES
The average weekly number of persons employed by the School
during the year was:
Teaching and allied staff
Others
Staff costs for above persons:
Wages and salaries
Social security costs
Other pension costs|2022
No
143
72
215
2022
£
6,199,927
618,452
1,166,983
7,985,362|2021
No
157
66
223
2021
£
5,925,660
552,018
1,095,747
7,573,425| |---|---|---| The number of employees whose emoluments amounted to over £60,000 in the year were as follows: ||2022|2021| |---|---|---| ||No.|No.| |£60,000 - £69,999|3|2| |£70,000 - 79,999|1|2| |£120,000 - £129,999|1|1| Contributions totalling £51,047 (2021: £84,429) were paid to defined benefit pension schemes in respect of the above higher paid employees. In accordance with the Charities SORP (FRS102) the benefit to the charity provided by general volunteers; which are very few, is not reflected in the Statement of Financial Activities. _Page 32_ Edgbaston High School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 ## 9 EMPLOYEES (continued) TRUSTEES Trustees have received no remuneration during the year, however, £101 mileage (2021: £90) was reimbursed to one trustee. The charity has purchased trustee indemnity insurance. The cost is disclosed in note 8. The total compensation including national insurance and pension contributions payable to key management personnel of the charity was £717k (2021: £762k). ## 10 TAXATION The School is a registered charity and as such its charitable activities are not liable to UK corporation tax. |11
TANGIBLE FIXED ASSETS
GROUP AND COMPANY
Asset in course
of construction
Cost
1 September 2021
Additions
172,176
Disposal
Transfers
___________
31 August 2022
172,176
____________
Depreciation
1 September 2021
Charged in the year
Disposal
31 August 2022
Net book value
31 August 2022
172,176
31 August 2021|_Long_
_leasehold_
_property_
£
16,767,265
53,038
-
-
_________
16,820,303
_________
4,822,851
306,855
-
_________
5,129,706
11,690,597
11,944,414|_Plant and_
_machinery_
_and ICT_
_hardware_
£
4,152,240
152,343
(18,064)
-
________
4,286,519
_________
3,533,789
174,490
(18,064)
_________
3,690,215
596,304
618,451|_Total_
£
20,919,505
377,557
(18,064)
-
_________
21,278,998
_________
8,356,640
481,345
(18,064)
_________
8,819,921
12,459,077
12,562,865| |---|---|---|---| _Page 33_ ## Edgbaston High School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 |or theyear ended 31 August 2022||| |---|---|---| |12
FIXED ASSET INVESTMENTS
GROUP
Market value
1 September 2021
Additions
Disposals
Net investment gains
31 August 2022
Historical cost as at 31 August 2022
Historical cost as at 31 August 2021
13
FIXED ASSET INVESTMENTS
COMPANY

Market value
1 September 2021
Additions
Disposals
Net investment gains
31 August 2022
Historical cost as at 31 August 2022
Historical cost as at 31 August 2021|_Unrestricted_
_Funds_
_Endowment_
_Funds_
_Listed_
£
_Listed_
£
4,905,884
-
485,535
(486,297)
(273,443)
-
4,631,679
-
4,143,836
-
4,089,630
-
_Unlisted_
_Unrestricted_
_Funds_
_Endowment_
_Funds_
_Listed_
_£_
_(subsidiary)_
_Listed_
£
£
94,207
4,905,884
-
-
485,535
(486,297)
(273,443)
-
94,207
4,631,679
-
100,000
4,143,836
-
100,000
4,089,630
-|_Total_
£
4,905,884
485,535
(486,297)
(273,443)| |||4,631,679| |||4,143,836| |||4,089,630| |||_Total_
£
5,000,091
485,535
(486,297)
(273,443)| |||4,725,886| |||4,243,836| |||4,189,630| _Page 34_ Edgbaston High School for Girls NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 ## 13 FIXED ASSET INVESTMENTS COMPANY (continued) The company holds directly more than 10% of the share capital of the following undertaking: |_Name_|_Country of_|_Class of_|_Proportion_|_Nature of_| |---|---|---|---|---| ||_incorporation_|_holding_|_held_|_business_| |EHS (Property Services) Limited|England|Ordinary|100%|Hire of| |Company no. 02660124||||school| |||||facilities| During the year ended 31 August 2022 EHS (Property Services) Limited had turnover of £121,525 (2021: £39,651) expenditure of £77,586 (2021: £28,455) and profit after taxation of £43,939 (2021: £11,196). The aggregate capital and reserves of the company at 31 August 2022 were £143,996 (2021: £111,252). The results of EHS (Property Services) Limited are included within the consolidated financial statements. |
statements.||| |---|---|---| |Split of investments between UK and overseas:
