Newbridge Preparatory School Limited Financial Statements Year Ended 31 August 2022 Charity registration number= 1019682 Company registratson number. 414993 Newbridge Preparatory School Limited Financial Ststements Year Ended 31 August 2022 Contents Pagè Charity Reference and Administrative Details Notice of the Annual General Meeting Chairman's statement Trustees, Annual Report {Induding Directors. Rep)rtl Independent Auditor Report Statement of Finanual Acb"vttiÈs (Including Income and Expenditure Account) Balance Sheet 11 12-15 16 17 Slalemer¥t of Cash Flows 18 Notes to the Financial Ststements 19-32 Detailed Income and Expenditure A(xxJunt 33-34 Newbridge Preparatory School Limitèd Financial Statements Year Ended 31 August 2022 Charity registration number 1019682 Company r¢gi5tration number 414993 Trusteès H M Hughes IChairman} J A Hollingsworth G J Birkett P M Timmsns K K Bhambra Dr C V Watkins Se¢retary J A Honingsworth Headmistress Mrs S Fisher Registered office 51 Newbridge Crescent Wolverhampton West Midlands WV6 OLH Auditor LawEon Bradford Chartered Cerbfied Accountsnts and Statutory Auditors 7 Marconi Gale Slaffordshire Technobgy Park Stafford ST18 OFZ Soll¢itor FPC Manby Bowdler LLP George House Sl John's Square Wolverhampto WV2 4BZ Barclays Bank PLC Queen Square Wolverhampton W￿1 1DS Bankers Newbridge Preparatory School Limited Notlce of Meetlng li￿ is hereby given that the Annual General Meetry of the cornpany will be held al its registered offi¢e on 15 March 2023 at 6 pm for Ihe folowng purposes: To receive the Directors ReiM)rt Siatement ofAccounts f￿ the year ended 31 ￿gust 2022. To rÈ-eW directws: Ordinary shares of£10 each 31* August 2022 31* August 2021 H M Hughes In accordance with the Merwrandtjm and Mides of Ass￿￿t¥)n, no porbon of the income or propety of the company shall be paid out or transferred dir& or indirecty. by way of dwidend. tx)nus or otheTh¥isè howsoever by way of profft. to the Members of the Ci)mpany. Objectives and activities The objects are set cxjt in the Mem(KarMtum of Association as the education of girfs up to thè agè of I l and boys of pr￿nurSery age up to the age of 7. In ￿ance the Mel￿randu￿, Newbridge P￿paratOry School is a day school for gids edutating them to a high Sta￿tsrd so enatAing them to be atAe to move to a sen￿r school and a day school for boys up lo the age of seven enabling them lo be able lo move lo a junK)r schwl. Strategic Aim and Intended Effect The School'5 strategic aim to reach its annual 0￿ethe is the attainment of the highest academic levels whilst alk)wing pupils lo benefit from our extra-curricular pr(NJramme. This is interKJed to draw out their abilities and academi¢ wtenb"al, awaken and devek)p wider interests in lrfe and motivate them for a successful outcome at their chosen senior school. Newbridge Preparatory School Limited Tru5tees' Annual Report (Including Directors, Report) Year Ended 31 August 2022 School AÈMS The school's aim5 are.. To give ¢hildren strong foundalions for leaming in their earty years To ensuFe that every ehild reaches his or her own full academic potential. through quality leaching in small classes To introduce children to the worlds of music. sport. dance, the arts and feisure activities To produ￿ confKJènt happy children with 8 sense ol self dkscipline To encourage sensitivity to the nèèds of others and lime to care for one anolher within a small. family atrnosphere Our School Mission Statement Aiming High Building Bridges Preparing for Lrfe Objectlvès for the Year The Board's ￿leCt￿e$ are sel lo refiect Ihe ed￿￿ti￿al a￿S the elJK)s of the SchcM)l. 11 is inportant that the same high standard of academiG success as achEved by the Sch(xS in Previous years is maintained and enhanced so that pupiFs wll ￿ ftjlly ab￿ to benefit from their chosen senior schod for the ¢onb"nuation of their education. This obiectsve 45. however. set in Ihe context of the br¢)ader goals set for the Sthool and its pupils. In setting our objectives and ￿nlling ac*vibes our dir￿ have given careful consKleration to th& Charity Commission's general guidan￿ on public benefft and in pa￿(￿L3[ to ils supFknentsry guidan￿ on advancing education and on fe&tharging. The key objectives for Ihe year induded: To m3intsin and extend our broad academic curricuhjm: To tnainlain a high teaCher-t￿pUPIl ratio., To taik)r our services as appropriate to suit individual needs- To Continue to develop the first class pastoral care we provide for pupils.. To maintain and increase pupil numbers in the main school. nursery and pre-nursery- To Continue to improve leaching afid ￿arnI￿j standards in line with the school's development plan. Principal Adivity NewbrKlge Preparatory scl￿'s prIn(Xp￿ athity C1￿￿"nueS to be the provtrsion of a Day SchrK)I for 9ids up lo age 11 and boys from pre-nursery age up lo ￿ age of seven. There are currenty 134 pupils on roll. Our Ethos At Newbridge we believe that lo realise an individuafs rxjtential, education has lo encompass the breadth and dépth of experience. We strNe for the highesl standards in all academiG subjects of the curriculLJm", we also offer every child the opportunity lo achieve across a range of aclivities. from music, dan￿ and drama. lo sport and outdoor pursuits. We believe in traditional values, there self41sci￿Ine and g(x)d manner5 are important and whère each individLtal is encouraged lo iespect and value othws. We are a small, pgrsonal schrx)l. where everyone knows everyone else. We foster an environment in which boys and gids (3n grow in confiden¢e, leaming honesty. considera1￿n. loyalty and openn8SS_ The school has no religious affiliation. but has a Christian ethos. Newbridge Preparatory School Limited Trustees, Annual Report {Including Directors. Report) Year Ended 31 August 2022 Newbridge Preparatory Sch¢xJl is a charilable trust which seeks lo benefit the public though the pursuit of its slated aims. Our fees are set at a level to ensure Ihe financial viability of the SclH)ol and at a level that is Consistent with our aim of providing a first dass ed￿￿tIOn to boys and girls. Our Sch¢x>l welcomes pupils from all ba¢kgrounds. To admit a wospectsve pupil we need lo be satisfied that our School will be able lo educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by Iheir peers. Entran￿ inlerviews and assessments are undertaken lo satisfy ourselves and parents that polenlial pupils Can ￿pe ￿th the pa￿ of leaming and benefit from the edu(3tion we provide. An individual's econownic status. gender. ethnicrty, ra￿, religion or disability do not fomi part of our assessment processes. We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, ra￿, ethnicity, religion, sex. sexual orient81ion or disability. We will make reasonable adjustments lo meet the needs of staff ￿ pupils who a￿ or becowne disabled. Policies on Assistance Financial Planning Policy Timely financial planning is often the key for many parents who are hoping to send their chI￿ren to Nèwbridge Preparatory School and a Schcx￿ fee pLgrb is available lo help those who wsh lo fund educational ¢osls through regular contributions. Bursary Award System From 1 September 2013 the Directors introduc*d a Bursary Award System in order to widen access lo the education that the school provides. The Directors view the but5ary award xheme as impcKtanl in helping to ensu￿ that thildren from families who otherwise would not be ablè to afftjrd the fees can acc￿ Ihe edu(xts"on offered. The bursary award is available lo pupils who frjlfil the admissions poI￿y. Access Policy School fees are kept deliberately low so thai as many chfidren as possible can benefit from the education offered. The govemment's Nursery Education Funding is applied for children {who fulfil the enttilewnent reqU1￿Ments) after the term in which they tum three years old unl"l the term iri which they tum five years old. We join in with