Registered Company Number: 01210471 (England and Wales) Registered Charity Number: 1085930 Re ort of the Trustees and Financial Statements for the ear ended 31Au ust 2024 Herries Educational Trust Limited
Herries Educational Trust Limited Contents of the Financial Statements for the Year Ended 31 Au ust 2024 Page Administrative Details Report of the Trustees 2to6 Report of the Independent Auditors 7t09 Statement of Financial Activities io Balance Sheet li Statement of Cash Flows 12 Notes to the Financial Statements 13to18
Herries Educational Trust Limited REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01210471 {England and Wales) Registered Charity number 1085930 Registered office Dean Lane Cookham Dean Berkshire SL6 9BD Trustees Ms C. Weaving Mr R. Buckeridge Mrs E. Dutton Ms H. M. Essa Mr R. Grosse Mrs A. Malins Mr M. O'conchuir Ms K. O'sullivan Mr C. Proctor Mr J. Simpson Mrs A. Turner Chair Resigned 26 June 2024 Headteacher Resigned 17 January 2024 Appointed 2 October 2024 Appointed 4 October 2023 Company Secretary Mrs B. Felmer REFERENCE AND ADMINISTRATIVE DETAILS Auditors Solicitors Just Audit & Assurance Ltd Gardner Leader LLP 37 Market Square Oxon First Floor, 7 Frascati Way Witney Maidenhead OX28 6RE SL6 4UY Bankers Lloyds 56 High Street Marlow Page I
Herries Educational Trust Limited ort of the Trustees for the Year Ended 31 Au ust 2024 The Trustee5, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2024. The report has been prepared in accordance with Part 8 of the Charities Act 2011 and Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS102), effective from accounting periods commencing l January 2015 or later. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its Memorandum and Articles of Association incorporated on l May 1975 as amended by special resolutions dated 20 November 2000 and 12 February 2001. Herries Educational Trust Limited is a company limited by guarantee. Recruitment and appointment of new trustees The school recruits trustees both from parents of children at the school and from external contacts. Parent trustees are either co-opted to the Board or appointed by an election process with the electorate being fellow parents. The external trustees are appointed with regard to the skills that they bring to the board. Trustees Induction and Training New trustees undergo an orientation process to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and to inform them of the content of the Memorandum and Articles of Association. the decision making process, the business plan and recent performance of the charity. During their induction they meet with members of the senior leadership team, and they are given a comprehensive range of information and literature, for future reference. Organisational structure The trustees determine the general policyof the school. The dayto day management of the school is delegated to the Head and his/her staff. Risk management The Board continues to keep the school's activities under review, particularly with regard to any major risks that may arise from time to time, and to monitorthe effectiveness of the system of internal control and other viable means, including insurance cover where appropriate, by which those risks already identified by the trustees can best be mitigated. The school has closed circuit tv surveillance and an electronic entry system. The site is covered by a number of cameras and 15 monitored throughout the day by screens situated in the school's adm inistrative offices. OBJEcfivES AND ACTIVITIES Objectives The main objective of the school is to educate boys and girls aged 2- 11 years at Herries Preparatory School in Cookham Dean, Berkshire and to prepare pupils for the next stage of their education and to be able to live as responsible citizens in the modern-day world. Page 2
Herries Educational Trust Limited Re ort of the Trustees for the ear ended 31 Au Ust 2024 Mission Herries School is a non-selective learning community based on Christian principles which welcomes and provides inclusively for all children. We create an understanding and nurturing environment enabling our children to find joy in learning. Through academic success, arts and sporting achievements, creativity, independent thinking, culture and friendship, we prepare each child as a unique individual to live a happy, bala nced and purposeful life. Ethos We believe that feeling at home in a caring environment is essential. Happy children achieve. Small class sizes allow us to monitor individual development and help children to explore and develop their talents. By placing personal development at the centre, we nurture and challenge our pupils. Through our careful guidance, pupils gain the confidence and independence required to achieve and maintain their personal best. In addition to a challenging curriculum, we encourage our children to explore a wide range of enrichment