OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Sibford School

2024-07-31-accounts

Registered number: 03487651 Charity number: 1068256

SIBFORD SCHOOL

(A Company Limited by Guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

SIBFORD SCHOOL

YEAR ENDED 31 JULY 2024

CONTENTS

Page
Legal and Administrative Information 1-2
Annual Report of the Governors:
Directors’ Report 3-8
Strategic Report 9-13
Independent Auditor’s Report 14-17
Statement of Financial Activities 18-19
Balance Sheet 20-21
Statement of cash flows 22
Notes to the Financial Statements 23-45

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

BOARD OF GOVERNORS

Sibford School Governors (School Committee) the Charity Trustees of Sibford School Charity (“the Charity”), have all served in office throughout 2023/24 and up to the date of signing of the report:

Stuart Fowler – Chair Roger Chapman - Treasurer Jacqueline Dark (from 24[th] May 2024) David Fox (until 14[th] November 2023) Chris Gaskell Margaret Guy Steven Kaim-Caudle Anita March Edward Swanwick (from 24[th] May 2024) Les Robinson (until 7[th] April 2024) Elliot Wassell (until 31[st] December 2023) Bethan Whittaker (from 1[st] March 2024) Andrew Fincham (from 21[st] March 2025)

KEY PERSONNEL, COMPANY INFORMATION AND PROFESSIONAL ADVISORS

Head: Toby Spence (until 31[st] August 2023) Rebecca Evans (from 1[st] September 2023)

Business Manager and Company Secretary: Alison Lynch Principal address and Registered Office: Sibford School The Hill Sibford Ferris Banbury Oxon OX15 5QL

Website: www.sibfordschool.co.uk

Registered Company Number: 03487651 Registered Charity Number: 1068256

1

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

Auditors: Crowe U.K LLP
Statutory Auditor
4thFloor,
St James House
St James’ Square
Cheltenham
Gloucestershire
GL50 3PR
Bankers: Allied Irish Bank Plc
Birmingham City Office
61 Temple Row
Birmingham
B2 5LT
Solicitors: Veale Wasborough Vizards
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA
Investment Redmayne Bentley
Advisors: Butler House
56 West Street
Warwick
CV34 6AW
Surveyors: Cluttons Style & Whitlock
Seacourt Tower
West Way
Oxford
OX2 0JJ
Insurance Brokers: David Edwards Insurance Brokers
Stonebridge House,
Kenilworth Road,
Meriden,
West Midlands,
CV7 7LJ

2

SIBFORD SCHOOL

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

School Committee presents the annual report for the year ended 31 July 2024 under the Companies Act 2006, including Directors’ and Strategic Reports together with audited financial statements for the year, and confirm that the latter comply with the requirements of the Act, the Memorandum of Articles and the Charities SORP (FRS 102).

DIRECTORS’ REPORT

REFERENCE AND ADMINISTRATIVE INFORMATION

The School was founded in 1842 and is registered with the Charity Commission under charity number 1068256 and as a limited company number 03487651. School Committee, executive officers and principal addresses of the Charity are as listed on page 1. Particulars of the School’s professional advisors are given on page 2. The Sibford School Foundation is also registered with the Charity Commission under charity number 1068256-1.

Sibford School is a registered charity governed by an indenture, dated 6 January 1845.

The structure of the School consists of one governing body (School Committee), the details of which are explained below, together with information on how the members of School Committee are appointed to office.

The object of the Charity is the provision of education as set out in the rules of government. It is the object of the School to advance the education of children and young people and in particular to provide a school which operates in accordance with the principles of the Religious Society of Friends in Britain.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The school’s rules of government and Memorandum and Articles of Association were fully adopted on 22 November 1997.

Governing Body

School Committee is appointed by Sibford General Meeting of the Religious Society of Friends. Names are brought to Sibford General Meeting by a Nominations Committee appointed from the supporting meetings. At any time at least 50% of the School Committee shall be members of the Religious Society of Friends (Quakers) and all must promote and uphold Quaker values. In addition, Sibford Old Scholars Association (SOSA) nominates one member to serve on School Committee and a nominations committee with representatives of both the PSFA (the Parents, Staff and Friends Association) and the School Committee nominates up to two parents to serve on School Committee – these three members need not be members of the Society of Friends.

3

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

Members of School Committee are also members of Sibford School Foundation (Charity Number 1068256-1), the fundraising body of Sibford School.

Members of School Committee serve for a period of four years and can be re-appointed for one further term. The officers (Chair, Treasurer and Clerks of Committees) can serve for further periods whilst in office.

Recruitment and Training of Governors

New Governors receive an induction on the workings of School Committee, including broad policy and procedures and Quaker Business Method. This is organised by the Head, Business Manager and Clerk, who also arrange an annual residential weekend to further develop training and act as a focus for strategic planning. The School is also a member of the Association of Governing Bodies of Independent Schools (AGBIS), which provides additional training for Governors, funded by the School.

Organisational Management

School Committee, as the trustees of the Charity, is legally responsible for the overall management of the School and meets at least three times a year. Subcommittees meet approximately four weeks prior to each School Committee meeting - These are the Nominations and Governance subcommittee, Finance and Premises subcommittee and School Life subcommittee.

The Nominations and Governance subcommittee considers matters relating to recruitment and performance of the School Committee, including governor training. This is currently clerked (chaired) by Maggie Guy.

The Finance and Premises subcommittee considers financial matters relating to the School, together with facilities issues that include Health and Safety and Risk Management. This is currently clerked (chaired) by Elliot Wassell.

The School Life subcommittee considers aspects relating directly to the educational life of the School and its pupils, including the policies that relate to pupils, parents and staff. This is currently clerked (chaired) by Anita March.

