REGISTERED COMPANY NUMBER: 02598202 (England and Wales)
REGISTERED CHARITY NUMBER: 1007707
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2023
for
Hopelands Preparatory School
Hopelands Preparatory School
Contents of the Financial Statements
for the Year Ended 31 August 2023
|
Page |
Report of the Trustees |
1 to 7 |
Independent Examiner's Report |
8 to 9 |
Statement of Financial Activities |
10 |
Balance Sheet |
11 to 12 |
Cash Flow Statement |
13 |
Notes to the Cash Flow Statement |
14 |
Notes to the Financial Statements |
15 to 23 |
Hopelands Preparatory School
Report of the Trustees
for the Year Ended 31 August 2023
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31August2023.The trustees
haveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Page 1
Hopelands Preparatory School
Report of the Trustees
for the Year Ended 31 August 2023
OBJECTIVES AND ACTIVITIES
Objectives and aims
Charitable Objects
The Objectsof the Charityare set out in the Memorandumof Associationand are "to promoteand provide
fortheadvancementofeducation(includingsocialandphysicaltraining)andinconnectiontherewith to
conductcarryonacquireanddevelopintheUnitedKingdomanyschoolorschoolsfortheeducation of
childrenofeithersexorsexes."WithintheseObjects,theCharityholdsrestrictedandunrestricted funds
forspecialpurposesinconnectionwiththedevelopmentoftheschools'facilities,forbursariesand other
educational purposes.
Public Benefit Aims and Intended Impact
Withinthese Objectsthe Charity'spublic benefitaim is to providea first classindependenteducation, both
throughstrongacademictuitionandthroughdevelopingwidersporting,artisticandsocialskillsinall its
pupilswhoare betweenthe age of 3 and 11.This is intendedto providean environmentwhereeach pupil
candevelopandfulfilhisorherpotentialthustohelpbuildself-confidenceandinspireadesire to
contributetothewidercommunity.Inthefurtheranceoftheseaims,theGovernors,asthe charity
trustees,havecompliedwiththedutyinS.4oftheCharitiesAct2006tohavedueregardtothe Charity
Commissionhas publishedgeneraland relevantsubsectorguidanceconcerningthe operationof the Public
Benefit requirement under that Act.
Objectives for the year
In theAutumn2022,theSchoolDevelopmentPlanwaspresentedtoTrusteesbytheSenior Management
Team.Trusteeswereconsideringtheprogressoftheplanfromthepreviousyearwhilstagreeing new
wholeschoolobjectivesfor2022-23.Asupportingfinancialstrategytounderpintheprogressof the
Development Plan was embedded in the review.
Withinthis, Trusteescarefullyconsideredseveralfactorswhich continueto affectthe educationsector and
theeconomyasawholeatpresent.Thesectorcontinuestofundmajorchangestoitspayand pension
provisionwitha 44%increasein employers'Teachers'PensionscontributionssinceApril2019whichis set
toincreasefurtherinApril2023byanadditional5%toatotalof28.68%employers'contribution. In
September2020teachersinthestatesectorwereawardedasignificantpayincreaseofbetween2.75% -
5%.ThecostofthesechangestoHopelandsandotherindependentschoolsnationallyisvery significant.
HopelandsSchooldid not followsuit with the nationalpay awardsin September2020but increasedpay by
3%inSeptember2021aspartofastaffrecruitmentandretentionstrategy.Paywasonceagain kept
unchangedinSept2022.Withinflationarypressuresongoing,anincreaseinpaywasawarded in
September 2023 with the aim to work towards closing the gap with the state sector pay.
Theconsumerpriceindex(CPI),during2022rosetoover10%.Aftertheenergypricecaprosein October
2021consumerpricesforgas and electricityroseby 17.1%and 8.7%respectively.The 12-months inflation
ratesforgasandelectricityhavebeenattheirhighestlevelsinceearly2009.Thecurrent inflation
developmentsposesignificantcostpressuresonbusinessesandschoolssuchasHopelandsacross the
country.
