REGISTERED COMPANY NUMBER.. 02598202 (England and Wales) REGISTERED CHARITY NUMBER: ort of the Trust888 and Unaudited Flnancial Stateme ort 202 for Ho eland
Ho elands Pro arato Sch Contents ofthe Fin ncial Sta nts for the Year Ended 31 Au ust 2024 Page Report of the Trusteès Independent Exarniner's Report statement of Financial ActivlUes Balance Sheet Cash Flaw Statement Notes to tho Cash Flow Statement Notes to the Flnan¢lal Statements 10 to 15
el nds Pre ara School ort of the Tru$tèes for the Year Ended 31 Au ust 2024 The trustees who are also directors of the charity for the purposes of the Companiès Act 2006, present their report with the financial slalements of the charity for the yeai ended 31 August 2024. The Iruslees have adopted the provlslons of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). Page 1
I dsPre arato ort of the Trustees forthe Year Ended 31 Au ust 202 OBJECTIVES AND ACTIVITIES Objectives and aims Charitsble ObJp¢ts The Objects of the Charity are set out in the Memorandum of Association and are "to promote and provide for the advan¢ement of education (including social and physical training) and in connection therewith to conduct carry on acquire and develop in the United Kingdom any School or sGhools for the education of children of either sex or sexes. Within these Qbjecls. the Charity holds restricted and unrestricltsd funds for special purposes in connedion with the development of the schools, facilities, for bursaries and other educational purposes. Publlc Benefit Aims and Intended Impact Within these Objects the Charity's public benefit aim is to provide a first class independent education. both through strong a¢8demiG luilion and through developing wider 5PQrting. artistic and social skills in all ils pupils who are belween the age of 3 and 11. This is intended to provide an envirollment where each pupil can develop and fulfil his or her potential thus lo help build self-confidence and inspire a desire lo contribute lo the wider community. In the furtherance of these aims. the Governors, as the chaiity trustees, have complied with the duly in S,4 of the Charities Act 2006 10 ave due regard lo the Charity Commission has published general and relevant subsector guidance con¢eming the operation of the Public Benefit requirement under that Act. Objectives for the year Hopelands has always taken great pride in its ropulation and continued success in students progressing lo local grammar schools at the same lime helping and supporting students into bolh the Independent and state sector schools. Therefore our continued focus will be lo.. 1. Achieve aGademlc excellence for all pupils including those with SEN We continue to invest in professional development ensuring that all staff are equipped with the 5ki115 needed lo meet the stated aims and objectives. In addition, we Continue lo rllainlain a high teacher-lo-pupll ratio, tailoring our curricular and extra-curricular services as appropriate in eath caso to suit Indlvldual needs. 2. Pupil recruitment and retention In Ihe Auttjmn 2023, the school's lop priority was the recruitment and retention of pupils inlo the school. In January 2023, the school opened a nursery, whith resulted in a mu¢h-improved outlook for the school, following a difficult 2022. 3. Ensuring school infrastruclLJre supports delivery of oulslanding education (slruclure of the school day, building classrooms. ICT & digi181 educational strategy, MIS & Office software)- In September 2022 the s¢hoDI day was extended from 3.30 to 3.45 and a daily individualised leaming programme IIL) was Introduced. This was based on support, extension ané enrichment and providing further opportunlties for pLJpils lo excel academically and in their personal development. Goals and future objectives The 808rd recognise that the goals set out Autumn 2023 aTe both short, and mediutn-term goals. Future objectives will therefore be to build and develop on these goals with the addition of the following". To continue lo provide a warm, caring and slimulatSng environment to enable a nurturing and highly personallsed education To continue lo achieve a high first-choice secondary School entry rate To conllnue to improve internal data analysis lo ensure effectiveness of all inleNentions, and effecllve self-evaluation lo drive performance and inform decisions To continue to focus on enhanclng the school currlculum so pupils have access to a.range of additional, valuable educational experiences To continue lo piovide individuglised learning based upon successful differentiated teaching, which is sufficiently challenging for higher attainer5 8ursarigs Families who are in need of financl81 assistance are Snviled to undergo a means test which will delermlne the level of as51slan¢e available