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← Child Light Limited

2024-07-31-accounts

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

Registered number: 02928829 Charity number: 1039099

CHILD LIGHT LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

CONTENTS
Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 8
Independent auditors' report on the financial statements 9 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 35

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024

Trustees

Mr D E C Alderson Mr T Amies, Chair Revd C M Meakin Revd Dr R McDonald Mrs F Hough Mrs T Anifalaje Dr P Martin (appointed 10 June 2024)

Company registered number

02928829

Charity registered number

1039099

Registered office

17-19 Brookside Cambridge CB2 1JE

Company secretary

Mr J W Fletcher

Chair of the Trustees

Mr T Amies

Independent auditors

Griffin Stone Moscrop & Co Chartered Accountants 21 - 27 Lamb's Conduit Street London WC1N 3GS

Bankers

Lloyds Bank 5 The Square Petersfield Hampshire GU32 3HL

Page 1

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2024

The Trustees present their annual report together with the audited financial statements of the Company for the 1 August 2023 to 31 July 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Structure, governance and management

a. Constitution

Child Light Limited is a registered charity and was established in 1994. It is a private company limited by guarantee with the company number 02928829.

The company is constituted under a Memorandum of Association and is a registered charity number 1039099.

Day to day management of the charity and its principal activity (Heritage School) is delegated to Mr Jason Fletcher, Headmaster of Heritage School (Chief Executive of the charity).

b. Recruitment, Appointment and Induction of Trustees

Invitations are extended from time to time to suitable qualified and experienced men and women to become Trustees, following consultation with the existing body of Trustees. Newly appointed Trustees are provided with the induction materials, including a copy of the Memorandum of Association. They will have an induction with fellow Trustees and the Chief Executive and will be expected to spend time familiarising themselves with the workings of the charity.

Page 2

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

Day to day management of the operations of the charity, particularly its principal activity Heritage School, is overseen by the Headmaster (Chief Executive).

Within Heritage School there is a Senior Leadership Team consisting of the Headmaster, the Deputy Head, the Bursar, the Head of Infants, the Head of Juniors and the Head of Seniors. This team meets fortnightly to consider operational matters and whole-school policy decisions.

Beneath this Senior Leadership Team, teachers meet in their departments regularly as required. Head of subject areas hold meetings as required. Staff meetings involving Infant School and Junior School class teachers are held fortnightly as are staff meetings for Senior School teachers. INSET training occurs four times per year for all staff. All of these meetings provide opportunities for discussion of educational philosophy and methodology and feedback regarding relevant policy and operational matters.

Day-to-day financial oversight is exercised jointly by the Headmaster and the Bursar in relation to the budget approved by Trustees. Budgetary responsibility for specific departments is devolved to heads of subject areas, the Head of Infants or the Head of Juniors. Budgetary responsibility for our enrichment programme is managed by our Head of Enrichment.

Bursaries are awarded by a Bursary Committee, which will always include at least one Trustee. Within overall levels approved by Trustees, the Bursary Committee awards bursaries following a means-tested application process. The Headmaster is not a member of the Bursary Committee.

Trustees have responsibility over all operational and policy decisions taken by the management of the school (and the charity as a whole). Specifically, they routinely consider:

d. Internal Controls and Risk Management

The systems of internal control are designed to provide reasonable, but not absolute assurance against misstatement and loss. They include:

Page 3

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Structure, governance and management (continued)

e. Related party relationships

Three of the trustees (Revd C M Meakin, Mrs T Anifalaje and Revd Dr. R McDonald) have between them six (2023 - seven) children who attend the school.

The company secretary, who is also the Headmaster, and his wife are employees of the school. The salaries and any benefits to which they are entitled are on terms no more favourable than those of any other employee.

f. Financial risk management

The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Objectives and activities

a. Policies and objectives

The objects of the charity as stated in its Memorandum and Articles of Association:

b. Strategies for achieving objectives

The charity pursues the above stated objects by providing advice, advocacy or information, by undertaking research, by acting as an umbrella or resourcing body and by directly delivering services.

