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2024-08-31-accounts

Newbridge Preparatory School Limited Financial Statements Year Ended 31 August 2024

Charity registration number: 1019682 Company registration number: 414993

Newbridge Preparatory School Limited

Financial Statements

Year Ended 31 August 2024

Contents

Page
Charity Reference and Administrative Details 1
Notice of the Annual General Meeting 2
Chairman’s statement 3
Trustees’ Annual Report (Including Directors’ Report) 4-12
Independent Auditor Report 13-16
Statement of Financial Activities (Including Income and Expenditure Account) 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20-32
Detailed Income and Expenditure Account 33-34

Newbridge Preparatory School Limited

Financial Statements

Year Ended 31 August 2024

Charity registration number 1019682
Company registration number 414993
Trustees G J Birkett (Chairman)
J A Hollingsworth
P M Timmins
K K Bhambra
Dr C V Watkins
Dr S Maguire
AL Majhu – resigned 17/12/2024
Secretary J A Hollingsworth
Headmistress Mrs N Burrows-Berry – appointed 1/09/24
Mrs S Fisher – resigned 31/08/24
Registered office 51 Newbridge Crescent
Wolverhampton
West Midlands
WV6 0LH
Auditor Lawton Bradford
Chartered Certified Accountants and
Statutory Auditors
7 Marconi Gate
Staffordshire Technology Park
Stafford
ST18 0FZ
Solicitor FPC Manby Bowdler LLP
George House
St John’s Square
Wolverhampton
WV2 4BZ
Barclays Bank PLC
Bankers Queen Square
Wolverhampton
WV1 1DS

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Newbridge Preparatory School Limited

Notice of Meeting

Notice is hereby given that the Annual General Meeting of the company will be held at its registered office on

24[th] February 2025 at 6 pm for the following purposes:

  1. To receive the Directors Report and Statement of Accounts for the year ended 31 August 2024.

  2. To re-elect directors.

  3. To appoint auditors and authorise the directors to agree their remuneration.

  4. To transact any other business which may properly be transacted at an Annual General Meeting.

Any member of the company entitled to attend and vote may appoint a proxy (who need not be a member) to attend and vote on his behalf.

By order of the Board

J A Hollingsworth

TO ALL SHAREHOLDERS

The formal notice concerning our Annual General Meeting is given above.

As in previous years, the directors will be pleased to welcome wives and husbands of shareholders. They will be able to take part in any discussions but, of course, have no voting powers.

G J Birkett

Chairman

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Newbridge Preparatory School Limited

Chairman’s Statement

Year Ended 31 August 2024

I hereby present my report and the accounts for the year ended 31[st] August 2024.

Recent years have seen the school emerge from the Covid Pandemic and all of the difficulties that posed for us followed by a cost-of-living crisis which saw school costs rise whilst pupil numbers remained broadly soft and largely static.

Pupil numbers during the current year remained a challenge, in particular in upper school where we continued to carry forward a lower than usual year group so utilising our financial resources appropriately remained a challenge throughout this financial year as the schools’ costs, influenced by macro-economic factors such as the war in Ukraine and inflationary pressures, continued to rise.

The school prides itself on providing excellent all-round education for pupils of all abilities those with higher abilities are challenged to use them to their best advantage. These less able are assisted to achieve their own best potential. I pay tribute to all the staff who challenge, support and assist in equal measure.

Academically and pastorally the school continued to excel achieving the best possible outcomes for those attending.

Once again, we have received support from our loyal parent body. My thanks go to them.

Whilst these results represent a loss in the accounting year and follow a loss made in the previous year, the schools financial reserves continued to support both trading and essential investment into the school`s infrastructure. Recent examples have included upgraded ICT equipment to support both the quality of the in class teaching as well as improved resilience and flexibility.

I am expectant that important steps taken by the Board during the year will return the school to break even trading notwithstanding the challenges that the imposition of VAT bring to the whole independent sector.

Once again, as I do every year, I pay tribute to our Head and her team for their outstanding efforts on behalf of the school and pupils. Our caring and supportive ethos continues to be maintained through all their efforts. It would be remiss of me not to thank our Head, Mrs Sarah Fisher who retired at year end after 13 years of leading the school and I welcome Mrs Nicky Burrows-Berry as the new Head and wish her every success.

I also thank my fellow Directors for their support, advice and wise counsel for another completed year in the life of Newbridge Preparatory School.

………………………………………………………….…..

G J Birkett Chairman

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Newbridge Preparatory School Limited

Trustees’ Annual Report (Including Directors’ Report)

Year Ended 31 August 2024

The Trustees present their report and the audited financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, effective 1 January 2019.

