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2022-08-31-accounts

Charity registration number 1092152

Company registration number 04158590 (England and Wales)

INAURA SCHOOL

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

INAURA SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs Julia Gibbs
Mrs Tessa Munt
Mr Andrew Warner
Mrs Amanda Hannah (Appointed 1 November
2021)
Mr Adam Bradley (Appointed 1 November
2021)
Charity number 1092152
Company number 04158590
Registered office Moor View
Burrowbridge
Bridgwater
Somerset
United Kingdom
TA7 0RB
Auditor Lentells Limited
Ash House
Cook Way
Bindon Road
Taunton
Somerset
TA2 6BJ

INAURA SCHOOL

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Balance sheet 12
Statement of cash flows 11
Notes to the financial statements 13 - 21

INAURA SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2022

The trustees present their annual report and financial statements for the year ended 31 August 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 3 to the financial statements and comply with the charitable company's memorandum and articles of association, the Companies Act 2006 and "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)".

Objectives and activities

Inaura School is an independent, co-educational SEND school for pupils who have complex educational needs in addition to SEMH (social, emotional and mental health) needs.

The school has four education learning bases located in the county of Somerset. We provide student educational day placements for Somerset local authority and the surrounding local authorities including Bath and North East Somerset, Bristol, Dorset, North Somerset and Gloucestershire. Our Key Stage 2-3 learning centre is located in Wedmore while our Outdoor Learning Centre and Forest School are located nearby in the Westhay Moor Nature Reserve. Our Key Stage 3, 4 and 5 learning base is located in Burrowbridge and we have now acquired another Key Stage 3, 4 and 5 site in Street which opened on 13 March 2023.

All of our students have Education Health and Care Plans and are placed with us through their local authority SEND departments. We work with students who have encountered challenges in mainstream, pupil referral units and other special school settings. Many of our students have experienced failure in multiple educational settings. That is why we do things a little differently.

Our approach encompasses a relational and non-coercive philosophy for teaching and learning. This philosophy focuses on building trust and systematically removing the barriers that pupils encountered in their previous learning journeys.

Our Vision

Inaura School will be a safe, supportive, inclusive and aspirational community for everyone – with the students at the heart of a school that is continually evolving.

The aim of Inaura School is to:

Our philosophy is rooted in the belief that every individual will learn when presented with the right conditions. Our goal is to help students enjoy learning again. This 360-degree learner-centred approach focuses on the Head, Heart, Hands and Home .

Head - Promoting academic learning and the gaining of qualifications to enable choice and social mobility. Heart - Promoting emotional resilience, relationship building, higher self-esteem and self-awareness to facilitate experiences of success.

Hands - Promoting hands on activities that are flexible, practical and proactive rather than teacher-centred, lecture style learning.

Home - Promoting quality home/school relationships through effective communication and collaboration with parent/ carers that closes the loop between the expectations of home and school.

INAURA SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Our Ethos

The school ethos is based on compassion and we believe in being ‘consistently kind’. Inaura's highest priority is to keep our students safe, healthy, happy and inspire them to overcome personal obstacles that prevent them from learning.

The vision, aims and ethos of the school have been underpinned by the following core values:

Integrity, Compassion, Kindness, Love and Family

And the following additional values:

Loyalty, Self-Respect, Courage, Friends, Freedom, Heritage, Respect, Fairness, Reliability and Authenticity

We believe all young people are able and genuinely want to learn. This will only occur if we remove the barriers that are holding them back from engaging with school and assist them in overcoming past, present and future challenges. We will empower students to learn the skills that will enable them to confront life's obstacles with confidence, poise and resilience.

In+aura - Our name means 'radiance piercing the darkness within'.

Charitable objectives

Inaura School's charitable objectives are:

These objectives have been met in 2021-22 by:

Future development towards these objectives include:

INAURA SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

The Relational Approach

When using the relational approach, we look for opportunities to create positive conditions allowing us to invite the student (without coercion or conditional statements) to do what we are asking them to do. The challenging situation provides a way to build stronger relationships through trust and understanding. We want students to be safe, have fun and engage in their learning. Sometimes we will not be able to give students what they want but we work very hard to ensure that we give them what they need.

How does Inaura School do this?

We believe that this approach combined with our 1:1 student to teacher ratio and small group settings are what make Inaura unique amongst other schools working with SEND/SEMH young people who would otherwise be disengaged from the learning process.

Achievements and performance

Financial review

The school business is viable and independent professionals have approved our financial management plans.

The school has made a surplus this year of £32,282 and has met all the annual budget figures.

The school has continued to take enormous steps to consolidate the overall performance registered on the 14[th] to 16[th] January 2020 Ofsted inspection where the school was rated as Good .