Child Light Limited is particularly concerned to advance the approach to education articulated by Charlotte Mason and the PNEU (Parents National Education Union).

The primary strategy used to implement the charity’s objectives is the operation of Heritage School, whose activities are described below.

c. Main activities undertaken to further the Company's purposes for the public benefit

The activities undertaken in the past by Child Light have always included more than the direct provision of educational services. Child Light has advanced education more broadly through the provision of advice, advocacy or information including publications, undertaking research and acting as an umbrella body. During 2023-24 Child Light offered advice to other educators through a new initiative called Educator Training Days, as well as through one-to-one consultancy visits by educators to Heritage School.

Child Light also continued to serve the wider community by hiring our facilities at a reasonable cost to other educational providers.

In addition, our accessible fee structure is intended to make the work of Child Light as beneficial to as wide a segment of the population as possible.

Page 4

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Strategic report

Achievements and performance

a. Main achievements of the Company

During 2023-24 Heritage School was the principal activity of Child Light Limited.

We commenced 2023-24 with 194 pupils. It was the eighth academic year in which we had a single class in each year group from Reception to Year 11.

Our Leavers in July 2024 received offers at their preferred destination for post-16 education and training, with Hills Road Sixth Form as the most common. They achieved excellent results relative to pre-pandemic standards, with 74% of all results being awarded either 9-7, the second highest in the city of Cambridge. ‘Added value’ analysis shows that over seven years for which we have data, Heritage pupils have achieved, on average, 1.3 grades higher per subject than standardised assessments considered ‘most likely’. This demonstrates Heritage School’s unique ability to help pupils exceed expectations.

A new Deputy Head commenced in September 2023. We also made the following teacher appointments during 2023-24 for a September 2024 start: Year 4 Class Teacher, Senior English Teacher, Senior History and RS teacher and Head of Humanities Faculty, SENCO.

Recruitment of pupils was strong during 2023-24, particularly for places in our Lower Prep (Reception) class and in our Year 7 class, leading to the highest number of pupils (200) starting in September 2024 in many years. We took the decision during 2023-24 to expand the number of pupils in our Senior classes to 20 (from 18) and in all of our Junior classes to 18 (from 16 in Year 3 and Year 4).

In April 2024 we were inspected by the ISI. All standards were met. Inspectors praised the school’s leadership for ‘effectively translating their clear vision into development plans that promote pupils’ progress and wellbeing.’ The full report can be found on our website.

In the financial year 2023-24 we have pursued a range of activities to advance Christian education along Charlotte Mason/PNEU lines including launching a formal Educator Training Day, Educator Visits and a consultancy programme.

There are factors outside of our control that affect our ability to successfully achieve our objectives, particularly pupil and staff recruitment. These wider economic factors include increased employer pension contributions in the Teachers Pensions from April 2024, the threat of higher taxes by a new Labour government, due to be implemented in late October 2024 and the loss of mandatory business rate relief from April 2025. The increased pension costs were partially mitigated through undertaking a consultation with affected staff about the conditions for continued participation in the Teachers’ Pension Scheme. At the same time, efficiency savings were introduced through outsourcing payroll services.

The impact of these uncertainties is mitigated through prudent financial management, effective marketing of the school and making use of available channels to advertise teacher vacancies. A strong service that leads to positive personal recommendations on the part of those involved with Heritage School remains a high priority.

Page 5

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Strategic report (continued)

Financial review

a. Review

Charitable activities raised £2,570,570 during 2023-2024, from which all operational costs for the school were met.

