Sussex House School (A company limlted by guarante8 and not having share capital) Report and financlal statements For the year 8nded 31 August 2024 Company reglstratlon number: 02884794 {England and Wales) Charity reglstratlon number: 1035806 {England and Wales)
Sussox House School Reference and administrative details of the charitable company, its trustees and advisors Trustees J A Crewe J M Elias J Gallant M A J Goedhuis NPKaye R T G Wlnter Board Of Governors J A Crewe Ichalrman) K Brewer J M Ellas J Gallant H Grayson R T G Winter Roglstared Company numbèr 02884794 (England and Wales) Rogistered Charlty number 1035806 (England and Wales) Hèadmastèr NPKaye Bursar Lucy Indopendent audltor Moore Klngston Smlth LLP 4 Victoria Square st Albans Hertfordshire AL1 3TF Roglstarnd Offlco 68 Cadogan Square London SW1X OEA Webslte ww .sussexho se ho l.co.uk Bankers Barclays Bank plc L8vel 27 1 Churchill Place London E'14 3HP
Sussex House School Contents Trustees, report Independent auditorfs r8POrt 9-12 ststem6nt of financial actlvities (includlrvJ income and expènditure account) 13-14 Balance sheet 15 Cash Ilow 8t8tement 16 Notes to the financlal 8tatements 17-28
Sussex House School Trustees, report for the year ended 31 August 2024 The trustees (W are also directors of Sussex House School Limited for the purposes of rnPany law and trustees for the purposes of charity law) present their statutory report, which also represents a dlrectors. report, for the year ended 31 August 2024 under the Companies Act 2006. together with the audited financial statements for the year. and confim Ihat the latter comply with the requirements of the Companies Act 2006 and the charltab18 company's memorandum and artlcles of association and have been prepared In accordance with the Financial ReF>Jrting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) and the Slalement of Recommended Practice (Accounting and Reporting by Charlties) (the Charlti85 SORP- Second Edition). The r8POrt has been prepared in accordance wlth Part 8 of the Charities Act2011. Roference and admlnlstratlve Informatlon Sussex House School {"the School") Is a reglster6d charitable company founded in 1994, charity number 1035806 and Company numbèr 02884794. Th8 liability of the members Is limited by guarantee to an arnount not exceeding £5. The School has an offlclal Church of England afflllatlon under the Deslgnation of Schools having a Religious Character (Independent Schools) (England) Order 2004. Structure, governanc• and management Governin document The charitable company is governed by its memorandum and artlcles of association whlch were18St amended on 10 March 1994. Trustees The trustees, who are 8180 directors of the charflable company, who have held office for the whole of the year unless othenNi$e Stated, and to the date of this report, are as follows.. J Crewe J M Elias J Gallant M A J Goedhu15 NPKaye R T G Winter Trustee a oin ent and trainln New trustees will be appointed in accordance with the Articles of Association followlng lengthy consultation and consideration by the existing trustees who must be satisfied regarding their eligibility- Existing trustees retire by rotation each year. Any new trustees will be inducted into the workings of the School, and also of the company as a registered charity by the Headmast8r. Prospective trustees will be provided with a memorandum of the legal responsibilities and duties of truslees and are invited to familiarise themselves with CC3 "The Essential trustee.. what you need to know, what you need to do" published by the Charity Commission plus copies of the charitable CoMpanS financial statements and minutes of previous Iiu¥l*s' rn8eting4. Page 3
Sussex House School Trustees, report for the year ended 31 August 2024 Structure. governance and managemont (continued) anisational mana ement The trustees meet at least thre8 times a year to determine the general policy of the charitsble company and review i overall management and control, for which they are legally responsible. When determining policles, the trustegs seek input from the B08rd of Govemors which also meets at least three times a year. and is concerned with the running of the school. The day-tfrday running of the School is delegated to the Headmaster and the Staff Senior Management Team. Objects, alms. obJecllv8s and prlncipal aetfvitles (includlng publlc beneflt Thè prlmary objectlve of the charllable company, as sat out in its memorandum and artlcles of associatlon, is promoting and providing for the advancement of èducation of children and adults by the provislon of one or more schools, tutorlal colleges and other establishments. The Trustees have had regard to ihe guidance on public benefit publlshed by th8 Chadty Commlsslon, and in partlcular to Its supplementary publlc benefit guldance on advanclng education and on f88 charging when exercising their powers and duties, in particular when setting fees charged by the School and identifylng the benefits provided by the tharitable company in relation to Its aims. The paragraphs below provide more information on the School's charitable activities. Although the School has an entry test. due to the large number of applications for places, the policy is to me8sure potential as well as a pupil's current perfomiance so that priority is given to children who will benefit from not only the academic programme on offer at the School, but also the specialities of certaln areas of creativity, notably Music, Art and Theatre. The School has never restricted 8nlry to a potential pupil because of th8 pupil's parents, inabilty to pay the fees. The g80graphlcal location of a pupll's home, thelr ethnicity, race or exlstence of a disability are qulte irrelevant to the School's Selection procedure. Although the School has an officlal Church of England 8ffiliatlon, a family or chlld's rellgious affillalion Is not taken into accounl when plac8S are offered and boys of all religions and danominations or none are welcomed equally. Slrale ic aim nd intende The Scho(A's strategic airn is lo reach its annual objective which is the attainment of the hlghest academic18vels whilst allowing pupils to beneflt from the School's extenslve extrawcurricular programme. This enables the School to develop its pupils, abilities and academic potential, awaken and devel¢Jp thelr wider interests in Ilfe and prepare them for the $8nior school of thelr own arKt thelr parents, cholce. Ob'ectlves for the ear The Trustees, maln objective for the year continued to be to educate all the School's pupils to at least the same high standard achieved by the School in prevSous years, so that they will fully benefit from th8ir chosen senior school for the completlon of their education in due course. The strategy to achieve this is to maintaln a high teacher-to-pupil ratio and to tallor the educatlon of each pupil to suit their individual needs. In addition, the Trustees aim to contlnue providing support in respect of the provision of means tested bursaries and to continue to develop links wilh the local community and other organisations. Princi al activi The School continues to operate as a day school for 8-13 year-old boys. educating them to a high standard and so enabling them to rnove on to a suitsble senior school for the completion of their education. Page 4
