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Registered Company Number: 03487651
Registered Charity Number: 1068256
SIBFORD SCHOOL
(A Company Limited by Guarantee)
GOVERNORS’ ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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SIBFORD SCHOOL
YEAR ENDED 31 JULY 2023
CONTENTS
Page Legal and Administrative Information 1-2 Annual Report of the the Governors: Directors’ Report 3-8 Strategic Report 9-13 Independent Auditor’s Report 14-17 Consolidated Statement of Financial Activities 18-19 Consolidated and School Balance Sheets 20-23 Consolidated Statement of Cash Flows 24 Notes to the Financial Statements 25-50
Annual Report of the the Governors:
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£994,874 (£929,397 in 2021/22) of which means-tested awards totalled £138,932 (£180,173 in
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SIBFORD SCHOOL (A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL
Opinion
We have audited the financial statements of Sibford School (the 'parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated 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:
e give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 July 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Governors' 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 Group's or the parent 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 Governors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Governors 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
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SIBFORD SCHOOL
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL (CONTINUED)
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:
e the information given in the Governor's Report including the Directors' Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
e the Strategic Report and the Directors' Report included within the Governor's Report have been prepared in accordance with applicable legal requirements.
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 Strategic Report or the Directors Report included within the Governor's 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:
e the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or e the parent charitable company financial statements are not in agreement with the accounting records and returns; or ° certain disclosures of Governors’ remuneration specified by law are not made; or e we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Governors' Responsibilities Statement, the Governors (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 Governors 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 Governors are responsible for assessing the Group's and the parent 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 Governors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
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SIBFORD SCHOOL (A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the school’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within fee scholarships, bursaries and discounts and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing fee scholarships, bursaries and discounts, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and the Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: ~~www.frc.org.uk/auditorsresponsibilities.~~ This description forms part of our Auditor's Report.
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Act 2006. Our audit hose atters e are
30 April 2024
SIBFORD SCHOOL (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023 Unrestricted Restricted Endowment Total Total funds funds funds funds funds 2023 2023 2023 2023 2022 Note £ £ £ £ £ Income and endowments from: Donations and legacies 3 44,794 113,473 - 158,267 81,444 Charitable activities: School fees 6,213,617 - - 6,213,617 5,533,255 Other educational income 463,941 - - 463,941 707,272 Other ancillary trading 218,353 - - 218,353 179,316 Non ancillary trading income 7 278,092 - - 278,092 215,459 Investments 8 9,138 3,353 - 12,491 3,677 Total income and ~~SSS~~ endowments 7,227,935 116,826 - 7,344,761 6,720,423 ~~EE~~ Expenditure on: Trading costs 7,119 - - 7,119 237,053 Charitable activities 9 7,610,181 65,684 - 7,675,865 6,998,420 Total expenditure 7,617,300 65,684 - 7,682,984 7,235,473 Net (expenditure)/income before net gains/(losses) on investments (389,365) 51,142 - (338,223) (515,050) Net gains/(losses) on investments 3,095 - (3,459) (364) (5,701) Net movement in ~~SSS~~ funds (386,270) 51,142 (3,459) (338,587) (520,751)
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SIBFORD SCHOOL
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND
EXPENDITURE ACCOUNT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2023 2023 2023 2023 2022
Note £ £ £ £ £
Reconciliation of
funds: 22
Total funds brought
forward 5,062,807 398,578 64,876 5,526,261 6,047,012
Net movement in funds (386,270) 51,142 (3,459) (338,587) (520,751)
Total funds carried ee —eSESSSSsSSSS S SSsSsSsSE/eeS S SSsSsSsSeseF
forward 4,676,537 449,720 61,417 5,187,674 5,526,261
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
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The notes on pages 25 to 50 form part of these financial statements.
