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2021-08-31-accounts

DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

Company Number 1686068

BOOTHAM SCHOOL

A company limited by guarantee and a registered charity no. 513645

REPORT AND FINANCIAL STATEMENTS

for the year ended 31 August 2021

H P H Chartered Accountants 54 Bootham York YO30 7XZ

DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

CONTENTS page
Directors' and Trustees' Report (incorporating the Strategic Report) 1 to 11
Auditor's Report 12 to 15
Consolidated Statement of Financial Activities 16
Balance Sheets 17
Consolidated Cashflow Statement 18
Notes to the Financial Statements 19 to 35

DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

1. INTRODUCTION

Bootham School was founded by Quakers in 1823. The School is a Company Limited by Guarantee (No: 1686068) and a Registered Charity (No: 513645). The Company has a wholly owned non-charitable subsidiary, Bootham School Estates Ltd, whose activities and trading performance are covered elsewhere in this report. The members of the Company are also the Directors of the Company and the charity trustees. They act as the Governors of the School and together constitute the "Governors’ Meeting", which is the governing body of the School. All those listed below as Governors served as members of the Governors’ Meeting during the year or were serving members on the date of approval of the report and accounts. In their capacity as Directors and charity trustees, they present their annual report and audited accounts for the year ended 31 August 2021 and confirm they comply with the requirements of the Companies Act 2006, relevant Trust Deeds, the Charities Statement of Recommended Practice (“SORP (FRS102”) and Financial Reporting Standard 102.

2. REFERENCE AND ADMINISTRATIVE DETAILS

GOVERNORS

REGISTERED OFFICE

Clerk (chair) Treasurer Bootham School David Stanton Juliette Healey 51 Bootham YORK YO30 7BU ADVISERS Appointed by Quakers in Yorkshire Bankers Sarah Coltman (1 January 2021) Peter Coltman (1 January 2021) Co-operative Bank plc Juliette Healey (1 January 2021) 8 Providence Street Simon Hetherton WAKEFIELD WF1 3BG Sharon Hodgson (resigned 17 May 2021) Donald Purves Graham Ralph Auditors Alex Raubitschek Rosemary Roberts (1 January 2021) HPH Chartered Accountants Stephen Sayers (resigned 27 November 2020) 54 Bootham David Stanton YORK YO30 7XZ Malcolm Sterratt (retired 31 December 2020) Cathy Woodbine Investment Managers Heather Woolley (retired 31 December 2020) Redmayne Bentley LLP Nigel Lindley 9 Bond Court Rachel Hicks LEEDS LS1 2JZ Tillmann Jacobi (resigned 4 May 2021) Insurers Ecclesiastical Insurance Office Plc Beaufort House Brunswick Road SENIOR MANAGEMENT GLOUCESTER GL1 1JZ Head Chris Jeffery Insurance Brokers DE Ford Insurance Brokers Poppleton Grange Deputy Head Martyn Beer Low Poppleton Lane YORK YO26 6GZ Head of Helen Todd Bootham Junior School Bursar Gavin Blackstone

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DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

The principal activity is the provision of education. This is provided from two sites. Premises in Clifton provide for pupils aged 3 to 11. Premises in Bootham provide for pupils aged 11 to 18.

3. STRUCTURE, GOVERNANCE AND MANAGEMENT

The Governing Body of the School is its Governors’ Meeting. Governors are appointed by Quakers in Yorkshire, giving consideration to ensure that Quakers are strongly represented, up to two Governors are old scholars of the school and up to two are parents of children at the School. They are appointed to serve for terms of up to four years or such lesser terms set so as to achieve an appropriate rotation. Governors serve for a maximum of eight consecutive years except that a Governor appointed to serve as an officer may serve for twelve consecutive years. The officers - the Clerk (chair), Assistant Clerk and the Treasurer are appointed by the Governors’ Meeting. Revised Articles of Association for the school were adopted on 1[st] December 2017.

The Members of the Governors’ Meeting of Bootham School, as the Trustees of the Charity, are legally responsible for the overall direction and control of the School. All trustees give of their time freely and no remuneration was paid in the year. Expenses paid to governors were limited to travel costs or reimbursement of fees for attending training events and conferences.

The Governors’ Meeting meets at least once in each school term. Three committees consider different aspects of the life and work of the School on a regular basis: Education, Fundraising and Finance and Resources. The Finance and Resources Committee has some delegated powers to take decisions on behalf of the Governors’ Meeting. The other committees are advisory to the Governors’ Meeting. The committees meet at least once each term. A fourth committee, Governance and Compliance, provides oversight on regulatory issues.

The day to day running of the School is delegated to the Head and the Head of Bootham Junior School, together with the Bursar and the Leadership Meeting (Senior Leadership Team). The Head and Bursar attend the Governors’ Meeting and other committees as of right. It is usual for the Deputy Head and the Head of the Bootham Junior School to attend the Governors’ Meeting and they also attend meetings of other committees as appropriate. Other members of staff attend meetings of committees as necessary. A member of staff, appointed by his/her peers, attends meetings of the Governors’ Meeting as an observer.

A Nominations Committee makes recommendations to Governors’ Meeting on the nomination of Governors for appointment by Quakers in Yorkshire and the appointment of Governors to serve on committees. In addition, individual Governors are appointed to serve:

All Governors can attend meetings of committees of which they are not appointed members. In addition to visiting the School and joining in events, every Governor is asked to take a particular interest in, and maintain links with, one or more School departments providing education and/or support services.

3.1. Statement of financial responsibilities of Governors

Company and Charity Law require the Directors and Trustees to prepare accounts for the financial year which give a true and fair view of the state of affairs of the Company, its subsidiary and its Trusts at the end of the year and of its financial activities for that period. In preparing those accounts the Directors and Trustees are required to:

The Directors and Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the accounts comply with the Companies Act 2006 and applicable charity law. They are also responsible for safeguarding the assets of the Company by taking reasonable steps for the prevention and detection of fraud or other irregularities.

In accordance with company law, as the company’s directors, we certify that:

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BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT

4. OBJECTIVES AND ACTIVITIES

4.1. Charitable Objectives

The Company’s principal objective, as set out in its Articles of Association, is to carry on the operation of the School in accordance with the principles of the Religious Society of Friends for the education of the children of members of the Society of Friends and others.

In accordance with its charitable objectives the Company must also manage and maintain the property of the School, including its buildings, land, artefacts, works of art, books, historical documents, furniture, equipment and other effects owned by or held on trust by the School. It also manages a number of Trusts and other funds to provide scholarships, bursaries, prizes and other financial support for pupils.

Governors have had due regard to the guidance produced by the Charity Commission about Public Benefit.

4.2. Aims and Values

Our Vision

The purpose of all aspects and facets of Bootham’s Quaker Education is to liberate and equip its young people to flourish as adults and live adventurous lives that will serve to create a better world.

Our Values

At Bootham School we value particularly an approach to our community from all who work and learn here which:

Our Aims

In pursuing our vision and in seeking to promote the purpose of a Bootham Education we set ourselves the following aims:

4.3. Objectives for the Year

Our vision is that we develop and offer a pioneering, distinctive and authentically Quaker education that liberates young people to live adventurous lives that serve to create a better world. Accordingly, we have developed a five year strategy that we believe will help us to achieve this vision. The strategy has nine key objectives, which we continue to work towards and report on regularly to Governors. The key strategic objectives for 2017-22 are to:

  1. Develop a deeper understanding and a wider implementation of the core Quaker values, practices and priorities at the heart of Bootham School

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BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

  1. Develop a deeper understanding of the likely shape of the future world and challenges that our students are growing up towards

  2. Define and articulate the standards expected of all members of the Bootham community, and encourage their implementation in all aspects of school life

  3. To use 1, 2 & 3 as the springboard for the development of a visionary education that best fulfils the school’s purpose of liberating and equipping its young people to flourish as adults and live adventurous lives that will create a better world 5. Ensure that all aspects of school life are providing and conspicuously adding value to the experience of students, without unfairly adding to the burden on staff

  4. Continue to build understanding and unity of purpose between all members of our community (teaching/support staff; Junior/Senior sections; parents/staff; current members/old scholars; students of different ages)

  5. Support all members of the Bootham community in safeguarding their wellbeing by promoting good mental and physical health, and helping them develop resilience

  6. Increase income and revenue through effective marketing, recruitment, and fundraising, as well as rigorous financial planning and cost control

  7. Plan and raise funds for future site development, as and when affordable

5. ACHIEVEMENTS AND PERFORMANCE

We were delighted with the outcome of our latest Independent School’s Inspectorate (ISI) visit which included an Educational Quality inspection. This focuses on two key outcomes for pupils:

In both areas ISI determined that the school was ‘Excellent’, the highest descriptor that can be awarded. The key findings of the report were:

“The quality of pupil’s academic and other achievements is excellent.