In addition, the Heritage Community Association (HCA), raised a further £11,131 in support of the work of Heritage School through a combination of fundraising activities (£7,657) and voluntary donations (£3,474).

b. Reserves policy

At the end of the 2023-24 year, £1,291,472 total funds were held, of which £25,423 were restricted. The trustees seek to build unrestricted reserves equal to 25% of the current year’s total expenditure.

c. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

d. Pay policy for senior staff

Pay and remuneration of the charity's key management personnel are determined in the light of independent school sector norms and the government's statutory guidance on pay and conditions for teachers in England and Wales (see https://www.gov.uk/government/publications/school-teachers-pay-and-conditions). These norms are used to guide the Headmaster's pay, the Deputy Head’s pay, and the value of additional responsibilities undertaken by teaching staff. Pay for school administrators is determined in relation to industry standards. The performance of key management personnel is evaluated by Trustees regularly in the course of their normal duties. Pay is not linked to performance criteria. Trustees set pay levels for all staff, including key management personnel, when they approve the annual budget.

e. Plans for future periods

In 2024-25 the operation of Heritage School will be the predominant focus of the activities of Child Light Limited. Our main developmental priorities are to:

Page 6

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Members' liability

The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Page 7

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Auditors

The auditors, Griffin Stone Moscrop & Co, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

Mr T Amies

Date: 7/3/2025

Page 8

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHILD LIGHT LIMITED

Opinion

We have audited the financial statements of Child Light Limited (the 'charitable company') for the year ended 31 July 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 9

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHILD LIGHT LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Page 10

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHILD LIGHT LIMITED (CONTINUED)

Responsibilities of trustees

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures designed and implemented to detect irregularities, including fraud, are detailed below:

· Enquiry of management and those charged with governance.

· Reviewing financial statement disclosures and testing to supporting documentation to assess compliance.

· Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of activities and reviewing accounting estimates for bias.

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

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Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHILD LIGHT LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Hill (Senior statutory auditor)

for and on behalf of Griffin Stone Moscrop & Co Chartered Accountants Statutory Auditors 21 - 27 Lamb's Conduit Street London WC1N 3GS

Date: 7/3/2025

Page 12

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

Note
Income from:
Donations and legacies
4
Charitable activities
6
Other trading activities
7
Investments
5
Other income
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
6,468
2,570,570
-
2,249
5,594
2,584,881
-
2,491,169
2,491,169
93,712
1,172,337
93,712
1,266,049		 Restricted
funds
2024
£
26,412
-
8,734
-
-
35,146
5,483
9,758
15,241
19,905
5,518
19,905
25,423		 Total
funds
2024
£
32,880
2,570,570
8,734
2,249
5,594
2,620,027
5,483
2,500,927
2,506,410
113,617
1,177,855
113,617
1,291,472		 Total
funds
2023
£
54,195
2,383,298
2,930
-
1,249
2,441,672
7,040
2,303,998
2,311,038
130,634
1,047,221
130,634
1,177,855

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 16 to 35 form part of these financial statements.

Page 13

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee) REGISTERED NUMBER: 02928829

BALANCE SHEET AS AT 31 JULY 2024

2024 2024 2023 2023
Note £ £
Fixed assets
Tangible assets 15 6,638,047 6,676,254
6,638,047 6,676,254
Current assets
Stocks 16 14,721 12,222
Debtors 17 86,139 71,826
Cash at bank and in hand 719,343 405,248
820,203 489,296
Creditors: amounts falling due within one
year 18 (463,816) (188,837)
Net current assets 356,387 300,459
Total assets less current liabilities 6,994,434 6,976,713
Creditors: amounts falling due after more
than one year 19 (5,702,962) (5,798,858)
Net assets excluding pension asset 1,291,472 1,177,855
Total net assets 1,291,472 1,177,855
Charity funds
Restricted funds 21 25,423 5,518
Unrestricted funds 21 1,266,049 1,172,337
Total funds 1,291,472 1,177,855

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Mr T Amies

7/3/2025 Date:

The notes on pages 16 to 35 form part of these financial statements.