Trustees of the charity

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:

G J Birkett (Chairman) J A Hollingsworth P M Timmins K K Bhambra Dr C V Watkins Dr S Maguire AL Majhu – resigned 17/12/2024

K K Bhambra and Dr S Maguire retire by rotation and being eligible offer themselves for re-election.

The method of appointing new Directors consists of initial nominations made by current Directors. In accordance with the Memorandum and Articles of Association, nominations are presented to members for ratification at the AGM.

In accordance with the Memorandum and Articles of Association, no portion of the income or property of the company shall be paid out or transferred directly or indirectly, by way of dividend, bonus or otherwise howsoever by way of profit, to the Members of the Company.

Objectives and activities

The objects are set out in the Memorandum of Association as the education of children up to the age of 11. Historically boys had attended the school up to the age of 7 only. During the year in question the trustees reviewed that policy and amended it to allow boys to attend the school through to 11. In accordance with the Memorandum, Newbridge Preparatory School is a day school for children, educating them to a high standard so enabling them to be able to move to a senior school.

Strategic Aim and Intended Effect

The School’s strategic aim to reach its annual objective is the attainment of the highest academic levels whilst allowing pupils to benefit from our extra-curricular programme. This is intended to draw out their abilities and academic potential, awaken and develop wider interests in life and motivate them for a successful outcome at their chosen senior school.

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Newbridge Preparatory School Limited

Trustees’ Annual Report (Including Directors’ Report)

Year Ended 31 August 2024

School Aims

The school’s aims are:

Our School Mission Statement

Objectives for the Year

The Board’s objectives are set to reflect the educational aims and the ethos of the School. It is important that the same high standard of academic success as achieved by the School in previous years is maintained and enhanced so that pupils will be fully able to benefit from their chosen senior school for the continuation of their education. This objective is, however, set in the context of the broader goals set for the School and its pupils.

In setting our objectives and planning our activities our directors have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary guidance on advancing education and on fee-charging. The key objectives for the year included:

Principal Activity

Newbridge Preparatory School’s principal activity continues to be the provision of a Day School for girls and boys up to age 11. There are currently 138 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 highest standards in all academic subjects of the curriculum; we also offer every child the opportunity to achieve across a range of activities, from music, dance and drama, to sport and outdoor pursuits.

We believe in traditional values, where self-discipline and good manners are important and where each individual is encouraged to 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, learning honesty, consideration, loyalty and openness.

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Newbridge Preparatory School Limited

Trustees’ Annual Report (Including Directors’ Report)

Year Ended 31 August 2024

The school has no religious affiliation but has a Christian ethos.

Newbridge Preparatory School is a charitable trust which seeks to benefit the public though the pursuit of its stated aims. Our fees are set at a level to ensure the financial 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 to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual’s economic status, gender, ethnicity, race, religion or disability do not form 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, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Policies on Assistance

Financial Planning Policy

Timely financial planning is often the key for many parents who are hoping to send their children to Newbridge Preparatory School and a school fee plan is available to help those who wish to fund educational costs through regular contributions.

Bursary Award System

From 1 September 2013 the Directors introduced a Bursary Award System in order to widen access to the education that the school provides.

The Directors view the bursary award scheme as important in helping to ensure that children from families who otherwise would not be able to afford the fees can access the education offered. The bursary award is available to pupils who fulfil the admissions policy.

Access Policy

School fees are kept deliberately low so that as many children as possible can benefit from the education offered. The school’s financial aim is to return a small surplus to support continued investment in the school`s infrastructure.

The government’s Nursery Education Funding is applied for children (who fulfil the entitlement requirements) after the term in which they turn three years old until the term in which they turn five years old.

We join in with community activities wherever possible and encourage the community to use our premises.

Volunteers

Parents help on a volunteer basis with the School’s fundraising in order to raise funds for any projects relating to the fabric of the building and the school’s facilities as well as school equipment and the Board would like to take this opportunity to say how much we appreciate their continuing and valuable support for the schools work.

There were no volunteer hours during the current school year.

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Newbridge Preparatory School Limited

Trustees’ Annual Report (Including Directors’ Report)

Year Ended 31 August 2024

Public benefit statement

In setting our objectives and planning our activities, the directors have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging.

Whilst there is no specific fund allocated within the School’s budget in connection with bursary payments, the Directors have awarded nine means tested bursaries in the form of a discount of the tuition fees payable during the academic year depending on the financial/compassionate or other circumstances of the parent/guardian applicants.

The Directors recognise that financial support by way of a bursary falls into one of two categories namely:-

During this financial year the School has reported a loss. The Board recognises that having made a loss in the previous financial year also, steps were required to be taken to include amending the admissions policy to allow boys to attend the school to age 11, consulting on an exit from the Teachers’ Pension Scheme and taking other cost cutting measures. The Board feels that there will be sufficient funds to continue to award bursaries in the next financial year. In circumstances where there is class space and but for bursary support the pupil in question would depart, it is financially prudent to continue to offer such support.