At thetimeofthereportandbasedona numberoffinancialmodelsandforecasts,Trusteeshavetaken a
seriesofstepstoaddresstheinflationarydevelopmentsmighthaveoverthenext12-18monthson the
school's financial position. These are:
-Costcuttingmeasuresincludingareviewofthecontinuationoftheteachers'pensionprovision with
consideration given to a potential phasing out of the scheme
- A review of the school's fees structure for 2023/24
Page 2
Hopelands Preparatory School
Report of the Trustees
for the Year Ended 31 August 2023
-Deferredpaymentandmonthlypaymentschemesavailabletostrugglingparentstoensurethe largest
possible roll number is maintained
- Increasedsocialmediapresenceand a reviewof the marketingand communicationsstrategyto work on
a recruitment pipeline
- Use of reserves over next 12-18 months to counteract financial impact of rising inflation
As a resultoftheabovemeasurestheschoolhasadequateresourcestocontinuein operational existence
forthe foreseeablefutureand thereare no materialuncertaintiesaboutthe school'sabilityto continue as
agoingconcern,thustheycontinuetoadoptthegoingconcernbasisofaccountinginpreparing the
financial statements.
Over the course of the following 12-18 months, the Governors are determined to focus on:
1. Achieve academic excellence for all pupils including those with SEN
2. Pupil recruitment and retention
3.Ensuringschoolinfrastructuresupportsdeliveryofoutstandingeducation(structureoftheschool day,
building & classrooms, ICT & digital educational strategy, MIS & Office software)
Theschoolhasdevelopeda reputationandsuccessinstudentsprogressingtolocalgrammarschools at
thesametimehelpingandsupportingstudentsintoboththeIndependentandstatesectorschools. We
havea proudreputationin ensuringourstudentsprogressto therightschoolforthem.To achieve this,
we will:
1.Continuetoinvestinprofessionaldevelopmentensuringthatallstaffareequippedwiththe skills
neededto meetthe statedaimsand objectives.To adopta financialstrategywhichwill enable investment
into staff training and development opportunities.
2.FromSeptember2022extendtheschooldayfrom3.30to3.45andintroduceadaily individualised
learningprogramme(IL).Thisisbasedonsupport,extensionandenrichmentandisproviding further
opportunities for pupils to excel academically and in their personal development.
3.Tomaintainahighteacher-to-pupilratio,tailoringourcurricularandextra-curricularservices as
appropriate in each case to suit individual needs.
4. Continue to see strong investment in the curriculum - particularly in ICT
5.Tocontinuewithourfinancialstrategywhichwillenablefundstobebothinvestedfromrevenue and
held in reserve for reinvestment into the school.
Goals and future objectives
TheBoardrecognisethatthegoalssetoutAutumn2022arebothshort,andmedium-termgoals. Future
objectives will therefore be to build and develop on these goals with the addition of the following:
-
To build links between parents and Trustees further
-
To continue to provide a warm, caring and stimulating environment
-
To continue to achieve a high selective secondary school entry rate
-
To continue to improve data analysis to drive performance
-
To continue to focus on enhancing the school curriculum through a restructure of the school day
-
To continue to provide individualised learning based upon successful differentiated teaching
Bursaries
Page 3
Hopelands Preparatory School
Report of the Trustees
for the Year Ended 31 August 2023
Familieswhoareinneedoffinancialassistanceareinvitedtoundergoameanstestwhichwill determine
thelevelofassistanceavailabletothem.Inassessingmeans,theschooltakesanumberoffactors into
considerationincludingfamilyincome,investmentsandsavingsandfamilycircumstances,for example,
dependantrelativesandthenumberofsiblings.Theschoolhastobemindfulandensurea balance
betweenfee-payingparents,manyofwhommakeconsiderablepersonalsacrificestofundtheir child's
education, and those benefiting from the awards.
Thisyear,thevalueofmeanstestedbursariesanddiscountstotalled£19,332(£28,487in 2022)
representing3.4%(4.4%in2022)oftuitionfees.Sixpupilsbenefitedfromfinancialmeans tested
assistanceovertheyearwiththeresultthat10%ofpupilsattheschoolbenefitedfromthe school's
bursary scheme.
The Trusteesview bursaryawards as importantin helping to ensure childrenfrom two incomefamilies who
wouldotherwisenotbeabletoaffordthefeescanaccesstheeducationweoffer.Bursariesare available
solelyon the basis of parentalmeansor to relievehardshipwherea pupil'seducationand future prospects
would otherwise be at risk.
Informationaboutfeeassistanceismadeavailabletoallcurrentandprospectiveparentsthrough the
school prospectus, website and local media.
Family discounts
To underlinethe valuewe placeon continuityfor families,a 5% reductionin fees is offeredto parents who
have three or more children at the school.