lo them. In assessing me8ns, the school lakes a number of factors into consideration including family income, Investments and savings and family circumstances, for example, dependant relatives and the number of siblings. Social and cultural welfare Children from all backgrounds are welcome. The school is non-selective, and children are not required lo undergo an entrance examination when joining the school although the Head may carry out an assessment to determine a pupll's educational needs to ensure they can fully benefit from the educational provision at Hopelands. We are an equal opportunity organisalion and are committed lo a Working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion. sex, sexual orienl81ion, or disability. We will make reasonable adjustments lo meet the needs of staff. pupils and visitors who are or become disabled. The school hos a disability and accessibility plan which aim5 to make the school more accessible lo the disabled. Page 2
olands Pre to School ort of the Trustees for the Yoar Ended 31 Au ust 2024 Our school is committed to safeguarding and promotlng the welfare of our pupils,. all staff and volunteers share this mmitment. Rec9nt ISI inspections praised the provision made for pastoral care. FINANCIAL REVIEW Financial review Total income from Charitable activities for Ihe period was £834,105, compared wlh £644,342 In 2023. This is predominately due to the opening of the nursery. The cost of Charitable activities stood at £832.008 {£757,420 in 2023). Overall, generating a net surplu5 of £2,097 la loss of 113,078 was reported in 20231. Total bank103ns at year end stood at £378,137 (£403,199 in 2023). This loan is assoclaled with the development of the new School hall in 2007 and acquisStion of the neighbouring property in April 2012 and converslon lo a single bullding. The School continuos to benefit from these investment decisions. The bank loans are secured over the charity's properties, The School also secured the government backed Coronavirus bounce back loan of £50k, which has been paid off in line with the borrowing slipulalions. ReseNe$ pollcy The Trustees have established a policy whereby tho remaining unreslricled funds not MmItted or invested In tangible fixed assets I'the free reserves,) held by the charity should be between 3 and 6 months of the reSoUrS expended. This policy equates to £190,000 to £380.000 in general terms. Al this level, the Trustee5 feel that they would be able to Gonllnue the currenl aelivities of the charlly in the event of a significant drop in funding. It would be necessary lo consider how lo replace funding or our activities changed. At present, the free reserves. which amount lo £146,686, is slightly b81ow thls range. The Trustees are working to build the reserves level up to thg target policy through a number of Inltlatlves and will continue lo monitor the adequacy of reserves, STRUCTURE, GOVERNANCE AND MANAGEMENT Governance and Management All trustees give of thelr time freely and no remuneration or expenses were paid in the year. No Governor or person conneGled with a Governor received eny benefit from either means tested bursaries or schol8rshlps awarded to our pupil5. The tnjslees met as a Governing Body seven times durSng the year, to include bul not limited to,. budget approval, pollcy review. the sthool development plan and finance review. Govfrrning Document The charity is controlled by its governing document, a deed of trust, and constitutes 8 limited company. limited by guarantee. as defined by the Companies Act 1985. Risk rnanagement The tpjslees have a duty lo identify and review the risks lo which the charity Is exposed and lo onsure appiopriale controls are In place to provide reasonable assurance against fraud snd error. The Governors monitor re$e4ve levels by ensuring controls exist over key financial systems, and by examining the operational and bu5ine55 risks faced by the charity, they have established effective systems to mitigate Ih05e risks. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number D2598202 {England and Wales) Reglstered Charity number Registered office 38-40 Regent street Stonehouse Gloucestershire GL10 2AD Trustees Mr R D James Chair of Governors Mrs T L Benson BA (Hons) CIMA (resigned 22.3.24) Ms JR Lawry Mr R J Biggs Teacher Mrs L Forsyth HR Business Partner (resigned 31.1.25) Mr S J Anlrobus (appointed 22.2.24} Mr B Middlemiss lappoinled 24.5.24> Mrs B Hoyle lappoinled 24.5.24) Page 3
lands Pre arato School Re ort of the Trustees for the Year Ended 31 Au ust 202 REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary Mrs T L Benson BA (Honsl CIMA Independent Examiner Mark Powell Monahans Chartered Accounlanls Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA Approved by order of the board of trustees on 11 Isli and signed on ils behalf by.. rRDJames-Tru Page 4