The public benefits provided during the year by the School are detailed below.

Facilities have been provided that cannot only be used by Newbridge Preparatory School, but by members of the local community. Albrighton Aikido Club uses the school hall every Wednesday evening and Diddi Dance use the hall every Saturday morning during term time. South Staffs Operatic Society, Trinity Operatic Society and Bilston Operatic Society (including their Youth division) use the facilities on an occasional use basis.

The hall, changing room and communal/social area have been offered for local community use after 6.00pm each day; at weekends and for 16 full weeks during school holidays.

The Board is keen to share the school’s facilities and grounds with as wide a community as possible. Tennis and netball courts have been offered to the wider community for use after school and at varying times during the days. The school also rents out (at a peppercorn rent) the school land and tennis courts (4) to Wolverhampton Lawn Tennis and Squash Club during the evenings and weekends for community use.

The school’s Holiday club is open all year round and children from the local area attend. Holiday Club is open for children from 3-11 years and parents appreciate its flexibility and its competitive pricing.

Many work experience placements have been provided for pupils from local senior schools during the year to give them experience in the work place. The school has also supported many students from local training colleges and university student placements.

Numerous donations have been made by the School to local and national charities; including Wear it Pink Donation, Children in Need, Birmingham Children Hospital, Red Nose Day, Ronald MacDonald House and Crohn’s Research.

Operational performance of the School

This year the achievements of the girls’ have, yet again, been outstanding with phenomenal successes gained

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Newbridge Preparatory School Limited

Trustees’ Annual Report (Including Directors’ Report)

Year Ended 31 August 2024

both in senior school places and scholarships offered. This achievement has been greatly helped by the high quality of teaching staff we employ. As a ‘prep’ school our role is to create choices at 11plus, and 2023 - 2024 was no exception with 19 girls creating 59 school offers and 13 scholarship offers. Eighteen of the nineteen girls also gained offers to state funded selective grammar schools. We are proud that each and every one of them who left us in July, and began their senior school journey with a school, just right for each of them, as an individual.

Eight of the girls achieved places at Wolverhampton Girls' High School and four at Newport Girls’ High School (both selective state grammar schools) for September 2024. This is an outstanding success rate.

In the independent sector, the girls saw similar success. Three girls were offered places at the much coveted and highly selective King Edward VI Girls High School in Edgbaston. KEHS which only provides academic scholarships to the ablest girls at 11+. Twelve girls achieved places at Wolverhampton Grammar School (100% success rate). Nine girls gained places at St. Dominic's Grammar School. Further places were offered at Tettenhall College also securing a Sports, Music and an Academic Scholarship. Other Independent School places were gained at Shrewsbury Girls High School, Stafford Grammar School and OSHS.

One of the girls was awarded a highly sought place at Elmhurst Ballet School.

Girls also gained places at Codsall Middle School, Perton Middle School and Thomas Telford. and Highfields School.

The Regulatory Compliance Inspection of Newbridge Preparatory School took place in February 2019. The school was fully compliant in all eight parts of The Education (Independent School Standards) Regulations 2014 and the Early Years Foundation Stage Statutory Framework. The Compliance Inspection took place in January 2019 and a FCI / EQI reports took place in 2022. Both can be accessed at:

www.isi.net/school/newbridge-preparatory-school-6725.

Achievements and performance (including principal risks and uncertainties, development and performance and key performance indicators)

See separate Chairman’s statement – page 2.

Extra-Curricular Activities

There are a wide variety of extra-curricular activities including Coding, Drama, Football, Tennis, Squash, Gymnastics, Dance, Netball, Rounders, Choir, Ensemble, Senior Recorders, Musical Theatre, Acting, and Musical Instrument lessons. Extra-curricular activities are offered to all children from the age of 3 years as appropriate.

Music

All our girls and boys are drawn into musical activities during their time at school, with specialist Music lessons from Year One upwards taken by our music specialist. Recorder lessons form part of the curriculum from Year Two upwards with children learning musical notation. Our Upper school children have the option of taking individual music lessons on the flute, ‘cello, piano, drums, trumpet or violin. Children achieve success in examinations with The Associated Board of the Royal School of Music and London College of Music Examinations.

Children 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 to make music in venues such as the Grand Theatre, Wolverhampton and The Arena Theatre, Wolverhampton.

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Newbridge Preparatory School Limited

Trustees’ Annual Report (Including Directors’ Report)

Year Ended 31 August 2024

Performing Arts

Modern dance, speech and drama are an integral part of our curriculum. In Upper School, the emphasis in drama is on learning performance skills through mime, improvisation and scripted performance. All children take external examinations set by the Trinity Guildhall and many children compete locally in the Dudley Festival 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 2024 with 100% success rate.