community activities wherever t>ossible and encourage the community to use our premises. Volunteers Parents help wth the Sch¢y)I's lundraisirrfJ in order lo raise fvnds for any rniects relatirbg to the fabric of the building and the sch¢x)I's faalilies as wéll as sCh(M￿ equipment and the Board would like to take this opportunity lo say how much we appreciate their continuing arvj valuable support for our W￿¢. The charity had the SUp￿rt of one volunteer during the year, who attended the school lo offer support. The estimated number of hours that the charty benefitted from dufing the year was 216 with a value of £2.160 to the charity. Newbridge Proparatory School Limited Trustees. Annual Report {Including Directors, Report) Year Ended 31 August 2022 Public benefit statement Whilst thefe is no specific fvnd alktated wrthin the Sctrth's budget in connectK)n wth bursary payments. the Directors have awarded ft￿r means tested bur5arie5 in the form of a dis(x>unt of the tU￿.0Th fees payaiAe during the academic year depending on the finanuaV¢ompaSs￿n8te or other Clrcumstsn￿S of the parenvguardian applicants. The Directors re¢￿ani%e that financsal surv)rt by way ofa tmjrsary fals into ￿ of categories namely:" New applit￿nts to the SchcK4 where a pl¥* has Iwi offered parentslguardians a￿ unablè to fu￿1 the luibon fees,. or An exi5ti.ng pupil where a chaThJe in the parenlslguardkins cirrXJmstan￿ result in dfficulty in funding tuition fees with the resur( that the chrfd may be wtthdravm from th8 Schcd. Ajthough. during this fjnarrial year the S(*Mxl has reFKKted a sfflall deficc the Board feels that there wll be SLrficierbt ftjnds to continue to awdrd bursaries in the next finarrial year. Th& public beneffts provided during the year by the are detai￿ bekm. Facilitres have b*n WOVKJed Ihal cannot only be used by Newbndge Preparatcry sc￿￿)1. but by memtws of the loul communty. AJbright￿ AJ"kido Club uses the schiK)I hal every Wednesday evening and Diddi Dance use the hall every Saturday moming durirwj tèrm time. Bilston Operatic &Kiety {induding th￿r YoLth dNisionl use the facilrfties on an occasK)nal use basis. The hall. changing room arml commtjnavsocial area IBve been offered lor l(tal ¢xmtThJnty use after 6.CX)rAn each day," al weekends and for 16 fijll weeks during hcAKlays. The Board is keen lo share Ihe s(thcK4's facilitts and gr(xJThYs wth as ￿ a community as possiNe. Tennis and netball courts have been offered to the widerilty arvj its cm)F*ll￿e wiciNJ. Many work experience pla￿MentS have been proV￿d for pupils fr(Mn k)cal senior schca)Is durirvJ the yearto gNe them experience in the work tAace. The schLK4 has akn suprx)rted many sluderts from kxal training cdleges and universrty student placements_ Numerous ¢JOnatic￿S to the value of £4030 have been rrHde by the to arvj nation￿ chariknes., ificluding Wear it Pink Donation. Children in Need. Young MirKJs. DEC Ukraine CrAlecLw)n. NSPCC Numbers Day, Red Nose Day, and Crohn's Research_ Operallonal perfom)ance of the School The majority ol our leavers went on lo their chctsen senvx sch¢x4. This achievement has been greauy hdped by the high quality of leaching staff we empby. As a 'prep' school our role is to create choices at 11 plus, and 2021-2022 was no exception with 11 girls creats.ng 32 school offers and 5 scho5arship offers. Nine of the eleven girls also gained places to state funded seleclive gommar schools. Year Six girl$ achievements= The National results were published on 5th Juty 2022 for the primary schoo] lesling system in Spelling Punctuation and Grammar ISpaG). Mathemati(s and Reading run by the Standards & Teskn"ng Agency ISATS) for Year Six pupils. Nowbridge Preparatory School results 3re= 100 /0 of pupils met the expected standard in reading 100°/o of pupils met the expected standard in mathematics 100Q/o of pupils mel the expected standard in grammar. punctuation. and spdling N9wbridgè Preparatory School Limited Trustees, Annual Report (Includlng Dlrectors. Report) Year Ended 31 August2022 The Regulatory Compliance Inspection of Newbridge Preparatory School took place in February 2019. The school was fully ¢ompliant in all eight parts of The Education Iln¢Jep8ndenl School Stsndardsl Regulations 2014 and the Eady Ye81s Foundation Stage Slalutory Framework. The Inte9raled Inspection, which took place in January 2016. is still valKI as our Quality Inspection for a further three years or until our next inspection if s(x)ner. Our 2016 report is also available lo read at www.isi.neUschoollnewbrid re aTalo -school4725. Achievements and performance {including principal risks and uncertainties, developmènt and performance and key perfom)ance indicators) See separate Chairman's statement- page 2. Extra-Cu￿1Culaf Activities There are a wide variety of èxtra-curricular 8Ctivities induding Cc*Jing. Brownies, Drama, Football, Tennis, GymnastlC5. Dance. Netball. Rounders. Choir, EnSem￿e, Senior Recorders. Musical Theat￿, Acting, and Musical Instrument lessons. Extravcurricular activities are offeied lo all children from the age of 3 years as appropriate. Music Al our girts and boys a￿ drawn into musical activilies duriThJ their time at school, with specialist Music lessons frown Year One upwards taken by our music specialist. Recordei lessons forrn part ofthe curriculum from Year Two upwards with children leaming musical notalion. Our Upper school girls have the option of taking individual music lessons on the flute,'cello or violin. Girts achieve succes5 in exarTrinations with The Associated Board of the Royal Sch¢x)l of Music and London College of Music Examinations. Girts in Upp8r School are involved in choirs. recorder groups and an in$trumentsl ensemble. Al musicians are encouraged to perfom) in school concert5, House Music competitions and lo make music in venues such as the Gran¢ Theatre, Vvolverhampton and The Arena Theatre. Wolverhampton. Performing Arts Modern dance, speech and drama a￿ an integral part of our curriculum. In Upper School. the emphasis in drama is on leaming performance skills through mime. improvisatK>n and scripted performan¢e. All girls lake extemal examinations sel by the LAMDA (Prose and Verse Speaking) with 100.kn success rate. Additionally, many gids compete Ioc81ty in the Dudley Festival of Dance and Drama. Oan¢e (Contemporary or Gymnastic) is available as part of curriculum from Reception through lo Year Six. Examinations were taken in thè SumrTEr Term 2022 wilh 100% su¢¢es5 rate. Our Upper Sch(K)l Musical is one of Ihe high1￿hts of the year. Every girl in Upper School participates in a fully staged musical, performed at The Arena Theatre in Wolverhampton. The opportunity to perform in a profèssional theatre provides a challenge. lrfe Skills, the akn'lity to adapt to a new environment and a growth in s8lf-esteeffl and seW-confidence. From schrKJl plays and musicals lo SuC￿S in local drama festivals, we ￿ntinue lo celebrate successful performances. Physical Edu¢ation Tennis Coaching and lootball lessons are available a5 after Scho￿ activilies for Nursery to Year Six. There is also netball and gymnastics clubs for girls in Upper sch￿1. The Sth¢x>l netball, athletic and cros5 country teams have played wrth other local maintained and independent schools during the schcKJI year. Newbridge Preparatory School Limited Trustees, Annual Report {Including Directors, Report) Year Ended 31 August 2022 Operatlonal perfomiance of the School This year the achievements ofthe girls. have, yet again. been outstanding with phenomenal suc¢esses gained LM)th in senior school places and scholarships offerwj. We are proud Ihat each and every one of them leaving us in July. begins their senior sch(KA joumey wtth a school. just right for each of them. as an individual. The elev&n girls secLFred over 32 school off8rs belween them arKI were award8d five sthlarships. Nine of the eleven girts achieved places