Tettenhall College (Incorporated) (A company limited by guarantee Annual Report and Financial Statements For the Year Ended 31 August 2021 R¢stered N'umber 141727 Chariry. N'umbei 528617 Tettenhall College ALEADING DAY& BOARDING SCHOOLFOR BOYS AND GIRLS. AGED 2- 18
TETTENHALL COLLEGE (INCORPORATED) (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) Statement of Financial Activities for the year ended 31 Augusl 2021 Contents Page: Governors, officers and advisers Annual Rcport of the Governors Strategic Report StateTnent of Accounting and Reporting Res)nSIblE111eS 21 Independent Audiior's Report 25 Statemeni of financial aclivities 26 Balance Sheet 28 Cash floiv Statement 29 Notes to the financial statements
Tettenhall College (Incorporated) (A company limited by guarantee) Governor5, olCerS and advisers Governors Directors and Charit). Trustees The Govcrnors of Tettenhail College ("Ihe College") are the Coll¢ge's chatily trnstees under charity law and the direciors of the charitable company. The Tnembers of the GoNerning Body who served in office as GoN'ernors during the ycar and subsequently are detailed IKIOW. Mr J F Woolridge, CBE, DL, Bsc (Hons) (Chainnan) 40@ Rev Preb Dr G Wynnc, D.Litt., M.Th., Bsc (Soc). BD. AKC. Dip s Admin (Vice Chairman) #+0@ Mrs J Parker, MBE, JP. MCSP Mrs C L Hammond, BA Mr S Maddox A.B. Eng ACEOB- Mrs S J Isbister Mr A Wynnc LLB (Hons) P@ Prof S Chung JP FCIOB MRICS FCABE PPRIBI6+ Mr M Caffrey BA {Hons) ACA, Member of Finance Committee Member of Planning & Estates Committee Member of Education Commiiiee Member of Marketing Committee The Executiv¢ Committee sits as required and is constituted of GovernoTS appropriate lo the tssk. The Governors are elected al a full Council of Go%crnors meeting. The Council of Governors consisLs of a maximum of six nominatcd GovcTnors and ninctccn Govcrnors apwinlcd by the Council of Governors, the nominated Governor5 bekng.. Not morc ihan four members to be nominated by the Uniled Refom)ed Church or its successor. Not more than two Members to be nominated by the Baptist Union of Great Britain and Ireland or its successor. 0]cerS Headmaster Mr C J M¢Allister BA (Hons), QTS, NPQH (Headma51cr) Secretary and Bursar Mr C S Way Bsc (Hons) Clerk to ihe Governors Mr R J EnTtis LLB Company nlmiber 141727 Charity number 528617 Principal Addrcss and Registered olliLe Wood Roa Tettenhall. Wolverhampton, WV6 8QX Websit¢ wiv¥¥'.lellenhallcollege.co.uk Advisers Bankers Lloyds Bank PLC. Queen Square, Wolverhampton, WVI I UE
Tettenhsll College {Incorpor3ted) (A compan). limited b). guaranlee} Governors, officers and adi'isers Solicitors Rees Page. 8-12 Waterloo Roa(L Wolverhampton WVI 4BL Auditors Crow¢ U.K. LLP, Black Country Housc, Rounds Green Road, Oldbury? West Midlands. B69 2DG Insurers Jelf Insurance Services Limited, Casilemead Lower Castle Stred, Bristol, BSI 3AG
Tettenhall College (Incorporgted) {A compan). limited b). guarantee) Annual Report of the Goi'ernors for the year ended 31 August 2021 The Governors present their Annual Report for the year end¢d 31 August 2021 under the Charities Act 2011, including the Dire¢tots' and Strategic Rcports under th¢ Companies Aci 2006, together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION TLttenhall Collcgc 'aS foundcd 1863. It is constitulcd a5 a company limited by guarantee registered in England, No. 141727. and is registered with the Charity Commission under charity number 528617. Details of the metnbcrs of the Governing Body. together with the College's officers and principal advisers. are given on pages 2 and 3. STRUCTURE, GOI'ERNANCE AND mANAGEMEr Governing Documents The College is governed by its Memorandum and Articles of Association, which date from 1915 and were last updated in 2009. GDI'erning Body The governing body of the College is thc Council of Governors, dctsi15 of which. including infom)alion on how the mcmbcrs of the govcrning body are aPW¥intcd to office, are set oul in pagc 2 above. The Council of Govcrnors detemiine thc generdl policy of thc College. The day-t041ay managcment is delegated to the Hcadmaster and the Bursar. Recrultment and Training of Governors The College's Governors are appointed at fi]11 Council of Governors meetings on the basis of nominatRons received taking account of th¢ Council's specifications concerning cligibilily, personal competellce, specialist skills and local availability. New Governors ar¢ inducted inlo the workings of the College aiid receive a copy of giiidance issued by tlie Asso¢iation of Governing BodÈ¢s of Indcpendent Scb(x)Is (AGBIS) and the College's "Governance at Tcltenhall Coll¢g¢" handbook that sets out membership. memorandum and allicles, committee structure, tems of reference, and procedures including appoinlTncnl and induction of neiv Governors. Specific Iraining for Governors is provided by AGBIS with particular referencc to the governance issues comiected with a charitable orgallisation. Organisational Management The Govctnor5, as the charity Tru%lccs of the Collcge. ar¢ legally rcsponsible for the overall managcment and control of the Collcge and meet at least three times a year. The Exccutive Committec, chaiied by thc Vice Chaimian. Rev. Preb. Dr G Wynne mects when r¢quircd lo considcr procedures such as thc clection of new Governors, otficers of the Council and appointmenl of a new Headmaster or Bursar. The Finance Comtnittee meets specifically lo approve budgets and finalise the audiled financial statements and annual ieport for approval by the Council, <ind at other limes necessary. The Chairman of the Finance Committcc is Mr M Caffrey. Other principal committees are the Planning and Estates Commiiiee. chaired by Mr S Maddox, the Education Committee. chaired by Mrs J Parker and the Marketing Committee chaired by Mr A Wynnc. Other coinmittee member5 arc listed oil pag¢ 2. Each of these committees meets oncc a tenn before meetings of the Council, except for Ihe Educ1( tion Committee which meets tivice every ierni. Sub-committee meetings are held for Safeguarding and for Healtli and Safely. Minutes of these meeiings are distributed to all Govemors and are reported upon at full Council Ineetings.
Tettenhall College Uncorporated) (A ¢ompan>' limited by guarantee) Annual Report of the Goverllors for the year ended 31 August 2021 The day to day nmning of the College is delegated lo the Headmaster, supported by his Senior Leadership Team, of which the Biirsar is a member. Togcthcr t-S group ar¢ the kcy management personnel. The Hcadmaster and the Bursar altcnd meetings of the aly)Ye committees,. The Head of the Prepardtory School, Deputy Heads and other members of staff attend ¢ommiltee meetings as required. Remuneration is set by the Boart with ihe policy objective of proN'iding appropriate incentives to encourage enhanced perfomlance and of rewarding fairly and Tesponsibly indiwdual contributiot15 lo Ihc Collegc's succcss. The approprtateness and relevance of the Tcrnuneralion Frf)licy is revieived annually, including reference to comparisons with other indcpcndcnt sch(K)Is to ensure thai the College remains scnsltivc lo ihe broadcr issues of pay and employment conditions elsewheie. Delivery of the College's charitablc vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure. College Structure And Relationships The College actively supports the attainment of ihe highest standar(ts in the Independent S¢hools sector, partly through networking with other schools and partly through peer group studies for the evaluation of quality and perfomance improvement methods. We co-opcrate with many local organi5ation5 in our ongoing endeavours to widen publi¢ a¢¢¢ss to the schooling we can provide. to optimise the educaiional usc of our culturdl and stK)rting facilities and to awakcn in our pupils, in the public interest. an awarenes5 of thc social conlcxt of the all-round education they rereive at Ihc Collcgc. The College also bencfils from the gencrosity of a thriving network of Old Teltenhallians whose close support we greatly appreciate and gladly acknoivledge. The College also has a strong relationship with a dedicated Parents and Teachers Association who both supw)rt and run events for both pupils and parents as well as providing funding for ar¢&s of the College they wish io support. Governance In line with generally accepted best prd¢tice for corporate goi'ernance, regular reviews of the Board's range of ski115 and financial and other contro15 and pr(Kcdurcs are undertaken as 'governaJi¢e audits, lo confirm that Governors maintain the necessary personal compeience itt each case and also that the Board protocols for managing any cmcrging conflicts of personal intercsls remain fully cffcctive in practice.
Tettenhsll College Oncorporated) (A company limited b). guarantee) Annual Report of the Goi'erllors for the )'e*r ended 31 August 2021 Employment Policy The CollegFe is an eqLial opportunities employer. Full and fair con5idera¢ion is given to job applications from disabled persons and due considcratio¥J is given to their training and cmployment needs. Consultation with employees, or their rcpresentatii'es, has continued at all levels with the aim of taking the views of employees into account ivhen decision5 are made that are likely to affect their inlucsts. Employecs are made aware of the financial and economic performance of the College. Communication with cmployccs continucs through norn]al management channe15 in a varicty of forms and also through exceptional channels to apprise stafTof current issues. Investment policy and objectives The College's investments amounted to £134,591 at 31 August 2021. The itkvestment objectives are= reviewing the investments annually to deterniine if they provtde the best use of resources for the current demands of ihe College. ifpossible, maintaining (al least) the value of the investments in rcal IcTms- producing a consistent and sustainable amount lo support expenditure" and delivering these objeciives iyithin acceptablc Icvels of risk. To mect thcse objective5. the Collcgc'5 investments are managed io matntain diversification a¢ross a range of asscl cla&ses in order lo produce an approprialc balancc betsvccn risk and return. The inyestmenl stralegy and policy is monitored by the Finace Committee. as is investmellt perfonnance. AIMS, 0ECTIVEs AfyD ACTII'ITIES Charitable Objects The College's Objects, in accordance ivith its MemordnduTn of Association, are the advancement of education. iT)cluding the pmi'ision of boarding andlor day schooling for children of both sexes. The College maintains uiiendowed In1 funds and restricted funds of modest pioportions held for special purposes in connection with the developmenl of the College's factlities as w¢ll as for 5cholarshÉps. bursaries. prizes and other educational puwoses. Mission and Vlsion and Values The iorncr51one of our community i.g our vision to be the School of choicc for outstanding personalised eduLation, inspiring cvcry pupil to cxcel academically and FKyond. Our mission is to nurture our pupils to achieve their full potential and discover their unique talents in an educational setting where thcy will thrive and be happy. Our exceptional staff motivate pupils lo embrace challenge, giving them the bL%t preparation for life and personal success. Our core values include= Ambitio The College strives for excellence in efv'ery aspect of its ii'ork and has high #spirations for the pupils. Resilicncc is encoiiragcd by embracing ms%take5 a5 learning opportunities.
