Tettenhall College (Incorporated) (A company limited by guarantee) Annual Report and Financial Statements For the Year Ended 31 August 2022 Regtstcred Number 141727 Ch2riry Number i28617 Tettenhall College A LEADING DAY & 80AROING SCHOOL FOR BOYS AND GIRLS. AGED 2 - 18 TErrENHALL COLLEGE (INCORPORATED) (A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) Statement of Financial Actii'ities for the ye2r ended 31 August 2022 Contents Page: Governors. O￿lcerS and advisers Anniial Report of the Governors Strdtegjic Report Statement of Accounting and Rewrting Responsibilities 18 Independent Auditor's ReFOrt 22 Stateinent of financial activities 23 Balance Sheet 25 Cash floiv Statement 26 Notes to the financial statements Tettenhall College (Incorporated) (A comp4in)' lijnited b). guarantee) Covernors, otrieers and adi'isers Governors, Directors Charity Trustee5 The Governors of Tettenhall College (the College") are the Colleoe's charity trustees under ¢harity laiy ai)d the directors of the Charitable compan).. The members of the Governing Bod). who served in oifice as Governors during the year and subsequentl). are detailed below. Mr J F Woolridge. CBE, DL, Bsc (Hons) (Chaiman) 408 Mrs J Parker, (Vice Chairman) MBE, JP. MCSP È06 Mrs C L mmond, BA Mr S Maddox A.B. Eng ACIOB- Mrs S J Isbisler Mr A Wynne LLB {Hons) #6 Prof S Chung JP FCIOB MRICS FCABE PPKtBis+ Mr M Cat]re)' BA (Hons) ACA- Mr T J Beech MA (Appointed 24 Ma), 2022) Mr5 R Sidhu LLB {Hons) (Appointed 03 November 2022) Rev Preb Dr G Wynne, D.Lill.. M.Th., Bsc (Soc). BD, AKC, Dip Soc Admin #+0@ (Resigned 31 December 2021) Member of Finance Committee Member of Platkning & E￿ateS CotnTnittee Mctnber of EdLicalioii Cotnmittee Metnber of Marketing Comtniltee The Execlilive Committee sits as required and is constituted ofGovemors appropriate to the task. The Governors are elected at a full Councfftl of Goi'ernors meeting. Tlie Council of Governors consists of a ma%imLim of six notninrt for approi'al b). tlie Coiincil, and t other litnes a5 nc¢¢ssaTr'. Thc Chairn1ic n of the Finaiicc Conimittee is Mr M Caffre).. Other priiicipal coinmittees ar¢ the Plani)iii&F and Estaies Committee. chaired b). Mr S Maddo¥ tlie Educatioi) Comniittee: cliaired b). Mrs J Parker aiid the Marketing Comniittee chaired b). Mr A WN'ni)e. Other commillee members are listed on wage 2. Eacli ot. these commitlees meets once a terni before meetii)os of tl?e Council. Sub-¢ommitiee ii)eetii)gJs are l)eld for Sc2fegiiclrdino and for Health lind Safeh.. Minutes of these meetings are diqlribijled to all GoK'emors are re]x)rted upon at full Council meelÉngs. Tettenhall College (Incorporale(l) (A ¢ompan)' limited b). guarantee) Annual Report of the Governors for the )'ear ended 31 August 2022 The da), to daj. running of the Colleoe is delegated to the Headmaster, supported by hts Senior Leadership Team, of hich the Biirsar is a tnember. Together this group arc the ke). tnanagement personnel. The 14eadmaster and th¢ Bursar attend mc¢lings of the above committees; The Head of the Preparatory Schi)ol, Deputy, Heads and other members of staff attend cotntnittee meetings as requi￿d. Remuneration È5 S¢t b). thc Board. ii.itli the ￿lIe}. objectii'e of providing appropriate incentives to encourage enhanced perfom)ance and of reii'arding fairl). and responsibl). indiN'idLial contributions to the College's success. The appropriateness and rcle¥'ancc ol the remuiierdlion polic), is revieii.ed annuall).. iiicluding7 refereiice to comp. the Finance Committee. as is ini'estment perfonnance. AIMS, O￿E￿rIVF.s AND ACTIVITIF.S Charitable Objects The Coll¢by¢'s Objects, in accordance ivith its Metnorandum of Association. are the advancemei)t of education, iiicluding the provision of boarding an(Vor da}. schooling for childr￿] of both sexes. Tl)e College maintclil)S Linetidoii'¢d trust fiinds and restricted funds of modest proportions lield for special piirposes in Loni)eLtioii ii'itli ihe development of the College's facilities as ii'ell as for scholarships: biirsaries, prizes and otlier educational piirposes. Mi55ion and Vision and Values I"he coriierstoiie of our communitj. is our vision 10 be Ihe SLIILX)l of choic¢ for oulslai)ding p¢rsoiialiscd ¢duialion, inspiring evet). piipil to excel academi¢all)' and bei'ond. Our mission is io niillure our piipi55 io achici'i. Ihcir full poteiiti?c l and discoN'er their uiiiqiie talents in an educaiional setting ii,her¢ the). i%"ill thriN'¢ and be liapp),. Our exceptional stafYmotiN'ale pupils lo embrace challenge, gii.ing ihem the besi prepardlion for life and persoi)al Sliccess. Our corL valiies incliide.. AmbitlOD Tlie Collelie strives r(Ir e.x¢ellenc¢ in ci'er). aspcLI of ils iiork and has high aspir&iions for tl)e pupils. Resilience is encoiirag¢d b), cmbtaLing misi&ikes s Icarning opportiinities. Tellenhall College {Ineorporated) (A compan). l&mited b>. guaranlee) Annual Report of the Goi'ernors for tbe)'earended 31 August 2022 Opportunity The College fosters self-belief and providcs academic challenge. personaliscd 5UPlXTrrt and a breadth of learning opportuiiities. Creativity The College has the freedom to adapt its education to find the most ¢￿￿tIVe iyay to meet the pupils, needs. The College recognises thai nLlrturing creaiivity is vttal in today's ii'orld. Community The College has a safe and secure faEnily environment throughout our SchiK>l. li l(K>ks to promote