Social and cultural welfare
Childrenfromallbackgroundsarewelcome.Theschoolisnon-selective,andchildrenarenotrequired to
undergoan entranceexaminationwhen joiningthe schoolalthoughthe Head may carryout an assessment
to determinea pupil's educationalneeds.We are an equal opportunityorganisationand are committed to
aworkingenvironmentthatisfreefromanyformofdiscriminationonthegroundsofcolour, race,
ethnicity,religion,sex,sexualorientation,or disability.We willmakereasonableadjustmentsto meet the
needsof staff,pupilsand visitorswho are or becomedisabled.The schoolhas a disabilityand accessibility
plan which aims to make the school more accessible to the disabled.
Ourschoolis committedtosafeguardingandpromotingthewelfareofourpupils;allstaffand volunteers
sharethis commitment.RecentISI inspectionspraisedthe provisionmadefor pastoralcare.Our pupils feel
happy and confident and leave the school well-grounded and prepared for secondary schooling.
Page 4
Hopelands Preparatory School
Report of the Trustees
for the Year Ended 31 August 2023
OBJECTIVES AND ACTIVITIES ACHIEVEMENTS AND PERFORMANCE Activities and Achievements
AcademicsuccessinahighlynurturingenvironmenthasalwaysbeenapillarofHopelands,andthis year,
our pupils have once again proven their dedication to their learning.
Maths,Scienceand Englishareareasin whichwe excelbut thisis notat the expenseof humanities, sport,
music and drama. Below are the year's extra-curricular highlights:
- Drama productions, all children performed on stage at least twice this year
- Every child in Year 3 to Year 6 represented the school team at least 10 times in sport this year
-Thesportsteamshaveplayednofewerthan55sportingfixturesthisyearagainstschoolsthat have
selective teams
-SportinghighlightsincludetheU11'A'netballteamdrawingwithBerkhamstead'A',winning against
Wycliffeandlosingbyonly1 goaltoSt Edward's'A'.SuccesseswererecordedagainstHatheropin hockey
and cricket and against Rendcomb in hockey and netball.
- We representedHopelandsin 4 inter schoolcrosscountryraces and at the Princeof Wales Athletics finals
winning 4 bronze, 1 silver and 2 gold athletics medals with one child winning the set.
-InSeptember43childrenwereenrolledintheDukeAwardsProgramme,over50%had already
completed it by the end of the academic year, despite there being no time limit for completion.
- Regular heads' tea parties were held which every child has had a chance to attend.
-ForthesecondyearrunningYear6wontheCeliaHargravesSmallSchool'sShieldfortheir impressive
court room performance.
- All children in Years 4-6 had an experience of Learning with the Lords in the Autumn Term.
- Our school choir sang for the Stonehouse pensioners and for Teckles at the Christmas Community Fayre.
- All children in Years 4-5 learnt to play the recorder.
- All children in Year 3 learnt to play the ukelele.
- A display of the high standardof music was given at the summerterm musicalshowcaseconcert,when 28
children performed their musical instruments and one pupil sang a solo.
Performance through the year
Hopelandscontinuedtomaintaintightfinancialcontrol,howevera dip in pupilnumbersreturneda deficit
of £113,078(surplusof £13,084in 2022).Pupil numbershoweverincreasedrapidlythroughoutthe year by
28%followingtheintroductionofanewtimetableandtheopeningofaschoolnursery.Atthetime of
writing the report this trend is continuing.
Theschoolaccountedforbaddebtsof£0(zero)intheyear(£0in2022).Since2015whenbaddebts had
been incurred the school has revised its fee collection policy.
ThecostofCharitableactivitiesstoodat£757,420(£722,760in2022).Thisreflectsthechangein pupil
numbersand our continuedtightfinancialcontrolthatensuresour feesare keptto a levelthatis required
for the effective running of the school.
Totalbankloansatyearendstoodat£403,199(£432,304in2022).Thisloanisassociatedwiththe new
Schoolhallin2007andacquisitionoftheneighbouringpropertyinApril2012andconversiontoa single
building.The Schoolcontinuesto benefit from these investmentdecisions.The bank loans are secured over
thecharity'sproperties.TheSchoolalsosecuredthegovernmentbackedCoronavirusbouncebackloan of
£50k. This provides further financial security during the ongoing pandemic.