Sussex House School Trustees, report for the year ended 31 August 2024 Revlew of achievements and perfonnance for the year (Including publlc benefit) erational erfomance of the School It has been an outstanding year for the &hool. All 35 Year 8 leavers achieved place5 at top independent schools, including 27 to Elon, King's Wimbledon, St.Paul's. Westminster and Winchester, including four Scholarships and the attainment of two Muslc Diplomas. ursaries donali onsorshi 6 pupils received tuition fee rSae$ for the 2023124 academic year. In addition. 2 pupils receiva muslc bursaries. The School continu88 to sèek pupils who will benafit from the School's bursary provision, as well as additional sources of bursary fundlng. ns Donations to the Asra Hawarfal School Fund. which supports the Asra Hawariat School, Elhiopla arising from funds raiséd at School events, amounted to £10,312 (2023: £10,932 donations from the A8ra Hawarfat School Fund), and certaln parents made donations dlre¢Uy. Fundraisln The significant majorlty of the School's donations are raised a8 a result of the efforts of the School's Activities Commlttee, whlch comprises parents of current pupils and School staff. The Christmas Fair and th8 Summer Auction are the main events each year which feature fundraising activities. These events are attended by pupils and their families, and donations are from persons wtth a connectlon to the School. swithth L Icommunll and oth lsat The School Is a member of IAPS which acts for the promollon and malntenance of preparatory school standards gonerally. ons The School ctroperates with varfous churches. including St Slmon Zelotes, Mllner Street, and pupls arè involved in three events a year I0 last yearl as part of the Music Society Programme of St. Mary Magdalene Church Llttle Venice, and other local charities and societies. The School is also closely involved with the Asra Hawariat School in Ethiopla to which a proportion of Ihe monies raised from School fundraising is donated each year. The Malcolm Arnold Pre Academ The School is a strategic partner In the development of the Malcolm Amold Preparatory Academy (part of the Malcom Arnold Academy), which is commltted to reflectlng aspects of the educational and creative approach of Sussex House School. The school is based in Northampton and Nicholas Kaye our Headmaster, has provided academic consultancy to the school. ar8to Fencin The School has a strong tradition of achievement in this sport. winning national competitions and having produced a number of national champions over the past 20 years, and continues to be extremely popular. with much competition success this year. Page 5
Sussex House School Trustees, report for the year ended 31 August 2024 Review of achlevements and perfomiance for the year (Including publlc benefit) (continued) Musi The School contributes to the funding of two major ev8nts of the St Mary Magdalene Muslc Society based at St Mary Magdalene Church, In which the School participates, at a cost of £39,863 (2023: £37,414). Members of the public attend and fom part of the Chorus and Orchestra in these events and the large audiences contain many members of the public who have no other association with Sussex House. Church Sussex House takes part In various events at ils local church, St Simon Zelotes, Milner Street, SW3. The School contributed £3,255 (2023: £2,937} towards the upkeep of the church. The School has also maintalned its strong link with Sl Mary Magdalene Church, Rowington Close, Lltle Venice, W2. awarial Sch l Addis Abab Sussex House has establlshed a strong link wlth thls school in Addis Ababa. The Asra Hawariat School exists lo provlde education for lust over 1,000 Ethiopian chlldren who would not otherwise have the mean5 to attend school. The School is funded by the Asra Hawarial Sch¢Jol Fund based in the UK and rK) children pay to attend. A generous contrtbution frotn funds ralsed at the Christmas F8ir 2023 was donated to the Asra Hawariat School Fund. The Trustees have continued to revlew the School's 8Ctivlties including revenue and financial, human and physlcal resources as part of their due8 to monitor and ensure that the School's charitable objects and the public ben8fit are achieved most effectively. Related transactio N P Kaye Is a trustee of both the Asra Hawariat School Fund, which funds the Asra Hawarlat school In Addis Ababa, and of St Mary Magdalene Church and the St Mary Magdalene Music Soclety. Details of transactlons with these related partles ar8 set out In note 19 to th8 financial stalements. Bursa oll¢ Bursarles are available to those prosptIV8 pupils who meet the School's entry requirements. or current pupils, and are made solely on the basis of par8nlal means or to r81ieve hardship where a pupll's education and future prospects would otherwise be at risk. In assessing means the School takes a number of factors into consideration including family income, investments and savlngs and family circumstances. Risk m ement The Trustees Identify and assess th8 major risks to whith the Charity is axposed, and how these are appropriately managed. The major rlsks identified being an adverse impaci on the reputation of the school, changes to the regulatory, legislative and inspection regime, political and financial risk. To mitigate these risks. among other actions. the Trustees, with assistan from the Govemors and the Staff Senior Management Team, ensure that a high quality education is provided. ensure that a robust set of policies, procedures and risk assessments are maintained. develop financial management, monltor the effecliveness of the system of Internal controls and other viablg means, including Insurance cover where appropriate. Truste8 Indemnity insurance is in place. Page 6
Sussex House School Trustees, report for the year ended 31 August 2024 Flnancial review and results for the year The School's income èxceeded expenditure by £473,589 durfng the year (2023: £471,154). which reflects the ongoing management of income and costs without compromising educational quality. Thé School received income of £5.251,477 {2023: £4,892,752) during the year as a result of charglng for tuition and relatèd activities. This year, the School receNed donations to the Arts and Sports Fund of £71,71612023.' £128,570). There wer8 no donations12023: £10,932) for the A8ra Hawariat School. Unrestricted donations totalled £53.470 (2023: £1,332). Expenditure on School operating costs was £4,740,673 (2023: £4,514,704) with a further £79,300 (2023: £72,498) of expendlture Incurred In relation to bursarles and donations. Thls year, staging wa8 purchased for performances at a cost of £6,750 whlch has added to both teaching and extra- currlcular flexibllity. New carpeting and fumlture for the library was purchased at a cost of £7,739. Initial payment for the release of a new website £6.483. There conllnues to be a ste8dy number of rggistratlons for fulure attendance at the School, and a strong demand for places from high calibre academic candidat95, based on entrance test results. Reserves The School's unrestricted funds at the end of the year were £2,856,801 12023: £2,417,710), and restricted funds were £643,21212023.' £613,744). Total reserves stand at £3,500,013 {2023'. £3,031,454). In a nornial y8ar, a total reserve level equivalent to one term's Customary expenditure would be a level which the trustees would consider practicable and achievable on an ongoing b8SiS to cover the customary risks and uncertaintl8s of operating as an independent educational establishment. However. given the prevaillng degree of domestlc and geo-polllical, and economlc volatility. at the present time, the Trustees consider it pnjdent to maSntain a hlgher level of reserves to provlde a greater degree of financial securlty for the School durlng this period of exceptional uncertainty. The Reserves Policy remains Subject to ongolng review. emu rat on Pollc The key management personnel of the School are the Headmaster and the Staff Senlor Management Team. Thelr remuneration is set after appropriate consultation with kne Trustees. vestment olic ectives There are no restrictions on the cheritsble company's absolute powers of inve$tmenL The trustees, policy contlnues to be to put any surF4us cash on a 5peclal deposit account. Deposit account Interest of £42,085 (2023: £24,770) was received during the year. Future plans We plan to create an Offi on the top floor of the Nicholls Hall. The School's key objectives remain to maintain the number of pupils at the present level and to pursue the same objectives as reported above for this year. Page 7
Sussox House School Trustees, report for the year ended 31 August 2024 ststement of trustees. responsibilities In respect of the flnancial sLknments The trustses (who are also dlr8clors of Sussex House SGhool for the purp¢)ses of company law) are responslble for preparing the truste8s' report and financial statements in accordan¢8 With applicable law and United Kingdom G8nerally Accepted Accounting Practice (UK GAAP). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of Ihe state of affairs of the charftable company and of the incomlng resources and appllcation of resources, including Ihe income and expenditure. of the charitable company for that year. In preparing those financial statements, the trustees are required to.. salect suitable accounting pollcies and then apply them consistently; observe the methods and princlples in the Ststement of Recommended Practice {Accountlng and Reporting by Ch8rities> (the Charlties SORP)., make judgements and 8Stimates that are reasonable and prudent., slal8 whether applicable Unlted Kingdom Accounting Standards have been followed, subject to any material departures dlsclosed and explalned in the financial statements,. and prepare the financial statements on the going concern basis unless It18 Inapproprlate to presume that Ihe charltable company will continue in business. The Irustoes are responsible for keeping proper accounting records that disclose wlth reasonable accuracy at any tim8 the financial position of the charitable company and enable them to ensure that the financial statements comply wlth the Companies Act 2006. They are also responsible for safeguardlng the assets of the company and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularltlas. Each of Ihe trustees of the charitable company conflms that: so far as the trust88 Is aware, there Is no relevant audlt infomallon of which the cornpany's auditor is unaware,. and the trustee has taken all the steps that he ought to have taken as a trustee in order to rnake himself aW8Te of any relevant audlt infomiation and io establish that the charitable company's auditor is awar8 of that informatlon. This confimation is given and should be interpreted in aGrdance wilh the provlsions of Section 418 of the Companies Act 2006. This report has been prepared in accordance with the provlslons applicable to companles subject to the small companles, reglme. Approved by the trustees and signed on thelr behalf by NPKay8 Secretary Date: rt 20&J Page 8
Independent auditor's report to the members of Sussex House School for the year ended 31 August 2024 Oplnlon We have audited the financial ststements of Sussex House School (the 'charitablè company,) for the y8ar ended 31 August 2024 which cofflprise the Statement of Financial Activities, Balance Sheet, ststement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting fram8work that has been applied in their preparation is applicable law and Uniied Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finan¢lal Reporting Standard applicabla in the UK and R8publlG of Ireland (United Kingdom Generally Accepted Accounling Practice). In our opinion, the financial ststements.. give a true and fair view of th6 State of the charitable company's 8ffalrs as at 31 August 2024 and of its incoming fesources and appllcation of resources, including its income and expenditure, for the year then end8d' have been properly prèpared in accordance wilh United KSngdom Generally Accepted Accountlng Practice. and have been prepared in accordanc8 with the requirements of the Companies Act 2006. Bas18 for oplnlon Wè conducted our audlt in acGordanc8 wlth International Standards on Auditlng (UK) IISAS (UK)) and applicable law. Our responsibilllies under those standards are further described in the Auditor's responsibilities for the audit of the financlal statemenis secllon of our report. We are independent of the charitable company in accordance with the ethlcal requirements that are relevant to our audit of th8 financial statement5 in the UK, Sncluding the FRC'S Ethical Standard, and we have fulfilled our other ethlcal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and approprlate lo provide 8 basis for our opinion. Conclu8lon8 relating to golng concern In audittng the financial statemènts, we have concluded that the truste83' use of the golng concern basis in the preparation of th8 financlal statements Is approprlate. Based on the work w8 hav8 performed, we have not identified any material uncertaintl6s relating to events or ¢onditSons Ihat. Indlvidually or collectlv81y, may cast significant doubt on the entity's ability lo continuo as a going concern for a period of al least twelve months from the date when the financial statements are authortsed for issue. Our responsibllities and the responslbllitles of the trustees with respect to going concern are described in the relevant sections of this report. Othor Informatlon The other information comprises Ihe Infomiation included in the annual report other than the financial statements and our auditor's report thereon. Th8 trustees are responsible for the other information contained within Ihe annual report. Our opinlon on the financial statements does not cover the other informauon and, except to the extent otherwlse explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial staternents or our knowledge obtained in the course of the audit or olhetwise appears lo be materially misstated. If we identify such material inconsistencies or apparent mal8rial misstalemenls, we are required to determine whether this gives rise to a material misstatement in the financial siatements themselves. If, based on the work we have perfomed. we conclude that there is a materi81 misstatement of this other inforrnation, we are requlred to report that fact. We havv iiulliiiiy lu i¥yuil Iii Ilily regard. Page 9