Day-to-day running of the School is delegated to the Head, Rebecca Evans, supported by the School Leadership Team: Deputy Head, Business Manager, Director of Studies and Head of Junior School. Members of the School Leadership Team are appointed to attend Committee meetings.

Remuneration of the Head and Business Manager is set by School Committee (Clerk, Treasurer and Chairs of Sub Committees) with the objective of providing appropriate incentives to encourage enhanced performance, and of rewarding fairly and responsibly individual contributions to the school’s success.

Remuneration of other posts is set by the Head or Business Manager in line with the school’s remuneration policy (salary policy), which is reviewed and agreed by School Committee, including reference to benchmarking and comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere.

4

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

Delivery of the school’s charitable vision and purpose is primarily dependent on our personnel; staff costs are the largest single element of our charitable expenditure at 62% (58% in 2022/23).

Group Structure and Relationships

The Charity has a wholly owned trading subsidiary, Sibford Trading Limited, which was dormant and did not trade during the year. The School also has a fundraising body, Sibford School Foundation.

The School is a member of the Friends’ Schools’ Council, the Quaker group of schools which together promote Quaker education. The School networks with other independent and state schools. It also co-operates with a number of other charities in an on-going endeavour to widen public access to facilities and to provide a rounded education for pupils within a Quaker environment. The School also benefits from the work of the Sibford School Foundation, which acts as the fundraising body of the School, an established Old Scholars’ Association (SOSA), and an active Parent, Staff and Friends’ Association (PSFA).

Charity Governance code

The Charity Governance Code is under consideration by the school and Board of Trustees.

Employment policy

The School is committed to creating an environment of positive working relationships.

School Committee believe firmly in equality of opportunity in employment and is therefore committed to developing policies and procedures which promote equality of opportunity, and antidiscriminatory practices, which are compliant with the equality act 2010 and Worker Protection (Amendment of Equality Act 2010) Bill.

Investment Policy and Objectives

School Committee continue to pursue the investment policy adopted for the management of current and future funds.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Our core purpose

Sibford School exists to educate children and young people in accordance with the principles of the Religious Society of Friends in Britain. The School’s founding vision is still apparent in its willingness to offer an education to those who could benefit from it but who might not otherwise have access to it. The School also offers the use of its facilities and amenities to the wider community for adult education, community development and the advancement of amateur sport and recreation.

Aims

Within the Objects, Sibford School’s public benefit aim is to provide a rounded independent education, through both academic tuition and by developing pupils within a Quaker ethos. The

5

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

School aims to provide an environment in which each child is encouraged to fulfil their individual potential and contribute to the wider community. Sibford School nurtures individual talents in pupils of all abilities.

The School has a strong focus on achieving success in creative and performing arts. This is founded on its commitment to identifying and exploring individual capabilities in a supportive atmosphere. In recent years the School has also achieved increasing sporting success in areas such a swimming and equestrian events, as well as in the more traditional sports of rugby, football, hockey, netball and cricket.

The School Committee is mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011. The School Committee has monitored the guidance on public benefit produced by the Charity Commission together with its supplemental guidance on feecharging.

Our values

Endeavour, Community, Respect and Kindness are the school values which the children and staff are encouraged to not only uphold but demonstrate in their approach to school life. In addition, we are committed to sound financial planning, sustainability, and service. Everything we do at Sibford School is underpinned by the key Quaker testimonies (values) of:

EQUALITY: As members of The Religious Society of Friends, Quakers are accustomed to referring to themselves as “Friends”. Friends believe in the equality of all human beings of whatever sex, race, class, age, sexual orientation, or ability.

PEACE: Friends’ witness to peace means not only running the School without violence or coercion but producing young people who will feel a concern to reduce the level of violence in the world and will have the imagination to find alternative responses to conflict.

RESPECT: Our School respects every pupil as an individual and, within resource constraints, tries to teach each one what she or he needs to learn, to draw out his or her unique talents, and to enable each one to discover her or his own purpose in life. We have found that periods of silence in Meeting for Worship are valuable opportunities for reflection and affirmation of ‘that of God’ within.

ACCEPTANCE: We accept that we are all human and that we all have weaknesses as well as strengths. We believe that children have the right to make mistakes and to learn from their failures as well as their successes. We do not always live up to our highest ideals. We believe that when we fall short, we need to admit it, apologise to those affected, make amends, commit to learning from the mistake, determine not to repeat it, and move on. When others fail, we believe that we are asked to sustain our faith in them and to forgive freely, readily and unconditionally, without relaxing our standards or compromising ourselves.

SUSTAINABILITY: Friends in Britain are committed to becoming a low-carbon, sustainable community. We believe that we can play our part in that.

SERVICE: Friends believe that “we are all crew” in the journey through life and that introducing young people to making common cause and to service to others in their community is an important part of their education for life.

6

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

SHARING: We know that we are fortunate in many of the facilities we have at Sibford School. We believe that we should make the best use of them, for our own School community and for the wider community, to enrich the life of the community, to further Quaker outreach, and to contribute to our marketing and income.

SIMPLICITY: We believe that a simple life can be a good life, and that we need to live within our means.

Primary Objectives for the Year

Our primary aim has continued to be the delivery of outstanding teaching, learning and pastoral care to our community over the course of the year. We have launched a new 5 year strategic plan and an annual development plan to support the identification and prioritisation of key areas for the school. This includes key measurable targets for all areas of the school.

Maintaining pupil numbers across the school, including a healthy number of full and flexi-boarders, remains a priority. We aim to grow all areas of the school with a particular focus upon the Early Years, Year 7 and the Sixth Form alongside the boarding community. This has involved the refurbishment of a new boys boarding house which opened in January 2025.