Page 5
Hopelands Preparatory School
for the Year Ended 31 August 2023
Report of the Trustees
OBJECTIVES AND ACTIVITIES
Pupil Numbers and Fees
Pupil numbersincreasedrapidlythroughoutthe schoolyear followingthe appointmentof a new leadership
teamalongwithanewapproachtomarketingtheschool.Theschoolisundergoingaprogramme of
changewhichhasnotedanongoingpositiveeffectonnumbers.Wehavebeenseeingthebenefitsof the
newapproachwithnumbersincreasingsignificantlyinlinewithourhistoricalperformance.The school's
onlinesocialmediapresenceandgeneralincreasedmarketingactivitiesandtheintroductionof themed
openmorningswerebeingincreasedtocontinuetobuildonapipelineofrecruitmentwiththeaim to
increasetherollassoonaspossible.Thishasmeantthatatthetimeofwritingthisreport numbers
continue to increase beyond previous years' levels for September 2024.
Parentsjoiningtheschoolareaskedtopayadepositonaccountof£300perpupiltobecredited against
the pupil's last term's fees.
TheschoolfeeschedulewascarefullyconsideredbyTrusteesandrestructuredinSeptember2022 in
recognitionofthechallengesteacherrecruitmentandpayposestothedeliveryofthecurriculum. The
schooliscommittedtoprovidingaworklifebalanceforitsstaffwhichincludesfairandcompetitive pay
structures.Thefeesstructuresupportstheschool'sdevelopmentplanandincreasedoverheads. In
September 2022 the school fees were structured to the following per term:
Pre-Preparatory (Nursery) 3 to 4 Years Full Time £2,825
Pre-Preparatory (Reception) 4 to 5 Years Full Time £2,670
Pre-Preparatory (Years 1) 5 to 7 Years Full Time £2,670
Pre-Preparatory (Year 2) 5 to 7 Years Full Time £2,966
Preparatory (Years 3 and 4) 7 to 9 Years Full Time £3,440
Preparatory (Year 5 and 6) 9 to 11 Years Full Time £3,522
STRUCTURE, GOVERNANCE AND MANAGEMENT
All trusteesgiveof theirtimefreelyand no remunerationor expenseswerepaid in the year.No Governor
orpersonconnectedwithaGovernorreceivedanybenefitfromeithermeanstestedbursaries or
scholarships awarded to our pupils.
ThetrusteesmetasaGoverningBodyseventimesduringtheyear,toincludebutnotlimitedto; budget
approval, policy review, the school development plan and finance review.
Governing Document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimited company,
limited by guarantee, as defined by the Companies Act 1985.
Risk management
Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandto ensure
appropriatecontrolsarein placetoprovidereasonableassuranceagainstfraudanderror.The Governors
monitorreservelevelsbyensuringcontrolsexistoverkeyfinancialsystems,andbyexamining the
operationalandbusinessrisksfacedbythecharity,theyhaveestablishedeffectivesystemsto mitigate
those risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02598202 (England and Wales)
Page 6
Hopelands Preparatory School
Report of the Trustees
for the Year Ended 31 August 2023
Registered Charity number
1007707
Registered office
38-40 Regent Street
Stonehouse
Gloucestershire
GL10 2AD
Trustees
Mr R D James Chair of Governors
Mrs T L Benson BA (Hons) CIMA
M JR Lawry
Mr R J Biggs Teacher
Mrs L Forsyth HR Business Partner
Company Secretary
S Jones
Independent Examiner
Mark Powell
Moore
Chartered Accountants
30 Gay Street
Bath
BA1 2PA
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.................................................................
Mr R D James - Trustee
Page 7
Independent Examiner's Report to the Trustees of
Hopelands Preparatory School
Independent examiner's report to the trustees of Hopelands Preparatory School ('the Company')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 August 2023.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsiblefor the preparationof the accountsin accordancewith the requirementsof the Companies Act
2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobe auditedunderPart16 of
the2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').In carrying
outmyexaminationI havefollowedtheDirectionsgivenbytheCharityCommissionunderSection 145(5)
(b) of the 2011 Act.
Page 8
Independent Examiner's Report to the Trustees of
Hopelands Preparatory School
Independent examiner's statement
Sinceyourcharity'sgrossincomeexceeded£250,000yourexaminermustbe a memberofa listedbody. I
canconfirmthatIamqualifiedtoundertaketheexaminationbecauseIamamemberoftheInstitute of
Chartered Accountants of Scotland, which is one of the listed bodies.
