Charity Registration No. 1028125 Company Re8iStration No. 02823749 IEngland and Wales) SUNDON COLLEGE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 BUSINESS ADVISORS & ACCQIINTANYS One Bell Lane Lewes East Sussex BN7 IJU SLINI)ON COLLEGE LIMITED CONTENTS Page Company information Governors, report StaLement of governors, respor)sibilities io Independent audttor's report 11-13 Statement of financial activities 14 Balance sheet 15-16 Statement of cash flows 17 Notes to the financial statements 18-33 SLINDON COLLEGE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Governors MrSJ D Lawrance Chairman of Board of Govemors lelected as Chair 24.01.20241 Chairman of F&GP Committee, Nominations Committee, Governance Committee Member of F&GP Committee. Nominations Committee, G¢)vernance Committee Member of Curriculum & Staffing Committee. Nominations Committee, Governance Committee Mrs L J Davis Iresigned 19 January 2024) Mr N Dingemans Member of F&GP Committee, H&S Committee Mrs C Thomasin-Foster Iresigned 24January 20241 Mrs R Allison Member of Curriculum & Staffing Committee Rev P Dyson Mr5 P Bazlinton Mr G Wilson Mr R Walker MrDASlee Mrs J A Aughwane Member of Curriculum & Staffing Committee (appointed 15eptember 20241 (appointed 18 September 20241 Secretary Mrs N Malby Senlor Lead5hip Team Mrs S Vlahodimou Headteacher 8ursar/Clerk to the Governors Assistant Head - Pastorèl (resigned 31 August 2024} Assistant Head - Curriculum & Staffing Assistant Head Pastoral SENCO (appointed I September 20241 Mrs N Malby Ms E Coffey Mfs T Miles Mr A Sharpe Mr M Robinson Charity number 1028125 Company number 02823749 Re8iStered office Slindon House Top Road Slindon Arundel West Sussex BN18 ORH Audltor TC Group One Bell Lane Lewes East Sussex BN7 IJU Bankers Lloyds 33-37 High Street Bognor Regis P021 IRS SLINDON COLLEGE LIMITED GOVERNORS, REPORT (INCLUDING DIREcfoRS' REPORTI FOR THE YEAR ENDED 31 AUGUST2024 The governor5 present their annual report and financial 5tatement5 for the year ended 31 August 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "AccountinE and Roporting by Charities- Siatement OF Recommended Practice applitablp to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l Janvary 20191. The charity is constituted as a company limited by guarantee and is therefore governed by Memorandum and Article.s of A5sociatTon. The governors confirm that the financial statements comply with current statuLory requirements and the charity's governing documents. Objective5 and activities The Company'5 object per the governinE document is to promote the education of male children and young peT50ris. The promotion of education in£ludes social. moral, spiritual, ctsltural, emotional and phYs￿al training. The main activity to achieve this is the conduct and maintenance of a 5ecoridary day and boarding Colege for boys. The College aim5 to seek to provide a structured educational environment that develops the pupils, capabilities, competences and skills. The Colllge promotes the academic, moral and physical development of the pupils throLtgh the acadernic curriculum, pastoral care. sporting and other activitie5. The College provides an educational environment where all pupils are taught to believe in themselves,. to inspire pupils to achieve their potential academirally and socially; to ensure that each pupil leaves with the ski115 to succeed in the future,. encourage their desire to contribute to the wider community,. and to be certain that no child will leave the Collegesaying 'no-one understood me" Our ethos Slindon College is a charitable trust which seeks to benefit the public through the pur5UIt of its stated aims and objectives. Our fees are set 3t a level to ensure the ongoing fi'nancial viability of the College W￿-15t being consistent wlth our aims and objectives. The College believe5 in the whole child and offers a safe, secure and homely environment where they are able to believe in themselves and inspire themselves to succeed. Our College welcomes pupils from all background5. To admit a prospective pupil we need to be sati5fred that the College will be able to educate and develop him to the best of his potential. Entrance interviews and taster day5 are undertaken to satisfy ourselves and parents/carers that potential pupils can engage with the learning and benelit from the education we provide. An irKJividual'5 economic Status, ethnicity, race, rellgion or disability do not form part of our assessment processes. Tho Collegc is an equal opportunity organisation and is committed to 3 working environment that is free from any form of discriminats'on 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. Our College is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share thi5 commitment. SUNDON COLLEGE UMITED GOVERNORS, REPORT {INCLUDING DIRECTORS, REPORT) {coKfiNUED) FOR THE YEAR EPIDEO 31 AUGusf2024 Long term objectives The Strategic Plan 15 reviewed and updated annually and sets out its objectlves. These are many and varied, but include.. l. To secure the future of Slindon College by increasing annual surplus to build reserves and re-invest in the Colle8e and its facilities. 2. To increase and maintain pupil numbers to maximum limit of 105. 3. To provide excellent education and pastoral care with resulting academic and personal achievement for all pupils. 4. To recruit, employ. retain and develop motivated, Skilled and professional staff. S. To provide excellent service and value for money for local authorities and private customers. 