2021-07-31-accounts

Charity Registration No. 507070

Company Registration No. 01348108 (England and Wales)

WITHAM HALL SCHOOL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

WITHAM HALL SCHOOL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr J Sharman
	Mrs H Banks
	Mrs C Braid
	RevAHawes
	Mr B Holdsworth
	Mrs S Kerr-Dineen
	MrA Riddington
	Mrs K Robertson
	MrA Smith-Maxwell
	Mr R Thain
Secretary	Mr LGraham MRICS
Charity number	507070
Company number	01348108
Principal address	Witham Hall
	Witham-on-the-Hill
	Bourne
	Lincolnshire
	United Kingdom
	PE10 OJJ
Registered office	Ruthlyn House
	90 Lincoln Road
	Peterborough
	Cambridgeshire
	United Kingdom
	PE1 2SP
Auditor	AzetsAuditServices
	Ruthlyn House
	90 Lincoln Road
	Peterborough
	United Kingdom
	PE1 2SP
Bankers	Handelsbanken Futura House	Lloyds Bank 65 High Street
	4Axon Business Park	Stamford
	Commerce Road	Lincolnshire
	Lynchwood	United Kingdom
	Peterborough	PE92AT
	Cambridgeshire
	United Kingdom
	PE26LR

WITHAM HALL SCHOOL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Solicitors

Greenwoods Solicitors LLP Monkstone House Peterborough United Kingdom PE1 1JE

WITHAM HALL SCHOOL TRUST

CONTENTS

	Page
Trustees’ report	1-6
Statement of trustees’ responsibilities	7
Independent auditor's report	8-10
Statement offinancial activities	11-12
Balance sheet	13
Statement ofcash flows	14
Notestothefinancialstatements	15-31

WITHAM HALL SCHOOL TRUST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2021

The trustees present their report and financial statements for the year ended 31 July 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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) (effective 1 January 2015)”.

Objectives and activities

The Object of the Charity, in accordance with its Memorandum of Association, is the education of children up to age 13.

More particularly, the Board’s main objective continued to be to educate all the School's pupils to an exceptionally high standard, so that they will be able to benefit fully from their chosen senior school for the completion of their education in due course. To achieve this the School maintains a high teacher-to-pupil ratio, tailoring our services as appropriate in each case to suit individual needs and constantly seeking to provide the best possible level of teaching, resources and facility provision.

Strategic aims and intended effect

The School's specific aims are:

• to enable all children to achieve their academic and physical potential by providing a curriculum that is broad, balanced and differentiated ensuring continuity and progression of learning;

• • to enable each child to attain a sense of achievement beyond core academic subjects by providing a * wide spectrum of co-curricular opportunities within music, drama, art, technology, PE and games; to enable each child to foster positive attitudes to learning and life; and
• • to enable each child to develop values and self-discipline within a Christian context which will allow him/her to move with confidence and be sensitive to others.

• These aims are intended to be achieved through a host of ways but notably by: * providing a safe and secure environment in which to learn and explore; * encouraging an ethos of consideration of others and kindness amongst the School community; * fostering ambition and encouraging children to reach their potential in all areas; * recruiting and training committed and talented staff: and * providing an environment with commensurate facilities to offer a breadth of opportunity in line with the School's holistic approach to education.

Principal activities

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The School's principal activities continue to be the provision of a Pre-Prep and Prep School for children aged 4 to 13. The average number of pupils attending the school in the last year was 254. Class sizes remain small and the quality of teaching consistently high. Outside of the academic curriculum, the School provides regular opportunities for sport, music, drama and art. Matches are played against other schools, concerts and plays are a regular part of school life and art exhibitions allow children to showcase their talent.

= 4x

WITHAM HALL SCHOOL TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Achievements and performance

Operational performance of the School The School continues to provide an outstanding and broad education to children aged 4-13. The 31 Year 8 leavers, achieving 14 scholarships, moved on to Senior Schools as follows: 44 to Uppingham 5 to Oakham 4 to Oundle 4 to Shrewsbury 2 to Stamford High School 1 to Rugby 1 to Millfield

Pupils performed strongly in their Common Entrance examinations, particularly in light of the interrupted nature of their education over the last 18 months due to the COVID-19 pandemic.

Over the course of the academic year, despite the strong operational and financial headwind offered by the pandemic, several improvements were made both to the School site and to the educational structures in place: * The Library was comprehensively refurbished, restocked and equipped with electronic checking-out system making it a central part of the pupils’ day.

• The Learning Support Department moved into a new purpose-built resource in the Prep Building. The curriculum and provision have also been updated better to reflect modern educational practice and provide more 1:1 support for those pupils who require it.

• ¢ Greater amounts of academic streaming were introduced from Year 5 onwards to allow pupils to progress at a pace that is appropriate to them.