Tettenhall College (Incorporated) (A compan). limited by guarantee) Annval Report ol the Governors for the l'ear ended 31 August 21121 Opportunity The Colleg¢ foslcrs self-belief and provides ac&demic clmllenge. personalised support and a breadth of learning opportunities. Creativity Thc College has the fr¢¢down to adapt ils education to fthd thc most cffe¢liv¢ way to mccl the pupils. nceds. The College recognises that nurturing creativity is vital in today's world. Community The College has a safe and secure family environment throughout our School. It looks to promot¢ shared values and reSpt for each other. The College equally want pupils to l(M)k outwards. act responsibly and becom¢ valued global citizens. Character The College cultivates emotional intelligence, well-being and self-respect and encourages support for each other. Th¢ ¢oll¢ge leads by example to promote healthy and balanced lifestyles. Intended impact Within its charitablc Objects. the College's inteniion is to provide a first-class educalion through strong acadcmic ttiition and by dcvcloping broader skills that enable every pupil to rcalisc his or her potential to the full. This involves emphasis on the CcUrrICuluM throu cerebral, sporting, arlislic. Icam building and social skills. This objcctivc builds self-confidence and life skills in our pupils and inculcales a desire to leam and a ivillingncs5 10 contribute lo the wider community whilst at School and in later life. Aims In meeting the Obj¢¢ts, the Council of Governors. public benefil aim is lo provide a first-class independent education, both through strong academic tuition, and through developing ivider 5POrting. artistic and social skills in all our pupils from the agcs of 2 to 18. This is intended to provide an cnvironmcnt where each pupil can develop and fulfil his or her potential. in order to help build self-¢onfidence and inculcate a lifelong desire to contribut¢ to the wid¢r LomTnunity. In the furtherdnce of ihesc aim% thc Collcgc'5 Governors, as the charity Tru%te¢N, have compliLd iviih the duty in s.4 of the Charities Act 201 I to havc duc rcgard to the Charity Commission's published general and rclcvant sii§or guidance conccming ihc opcration of the Public Bcncfit r¢quir¢m¢nl undcr thc Act.
Tettenhall College (Incorporated) (A compan}, limited b). gu¥rantee) Annual Report of the Governors for the yegr ended 31 August 2(121 Objectives for the Year The aim of ihe Governors, Headmaster and Senior Leadership TeaTn ivas to build on thc solid foundations laid over the past few years and focus on recruitmcnt and retention of both boarding and day pupils so as to return lo pre- Covid pupil numbers &s quickly as p(Y3sible. The Govemors and Headmastcr were deterniined to make Tettenhall College the school of choice in the area by continuing lo focus on its Strenh5 and to encourng¢ a divcrse ranoc of Ix)ardcr's nationalili&4. Thc fociis wa5 on the completion of the refurbishment of thc Boys. Boarding House ta providc a modern and comfortable living and sleeping space for all boardcrs. This will assist with our efforts to recruit boarding pupils to achieve near full occupancy. Additional objectives were to= Matniain the school's high level of academic wfortnancc aE s)rts achievement. Continue to provide public access through scholarship5 and rneans tested bursarie5' Continue to develop mutually supportive links wtih other schools in our locality and encourage further community access to our facilities both inside and Ouiside of nornial school hours. Continuc to build on the le5son5 Icarncd regarding remotc Icarning during the Covid-19 outbreak and improve our provision further to ensurc Ive are ready equipped in casc of future outbreaks. To conlinLEe to implemcnl a proactive marketing campaign to raise the Sch(M)I's profile both locally and overseas, in order to see a signtficant increase in both day pupils and boarders. Look lo new overseas markets and short slay provision foT boarding. Continue to progress the placement of the Towers Building into a separate charitable trust Progress was made on most of ihese during the year as detailed beloH' but as they are all long tcrn] aims they continue lo be part of th¢ obje¢ti¥es for the luture as set oui on page l 8. Strategies to achieve the primar), objective5 Our strategy aims lo achieN'c thc highest academic Pcrf0rnncc by providing a stiinulating learning environtnent in wliich all Pllpils can d¢vclop their polential to the full. During the year the challengcs faced by the Cold pandcmic rLsulted in lebSOnS agdin moving to rcmoic Icarning during thc Spring term. Dcspitc this, therL was a continiicd drive to maintain acadcmic performance through the online lessons, mollitoring of work and feedback to pupils. Cultivating a well-round¢d development of the personality in our pupils was commensurate lo thi5 through provision of a happy and secure pastoral environment. Pupils are encourdged io foster a sense of community, respect for each other and good cilizen5hip. We had determined lo M'iden public access to our system of 5chiM)ling as much as possible '1th1n the constraints of our funding as an independent ediication proTr'idcr. Within this strategy we continue to host an a¢tivity-based summer SLhool and to ivork iviih local community charities and oiher local schools to make MO effective use or the College's facilities outside school hour5. Our strdtegy also encouragc5 pupils. involi'em¢nt in extra-curricular activilies wilh a fiKus on th¢ provision of public benefit at all levels olsociety.
Tettenhall College (Incorporated) (A ¢ompanv limited by guarantee) Annual Report of the GO.ernOrS for the year ended 31 August 21121 Wherever possible, we try to keep in towh with our alumni as they progress through life at home and overseas, both a5 Old Teiienhallians and also through appeals from time to time and in other ways, and by these means ive are able to assess the extent to which our help has enabled them to make a worthivhile contribution to public life. A key objective for futurc growth is th¢ recruitment of new pupi15 and the retention of ¢xisting pupils. Marketing and admissions procedures provide greater engagement with prospective parents and an increasc ill the level of enquiries. Signifirant time and effort Gonlinues to be exnded on the re¢wittn¢nt of ovcr5cas boarders and this will continue in the coming years. Boarding nilmrS during ihc year ivere lower than in prcvious years due to the Covid restrictions, however, it is anlicipated that post Covid the boarding numbe will increase. The improvcment in the Boarding House facilities has provided the comfoM)blc living and sleeping space for all boarders which is now more attra¢tive for potcntial students. We h&ve started to make ls111Ve progress in new overseas markets through cultivation of long-standing relationships with the Director of Admissions. This has proved Éo be effective especially in Central and Latin America a5 well as Nigeria. Principal A¢tivSty Tettenhall College is a successful co-edu¢ational. independent day and boarding school for pupils aged 2 to 18 years that aiiracts piipils from ihe UK and from overseas. For the period of thi5 rcport, the College coniprised The Preparatory School. catering for children betiveen the ages of 2 and I l years and Senior Sch(h)I catering for ages I I to 18 years. Publi¢ Benefil The governors have complicd with their duty to have due regard to thc guidanee on public bcncfit publishcd by the Charity Commission. Tcttenhall Collegc rcmains committed to the aitn of providing public bencfil in accoi'dance with its founding principles. Charity law has intr(Kiuced a requirement lo demonslrate that public benefit for charitable purposes where it has hitherto bcen presumed in the absence of evidence to the coTJtrary. This calls in turn for more detailed disclosures concetniTEg our aims. The awarding of bursaries for the needy is a tneasurabl¢ means of provtding public bcncfit. The CounLil of Governors, takes the view that bursarics awarded to those iyho would not othenl'ise be able to afford the fees are important, but not to the exclusion of the much wider benefii ihat the College provides wiihin the comiiiunity. Those pupils iyho attend our School and ivho receive financial suprt conlribut¢ to ihe School community in a variely of iN'ays, and so th¢ bcncfit Is not purely to these pupils but lo the whole Ci>llege and, in some cases, to the wider commlinity. This year, the value of means Icsied bursaries was £357,396 which equatcs lo 60/• of school fee.q {2020= £313,495 6 /0). Thc Governors, polT¢y. in line with that of other Indcpcndent Schools, IS to make tljese awaids. on thc basis of Ihc individual's educational potential, contribution to the widcr school community and thcir financial circumstances, subject lo ihc particular ¢ondTtions imposed by the original donor where the award is out ol. restricted funds. Sevcnty pupils attended thc Collcgc on means lested bursaties. Irk total 75 pupils were in receipt of scholarships of £345,935 ivhÉch equates to 6% of school fees (2020.. 76 pupils, £497,145, 8 /0). In addition, financial clSSiStance 'aS awarded 10 4 from the HMC and Polish s¢hemes. Duc to the CoTr'id reslriciions ive did not have any students this year ii.ho qualified financial support from the College via the Dresden scholars Scheme or for children of personnel in Ihe Arnied Forces.