The quality of the pupils’ personal development is excellent.

The Regulatory Compliance aspect of the inspection concluded that the school was fully compliant with all aspects of the Independent Schools’ Regulations and the National Minimum Standards for boarding.

Curriculum

Exam results

The GCSE and A levels for 2021 were awarded based on school assessed grades (SAGs). The results for 2021 were significantly better than those of the previous year and reflect the continued work that the staff had made on feedback, ensuring there was a learning dialogue with each student in each class. The monitoring and support programme for students also enabled the students to perform at their best whilst completing their SAGs.

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DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

Our teaching and learning focus was on developing remote learning and sharing best practices. A large proportion of staff meetings were also dedicated to ensuring that the SAGS process was robust and fair. We spent the first inset day in September developing our remote learning skills, teachers also received a safeguarding update. During the year, there were two rounds of work scrutiny and it was pleasing to see that students were responding well to the feedback from their teachers. In April, the Inset session focused on ensuring we had a fair, robust and reliable SAGs process in place.

The School continued to offer a wide range of extra-curricular opportunities through the “Bootham Challenge”. The challenge is to complete the requisite number of points across a range of categories for extra-curricular involvement – creative, physical, voluntary, musical, etc. Students’ activities outside school can also count.

Bootham sport has continued to flourish despite the setbacks of lockdowns and Covid restrictions. After a really enjoyable return to school in September, the PE department had to again find creative ways to get students exercising during the long winter lockdown. Weekly group seminars, filmed tasks, exercise journals and whole school events such as the amazing Kilometre challenge, where the all year groups and staff 'virtually' logged their Kms completed, as they travelled round all the teams in the Champions league, were some of the ways Bootham students kept fit whilst remaining at home.

During the Easter holidays the sports department ran two weeks’ worth of free catch up sports sessions for our students (including year 6 at BJS). Football, netball, athletics, cricket and basketball were offered, and parents and students were extremely appreciative of the opportunity and time back in school.

The voluntary Saturday afternoon sports programme has continued to be very popular, particularly for our younger students. A variety of different coaching sessions and competitive intra-school sport has been offered and has helped bridged the gap for some of our students who do not always get selected for representative matches.

Our summer sports programme returned along with some cricket fixtures. We played a number of girls’ cricket games and the department continues to promote and develop cricket for all. We have also been committed to our change around in focus from girls' hockey to football (as we do not have the provision to play hockey matches without an astroturf pitch) and this has proved popular too.

Students continue to achieve highly both in and out of school and we continue to have a lot of students representing clubs in many different sports and at all different levels. From national swimming competitors, county cricket players, national league basketballers and even international karting competitors the school continues to support and encourage students to find their passion in sport and fitness. The 2021-22 year will be seen as a restart for full competitive sport again at Bootham and we particularly look forward to that.

At the junior school, teaching and Learning in the Autumn of 2020 was focussed on reintegrating children into a school environment. We began term with a series of collapsed timetable days where children engaged in teambuilding, sport, drama, music and art – group activities that had not been available to many during the pandemic. These activities were not reliant on previous learning and so were accessible to all, regardless of prior experience, which was crucial given the large number of new children we welcomed in. We operated in bubbles for much of the time which limited wider community interactions, but we were able to stay relatively safe from Covid. Our remote learning provision continued, using Google Classroom and SeeSaw, for children forced to self-isolate.

Our pastoral care system ensures that children are valued, encouraged, have their self-esteem enhanced and feel happy and secure within school. In addition to the pastoral support that children receive from their Class Teacher and other members of staff, the Deputy Head has a specific responsibility for pastoral care and may see pupils on a 1:1 or small group basis to assist with problems and liaises with parent /carers. Additional Personal Development (PD) is interwoven into the curriculum when required. During lockdown, pastoral support in the form of a telephone call or Google Meet each week was provided; support and advice were given to children and their families. Wellbeing Meets took place in Personal Development. On the return to school after lockdown, Personal Development focused on lockdown experiences, feelings / emotions / mental health and wellbeing and regular emphasis continues to be placed on these areas. During recent Covid outbreaks, children at home have received learning and pastoral support.

Despite continuing Covid restrictions and partial school closures, 17 junior school children took ABRSM or LCM music exams in the last academic year with 4 passes, 4 merits, 9 distinctions. In Key Stage 2, 80% of students were involved in either 1-1 music lessons or a club and 78% of students on the SEN register in Key Stage 2 learnt an instrument. 11 children passed LAMDA exams in drama in July 2021, with 6 receiving distinctions. In the Summer term of 2021 all students in years 3-6 participated in an inter school virtual athletics event, with six schools competing. 9 students were placed 1st, 2nd and 3rd in events and a further 32 students placed in the top-ten of events.

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BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

Pastoral

At the Senior School work with staff and students on our Behaviour Policy and systems culminated in a new Expectations, Standards and Positive Relationships Policy that updates our reward and sanctions systems and looks to be an outworking of our core school Quaker values. Focus is given to high expectations alongside continued excellent pastoral care as a means of supporting our students in taking responsibility for their personal and academic development.

At the Junior School, one-to-one and small group pastoral intervention continued with increased opportunities for parents to liaise with a dedicated member of staff. The six dispositions: Adventurous, Creative, Collaborative, Independent, Reflective and Resilient are now embedded in all aspects of the curriculum. The Y6 Stewardship programme has been revised to include more opportunities for leadership and volunteering. All children in Y6 write a formal letter of application and attend interview for one of the stewardship roles: Quaker, Eco, Community, Pupil Voice and Arts. In line with the school focus on Social Action across both sites, members of staff are now linked with Y6 stewards; they meet to discuss their specific area of responsibility and develop an action plan to be carried out during the year. In the Spring and Summer Terms, there was increased emphasis on Health and Wellbeing across the whole of the junior school community.

Buildings and Facilities

As a result of the pandemic we postponed major development work, including the second phase of the College Studies project, originally scheduled for completion in the summer of 2020. Our focus has been on investing in IT equipment and reconfiguring classrooms to enable ongoing remote teaching where this has been necessary. As school life and the financial position are restored to normality we will plan the completion of the second phase of the College Studies project which will provide additional study areas with a complete refurbishment of the existing common room. The summer of 2019 saw the completion of the first phase of our exciting new College (sixth form) facilities. This project provides bright, modern learning and social environments for our college students and features innovative design which has been influenced and inspired by the College students themselves. We have worked with local designers to produce eye-catching learning and social spaces which have been extremely well received by students, teachers and parents. The work means that the College students are all located in a single centre in the school with dedicated study and supervisions areas.

Work has continued on a rolling programme of boarding room refurbishment in Fox House. All bedrooms are being given a complete refurbishment with new beds, furniture and colour schemes to provide the school with facilities we can be proud of. The rolling programme will be completed by October 2022. At the same time we are prioritising future development work across the school site with a focus on improving classroom and laboratory facilities.

5.1 Academic Performance

Formal A level and GCSE exams did not take place this summer. Instead, students took a series of internal assessments which were graded and standardised by their teachers. Our results at both GCSE and A level were significantly better than in previous years. The average UCAS score per student was 152. 64 students secured places at university. There were no deferrals of places. Three gained places on Art Foundation courses. 1 is starting a degree apprenticeship. Two are having a gap year, one of whom is applying to start in 2022. The range of both course and university destination continues to be diverse.