Inde endent Examiner's Re ort to the Trustees of elands Pro arato School Independentexaminer'8 report to the trustee$ of Hopeland8 Preparatory School I'the Company'l I report lo the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024. Rèsponslbllltie¥ and basi$ of report As the Charity's Iruslees of the Company (and also its directors for the purposes of company lawl you are rosponslble fof the preparation of the accounts in accordance with the requirements of the Companies Act 20061'lhe 2006 Ad'l, Having Satisfied myself that Ihe accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 I'the 2011 Act,). In Carrying out my ex8mination I have followed the Directions given by the Charity CommissSon under SeGtion 145(51 Ib} of the 2011 Act. Independent examlnerfs statement Slnce your charity's gross income exceeded £250,000 your examiner musl be a member of a listed body. l Can confirm that l am qualified lo undertake the examination because l am a member of the Institute of Chartered Accounlanls of Scotland. which is one of the listed bodies. I hgve completed my examSnation. l Gonfirm that no matters have come lo my attention in connection with the examination givlng me cause to belleve: accounting reGords were not kept in respect of the Company as required by Section 386 of the 2006 Act., or the accounts do not accord with those re¢ords,' or the aGGounls do not comply with the accounting requiremen15 of Section 396 of the 2006 A¢t other than any requirement that the accounts give a true and fair view which is not a matter consldered as part ol an independent examination., or the accounls have not been prepared in accordance with the methods and prlnciples of the Stalemenl of Recommended Pracli¢e for accounting and reporting by charities {applicable to charities preparing Ihelr accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)). I have no concerr*s and have come across no other mallers in ¢onne¢lion with the examination lo which attention Should be drawn Ir7 this report in order to enable a proper underslanding of the accounts lo be re8ched. Mark Powell on8hans Chartered Accountants Hermes House Fire Fly Avenue Swindon Vviltshire SN2 2GA 22 Date.. Page 5
Ho elands Pre arato School Statem nt of Financial Actlvltle for the Ye E d d31Au ust 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fund Noles INCOME AND ENDOWMENTS FROM Donations and legaGies 2,236 2,236 7,956 Charitable a¢tivities Direct Activities 830,619 830.619 636,131 Investment Income 1,250 1,250 255 Total 834.105 834 105 644,342 EXPENDITURE ON Charitable activities Direct Activities Governan Costs 826,875 5,133 826,875 754,270 3150 Total 832 008 832,008 757,420 NET INCOMEIIEXPENDITUREI 2,097 2,097 (113,0781 RECONCILIATION OF FUNDS Total funds brought forward 795,431 795,431 908,509 TOTAL FUNDS CARRIED FORWARD 797.528 797,528 795,431 Th8 notes form part of these financlal statements Page 6
elands Pre arato Balance Shoet 31Au ust 2024 2024 Total funds 2023 Total fLJnds Unrestricted funds Reslricled fund Notes FIXED ASSETS Tangible assets 10 1,068,157 1,068.157 1,081,514 CURRENT ASSETS Stocks Debtors Cash at bank 50 12,984 242 673 50 12,984 242 673 50 13,188 150.358 12 255,707 255,707 163,596 CREDITORS Amounts falling due within ono year 13 (109,0211 1109,021) (49,6411 NET CURRENT ASSETS 146686 146686 113955 TOTAL ASSETS LESS CURRENT LIABILITIES 1,214,843 1,214,843 1,195,469 CREDITORS Amounts falling due after more than one year 14 {417,315> (417,3161 {400,0381 NET ASSETS 797 528 797 528 795 431 FUNDS Unrestricted funds.. General fund 17 797 528 795431 TOTAL FUNDS 797 528 795 431 Th8 charitable company Is enlltled lo exemption from oudil under Section 477 of the Companies Act 2006 for tho year ended 31 August 2024. The members have not required the company lo obtain an audit of ils financial statements for the year ended 31 August 2024 In accordance with Section 476 of the Companies Act 200S. The trustees acknowledge thelr responsibilities for la) ensuring that the charitable company keeps a¢¢ounting records that comply with Sections 386 and 387 of the Companies AGt 2008 and preparing financial slatements whlch give a Ifue and fair view of the slate of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financi81 year in accordance with the Tequiremenls of Sections 394 and 395 and which otherwise Gomply with the requirements of the Companies Act 2006 lating to financial statements, so far as applicable to the charitable company. {b} These financial statements have been prepared in accDrdance with the provisions applicable lo charitable companies subject to the small companie8 regime. The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on 11$ behalf by.. D James- Trust The notes fomi part of these financial slalements Page 7