Tettenhall College (Incorporated) (A eomp&ni limited b). guarantee) Annual Report of the Governors for the )'ear ended 31 August 2021 Tettenhall College is comTnitted to playing a full part in supp)rting l(Kal community groups and to develop mutually beneficial partnerships lyhere¢t p055ible. Such initiatives have includ¢d: The College opens its sporL% and other facilitie5 to many local individua15, organisations. religious bodies and charities including the sports facilitics, swimming p(K>l, thcatre and classroom5' Working with local state s¢hools (Christchurch) to devclop mutually beneficial links in thc areas of stK)rt, music and drama. The College made the sivimming pool and forest s¥hool available to other schools on a not-for-profit basis. this has included collccting and retllming children in the College's own minibuses. Inviting local sch(K)Is to usc ihe library fa¢ilities- Membe¥s of staff and pupils contribute their lime volUntllY to a number of charitable causes such as Macmillan Cancer Support. Level Water. Royal British Lew0 Every Family Counts and Comi¢ Relief. and Slimmer camps and events that are open to the local community. Beneficiaries Our immediate beneficiaries are young people whose attendan¢¢ at our fee-paying school Can be funded by parents or guardiatts or else from scholarships, bursaric5 or other forn15 of charitablc grant support. or a combination or thcsc. The local community also benefits Irom appropriate access ¢0 our facilities. The gcncral public are thc ultimate bcneficiaries of our high-quality cducational syst¢m and Ihc grcater awarenes5 of social values that it generalcs in our alumni. We maintain close liaison between parents, guardians and teachcrs. as well as with Old Tettenhallians in latcr life. and also with local charities that could bcnefit from our facilities. By this means we are able to ensure that the schooling we provÈde is always 'fil for pUr>Se, in the context of present4lay society- We also benchmark public opinion on the standing of our school in relati(In to the wider edu¢ation systcin, with a view to fine-tuning the public benefit we can provide in kccping with the perceived needs of society al large. Volunteers The Governors are immensely grdteful for the manifold voluntary activities undertaken by the Parents. Association in ordcr to help with thc School fundraising and culturdl activilies duting the year. The Govcrnors would like to tak¢ thi5 opportunity to say hoiv much they appreciate Parents. ASSlatIon continuing and valuablc support for our work. 10
Tettenhall College Uncorporated) {A company limited by guarantee) Annual Report of the Governors for the )'ear ended 31 August 2021 STRATEGIC REPORT MARKETING STRATEGY The School has worked over the last two years to develop its marketing strdtegy and its purpose is to educate and develop Confident young people who are equipped to lead inspire and make a posilive contribution during their lime al Teltenhall College and their lives beyond. Our positionin¥ statement is that TctlcTthall College is an inclusive school Ivith traditional fv'alues and a global dimension, situaicd on an outstanding historic grccn field campus ivith slale-of-the-art facilities where Ihc education of the whole child comes first. A range of day. full and flexible boarding options, and thc most convenient transport services, to fit with family. life and work. supports this. We are now seeking to achieve a much higher profile as a fiTst-elass school delivering educational excellence and improve market penetration in our key markets across a ivider gcogT3phic arca wilh a strong visiotl for the future, and clear messaging. After recent SUCCCSscs in which numbers have risen OUF aim 15 to crcatc a clear markettng strntegy to claim back and increase market shure in the next three years, building nuTnber5 lo suptx>rt a business m¢)d¢l to ensure a seclire future for the Collcge. The aim ofthis work is to: Increase pupil numbcts ovcr the next three years and achieve an appropriaic balancc of day and boarding pupils Crcatc a frdmework for marketing and admissions at Tcttenhall College ihat is fit for puwose to meet currenl trends in the marketplace. and which can be developed and adapted to meet changes in demand in future. To provtde a plan to Toll out a new vision for the College. raising its profile in its catchment and building on its key strengths We are seekillg lo address the following factors ihai are CriEical to success-. A significant improvement in retention, espe¢ially in the Preparatory School lower years and Year I l. Addrcssing the day and overse&s boarding imbalance in Ihc sixth form and sixth fonn size- Itnproi'ing recruitment in the 45-minulc caichmcnl arca- Creating an improved transport $ytern lo makc Tcttenhall the most convenient choicc for parcnts. Much clearer messaging aiK)ul thc Sch(K)I's position in the mark¢tplacc' Increased use of School transport and consequently expand the calchm¢nt area of the School. Addressing the perceptions inside and outside the School about academic drive and rigour. Increase the profile of the School within new overseas Tnarkets. Improve our digital pr¢sence both w'ithin the UK and overseas.
Tettenhall College (Incorporated} (A compani. limited b). guarantee) Annual Report of the Goi-ernors for the )'ear ended 31 August 2021 ACHIEVEMEwfs AND PERFORMANCE Acidemic Success Despite the ¢hallenges of the 011 lockdown of schwls in January due to thc COVID-19 pandemic, the education of pupil8 rcmained a priority. The College remained open to care for all eligible pupils and the children of kcy worker fatnilies. A 8uc¢essful and swift transition towards online leaming alloivcd all pupils to continue to engage in their cducalion. Learners and staff engaged in ovcr two thousand hour5 of leachcr lcd, fully interactive and hybrid lessons during this lockdown period. and the College wa5 delighted to welcomc pupils back to the classri>om towards the cnd of th¢ Spring Terni. At GCSE level, 97 /0 of pupils were awarded fiv¢ or morc GCSES at grades 9-5 including English and mathematics ai Level 4 and above. Over 40Q/o of this cohort achieved 10 or more GCSE qualifications, in a true refle¢tion of their delemination and persev¢rance. A Level students continued to keep up with the high standards set by pr¢vious years, with 570/0 of pupils 2chteving A and A gradcs, with 85 /0 of pupils achi¢vtng A io B grades, and a truly imprcssive 960/0 achieving A* to C grades. The College is proud of the divers¢ and iTnprc5sive range olhigher education institutions and coutses that our pupils have been able to progress to. Sporting Excellence Squash at Tcttcnhall Colleg¢ ha5 grown in strengih and 5calc once again this year. Scnior School lunch limc squash has seerh 50mc frLsh faces and growing talent. The College now proudly has 3 Staffordshire Squash County champion.s at linder 9, undcr I l and under 13 Icvcl. Squash Acadcmy Tnembcrs arc working through their Devclopment Awards Junior Skills Programme. With each level building on existing skills and offering more challenging tasks. pupils are developing their hand lo eye coordination. racket skills and ball control. Considering taciics. Strategy and challenging their understanding of the game has helped them grow as players. This year also saw the launch of the Tettenhall College Squash Club, alongside an afyiliation with Squash England. Mcmbership off¢rs entry into the squash leagues ivhere members can play matches in their own lime, Ivith Senior Scl)ool and Preparatory School squash ladders being another OPP0TnIty for pupils to Lhallcnge each other and improve their game. Boarders, Outings With weekly activilic5 taking place. iKJarders are SFMiilt for choicc when tt comes to expcricncing a busy and fiilfilling pmgramtnc cach weekend. Thc rcccnt trip to Oxford Saw boarders immersed in history and ciilture as they explored this bcautiful city. This year also saw a ho.%1 of othcr expcriences including go-karting, paintballing, Drayton Manor thcme park, Ghetto Golf and a irip to Birmingham's Gernian MarkeL Charity Fundraising Parents and pupils managed to taise an incredible £808.51 for Children in Necd by holding a cake sale. The annual ChrÉslmas "Santa Run" also took place with the aim of raising fvnds for good causes. 12
Tettenhall College Uncorporated} (A company limited by guarantee) Annual Report of the Goi'ernors for the )'ear ended 31 August 2021 Performing Arts Over 70 pupils from Year 3 to Year 13 brought Christmas joy back io the Towers Thealre for the Christmas Con¢ert. The Christmas Conccrt 2021 featured many oftalented pupils perfoming solo, duel and ensemble pieces bealltifully atÈd with musi¢al sensltivity. Larger ¢nsembles included the Guitar Group, the College Orchcstra and both the Preparatory and Senior Choirs singing what wcrc increasingly ambitious pieces. Folloiving the rccordcd cN'cnt in our cha1 last Christmas, it was a delight to be back in thc bcautiful setling of St Michacl and All AnEels Church, for the dnnual Carol Service on the lasi Monday evening of t¢rtn. The Preparatory Schoul participated in fine voice as they presented a variety of Christmas carols and worship songs, Iraditional and contemporary. They were assisted by the joint Preparalory and Senior School Choirs who ivamily delivered mature, committed perfom)ances of Christmas choral pieces. It has been two years sincc Tettenball College held thcir anDual Cbristmas Play. We feli that joy wa5 needed to grace the stage after sucb a ditTicult year and a half. Therefore. 'Daisy Pulls It Off, seevned the perfect match. Art In the Art Department. pupils have been creatively busy and maintained excellent progress Ihroughout the tenn. Year 7 pupils have learnt and put into practice th¢ application of the foTmal visual elements. Year 8, oncc tlie three basic Ceramic hand-building thniqueS had been leami. buili scashore landscapes, wilh each pupil glazing their modcls by hand. Year 9 were set a GCSE themed unit. OTte that needed independent research, development and decision making at ¢h stage. Year 10 pupils have been put through a mini foundation art pro8fdmme. a¢quiring new skills whilst building a unil of coiirsework. Ycar I I have continued to dcvclop their personalised exam-based couriework uniL8. Similarly, our Sixth Fomi A-Level students hayc been developing highly diffctcntiaicd units as they continue io work on their individual portfolios of evidence. The department also submitted over 100 desigtks for the Royal Post olfice Stamp Competition to celebrate the heroes of our nation as the county grappled with Covid. Computer Science Year 10 piipils attended a live Amazon Future Engineer Tour. The pupils were able to see ivhal it is like to work in an Amazon Fulfilmcnt Centre, as well as getting a glimpse of the technology and people that make Amazon what it is today. GCSE and A-Level Computcr Science students also altendcd a talk delivered by QA on technology apprentice5hip5, learning al)out how ihey can learn, gain invaluable skills a[ become qualified whilst earning in a full-time job-. Sports Sporting provision continues to be drivcn by Ihe aim to develop individual fitness through participation for all in the School and continues to build and dci'elop pupils by a strong fixture list cnabling tnany to represent tlie Scliool in individual and team sports. Girls. sport is now made up of tiyo senioi netball teams, one senior hockey team, and four junior netball and hockey teams. The College's specialist hockey and netball coaches have playcd & huge part in the dLpartnienl'S success. In boys, sport significant groivth has been found in the rugby iea¥ns U13, U15 and U18, n)osi especially as it lias been Iwo years since the Collegc have been able to play competilively. Welconiing Wolverhampton Riigby club has been fantastic- the coaching staff who have been u-orking ivith the U13 team t() achicvc Ihcir uiidefeated position so far hav¢ bccn a true a5sel. 13
Tettenhatl College Oncorpordted)
(A compan). limited b) gu2Talltee)
Annual Report of the Goi'ernors for the )'egr ended 31 August 2021
This ierm saiv the College represented at the ESSA Relay Championship with both the Girls, Years 11-13 and
Boys, Years 9-10, finishing 4th. At the ISA Midlands Senior and Junioi Championships, w¢ had 25 pupils represent
the School. with two qualifying for the naiionals.
Modern Languages
The College is cxtrcmely proud of thc successes seen in both French and Spanish. Therc has been fantastic
progrcss and ex¢ellcnt engag¢ment all year groups, with a wonderfiil atmospher¢ within the classrooms
during lessons.