Independent auditor's report to the members of Sussex House School for the year ended 31 August 2024 Opinions on other matters prescribed by the Companies Ad 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report, which includes the directors, report prepared for company law purposes, for the financial year for whlch the financial statements are prapared is consistent with the financial statements- and the dir6ctors' report included within the trustees, report has been prepared In accordance with applicable legal requirements. Matters on whlch we are requirnd to report by exeèptlon In the light of the knowledge and understanding of the ¢haritabl8 company and its environment obtained In th8 course of the audlt. we have not identlfied material misstatements In the trustees, report. Wa have nothing to r8port in respect of the following matters In relation to whlch the Companles Act 2006 requlres u8 to report lo you If, in our opinion: adequate accounting records have not been kept, or returns adequate for our audlt have not been re¢8lved from branches not visited by us., or the financial statemenls are not In agreement with the accounting records and turns,. or certain disclosures of trustees. remuneration specified by law are not made: or we have not received all the information and explanations we requir8 for our audit- or the trustees, were not entitled to take advantage of the small companies, exemptions in preparlng the trustees. report and from the requirement to prepare a strategic report. Responslbllitles of Trusteos As explained more fully in the trustees, responsibilities statement set out on page 8, the trustees (who are also the directors of th8 charltable company for the purposes of comp8ny lawl are responsible for the preparation of the flnancial statements and for being satisfied th81 they give a true and fair view, and for such internal control as the trustees determine 18 necgssary to enable the preparation of financial statements that are free from material mlsstatement, whether due to fraud or error. In preparing th8 financial statements, the trustees are responsible for assessing th6 charitable company's abillty to continue as a going concern, dlsclosing, as applicable, matters related to going Goncern and using the going concern basis of a¢ountlng unless the trustees 8lther intend to Ilquidate the charltabl8 company or to cease operatlons, or have no reallstic altematlv8 but to do so. Audltorfs responsibllltles for the audit ol the flnanclal ststements Our objecllves are to obtain r8asonable assurance about whether tha financial statements as a who18 are free from material misstalement. whether due to fraud or error, and to iS$U8 an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a malgrial misstatement when it 8xists. Misstatements can aris8 from fraud or error and are considered malerial if, indivldually or in the aggregate, they could reasonably bg expected lo influ8nce the economic decisions of usgrs taken on the basis of these financial statements. As part of an audit in accordance with ISAS (UK) we exercise pn)fessional judgement and maintain professional scepticism throughout the audit We also: Identify and assess the risks of material misstatement of the financial statern8nts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficlent and appropriate to provide a basis for our opinion. The risk of not detecting a material misstslement resulting froffl fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omisslons, misrepresentations, or the override of internal control. Page 10
Independent auditor's report to the members of Sussex House School for the year ended 31 August 2024 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinlon on the effectiveness of the charitsble company's internal control. Evaluate the appropriateness of accountlng policies used and the reasonableness of accounting estimates and related disc11ures made by the trustées. Conclude on the appropriateness of the trustees, us6 of the going concern basis of accounllng and, based on the audlt evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitsble company's ability to continue as a golng concem. If we conclude that a material uncertainty exists. we are required to draw attention in our auditorfs report lo the related disclosures in the financial staiements or, if such dlsclosur8s are Inadequate, to modify our oplnlon. Our conclusions are based on the audll evidence oblained up to the date of our auditor's report. However, future events or condltions may caus8 the Charitable company to cease to contlnue as a going concern. Evaluate the ov8rall PSentatiOn, structure and Content of the flnanclal statements, Includlng the di8closures, and whether th8 financlaS statements represent the underlying transactlons and events in a manngr that a¢hieves falr presgntatlon. We communicate with those charged with govemance r8garding, among other matters, the planned scope and tlming of the audit and significant audlt findlngs, including any slgnificant deficiencles In Internal control that we identify during our audit. Explanatlon as to what extent tha audlt was consldered capable of detectlng Irregularltlos, Includlng fraud Irregularities. including fraud, are instances of nonwcompllance with lay and regulations. We design procedures in line with our responsibilities, ouuined above, to detect mater181 misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detectSng irregularitles, includlng fraud is detailed below. The objectives of our audit in respect of fraud, are: to identify and as8858 the risks of material misstatement of the financlal statements due to fraud. to obtaln sufficlent approprlate audit evidence regarding the assessed risks of material misstatement due to fraud, through designlng and implementing 8ppropriate responses to those assessèd risks,. and to respond appropriately to Instances of fraud or suspected fraud Identified during the audit. Howevèr, the prtmary responsiblllty for the preventlon and deiection of fraud résts with both manag8ment and those charged wlth govemance of the ch8rf18ble company. Our approach was as follows". W8 obtained an understanding of the legal and regulatory requirernents applicabl8 to the ¢haritabl8 company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, safeguarding legisiation, GDPR and employment leglslation. We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misslalement due to fraud and how it might occur, by holding discussions with management and those charged with govemanc8. We inquired of manaAement and tho¥e Gharged with gnvRmAnrp. a8 tn any known in8tancos of non crf)mpliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance Page11