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SIBFORD SCHOOL
(A Company Limited by Guarantee)
REGISTERED NUMBER: 03487651
CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2023
2023 2022
Note £ £
Fixed assets
Tangible assets 14 6,196,236 6,125,863
Investments 15 92,584 92,948
6,288,820 6,218,811
Current assets
Stocks 16 37,151 48,158
Debtors 17 489,181 499,343
Cash at bank and in hand 276,722 726,447
803,054 1,273,948
Creditors: amounts falling due within one
year 18 (1,531,201) (1,453,977)
Net current (liabilities) / assets (728,147) (180,029)
Total assets less current liabilities 5,560,673 6,038,782
Creditors: amounts falling due after more
than one year 19 (372,999) (512,521)
Total net assets 5,187,674 5,526,261
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30 April 2024
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SIBFORD SCHOOL
(A Company Limited by Guarantee)
REGISTERED NUMBER: 03487651
COMPANY BALANCE SHEET
AS AT 31 JULY 2023
2023 2022
Note £ £
Fixed assets
Tangible assets 14 6,196,236 6,117,251
Investments 15 92,588 92,952
6,288,824 6,210,203
Current assets
Stocks 16 37,151 48,158
Debtors 17 489,181 492,838
Cash at bank and in hand 276,722 726,447
803,054 1,267,443
Creditors: amounts falling due within one
year 18 (1,531,201) (1,442,463)
Net current (liabilities) / assets (728,147) (175,020)
Total assets less current liabilities 5,560,677 6,035, 183
Creditors: amounts falling due after more
than one year 19 (372,999) (512,521)
Total net assets 5,187,678 5,522,662
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30 April 2024
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SIBFORD SCHOOL (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Note £ £ Cash flows from operating activities Net cash provided by operating activities 24 243,560 (271,507) Cash flows from investing activities Dividends and interest from investments 12,491 3,677 Proceeds from the sale of tangible fixed assets 150 - Purchase of tangible fixed assets (526,379) (515,620) Transfer out of investments - 328,041 Net cash used in investing activities (513,738) (183,902) Cash flows from financing activities Repayments of borrowing (133,654) - Finance costs paid (44,541) (9,389) Net cash used in financing activities (178,195) (9,389) Change in cash and cash equivalents in the year (448,373) (464,798) Cash and cash equivalents at the beginning of the year 725,095 1,189,893 Cash and cash equivalents at the end of the year 25 276,722 725,095
The notes on pages 25 to 50 form part of these financial statements
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
General information
Sibford School is a registered charity with the Charity Commission England and Wales (charity number 1068256) and is incorporated as a company limited by guarantee (company number 03487651). The address of its principal address and registered office is Sibford School, The Hill, Sibford Ferris, Banbury, Oxon, OX15 5QL.
- Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention, with the exception of investments which are held at market value. 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), the Companies Act 2006 and the Charities Act 2011.
Sibford School meets the definition of a public benefit entity under FRS 102.
The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates. Amounts are rounded to the nearest £1.
The principal accounting policies, which have been prepared on a consistent basis within that convention are set out below. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
2.2 Going concern
As part of the assessment made to determine if going concern is the correct basis for the financial statements, the governors have prepared budgets and cashflow forecasts considered a range of different scenarios spanning 24 months from the end of the financial year.
Based on the workings prepared and the scenarios considered, the School has sufficient resources in order to meet its ongoing obligation. The School's cash position has been considered and any pinchpoints will be appropriately addressed to avoid any issues. If there is any early warning signals of a downturn in the School's position, the School has considered actions it can take to mitigate any issues. On this basis the Governors have considered it appropriate to prepare the financial statements on a going concern basis.
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Accounting policies (continued)
2.3 Basis of consolidation
The financial statements include the results of the Charity’s own operations and of its wholly owned non-charitable trading subsidiary, Sibford Trading Limited and is consolidated on a line-by-line basis. The Charity constitutes Sibford School and Sibford School Foundation. All inter group sales and profits are eliminated fully on consolidation.
The School has taken advantage of the exemptions in FRS 102 from the requirements to present a School only Cash Flow Statement and certain disclosures about the charity's financial instruments. Sibford Trading Limited’s principal activity is the operation of the shop on the campus and the provision of sports, art, music and leisure facilities.
The School has also taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
2.4 Fees and similar income
Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School, but include contributions received from restricted funds for Scholarships, Bursaries and other grants. Fees received for education to be provided in future years are carried forward as advance fees on the Balance Sheet.