Pupils ¢elebi
Tettenhall College Uncorpor9te(D (A compan}. limited by guarantee) Annual Report of the Governors for the year ended 31 August 2021 FINANCIAL REVIEW Resvlts for the Year The College's total incoming resources for the year amounted to £4,751,919 (2020.. £4,990,734). The net defi¢il for Ihc year was £1,049,917 {d¢ficit 2020.. £498,754) as shown in the Statement of Financial Activiti¢s. Thcsc rcsults arc disappointing but have becn driven by thc impact of the Covid 19 pandemic. Dcspite day pupil numbcrs being buoyant, boarding numbers iverc significantly lower than noTmal due to the restrictions of travel and the gcncral rcluctan¢e of overseas parellis to send their children a th'fferent country during the year due to thc uncertaintics caused by Covtd. Reserves Policy The Governors have considered the reserves held by the Collegc at 31 August 2021. The College needs reserves both to enable it to progress its long t¢rni aims and to fund ils cutrent activities. The Governors have examined the iieeds. risks and challenges faced by th¢ College in both the short and medium Icrni, along with relevanl financial forecasts and hai'e forniulated a policy to meei rhese needs. Thc long-tcrn] aim is to ensure that tlic arnount of the unrcstri¢ted funds equat¢S to the sum ol- _ Planned or anticipated futurc commitmenl5 to capital projects Financial commitments made bul not yct cntercd into Planncd investment in educaiional initiatives Creditors due in Icss than one year Salary and related costs for on¢ month to cover ¢ashflow and contingcncy rcquirements The Collcge's total rescrves of £3.677.612 at the ycar-end includcd £151,231 endowmcnt capital, £25,700 restricted lunds and £3,500.681 unrestricted income. Within the unrestricied reserves, £l.000,(M)O was designic ted by the governing body in previous years to be used for building projects. All of this has been spent on capital and revenue costs related lo these proj¢cts a5 at 31 August 2021. There 2re no current free reserves (unrestricted ndS less the n¢t book value of fixed assets financed by those funds). The Govemors review the iescrves position annLl<llly and consider that the future plans outlined on pag¢ 18 will lead to an inLrease in reserves in the fiiture. Covid 19 Pandemic Following the initial outbreak of Covid19 in the spring of 2020. the Collcgc has adapted to the ever-changing rulcs and règulations that have beLn implcmented. During the l(Kkdoivn riOdS a full acadctnic timetable was Inainiained for those pupils who wcr¢ at homc '1th a high-quality rcmote leatning proirision. Alongside this the Collegc remained open to children of crilical worke[5 iyithin the Govemmcnt guidelines. Pastoral care was also otfei'ed to all pupils and additional support given whcrc necessary. Prior to the Collegc fully reopening. risk assessmenls ivere carried out and health and safcty measures put into place to ensure compliance with all regulations and ensure the safely of pupils. stsff and visitors. The pandcmic h&s brought Significant financial challenges as the Govemors decided to reduce the Suinmer Terni fees as a "goodwill gcslure" to refleei the financial difficulty that many parents found ihemselves in. This nieant the College had to utilise its reserves to continue operdting. It was also necessary lo award additioiial bursaries during the year ended August 2021 to specific parents ivho had suffer¢d financially due to (hc pandemic. Costs have also in¢r¢as¢d in areas relaiiTkg to healih and safety. The mosi significant inipact durii)g this Ye ha5 been tlie 15
Tetlenhall College Uncorporgted) (A eompany limited by guarantee) Allnual Report of the Goi'ernors for the )'ear ended 31 Augus12021 recruttmenl of overseas Boarders. Travel constraints have meant that less overs¢as Boarders have been able to travel lo the UK and travcl overs¢as for recruitment purposes has been ¥urtailed. Against this backgrowid, rcgular meetings ivere held between the Chairman of Gokemors, Chair of Finance, Headmaster, Bursar and Finance OIFic¢r to agree actions lo take and rei'ieiv progress. The focus has been on cash availability and how lo prcserve this ivith additional support from th¢ bank to covcr any shortfall. Going Concern The Governors have undcrtaken an in-dcpth review of the Going Concern assessment of the College in relation to the impact of Covid-19. Additional support has been received from the bank to protect tre cash flows and thc uncertainlics surrounding pupil numbers atLd income have been reduced due to the excelleTtt provision of remote learning and the management of the risks on site. The College is confident the boarding maiket continues to be strong and have put in placc a number of actiODS to enable us to acce&s this. Specifically. the refurbishment of the Boys Boarding House has provided high quality, modern ac¢ommodation for the majority of boarders. This refurbishment ivas completed in July 2021 #nd will attract n¢w boardcrs who demand these enhanced facilities. Additional investment in marketing videos and online tours has enabled the College to display its provision to both loual and int¢mational pr05pe¢tive parenls and pupils. In April 2020 the College put in a Business Inlemiplion Insurance claim in respect of the losses incurred due to the Covid pandemic. The Ensurance company have accepied liability and agrecd to a claim of £1.057.1M)O. The Governors therefore havc a rcasonable expeciation that the Collegc has adequate resourccs lo continue its activitieb for the foreseeabl¢ future and accordingly thcy also continuc to adopt the going cotkccrn basis in pr¢paring the financial slatcmcrlts as outlined the Statement of AccounliDg and Reporting Rcsponsibilities on page 19. Investment Policy and Objective5 Poivets of investmeni are regulated by the Mcmorandum of AssiKiation and administered by the Govemors. The ini'estment objective is to maximis¢ oi'erail reiutn. Ivhilst achieving an appropriate level of income. Freehold Land 2nd Buildings In the opinion of the Governots, Ihe Tnarket value of the College's freehold land and buildings is in excess of the aniount at which il is stated in the balance sheet. However, the amount of the cxcess over n¢t book valuc has not been quantified. Charity governallce code The Tte¢S are aware of the new charity governance code issued in July 2020. In order to ensure that ihe charity is working in line with the code. in all i¥'ays ivhcrc it is practicable to do so the Governors have begun the pi"occss of ieviewing and discussing this at Council meetings. This will be ottgoing. The charity had no fundraising a¢tiYitics requiring disclosurc under S162A of the Charities Act 2011. Detailed Considerations of risk are delegated to the Headmasler, Ivho ts assisied by the Senior Lcadcrship Team. Risks are idenlificd, assessed and contro15 established Ihruughout the year. 16
Tettenhall College Oncorporated) {A compatt). limited by guarantee) Annual Report of the Governors for the }'ear ended 31 August 2021 K¢y controls used by the College include- Forn]al agend&s for all Committee and Council activity. Detailed tern of referen¢e for all Committees. Comprehensive strdtegic planning, budgcting and management accounting. Established organisational strncture and lines of reporting" Formal written polic&es- Clear ouih0ri5ation and approval levels, and Vetting procedures as required by law for the protection of the vulnerable. The Governors have identified and discussed the principal risks fac¢d by the College including.. The recent economic uncertainty and downium. Political factors that may threaten business rates relieland VAT on school fees. Pupil dcmographics. Academic results. standards and reputation- Fee levels- Increased contributions io the Teachers. Pension Scheme- Credit availability. liquidity and cash flow forasts= and Futur¢ devclopmcnt plans. Throligh risk managemeni processes established for the College. the Govemors are satisfied that the major risk5 identified have been adequately mitigated ivhere necessary. It is r¢¢ognised ihat system5 Can only provide reasoiiable but not absoluie assurance that major risks have been adequately mai)aged. The Governors regiilarly review th¢ ¢ffe¢tivene55 of current plans and strdtegies for managing all idcntificd major risks. 17
Tettenhall College (Incorporated) (A compan}. limited bj gu#rantee) Annual Report of the Governors for the year ended 31 August 2021 FUTURE PLANS The aim of the Governors, Headmaster and Senior Leadershtp Team is lo build on the solid foundations laid over the pasr few years and focus on recruitmeni and retention of both boarding and day pupils so as to return to pre- Covid pupil numbers as qui¢kly a5 possible. The Governors and Headmastcr are detemiined to makc Tcttenhall College the school of choicc in Ihe ared by continuing to focus on its strengths. The refurbishmcnt of the Boys. Boarding House has provided a modem and comfortable living and sleeping Space for all boardcrs and thc aim is to recruit l)oarding pupi15 to achicve near full occupan¢y. Within this .¢ alm to rcctuit younger boarders and cncourage a diverse iangc of boarder's nationalities. In addit&on, we will: Maintain the s¢hool's high level of arddemic perf0mlee and swrts achievement. Continue to provide public access through ScholShipS and m¢aThs tested bursaries. Continue to develop mutually suptK)rtive link5 with other schools in our l(Kality and encourage fi]rther community access to our facilities both inside and outside of nonnal school hours- Continue ts) build on Ihc lessons learned regarding remote learning durtng the Covid-19 oUtbrk and improve our provision further to ensure we are ready equipped in case of future outbreaks. To continuc to implement a proactive marketing campaigD to raise the S¢hool's profilc both locally and ovcrseas. in order to see a significant increase in both day pupils and l)oardets" Look to Tjew overseas markets and short stay provision for boarding" Continue to progress the placement of the Towers Building into a separate ch8riiablc tnt 18