I have completedmy examination.I confirmthat no mattershave come to my attentionin connection with
the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
Mark Powell
Moore
Chartered Accountants
30 Gay Street
Bath
BA1 2PA
Date: .............................................
Page 9
Hopelands Preparatory School
Statement of Financial Activities
for the Year Ended 31 August 2023
Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
7,956
Charitable activities
4
Direct Activities
636,131
Investment income
3
255
Total
644,342
EXPENDITURE ON
Charitable activities
5
Direct Activities
754,270
Governance Costs
3,150
Total
757,420
NET INCOME/(EXPENDITURE)
(113,078)
RECONCILIATION OF FUNDS
Total funds brought forward
908,509
TOTAL FUNDS CARRIED FORWARD
795,431 |
Restricted
fund
£
-
-
-
-
-
-
-
-
-
- |
31.8.23
Total
funds
£
7,956
636,131
255
644,342
754,270
3,150
757,420
(113,078)
908,509
795,431 |
31.8.22
Total
funds
£
3,737
732,101
6 |
|
|
|
735,844 |
|
|
|
719,760
3,000 |
|
|
|
722,760 |
|
|
|
13,084
895,425 |
|
|
|
908,509 |
The notes form part of these financial statements
Page 10
Hopelands Preparatory School
Balance Sheet
31 August 2023
Notes
FIXED ASSETS
Tangible assets
10
CURRENT ASSETS
Stocks
11
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one
year
14
NET ASSETS
FUNDS
17
Unrestricted funds:
General fund
TOTAL FUNDS |
Unrestricted
funds
£
1,081,514
50
13,188
150,358
163,596
(49,641)
113,955
1,195,469
(400,038)
795,431 |
Restricted
fund
£
-
-
-
-
-
-
-
-
-
- |
31.8.23
Total
funds
£
1,081,514
50
13,188
150,358
163,596
(49,641)
113,955
1,195,469
(400,038)
795,431
795,431
795,431 |
31.8.22
Total
funds
£
1,095,672
50
38,333
236,174
274,557
(59,833)
214,724
1,310,396
(401,887)
908,509
908,509
908,509 |
|
|
|
|
|
The charitablecompanyis entitledto exemptionfromauditunderSection477of the CompaniesAct 2006
for the year ended 31 August 2023.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
continued...
Page 11
Hopelands Preparatory School
Balance Sheet - continued
31 August 2023
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
Mr R D James - Trustee
The notes form part of these financial statements
Page 12
Hopelands Preparatory School
Cash Flow Statement
for the Year Ended 31 August 2023
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period |
31.8.23
£
(22,734)
(21,386)
(44,120)
(12,846)
255
(12,591)
(29,105)
(29,105)
(85,816)
236,174
150,358 |
31.8.22
£
42,257
(10,505)
31,752
(10,169)
6
(10,163)
(34,652)
(34,652)
(13,063)
249,237
236,174 |
|
|
|
The notes form part of these financial statements
Page 13
Hopelands Preparatory School
Notes to the Cash Flow Statement
for the Year Ended 31 August 2023
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.8.23
£
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
(113,078)
Adjustments for:
Depreciation charges
27,004
Interest received
(255)
Interest paid
21,386
Decrease/(increase) in debtors
25,145
Increase/(decrease) in creditors
17,064
Net cash (used in)/provided by operations
(22,734) |
31.8.22
£
13,084
26,851
(6)
10,505
(7,912)
(265)
42,257 |
|
|
2. ANALYSIS OF CHANGES IN NET DEBT
Net cash
Cash at bank
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total |
At 1.9.22
Cash flow
At 31.8.23
£
£
£
236,174
(85,816)
150,358
236,174
(85,816)
150,358
(47,148)
22,187
(24,961)
(385,156)
6,918
(378,238)
(432,304)
29,105
(403,199)
(196,130)
(56,711)
(252,841) |
|
|
The notes form part of these financial statements
Page 14
Hopelands Preparatory School
Notes to the Financial Statements
for the Year Ended 31 August 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1 January2019)',FinancialReportingStandard102'The FinancialReporting Standard
applicablein theUK andRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
have been prepared under the historical cost convention.
Going concern
Thetrusteesassesswhethertheuseofgoingconcernisappropriatei.e.whetherthereare any
materialuncertaintiesrelatedtoeventsorconditionsthatmaycastsignificantdoubtonthe ability
of the company to continue as a going concern.