Our Upper School Musical is one of the highlights of the year. Every child in Upper School participates in a fully staged musical, performed at The Arena Theatre in Wolverhampton. The opportunity to perform in a professional theatre provides a challenge, life skills, the ability to adapt to a new environment and a growth in self-esteem and self-confidence.

From school plays and musicals to success in local drama festivals, we continue to celebrate successful performances.

Physical Education

Tennis coaching and football lessons are available as after school activities for Nursery to Year Six. There is also netball and gymnastics clubs for children in Upper School. Children are encouraged to take part in fixtures against other schools.

Financial review (including reserves policy)

As a charity the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. As an educational charity we enjoy tax exemption on our educational activities and on our investment income and gains provided these are applied for our charitable aims. As a Charity we are also entitled to an 80% reduction on our business rates on the property we occupy for our charitable purposes. The financial benefits we receive from these tax exemptions are all applied for educational 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 Covid-19 Pandemic impacted the School at the time and the financial effects of that and the cost of living crisis that proceeded it have continued to be felt , but the trustees believe that the procedures put in place and steps taken in the year, which are detailed in Achievements and Performance, have left the school in a position to move forward successfully. Pupil numbers have been retained, as have staff members.

The Charity made an unrestricted deficit of £118,746 for the year. This reflected increased costs of running the School and soft pupil numbers in one year group. Notwithstanding and as set out below the Schools reserves have allowed it to absorb the loss whilst continuing to invest in essential maintenance and improvements, in particular in ICT.

Reserves Policy

The Directors regularly review the finances, budgets and spend against budget as part of the effective stewardship of the school.

In common with other independent schools the Directors have invested substantial sums into new school buildings in recent years and have a continuing programme of refurbishment and development to maintain excellent teaching facilities for the pupils. This has had a particular focus on the Upper School building, as mentioned above.

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 finance its own capital investment plans which is common practice by schools in the

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Newbridge Preparatory School Limited

Trustees’ Annual Report (Including Directors’ Report)

Year Ended 31 August 2024

independent sector. The general fund is therefore not freely available for distribution. The policy is to build up reserves to allow the school to operate efficiently from its cash balances.

The Directors recognise that the level of reserves fluctuates during periods of capital investment in the school and adequate facilities with the bank are in place to provide short term funding should it be required.

The School receives donations from the Parents, Staff & Friends Association, the benefits of which are reflected in fixed assets and working capital.

Unrestricted reserves of £1,273,656 were held at 31 August 2024.

There were no Restricted Reserves held at 31 August 2024.

Plans for future periods

The Directors intend to continue with and develop their plans to provide a high standard of education for all pupils. The School continues to develop a curriculum and experience relevant for all pupils. There has been significant investment in the ICT infrastructure and facilities in recent years.

Major risks management

The Board continue to keep the School’s activities under review, particularly with regard to any major risks that may arise from time to time as well as the systems and procedures established to manage them. They monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified can best be mitigated. The work of implementing the Health and Safety policies is carried out by the Health and Safety Committee, chaired by the Head and attended by an external consultant, John Watson.

Forecasts have been prepared to reflect the introduction of VAT on educational fees, the removal of Charitable Rate Relief from 2025 and cost savings implemented by the school. This proactive approach has confirmed the effectiveness of measures taken to mitigate impact on the school.

Structure, governance and management

Governing Document

The Company is governed by its Memorandum and Articles of Association, last amended on 10 December 1992.

Organisational Structure

The Directors are initially elected at a full Directors 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 stand for re-election at the annual general meeting.

The Directors meet as a Board at least three times a year to determine the general policy of the Company and review its overall management and control, for which they are legally responsible. The work of implementing most of the Board’s policies is carried out by the Finance Committee, chaired by Mr J A Hollingsworth, who meet as appropriate before each meeting of the full Governing Board, specifically to review the budgets termly and annual accounts and reports. The day-to-day running of the School is delegated to the Head and the Deputy Head supported by other teaching members of the staff. All trustees give of their time freely and no remuneration or expenses were paid in the year. No Governor or person connected with a Governor received any benefit from either means tested bursaries or scholarships awarded to our pupils.

The Chairman and Headmistress organise the training of newly appointed directors into the workings of the charity including Board policy and procedures.

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Newbridge Preparatory School Limited

Trustees’ Annual Report (Including Directors’ Report)

Year Ended 31 August 2024

Key management personnel are considered to be the Headmistress and the finance committee.

