``` REGISTERED COMPANY NUMBER: 02736338 (England and Wales) REGISTERED CHARITY NUMBER: 1018815 ``` ## **`Trustees' Report and`** ``` Audited Financial Statements for the Year Ended 31 August 2024 ``` ## **`for`** ``` Glebe House School Trust Limited (A Company Limited by Guarantee) ``` ``` Stephenson Smart (East Anglia) Limited Chartered accountants & statutory auditor 22-26 King Street King's Lynn Norfolk PE30 1HJ ``` ``` Glebe House School Trust Limited ``` ## **`Contents of the Financial Statements for the Year Ended 31 August 2024`** ||**`Page`**| |---|---| |**`Reference and Administrative Details`**|`1`| |**`Trustees' Report`**|`2`| |**`Report of the Independent Auditors`**|`9`| |**`Statement of Financial Activities`**|`13`| |**`Balance Sheet`**|`14`| |**`Cash Flow Statement`**|`15`| |**`Notes to the Cash Flow Statement`**|`16`| |**`Notes to the Financial Statements`**|`17`| |**`Detailed Statement of Financial Activities`**|`35`| ``` Glebe House School Trust Limited ``` ``` Reference and Administrative Details for the Year Ended 31 August 2024 ``` |**`Trustees`**|`Mrs R A Brown (resigned 31.12.2023)`| |---|---| ||`Mrs R Caldicott (resigned 10.9.2024)`| ||`Mr R A Desborough (appointed 1.1.2024)`| ||`Mrs J N G Hammond`| ||`Mr P J Haslam (resigned 10.9.2024)`| ||`Mrs L Hawkins`| ||`Mrs S J Mace (appointed 17.3.2025)`| ||`Mrs L Neidle (resigned 28.11.2024)`| ||`Mrs D Perry (resigned 10.9.2024)`| ||`Mrs S L Ratchford (resigned 31.12.2023)`| ||`Mrs E J Saunders (resigned 3.12.2024)`| ||`Mrs H E Searle (appointed 10.9.2024)`| ||`Mrs K J Shelton-Innes`| ||`Mr J J Shuardson-Hipkin (resigned 29.11.2024)`| ||`Mrs A M Skipper (appointed 17.3.2025)`| ||`Mr E J Snaith`| ||`Ms C P Stewart (resigned 21.3.2025)`| |**`Registered office`**|`2 Cromer Road`| ||`Hunstanton`| ||`Norfolk`| ||`PE36 6HW`| |**`Registered company number`**|`02736338 (England and Wales)`| |**`Registered charity number`**|`1018815`| |**`Auditors`**|`Stephenson Smart (East Anglia) Limited`| ||`Chartered accountants & statutory auditor`| ||`22-26 King Street`| ||`King's Lynn`| ||`Norfolk`| ||`PE30 1HJ`| ``` 1 ``` ``` Glebe House School Trust Limited ``` ``` Trustees' Report for the Year Ended 31 August 2024 ``` ``` ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report withthefinancialstatementsofthecharityfortheyearended31August2024.Thetrusteeshaveadopted the provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of Ireland (FRS 102) (effective 1 January 2019). ``` ``` Trusteesin postare Governorsof the school.The chairmanandsecretaryare the nominatedtrusteesof Glebe House School Trust Limited for the purposes of complying with the Charities Act. ``` ``` A quorumof notless thanfive memberspersonallypresentmust be achievedbeforeanybusinessmay be transacted at any General meeting. ``` ``` On a day-to-day basis the Trustees delegate management of the charity to the Headmaster, Mr A Stewart. ``` ## **`Website`** ``` www.glebehouseschool.co.uk ``` ``` 2 ``` ``` Glebe House School Trust Limited ``` ## **`Trustees' Report for the Year Ended 31 August 2024`** ## **`Objectives and activities`** ## **`Objectives and aims`** ``` InaccordancewithitsMemorandumofAssociationtheschoolisamixeddayandweeklyboardingschoolwith the object of educating its pupils to a high standard so enabling them to move to the senior school of their choice. ``` ``` The schoolprovidesan all roundeducationfor all gendersfrom 6 monthsto 13 years of age. The Trust aims to give all thechildrenastable,stimulating,safe,moralandfamilyorientatedenvironment,inwhichtheycandevelop skills required to succeed in the 21st century. ``` ``` The School undertakes to: ``` ``` - Promotehighstandardsof achievementensuringthatall childrenare workingto the best of theirabilityat all times in an atmosphere which is amicable and happy. ``` ``` - Nurture any talent and encourage achievement in academic work, in sport, in art, in music or drama. ``` ``` - Develop confident, self disciplined and enquiring learners, able to make informed choices. ``` ``` - Develop commitment to personal and team goals. ``` ``` - Cultivate pupils who are courteous, well mannered, independent and sociable. ``` ``` - Develop pupils who are able to communicate effectively. ``` ``` - Foster confident young people who possess a developing self esteem and thorough work ethic. ``` ``` - Foster friendly and informal relationships within a structured and disciplined routine. ``` ``` -Advanceapastoralcaresystemwhichinculcatesthevaluesofcareandconsiderationforothers,responsibility for environment and which promotes equality. ``` ``` - Prepare childrenfor Common Entrance,Scholarshipand other curriculumassessments and for the challengeof life in their senior school and beyond. ``` ``` - Ensure equal opportunities in relation to gender, race, class, special needs and belief. ``` ``` - Provide a safe and happy work place. ``` ``` Theschoolwelcomeschildrenfromallfaiths(andnone)andthroughtheAssemblyandReligious Education programmes strongly supports the understanding of different cultures, in sympathy with British Values. ``` ``` Theschoolencouragesthetraditionalvaluesofcourtesy,considerationforothers,selfdisciplineandadesire to contributeto society.The schoolis committedtoharnessingthebestof moderneducationalpractice.The success of thisapproachcanbeseeninthescholarshipsourpupilshavewontoleadingindependentschoolsthroughout the country. ``` ``` Music,sportanddramaareasignificantpartofachild'slifeattheschool.Pupilsareencouragedtoparticipate, to show commitment and to try different things. Many excel; we aim to give all the opportunity to enjoy themselves. ``` ``` 3 ``` ``` Glebe House School Trust Limited ``` ``` Trustees' Report for the Year Ended 31 August 2024 ``` ## **`Public benefit and community access`** ``` Theschoolseekstoplayapartinthelifeofthelocalcommunityparticipatinginmanylocalcivicactivities and competingineventswithotherlocalschools.Aspartoftheschoolscommitmenttothelocalcommunityit provides access to education not just to those that can afford to pay the full fees. ``` ``` The schoolhas a programmeof bursaries,scholarshipand teachinglinkswith localschoolsand runs sports academies opentothewidercommunity.TheTrusteesbelievethatbydoingthistheyprovidejustregardtothe Charities Commissions public benefit guidance. ``` ## **`Bursary policy and application`** ``` The Governorsview bursaryawards as importantin helpingchildrenfrom families that would otherwisenot be able to affordthefeestobenefitfromtheeducationprovidedbytheschool.Theschooldoesnothavespecific entry requirementsandbursariesare awardedon the basisof parentalmeansor to relievehardshipas a resultof changed circumstancesoffamiliesofexistingpupils.Bursariesaregenerallyawardedforbetween20%and50%ofthe fees. Our policy is designed to widen access to our school. ``` ``` Theschoolseekstoensurethatthoseprovidedwithabursaryintheschoolareabletoobtainsimilarsupport from their secondary education provider. ``` ## **`Scholarships`** ``` Scholarships are awarded for outstanding potential in sport or general academic ability. ``` ``` Theschool'sscholarshippolicydemonstratesthatscholarshipsaretheretoprovideadditionalsupport and opportunities for the most able, as opposed to providing financial support. ``` ## **`Family discounts policy`** ``` To underlinethe value we place in continuityfor families,we offer discountswhere parentshave more thanone child at the school. ``` ## **`Assistance for our teaching staff`** ``` As part of our emphasison attractingand retaininghigh calibreteachingstaff, we offer a discountscheme where staff members choose to educate their children at the school. ``` ## **`Teaching links`** ``` The schooloffersaccessto its specialistteachingskillsandfacilitiesto otherlocalstatefundedschools.Children from thoseschoolsareencouragedtoattendlessonswithourpupilsandjoininthelifeoftheschoolwhere these arrangements can be made. ``` ## **`Summer camps`** ``` Theschoolrunssummercampsandalsohirestheschoolouttootherproviderswhogivevaluefor money opportunities for extended care during school holidays. ``` ``` The school gives use of its swimming facilities to local schools with no charge. ``` ``` The schoolalso has an agreementwith a local charity,The HunstantonMens' Shed, who is given space and safe access to an area in the school to run charitable activities that support the community. ``` ``` Throughthese initiatives,the trusteeshave compliedwith the duty in section17 of the CharitiesAct 2011 to have due regardtopublicbenefitguidancepublishedbytheCharityCommissionandinparticulartoitssupplementary public benefitguidanceonadvancingeducationandfee-charging.Thetrusteesconsiderthattheyhavemetthe public benefit requirements of the Act. ``` ``` 4 ``` ``` Glebe House School Trust Limited ``` ## **`Trustees' Report for the Year Ended 31 August 2024`** ## **`Strategic report`** ## **`Achievement and performance`** ## **`Charitable activities`** ``` The schoolhas continuedto builduponits reputationfor educatingits pupilsto a highstandard,whilstalso providing them with a full and rounded education through a programme of extra-curricular activities. ``` ## **`Academic