Market value
_Unlisted_
£
_Listed_
£
UK
94,207
1,183,986
Overseas
-
2,891,000
Global
-
556,693
94,207
4,631,679
GROUP
14
DEBTORS
2022
£
2021
£
Due within one year:
Fees and disbursements
129,722
130,017
Other debtors
119,232
93,015
Prepayments
235,533
228,358
Amount due from subsidiary
-
-
undertaking
484,487
451,390||_Endowment_
£
_Total_
£
-
1,278,193
-
2,891,000
-
556,693
-
4,725,886
COMPANY
2022
£
2021
£
129,722
130,017
85,584
65,267
235,533
228,358
170,564
93,298
621,403
516,940| |||| _Page 35_ ## Edgbaston High School for Girls ANALYSIS OF FEES for the year ended 31 August 2022 |15
CREDITORS: Amounts falling due
within one year
Trade creditors
Other Creditors
Accruals
Deferred income
DEFERRED INCOME
GROUP AND COMPANY
1 September
Additions
Released
31 August|GROUP
2022
£
2021
£
229,184
384,936
174,699
-
245,565
86,494
598,673
1,565,213
_________
_________
1,458,358
1,826,406|COMPANY
2022
£
2021
£
229,184
384,936
174,699
-
241,245
82,401
598,673
1,565,213
_________
_________
1,454,038
1,822,313
2022
£
2021
£
1,565,213
1,333,214
598,673
1,565,213
(1,565,213)
(1,333,214)
_________
________
598,673
1,565,213| |---|---|---| Deferred income relates to school fee income received in advance of education to be provided in future years. ||
future years.||||| |---|---|---|---|---|---| ||||GROUP|COMPANY|| |16|FINANCIAL INSTRUMENTS|2022|
2021|2022|2021| |||£|
£|£|£| ||Financial assets:||||| ||Equity instruments measured at fair||||| ||value|4,631,679|
4,905,884|4,725,886|5,000,091| _Page 36_ Edgbaston High School for Girls ANALYSIS OF FEES for the year ended 31 August 2022 ## 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS |Fixed assets
£
Investments
£
Net curent
assets
£
Unrestricted funds:
Designated funds
12,459,077
2,249,999
3,320
Other funds
-
2,381,680
4,651,956
Endowment funds
-
-
9,662
12,459,077
4,631,679
4,664,938
ENDOWMENT FUNDS: MOVEMENTS IN THE YEAR
Balance at
1 September
2021
£
Income
£
Expenditure
£
Investmen
t
gain/(loss)
£
Transfers
Special funds and awards:
Prizes and
Awards fund
9,662
-
-
-
_________
_________
_______
9,662
-
-
-|Fund
balances
£
14,712,396
7,033,636
9,662
21,755,694

£
Balance at
31 August
2022
£
-
9,662
__
_________
-
9,662| |---|---| ## 18 ENDOWMENT FUNDS: MOVEMENTS IN THE YEAR ## The Prizes and Awards fund This fund consists of eleven small funds: Barker, Birtles, Cotterill, Ducroix, Dunn, Greening, Hashemi, Hockney, Turner and Weston Smith which provide for an income to fund a number of academic prizes which are awarded annually. _Page 37_ ## Edgbaston High School for Girls ANALYSIS OF FEES for the year ended 31 August 2022 ## 19 CONSOLIDATED UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR |**Designated**
**funds**
Tangible fixed
asset fund
Bursaries and
Scholarship
fund
Called up
share capital
**General**
**reserve**
Total
unrestricted
funds|Balance at
1 September
2021
£
12,562,865
2,250,000
3,320
14,816,185
6,553,275
21,369,460|Income
£
-
60,617
-
60,617
11,025,087
11,085,704|Expenditure
£
-
-
-
-
(10,437,294)
(10,437,294)|Gains/
(losses) on
investment
£
-
(132,834)
-
(132,834)
(140,609)
(273,443)|Transfers
£
(103,788)
72,217
-
(31,571)
33,177
1,606|Balance at
31 August
2022
£
12,459,077
2,250,000
3,320| |---|---|---|---|---|---|---| |||||||14,712,397
7,033,636| |||||||21,746,033| _Page 38_ ## Edgbaston High School for Girls ANALYSIS OF FEES for the year ended 31 August 2022 ## 20 COMPANY UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR |Balance at
1 September
2021
£
**Designated**
**funds**
Tangible fixed
asset fund
12,562,865
Bursaries and
Scholarship
fund
2,250,000
Called up
share capital
3,320
14,816,185
**General**
**reserve**
6,536,230
Total
unrestricted
funds
21,352,415|Income
£
-
60,617
-
60,617
10,903,561
10,964,178|Expenditure
£
Gains/
(losses) on
investments
£
-
-
-
(132,834)
-
-
-
(132,834)
(10,348,512)
(140,609)
(10,348,512)
(273,443)|Transfers
£
Balance at
31 August
2022
£
(103,788)
12,459,077
72,217
2,250,000
-
3,320
(31,571)
14,712,397
33,177
6,983,847
1,606
21,696,244| |---|---|---|---| The tangible fixed asset fund represents the net book value of tangible fixed assets. The transfer in the year has been made to decrease the value of the fund to equal the net book value of tangible fixed assets. The Bursaries and Scholarships fund is held to generate income, recognised in the General Reserve, necessary to provide bursaries and scholarships. The general reserve fund represents those funds which are unrestricted and not designated for other purposes. _Page 39_ Edgbaston High School for Girls ANALYSIS OF FEES for the year ended 31 August 2022 |21