Principal funding sources

All income this year has come from local authority referrals to the school. Services have been provided to five local authorities this year, but the majority of referrals come from North Somerset, Somerset, Bristol, Swindon and Gloucester Councils. We will continue to promote our school to other local authorities.

Fundraising

The school was successful in receiving grant funding to assist with providing a disabled access toilet at our Outdoor Learning and Forest School site for £3,600. We are seeking to apply for further funding for the Outdoor Learning Centre and Forest School provision in 2023 and 2024. We also received a donation from a stewarding team at Glastonbury Festival of £1,300. This money is being used to provide a sensory room at our new learning centre in Street.

Investment and reserves policy

The school continues to be remunerated on a four-month cycle in advance, so there is a 'dynamic reserve', which reduces to a minimum every four months. We will need to continue to apply our risk management policy to our premises portfolio and staffing levels each year. The school has opened a business savings account with the Nationwide Building Society where all reserves are currently held.

Principal risks and uncertainties

The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

Governing document

Inaura School is a company limited by guarantee and a registered charity number 1092152. It was incorporated on 12 February 2001 and its memorandum and articles of association have been amended by special resolutions dated 11 May 2002, 3 March 2007, 28 February 2009, 23 June 2020 and 8 October 2020. The company was registered as a charity on 22 May 2002.

Signatories to the memorandum and articles are liable up to a maximum of £10 in the event of dissolution.

INAURA SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs Sara Clay (Resigned 19 May 2022)
Mrs Julia Gibbs
Mrs Tessa Munt
Mr Andrew Warner
Mrs Amanda Hannah (Appointed 1 November 2021)
Mr Adam Bradley (Appointed 1 November 2021)

Recruitment and appointment of new trustees 2022-2023

Inaura's Trustees are all directors of the company limited by guarantee. In accordance with its articles of association two Trustees resign each year in rotation and for the last five years have been re-elected immediately. Inaura has benefited from a loyal and committed Trustee group. Trustees give their time voluntarily and no expenses were claimed during the year. The trustees have had due regard to the Charity Commission's guidance on public benefit.

The Trustees are all professionals with substantial experience in business, therapeutic, social and educational work. Trustees meet for a regular termly meeting, with a fourth optional meeting on a floating date to coincide with an annual Charity public event. This appears to be a successful model and will be continued.

Board of Governors

The board of governors are responsible for working with the school to ensure that it delivers the best possible education for present and future pupils. This includes best practice in appointing and managing staff as well as ensuring that child protection and safeguarding remain the school’s first priority. Together with the Head Teacher, who is responsible for the day-to-day management, they set the school's aims, policies and the overall strategy. The board of governors are responsible for ensuring the efficient and effective monitoring of the school’s finances. The board meets six times per year. Since 2017, the school has appointed six new governors and four governors have resigned.

Organisational structure for 2022-2023

The Head Teacher stepped down from the role in September 2022. The Deputy Head Teacher has taken on the role of Acting Head Teacher, and reports to the Board of Governors. We have now appointed a new Head Teacher who will start on 2 May 2023. The school's senior leadership team consists of the Acting Head Teacher, Designated Safeguarding Lead, SENDCo, Business Manager and Curriculum Lead.

The school has four middle level manager/teachers, four administrators, a finance assistant, three specialist teachers, a literacy tutor, a music therapist, and twenty-four learning support workers and ancillary staff.

Trustees recognise that as the school develops, their responsibilities need to be fully understood and enacted and make use of the Charity Commission's extensive guide booklets and the Department for Education’s Governance Handbook to reference the correct approach to any unfamiliar governance issues. The school is a member of The Key for Governors who provide information, advice, guidance, research and training for governing boards.

Auditor

In accordance with the company's articles, a resolution proposing that Lentells Limited be reappointed as auditor of the company will be put at a General Meeting.

INAURA SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

The trustees' report was approved by the Board of Trustees.

.............................. Mr Andrew Warner Trustee Date: .............................................

INAURA SCHOOL

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2022

The trustees, who are also the directors of Inaura School for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year 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 that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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. 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.

INAURA SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INAURA SCHOOL

Opinion

We have audited the financial statements of Inaura School (the ‘charitable company’) for the year ended 31 August 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

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 trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

INAURA SCHOOL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INAURA SCHOOL

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 purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the industry/sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process we discussed with management the laws and regulations applicable to the company, review other communications and considered findings from previous audits.

The key laws and regulations we identified were the Health and Safety at Work, Data Protection and the Childrens' Act.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily Companies Act 2006 and relevant UK tax law.

We discussed with management how the compliance with these laws and regulations is monitored and discussed

policies and procedures in place.

We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deal with reporting any issues if they arise.

