``` 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 ```