achievements`** ``` Theacademicprogressofallthechildrencontinuestobeastrengthoftheschool.Childrenofallabilities make consistent progress. Children leaving from Division VIII all gained a place at their chosen school. ``` ## **`SEND`** ``` Good systems are in place to assist children with special educational needs and differences. ``` ## **`Music achievements`** ``` Theyearhasincludeda fullprogrammeofinformalconcertsforallchildrenwholearninstrumentsorhaving singing lessonsaswellasamusiccompetitions,andinthesummertermweholdtheHouseShowwhichincludesall Prep school children. ``` ## **`Drama achievements`** ``` Considerableworkoutsidethe classroomgoes intoproducingplaysthroughoutthe school.A fullprogrammeof plays and activities continue throughout the year. ``` ## **`Other extracurricular activities`** ``` Theschooloffersawiderangeofotheractivitiesincludingorganisedvisitsandtripstoevents,museumsand cities throughout the country and abroad. ``` ``` Governors are satisfied that the school was achieving its stated objectives throughout the year in question. ``` ## **`Financial review`** ## **`Funds`** ``` The Governors regularly review the level of reserves needed to meet the charities needs effectively. ``` ``` Restrictedfunds,representingtheapplicationofspecificfundstowardsspecificprojectsproducedadeficitfor the yearof£6,719(2023:adeficitfortheyearof£25,878).ThedeficitisattributabletotheNCC&Community Funding which is deemed restricted. ``` ``` The unrestrictedfunds,representingthe schoolstrading,produceda deficitforthe yearof £166,548(2023:a surplus fortheyearof£107,427).TheGovernorsrecognisetheimportanceofsustainableprofitsandhaveproduced a comprehensivebusinessplandetailinghowtheTrustassessthecurrentsituationandhowgrowthcanoccur moving forward. ``` ``` TheGovernorshavereviewedthelevelofreserves,definedasfundswhichareunrestrictedandnotdesignated and whicharenotrepresentedbytangiblefixedassetsforcharitableuse,onthebalancesheetasat31August2024 of £578,775deficit(2023:£348,512deficit)as disclosedintheattachedaccountsandcontinuetotakeactionto ensure the school can continue to meet its stated objectives. ``` ``` Detailedbusinessplanforecastingandsupportfromthe Governorsremainsin place,allowingthe Trusteesto believe that there is an ongoing viability of the school. ``` ## **`Reserves policy`** ``` TheGovernorsreservespolicyistomaintainapositivebalanceonthereservesbyactivelymanagingthe schools finances and thus ensure that its activities are sustainable. ``` ``` 5 ``` ``` Glebe House School Trust Limited ``` ## **`Trustees' Report for the Year Ended 31 August 2024`** ## **`Strategic report Financial review`** ## **`Going concern`** ``` Creditcontrolwithinthecharityhascontinuedtoimproveduringtheyear.TheTrusthasmaintainedall loan covenants during the year under review within these financial statements. ``` ``` Thefinancialstatementstatementsdonotincludetheadjustmentsthatwouldresultifthecharitywasunfit to continue as a going concern; the financial statements have been prepared on a going concern basis. ``` ## **`Significant events affecting the financial performance and position`** ``` ThemostsignificantincreasesfortheTrustoutsidethatofstaffwages,wereagainLightandHeat,Domestic Food, Cleaningmaterials,andMotorFuel.Energypricesduetosupplyanddemandontheglobalwholesalemarket, the globalimpacton productionand growingdemandfor food,and the sharprises in oil pricesagainfrom factorssuch as demandandpoliticalunrestinoil-producingcountries.Thisnotonlydirectlyaffectsthecostof fuelandenergy, but also feeds into the prices of other goods by raising the cost of production and transportation. ``` ``` Thecostoflivingcrisisimpactedonstudentnumberswhichsawreducednumbersto116atthestartofthe year, down from 120 at the end of the previous term, and ending on 119 pupils at the end of the year. ``` ## **`Principal risks and uncertainties`** ``` The mainrisksanduncertaintiesfacedby the charityare increasingcostsandreducedrevenuefrom decreasing pupil numbers.TheGovernorsareactivelyseekingtoincreasepupilnumbersinthecomingyear,alongwith making structural changes within the Trust to fully maximise the efficiencies of the existing staff members. ``` ## **`Principal funding sources`** ``` The school's principal funding source is its fee income. ``` ## **`Fundraising`** ``` The school will fundraiseprimarilyfrom parentsand local attendeesto events run by the school,such as the Christmas Carol Service, school plays and the Car Boot events held throughout the summer months. ``` ## **`Plans for future periods`** ``` WhilsttheGovernorsrecognisethatsmallclasssizesarea benefittotheeducationof thechildren,theyalsoseek to maintainsufficientnumbersin eachyeargroupto ensurethateachclassis viableandthatthe fees requiredto cover theschool'scostscanbe maintainedata reasonablelevel.TheGovernorsretaina sharpfocusontherecruitment of new pupils to the school and the tight control of its cost base. ``` ``` DemandforplacesintheearlyyearsofthenurseryprovidetheGovernorswithconfidencethatthereare realistic opportunities to grow the number of pupils in the school in the medium term. ``` ## **`Trustees' Indemnity Insurance`** ``` A Trustees' Indemnity Policy is in place. The premium for the year was £525 (2023: £525). ``` ## **`Structure, governance and management`** ## **`Governing document`** ``` Glebe House Schoolwas foundedin 1874 and was incorporatedon 19 November1992 under the CompaniesAct 1985 asGlebeSchoolTrustLimited,aCharitableCompanylimitedbyguaranteewithoutsharecapital.Theguarantees of membersarelimitedtoacontributionof£1eachintheeventofthecompanybeingwoundup.At31August 2024 therewere13members(2023:13).ThegoverningdocumentofthecharityisitsMemorandumandArticles of Association. ``` ``` 6 ``` ``` Glebe House School Trust Limited ``` ``` Trustees' Report for the Year Ended 31 August 2024 ``` ## **`Structure, governance and management`** ## **`Recruitment and appointment of new trustees`** ``` PotentialGovernorsareidentifiedbymembersoftheBoardandareconsideredagainstspecifications concerning eligibility,competence,specialistskillsand localavailability.Inductionand trainingis providedfor all Governorsand is tailored specifically to the individual. ``` ## **`Organisational structure`** ``` The Governing body of the school is the Board of Trustees. ``` ``` ThemembersoftheGoverningBodyarelegallyresponsiblefortheoverallmanagementandfordetermining the generalpolicyoftheschool.TheGoverningBodymeetsatregularintervalsduringtheyearinordertoensure it retainseffectivecontrolover the managementand policiesof the school.Much of the preparationfor these meetings is undertaken in sub committees of the Board which include Finance, Health and Safety and Marketing. ``` ``` TheschoolisregisteredwithTheDepartmentofEducationasSchoolNumber926/6004.Asrequiredunder current legislationthe CriminalRecordsBureauandThe Departmentof Educationhave confirmedMrs H Searleas suitable to be the Chair of the Board and this is shown in the Register of IndependentSchoolsin accordancewith the terms of the Education(IndependentSchoolStandards)(England)(Amendment)Regulations2004.AlltheschoolGovernors have been cleared by the Criminal Records Bureau. ``` ``` The day to day managementof the schoolis delegatedto the Headmasterand his seniorteam. The Headmasterhas a seniormanagementteam,comprisingtheBursar,Headof Pre-PrepDSL/SENDCO,Headof LogisticsandNursery Area Manager, which meet regularly to manage the day to day running of the school. ``` ## **`Risk management`** ``` TheGovernorsareresponsibleforoverseeingtherisksfacedbytheschool.Detailedconsiderationoftherisks is delegatedtotheseniormanagementoftheschool.Throughtheriskmanagementprocessesestablishedby the school, the Governors are satisfied that the major risks have been identified and mitigated where possible. ``` ``` Financialrisks such as liquidityrisk arises due to seasonalpaymentsof fee income. School fees are either paid annually inadvanceortermly,meaningthatthemajorityofincomearisesonatermlybasis,whilstcostsariseona monthly basis.Nurseryfeesarepaidmonthlyinadvance.Thisriskismanagedbycarefullycontrollingexpensesand, if required,the use of shortterm borrowingswhichare usedto meet dayto dayobligationsas andwhenrequired. The Trustalsodealswithcreditriskbyensuringthattradedebtorsarereviewedregularlyandchasedaccordingly to ensure debts do not turn bad. ``` ``` It is recognisedthat the managementof risks can onlyprovidereasonablebut not absoluteassurancethat the impact of major risks will be adequately mitigated. The key controls used by the school include: ``` - `formal agendas and minutes for all meetings of the Governors and committees` - `development of terms of reference for all committees` - `comprehensive strategic planning, financial forecasting, budgeting, and management accounting` - `established and identifiable organisational structures and reporting lines` - `comprehensive formal written policies` - `clear authorisation limits and segregation of duties` - `vetting procedures, as required by law, for the protection of the vulnerable.