Tettenhall College (Incorporated) (A compauv limited by guarantee) Annual Report of the Governors for the )'ear ended 31 August 21121 STATF,mE,T OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Tncmbers of the Governing Body (Ivho are also ihe director5 of Tei(enhJll Ci)Ilege for the pury)oses of company law) are responsible for preparing the Annual Report and the financial statements with applicable law and Unilcd Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Siandards). Company law r¢quires the Govcrning Body to preparc financial 51alcmcnts for cach f1claI year. Under that law the Governing Body hae elected to prcpare the financial slat¢m¢nls in accordancc with United Kingdom Gcncrally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Company law requires ihe members of the Governing Body to prepare financial statcmcnts for each financial year. Undcr company law the Govcrning Bi>dy members musi noi approvc thc financial statements unless they are satisfied that they give a trne and fair vtew of the state of affairs of the charitable company and the group alld of the incoming resources and application ol resources, including the incomc and expenditure, of the charitable group foi that period. In preparing these financial statements. the Goveming Body members are required to.. select the most appropriate accounting policies and then apply them consistently- obse¢ the mcthods and principles in the Chartties SORP. makc judgments and accounting eslirnate5 thal are reasonable and prndent. 5talc whether applicable Accounting Siandards have been followcl subjccl lo any material departures disclosed and explained in the financial 51atements' and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company wtll Continuc in busin. The members of the Governing B¢)dy are responsible for keeping adequate accounting records that are sufficient to show and explain the charitsblc company's tratisactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements COTnply with thc comp41¢$ Act 2006 and the provisions of the charity's conslilulion. They are also responsible for safeg)uarding the assets of the ¢harity and ihe group and hence for taking reasonable sieps for the prevention and dctcction of fraud and other irregularities. Relevant Audit Information Insofar as each of th¢ DircLIots. a5 mcmbcr5 of the Governing Body, al Ihc datc of approval of this report is aware therc 15 no rclci'ant audit infomiation (infortnation nccdcd by thc Conipany's auditor in ¢onneution with prcparin&' the audit report) of ivhich the Compclny's auditor is UNl"are. Each tnembcr of thc Governing Body has tdken all the steps that he or she should have taken a5 a member of the Governing Body in oidci to make himself or herselt aware of ihe relevant audit infomiation and lo cstablish that the Company's auditor is aware of that inforniation. 19
Tettenhall College (Incorporated) {A compan), limited b). guarante¢) Annual Report of the Goi'ernors for the )'e¥r ended 31 August 2021 Auditors Crowe U.K. LLP ha5 indicated its ivillingness to be reappointed &s statutory auditor. Approved by the Governing Body of Tettenhall Collcge on Q6.IVI comp the Dircctor5' and Strategic Reports con .2022, including, in ihcir capacity as therein, and signed on ils behalf by: Chairnian 20
Tettenhall College UncorporA¢ed) {A company limited by guarantee) Independent Auditor's Report to the MembeT5 of Tetletthall College (Incorporaied) Opinioll We have audited the financial slatcments of Tcttenhall CollebTe (In¢orporaled) ('the ¢harithble company,) for the year ended 31 August 2021 ivhi¢h cotnprise Stsiement of Financial A¢tivities, the Balance she¢t, thc Statement of cash flows and notes lo the financial staiements. in¢luding significant accounting policies. The financial reporting frameivork that has becn applied in thcir preparntion is applicable law and United Kingdom A¢counting Standards, Includin Financiat Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Rcpubli¢ of Ireland (United KingdoTll Generally A¢¢cpted Accounting Prdctice). In our opinion the financial stat¢metits= give a true and fair VT¢W of the state of the charitabl¢ company's affairs as at 31 August 2021 and of its income and ¢xpcnditure. for the year then ended. have been properly prepatrd in accordance with United Kingdom Generally Accepted Accounting Practic¢. and have been prepared in accordance with the requitements of the Companies Act 26. Basis for opillion We conducted our audit in accordance ivith International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under thos¢ standards are furthcr described in the Auditor's responsibililies for the aiidit of th¢ financial stal¢tnents section of our reEK)rt. We are independent of the charitable company in accordance ivith th¢ ethiLal requirements thc1t are relevant to our audit of th¢ financial stalements in the UK including the FRC'S Etliical Standard, and wc have fulfilled our other ethical responsibilities in a¢cordance with these requiretnents. We believe that the audit evidence ive have obtained is s1Clet and appropriate to provide a basis for our opinion. Conclusions relating to going coneern Iii aLiditing the financial statements. Ive have concluded that the dirlOTs, use of the going concern basis of accounting in the preparation of the financial ststtnents is appropriate. Based on the ivork ive have perforn]ed. Ive have not identified any Tnaterial uncertainlies relating to events or coi)ditions that, individually or collectivel),, may cast significant doubt on the Company's ability to continue as a going Lonccrn lor a period of at least ttvelve months from ii'hen thc financial statem¢nts are authoris¢d for issue. Our responsibilities and the restK)nsibilities of the directors with respect to going concern are described in the relevant seclions of thi5 reEKTrrt. Other infomation The trustees arc responsible for ihc other ii)forniaiion contained ii'ithin tli¢ aDnual report. The other infonnation comprises th¢ inforniation inLludcd in the annual report. oiher than ihe financial statem¢nls and our auditor's report tl)ereon. Our opinion on the financial statements does iiot coN'er the other itifonnation and, except to ilie exlenl othe1$e explicitly stated in our repoQ ive do not express any forni of assurance conclusion thereon. Our responsibility is lo read the other infomiaiion and. in doing so. consider whether the other infom)ation is niateri¢111y inconsistent with the financial stal¢tnents or our knoii"ledge obiained in the aiidit or othenvise appears to be mat¢rially tnisstated. Ifi&e identify, such material inconsistencies or apparenl material misstatements, we are required to deterniine ivhether this gives rise to a material niisstateii)enl in the fiiiancial statemenls thetnselves. If, bascd on the iiork wc have perfomied, i&"e conclude that there 15 a material misstatement of this other iiiforniation. ve are required to report that fact. We hav¢ nothing to report in this regard. 21
Teltenhall College Uncorporated) (A compan). limited b). guarantee) Independent Auditor'5 Report t4b ¢he Members of Tettenball College (Incorporated) Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the infonnation given in the trustees. report. which includes the directors. report and the 5tratcgic report prepared for ihe purposes of ¢ompany laiv, for the financial year for which the financial statements are prepared is ¢onslStent with the financial slatemenls- and Ihc stratcgic report and ihc directors. report includcd within the tnl¢es. rq)ort havc been prepared in accordance with applicable legal requircments. Matters OD which ive are required to report by exceptio In light of the knowledg¢ and understanding of the charitable company and their environment obtained in the course of Ihc audit. we have not identified material misstatements in thc strategic report or the directors, Teport included within the trustees, rep)rt. We have nothing to report in respect of the follovling matters tn relation lo which the Companies Act 2006 requires Us lo report lo you if, in our opinion: adeqiiat¢ and proper accounting records have not been kept- or the financial statements are nol in agr¢em¢nl M-iih the accounting records 2nd retUrn5' or certain disclosures of trustees, remuneratloil specified by la. are nol made. or wc have not received all the infonnation and explanations we require for our audit Responsibilitie5 of tte¢S As explained more fully in the ttwslecs. responsibilities stalemenl. the trustees (who are also the dircctors of the charitablc company for the purposes of company law) are responsible for the preparation ofthc financial statements and for being satisfied that they give a true and fair view, and for such internal ¢ontrol as the twstees detennine is necessary lo enable the prepaialion of financial stalements that are free from material misstatement. whether due lo fraud or error. In preparing the financial statemenis. the trustees are responsible for assessing the charitable conipany's ability to continuc as a going con¢em, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the tntstees either intend to liquida the charilabl¢ company or lo cease operations, or have no realistic altcrnative but to do so_ Auditor's responsibilities for the audit of the financial statements Our objc¢tiv&% arc lo obtain reasonable assurancc aknut wheth¢r the financial statements as a whole ale frcc from material mi5Statcment, whether due lo fraud or error, and to issue an auditor's rep)rt that incluilcs our opinion. Reasonablc assurance is a high level of assurance, but is not a guarantec that an audil conducted in accordance with ISAS (UK) iyill always detect a material misstatemenl when it cxisls. Misstatements can atise from fraud or emir and are considered material if, individually or in the aggregate. they could re&sonably be expected to influence the economic decisions of users taken on the b&sis olthe5c fllLancial slaletnents. Details of the ext¢nl lo which the aiidit ivas consideied capable of detecting iTregularities, including fraud and non- compliance ivith laii's and regulations ar¢ set out below. A further description of our responsibilities for the audit of the financial 5tatcments is located on Ihe Financial Reporting Council'5 iycbsite at: www.frc.or .uklaudito JLsibililies. This description fonns part of our auditor's report. 22
Tettenhall College (Incorporated) (A company limited by guarantee)
Independent Auditor's Report to the Members of Tettenhall College (Incorporated)
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from iITegularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opm10n.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). 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 School Standards) Regulations 2014, General Data Protection Regulation (GDPR), Health and safety legislation, and Employment legislation.