The Finance Committee review the remuneration of the Head, with the Head also reviewing pay of other staff members in line with published pay scales but having regard also to the finances of the school and its independent sector status. All remuneration is agreed by the Finance Committee.

Trustees’ responsibilities

The trustees (who are 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 Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees 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 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:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to 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:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to the auditors

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

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Newbridge Preparatory School Limited

Trustees’ Annual Report (Including Directors’ Report)

Year Ended 31 August 2024

Auditors

The auditors, Lawton Bradford Accountants Ltd, will 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 to small companies.

Approved on behalf of the Board of Directors at its meeting on the 24[th] February 2025 and signed on its behalf by:-

G J Birkett (Chair)

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Newbridge Preparatory School Limited

Independent Auditors’ Report to the Members of Newbridge Preparatory School Limited

Year Ended 31 August 2024

We have audited the financial statements of Newbridge Preparatory School Limited (the ‘charitable company’) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, The Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a

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Newbridge Preparatory School Limited

Independent Auditors’ Report to the Members of Newbridge Preparatory School Limited

Year Ended 31 August 2024

material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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

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Newbridge Preparatory School Limited

Independent Auditors’ Report to the Members of Newbridge Preparatory School Limited

Year Ended 31 August 2024

accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken 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 detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of the planning process:

The key procedures we undertake to detect irregularities including fraud during the audit include:

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 with a law or regulation is removed from the events and transactions 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 concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Newbridge Preparatory School Limited

Independent Auditors’ Report to the Members of Newbridge Preparatory School Limited

Year Ended 31 August 2024

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 state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent 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 formed.

Adele Lawton (Senior Statutory Auditor) For and on behalf of Lawton Bradford Accountants Limited Chartered Certified Accountants Registered Auditors 7 Marconi Gate Staffordshire Technology Park Stafford ST18 0FZ

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Newbridge Preparatory School Limited

Statement of Financial Activities (Including Income and Expenditure Account)

Year Ended 31 August 2024

2024 2023
Unrestricted Restricted
funds funds Total Total
Note £ £ £ £
Income and endowments from:
Donations and legacies 2 - - - 516
Charitable activities 3 1,375,402 - 1,375,402 1,244,691
Investments 4 11,228 - 11,228 3,029
Other 5 10 - 10 10
Total income and endowments 1,386,640 - 1,386,640 1,248,246
Expenditure on:
Raising funds - - - -
Charitable activities 6 1,505,386 - 1,505,386 1,373,714
Other - - - -
Total expenditure 1,505,386 - 1,505,386 1,373,714
Net (expenditure)/income (118,746) - (118,746) (125,468)
Other recognised gains / (losses):
Gains / (losses) on revaluation of
fixed assets - - - -
Transfers between funds – assets
purchased - - - -
Net movement in funds 20 (118,746) - (118,746) (125,468)
Reconciliation of funds:
Total funds brought forward 20 1,392,402 - 1,392,402 1,517,870
Total funds carried forward 20 1,273,656 - 1,273,656 1,392,402

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

17

Newbridge Preparatory School Limited

Balance Sheet

Year Ended 31 August 2024

2024 2023
Note £ £
Fixed assets
Tangible assets 13 937,947 983,090
Current assets
Stock 14 3,972 3,460
Debtors 15 363,208 340,710
Cash at bank and in hand 537,048 590,410
904,228 934,580
Creditors: amounts falling due within one year 16 (545,409) (506,158)
Net current assets 358,819 428,422
Total assets less current liabilities 1,296,766 1,411,512
Creditors: amounts falling due after more than one year 17 (21,250) (17,250)
Net assets 1,275,516 1,394,262
Charity Funds
Share capital 19 1,860 1,860
Unrestricted funds 20 1,273,656 1,392,402
Restricted funds 20 - -
Total charity funds 1,275,516 1,394,262

` These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on

the 24[th] February 2025 and were signed on its behalf by:

G J Birkett (Chairman)

The notes on pages Page 19 to Page 32 form part of these financial statements.

Company registration number: 414993

18

Newbridge Preparatory School Limited

Statement of Cash Flows

Year Ended 31 August 2024

Note
Net cash flow from operating activities
22
Cash flow from investing activities
Payments to acquire tangible fixed assets
Interest received
Net cash flow from investing activities
Net cash flow from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 01 September 2023
Cash and cash equivalents at 31 August 2024
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents at 31 August 2024		 2024
£
(60,563)
(4,027)
11,228
(7,201)
-
(53,362)
590,410
537,048
537,048
537,048		 2023
£
(101,397)
(22,590)
3,029
(19,561)
-
(120,958)
711,368
590,410
590,410
590,410

19

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

1 Statutory Information

(a) General information and basis of preparation

Newbridge Preparatory School Limited is a Charitable Company incorporated in England / Wales. The members of the 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 registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are Newbridge Preparatory School’s principal activity continues to be the provision of a Day School for girls and boys up to age 11. There are currently 138 pupils on roll.

b) Accounting Policies

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared on a going concern basis. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(c) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(d) Income recognition

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the

20

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

The charity receives government grants in respect of Early Years Funding. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Grants are credited to the SOFA in the year in which they are received unless it is specified that they are for a future accounting period, in which case they are included on the Balance Sheet as deferred income to be recognised in those future accounting periods. Grants received for specific purposes are accounted for as restricted funds in the SOFA.