2.5 Donations Donations are accounted for when the School has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Donations receivable for the general purposes of the School are credited to unrestricted funds or as a designated fund as allocated by the Governors. Donations for purposes restricted by the wishes of the donor are taken to restricted funds where these wishes are legally binding on the Governors. Donations required to be retained as capital in accordance with the donor’s wishes are accounted for as endowed expendable or permanent funds according to the nature of the restriction.
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Accounting policies (continued)
2.6 Expenditure
Expenditure is included in the Statement of Financial Activities on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate.
The irrecoverable element of VAT is included with the item of expense to which it relates.
Costs of raising funds includes all financing and fundraising costs.
Charitable activity expenses are allocated to functional groups on a direct cost basis or apportioned ona Staff time basis.
Governance costs are included within support costs and comprise the costs of running the School, including strategic planning for its future development, also external audit, any legal advice for the Governors, and the costs of complying with constitutional and statutory requirements, such as the costs of Governor meetings and of preparing statutory financial statements.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
2.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.8 Taxation
As a registered Charity the School is entitled to taxation exemptions on all its income and gains, as long as they are properly applied for its charitable purpose.
2.9 Tangible fixed assets and depreciation
Assets are included at their original cost at the date of acquisition. The School has a policy of capitalising fixed assets, where expenditure on such assets is in excess of £2,000.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives as follows: Freehold buildings - 2% - 8% per annum- straight line Fixtures and fittings - 10% per annum - straight line Motor vehicles - 20% per annum -— straight line Computer equipment - 25% per annum -— straight line
Depreciation is charged in the year of acquisition pro-rated on a monthly basis.
Freehold land is not depreciated. Assets in the course of construction are included at cost and are not depreciated until they are brought into use.
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Accounting policies (continued)
2.10 Investments
Listed investments are valued at their quoted market price at the year-end.
Gains and losses arising from the sale of investments are disclosed as gains or losses in the Statement of Financial Activities, being the difference between the sale proceeds and the market value at the last accounting date. Changes in the valuation of investments during the year are also shown as gains or losses in the Statement of Financial Activities.
2.11 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.12 Debtors
Short term debtors are initially measured at transaction price, less any impairment.
2.13 Cash
Cash is represented by cash in hand and deposits with financial institutions.
2.14 Creditors
Short term creditors are initially measured at the transaction price.
2.15 Recognition of liabilities Liabilities are recognised once there is a legal or constructive obligation that commits the School to the obligation.
2.16 Basic financial instruments
The School 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.
2.17 Finance leases and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the School. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Accounting policies (continued)
2.18 Operating leases Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
2.19 Pensions
The Charity contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multiemployer pension scheme and it is not possible to identify the assets and liabilities of the scheme, which are attributable to the School. In accordance with FRS 102, the scheme is accounted for as a defined contribution scheme.
The School also contributes to personal pension schemes for non-teaching staff. As defined contribution schemes, these contributions are accrued accordingly. 2.20 Fund accounting
The general funds comprise the accumulated surplus. As such, the Governors consider these funds to be unrestricted funds within the definitions contained in the Charities Act 2011 in that they are funds over which they have complete discretion as to their use in furthering the School’s objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. As detailed in Note 23 the School holds assets donated under permanent endowment. Where such an asset is sold, the proceeds of the sale are treated as capital receipts and are taken directly to the permanent endowment fund.
Income arising on general purpose permanent endowment fund investments is treated as restricted income of the School. 2.21 Deposits
As the School does not have an unconditional right to retain individual deposits for at least 12 months after the Balance Sheet date, in line with FRS 102, the balance of deposits held at year-end has been included within current liabilities.
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SIBFORD SCHOOL
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
3. Income from donations
Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
£ £ £ £
Donations 44,794 113,473 158,267 81,444
Total 2022 45,317 36,127 81,444
4. Fee income analysis
2023 2022
£ £
The School's fee income comprised:
Gross fees 7,142,807 6,406,624
Less: Total bursaries, grants and allowances (994,874) (929, 396)
6,147,933 5,477,228
Add back: Bursaries and discounts paid for by restricted funds 65,684 56,027
Total 6,213,617 5,533,255
Fee income all relates to unrestricted funds during this and the prior year.
5. Other educational income
2023 2022
£ £
Registration and assessment fees 15,715 15,150
Additional tuition and activity fees 119,307 95,958
Educational support 261,139 350,909
Fee extras 81,722 245,255
477,883 707,272
Other educational income all relates to unrestricted funds during this and the prior year.