` ``` 7 ``` ``` Glebe House School Trust Limited ``` ``` Trustees' Report for the Year Ended 31 August 2024 ``` ## **`Statement of trustees' responsibilities`** ``` Thetrustees(whoarealsothedirectorsofGlebeHouseSchoolTrustLimitedforthepurposesofcompanylaw) are responsibleforpreparingtheTrustees'Reportandthefinancialstatementsinaccordancewithapplicablelaw and UnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccountingPractice)including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". ``` ``` Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueand fair viewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationof resources, includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthose financial statements, the trustees are required to ``` - `select suitable accounting policies and then apply them consistently;` - `observe the methods and principles in the Charity SORP;` - `make judgements and estimates that are reasonable and prudent;` - `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.` ``` Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any timethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancial statements complywith the CompaniesAct 2006. They are also responsiblefor safeguardingthe assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ``` ``` In so far as the trustees are aware: ``` - `there is no relevant audit information of which the charitable company's auditors are unaware; and` - `the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.` ## **`Auditors`** ``` Each of the persons who is a trustee at the date of approval of this report confirms that: ``` ``` · so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and ``` ``` · they have takenall steps thatthey oughtto have takenas a trusteeto make themselvesaware of any relevant audit information and to establish that the charity's auditor is aware of that information. ``` ``` Trustees'report,incorporatingastrategicreport,approvedbyorderoftheboardoftrustees,asthe company directors, on 20 May 2025 and signed on the board's behalf by: ``` ``` Mrs H E Searle - Trustee ``` ``` 8 ``` ``` Report of the Independent Auditors to the Members of Glebe House School Trust Limited ``` ## **`Opinion`** ``` We have auditedthe financialstatementsof Glebe HouseSchoolTrustLimited(the 'charitablecompany')for the year ended31August2024whichcomprisetheStatementofFinancialActivities,theBalanceSheet,theCash Flow Statementandnotesto the financialstatements,includinga summaryof significantaccountingpolicies.The financial reportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdom Accounting Standards(UnitedKingdomGenerallyAcceptedAccountingPractice),includingFinancialReportingStandard102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. ``` ``` In our opinion the financial statements: ``` - `give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;` - `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and` - `have been prepared in accordance with the requirements of the Companies Act 2006.` ## **`Basis for opinion`** ``` WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law. OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the financialstatementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewith the ethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC's Ethical Standard,andwe havefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ``` ## **`Conclusions relating to going concern`** ## **`Material uncertainty related to going concern`** ``` Informingouropiniononthefinancialstatements,whichisnotqualifiedinthisrespect,wehaveconsidered the adequacyofthedisclosuremadewithinnote2tothefinancialstatementsconcerningthecompany'sability to continueasagoingconcern.Thecharitablecompanymadeanetdeficitof£173,267(2023:netsurplusof £81,549) duringtheyearended31 August2024and,at thatdate,thecharitablecompanyhadnetassetsof £3,810(2023: net assets £177,077). ``` ``` The reserves as definedin the Trustees Reportat 31 August2024 show a currentdeficitof £578,775(2023: £348,512). Theseconditions,alongwithothermattersexplainedinthefinancialstatements,indicatetheexistenceof a material uncertaintywhichmay cast significantdoubtaboutthe company'sabilityto continueas a goingconcern.Our opinion is notmodifiedin respectof thismatter.The financialstatementsdo notincludethe adjustmentsthatwouldresult if the charitable company was unable to continue as a going concern. ``` ``` In auditingthe financialstatements,we have concludedthat the trustees' use of the going concernbasis of accounting inthepreparationofthefinancialstatementsisappropriate.Ourresponsibilitiesandtheresponsibilitiesof the trustees with respect to going concern are described in the relevant sections of this report. ``` ``` 9 ``` ``` Report of the Independent Auditors to the Members of Glebe House School Trust Limited ``` ## **`Other information`** ``` Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. ``` ``` Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. ``` ``` Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a materialmisstatementin the financialstatementsthemselves.If, based on the work we have performed,we conclude thatthereis a materialmisstatementof thisotherinformation,we are requiredto reportthatfact.We have nothing to report in this regard. ``` ## **`Opinions on other matters prescribed by the Companies Act 2006`** ``` In our opinion, based on the work undertaken in the course of the audit: ``` - `the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and` - `the Trustees' Report has been prepared in accordance with applicable legal requirements.` ## **`Matters on which we are required to report by exception`** ``` Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedin the course of the audit, we have not identified material misstatements in the Trustees' Report. ``` ``` We have nothingto reportin respectof the followingmatterswhere the CompaniesAct 2006 requiresus to report to you if, in our opinion: ``` - `adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or` - `the financial statements are not in agreement with the accounting records and returns; or` - `certain disclosures of trustees' remuneration specified by law are not made; or` - `we have not received all the information and explanations we require for our audit.` ## **`Responsibilities of trustees`** ``` As explainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the charitablecompanyfor the purposesof companylaw) are responsiblefor the preparationof the financial statements andforbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is necessaryto enablethe preparationof financialstatementsthat are free from materialmisstatement,whetherdue to fraud or error. ``` ``` Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concern basisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations, or have no realistic alternative but to do so. ``` ``` 10 ``` ``` Report of the Independent Auditors to the Members of Glebe House School Trust Limited ``` ## **`Our responsibilities for the audit of the financial statements`** ``` Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from materialmisstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat includes ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to influence the economic decisions of users taken on the basis of these financial statements. ``` ``` The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ``` ``` Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignprocedures in linewithourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ``` ``` Discussionswithandenquiriesof managementandthosechargedwithgovernancewere heldwitha view to identify thoselawsandregulationsthatcouldbeexpectedtohavea materialimpactonthefinancialstatements.During the engagementteambriefingtheoutcomesofthesediscussionsandenquiriesweresharedwiththeteam,aswell as consideration as to where and how fraud may occur in the entity. ``` ``` The following laws and regulations were identified as being of significance to the entity: ``` ``` -ThoselawsandregulationsconsideredtohaveadirecteffectonthefinancialstatementsincludetheUK financial reporting standards, company law, charity law, taxation and pension legislation and distributable profits legislation. ``` ``` -Those laws and regulationsfor whichnon-compliancemay be fundamentalto the operatingaspectsof the business andthereforemayhaveamaterialeffectonthefinancialstatementsincludebutarenotlimitedto;child protection legislation; health and safety regulations, employment law. ``` ``` Auditproceduresundertakeninresponsetothepotentialrisksrelatingtoirregularities(whichincludesfraud and non-compliancewithlawsandregulations)comprisedof:Inquiriesofmanagementandthosecharged with governanceas to whetherthe entitycomplieswith such laws and regulations;enquirieswith the same concerning any actualor potentiallitigationor claims;inspectionof relevantlegalcorrespondence;testingthe appropriateof journal entries; and the performanceof analyticalreview to identifyunexpectedmovement in accountbalanceswhich may be indicative of fraud. ``` ``` No instancesof materialnon-compliancewere identified.However,the likelihoodof detectingirregularities, including fraud,islimitedbytheinherentdifficultyindetectingirregularities,theeffectivenessoftheentity'scontrolsand the nature,timingand extentof the auditproceduresperformed.Irregularitiesthatresultfrom