(e) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(f) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises and other overheads have been allocated as a percentage of the appropriate activity category.

The analysis of these costs is included in notes 7 and 8.

21

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

(g) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold buildings 2% straight line and 4% straight line Fixtures and fittings 10% reducing balance Computer equipment 33.3% straight line

(h) Stock

Stock of educational materials is stated at the lower of cost and net realisable value.

(i) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(j) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(k) Pension costs

The charity contributes to the Teachers’ Pension Scheme at rates set by the scheme actuary and advised to the Trustees by the scheme administrator. The charity also contributes to a defined contribution scheme for non-teaching staff. The contributions charged to the statement of financial activities in respect of both schemes are those payable in accordance with the rules of the schemes.

(l) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(m) Leases

Rentals payable and receivable under operating leases are charged to the SOFA on a straight-line basis over the period of the lease.

(n) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

22

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

(o) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 - 24 months from authorising these financial statements. Forecasts have been prepared to reflect the introduction of VAT on educational fees, the removal of Charitable Rate Relief from 2025 and cost savings implemented by the school. The results show that the approach taken by the trustees will mitigate the impact of the changes. Trustees believe that the financial statements have been prepared appropriately on the going concern basis

(p) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Depreciation

Depreciation has been calculated on the fixed assets: the residual value and the life of the asset has been estimated by the trustees.

Accruals

Trustees review the expected expenses based on their knowledge of the business and provide for these accordingly.

Deferred income

The income received prior to the year end is reviewed and any that relates to income due in the later academic years is treated as deferred income.

2 Income from donations and legacies

PSF donations – restricted
Other donations – unrestricted		 2024
£
-
-
-		 2023
£
216
300
516

Income from donations and legacies was £Nil (2023 - £516) of which £Nil (2023 - £216) was attributable to restricted funds and £Nil (2023 - £300) was attributable to unrestricted funds.

23

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

3 Income from charitable activities

School fees receivable
Sundry income
School lunches
Uniform sales
Holiday club
After school and early club
Early years additional funding – Government Funding		 2024
£
1,206,652
41,675
63,161
-
18,440
27,691
17,783
1,375,402		 2023
£
1,108,509
40,613
54,540
35
12,210
17,420
11,364
1,244,691

Income from charitable activities was all attributable to unrestricted funds for both years.

4 Income from investments

Bank interest received – unrestricted funds 2024
£
11,228
11,228		 2023
£
3,029
3,029

5 Other income

Property rental – unrestricted funds 2024
£
10
10		 2023
£
10
10

24

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

6 Analysis of expenditure on charitable activities

Salaries and benefits
Bursaries and discounts
Welfare costs
Exam fees
Extra curriculum expenses
Support & governance costs		 Education
Extra Curriculum
Activities & School
Clubs
Catering
Total
£
£
£
£
858,847
48,741
64,287
971,875
33,041
-
-
33,041
-
621
21,558
22,179
6,464
-
-
6,464
-
7,700
-
7,700
417,717
23,205
23,205
464,127
1,316,069
80,267
109,050
1,505,386

£Nil (2023 - £216) of the above costs were attributable to restricted funds. £1,505,386 (2023 - £1,373,498) of the above costs were attributable to unrestricted funds.

7 Allocation of support costs

Support cost
Premises expenses
Depreciation
Office costs
Administrative salaries & NI
Governance
Information technology
Finance costs
Other
Total		 Education
Extra Curriculum
Activities & School
Clubs
Catering
Total
£
£
£
£
72,419
4,023
4,023
80,465
44,253
2,459
2,458
49,170
14,800
822
822
16,444
82,239
4,569
4,569
91,377
64,319
3,573
3,573
71,465
53,406
2,967
2,967
59,340
2,081
115
116
2,312
84,200
4,677
4,677
93,554
417,717
23,205
23,205
464,127

90% of the support costs are allocated against the principal charitable activity of Education, with the remaining 10% being divided equally against the Extra Curriculum Activities and School Clubs and Catering activities.

The percentages used are broadly in line with the split of the Income from Charitable Activities.