6. To meet and exceed all regulatory expectations. The maln objective continues to be to educate every pupil to at least the same standard achieved n previous years to enable them to move on and become valued members of soclety- By achieving these aims and objective5 we will continue to be an outstanding College supporting boys with additional needs in the independent sector. In order to achieve these aims and objecrfves we will continue to retaln and recruit high quality personnel. maintain a high teacher- pupil ratio, ensure the continued professional development of all staff. We will CLY)tinue to self- evaluate on an annual basis. We will continue to plan, monitor and evaluate the College'5 and pupil's progress. We will tailor our provision to the needs of each individual pupil. We will continue to work with all external agencies to enhance and improve the educatfion of all pupils. To ensure we can measure the success of these aims and objectives baseline testing is undertaken ￿ all pupils on entry to the College and value added is worked out on departure from the College. Pupil success both academic and non-academlc is tracked throughout the year and examination results are analysed. Athievements and performance Signffjcont activities ond ochievements ogoinst objectives Day pupil numbers increased again this academic year with the roll bein8 6 pupils higher at the of the Summer Term in wmpari50n to 2022-23. Boarder numbers remained sli8htly reduced from the previous year. The College enable5 pupils to take GCSEIA Levels and other examinations. The small numbers involved prevent reliable comparison with national averages, but the latest ISI inspection (November 20221 confirms that teaching enable5 almost all pupils, from their low starting points, to make strong progress so that they gain the Skills needed to move into mainstream education when they leave. The Colle8e creates qualification pathways to suit the needs and abilFtFes of the pupils and, as such. all pupils leave the College with a qualitication in English. Maths and Science. A ran8e of qualifications take place which are both internally and externally assessed. These qualifications are as follows.. GCSE. Functional Skills Levels l and 2, Entry Level, G3teway Level 2, BTEC Level 2 and A8C Level 112 (Animal Care and Motor Vehicle). Level 2 8TEC qualifications are considered to be the equivalent of a GCSE pass. This year wès another excellent year of examination results which reflect a tremendous amount of ￿rd work and dedication by the pupils and staff. Within Year 11 50% gained 5 or more passes at GCSE Grade 4 and above with 31.25% including English. Mathematics and ICT. All Year Il's gained a Level 2 pa55 in ICT. 73% of pupils gained a grade 4 or above in GCSE Maths, with all pupils leaving with a qualification in Maths. Outstanding results in Photography, Art and Graphics including grades 8, 7 and 6. Some pupils also gained GCSES grade 6 in DT. History and Geographv. SUNDON COLLEGE LIMITED GOVERNORS. REPORT (INCLUDING DIRE￿oR5. REPORT} ICOPfflNUED) FOR THE YEAR ENDED 31 AUGUST2024 The College made the following investments and improvements to the site and facilities during the year.. Enhanced the use of technology throughout the College by introdvclng further interactive touch screen boards, laptops, iPads and other technology to support special educational needs. Continued the rollinE repair5, redecoration and refurbishment programme. Completed further building work5 required under the terms of our Lease as outlined in the Quinquennial review. Bursuries & Scholorships This year the value of means~tested bursaries and scholarships totalled £108,498 and represented 4.8% of our gr05s fees15.2Yo 2022-231. Bursaries and scholarships provided assistance to eight of our pupi15 representh.ng 7.69£ of the pupil roll. Award5 are 8ranted in accordance with the Bursary & Scholarship Policy and all awards are subject to an annual review. The Bur53ry & Scholarship Policy 15 publicised on our website, in our prospertU5 and highlighted in general advertising. The Finance and General Purposes CoTnmittee review the Bursary Policy annually. The Governors continue to consider the bvr5ary prov15ion available and remain committed to ensvrirg a wide number of pupi15 gain f3cilit3ted access to the education and support available. The College has no bursary fund, other than a small investment portfolio. and therefore cost5 must be met as part of the charity's 0F￿ratiOnS. To underline the value we place on continuity for families, we offer discount5 where parents have more than one pupil at the College, to members of the armed foices and a fee remission to staff. Public 8eneh"t The Governors take their role of Providing pvblic benefit very seriously and consider they have comp5ied with their duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The Governors see Slindon Collegc as part of a wider community and where thc College can asslst tho community without detriment to advancing the education of our pupils we are delighted to do 50. The College continues to operate a policy of offerin8 the House and grounds at a reduced rate or gratis for any appropriate local comrnunity fundraising activity or charitable Of8ani5ation when possible. The Collpge uses the parish church of St Mary's for reflection assemblies and the pupils undertake voluntary work in the Church grounds. SUNDON COLLEGÉ LIMrrED GOVERNORS. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENOED 31 AUGUST2024 The College has very close ties with Slindon C of E Primary School offering the use of the minibus to asslst with transport to and from various educational visits, use of our facilities and ground5 and participa￿1* in shared learning experiences. Our SENCO runs mental fitness sessions at Slindon Primary with the year S and 6 class. He has also shared lots of re50urce5 Wlth regards to 5UPPOrt for staff mental health with the Headteacher. Sllndon Prlmary parents attended our parents, conference which gave updates on current parentsl issues. Thi5 work has supported the College in achievln8 the Carnegie Centre of Excellence for Mental Health in Sch¢)ols Silver Award, being awarded highly commended by the Boarding School Association in the Supporting Excellence Awards and winning the Independent Schools Association Award for Excellence and Innovation in Mental Health and Wellbeing. Approximately 80% of our pupil intake is local authority funded ensuring wider acce5S to the additional learning provi51on and high teacher.. pupil ratio offered by the College. Where there is a need in a difficult family Situation consideration is given to short term boarding at a reduced rate or gratis to existing doy pupils that are local authority funded. The use of the ground5 and swimming pool is offered to the local community in the summer holidays. Our neighbour the Aldingborne Trust. supporting people with learning disabillties andlor autism, took full advantage with almost daily visits for their carers and clients. Local Girl Guide and Scout groups utilise the grounds and swimmin8 pool to work towards their badges and for camping expeditions. The College 15 licensed as a