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the financial statements.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

INAURA SCHOOL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INAURA SCHOOL

As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which management confirmed there had been none during or after the period.

We also evaluated the risk of fraud through management override. They key risks we identified were related to cutoff in respect of revenue recognition.

In response to the identified risk, as part of our audit work we:

Given the inherent limitations of an audit, the more remote the non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the greater the risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

P A Stallard FCA (Senior Statutory Auditor) for and on behalf of Lentells Limited ......................... Chartered Certified Accountants Statutory Auditor Ash House Cook Way Bindon Road Taunton Somerset TA2 6BJ

INAURA SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Income from:
Donations and grants
2		 - - - - 31,240 31,240
Charitable activities
4		 1,675,356 - 1,675,356 1,566,749 - 1,566,749
Total income 1,675,356 - 1,675,356 1,566,749 31,240 1,597,989
Expenditure on:
Charitable activities
Education
5		 1,636,834 6,240 1,643,074 1,553,256 28,960 1,582,216
Total charitable expenditure 1,636,834 6,240 1,643,074 1,553,256 28,960 1,582,216
Net income/(expenditure) for
the year/		 38,522
Net movement in funds (6,240) 32,282 13,493 2,280 15,773
Fund balances at 1 September
2021
49,447 6,240 55,687 35,954 3,960 39,914
Fund balances at 31 August
2022
87,969 - 87,969 49,447 6,240 55,687

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

INAURA SCHOOL

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
18
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022 2021 £
81,569
£
£		 £
(318,183)
(8,825)
(8,825)
-
(327,008)
610,885
283,877		 (9,040)
(9,040)
-
72,529
538,356
610,885

INAURA SCHOOL

BALANCE SHEET

AS AT 31 AUGUST 2022

Notes 2022 2021 £
12,179
595,986
608,165
£ £ £
Fixed assets
Tangible assets
10
Current assets
Debtors
11

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2022, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

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

Mr Andrew Warner Trustee

Company Registration No. 04158590

INAURA SCHOOL

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2022

1 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2 Donations and grants

Total Restricted
funds
2022 2021
£ £
Grant income - 31,240

3 Accounting policies

Charity information

Inaura School is a private company limited by guarantee incorporated in England and Wales. The registered office is Moor View, Burrowbridge, Bridgwater, Somerset, TA7 0RB, United Kingdom.

3.1 Accounting convention

The financial statements have been prepared in accordance with, the Companies Act 2006 and "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 charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

3.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

3.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

INAURA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

3 Accounting policies

(Continued)

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.

3.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

3.5 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software 5 years

3.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements Over duration of lease
Plant and equipment 33% on straight line basis and 20% on straight line basis
Fixtures and fittings 20% on straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

3.7 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

INAURA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

3 Accounting policies

(Continued)

3.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.9 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

3.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

INAURA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

4 Charitable activities

Education
Education
2022
2021
£
£
Services provided under contract
1,675,356
1,566,749		 Education
Education
2022
2021
£
£
Services provided under contract
1,675,356
1,566,749		 Education
Education
2022
2021
£
£
Services provided under contract
1,675,356
1,566,749
2022 2021
£ £
1,675,356 1,566,749
5
Charitable activities
Education
Education
2022
2021
£
£
Staff costs
1,296,831
1,247,168
Student therapy
5,653
6,009
Student activities
37,353
29,048
Telephone
12,651
12,704
Books and journals
857
1,739
Consultant and practitioner fees
4,380
2,598
Licences and registrations
6,811
4,792
1,364,536
1,304,058
Share of support costs (see note 6)
260,575
264,465
Share of governance costs (see note 6)
17,963
13,693
1,643,074
1,582,216
Analysis by fund
Unrestricted funds
1,636,834
1,553,256
Restricted funds
6,240
28,960
1,643,074
1,582,216
2022 2021
£ £
1,296,831 1,247,168
5,653 6,009
37,353 29,048
12,651 12,704
857 1,739
4,380 2,598
6,811 4,792
1,364,536 1,304,058
260,575 264,465
17,963 13,693
1,643,074 1,582,216
1,636,834 1,553,256
6,240 28,960
1,643,074 1,582,216

INAURA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

6 Support costs

Support costs
Support
costs
Governance
costs		 2022 Support
costs
Governance
costs		 2021
£ £ £ £ £ £
Research and training 3,854 - 3,854 9,157 - 9,157
Finance costs 361 - 361 346 - 346
Motor and travel 33,279 - 33,279 20,909 - 20,909
Premises costs 157,639 - 157,639 171,822 - 171,822
Office costs 62,288 - 62,288 61,702 - 61,702
Damages/compensation 3,154 - 3,154 529 - 529
Audit fees - 8,100 8,100 - 10,100 10,100
Legal and professional - 9,337 9,337 - 3,208 3,208
DBS fees - 526 526 - 385 385
260,575 17,963 278,538 264,465 13,693 278,158
Analysed between
Charitable activities 260,575 17,963 278,538 264,465 13,693 278,158

Governance costs includes payments to the auditors of £8,100 (2021- £10,100) for audit fees.