Ho elands Pre ar to hool h Flow Statement f r the Year Ended 31 Au ust 2024 2024 2023 Notes Cash flows from operating actlvltles Cash generated from operations Interest paid 159.333 26.4341 (22,7341 21,386 Nel cash provided byl{used in) oporaling activities 132,899 44 1201 Cash flows from investing activities Purchase of tangib18 fixed assets Inter85t recelved 116,772) 1,250 (12.8461 255 Nel cash used in investing activities 155221 12.5911 Cash flov from financing actlv5tles Loan repayments in year 29,105 Nel cash usgd in finanring aGlivitles 25,062) 29,1051 Change in cash and cash equlvalents In the reporting period Cash and Gash equivalents at the beginning of the reportin9 period Q2,315 {85,816) 150 358 236.174 Cash and cash equiv31onts at thB end of the reporting period 242,673 150,358 The note5 form part of these flnanclal statements Page 8
Ho olands Pre aralo chool Notes to tho Cash Flow Statement for the Year Ended 31 Au ust 2024 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Incomel{expenditure) for the reporting period las per tho Statement of Financial Actlvitiesl Adjustments for.. Depreciation charges Interest received Interest paid Decrease in debtors Increase in credltors 2,097 1113.0781 30,129 11,250) 26,434 204 101719 27,004 (255) 21,386 25,145 Net cash provlded byllused Inl operatlons 159,333 22,734) ANALYSIS OF CHANGES IN NET DEBT Ai 1.9.23 Cash flow At 31.8.24 Net cash Cash 4t bank 150,358 92,315 242.673 150358 92,315 242 673 Debt Debts falling due within 1 year Debts falling due after 1 year 124.961 > 378 2381 {1,332) 26,394 126.2931 351844) 403,199 378 137 Totsl 117,377 135.4641 The notes form part of these financial statements Page 9
land Pre arator Notes to the Finan ial Statements f r the Year Ended 31 Au ust 2024 ACCOUNTING POLICIES Bas1$ of preparing thg flnanclal statements The financial slalements of the charitable company, which is a publlc benefit entity under FRS 102, have been prepared in accordance with Ihe Charities SORP (FRS 102) 'Accounling and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Finan¢ial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 102> (effedive 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Going concern The trustees assess whether the use of going concern is appropriate i.e. whelher there are any material uncertainties related to events or conditions that may cast signifirant doubt on the ability of the Gompany lo continue as 8 golng concern. The trustees make thls assessment in respeGI of a pefiod of at least one year from the dale of authorisalion for issue of the financial statements and have concluded that as a result of the above measures the school has adequate re50ur¢es to continue in operational existence for the foreseeable futu and there are no material uncertaintles about the school's ability to continue as a going concern, thijs they continue lo adopt the going oncern basis of accounting in preparing the finanGlal 51atemenls. Income All in¢orne is recognised In the Statement of Financlal Activities once the charlty has entitlement to the fijnds, il is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligatlon committing the charity to Ihal Èxpenditure, 11 Is probable that a tronsfer of economic benefits will'be required in Settlement and the amount of the obligation can be measured reliably, Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost rel?led to the fAlegory. Where costs ¢annot be directly allribuled lo particular headings they have been allocated lo activities on a basls consistent with the use of resources. Tangible flxed assets Depreclalion is provided at the following annual rates in ordèr to write off each asset over Ils estimated useful life. 17% on straight line basis 20019 on reduclng balance Freehold property Computer equipment All fixed assets are Snillally corded at cosL stocks Stocks are valued at the lower of cost and net realisable value, after making due allow8nS for obsolete and slow moving items. Taxatlon The charity Is exempt from corporation tax on ils Gharitable activities. Fund accounting Unrestricted fvnds can be used In accordance with the charilable objectives al the dlscretion of the trustees. Restricted funds can only be used for partlcular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanatlon of the nature and purpose of each fund is in¢luded In the notes lo the financial stalemenls. Penslon costs and other post-rotirement benefits The charitable company operates a defined Contribution pension sGheme. Contributions payable to the charitable company's pension scheme are charged to tha Statement of Financial Activities in the period to which they relate. Page 10 continued...