Page 14

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 16 to 35 form part of these financial statements		 2024
£
354,197
(40,102)
(40,102)
-
-
314,095
405,248
719,343		 2023
£
224,985
(3,256)
(3,256)
(76,370)
(76,370)
145,359
259,889
405,248

Page 15

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1. General information

Child Light Limited is a company limited by guarantee, incorporated in England & Wales, whose main activity is that of operating a school. The registered office and situation of the school is 17-19 Brookside, Cambridge CB2 1JE. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Child Light Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The trustees consider there are no material uncertainties about the company's ability to continue as a going concern.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

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

2.4 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

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Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with the administration of the company and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in activities that raise funds.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

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Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

2.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Page 18

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. Accounting policies (continued)

2.12 Pensions

The company operates a defined contribution pension scheme in respect of its non-teaching staff and the pension charge represents the amounts payable by the company to the fund in respect of the year.

The company also operates a defined benefits pension scheme in respect of its teaching staff. The scheme is a state plan where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the company's share of the underlying assets and liabilities of the plan. Therefore, as required by Section 28 of FRS 102, the company accounts for this scheme as if it was a defined contribution scheme. Contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

2.13 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

3. Accounting estimates and areas of judgment

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates, but these are unlikely to be material.

4. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
6,468
Total 2023
44,529		 Restricted
funds
2024
£
26,412
9,666		 Total
funds
2024
£
32,880
54,195		 Total
funds
2023
£
54,195

Page 19

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

5. Investment income

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Investment income 2,249 2,249 -

6. Income from charitable activities

Unrestricted
funds
2024
£
Heritage School income
2,570,570
Total 2023
2,383,298		 Total
funds
2024
£
2,570,570
2,383,298		 Total
funds
2023
£
2,383,298

7. Income from other trading activities Income from fundraising events

HCA fundraising
Other fundraising
Total 2023		 Restricted
funds
2024
£
7,657
1,077
8,734
2,930		 Total
funds
2024
£
7,657
1,077
8,734
2,930		 Total
funds
2023
£
2,022
908
2,930

Page 20

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

8. Other incoming resources

Royalties received
Other interest received
Other income
Total 2023		 Unrestricted
funds
2024
£
1,570
356
3,668
5,594
1,249		 Total
funds
2024
£
1,570
356
3,668
5,594
1,249		 Total
funds
2023
£
1,249
-
-
1,249

9. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2024
£
Heritage Community Association (HCA) costs
-
Total 2023
1,371		 Restricted
funds
2024
£
5,483
5,669		 Total
funds
2024
£
5,483
7,040		 Total
funds
2023
£
7,040

Page 21

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

10. Analysis of grants

Amazing Grace School, Uganda
Total 2023		 Grants to
Institutions
2024
£
596
887		 Total
funds
2024
£
596
887		 Total
funds
2023
£
887

11. Analysis of expenditure by charitable activities

Heritage School direct costs
Total 2023		 Activities
undertaken
directly
2024
£
1,679,914
1,523,717		 Grant
funding of
activities
2024
£
596
887		 Support
costs
2024
£
820,417
779,394		 Total
funds
2024
£
2,500,927
2,303,998		 Total
funds
2023
£
2,303,998

Analysis of direct costs

Staff costs
Heritage School direct costs
Depreciation
Expenditure of income received in the Bursary fund		 Activities
2024
£
1,441,094
78,309
158,349
2,162
1,679,914		 Total
funds
2024
£
1,441,094
78,309
158,349
2,162
1,679,914		 Total
funds
2023
£
1,294,674
73,120
131,012
24,911
1,523,717

Page 22

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

11. Analysis of expenditure by charitable activities (continued)

Analysis of support costs

Staff costs
Recruitment and training
Property
Administration
Marketing
Audit
Professional fees
Finance costs
Compliance and inspections
Loss on disposal
Total 2023		 Activities
2024
£
304,054
11,473
126,459
108,657
9,981
7,306
13,387
233,571
5,529
-
820,417
779,394		 Total
funds
2024
£
304,054
11,473
126,459
108,657
9,981
7,306
13,387
233,571
5,529
-
820,417
779,394		 Total
funds
2023
£
289,962
11,660
121,234
95,192
14,832
9,657
565
231,605
4,065
622
779,394

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 July 2024, no Trustee expenses have been incurred (2023 - £NIL).

13. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £4,390 ( 2023 - £5,795 ) , and an accounts preparation fee of £2,916 (2023 - £3,862).

Page 23

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

14. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
1,352,818
117,226
275,104
1,745,148		 2023
£
1,245,757
104,871
234,008
1,584,636

The average number of persons employed by the Company during the year was as follows:

Teaching staff
Administrative staff		 2024
No.
46
12
58		 2023
No.
46
12
58

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

In the band £60,001 - £70,000

2024 2023
No. No.
1 1

The remuneration (including national insurance and pension contributions) received by key management personnel was £220,907 (2023 - £166,408). The key management personnel for the purpose of this disclosure are the Headmaster, Deputy Head and the Bursar.

Page 24

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

15. Tangible fixed assets

Cost or valuation
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Freehold
property
£
6,913,207
19,972
6,933,179
243,185
69,587
312,772
6,620,407
6,670,022		 Motor
vehicles
£
25,949
-
25,949
25,126
205
25,331
618
823		 Fixtures and
fittings
£
43,066
17,986
61,052
38,162
7,476
45,638
15,414
4,904		 Computer
equipment
£
17,864
2,144
20,008
17,359
1,041
18,400
1,608
505		 Total
£
7,000,086
40,102
7,040,188
323,832
78,309
402,141
6,638,047
6,676,254

The total net book value of the charity's freehold property has been pledged as security for liabilities. For further details, see Note 19.

16. Stocks

2024 2023
£ £
Finished goods and goods for resale 14,721 12,222

Page 25

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

17. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments
Tax recoverable		 2024
£
25,906
1,788
54,746
3,699
86,139		 2023
£
27,963
2,712
33,651
7,500
71,826

18. Creditors: Amounts falling due within one year

Bank loan
Other loans
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
96,145
4,711
38,897
4,331
319,732
463,816		 2023
£
91,962
1,313
33,203
7,165
55,194
188,837

Page 26

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

19. Creditors: Amounts falling due after more than one year

Bank loans
Other loans
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Between two and five years
Bank loans
Other loans
Over five years
Bank loans
Other loans		 2024
£
4,202,962
1,500,000
5,702,962
2024
£
98,448
204,193
500,000
3,900,321
1,000,000		 2023
£
4,298,858
1,500,000
5,798,858
2023
£
96,145
302,641
-
3,900,072
1,500,000

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable by instalments
Payable or repayable other than by instalments		 2024
£
3,900,321
1,000,000
4,900,321		 2023
£
3,900,072
1,500,000
5,400,072

Page 27

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

During the year ended 31 July 2021 a new bank loan was arranged with the charity borrowing £4,640,000 to be repaid over 30 years. This loan is subject to 3.98% interest per annum for the first 5 years and thereafter to an annual interest rate charge of 3.93% over the prevailing bank base rate. This loan is secured by a first fixed and floating legal charge over the charity's freehold properties, 17-19 Brookside (Cambridge, CB2 1JE), Panton Hall (Cambridge, CB2 1HP) and all other assets.

In addition the charity took out four other loans during the year ended 31 July 2021: - Two loans were taken out on similar terms, one for £450,000 and one for £50,000 which are to be repaid after 7 years. These loans are subject to 3% interest per annum. On the settlement of these loans, an independent valuation of 17-19 Brookside (Cambridge, CB2 1JE) will be carried out, and the charity will pay the lenders 23% and 2.60% (respectively) of any increase in the market value of the property over £4,835,000 less any 'capital expenditure on improvements'. The repayments are subject to a maximum amount equal to the original loan plus 7% compounded interest per annum.