Table 1: Advanced Level results

Year No of
Pupils		 Passes A*-E A* A B C D E A*-B as % of
entries
2016 85 275(3.24 av) 43 76 92 34 20 10 76.4
2017 80 249(3.11 av) 37 74 71 42 20 5 72.5
2018 95 322(3.59 av) 62 79 95 55 23 8 73.3
2019 69 225(3.42 av) 38 55 53 49 18 11 64.6
2020 62 196(3.41 av) 50 59 48 30 8 1 80.1
2021 70 222(3.33 av) 73 61 52 25 9 2 83.8

Table 2: GCSE Level results

Year No of
Pupils		 Passes A*-C or 9-4 A* or 9/8 A or 7 B or 6 C or 5/4
2016 83 762(9.18 av) 213 203 201 145
2017 62 591(9.53 av) 195 146 158 92
2018 62 528(8.52 av) 158 118 123 129
2019 71 635(8.94 av) 180 143 129 183
2020 64 615(9.67 av) 239 130 113 133
2021 73 714(9.78 av) 353 147 119 95

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BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

6. FINANCIAL REVIEW

The consolidated financial statements include the results of the School, Bootham School Estates Limited (BSEL) and various linked charities and funds (see notes 15 and 16).

For a second consecutive year the pandemic has significantly affected all areas of the school’s revenue generating activities. Following the Government’s announcement of a further period of lockdown, the school once more discounted Spring term fees resulting in a £330k reduction to fee income. Hardship funds were also provided to families who were economically impacted by the ongoing effects of the pandemic. To mitigate the overall losses, the school reinstated the cost saving methods we had adopted in the previous year and also limited capital expenditure, deferring some of the larger project work to the following year. The furlough scheme was utilised again by the school, which provided additional grant income of £120,322 during the year. The other significant contributary factor to the school’s reduced income resulted from residential lettings being cancelled due to social distancing rules proving too restrictive for groups to operate effectively.

Despite these financial challenges, our prudent approach to budgeting and cost management resulted in a net increase in funds for the year (excluding investment gains) of £96,080 as shown in the Statement of Financial Activities on page 16. The comparative figure for 2020 was a net decrease in funds of £227,189.

Consolidated incoming resources for the year amounted to £9,792,999, representing an increase of 4.02% on the previous year. Consolidated resources expended, increased by 0.58% to £9,696,919.

Capital expenditure was significantly reduced in the year as projects were temporarily postponed due to the impact of the pandemic. Expenditure amounted to £217,499 and this mainly related to improvements to investment in IT equipment (2020 £414,646).

Consolidated Unrestricted Funds at the year end stood at £10,774,622. These funds included the Designated Fixed Assets Fund of £13,737,135 and a deficit of £2,972,647 on the Charitable Free Reserves. This deficit has arisen due to capital expenditure on improvements to the School buildings and will be eliminated gradually in the foreseeable future by disposals of assets in excess of operational requirements and by operating surpluses. This year has seen a decrease in the deficit of £168,309.

The economic environment and continuing uncertainty arising from the pandemic mean that these are challenging times for many independent schools. However, the school’s financial health remains robust and our careful business planning means that we expect to continue generating surpluses to invest in the fabric and resource of the school in the near future. As with all independent schools, we continue to face significant financial pressures beyond our direct control, particularly with regards to increasing pension costs. This, along with other potentially emerging financial pressures, means that close scrutiny must be given to medium term planning to ensure financial resilience for the school.

6.1 Remuneration of Staff

The School aims to pay salaries which are fair, competitive with the charity sector and proportionate to the complexity of each role. In determining the right level of pay for the School:

The Bursar and the Head’s salaries are benchmarked frequently and their salaries are determined by the School Governors.

6.2. Reserves policy

It is the policy of the Governors’ Meeting to seek to generate a modest surplus of income over expenditure each year to safeguard the future of the School and to provide funds for improvement of School properties. The level of the School reserves is reviewed regularly to ensure that they fall in line with the School’s budgetary requirements.

Note 18 to the accounts shows the assets and liabilities attributable to the various funds by type, and notes 15, 16 and 17 describe the various funds of the Charity and summarise the year’s movements on each fund.

6.3. Investment policy, objectives and performance

The Trustees’ investment powers are governed by the Memorandum and Articles of Association, together with the Trustee Act 2000. The Trustees seek to follow an ethical investment policy, in line with the policies of Quakers. Redmayne Bentley manage the School’s investment portfolio and the Trustees are happy that the range of investments held is in accordance with their ethical policy and is likely to produce acceptable returns and capital growth over the medium to long term.

Details of the movements in the School’s investments are given in note 7 to the accounts.

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BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

Bootham School Investment Fund

When this fund was established in April 2011, the Trustees decided that capital growth was paramount and that any income would be reinvested. The investment Fund increased in value by 14.6% over the 12 month period, a movement of £11,656.

The structure of the portfolio at the end of the financial year consisted of Global Equity Funds 25.7%, Multi-Asset Funds 15.3%, Infrastructure Funds 13.3%, Non-Sterling Bond Funds 10.5%, Non-Sterling Index-Linked Government Bonds 6.1%, Absolute Return Funds 5.7%, Real Estate Investment Trusts 4.9%, Asset Backed Income Funds 4.1%, UK Equities 3.0%, Sterling Corporate Bonds 2.5%, Sterling Preference Shares 2.5% and cash 6.4%.

Bootham School Trust Fund

When this fund was established, it was agreed by the Trustees that the fund would be used primarily to generate income for bursaries and scholarships whilst also having some growth in the capital as a protection against inflation. By the end of this academic year, the value of the fund had increased by 5.9%, a movement of £59,254. The income received from these investments which was not reinvested amounted to £31,869 so the total increase was 9.0%.

The structure of the portfolio at the end of the financial year consisted of Sterling Corporate Bonds 24.1%, Sterling Index-Linked Bonds 10.2%, Sterling Preference Shares 10.7%, Sterling, Bond Funds 3.0%, Real Estate Investment Trusts 3.1%, Asset Backed Income Funds 3.1%, Overseas Equities 12.2%, Multi-Asset Funds 9.5%, Infrastructure Funds 13.4%, Non-Sterling Bond Funds 4.5%, Non-Sterling Index-Linked Government Bonds 5.3% and cash 0.9%.

6.4. Fundraising

The Fundraising Committee was established two years ago and reports to the Governors’ Meeting. The committee consists of governors (including an old Scholar governor who can report back to BOSA and a parent governor who can report back to the BSA), plus co-opted members as appropriate. The total raised from Fundraising activities in the year was £195,266 which included legacy donations totaling £2,000.

The school employs an Alumni Manager who co-ordinates all fundraising activities for the school – we do not utilise the services of consultants or external professional fundraisers. We hold a range of events for old scholars and other alumni including annual reunions and dinners and all subscribers receive regular newsletters and an annually published school magazine. Most of the kind donations that we receive are as a result of this ongoing communication and meetings with the Alumni Manager. We have also run a campaign during the reporting year to raise awareness of legacy donations and regular giving in support of bursary funds. The school is planning its second fundraising ‘Giving Day’, scheduled for May 2022, to continue to support development work across the school and raise funds for bursaries.

The school is voluntarily subject to the Fundraising Regulator and subscribes to the Code of Fundraising Practice. We are unaware of any occasion in the reporting period upon which we have failed to comply with the Code, nor has the school received any complaints about our fundraising activities. We take great care to not exert pressure on any individual and any material sent out is not persistently repeated in an intrusive manner. A specific Governor Fundraising Committee oversees fundraising activity and monitors activity to ensure fundraising is respectful to members of our community.

7. PUBLIC BENEFIT

Bursary support

Means-tested bursaries amounting to £613,929 were paid during the year. As a percentage of net fee income this amounts to 6.70% (2020: £518,167 or 6.09%). Governors are hoping to maintain this percentage at not less than 5% in future years. Four students were in receipt of 100% fee remission.

York ISSP

Bootham continued to be invaluable to the York Independent State School Partnership which comprises 13 secondary schools in York including independent schools, state and academies. During this year ISSP has provided many opportunities for able and interested students including:

To enable ISSP to continue during the lockdowns and restrictions Bootham staff set up the online platform for ISSP and provided technical expertise to staff and students.

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BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

Community Use of Resources

The school’s ability to provide facilities for community use has been hampered by the restrictions of the pandemic. However, historically and going forward the following community use of resources is provided:

Bootham allows the use of its rooms without charge for regular meetings of the local Historical Association and Geographical Association, which included attendance by members of the public and students from other schools across the City.