Ho lands P arat School s to the Flnancial Statements Qontinuod or the Year Ended 31 Au ust2 DONATIONS AND LEGACIES 2024 2023 Donations 2,236 INVESTMENT INCOME 2024 2023 Deposit account Interest 1,250 255 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Other incomlng resources Fees Activity Direct Activities Direct Activities 75,079 755,540 64,613 571,518 830.619 636,131 CHARITABLE ACTIVITIES COSTS Support ¢ost5 (see note 61 Direct Costs Totals Direct Activlties Gov8rnanGe Cost5 724,766 102.109 826,875 724,766 107,242 832 008 SUPPORT COSTS Govemance Costs Management Finance Olh8r Totals Dlrecl Acliville5 Governance Cost8 13,423 26,747 59.158 2,781 5,133 102,109 13,423 26.747 59,158 107 242 NET INCOMEIIEXPENDITURE) Not incomel(expendllure} is stated after chargingl(crediling): 2024 2023 Depreciation - owned assets Independent examlnation fee 30,129 3,300 27.004 3,000 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 Augu512023. Trustees, expenses There were no 31 August 2023. trustees, èxpenses paid for the year ended 31 Augus12024 nor for the year ended Page 11 continued...
STAFF CO8TS 2024 2023 Wages and salarS Social 3eoJrity costs Other p&n81C Gosts 509,OC 31,525 78,731 442,573 24,766 77,319 619,265 544,658 The average rnunlhly number of employees during iho yearwa$ 08 follows: 2024 2023 Managemènt Teachgrs Olher 13 15 13 26 30 Thg nvmberofemployees whoseemployee beneflts lexcluding empl¢)yerpenslon cosls)exceede¢J £60,OOOw8& 2024 2023 £60,001-£70,OC The key management persn of the Gharlty ¢omprlse the Trustees and ll)e Headlead)er as listed on page 10. The total amount of employee beneflts (including pyer penson conlribjtions emplOT nationd insurance c0ntdbUonS) re¢Ved by key management personnd for thelr serceS to the dwrity during the star was £108,199 (2023:£92,8001. 10. TANGIBLE FIXED ASSETS Freehold property Computer equlpment Totsls COST Al 1 Septsmber 2023 Additions Disposals 1,262,522 1,032 128,768 15,740 1.391,290 16.772 Al 31 August 2024 142 696 1406 250 DEPRECIATION Al 1 September 2023 Charge for year Eliminated on dlsposal 200,715 20,551 109,061 9,578 309,776 30,129 Al 31 August 2024 221 116827 338 093 NET BOOK VALUE Al 31 August 2024 1.068 IS7 At 31 Augus12023 1061807 1081514 On 12 Decemtrkr 2013 ¢ertaln land and bul>Jlngs were valu&J externally at £1,185.0 as et 31 Augusl 2013 by James Pullin IMRICSI of Bwton Knowbs usiro the Eepreaaled Replacem1 Cost bass. This Y81On w88 used to revejue the land and bulldings in thè ac(tsuntS and on trsItI to FRS 102 has been used as de ¢0gL Page 12 continued.,,
Stato ents - cont ust 11. STOCKS 2024 2023 stocks 50 50 12. DEBTORS: AMOUNTS FALUNG DUE wfiHIN ONE YEAR 2024 2023 Trade debtors Prepaynents and accnEd inccme 4,328 8,656 6,592 6,596 12,984 13.188 13. CREDITORS: APIOUNTS FALUNG DUE WIThIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 1 S) Trade credltors Other credltr&rs Accruals and deferred Income 26,293 1,870 3,300 24,961 7.707 4,200 109 021 14. CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 15) other credltors AocNals and deferd Income 351.844 23,609 378,238 21,800 417315 400 038 15. LOANS An analysls of th$ m8turity of loans Is glven below.. 2024 2023 Amountsfalllng due wlthln one yearon demand.. Bank loans Amountsfalling due b&een hvo and five years: Bank loan8- 2-5 years 84,863 90,008 Amounts falllng due In moro Ihan five years: Repayable by Instalmenls., Bank loans more 5 yr by Instal 266,981 288,230 16. LEASING AGREEMENTS Minimum lease paymènts under non-cancellgble operating leases fall due as follows.. 2024 2023 Wilhin on8 year Be8&n cn8 arKI fi4p years 1,008 2.462 Page 13 conUnu•d...
