Newbridge Preparatory School Limited Financial Statements Year Ended 31 August 2023 Charity registration number: 1019682 Company registration number= 414993 Newbridge Preparatory School Limited Financial Statements Year Ended 31 August 2023 Charity registration number: 1019682 Company registration number= 414993 Newbridge Preparatory School Limited Financial Statements Year Ended 31 August 2023 Contents Page Charity Reference and Administrative Details Notice of the Annual General Meeting Chaimian's statement Trustees, Annual Report Ilncluding Directors. Report} Independent Auditor Report Statement of Financial Activities {Induding Income and Expenditure Account) Balance Sheet 4-12 13-16 17 18 Statement of Cash Flows 19 Notes lo the Financial Ststemenls 20-32 Detailed Income and Expenditure Acoyjnl 33-34 Newbridge Preparatory School Limited Financial Statements Year Ended 31 Augusl 2023 Charity registration number 1C19682 Company Tegistration number 414993 Trustees G J Bl￿ett {Chaimian) J A Hollingsworth H M Hughes- restgned 1910712023 P M Timmins K 4 Bhambra Dr C V Watkins AL Majhu- appointed 1510312023 Dr S Maguire- appointed 1510312023 Secretary J A Hollingsworth Headmistress Mrs S Fisher Registered office 51 Newbridge Crescent W)Iverhampton W>sl hAidlands W￿6 OLH Audltor Layton Bradford Chartered Certified Accountants and Statulory Auditors 7 IAarconi Gate Staffordshire Technology Park Stafford ST18 OFZ Solicitor FPC Manby Bowdler LLP George House St John's Square Wolverhampton WJ2 4BZ Bcrclays Bank PLC Queen Square Wolverhampton Wts1 1DS Bankers Newbridge Preparatory School Limited Nollco of Meeting Notice is hereby given that the Annual General Meeting of the company wll be held al its registered office on 8th May 2024 at 6 pm for the fdlowng purKM)ses: To re￿ve the Directors ReFXIrt and Statement ofAccounts for the year ended 31 August 2023. To re-elect directors. To appoint audttors and authorise the directors to agree their remunerat￿. To transact any other business which may wopety ￿ transacknj at an Annual General Meeting. Any member of the company enlrfed to attend and vote may appoint a proxy (who need not be a member) to attend and vole on his behaK. By order of the Board J A Hollingsworth TO ALL SHAREHOLDERS The formal notice conceming ourAnnual General Meebng is given above. As in previous years, the directors wll be pleased to wel(x)me wves and husbands of shareholders. They will be able to take part in any discussions bu( of course. have no voting powers. G J Birkett Chaim12n Newbridge Preparatory School Limited Chainnan's Statement Yoar Ended 31 August 2023 I hereby present my report and the accounts for the year ended 31 ￿ August 2023 having taken over as Chairman from May 2023 following the retirement of Helen Hughes who had acted as Chair for many years and lo whom I pay tribute for her long and selfless service. The previous year saw us emerge from the Covid Pandemic and all of the drfficufties that posed for us. By the end of that academic year. we had retumed to -normal" operations with a full teaching timetable and a full range of extracurricular a¢livities and visits. Pupil numbers had decreased slighuy which reflected some of our parents changed worting patterns. Pupil numbers during Ihe ojrrenl year remained a challenge, in particular in upper school where we continued to carry fO￿ard a lower than usual year group $0 utilising our financial resou-ces appropriately remained a challenge thioughout this financial year as the sthools, costs, influenced by macro-economic factors such as the war in Ukraine and inflationary pressures. ¢ontinued lo rise. The school prides itself on provTrding excellent all-round education for pupils of all abiltties those wlh higher abilities are challenged to use them lo their best advantage. These less able are assisted to achieve their own best polenlial. I pay tribute to all the staff who challenge, support and assist in equal measures. Our Year Six girls achieved 26 school places.. an average of 2.36 places per pupil. This year, 730/0 of gids in year were offered stale grammar school and 900A of gids who sat the examination for selective slate grammar schools were also offered places; with scholarships six scholarships. In the Year Six SATS. the girls, received outstanding results (Average aggregate score of 340} which trbark the second highest in the school's history of this style of SATS, only surpassed by our award-winning year when we were named Prep School of the Year by The Sunday Times with a score of 3431 In the LAMDA Results 2023, 52 children took the exam with 49 awarded dislinclions which was an outstsnding 94 /0. NATD Dance examinations with 160 entries tsken by 92 pupils. resulting in 100010 distinction. Further drama success was seen at Dudley Drama Festival, where Newbridge girls secured a placing la 18t 2nd or 3Ql in all the 10 classes entered. In 10 classes there were 30 placings available, of which we secured 25 (including 9 out of the 10 first places on offer). This means Newbridge achieved 83 /0 of the placings. Once again, we have received support from our loyal parent body as we faced, post COVID establishing a 'new normal.. Whilst these ￿sUltS represent a loss in the accounting year, the schools healthy finar*cial reserves continued to support both trading and essential investment into the school's infra-structure and in particular this year into upgraded ICT equipment to support both the quality of the in dass leaching as well as improved resilience 2nd flexibility. Once again, as I do every year I pay tribute lo our Headmistress and her team for their oulstanding efforts on behalf of the School and pupils. Our caring and supportive ethos continues to be maintained through all their efforts. l also thank my fellow Directors for their support. advice and wise counsel for another year in the life of Newbridge Preparatory School. G J Birkett Chairman Newbrldge Preparatory School Limited Trustees. Annual Report (Including Directors. Report) Year Ended 31 August 2023 The Trustees present their rewrt and the audited financial statements of Ihe tharity for the year ended 31 August 2023. The Iruslees have adopted the provisions of the Slalemenl of Recommended Practi￿ ISORPI "Accounting and Reporting by Chartties" (FRS 102} in preparing Ihe annual report and financial statements of the charity. The financial slalemenls have been prepared in accordance with the accounting policies sel out in notes to the accounts and