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SIBFORD SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 6. Other ancillary trading income 2023 2022 £ £ Minibus income 203,431 178,123 Non-refundable deposits 980 1,193 204,411 179,316 Other ancillary trading income all relates to unrestricted funds during this and the prior year. 7. Non ancillary trading income Income from non charitable trading activities Unrestricted Total Total funds funds funds 2023 2023 2022 £ £ £ Sibford Trading Limited income - - 103,641 Facility hire income 169,167 169,167 42,354 Rents receivable 60,393 60,393 43,985 Miscellaneous income 48,532 48,532 25,479 278,092 278,092 215,459 Total 2022 215,459 215,459 8. Investment income Unrestricted Restricted Total Total funds funds funds funds 2023 2023 2023 2022 £ £ £ £ Investment income 9,138 3,353 12,491 3,677 Total 2022 641 3,036 3,677
- Other ancillary trading income
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Analysis of expenditure on charitable activities Summary by fund type
Unrestricted Restricted funds funds Total Total 2023 2023 2023 2022 £ £ £ £
Teaching 3,287,849 65,684 3,353,533 3,037,257 Welfare 1,771,277 - 1,771,277 1,708,295 Premises 958,031 - 958,031 854,242 Support costs 1,593,024 - 1,593,024 1,398,626 7,610,181 65,684 7,675,865 6,998,420 Total 2022 6,942,393 56,027 6,998,420 Analysis of expenditure expenditure by activities Activities undertaken Total Total directly funds funds 2023 2023 2022 £ £ £ Teaching 3,353,533 3,353,533 3,037,257 Welfare 1,771,277 1,771,277 1,708,295 Premises 958,031 958,031 854,242 Support costs 1,593,024 1,593,024 1,398,626 7,675,865 7,675,865 6,998,420 Total 2022 6,998,420 6,998,420
- Analysis of expenditure expenditure by activities
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SIBFORD SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Analysis of expenditure by activities (continued) Analysis of direct costs Support Total Total Teaching Welfare Premises costs funds funds 2023 2023 2023 2023 2023 2022 £ £ £ £ £ £ Staff costs 2,884,861 781,142 201,786 558,842 4,426,631 4,329,953 Depreciation - - 419,400 35,345 454,745 449,987 Other 468,672 990,135 336,845 998,837 2,794,489 2,218,480 3,353,533 1,771,277 958,031 1,593,024 7,675,865 6,998,420 Total 2022 3,037,257 1,708,295 854,242 1,398,626 6,998,420 Support costs include governance costs of £91,608 (2022: £40,321) which relate to the audit fee and other professional fees. 11. Auditor's remuneration 2023 2022 £ £ Fees payable to the Company's auditor for the audit of the Company's annual accounts 21,000 21,500 Fees payable to the Company's auditor in respect of: All taxation advisory services not included above 1,000 2,600 All non-audit services not included above 2,200 3,000
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SIBFORD SCHOOL
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
12. Staff costs
Group Group Company Company
2023 2022 2023 2022
£ £ £ £
Wages and salaries 3,415,066 3,463,321 3,415,066 3,380,479
Social security costs 329,780 310,498 329,780 304,656
Contribution to defined contribution pension
schemes 681,785 650,594 681,785 644,818
4,426,631 4,424,413 4,426,631 4,329,953
During the year the School made termination payments, including redundancy, totalling £36,320 (2022:
ENil).
The average number of persons employed by the Company during the year was as follows:
Group Group
2023 2022
No. No.
Teaching 68 60
Support 80 84
148 144
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was:
Group Group
2023 2022
No. No.
In the band £60,001 - £70,000 2 -
In the band £70,001 - £80,000 1 -
In the band £90,001 - £100,000 - 1
In the band £100,001 - £110,000 1 -
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In the band £70,001 - £80,000 In the band £90,001 - £100,000 In the band £100,001 - £110,000 Senior management team remuneration amounted to £403,025 (2022: £435,595).
- Governors’ remuneration and expenses
During the year, no Governors received any remuneration or other benefits (2022 - £NIL). During the year ended 31 July 2023, expenses totalling £10,027 were reimbursed or paid directly to 6 Governors (2022 - £12,830 to 4 Governors). Expenses related to travel costs, postage and subsistence.