shared values and respe¢t for each other. The College eqiially iNant pupils to l(K)k outs￿1rd5, act rcspon5ibl)' and become valued global citizens. Character The College cultivates emotional intelligence, Ivell-being and self-re5pe¢t and encourages support for each other. The college leads by exampl¢ lo protttol¢ health), and balanced lilcst)"Ics. Intended impaet Within ils charitable Objects, the College's intention is to provide a r￿st-ClasS educatioi) through strong academic tuition and by developing broader skills that enable ei'er). piipil to realise his or her potential to the fiill. I'his iiivoIN'es eInphasis on the co-LurriLulum throug•h cerebral, sportii)g. artistic, team buildinbi aiid social skills. This objective biiilds self-confidence and life skills in our Plipils aiid inciilcates a desire to leani and a ii.illingness to LolliribLlte to the il'ider coinmunit). Ivhilst at Schwl and in later life. Aims In meeting the Objects, the Coun¢il of Governors, publi¢ benefii aim is lo provide a first-class indepeiident education, both chroii¥h sirong aLademiL luition. and ihroiigli deieloping iiider sportiiib, artistic and social skills in all our piipils from the a¥es of 2 10 18. This 15 inl¢nded to proi.ide an en￿1r0￿ment i%.hcre each pupil can de%'elop and fulfil his or her pol¢ntial. in ordcr to hclp build 5clf-confid¢nL¢ and inculcalc a lif¢longT dcsirc to Loi)Iribiilc lo Ihe ii'ider ¢omiiiiinity'. In the further1£ nce of tliese aims the College'5 Goi'ernors, as the chariti. Triistees. l)ave complied 1% ith tli¢ diity" in 5.4 of the Charities Act 201 I to hai'c diic regard io the Charil). Coiiiinis510ti's piiblislied gieneral and relevant SLIIFsector guidance conceminu the operation of the Public Benefit requirenient under the Aut. Tettenhall College (IncorpoTated) (A company limited b). guaTAntee} Annual Report of the Governors for Ibe )'ear ended 31 August 2022 Obje¢liYes for the Year The atm of the Gov¢moT5, Fleadtnaster and Senior Leadership Team il'as to build on the solid foundations laid over the past feiv years and fociis on recruitment and reiention of both Ixthing and da). pupils so as to return lo pre- Covid piipil nlimbers as quickl). as possible. The Governors and Headmaster are delerniined to make Tettenhall College tl)e school of choice in the area by continuing to focus on its strengths. The refurbishmeiit of the Bo)'s' Boardiiig House lias provided a nioden) and comfortable living and sle¢pin¥i spaLe for all boarders and the aim is to recruit boarding pupils to achieve near full OCCLipancy. Within this ive aim io recruit younger boarders and encourdge a diverse rdnge of boarder's nationalities. Addilionml objectives ivere to.. Maintain the school's high Icv¢l of academic perforniance and S￿rts achievement. C.ontinLl¢ to provide PLiblic acces5 through ￿holarshIpS and means tested bursaries- Continue To deN'clop mutiiall! 5UPIX)rtive link-s i￿"1th other schools in our l(Kaliti' and en¢ourage further comiiiuiiilj, aicess io our faLilities both inside and outside of nornial school hours- Continue to build on thc Ics50ns learned regarding remote learning during the Covid-19 outbreak and improve Olir provision fiirther to ¢n5lEre iyc arc read). cqli1p￿d in case of future OLltbreaks' To continiie lo implement a proactive tnarketing campaign to rdise the School's profile Ix)tli locally and overseas, in order io see a signifilanl incre<1se in both da). pupils and boclrders. Look to neiv overseas mark.ets and short stay provision for knarding- Continii¢ to progr¢s5 thc placctnent of the TOl￿erS Building iiito a separdte charitable trust Progress ivas made on most of these diiring the year a5 detailed beloii." but as they are all long tenn Aims they coiilinue to be part of Ihe objectives for ihe future as set out ott page 15. S¢rategies to achiei'e the primarj. objectii'es Oiir strategy aims to achieve the highest academic perfomJan¢¢ by providitEg a stitnulaling leaniing envirotunei)t iii Ivhich all piipils can develop tlieir potential to Ihe full. During ihe j'ear ihe ihallcnges faced b). the Covid pandeillic resiilied in lessons aoain moi'iiig to remote learnÉng diiring ihe Spring term. Despite this, there il.as a coiitiniied di'ii'e to Iiiaintclin acaden)ic perfi)rmance ihrou&li thc online Icssons: nioniloring ofii ork and feedback to PLipiIs. CiiltlV', respect for each other and good citizenship. We had delemiined to ii.iden public access to our sN'stem of sehiM)ling as much as possible ii'iihin the coi)strainls of our fiinding as an iiidependent eduLation proi'ider. ￿'It￿lft this Strat¢g)' ii'c coiitinue lo host ai) activity-based siiiiiiiier sch(M)l aiid to ii'ork ii'iili loLal communiry cliarilies and other IoL'al schools to iiiake Inore effectii'e iise of the College's fa¢ililies oiitsidc school hoiirs. Oiir stralcg!. also cncourages piipils. iiivoli'eiiiei)t iii exli'a-ciin'ictjlar actil'ities i¥'ith a foL115 on ilie proN'ision ol public beiiefit at all lei.els of societs,. Tettenhall College (Incorporaied) (A conipan). limited bv guarantee) Annual Report of the Governors for the )'ear ended 31 August 2022 Wherever possible, IN'e try to keep in touch ivith our alumni as they progress through life ai homc and overseas, both as Old Tettenhalli'ear ivere loii'er than iii prei'ious J'ears dlie to the Covid I'cslri¢tions, hoii¢i'¢r, it is anlicipat¢d thal post Covid th¢ boardingT numbers ii'ill