• Upgrades were made to various classrooms, kitchen facilities and the school grounds.

• • Acontemplative garden for times of recreation and mindfulness was created in the heart of the School grounds, dedicated to the memory of a lifelong-serving former member of staff.

Investment Performance In the course of the year, a total of £440 was realised through the Governors’ investment policy. Given the low returns currently available from standard investment vehicles, the current focus is shifted towards accelerating the pay down of capital project loans.

Financial review The results for the financial year are set out in the Statement of Financial Activities on page 10. The net income for the year amounts to £31,344. The financial position of the charity at the year-end is shown on page 13. For 2020/21, having to weather the continuation and periodic flare-up of operational challenges from the COVID-19 epidemic, the intention was to reach a largely break-even position, thus keeping the year’s costs contained within the year rather than delivered onto future incumbents. During the year, the School faced its second round of Government-instructed restrictions of on-site activity, and bore the consequential reduction in Tuition Fee income and, for the affected Term at least, the total loss of all Boarding Income. The Trustees took the decision early on that the Tuition Fees charged for Lent Term should be adjusted to reflect the interruption of normal services as fully as the School's finances allowed (echoing steps taken for Trinity Term of the year before). Taking advantage of all applicable grants and Government support schemes, of economies and savings proceeding from the closure, and of the generous support of some parents (through additional contributions) or staff (through additional salary reductions), the affected Term’s fees were adjusted down accordingly. The ability to predict matters precisely and end up with zero exactly was not to be expected, but the aim was to avoid generating any excessive surplus at a time when the School's stakeholders were all making such sacrifices. Therefore the charity’s cumulative net position over the two years affected by COVID so far is a perforce very negligible (and rightly so) £755.

9 -

WITHAM HALL SCHOOL TRUST TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

The total amount spent on the upgrading of buildings and facilities (in addition to routine maintenance) in 2020/21 was £115,160 (2019/20: £161,178) on completed projects across Revenue and Capital. This investment focused principally on a range of smaller stand-alone renovation projects rather than any single notable stand-alone new capital project. The projection for next year, on the understanding that COVID-related restrictions are past, is for this level of investment to return confidently to pre-COVID levels.

The Governors’ Reserves Policy (introduced October 2015, reviewed thereafter) is that there will be no external borrowing without Board approval and the aim will be to maintain a cash balance of at least £300,000 (in reality, this minimum is typically comfortably surpassed). At the year end the free reserves (unrestricted funds less fixed assets) amount to £327,156 (2019/20 - £336,976).

Investment policy and objectives

The Governors have considered the most appropriate policy for investing the funds and concluded that the money market accounts meet their requirements both to generate modest income and, more pertinently, to retain a level of liquidity required to manage the School's funding needs at minimum risk. Investments are reviewed on a regular basis.

For the forthcoming 2-3 years, it is foreseen that the most prudent use of those funds that are available for investment would be to pay-down the borrowing recently undertaken for the Sports Centre (2017).

Risk management

The Board continues to keep the School's activities under review, particularly with regard to any major risks that arise from time to time as well as the systems and procedures established to manage them. It monitors the effectiveness of the system of internal controls, including insurance cover where appropriate, by which those risks already identified can best be mitigated.

The Board is responsible for compliance with Health & Safety legislation and has put in place the methodology and appropriate controls to ensure that the ethos of comprehensive safety systems are fully understood and their implementation followed throughout the School. The School employs a firm of Health and Safety Consultants who visit the School three times a year to ensure that the School complies with current legislation. The School employs the services of an architect who periodically inspects buildings and boundary walls. These inspections result in a quinquennial survey which provides a framework for the School's maintenance programme. A specialist tree consultancy firm is retained to ensure that all reasonably practicable measures are taken to reduce the risks of any injury caused by the many wonderful trees on the property. Future plans The Estates Committee of the Governing Body are considering various plans for the future that will enable the School to maintain the high standards of provision expected of a Preparatory School of its standing and to ensure that any surplus funds are used to provide facilities that will further enhance the School's ability to provide a first class education. With educationally-focused projects on the Library and Learning Support recently completed, the Schoo! will be able to return to its intended project for a new Grounds Team Compound which was temporarily suspended while the full affects of the COVID pandemic on projects’ feasibilities was reassessed. Thereafter, looking longer-term will see a return to projects focused on curriculum expansion for the pupils. Structure, governance and management Witham Hall Schoo! Trust is a Charitable Trust - Charity Number 507070, and a Limited Company - Registration Number 01348108 (with the liability of its members limited to £1), founded in 1978. The registered office is at Ruthlyn House, 90 Lincoln Road, Peterborough, PE1 2SP.

The Company is governed by its Memorandum and Articles of Association.