comply with the charity's goveming document, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charitses- Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland, effective 1 January 2019. Trustees of the charity The directors of the charitable company are its truslees forthe purposes of charity law. The truslees who have served during the year and Sin￿ the year end were as follows.. G J Birkett (Chairman) J A Hollingsworth H M Hughes- resigned 1910712023 P M Timmins K K Bhambra Dr C V Walkins AL Majhu- appointed 1510312023 Dr S Maguire- appointed 1510312023 J A Hollingsworth. Dr S Maguire and P M fimmins retire by rotation aFKI being eligible offer themsefves for r￿lectIOn. The method of appointing new Directors consists of inibal nominations made by ojrrenl Dweclors. In acc(￿dance with the Memorandum and Arbdes of A8soclatic￿, nominations are presented to members for ralffication al the AGM. The interests of the directors in the shares of the company tx)th at the beginning and end of the year was as follows.. Ordinary shares of£10 eath 3151 August 2023 31S1 August 2022 H M Hughes H M Hughes resigned as a director on 19 Juty 2023. In accordan￿ with the Memorandum and Articles of A$s￿lation. no portion of the income or propety of the company shall be paid out or transferred directy ￿ ndirecty. by way of dmdend. t￿￿$ or otherwise howsoever by way of profft, to the Members of the Company. Objectives and activities The objects are sel out in the Memorandum of A$S￿l8t10n as the educab.on of girls up to the age of 11 and boys of pre-nursery age up to the age of 7. In accordarkce the Memorandum, Newbridge Preparatory School is a day school for gids educating them to a high slandard so onabling them to be able to move to a gènior school and a day school for tKJys up to the age of seven erk9bling them to be able to move to a junior schch)l. Strategic Aim and Intended Effect The School's strategic aim to reach its annual objecbve is the attainment of the highest academic levels whilst allowing pupils to benefrt from our extra-curricular programme. This is intended to draw out their abilities and academic polenb'al, awaken and develop wider interests in life and motivate Ih&m for a successful outcome at their chosen senior school. Newbrldge Preparatory School Limited Trustees, Annual Report {Including Directors, Report) Yoar Ended 31 August 2023 School Aims The sch(x)I's aims are.. To give children strong foundations for leaming in their eady years To ensure that every child Teaches his or her own full academic polenlial, through qualty teaching in small classes To introduce children lo the worlds of music. sport. dance, the arts and leisure activities To produce confident happy children with a sense of self discipline To encourage sensitivtty lo the needs of others and time to care for one another within a small, family atmosphere Our School Mission Staternent Aiming High Building Bridges Preparing for Lrfe Objectlves for the Year The Board's objectives are set to reflect the educational aims and the ethos ofthe Sthool. tt is important that the same high standard of academic success as achteved by the Sthool in previous years is maintained and enhan￿d so that pupils will be able lo benefit from their chosen senior schty)I for the continuation of their education. This objective is. however. sel in the context of the bfoader goaLs set for Ihe School and its pupils. In setting our objectives and pSanning (xjr 8Ctivtbes (xjr directors have grven careftjl consideration to the Charity Commission's general guidan(E on public benefft and in parbcular lo its Supp￿mentary guidance on advancing education and on fe￿h8rg1ng. The key d¥ectives for the year induded: To maintain and extend our broad academic curriculum". To maintain a high teacher-t￿pupil ratio- To tailor our services as appropriate to suit indrvidual needs-, To continue lo develop the first dass pastoral care we prowde for pupils-. To maintain and increase pupil numbers in the main school, nursery and pre-nursery,. To continue to improve teaching and leaming standards in line with the school's development plan. Principal Activity Newbridge Preparatory sch(￿,$ Fwtncipal acknvtty during this year (xjntinued lo be the provision of a Day School for girts up lo age 11 and boys from pre-nurwy age up to the age of seven. There are currenty 144 pupils on roll. Our Ethos At Newbridge we believe that to realise an individual's potential, education has to encompass the breadth and depth of experience. We strive for the highesl standards in all academic subjecls of the curriculum.. we also offer every ¢hild the opportunity to achieve across a range of activities, from music, dance and drama. to sport and Duldoor pursuits. We believe in traditional values, where Se￿-dIscipllne and good manners are important and where e8¢h individual is encouraged lo respect and value others. We are a small, personal school. where everyone knows everyone else. We foster an environment in which boys and girls can grow in confidence, leaming honesty, consideration. loyalty and openness. The school has no religious affiliation but has a Chrisban ethos. Newbridge Preparatory School Limited Trustoes, Annual Report (Including Directors, Report) Year Ended 31 August 2023 Newbridge Preparatory School is a charitable trust which seeks lo benefit the public though the pursuit of ils staled aims. Our fees are set at a level to ensure the finar)cial viability of the School and at a level that is consistent with our aim of providing a first class education to boys and girls. Our School welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that our School will be able lo educate and develop 8 prospective pupil to Ihe best of their potential and in line with the general standards achieved by their peers. Entrance inleiviews and assessments are undertaken to sab'sfy ourselves and parents that potential pupils can cope with the pace of leaming and benefit from the education we provide. An indwidual's economic slatus. gender, ethnicity. ra￿, religion or disability do not form part of our assessment processes. We are an equal opportUn5ty organisation and are committed to a working environment Ihat is free from any form of discrimination on the grounds of colour. race, ethnicity, religion. sex, sexual oriental￿n or disability. We wll make reasonable adjustments to meet Ihe needs of staff or pupils who are or become disabled. Policies on Asslstance Financial Planning Policy Timely finanryal