Bootham makes its facilities available to local schools: not only do our sports teams play fixtures with local state schools, and participate in local leagues, but our swimming pool is used by two local primary schools every week, and is let out to a community swimming club every evening and at weekends. We hosted a number of football tournaments for local schools in the past 12 months.

We continue to run our weekly public programme of concerts, talks and recitals in our ‘Recital Room’ series. These are free, lunch-time events open to members of the public, in the School’s recently-restored Georgian music room.

The Georgian Society, the Civic Trust and the York and District Organists Association hold meetings in the School and the School hosts cultural tours round its premises for the Civic Trust, for architecture students at the University of York, and for overseas students on an MA programme at the University of York Department of Education.

Members of staff volunteer as members of the Hull/York Medical School admissions/selection team, the Advisory Board of the University of York, Department of Psychology, and as part of the tutorial team for the University of York, Department of Education. Several members of staff work as markers for GCSE and A Level exam boards, bringing a high level of classroom experience and subject expertise to that task.

Members of the Modern Languages Department offer evening language tuition classes to members of the local community.

Bootham students volunteer in the local community, helping with pupils’ reading at three local primary schools, visiting residential care homes, and the neighbouring centre for the homeless, undertaking horticultural and agricultural work at the local environmental centre, and supporting the local Oxfam shop.

Bootham regularly invites our neighbours from Wandesford House (an Alms house for single ladies over 55) to join our sixth formers for lunch.

At the Junior School, Inspire Challenge Enrich workshops, held each term, are open to children aged 5-11 from primary schools across York and the surrounding area. These workshops have involved specialist staff from the Junior and Senior Schools leading masterclasses in areas of specific interests focusing on either STEM or Arts subjects.

The Junior School also hosts the Creative Journeys for Kids Holiday Club each major school holiday. The sessions usually run for three days per week and are open to children aged 5-12 from any school. The facilities are also let to local tennis and football academies to run holiday courses.

A disabled tennis school makes use of the Junior School courts each Saturday morning, children from this activity have had national success.

Social Action

In June of 2021, the post of Head of Social Action was formally created and appointed. By creating this role, we hope to bring together four main social action strands within school, creating a greater coherence and unity, and allowing better communication, and scope for growth in all areas. From September 2021, the Head of Social Action will be responsible for promoting involvement in Volunteering, Charities, Global Citizenship and Environment throughout Bootham, and we look forward to the developments that this unique post will bring.

Volunteering

Our previously established expectation for College students to complete 50 hours of volunteering across their two years has proved something of a challenge during the coronavirus pandemic. Many of the volunteering activities set up in 2019/2020 were adversely affected by the pandemic, and almost all partners were unable to take any volunteers. Entering the 2021/22 academic year, with the appointment of the Head of Social Action to oversee this area, we look to launch a responsive online platform and support programme for our college students to volunteer in areas which interest them, and to be able to do so within the parameters of any coronavirus restrictions we see continuing, for example, with online and outdoor volunteering, fundraising drives, and making use of volunteering internally and with Bootham Junior.

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BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

Charity Work

Despite the challenges brought by the coronavirus pandemic, the Charities committee raised a fantastic £4,150 for charity during the 2020/2021 academic year, which has been donated to the following charities:

In addition, 1,782 items were donated to York Foodbank as part of our successful Reverse Advent Calendar campaign.

Global Citizenship

Autumn Term 2020

This term World Shapers Action Group only had Upper School Room students due to the bubbling that was in place as a Covid precaution; we were also limited in our activities due to further Covid restrictions in place.

Spring term 2021

We were in a full lock down and so activities were paused.

Summer term 2021

We thanked Liz Brown, who stood down from the role of Global Citizenship Coordinator at Easter 2021. Liz organised a final series of events as part of Refugee Week 2021:

Environment - BEAST (Bootham Environmental and Sustainability Team)

During Autumn term, the students in BEAST worked to raise awareness of the initiative "Switch Off Fortnight", created an ecothemed Christmas Song, and contributed to a morning meeting on the subject of Climate Change.

Spring term activities were postponed due to the coronavirus restrictions/lockdown.

In the Summer term BEAST students worked on a morning meeting promoting Water Saving which was delivered remotely, the students continue to pick up rubbish around the site and the Eco-Guerrillas were active in trying to promote energy saving measures.

We also worked on the Earth Day project, Restore Our Earth, asking students in all tutor groups to draw small pictures promoting aspects of the earth that they would like to save and restore. These were then glued onto a large sheet of A1 paper and the collage displayed on the BEAST board in school.

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DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL ANNUAL REPORT OF THE GOVERNORS OF BOOTHAM SCHOOL FOR THE YEAR ENDED 31 AUGUST 2021

9. PRINCIPAL RISKS AND UNCERTAINTIES

During the year Leadership Meeting, on behalf of the Governors, have examined the principal areas of the School’s operations and considered the major risks in each of these areas. In the opinion of the Governors the School has established systems which, under normal circumstances, should allow these risks to be managed to an acceptable level in its day to day operation. A comprehensive Risk Register is reviewed each year by the Compliance Committee to ensure mitigation measures necessary to minimise or control risks to an acceptable level are in place.

10. PLANS FOR FUTURE PERIODS

COVID-19

Detailed planning and risk assessments were updated during the summer holidays to facilitate the safe return of students and staff to school in September 2021. Risk assessed safety measures included enhanced cleaning arrangements, revised classroom layouts, hand sanitization stations, the wearing of face coverings in communal areas and staggered lunch servings.

Whilst restrictions are beginning to ease, we must continue to assess the ongoing impact of the pandemic. There are a number of areas that could still impact business planning. In the medium term, the overseas boarding market may contract due to families showing greater reluctance to send their children overseas for their education.

The economic implications of Covid-19 have damaged the financial wealth of many of our current families and also those that were prospectively considering taking up a place at the school. We are working closely with our families to provide support wherever we can and remain confident that our student numbers will remain largely consistent in the medium term.

There have been many operational and financial challenges to overcome throughout the pandemic but we have worked proactively to risk assess our environment to ensure that staff are able to undertake their work and students enjoy lessons in a safe and controlled manner. Importantly, the school is in a robust financial position and the Governors, through the creation of an Emergency Planning sub-committee, have continued to monitor emerging events and follow the guidance from all government departments.

The Governors continue to keep Bootham School’s activities under review, particularly with regard to any major risks that may arise from time to time, and to monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks identified by the Governors can best be managed and mitigated.

The key controls used by Bootham School include:

Health and Safety issues are considered at regular meetings of the School Health & Safety Committee, attended by two Governors.

Approved by Governors on 26 March 2022 and signed on their behalf by:

David Stanton

Clerk to the Governors’ Meeting

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DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

BOOTHAM SCHOOL

OPINION

We have audited the financial statements of Bootham School (the 'parent charitable company') and its subsidiaries (the ‘group’) for the year ended 31 August 2021, which comprise the Consolidated Statement of Financial Activities and Income and Expenditure Account, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS OF 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical 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’/director's 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 charitable company'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 directors with respect to going concern are described in the relevant sections of this report.

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HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

BOOTHAM SCHOOL

OTHER INFORMATION

The trustees/directors are responsible for the other information contained within the annual report. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. 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 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.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in 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:

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Trustees' responsibilities statement on page 7, the trustees 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 charitable company'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.

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DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

BOOTHAM SCHOOL

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent Schools Standards) Regulations 2014, Food Hygiene regulations, Health and Safety legislation, Employment legislation, Charity Commission regulations and General Data Protection Regulation (GDPR).

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and income recognition. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, proof in total testing of fee income, detailed substantive testing on the completeness of other sources of income, reviewing regulatory correspondence and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

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HPH

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

BOOTHAM SCHOOL

USE OF OUR REPORT

This report is made solely to the charitable company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members for our audit work, for this report, or for the opinions we have formed.

......................................