25

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

8 Governance costs (included in Support costs)

Admin Salaries
Auditor’s remuneration (including expenses and benefits in
kind
10
Legal fees
Independent Schools Inspectorate inspection fee		 2024
£
20,565
7,098
40,796
3,006
71,465		 2023
£
19,259
6,804
9,693
1,275
37,031

Admin salaries above are 50% of the Registrar’s salary, including Employers National Insurance.

9 Net income / (expenditure) for the year / period

Net income / (expenditure) is stated after charging / (crediting):

Depreciation of tangible fixed assets
Loss on sale of tangible fixed assets
Operating lease rentals
10
Auditor’s remuneration
Fees payable to the charity’s auditor for the audit of the charity’s annual
accounts
Fees payable to the charity’s auditor for other services:
Other services		 2024
£
49,170
-
24,057
2024
£
4,200
2,898
7,098		 2023
£
49,336
-
14,946
2023
£
4,200
2,604
6,804

26

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

11 Trustees' and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2023: £Nil).

The trustees did not have any expenses reimbursed during the year (2023 - £Nil).

12 Staff costs and employee benefits

The average monthly number of employees during the year was as follows:

Teaching
Ancillary
Administrative		 2024
30
7
5
42		 2023
27
9
4
40

The total staff costs and employees’ benefits was as follows

:

Wages and salaries
Social security
Defined contribution pension costs
Defined benefit pension costs		 2024
£
877,678
77,912
7,092
121,135
1,083,817		 2023
£
816,116
71,710
5,704
107,288
1,000,818

. The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 were :

2024 2023
No No
£60,001- £70,000 1 1

Total key management personnel remuneration and benefits for the financial year totalled £87,997 (2023 £81,258).

27

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

13 Tangible fixed assets

Cost:
At 01 September 2023
Additions
Disposals
Impairment
Revaluation
At 31 August 2024
Depreciation:
At 01 September 2023
Charge for the year
Impairment
Revaluation
Eliminated on disposals
At 31 August 2024
Net book value:
At 31 August 2024
At 31 August 2023
14
Stock
Educational materials
15
Debtors
Trade debtors
Paypal
Prepayments and accrued income		 Freehold
property
Fixtures and
fittings
Computer
equipment
£
£
£
1,515,760
150,252
77,669
2,420
557
1,050
-
-
-
-
-
-
-
-
-		 Freehold
property
Fixtures and
fittings
Computer
equipment
£
£
£
1,515,760
150,252
77,669
2,420
557
1,050
-
-
-
-
-
-
-
-
-		 Total
£
1,743,681
4,027
-
-
-
1,518,180
150,809
78,719		 1,747,708
622,695
73,516
64,380
33,866
7,676
7,628
-
-
-
-
-
-
-
-
-		 760,591
49,170
-
-
-
656,561
81,192
72,008		 809,761
861,619
69,617
6,711		 937,947
893,065
76,736
13,289		 983,090
2024
£
3,972
2024
£
329,609
169
33,430
363,208		 2023
£
3,460
2023
£
309,376
-
31,334
340,710

28

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

16 Creditors: amounts falling due within one year

Trade creditors
Deferred income
Final term deposits held
Other tax and social security
Other creditors
Accruals		 2024
£
27,929
443,646
27,500
19,245
16,488
10,601
545,409		 2023
£
36,320
401,175
25,500
20,026
13,701
9,436
506,158

Deferred income reflects payments received in advance for the Autumn term’s fees. All income deferred in 2024 was released in 2025.

17 Creditors: amounts falling due after more than one year

Final term deposits 2024
£
21,250
21,250		 2023
£
17,250
17,250

Deposits are taken when places are accepted and refunded, subject to certain conditions, when a child leaves the school.

18 Leases - OUTSTANDING

Operating leases

Total future minimum lease payments under non-cancellable operating leases are as follows:

Not later than one year
Later than one and not later than five years
Later than five years
Total		 2024
£
24,007
22,346
46,353		 2023
£
24,007
45,924
-
69,931

29

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

19 Share capital

Authorised
200 Ordinary Shares of £10 each
Allotted and Fully Paid
186/200 Ordinary Shares of £10 each		 2024
2023
£
£
1,860
1,860
1,860
1,860

20 Funds reconciliation

Unrestricted
Restricted		 Balance at
31.08.23
Income
Expenditure
Transfers
Gains /
(losses)
Balance at
31.08.24
£
£
£
£
£
£
1,392,402
1,386,640
(1,505,386)
-
-
1,273,656
-
-
-
-
-
-
1,392,402
1,386,640
(1,505,386)
-
-
1,273,656

Fund descriptions

a) Unrestricted funds

General reserve funds represent the accumulated unrestricted and undesignated surpluses. The general reserve funds are available at any time for use at the discretion of the Directors for furtherance of the Charity’s activities and objectives. The general reserve funds are retained to cover the fixed assets and provide the working capital of the School.

b) Restricted funds

Restricted funds at the year-end amounted to £Nil (2023: £Nil).