= Bon

WITHAM HALL SCHOOL TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

All Trustees are Governors of the School and Directors of the company. New Governors are chosen for the contribution that they are able to make to the Board. Specific shortfalls in area-specific knowledge and experience in the Governing Board are identified as they arise via Board-level self-assessment (following an AGBIS template) and are thereafter addressed accordingly. All new Governor appointees complete an induction process by the Clerk in line with the School’s Governors’ Appointment, Induction & Retirement Policy, as reported to the Chairman.

All Governors received training on various aspects of governance from the Association of Governing Bodies of Independent Schools (‘AGBIS’) in June 2019, covering: duties of Governors’ self-assessment of a Governing body; strategic planning; inspection; and an update on recent regulatory change.

The trustees, who are also the directors for the purpose of company law, and who served during the year

were:

Mr J Sharman Mr C Applegate (Resigned 21 June 2021)

Mrs H Banks Mrs C Braid Rev A Hawes Mr B Holdsworth Mrs S Kerr-Dineen

Mr A Riddington Mrs K Robertson MrA Smith-Maxwell Mr R Thain

Key executives The Head Mr WS D Austen The Bursar MrL OT Graham

Remuneration of key executives is set by the Governing Body as informed by periodic (normally three yearly) 365 degree professional appraisals.

Organisational management

The Governors meet as a Board at least three times a year to determine the general policy of the School and review its overall management and control, for which they are legally responsible. The work of implementing most of the Board's policies is carried out by five sub-committees:

• the Education Committee, chaired by Mrs K Robertson;

• ¢ the Health & Safety Committee, chaired by Mr R Thain; ¢ the Marketing Committee, chaired by MrA Riddington;

• the Estates Committee, chaired by Mr R Thain; and

• the Finance Committee, chaired by MrA Smith-Maxwell.

Each Committee meets at least once per term in advance of the main Governors’ meeting. Committee chairpersons put forward any recommendations from these committees to the full board.

The School is a member of the Association of Governing Bodies of Independent Schools.

The day-to-day running of the School is delegated to the Headmaster and the Bursar, supported by other teaching members of the Senior Management Team.

agin

WITHAM HALL SCHOOL TRUST TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Group structure and relationships

The School is an active member of the Independent Association of Preparatory Schools for the promotion and maintenance of preparatory school standards generally and of the Independent Schools’ Bursars Association which gives support to the Bursar and administrative staff. The School has initiated and takes part in peer group studies for the evaluation of quality and performance improvement methods.

Charitable public benefit

Indirect Benefits

The School is a charity whose object is a purpose falling within section 3(1)b of the Charities Act 2011, namely the advancement of education. It is a purpose for the public benefit and is therefore a charitable purpose as defined in section 2(1)b of the Act.

The School offers indirect benefit to the wider community through the employment of 99 (2019/20: 95) monthly employees on average and the School reduces the burden on the state sector by providing an education for 254 pupils (2019/20: 243).

The Trustees are fulfilling the Charitable Trust's obligations to provide public benefit through the not-for-profit provision of education to children and through a wide variety of other means. However, in addition to this, the School has a strong practice (the opportunities for which have been unavoidably curtailed severely during the recent COVID-19 pandemic) of providing support in teaching, facility and transport to schools both locally and internationally, as well as facility provision for drama, music and sport to the immediate and wider communities.

School Partnerships

• ¢ Edenham CofE Primary School

• Reception & Year 1 Outdoor Learning: the fortnightly sharing of teaching resources and outdoor facilities, facilitated by use of School minibuses, drivers and teachers.

• The Head of Pre-Prep at this School is their Vice-Chair of Governors and EYFS Link Governor.

• ¢ Bythams Primary School (‘BPS’)

• Teaching of PE & Games: BPS children are collected weekly & brought to this School by three minibuses and drivers, and taught by this School's staff ahead of being returned to their school.

• • School hosts the BPS end of year concert for pupils and parents. School hosts the Christmas nativity performance for pupils and parents.

• Pinchbeck East CofE Primary Schoo!

• On-going sharing of good practice within EYFS, including Read, Write Inc,

• ¢ Thurlby Primary School

° ATeacher at this School is one of their Governors.

• Bourne Westfield Primary Academy

• Hosting teacher-training days (e.g. SCITT training for ITTs (Initial Teaching Training)).

• Kings Cliffe Endowed Primary School

• Ateacher at this School is one of their Foundation Governors.

Wider Work Undertaken with Local Schools

¢ Academic

• School hosts the biennial Bourne Sci-Fest, a programme of scientific shows, demonstrations and events for school children of all ages in Bourne and surrounding areas.

• ¢ Performing Arts

• School acts as a host centre for RockSchool exams to which pupils from many local state schools come. These pupils use this School's equipment for the exams, as well as the venue and warm-up facilities.

• • School acts as a centre for some state school children to take ABRSM music exams. There are typically 5 or 6 from BGS, who furthermore will be accompanied by this School's Director of Music.
• • Sport * The School extends invitations for annual Cross Country & Athletics events to a number of local primary schools.