venue 'Slindon House, for civil ceremonies and hosts weddlng ceremonies, recepttor¥s and other celebratory events during the holidays. Other Operatlng Income remains high this financia year. The puplls and staff particlpate in numerou5 mufti days, sponsored walks, cake sales, food bank donations, raffles, stamp collections and other fundraising event5 through-out the year to be able to moke donation5, monetary and goods. and ralse awarene55 for numerou5 charities including Jean$4Genes, The Poppy Appeal, Save The Children and for House nominated local charities: Dementia Support, The Cat and Rabbrt Rescue, Sanctuary in Chichester and Canine Partners. The message that pupils have 3 moral obligation to help others less fortunate than themselves is reinforced within the framework of our House system with pupil nominated Charl￿e5 and our termly assembly programme. Slindon Old Boy5 As50ciction We are pleased to continue these link5 and contact can be made through our website www.sllndonc0l￿ge.co.Uk, social media pages or by email at schooladmin@slindoncollege.co.uk Volunteers The Parents Assoclation known as Friends of Slindon College IFOSCI have been generous in their and commitment and continue to stage fundraisin8 events on behalf of the College throu8h-out the year. Funds raised were allocated to purthase multiple items of equipment for the benefit of the pupils. We encourage parents and carers and friends and members of the community to volunteer their tlme expertise to enhance the educatlon and well being of our pupils. We offer young people an opportunty to volunteer with us to 8ain practical experience for their future careers. The College beneflted two day5 a week from a volunteer {ex pupill who gave his time to the farm area by way of Work Aid at Aldingbourne Trust, a scheme whlch alms to match adults with learning dlsabilitles or a￿15M with Suitable work placements. SLINDON COLLEGE LIMITED GOVERNORS, REpoirf {INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR EhlDED 31 AUGUST2024 Fundroising practices The College recognises the vital contribution made by its supporters. With voluntary donations being a small but valuable part of our incoming resources. We believe that giving to charity should be a positive experience and to help ensure that this is the case we acknowledge the damaging impact an excessively aggressive approach tcj fundraising can h3ve on vulnerable people. whether from unreasonably persistent appr03ches being made or undue pressure to give being applied and great care is undertaken to ensure that such practices are not adopted by the College. To this end, all fundraising activity is overseen by our Senior Leadership Team and mainly carried out by FOSC. FOSC raises money for the College through regular acts"vities such as a Bonfire and Fireworks event. tombolas, org3nising a sponsored walk, cake sale5 and plant 5ale5. All of these events are voluntary and advertised in a non-intrusive manner. The College held its annual fundraising event 'Christmas By Candlelight at the College, in December. The ticketed event involved drink5, canapé5, a raffle and entertainment from a vocalist and choir. The event was very 5ucce55ful and enjoyed by all attendees. The funds raised went toward5 The Sensory Room. The repairs Ot the room ready for refurbishment has begun 3nd will continue in the next academic year. The College applied for and was accepted by the Co-op Local Community Fund to be nominated as a cause to raise funds for a Spnsory Room. The development of the room has not yet begun but will take place in ihe next academic year. The College received a voluntary restricted donation from Governor D Slee to allow a financial reward for the recipient of the Believe, Inspire, Succeed Award for the next live years. The College received a voluntary restricted donation from a grandparent of a pupil to contribute to the purchase of new rugby posts. The College received a voluntary donation from a private individual and Harwoods Group, a local car dealership, toward5 the Electric Car Fund which is used to support the Greenpower initiative and enabled the purchase of new electric car. The College does not utili5e the Services of any extern31 commercial fundraisers. At this point, given that the majority of th@ donations are from current and ex pupils, parents and carers, local organi5ation5 a¥tl people, the Govornors do not consider it necessary to subscribo to a Fundraising Regulator. The College welcomes feedback on its fundraisin8 approach and seek5 to make improvements wherever it can. Any tomplaints received in respect of our fundr3isinB activitie5 are taken very seriously and are acted upon immediately. We are pleased to report that during the year no complaints were received in respect of our fundraising activity. Financial review The Statement of Financial Activities shows a net surplus, before gains and losses on investments, for the year of £301,670 compared to a net surplus of £218,575 in 2022-23. Thi5 includes non-cash expenditure in relation to depreciation of £54,164. The princip3150urce of income is Standard College Fees. standard College Fees ifkcre35ed in the year to £2,242,402 compared to £2,200,807 in 2022-23 as pupil recruitment continued an upward trajectory. The other main source of income is Extra Tuition, which increased substantially in the year to £1,075,638 compared to £807,672 in 2022-23. The College continues the strategy of deploying as much of the fee income to investing in the educational purpose5 and fabric of the College to conh'nue to meet its charitable objective. The main expenditurL' of the College is that of Staff Cost5. The academic and support staff are key to the ongoing success of the College. Staff Costs accounted for a consistent 760A of expenditure the same as 2.0?2.-2.3. SLINDON COLLEGE LIMITEO GOVERNORS, REpoirr (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR ThE YEAR ENDED 31 AU6UST2024 As a charity the parentslcarers OF our puplls have the assurance that all of the income of the Colege must be applied for educational purposes. As an educational charity we currently enjoy tax exemption on our educational activities and on our investment income and gains provided by 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 charitsble purposes. The financial benefits we receive from these tax exemptions are all applied for educational purposes and indirectly help us to maintain our bursary provision. 