Our Marketing Manager has continued to focus upon international and UK full boarders with the introduction of a short-stay immersion programme for international boarders and expanding our marketing to opportunities that sit alongside the social media presence. We have engaged in a rebranding exercise to ensure the way we present ourselves represents the organisation you experience when you cross the threshold.

The Junior School implemented a new curriculum in September 2023. Retaining a core focus on outdoor education, the new syllabus is heavily informed by the Quaker notion of Stewardship with each class having a particular focus that both runs through the curriculum and serves as their charity for the year. This allows for cross-curricular learning and the development within the children of a sense of agency - they can make a positive difference in the world around them.

Our community work has centred around providing assistance locally to charities and community groups. This including engaging in a project with our catering providers to project and box over 6000 meals for those in need both locally and wider afield.

We are prepared for the new inspection framework and have introduced new systems and processes to ensure our compliance practice is up to date with best practice.

Recruitment and retention of high calibre teachers and professionals is a national challenge in the education sector and the school aims to support staff to deliver their best on a day to day basis.

STRATEGIES TO ACHIEVE THE YEAR’S OBJECTIVES

These included:

7

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

PRINCIPAL ACTIVITY

The school’s principal activity, as specified in the Memorandum of Association, is to advance the education of children and young people and in particular to provide a school or schools to be carried on in accordance with the principles of the Religious Society of Friends in Britain Yearly Meeting.

To this end the 2023/24 year has been a successful one with 440 pupils (348 in the senior school and 92 in the junior school) on the school roll as at July 2024.

PUBLIC BENEFIT

Sibford remains committed to the aim of providing public benefit in accordance with its Quaker principles of equality and service. Furthermore, charity legislation includes a requirement to demonstrate public benefit for any charitable purpose and this in turn calls for commensurate disclosure of our public benefit aims.

The awarding of bursaries for those who would not otherwise be able to afford full fees is a measurable form of public benefit and one that School Committee supports fully; this one of the ways in which the school offers benefit to the wider community.

This year Sibford awarded bursaries, scholarships and other forms of support to pupils totalling £1,027,033 (£994,874 in 2022/23) of which means-tested awards totalled £145,182 (£138,932 in 2022/23).

A means tested bursary policy and application process is used to assess awards based on financial circumstance, need and educational potential. The Bursary Group considers bursary applications from existing and new students seeking support in the funding of a place at Sibford.

The School has very limited funds to directly support the provision of bursaries. Support through endowed funds and the Friends’ Schools' Joint Bursary Scheme covers a small proportion of bursaries available. The remainder is offered in the form of discounts and shown in the accounts.

8

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

The School offers sibling discounts and a loyalty scheme for existing pupils entering the sixth form. The sixth form discount rate for the 2023/24 academic year was up to 3% for each full year a pupil had attended the Senior School.

In addition to bursaries, Sibford School engages in a number of other activities that provide public benefit and examples are included in the review of activities and performance that follows below.

ACHIEVEMENTS AND PERFORMANCE

Our annual ski trip to Austria took place over Easter 2024 and our senior school / sixth form students took a History trip to Berlin in the Spring term. The annual Curriculum Enrichment Week that encourages pupils to create new skills and friendships whilst ‘living adventurously’ took place in the Summer term 2024 and was a great success, and as always is an end of term highlight for many staff and students.

Pupils continue to actively participate in the Duke of Edinburgh’s Award scheme which this year saw 25 pupils gaining their Bronze award, 5 pupils achieving Silver and 1 pupil earning their Gold awards.

The school has continued to thrive in a wide range of sporting activities with pupils representing the county and country in sports including sailing, equestrian, motor-sport, swimming and rock-climbing as well as traditional sports such as football, rugby and netball.

The school’s community adult education classes in Painting & drawing and Pottery continued to be very popular. The swimming pool continues to provide an excellent facility to both the school and the public. The pool hosts regular swimming lessons for a number of local state primary schools and is a regular training venue for the Four Shires Swimming Club. Other users include the Oxford Swim Academy and Waterbabies. The school has continued to further the use of its facilities by other bodies through lets and we have been able to welcome South East Friends Senior Conference and the Sibford Community Orchestra, we have hosted community youth sports training sessions and remained centre for LAMDA exams. We have also welcomed Active Camps to the school throughout our school holidays – giving opportunities for many local children to benefit from our facilities including the sports hall, swimming pool, climbing wall and outdoor spaces.

The staff and pupils of Sibford continue to support a large number of local and national charities. During 2023/24 these have included: Amnesty International; Save the Children; Banbury Young Homelessness Project; Red Nose Day; Katharine House and CLIC Sargent.

GCSE Results

Of our 66 entrants, 503 grades were awarded at grades 4 – 9. 85% of pupils achieved 5 or more 9-4 grades. GCSE results in terms of value-added achievement were also very strong.

Post 16 results

38.7% of pupils achieved grades at A or A. 54.8% of pupils achieved grades at A - B grades. These results mean we are recognised by ALPS as being in the top 25% of schools nationally at Key Stage 5 for the progress our students made.

9

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

Fundraising performance

Sibford School Foundation continues to operate as the fundraising arm of the School, and its activities form part of the School’s financial statements.

The School had no fundraising activities in the 2023/24 financial year requiring disclosure under S162A of the Charities Act 2011. Over the last year the school has undertaken fund raising activities as in previous years using its database. These fundraising activities have been undertaken by staff employed by the school and no external persons have been used. The school has voluntarily subscribed to the Fundraising Regulator which holds the school to the Code of Fundraising Practice. Over the course of the financial year there have been no failures to comply with the code, nor have any complaints being received.