Sarah Wearing (Senior Statutory Auditor)

For and on behalf of HPH, Statutory Auditor

54 Bootham York YO30 7XZ

26 March 2022

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DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021

Note
Income and endowments from:
Charitable activities
School fees receivable
2
Ancillary trading income
3
Government grant income - CJRS
Other trading activities
Non-ancillary trading income
23
Investments
Investment income
7
Voluntary sources
Donations
Total
Expenditure on:
Raising funds
Non-ancillary trading
23
Financing costs
Total deductible costs
Charitable Activities
Education and grant making
Total
4
Net income/(expenditure) and net
movement in funds before
gains/(losses) on investments
Gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
16,17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15,16,17		 Unrestricted
Funds
£
9,160,841
246,643
122,786
4,888
-
93,741		 Endowed
Funds
£
-
-
-
-
3,839
-		 Restricted
Funds
£
-
-
-
-
31,869
128,392		 2021
£
9,160,841
246,643
122,786
4,888
35,708
222,133
£ 9,792,999
2,940
118,454
121,394
9,575,525
£ 9,696,919
96,080
82,363
178,443
-
178,443
11,900,547
£ 12,078,990		 2020
£
8,501,881
215,879
440,290
5,759
57,905
192,415
£ 9,628,899 £ 3,839 £ 160,261 £ 9,414,129
2,940
118,454		 -
-		 -
-		 3,349
233,796
121,394
9,425,510		 -
901		 -
149,114		 237,145
9,404,173
£ 9,546,904 £ 901 £ 149,114 £ 9,641,318
81,995
-		 2,938
17,184		 11,147
65,179		 (227,189)
(57,805)
81,995
2,361		 20,122
(2,361)		 76,326
-		 (284,994)
-
84,356
10,690,266		 17,761
623,465		 76,326
586,816		 (284,994)
12,185,541
£ 10,774,622 £ 641,226 £ 663,142 £ 11,900,547

The notes on pages 19 to 35 form part of these financial statements

Incoming resources and net movement in funds derive wholly from continuing operations

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DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL BALANCE SHEET AS AT 31 AUGUST 2021

Company number: 1686068

Note
FIXED ASSETS
Tangible assets
6
Investments
7
CURRENT ASSETS
Stocks
8
Debtors
9
Cash at bank and in hand
10
CREDITORS: amounts falling due
within one year
11
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS: amounts falling due
12
after one year
Provision for liabilities and charges
13
TOTAL NET ASSETS
REPRESENTED BY
Restricted funds
15
Endowed funds
16
Unrestricted funds
17		 2021
2020
£
£
15,831,522
16,173,192
1,196,810
1,123,798
17,028,332
17,296,990
48,944
20,597
362,533
295,404
1,396,230
1,127,000
1,807,707
1,443,001
(2,572,748)
(2,043,192)
(765,041)
(600,191)
16,263,291
16,696,799
(1,976,252)
(2,352,549)
(2,208,049)
(2,443,703)
£ 12,078,990
£ 11,900,547
663,142
586,816
641,226
623,465
10,774,622
10,690,266
£ 12,078,990
£ 11,900,547
Consolidated		 2021
2020
£
£
15,831,522
16,173,192
1,142,542
1,077,100
16,974,064
17,250,292
48,944
20,597
363,666
295,905
1,370,413
1,103,687
1,783,023
1,420,189
(2,570,627)
(2,041,463)
(787,604)
(621,274)
16,186,460
16,629,018
(2,115,923)
(2,492,220)
(2,208,049)
(2,443,703)
£ 11,862,488
£ 11,693,095
663,142
586,816
574,533
565,820
10,624,813
10,540,459
£ 11,862,488
£ 11,693,095
School		 2021
2020
£
£
15,831,522
16,173,192
1,142,542
1,077,100
16,974,064
17,250,292
48,944
20,597
363,666
295,905
1,370,413
1,103,687
1,783,023
1,420,189
(2,570,627)
(2,041,463)
(787,604)
(621,274)
16,186,460
16,629,018
(2,115,923)
(2,492,220)
(2,208,049)
(2,443,703)
£ 11,862,488
£ 11,693,095
663,142
586,816
574,533
565,820
10,624,813
10,540,459
£ 11,862,488
£ 11,693,095
School
17,250,292
20,597
295,905
1,103,687
1,420,189
(2,041,463)
(621,274)
16,629,018
(2,492,220)
(2,443,703)
£ 11,693,095
586,816
565,820
10,540,459
£ 11,693,095

The notes on pages 19 to 35 form part of these financial statements

Approved by the General Committee on 26 March 2022 and signed on its behalf by:

Juliette Healey Director and Trustee

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DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021

Note
Cash flows from operating activities:
Net cash provided by operating activities
22
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from sales of investments
Purchase of investments
Net cash (used in)/provided by investing activities
Cash flows from financing activities:
Repayments of borrowing
Interest paid
Receipts from new advance fee contracts
Advance fees utilised and repaid
Net cash used in 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		 2021
£
957,840
35,708
(206,552)
599,090
(589,739)
(161,493)
(257,717)
(33,746)
792,687
(1,028,341)
(527,117)
269,230
1,127,000
1,396,230		 2020
£
188,267
57,905
(423,997)
2,919,588
(1,233,701)
1,319,795
(1,202,676)
(135,542)
1,177,929
(1,020,798)
(1,181,087)
326,975
800,025
1,127,000

The notes on pages 19 to 35 form part of these financial statements

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DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES

Legal entity

Bootham School is regulated by the Charities Commission (513645), limited by guarantee and is registered in England and Wales. The address of the registered office and principal place of business is Bootham School, 51 Bootham, York, YO30 7BU.

The School constitutes a public benefit entity as defined by FRS 102.

Basis of preparation

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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The consolidated financial statements include the results of Bootham School, Bootham School Estates Limited, Bootham School Investment Trust, Bootham School Academic Prize Fund and The Alexander Educational Trust. In accordance with section 408 of the Companies Act 2006, no separate Statement of Financial Activities (SOFA) has been presented for the Charitable Company alone.

The "School" figures shown in the financial statements represent Bootham and Bootham Junior Schools.

The accounts are presented in UK Sterling pounds (£).

Going concern

As described in the Annual Report of the Governors, special consideration has been given to the COVID-19 pandemic. The Governors have prepared financial projections, taking into consideration the current economic climate and its potential impact on the sources of income and planned expenditure. They have a reasonable expectation that adequate financial resources are available to enable the School to continue in operational existence for the foreseeable future, and have adequate contingency plans in the event that income streams are reduced. Consequently the financial statements have been prepared on the basis that the School is a going concern.

Tangible fixed assets

Generally, only the costs of acquiring major items of furniture and equipment are capitalised. The replacement of existing items and those of smaller value are written off in the year of acquisition.

Tangible fixed assets are depreciated over their expected useful lives at the following annual rates:

Land and buildings 2% straight line Furniture, fixtures and fittings 20% straight line Maintenance equipment 5% straight line IT equipment over 3 years Motor vehicles 20% straight line

Stocks

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

Fixed asset investments

Quoted investments are included at closing mid-market value at the balance sheet date. Unquoted investments are stated at cost less any permanent diminution in the value. Any gain or loss on revaluation is taken to the SOFA. Investment income is accounted for in the period in which the School is entitled to receipt.

Funds Structure

Unrestricted Funds are funds which as such are available for use or retention at the discretion of the Trustees, in accordance with the Charity's objects. Designated Funds represent the written down value of the tangible fixed assets less the loans outstanding on those assets. The free reserves are retained to provide working capital. Details of Restricted Funds and Endowed funds are contained in Notes 15 and 16.

Composition fees

Composition fees relate to fees paid in advance for more than one term at a discount. Income accrued from holding these fees is allocated across the various balances, and surpluses on individual contracts are retained to offset against any future losses.

Fees and other income

Fees receivable, 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, but include contributions received from restricted funds for scholarships, bursaries and other grants. Fees received in advance of education to be provided in future years under an advance fee payment scheme are held as interest-bearing liabilities until either taken to income in the term when used or else refunded. Incoming resources from endowment funds are restricted to the purpose of the fund, as described in the notes.

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

ACCOUNTING POLICIES (continued)

Government grants

The government has made the following grants available to the charitable company which have been recognised as income using the accrual model.

 Coronavirus Job Retention Scheme

Grant income is recognised when the conditions for receipt have been met and there is reasonable assurance that the grant will be received. It is then recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate, except where the grant is compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs in which case it is recognised as income in the period in which it becomes receivable.