al Wolverhampton Girf5' High Sch(K>l and one at Newport Girfs, High School (both selective slate grammar schools) for September 2022_ A success rale of 82 /0 is extraordinary, when Statist￿allY, as a school, less than one F4ace should be achieved. In the independent sector, the girls saw similar success. Three girb were offered Pla￿ at the much coveted and highly sdective King Eijward Vl Girls High School in Edgbaslon. KEHS which only provides academic scholarships to the ablest girfs al 11+ Seven girfs achieved places at Wofverhampton Grammar School. Seven girls gained places at si. t)ominic's Grammar School wrth three scholarships being offered for Drama and academic prowess. Two further places were offered al Tettenhall College aLso securing a Sports scholarship and an Aca(Semic Scholarship. Other Independent Schwl places were gained at Edgbaston High School for Girls, and Wiekin College. Girls also gained places at Cthjsall Mkjdle School and H￿hfie1d$ School. Flnaneial review (including rèsèrves policy) As a charty the parents of our pu￿1$ have the ass￿a￿ that all ts income of the schr￿>1 musl be appl￿d for educational purt)oses. As an educatthal d￿rity we enjoy tax exemptK)n on our educational activib'es and on our investment incovne and gains [￿MIed these *e ap￿led forour charitsble aims. As a Charty we are aL80 entiued to an 800A reduction on our business rates on Ihe property we occupy f(* our charilable purposes. The financial beneffts we receive from these tsx exempb.ons are all ap[A￿d f(K educxtional purposes. However, as an educational charity. we are Unab￿ lo redaim VAT input tax on our¢osls as we are exempt f¢xVAT purposes. We also pay tax as an employer through the nati￿01 in5ufdnce contr1lxtt￿S we make. The Charity m￿je an unrestricled defictt of £5212 Ihe year. Rèserves Policy Thè DireCt￿S regulady review the fi￿ar￿. trtjdgets and sperKI agair)sl as partofthe effethe stewardship of the schTh)l. In common otheriThJependenl schools DireCtC￿S have inves￿1 SUbsts￿tial sums lito schcd buikjings in recent years and have a (x)ntinuing pr¢yJramme of refurt)ishment and developrnent to maintain exc¢llent teaching facilil'es for the pUp￿s. This has had a part￿L￿r fr￿u$ on Ihe Upper Schcd buikling. as mentioned above. The General ReseThe is covered by fwl a&8et vakE of the schK4 buildiros whN* indicates the extent lo which the School Iws had to finarKe its own ￿pital investrnent plans which is common pract￿ by schools in the independent sector. The general fund is therefore not freety availab￿ for distribut￿￿. The ￿$cY is to txjild up reserves to alkjw the S£*￿ to operate effiGEntly from its ¢ash balances. The Directors reC￿JnIse thatthe level of reseryes Iluctuates during perh￿￿$ of catsl invesknent in the schcKJl and adequate faciltss ￿th the bank are in place to rKovNJe shorttemi fvnding should it be reqLired. The Schod reGewes fr(xn Parents, Slaff & FrierKls Associthn. Ihe bereffts of whith arè refiected in fued assets and wot￿ng caprta. Unrestricted reseNes of£1,517,870 were hdd al 31 August 2022. There were no Restricted Reserves hekl at 31 August 2022. Newbridge PrepaTatory School Limited Trustees. Annual Report Ilncluding Directors. Report} Year Ended 31 August 2022 Plans for future periods The Directors intend lo continue and devek)p Ihar plans to provKl8 a h¥Jh starKlard of educatK)n for all pupils. The School ¢onb"nues lo develop a curri￿11￿￿ arKI experien￿ relevant forall pupils. Major risks management Thé Board continue to keep the Schcx)I's activit￿S urHJer review. parbculady with r¢9ard to any major risks thal may arise from time to time as well as the systems and procedures established lo manage them. They monitor the effectiveness of the system of internal controls and other viable means, ineluding insurance cover whèrè appropriate. by which those risks already identrfied can best be mitigated. The work of implementing the Health and Safety policies is carried oul by ihe Health and Safety Cofflmittee. chaired by Mr G Myati. Structur•, governance and management Goveming Document The Company is governed by its Memorandum and knbdes of Association, last amended on 10 De¢ember 1992. Organisational Structure The Directors are inrtialty dected at a full DireGtor5 Meeting on the basis of nominations having regard to eligibility, personal competence. specialist skills and local availability. After appointment Directors serve for a term of three years and are eligible to sland for rtreleclion al Ihe annual general meeting. The Directors meet as a Board at least three times a year to detem)ine the general pdicy of the Company and review its overall management and (x)ntrol. tswhich they are legalty resFMJnsible. The work of implementing most of the Board's policses is carr￿d oul by the Finance Comm￿￿, chaired by Mr J A Hollingsworth, who meel as appropriate before each meebng ofthe full Govemir¥J Board, Specifical￿ lo budgets lermly and annual accounÈ and ￿ptsrts. The day-ttrday running of Sth£￿ is delegated to the Headmistress and the Depuly Head and Assistant Deputy Head supp(M1ed by other teaching meM￿rS of the staff. Wl trustees give of their timè freety and no remuneration or expenses were paNJ in the year. No Govemor or person connected wrth a Govemor receFve(S any LEnefit from gther means tested bursa￿5 or sclKAarships awarthj lo ¢)ur pupils. The Chairman and Headmistress organise the training of ne￿ app)In1￿ directors into theworkings of the charty including Board policy ar￿ pr￿e{lureS. Key management personnel are considered to be the Headmistress arKJ the Board of Directors. The PA)ard of Directors re¥￿4 the remuneration of the Head, ￿th the Head also reviewirvJ pay of other slaff members in line with pU￿1$hed pay Sca￿$. AJI remunera￿ is agreed by the Boar(J of Directors. Trustèès. responsibilitie5 The trustees Iwho are also directors of Newbridge Preparatory sChc￿l Limited for the purposes of cornpany lawl are responsible for preparing the Trusteès, Annual Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practs.￿}. Company law requires the trustees to prepare financial slatements for each financial year. Under cornpany law the Iruslees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitab￿ company and of the incoming resources and application of resources, including the income and expenditure, of the charitatAe e4Jmpany forlhat perk)d. In preparing these financial stalernenls, the trustees are required to". 10 Newbridge Preparatory School Llmited Trustees, Annual Report (Including Directors. Report Year Ended 31 August 2022 select surtable accounting polrcres and then appty them consislenlly- observè the methods and principles tn the CharitEs SORP 2019 IFRS 102)- make judgements and estimates that are reasonable and PTudenl', state whether applicable UK Accounting Standards have been followed. subject lo any material departures disthsed and explained in the financial statements," prepare thè financial stslements on the going concern basis unless il is inappropriate to presume that the charitable company will conb.nue in operation. The trustees are respr￿Sible for kew.ng adequate accounting records that dis¢bse with reasonable a¢¢uracy at any timé the financial position of the charitable company and enable them to ensure that the financial slalements ¢ompty wsth the Companies A¢t 2006. They are also responsible for safeguarding the assets of the charrtable compsny and hence for taking reasonable steps for the prevention and detection of fraud and other irregulaTrties. In so far as the trustees are aware= there is no ￿levant audit infomiation of wthich charital￿e company's audrtor is uTraware'. and the trustees havè taken all steps that they ought to have taken to make themselves aware of any relevant audit 4nfoimatK)n an¢J lo establish that the auditor is aware of that information. The Irustees are responsible for the maintenance integrity of the COTporate and financial information included on the Charitable company's webstte. Legislation in the United Kingdom goveming the preparat￿￿ and disseminal*)n of financial statements may drffer from legislat￿rn in other jurisdictions. Disclosure of infomlation to the auditors We, the directors of the company who held office al Ihe ¢Jale of approval of these Financial Statements as set out aLx)vè èach wnfimi. $0 far as we are aware. that there is no retevant audit infr)rmation of which Ihe Company's awjitors ar8 Unawa￿,. and we have taken all the steps that we ought lo have taken as directors in order lo make ourselves aware of any re￿vant audit information and to establish that the company's audilors are aware of that information. This report has been prepared taking advantwJe of the speaal provisions of Part 15 of the Companies Act 2006 relating lo small Cornpanies. Approved on behaw ofthe Board of DirectOf5 at its meeting on its behalf by'.