We are actively encouraging donations to the School to be Gift Aided.

Investment performance

The school does not have significant investments or endowments.

FINANCIAL REVIEW

Results for the year

At the year end the School generated a pre-depreciation surplus of £437,187 (2023: £119,761) and a post-depreciation deficit of £13,262 (2023: deficit of £334,984).

During this period £145,947 was spent on capital works (£526,687 in 2022/23) funded from existing resources.

Cash flow remained positive throughout the year.

The budget for 2024/25 and beyond maintains a cautiously optimistic forecast in relation to pupil numbers and the re-growth of our boarding community. This is set alongside an evolving understanding of the impact of the change in policy for VAT on school fees, and a continuing commitment to capital investment.

Reserves Policy

It is the policy of the School Committee (the Trustees) to seek to generate a modest surplus of income over expenditure each year to protect the School and to provide funds to meet working capital and infrastructure investment requirements.

The School Committee consider it important that reserves are increased to support the long-term future of the School. Reserves are required to improve the School’s resilience and capacity to

manage unforeseen circumstances in the future. Wherever possible the Trustees are trying to build such resilience and aim to increase reserves to support the stability of the school.

10

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

The School Committee have established a policy whereby the free reserves should be equivalent to approximately three months' annual expenditure. In this respect there is work to be done but the aim is to reach the target as soon as practicable, subject to the wider interests of the school.

At 31 July 2024, the unrestricted funds of the School were £4,688,704 (£4,676,541 in 2022/23). £5,879,276 ( £6,196,236 in 2022/23 ) is represented by tangible fixed assets, with £66,538 (£61,417 in 2022/23) of endowed funds which are held as investments. The School currently has negative free reserves of £1,190,572 (£1,519,695 in 2022/23). This is due to re-investment into the School facilities. During the year, £145,947 (£526,687 in 2022/23) has been spent improving the fixed assets.

Risk Management

School Committee is responsibility for the efficient management and control of the School and recognise that risk management is an essential part of that responsibility. The management of the School’s risk register is delegated to the Head who works with the Senior Leadership Team to identify and evaluate key strategic risks and actions to manage or mitigate the risks established.

Key risks currently identified include:

Risk Example Mitigation Actions
Loss of UKVI Sponsorship Status Use of external support agencies
Internal audit process
Appropriate staff training
Additional BSA guidance followed
Imposition of VAT on School Fees Completion of parent affordability study
Financial modelling
Ongoing communication with parent body
Review of FIA scheme
Insufficient cyber security measures Password protection and MFA.
Firewall
Cyber safety training for all staff.

A formal review of the School’s risk register (and the Charity Commission CC8 controls checklist) is undertaken annually and an interim update provided as necessary via the Head’s report to termly School Committee meetings.

GOING CONCERN

School Committee have prepared the financial statements on a going concern basis as, in their opinion, the School is able to meet its obligations as they fall due.

As part of the assessment made to determine if going concern is the correct basis for the financial statements, School Committee have considered financial forecasting data spanning at least 24 months from the end of the financial year. Current forecasts demonstrate that the adequate financial headroom remains.

11

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

The labour government’s decision to introduce VAT on school fees from January 2025 has undoubtedly impacted parental affordability of school fees. In addition, the government’s decision to abolish the 80% mandatory business rates relief and increase National Insurance employer contributions from April 2025 have further impacted the sector, significantly increasing expenditure and further effecting parents’ ability to pay school fees.

Ensuring continuing affordability and maintaining the school role has been our priority throughout – to help shoulder the burden of VAT the school took steps to reduce its baseline fees in January. The school has subsequently sold property and re-invested the funds in order to meet the cost of this strategy.

Moving forwards, new banking arrangements are being established to ensure that the school has the best professional and financial support in the forthcoming months and years.

After due consideration and as a result of the actions detailed, the School Committee have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and have therefore considered it appropriate to prepare the financial statements on a going concern basis.

FUTURE PLANS

In the next planning cycle, the school development plans focus on:

GOVERNANCE AND MANAGEMENT

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governors (who are also the directors of Sibford School for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements with applicable

law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governing Body members must not approve the financial statements unless they

12

SIBFORD SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 JULY 2024

are satisfied that they give a true and fair view of the state of affairs of the charitable company and the School and of the incoming resources and application of resources, including the income and expenditure, of the charitable entity for that period. In preparing these financial statements, the Governing Body members are required to:

The Governors are responsible for keeping adequate accounting records that show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as each of the Governors, as members of the School, at the date of approval of this report, is aware, there is no relevant audit information (information needed by the Company’s auditor in connection with preparing the audit report) of which the Company’s auditor is unaware. Each member Governor has taken all steps that they should in order to make himself or herself aware of the relevant audit information and to establish that the Company’s auditor is aware of that information.

AUDITOR

Crowe U.K LLP have expressed their willingness to continue in office as statutory auditor and a resolution proposing their reappointment will be submitted to the forthcoming Annual General Meeting.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of Governors of Sibford School on 30[th] July 2025, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

Stuart Fowler Chair and Clerk of School Committee

13

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 'school') 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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.

Page 14

(A Company Limited by Guarantee)

SIBFORD SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL (CONTINUED)

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 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 Governors' 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 15

SIBFORD SCHOOL

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL (CONTINUED)

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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 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 School 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 ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the School 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.