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 within the recognition of donation, trading and ancillary income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing of income, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted 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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
23
Tettenhall College (Incorporated) (A company limited by guarantee)
Independent Auditor’s Report to the Members of Tettenhall College (Incorporated)
_______________
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Kerry Brown (Senior statutory auditor)
for and on behalf of
Crowe U.K. LLP
Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date:
27 May 2022
24
Tettenhall College (Incorpor21ed) (A company limited by guarantee) Consolidated statement of financial activitie5 for the )'ear ended 31 August 2021 Unrestricted Notes Funds Restricted Ettdoived 2021 Totgl 2020 Total Funds Fullds Jncome attd endowmellts frotD: Charitable activities School fees receivable Ancillary trading income Other trading actlvities Non-ancillary trading income Inve5tJnent$ Bdnk and other inieresi Voluntary sources Grants and donatiotts Other income Coronavirus Job Rctention Scheme 4.424,552 141,633 4,424,552 141,633 4.502,890 98,498 15.510 15.51 59,706 1,057 125,589 4,500 130,089 144.808 40,135 40,135 183,775 Tntal incomSng re50ur¢es EXpedItUrt on- Charitable actii'itie5 Education 4,747.419 4.751.919 4,990,734 5,730.486 5,7311,486 5,399,193 Other trading gctivities Trading activities Total expellditure Net (outgoing) funds from operations before transfers and invcstment gain5 92,927 5.823.413 92,927 S,823.413 85.970 5,485,163 (1,075,994) (1.071.494) (494.429) GaitLI(105s) on investments 12 21.577 21.S77 14,325} Net movement in fud5 for the year {1,075,9941 45lJO 21,S77 {1,049,917) 1498,754) Fund balances broughi fon¥atd ar I September 2020 4.576.675 21200 129.654 4,727,529 5,226,283 Fund b21ances carried forward at 31st August 2021 3,500,681 25,71KI 151231 3.677.612 4,727,529 The consolidated statement of financial aciivities incorporates the Income and Expenditur¢ account. The notes on pages 29 to 44 form part of the5¢ financial $tatemeDts. 25
Tettenhall College ancorporated) {A company limited by guarantee) Balance shtet as at 31 August 2021 (Company number 141727) Note Group 2021 Group 2020 College 2021 College 2020 Fixed #55ets Tangible assets Investments 7,290,959 134,591 7,425,550 6,603.405 118,014 6,721,419 7,290,959 134,691 7,425,650 6,603,405 18,114 6,721,519 12 Current assets Stock D¢bto Cash and deposits 84J35 450J45 505,099 1,039,779 88,385 320,428 493,867 902.680 1.870 549,310 444,815 995,995 3,000 412,362 457,123 872,485 13 Current liabilities Creditors payable within one year 14 (4,787,717) (1.939,657) {4,744,033) (1.909.562) Net current liabilities {3,747,938) (1.036,977) 3,748,038 1.037,077 Total assets less current liabilities 3,677.612 5,684.442 3,677,612 5.684,442 Long-term liabilities Creditors payable after one year 15 (956,913) (956,913) Nel asset$ 3,677,612 4,727,529 3,677,612 4.727.529 Represented by: Endowed funds 21 151,231 129,654 151,231 129,654 Restricted funds 21 25,71KI 21.200 25,700 21.200 Unrestricted fullds - General Reserv¢ Degignated fid5 for capital projectS' 21 3,500.681 4,336,325 3,500,681 4,336,325 21 240,350 240,350 3,677,612 4.727.529 3,677,612 4,727,529 Tetlenhall College (Incorporated) has taken the excmption from presenting a parent Statement of FiTJancial Activiti¢s incorporating Income 2nd Expenditure A¢¢ounts under section 408 of the Companies Act 2006. The deficil for the y¢ar deali with in the financial sialemcnts of the Charitable coillpany was £1.071,494 {2020- dcficit of £494,430). 26
Tettenhall College {IncorporAted) (A company limited by gugrantee) Balanee sheet as at 31 August 2021 (Company number 141727) These financia on its bchalf by. atements were a oved by the Governing Body onQ6.fflo. . 2022 and were signed J F Woolridge (Chaimiatj of thc Governing Body) The notes on page$ 29 to 44 forni part of these financial Statements 27
Tettenhall College {Incorporated) (A compan>. limited by guarantee) Consolidated cash flow statement for the )'ear eDded 31 August 2021 2021 2020 Net Cash outfloiv from operation$ Net C85h provided by l (used in) operating activities (872.663) (405,527) Cash floiys from investing activities: Payments lor tdngible fix¢d assets Proceeds from sales ol tangible fjxed assets Proceeds on sale of investments Investmcnl income and bank interest received Net cash used In InvÈsting 4c¢ii'ities (926,820) (34.047) 5,000 5.000 .057 (9218201 (27,990) Cash floivs from financing #ctiTrities: Loan rep1c yments New Loan Finance costs paid Net cash used in financing activities {1,135,236) 3,000,000 (59,049) {103,277) (33,431) 1805,715 (136,708) Change in cash and cash equivalents in the reporting period 11,232 (570,225) Cash and deposits at 31 August 2020 493,867 1,064,092 Cash and deposits al 31 August 2021 505,099 493,867 ReconciliatÉon of net ineome to net cash flow from operating *etivities Net incoming rcsource5 Elimination of non-operating cash flows: Investtllent income and bank interest Financc costs Dcprcciation charge Decreasel(increase) in stock (Increas¢)Idecrease in debtors Increasel{decrease) in creditors (1,071,494) (494,429} (1,057) 33,431 223.433 (15,953) 57.175 {208.127) 59,049 259,887 4,050 (129,918) 5,763 198,831 (88,902) Net CAsh inflow from operations {872,663) (405,527) The notes on pages 29 to 44 form part of these fingncial statements. 28
Tettenhall College {Incorporated} (A company limited by guarantee) Note5 forming part of the financial st2tements for the year ended 31 August 2021 LEGAL STATUS OF CHAIUTY The Coll¢g¢ is a cornpany limited by guarantee (registered number.. 141727) which is registered in England and Wales. It regislcrcd as a charity on 6th September 1966 and Its charity r¢gistration number is 528617. The registered olfice and principal pla¢¢ of business is Wood Roa(L Tcttcnhall, Wolverhampton, WV6 8QX. The principal activity of Tettenhall College is a successful co-cducational, independent day and boarding school for pupils aged 2 to 18. ACCOUNTING POLICIES The financial Statements have been prepared in accordance with Accounting and Reporting by Charities.. StatemeTtt of Recommended Practice applicable to cl)arities prepillg their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRSI 02) (effective l January 2015} - (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in Ihc UK and Republic of Ireland {FRS L02) and the Companies Act 2006. Thc College meets the defmition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical Cost or transaction value unless Otherwise slated in the relevant accounting policy. 2.1 Going concern In asse85ing Ihc going concern of the College, Governor5 have ¢onsidcrcd thc long-tcnn impact of the Covid-19 pand¢mic a5 detailed in the tru5tccs' report. A5 Part of the assessment madc to deterniine ir going concern is the correct basis for the financial statemenLs, Ihc governors havc ass¢8s¢d the budgcts and forecasts for the ncxt 5 ye8is. Having reviewed Ihc tunding facilities available to the College togcihcr with Ihc expected ongoing demand for places and the Collcge's futurc projected cash flows, thc Governors have a reasonable expe¢tstion that the Collegc has adequate resources to ¢ontinue its aciivities for the foreseeable future and accordingly they also continue to adopt the going concern basis in preparing thc financial statements. 2.2 Basis of consolidalion The consolidated financial statemenls include the financial statements of the College and its subsidiary Lindertakin¥ made up to 31 Augiist 2021. Th¢ rcsulis of the subsidiaries. as shown in nolc 12 are consolidated otk 8 line-by-line basis ivithin the consolidated Statement of Financial Activities ("SOFA"). In the College's financial statem¢nts, ini"c51mcnts in subsidiary undertakin&% aic stated at cosl less provi%ion for pcnnanent diminution. 29
Tetlenhall College Oncorporgted) (A ¢ompan)' limited b). guarautee) Notes forming part of the financial statements for the year ended 31 August 2021 2. ACCOUNTING POLICIES (¢ontÈnued) 2.3 Critical accounting judgements and key sources of estRm¥tion uncertainty Preparation of the financial statCTnents requirc5 Governors to make significant judgements and esiimates. The it¢wn5 in the financial 51atement8 where these judgements and estimates have been madc included.. Doubtful debt provision.. Fcc5 receivable arc evaluated and a specific provision is applied to ea¢h 8c¢ount bascd on mana8ement's judgement and expcrience. 2.4 Fees and $itnilar earned income Fees receivable and charges for services and use of the premises, le55 any allowances, scholarships, bursarics granted by the College against those fees, but including Contributions received from restricted funds. are accounted for in the period in whÉch th¢ scrvice is provided. 2.5 Investment income Investment inconie from divtdends. bank balances and fixed interest se¢uritie5 is accounted for on an ac¢ruals basis. Income from investsncnt properties is a¢counted for in the period io which the rental income relates. Rental income (including incentives reccived or paid) foT Qpcrnting leases on inveslmcnt property arc recogniscd in profit or loss on a straight line basis over the lease terni. 2.6 Donations, legaciesy grants and other voluntary incoming resources Voluntary incoming resources are a¢¢ounted for as and ivhen entitlcmcnt arises, the amount can be reliably qiiantified and ihe economic bencfit to the College is collsidered probable. Voluntkry income for the College's gen¢ral PUTposes is accounted for as unrestricted and is credited to the General Resetve. Where the donor or an appeal has imposed trust laiv rc5trictions, voliintary incoinc is credited to the relcvant restricted fund aud incoming endoivments are accounted for as p¢nn8nenl trusl apital or expendable trnsl capital, according to wheiher the donor intends retention is io be pennaiient or not. Gifts in kind are valued al estimated open market value at Ihe dale of gift. in th¢ case of assets for retention or consu¥Jiption. 2.7 Expendilure Expcnditure is accrued as soon as a liability is considctcd probable, discountcd to present value for longcr- temi lidbilities. Expcnditurc attributable to morc than one cost calcgory in the SOFA is apportioned to them on the basis of the estimated amount attributable lo caeh activity in Ihc ycar, either by refcrcncc to staff time or the use made of the underlying a&sets, as appropriate. Irrecoverable VAT is included ivith the item of expenditure to which it relates. Governance costs comprise rhe costs of complying with constitutional and statutory r¢quircments. 30