incre£ise. Tlie iinprovemciit in the Boarding House facilities has provided (he Comfortable living and sleeping space for all boarders ivl)icl) is noiv more attra¢lii'e for potential siudents. We have started to make positive progress in neil, overseas markets througli ¢uliivalion of longT_Standin&y r¢laiion5hips ii'ith ihe Director of Admissions. This has proved to bc cfte¢livc especially in Central and l.atin America as iTrell as Nigeria. Principal Aclivily Tell¢nhall Coll¢gye is a successful co-eduLational, independent day and boardllig scliool for pupils aged 2 to 18 years Ihklt atiracls PLipils from ihe UK and from oi'erseas. For the period of this report, tl)e College cotnprised The p￿paratOry, School, catcring for childrcn bcNI"een ihe ages of 2 and I l )'ears and Senior Sch(M)I catcring for ages I I to 18 years. Public Benefjt Ti)e governors liave COEllplied i￿.1t11 their dill). to have due rcgard to Ilic giiidan¢e on public benefit published b). the Cl)arity Commission. Tettenhall Colleg?e reiiiains commilted (o the aim of proi'iding. publiL benefit iii accordaiice vitli its folinding principles. Chilrity lail" has introdLiced a requireTnent to demonstrate that piiblic benefit for charitable purposes i¥"here it has liitlierto been presumed in the absence of evidencc to thc conlrary,. I'his calls in tuin for more detailed dis¢losures concernino our aims. Tl)e aii'ardinb of bursaries for tli¢ need￿. is a measurnble means ol prol'idiiig public beiicfit. Tli¢ CounLil of Governors, takes th¢ vie1￿. thai bursaries aii'arded lo those i%'ho ii.ould not otheni'ise be able to afford ilie fees are iinportaiil, biit not io Ihc cxclusion of Ili¢ muLh ii'ider benefit that the College prol'ides ii'itliin tlie coiiiiniiiiity. Thosc PLipils iiho aiiend our School and iiho receii'e financial svpwrt contribute to tlie School comtnunil), iii a 'ariety of i¥a)'s: and so the kiiclit is ttot pur¢l)' lo these pupils but lo the i%'hole College aiid. iii soine cases, to the IN'ider Lotnmunity.. Tliis J'ear. tlle V ive provide is AliTr'a)'s 'fit for purrM)se' in the context of pres¢nt-da)' s(Kiel}'. We also bcnchmark public opinion on the standing of our school in relation to the ivider cducation systein, with a vieiv to fine-tiining the Pliblic benefit li'¢ can provide in keeping iviih ihe perceived needs of society at large. Volunteers The Governors are immensel}. uateful for the manifold i'olunlmr). activilies undertaken b!. the Parents. Association in order to help ii'ith the Sihool fundraising and cultiiral aclii'ities dliring the }'ear. The Goi"ernors ipoiild lik.e to take this opportiinity to sa). hoii" much Ihc). app￿¢141¢ Pa￿nts, Association conlinuiiig aiid valiiable support for Olir 10 TettenhAII College {Incorporated) (A eompan). limited by guarantee) Annual Report of the Governors for the )ear e￿￿ed 31 August 2022 STRATEGIC REPORT MARKETING STRATEGY The School has ivorked hard over the last three years to develop its marketin¥ strategy to promote ihe Sch¢)ol's purpose to educat¢ and d¢vclop confidcnt )'ouiig people %￿h0 are equipped to Icad, inspirc and makc a w)5itivc contribution during) their time at Teiienhall Colle¥e and their lives bej'ond. Olir positioningy statement is that T¢tt¢nhall College is an inclusii'e school li ith traditional values and a gilobal dimension, sitiiated on an oiitstanding historic green field siie i￿.]ih excellent facilities- ii'here tlie education of the .hole child conies first. A range ofda),, full and fleiibl¢ boarding options, and (he most coniJei)ient transport services. to fil ivith famil)., life and iyork. supports this. We are now seeking to achieve a much higher profile as a first-class whool delivering educational excellence and iinprove market penetrdtion in our ke). mark-ets across a iyider geographic area iiitl) a strong i'ision for the fiiture and clear ￿e5￿ging. After recent successes in ivhich numbers have risen our aim is to create a clear marketino strategy to increase iiiarket share in tlie next three )'ears, building numbers, particularl), in boarding, to support a business model to ensiiiy a secure flilure for tlie College. Tlie aim of this ivork is to.. Increase pupil nutnbers over the next three )'edrs and achieve an appropriate balaiice of da). and ix)arding piipils. Iii¢rease boarding numbers b), recruiting pupils from a dii'erse range of ¢ounlries. Creth boarding and day pupils so as to increase piipil iiumbers from pie-Co&'id lev¢15 as quickly a5 wssiblc. The Governors and Headmaster are determined to make Tettenliall College tlie school of choice in ilie area by continiling lo focus Oll Its str¢ngths. The ￿rUrbi5h￿enI of the Boys. and Girls, Boardiiig Houses have pi'ovided a modern and COTnfortable lis'inu and sleepinu space for all boarders and the aim is to recrlllt b01( rding Plipils to In¢￿a$¢ ihc boarding popiilation at tlie School. Within this we aim to recruit younger boarders and encoiirage a diverse rangye of boarder'5 nationalities. In addition. we ivill= Maintain the school's high level of acadeTnic performance and swrts achievement- Conliniie lo provide public access through scholarships and tneans tested bursaries- Continiie to deN'elop mutuall). supportii'e linKs ii'ith other sch(x)Is in our I(￿all￿, aiid encourage further cominLinity' access to our facilities both inside and outside of i)onnal school hours- ContinLie to biiild on the lessons learned regarding remote learning during tlie CO￿.1d-19 outbreak and improve oiir provision fElrtlier to ensiire ii"e are read). eqiiipped in case of fuftire oiitbreaks- To continlie to implement a proactii'e marketino campaion lo rdise tlie Sch(K)I's profile both locall}, aiid overseas, in order to see (1 sigjiiiliLant increase iii both daj. pupils and knarders. Increase the number orbed spaces in Ix)arding accommodalioii to be able lo nieel demand. Improve the facilities at the College, including ihe Sil imming Pool and neii.11' fa¢ililies' Look lo neii overseas tnmrkets and an increase in the IK)arding wpiilation at the College. and ContinLie lo progres5 the reslordtion of the Toii"ers Building and reiiovation of intenial spaces to Ineet incre?