Page 16

(A Company Limited by Guarantee)

SIBFORD SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIBFORD SCHOOL (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

Tara Westcott (Senior Statutory Auditor)

for and on behalf of

Crowe U.K. LLP

Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Date: 31 July 2025

Page 17

SIBFORD SCHOOL

(A Company Limited by Guarantee)

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

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities:
School fees
Other educational
income
Other ancillary trading
Non ancillary trading
income
7
Investments
8
Total income and
endowments
Expenditure on:
Trading costs
Charitable activities
9
Total expenditure
carried forward		 Unrestricted
funds
2024
£
11,633
6,842,938
548,165
239,080
331,164
2,693
7,975,673
52,765
7,913,231
7,965,996		 Restricted
funds
2024
£
25,000
-
-
-
-
3,518
28,518
-
59,064
59,064		 Endowment
funds
2024
£
-
-
-
-
-
-
-
-
-
-		 Total
funds
2024
£
36,633
6,842,938
548,165
239,080
331,164
6,211
8,004,191
52,765
7,972,295
8,025,060		 Total
funds
2023
£
161,870
6,213,617
463,941
218,353
278,092
12,491
7,348,364
7,119
7,675,865
7,682,984

Page 18

SIBFORD SCHOOL

(A Company Limited by Guarantee)

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

Note
Total expenditure
brought forward
Net
income/(expenditure)
before net
gains/(losses) on
investments
Net gains/(losses) on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2024
£
7,965,996
9,677
2,486
12,163
4,676,541
12,163
4,688,704		 Restricted
funds
2024
£
59,064
(30,546)
-
(30,546)
449,720
(30,546)
419,174		 Endowment
funds
2024
£
-
-
5,121
5,121
61,417
5,121
66,538		 Total
funds
2024
£
8,025,060
(20,869)
7,607
(13,262)
5,187,678
(13,262)
5,174,416		 Total
funds
2023
£
7,682,984
(334,620)
(364)
(334,984)
5,522,662
(334,984)
5,187,678

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 45 form part of these financial statements.

Page 19

SIBFORD SCHOOL (A Company Limited by Guarantee) REGISTERED NUMBER: 03487651

BALANCE SHEET AS AT 31 JULY 2024

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Total net assets		 37,736
411,015
1,052,709
1,501,460
(1,673,465)		 2024
£
5,879,276
100,195
5,979,471
(172,005)
5,807,466
(633,050)
5,174,416		 37,151
489,181
276,722
803,054
(1,531,201)		 2023
£
6,196,236
92,588
6,288,824
(728,147)
5,560,677
(372,999)
5,187,678

Page 20

SIBFORD SCHOOL (A Company Limited by Guarantee) REGISTERED NUMBER: 03487651

BALANCE SHEET (CONTINUED) AS AT 31 JULY 2024

2024 2023
Note £ £
Charity funds
Endowment funds 22 66,538 61,417
Restricted funds 22 419,174 449,720
Unrestricted funds 22 4,688,704 4,676,541
Total funds 5,174,416 5,187,678

The Governors 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 Governors and signed on their behalf by:

Stuart Fowler (Chair and Clerk)

Roger Chapman (Treasurer)

Date: 30 July 2025

The notes on pages 23 to 45 form part of these financial statements.

Page 21

SIBFORD SCHOOL

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Note
25
26
Cash flows from operating activities
Net cashgenerated fromoperating activities
Cash flows from investing activities
Investment income
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Finance costs paid
Net cash 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		 2024
£
1,046,126
6,211
11,134
(145,947)
(128,602)
(88,772)
(52,765)
(141,537)
775,987
276,722
1,052,709		 2023
£
206,446
12,491
150
(526,687)
(514,046)
(97,584)
(44,541)
(142,125)
(449,725)
726,447
276,722

The notes on pages 23 to 45 form part of these financial statements

Page 22

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

1. 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.

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.

Sibford School 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.

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.

2.2 Going concern

School Committee have prepared the financial statements on a going concern basis as, in their opinion, the School is able to meet its obligations as they fall due.

As part of the assessment made to determine if going concern is the correct basis for the financial statements, School Committee have considered financial forecasting data spanning at least 24 months from the end of the financial year. Current forecasts demonstrate that the adequate financial headroom remains.

The labour government’s decision to introduce VAT on school fees from January 2025 has undoubtedly impacted parental affordability of school fees. In addition, the government’s decision to abolish the 80% mandatory business rates relief and increase National Insurance employer contributions from April 2025 have further impacted the sector, significantly increasing expenditure and further effecting parents’ ability to pay school fees.

Ensuring continuing affordability and maintaining the school role has been our priority throughout – to help shoulder the burden of VAT the school took steps to reduce its baseline fees in January. The school has subsequently sold property and re-invested the funds in order to meet the cost of this strategy.

Moving forwards, new banking arrangements are being established to ensure that the school has the best professional and financial support in the forthcoming months and years.

After due consideration and as a result of the actions detailed, the School Committee have a reasonable expectation that the group has adequate resources to continue its activities for the

Page 23

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

2. Accounting policies (continued)

2.2 Going concern (continued)

foreseeable future and have therefore considered it appropriate to prepare the financial statements on a going concern basis

2.3 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.

2.4 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.

2.5 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.

All expenditure is inclusive of irrecoverable VAT.

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 on a 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 School's objectives, as well as any associated support costs.

2.6 Interest receivable

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

Page 24

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £2,000 or more 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.

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:

Freehold buildings - 2% - 8% per annum - straight line
Motor vehicles - 20% per annum - straight line
Fixtures and fittings - 10% 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.

Computer equipments are included within fixtures and fittings.

2.8 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.

2.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.10 Debtors

Short term debtors are initially measured at transaction price, less any impairment.

2.11 Cash

Cash is represented by cash in hand and deposits with financial institutions.

Page 25

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

2. Accounting policies (continued)

2.12 Creditors

Short term creditors are initially measured at the transaction price.

2.13 Recognition of liabilities

Liabilities are recognised once there is a legal or constructive obligation that commits the School to the obligation.