The four loans have a second fixed charge over the charity's freehold properties and rank equally, with any payments proportionate to the loans advanced.

20. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 719,343 405,248

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.

Page 28

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

21. Statement of funds

Statement of funds - current year

Balance at 1
August 2023
£
Unrestricted funds
General fund
1,172,337
Restricted funds
Restricted funds - other
530
Amazing Grace School, Uganda
488
Bursary fund
-
Commemoration fund
4,500
Building and facilities improvement fund
-
Heritage Community Association fund
-
5,518
Total of funds
1,177,855		 Income
£
2,584,881
4,512
1,263
2,162
-
17,000
10,209
35,146
2,620,027		 Expenditure
£
Balance at
31 July 2024
£
(2,491,169)
1,266,049
(522)
4,520
(596)
1,155
(2,162)
-
(1,540)
2,960
(7,000)
10,000
(3,421)
6,788
(15,241)
25,423
(2,506,410)
1,291,472		 Expenditure
£
Balance at
31 July 2024
£
(2,491,169)
1,266,049
(522)
4,520
(596)
1,155
(2,162)
-
(1,540)
2,960
(7,000)
10,000
(3,421)
6,788
(15,241)
25,423
(2,506,410)
1,291,472
4,520
1,155
-
2,960
10,000
6,788
25,423
1,291,472

Page 29

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

21. Statement of funds (continued)

Restricted funds - other

Such resources represent small donations given for specific purposes relating to the running of the school.

Amazing Grace School, Uganda

Amazing Grace School is a school in Uganda of a roughly similar age as Heritage School. A number of the pupils are orphans, and there are boarders and day pupils. The relationship between Amazing Grace and Heritage Schools extends into the classroom as pupils write letters to one another and send art work and other items to each other. Typically, Heritage School donates the proceeds from the Christmas Concert collection and a portion of all HCA raised funds to Amazing Grace each year.

Bursary fund

Bursaries are awarded to pupils who, it is believed, will gain most from a Heritage education and will contribute fully to the life of the school. Bursaries are awarded on a sliding scale up to a maximum of 75%, with emphasis on ensuring a broad distribution, so that as many families can benefit as possible.

Commemoration fund

The Commemoration fund was established in the year ended 31 July 2022 and is to be used for any activities that celebrate the people, history, or key events in the school's life. The aim of this fund is for such activities not to place a burden on the operational funding of the school.

Building and facilities improvement fund

This fund is for donations received for the purposes of increasing, improving or repairing the facilities owned by Child Light at Brookside or Panton Hall.

Heritage Community Association fund

The Heritage Community Association (HCA) is a community made up of people with an interest in Heritage School, for instance parents of current pupils. They raise funds for Heritage School and Amazing Grace School through cake sales and second hand clothing sales, and events such as fetes.

Page 30

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General fund
Restricted funds
Restricted funds - other
Amazing Grace School,
Uganda
Bursary fund
Commemoration fund
Fixed asset fund
Total of funds		 Balance at
1 August
2022
£
1,013,804
4,776
887
22,588
2,500
2,666
33,417
1,047,221		 Income
£
2,431,098
5,763
488
2,323
2,000
-
10,574
2,441,672		 Expenditure
£
(2,278,133)
(7,107)
(887)
(24,911)
-
-
(32,905)
(2,311,038)		 Transfers
in/out
£
5,568
(2,902)
-
-
-
(2,666)
(5,568)
-		 Balance at
31 July 2023
£
1,172,337
530
488
-
4,500
-
5,518
1,177,855

22. Summary of funds

Summary of funds - current year

Balance at 1
August 2023
£
General funds
1,172,337
Restricted funds
5,518
1,177,855		 Income
£
2,584,881
35,146
2,620,027		 Expenditure
£
Balance at
31 July 2024
£
(2,491,169)
1,266,049
(15,241)
25,423
(2,506,410)
1,291,472		 Expenditure
£
Balance at
31 July 2024
£
(2,491,169)
1,266,049
(15,241)
25,423
(2,506,410)
1,291,472
1,291,472