- and siqned on H M Hughe5 11 Newbridge Preparatory SGh¢)ol Limited Independent Auditors, Report to the Members of Newbridge Preparatory School Limited Year Ended 31 August 2022 Opinion We have audited the financial ststem8nts of Nevlbridge Preparatory School Limrted (the'¢haritabl8 company'l for the year ended 31 August 2022 which comprise the Statement of Financial Aclivrties, The Balance Sheet. the Statement of Cash Flows and notes to the fEnancial statements, including significant accounting poliGies. The financial reporting framework that has been applied in their preparation is applicable law and United iQngdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Accounting Pracliee). In our opinion the financial statements: give a true and fair view Df the state of the charitable compariy s affairs as at 31 August 2022, and of its incoming resources and ap￿"CatIOn of resources. indLKling ils income and expenditure. for the year then ended.. have been properly prepared in accordance wtth United King(h)m Generalty AC￿pted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audil in a¢cA)rdance with Inlemalional stsr￿ardS on Audiling {UKI {ISAs IUKI} and applicable law. Our responsibilities urider those standards are fvrther described in the Audilof's responsibilities for the audit of the financial slalements section of our report. We are independent of the charitable cornpany in accordance with the ethical requirements that are relevant lo our audit ofthe financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidèncè WÈ have obtained is sufticienl and appropriate to provide a basis for our opinv)n. Conclusions relating to going concern In auditing the financial statements, we have conduded that the twstees. use of the going ¢onGern basis of accounting in preparation of the financial slalements is appropriate. Based on the work we have perfornied. we have not idenlffjed any material uncertainties relating to events or ¢ondilior>s that, individually or colleclively, may cast 5ignthG4nt doubt on Ihe charitable company'5 ability to Continue a5 a going concem for a period of at least twelve months from the date when the financial slalements are aulhorised for issue. Our responsibilities and the resrKJnsibilities of the trustees vrith regard to going Concem are described in the relevant sections of this report. Other inforniation The Iruslees are responstbte for the other information. The olher inforHK4tion comprises the infom)ation included in the trustees. annual re￿rt. other than the financial stslements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomialion and, except to the extent otherwise explicity stated in our report we do rKJI express any forrn of assurartce condusion Ihereon. In connection with our audit of the financial stslements. our restx)nsibility is to ￿8￿ the othei information and, in doing so, consider whether the other infomiation is materially in¢on515lenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we h¥entify such 12 Newbridge Preparatory Sch¢)ol Limited Independent Auditors, Report to the Members of Newbridge Preparatory School Limited Year Ended 31 August 2022 material inconsislencies or apparent material misstaternents, we are requrred lo detemine whether there is a material misstatement in the financial statements or a material misstslement of Ihe other infomation. If, based on the work we have performed. we condude that the￿ is a material misstslewnent of thi5 Other irTrformation, we are required lo report ihal fact. We have nothing to report in this r8gard. Opinions on other mattèrs prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the infomiation gwen in the trustees, report lincorporats.ng the directors, report) for the )Inancial year for which the financial statements are prepared consistent wilh the financial stalemenls.. and the directors. ￿port has been preparwj in acc1*dan￿ with applicable ￿al requirements. Matters on which we are requir￿1 to report by exceptlon In the light of our kno￿edge and understanding of the charrtable company and its environment obtained in the course of the auijit. we have nol identified material misstslements in the diTe¢tors' report. We have nothing to ￿PL￿t in resped of thè fdlowiThJ matters in relation to vthich the Companies Act 2006 requires us to report to you rf, in our opinion.. adequate accounting re￿rdS have not beert kepL C￿ retums alequate for our audit have not been received from branches not visiied by us.. r the finanual stslements are not in agreement with the accounling rec4)rds and retijms; or certain disdosures of direclors. remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to prepare the frnancial statements in accordan￿ with trie small companies. regime and lake advantage of the small companies, exemptions in preparing the dire¢lor5' report frorn the requirement to prepare a strategic report. Responsibilities of trustees As explained more fulty in the trustees. ￿ponsibIlitieS stalernent set out on pages 10 to 11, the trustees (who are also the directors of the charitable company for the purposes of wmpany lawl are responsible for the preparation of the financial slalements arTrd for being satisfied that they give a true and fair view. and for such intemal control as the trustees determine is ne¢e5s8ry lo enab￿ the preparation of financial slalements that are free from material misstatemenl. whether due to fraud or e￿Or. In preparing the financtal statements, the trustees are responsible for assessing the Gharitable ¢o¥npany's ability to continue as a going concern. disdosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charilable company or lo Gease operath)ns. or have no realisbc attematwe but to do so. 13 Newbridge Preparatory School Limited Independent Auditors, Report to the Members of Newbrldge Preparatory School Limlted Year Ended 31 August 2022 Auditor's responsibilitie$ for the audit of the financial statements Our objectives are to obtain reasonab￿ assurance about whether the financial 5talemenls as a whole are free ftorn material rni5Statement, whelher due to fvaud or error. and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurartce. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material missiatemenl when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in thè aggregate. they could ￿8$onablY be expected to influence the economic decisK)ns of users taken on Ihe basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulatH)ns. We design procedLJres in line wilh our responsibilities. outlined above, to detect material misstatements in respe¢l of irregularities, including fraud. The extent to which our procedures are capable of detecting itregularilies. including fraud is detailed below-. As part of the planning process". We enquire of managemenl the systems and controls the charity has in pla￿, areas of the accounts most SU￿eptib1e lo the risk of irregularitEs and fraud, and any instances of or suspected fraud. We obtain an undÈrst3rKling of the legal and regulatory IramewoTks applicable to the charitabl8 ¢ompany. We consider the i￿￿￿tiVeS and opportunities that exist in the charity. including the extent of management bias. which presents wjlenlial for irregularities and fraud to occur, and tailor our risk assessment accordingly. Using our knowledge of the charttable Gownpany, together Ydith discussions held with the charity at th8 planning stage, we fomi a conclusion on the risk of misstslemenl due lo irregularities including fraud and tailor our audrt procedures accordingly. The key procedures we undertake to detect irregularities including fraud during Ihe audit include.. Idenlilying and testing joumal errtries and the overall a(L￿ntIng record. in particular Ihose that were significant and unusual. Reviewing the accounts disclosures 8nd deterniining whether accounting policies have been appropriately applied_ Reviewing and Challenging assumptions and judgemènts used by management. induding any significant accounting estimates. Assessing the exlenl of ￿m￿lance wilh relevant laws and ￿gUlati(￿S. Testing key income lines. induding cut-off. for evidence of managernent bias. Assessing the validity of the classtficakn.on of income. expendrture. assets and liabilities between Restricted and Unrestricted Funds. Obtaining thir(J party Confirmation of maierial bank balances. Documenting and verifying all significant ￿lated party balances and tranSact￿nS. Reviewing documentation such as the charity board minute5, ￿[respo[KIence with soli¢ilors. for evidence of irregularities including fraud. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wth a law or regulation is rernoved from the events and transactions reflected in the financial statements. as we will be less likely to beGome aware of instances of non-compliance. The risk is also g￿ater regarding irregularib'es occurring due lo fraud rather than error, as fraud involves intentional concealment. for9ery, collusion. omission or misrepresentation. A further description of our restK>nsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website at." www.frc.org.ukJauditorsresponsibilib"es. This description forms part of our auditorfs report. Use of our report This report 15 made sdely to the charttable company's members. as a b(M1y, in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit Work has been undertaken so that we might state lo the 14 Newbridge Preparatory School Limited Independent Auditors. Report to the Members of Newbridge PrÈparatory School Limrted Year Ended 31 August 2022 charitable company's mÈmbeTs those mattets we are required lo state to them in an auditols report and for no other purpose. To the fullest extent permitted by law. we do not ac¢epl or assume responsibility to anyone other than the chariiable company and the charitable company's members as a body, for our audit work, ftir this report. or lor the opinions we have formed. Adele Elizabeth Lawton (SeniorStatuloryAuditor) Forand on behallofLawton Bradford AGcounlants knmited Chartered Certified Accounlants RegiSteredA(￿itOrS 7 Marconi Gale StaffordshI￿ Technology Pa stafford ST18 OFZ Date "zi los 15 Newbridge Preparatory School Limited Statement of Financial Activities (InGluding Income and Expenditure Account) Year Ended 31 August 2022 2022 2021 od5 Totsl Total Income and èndowmènts from: Donations and legacies Charitable activities Investments Other 100 1,266,521 118 10 20,540 1,210,730 239 10 1.266.521 118 10 Total Income and endowrnents 1.266.749 1,266.749 1,231,519 Expenditure on: Raising funds Charitable activities Other 1.271.961 1,271.961 1.216,368 Total expenditure 1,271,961 1.271,961 1,216.368 Net lexpenditureifincome 15.212} (5.212) 15,151 Other recognlsed galns I Ilossesl- Gains I (losses} on revaluation of fixed assets Transfers belween funds- assets purchased Nat mov•mènl In funds 20 (5.2121 15,2121 15,151 Reconciliation of funds: Total funds brought fonvard 20 1.523.082 1,523,082 1,507,931 Total funds carried forward 20 1.517.870 1.517.870 1,523,082 l income and expeThJtture derive from continuing activities. The statement of financial activities includes all gains ar￿ losses recognised during the year. 16 Newbridge Preparatory School Limited Balance Sheet Year Ended 31 Augusl 2022 2022 2021 Fixed asset5 Tangible assets 13 1,009.837 1.042.679 Current assets Stock Debtors Cash at bank and in hand 14 15 587 306,947 711,368 2.266 30,715 722,448 1.018.￿2 755,429 Creditors: amounts falling due within one year 489.509 247.166 Net current assets 529,393 508.263 Total assets less eurrent liabilities 1.539,230 1,550,942 Creditors: amounts falling due after mor• than one yèar 17 19,500 26,000 Net assets 1,519,730 1.524,942 Charlty FurKIs Share capitsl Unreslricled funds Restricted funds 19 20 20 1.860 1,511.870 1,860 1.523.082 Total charity fund$ 1.519.730 1.524.942 These accounts have been prepared in accordance with iha special provisions of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved an(5 aLrthorised for issue by Ihe Board on 202s Signed on behalf of the board of imslees HM Hughes {Chainnanl The notes on pages Page 18 to Page 32 fomi part of these finan(aal statements. Company ￿gIstrath"On number. 414993 17 Newbrldge Preparatory School Limited Statement of Cash Flows Year Ended 31 Augusl 2022 2022 2021 Net ¢ash flow from operating activities 22 1.009 147,024 Cash flow from investing activitie5 Payments to acquire ta￿lble fbxed assets Interest received Interesl paid 112,207) 118 159,3221 239 Net cash flow from investing activilies 112,0891 159,0831 Net cash flow from Ilnanclng actlvltles Net Ide¢rease)Iln¢rease in cash and ¢ash equivalents {11,080} 87,941 Cash and ¢ash equlvalents at 01 September 2021 722,448 634,507 Cash and ¢a$h ¢qulvalents at 31 August 2022 711.368 722.448 Cash and cash equivalents consist of: Cash at bank and in haNI 711,368 722,448 Cash and Cash equivalents at 31 August 2022 711.368 722,448 18 Newbridga Preparatory School Limiled Notes to Ihe Financial Stalements Year Ended 31 August 2022 Summary of significant accounting policies (al General infomialion and basis of preparation Newbridge Preparatory School Limited is a Chantable Company incotporated in England I W8les. The membèrs ofthe Company are the shareholders. In the event of the Company being wound up, the liability is limited to £10 per share. The address of the regislered office is gNen in the charity infomation o page 1 of these financial stslemenls. The nature of the charity's operations and principal activities are Newbridge Preparatory Sch(KA's prin(apal activty continues to be the provision of a Day SGhoDI for girls up to age 11 and Lws fr￿n pr￿Trursery age up lo the age of seven. There are ¢urrently 147 pupils on roll. The charily constrtutès a publi¢ benefrt ents.ty as defined by FRS 102. The financial slalements have been prepared In accordance with Accounb"ng and Reporting by Charities.. Statement of Recommended Practice applicable to ¢harilies preparing their accounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of I￿land effectwe from 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and ReptJbliG of Ireland IFRS 1021, thè Charib'es Act 2011, the ComparTries Act 2(M)6 and UK Generally Accepled Practice. The financial stslernenls are prepared on a going concem basis vnder the historical cost ¢onvention modrfied lo include ￿rtain items at fair value. The frnancaal slatements are presented in sterfing which is the functional currency of the charity and rounded lo the nearest £_ The significant accounting pdicie$ 8pplied in the preparab.on of these financial statements are set out below. These policies have been consislenty aprAie(J to all years presented unless otherwise ststed. Ib) Funds Unrestricted funds are available for use at the discretion of the trustees