Independent auditor's report to the members of Sussex House School for Ihe year ended 31 August 2024 with laws and regulations. This Included making énquiries of management and those charged with govemancè; obtalning additional corroborative ewdence as required, review of board minutes" testing the approprlateness of journal entries: and the rfOrniance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. There are Inherent lirnitations In the audit procedur88 described above. We are18ss Ilkely to become aware of instances of non-compllance wilh laws and regulations that are not dosely related to events and transactlons reflected in the financial statements. Also, the rtsk of not detecting a materlal misststement due to fraud is hlgher than the rlsk of not d8t8cling one resulting from error, as fraud may Involve deliberate concealment by, for example, forgery or Intentional misrepresentations, or through collusion. Use of our report Thls 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 bèén undertaken so that w8 might state to the charitable company's members those matters we are requlr8d to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or 8ssuma responsibility to anyone other than the ch8ritsbl8 company and the ¢harltable company's members as a body. for our audit work. for this report, or for the opinions we have formad. Ellzabath Wlck8 Senlor Statutory Audltor For and on behalf of Moore Klngston Smlth LLP Chartered Accountsnts and Statutory Auditors 4 Vlctoria Squar8 St Albans Hertfordshire AL13TF Date: Page 12
Sussex House School Statement of financial activities (including income and expendlture account) For the year ended 31 August 2024 Unrestrlcted Restricted fund5 funds 2024 2024 Total Unrestricted funds funds 2024 2023 Restricted funds 2023 Total fijnds 2023 Notes Income from charftable actlvfth$: School fees Registratlon fe88 Incom8 from generated funds: t)onatlons Interest receivable Other income 5,077.629 21.600 5,077,629 21,600 4.842.667 29,200 4.842.667 29,200 53,470 42.085 27,062 5,221,846 71,716 125,186 42,085 27,062 5,293.562 1,332 24,770 20,885 4,918,854 139.502 140,834 24.770 20,885 5,058,356 Total Income 71,716 139,502 Expendlture on charltable acllvlties: - Teachlng costs Premises 3,640,995 599,825 440,518 26,289 1,110 63,902 5,086 4,777,725 12,624 3,653,619 599,825 440.518 45,601 1,110 63,902 15,398 4,819,973 3,444.144 554.857 432.985 23.801 (2,3571 30,375 42,123 4,525,928 13,835 3.457,979 554,857 432,985 71,240 12.357> 30,375 42.123 4,587,202 - Support costs - Depreciation and amortisation Bank charges and bad debts Bursarles 19,312 47.439 - Donatlons 10,312 42.248 Total oxpendltura 61,274 Net Income l (exp•nditurè) for the year 444.121 29,468 473,589 392,926 78.228 471.154 The notes on pages 17 to 28 form part of the financial statements. Page 13
Sussex House School Statement of financial activities (Including income and expenditure account) For the year ended 31 August 2024 Unrestrlcted Restrlcted funds funds 2024 2024 Tolal Unrestricted funds funds 2024 2023 Restrict8d funds 2023 Total funds 2023 Notes Net incomel(expenditure) for the year 444,121 29,468 473,589 392,926 78,228 471,154 Depreciation on revaluation of tanglble fixed assets Net movemont In funds Fund balances at 1 September Fund balances at 31 August (5,030) 439,091 2,417,710 12,13 2,856,801 (5,030) 468,559 3,031,454 3,500,013 {5,030) 387,896 2,029,814 2,417,710 (5,030) 466,124 2.565,330 29,468 613,744 fA3,212 78,228 535,516 613,744 3,031.454 The net incomlng resources for the year dertve from the contlnuSng operatlons of th8 charitable company. The notes on pages 17 to 28 fomi part of the financial statements. Page 14
Sussox House School - Charlty registered number: 1035806 IEngland and Wales) Company registered number: 02884794 (England and Wales) Balance sheet for the year ended 31 August 2024 2024 2023 Notes Flxed assets: Tangible 8sset8 Listed investments 627,458 124 651,901 124 627,582 652.025 Non-curfent assols: Debtors.. amounts falllng due after more than one year 10 192,500 Currnnt assets.. Debtors Cash at bank 255.770 4,252,544 4,508,314 (1,517,883 142.378 3,526,505 3,668,883 (985,454) Credltorn: amounts falling due wlthin one year Net current assets 2,990,431 2,683,429 Total assets less currènt Ilabllltlo• 3,810,513 3.335.454 Creditors: amounts falling due after more than one year (310,500) (304,000) Total n•t ass•ts 3,500,013 3,031,454 Ropresented by: ReseNe8: Restricted funds Unrestricted funds 12 643,212 2,856,801 613,744 2,417,710 Total funds 3,500,013 3.031.454 The financial statements have been prepared In accordance wlth the special provlslons appllcable to companies subject to the small cornpanies. regiffle. Under Companies Act 2006, s454, on a voluntary basis the Trustees can amend these financial slalemenls if they subsequentiy prove to be defective. Approved and authorised for issue by the trustees and signed on Iheir behalf by.. N P Kaye L/prt Y- Trustee Date.. 2 zs ID2S The notes on pages 17 to 28 form part of the flnancial statements. Page 15
Cash Flow Statement for the year ended 31 August 2024 2024 2023 Cash flows from operatlng actlvltles: Net income for the year Adjustments for., Depreciation charges Interest Increase l {decrea$el In debtors Increase l (decrease) In creditors Net Cash provlded by operating activitres: 468,559 471,154 50,631 {42,085) (305,892) 538,929 710,142 71,240 (24,TlO) 85.764 93,394 696,782 Cash flows from Invostlng actlvStlas: Interest Purchase of property, furnlture and equlpment Net cash used in investing activities: 42.085 {26,188) 15,897 24,770 (46,492) (21,722) Chang8 in cash at bank and In hand In the year 726,039 675,060 Cash at bank and In hand at Ihe beglnnlng of tha year 3,526,505 2.851,445 Cash at bank and in hand at the end of the y8ar 4,252,544 3,526,505 Changa8 In net debl At 1 September Cash Flows At 31 August Cash at bank and In hand 3,526,505 726,039 4,252,544 The note5 on pages 17 to 28 fomi part of the financial statements.
Susséx House School Notes to the financial statements for the year ended 31 August 2024 Accountlng pollcies Basls of proparatlon Sussex House School is a public benèfft entity under the Financial Reporting Standard 102 (FRS 102). The nancial statements have been prepared under the historical cost convention modified to include the revaluation of freehcdd land and buildings, and in accordance wlth Ihe Statement of Recommended Practlce., Accounting and Reportlng by Charities preparing their accounts in accordanc8 wlth the Financlal R8POrting Standard applicable In the United Kingdom and th8 Republic of Ireland IFRS 1021- Second Edlllon and the Financial Reportlng Stsndard applicable in the Unlt8d Kingdom and the R8publlc of Ireland (FRS 102) and the Companles Act 2006, Incom• All income is recognised when the charftable company Is legally entitled to th8 Income, when il is probable that the Income will be received and when the amount receivable can be measured with sufficient reliability. Income ropr8sents fees charged in respect of tuition. other related aclivlties and reglstratlon fees. Fees conslst of charges Invoiced for the School year ending 31 August 2024 for tuition and registration. Fees recelved for education to be provided in future years are deferred to future periods. Tuition fee income is invoiced and Tecognised at the start of the period to which it relates. Charges for other related activities are billed in arrears and recognised as income in the period to which they r8lat8. Incorn8 from registration fees and donations Is recognised wh6n received. Interest income is recognis8d on an accruals basis for the period to which It relates. Donations Include those 8mounts donated to specific restricted funds and unrestricted donations along with any tax refund recelved under Glft Ald. Incoming resources also includes interest receivable and any gains In value of investments. ExndIture All expenditure lincludlng irrecoverable VAT} is recognlsed when a liabillty Is Incurred and has been classlfied under headings Ihal aggregate all costs related to the Category. Ch8rilable actlvlties costs comprise all oporatlng expenditure incurred to enable the charltabla company to fulfil Its charltabl8 aims. These include both costs that Gan be allocated directly, and those of an indirect nature which ar8 necessary to 5UPPOrt charitable activities. Costs of generaling funds are those incurred in allracling voluntary donations. Page 17