Thetrusteesmakethisassessmentinrespectofaperiodofatleastoneyearfromthedate of
authorisationforissueofthefinancialstatementsandhaveconcludedthatas a resultofthe above
measurestheschoolhasadequateresourcestocontinueinoperationalexistencefor the
foreseeablefuture and there are no materialuncertaintiesabout the school'sabilityto continueas a
goingconcern,thustheycontinuetoadoptthegoingconcernbasisofaccountinginpreparing the
financial statements.
Income
Allincomeis recognisedin theStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthe charityto that expenditure,it is probablethat a transferof economicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Freehold property- Straight line over 50 years
Computer equipment- 25% on reducing balance
All fixed assets are initially recorded at cost.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowances for
obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
continued...
Page 15
Hopelands Preparatory School
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestrictedfundscanbe usedin accordancewiththecharitableobjectivesat thediscretionof the
trustees.
Restrictedfunds can only be used for particularrestrictedpurposeswithin the objectsof the charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
Furtherexplanationofthenatureandpurposeofeachfundis includedin thenotestothe financial
statements.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayable to
the charitablecompany'spensionschemeare chargedto the Statementof FinancialActivitiesin the
period to which they relate.
2. DONATIONS AND LEGACIES
Donations
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Other incoming resources
Direct Activities
Fees
Direct Activities |
31.8.23
£
7,956
31.8.23
£
255
31.8.23
£
64,613
571,518
636,131 |
31.8.22
£
3,737
31.8.22
£
6
31.8.22
£
83,427
648,674 |
|
|
732,101 |
continued...
Page 16
Hopelands Preparatory School
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
5. CHARITABLE ACTIVITIES COSTS
CHARITABLE ACTIVITIES COSTS |
|
|
|
Direct Activities
Governance Costs |
Direct
Costs
£
620,288
-
620,288 |
Support
costs (see
note 6)
£
133,982
3,150
137,132 |
Totals
£
754,270
3,150 |
|
|
|
757,420 |
6.SUPPORT COSTS
Management
£
Direct Activities
15,578
Governance Costs
-
15,578 |
Finance
£
21,882
-
21,882 |
Governance
Other
costs
£
£
92,369
4,153
-
3,150
92,369
7,303 |
Totals
£
133,982
3,150 |
|
|
|
137,132 |
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
31.8.23 |
31.8.22 |
|
£ |
£ |
Depreciation - owned assets |
27,004 |
26,851 |
Independent examination fee |
3,000 |
3,000 |
8. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2023nor for
the year ended 31 August 2022.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31August2023norfortheyear ended
31 August 2022.
continued...
Page 17
Hopelands Preparatory School
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
9. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs |
31.8.23
£
442,573
24,766
77,319
544,658 |
31.8.22
£
428,960
24,083
80,638 |
|
|
533,681 |
The average monthly number of employees during the year was as follows:
Management
Teachers
Other |
31.8.23
2
13
15
30 |
31.8.22
2
12
11
25 |
|
|
|
No employees received emoluments in excess of £60,000.
10. TANGIBLE FIXED ASSETS
COST
At 1 September 2022
Additions
Disposals
At 31 August 2023
DEPRECIATION
At 1 September 2022
Charge for year
Eliminated on disposal
At 31 August 2023
NET BOOK VALUE
At 31 August 2023
At 31 August 2022 |
Freehold
property
£
1,256,706
5,816
-
1,262,522
180,281
20,434
-
200,715
1,061,807
1,076,425 |
Computer
equipment
£
122,866
7,030
(1,128)
128,768
103,619
6,570
(1,128)
109,061
19,707
19,247 |
Totals
£
1,379,572
12,846
(1,128 |
|
|
|
1,391,290 |
|
|
|
283,900
27,004
(1,128 |
|
|
|
309,776 |
|
|
|
1,081,514 |
|
|
|
1,095,672 |
On12December2013certainlandandbuildingswerevaluedexternallyat£1,185,000asat 31
August2013byJamesPullin(MRICS)ofBrutonKnowlesusingtheDepreciatedReplacement Cost
basis.Thisvaluationwasusedto revaluethe landand buildingsin the accountsand on transition to
FRS 102 has been used as deemed cost.
continued...
Page 18
Hopelands Preparatory School
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
11.
STOCKS
Stocks
12.