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SIBFORD SCHOOL
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
14. Tangible fixed assets
Group
Freehold
land and Motor Fixtures and
buildings vehicles fittings Total
£ £ £ £
Cost or valuation
At 1 August 2022 10,705,970 79,355 1,942,332 12,727,657
Additions 451,751 21,678 53,258 526,687
Disposals - (4,794) (140,215) (145,009)
At 31 July 2023 11,157,721 96,239 1,855,375 13,109,335
Depreciation
At 1 August 2022 4,743,335 48,157 1,810,302 6,601,794
Charge for the year 385,090 13,101 56,554 454,745
On disposals - (4,794) (138,646) (143,440)
At 31 July 2023 5,128,425 56,464 1,728,210 6,913,099
Net book value
At 31 July 2023 6,029,296 39,775 127,165 6,196,236
At 31 July 2022 5,962,635 31,198 132,030 6,125,863
Company
Freehold
land and Motor Fixtures and
buildings vehicles fittings Total
£ £ £ £
Cost or valuation
At 1 August 2022 10,705,970 79,355 1,794,769 12,580,094
Additions 451,751 21,678 53,258 526,687
Transfers intra group - - 147,563 147,563
Disposals - (4,794) (140,215) (145,009)
At 31 July 2023 11,157,721 96,239 1,855,375 13,109,335
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Tangible fixed assets (continued)
Company (continued)
Freehold land and Motor Fixtures and buildings vehicles fittings Total £ £ £ £ Depreciation At 1 August 2022 4,743,335 48,157 1,671,351 6,462,843 Charge for the year 385,090 13,101 56,554 454,745 Transfers intra group - - 138,951 138,951 On disposals - (4,794) (138,646) (143,440) At 31 July 2023 5,128,425 56,464 1,728,210 6,913,099 Net book value At 31 July 2023 6,029,296 39,775 127,165 6,196,236 At 31 July 2022 5,962,635 31,198 123,418 6,117,251
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Fixed asset investments
Listed investments Group £ Cost or valuation At 1 August 2022 92,948 Revaluations (364) At 31 31 July 2023 2023 92,584 Investments in subsidiary Listed companies investments Total Company £ £ £ Cost or valuation At 1 August 2022 4 92,948 92,952 Revaluations - (364) (364) At 31 Julyly 2022023 4 92,584 92,588 Stocks Group Group Company Company 2023 2022 2023 2022 £ £ £ £ Goods for resale 37,151 48,158 37,151 48,158
Cost or valuation At 1 August 2022 Revaluations At 31 31 July 2023 2023
- Stocks
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SIBFORD SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Debtors Group Group Company Company 2023 2022 2023 2022 £ £ £ £ School fees and trade debtors 280,134 183,678 280,134 178,506 Other debtors 15,986 13,910 15,986 12,577 Prepayments and accrued income 193,061 301,755 193,061 301,755 489,181 499,343 489,181 492,838 No interest was charged on the loan to Sibford Trading Limited during the year (2022: 2% per annum). The intercompany loan was written off during the year and the balance had been fully impaired as at 31 July 2022, at a value of £1,350,557. £1,350,557. Trade debtors are stated after impairment totalling £125,586 (2022: £112,059). Creditors: Amounts falling due within one year Group Group Company Company 2023 2022 2023 2022 £ £ £ £ Bank overdraft - 1,352 - - Bank loans 133,654 120,000 133,654 120,000 Advance fees (see note 20) 158,427 103,604 158,427 103,604 Trade creditors 177,711 264,448 177,711 263,020 Deposits held 334,236 322,200 334,236 322,200 Other taxation and social security 77,769 71,384 77,769 71,384 Obligations under finance lease and hire purchase contracts 5,729 5,729 5,729 5,729 Other creditors 304,782 296,242 304,782 291,008 Accruals and deferred income 338,893 269,018 338,893 265,518 1,531,201 1,453,977 1,531,201 1,442,463
- Debtors
No interest was charged on the loan to Sibford Trading Limited during the year (2022: 2% per annum). The intercompany loan was written off during the year and the balance had been fully impaired as at 31 July 2022, at a value of £1,350,557. £1,350,557.