fraudmightbe inherently moredifficulttodetectthanthoseirregularitiesthatresultfromerror.Asexplainedabove,thereisan unavoidable riskthatmaterialmisstatementsmightnotbedetected,eventhoughtheaudithasbeenplannedandperformed in accordance with the ISAs (UK). ``` ``` AspartofanauditinaccordancewithISAs(UK),weexerciseprofessionaljudgmentandmaintain professional scepticism throughout the audit. We also: ``` ``` ·Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudor error, designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficient and appropriateto providea basisfor ouropinion.The riskof notdetectinga materialmisstatementresultingfrom fraud ishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentional omissions, misrepresentations, or the override of internal control. ``` ``` ·Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthat are appropriatein the circumstances,but not for the purposeof expressingan opinionon the effectivenessof the internal control. ``` ``` 11 ``` ``` Report of the Independent Auditors to the Members of Glebe House School Trust Limited ``` ``` ·Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimates and related disclosures made by the trustees. ``` ``` ·Concludeontheappropriatenessofthetrustees'useofthegoingconcernbasisofaccountingand,basedon the auditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmay cast significantdoubtonthecharity'sabilitytocontinueasagoingconcern.Ifweconcludethatamaterial uncertainty exists,we are requiredto drawattentionin ourauditor'sreportto the relateddisclosuresin the financial statements or,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheaudit evidence obtainedupto thedateof ourauditor'sreport.However,futureeventsorconditionsmaycausethecharityto cease to continue as a going concern. ``` ``` ·Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,includingthedisclosures, and whetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachieves fair presentation. ``` ``` We communicatewith those chargedwith governanceregarding,among other matters,the plannedscope and timing oftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatwe identify during our audit. ``` ``` Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of the Independent Auditors. ``` ## **`Use of our report`** ``` This reportis made solely to the charitablecompany'smembers, as a body,in accordancewith Chapter3 of Part 16 of theCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitable company's membersthosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.To the fullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthe charitable companyand the charitablecompany'smembers as a body,for our auditwork,for this report,or for the opinions we have formed. ``` ``` Mr Christopher Goad FCA BFP (Senior Statutory Auditor) for and on behalf of Stephenson Smart (East Anglia) Limited Chartered accountants & statutory auditor 22-26 King Street King's Lynn Norfolk PE30 1HJ ``` ``` 20 May 2025 ``` ``` 12 ``` ## **`Glebe House School Trust Limited`** ## **`Statement of Financial Activities for the Year Ended 31 August 2024`** |**`Unrestricted`**
**`fund`**
**`Notes`**
**`£`**
**`Income and endowments from`**
`Donations and legacies`
`3`
`49,266`
**`Charitable activities`**
`6`
`Sale of goods/services as part of direct`
`charitable activities`
`2,157,693`
`Other trading activities`
`4`
`57,999`
`Investment income`
`5`
`56`
`Other income`
`7`
`-`
**`Total`**
`2,265,014`
**`Expenditure on`**
`Raising funds`
`8`
`1,667,315`
**`Charitable activities`**
`9`
`Support Costs`
`576,538`
`Other`
`187,709`
**`Total`**
`2,431,562`
**`NET INCOME/(EXPENDITURE)`**
`(166,548)`
**`Reconciliation of funds`**
`Total funds brought forward`
`(124,826)`
**`Total funds carried forward`**
`(291,374)`|**`Restricted`**
**`funds`**
**`£`**
`10,000`
`-`
`-`
`-`
`-`
`10,000`
`16,719`
`-`
`-`
`16,719`
`(6,719)`
`301,903`
`295,184`|**`31.8.24`**
**`Total`**
**`funds`**
**`£`**
`59,266`
`2,157,693`
`57,999`
`56`
`-`
`2,275,014`
`1,684,034`
`576,538`
`187,709`
`2,448,281`
`(173,267)`
`177,077`
`3,810`|**`31.8.23`**
**`Total`**
**`funds`**
**`£`**
`337,364`
`2,153,168`
`50,553`
`203`
`1,000`| |---|---|---|---| ||||`2,542,288`| ||||`1,658,319`
`577,887`
`224,533`| ||||`2,460,739`| ||||`81,549`
`95,528`| ||||`177,077`| ``` The notes form part of these financial statements ``` ``` 13 ``` ## **`Glebe House School Trust Limited`** ## **`Balance Sheet`** ## **`31 August 2024`** |**`Unrestricted`**
**`fund`**
**`Notes`**
**`£`**
**`Fixed assets`**
`Tangible assets`
`16`
`1,293,783`
**`Current assets`**
`Stocks`
`17`
`900`
`Debtors`
`18`
`76,405`
`Prepayments and accrued income`
`37,268`
`Cash at bank and in hand`
`10,845`
`125,418`
**`Creditors`**
`Amounts falling due within one year`
`19`
`(366,221)`
**`Net current assets`**
`(240,803)`
**`Total assets less current liabilities`**
`1,052,980`
**`Creditors`**
`Amounts falling due after more than one year`
`20`
`(1,006,382)`
**`Accruals and deferred income`**
`23`
`(337,972)`
**`NET ASSETS`**
`(291,374)`
**`Funds`**
`24`
`Unrestricted funds`
`Restricted funds`
**`Total funds`**|**`Restricted`**
**`funds`**
**`£`**
`279,100`
`-`
`-`
`-`
`16,084`
`16,084`
`-`
`16,084`
`295,184`
`-`
`-`
`295,184`|**`31.8.24`**
**`Total`**
**`funds`**
**`£`**
`1,572,883`
`900`
`76,405`
`37,268`
`26,929`
`141,502`
`(366,221)`
`(224,719)`
`1,348,164`
`(1,006,382)`
`(337,972)`
`3,810`
`(291,374)`
`295,184`
`3,810`|**`31.8.23`**
**`Total`**
**`funds`**
**`£`**
`1,570,520`
`900`
`256,446`
`19,059`
`99,454`
`375,859`
`(388,458)`
`(12,599)`
`1,557,921`
`(1,061,015)`
`(319,829)`
`177,077`
`(124,826)`
`301,903`
`177,077`| |---|---|---|---| ``` The financialstatementswere approvedby the Boardof Trusteesandauthorisedforissueon 20 May2025and were signed on its behalf by: ``` ``` Mr E J Snaith - Trustee ``` ``` The notes form part of these financial statements ``` ``` 14 ``` ## **`Glebe House School Trust Limited`** ## **`Cash Flow Statement for the Year Ended 31 August 2024`** |**`Notes`**
**`Cash flows from operating activities`**
`Cash generated from operations`
`1`
`Interest paid`
`Finance costs paid`
`Interest paid in financing activities`
`Interest received`
`Net cash provided by/(used in) operating activities`
**`Cash flows from investing activities`**
`Purchase of tangible fixed assets`
`Net cash used in investing activities`
**`Cash flows from financing activities`**
`New loans in year`
`Repayments of borrowings`
`Interest paid`
`Net cash (used in)/provided by financing activities`
**`Change in cash and cash equivalents in the`**
**`reporting period`**
**`Cash and cash equivalents at the beginning`**
**`of the reporting period`**
`2`
**`Cash and cash equivalents at the end of`**
**`the reporting period`**
`2`|**`31.8.24`**
**`£`**
`158,744`
`(112,007)`
`(15,865)`
`97,853`
`56`
`128,781`
`(43,910)`
`(43,910)`
`-`
`(45,261)`
`(97,853)`
`(143,114)`
`(58,243)`
`9,291`
`(48,952)`|**`31.8.23`**
**`£`**
`(199,504)`
`(99,105)`
`(5,231)`
`82,361`
`203`
`(221,276)`
`(27,726)`
`(27,726)`
`987,000`
`(804,598)`
`(82,361)`
`100,041`
`(148,961)`
`158,252`
`9,291`| |---|---|---| ``` The notes form part of these financial statements ``` ``` 15 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Cash Flow Statement for the Year Ended 31 August 2024`** |**`1.`**
**`Reconciliation of net (expenditure)/income to net cash flow from operating activities`**
**`31.8.24`**
**`£`**
**`Net (expenditure)/income for the reporting period (as per the`**
**`Statement of Financial Activities)`**
`(173,267)`
**`Adjustments for:`**
`Depreciation charges`
`41,547`
`Loss on disposal of fixed assets`
`-`
`Interest paid`
`112,007`
`Finance costs`
`15,865`
`Interest received`
`(56)`
`Decrease/(increase) in debtors`
`161,832`
`Increase/(decrease) in creditors`
`816`
**`Net cash provided by/(used in) operations`**
`158,744`
**`2.`**
**`Analysis of cash and cash equivalents`**
**`31.8.24`**
**`£`**
`Cash in hand`
`2,111`
`Notice deposits (less than 3 months)`
`24,818`
`Overdrafts included in bank loans and overdrafts falling due within one year`
`(75,881)`
`Total cash and cash equivalents`
`(48,952)`|**`31.8.23`**
**`£`**
`81,549`
`40,337`
`3,021`
`99,105`
`5,231`
`(203)`
`(126,170)`
`(302,374)`
`(199,504)`
**`31.8.23`**
**`£`**
`837`
`98,617`
`(90,163)`