£ sinb pupil detnand. 15 Tellenhall College (Incorporated) (A cojnpan). limited b). guarantee) Annual Report of the Governors for the )'ear ended 31 August 2022 STATEMENT OF ACCOUNTING AND RF.PORTING RESPONSIBILITIES The members of the Goi'eming B(Kiy (l￿"hO are also the directors of Tettetthall CollegTe for the purposes of company laii,) are respotksible for preparing the Annual Rew)rt and th¢ financial statements ii'ith applic?( ble laii" and Uiiited Kingdom Generally Accepted Accounling Prdctice (United Kingdom Accounting Standards). Compan). laiv requires the Governing Body to prepare fin￿¢1￿1 statements for each financial year. Utkder that law the Goven)ing Body have elecied to prepare the financial statements in accordance iviih United Kingdom Generally Accepted Accoiinting Practice (United Kingdom Accounting Standards) and applicable law. Company law reqiiires Ihe members of the Governing Bod). to prepare fTnancial slatemenls for ea¢h finan¢ial }'ear. Undcr cotnpany laiv tlie Governing Body members must not approve the finaiicial stateiiieiits Linles5 they are satisfied that Ilie}' gii'e a true and fair viei%' of Ihe stale of atTair5 of the charitable comp8n}' and the groiip aiid of the incoming resolirces and application of resources. includÉnL' the in¢ome and expenditiire, of the cliaritable groiip tor that period. In preparing these financial statements. the Governing B(Kl)' member5 are required to= select the most appropriate accounting tK)licies and then appl), them consi5tently' observe the methods and principles in the Charities SORP. make judgm¢nts and accounting cstimatcs that arc reasonablc and prud¢nt' state ivhether applicable Accolinting Siandards have been folloi%"ed, subject lo aiiy Inaterial departu￿5 disLlosed and explc1ined in the financial statements; and prepare the financial statements on the going concern basis unless il is inappropriate to presutne tliai the charitable compan). ii".ill coi)tiniie in biisiness. ie m¢mbers of the Governing Bod%, are ￿sponSIble for keeping adequate accounling records that are Si)￿]¢1et1I to shoii. and explain tlie charitable compan) s trdnsaclions, disclose ii.ith reasonable acciirac). at ali), tiine tl)e finaiicial position of ih¢ charitable company and ellable iheTn to ensure that the financial statemcnts comply ivith the Companies ALt 2006 and lh¢ proyisions of the chaiil! 5 ¢onstitUlion. The). are also reswii%ible for 5afegJuardii)LF the assets of the charitS' Ilnd the group and hence for tak.ing reasonable steps for the prevenlion and detection of fraud and other irregularities. Relevant Audit Inforniation Insofar as eilch of ihe Directors, as Enembers of the Goi'erning Bodj., at the date of approi'"al of this report is aii.arc tli¢r¢ is 110 rclcvaiit aiidit iiifoniiation (information nccded b)" th¢ Conipan) 5 auditor iii coi)i)¢Ltion iN"itli pirpJring the aiidil report) of li hich the Colnpan)" s audiior is unfti%"are_ Each member of ihe CJl)I'erning Bod}, has t1( ken all tlie steps th guaranlee) Consolidated statement orrinanei21 artii'i¢ies for the >'ear ended 31 August 2022 Ullrestricted Re51ri¢ted Funds EMdowed 2022 2021 Total No￿S Funds Funds Total Ineome endowments from: Charitable activities School fees receivable Aneillary trading incom¢ Other irading acti￿lI￿e$ Non-ancillary trading income Voluntary sources GTants and donations Other iDeorne Coronavin]5 Job Reteniion Schem¢ Proceeds from business interruption claim 5J71,784 173,736 SJ71,784 173,736 4,424,552 141,633 143,121 143,121 15,510 125.030 4,139 129,169 130,089 40,135 25 l.Oi8,547 I,OS8,547 Total iD¢oming resources Expendtture on.. Ch8rit&ble xetivities 6￿72318 4.139 6.876J57 4,751,919 Educaiion 6.262.457 4.139 6.266.596 5,730,486 Other trading 3ctivities Tiading activities Ttstdl expenditure Net (outgoing) funds from operations belore transfers #nd inl'estment g#i¥LS 138,4?8 6.400I85 138,428 6,405,024 92,927 5,823,413 4.139 471J33 471,333 11,071.494) Gainl{loss) inveslments 12 (3.414) (3,5551 21,577 Net movement in funds for the year 471J33 {3,>Si) 467,778 11,049,917) Fllnd balances brought fonvard at I September 20?1 3.500.681 25,700 151231 3,677,612 4,727,529 Fund balances Carried forn#rd 8131st Augusl 2022 3,972,014 2).700 147.676 4,14>,390 3,677,612 The consolid£lted statement of financial Ilctii'ities incorporates ihe Income and Expendiliire aciount. The notes on pages 26 to 42 form part of these financial 5tatement& 22 Tettenhall College Oncorporateql) (A company limited by guarantee) BalAn¢e sheet as at 31 August 2022 (Compllny number 141727) Nole Group 2022 Group 2021 College 2022 College 2021 Fixed assets Tangible ass¢ts Izjvestments 7.065,097 126,036 7.191.133 7,290.959 134,591 7,425,550 7,065,097 126,136 7,191233 7,290,959 134,691 7.425,650 12 Current assets Sio¢k Debtors Cash and deposits 90,282 402,149 lJ61J74 1053,805 84,335 450,345 505.099 .039.779 1,870 $72,251 1,223,790 1.797,911 1.870 549,310 444,815 995.995 13 Current liabilitios Creditors pa}'able ivithin one year 14 (2218.420) (4,787,717) {2,162,626) {4,744.033) Net ¢UTrenl liabilities (364,61S) (3,747.938) (364,715) (3,748,038) Total assets less current liabilities 6,826,518 3,677,612 6.826.518 3,677,612 Long-term liabilities Creditors payabl¢ after one year 15 {2,681.128) (2,681,128) Net a$5et5 4,14iJ90 3,677,612 4,14i,390 3,677,612 Represented by: Eudois.