planning is often the key for many parents who are hoping lo send their children to Newbridge Preparatory School and a schix)I fee plan is available to help those who wsh tofund educational costs through regular contributions. Bursary Award System From 1 September 2013 the Directors introduced a Bursary Award System in order to widen a￿aSs to the education that the sch(x)I provides. The Director5 view the bursary award scheme as imporlant in helping to ensure thal children from famifies who otherwise would not be able to afford the fees can access the education offered. The bursary award is available to pupils who fvffil the admissions tx)licy. Access Policy School fees are kept deliberately low so that as many chikjren as possible benefit from Ihe education offered. The govemment's Nursery Eduealion Funding is applied for children {who fulfil the entitlement requirements} after the tem) in which they turn three years old until the term in which they tum five years old. We join in with community activities wherever possible and encourage the community lo use our premises. Volunteers Parents help with the School's fundraising in order to raise fijnds for any prqects relating to the fabric of the building and the school's facilits.es as well as schcy)l equipment and the Board would like to take this opporbjnity to say how much we appreuale their conts"nuing and valuable supKN)n for our woyk. The charity had the support of one volunteer during Ihe year, who attended the school to offer support. The estimated number of hours that the charity benefitted from during Ihe year was 288 with a value of £2,736 to the charity. Nevrt)rldge Preparatory School Limited Trustees, Annual Report (Including Directors, Report) Year Ended 31 August 2023 Public benefit ststement In setting our objectives and planning our activtbes, the directors have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to ils supplementary public benefit guidance on advancing educ8tK)n and on fee charging. Whilst there is no spectfic fuNJ alloc*ed thin ￿ Sthool's budget in connection wth bursary payments, the Directors have awarded four means tested bursaries in the fomi of a discount of the luith)n fees payable during the academic year depending on the finanaavcompassionale or other cirtsjmstsnces of the parenvguardian applicants. The Directors recognise that finanaal suprM)rt by way of a bursary falls into one of two categories namety.'- New applicants to the sc￿ where a FAace has been offered but parentslguardians are unable to lund the tuition fees- or An existing pupil where a change in the parentslguardians Circumstrn￿ result in difficulty in funding tu￿0￿ fees wtth the result that the chikl rnay be Nwthdrawn from the Schooi. During this financial yearthe Sch(K)I has rewrted a loss, but notsvithstanding the Board remains committed to the continued award of bursaries lo support children conb"nuiThJ to be able to access the beneffts of being educated at the SL*KK)l in the next finanaal year subject to it beiTrJ )Inan(aaHy prudent lo do so. The public benefrts provided duriThJ the year by the SchcK)l are detailed bdi)w. Facilrties have been provided that cannot On￿ be used by Newbridge Preparatory Sthool. bul by members of the local community. A]trAighton Aikndo Club uses the sthool hall every Wednesday evening and Diddi Dance use the hall every Saturday morning during term time. Swth Staffs Operats'c &xiety, Trinity Operakn'c Society and Bilston Operatic Soctety lincjuding their Ywth divisw) use the faulities on arb c￿S￿Onal use basis. The hall, changing room and communaVs(tial area have been offered for local comrnuntty use after 6.00pm each day" at weekends and for 16 full weeks duriThJ sth(KA h(A￿laY$. The Board is keen lo share the s¢hcKJl's facilibes and grounds as WKJe a community as possible. Tennis and netball courts have been offered to the wider communty for use after Scho￿ and al varying times during the days. The school also rents Olrt (at a peppercorn rent} the school tand and tennis courts141 to W0￿erhampton Lawn Tennis and Squash Club during the evenings and weekends for use. The school's Holiday dub is open all year round and children from the local area attend. Parents from outside the school communty use this childcare servi￿. Holiday Club is open for children from 3-11 years and parents appre￿ate its flexibility and its competilive pri(ing. During the National Lock Down Period from March 2022. the school provided chikl care for chiklren of key workers.. free of charge. Many worfi experience placements have been provided for pupils from kx31 senK)r s(*ools during the yearto give them experience in the work place. The sthool has also supported many students from Ioc81 training colleges and university student pla¢ements.11 remains o)mmitted lo continuing to do so. Numerous donations have been made by the Sthool to kKal and national charibes., including Children in Need, Young Minds, Jeans for Genes, Bimiingham Women's Hospital. NSPCC. DEC Turkey & Syria, Birmingham University, Buddy Bag, Diabetes UK Operational perforniance of the School The majoiity of our leavers went on lo their chosen senior s(knl. This athwement has been greauy helped by the high quality of leaching staff we employ. As a 'prep' school our role is to create choices al 11 plus, and 2022-2023 was no exception with 11 girls creating 26 school offers and 6 scholarship offers. Six of the eleven girls also gained places to state funded selective grammar schools. Newbridge Preparatory School Limited Trustees. Annual Report (Including Directors, Report) Year Ended 31 August 2023 The Educational Quality wsth Fo￿sed Compliance Inspection of Newbridge Preparatory School took ptace in October 2022. The school was fully compliant and excellent in all areas. The Regulatory Compliance Inspection of Newbridge Preparatory School look place in February 2019. The school was fully compliant in all eight parts of The EdLscalion (Independenl School Standards) Regulations 2014 and the Early Yea Foundation Stage Statutory Framework. The Integrated Inspe¢bon. which took place in JanLsary 2016, is still valid as our Quality Inspection for a further Ihree years or unlil our next inspeclion if sooner. Our 2016 report is also available to read al wMv.isi.neUschooVnewbrid re arato -school-6725. Achievements and perfornian¢e (including principal risks and uncertalnties, development and perfomiance and key ￿rfOrManCe indicators) Charitable actlvities See separate Chairman's statement- page 3. Extra-curricular Activities There are a wide variety of extra-curricular activities including Coding, Brownies. Drama, Football, Tennis, Gymnastics, Dance. Netball, Rounders. Choir, Ensemble. Senior Recorders, Musical Theatre. Acting, and Musical Instrument lessons. Exlra-curricular actiwbes are offered to all children from the age of 3 years as appropriate. Music l our girls and boys arè drawn into musical activities during theirtime at school. with specialist Music lessons from Year One upwards taken by our music specialisl. Recorder lessons form part of the curriculum from Year Two upwards with children leaming musical nolalion. Our Upper school girls have the option of taking individual music lessons on the flute. 