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 new Labour government's policy to apply VAT to school fees from l January 2025 and to remove school's charitable (business rates) relief has boen considered and planned for in our budget. In addition to the very substantial benefits our College brings to our pupils, the local community and society through the education we offer, our means-tested bursary programme creates a social asset without cost to the Exchequer. The College has an ongoing financial commitment under the terms of our lease from The National Trust for maintenance and repairs to the Grade Il* listed Slindon House as they become necessary. Reserves poliry The Board of Governors continually monitors the levels of the College's funds expendable at their discretion. defi'ned for the purpose of thls policy as 'Net Current Assets. in the account5 of the College and wlich are attributable to Unfestrlcted Funds. The amounts and terms of the investment of the reserves are b35ed on the Board's opinion of the immediate and future needs of the College by identifying the requirement5 for continuing operations and setting aside sufficient to enable medium and long-term development and expansion. The College needs to retain ¥ viable financial reserve in order to.. cover liabilities and emergencies cover annual deficits provide income fund development b) d) The College must maintain its present development strate8y, which is set out In Its ongoing Str3tegic Plan. This is funded from reserves. which in turn. are topped up from surpluses generated by annual budgets. whÈre applicable. Strenuous efforts are made to keep the annual budget in balance, but deficits occur from time to time and must be absorbed by the College's reserves. It is agreed that the minimum free reserves should be £600,000 in order to fulfil the College's ¢(mmitments and to meet its income requirements. Total funds held at the balance sheet date were £1,582,646. Restricted funds represented £2,388 of total funds and £965,821 can only be realised by disposing of lixed assets. Thus free reseNes at the balance sheet date were £614.437. The Governors consider that holding more than the minlmum reserve to be prudent at this time given the current uncertainty caused by sector chan8es and the new 80vernment policles. Any reserves in excess may be used for one off projects agreed by the Govemors for the improvement of the College. The Reserves Policy is reviewed annually. Considering the current sector changes and challenges, it is the Governors lon8 term intention is to achieve a minimum free reserves held value of one term's operating expenditure as per The Association of Governing 8odies of Independent Schools recommendation. SLINDON COLLEGE LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 Investment policy Investments will be placed over a number of independent institutions to minimise our exposure to bank failure and to ensure that these institutions are FSA regulated. Furthermore it was resolved that the reserves be kept in a UK registered financial institution and that fund5 kept onshore in the UK. The Investment Policy is reviewed annually. Principle risks ond uncert¢iintt"es The Governors are responsible for overseeing the risks faced by the College. Detailed considerations of risk are delegated to the senior Leadership Team of the College. Risks are identified, assessed and controls established throughout the year. These are reviewed annually. The College uses the Services of WorkNe5t to pr￿ide expert advice on a1114e3lth & Safety and Employment Law issues, safeguarding us from risks in these highly important areas. Through the risk management processes established for the College, the Governors are 5atisfiod that the major risks identified have been adequately mitigated where necessary. It is recognised that Sysiems can only provide reasonable but not absolute assurance that major risk5 have been adequately managed. The principal risk for the College is maintaining pupil numbers. The Governors continue to closely monitor the pupil roll in order to operate at it5 current level. The main funding of the College is through fee income therefore uncertainties over future Ctsllege roll are always a factor and the Governors are increasingly mindfd of the fatt that the economic climate has affected parents'lcarers, ability to choose a private education for their children. The Goverrhors believe that the reputatlon of the College is key to ensuring the future success and that this will allow the College roll to be maintained. In order to provide a high standard of education the quality of the College buildings is importarit and the Governors are aware that there is a risk thal additional or unexpecid repair work will be required. The Governors have ensured that full insurance is in place and continue to underta(e annual repairs and maintenance to mitigate the risk of substantial repairs. The Governors regularly review the finances and spend against budBet with input and assistance from the Headteacher and Bursar. A considerable emerging risk is that of proposed and possible government policies and we continue to consider how to future proof ihe College against.luch risk and uncertainty. Plans for future periods The coiiiinued n and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, coiisider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify suth material inconsistencies or apparent material misststements, we are required to determine whether this gives rise to a material mi55tatement in the linancial stateinents themselves. If, based on the work we have performed, we conclude that theFe 15 a material misstatement of this other information, we are required to report that fact. We have nothing to report ID this regard. 11 SUNDON COLLEGE LIMITED INDEPENDEPlf AUDITOR'S REPORT ICONTINUED) TO THE GOVERNORS OF SUNDON COLLEGE UMITED Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters in relatton to which the charl￿eS (Accounts and Reports) Re8ulations 2(M)8 require us to report to you if. in our opinlon.. the information given in the financial statements is inconsistent in any material respect with the 8overnors' report,. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records- or we have not received all the inforrnatton and explanations we require for our audit. Responslbllhies of governors A5 explained more fully in the statement of govemors, responsibilities, the governors, who are also the directors of the charitsble company for the purpose 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 governors determine is ne￿$sary to enable the preparation of financial ststements that are f￿e from material m4SStatement. whether due to fraud or error. In preparing the tinancial Statements. the governors are responsible for assessin8 the charitsble company's ability to continue as a 80ing concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the charitable company or to cease operatians, or have no realistic altemative but to do so. Audltor's respon51bllitles for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report In accordance with the Act and relevant regulation5 made or having effect thereunder. Our objertives 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 condLtcted in accofdance wlth ISAS IUKI will always detect a material misstatement when it exists. Misstatements (an arise from fraud or error and are considered material if. individually or in the aggregate, they could re￿nablY be expected to Influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 WwW.frc.o￿.uk/a￿dItorSre5POnsIb1lItiÉ$. This description forms part of our auditor's report. 12 SLINDON COLLEGE LIMITEO INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE GOVERNORS OF SLINt)ON COLLEGE LIMITED Use ol our report Thi5 report is made solely to the charity's trustees, as b body, in accordancc with part 4 of Lhe Charities (Accounts and Rpportsl Regulations 2008. Our audit work has been undertaken so that we might state to the charity's truslees those matters we are required io state lo them in an auditor's report and for no other purpose. To the fullest extent permittpd by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed. David Martin FCA (Senior Statutory Auditor) for and on behalf of TC Group Statutory Auditor Office.. Lewes Date.. TC Group is eligible for appointment as auditor ol the charitable company by virtue of its eligibiSty for appointment as audilor of a compony under of section 1212 ofthe Companies Act 2006 SLINDON COLLEGE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR 7HE YEAR EAIDED 31 AUGUST2024 Unrestrlcted Restricted funds fvnds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 Z023 Notes Income from: Donation5 and legacies Charitable activities Other trading activities Investments 16,407 3,235.496 51.920 21,578 17.407 3,235.496 53,425 21,578 28.354 2.945.779 52,460 4,305 6,711 35,065 2.945,779 53,910 4,305 1,505 1,450 Total in¢ome 3,325.401 2,505 3,327.906 3.030,898 8,161 3,039.059 Expendituie on: Raising funds Charitable acknvFties Other expenditure 25,564 2.997,801 216 25,564 2,655 3.000,456 216 19,597 2.793.814 4,473 19,597 2,600 2,796,414 4,473 14 Totsl expendlture 3,023.581 2,655 3,026.236 2.817,884 2,600 2,820,484 Net gainslllossesl on investments 15 35.(Krf) 35.000 Net incomellexpendlture) 336.820 11501 336.670 213,014 5,561 218,575 Transfers between funds 3,930 13,9301 Net movement in funds io 336,820 {1501 336.670 216,944 1,631 218,575 Reconcili*ion of funds: Fund balances at I September 2023 1,243,438 2.538 1,245.976 1,026,494 907 1.027,401 Fund balanrns at 31 August 2024 1,580,258 2,388 1,582,646 1,243,438 2,538 1,245,976 The statement of financial activities includes all gains and losses recognised in the year. Al income an expenditure derive from continuing activities. 14 SLINDON COLLEGE LIMITED BALANCE SHEET ASAf31 AUGUST2024 2024 2023 Notes Fixed assets Tangible assets Investment property 17 290,821 675,000 134,549 640.000 18 965,821 774,549 Current assets Debtors Cash at bank and in hand 19 352,469 1,751,138 225.656 1,405,190 2,103,607 1.630,846 Creditors: amounts falling due within one year 20 1,486,782 1.159.419 Net current a55ets 616.825 471,427 Total assets less current liabilities 1.582.646 1.245,976 The funds of the charitable company Restricted income funds Ui)re5tricted funds 22 2.388 1,580,258 2,538 1,243,438 1.582,646 1,245,976 SUNDON COLLEGE LIMITED BALANCE SHEEf (CONTINUEDI AS Af31 AU6UST2024 The company is entitled to the exemption from the audit requirement contained In section 477 of the Companies Act 21x16, for the year ended 31 Au8USt 2024, although an audlt has been carried out under sectlon 141 of the Charities Act 2011. The directors acknowledge their iesponsibilities for complying with the requirements of the Compante5 Art 2006 with respect to accountin8 records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2LK)6, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provision5 applicable to companies subject to the small companies regime. The financial statements were approved by the governor5 Qn .. Mrsj D Lawrance Chalrman Company registration number02823749 IEngland and Wales) 16 SLINDON COLLEGE LIMITED srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 27 534.806 856,312 Investin8 activities Purchase of tangible fixed assets Investment income received 1210,4361 21,578 155,1641 4,305 Net cash used in investing arti¥ities 1188,8581 150,859) Net cash used in financing activities Net increase in cash and cash equivalents 345,948 805,453 Cash and cash equivalents at beginninB of year 1.405.190 599,737 Cash and cash equivalents at end of year 1,751,138 1.405,190 SLINI)ON COLLEGE LIMITED NOTES TO ThE FINANCIAL ¥fATEMENTS FOR fHE YEAR ENDED 31 AUGUST2024 Account5ng pollcies Charlty Inforn)ation Slindon College Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Slindon House, Top Road, Slindon, Arundel, West Sussex. BN18 ORH. 1.1 Accountlng convention The financial statements have been prepared in accordance with the charitsble company's Memorandum and Articles of Association. the Companies Act 2006, FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" ('FRS 102,1 and the Charities SORP "Accountin8 and Reporting by Charttres: Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}" leffettive l January 20191. The charitable company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling. which is the functional currenol of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are sd out below. 