2.14 Financial instruments

The School 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.

2.15 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.

2.16 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

2.17 Pensions

The School 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.

Page 26

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

2. Accounting policies (continued)

2.18 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 22 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.

2.19 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.

2.20 Fees in advance

Parents may apply to the School for the opportunity to pay for up to seven years' tuition fees in advance in accordance with a written contract. The amount received is treated as a creditor, As School fees become due the fee for each School term is charged against the remaining balance and taken to income. Any residual shortfall or excess is charged or returned to the parents as appropriate.

3. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
11,633
Total 2023
48,397		 Restricted
funds
2024
£
25,000
113,473		 Total
funds
2024
£
36,633
161,870		 Total
funds
2023
£
161,870

Page 27

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

4. Fee income analysis

The School's fee income comprised:

Gross fees
Less: Total bursaries, grants and allowances
Add back: Bursaries and discounts paid for by restricted funds
Total		 2024
£
7,822,024
(1,027,033)
6,794,991
47,947
6,842,938		 2023
£
7,142,807
(994,874)
6,147,933
65,684
6,213,617

Fee income all relates to unrestricted funds during this and the prior year.

5. Other educational income

Registration and assessment fees
Additional tuition and activity fees
Educational support
Fee extras		 2024
£
12,400
137,867
295,168
102,730
548,165		 2023
£
15,715
119,307
261,139
81,722
477,883

Other educational income all relates to unrestricted funds during this and the prior year.

6. Other ancillary trading income

Minibus income
Non-refundable deposits		 2024
£
239,080
-
239,080		 2023
£
203,431
980
204,411

Other ancillary trading income all relates to unrestricted funds during this and the prior year.

Page 28

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

7. Non ancillary trading income

Income from non charitable trading activities

Unrestricted
funds
2024
£
Facility hire income
210,206
Rents receivable
59,119
Miscellaneous income
61,839
331,164
Total 2023
278,092		 Total
funds
2024
£
210,206
59,119
61,839
331,164
278,092		 Total
funds
2023
£
169,167
60,393
48,532
278,092

8. Investment income

Unrestricted
funds
2024
£
Investment income
2,693
Total 2023
9,138		 Restricted
funds
2024
£
3,518
3,353		 Total
funds
2024
£
6,211
12,491		 Total
funds
2023
£
12,491

Page 29

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Teaching
3,584,682
Welfare
1,772,785
Premises
1,092,068
Support costs
1,463,696
7,913,231
Total 2023
7,610,181		 Restricted
funds
2024
£
59,064
-
-
-
59,064
65,684		 Total
2024
£
3,643,746
1,772,785
1,092,068
1,463,696
7,972,295
7,675,865		 Total
2023
£
3,353,533
1,771,277
958,031
1,593,024
7,675,865

10. Analysis of expenditure by activities

Teaching
Welfare
Premises
Support costs
Total 2023		 Activities
undertaken
directly
2024
£
3,643,746
1,772,785
1,092,068
1,463,696
7,972,295
7,675,865		 Total
funds
2024
£
3,643,746
1,772,785
1,092,068
1,463,696
7,972,295
7,675,865		 Total
funds
2023
£
3,353,533
1,771,277
958,031
1,593,024
7,675,865

Page 30

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

10. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Other
Total 2023		 Teaching
2024
£
3,187,511
-
456,235
3,643,746
3,353,533		 Welfare
2024
£
933,198
-
839,587
1,772,785
1,771,277		 Premises
2024
£
214,168
425,574
452,326
1,092,068
958,031		 Support
costs
2024
£
572,812
24,875
866,009
1,463,696
1,593,024		 Total
funds
2024
£
4,907,689
450,449
2,614,157
7,972,295
7,675,865		 Total
funds
2023
£
4,426,631
454,745
2,794,489
7,675,865

Support costs include governance costs of £31,097 (2023 - £91,608) which relate to the audit fee and other professional fees.

11. Auditor's remuneration

2024 2023
£ £
Fees payable to the School's auditor for the audit of the School's annual
accounts 22,000 21,000
Fees payable to the School's auditor in respect of:
All taxation advisory services not included above - 1,000
All non-audit services not included above 1,900 2,200

Page 31

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
3,802,499
355,354
749,836
4,907,689		 2023
£
3,415,066
329,780
681,785
4,426,631

During the year the School made termination payments, including redundancy, totalling £28,600 (2023 - £36,320) .

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

Teaching
Support		 2024
No.
70
107
177		 2023
No.
68
80
148

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

2024 2023
No. No.
In the band £60,001 - £70,000 1 2
In the band £70,001 - £80,000 - 1
In the band £80,001 - £90,000 1 -
In the band £100,001 - £110,000 1 1

Senior management team remuneration amounted to £480,274 (2023 - £403,025) .

13. Governors' remuneration and expenses

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

During the year ended 31 July 2024, expenses totalling £ 1,282 were reimbursed or paid directly to 7 Governors (2023 - £10,027 to 6 Governors) . Expenses related to travel and gifts.