----- Start of picture text -----
* The following are all regular visitors for these competitions: Edenham, Morton, Bourne Westfield
Primary Academy and Heritage Park,
agSe oe
Bx
----- End of picture text -----

WITHAM HALL SCHOOL TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Bursary Arrangements

• The School currently supports pupils with Bursarial support, up to 100% of the Full Tuition Fee.

• • In the year £299,734 was given away via remission of fees, which equates to 8.0% of overall day Tuition Fees (2019/20: £239,608 or 6.9%).
• • The School invites (via the website) prospective parents to inquire about Bursary provision. In some school year-groups pupil numbers are such that no further places are available. Where this is not the case, the Bursar is able to discuss potential opportunities, subject to the process currently overseen by the Hardship Committee.
• • Outside of the above, the School provides short-term support for existing families on an occasional basis.

Fundraising

The Charity is compliant with the recognised standards of fundraising set out in the Code of Fundraising Practice. Witham Hall School Trust does not use professional fundraisers and there have been no complaints received by the Charity about fund raising activities carried out by the Charity in the year.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees’ report was approved by the Board of Trustees.

MrJ Sharman ChairmanDated: " 2dutan.

-6-

WITHAM HALL SCHOOL TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2021

The trustees, who are also the directors of Witham Hall School Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP:

• make judgements and estimates that are reasonable and prudent;

• State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities,

“F's

WITHAM HALL SCHOOL TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WITHAM HALL SCHOOL TRUST

Opinion

We have audited the financial statements of Witham Hall School Trust (the ‘charity’) for the year ended 31 July 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including 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 treland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 July 2021 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except 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 inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• • the directors' report included within the trustees’ report has been prepared in accordance with applicable legal requirements.

wR a

WITHAM HALL SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WITHAM HALL SCHOOL TRUST

Matters on which we are required to report by exception

in the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• • certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• • the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www. frc,org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

~Q«

WITHAM HALL SCHOOL TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WITHAM HALL SCHOOL TRUST

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: ¢ Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; * Reviewing minutes of meetings of those charged with governance; * Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; * Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; * Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor) BSc (Hons) FCA (Senior Statutory Auditor) (Hons) FCA (Senior Statutory Auditor) FCA (Senior Statutory Auditor) (Senior Statutory Auditor) Statutory Auditor) Auditor)

Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor) BSc (Hons) FCA (Senior Statutory Auditor) (Hons) FCA (Senior Statutory Auditor) FCA (Senior Statutory Auditor) (Senior Statutory Auditor) Statutory Auditor) Auditor) gat { [oy for and on behalf of Azets Audit Services svteeressresret enews Chartered Accountants Statutory Auditor Ruthlyn House 90 Lincoln Road Peterborough United Kingdom PE1 2SP

=49«

WITHAM HALL SCHOOL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021

Current financial year

Current financial yearyear
		Unrestricted	Restricted	Total	Total
		funds	funds
		2021	2021	2021	2020
	Notes	£	£	£	£
Incom ndowments from:
Donations and legacies	3	1,418	6,998	8,416	16,942
Charitable activities	4	4,035,154	-	4,035,154	3,768,709
Othertrading activities	5	44,761	-	44,761	30,675
Investments	6	440	-	440	5,166
Other income	rf	137,711	-	137,711	185,628
Total income		4,219,484	6,998	4,226,482	4,007,120
Expenditure on:
Raising funds
Fundraising and publicity	8	15,254	4,750	20,004	-
Uniform shop expenditure	8	36,825	-	36,825	26,560
		52,079	4,750	56,829	26,560
Charitable activities	9	4,131,311	6,998	4,138,309	4,011,149
Total resources expended		4,183,390	11,748	4,195,138	4037,709
Net income/(expenditure) forthe year/
Netmovement infunds		36,094	(4,750)	31,344	(30,589)
Fund balances at 1 August 2020		5,249,140	4,750	5,253,890	5,284,479
Fundbalancesat31July2021		5,285,234	-	§,285,234	5,253,890

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ee

=,

Rr

WITHAM HALL SCHOOL TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021

Prior financial year

Prior financial year
		Unrestricted	Restricted	Total
		funds	funds
		2020	2020	2020
	Notes	£	£	£
Income and endowments from:
Donations and legacies	3	1,106	15,836	16,942
Charitable activities	4	3,768,709	-	3,768,709
Othertrading activities	5	30,675	-	30,675
Investments Other income	6 7	5,166 185,628	- -	5,166 185,628
Total income		3,991,284	15,836	4,007,120
Expenditure on:
Raising funds
Uniform shop expenditure	8	26,560	-	26,560
		26,560	-	26,560
Charitable activities	9	3,995,278	15,871	4,011,149
Total resources expended		4,021,838	15,871	4,037,709
Net income/(expenditure) forthe year/
Netmovement in funds		(30,554)	(35)	(30,589)
Fund balances at 1 August2019		5,279,694	4,785	5,284,479
Fundbalancesat31July2020		5,249,140	4,750	5,253,890