1.2 Going concern At the time of approving the financial statements, the governors have a reasonable expectation that the charitsble company has adequate resources to continue in opera￿Onal existence for the foreseeable future. Thus the governors continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the governors in furtherance of their tharltable objectives. Restricted funds are subject to specific conditions by donors or grantors as io how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and st is probable that income will be received. Fees receivable represent the amount5 invoiced in respect of the provision of educational and related Services for children, and are stated after dedurting scholarships, bursaries and other allowances. Such 5ervice5 are exempt from value added tax. A provision 15 made for disbursements incurred in the last sthool term which are invoiced in the followin8 tem. Cash donations are recognised on receipt. Other donations are recognised once the charltable company has been notified of the donatton, unless performance condltions require deferral of the amount. Income tax recoverdble In relatlon to donations received under Gift Aid or deeds of covenant is reco8nised at the time of the donation. 18- SLINDON COIIEGE LIMITEO NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AU6UST2024 Accountlng policie5 Icontlnued) Irhcome from grants received is set aside in accordance with the terms of the issuing organisation. 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic b￿efit to a third party, it is probable that a transfer of economic benefits will be required in settlement, andthe amount of the obligation can be measured reliablv. Expenditure is classified by acttvity. The costs of each activity are made up of the total of dirfft costs and shared costs, including 5UPPOrt costs involved in undertaking each actE"Vity. Direct costs attributaue to a sin8le activity are allocated directly to that activity. Shared costs which contribute to more than one actr.vity and support costs which are not attributable to a single activity a￿ apportioned between those actwities on a basis consistent with the use of resources. Central staff cost5 are allocated on the basis of time spent, and depreLiation charges are allocated on the portiorb of the asset'5 use. 1.6 Tanglble Ilxed assets Tangible fixed assots are initially measured at cost and subsequently measured at Cost or valuation, net of depreciatr.on and any impairmènt 105ses. Tangible fixed assets costsng £2.000 or more are capitalised and recognised when future economic EEneh'ts are probable and the cost or value of the asset can be measured reliably. Depreciation is recognised so a5 to write off the cost or valuation of assets less their residual value5 over their useful lives on the following bases.. Leasehold land and buildings Fixtures and fithngs IO% straight line 15% reducing balance or 25% 5lraight line The gain or loss arising on the disposal of an a55et is determined as the difference between the Sale proceeds and the carrying value of the asset. and is recognised in the statement of tinancial activitres. 1.7 Investment property Investment property, which is property held to earn renta15 andlor for capital apprpciation, is initially recognised at cost. which includes the purchase cost and any directly attributable expenditure. Sub*quently it is measured at fair value at the reporting end date. The Surplus or deficit on revaluation is reco8nised in prolit or loss. 1.8 Impairment of thxed assets At each reporting end date, the charitable company reviews the carrying amounts of its tanEible assets to determinp whether there is any indication that those assets have suffered an impairment Ioss. If any such indicatr.on exists, the recoverable amount of the a55et 15 estimated in order to determine the extent of the impairment loss lif any). 1.9 Cash and cash equivalents Cash ané ctssh cquiv4lcnts tnclude ¢ash irn hand, deposits held at call with banks, other short.term liquid rnvostments with nriginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitr"e5_ SUNDON COLLEGE LIMrrED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR EPIDED 31 AUGUST2024 Accouniing policles Icontlhued) 1.10 Finan¢lal iNtruments The charitable company ha5 elected to apply the provisions of Sectr'on 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised In tho charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention tosettle on a net basis or to realise the asset and settle the liability simultsneously. 8aslcflnanelal assets Basic financial a55et5. which include debtor5 and cash and bank balances, ale initially mea5urEd transaction Price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financin8 transaction. where the transaction is measured at the present value of the future receipt5 discounted at a market rate of interest. Financial assets classified as receivable within one year are not amofti5ed. Baskjlnanclal Ilabllliies Basic financial liabilities, including c￿dItorS and bank loans are initially recognised at transaction price unless the arrangement constitsjtes a financing transaction, where the debt instrument is measured at the p￿sent value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest fate method. Trade creditors are obligations to pay for goods or services that have been atquired in the ordin¥y course of operations from suppliers. Amounts payable are classified as current liabilities if payment 15 due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recogni5ed inÉtially at transaction price and subsequently measured at amorti5ed cost using the effective interest method. Derecoqnition offinancial liabilities Financial liabilities are dereco8nised when the ¢haritable companls contractual obligations expire or are discharged or cancelled. 1.11 Employee beneflts The cost of any unused hollday entttlement is recognised in the period in which the employee'5 seNices are received. Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. I.IZ Leases Rentsls payable under operating leases. includin8 any lease incentive5 received, are charged as an expense on a straight line basis over the term of the relevant lease. 