Tettenhall CollLge (In£orporated) (A company limited by guarantee) Notes fonning part of the fillancial statements for the >ear ended 31 August 2021 ACCOUNTING POLICIES (conlinued) 2.8 Tangible fixed assets Expenditure on the acquisition. construclion or enhancemeni of laDd alld buildings costing more than £ 1,000 together with vehicles, furniture, machinery. Icr infrastructure and other cquipment costing more than £l.000 are capitalised and carried in the balance sheet at histori¢al c05L Oihcr cxpcndiftire on Cquipment incurr¢d in the norn1 day-to-day rnnning of the College is charged to the Statcment of Financial Activilies as incurred. 2.9 Depreciation Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual tnstslments over their expected useful economic lives as follows: Freehold land and buildings Fixed Asset improvements FUrniti¢ and fillings Vehicles and eqiiipm¢nl IIKI year5 slrdight lin¢ 10 10 25 years strait line 10 year5 Strdight line 5-8 years Siraight line 2.10 Investments Libted ini'L5tments are valucd at market value a5 at the balance sheei daic. Unrealised gains and loss arising on the rcvaluation of investmcnts are credited or charged to the Statemcnt of Financial ActivitiC8 and are allo¢ated lo the appropriate Fund according to the.0rrsh]p" of ihe widerlying asscts. 2.11 Stock Stock represents goods for resale and is valued at the lower of cost and net realisable value. 2.12 Fund accounting The charitable funds of the College are accounted for as unrestricted or restricted income. or as endoiyment apital. in accordanLe iviih ihe tenns of illt Impos by the donors 01 any appeal to which they Jnay have responded. Endowment funds ate further sulFdivid¢d into pcmianent and eXndable. UJ)restricted income belongs to the Collcge's cotpordte resetvcs, spendable at the discretion of the Govemors either to further ihe College's Objects or to benefit the Collcgc itself. Where the Gov¢rnor decide to s¢1 aside any part of thcsc funds to be used in futurc for some specific puOSe, this is a¢counted for by transfer to the appropriate d¢signaicd fund. Restricted income comprises gifts. legacies and grants ivhcre there is no Capital rctcntion obligation or poivcr but only a trusi law rcstriction to some specific purp(Trs¢ intended by the donor. Permanent endoivment arises whcre a donor intends the gift to be retained permanently for use by the College or for ilb tinancial benefit (i.e. by inveslment)- 2.13 Pension c05t5 Retiremetkt bcnefits to employtts of the College are proi'ided ihrouoh two pension schemes, one defined benefit and one defined contribution. Thc pcnsion costs charg¢d in ihe Statement of Financial Activities are dctcnnined as follow's.. 31
Tettenhall College (Incorporated) (A compan). limited b). guarantee) Notes forming part of the fiuancial statemellt5 for the )'ear ended 31 August 2021 ACCOUNTING POLICtES (eontinutd) (a) The Teachers. Pension ScheTne This xh¢me is a multi<mployer pension scheme. It Is not Possible to id¢ntily the College's share of the underlying assets and liabililies uf the Teachers. Pension Scheme on a wnsisient and reasonable basis and thercfore, as required by FRS102, it accounts for the scheTrtc as if it were a dcfined contribution scheme. The College's contributions, which are in accordanc¢ with ihc recommendations of thc Govcmmcnt Actuary, are chargcd in Ihc period in which thc Salaries to which they telate are payable. (b) The Teiicnhall College Gioup Personal Pension Plan This is a defined ¢ontribulion group personal pension plan with Aegon. Employcr's pensions costs are charged in the period in which the salaries to which they relaie are payable. 2.14 Operating leases Rentals under operating leases are charged on a straight-line basis over the lease tenn. even if thc paytnents are noi made on such a basis. Benefits receii'cd and receivable as an inccThtive to sign an operating lease are similarly spread on a 5traight-lin¢ basis over the lease trnn. 2.15 Financial instruments Basic financial inslruments are initially rtxognised al transaction valu¢ and subscquently measured at amortised cost with the exception of investments and cash ai bank and in hand which atr hcld at fair value. Cash at bank and in hand 18 dcfined as all cash held in instant access bank accounis and u.sed as working capital. Financial assets held at amortised Cost compti5e trade and othcr d¢btors. A specific provision 15 madc for debts for which recoverdbility is in doubt. Financial liabilities hcld at amortised Cost comprise all creditors except social sccurity and other iaxes and provisions. CHARITABLE AcfIviTIES- FEES RECEII'ABLE 2021 2020 Fees receivable consist of.. School fees Less.. iotal scholarships and buT5aries 5,5211,432 1 103 880 5,629,539 1 126 649 CHARITABLE AcfIviTIES- OTHER INCOIIIE 2021 2020 Transport Surplus on pupils. rechargeables School trips Squash Academy Summer Camp Unifomi shop 29,246 1,845 1,755 4,370 23,736 15.529 1,042 13,974 32
Tettenhall College (Incorporated) (A company limited by gugrantee) Notes forming part of ihe financial statements for the year ended 31 Augusi 2021 OTHER TRADING ACmryTIES 2021 2020 Trading income Hire of facililics- School Hire of facililics- Tettenhall College Enterprises Livnited 1,186 2,016 59 GRANTS AND DONATIONS RECEIVABLE Unrestricted Restricted Endomment Total 2021 Total 2020 Devclopmenl donations PTA Jarman Chariiable Trust Parcnt Old Tcttenhallians 125.OIKI 125,000 137,500 4,478 300 1,250 1.280 589 4,500 5,089 125,589 4,500 130,089 144,808 ANAL YSIS OF EXPENDITURE Staff costs (nole 9) Depreciation (Dote 11) Other Total 2021 Total 2020 Charitable elpenditure Eduealion Teaching Wclfare Premises repair and tnainlenance Siipport cosis and govcrnan¢¢ Interest P4lyable 2,895,856 282.382 179.8311 356.816 16,537 165,798 504,141 503,660 523,059 59,049 3,078,191 786,523 926,848 879,875 59,049 2,943,872 701,228 919,039 801,623 33,431 243.350 Total charitable expeuditure 3,714.892 259.887 1.755,707 5,730,486 5,399,193 33
Tettenhall College (Incorporated) (A company itmited by guarantee) Notes forming part of the financial Statements for the )'ear ended 31 August 2021 GOVERNANCE COSTS GoverD¥nee included in support costs: 2021 2020 Rcmunerdtion paid to auditor for audit serviccs Other governance costs 13,250 2,160 17,950 1,050 15,410 19,000 Travel expenses were reclaim¢d by no members (2020.. 0) of the GOVning Body. During the year, indemniry insurance was in place to cover the liability of the Gov¢rnors and otlLcr otyicers in respect of negligent defouli, breacb of trust or breach of duty. STAFF COSTS AND RELATED PARTY TRANSACTIONS 2021 2020 The aggregate payroll costs for the year were &$ follows- Wages and salaries Social security cosls Other pcnsion costs 3,025,675 265,447 423,770 2,820,666 257.794 421,799 3.714.892 3,500,259 None of the Governors received any remuneration or other benefits from Tettenhall College or from any connected body. Aggregale employee benefits of key management personnel 520,723 493,313 2021 2020 Numbcr of paid employees in bands or= L50,00 I to £60,000 £60,00 I to £70,000 £70,00110 £80,000 £120,001 to £130.000 £130,001 to £140.000 The number with retirement benefits accruing in Defined Benefit schemes Ivas College pension contributions for thesc cniployees amounied to £74.700 (2020.. £74,828) 34
Tetlenhall College Oncoryorated) (A compan). limited by guarantee) Notes fornilng part of the financial 5tatemellts for the year ended 31 August 2021 STAFF COSTS AND RELATED PARTY TRth'SAcfioNS (continued) The average number of the College's employees during the year was". 2021 2020 Tcaching Welfarc Premises Supp(Trrt 79 16 12 21 128 81 18 13 Is 130 10. r4ET INCOMll¥G RESOURCES 2021 2020 This is stated after charging Depreciation Operating l¢a%c rcnlals ALiditors' iemun¢ration'. audit services (exclusive of VAT) Auditors. remuncrntion.. non-audil sctviccs {exclusivc of VAD 259,887 41,892 13,542 1,800 223,433 40,716 14,958 875 35
Tettenhall College (Incorporated) (A compan). limited by guarantee) Notes forming part of the financial statements for the year ended 31 August 2021 11. TANGIBLE FIXED ASSETS Group and College Freehold land and buildings Vehicles and equipmeut Assets under the course of construction Furniture and fittings Total Cost At I September 2020 Additions Disp05als 7J34,537 903,124 762,276 40,933 30&729 3J84 115,297 8,520,839 947,441 At 31 August 2021 8,237,661 803,209 312,113 115,297 9,468,280 Depreclation Ai I September 2020 Charge for the year Disposals 1209,825 179,693 441,620 63,657 265,989 16,537 1,917,434 259,887 At 31 August 2021 lJ89,518 505,277 282,526 2,177,321 Net book value At 31 August 2021 6,848,143 297,932 29,587 115,297 7,290,959 Ai 31 August 2020 6.124.712 320.656 42,740 115,297 6,603,405 All tangible fixed awts are held for use on charilable activities. 36
Tettenhall College (Incorporated) (A company lijnited by guarantee) Notes forming part of the financial statements for the year ended 31 August 2021 12. INVEsTlENTs Group 2021 College 2021 Group 2020 Collegye 2020 At I September 2020 (DccrLaseyincr¢as¢ in valuc of inVtrneDts Additions Disposal Investments at 31 August 2021 Investments comprise: 118,014 21,577 11&114 21,577 127,339 (4,325) 127,439 {4.325) (5,0110} 134591 (5,000) 134,691 (5,000) 118,014 (5,000) 118,114 Listed investments Equities Transact Portfolio Subsidi#rv T¢tlenhall College Enterpri5e5 Ltd 134,591 134591 118,014 118,014 100 100 134,591 134.691 118.014 118.114 Tettenhall College Enterprises Ltd is IIKP/o oi%ned by the College. The regislered office is Wood Road. Tcttcnhall, Wolverhampton, WV6 8QX and 11% rcgi5tcrcd numbcr 11293295. The profit for the period ended 31 August 2021 was £2,079 (2020.. £30.130), all of which was donaied to the College. Net assets at 31 August 2021 were £1 00 (2020= £IIM)). 13. DEBTORS Group 2021 Colle2e 2021 Group 2020 College 2020 Fees and extras Other debtors Amounrs owed from subsidiary undertaking Other pr¢paytNcnts and accrued income 303,924 3511 303,924 2,555 99.921 142,910 206,805 9.581 206,805 2,431 99,084 104,042 142,910 104,042 450J45 549JlO 320.428 412,362 37
Tettenhall College (Incorporated) (A company limited b). guarantee) Notes forming parl of the financial statements for the year ended 31 August 2021 14. CREDITORS: amounts falling due Mithin one vear Groyp 2021 College 2021 Group College 2020 2020 Dcposils from parents Mortgage loans {scc note 16) Fccs received from parcnts in advance of tcrni Tradc creditors Amounts owcd io subsidiary undertaking Taxation and s181 security Other credito Accruals and defetred income 188,941 2.970,741 1,095,208 241,561 188,941 2,970,74J 1,095.208 20J,947 159,841 149.064 873,425 128,701 159,841 149,064 873,425 98.607 103,048 54,485 133,733 4,787,717 ioo,001 53,171 132,024 4,744,033 404,670 52.157 171,799 1,939,657 404,670 52,157 171,799 1.909,563 IS. CREDITORS: amounts falling due gfter more than one year Group 2021 College 2021 Group Collcgc 2020 2020 Mortgage loans (see note 16) 956.913 956,913 10. MORTGAGE LOANS Group #nd College The mortgage loans oulstanding with the bank are technically du¢ in less thon one year due to a ¢ovenant breach based on the year end resiilt. However. 5incc the year end Lloyds Bank haiie waived the covenant breach and as such at the balance sheet dale, the tnortgage loans are likely lo be repayable as follows.. 2021 2020 Within l ycar In 1 2 years Jn2-5ycars In morc than 5 years 149,205 174,405 555,419 2,091,712 149.064 168.041 537.639 251,233 2,970.741 1,105,977 The existing momgages ii'ere repaid during ihe year and ttvo neil, loans, iolalling £3,000,000 were received. The loans are secured by first legal Lhargcs oi'er the College's freehold property. The loans Lurrenily bear interest at Bas¢ Rate + 2.1 10/0 and are being repaid by monthly instalments. Loan interest charged to the Siaielnenl of Financial Activities amounted to £59,049 (2020: £33,431 }. 38