SHARE CAPITAL
Equity share capital
Authorised:
750 ordinary shares of £10 each
Allotted, issued and fully paid:
332 ordinary shares of £10 each|2022
£
7,500
3,320|2021
£
7,500| |---|---|---| |||3,320| Every member of the company entitled to vote at general meetings has one vote, regardless of the number of shares held. Income and property of the company is used only in the support of the charitable objectives of the company. No dividends are payable and any surplus on winding up may only be used to support another institution with similar objectives. ## 22 COMMITMENTS UNDER OPERATING LEASES The total future minimum lease payments under non-cancellable operating leases are set out below: ||Land and|buildings|Equipment|Equipment| |---|---|---|---|---| ||2022|2021|2022|2021| ||£|£|£|£| |Within one year|1,870|
1,870|17,201|17,201| |Between one and five years|7,480|
7,480|-|17,201| |After five years|63,580|
65,450|-|-| ||________|
________|________|________| ||72,930|
74,800|17,201|34,402| - 23 CAPITAL COMMITMENTS As at 31 August 2022 the company has £144,255 capital commitments (2021: Nil) in respect of the refurbishment of the sixth form centre and the revamp of the IT system. ## 24 RELATED PARTY TRANSACTIONS The School does not have an ultimate controlling party; its body of Trustees of Edgbaston High School for Girls govern the School. Transactions with trustees are disclosed in Note 9. The daughter of the Finance Director were remunerated for their services in the Library and for coaching lifesaving to younger pupils for a combined value of £1,098. The charity transacted with EHS (Property Services) Limited, a company who is a wholly owned subsidiary of Edgbaston High School for Girls. _Page 40_ Edgbaston High School for Girls ANALYSIS OF FEES for the year ended 31 August 2022 |||**EHS (Property**|**Services) Limited**| |---|---|---|---| |||**2022**|**2021**| |||**£**|**£**| ||Management charge|72,951|22,207| ||Profits distributed from EHS (Property Services) Limited|11,196|17,047| ||Amounts due to/(from) EHS (Property Services) Limited|(170,563)|(93,298)| ||None of the above balances are secured.||| ||There are no other related party transactions.||| |25|PARENT COMPANY||| ||The results of the parent company are as follows:||| |||2022|2021| |||£|£| ||Total income||| |||11,085,412|9,791,076| ||Net movement in funds in the year|376,573|1,094,872| |26|PENSION CONTRIBUTIONS||| ## **Teachers’ Pension Scheme** The Teachers' Pensions Scheme (“TPS”) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations 2010. The TPS is an unfunded scheme and members contribute on a 'pay as-you-go' basis, and along with employers' contributions, are credited to the Exchequer. During the financial Year 2021/22, EHS Employers’ Contribution rate was 23.68%. The pension costs paid to TPS in the year amounted to £1,368,615 (2021: £1,308,971). Under the definitions set out in (FRS 102) (Section 28), the TPS is a multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, the School has accounted for its contributions to the scheme as if it were a definedcontribution scheme. The School has set out above the information available on the scheme and the implications for the School in terms of the anticipated rates. For non-teaching staff the company directly employed 90 members of staff (2021: 94) who had pension rights accruing under individual personal pension schemes on a defined contribution basis. The total pension cost for the period in respect of these schemes was £211,032 (2021: £195,951). There were outstanding contributions at 31 August 2022 totalling £18,785.52 (2021: £16,838). _Page 41_ Edgbaston High School for Girls ANALYSIS OF FEES for the year ended 31 August 2022 The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to 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 McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024. Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements. benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024. _Page 42_