Sussex House School Notes to the financial statements for the year ended 31 August 2024 Accounting pollcle5 (continued) Tanglble fixed assets Tangible fixed assets costing £300 or more are capltalised. Depreclation is provided on tsngib18 fixed assets at rates c8lculat8d io write off the cost or valuation. less estlmated residual value, of each asset evenly over its expected useful Ilfe, as follows: Freehold buildings Leasehold property and improvements Furniture and equipment over 50 years over the lease tern over 4-10 years No depreciation is charged on freehold land. Llstod Investmonts Listed investments are shown at market value. Flnanclal In8trum?nt$ The charitable company only enters into baslc financial instruments transa¢tlons that result In the recojnitlon of financial assets and liabilities such as debtots and ¢r8dltors. Financial Instruments ar8 initially measured at transacllon value. They 8re assessed al the end of each reportlng period for objective evldence of impairment, and if found, an impairrnent loss is recognised. Cash at bank Cash at bank compris88 cash at bank and In hand. Debtors Short temi debtors er8 measured at transaction price, less any impairment losse8. Credltors Short term creditors are measured at the transaction prlce. Deposlts Deposits refundable against final term's fees are treated as a long tem liability 8XCePt to the ext8nt that they are due to be repeid withln one year of the balance sheet date in which case they are recorded as a Current Ilability. Forfeited deposits ar8 taken to income. Penslons The School contributes to the Teachers. Penslon Defin8d Benefits Scheme at rates set by the Scheme Actuary and advised to the School by the Scheme Administrator. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the Scheme which are attributable to the School. In accordance wlth FRS 102 the Scheme is ac(x)unted for as a defined contribution scheme and contributlons are accounted for when advised as due by the Scheme Administrator. Contributions to the NEST Pension Scheme are at the level required under current workplace pension legislation. Page 18
Sussex House School Notes to the financial statements for the year ended 31 August 2024 Accountlng policies (continued) Leaslng commitments Rentsls paid under operating léases are charged to Income on a straight line basis over the lease term. Fund accountlng.. Restrletèd funds Restricted funds comprlse donatlons glv6n for a speclflc purpose and thelr use is therefore sublect to specific restrictions imposed by donors. Expenditur8 Incurred In fulfilling the oblectlve of each fund Is charged against the fund balance and deducted from the expenditure category in the ch8ritsble company's Statement of Financial Activities. Wh8re the expenditure relates to a flxed asset, an amount is set aside In rgslrlcted funds related to that flx8d asset and an annual depreciation charge is made against the restricted fund untll such tlme as that asset is fully depreciated. Unreslrlcted funds Unrestrlcled funds comprise accumulated surpluses and dgficits and are avallable for use al the dlscretion of the trusiees In furtherance of the general objectives of the charitsble company. Judgement8 The preparation of the financial statements requires the Trustees to make judgements, estlmates and assurnptbons that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expendlture durlng the year. The nature of estimation means the actual outcom8s could differ from those estimates. There are no judgernenls made that have a slgnificant effect on the amounts recognised in the flnancial statements. Golng concèrn The trustees are not aware of any materlal uncertainties regarding going concern. Income Income represents fees charged in respect of tuitlon, other related activities and registration fees. Donations includ8 those amounts donated to speclfic restricted fund5 and unrestrlcted donations along with any tax refund received under Gift Aid. Incoming resources also includes interest receivable and any gains in value of investrnenls. Tuition fee income is invoiced and recognised at the Start of the period to which it relates. Charges for other related activities are billed in arrears and recognised as income in the perlod to which they relate. Income from registration fees and dnnxtinns are recognised when received. Interest income is recognised on an accrualg b8519 for the peri¢)d to which It r8latgS. Page 19
Sussex House School Notes to the financial statements for the year ended 31 August 2024 Income (continued) The donations recelved during the year comprised.. Restricted funds Unrestricted funds 2024 Total 2023 Total Arts and Sports Fund Asra Hawariat School Fund Other 71,716 71.716 128,570 10,932 1,332 140,834 53.470 53,470 71,716 125 186 Exp•ndlture Thls Is Slatsd after charglng: (•) 2024 2023 Staff costs (note 4) Governance costs - Auditorfs remuneration other govemance costs Depreciation of owned fixed assets Operating lease rentals- ant and equipment land and bulldings 3.182,051 12,480 2,991,884 10,620 208 45,601 71,240 2.481 325,245 351,490 (b) R•mun•ratlon of tru8tee$ No trustees received any rèmuneration in respect of their servlces durlng the year (2023: £nil). No trustee re¢eSved any reimbursernont of expenses during the year {2023: £nil). Mr N P Kaye, who is a trustee Is also the school's headmaster and his remuneratlon under hls contract of employment as Headmaster (excluding pension contributions) Including benefits, was £78,06812023: £152,316) and is included in the staff costs. In addition, the School has made employer contributions to the Govemffl8nt's Teachers. Pension Defined Benefrts Scheme (note 14) for the benefit of Mr N P Kaye of £Nil (2023: £24,137). There was a refund in the year for previous overpayments to the Teacher's pension scheme in relation to Mr N P Kaye. The refund to Mr N P Kaye was £19,853 and to the school was £40,181. Indemnlty Insurance The School has purchased Indemnlty insurance to indemnify the School for up to £1,000,000 from loss arising from the neglect or default of its trustees, employees or agents and to Indemnify the trustses or other officers agalnst the consequences of any neglect or default on their part at a cost of £22712023.. £208). Page 20