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

=12-

WITHAM HALL SCHOOL TRUST

BALANCE SHEET

AS AT 31 JULY 2021

		2021			2020
	Notes	£	£	£	£
Fixed assets
Tangible assets	13		5,795,039		5,935,320
Current assets
Stocks	15	38,489		34,156
Debtors	16	317,304		288,025
Cash atbank and in hand		644,393		519,630
		1,000,186		841,811
Creditors: amounts falling due within	18
one year		(986,588)		(1,075,502)
Net current assets/(liabilities)			13,598		(233,691)
Total assets less current liabilities			5,808,637		5,701,629
Creditors: amounts falling due after	19
more than one year			(523,403)		(447,739)
Netassets			5,285,234		5,253,890
Income funds
Restricted funds	22		-		4,750
Unrestricted funds
Designated funds	23	4,412,716		4,415,575
General unrestricted funds		872,518		833,565
			5,285,234		5,249,140
			5,285,234		5,253,890
Theaccountswereapproved bytheTrusteesoneo)\faa
pe
MrJSaah Trustee		MrASmith-Maxwell Trustee

Company Registration No, 01348108

-13-

WITHAM HALL SCHOOL TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2021

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2021|2020| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|28|405,184|65,429| |Investing|activities| |Purchase|of tangible|fixed|assets|(205,861)|(247|831)| |Interest|received|440|5,166| |Net cash|used|in|investing|activities|(205,421)|(242,665)| |Financing|activities| |Movement|of bank|loans|(75,000)|(75,000)| |Net cash|used|in financing|activities|(75,000)|(75,000)| |Net|increase/(decrease)|in|cash|and|cash| |equivaients|124,763|(252,236)| |Cash|and|cash|equivalents|at|beginning|of year|519,630|771,866| |Cash|and|cash|equivalents|at end|of year|644,393|519,630|

----- End of picture text -----

sae

WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

• 1 Accounting policies

Company information

Witham Hall School Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Ruthlyn House, 90 Lincoln Road, Peterborough, Cambridgeshire, PE1 2SP, United Kingdom.

• 1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)" (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, including the continuing impact of COVID-19. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.4 Incoming resources Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school from its unrestricted funds, but include contributions received from restricted funds for scholarships, bursaries and other grants.

Donations received for the general purposes of the charity are included as unrestricted funds. Donations for activities restricted by the wishes of the donor are taken to "restricted funds" where these wishes are legally binding on the trustees.

Investment income is accounted for in the period in which the charity is entitled to receipt.

Grants are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

Bursaries and allowances from unrestricted funds towards School fees at the School are treated as a reduction in those fees.

et Bw

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

gaiee SS 1 Accounting policies (Continued) 1.5 Resources expended Resources expended are accounted for on an accruals basis.

1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buildings Between 2% - 10% p.a. straight line Equipment, furniture and fittings 10%, 15% or 25% p.a. straight line Motor vehicles 30% p. a. reducing balance

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7. Borrowing costs related to fixed assets Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in net income/(expenditure) in the period in which they are incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

-16-

WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 1 Accounting policies

----- Start of picture text -----
(Continued)
----- End of picture text -----

• 1.9 Stocks

Stocks are stated at the lower of cost and net realisable value.

Net realisable value is the estimated selling price less ali estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

• The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

• The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

re

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

(Continued)

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

1.15 Fees in advance scheme

The School has accepted sums in respect of certain pupils and in return has undertaken to discharge defined amounts of the fees chargeable in respect of those pupils subsequent to the year end. In the event of a pupil's withdrawal from the School, before all agreed amounts have been credited, the Schoo! has agreed to transfer the remaining amounts to any other School in accordance with the agreement.

The School's liability in respect of advance fees which it has accepted, has been brought into these accounts.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and jegacies

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2021	2021	2021	2020	2020	2020
			£	£	£	£	£	£
Donations	and	gifts	1,418	6,998	8,416	1,106	15,836	16,942

«Gi

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

4 Charitable activities

	2021	2020
	£	£
School fees	3,725,859	3,469,883
Fees from rechargeables	221,985	254,711
Fees from other income	87,310	44,115
	4,035,154	3,768,709

5 Other trading activities

		Unrestricted	Unrestricted
		funds	funds
		2021	2020
		£	£
Trading	activities	44,761	30,675

6 Investments

	Unrestricted	Unrestricted
	funds	funds
	2021	2020
	£	£
Rental income Bank interest received	- 440	1,000 4,166
	440	5,166