activities, including Sports, art, music and drama. We ensure that every child who leaves Herries is well prepared for senior school. Aims We aim to provide an excellent all round education to our children who will: benefit from a challenging, broad academic education develop fully their creative, aesthetic, practical, physical, emotional and spiritual qualities and talents benefit from belonging to a nurturing community where each child is known and cared for develop respect, empathy, compassion and kindness develop confident,. well balanced individuals ready to become responsible citizens and leaders, and able to form strong and enduring relationships with others. We succeed by preparing each of our children for the next step of their education, supporting their entry to the secondary school best suited to their individual needs, talents and potential. Objectives and activities- Public Benefit Statement The school seeks to fulfil its public benefit obligations by making the property available to the loca community and participating in local events and supporting a number of charities. Also, the school has a number of children who are receiving bursaries towards their fees. Each case is considered on its merits when awarding these bursaries. As funds permit the Board will continue to make these awards. Page 3
Herries Educational Trust Limited Re ort of the Trustees for the ear ended 31 Au ust 2024 Education This year the school continued its success of previous years, both academically in maths and English, as well a5 in sport, music, drama and art. Our scores indicate outstanding teaching and learning occurring within the school. We are proud of our academic achievements and high quality enquiry based learning. Children passed entrance examinations for the senior schools of their choice, both state and independent. The assessment results for our pupils continue to show achievement above the national average and in relation to their personal starting points throughout all the levels and, increasingly, as they move up through the school. Their success is due to nurturing, a robust approach to learning and the opportunities they experience from our nursery onwards. The school is fortunate to have at its disposal first clas5, experienced teaching staff. The trustees and staff are committed to creating an environment that enables children to learn through enquiry and collaboration; enjoy their education; have individual needs met; individual talents nurtured and celebrated to maximi5e each child's potential. Our pupils demonstrate improvement in independent learning habits and personal responsibility. Independent Schools Inspectorate declared Herries excellent in all areas in March 2022. Sport The school has a wide and varied sports and after school activity programme offering kick boxing, fencing, tag rugby. hockey, football. swimming, netball, tennis, athletics, dance, cross country and a number of assorted games designed for all ages. We are fortunate to be able to use the excellent local facilities of Bisham Abbey National Sport Centre, Cookham Dean Cricket Club, Longridge Activity Centre and local swimming pools. Herries pupils compete in sports fixtures and tournaments against other local and independent schools. Buildings The Board continues to keep the building under review to ensure that the children have the best environment conducive to enable them to perform at their best. A programme of refurbishment is continually reviewed. A new classroom has been completed by knocking through two rooms, providing an excellent teaching environment for our Year4 children. Financial Performance The school had another good year with net incoming resources amounting to £68,461 {2023'. £148,903). Income increased to £1,432,520 (2023: £1.394,8051 and expenditure to £1,364,059 (2023: £1,245,902}, representing the continued investment that the school makes in teaching, facilities and resources. Fixed Assets We continued investing in Chromebooks to increase collaborative possibilities and create new ways of working. All classrooms now have new style screens, allowing for collaborative work using the Chromebooks. Investment policy and objectives The trustees are authorised by the Memorandum of Association to invest monies not immediately required for the school's purposes in investments, securities or property as may be thought fit. Reserves policy The Board has decided that the reserves policy of the school is to establish sufficient funds {including debt fina ncing if necessary) to continue to invest in the school, its fabric and development. It is the aim of the policy to maintain free reserves to cover at least the costs of running the school for one term. This target has been set after careful consideration given the need to ensure the continued security of the school and maintain its a55et base. Page 4