`9,291`| |---|---| ||| ## **`3. Analysis of changes in net debt`** ||**`At 1.9.23`**|**`Cash flow`**|**`At 31.8.24`**| |---|---|---|---| ||**`£`**|**`£`**|**`£`**| |**`Net cash`**|||| |`Cash at bank and in hand`|`99,454`|`(72,525)`|`26,929`| |`Bank overdrafts`|`(90,163)`|`14,282`|`(75,881)`| ||`9,291`|`(58,243)`|`(48,952)`| |**`Debt`**|||| |`Debts falling due within 1 year`|`(44,350)`|`(3,596)`|`(47,946)`| |`Debts falling due after 1 year`|`(1,048,043)`|`48,858`|`(999,185)`| ||`(1,092,393)`|`45,262`|`(1,047,131)`| |**`Total`**|`(1,083,102)`|`(12,981)`|`(1,096,083)`| ``` The notes form part of these financial statements ``` ``` 16 ``` ``` Glebe House School Trust Limited ``` ``` Notes to the Financial Statements for the Year Ended 31 August 2024 ``` ## **`1. General information`** ``` Thecharityisapublicbenefitentityandaprivatecompanylimitedbyguarantee,registeredinEngland and WalesandaregisteredcharityinEnglandandWales.Theaddressoftheregisteredofficeis2Cromer Road, Hunstanton, Norfolk, PE36 6HW. ``` ## **`2. Accounting policies`** ## **`Basis of preparing the financial statements`** ``` The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities: Statement ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ``` ``` The financial statements are prepared in sterling, which is the functional currency of the entity. Figures are rounded to the nearest whole pound sterling. ``` ## **`Going concern`** ``` TheTrusteesassessmentindicatestheexistenceofuncertaintywhichmaycastdoubtoverthe company's ability to continue as a going concern. ``` ``` WhilsttheTrusthasmadeprogressandthenecessarystepsinensuringthefutureprofitabilityof the charity, free reserves remain negative at the balance sheet date. ``` ``` Despitethe previousyear achievinga positivenet incomefor the first time since year end 31 August2020, the Trust has made a loss this year. However,managementaccountspreparedto 28 February2025 has shown the strategyenactedby the trustis succeeding,demonstratedby a considerablyimprovedpositivenet income for the period. ``` ``` Duringthe previousyear the Trust refinancedwith a new lender,allowingthe charityto dischargethe previous mortgageandrepaygovernorloansin full.In prioryears,the Trusthas breachedloancovenants,butwith the supportofthebanktheTrusthasmanagedtomaintainthesecovenantsduringtheyearunderreview within these financial statements. ``` ``` TheTrusteesturnaroundplanforthecharitytoensurethatthecharityreturnstopositivereserves,is well underway and the Trustees are hopeful to ensure free reserves return to surplus. ``` ``` The financialstatementstatementsdo not includethe adjustmentsthat would result if the charitywas unfit to continue as a going concern; the financial statements have been prepared on a going concern basis. ``` ## **`Critical accounting judgements and key sources of estimation uncertainty`** ``` Thepreparationofthefinancialstatementsrequiresmanagementtomakejudgements,estimates and assumptionsthataffectthe amountsreported.These estimatesandjudgementsare continuallyreviewed and arebasedonexperienceandotherfactors,includingexpectationsoffutureeventsthatarebelievedto be reasonable under the circumstances. ``` - `(i) Useful economic lives of tangible assets` ``` 17 ``` ``` Glebe House School Trust Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 August 2024 ``` ## **`2. Accounting policies - continued`** ## **`Critical accounting judgements and key sources of estimation uncertainty`** ``` Theannualdepreciationchargefortangibleassetsissensitivetochangesintheestimateduseful economic livesandresidualvaluesof theassets.Theusefuleconomiclivesandresidualvaluesarere-assessed annually. Theyareamendedwhennecessaryto reflectcurrentestimates,basedontechnologicaladvancements, future investments,economicutilisationand the physicalconditionof the assets. See note 16 for the carrying amount of tangible assets and note 2 for the useful economic lives for each class of assets. ``` ## `(ii) Impairment of trade debtors` ``` The companymakes an estimateof the recoverablevalue of tradedebtors.When assessingthe impairment of tradedebtors,managementconsidersfactorsincludingthecurrentcreditrating,theageprofileand the historicalexperience.See note 18 for the net carryingamountof trade debtorsand the associated impairment provision. ``` ## **`Income`** ``` All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds, it is probable that the income will be received and the amount can be measured reliably. ``` ## **`Expenditure`** ``` Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the use of resources. ``` ## **`Tangible fixed assets`** ``` Tangibleassetscostinginexcessof£200arecapitalised.Tangibleassetsareinitiallyrecordedatcost, and subsequentlystatedatcostlessanyaccumulateddepreciationandimpairmentlosses.Anytangible assets carriedatrevaluedamountsarerecordedatthefairvalueatthedateofrevaluationlessany subsequent accumulated depreciation and subsequent accumulated impairment losses. ``` ``` Anincreaseinthecarryingamountofanassetasaresultofarevaluation,isrecognisedinother recognised gains and losses, unless it reverses a charge for impairmentthat has previouslybeen recognisedas expenditure withinthestatementoffinancialactivities.Adecreaseinthecarryingamountofanassetasaresult of revaluation,isrecognisedinotherrecognisedgainsandlosses,excepttowhichitoffsetsany previous revaluationgain,in whichcase the loss is shownwithinotherrecognisedgainsandlosseson the statement of financial activities. ``` ## **`Depreciation`** ``` Depreciationiscalculatedsoastowriteoffthecostorvaluationofanasset,lessitsresidualvalue,over the useful economic life of that asset as follows: ``` ## `Freehold property - 50 years straight line` ``` Long leasehold property - over the remaining period of the lease; up to 25 years Plant and machinery - 15% reducing balance basis Motor vehicles - 25% reducing balance basis Computer equipment - 25% reducing balance basis ``` ## **`Impairment of fixed assets`** ``` 18 ``` ``` Glebe House School Trust Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 August 2024 ``` ## **`2. Accounting policies - continued`** ## **`Tangible fixed assets`** ``` A review for indicatorsof impairmentis carriedout at each reportingdate, with the recoverableamount being estimatedwheresuchindicatorsexist.Wherethe carryingvalueexceedsthe recoverableamount,the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. ``` ``` Forthepurposesofimpairmenttesting,whenitisnotpossibletoestimatetherecoverableamountof an individualasset, an estimateis made of the recoverableamountof the cash-generatingunitto whichthe asset belongs.Thecash-generatingunitisthesmallestidentifiablegroupofassetsthatincludestheasset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. ``` ``` Forimpairmenttestingofgoodwill,thegoodwillacquiredinabusinesscombinationis,fromthe acquisition date,allocatedtoeachofthecash-generatingunitsthatareexpectedtobenefitfromthesynergiesof the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. ``` ## **`Stocks`** ``` Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsolete and slow moving items. ``` ## **`Taxation`** ``` The charity is exempt from corporation tax on its charitable activities. ``` ## **`Fund accounting`** ``` Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ``` ``` Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. ``` ``` Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial statements. ``` ## **`Hire purchase and leasing commitments`** ``` Rentalspaidunderoperatingleases are chargedto the Statementof FinancialActivitieson a straightline basis over the period of the lease. ``` ## **`Pension costs and other post-retirement benefits`** ``` Contributionstodefinedcontributionplansarerecognisedasanexpenseintheperiodinwhichthe related serviceisprovided.Prepaidcontributionsarerecognisedasanassettotheextentthattheprepayment will lead to a reduction in future payments or a cash refund. ``` ``` RetirementbenefitstoteachersatGlebeHouseSchoolTrustLimitedareprovidedbytheTeachers' Pension Scheme("TPS").Thisisadefinedbenefitschemeandtheassetsareheldseparatelyfromthoseofthe Trust. TheTPSisanunfundedschemeandcontributionsarecalculatedsoastospreadthecostofpensions over employees'workingliveswiththe Trustin sucha way thatthe pensioncostis a substantiallylevel percentage ofcurrentandfuturepensionablepayroll.ThecontributionsaredeterminedbytheGovernmentActuary on the basis of quadrennialvaluationsusing a prospectiveunit credit method. The TPS is a multi-employer scheme andthereisinsufficientinformationavailabletousedefinedbenefitaccounting.TheTPSistherefore treated asadefinedcontributionschemeforaccountingpurposesandthecontributionsrecognisedintheperiod to which they relate. ``` ``` 19 ``` ``` Glebe House School Trust Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 August 2024 ``` ## **`2. Accounting policies - continued`** ## **`Debtors`** ``` Debtorsaremeasuredattheirrecoverableamounts;theamountthecharityanticipatesitwillreceivefrom a debt or the amount it has paid in advance for goods or services. ``` ## **`Creditors`** ``` Creditorsare recognisedfor the amountthat the charityanticipatesit will pay to settle the debt or the amount it has received as an advance payment for goods or services it must provide. ``` ## **`Financial instruments`** ``` Afinancialassetorafinancialliabilityisrecognisedonlywhentheentitybecomesapartytothe contractual provisions of the instrument. ``` ``` Basicfinancialinstrumentsareinitiallyrecognisedattheamountreceivableorpayableincludingany related transactioncosts,unlessthearrangementconstitutesafinancingtransaction,whereitisrecognisedat the present value of the future payments discounted at a market rate of interest for a similar debt instrument. ``` ``` Currentassetsandcurrentliabilitiesaresubsequentlymeasuredatthecashorotherconsideration expected to be paid or received and not discounted. ``` ``` Debt instruments are subsequently measured at amortised cost. ``` ``` Otherfinancialinstrumentsaresubsequentlymeasuredatfairvalue,withanychangesrecognisedinprofit or loss,withtheexceptionofhedginginstrumentsinadesignatedhedgingrelationship(seehedge accounting policy). ``` ``` Financialassets that are measured at cost or amortisedcost are reviewed for objectiveevidence of impairment attheendofeachreportingdate.Ifthereisobjectiveevidenceofimpairment,animpairmentloss is recognisedundertheappropriateheadinginthestatementoffinancialactivitiesinwhichtheinitialgain was recognised. ``` ``` Anyreversalsofimpairmentarerecognisedimmediately,totheextentthatthereversaldoesnotresultin a carryingamountofthefinancialassetthatexceedswhatthecarryingamountwouldhavebeenhad the impairment not previously been recognised. ``` ## **`Limited by guarantee`** ``` Thecompanyis a companylimitedbyguarantee.ThemembersofthecompanyaretheGovernorsnamed on page1.Theliabilityofeachmember,intheeventofthecompanybeingwoundup,islimitedto£1. The number of members as at 31 August 2024 was 13 (2023: 13). ``` ``` 20 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** |**`3.`**