7 Other income

	Unrestricted	Unrestricted
	funds	funds
	2021	2020
	£	£
Otherincome Coronavirusjob retention scheme income	30,045 107,666	61,539 124,089
	137,711	185,628

Gc

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

8 Raising funds

	Unrestricted	Restricted	Total	Unrestricted
	funds	funds		funds
	2021	2021	2021	2020
	£	£	£	£
Fundraising and publicity
Otherfundraising costs	-	185	185	-
Staffcosts	15,254	4,565	19,819	-
Fundraising and publicity	15,254	4,750	20,004	-
Uniform shop expenditure
Cost ofgoods	31,490	-	31,490	21,441
Staffcosts	5,335	-	5,335	5,119
Uniform shop expenditure	36,825	-	36,825	26,560
	52,079	4,750	56,829	26,560

9 Charitable activities

	2021	2020
	£	Ee
Teaching salaries	1,708,437	1,623,757
Teaching costs	127,859	90,759
Rechargeable items	204,675	258,855
Welfare	337,693	321,560
	2,378,664	2,294,931
Supportcosts (see note 10)	1,731,782	1,690,885
Governance costs (see note 10)	27,863	25,333
	4,138,309	4,011,149
Analysis by fund
Unrestricted funds	4,131,311	3,995,278
Restricted funds	6,998	15,871
	4,138,309	4,011,149

-20-

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

10 Support costs

Support costs
	Support	Governance	2021	2020
	costs	costs
	£	£	£	£
Depreciation and loss on disposal of fixed assets	346,142	.	346,142	393,771
Estates	799,832	-	799,832	744,810
Vehicles and travel Administration	17,567 411,689	- -	17,567 411,689	28,100 396,766
Staffing costs	77,536	-	77,536	75,227
Fundraising disbursed	3/532	-	3,532	2,129
Provisions	34,295	-	34,295	-
Financeandbank charges	41,189	-	41,189	50,082
Auditfees	-	9,570	9,570	9,441
Legal and professional	-	18,293	18,293	15,698
Governors’ expenses	-	-	-	194
	1,731,782	27,863	1,759,645	1,716,218

11. Trustees

During the year there were no reimbursement of expenses paid to governors (2020 — £194 to one governor).

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2020 - none).

-24-

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

12 Employees

Number of employees

The average monthly number of employees during the year was:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2021|2020| |Number|Number| |Teachers,|matrons|and|administrative|staff|82|78| |Domestic,|estates|and|ground|staff|17|17| |99|95| |Employment|costs|2021|2020| |£|£| |Wages and|salaries|2,219,403|2,114,055| |Social|security|costs|198,959|189,597| |Other|pension|costs|256,913|255,087| |2,675,275|2,558,739|

----- End of picture text -----

Included in the above are termination payments made to 2 staff members under compromise agreements totalling £27,273 (2020 - 1 staff member totalling £12,000).

The number of employees whose annual remuneration was £60,000 or

----- Start of picture text -----
||||| |---|---|---|---| |more|were:| |2021|2020| |Number|Number| |£60,001|- £70,000|-|1| |£70,001|- £80,000|2|-| |£90,001|- £100,000|-|1|

----- End of picture text -----

Of the employees whose emoluments exceed £60,000, 2 (2020 - 2) participated in a defined contribution pension scheme. During the year pension contributions amounted to £17,201 (2020 - £6,883) for these employees.

ee

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

13 Tangible fixed assets

13	Tangible fixed assets
		Land and buildings	Assets under construction	Equipment, furniture	Motor vehicles	Total
				and fittings
		£	£	£	£	£
	Cost
	At 1 August 2020 Additions	7,230,861 29,298	2,781 13,786	1,779,426 128,303	129,918 34,474	9,142,986 205,861
	Disposals Transfer of assets under construction	-	-	(27,418)	-	(27,418)
	now completed	4,491	(1,491)	-	-	-
	At 31 July 2021	7,261,650	15,076	1,880,311	164,392	9,321,429
	Depreciation and impairment
	At 1 August2020	1,793,212	-	1,311,409	103,045	3,207,666
	Depreciation charged in theyear	219,455	-	109,922	9,563	338,940
	Eliminated in respect ofdisposals	-	-	(20,216)	-	(20,216)
	At 31 July 2021	2,012,667	-	1,401,115	112,608	3,526,390
	Carrying amount
	At 31 July2021	5,248,983	15,076	479,196	51,784	5,795,039
	At31 July2020	5,437,649	2,781	468,017	26,873	5,935,320
14	Financial instruments				2021	2020
					£	£
	Carryingamount offinancial assets
	Trade debtors Cash at bank and in hand				150,337 644,393	139,660 519,630
	Measured atcost				794,730	659,290
	Carrying amount offinancial liabilities
	Bank loans Fees in advance scheme				456,250 388,721	531,250 498,651
	Deposits held Trade creditors				292,000 134,103	286,688 63,211
	Other creditors Accruals				77,138 57,581	62,811 31,316
	Measuredatcost			1,405,793		1,473,927