'cello orviolin. Girls achieve success in examinations with The Associated Board of the Royal School of Music and London College of Music Examinations. Girls in Upper School are involved in choirs, recorder groups and an instrumental ensemble. All musicians are encouraged to perform in school concerts, House Music competitions and lo make music in venues such as the Grand Theatre, Wolverhampton and The ATer)a Theatre. Wolverhampton. Performing Arts Modem dance, speech and drama are an integral part of our curriculum. In Upper School, the emphasis in drama is on leaming performance skills through mime. improvisation and scripted performance. All girls take external examinations set by the Trinity Guildh811 and many girls compete locally in the Dudley Fesb"val of Dance and Drama. Dance (Contemporary or Gymnastic) is available as part of curriculum from Reception through to Year Six. Examinations were taken in the Summer Term 2023 with 100 /0 suixess rate. Our Upper School Musical is one of the highlights of the year. Every girl in Upper School participales in a fully staged musical, performed at The Arena Theatre in w0￿erhampI0n. The opportunity to perform in a professional theatre provides a challenge. life skills, the ability lo adapt lo a new environment and a growth in self-esteem and self-confidence. This year Ihe girls all t¢)ok part in Oliver, Jr which was a huge succes5. From school plays and musieals to success in local drama festivals. w8 Continue to celebrate successful perfomiances. The girls performod at The Arena Theatre. showcasing Oliver Jr in March- a superb perfomiance was also delivered at the Dudley Festival too. Physical Educ8lffon Tennis coaching and football lessons are available as after school activities for Nursery lo Year Six. There is also netball and gymnasties clubs for girls in Upper School. The School netball, athletic, gymnastic and cross country teams have played against other local maintained and independent schools during the school year as well as competing wlhin the ISA asSo￿ation fixtures. Newbridge Preparatory School Llmlted Trustees. Annual Report (Including Directors, Report) Year Ended 31 August 2023 Operational perforn)ance of the School This year the achievements of the girts, have, yel again. been outstanding wth phenomenal successes gained both in senior school pla￿$ and scholarships offered. We are proud that each and every one of them le8ving us in July. begins their senior school joumey with a school, just righl for each of them. as an individual. The class of 2023 at Newbridge Preparatory School. The eleven git1s who. despite the impact of COVID-I9. achieved remarkable results in their senior school applications. The eleven girls securefJ over 26 school ￿ee offers beiween them and were awarded six scholarships. Three of the eleven girls achieved places al Wolverhampton Gids. High School (selective stale grammar schools) for Seplember 2023. A SU￿$$ rale of 730k is extraordinary. when slatislically. as a school, less than one pla￿ should be achieved. In the Indepen(Jenl sector. the giTls saw similar success. One girl was offered a place at the much coveted and highly selective King Edward Vl Girls High School in Edgbaston. KEHS which only provides academlc seholarships lo the ablest gids at 11 + Four girls achieved places al Wolverhampton Grammar School {1000/0 success ratel. Foijr girts gained places at st. Dominic's Grammar Schwl with one scholarship being offered for Malhemalical academic prowess. Three places were offered at Tellenhall College securing a double Academic and Performing Arts scholarship and two Academic Scholarships. Other Independent School places were gained 81 Shrewsbury High School and Stafford Grammar School. One pupil was relocatlng and was offered a place al Xenion HMJh School in Cyprus. One girl also gained a place al Sandwell Academy. Financial review (including reserves policy) As a charity the parents of our pupiL8 have the assuranrE that all the in[￿e of the School musl be applied for educational purposes. an educational charity we enjoy tax exemption cffi our educational aCtiV￿e$ and on our investment income and gains provided these are applied for our charitable aims. As a Charity we are aL%o entrfcled lo an 80 /0 reduction on our business rates on the property we occupy for our charitable puwses. The financial benefits we receive from these tax exemptions are all applied for ￿luCatiOnal purposes. However, as an educational charity. we are unable to reclaim VAT input tax on our costs as we are exempt for VAT purposes. We also pay tax as an employer through the national insurance contributions we make. The CovKk19 pandem￿ impaded the Sch(K>l. but Tnjslees bdieve that th8 pr(￿edureS put ir¢ pla￿, which are detailed in Achievements and Performance. have left Ihe sthool in a postbon lo move fobward. Pupil numbers have been retained. as have staff members. The Charity made an unrestiicted deficit of £125,468 for the yearwhith was disappointing but reflected increased costs of runnins the School. soft pupil numbers in some year groups. parents who have slruggleA with the cost of Iwirvj crisis and continued strong competition from altemative providers. No￿lthstanding and as set out below the SCh￿Is reserves have allowed it to absorb the loss wh￿St fA)ntinuing to invest in essential maintenance and improvements, in parts"¢ular in ICT. Reserves Policy The Directors regularty review the financès. budgets and swid against budget as part of the effective stewardship of the school. In common wrth other independent schools the Directors have invested substantial sums into new school buildings in recent years and have a contnuing programme of refurbishment and development lo maintain