in fvrtherar￿e of the general objectives of the charity and wh￿h have not been designated for other purposes. Restricted funds are funds which afe to be used in accordan￿ wlh Specif￿ restrictions imposed by donors or which have been raised by Ihe charity for particular purposes. The cost of raising and administering such funds arè charged against Ihe specrfiG fur)d. The aim and use of each restrKted fund is Set out in the notes lo the financial statements. (¢1 Income recognition l in¢oming resourcAs are induded in the Slalèment of Financial Activilies ISOFA} when the charity is legally entiued to the income after any performan￿ corKlitions have been met, the amount can be measured reliabty and it is wobable that the inc4)me will received. For donations to be recognised the charity will have been nolified of the amounts and the settlement date in writing_ If there are wndiknons attached to Ihe donab.on and this requi￿$ a level of performance before entitlement can be obtained then income is deferred until those conditions are fully mel or the fulfilment of those condrtions is wthin the tx)nlrol of the t*)arity and it is probable thatthey will be fulfilled. Donated facilities and donated professional s8rvi¢es are recognised in income al their fair value when their economi¢ benefit is probable, it can be measured reliably and the chartty has control over the item. Fair value is delem)ine(J on the basis of the value ol the grft to the charity. For example the amount the 19 Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2022 charity would be willing to pay in the Lyen market for such fauliti8s and services. A coffesponding amount is ￿cOgnISed in expendiiure. No amount is included in the financial stslements for volunteer time irs line with the SORP IFRS 1021. Further deiail ts given in the Trustees, Annual Report. For legacies. entitlemenl is the eaflier of the chanty being notffied of an impending distribution or the legacy being received. Al thi5 point income i5 recognised. On occasion legacies will be notified to the charily however (f is not possible to measure the amount expected to be d15tnbuted. On these Occasions, the legacy is trealed as a contingent asset and disclosed. Incomè from trading actNities includes income @a￿￿d from fundraiging events and trading activities to raise furKls for the charity. Income is le￿Ned in exchange for sUppl￿ng go(yJs and services in order to raise funds and is recognised when entiilemenl has occurred. The charity receives government grants in respect of Eady Years Funding. Income from sovernment and other grants 8re recognise(S al fair value vther7 the charity has entitlement after any performance conditions h8ve been met. rt is probable that the income will be receNed ar¢d the amount can be measured reliabty. If entitlement is not met then these arTK)unts are deferred. Grants are CTedrted to the SOFA in the year in which Ihey are received unless it is specified that they are for a fijture accounting period. in which case thèy are include(l on the Balance Sheet as deferred income to be recognised in those lulure a￿o￿ntsng periods. Grants received for spea'fic purposes are accounted for as reslricled funds in the SOFA. (dl Expenditure reeognition l expenditure is accounted on an accruals basis and has been cL4ssified under headings that aggregate all c4)5ts related to the category. Expenditure is recognise(I where there is a legal or constructive obligation to rnake payments to third parties. it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It ￿ categorised under Ihe lollowing headings.. Expenditure on charitable aclivities is detsiled in Note 6 to the accounts. IrreGoverable VAT is tharged as arb expense against lh¢ a¢tiwty whith expendfture ar05e. le) Support costs allocation Supw>rt costs are those that assist the work of the charity but do not directly represent charitable activities and in¢lL￿e office costs. govemance cosis. administrative payroll costs. They are incurred direcdy in support of expenditure on the objects of the charity and include project management carried out at Headquarte￿. Where support costs cannot be directly aitributed lo particular headings they have beèn allocatèd to Cost of raising funds and expenditure on charitable activities on a basis consistent with LFse of the resources. Premises and other overheads have been aU(Kated as a percentage of the appropriate activity category. The analysis of these costs is ind(Jded in notes 7 and 8. Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August2022 (Q Tangibk fixed assets Tangible fixed assets are stated at cost lor deemed costl or valuation less accumulated depreciation and accumulaled impairment losses. Cost ￿￿￿deS costs directly attributable lo making the asset capable of operating as intende(J. Depreciation is provided on all tangible fixed assets. at rates catcvlated to write off thè cost, less estimated residual value. of each a5sel on a syslematic basis over its expected useful lrfe as follows.. Freehold buildings Fixtures and fittings Computer equipment 2% stsawht line and 4°k straight line 10% reducing balan 33_3% straHJht line Igl Stock Stock of eduGalional materials is ststed at the lower of cost and net realisable value. {hl Debtor5 and credit¢)rs rec•ivable I payable within one yeaT Debtors and creditors with no slated interest rate and receNable or payable wthin one year are recorded at transaction wice. Any losse5 arisiro from impaimient are recogni5ed in expendiiure. li} Impairnient Asse15 not measLtral at fair value are reviewed lor any indicalion that the asset may be impaired at each balance sheet dale. If such indicalion exists. Ihe recoverable amount of the asset, or the asset's cash generating uniL 15 estimaled and compared to Ihe rarrying amount. Where the carying amount èxceeds rts rècoverable amount. an impairment loss is recognised In profit or loss unless Ihe assèt is carried at a revalued amtyjnt where the impairnwt loss is a revaluation (lecrease. til Pension Costs The charity Gontributes to the Teachets, Pension Scheme at rates set by the scheme actuary and advised to the Trustees by the scheme administrator. The Gharity also contributes to a defined eonlribulion scheme for non-teaching staff. The contributions charged lo the stslement of financial activities in resp8¢1 of both schemes are those payable in aC￿rdanCe with the rules of the schemes. {kl Provision5 Provisions are recognised when the charity has an oblrgalK)n al the balance sheet date as a result of a past event, il is probable thal an outlTr)w of economic beneffts will be required in settlement and the amount can be reliably estimated. 111 Leases RÈntsls payable and recewable underoperating leases are charged to the SOFA on a straight-line basis over the period of the lease. Im) Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the tests sel oul in Paragraph 1 Schedule 6 Finan￿ AGI 2010 and therefore il meets tho definilb)n of a Gharitable comparry (C￿ UK ¢orpc(ation tax purpKJses. 