20- 5LINDON CQLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Icontlnuedl 1.13 Pension The School contribLttes to a defined contribution group personal pension scherne for staff. Cont¥ibution5 to all schemes are charged as they become payable in ac£ordance with the rules of tlE schemes. Critical accounting estimates and judgements In the application of the charitable company's accounting policies, the governors are required to make judgements, e5timate5 and assumptions about the carrying amount of assets and liabilitie5 that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from the estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect5 mly that period. or in the period Df the revision and future peiiod5 where the revision afferts both current and future periods. Key sources of estimation uncertainty Valuation The key area of estimation relates to the carrying value of the iollege's investment property. Income from donations and legacies Unrestricted Restricted funds funds Totsl Unrestricted Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Donation5 and gifts Grant5 4,842 11.565 1.000 5.842 11,565 3,026 25,328 6.711 9,737 25,328 16,407 1,000 17,407 28,354 6,711 35,065 21 SUNDON COLLEGE LIMITED NOTES TO THE FINANCIAL sfATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST2024 Income from charltable adlvltles Unrestricted funds 2024 Unreslrlcted funds 2023 College fees Bursaries Discounts Registration fees Disbursements 2.242,402 1108,4981 113,5931 1.200 38,347 1.075.638 2,200,807 {113,860) 17,451) 56,611 807,672 Extra tuition 3,235,496 2,945,779 Intomè from other tradlng attlvlties Unrestrirted Re5trirted funds funds 2024 2024 Total Unrestrlrted Re5trirted funds fiFnds 2023 2023 Total 2024 2023 Fundraising Èvents Other income 1,709 50,211 1.50S 3.214 50.211 2,790 49,670 1,450 4,240 49.670 Other tradtng activities 51,920 1,505 53.425 52.460 1,450 53,910 Income from investments Unrestrlrted Unrestrfcted funds funds 2024 2023 nterest receivable 21,578 4,305 -22- SLINDON COLLEGE LIMITED NOTES TO THE FINAf4CIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 Expenditure on ralslng funds Unrestricted Unrestrirted funds funds 2024 2023 Fundraising and publicity Advertising 25,564 19,597 Expenditure on charitable artivities Charitable activities Charitable artivities 2024 2023 Direct costs Staff costs 1.734,518 30,121 31.195 2.773 11,174 8,758 13,644 982 2.481 13,361 455 1.566,887 20,296 46,792 1,217 12,218 9,073 12,604 773 General costs Printing, postage and 5tationeiy Licen5es Staff training Computer costs Exam fees Awards Legal fees Activities Bèd debt5 other 21,531 18,408 15,711 1,000 I,ooo 1.850,462 1,726,510 Share of support and governance c05ts1see note 9) Support 1,149.994 1,069,904 3,000,456 2,796.414 Analysis by fund Unrestricted funds Restricted funds 2,997,801 2,655 2.793,814 2,6(10 3,000,456 2,796,414 -23- SLÈNI)ON COLLEGE LIMITED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Support £osts allocated to actlvitles 2024 2023 Depreciation Rent Rates Light and heat Insurance 54,164 45,730 20,719 77,923 42,775 168,62S 107,376 148,742 119,177 66,055 18,178 183,228 11,199 3,870 10,394 21,781 15,768 24,567 42,075 16,564 96.680 25,864 174.019 77,182 145,534 108.855 60,141 19,616 159,253 12,286 4,966 6.328 14.457 25,118 22.549 10,660 23,190 Maintenance and improvements Maintenance staff salarie5 Matron and housekeeping salaries Catering salaries Catering costs general Household and medical costs Administration and management salaries Telephone. postage and stationery Travel and subsistence Minibus lease Computer maintenance and troining Disbursement expenditure Pupil Premium expenditLITe Audit and accountancy Subscrlptions, donatlons and sundries 10,380 23,910 1,149,994 1.069,904 Analysed between: Charitsble activities 1.149,994 1,069,904 10 Net movement in funds 2024 2023 The net movement in funds is stated after chargingllcreditingl: Fees payable for the audit of the charity's financial Statements Dep￿CIation of owned tangible fixed assets Loss on disposal of tan8ible fixed assets 10,380 54,164 10,380 24,567 4,207 -24- SLINDON COLiEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 11 Audltor's remuneratlon Fees payable to the charity's auditor and associates.. 2024 2023 For audit ser¥ices Audit of the frnancial statements of the charitv 10,380 10.380 12 Governors None of the governors lor any persons connected with them) received any rernuneration or benefits from the charitable company during the year. During the year expenses totalling £nil were reimbursed or paid directly to Governors12023 _ £701. 13 Employees The average monthly number of employees duriny the year was.. 2024 2023 Number Number Academic 48 47 Adminisl'ration Matron and Household li Catering Maintenance Total 73 72 Employment COSt5 2024 Z023 Wages and salaries Social security cost5 Other pension costs 1,938,338 157,497 193,150 1,669,321 141,187 164,978 2,288,985 1,975,486 There were no terminath.on payments included within wages and Salaries c05ts in the year 12023.. £6,1371- The prior year payment was in the form of a contractual settlement agreement and was fully paid in the year. -25- SLINDON COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR EPIDED 31 AUGusf2024 13 Employee5 Icontlnued) The number of employees whose annual remuneration was more than £60.000 is as follows: 2024 2023 Number Number E60,001-£70.000 £70.001-£80.000 Remuneratlon of key management per50nnel The remuneration of key management personnel was as follows: 2024 2023 Aggregate compensation 358,417 333,628 The college considers that the key management personnel consist of the senior leadership team who include the Headteacher. Bursar. Assistant Heads and the SENCO. 14 Other expenditure Unfestrlrted Unrestricted funds nds 2024 2023 Net loss on disposal of tangible fixed 355etS Bank charges 4,207 266 216 216 4,473 IS Galns and losses on Investments Unrestrlrted Unrestricted funds funds 2024 2023 Gainsll1055esl arising on: Revaluation of investment properties 35,OC -26- SLINDON COLLEGE LIMITED NOTES TO THE FINANCIAL sfATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 16 Taxatlon The charity is exempt from taxatlon Dn its activities because all its income is applied for charitable purposes. 