- Creditors: Amounts falling due within one year
The hire purchase liability is secured on the asset it relates to. At the year end, the motor vehicle had a carrying amount of ENil (2022: ENil).
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SIBFORD SCHOOL
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Group Group Company Company
2023 2022 2023 2022
£ £ £ £
Deferred income at 1 August 2022 84,494 2,295 84,494 2,295
Resources deferred during the year 163,474 84,494 163,474 84,494
Amounts released from previous periods (84,494) (2,295) (84,494) (2,295)
163,474 84,494 163,474 84,494
Deferred income relates to activities and trips taking place in the following financial year.
19. Creditors: Amounts falling due after more than one year
Group Group Company Company
2023 2022 2023 2022
£ £ £ £
Bank loans 370,114 480,000 370,114 480,000
Advance fees (see note 20) 2,885 32,521 2,885 32,521
372,999 512,521 372,999 512,521
Included within the above are amounts falling due as follows:
Group Group Company Company
2023 2022 2023 2022
£ £ £ £
Between one and two years
Bank loans 133,655 120,000 133,655 120,000
Between two and five years
Bank loans 236,459 360,000 236,459 360,000
Over five years
The bank loan is secured by a first legal mortgage over the freehold property of the School. And a
guarantee provided and properly executed by Sibford Trading Limited in respect of all monies, debts and
liabilities owed or incurred by the Borrower to the bank up to £2million.
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SIBFORD SCHOOL
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
20. Advance fee payments - Group and School
Parents may enter into a contract to pay the School tuition fees in advance. Assuming pupils will remain
in the School, advance fees will be applied as follows:
2023 2022
£ £
Due within one year 158,427 103,604
Due within two to five years 2,885 32,521
161,312 136,125
The movement during the year on advanced fees was as follows:
2023 2022
£ £
Balance at 1 August 2022 136,125 436,941
New advanced fees received in the year 215,608 62,675
Amounts utilised in payment of fees (190,421) (269,327)
Amounts reclassified to other creditors - (94, 164)
Balance at 31 July 2023 161,312 136,125
21. Financial instruments
Group Group Company Company
2023 2022 2023 2022
£ £ £ £
Financial assets
Financial assets measured at fair value
through income and expenditure 92,584 92,948 92,584 92,948
Financial assets measured at fair value through income and expenditure comprise listed investments.
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
Statement of funds
Statement of funds - current year
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Balance at 1 Gains/ Balance at
August 2022 Income Expenditure (Losses) 31 July 2023
£ £ £ £ £
Unrestricted funds
General Fund - School 5,059,208 7,231,534 (7,617,300) 3,095 4,676,537
Sibford Trading (1,346,958) 1,346,958 - - -
Provision against intercompany
loan 1,350,557 (1,350,557) - - -
5,062,807 7,227,935 (7,617,300) 3,095 4,676,537
Permanent endowment funds
Bursary Fund Sibford Old
Scholars' 51,608 - - (2,808) 48,800
Bursary Fund 9,118 - - (503) 8,615
Bantam Fund 704 - - (39) 665
F Braithwaite Fund 293 - - (57) 236
Mabel Harrod Fund 741 - - (41) 700
Group Santander 203 - - 112 315
Richardson Fund 443 - - (24) 419
Reason Fund 1,766 - - (99) 1,667
64,876 - - (3,459) 61,417
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Statement of funds (continued)
Balance at 1 Gains/ Balance at August 2022 Income Expenditure (Losses) 31 July 2023 £ £ £ £ £
Restricted funds
Income from other endowment funds 26,373 3,353 - - 29,726 Reckitt Family 14,917 25,000 (29,019) - 10,898 Music Department 4,077 7,864 - - 11,941 Support for Learning 3,500 - (3,500) - - Sibford Foundation 260,632 10,479 - - 271,111 Ardenhurst School Trust 1,694 - - - 1,694 Edwards Family Awards 9,596 - (4,501) - 5,095 Hardship Fund 3,342 - - - 3,342 G Cadbury 2,008 10,000 (12,008) - - Bursary fund 71,939 130 (13,579) - 58,490 M Smallwood 500 - (500) - - Reckitt Grant - 60,000 (2,577) - 57,423 398,578 116,826 (65,684) - 449,720 Total of funds 5,526,261 7,344,761 (7,682,984) (364) 5,187,674