Herries Educational Trust Limited Re ort of the Trustees for the ear ended 31 Au ust 2024 GoTng concern The school is increasingly successful and stable, and the trustees remain confident that the school is self- sufficient, with net incoming resources amounting to £68,461 {2023: £148,903) for the year ended 31 August 2024 and unrestricted reserves increased to £1,898.225 {2023'. £1,829,764) as at 31 August 2024. Plans for Future The school has performed well throughout the year. The introduction of VAT on school fees and the impact of changes in national insurance and removal of business rates relief have presented financial challenges and uncertainty to the school and to parents, however the Board and management continue to work very hard to manage the cost base of the school and maintain the pupil intake at its optimum to ensure the prosperity of the school in the face of these challenges. The prospects for 2024-25 are good. Investment in the school continues and the Board is planning to further improve facilities. In particular, refurbishing the science/art room to provide more purposeful learning areas and investing in IT resources. We are also planning to extend our EYFS building to allow for free flow provision for our youngest children. Our key academic targets are to influence academic outcomes and personal development by building effort, independence, responsibility and scholarly habits of mind. We plan to review our approach to ensure high quality teaching a nd learning that fosters enquiry-based learning, independence, thinking skills, creativity and critical thinking across the curriculum. We are creating new effort grades to spark aspiration and implement plans for progress. In response to the family needs of our parents, we have improved our playground and sports facilities and we plan to enrich a programme of events. We continue to work on improving communications and marketing reach by strengthening home/school/community links. We have introduced a holiday programme for busy parents. We are increasing efficiency through the use of a new management information system. The Herries Parents Association There have been a number of appeals over the years principally for major building work and school equipment. We are indebted to the Herrie5 Parents Association for their fundraising activity and their generous donations to the school. They are an integral part of the school and continue to work extremely hard to help the school prosper and develop. The most recent HPA grants were for 65" display panels and a new play trail in the lower playground. Page 5
Herries Educational Trust Limited Re ort of the Trustees for the Year Ended 31 Au ust 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for thatperiod. The trustees (who are also the directors of Herries Educational Trust Limited for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. In preparing those financia5 statements. the trustees are required to- select suitable accounting policies and then apply them consistently: observe the methods and principle5 in the Charity SORP; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company wi51 continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevant information {as defined by Section 418 of the Companies Act 2006} of which the charitable company's auditors are unaware, and each trustee has taken all the steps they ought to have taken as a trustee in orderto make them aware of any audit information and to establish that the charitable company's auditors are aware of that information. AUDITORS The auditors, Just Audit & Assurance Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. ON BEHALF OF THE BOARD: Emma Dutton Chair and Trustee Date: 29 January 2025 Page 6
ort of the Inde endent Auditors to the Members of Herries Educational Trust Limited Opinion We have audited the financial statements of Herrie5 Educational Trust Limited for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applica ble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and the Charities SORP 2015. In our opinion the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities SORP 2015. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} (ISAS {U Kll and a pplicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our a udit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulf illed 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 We have nothing to report in respect of the following matters in relation to which the ISAS IUKI require us to report to you where- the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. Page 7