excellent teaching facilities for the pupils. This has had a Particularf(￿Us on the Upper School buikjing, as mentioned above and ICT. Newbridge Preparatory School Limlted Trustees. Annual Report (Including Directors, Report) Year Ended 31 August 2023 The General Reserve is covered by the fixed asset value of the school buildings which indicates the extent to which the School has had to finan￿ its own capital investment FAans wh5Gh is common practi￿ by schools in the independent sector. The general fund is therefore not fredy available for distribution. The policy is to buikl up reserves lo all¢)w the schod to operate effiuendy from its CAsh balances. The Directors recognise that the level of reserves Ilucluates during periods of capital investment in the school and adequate facilities wtth the bank are in pla￿ to provide short temi funding should il be required. The School receNes donations from the Parents. Staff & Fjiends As￿lation, the beneffts of which are reflected in fixed assets and working capital. Unrestricted reserves of £1.392,402, were held at 31 Atjgusl 2023. There were no Restrided Resejves hdd at 31 August 2023 Plans for future periods The Directors intend lo continue with and develop their plans lo provide a high standard of educath)n for all pupils. The Scho(A continues lo develop a cuniculum and experience relevant all pupiL%. There has been significant investment in the ICT infrastructure and faalibes. Major risks management The Board continue to keep the School's activities under review. particulady wilh regard to any major risks that may arise from lime lo lime as well as the systems and prO￿dureS established to manage them. They monitor the effectiveness of the system of intemal controls and other viable means. including insurance cover where appropriate, by whiGh those risks already identified can best be mitigated. The work of implementing the Health and Safety policies is caTried out by the Health and Safety Committee. chaired by the Headmistress and supported by an extemal contractor, Mr G Myatt. StructUTe. govemance and managernent Governing Document The Company is govemed by its Memrandum and Artictes of Association. last am8nd8d on 10 December 1992. Organisalional StNcture The Directors are initially eleded at a full Directors Meeting on the basis of nominations having Tegard to eligibility. personal competence, specialist skills and local availability. After appointment Directors serve for a term of three years aTid are eligible to stand for re*lection at Ihe annual general meeting. The Diredors meet as a Board at least three times a year lo detemiine the general policy of the Company and review its overall management and control, forwhich they are legalty responsible. The work ofimplementing most of the Board's policies is carried out by the Finance Committ￿. Chair￿ by Mr J A Hollingsworth, who meet as appropriate before each meeting of the fvll Goveming Bo8rd, specffically to reviaw the budgéts tamity and annual accounts and rewrts. The day-IcAay running of the Sthool is delegated to th8 Headmistress and tho Deputy Head supported by other teaching members of the staff. AJI trustees give of their ts.me freely and no remuneration or expenses were paid in the year. No Govemor or person connected with a Govemor re(tived any benefit from either means lesled buTsaries or scholarships awarded to our ptjpils. The Chairman and Headmistress organise the training of newly apwinled dirertors into the wort(ings of the charity including Board policy and prcwlures. Key management personnel are Ix)nsidered to be the Headmistress and the finance committee. 10 Newbridge Preparatory School Limited Trustees. Annual Report {Including Directors, Report) Year Ended 31 August 2023 The Finan￿ Committee review the remuneration of the Head, with the Head 81so reviewing pay of other stsff members in line wlh published pay scales. AJI rernuneration is agreed by the Finan￿ Committee. Trustees. responsibilities The trustees (who a￿ also directors of Newbridge Preparatory School Limited for the purposes of company law} are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Gerierally Accepted A¢¢ounting Praclicel- Company law requires the trustees to prepare finanoal statements for each finanual year. Under company law the trustees musl not approve the financial slalements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the trustees are required to= select suitsble accounting poliaes and then apply them consistently,. observe the methods and principles in the Charities SORP 2019 {FRS 1021., make judgements and estimates that are reasonable and prudent- slate whelher applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company wll continue in operdtion. The trustees are responsible for keeping adequale accounting records that disclose with reasonable accuracy al any time the financial posttion of the charttable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the 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 informalion of which the charitable company's auditor is unaware-, and Ihe trustees have taken all steps that Ihey ought to have taken to make Ihemselves aware of any relevant audit infomation and to estsblish that the auditor is aware of that information. The trustees are responsible for the Maintenan￿ and int8grty of Ihe wporate and financial information included on the charitable company's website. Legislation in Ihe United Kingdom goveming the preparation and dissemination ol financial statements may drfler from legislation in other jurisdictions. Disclosure of information to the auditOTS Wg, the dirg¢lors of thg company who h8ld office at the date of approval of thasa Financial Statèments as s&1 out above each confirm, so far as we are aware. that= there is no relevant audtt infi)rmation of which the companys auditors are unaware.. and we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevanl audit information and lo establish that the company's auditors are aware of that information. Newbridge Preparatory School Limited Trustees, Annual Report {Including Directors, Report) Year Ended 31 August 2023 Auditors The auditors, Lawton Bradford Accountants Ltd. w511 be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared taking advantage of the special provisions of Part 15 of the Companies Act 2006 relating lo small companies. Approved on behalf of the Board of Diredors at its meeting on behalf by'.