￿l funds 21 147,676 151.231 147,676 151,231 Restricted funds 21 25,700 25,700 25,700 Unrestricted funds 21 3,972,014 3.500,681 3.972,014 3,500,681 4,145J90 3.677,612 4,145J90 3,677,612 Tettenliall College (Incorporatcd) has takeii tlie eieiiiptioii froin presei)lingi a pareiit Stat¢in¢i)l of FiiianLial ALlii"ities incorw)rating Incoiiie and EXr￿lIditUre Accouiits under seclic)1) 408 (if (lie Companies Aci 2006. The SLirplLlS for the )'eilr deali ii.ith in ihe ftnan¢ial SEatemenls of thc cliaritablc compani- il'as £471,333 (2021.. deficit of £1,071,494). 23 Tettenhall College (Incoryorated) {A company limited b). 2uarnntee} Bxlxnce Sheet as at 31 August 2022 (CompAn)' number 141727) These financial statements ivere approved b!. the Governing Bod). on 28. Ap.¢. 1 2023 and i¥'ere signed beh£llf b).. idge (Chaimian of the Governing Body) The notes on pages 26 to 42 Cortn part of these financial statements 24 Tettenhall College (Incorporated) (A conipani. limited b). 2uaranlee) Consolidated cash Ilom. statement Cor the Tr'eir ended 31 August 2022 2022 2021 Net cash outflow from operations Net cash provided bj. l (used in) oper<1ting a¢tivilies ,081,071 (872,663) CAsh flows from ini'esling actii'ities: Pa}'nients for tangible fixed assets Proceeds from sales of tangible fixed a55ets Proceeds on sale of inveslmcnls Ini'estment income and bank interest received Net cash used in investing aetivities (29,577) (926,820) 5,(N)O 5,000 124 577) (921,820) Cash floivs from fjnancing activities: Loaii r¢pa)'mei)ts Neiv Loan Finance cosÈs paid Net cash useil in finane&ng *¢tii'ilies (119,626) {1.135,236) 3,000,000 (59,049) (8059J) (21)OJ19) 1,805,715 Change in cash and cash equivalents in the reporting period 856.275 11,232 Cash and deposits ai 31 August 2021 505,099 493,867 Cash and deposits at 3 E August 2022 lJ61J74 505,099 Reconciliation of net income to net Cash floii" from operating actii'ities N¢1 incoming resoiirces 471J33 Elitnination of nOn-oper￿lIing cash floii's= Ini'estnient income and bank interest Fin£ln¢¢ ¢osts tkpr¢ciation charge Decrease/(increase} in stock (Increaseyde¢￿4sC in debiors Increase/(decr¢ase) in crcditors {1,071,494) 80593 255,439 (5.947) 48.196 231,4)7 59.049 2)9,887 4,050 (1?9,918) 5,763 609.738 198,831 Net ca5b infloiTr from operations 1,081,071 (872:663} The notes pages 26 to 42 form part of these finxncill statements. 25 Tetlenhall College (Incorporated) (A compan). limited b) guarantee) Notes forming part of the financial statements for the )'e2r ended 31 August 2022 LEGAL STATUS OF CHARITY The College is a compan). limitcd by guarantee (regislered number= 141727) Ivhich 15 r¢gist¢r¢d in England and Wales. It registered as a charit), on 6ih September 1966 and its ¢hariti' registration number is 528617. The regisler¢d office and principal place of business is Wood Road, Tettenhall, Wolverhampton, WV6 8QX. The principal activit), of Tettenhall College is a successful co-edu￿110nal, indep¢ndent da). and boarding school for pupils aged 2 to 18. ACCOUNTING POLICIES The financial slalements have been prepared in accordance ivith Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charilics preparing their acLounts in accordance I￿lIh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS I O?) {effective l JanLiary' 2015) - (Charities SORP (FRS I O?)), the Financial Rcporting Standard applicabl¢ in th¢ UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The College meets the definition of a public benefit enliti, under FRS 102. Assets and liabilities are initi8lly rccogni5cd at historical cost or transaction value iiiiless otheni'ise stated in tlle releN'ai)t accounting policy. 2.1 Going concern As part of thc as5e5sment made to determine if going concern is the correct basis for ihe financial statements, the governors hak'e assessed the budgets and forecasts for the nexl 5 }'ears. The Governors have revieii'ed the funding facilities available to the College and continued support from the College's b￿lnK logJeiher iN'ith the expected ongoing demand for places and the College'5 future projected cash floi¥s. Tlae Goi'ernors therefore have a reasonable ¢Npe¢iation that the Coll¢g¢ has adequatc r¢sourccs to continue ils activities for the foreseeable future and ac¢ordinglJ th¢y also Continue lo adopt the bFoing con¢em basis in prcparing thc financial statements. 2.2 Basis of consolidatio The Lonsolidated financial statements incliide the financial statements of the College aiid its Slibsidiary Lindertaking made up lo 31 August 2022. The tesults of the subsidiarics, as shoii"n in nolc 12 ar¢ consolidated on a line-b}'_line basis ii'ithin the consolidated Stsiemenl of Financial Activities {"SOFA"). In the Collcge's financial statements, investjnents in subsidiary. undertakings are stated at cost less provision for pernianeni diminution. 