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Statement of funds (continued)
Statement of funds - prior year
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Balance at
1 August Gains/ __ Balance at
2021 Income Expenditure (Losses) 31 July 2022
£ £ £ £ £
Unrestricted funds
General Fund - School 5,505,603 6,604,415 (7,046,834) (3,976) 5,059,208
Sibford Trading (1,196, 139) 103,641 (254,460) - (1,346,958)
Consolidation adjustments - (26,796) 26,796 - -
Provision against intercompany
loan 1,255,505 - 95,052 - 1,350,557
5,564,969 6,681,260 (7,179,446) (3,976) 5,062,807
Permanent endowment funds
Bursary Fund Sibford Old
Scholars' 52,941 - - (1,333) 51,608
Bursary Fund 9,353 - - (235) 9,118
Bantam Fund 722 - - (18) 704
F Braithwaite Fund 301 - - (8) 293
Mabel Harrod Fund 760 - - (19) 741
Group Santander 258 - - (55) 203
Richardson Fund 454 - - (11) 443
Reason Fund 1,812 - - (46) 1,766
66,601 - - (1,725) 64,876
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Statement of funds (continued)
Balance at 1 August Gains/ __ Balance at 2021 Income Expenditure (Losses) 31 July 2022 £ £ £ £ £ Restricted funds Income from other endowment funds 23,337 3,036 - - 26,373 Reckitt Family 30,391 25,000 (40,474) - 14,917 Music Department 4,077 - - - 4,077 Support for Learning 3,500 - - - 3,500 Sibford Foundation 260,632 - - - 260,632 Ardenhurst School Trust 1,694 - - - 1,694 Edwards Family Awards 15,149 - (5,553) - 9,596 Hardship Fund 3,097 245 - - 3,342 G Cadbury 2,008 10,000 (10,000) - 2,008 Bursary fund 71,557 382 - - 71,939 M Smallwood - 500 - - 500 415,442 39,163 (56,027) - 398,578 Total of funds 6,047,012 6,720,423 (7,235,473) (5,701) 5,526,261
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Statement of funds (continued)
Permanent endowment funds The capital of the Tomlinson Bequest has been invested and the income has been applied for the purpose of assisting in the educational fees of children that have at least one parent who is a practicing Quaker.
The Bursary Fund and the Sibford Old Scholars’ Bursary Fund consist of the donations held on investment from which the income arising is to be used to provide bursaries to pupils at the School.
The income from the other endowment funds is to be used for various purposes including the provision of library books and other educational equipment, as well as to fund prizes for students for achievements in Science and Music. The income arising from these funds is included in restricted funds.
Restricted funds The Reckitt Family Fund was offered for the provision of education for one pupil, who would for financial reasons not otherwise be able to attend Sibford School. The donation will cover fees for the agreed pupil and any remaining money will be used for the purpose of capital works.
The Music Department fund is donations received which are required to be utilised for the benefit of the music department.
Support for Learning funds is for resources which are required to be spent on the support for learning services provided by the school.
The income from endowment funds is interest receivable on funds that are expended as explained above. The Sibford Foundation funds are to be expended on the advancement of education for the pupils in Sibford School.
The Ardenhurst School Trust Fund is for the purchase of trophies for Music and Science achievements. Edwards Family Awards was a donation for awards for pupils with promise in crafts.
The PSFA donation was for a climbing wall.
G Cadbury fund is to be used to support a bursary for a child who otherwise would not be able to attend the school.
Funds were donated during the year with the intention to cover bursaries..