21 Newbridge Preparatory School Llmited Notes to the Financial Statements Year Ended 31 August 2022 Inl Going concem The financial statements have been prepare(l on a going concem basis as the trustees believe that no material uncertainties exist. The Iruslees have considered ihe level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted inwme and expenditure is sufficient with the level of reserves for the charity to be able lo continue as a going con￿rn. {0) Judgements and key sources of estimation uncertainty The preparatH)n of the fina￿la1 slatements requires rnanagemenl lo make judgements, estimates and assumptions that affect the amounts repcwted. These eslimates and judgements are continually reviewed and are based on experience other factors, including expectations of future events that are believed to be reasonab￿ under the circumstan￿S. Ae¢ounling eslim8les and assumptions are made con￿MIng the fvlure and, by their nature, will rarely equal the related actual outcome. The key assumptions and othei sources of estimation uncertainty that have 8 significant risk of causing a material adjustment lo the carrying amounts of assets and liabilitiès wrthin the next financial year are as fcAIows= Depreoalion Depreciation has bèen calculated on the fLxed assets.. the residual value and the lrfe of the asset has been estiwnaled by the Iruslees. Accru8Ls Trustees review the expected expenses based on their knowledge of the business and provide forthese accordingty. Deferred income The income received prior to the year end 15 rewewed and any that relates to In￿Me due in the later ac8demi¢ years is treated as deferred incotne. Ip) Government grants The comparly has receive¢J governrnent grants in relation lo the job retention scheme. The grants were provided to ¢ompensate the cornpany for employee ¢osts incurred during the Covid pandemic and are recognised in the profrt and loss accounl in Ihe perK>d in which the relevant employee cost aré recognised. Income from donations and legacies 2022 2021 PSF donations- restri¢ted Grants- HMRC Job Relenlvjn Scheme- unfestricted Other donations- unrestricted 14,000 6,290 250 1(M) 20,540 IrKome from donations and legacEs was £1￿(2021 - £20,540) of which £Nil {2021- £14,0001 was attributable lo restricled funds and £10012021 - £6,540) was attributable to Un￿StriCted funds. 22 Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2022 Ineome from ¢haritable aetivitses 2022 2021 School fees re￿1vable Sundry income School lunches Holiday club After school and early dub Earty years additional fLhnding- Govemment Funding 1,122,742 36.446 55.118 17,871 15,615 18,729 1,089,224 18,595 49,625 15,645 12,277 25,364 1,266.521 1.210,730 Inwme from charitable activities was all altribulable to unreslricled funds for trKJth years. Income from Investrnents 2022 2021 Bank Inte￿St received- Un￿Stn.¢ted funds 118 239 118 239 Other income 2022 2021 Propety rentsl- unrestricted funds 10 10 10 10 23 Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2022 Analysis of expenditure On ¢harltable actlvltles Cknb& Total Salaries and benefits Bursaries and discounts Welfare costs Exam fees Extra curriculum expenses Supw)rt & govemance costs 756,8 27.157 37,502 49,160 843,558 27,157 14.982 4.197 10.323 371,744 436 14,546 4.197 10,323 18.586 334.572 18,586 1,122,822 66.847 82.292 1,271.961 £Nil 12021 £14,000) of the above costs were attributsble to restricted funds. £1.271,961 12021 £1,202,368} of the above costs were attributable lo unresthcted fvnds. Allocatlon of support costs Extra CL￿¢￿1￿￿ Support cost Clubs C•t•ri Total Premises expenses Depreciation Office costs Adminisiraiive salar￿S & Nl Governan Infomalion technology Finance costs Other 60,669 40,545 10.862 65.108 33.660 23.535 1.157 99.036 3.371 2.252 603 3.617 1.870 1.307 3.371 2.252 603 3,617 1,870 1.307 67,411 45,049 12,068 72,342 37,400 26,149 1.285 110.040 5,502 5.502 Total 334.572 18,586 18.586 371,744 90.10 of the suptx)rt costs are allocated against thè principal charitable activity of Education, with the remaining 100A being divided equally against the Extra Curr￿1￿M Activities and School Clubs and Catering activities. The percentages used are broadly in line wtth the splrt of the Income trom Charttable Activities. 24 Newbridge Preparatory School Limited Notes to the Financial Statemer Year Ended 31 August 2022 Govoman¢e costs {includod in Support costs) 2022 2021 Admin Salaries Auditor's remuneration {including expenses and benefits in kind Legal fees Independent Schods Inspectorate Inspecti￿ fee 17,261 14,646 10 6.720 11.824 6.540 20,560 1,519 37,400 43.265 Admin salaries above aro 50% of the Registrar's salary. induding Employers National Insurance. Net income l (expenditure) for the year I period Net Ir￿ome I lexpendiiurel is stated after thargiTh3 I Icredtting): 2022 2021 Depreciation of taroible fixed assets 45,049 54.512 L05s on sale of laThJible fixed assets 138 Operating lease renlals 2,416 2.261 10 Auditorfs remuneration 2022 2021 Fees payable to the charity's auditor for the audit of the charity's annual accounts 4,200 4.200 Fees payabte to the charity's audstor for olhgr services: Other seNices 2.520 2.340 6.720 6,540 25 Newbridge Preparatory School Limlted Notes to the Financial Slatements Year Ended 31 August 2022 11 Trustees. and key managèmènt personnel iemuneration and expenses The trustees neither r￿1ved nor waived any remuneralion during the year {2021'. £Nill. The trustees did not have any expenses reimbursed during the year {2021 - £Nill. 12 Staff costs and employee benefits Tha avèrage monthty number of emplo￿$ during thè year was as foll¢)ws". 2022 2021 Teaching Ancillary Administrative 27 29 42 45 The tot81 staff costs and emtAoyees' beneffts was as follows 2022 2021 Wages and salaries Soeial security Defined contribution pension ¢J)sts Defined benefrt pension costs 762,898 65,158 4,91K) 100.205 721,483 57,106 4,892 89,513 933,161 872,994 The nuwnber of em￿￿oYeeS who received total ewnployee benefils lexduding employer pension costs) of more than £60,000 were . 2022 No 2021 No £60,001- £70.000 Total key management personal remuneration and beneffts for the financtal year lotalled £77.387 {2021 £75.315). 26 Newbridge Preparatory School Limited Notes to the FinanGial Statements Year Ended 31 August 2022 13 Tangible fixèd assets Frwhokl Total Cost: At 01 Seplember 2021 Additions Disposals Impairment Revaluation 1.508.902 6,858 138.837 4,734 108,233 1,755,972 615 12,207 147.0881 147.088) Al 31 August 2022 1,515,760 143.571 61.760 1,721,091 Depreciation.. At 01 September 2021 Charge for the year Impairment Rev21uation Eliminated on disposals 555.095 33.737 56.709 8.545 101,489 713,293 2,767 45,049 147,088} 147.0881 At 31 August 2022 588.832 65.254 57,168 711,254 Net book value: At 31 August 2022 926.928 78.317 4.592 1,CK>9,837 At 31 August 2021 953,807 82,128 6,744 1,042,679 14 Stock 2022 2021 Educational materials 567 2.266 15 Debtors 2022 2021 Trade debtors Prepayments and accrued income 281,154 25,793 3,909 26,806 ,947 30.715 27 Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2022 16 Creditors: amounts falling due within one year 2022 2021 Trade creditors Deferred income Final term depostts held Other tax and social security Other creditors Acemals 50.740 372,916 22,750 19.118 13,338 10,647 44,759 145,061 21.250 14,866 11,873 9,357 489,509 247,166 Deferre(l income reflects payments received in advance for the Aubjmn tem's fees. All income deferred in 2022 was ￿leaSed in 2023. 17 Creditors: amounts falling dy¢ after more than one year 2022 2021 Final temi deposrt5 19.500 26,000 19.500 26,000 Deposits are tsken when places are accepted and refunded. subject lo ￿rtain conditions, when a child leaves the sctw)ol. 18 Leases Operating leases Total fuiure minimum lease payments under non-cancellable operating leases a￿ as follows.. 2022 2021 Not later than one year Later than one and not later than five years Laler than five years 2,261 7,913 2,261 1,696 Total 10.174 3,957 28 Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2022 19 SharÈ capital 2022 2021 Authorlsed 200 Ordinary Shares of £10 each All¢)tted and Fully Paid 1861200 Ordinary Shares of £10 each 1.860 1,860 1,860 1,860 20 Funds recon¢iliatlon Balance at 31.OB.21 Gains I Ik*ssÈ$l Balanco at 31.08.22 ¢ome Expenditure Transfers Unrestricted Restricted 1,523.082 1.266.749 {1.271.961} 1.517,870 1.523.082 1.266.749 1.271.961 1,517,870 Fund descriptions a) Unrestricted funds General reserve funds represent the accumulated unrestricted and undesignated surpluses. The 9eneral reseTve funds are available at any time for use at the discretion of the Directors for furtherance of the Charity's activrties and Obl￿tIVes. The general reserve fvnds are retained to ¢J)ver the fixed assets and provide the working capsial of the School. bl Restricted funds Re51riGted funds al Ihe year*nd amounted to £Nil {2021'. £Nill. Restn"cted donations received and expended during the year, related lo donations from the PSF Association fundraising lo be spent on outdcx)r enhancements. 