26 TettenhJll College {Incorporated (A compan). limited b). guarantee) Notes forming P4irt ofthe financial st#tements for ihe l'ear ended 31 August 2022 2. ACCOUNTING POLICIF.S (continued) 2.3 Critical accounting judgements #nd key sources of estimation uncertainty Preparation of the financial statenients requires Goi'ernors io make significant judftements and estimates. The items in the financial slai¢ments ii.hcre these judgements and cstiiiiates havc bccn made iiicludcd- DoLibtfi]I debt provision.. Fees r¢¢¢ivable are evaluatcd arkd a specific provision is applied to each accoLint based on management's jLidgenient and experience. 2.4 Fee5 and similar earned ittcome Fecs r¢ceii'able and charges for services and use of tl)e preiiiises, less any alloiiai)Les, scliolarsliips, burkiries granted b), Ihe College against thosc fees, but including contributions rcceii'ed frotll restricted fund5. are accoLinted for in the period in ii'hich the service is proi.'ided. 2.5 1ni'estmeDt income Ini'cstment income frotn diN'idends, bank balances and fixed interest securities ts accounted for on an acLruals basis. Income from ini'estment properties is accounted for in the periixl to ivhich the rental iiicome relates. Rental income (includitkg incentives receii'ed or paid) for operating leases on investment property are recognised in profit or loss on a siraighi line basis over ihe lease terni. 2.6 Donations, legacie5* grants and other Tr'oluntar) incoming resources Vollintary ineoming resourc¢s ar¢ account￿ for as and }￿hen cntitlctncnt arises. the aiiiouiit can be reliably quantified and the economic benefit to the College is Considered probable. Voliintari, income for the College's genernl purposes is accounted for as unreslricted and is credited io tlie General Reserve. Ivliere tlie donor or an appeal has im]M)sed trust laii. resirictions, voluntar). incoine is crtidited to the relevaiit restricted fiind aiid incoming endoiiinents are accounted for as pemiai)eiit trust capital or expendable tru51 capilal: according to iihether tlie donor intends retenlion is to be perinaneiil or not. Gifts in kind are i'aliied al estimated open market volue at ihe date of gif( irb the case of assets for releiition or consumption. 2.7 Expenditure F.xpciiditLire is accrued Ils soon as a liabilit). is considered probable. disLoiinted t() present ￿.4]Ve for Inn¥¢r- teimi liabilities. EN￿.[1dlIllre attribulable to tnore tlian one cost Lategory. in tlie SOFA is apportioi)ed to theii) oil the basis of the estimaied amount attributablc lo cach actii"ity' in thc )'¢ar. either b). rctcrci)cc lo staff tiine or tl)e Lise made of the iinderli'ing assets, as appropriate. Irrecoverable V AT is incliided ii'iih Il)e ilein of ¢XFKndiliire to ii.hich it relates. Gok'ernance eosis compris¢ th¢ costs olcompl)'ing iyiili conslitutional ￿]d slatutor). requireniei)ts. 27 Tettenhall College (In¢orpoTated) {A conipan}' limited b). guarantee) Notes forming parl ofthe financial statemenls for the )'ear ended 31 Augusi 2022 ACCOUNTING POLICIES (continued) 2.8 Tangible filed assets Expenditure on the acquisition. construciion or enhancement of land and building5 Costing more than £ 1,000 tooether iN'ith ￿'ehiCl¢S, furniture, machinery., ICT infrastructure and other equipment costing more than £1,000 are capilalised and carried in lh¢ balance sheet at historical cost. Other expenditiire oil eqiiipinent incurred in the normal day-fo-da}' running of the College is charged to the Statetnent of Financial A¢tivilies a5 incurred. 2.9 Depreciation Dcpreciaiion is provided to ii.rite off the cosl of all rel¢vont tangible fixed 2sset5 Icss cslimatcd rcsidual value based on current market prices, in equal annual instalments oi'er their expected useful economic lives as folloivs: Freehold land and biiildings Fixed Asset improvements Fiimitiire and fittings VehiLles and eqiiipment 100 )'¢ars Strai￿7t line l O to 25 years straight line 10 }'ears straiglit liiie 5-8 years Siraighi line 2.10 Investments Lisl¢d cstments are vallied at markel value as at the balance shed dalc. Uttrealised gains and losses I rising 011 the revaliialion of investmeiits are credited or charged to tlie Stalement of Financial AcliN'ilies and are allocated to th¢ appropriatc Fund accord&ng to the.01￿llershIp, ofthe Under]￿]ng> ass¢ls. 2.1 I Stoek Stock repr¢s¢nls goods for resale and 15 valiied at the loii'er of cost and net realisable valu¢. 2.12 Fun(1 accounting Tlie Lharitable funds of the College are accounted for as uiirestricted or restricl¢d income, or as endoitrment Cclpltal, in accordance is.ith the temis of trust iTnposed b). the donors or any appeal to iyliich they ma}, hiive respond￿. Endoiiment funds are further sU￿1vided into pennanenl and expendable. Unrestricted income belongs to ihe CollegJe's Corpora￿ reserves, spendable at the diseretion of Il)e Gov¢rnors cithcr to fLlrther the College s Objects or to benefil th¢ Collcgic itsclf. Where tlie Goveriio decide lo sei aside an) part of these funds to be used in future for soine specific PLIIVOSC, tl)is is accc)Llllted for b). transfer to ihe appropriate designatcd fund. Restricted incomc COTnprises gifts, legacies and grdnts ii'here the￿ is no capital rctcntion oblig?alioii or p()i%ei' biit onl). a Iriisl laii. resiriilion 10 SOtETre specific piirw)se iiiteiided b)" the donor. Permthnent endoii.ment arises ii-here a donor intends ihe gift lo be retained permanentl). for iise bj. tl)e Ci)Ileb7e vr for its finanLial benefit (i.e. b). ijii'estiiieiil). 