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SIBFORD SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 23. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted Endowment Total funds funds funds funds 2023 2023 2023 2023 £ £ £ £ Tangible fixed assets 6,196,236 - - 6,196,236 Fixed asset investments 31,167 - 61,417 92,584 Current assets 352,313 449,720 - 802,033 Creditors due within one year (1,550,534) - - (1,550,534) Creditors due in more than one year (352,645) - - (352,645) Total 4,676,537 449,720 61,417 5,187,674 Analysis of net assets between funds - prior year Unrestricted Restricted Endowment Total funds funds funds funds 2022 2022 2022 2022 £ £ £ £ Tangible fixed assets 6,125,863 - - 6,125,863 Fixed asset investments 28,072 - 64,876 92,948 Current assets 875,370 398,578 - 1,273,948 Creditors due within one year (1,453,977) - - (1,453,977) Creditors due in more than one year (512,521) - - (512,521) Total 5,062,807 398,578 64,876 5,526,261
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SIBFORD SCHOOL
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
24. Reconciliation of net movement in funds to net cash flow from operating activities
Group Group
2023 2022
£ £
Net expenditure for the year (as per Statement of Financial Activities) (338,587) (520,751)
Adjustments for:
Depreciation charges 454,745 451,416
Losses/(Gains) on investments 364 5,701
Investment income (12,491) (3,677)
Loss on the sale of fixed assets 1,419 -
Decrease/(increase) in stocks 11,007 (5,920)
Decrease/(increase) in debtors 10,790 (188,492)
Increase/(decrease) in creditors 71,772 (19,173)
Finance costs 44,541 9,389
Net cash (used in)/provided by operating activities 243,560 (271,507)
25. Analysis of cash and cash equivalents
Group Group
2023 2022
£ £
Cash in hand 276,722 726,447
Overdraft facility repayable on demand - (1,352)
Total cash and cash equivalents 276,722 725,095
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SIBFORD SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 26. Analysis of changes in net debt Other nonAt 1 August cash At 31 July 2022 Cash flows changes 2023 Py £ £ £ Cash at bank and in hand 726,447 (449,725) - 276,722 Bank overdrafts repayable on demand (1,352) 1,352 - - Debt due within 1 year (120,000) 120,000 (133,654) (133,654) Debt due after 1 year (480,000) - 109,886 (370,114) Finance leases (5,729) - - (5,729) 119,366 (328,373) (23,768) (232,775) 27. Capital commitments Group Group Company Company 2023 2022 2023 2022 £ £ £ £ Contracted for but not provided in these financial statements Acquisition of tangible fixed assets - 232,322 - 232,322
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SIBFORD SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Pension commitments
The School withdrew from the Teacher's Pension Scheme from 31 August 2021 and teaching staff now contribute into a defined contribution scheme. Amounts paid into the scheme for the year were £625,361 (2022: £529,231). There were contributions of £47,305 (2022: £47,803) outstanding at the year end. The School also runs a scheme for its non-teaching staff, which is a defined contribution scheme. Amounts paid into the scheme for the year were £122,202 (2022: £118,679). There were contributions of £10,692 (2022: £9,840) outstanding at the year end. Operating lease commitments At 31 July 2023 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows: Group Group 2023 2022 £ £ Not later than 1 year 548,404 571,411 Later than 1 year and not later than 5 years 63,033 110,795 611,437 682,206
- Operating lease commitments
At 31 July 2023 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
Total lease payments made during the year amounted to £489,409 (2022: £568, 186).
- Related party transactions
During the prior year the School employed the partner of a Governor of the School, R Bee. Total remuneration was £12,808 and pension contributions were £2,909. Sibford Trading Limited (company number 03735449) is a wholly (100%) owned trading subsidiary of Sibford School. The entity exists to undertake any non-primary purpose trading activity with any profits being donated back to the school under Gift Aid rules. Sibford Trading ceased trading during the year and the only activity with the School was the write off the Intercompany loan, which totalled £1,350,557. The Intercompany loan had been fully provided for in the School at 31 July 2022, at the value of £1,350,557. No interest was charged on the loan in 2023 (2022: £26.796). No fuel and light re-charges were paid by the School on behalf of the Company during the year (2022: £81,125). Its trading results for the year, as extracted from the audited financial statements, are summarised in Note 31.
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SIBFORD SCHOOL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
- Principal subsidiaries
The following was a subsidiary undertaking of the Company: Name Company Registered office or principal Class of Holding number place of business shares Sibford Trading Limited 03735449 Sibford School, Sibford Ferris, Ordinary 100% Banbury, Oxfordshire, OX15 5QL The financial results of the subsidiary for the year were: Name Income Surplus/ Net assets £ (Deficit) for £ the year £ Sibford Trading Limited 1,346,954 1,346,954 4
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