-~23-

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |15|Stocks|2021|2020| |£|£| |Goods|for|resale|38,489|34,156| |16|Debtors| |2021|2020| |Amounts|falling|due|within|one|year:|£|£| |Trade|debtors|150,337|139,660| |Prepayments|and|accrued|income|166,967|148,365| |317,304|288,025| |17|Loans|and|overdrafts| |2021|2020| |£|£| |Bank|loans|456,250|531,250| |Payable|within|one year|75,000|218,750| |Payable|after one|year|381,250|312,500|

----- End of picture text -----

The long-term loans are secured by fixed and floating charges over the charitable company.

18 Creditors: amounts falling due within one year

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2021|2020| |Notes|£|£| |Loans|and|overdrafts|17|75,000|218,750| |Fees|in|advance|scheme|20|246,568|363,412| |Payments|received on|account|104,198|49,314| |Deposits|held|292,000|286,688| |Trade|creditors|134,103|63,211| |Other|creditors|77,138|62,811| |Accruals|and|deferred|income|57,581|31,316| |986,588|1,075,502|

----- End of picture text -----

DA

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

19 Creditors: amounts falling due after more than one year

			2021	2020
		Notes	£	£
Bank	loans	17	381,250	312,500
Fees	in advance scheme	20	142,153	135,239
			523,403	447,739

20 Creditors: fees in advance scheme

	2021	2020
	£	£
Fees in advance as at 31 July 2020	498,651	730,424
Newdeposits	67,348	-
Fees payments / refunds	(199,712)	(257,817)
Discounts given againstfees	22,434	26,044
	388,721	498,651

The fees in advance scheme represents cash received in advance for credits which will be applied against fees chargeable in the future.

~ 25-

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

21 ~+Retirement benefit schemes

The School participated in the Teachers' Pension Scheme (England and Wales) (‘the TPS’), for its teaching staff. Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The School accounted for its contributions to the scheme as if it were a defined contribution scheme. The trust has set out below the information available on the scheme.

Introduction

The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers’ Pensions Regulations 2010 (as amended), and the Teachers’ Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS. Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a ‘pay as you go ‘basis — contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

Valuation of the Teachers' Pension Scheme

The latest valuation of the Teachers’ Pension Scheme has now taken place, in line with directions issued by HM Treasury and using membership data as at 31 March 2019. As a result of this valuation TPS employers will pay an increased contribution rate of 23.68% from September 2019 (this includes the administration levy of 0.8%). The timing of the implementation is to align its introduction with employers’ budget planning cycles. Until then, employers will pay the current rate of 16.48%.

The governors of Witham Hall School Trust decided to leave the TPS as at 31 August 2019 following consultation with relevant staff. A new defined contribution scheme was opened with Royal London and contributions have been paid to this scheme from 1 September 2019. The employer contribution rate of 16.48% has been retained.

-26-

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

22 ~Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

			Movement	in funds			Movement	in funds
	1	Balanceat August2019	income	Expenditure	1	Balanceat August2020	Income	Expenditure	Balanceat 31 July 2021
		£	£	£		£	£	£		£
Old Witham
Association
fund Charityfund Donations		4,750 35	- 386	- (421)		4,750 -	- 3,248	(4,750) (3,248)		- -
towards the
2017 sports
centre		-	15,450	(15,450)		~	3,750	(3,750)		-
		4,785	15,836	(15,871)		4,750	6,998	(11,748)		-

The Old Witham Association fund has been spent in the year on costs to establish alumni relations.

The charity fund consists of income and expenditure related to various fundraising activities (see charitable public benefit comments in the Trustees’ Report on page 4).

The donations towards the 2017 sports centre have been given to assist in the building cost of the 2017 sports centre. As building work has been completed, the donations have been used towards interest payable on the loan.

227-

<i e :7 Sa SS , 3 | |

'rErr;° 2aos cs) ;|

:Q. : ° 7 a ,:

oOo 5 = :

OoO E j,

aw " | 3 6 : o :8 " 2 : : 28 Do 1

g eal i! t£ 0 B es . 1 5 =o = ;:[a] 5 H & 2 3Ssé " 1 ot : oe£f |

Ww = § .