Page 31

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 August
2022
£
1,013,804
33,417
1,047,221		 Income
£
2,431,098
10,574
2,441,672		 Expenditure
£
(2,278,133)
(32,905)
(2,311,038)		 Transfers
in/out
£
5,568
(5,568)
-		 Balance at
31 July 2023
£
1,172,337
5,518
1,177,855

23. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
6,638,047
Current assets
794,780
Creditors due within one year
(463,816)
Creditors due in more than one year
(5,702,962)
Total
1,266,049
Analysis of net assets between funds - prior period
Unrestricted
funds
2023
£
Tangible fixed assets
6,676,254
Current assets
483,778
Creditors due within one year
(188,837)
Creditors due in more than one year
(5,798,858)
Total
1,172,337		 Restricted
funds
2024
£
-
25,423
-
-
25,423
Restricted
funds
2023
£
-
5,518
-
-
5,518		 Total
funds
2024
£
6,638,047
820,203
(463,816)
(5,702,962)
1,291,472
Total
funds
2023
£
6,676,254
489,296
(188,837)
(5,798,858)
1,177,855

Page 32

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Loss on the disposal of fixed assets
Increase in stocks
Increase in debtors
Increase in creditors
Net cash provided by operating activities
25.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
26.
Analysis of changes in net debt
At 1 August
2023
£
Cash at bank and in hand
405,248
Debt due within 1 year
(93,275)
Debt due after 1 year
(5,798,858)
(5,486,885)		 2024
£
113,617
78,309
-
(2,499)
(14,313)
179,083
354,197
2024
£
719,343
719,343
Cash flows
£
314,095
(7,581)
95,896
402,410		 2023
£
130,634
73,120
622
(234)
(17,342)
38,185
224,985
2023
£
405,248
405,248
At 31 July
2024
£
719,343
(100,856)
(5,702,962)
(5,084,475)

Page 33

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

27. Related party transactions

Related party transactions not disclosed elsewhere in the financial statements are as follows: - Revd C M Meakin, a Trustee, has two (2023 - two) children who attended the school during the year; - Revd Dr. R McDonald, a Trustee, has three (2023 - three) children who attended the school during the year; and

The company secretary, who is also the Headmaster, and his wife are employees of the school. The salaries and any benefits to which they are entitled are on terms no more favourable than those of any other employee.

During the year, the charity received restricted donations totalling £2,500 (2023 - £4,300) from two (2023 - three) of its Trustees.

28. Pension commitments

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions 2014. Membership is automatic for teachers in member schools. All teachers have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme and members contribute on a 'pay as you go' basis —these contributions along with those made by employers are credited to the Exchequer. The school has accounted for its contributions to the scheme as if it were a defined contribution scheme. The school has set out below the information available on the scheme.

At the balance sheet date, no contributions were payable by the charity (2023 - same).

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employer Contribution Rate was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no cost control mechanism breach.

The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:

As a result of the valuation, new employer contribution rates have been set at 28.68% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a 0.08% administration levy).

The employer's pension costs paid to TPS in the period amounted to £252,520 (2023 - £213,262).

Page 34

Docusign Envelope ID: 12A21136-7F99-43EF-A752-7BD1226F89AE

CHILD LIGHT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

28. Pension commitments (continued)

Group Personal Pension Schemes

The School also operates a group personal pension scheme. The Scheme is a defined contribution scheme, the assets of the scheme being held separately from those of the school in independently administered funds.

The school's contributions to the Independent School’s Pension Scheme for non-teaching staff were 8.45% (combined pension and death in service benefit) (2023 - 8.5%) with employee contributions of 7% (2023 - 7%).

Employer contributions paid to the schemes in the year were £21,407 (2023 - £20,746).

Page 35