Re ort of the Inde endent Auditors to the Members of Herries Educational Trust Limited Other information continued 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: the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the 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 Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not VlSlted by us- or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities, the trustees {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our 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 mi55tatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 {UKI 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 decision5 of users taken on the basis of these financial statements. We exercise professional judgement and maintain professional scepticism throughout the audit. It is our responsibility to identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and to obtain evidence that is sufficient and appropriate to provide a basis for our opinion. Page 8
ort of the Inde endent Auditors to the Members of Herries Educational Trust Limited 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 f urther 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 Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Jonathan Russell (Senior Statutory Auditor) For and on behalf of Just Audit & Assurance Ltd, Statutory Auditor 37 Market Square Witney OX28 6RE Date: Page 9
Herries Educational Trust Limited Statement of Financial Activities for the Year Ended 31 Au ust 2024 31.8.24 Total Funds 31.8.23 Total Funds Notes INCOMING RESOURCES Incoming resources from generated funds Activities for generating funds 1,432.520 1,394,805 RESOURCES EXPENDED Charitable activities Teaching costs and school expenses Premises costs Management and administration Governance costs Other resources expended 318 1057,810 74.516 60,622 9,721 161,390 958,528 85.531 60,182 7,876 135,785 314 Total resources expended 1,364,059 1,245,902 NFf INCOMING/OUTGOING RESOURCES BEFORE REVALUATION 68,461 148,903 Unrealised surplus on revaluation of freehold property NET INCOMING RESOURCES AFTER REVALUATION 68,461 148.903 RECONCILIATION OF FUNDS Total funds brought fonvard 2,129.764 1,980,861 TOTAL FUNDS CARRIED FORWARD 2,198.225 2,129,764 Page 10
Herries Educational Trust Limited Balance Sheet as at 31 Au ust 2024 31.08.24 31.08.23 Note FIXED ASSETS Tangible Assets 1,950,043 1,885,426 CURRENT ASSETS Debtors Cash at Bank and on hand 10 35,091 i.(J)6,890 23,294 824,939 Total Current Assets 1,041,981 848,233 CREDITORS Amounts falling due within one year Loans li 14 1640,4081 1445,967) NET CURRENT (LIABILITIES)/ ASSETS 401.573 402,266 TOTAL ASSETS LESS CURRENT LIABILITIES 2.351.616 2,287,692 CREDITORS Amounts falling due after more than one year Loans (153,3911 1157,928} NEf ASSETS 2,198,225 2,129,764 FUNDS Unrestricted funds Freehold Property Revaluation Reserve 13 1,898,225 300,000 1,829,764 300,000 TOTAL FUNDS 2,198.225 2.129,764 The financial statements were approved by the Board of Trustees on 29 January 2025 and were signed on its behalf by: E. Dutton Chair Trustee Page 11
Herries Educational Trust Limited Statement of Cash Flows for the Year Ended 31 Au ust 2024 Notes 31.08.24 31.08.23 Net cash generated from operating activities 15 295,801 359.430 Cash flows from investing activities Interest income Purchase of ta nEible fixed assets Disposa Is of tangible fixed a55ets (109,313} {44,8501 Cash used in investing activities (109,313) (44,850) Cash oufflows from financing activities Decrease in loans 14,5371 15,122) Cash (spent on}/generated from financing activities {4,537) 15,121) Increase in cash and cash equivalents in the year 181.951 309,459 Cash and cash equivalents at the beginning of the year 824,939 515.480 Total cash and cash equivalents at the end of the year 1.006.890 824,939 Page 12
Herries Educational Trust Limited Notes to the Financial Statement for the ear ended 31 Au ust 2024 I, ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and the Republic of Ireland IFRS 102) effective I" January 2015,. Financial Reporting standard 102'Financial Reporting Standards applicable in the UK and the Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historic cost convention. Incoming resources All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Resources expended Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Equipment, fixtures and fittings 20% on a reducing balance basis IT equipment 33% on a reducing balance basis Astroturf, Portacabin, Motor Vehicles 20Yo on a straight-line basis Items costing less than £250 are written off as an expense as required. Buildings are recorded at market value and therefore not depreciated. Financial instruments The company only has financial assets and liabilities that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value. Cash Flow A statement is included in this set of statutory accounts. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Pension costs and other post-retirement benefits Until 31" August 2020 the school contributed to the Teachers, Superannuation Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. Teachers joined APTIS, a defined contribution pension scheme, on I" September 2020. The school also operates a defined contribution pension scheme for non-teaching staff. Page 13