- ZO L*and signed on ils G J Birkett 12 Newbrldge Preparatory School Limited Independent Auditors. Report to the Members of Newbridge Preparatory School Limited Year Ended 31 August 2023 Opinion We have audited the financial statements of Newbridge Preparatory Sthool Limited (the 'charilable company,) for the year ended 31 August 2023 which comprise the Statement of Financial Activities, The Balance Sheet, the Statement of Cash Flows and notes lo the financial statements, induding significant accounting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generalty Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the stste of the charttable CoMpan￿S affairs as a131 August 2023, and of ils incoming resources and application of resources. including tts income and expenditure, for the year then ended- have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in accordance wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wtth Inlemalional Standards on Auditing (UK} IISAS {UKI) and applicable law. Our responsibilities under those standards are fvrtherdescribed in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charttable company in accordan¢8 with the ethical requirements that are relevant to our audit of the financial slalements in the UK. including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We beliève that Ihe audit evidencE we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going ¢on¢em In auditing the financial slalements. we have concluded Ihat the tnJste8S' US8 of the going concem basis of accounting in preparation of the finanoal slalements is appropriate. Based on the work we have perfomed, we have not identnled any material uncertainties relaling lo events or conditions that, individually or collectively. may casl signrficanl doubt on the charitable company's ability to continue as a going concem for a period of al least months from the date when the financial statements are aulhorised for issue. Our responsibilities and the responsibiltties of the trustees with regard tr> going concem are described in the relevant sections of this report. Other inforniation The trustees are responsible for the other infomation. The other infomiation comprises the infonnation included in the trustees, annual report. other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other infomialion and, except lo the extent otherwise explicitly staled in our report, we do not express any fomi of assurance Conclusion thereon. In connecb'on with our audtt of the firbancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistenl with the finanryal statements or 13 Newbridge Preparatory School Limited Independent Auditors, Report to the Members of Newbridge Preparatory School Limitod Year Ended 31 August 2023 our kno￿edge obtained in the audit or otherwise appears lo be materially misstated. If we idenlify such material inconsistenGies or apparent material misstatements. we are required lo determine whether there is a material misstatement in the financial statements or a material misstatefflenl of the other information. If, based on the work we have perfomed. we conclude that there is a material misstalemenl of this other infomialion, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Ad 2006 In our opinion. based on the work undertaken in the course of the audtt: the infomalion given in the trustees, report (incorporating the directors. report) for the financial year for which the financial statements are prepared is consistent with the financial ststements,. and the directiKs' report has been prepared in accordance with applicable legal requirernenls. Mattèrs on which we are required to report by exception In the light of our knowledge and understanding of the chaiitable company and its environment obtained in the course of the audit, we have not identified malerial misstatements in the directors. report. We have nothing lo report in respect of Ihe following matters in relation to which the Companies Act 2006 requires us to report lo you rf. in our opinion- adequate accounting records have not been kept. or retums adequate for our audit have not been re￿iVed from branches not Vistted by us- or the financial statements are not in agreement with the accounting records and retums,. or certain disclosures of directors. remuneration speryfied 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 financial statements in accordance with the small companies. regime and tske advantage of the small companies. exemptions in preparing the directors, report from the requirement lo prepare a strategic report. This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company s members those matters we are required to stale to them in an auditorfs report and for no other purpose. To the fullest extenl permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company s members as a body, for our audit work, for this report. or for the opinions we have fomed. Responsibilitiès of trustees As explained more fully in Ihe trustees. responsibiltiies ststement set out on pages 11, the trustees (who are also thè directors of the charitable company for the purposes of company lawl are responsible for the prepaffttion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemine is necessary to enable the preparation of financial statements that are free from material misstslement, whether due to fraud or e￿Or. In preparing the financial statements, the trustees are responsible for assessing the charitable company s ability to continue as a going concem, disclosing. as applicable. matters related lo going concem and using 14 Nevknridge Preparatory School Limited Independent Auditors, Report to the Members of Newbridgo Preparatory School Limited Year Ended 31 August 2023 the going concem basis of accounting unless the Injstees etther intend to IN]uidale the charitable company or lo cease operations. or have no realistic aftemative but lo do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misslalemenl. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will a￿ayS detect a material misstatement when il exists. Misstslemenls can arise from fraud or error and are Conside￿ material il, individually or in the aggregate, they could reasonably be expected lo inftuence the economic deasions of users laken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to deleGt material rnisslatements in respect of irregularities, including fraud. The extenl lo which our procedures are capable of detecting irregularities, including fraud is detailed below- As part of the planning process". We enquire of management the systems and controls the charity has in place. areas of the accounts most susceptible to the risk of irregularities and fraud. and any instances of or suspected fraud. We obtain an understanding of the legal and regulatory frameworks applicable to the charitable company. We consider the incenlrves and opportunities that exist in the charity. including the extent of management bias. which presents potential for irregularities and fraud lo occur, and tailor our risk assessment accordingty- Using our knowledge of the charitable company, together with discussions held with the charity at the planning slage, we form a conclusion on the risk of misstatement due lo irregLslarities including fraud and tailor our audit prO￿dureS accordingty- The key procedures we undertake lo delect irregularities including fraud during the audrt include.- Identifying and testing joumal entries and the overall accounbng record. in particular those that were significant and unusual. Reviewing the accounts disdosures and detemiining whether aco)unting policies have been appropriately applied. Reviewing and challenging assumptions and judgements used by management, incivding any significant accounting estimates. Assessing the extent of compliance ¥Mth relevant laws and regulations. Testing key income lines, including cut-off, for ewdence of management bias. Assessing the validity of the classrfication of income. expendrture. assets and liabilities between Reslricled and Unrestricted Funds. Obtaining third party confirmation of material bank balan￿$. Documenting and verifying all signific3nl related party balances and transactions. Reviewing documentation such as the charity board minutes. correspondence with solicitors, for evidence of irregularities induding fraud. Because of the inherent limrtations of an audit, there is a risk that we will not delect 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 with a law or regulation is rernoved from the events and transacbons reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional Con￿alment. forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial stalements is located on the Financial Reporting Council's website al.. www.frc.org.uklauditorsresponsibilrties. This description forms part of our auditor's report. 15 Newbridge Preparatory School Limited Independent Auditors, Report to the Members of Newbridge Preparatory School Limited Year Ended 31 August 2023 Use of our report This report is made solely to the charitable company s members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to stale to them in an audilorfs report and for no other purpose. To the fullest extent pem)itled by law. we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit wo￿, for this report. or for the opinions we have lom)ed. Ad6le Lawton FCCA (Senior Statutory Auditor) For 8nd on behalfof Lawton Bradford Accountants Limited Chartered CertifiedAccountants Registered AudAlors 7 Marconi Gate staffordshire Technology Park stafford sr18 OFZ Date 2210%11014- 16 Newbridge Preparatory School Llmlted Statement of Financial Activities Ilncludlng Income and Expendlture A¢count) Year Ended 31 August 2023 2023 2022 Totsl Totsl In¢oma and endowments from: Donations and legacies Charitable aCtiV￿eS Investments Other 300 1.244.691 3.029 10 216 516 1,244.691 3,029 10 100 1,266,521 118 10 Total incomo and ondov•Thents 1248 030 216 1.248.246 1,266,749 Expendltur• on: Raising ftjnds Charrtable activities other 1.373.498 216 1,373,714 1,271.961 Totsl expenditure 1.373.498 216 1,373,714 1,271,961 Net {exponditure)fincom• 1125,4681 1125,4681 {5,2121 Othèr r8cognised gains I Ilossesl: Gains l {losse$l on revaluation of rixed assets Transfers bets￿en fiJnds- assets purchased Net movement in funds (125,468) {125,4681 15,212) Roconciliation of funds: Total fvnds brought for%vard 20 1,517.870 1,517,870 1,523 082 Totsl funds carri•d foTh¥ard 1.392.402 1,392,402 1.S17,870 All income and expenditure derive from continuing acbvil*$. The stslement of financial acbvities incluces 2.604 2.520 6,804 6.720 26 Newbridge Preparatory School Llmlted Notes to the Financial Statements Year Ended 31 August 2023 Trustees. and key managemont parsonnel rernuneration and expen$8S The trustees neither received nor waived any remuneration during the year (2022: £Nill. The trustees did not have any expenses reimbursed during the year (2022 - £Nill. 12 Staff costs and employ80 benefits The average monthly number of employees during the year was as follows: 2023 2022 Teaching Ancillary Administratwe 27 27 40 42 The total staff costs and employees, beneffts was as follows 2023 2022 Wages and salaries Social security Defined conlributs'on pension costs Defined benefrt pension costs 816,116 71,710 5,704 107.288 762,898 65,158 4.900 100.205 1',000.818 933,161 The number of emp5oyees who reeetved total employee beneffts {exduding employer pension costs) of more than £60,000 were = 2023 No 2022 £60,001- £70.000 Tolal key management personal remuneration and beneffts for the financial year totalled £81,258 12022 £77,387). 27 Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2023 13 Tanglble fixed assets Frn•hDkl ar C¢JThput•r equ¢pmnt pro￿ Total Cost- At 01 September 2022 Additions Disposals Impaimenl Revaluation 1.515.760 143.571 6.681 61,760 1.721,091 15,909 22,590 At 31 August 2023 1,515.760 150.252 77,669 1.743,681 Depreciation: At 01 September 2022 Charge for the year Impairment Revaluation Eliminated on disposals 588.832 33.863 65.254 8.262 57,168 7,212 711,254 49.337 At 31 August 2.J23 622.695 73.516 64,380 760.591 Net book value: At 31 Augusl 2J23 893,065 76,736 13.289 983,090 Al 31 August 2022 926.928 78.317 4,592 1.009,837 14 Stock 2023 2022 Educational materials 3.460 587 15 Debtors 2023 2022 Trade debtors Prepayments and accrued income 309.376 31,334 281,154 25,793 340,710 306,947 28 Newbrldge Preparalory School Llmlted Notes to the Financial Statements Year Ended 31 August 2023 16 Creditors: amounts falllng due within one year 2023 2022 Trade creditors Deferred income Final term deposits held Other tax and social security Other creditors Accruals 36,320 401,175 25,500 20,026 13,701 9,436 50.740 372,916 22,750 19,118 13,338 10.647 506,158 489,509 Deferred income reflects payments recetved in advance for the Autumn temi's fees. Al income deferred in 2023 was released in 2024. 17 Creditors: arnounts falling due after rnore than one year 2023 2022 Final temi deposits 17.250 19,500 17.250 19,500 Deposits are tsken when places are accepted and refunded, subject to certain condilsons, when a child leaves the school. 