**`Donations and legacies`**
`Donations to the Trust`
`Gift aid`
`Earl & Stuart Charitable Trust`
**`4.`**
**`Other trading activities`**
`Fundraising events`
`Letting and licensing`
**`5.`**
**`Investment income`**
`Interest received`
**`6.`**
**`Income from charitable activities`**
**`Activity`**
`Sale of goods/services as part of direct`
`Pre-prep school fees`
`charitable activities`
`Sale of goods/services as part of direct`
`Prep school fees`
`charitable activities`
`Sale of goods/services as part of direct`
`Nursery fees`
`charitable activities`
`Sale of goods/services as part of direct`
`Boarding`
`charitable activities`
`Sale of goods/services as part of direct`
`Payments from governments`
`charitable activities`
`Sale of goods/services as part of direct`
`Ancillary trades`
`charitable activities`||| |---|---|---| |||| ``` 21 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** ## **`6. Income from charitable activities - continued`** ``` Grants received, included in the above, are as follows: ``` |**`Income from charitable activities - continued`**
`Grants received, included in the above, are as follows:`||| |---|---|---| |`NCC`
**`Other income`**
`Government grant income`|**`31.8.24`**
**`£`**
`553,274`
**`31.8.24`**
**`£`**
`-`|**`31.8.23`**
**`£`**
`557,900`| |||**`31.8.23`**
**`£`**
`1,000`| ## **`7. Other income`** ``` GovernmentgrantincomerepresentsacombinationofthevaluesreclaimedfromtheUKgovernment under theCoronavirusJobRetentionScheme,claimedtosupportthewagescostsofthoseemployees furloughed duringtheCOVID-19pandemic,andalsoincentivesrelatingtoapprenticeships.Thereareno unfulfilled conditionsorothercontingenciesattachedthegrantsrecognisedasincome;theincomeisnotclassified as state aid. ``` ## **`8. Raising funds`** ## **`Other trading activities`** |`Staff costs`
`Hire of plant and machinery`
`Bad debts`
`School curriculum & trip costs`
`Staff training and recruitment`
`Rent`
`Rates and water`
`Light and heat`
`Depreciation`
`Support costs`|**`31.8.24`**
**`£`**
`1,436,324`
`1,056`
`(22,190)`
`64,538`
`7,535`
`5,661`
`28,213`
`121,350`
`41,547`
`-`
`1,684,034`|**`31.8.23`**
**`£`**
`1,346,554`
`1,056`
`10,415`
`55,149`
`10,193`
`10,069`
`21,797`
`159,728`
`40,337`
`3,021`| |---|---|---| |||`1,658,319`| ``` 22 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** ## **`9. Charitable activities costs`** |**`9.`**
**`Charitable activities costs`**|**`9.`**
**`Charitable activities costs`**||||| |---|---|---|---|---|---| |`Support Costs`
**`10.`**
**`Support costs`**
**`Management`**
**`£`**
`Support Costs`
`558,099`
**`11.`**
**`Net income/(expenditure)`**
`Net income/(expenditure) is stated after charging/(crediting):`
`Depreciation - owned assets`
`Hire of plant and machinery`
`Deficit on disposal of fixed assets`
`Bank interest payable and other charges`
**`12.`**
**`Auditors' remuneration`**
`Fees payable for the audit of the financial statements`
`Fees payable to the charity's auditor and its associates for other services:`
`Other non-audit services`
`Fees payable in respect of the charity's pension scheme:`
`Audit of the pension scheme`||**`Governance`**
**`costs`**
**`£`**
`18,439`
**`31.8.24`**
**`£`**
`41,547`
`1,056`
`-`
`127,872`||**`Support`**
**`costs (see`**
**`note 10)`**
**`£`**
`576,538`
**`Totals`**
**`£`**
`576,538`
**`31.8.23`**
**`£`**
`40,337`
`1,056`
`3,021`
`104,336`|| ||||**`31.8.24`**||**`31.8.23`**| ||||**`£`**||**`£`**| ||||`11,000`||`10,080`| ||||||| ||||||| ||||`1,920`||`1,920`| ||||||| ||||||| ||||`1,200`||`1,140`| ||||||| ``` 23 ``` ``` Glebe House School Trust Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 August 2024 ``` ## **`13. Trustees' remuneration and benefits`** ``` Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2024norforthe year ended 31 August 2023. ``` ``` No remunerationor otherbenefitsfrom employmentwith the charityor a relatedentitywere receivedby the trustees. ``` ``` Expenses totalling £Nil were reimbursed to Trustees (2023: £Nil). ``` ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended31August2024norfortheyear ended 31 August 2023. ``` ## **`14. Staff costs`** |`Wages and salaries`
`Social security costs`
`Other pension costs`|**`31.8.24`**
**`£`**
`1,576,804`
`99,863`
`111,015`
`1,787,682`|**`31.8.23`**
**`£`**
`1,512,249`
`94,764`
`88,971`| |---|---|---| |||`1,695,984`| ``` The average monthly number of employees during the year was as follows: ``` |`Teaching and support staff`
`Nursery`
`Domestic`
`Grounds`
`Office and administration`|**`31.8.24`**
`22`
`44`
`9`
`3`
`5`
`83`|**`31.8.23`**
`21`
`48`
`8`
`3`
`6`
`86`| |---|---|---| ``` Thenumberofemployeeswhoseemployeebenefits(excludingemployerpensioncosts)exceeded £60,000 was: ``` |||**`31.8.24`**|**`31.8.23`**| |---|---|---|---| |`£70,001`|`- £80,000`|`1`|`1`| ## **`Key management personnel`** ``` Keymanagementpersonnelincludeallpersonsthathaveauthorityandresponsibilityforplanning, directing andcontrollingtheactivitiesofthecharity.Thetotalcompensationpaidtokeymanagementpersonnel for services provided to the charity was £143,254 (2023: £137,520). ``` ``` 24 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** ## **`15. Comparatives for the statement of financial activities`** |**`Unrestricted`**
**`fund`**
**`£`**
**`Income and endowments from`**
`Donations and legacies`
`327,364`
**`Charitable activities`**
`Sale of goods/services as part of direct`
`charitable activities`
`2,133,317`
`Other trading activities`
`50,553`
`Investment income`
`203`
`Other income`
`1,000`
**`Total`**
`2,512,437`
**`Expenditure on`**
`Raising funds`
`1,605,881`
**`Charitable activities`**
`Support Costs`
`577,887`
`Other`
`221,242`
**`Total`**
`2,405,010`
**`NET INCOME/(EXPENDITURE)`**
`107,427`
**`Reconciliation of funds`**
`Total funds brought forward`
`(232,253)`
**`Total funds carried forward`**
`(124,826)`|**`Restricted`**
**`funds`**
**`£`**
`10,000`
`19,851`
`-`
`-`
`-`
`29,851`
`52,438`
`-`
`3,291`
`55,729`
`(25,878)`
`327,781`
`301,903`|**`Total`**
**`funds`**
**`£`**
`337,364`
`2,153,168`
`50,553`
`203`
`1,000`| |---|---|---| |||`2,542,288`| |||`1,658,319`
`577,887`
`224,533`| |||`2,460,739`| |||`81,549`
`95,528`| |||`177,077`| ``` 25 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** ## **`16. Tangible fixed assets`** |**`Cost`**
`At 1 September 2023`
`Additions`
`At 31 August 2024`
**`Depreciation`**
`At 1 September 2023`
`Charge for year`
`At 31 August 2024`
**`Net book value`**
`At 31 August 2024`
`At 31 August 2023`
**`Cost`**
`At 1 September 2023`
`Additions`
`At 31 August 2024`
**`Depreciation`**
`At 1 September 2023`
`Charge for year`
`At 31 August 2024`
**`Net book value`**
`At 31 August 2024`
`At 31 August 2023`|**`Freehold`**
**`property`**
**`£`**
`1,715,208`
`35,288`
`1,750,496`
`192,638`
`32,204`
`224,842`
`1,525,654`
`1,522,570`
**`Fixtures`**
**`and`**
**`fittings`**
**`£`**
`29,982`
`5,764`
`35,746`
`15,928`
`4,113`
`20,041`
`15,705`
`14,054`|**`Long`**
**`leasehold`**
**`£`**
`90,829`
`-`
`90,829`
`90,829`
`-`
`90,829`
`-`
`-`
**`Motor`**
**`vehicles`**
**`£`**
`2,000`
`-`
`2,000`
`1,439`
`140`
`1,579`
`421`
`561`|**`Plant and`**
**`machinery`**
**`£`**
`136,335`
`2,858`| |---|---|---|---| ||||`139,193`| ||||`103,000`
`5,090`| ||||`108,090`| ||||`31,103`| ||||`33,335`| ||||**`Totals`**
**`£`**
`1,974,354`
`43,910`| ||||`2,018,264`| ||||`403,834`
`41,547`| ||||`445,381`| ||||`1,572,883`| ||||`1,570,520`| ``` Thefreeholdpropertyisprovidedasasecurityonthebankloansdetailedwithincreditorswithanet book value carrying amount of £1,525,655 (2023: £1,522,570). ``` ``` Includedwithinfreeholdpropertyis land which is held at deemed cost of £162,500(2023: £162,500),valued at its historic fair value. ``` ``` 26 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** |**`17.`**
**`Stocks`**
`Finished goods`
**`18.`**
**`Debtors: amounts falling due within one year`**
`Trade debtors`
`Provision for doubtful debts`
`Other debtors`
**`19.`**
**`Creditors: amounts falling due within one year`**
`Bank loans and overdrafts (see note 21)`
`Other loans (see note 21)`
`Payments on account`
`Trade creditors`
`Social security and other taxes`
`Pension creditor`
`Other creditors`
`Accrued expenses`|**`31.8.24`**
**`£`**
`900`
**`31.8.24`**
**`£`**
`162,725`
`(86,320)`
`-`
`76,405`