2.13 Pension costs l'ear ended 31 August 2022 22. PENSION SCHEMES Retirement benefits to emplo}'ees of the College are provided through one defined benefit scheme and one defined Contribution scheme. ilhich are funded b). Ihe College's &nd emplos'e¢s' ¢ontribulions. Defined benefi15chemes The College participates in the Teachcr5' Pcnsioti Scheme {"th¢ TPS-") for its teacliing staff. The pension charge for the )'ear includes contributions pa!'&ble io the TPS of £345,256 {2021= £357.587) attd al the year-end £40,703 (2021 £41,939) Ivas outstanding in rcspect of contributions to thi5 schcme. The TPS is an unfiinded multi-emplo)'er defined benefits pension scheme governed by The Teachers. Pensions Rcgiilations 2010 (as amended) and The T¢achers' Pensron Sch¢m¢ R¢gulations 2014 (as amendcd). Mcmbers contribute on a "pa). as you go" basis ii'ith Contributions from members and the emplo)'er being credited to the Exchequ¢r. Retirem¢nl and other pension benefits are paid by public funds provid¢d by Parliatnent. The emplo)'cr contriblltion rate is sei b). the Secretary. of stale folloii'ing sch¢m¢ valuations iindertakei) by the Gov¢rntn¢nt Aclliar) s Depa￿￿ent. The most recent aLluarial i'aluation of the TPS prepared as at 31 MarLh 2016 and the Valliation Report, ii,hi¢h was published in March 2021, confirmed that the emplo)'cr contribution rate for the TPS i%'ould increase from 16.40/0 10 23.6/0 from I Sept¢illb¢r 2021. Etnplovers are also required ￿ pa). a scheme adminisirntion lefv). of 0.080/0 giviiig a total employer contribiition rate of 23.68Q/o. The 31 March 2016 Valiialton Rew)rt il'as prepared in accordance iviih the benefits sel oirt itt the scheme regulatioiis aiid under the approach 5TKcifi¢d in Ihc Directions. as tlic). applied at 5 Marcl) 2021. Hoii'ever, the assumptions ii'ere considered and sei b). the Department for Ediication prior to tl)e niling in the 'McC.loiidlSargeani case, This casc has required tlic coiirts to coiisider cases regarding the implemei)tatioii of the 2015 r¢fom5 to Piiblic Service Pensions including tlie Teacliers Peiisions. On 27 Jun¢ 2019 Ihc SLipr¢tne Court deiiied the goi'ernmeiit perniissioii to appeal tlie Coiirt of Appeal's jiidgmjenl IEtat transitional proi'isions intr(xlLiced to the refomied pension scheines in 2015 gave risc to ynlaivfiil age discrimitkation. The governnient is respecting the Court's decision and has said il ii'ill ¢i)gag¢ ILIII). ii'ith the Emplo)'mei)t Tribunal as ii'ell as emplol'er and meniber represcn1aii￿eS to a¥ree lioiv the discriminations ii'ill be remedied. The goN'emment announced on 4 Febniary, 2021 iha¢ it inlcnds to proceed i'ith a deferred clioice underpin under ii.hich meii)bers i*ill b¢ able lo ¢hoosc cithcr legyacy or rcfoiiiicd schetlle benefits in res￿¢[ of iheir seTvice during ihe period bdiveen l April 2015 and 31 March 2022 at the point the). become pa)'ablc. The TPS is subject lo a cost cap Tncchani5m ii.hich ivas piit in place to prolect taxpayers against iinforeseen Lhanges in s¢h¢tnc costs. The Chief Secretary. lo tlie Treasury, liai'iiio iii 2018 aiiiiounced that tliere ¥Nould be a rei'ieiv of ihis LOSI cap mechanism, in Jiiniiar). ?019 annouiiced a paiise to the coss ¢1£ p meclianism follo1￿.ing tlie Court of Appeal s ruling in the McCloud/Sargeaiit Lase and until tlicre is L¢rtaini)' about tlie 'aliie of pensions to eniplo)'ees from April 2015 onivards. The pause li'as lifted in Jiil}' 2020. and a consLiltation li.as laiinched on 24 June on proposed changes lo the ¢ost ¢onlri)I m¢chaiii5ni folloii.iiig rek ieiv b}, tlie Goi'emmeiit Aiiuar)". Folloii"in¥ a public Lonsuliaiion, the Goiernnieiit liave accepted tl)ree k"e)' proposals recommended b), Ihe Government Acliiar%', and are aiming to implemeiit these cliaiiges in tiii)e for Ilie ?020 Yaluations. 40 Tettenhall College (Incorporated (A compan). liniited b). guarantee) Notes Corming part of the financial 5tatemeDts for ihe )'ear ended 31 August 2022 The 2016 cos1 control valuations haN'e since been completed in January, 2022, and the results indicated that there il'ould be no chatkges to benefits or mcmber contributions reqliiffd. Th¢ results of the cost eap valuation ar¢ nol used to set the emploi'er conlribulion rdie. and HM Treasury. has ¢onfinned that an), changes lo the etnplo)'er contribution rdte resulting from the 2020 valuations will lake eff￿t in April 2024. Until th¢ 2020 valuaiion is completed it is not possible to ￿nClude on any fiiiancial impact or future changes to the ¢onlribuiion rates of the TPS. Accordingly no provision for an}, additional past benefit pension cosls is included in thes¢ Iinancial statements. 22. PENSION SCHEMES (CONTINUED) Defined contribution s¢heJnt The Tett¢nhall College Group Personal Pension Plan started in August 2008. This is a mone￿. purchase groLlP personal peiision scheme managed b}, Aegon. Basie contributions att 3 % for the employee and 30/0 for the employer. The emplo)-er's coi)tribiitions are charged in the Statemeiit of Financial Activities in the period in i*hich the salaries io ivhich thei, relate are due. The emplo}'er's contribiilions in tl)e year amounted to £73,569 (20?].. £58,952)- At 31 August 2022 ther¢ ii'er¢ £10,751 unpaid pension contributions for tliis scheme {20?1: £11.232). 