30

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

21 Analysis of net assets between funds

Unrestricted Designated Restricted Endowment
funds funds funds funds Total
£ £ £ £ £
Fixed assets 937,947 - - - 937,947
Cash at bank 537,048 - - - 537,048
Other current assets / liabilities (178,229) - - - (178,229)
Creditors more than one year (21,250) - - - (21,250)
Called up share capital (1,860) - - - (1,860)
Total 1,273,656 - - - 1,273,656
econciliation of net income / (expenditure) to net cash flow from operating activities
2024 2023
£ £
Net (expenditure) for year (118,746) (125,468)
Interest receivable (11,228) (3,029)
Depreciation and impairment of tangible fixed assets 49,170 49,336
(Increase) in stock (512) (2,873)
(Increase) in debtors (22,497) (33,762)
Increase in creditors 43,250 14,399
Net cash flow from operating activities (60,563) (101,397)

22 Reconciliation of net income / (expenditure) to net cash flow from operating activities

23 Pensions and other post-retirement benefits

a) Teachers’ pension scheme

The School participates in the Teachers' Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £121,135 (2023: £107,288) and at the year-end £14,252 (2023: £12,243) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers' Pensions Regulations 2010 (as amended) and The Teachers' Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2024.

31

Newbridge Preparatory School Limited

Notes to the Financial Statements

Year Ended 31 August 2024

Following the McCloud Judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 3 March 2023. The actuaries have assumed that members are likely to 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 contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024.

b) 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 between 22 and state retirement age and earning at least £10,000 per annum, are automatically enrolled in the scheme, although they may choose to opt out.

Employees between the ages of 16 and 74 with earnings less than £10,000 per annum also have the right to join the Scheme voluntarily.

Employer contributions rates are as follows:

06 April 2024 onwards 3%

Employer contributions payable to the Scheme for the year were £7,092 (2023: £5,704) and at the yearend £2,146 (2023: £1,404) was accrued in respect of contributions to this scheme.

24 Related party transactions

There are no related party transactions during the period (2023: £ nil).

24 Ultimate controlling party

The ultimate controlling party of the charity is the Board of Directors.

32

Newbridge Preparatory School Limited

Detailed Income and Expenditure Account

Year Ended 31 August 2024

Income
Fees receivable
Sundry income
School lunches
Uniform sales
Holiday club
After school and early club
Early years additional funding
PSF fundraising income
Other donations
Interest receivable
Rental income
Total income
Direct Charitable Expenses
Discounts and bursaries
School lunches
Educational stationery and supplies
Salaries and pensions – teaching staff
Agency Staff
Rates and insurance
Heat and light
Repairs and renewals
Examination fees
After school activities
Holiday club
After school and early club
Total Charitable Expenses
Support and Governance Costs
Salaries and pensions – admin staff
Rates and insurance
Heat and light
Stationery, printing and postage
Advertising
Telephone
Audit and accountancy
Trips and travel costs
Training and course expenses
Carried forward		 2024
£
1,206,652
41,675
63,161
-
18,440
27,691
17,783
-
-
11,228
10
1,386,640
33,041
78,753
18,916
834,779
1,817
11,863
25,396
22,438
6,464
7,700
21,925
27,437
1,090,529
143,102
11,863
2,822
12,210
10,651
1,923
7,098
935
4,061
194,665		 2023
£
1,108,509
40,613
54,540
35
12,210
17,420
11,364
216
300
3,029
10
1,248,246
29,248
70,238
18,391
773,777
-
10,944
20,122
18,347
5,575
10,101
19,753
25,619
1,002,115
131,147
10,944
2,236
9,117
10,945
1,769
6,804
584
8,390
181,936

33

Newbridge Preparatory School Limited

Detailed Income and Expenditure Account

Year Ended 31 August 2024

Brought forward
Sundry expenses
Subscriptions
Contract cleaning services
Legal and professional fees
ISI inspection
Depreciation
Computer costs
Computer equipment leasing
Equipment leasing
Bad debts
Bank charges
Paypal Charges
Total Support and Governance Costs
Total Expenditure
Net (Deficit)/Surplus for the Year		 2024
£
194,665
9,277
11,460
42,520
40,796
3,006
49,170
37,594
21,746
2,311
(250)
1,490
1,072
414,857
1,505,386
(118,746)		 2023
£
181,936
12,665
15,648
40,659
9,693
1,275
49,336
39,320
12,685
2,261
4,797
1,324
-
371,599
1,373,714
(125,468)

34