Resources expended

Expenditure is accounted for on an accruals basis. Overheads and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the costs of running the Charity, including strategic planning for its future development, also external audit, any legal advice for the Charity's Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of board meetings and preparing statutory accounts and satisfying public accountability.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and any short term deposit accounts with a maturity of three months or less from the date of opening.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Where the School has received tuition fees in advance the amount is treated as deferred income until the pupil joins the School whereupon the fees for each school term are charged against the remaining balance and taken into income. Any shortfall is treated as a deduction from school fee income and any excess accrued is treated as additional school income.

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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Operating Leases

Rentals paid under operating leases are charged in the SOFA on a straight line basis over the lease term.

Pension Schemes

The School contributes to the Teachers' Pension Defined Benefit Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS102, therefore, the scheme is accounted for as a defined contribution scheme.

The School operates a defined benefit pension scheme which covers the majority of non-teaching employees. The assets of the scheme are invested and managed independently of the finances of the School. The pension cost charge represents contributions payable in the year. The scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS102, therefore, the scheme is accounted for as a defined contribution scheme.

In respect of the pension scheme for non-teaching employees, the School has agreed to a deficit funding arrangement resulting in additional charges that are intended to equalise the pension scheme deficit, in relation to past services, by 2025. A liability for this obligation has been recognised in liabilities. The amount recognised is the net present value of the remaining deficit contributions payable under the deficit funding arrangement. The present value is calculated using a discount rate equivalent to the interest rate obtainable by the School.

The unwinding of the discount rate is recognised as a finance cost in the income and expenditure account in the period in which it arises.

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DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

CHARITABLE ACTIVITIES - FEES RECEIVABLE
The School's fee income comprised:
Gross fees
Less: Total bursaries, grants and allowances
CHARITABLE ACTIVITIES - OTHER INCOME
Other educational charitable activities
Registration fees
Music fees, sub-lettings and other income		 2021
£
10,268,748
(1,107,907)
£ 9,160,841
50,720
195,923
£ 246,643		 2020
£
9,491,276
(989,395)
£ 8,501,881
49,700
166,179
£ 215,879

2. CHARITABLE ACTIVITIES - FEES RECEIVABLE

3. CHARITABLE ACTIVITIES - OTHER INCOME

4. ANALYSIS OF EXPENDITURE

Raising funds
Finance costs
Total for Charity
Trading costs of the subsidiary
Total for the Group
Charitable activities
Teaching
Welfare
Premises
Support costs
Governance costs
Total for the Group
Total resources expended - Group
Total resources expended - Charity
Governance costs include:
Auditor's remuneration:
for audit services
for other services		 Staff
£
-		 Depreciation
£
-		 Other
£
118,454
£ 118,454
2,440
£ 120,894
273,621
296,874
1,168,190
443,623
18,827
£ 2,201,135
£ 2,322,029
£ 2,319,589		 2021
Total
£
118,454
£ 118,454
2,940
£ 121,394
5,200,515
932,155
2,183,727
1,240,301
18,827
£ 9,575,525
£ 9,696,919
£ 9,693,979
2021
£
9,750
7,050
£ 16,800		 2020
Total
£
233,796
£ - £ - £ 233,796
500 - 3,349
£ 500 £ - £ 237,145
4,908,959
631,444
593,431
681,951
-		 17,935
3,837
422,106
114,727
-		 5,099,755
896,243
2,118,903
1,268,316
20,956
£ 6,815,785 £ 558,605 £ 9,404,173
£ 6,816,285 £ 558,605 £ 9,641,318
£ 6,815,785 £ 558,605 £ 9,637,969
2020
£
9,750
7,050
£ 16,800

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

5. STAFF COSTS AND NUMBERS

The average monthly head count was 226 staff (2020 231) and the average monthly number of fulltime equivalent employees during the year were as follows:

time equivalent employees during the year were as follows:
Teaching
Welfare
Premises
Administration
Payroll costs in respect of staff were:
Wages and Salaries
Employer's NIC
Pension costs		 2021
98
29
24
18
169
2021
£
5,415,209
496,019
905,057
£ 6,816,285		 2020
96
30
23
18
167
2020
£
5,302,509
475,632
896,211
£ 6,674,352

The key management personnel of the charity, comprise the whole School’s Leadership Team. This team consists of the Head, Deputy Head, Junior school Head Teacher, Junior School Deputy Head Teacher, Bursar, Business Development Manager, Academic Deputy, Assistant Head (Curriculum & logistics), Assistant Head (Extended curriculum), Assistant Head (Boarding & Well-being), HR Manager, Assistant Head (Director of 6th Form), Head of Early Years and the Designated Safeguard Lead. The total employee benefits of the team were £1,135,717.

In 2020 the key management personnel of the charity were of the Head, Deputy Head, Junior school Head Teacher, Junior School Deputy Head Teacher, Bursar, Business Development Manager, Academic Deputy, Assistant Head (Curriculum & logistics), Assistant Head (Extended curriculum), Assistant Head (Boarding & Well-being), HR Manager, Assistant Head (Director of 6th Form), Head of Early Years and the Designated Safeguard Lead. The total employee benefits of the team were £1,119,906.

Employees earning £60,000 or more per annum

2021 2020
£60,000 - £69,999 2 1
£70,000 - £79,999 2 2
£110,000 - £119,999 1 1

3 employees above have retirement benefits accruing under a defined benefit scheme.

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

6. TANGIBLE FIXED ASSETS

Land Furniture
and and Motor
Buildings Equipment Vehicles Total
£ £ £ £
Consolidated and School
Cost:
At 1 September 2020 20,793,456 3,489,010 167,007 24,449,473
Additions 36,084 171,833 9,582 217,499
Reclassifications (564) - - (564)
At 31 August 2021 20,828,976 3,660,843 176,589 24,666,408
Depreciation:
At 1 September 2020 5,047,101 3,111,412 117,768 8,276,281
Charge for the year 431,823 111,654 15,128 558,605
At 31 August 2021 5,478,924 3,223,066 132,896 8,834,886
Net book value:
At 31 August 2021 £ 15,350,052 £ 437,777 £ 43,693 £ 15,831,522
At 31 August 2020 £ 15,746,355 £ 377,598 £ 49,239 £ 16,173,192

All fixed assets are used for charitable purposes.

The land and properties known as Bootham School are part of the Religious Society of Friends in Yorkshire permanent charitable foundation.

The School holds the properties on trust for their own use and benefit as a charitable corporation for educational purposes in accordance with the ethos and testimonies of the Religious Society of Friends. The School is responsible for all matters relating to the properties and is at liberty to sell, exchange, mortgage or lease the properties or any part of them without requirement for specific direction from the Religious Society of Friends in Yorkshire.

The land and buildings capitalised above represent the subsequent improvements and additions which have been made to the School.

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

7. FIXED ASSET INVESTMENTS

Quoted Investments
Consolidated
Balance at 1 September 2020
Additions
Disposals
Revaluations
Balance at 31 August 2021
Historical cost at end of the year
School
Balance at 1 September 2020
Additions
Disposals
Revaluations
Balance at 31 August 2021
Historical cost at end of the year		 Restricted
Funds
£
999,876
536,636
(544,680)
65,179
£ 1,057,011
£ 988,414
999,876
536,636
(544,680)
65,179
£ 1,057,011
£ 988,414		 Endowment
Funds
£
123,922
53,103
(54,410)
17,184
£ 139,799
£ 115,400
77,224
53,103
(54,410)
9,614
£ 85,531
£ 77,400		 Total
£
1,123,798
589,739
(599,090)
82,363
£ 1,196,810
£ 1,103,814
1,077,100
589,739
(599,090)
74,793
£ 1,142,542
£ 1,065,814

All of the quoted investments are listed on the London Stock Exchange.

Investment income of £35,708 (2020 £57,905) was received from UK listed securities.

The School is the beneficial owner of ten ordinary £1 shares in Bootham School Estates Limited, a company incorporated in England and Wales.