17 Tangible flxed assets Leasehold Fixtures and land and tittings buildings Total Cost At I Septttmber 2023 Additions 51,702 147,332 210,833 63,104 262,535 210,436 At 31 August 2024 199,034 273,937 472,971 Depreciation and impairment At I September 2023 Depreciation charged in the yg.or 24,233 17,934 103,753 36.230 127,986 54,164 Al 31 August 2024 42,167 139,983 182,150 Carrying amount At 31 August 2024 156.867 133,954 290,821 At 31 August 2023 27.469 107,080 134,549 18 Investment property 2024 Fair value At I September 2023 Net gains or10sse5 through fair value adjustments 640,000 35,000 At 31 August 2024 675,000 The Governors reviewed the carrying value of the property as at 31 August 2024 and deem £675,000 to be a fair valuation based on current market conditions. The historical c05t of the property was £132.750. 27- SLINDON COLLEGE LIMITED NOTES TO ThE FINANCIAL sfATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 19 Débtors 2024 2023 Amounts fallin8 due wlthln one year: Trade debtors Other debtors Prepayments and accrued income 325,051 202,534 15,913 7,209 27,418 352,469 225,656 20 Creditors: amounts falllng due wlthin one year 2024 2023 Notes Other tsxation and social security Deferred income Trade creditors Other creditors Accruals 50,998 1,287,519 65,310 61,150 21,805 32,358 982.600 63,639 56,692 24,130 21 1.486,782 1,159,419 21 Deferred income Z024 2023 Fees in advance 1,287,519 982.600 Deferred income is included in the financial statements as follows.. 20Z4 2023 Deferred income is included within= Current liabilities 1.287,519 982,600 Movements in the year.. -28- SLINDON COLLEGE LIMITED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR IHE YEAR ENDED 31 AU6UST2024 21 Deferred income (Continued) Deferred income at I September 2023 Rele35ed Irom previous periods Resources doferred in the year 982,600 1982,6001 1.287.519 944,266 1944,2661 982,600 Deferred income at 31 August 2024 1,287,519 982,600 Deferred income comprises of fees raised in advance for the following Autumn term and fees raised in advance for the whole following academic year. 22 Restrirted funds The restricted funds of the charity comprise the unexpended balances ol donations and grants held on trust subjecL to specific condits.ons by donors as to how they may be used. Atl september 2023 Intoming resources Resources expended Transfer5 At 31 August 2024 Parent Te3chers Associatron Fund To Dare Trophy Award Electrit Car Fund Believe, Inspire, Succeed Award Sensory Roorr Fund 1.505 11,5051 1501 11,0001 iiooi 857 1.000 400 3iJl 1,281 1,281 2.538 2.505 12,6551 2,388 29- SLINDON COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMEf4TS (CONTINUED) FOR THE YEAR EIIDED 31 AUGUST2024 22 Restrktod funds Icontlnued) Previous year: Atl September 2022 Incoming resources Resources expended Transfers At 31 August 2023 Parent Teachers Association Fund To Dare Trophy Award Electric Car Fund Believe, Inspire. Succeed Award Sen50ry Room Fund 1,450 11,450) 1501 (1.000) IIQKJ} 907 857 4.930 500 13,9301 400 1,281 1.281 907 8,161 2,600 13,930 2,538 The Parent Teachers Ass(Kiation Fund is a restrirted fund held for the benefit of the Parents and Teachers Association. The To Dare Trophy Award is restricted fund held to enable an award to be presented each term to a current pupil in memory of a former pupil. The Elertric Car Fund is a restrirted fund held to be spent specitically on the Greenpower car project. During the year an electric car was purchased and capitalised within fixed assets. The College recelved a voluntary restricted donation from Governor. D Slee, to allow a financial reward for the recipient of the Believe, Inspire, Succeed Award for the next five years. The College applied for and was accepted by the Co-op Local Community Fund to be nominated as a cause to raise funds for a Sensory Room. SUNDON COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE VEAR ENDED 31 AUGUST2024 23 Unrestiicted funds The unrestritted funds of the charity comprise the unexpended balances of donation5 and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted fund5 by the trustees for specific purposes. Atl September 2023 Incoming resources Resources expended Transfers Gains and At 31 August losses 2024 Revaluation reserve 516,250 727,188 516,250 1,064,¢yJ8 General funds 3,325.401 13,023,5811 35,000 1.243,438 3,325,401 {3,023,5811 35.000 1,580,258 Previous year: Atl September 2022 Incoming resources Resources expended Transfers Gains and At 31 August losses 2023 Revaluation reserve 516,?50 510,244 516.250 727,188 General funds 3,030,898 12.817,8841 3,930 1,026,494 3,030,898 2.t317.884 3.930 1,243.438 24 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 August 2024: Tangible assets Investment properties Current assetsllliabilitiesl 290,821 675,000 614,437 290,821 675,000 616,825 2,388 1,580,258 2,388 1,582,646 31 SUNt)ON COLLEGE LIMITED NOTES TO THE FINANCIAL StATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 24 Analysls of net assets between funds Icontlnued) Unrestrl¢ted funds 2023 Restricted fund5 2023 Total 2023 At 31 Augurt 2023: Tangible assets Investment properties Current assetsl{liabilitiesl 134,549 134,549 468,889 2.538 471,427 1,243.438 2,538 1,245,976 25 Operating lease commilments Lessee At the reporting end date the charitable company had outstanding commitments for future minimum lthse payments under non-¢ancell3ble operating leases, which fall due as follows= 2024 2023 Within one year Between two and five years In over five years 66,156 182,991 970 55,139 190.103 2.360 250,117 247.602 26 Related party transactions TransJction5 With related parties D Roberts {Partner of N Malby- Bursar) During the year D Roberts undertook maintenance and repair work at the college as a self employec contractor totalling £11.85012023 - £21,0751, The amount due to D Robert5 at the year end was £900 {2023 £Nil). 32- SIINDON COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 27 Cash generated from operations 2024 2023 Surplus for the year 336,670 218,575 Adjustment5 for.. Investment income recognised in statement of fi'nancial activitie5 IGainl/loss on disposal of tangible fixed assets Fair value gains and losses on investment properties Depreciation and impairment of tangible fixed assets 121,5781 14,3051 4,207 135,0001 54,164 24,567 Movements in workin8 capital= Ilncreaselldecrease in debtors Increase in creditors (Decreasellincrease in provisions Increase in deferred income (126.8131 22.444 587,363 22,571 135,0001 38,334 304,919 Cash 8enerated from operations 534,806 856,312 28 An3lysi5 of changes Fn net funds The charitable comparby had no material debt during the year. 33-