Sussex House School Notes to the financial statements for the year ended 31 August 2024 Expendlture Icontlnued) (d) Support Costs 2024 2023 Wages and salaries Computer costs Insurance Inon-buildingsl Othor support Costs 262,889 85,847 26,974 64.808 440,518 233,076 85,842 25,200 88,867 432,985 staff costs 2024 2023 Wages and salaries Social securfty costs Other pension costs (note 14} 2,547,446 280,062 354,543 3,182,051 2,372,297 268,962 350,625 2.991,884 Of the above £2,919,162 (2023.- £2,758,808) is Included in teaching costs and £262,889 (2023.. £233,076}18 Included In support Costs in the Stalement of Financial Activities. The average monthly numb8r of employ&&s during the year was as follows: 2024 2024 FTE 2023 FTE 2023 Teaching staff Admlnistration 37 47 37 47 54 42 Ex-gratia payments tolalling £9,000 (2023.. £30,000) were paid to staff leaving during the year. A termlnalion payment of £Nil12023', £14,400> was made during the year. The total of k8y managemenl personnel compensatlon was £801,544 (2023: £965,167). The nurnber of employees whose muneration exceeded £60,000 and to whorn retirgmgnt benefits are accrulng under defined benefit schemes (note 14) are set out below.. 2024 2023 £60,001 £70,000 £70,001 £80,000 £80,001 £90,000 £90.001 £100,000 £1QQ.QQ1 f.11r>,non £140.UU1 L1bU,UUU £150.001 £160,000 Page 21
Sussex House School Notes to the financial statements for the year ended 31 August 2024 Taxation The School is a registered charfty and therefore is not liable to income tax or corporation tax or income or gains derived from its charitsble activitles, as they fall withln th8 various exemptions available to registered charities. Tanglblo flxed assets Freehold land and bulldings Leasehold Improvements Furnlture & equipment Total Cosuvaluatlon: At 1 September 2023 Additions Disposals At 31 August 2024 950,827 521.378 935.656 26.188 2,407,861 26,188 950,827 521,378 961,844 2,434,049 Depreclatlon: At 1 September 2023 Provlded during the year Disposals At 31 August 2024 422,338 10,344 467,322 11,847 866,300 28,440 1,755,960 50,631 432,682 479,169 894,740 1,806,591 Net book value: At 31 August 2024 At 1 Septembar 2023 518,145 528,489 42,209 54,056 67,104 69,356 627,458 651,901 All flxed assets owned ar8 used for dlrect charitable purposes. The book value of freehold land and buildings is based on a valuatlon by Gerald Eve, Chartered Surveyors on November 26 1999 at open market value In accordance wlth The Royal Institutlon of Chartered Surveyors, Appralsal and Valuallon Manual. This valuation of £700,000 has been incorporated In these financial statements wlth subsequent additions being induded at cost. The historical cost of freehold land and buildings included above at a valuation of £950,827 was £699,305 and the aggregate depreciation ther8on would be £323,826. Llsted Investments The charitable company holds 372 sharas in Lloyds Banking Group plc (2023.. 372 shares} which Is recorded at its market value of £124 on August 31, 2024 (2023: £124)- Page 22
Suss•x House School Notes to the financial statements for the year ended 31 August 2024 Débtors 2024 2023 Fees receivablè Prepayments and accrued income Othar debtors 70.740 183,491 1,539 255,770 48,148 94,230 142.378 Credltorn: amounts falllng du• wlthln one year 2024 2023 Deposits refurKJable wrthin one year Paymgnls for school f88s recelved in advance Expense creditors Taxation and social security costs Other creditors Accruals 76,000 1,199,336 84.528 60,993 77,776 19,250 1,517,883 72,000 863,376 29,482 69,613 40,086 110,897 985,454 Payments for school fees received In advance of £1,199,336 (2023: 663.3761 represents fees which are r8c8ived before the start of the temi to which they relate, i.e. fe88 for the Michaelma8 Term and FIA Scheme, which are recelved during the preceding summer hollday period. It also Includes cash received under FIA Scheme prior to 31 August 2024 of£611.124 (2023- £Nil). 2024 2023 Openlng deferred Income Released during th8 year Amounts deferred In curr8nl year Closin9 deferred income 663,376 (663,376) 1.199.336 1199 336 585,160 (585,160) 663,376 663 376 Other creditors indudes an amount of £77,776 (2023: £38,521) In respect of contrtbutlons due to pension schemes. 10 Debtors: Amounts falllng due after more than one year 2024 2023 Rent deposits 192.500 11 Creditors: Amounts falling due after more than one year 2024 2023 .Sr,hnnl fpp dppnsits 310,500 304,000 Page 23
Sussex House School Notes to the financial statemants for the year ended 31 August 2024 12 Restricted funds The income funds of the School include restrfcted fund5 MPrIsIng the followlng balances.. la) Capital Expenditure Arts and Hawariat fund Sports fund School fund Music and Theatre Technology fund Fund Bursary Fund Total At 1 September 2023 Incoming resources.. Donations recelved 21,877 554.015 10,932 4,665 2,255 20,000 613.744 71.716 71.716 R8sources axpénded.. Capltal expenditure D8preciation School a¢tivitl8S Asra Hawariat School Transfer5 119.312} 119.312) (12.624) 110.312) {12.824) (10,312) At 31 August 2024 2,565 613,107 620 4,665 2,255 20,000 643,212 Capltal Exp8ndlture Arts and Hawarlat fund Sports fund School fund Muslc and Theatre Technology fvnd Fund Bursary Fund Total At 1 September 2022 Incoming resources.. Donations recelved 62,921 439.280 4,665 8,650 20,000 536.516 128.570 10,932- 139.502 Resources expended.. Capltal expenditure Depreciation School activities Asra Hawariat School Ethiopia Transfers 6,395 (47,439) (6.395} (47,439) (13,835) (13,835) At 31 Augusl 2023 21.877 554,015 10,932 4,665 2,255 20,000 613,744 Page 24
Sussex House School Notes to the financial statements ft)r the year ended 31 August 2024 12 Restrictad funds contlnuad The Capital Expenditure Fund represents amounts used to purchase fixed 8ssets for Ihe School, from fijnds raised specifically for such a purpose, and also the annual depreciation charge each year on th05e assets. b) The Arts and Sports Fund has been used partly to fund fixed assets in the past but is also to maintain and develop the School's creative, rnusical, theatrical and sporting activities, with the majority of its fund5 being generated by thè School's Chrlstmas Fair and Summ8r Auction. We continue to actlvely seek a candidate whose circumstances meet the specific condltions of the Bursary Fund gift. Further music and drama resources wlll be funded from the Music and Theatre Fund, and improvèm8nts to our ICT provision will continue. The Schod also operates a fund to support the Asra Hawariat School. 13 Unr•strlcted funds These funds comprls8'. 2024 2023 Revaluallon reserve Accumulated surplus 142,674 2,714,127 2,856,801 147,694 2,270,016 2,417,710 The revaluatlon reserve aro88 on the revaluation of the freehold land and bulldings in 1999,18ss the depreciation released to the Statement of financial acllvllles. The r8mainlng unffjslrfcted resources arise princlpally from the School's day-to-day operatlons. 14 Analys18 of nat assets between funds Th8 fund balance8 at 31 August 2024 are represented by: Rostrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Restricted Unrestricted funds funds 2023 2023 Totsl funds 2023 Fixed assets Current assets Current liabilities Debtors.. Amounts fallin9s due after one year Creditors.. Amounts falllng due after one year Total net assets 2,565 640,647 625,017 627,582 3,867,667 4,508,314 (1,517,883) (1,517,883} 21,877 591,867 630,148 652,025 3,077,016 3,668.883 {985,454) (985,454) 192,500 192,500 (310.500) 2,856,801 (310,500) 3,500,013 1304,000) 1304.000) 2,417,710 3,031,454 643,212 613,744 Page 25