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

8.
STOCKS
Goods for resale and consumables
9.
DEBTORS
Trade debtors
Amounts due from group company
Other debtors
Prepayments
10. CASH AT BANK AND IN HAND
Stockbrokers' deposit account
Current account
Composition fees account
Trust fund account
Other endowed funds bank accounts
Bootham School Estates
Ian Small Drama Award account
Cash in hand		 2021
2020
£
£
£ 48,944
£ 20,597
152,913
21,013
-
-
46,513
79,064
163,107
195,327
£ 362,533
£ 295,404
14,509
9,620
579,046
302,970
708,051
743,704
61,491
40,979
12,419
10,939
13,398
12,374
2,876
2,876
4,440
3,538
£ 1,396,230
£ 1,127,000
Consolidated		 2021
2020
£
£
£ 48,944
£ 20,597
150,956
17,319
3,090
4,369
46,513
78,890
163,107
195,327
£ 363,666
£ 295,905
14,509
9,620
579,046
302,970
708,051
743,704
61,491
40,979
-
-
-
-
2,876
2,876
4,440
3,538
£ 1,370,413
£ 1,103,687
School		 2021
2020
£
£
£ 48,944
£ 20,597
150,956
17,319
3,090
4,369
46,513
78,890
163,107
195,327
£ 363,666
£ 295,905
14,509
9,620
579,046
302,970
708,051
743,704
61,491
40,979
-
-
-
-
2,876
2,876
4,440
3,538
£ 1,370,413
£ 1,103,687
School
17,319
4,369
78,890
195,327
£ 295,905
9,620
302,970
743,704
40,979
-
-
2,876
3,538
£ 1,103,687

The Stockbrokers' deposit account is held by Redmayne-Bentley LLP in a pooled client account. All other bank accounts are held in the name of Bootham School. The trust fund and Bootham School current accounts are the subject of group banking arrangements.

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

Consolidated Consolidated School School
2021 2020 2021 2020
£ £ £ £
11.CREDITORS: amounts falling due within one year
Bank loans and overdrafts 289,025 237,856 289,025 237,856
Trade creditors 231,616 114,031 231,616 113,731
Taxes and other social security costs 118,136 115,511 117,395 115,511
School fees prepaid 904,957 489,950 904,957 489,950
Overseas deposits paid in advance 611,475 680,597 611,475 680,597
Other creditors 254,037 285,546 254,037 285,546
Pension deficit funding agreement 68,411 66,418 68,411 66,418
Accruals 95,091 53,283 93,711 51,854
£ 2,572,748 £ 2,043,192 £ 2,570,627 £ 2,041,463
12.CREDITORS: amounts falling due after one year
Bank loans 1,805,362 2,114,248 1,805,362 2,114,248
Pension deficit funding agreement 170,890 238,301 170,890 238,301
Loan from Bootham School Investment Trust - - 139,671 139,671
£ 1,976,252 £ 2,352,549 £ 2,115,923 £ 2,492,220
The bank loans are secured on various School properties and on a negative pledge made by Bootham School.
These loans are repayable as follows:
Within one year 289,025 237,856 289,025 237,856
More than one year but not more than two years 289,025 246,286 289,025 246,286
More than two years but not more than five years 867,075 792,844 867,075 792,844
More than five years 649,262 1,075,118 649,262 1,075,118
£ 2,094,387 £ 2,352,104 £ 2,094,387 £ 2,352,104

A loan with a carrying amount of £1,336,595 (2020 £1,498,368) is denominated in £ with a nominal interest rate of 4.41% p.a. The final instalment is due on 18 March 2029.

A loan with a carrying amount of £757,792 (2020 £853,736) is denominated in £ with a nominal interest rate of 2.00% p.a. The final instalment is due on 18 March 2029.

The loan from Bootham School Investment Trust is interest-free and without specific terms for repayment.

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

13. PROVISION FOR LIABILITIES AND CHARGES
Provision for composition fees		 2021
2020
£
£
£ 2,208,049
£ 2,443,703
£ 2,208,049
£ 2,443,703
Consolidated		 2021
2020
£
£
£ 2,208,049
2,443,703
£ 2,208,049
£ 2,443,703
School		 2021
2020
£
£
£ 2,208,049
2,443,703
£ 2,208,049
£ 2,443,703
School
£ 2,443,703

The balance for composition fees represents the accrued liability under the contracts. The movements during the year were:

Balance at 1 September 2020
New contracts
Amounts accrued to contracts
Amounts utilised in payment of fees to the School
Amounts refunded
Balance at 31 August 2021		 2,443,703
728,076
64,611
3,236,390
(1,028,341)
-
£ 2,208,049

Parents may enter into a contract to pay to the School advanced tuition fees. Assuming pupils will remain in the School, advance fees will be applied as follows:

After 5 years
Within 2 to 5 years
Within 1 to 2 years
Within 1 year		 2021
£
50,580
805,365
616,417
1,472,362
844,851
£ 2,317,213		 2020
£
170,550
955,367
614,511
1,740,428
853,730
£ 2,594,158

14. CONTINGENT LIABILITIES

At the year end, the School had received advance fees and income on those fees of £2,208,049 (2020 £2,443,703). Fees of £2,317,213 (2020 £2,594,158) will become payable over the next 8 years. The contingent liability of £109,164 (2020 £150,455), representing the difference, is to be met by interest and investment income to be earned on the funds currently held.

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

15. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR

Lister Legacy
Ian Small Drama Award
"Bootham Trust" Fund		 At
1 September
2020
£
-
3,273
583,543
£ 586,816		 Income
£
2,464
-
157,797
£ 160,261		 Expended
£
(2,464)
-
(146,650)
£ (149,114)		 Transfers
£
-
-
-
-		 Investment
gains
£
-
-
65,179
£ 65,179		 At
31 August
2021
£
-
3,273
659,869
£ 663,142

Lister Legacy - this income relates to money from the estate of George M. Lister for the purpose of issuing an annual prize for such subject or sporting activity as the Trustees decide.

Ian Small Drama Award - this income relates to money donated by Victor Watson to enable a £50 award to be presented to a drama student on an annual basis.

"Bootham Trust" Fund - this income is received from anyone belonging to the Bootham community and is used to provide bursaries and contribute to capital projects.

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

16.ENDOWMENT FUNDS: MOVEMENTS IN THE YEAR

Expendable Endowment
General Purpose Funds
The Alexander Educational Trust
Tom Openshaw Fund
Permanent Endowment
Bootham School Travel Assistance
Fund
Bootham School Scholarship, Bursary
and Prize Fund
Bootham School Scholarship, Bursary
and Prize Fund		 At
1 September
2020
£
49,282
2,684
8,372
427,615
135,512
£ 623,465		 Income
£
1,478
11
-
1,785
565
£ 3,839		 Expended
£
-
(4)
-
(681)
(216)
£ (901)		 Transfer
£
-
(11)
-
(1,785)
(565)
£ (2,361)		 Investment
gains
£
7,570
46
-
7,266
2,302
£ 17,184		 At
31 August
2021
£
58,330
2,726
8,372
434,200
137,598
£ 641,226

General Purpose Funds

The Alexander Educational Trust - for the advancement and propagation of education and learning at Bootham School and the provision of financial or other assistance of any kind to all persons who have been members of the teaching staff of the School.

Tom Openshaw Fund - for the provision of a travel award to a pupil of the School.

Bootham School Scholarship, Bursary and Prize Fund - for the provision of scholarships, bursaries or prizes to pupils of the School.

Bootham School Travel Assistance Fund - for the provision of travel scholarships or bursaries to pupils of the School.

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

17. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR

Designated funds:
Fixed assets fund
Undesignated funds:
Charitable free reserves
Non charitable trading funds		 At
1 September
2020
£
13,821,088
(3,140,956)
10,134
£ 10,690,266		 Income
£
-
9,624,011
4,888
£ 9,628,899		 Expended
£
-
(9,542,016)
(4,888)
£ (9,546,904)		 Transfers
£
(83,953)
86,314
-
£ 2,361		 At
31 August
2021
£
13,737,135
(2,972,647)
10,134
£ 10,774,622

Fixed assets fund - funds invested in fixed assets

The transfer from free reserves to fixed assets fund in the year relates to money used from the School's free reserves to purchase fixed assets.