Page 32

SIBFORD SCHOOL

(A Company Limited by Guarantee)

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

14. Tangible fixed assets

Cost or valuation
At 1 August 2023
Additions
Disposals
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
On disposals
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Freehold
property
£
11,157,721
111,535
(19,000)
11,250,256
5,128,425
393,953
(13,327)
5,509,051
5,741,205
6,029,296		 Motor
vehicles
£
96,239
-
(8,384)
87,855
56,464
11,234
-
67,698
20,157
39,775		 Fixtures and
fittings
£
1,855,375
34,412
(109,676)
1,780,111
1,728,210
45,262
(111,275)
1,662,197
117,914
127,165		 Total
£
13,109,335
145,947
(137,060)
13,118,222
6,913,099
450,449
(124,602)
7,238,946
5,879,276
6,196,236

Page 33

SIBFORD SCHOOL

(A Company Limited by Guarantee)

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

15. Fixed asset investments

Investments

Investments
Cost or valuation
At 1 August 2023
Revaluations
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 in
subsidiary
companies
£
4
-
4
4
4		 Listed
investments
£
92,584
7,607
100,191
100,191
92,584		 Total
£
92,588
7,607
100,195
100,195
92,588

Principal subsidiaries

The following was a subsidiary undertaking of the School:

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

Page 34

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

16. Stocks

2024 2023
£ £
Goods for resale 37,736 37,151

17. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
237,927
10,291
162,797
411,015		 2023
£
280,134
15,986
193,061
489,181

Trade debtors are stated after impairment totalling £123,736 (2023 - £125,586) .

18. Creditors: Amounts falling due within one year

Bank loans
Advance fees (see note 20)
Trade creditors
Deposits held
Other taxation and social security
Obligations under finance lease and hire purchase contracts
Other creditors
Accruals and deferred income		 2024
£
93,726
485,569
152,798
313,967
86,949
5,729
296,157
238,570
1,673,465		 2023
£
133,654
158,427
177,711
334,236
77,769
5,729
304,782
338,893
1,531,201

The hire purchase liability is secured on the asset it relates to. At the year end, the motor vehicle had a carrying amount of £Nil (2023 - £Nil) .

Page 35

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

Deferred income analysis
Deferred income at 1 August 2023
Resources deferred during the year
Amounts released from previous periods		 2024
£
163,474
156,648
(163,474)
156,648		 2023
£
84,494
163,474
(84,494)
163,474

Deferred income relates to activities and trips taking place in the following financial year.

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

Bank loans
Advance fees (see note 20)
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Between two and five years
Bank loans		 2024
£
321,270
311,780
633,050
2024
£
103,617
217,653		 2023
£
370,114
2,885
372,999
2023
£
133,655
236,459

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.

Page 36

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

20. Advance fee payments

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:

Due within one year
Due within two to five years
The movement during the year on advanced fees was as follows:
Balance at 1 August 2023
New advanced fees received in the year
Amounts utilised in payment of fees		 2024
£
485,569
311,780
797,349
2024
£
161,312
791,865
(155,828)
797,349		 2023
£
158,427
2,885
161,312
2023
£
136,125
215,608
(190,421)
161,312

21. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 100,191 92,584

Financial assets measured at fair value through income and expenditure comprise listed investments.

Page 37

SIBFORD SCHOOL

(A Company Limited by Guarantee)

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

22. Statement of funds

Statement of funds - current year

Balance at 1
August 2023
£
Unrestricted funds
General Fund - School
4,676,541
Endowment funds
Bursary Fund Sibford
OldScholars'
48,800
Bursary Fund
8,615
Bantam Fund
665
F Braithwaite Fund
236
Mabel Harrod Fund
700
Group Santander
315
Richardson Fund
419
Reason Fund
1,667
61,417
Restricted funds
Income from other
endowmentfunds
29,726
Reckitt Family
10,898
Music Department
11,941
Sibford Foundation
271,111
Ardenhurst School Trust
1,694
Edwards Family Awards
5,095
Hardship Fund
3,342
Bursary fund
58,490
Reckitt Grant
57,423
449,720
Total of funds
5,187,678		 Income
£
7,975,673
-
-
-
-
-
-
-
-
-
-
25,000
-
-
42
-
-
3,476
-
28,518
8,004,191		 Expenditure
£
(7,965,996)
-
-
-
-
-
-
-
-
-
-
(25,000)
(199)
-
-
(5,095)
(3,342)
(14,510)
(10,918)
(59,064)
(8,025,060)		 Gains/
(Losses)
£
Balance at
31 July 2024
£
2,486
4,688,704
4,000
52,800
712
9,327
55
720
64
300
60
760
57
372
33
452
140
1,807
5,121
66,538
-
29,726
-
10,898
-
11,742
-
271,111
-
1,736
-
-
-
-
-
47,456
-
46,505
-
419,174
7,607
5,174,416		 Gains/
(Losses)
£
Balance at
31 July 2024
£
2,486
4,688,704
4,000
52,800
712
9,327
55
720
64
300
60
760
57
372
33
452
140
1,807
5,121
66,538
-
29,726
-
10,898
-
11,742
-
271,111
-
1,736
-
-
-
-
-
47,456
-
46,505
-
419,174
7,607
5,174,416
52,800
9,327
720
300
760
372
452
1,807
66,538
29,726
10,898
11,742
271,111
1,736
-
-
47,456
46,505
419,174
5,174,416

Page 38

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

22. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Fund - School
Sibford Trading
Provision against
intercompanyloan
Endowment funds
Bursary Fund Sibford
OldScholars'
Bursary Fund
Bantam Fund
F Braithwaite Fund
Mabel Harrod Fund
Group Santander
Richardson Fund
Reason Fund		 Balance at
1 August
2022
£
5,059,208
(1,346,958)
1,350,557
5,062,807
51,608
9,118
704
293
741
203
443
1,766
64,876		 Income
£
7,231,534
1,346,958
(1,350,557)
7,227,935
-
-
-
-
-
-
-
-
-		 Expenditure
£
(7,617,296)
-
-
(7,617,296)
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
3,095
-
-
3,095
(2,808)
(503)
(39)
(57)
(41)
112
(24)
(99)
(3,459)		 Balance at
31 July 2023
£
4,676,541
-
-
4,676,541
48,800
8,615
665
236
700
315
419
1,667
61,417