Be|cE| :: : | Pe 2 | 2s:oO :/ES xSeFay | sk 5i1 :50ast

: 2 : 8 vala3 go36 Bos+ :::7 iH 5 2 | 3 2 = | a :: }: aS]: | g | =:

: & =Ww ii] :; : in= i S Gn , ne]ifo 32si=5 . =38 | 3:[7] 7 5 2> : BER8 [o})vfe; |[|] 2 gi N[=a] ;: 3 : 2 |WwW ii% Se32 S

d > 7 S Lu| S:g gsza9 g‘: e‘ | :B 5s85 E3 | i : = 3 L

Z 5 j7 |s za, :: | : 3 E o G i.o = ge S : 5 3 eeS58o | 8& E - 38

3 : &D> aes. 2 : d : S | o & > : ~ fi 2 < = £= ; ‘|| =” Lius A , go| So 2: N o ® as i. Ooir:—, <Wdf:1Z 3= | a‘=2G: 2i| &: 52iS), geirf=oo & S!75 | G 58 2: =5 25 :,oO :a[=] Cc77) 7) < my | : 32) o ; I : : LT: : ® e. ~ I ; 2 zg : ;E uia> ;oa:

: a: :: ac : | ee W E =Sfe B :

J£ rey £25 5: : = | A=: ZEGEi 2 EeSe £:

[Fa] a8 ra25zr2ql18z2: °Fa oeESseFe jmi&: - Ww: P (eo) re)& a] a Ww

fe] ) |

|||s
gj
a
&|S x
oO)
a BR
ION
gorl
aut
igo|||oa
0
eg
A
N
w|oa
0
eg
A
N
w| |---|---|---|---|---|---|---| ||||BNO|||e|| ||||SS&
a
:|-
=
+t||:
-
bd|| |||g||||||| ||||Dw
Bea"
seo
fan
&
3
B
2|-RS
ae
FSR]
ier
om
+
wt Ww st
in||
||8
as
a
=
wt.
ws|il| |||uw
eea”
ses
aSs
5
2
2|mo
!
om
BS
oo
m
ws||re
is
>
oe
“A
co|| |||E||||| ||||a|||| |||SB
o>W
8
e
g|oO
Ow
>
GS oF oF
Rf
o
=||PY
N
rel
ES
lawf!|| ||||nom’;)
Boa”
of8
$F|1
FF
48|||||| |||<]©||||| ||||TOA $<
Sean
228
s5 8
4
5
2|o
he
2
rBSs|e
oO WM +
x
aie’ ||a
oe
N
ann!)
=|||| |||s||||| ||a
TH
>
=
=
:
°|Tar Ul
oT
2s
ima ON
@
a
é
pa
||©
ge*
N
5
B
a|||Ss
in
3
5
es|| ||~=——|||||| ||||o
QQ|||| |E
Ee
Ww
-
oOo
£28
5
>
Ws
8
7
eS
:
ts.
UC
;
res
= =
|
5
e
4
% >
§
e
Oo
dys|
:
2
_
3
<
¢
24
5:
:
oO
ne
g
:
o £9
3
= g
<8
3
3
3
ao
fg
«
5
aus
é&
$253
=: zu
3d
ae
|
>
on
&
s
Of
2
aE
o >
2
SEE
<
=
oS
288s
r WR
£
zebe
E
5:
2BSS5
zu
a
™|||||||

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

25 Operating lease commitments At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

	2021	2020
	£	£
Within one year	24,111	24,365
Between two and five years	45,526	33,083
In over five years	12,042	16,292
	81,679	73,740

26 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, who are the seven (2020 - six) members of the senior management team, is as follows.

		2021	2020
		£	£
Aggregate	compensation	387,135	401,380

Transactions with related parties

The charity leases property owned by a relative of the trustee Mrs H M Banks. Rent paid in the year of £9,250 (2020 - £9,250) is materially less than that payable on a commercial basis. There were no amounts outstanding at the year end (2020 - £nil).

There were no other transactions entered into by the charity in which trustees held a direct or indirect interest.

27 Controlling party

The charitable company is controlled by the trustees who are the directors for the purposes of company law. As a result, no one individual or body has contro! over the charitable company.

IQ

WITHAM HALL SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

28 Cash generated from operations

Cash generated from operations		2021	2020
		£	£
Surplus/(deficit) fortheyear		31,344	(30,589)
Adjustments for:
Investment income recognised in profit or loss Loss on disposal oftangible fixed assets		(440) 7,202	(5,166) 2,004
Depreciation and impairment oftangible fixed assets		338,940	391,767
Movements in working capital:
(Increase) in stocks (Increase)/decrease in debtors		(4,333) (29,279)	(5,676) 1,368
Increase/(decrease)increditors		171,680	(56,506)
(Decrease) in fees in advance		(109,930)	(231,773)
Cash generated from operations		405,184	65,429
Analysis ofchanges in netfunds/(debt)
	At 1 August2020	Cash flows	At31 July 2021
	£	£	£
Cash atbankand in hand	519,630	124,763	644,393
Loans falling due within one year Loans falling due aftermorethan one year	(218,750) (312,500)	143,750 (68,750)	(75,000) (381,250)
	(11,620)	199,763	188,143

29 Analysis of changes in net funds/(debt)

• 31-