**`31.8.24`**
**`£`**
`107,357`
`16,470`
`-`
`60,643`
`122,929`
`16,053`
`19,879`
`22,890`
`366,221`|**`31.8.23`**
**`£`**
`900`
**`31.8.23`**
**`£`**
`351,044`
`(96,548)`
`1,950`
`256,446`
**`31.8.23`**
**`£`**
`118,569`
`15,944`
`4,082`
`99,371`
`83,762`
`36,580`
`8,650`
`21,500`
`388,458`| |---|---|---| ``` Theaggregateliabilityincludedwithincreditorsunderoneyearofwhichsecurityisheldis£37,947 (2023: £35,184) relating to HSBC UK and Norwich Diocese. ``` ``` The BarclaysBank loan due under one year amountingto £10,000 (2023: £9,162) is secured by the government backed Bounce Back Loan Scheme (BBLS). ``` ``` TheNorwichDioceseBankloandueunderoneyearamountingto£16,470(2023:£15,944)is securedby way of a charge over the land adjoining to 2 Cromer Road, Hunstanton, PE36 6HW. ``` ``` An overdraftfacilityof £100,000is held with HSBC UK of which is secured by way of a charge over the Freehold Property at 2 Cromer Road, Hunstanton, PE36 6HW. ``` ``` An overdraftfacilityof £25,000is heldwithBarclaysBankPlcof whichis securedbywayof a chargeover the Freehold Property at 2 Cromer Road, Hunstanton, PE36 6HW. ``` ``` 27 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** ## **`20. Creditors: amounts falling due after more than one year`** |**`Creditors: amounts falling due after more than one year`**||| |---|---|---| |`Bank loans (see note 21)`
`Other loans (see note 21)`
`Other creditors`|**`31.8.24`**
**`£`**
`946,442`
`52,743`
`7,197`
`1,006,382`|**`31.8.23`**
**`£`**
`978,830`
`69,213`
`12,972`| |||`1,061,015`| ``` Theaggregateliabilityincludedwithincreditorsoveroneyearofwhichsecurityisheldis£990,018 (2023: £1,028,042) relating to HSBC and Norwich Diocese. ``` ``` The HSBC Bank loandue over one year amountingto £937,275(2023:£958,829)is securedby way of a charge over all its assets includingthe FreeholdPropertyat 2 CromerRoad,Hunstanton,PE36 6HW. A debenture was held over all of its assets and undertaking.. ``` ``` The Norwich Diocese Bank loan due over one year amounting to £52,743 (2023: £69,213) ``` ``` is secured by way of a charge over the land adjoining to 2 Cromer Road, Hunstanton, PE36 6HW. ``` ``` The BarclaysBankloandue over one yearamountingto £9,167(2023:£20,000)is securedby the government backed Bounce Back Loan Scheme (BBLS). ``` ``` TheHSBCloanisrepayableinmonthlyinstalments,withthefinalrepaymentoftheloan,interestand any otheramountsoutstandingtobemadein2042.Interestontheloanischargedat4.5%perannumover the Bank's Sterling Base Rate. ``` ``` The Barclaysbankloanis repayablein monthlyinstalments,withthe finalrepaymentof the loan,interest and anyotheramountsoutstandingtobemadein2026.Interestontheloanischargedat2.5%perannum with the first 12 months being interest free. ``` ``` TheNorwichDioceseloanisrepayableinmonthlyinstalments,withthefinalrepaymentoftheloan, interest and any other amounts outstanding to be made in 2028. Interest on the loan is charged at 3.25% per annum. ``` ## **`21. Loans`** ``` An analysis of the maturity of loans is given below: ``` |`Amounts falling due within one year on demand:`
`Bank overdrafts`
`Bank loans`
`Norwich Diocese due < 1 year`|**`31.8.24`**
**`£`**
`75,881`
`31,476`
`16,470`
`123,827`|**`31.8.23`**
**`£`**
`90,163`
`28,406`
`15,944`| |---|---|---| |||`134,513`| ``` 28 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** ## **`21. Loans - continued`** |**`Loans - continued`**||| |---|---|---| |`Amounts falling due between two and five years:`
`- mortgage`
`Norwich Diocese due 2-5 years`
`Amounts falling due in more than five years:`
`Repayable by instalments:`
`Bank loans more 5 yr by instal`|**`31.8.24`**
**`£`**
`119,054`
`52,743`
`171,797`
`827,388`|**`31.8.23`**
**`£`**
`119,719`
`69,213`| |||`188,932`| |||`859,111`| ## **`22. Leasing agreements`** ``` Minimum lease payments under non-cancellable operating leases fall due as follows: ``` |`Within one year`
`Between one and five years`
`In more than five years`
**`23.`**
**`Accruals and deferred income`**
`Deferred income b/fwd`
`Deferred income - released to income`
`Deferred income - deferred in year`|**`31.8.24`**
**`£`**
`17,454`
`16,460`
`4,500`
`38,414`
**`31.8.24`**
**`£`**
`280,935`
`(280,935)`
`337,972`
`337,972`|**`31.8.23`**
**`£`**
`15,689`
`29,458`
`6,750`
`51,897`
**`31.8.23`**
**`£`**
`348,580`
`(348,580)`
`319,829`|**`31.8.23`**
**`£`**
`15,689`
`29,458`
`6,750`| |---|---|---|---| ||||`51,897`| |||`319,829`|| ``` Deferredincomerefersto schoolfees receivedinadvanceforthenextacademicterm,whichbeginsafter the balance sheet date. ``` ``` 29 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** ## **`24. Movement in funds`** |**`Unrestricted funds`**
`General Funds`
**`Restricted funds`**
`Restricted Fixed Assets`
`Restricted Funds`
**`TOTAL FUNDS`**
`Net movement in funds, included in the above are as follows:`
**`Unrestricted funds`**
`General Funds`
**`Restricted funds`**
`Restricted Fixed Assets`
`Restricted Funds`
**`TOTAL FUNDS`**
**`Comparatives for movement in funds`**
**`Unrestricted funds`**
`General Funds`
**`Restricted funds`**
`Restricted Fixed Assets`
`Restricted Funds`
**`TOTAL FUNDS`**|**`At 1.9.23`**
**`£`**
`(124,826)`
`285,819`
`16,084`
`301,903`
`177,077`
**`Incoming`**
**`resources`**
**`£`**
`2,265,014`
`-`
`10,000`
`10,000`
`2,275,014`
**`At 1.9.22`**
**`£`**
`(232,253)`
`292,584`
`35,197`
`327,781`
`95,528`|**`Net`**
**`movement`**
**`in funds`**
**`£`**
`(166,548)`
`(6,719)`
`-`
`(6,719)`
`(173,267)`
**`Resources`**
**`expended`**
**`£`**
`(2,431,562)`
`(6,719)`
`(10,000)`
`(16,719)`
`(2,448,281)`
**`Net`**
**`movement`**
**`in funds`**
**`£`**
`107,427`
`(6,765)`
`(19,113)`
`(25,878)`
`81,549`|**`At 31.8.24`**
**`£`**
`(291,374)`
`279,100`
`16,084`
`295,184`
`3,810`
**`Movement`**
**`in funds`**
**`£`**
`(166,548)`
`(6,719)`
`-`
`(6,719)`
`(173,267)`
**`At 31.8.23`**
**`£`**
`(124,826)`
`285,819`
`16,084`
`301,903`
`177,077`| |---|---|---|---| ``` 30 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** ## **`24. Movement in funds - continued`** ``` Comparative net movement in funds, included in the above are as follows: ``` |**`Unrestricted funds`**
`General Funds`
**`Restricted funds`**
`Restricted Fixed Assets`
`Restricted Funds`
**`TOTAL FUNDS`**|**`Incoming`**
**`resources`**
**`£`**
`2,512,437`
`-`
`29,851`
`29,851`
`2,542,288`|**`Resources`**
**`expended`**
**`£`**
`(2,405,010)`
`(6,765)`
`(48,964)`
`(55,729)`
`(2,460,739)`|**`Movement`**
**`in funds`**
**`£`**
`107,427`
`(6,765)`
`(19,113)`
`(25,878)`
`81,549`| |---|---|---|---| ``` A current year 12 months and prior year 12 months combined position is as follows: ``` |**`Unrestricted funds`**
`General Funds`
**`Restricted funds`**
`Restricted Fixed Assets`
`Restricted Funds`
**`TOTAL FUNDS`**|**`Net`**
**`movement`**
**`At 1.9.22`**
**`in funds`**
**`At 31.8.24`**
**`£`**
**`£`**
**`£`**
`(232,253)`
`(59,121)`
`(291,374)`
`292,584`
`(13,484)`
`279,100`
`35,197`
`(19,113)`
`16,084`
`327,781`
`(32,597)`
`295,184`
`95,528`
`(91,718)`
`3,810`| |---|---| ``` 31 ``` ``` Glebe House School Trust Limited ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 August 2024`** ## **`24. Movement in funds - continued`** ``` A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above are as follows: ``` |**`Unrestricted funds`**
`General Funds`
**`Restricted funds`**
`Restricted Fixed Assets`
`Restricted Funds`
**`TOTAL FUNDS`**|**`Incoming`**
**`resources`**
**`£`**
`4,777,451`
`-`
`39,851`
`39,851`
`4,817,302`|**`Resources`**
**`expended`**
**`£`**
`(4,836,572)`
`(13,484)`
`(58,964)`
`(72,448)`
`(4,909,020)`|**`Movement`**
**`in funds`**
**`£`**
`(59,121)`
`(13,484)`
`(19,113)`
`(32,597)`
`(91,718)`| |---|---|---|---| ``` Includedinunrestrictedfundsislandwhichhasbeenrevaluedby£162,500.Thisamountiswithin tangible fixed assets as seen in note 16. ``` ## **`Restricted fixed asset`** ``` The restricted fixed asset fund is comprised of monies donated for the purchase of fixed assets as follows: ``` ``` PavilionImprovementFund-Toprovidefinancialassistancetoupgradetheexistingschoolpavilion. The openingbalanceonthefundwas£14,723;Expenditureduringtheyeartotalled£336;Closingfund balance £14,387. ``` ``` NurseryPlaygroundFund-Toprovidefinancialassistancetowardsthecostofrefurbishingthenursery rubber playtopsurface.Theopeningbalanceonthefundwas£4,371;Expenditureduringtheyeartotalled £100; Closing fund balance £4,271. ``` ``` ParentsCommitteeEquipment& ActivitiesFund-To providefinancialassistancetowardsadditional resources and activitiesfor the enjoymentof the pupilsas designatedby the parentscommittee.The openingbalance on the fund was £499; Expenditure during the year totalled £88; Closing fund balance £411. ``` ``` NorfolkCountyCouncilTwoYearGrant-Toimproveresourcesfor2-year-oldchildrenattendingnursery. The opening balance on the fund was £959; Expenditure during the year totalled £144; Closing fund balance £815. ``` ``` NorwichDiocese Donationof Property-The value of the donationthat,in the event of the sale of the land and buildings,wouldrevertbacktotheDiocese.Theopeningbalanceonthefundwas£265,267; Expenditure during the year totalled £6,052; Closing fund balance £259,215. ``` ## **`Restricted funds`** ``` The restricted funds monies arise from gifts for express