Sussex House School Notes to the financial statements for the year ended 31 August 2024 14 Analysls of nét assets betwean funds (continued) Unrealised gains at 31 August 2024 are represented by: Restrletsd Unrestrlcted funds funds 2024 2024 Total funds 2024 Restricted Unrestricted funds funds 2023 2023 Tota5 funds 2023 At 1 Soplember Rea115ed in the year At 31 August 147,694 15.0301 142,664 147,694 15,030) 142,664 152,724 (5,030) 147,694 152,724 (5,030) 147,694 15 Ponsions Tea¢hors' Panslons The School participates In th8 Teachers, Penslon Scheme (England and Wales) I'the TPS") for Its tsaching staff. The pgnslon charge for the year Includes contributlons payable to the TPS of £347,92912023= £330,758) and at the year end £46,264 (2023.. £36,609) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme govemed by the Teachers, Pensions Regulations 2010 (as amended) and the Teachers, Penslon Scheme Regulallons 2014 las amended). Memb8rs contribute on a "pay as you go" basls with contributions from members and the employer belng credited to the Exchequer. Retlrement and other pension benefits ar8 Paid by public funds provided by Parfiament. The 8mployer contrlbutlon rale Is set by the Secret8ry of State following sch8me valuations undertaken by the Governmgnt Actuary's Department. The most recent actuarial valuation of the TPS was prepared at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the rem8dy proposed VMS that when ben8fits become payable, eliglble members can select to receive them from either th8 reformed or legacy schemes for the perlod 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides tham with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The valuation confimed that the employer contrfbution rate for the TPS would Increase from 23.6% to 28.60k from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.080/0 giving a total employer contribulion rate of 28.680/0. Page 26
Sussex House School Notes to the financial statements for the year ended 31 August 2024 15 Pensions (continued) Teachers. Ponslons (¢ontlnued) Under the deflnitions set out in sedlon 17 of Financial Reporting Standard 102, the TPS is a rnulti-employer pension stheme. The charitsble company Is unable to identify its share of the underlying assets and liabilities of the scheme. Accordlngly, it has taken advantsge of the exemption in FRS 102 and has accounted for Its contributions to the scheme as If it were a defined contribution scheme. The charitable company has set out above the information available on the scheme. Other Penslons Pension contributions are also pald to a contributory pènsion scheme for the benefit of non-leaching staff. In May 2015 the School started its aulo-enrolment pension scheme with NEST for the benefit of all non-teaching staff. The assets of this scheme arg held separately from those of the School in ind8pendently administ8r8d funds. All penslon contribution costs are recognised In the stslement of financlal activities as th8y become payable. The pension charge for the year includes contributions payable to NEST of £6,614 (2023.. £19.8671 and at the year end the amount due to the scheme was £2.284 (2023: £1,902). The statutory mSnlmum contrlbution level Increased in April 2019. 16 Capltsl commltments There were capital comrnitments for items contracted for but not provld8d in the financial statements amountlng to £nll12023- £nill. 17 Other Ilnan¢lal ¢ommllmont8 The future mlnlmum lease payments due to the end of th8 relevant leases are as follows: Plant and Equlpment 2024 Plant and Equlpment 2023 Land and bulldings 2024 Land and buildings 2023 Operating leases payments due.. Within one year Between 2 and 5 years Greeter than 5 years 2,220 4762 2.220 6.982 305,000 1.280,000 1,200,000 2,785,000 290,057 1,265,000 1,520,000 3.075,057 6,982 9,202 18 Flnanclal Instruments 2024 2023 Financial assets that are debt instruments 70.740 61,077 Finan¢lal Ilablllllu5 536.542 545,845 Financial assets measured at amortised st comprise fees receivable, accrued income and other debtors. Page 27
Sussex House School Notes to the financial statements for the year ended 31 August 2024 Financial liabilities measured at amortised cost comprise deposits, expense creditors. penslon contributions and expense accruals. 19 Related party transactlons N P Kaye is a trustee of the St Mary Magdalene Church. and the St Mary Magdalene Music Soclety whlch organises an annual serles of recitals and concerts at st Mary Magdalene Church. Rowington Close, Little Venlce. London W2. The School supports this programme and the School's pupils, parents and staff usually partlcipate in two concerts a year which are suppjrted by the charltable company but are also open to the general public. During the year the charltable company incurred expenditure of £39,86312023: £43,333) and received contributlons of £1,400 (2023: £5.0001 from th8 St Mary Magdalene Music Society towards this expenditure. N P Kaye Is a trusteè of the Asra Hawariat School Fund. Donations from Sussex House fundraising activitiés amounting to £10,31212023: £10.932 donatlons from the Asra Hawarlat Sch¢JoI Fund) were made to the Asra Hawariat charitable Fund. The ba18nc8 of funds for the Asra H8warlat School (note 11) were pald io the charity on 31 October 2023. There were no donations to the charltable company from the Trustees. 20 Llmltatlon of Ilablllty Th8 members of the charitable company guarantee to contribute an amount not exceeding £5 to the assets of the charitable company in the event of a winding up. Page 28
Sussex House School Detailed Income and expenditure account for the year ended 31 August 2024 2024 2023 Income from charitable activities Unrestricted donations Teaching costs (see ovér) Gro88 surplus 5,126.291 53,470 (3,640.995) 4.862,377 1,332 {3.444,144) 1.419,565 1,538,766 Support costs.. Wages and salaries Telephone and fax Photocopiers Other Insurance Sundry Computer costs Marketing Legal and professional fees Audit fee (Governance costs) Llablllty insuranc8 (Governance costs) Total admlnl8tratlvo expendlture 262.889 10,286 7,126 26,974 5.037 85,847 159 29,720 12.480 233.076 10,630 7,907 25,200 3,172 85.842 161 55,769 11.020 208 1440,518) (432,985) Premises.. Rent Maintenance Cleanlng Council tax and rates Heat, Ilght and water Bullding insuranc8 351,490 41,605 94,539 41,845 53,151 17,195 326,126 59,044 95,501 32,915 25,691 15,580 (599,825) {554,857) Other expenditure: Depreciatlon (Profit)iloss on dlsposal 26,289 23.801 (26,289) 123,801) Other financlal costs.. Bank charges Bad debts written-off Provision for doubtful debts 1,110 2,619 14.976) 2.357 (1,110) Operaling surplus before inlerest 471,024 410.279 Donations Nel interest 168,988) 42,085 142,123) 24,770 Net incoming resources 444,121 392,926 Page 29
Sus$ex Hous6 School Detailed income and expenditure account for the year ended 31 August 2024 2024 2023 Teaching costs: Wages and salaries Tèachlng materials Magazi Library Activities and Clubs S¢hool functions and events Coach hlre- sports Prlntlng Other staff costs Inspection costs stationery Lunches and panty supplies Sports facllity hire and events School trlps Postage and couriers Travel and other transportation costs Subscriptlons Slgnwriting Concert and Exhlbition costs Sundry teachlng costs 2,919,162 2,758,808 47,801 56,759 18,44S 21,210 11,185 13.131 67.198 72,118 93.116 70.675 85,556 75.282 11,569 13.105 22.111 49,841 9,156 1,944 11.140 10,902 55.730 46,494 76,183 69.968 49,831 42,476 6,445 7,842 3,634 2,492 6,096 8,750 6,160 250 135,908 117.744 4,569 4.353 3,640,995 3,444,144 Page 30