Tettenhall College (Incorporated) (A compaDV limited by guarantee) Note5 forming part of the financiat statements for the year ended 31 August 2021 17. FINANCIAL INSTRUMENTS Group 2021 Group 2020 Financial assets me35urcd at fair valuc (b) 579,507 575,237 (a) Finattcial assets. include fee debtots, staff loans and other debtors (b) Financial assels held ai fair valuc includc assets held as invcslmcnts and cash (c) Financial liabilities includc deposits. fecs in adanCe, tradc creditors, and othci creditors 18. LEASES Group and College At 3L August 2021. Ihe College had the folloThin8 commitments under non-cancellable operating leases.. 2021 2020 Operating leases whi¢h expire.. Within onc year Within two to five yea 40,716 42,401 31,300 27,726 19. FUNDS OF THE COLLEGE The Collegc's funds are analysed under the following headings: EIYDOWED FUNDS The Clay endowment fund represents investments gifted to the College to be held as capital. b) RESTRicfED FUNDS Development Fund This reprLserkts donations received for a spccific purpose, namcly the LvntinuatioTr of the Teltcnhall College Capital Dcvclopment Plan. These funds have been used for iheir intcndcd purpose and the costs ivcre capilalised as LLnrestricied fimds. Accordingly. thc balance on this fund has now been transferred to unrestricted funds. 39
Tettenhall College {In¢orporated} (A company limited by guarantee) Note5 forming part of the fjnatteial statements for the yer ended 31 August 2021 19. FUNDS OF THE COLLEGE (CONTINUED} Aston legacy A niimber of paintings atid books were left lo the College in November 2017 by forn?er pupil, Mr Aston. The estimated value of these is £20.000 and they are held as fixed assets. Other restricted funds The other funds repiesent donalions received for specific purposes which have becn uscd as intetided. UNRESTIUCTED FUNDS £1,000,000 of funds were designaled to be used towards tUre building projects. All of this has been spent on capital and revenue costs related to capital (hese projects as at 31 August 2021. The remaining unrcstricted funds represent accumulated income from the College's aclivities and other resources that are avail&ble for the gencral purposes of thc College. 20. ANALYSIS OF NET ASSETS BETIVEEN FUNDS At 31 August 2021 Endowed Restricted Unrestricted Total Tangible fixed a&5ets Investments Net Cutrenl liabilities Long terni liabilities 20,000 7,270,959 (5,000) (943,742) (2,821,536) 3,500,681 7,290,959 134,691 (926,402) (2,821,536) 3,677,612 139,591 11.640 5,7(M) 151,231 25,700 Ai 31 August2020 Eiidowed ReJricied Unreslrithed Total TangiblL'fixed tLssets Seciiritie.s Envestnients Net ¢z(trent liabilities Long lerm liabililEes 20.000 0.583,405 6,003,405 118,014 (1,036, 977) (956,913) 4, 727.529 118.014 11.040 1.200 (1.049.817) (950,913) 4.570.675 129,654 21.200 40
Tettenhall College (Incorporated) (A Company limited by guarantee) Notes forming part of the financial statements for the year ended 31 August 2021 21. SUMLKARY OF MOVEfvIENTS ON MAJOR FUNDS At 31 August 2021 At I Incoming Resources Gainsl Sept resources expended (Losses) Funds transfer At31 August 2021 2020 Unrestricted funds Gcneral rcscrvc Designalcd fund- Building projects 4J36J25 4.747,419 {5,583,063) 3,500,681 240J50 240J5D) 4,576,675 4,747,419 (5,823,413) 3,500,681 Restricted fund$ Aston paintings OT Bursarial Fiind OT Towers Restorntion Project OT Boarders Fund OT Scholars Progranune Capital projects 20,000 50 1,150 20,000 50 2,650 1,500 1,500 1,500 1,5110 1,500 21,200 4,500 25,700 Endowed - Pernianent Clay endowment 129.654 129,654 21,577 21,577 151231 151,231 Total Funds 4,727,529 4,751,919 {5,823,413) 21,577 3,677,612 At 31 Aiigiis¢ 2020 Ai J Ihconiing Resoupces Gaiii Sept resources ended (Losses) 2019 Fuiids Ironsfer At31 Augusl 2020 Unrestrictedfiind5 General reserve Designoledfiind- Capilalprojects 4.831.954 4.984.050 (5.479,685) 240.350 5.072.304 4,984.056 (5,479,685) 4.336,325 240,350 4,576,675 Reslrictedfiinds A.st¢)IT PalPItEiigs Foi'esi School Eco cluh Archery Gttp'dL'IEfurnilure OTBiirsarial Fund OT Towers Reslorntion Pmjecl 20.000 20.000 1.000 300 300 3.878 50 1. 150 6.678 (1.000) (300) (300) (3.878) 50 J, J50 2J,2(JO 20,000 (5,478) Eiidowed- PernioneAI Clay endo¥vmeAt 133.979 (4,325) 129, 054 133.979 (4,325) 129.654 Totul Funds 5.226.283 4. 990, 7J4 (5,485. 163) (4,325) 4.727,529 41
Tettenhall College (Incorporated) (A compan}, limited b). guarantee) Notes forming part of the financial statements for the )'ear ended 31 August 2021 22. PENSION SCHEMES Reiiiement benefils lo employees of ihc College are provEded through onc defined benefit slheme and on¢ defmed contribution scheme, which are funded by the College's and employees, coj)tribuiions. Defined benefit schemes The Collegc participat in the Teachers, Pcnsion Scheme ("th¢ TPS") for its teaching staff. The pension ¢hargc for the year includes contributions payable to the TPS of £357,587 (2020.. £357,388) and at the year-end £41.939 (2020- £42.053) was outstanding in respect of contributions to this scheme. The TPS is an unfunded multi£mploy¢r d¢fined benefits pension scheme governcd by The Tea¢hers' Pensions R¢ilationS 2010 (as amended) and The Teachers. Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis ivith contrtbulions from members and thc employer being credited to the Exchequer. Retirement and othcr pension ben¢fits arc paid by public funds providcd by Parliament. The employer contribution rate 15 Set by the Secretary of State following scheme valuations undertaken by the Govcrnment Actuary's Department. The mosl recent actuarial valuation of the TPS was prepar¢d as at 31 March 2016 and the Valuation Report. which 'aS published in March 2021. confirn]ed that the employer contribution iatc for the TPS would incrcase from I6.4/0 to 23.60/• from I Scptember 2021. Employcrs are also requi1 to pay a s¢heme adTninistrdtion le of 0.080/0 giifing a total employer contribution ratc of 23.680/0. Thc 31 Mah 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme rcgulations and undcr the approach specified in the Directions, as they applied at 5 March 2021. Howevcr, the assumptions were eonsider¢d and sel by the Department for Education prior to the ruling in the 'McClou(YSargeant case.. This case has Tequitcd the courts to consider cases regarding the implementation of the 2015 ref0rn15 to Public Service Pensions including the Teachers. Pensions. On 27 June 2021 the Supreme Court denied the govemmeni permission to appeal the Court of Appeal's judgment that transitional provisions introduced to the reforwncd pension schemes in 2015 gave rise to unlawful age discriTnination. The govcrnmcnt is respecting the Court'5 decision and has said it ivill engage fully with the Employii)enl Tribunal as well as employer and member represenlalivcs to agree how the discriminations will I remedied. The TPS is subjecl to a cosl cap Tnechanism which wa5 Put in place to prolcct taxpayers against unfore5e¢n changcs in schcme c(L%15. Thc Chief Secretary lo thc Treasury, having in 2020 announced that thcrc iyould bc a rcvieiv of this Cobt cap mechaiiism, in January 2021 announ¢cd a pausc to thc cost cap m¢chanism following the Court of Appcal's ruling in ihe Mccloudlsargeanl case and until there is certainty about the valuc of pensions to employees from April 2015 onwards. In view of the alK>ve rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario. a valuation prepared in accordance ivitli revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valiiation. Until & Temedy to the discrimination conclusion has iKcn detennined by the Employment Tribunal il is not possible to conclude on any financial impact or future changes lo the contribution rates of the TPS. Accordirigly, no provision for any additional past benefit pension costs 15 includ¢d in Ihesc finaiicial statements. 42
Tettenhall College (Incorporated) (A compan). limited bv guarantee) Notes forming part of the finanrial statements for the year ended 31 Augus12021 22. PETrISIOIY SCHEMES (CONTINUED) Defined contributloll scheme The Tettenhall College Group Personal Pension Plan 5tartd in August 2008. This is a money purchase group pet50nal penslon schcmc rnanag by Acgon. Basic contributions arc 3Q/• for the employee and 3Q/o for the employcr. The employer's contributions ar¢ chargcd in thc Statement of Financial Activities in the pcriod in which the salarics to which they relate are due. Th¢ CTnployer's conlributions in thc year amounted to £58,952 {2020: £64,411). At 31 August 2021 thcrc were £1 1.232 unpaid pcnsion contributions for this scheme (2020.. £10.104)- 23. MEMBERS, FUNDS The Colleg¢ is a company limited by guarantee and does uot have a share capital. The liability of ea¢h member is limited to an undenakinE lo contribute to Ehe assets of the College such amount as may be rcquired not exceeding £10 in the event of the College being wound up. Thc Memorandum provides that no amount may be distribuied io members and that, on a winding up, any sutplus assets .qhall be given to an instittTtion with similar objects. AccordRngly, there aic no equity interests in thc funds of the Collcge. 24. RELATED PIIRTY TRANSAcrioNs Related party Iransactions also include donations of £ l 00,000 {2020= £110,000). Mrs. V McAllister, who is the wife of the Headmaster, Ivas conttactcd io provide services during ihe year and received £6,435 in respect ol- these services piovided to the College. Mrs. McAllister was employed by the Collegc on I. Janiiary 2021. 25. POST BALANCE SHEET EVENTS The College is in the process of pursuing a Business Interniption Insurance claini re¥ardiiig the loss of income duc to the Covid pand¢mic. The insurdn¢e company have accepied liability and the ¢laim valiie is Cutrently £1,057.0(Y) which has been agrccd by the loss adjust¢r. 43
Tettenhall College (lttcorporated) (A company limited b). guarantee) Notes forming part of the finaneial Statements for the )'egr ended 31 August 2021 25. STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVE FIGURES BY FUND TYPE Year ended 31 AMKus12020 Unre5tricied Restncled Endowed Funds totul Income and endo)vmentsfrom.' Chfiritable oclivities Schoolfees receivable Ancillaiy trndEng iiicome Otlier frod4ng attivities Non-anci1112ry Irading income Investments Ivtment incopne Bank other inleresl VoliiAlary Sources Gruntj and donation coronavin Job Retenlion 4.502,890 98,498 4,502.890 98.498 59,706 59. 706 1,057 1,057 138. 130 6,078 144,808 183. 775 J83,775 Total inconiing resources 4.984.056 6.678 4,990. 734 Expenditiire on.. Clitsrilable activilies Ediicalioii Other Irading rtctiviiies Trading octiviiies 5.393. 715 5.478 5,399.193 85.970 85,970 Tollll expertditsire 5.479.685 5.478 5.485, 163