purposes as specified: ``` ``` Earle&StuartCharitableTrustScholarshipFund-Toprovideascholarship,presentingaproportionof annual feesforapupilfromtheDockingareaofNorfolk.Theincomeisnotguaranteedandisstrictly renewable annually.The openingbalanceon the fund was £10,000;Income duringthe year totalled£10,000, expenditure during the year totalled £10,000; Closing fund balance £10,000. ``` ``` 32 ``` ``` Glebe House School Trust Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 August 2024 ``` ## **`24. Movement in funds - continued`** ``` NorfolkCommunityFoundation-Toprovidefundingtoaidetheimprovementofthenurserygardenand its' facilities.Theopeningbalanceonthefundwas£820;Expenditureduringtheyeartotalled£Nilon garden works; Closing fund balance £820. ``` ``` Covid-19HardshipFund-Toprovidefundingtocoverstudentsfeesforstrugglingparentsresultingfrom the Covid-19pandemic.Theopeningbalanceonthefundwas£394;Incomeduringtheyeartotalled £Nil; Expenditure during the year totalled £NIL; Closing fund balance £394. ``` ``` The Glebe House School Foundation-establishedto raise funds to supportthe long-termfuture of Glebe House School.Theinitialprogrammewillbetomoveintothethirddecadeofthiscenturyofferingthe opportunity forallpupilsofabilitytobenefitfromaGlebeHouseSchooleducationandtodevelopfacilitiesthat both benefitourpupils,butalsooneswhichcanbesharedwiththelocalcommunity.Theopeningbalanceon the fund was £4,870; Income and Expenditure during the year totalled £Nil; Closing fund balance £4,870. ``` ## **`25. Employee benefit obligations`** ``` Theamountrecognisedinincomeorexpenditureasanexpenseinrelationtodefinedcontributionplans was £111,015 (2023: £88,971). ``` ``` TheschoolparticipatesintheTeacher'sPensionScheme(England&Wales)("theTPS")foritsteaching staff. ThePensionChargefortheyearincludesemployercontributionspayabletotheTPSof£93,346 (2023: £79,438).Employeeandemployercontributionsamountingto£12,284werepayabletotheschemeat 31 August2024(2023:£26,680)andare includedwithincreditors.Thisbalancehasbeenpaidin fullshortly after the balance sheet date. ``` ``` TheTPSisanunfundedmulti-employerdefinedbenefitsschemegovernedbytheTeachers' Pensions Regulations2010andfrom1April2014,theTeachersPensionsRegulations2014.Memberscontributeon a 'payasyougo'basiswithcontributionsfrommembersandtheemployerbeingcreditedtothe Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. ``` ``` TheGovernmentActuary,usingnormalactuarialprinciples,conductsaformalactuarialreviewoftheTPS in accordancewiththe PublicServicePensions(ValuationsandEmployerCostCap)Directions2014published by HM Treasury.The aim of the reviewis to specifythe level of futurecontributions.Actuarialscheme valuations are dependenton assumptionsaboutthe value of futurecosts, designof benefitsand many otherfactors. The latestactuarialvaluationoftheTPSwascarriedoutasat31March2020.Thekeyelementsofthe valuation and subsequent consultation are: ``` ``` -Employercontributionratessetat28.6%ofpensionablepay(includinga0.08%employer administration charge). ``` ``` -Totalschemeliabilities(pensionscurrentlyinpaymentandtheestimatedcostoffuturebenefits)for service to the effective date of £262,000million,and notionalassets (estimatedfuture contributionstogetherwith the notionalinvestmentsheldatthevaluationdate)of£218,100milliongivinganotionalpastservicedeficit of £39,800 million. ``` ``` -The SCAPErate,set by HMT, is usedto determinethe notionalinvestmentreturn.The currentSCAPErate is 2.55%, due to fall to 2.45% above the rate of CPI. ``` ``` ThenextvaluationoftheTPSiswasimplementedfrom1April2024.Itwasconfirmedthat Employer contribution rates are set at 28.6% of pensionable pay (including a 0.08% employer administration charge). ``` ``` 33 ``` ``` Glebe House School Trust Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 August 2024 ``` ## **`25. Employee benefit obligations - continued`** ``` A copy of the valuation report and supporting documentation is on the Teachers' Pensions website. ``` ``` Underthe definitionsset outin FRS 102,the TPS is a unfundedmulti-employerpensionscheme.The trust has accountedfor its contributionsto the scheme as if it were a definedcontributionscheme. The trust has set out above the information available on the scheme. ``` ## **`26. Related party disclosures`** ``` The charity is controlled by the board of Trustees as a whole. ``` ``` During the year, the aggregate unrestricted donations received from the Trustees totalled £Nil (2023: £88,680). ``` ``` AsatthebalancesheetdatetheTrustowedaTrustee£Nil(2023:£Nil)inloanbalances.Duringtheyear the Trust repaid £Nil (2023: £292,589) of the loan balance, including interest payments of £Nil (2023: £875). ``` ``` Duringthe year, some Trusteesreceivedservices for Schoolingfor theirchildrenof £164,634(2023: £178,698). AsatthebalancesheetdatetheTrusteesowedtheTrust£4,009(2023:£7,045).Alltransactionshave been undertaken on normal commercial terms. ``` ``` No furtherrelatedpartytransactionswere undertakenduringthisor the priorreportingperiodwhich require disclosure. ``` ## **`27. Financial instruments`** ``` The carrying amount for each category of financial instrument is as follows: ``` |`The carrying amount for each category of financial instrument is as follows:`||| |---|---|---| ||**`31.8.24`**|**`31.8.23`**| ||**`£`**|**`£`**| |`Financial assets that are debt instruments measured at amortised cost`|`109,862`|`357,462`| |`Financial liabilities measured at amortised cost`|`1,555,509`|`1,676,657`| |||| ## **`28. Charges on assets`** ``` Freeholdpropertyheldwithintangiblefixedassetsarepledgedassecurityinrelationtothebankloan as detailed in notes 19, 20 and 21 to these financial statements. ``` ``` 34 ``` ## **`Glebe House School Trust Limited`** ## **`Detailed Statement of Financial Activities for the Year Ended 31 August 2024`** |**`Income and endowments`**
**`Donations and legacies`**
`Donations to the Trust`
`Gift aid`
`Earl & Stuart Charitable Trust`
**`Other trading activities`**
`Fundraising events`
`Letting and licensing`
**`Investment income`**
`Interest received`
**`Charitable activities`**
`Pre-prep school fees`
`Prep school fees`
`Nursery fees`
`Boarding`
`Payments from governments`
`Ancillary trades`
**`Other income`**
`Government grant income`
**`Total incoming resources`**
**`Expenditure`**
**`Other trading activities`**
`Wages`
`Social security`
`Pensions`
`Hire of plant and machinery`
`Bad debts`
`School curriculum & trip costs`
`Carried forward`|**`31.8.24`**
**`£`**
`44,969`
`4,297`
`10,000`
`59,266`
`-`
`57,999`
`57,999`
`56`
`328,369`
`778,282`
`447,009`
`19,061`
`553,274`
`31,698`
`2,157,693`
`-`
`2,275,014`
`1,245,955`
`83,053`
`107,316`
`1,056`
`(22,190)`
`64,538`
`1,479,728`|**`31.8.23`**
**`£`**
`275,844`
`51,520`
`10,000`| |---|---|---| |||`337,364`
`13,704`
`36,849`| |||`50,553`
`203`
`317,824`
`760,132`
`460,749`
`29,153`
`557,900`
`27,410`| |||`2,153,168`
`1,000`| |||`2,542,288`
`1,186,826`
`73,590`
`86,138`
`1,056`
`10,415`
`55,149`
`1,413,174`| ``` This page does not form part of the statutory financial statements ``` ``` 35 ``` ## **`Glebe House School Trust Limited`** ## **`Detailed Statement of Financial Activities for the Year Ended 31 August 2024`** |**`Other trading activities`**
`Brought forward`
`Staff training and recruitment`
`Rent`
`Rates and water`
`Light and heat`
`Freehold property`
`Plant and machinery`
`Fixtures and fittings`
`Motor vehicles`
**`Other`**
`Insurance`
`Other establishment costs`
`Motor vehicle expenses`
`Housekeeping and provisions`
`Parent committee`
**`Support costs`**
**`Management`**
`Wages`
`Social security`
`Pensions`
`Telephone`
`Office expenses`
`Staff training and recruitment`
`Marketing`
`Computer expenses`
`Subscriptions, licences & fees`
`Bank interest`
`Norwich Diocese loan interest`
`Other interest charges`
**`Finance`**
`Loss on sale of tangible fixed assets`
**`Governance costs`**
`Auditors' remuneration`
`Carried forward`|**`31.8.24`**
**`£`**
`1,479,728`
`7,535`
`5,661`
`28,213`
`121,350`
`32,204`
`5,090`
`4,113`
`140`
`1,684,034`
`25,457`
`44,026`
`29,318`
`78,056`
`10,852`
`187,709`
`330,849`
`16,810`
`3,699`
`8,554`
`15,701`
`3,460`
`27,669`
`6,113`
`17,372`
`112,007`
`2,532`
`13,333`
`558,099`
`-`
`11,000`
`11,000`|**`31.8.23`**
**`£`**
`1,413,174`
`10,193`
`10,069`
`21,797`
`159,728`
`31,924`
`4,426`
`3,801`
`186`| |---|---|---| |||`1,655,298`
`24,442`
`95,987`
`24,496`
`79,608`
`-`| |||`224,533`
`325,423`
`21,174`
`2,833`
`8,052`
`18,503`
`3,380`
`10,255`
`8,376`
`14,516`
`99,105`
`5,231`
`-`| |||`516,848`
`3,021`
`10,080`
`10,080`| ``` This page does not form part of the statutory financial statements ``` ``` 36 ``` ## **`Glebe House School Trust Limited`** ## **`Detailed Statement of Financial Activities for the Year Ended 31 August 2024`** |**`Governance costs`**
`Brought forward`
`Accountancy fees`
`Legal fees`
`Other costs`
`Total resources expended`
**`Net (expenditure)/income`**|**`31.8.24`**
**`£`**
`11,000`
`2,483`
`2,776`
`2,180`
`18,439`
`2,448,281`
`(173,267)`|**`31.8.23`**
**`£`**
`10,080`
`6,403`
`23,219`
`21,337`| |---|---|---| |||`61,039`| |||`2,460,739`| |||`81,549`| ``` This page does not form part of the statutory financial statements ``` ``` 37 ```