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Expendable Endowment Funds
General Purpose
Scholarship, prize and bursary funds
Permanent Endowment Funds
Scholarship, prize and bursary funds
Restricted Funds
Composition fee reserve
Ian Small Drama Award
"Bootham Trust" Fund
Unrestricted funds
Designated funds
Undesignated funds
Charitable free reserves
Non charitable trading funds
Total
Travel Scholarship funds		 Fixed assets
(excluding
investments)
£
-
-
-
-
-
-
-
-
15,831,522
-
-
15,831,522
£ 15,831,522		 Investments
£
13,311
1,825
94,664
29,999
139,799
-
-
1,057,011
1,057,011
-
-
-
-
£ 1,196,810		 Net
current assets/
liabilities
£
47,745
6,547
339,536
107,599
501,427
2,208,049
3,273
(397,142)
1,814,180
(289,025)
(2,801,757)
10,134
(3,080,648)
£ (765,041)		 Long-term
liabilities
& provisions
£
-
-
-
-
-
(2,208,049)
-
-
(2,208,049)
(1,805,362)
(170,890)
-
(1,976,252)
£ (4,184,301)		 Total
£
61,056
8,372
434,200
137,598
641,226
-
3,273
659,869
663,142
13,737,135
(2,972,647)
10,134
10,774,622
£ 12,078,990

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

19. OPERATING LEASES

As at 31 August 2021 the School had ongoing financial commitments to make the following payments in respect of noncancellable operating leases as follows:

Equipment
Minimum lease payments within one year
Minimum lease payments within two to five years		 2021
2020
£
£
32,253
32,253
8,063
40,316
£ 40,316
£ 72,569
Consolidated		 2021
2020
£
£
32,253
32,253
8,063
40,316
£ 40,316
£ 72,569
School		 2021
2020
£
£
32,253
32,253
8,063
40,316
£ 40,316
£ 72,569
School
£ 72,569

20. PENSION SCHEMES

The School participates in the Teachers’ Pension Scheme (England and Wales) (“the TPS”), for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £721,049 (2020: £720,291) and at the year-end £nil (2020 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

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. The consultation closed to response on 19 August 2021 and the Government is currently analysing the responses.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the cost cap mechanism review 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.

The Pensions Trust Retirement Solutions - The Growth Plan (Support staff)

The School participates in the scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the School to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the School is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

20.PENSION SCHEMES (continued)

Deficit contributions

From 1 April 2019 to 31 January 2025

Total Scheme Deficit Contribution £11,243,000 per annum

(payable monthly and increasing by 3% each on 1 April)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the School has agreed to a deficit funding arrangement the School recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is:

Present values of provision

2021
£
239,652
Interest expense
0.63
Interest expense
Deficit contribution paid
Provision at start of period
Present value of provision
Remeasurements - impact of any change in assumptions
2021
% per annum
Remeasurements - impact of any change in assumptions
Assumptions
Income and expenditure impact
Reconciliation of opening and closing provisions
Provision at end of period		 2020
£
304,912
2021
£
304,912
1,480
(66,418)
(322)
239,652
2021
£
1,480
(322)
0.55
2020
% per annum		 2019
£
363,420
2020
£
363,420
3,189
(64,484)
2,787
304,912
2020
£
3,189
2,787
0.97
2019
% per annum

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The following schedule details the deficit contributions agreed between the School and the scheme at each year end period:

Deficit contributions schedule

2021 2020 2019
Year ending £ £ £
Year 1 68,411 66,418 64,484
Year 2 70,463 68,411 66,418
Year 3 72,577 70,463 68,411
Year 4 30,763 72,577 70,463
Year 5 - 30,763 72,577
Year 6 - - 30,763

The School must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the School's balance sheet liability.

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BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

2021 2020 £ £

21. SCHOLARSHIPS AND BURSARIES TO PUPILS

In 2021, a total of 86 pupils received scholarships or bursaries (2020 88 pupils).

Bursaries (means tested)
Scholarships (non-means tested)
22.
Net income/(expenditure) for the reporting period
Adjustments for:
Depreciation charges
Write-off of prior year capital expenditure
(Gains)/losses on investments
Dividends, interest and rents from investments
Bank interest paid
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash inflow from operating activities
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Total cash and cash equivalents
ANALYSIS OF CHANGES IN NET DEBT
At
01/09/2020
£
Cash
1,127,000
Loans falling due within one year
(237,856)
Loans falling due after more than one year
(2,114,248)
£ (1,225,104)
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH
FLOW FROM OPERATING ACTIVITIES		 613,929
153,033
£ 766,962
178,443
558,605
564
(82,363)
(35,708)
33,746
(28,347)
(67,129)
400,029
£ 957,840
1,396,230
£ 1,396,230
Cash-flows
£
269,230
269,230
(51,169)
308,886
526,947
£		 518,167
147,456
£ 665,623
(284,994)
595,747
-
57,805
(57,905)
135,542
17,986
249,417
(525,331)
£ 188,267
1,127,000
£ 1,127,000
At
31/08/2021
£
1,396,230
(289,025)
(1,805,362)
£ (698,157)

33

DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

23. BOOTHAM SCHOOL ESTATES LIMITED

The School owns the whole of the issued share capital of a trading company, Bootham School Estates Limited. The principal activity of Bootham School Estates Limited is the letting for educational purposes of the premises held under licence from Bootham School. It gifts taxable profit to the School. Its trading results extracted from its audited financial statements for the year ended 31 August 2021 were:

Turnover
Cost of sales
Gross profit
Administrative expenses
Operating profit
Net profit
Charitable gift aid
Retained profit for the year
Balance brought forward
Balance carried forward		 2021
£
4,888
(822)
4,066
(2,118)
1,948
1,948
(1,948)
-
10,134
£ 10,134		 2020
£
5,759
(1,158)
4,601
(2,191)
2,410
2,410
(2,410)
-
10,134
£ 10,134

Cost of sales includes £822 (2020 £1,158) for the use of school facilities and services, and administration includes £500 (2020 £716) staffing costs and other charges paid to the School.

24. RELATED PARTIES

Governors remuneration and benefits

The Governors did not receive any remuneration or benefits for their services.

Governors expenses

Travelling and subsistence expenses totalling £285 (2020 £708) were reimbursed to 2 (2020 4) Trustees during the year.

Governors other related parties

In 2021, there were five Governors with a total of six children enrolled at the School, one receiving a 10% music scholarship (2020 five Governors with five children enrolled at the School, one receiving a 10% music scholarship).

There are no other related parties.

34

DocuSign Envelope ID: B3630B2D-B699-467F-9055-972FA1D603DF

BOOTHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

25. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT

Income and endowments from:
Charitable activities
School fees receivable
Ancillary trading income
Government grant income - CJRS
Other trading activities
Non-ancillary trading income
Investments
Investment income
Voluntary sources
Donations
Total
Expenditure on:
Raising funds
Non-ancillary trading
Financing costs
Total deductible costs
Charitable Activities
Education and grant making
Total
Net (expenditure)/income and net
movement in funds before
(losses)/gains on investments
(Losses)/gains on investments
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
8,501,881
215,879
440,290
5,759
-
87,437		 Endowed
Funds
£
-
-
-
-
24,226
-		 Restricted
Funds
£
-
-
-
-
33,679
104,978		 2020
£
8,501,881
215,879
440,290
5,759
57,905
192,415
£ 9,414,129
3,349
233,796
237,145
9,404,173
£ 9,641,318
(227,189)
(57,805)
(284,994)
-
(284,994)
12,185,541
£ 11,900,547		 2019
£
9,189,783
336,366
-
176,173
57,049
332,665
£ 9,251,246 £ 24,226 £ 138,657 £ 10,092,036
3,349
233,796		 -
-		 -
-		 57,842
240,910
237,145
9,316,370		 -
9,468		 -
78,335		 298,752
9,566,766
£ 9,553,515 £ 9,468 £ 78,335 £ 9,865,518
(302,269)
-		 14,758
(27,989)		 60,322
(29,816)		 226,518
3,076
(302,269)
22,665		 (13,231)
(22,665)		 30,506
-		 229,594
-
(279,604)
10,969,870		 (35,896)
659,361		 30,506
556,310		 229,594
11,955,947
£ 10,690,266 £ 623,465 £ 586,816 £ 12,185,541

35