Page 39

SIBFORD SCHOOL

(A Company Limited by Guarantee)

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

22. Statement of funds (continued)

Restricted funds
Income from other
endowmentfunds
Reckitt Family
Music Department
Support for Learning
Sibford Foundation
Ardenhurst School Trust
Edwards Family Awards
Hardship Fund
G Cadbury
Bursary fund
M Smallwood
Reckitt Grant
Total of funds		 26,373
14,917
4,077
3,500
260,632
1,694
9,596
3,342
2,008
71,939
500
-
398,578
5,526,261		 3,353
25,000
7,864
-
10,479
-
-
-
10,000
130
-
60,000
116,826
7,344,761		 -
(29,019)
-
(3,500)
-
-
(4,501)
-
(12,008)
(13,579)
(500)
(2,577)
(65,684)
(7,682,980)		 -
-
-
-
-
-
-
-
-
-
-
-
-
(364)		 29,726
10,898
11,941
-
271,111
1,694
5,095
3,342
-
58,490
-
57,423
449,720
5,187,678

Page 40

SIBFORD SCHOOL

(A Company Limited by Guarantee)

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

23. Summary of funds

Summary of funds - current year

Balance at 1
August 2023
£
General funds
4,676,541
Endowment funds
61,417
Restricted funds
449,720
5,187,678
Summary of funds - prior year
Balance at
1 August
2022
£
General funds
5,062,807
Endowment funds
64,876
Restricted funds
398,578
5,526,261		 Income
£
7,975,673
-
28,518
8,004,191
Income
£
7,227,935
-
116,826
7,344,761		 Expenditure
£
(7,965,996)
-
(59,064)
(8,025,060)
Expenditure
£
(7,617,296)
-
(65,684)
(7,682,980)		 Gains/
(Losses)
£
Balance at
31 July 2024
£
2,486
4,688,704
5,121
66,538
-
419,174
7,607
5,174,416
Gains/
(Losses)
£
Balance at
31 July 2023
£
3,095
4,676,541
(3,459)
61,417
-
449,720
(364)
5,187,678		 Gains/
(Losses)
£
Balance at
31 July 2024
£
2,486
4,688,704
5,121
66,538
-
419,174
7,607
5,174,416
Gains/
(Losses)
£
Balance at
31 July 2023
£
3,095
4,676,541
(3,459)
61,417
-
449,720
(364)
5,187,678
5,174,416
Balance at
31 July 2023
£
4,676,541
61,417
449,720
Summary of funds - prior year
General funds
Endowment funds
Restricted funds
5,187,678

Page 41

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

24. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
5,879,276
Fixed asset investments
33,657
Current assets
1,082,286
Creditors due within one year
(1,673,465)
Creditors due in more than one year
(633,050)
Total
4,688,704
Analysis of net assets between funds - prior period
Unrestricted
funds
2023
£
Tangible fixed assets
6,196,236
Fixed asset investments
31,171
Current assets
353,334
Creditors due within one year
(1,531,201)
Creditors due in more than one year
(372,999)
Total
4,676,541		 Restricted
funds
2024
£
-
-
419,174
-
-
419,174
Restricted
funds
2023
£
-
-
449,720
-
-
449,720		 Endowment
funds
2024
£
-
66,538
-
-
-
66,538
Endowment
funds
2023
£
-
61,417
-
-
-
61,417		 Total
funds
2024
£
5,879,276
100,195
1,501,460
(1,673,465)
(633,050)
5,174,416
Total
funds
2023
£
6,196,236
92,588
803,054
(1,531,201)
(372,999)
5,187,678
Analysis of net assets between funds - prior
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total

Page 42

SIBFORD SCHOOL

(A Company Limited by Guarantee)

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

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

Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gains)/losses on investments
Investment income
Loss on the sale of fixed assets
(Increase)/decrease in stocks
Decrease in debtors
Increase in creditors
Finance costs
Transfer of fixed asset from subsidiary
Net cash provided by operating activities
26.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2024
£
(13,262)
450,449
(7,607)
(6,211)
1,324
(585)
78,166
491,087
52,765
-
1,046,126
2024
£
1,052,709
1,052,709		 2023
£
(334,984)
454,745
364
(12,491)
1,419
11,007
3,657
46,800
44,541
(8,612)
206,446
2023
£
276,722
276,722

Page 43

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

27. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases		 At 1 August
2023
£
276,722
(133,654)
(370,114)
(5,729)
(232,775)		 Cash flows
£
775,987
133,654
(44,882)
-
864,759		 Other non-
cash
changes
£
-
(93,726)
93,726
-
-		 At 31 July
2024
£
1,052,709
(93,726)
(321,270)
(5,729)
631,984

28. Pension commitments

The School's teaching staff contribute into a defined contribution scheme. Amounts paid into the scheme for the year were £666,389 (2023 - £617,389). There were contributions of £51,003 (2023 - £47,305) outstanding at the year end.

The School runs a scheme for its non-teaching staff, which is a defined contribution scheme. Amounts paid into the scheme for the year were £82,920 ( 2023 - £64,396) . There were contributions of £13,892 (2023 - £10,692) outstanding at the year end.

29. Operating lease commitments

At 31 July 2024 the School had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2024
£
566,791
129,032
695,823		 2023
£
548,404
63,033
611,437

Total lease payments made during the year amounted to £558,459 (2023 - £489,409).

Page 44

(A Company Limited by Guarantee)

SIBFORD SCHOOL

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

30. 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 is currently dormant and had no trade throughout the year.

31. Post balance sheet events

Since the year end, the School has completed the sale of a property, knows as The Ark. The contract for the sale was signed on 11 July 2025 and proceeds totalled £725,000.

Page 45