DEBTORS
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Trade debtors
Aggregate amounts
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 15)
Trade creditors
Other creditors
Accruals and deferred income |
31.8.23
£
50
31.8.23
£
6,592
6,596
13,188
-
13,188
31.8.23
£
24,961
7,707
4,200
12,773
49,641 |
31.8.22
£
50
31.8.22
£
21,025
6,904 |
|
|
27,929 |
|
|
10,404 |
|
|
38,333 |
|
|
31.8.22
£
47,148
3,439
2,929
6,317 |
|
|
59,833 |
continued...
Page 19
Hopelands Preparatory School
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 15)
Other creditors
15.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
16.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as
Within one year
Between one and five years |
31.8.23
£
378,238
21,800
400,038
31.8.23
£
24,961
90,008
288,230
follows:
31.8.23
£
2,462
-
2,462 |
31.8.22
£
385,156
16,731 |
31.8.22
£
385,156
16,731 |
|
|
401,887 |
|
|
|
31.8.22
£
47,148 |
|
|
|
158,892 |
|
|
|
226,264
31.8.22
£
2,462
2,462
4,924 |
|
|
|
|
4,924 |
continued...
Page 20
Hopelands Preparatory School
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
17. MOVEMENT IN FUNDS
At 1.9.22
£
Unrestricted funds
General fund
908,509
TOTAL FUNDS
908,509
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
644,342
TOTAL FUNDS
644,342
Comparatives for movement in funds
At 1.9.21
£
Unrestricted funds
General fund
895,425
TOTAL FUNDS
895,425
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
735,844
TOTAL FUNDS
735,844 |
Net
movement
At
in funds
31.8.23
£
£
(113,078)
795,431
(113,078)
795,431
Resources
Movement
expended
in funds
£
£
(757,420)
(113,078)
(757,420)
(113,078)
Net
movement
At
in funds
31.8.22
£
£
13,084
908,509
13,084
908,509
Resources
Movement
expended
in funds
£
£
(722,760)
13,084
(722,760)
13,084 |
|
|
continued...
Page 21
Hopelands Preparatory School
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
18. EMPLOYEE BENEFIT OBLIGATIONS
Teachers' Pension Scheme
TheschoolparticipatesintheTeachers'PensionScheme("theTPS")foritsteachingstaff. The
pensionchargeforthe yearincludesemployer'scontributionspayableto the TPSof £75,735 (2022:
£79,336).
TheTeachers'PensionScheme(TPS)is a statutory,contributory,definedbenefitscheme, governed
bytheTeachers'PensionSchemeRegulations2014.Membershipisautomaticforteachers in
academies. All teachers have the option to opt-out of the TPS following enrolment.
The TPSis an unfundedschemeto whichboththe memberand employermakescontributions,as a
percentageofsalary-thesecontributionsarecreditedtotheExchequer.Retirementand other
pension benefits are paid by public funds provided by Parliament.
Valuation of the Teachers' Pension Scheme
TheGovernmentActuary,usingnormalactuarialprinciples,conductsaformalactuarialreview of
theTPSinaccordancewiththePublicServicePensionsValuationsandEmployerCost Cap)
Directions2014 publishedby HM Treasuryevery 4 years.The aim of the reviewis to specifythe level
of futurecontributions.Actuarialschemevaluationsare dependenton assumptionsaboutthe value
offuturecosts,designofbenefitsandmanyotherfactors.Thelatestactuarialvaluationofthe TPS
wascarriedoutasat31March2016.ThevaluationreportwaspublishedbytheDepartment for
Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:
-employercontributionratessetat23.68%ofpensionablepay(includinga0.08% administration
levy)
-totalschemeliabilities(pensionscurrentlyinpaymentandtheestimatedcostoffuture benefits)
forservicetotheeffectivedateof£218,100millionandnotionalassets(estimated future
contributionstogetherwiththenotionalinvestmentsheldatthevaluationdate)of £196,100
million, giving a notional past service deficit of £22,000 million
-theSCAPErate,setbyHMT,isusedtodeterminethenotionalinvestmentreturn.The current
SCAPErateis 2.4%abovethe rateof CPI.assumedrealrateof returnis 2.4%in excessof prices and
2%inexcessofearnings.Therateofrealearningsgrowthisassumedtobe2.2%.The assumed
nominal rate of return including earnings growth is 4.45%.
The next valuation result is due to be implemented from 1 April 2023.
continued...
Page 22
Hopelands Preparatory School
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
19. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2023.
Page 23