29 Newbridge Preparatory School Limited Notes to the Financlal Statements Year Ended 31 August 2022 21 Analysis ol net assets between funds ds nds Total Fixed assets Cash at bank Other current assets I liabilities Creditors more than one year Called up share capital 1,CK>9,837 711,368 1181.9751 {19.5001 1.860 1,IX9,837 711,368 1181,9751 119,5001 1.860 Total 1.517.870 1,517,870 R¢con¢iliation of net income l (expenditure) to net cash flow from operating activltl¢$ 2022 2021 Nel {expenditure)fincome for year (5,2121 15,151 Interest receivable Depfeciation and impaim)ent of tangible fixed assets Loss on ijisposal of tangible fixed assets Decrease in stock Ilncreasel in debtors Increase in creditors {1181 45,049 1239) 54.512 139 82 11,5891 78,968 1,679 1276,2321 235,843 Net cash flow from operating activites 1.009 147.024 23 Pensions and other postwTetirement bgn&fils al Teachers, pension scheme The School participates in the Tèachets. Pension Scheme {1he TPS") for its leaching staff. The pension charge for the year includes eonth"bulions payable lo the TPS of £100,20512021.' £89,513) and at the year*nd £12,05812021'. £10,901) was a￿rUed in respect of contributions lo this scheme. The TPS is an unfunded mu￿￿eMploYer defined beneffts pension scheme governed by The Teachers. Pensions Regulations 2010 las amendedl and The Teachers. Penston Scheme Regulations 2014 las amended). Members contribule on a.pay as you go" basis with contributions from members and the employer being credited lo the Ex¢heqLEer. Retirement arHJ olher pension benefits are paid by public funds provided by ParliamenL Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2022 The èmployer Gontllbution rate is set by the Secrelary of State following scheme valuations undertaken by the Govemment Actuary s Department. The most recent actuarial valualion of the TPS was prepared as al 31 March 2016 and the valuab.on Report, which was published in March 2019, confirmed that the employer conlribulion rale for the TPS would in¢rease frorll 16.4 /0 to 23.6¥0 from 1 September 2019. Employer5 are also requi￿ to pay 3 scheme administration ￿vY of 0.08Q/o giving a total em￿0yer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scherne regulations ar￿ under the approach specffied in the Directions, as Ihey applied at 5 March 2019. However. the assumptions were Considered and set by the Department for Education prior to the ruling in the 'McCloudlSargeant tase,. This case has required the court5 to consider cases re9arding the implementslion of the 2015 refomis to Public SeNice Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied th8 govemment pem)ission to appeal Ihe Court of Appeal's judgwnent that transiti'onal provisions introduced lo the refomied pension schemes in 2015 gave rise lo unlawful age discrimination. The govemment is respècting the Court's decision and has said it will engage fully with the Efflployment Tribunal as well as employer and member representatives lo agree how the dis¢riminations wll be remedied. The government announced on 4 February 2021 that rt intends lo proceed wlh a deferred ch[m￿ underpin under which members wll be able to choose either legacy or reformed scheme benefits in respect of their service during the period belween 1 April 2015 and 31 March 2022 at the point they be￿me payable. The TPS is subject to a cost cap meGhanism which was pul in place to protecl taxpayers against unforeseen changes in scheme costs. The Chief Secretsry lo Ihe Treasury. having in 2018 annoU￿d that there would be a review ol this Cost cap methanism. in January 2019 annoUn￿d a pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant rase and until Ihere is certainty about the value of pensions to employees from April 2015 onwards. The pause was lrfied in July 2020. and a consullalion was launched on 24 June on proposed changes lo Ihe cost control mechanism following a re￿eW by the Government Actuary. Followng 3 public congultalion. the Government have accepted three key protK>sals recommended by the Govemment A¢tuary, and are aiming to Im￿ement these changes in b.me for the 2020 valuations. The 2016 cost ¢onlToI valualK)ns have since b￿n completed in January 2022, and the resulls indicated that there would be no Ghanges to bèneffts or member contributions required. The resutis of the ¢osl cap valuation are not used to set the employer contribution rate, and HM Treasury has confirnied that any changes to the empk)yer contribution rate resulting from the 2020 valuatsons will take effecl in April 2024. Until the 2020 valuation is completed it is not possible to condude on any financial impact or future changes to the contribution rates of Ihe TPS. Accordingly. no provision for any ad¢Jitional past benefrt pension ¢osts is included in these finanGial stalements. bl Workplace penslon scheme As required by the Pensx)ns Act 2008, the School provides a workplace pension scheme a defined contribuknon scheme, to its. employees who are not mèmbers ol Ihe Teachers. Pension Scheme. Employees 2ged between 22 and state retirement age arml eaming at least £10.000 per annum. are automatically enTolled in the scheme. although they may ¢hoose to opt out. Employees be￿een the ages of 16 and 74 with eamings le5S than £10,000 per annum also have the right to join the Schem8 voluntarity. 31 Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2022 Employer contiibutions rates are as folknvs: 06 April 2022 onwards 3% Employer contributions paYa￿e to the Sthme for the year were £4.90012021: £4.8921. Related party transa¢tions There are rho related party transactions durtng the period12021.. £ nil). 32 Newbridge Preparatory School Limited Detailed In￿me and Expenditure Account Year Ended 31 August 2022 2022 2021 Income Fees receivable Sundry income HMRC- Job Retention Scheme School lunches Holiday club After school and earty club Eady years additional funding PA fundraising in¢ome Other donations Interest recetvable Rental income 1.122,742 36.446 1,089,224 18,595 6,290 49,625 15,645 12.277 25.364 14,000 250 239 10 55.118 17,871 15,615 18,729 100 118 10 Total income 1.266.749 1,231,519 Direct Charitable Expenses Discounts and bursaries S¢h¢J)I lunches Educational stationery and suppl Salaries and pen510llS- teaching staff Rates and insurance Heat and light Repairs and renewals Examination fees After school activities Holiday club After school and earty club 27,157 58.806 19.429 726.329 10,532 15,764 37,420 4,197 10.323 15,496 22,442 53.851 54,399 17,775 687,704 3,633 13,999 31,881 2,840 12,034 20,325 Total Charitsble Expenses 947,895 898,441 Support and Govemance Costs Salaries and pensions- admin staff Rates and insuran Heat and light Stationery, printing and postage Advertising Telephone Audit and ac¢ountancy Trips and travel ¢osts Training and course expenses 125.070 10,531 1.752 8.132 13.551 1,520 6.720 435 4.181 111,464 3,632 1,555 6.070 12.7( 1,404 6.540 396 2,545 Carried fonyard 171.892 146,312 33 Newbridge Preparatory School Limited Detailed Income and Expenditure Ac¢ount Year Ended 31 August 2022 2022 2021 Brought lon¥ard 146,312 146,312 Sundry expenses Subscriptions Contract cleaning services Legal and professional fees ISI inspection Deprecialion Loss on disposal of fixed assets Compuler ¢osts Equipment leasing Bad debts Bank charge5 10.192 13.153 40.511 11.824 1,595 45.049 13.162 7,436 41.505 20,560 1,519 54,512 138 28,076 2,261 1,191 1.255 26,149 2,416 1.285 Total Support and Govémance Costs 324,066 317,927 Total Expenditure 1.271.961 1,216,368 Net IDeficlt)ISurplus for the Year 5,212 15.151