23. MEMBERS, FUNDS The College is a company limiied b). guarantcc and docs not havc a share capital. The liability, of each 11)ember is limited to an undertaking io conlribuie lo ihe assels of Ihe College such amount as may be required not exceeding £ l O Tll the ei'ent of the College being ii"ouiid lip. Tlie MemorandiiTn prO￿.1deS that no atnount Ina). be dislributed to meiiibers and thal: on a ivii)ding up, any surplllq asse15 shall be gii'en lo an institution ii'ith siiiiilar objects. Accordinglj., tliere are no equit). interests in the funds of the College. 24. RELATED PARTY TRANSAcfioNS The Headmaster's il'ife is an emplo)-ee of ihe School. Her app)intmenl il'as made independenil). and her r¢mun¢ration is in line ii.ith the School's pa). polic).. Tile Headrnaster il'as not iiii'oli'ed in Il)e einplo)'n)enl decision-making pro¢ess. The Headwnastcr's il'ife is a mctnber of tlie Ke). Maiiagemenl leaiii. 25. PROCEEDS FROM BUSINESS INTERRuwfioN CLAIfvI The College pursued a Business Intemiptton Insurance claim regarding the loss of income diie lo the Covid P11 ndemic. Thc insiirance conipan). accepted liability. and pa)'nieiit lias receiiied in Ma!, ?0?2. 41 Tettenhall College (Incorporated) (A conipan). limited b). guarantee) Notes forming part orthe finan¢ial statemenls for ihe Tr'ear ended 31 Augllst 2022 26. STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVE FIGURES BY FUND TYPE Year eNded31 Aiigiist 2021 Uiirestricled Reslrieled Eiidowed Fiiiid.v lolal liic'cjiiie ciiirfeFidoMpnientsfroni.' Cliarilnble acliipilies .SrliuolJves i'gc'eiiiible Ancillary Irading income Oilier Irading acliviti£s N{)￿-(li[clllllry Iradiiig income liive.slipienls liivesliiiLJpII income Blink and oiher ipileresi VoliiiitrtrJy.fi)iirees Granls nndclollulicJpi.f Coronai'iriis.Job Relention 4,424.552 141,633 4, 424,552 141,633 J5,510 15,510 125,589 4,iOO J30,089 40,135 40,135 Tvlal iiiconiing resoiirces 4, 747.419 4,iOO 4. 751.919 Eypeiidiliire on." Cliciritdhle iic'liviiieJ Edifcaliun Otlier tradiiig activilies Tv(7ding acti¥*ilies 5. 730.486 5, 730,486 92,927 92,927 Toldl e.lpeiidiliire i.823.413 5,823,4J3 42 Tettenhall College (Incorporated) (A compiln). limited bi. guarantee) Detailed income and expenditure account for the )'ear ended 31 August 2022 The pages that folloii. do not form part of the Statutory rinan¢i*l statements of the Colkge 43 Tettenhall College (Incorporated) (A company limited b). guarantee) Detailed ineome and expenditure account for the School for the )'ear ended 31 August 2022 2022 2021 Page School fees (gross) 6860,739 5,528.432 Scholarship59 grants and alloM'anc¢s (1,488,9i5> (1.103,880) School fees (net) 5J71,784 4,424,552 Other operating income 46 lJ66,145 234.440 6,737,929 4.658,992 Direct eosts Teaching Welfclre Premises Support costs 45 45 45 46 3245.746 914,666 1,083,028 942.563 3,078.191 786,523 9?6,848 879,875 (6.186,003) (5,671,437) Operating {deficit)Isurplu$ for the )'ear 541,926 (1,012,445) Interest reCeI￿.able and similar income Iiiicrest P?( }'able 46 46 (80 593) (59,049) Deficit on ordinar). #etii'ities for the l'ear 471J33 1,071,494 Tettenhall College (IncOrpo￿ted) (A eompany limited b). guarantee) Detailed income and expenditure *eeount for the School for the lear ended 31 August 2022 2022 2021 Teaching Teaching salaries and pension contributions EdLicatiotkal tnaterials Comtnission Squash Academy SLhool trips School stationery Library Speecli day expenses Prizes School run Depreciation & loss on diswsal: Motor vehicles Educalional eqiiipment 2,900,923 78,422 116.188 5045 2,895,856 78,369 3,244 1,755 6,942 3.812 153 1,049 70,474 7,822 SJ48 1.821 77,689 257 16,280 14.4.52 324S,746 3.078,191 Welfare Salaries aTEd iyages Sodexo Provisions Siirgcry Cleaning materials Laiindry. Bedding and linen Caterin8 Costs 304,98.5 522.799 14,488 7,142 34,6q8 9280 4,428 16.886 282,382 432,337 5,783 7,603 31,646 3,606 6,324 16,842 914,666 786,523 Premises Rates and i￿ater Hedting> and lighting Insur<1nce Salaries and i%'abTe5 Repairs and maintenance.. Propert), Fumilure and fillings Melhanical ai)d OLltdoor equipment Depreciatioii &. loss oil dis￿5￿1. Biiildings Fiirnilure and fitting5 81J57 216.812 40,761 202.934 91,523 176.?40 38,831 179,838 252J39 2J47 45,492 140,936 5,755 50.375 179,693 61,293 179,693 63,657 1,083,028 926.848 45 Tettenhall College (Incorporated) (A compally. limited b). guarantee) Detailed income and expenditure account for the School for the )ear ended 31 August 2022 2022 2021 Support Costs Clerical salaries Telephone atkd postage Oflice and stationery IT Publicity Incidentals Bad and doubtful d¢bt proN'ision Bank charges Professional charges Auditors. remiineralion Financlng charges 349241 26228 10,693 69,432 200.619 16?40 174,455 15,616 64529 356,816 36,794 9,004 77,987 146,918 27.208 128,127 20,535 53,186 15,410 7,890 7260 942,i63 879,875 Other operating income School riin Surplus on pupils, insurance and reehargeables SLliool trips Lettings and rent receii'ed Squash AcadeTlly Summercamp Oihcr inLoJne Doiilc tions Coronal'irus Job Relentiork Scheme 29,74) 393 30,286 127 29,246 1.845 1,755 450 4,370 23,736 736 132,167 40,135 27,830 ,0*8,547 211,467 lJ66,145 234.440 Interest reeei%'able and similar income Bank deposit and fixed terni interest Interest pai'able Mortgi&Je loans 80,593 -$9,049 46