18 Leases- OUTSTANDING Operating leases Total future minimum lease payments under non-cancellable operating leases are as follows-. 2023 2022 Not later than one year Later than one and not later than fve years Later than five years 24.007 45,924 2,261 7,913 Total 69.931 10,174 29 Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2023 19 Share capital 2023 2022 Authorlsed 200 Ordinary Shares of £10 each Allotted and Fully Paid 1861200 Ordinary Shares of £10 each 1.860 1.860 1.860 20 Funds reconciliation Balance at 31.08.22 Gains I Ilossesl Balance at 31.08.23 Income Expenditure Transfers Unrestricted Reslricled 1,517.870 1.248.030 (1.373.498) 216 12161 1,392.402 1,517.870 1.248,246 1.373,714 1,392.402 Fund descriptions al Unrestricted funds General reseNe funds represent the accumulated unrestricted and undesignaled surpluses. The general reserve funds are available at any time for use at the discretion of the Directors for furtherance ofthe Charity's aclivib.es and objeclives. The general reserye funds ar8 retained lo cover the fixgd assets and provide the working capital of the School. b) Restricled funds Reslricled funds at the year*nd amounted to £Nil 12022= £Nil). Restricted donations received and expended during the year, related to donations from the PSF Assoaation fundraising to be spent on outdoor enhancements. 30 Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2023 21 Analysis of net assets betwgen fvnds Unrè*fjctsd Deslgn*d Rè$ttlct funds fvnds EndtyATn•At *Jn45 Total Fixed assets Cash at bank Other current assets I liabilities Creditors more than one year Called up share capital 983.090 590,410 (161.988) 117.2501 1,860 983.090 590,410 {161.9881 {17.2501 1.860 Total 1,392,402 1.392,402 22 Reconciliation of net income l (expenditure) to net cash flow from operating activities 2023 2022 Nel (expendibjreyincome for year 1125,4681 (5,2121 Interest receivable Depreciation and impairment of tangible fixed assets (IncreasellDecrease in stock Ilncreasel in debtors Increase in creditors 13,029) 49,336 12,8731 (33,762} 14,399 (118} 45.049 1,679 (276,2321 235,843 Nel cash flow from operating actwities 101,397 23 Pensions and other post￿etirernent benefits a) Teachèrs, pension schème The SchcK)I participates in the Teachers. Pension Scheme {"Ihe TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £107.28812022'. £100,205) and al the year-end £12,243 {2022.' £12.058) was accrued in respect of contributions lo this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme govemed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers. Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go" basis with contributions from memL)ers and the employer being credited lo the Exchequer. Reb"rement and other pension benefits are paid by public funds provided by Parfiament. The employer contribution rale is set by the Secretary of Slate following scheme valuations undertaken by the Govemmenl Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, whith was published in October 2023. 31 Newbridge Preparatory School Limited Notes to the Financial Statements Year Ended 31 August 2023 Following the Mccloud Judgement. the remedy proposed thal when beneffts become payable, eligible members can select to receive them from either the relomied or legacy schemes for the period 1 April 2015 10 3 March 2022. The actuaries have assumed that members are likely lo choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The valuation confirmed that the employer conlribution rate for the TPS would increase from 23.6 % to 28.6 /0 from 1 April 2024. bl Workplace pension scheme As required by the Pensions Act 2008. the School provides a workplace pension scheme a defined contribution scheme. to its, employees who are not members of the Teachers. Pension Scheme. Employees aged belween 22 and state retirernenl age and eaming al least £10.000 per annum, are automatically enrolled in the scheme. although they may choose lo opt out. Employees between the ages of 16 and 74 with eamings less than £10.000 per annum also have the right lo join the Scheme voluntarily. Employer contributions rates are as follows: 06 April 2023 onwards 3Yo Employer contributions payable to the Scheme for the year were £5.704 {2022.. £4,900). 24 Related party Iransactlons There are no related paty transactions during the periLNJ (2022: £ nill. 25 Ultimate Controlling Party The ultimate controlling paty of the charity is the Board of Directors. 32 Nevknridge Preparatory School Limlted Detailed Income and Expenditure Account Year Ended 31 August 2023 2023 2022 Income Fees receivable Sundry income School lunches Uniform sales Holiday club After school and early club Earty years additional ftjnding PSF fundraising income Other donations Interest receivat￿e Rental income 1,108.509 40.613 54,540 35 12,210 17.420 11.364 216 300 3.029 10 1,122,742 36,446 55.118 17.871 15,615 18,729 100 118 10 Total incom 1.248.246 1.266.749 Direct Charitable Expenses Discounts and bursaries School lunches Educational stationery and supplies Salaries and pensions - leaching staff Rates and insurance Heal and light Repairs and renèwals Examination fees After school activities Holiday dub After school and eady dub 29,248 70,238 18.391 773,777 10.944 20,122 18.347 5.575 10.101 19.753 25,619 27.157 58,806 19,429 726,329 10,532 15,764 37.420 4,197 10.323 15,496 22,442 Total Charitable Expenses 1.002,115 947,895 Support and Governance Costs Salaries and pensions- admin staff Rates and insurance Heat and light Stationery. printing and postage Advertising Telephone Audit and acwunlancy Trips and travel costs Training and course expenses 131.147 10,944 2.236 9.117 10,945 1.769 6.804 125.070 10,531 1.752 8.132 13.551 1.520 6,720 435 4.181 8,390 Carried foThvard 181,936 171,892 33 Newbridge Preparatory School Limited Detalled Income and Expenditure Account Year Ended 31 August 2023 2023 2022 BTought forward 181,936 171,892 Sundry expenses Subscriptions Conlrad cleaning services Legal and professional fees ISI inspection Depreciation Computer costs Computer equipment leasing Equipment leasing Bad debts Bank charges 12.665 15,648 40,659 9,693 1.275 49,336 39.320 12,685 2,261 4.797 1.324 10,192 13,153 40.511 11.824 1.595 45,049 26,149 2.416 1.285 Total Support and Governance Costs 371.599 324.066 Total Expenditure 1.373.714 1,271.961 Net IDeficit)ISurplus for the Year 125,468) (5,212)