17. MOVEMENT IN FUNDS Nel movomenl In funds At 31.824 At 1.9.23 Unrèstrl¢ted funds General fund 795,431 2,097 797.528 TOTAL FUNDS 795 797 528 Nel movement In funds, Included in the above ar• as follows.. In¢omlng resour¢e$ Resources expended Movement in funds Unreslrlcted funds Gen8ral fund 834,105 1832,008) 2.097 TOTAL FUNDS 834 105 832 008) Comparatl¥os for rnovomorrt In funds Net movement In funds At 31.8.23 At 1.9.22 Unr95trlGtgd funds General fund 908,509 1113,078) 795,431 TOTAL FUNDS 908 509 113078} 795 431 Comparative net movernent in funds, Included in the above are as follows.. Incomlng resources Resources expended Movement In funds Unrestrlcted fund$ Gengral fund 644.342 {757,420) {113.078) TOTAL FUNDS 757 4201 113,078) 18. EMPLOYEE BENEF OBLIGATIONS Teachgr8' Pension Scheme The school parttates Sn ts T8achers' PenSIc Scheme {Ihe TPS'I for Ils teaching staff. The PS1CM charye for lh8 year inGiudes employerfs contrlbutions payable to the TPS of £74.626 {2023.' £75,735). The Teachers, Penslon Scheme ITPSI is a statutory, contributory, defined benefit scheme. govern1 by 1he Toachers. Pengon StheJne Regulations 2014. Memtershp is automatic for teathers h ac8demles. Ail teathe have Ihe option to oplwout of the TPS followlng enrolmont. The TPS Is an unfunded scheme to which both the member and employer mak£s contribulKns, as a porconta of salary - these contrlbuuons are credited to Ihe Ex¢hequer. Retirement and olher pension benefits are pawj by publlc funds provided by Parliament. V8luaUon of the Teachers, Penslon Scheme Page 14 Continued...
ra ho hè Fln rnen dè 18. EMPLOYEE BENEFrr OBLIGATIONS - contirwgd The Govemment Actuary. uslrKJ noal actuarial principles. ConUcts a fornal 8Ctuarlal rewtew of Ihe TPS in aGGordance wlth the Publ¢ Servi(8 PensJn5 Vaall(lS and Ernplor Cost Capl D1ctionS 2014 publlsh&J by HM Treasury ev¢ry 4 years. The aim of the reviwl is to specify thelgvd of future contrfbutbns. Actuèri81 scherne Valuat)nS are dettndent on assumpticns at¥Jul Ihe vakn8 of future osts, desgn of tnefits arKI many other factors. The iale51 actuarlal valuation of thg TPS was Tri out as at 31 VArch 2016, The valuafjon report was publshed bylhe DePartsn1f0r EducaJon on 5 March 2019. The key eleMts ofthe valuallon 8rn1 subsewent con8ullation are: employer ¢ontrlbulon rates set al 23,68Yo of pensionable pay {includlng a 0.08VA 8dminl$tratson levyl - total scheme Ilal%litNgs Ipengons Currently In paymont and the estima1 cost of future b8ngfits1 for servlce the effective date of £218,1CK) million and notional assels (esbmaw futu cOntrittiOnS logeth8r with the notional inveslments held at tho valuath)n datel of £196,1 mllK*n, giving a notional past 5ervicg defidt of £22.000 mS11ion - the SCAPE ratè, set by HMT, is used to detemine the nolonal Invesknent return. The CUTrent SCAPE rate 2.4V• above the rate of CPI. a8$uM real rale of relum Is 2.4°A in 8xcess of prices and 20h in excess of eamlngs. The rale of real •amings growth 15 assumed to be 2.2%. The assumed nominal ralg of rebjrn Including eamlngs growlh Is 4A5%. The nextvaluauon result Is due to be Implemented from l April 2023. RELATED PARTY DISCLOSURES 19. There wera no related paty transactions for the year ended 31 August 2024. Page15