Herries Educational Trust Limited Notes to the Financial Statements for the Year Ended 31 Au ust 2024 continued ACTIVITIES FOR GENERATING FUNDS 31.8.24 31.8.23 School fees receivable Grants and donations Trading turnover catering Other income 1,241756 1,201,582 1,093 141,690 50,440 143,006 47.655 1,432,518 1,394,805 CHARITABLE AcfiviTIES COSTS Direct costs Support costs Totals (See note 4) Teaching costs and school expenses Premises cost5 Management and administration 1057810 74,516 1,057,810 74,516 60,622 60,622 1,132,326 60,622 1,192,948 SUPPORT COSTS 31.08.24 31.08.23 Management and administration 60,622 60,182 GOVERNANCE COSTS 31.8.24 31.8.23 Auditors, Fees Other costs Total 6.600 6,600 9,721 7,876 NET INCOMING/{OUTGOING) RESOURCES Net resources are stated after charging: 31.8.24 31.8.23 Audit fees, accountancy and inspection costs Depreciation- owned assets Total 9,721 7,876 54,416 37,607 Page 14
Herries Educational Trust Limited Notes to the Financial Statements for the ear ended 31 Au ust 2024- continued EMPLOYEE AND TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, expenses paid for the year ended 31 August 2024 or for the year ended 31 August 2023 as all expenses were waived. One member of staff who is a Director and Trustee received remuneratior) of £89,23512023- £84,185). STAFF COSTS 31.8.24 31.8.23 Wages and salaries Social security costs Other pension costs Other Staff Costs 804.659 67,741 90,523 13,754 976,677 734,236 60,521 75,118 6,719 876,594 Staff Numbers 31.8.24 25 31.8.23 23 Teaching Ad ministration Facilities 32 30 TANGIBLE FIXED ASSETS Freehold Property Other Totals COST At I September 2023 Additions 1,800,000 428,927 109,313 2,228,927 109,313 At 31 August 2024 538 240 2 338 240 DEPRECIATION At I September 2023 343,501 343,501 Charge for year 44,695 44,695 At 31 August 2024 388.196 388.196 NET BOOK VALUE At 31 August 2024 1,81)0,000 150,044 1,950,044 At 31 August 2023 1,800,000 85,426 1,885,426 Page 15
Herries Educational Trust Limited Notes to the Financial Statements for the ear ended 31 Au ust 2024- continued TANGIBLE FIXED ASSETS continued The Trustees have decided to hold the value of the school's freehold property at market valuation. An opinion on the market value was undertaken by Pinders Professional & Consultancy Services Ltd, agents of Lloyds Bank, on 25 May 2018 and this value was adopted with effect from that date. The cost value of freehold property increased from £1.500,0(X) to £1.800,000. An unrealised surplus on revaluation of £300,000 is reflected in the accounts for the year ended 31 August 2024. Depreciation on the property has not been charged. The trustees believe that the value is still correct as at 31" August 2024. io. DEBTORS 31.8.24 31.8.23 Fees Bad Debt Provision 8,331 6,133 Total Net Fee Debtors 8,331 6,133 Prepayments Other debtors 26,760 17,161 35,091 23,294 ii. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 Trade creditors Social Security Costs and Taxes Accrued expenses 29,955 17.032 6,600 47,333 16,235 6,600 Fees in advance End of Term Deposits Other creditors 453,605 99.100 34,116 277,601 78,900 19,298 Total 640.408 445,967 Page 16
Herries Educational Trust Limited Notes to the Financial Statements for the ear ended 31 Au ust 2024- continued 12. MOVEMENT IN DEFERRED INCOME Fees in advance 31.8.24 31.8.23 Amounts brought forward Amounts paid in advance this year Amounts released Amounts carried forward 277.601 385,396 209 392 453,605 106,399 277,601 106 399 277,601 13. MOVEMENT IN FUNDS Net movement in funds At 1.9.23 At 31.8.24 General fund unrestricted 1,829.764 68,461 1,898,225 Freehold Property Revaluation Reserve 300.000 300,000 Total Funds 2,129.764 68,461 2,198,225 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1432 520 1364 059 TOTAL FUNDS 1,432.520 (1,364.059) 68,461 Page 17
Herries Educational Trust Limited Notes to the Financial Statements for the Year Ended 31 Au ust 2024- continued 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Included in bank loans is an amount of £153.39112023 - £157,298), repayable in monthly instalments. The loan carries interest at base rate plus 3.2%. The loan matures on 12 May 2040 and is secured by way of fixed and floating charge over the assets of the Trust. Amount due within 2-5 years £18,000 Amount due in over 5 years £135.391 15. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NEr CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net movement in funds Add back depreciation charge Deduct interest income shown in investing activities Deduct unrealised surplus on revaluation of freehold property {Increasel/ decrease in debtors l Decreasel/ increase in creditors 68,461 44,695 148,903 29,731 {11,7971 194,442 13,484) 184,280 Net cash generated from operating activities 295.801 359,430 Page 18