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.

8 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2022 2021
Number Number
Education 46 48
Employment costs 2022 2021
£ £
Wages and salaries 1,173,774 1,131,140
Social security costs 95,390 86,509
Other pension costs 21,547 21,440
1,290,711 1,239,089

INAURA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

8
Employees
(Continued)
The number of employees whose annual remuneration was more than £60,000
is as follows:
2022
2021
Number
Number
£70,001 to £80,000
-
1
£80,001 to £90,000
1
-
9
Intangible fixed assets
Software
£
Cost
At 1 September 2021
82,545
Disposals
(82,545)
At 31 August 2022
-
Amortisation and impairment
At 1 September 2021
82,545
Disposals
(82,545)
At 31 August 2022
-
Carrying amount
At 31 August 2022
-
At 31 August 2021
-		 8
Employees
(Continued)
The number of employees whose annual remuneration was more than £60,000
is as follows:
2022
2021
Number
Number
£70,001 to £80,000
-
1
£80,001 to £90,000
1
-
9
Intangible fixed assets
Software
£
Cost
At 1 September 2021
82,545
Disposals
(82,545)
At 31 August 2022
-
Amortisation and impairment
At 1 September 2021
82,545
Disposals
(82,545)
At 31 August 2022
-
Carrying amount
At 31 August 2022
-
At 31 August 2021
-		 8
Employees
(Continued)
The number of employees whose annual remuneration was more than £60,000
is as follows:
2022
2021
Number
Number
£70,001 to £80,000
-
1
£80,001 to £90,000
1
-
9
Intangible fixed assets
Software
£
Cost
At 1 September 2021
82,545
Disposals
(82,545)
At 31 August 2022
-
Amortisation and impairment
At 1 September 2021
82,545
Disposals
(82,545)
At 31 August 2022
-
Carrying amount
At 31 August 2022
-
At 31 August 2021
-
-
1
9
Intangible fixed assets
Cost
At 1 September 2021
Disposals
At 31 August 2022
Amortisation and impairment
At 1 September 2021
Disposals
At 31 August 2022
Carrying amount
At 31 August 2022
At 31 August 2021
(82,545)
-
82,545
(82,545)
-
-
-

INAURA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

10
Tangible fixed assets		 10
Tangible fixed assets		 10
Tangible fixed assets		 10
Tangible fixed assets		 Total
£
110,797
8,825
Leasehold
improvements
Plant and
equipment
Fixtures and
fittings
£
£
£
Cost
At 1 September 2021
54,922
40,424
15,451
Additions
3,998
4,827
-
Disposals
(42,462)
-
-
At 31 August 2022
16,458
45,251
15,451
Depreciation and impairment
At 1 September 2021
51,184
31,983
15,451
Depreciation charged in the year
1,646
6,939
-
Eliminated in respect of disposals
(42,462)
-
-
At 31 August 2022
10,368
38,922
15,451
Carrying amount
At 31 August 2022
6,090
6,329
-
At 31 August 2021
3,738
8,441
-
11
Debtors
2022
Amounts falling due within one year:
£
Trade debtors
330,747
Prepayments and accrued income
9,879
340,626
12
Creditors: amounts falling due within one year
£ £ £
54,922 40,424 15,451
3,998 4,827 -
(42,462) - - (42,462)
77,160
98,618
8,585
16,458 45,251 15,451
51,184 31,983 15,451
1,646 6,939 -
(42,462) - - (42,462)
64,741
12,419
12,179
2021
£
18,821
17,152
35,973
2021
£
27,980
12,669
-
10,223
50,872
10,368 38,922 15,451
6,090 6,329 -
3,738 8,441 -
2022
£
330,747
9,879
340,626
12
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
29,909
60,085
7,898
9,415
107,307

INAURA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2022

13 Deferred income

2022 2021
£ £
Deferred tuition income 441,646 552,478

Tuition fees are invoiced and received by Inaura School in advance of the term to which they relate.

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Balance at
1 September
2020
Incoming
resources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£
£
£
£
£
£
North Somerset Council -
Pension grant
3,960
-
(3,960)
-
-
-
Poolbridge Grant
-
25,000
(25,000)
-
-
-
Covid Catch up grants
-
6,240
-
6,240
(6,240)
-
3,960
31,240
(28,960)
6,240
(6,240)
-		 Movement in funds
Balance at
1 September
2020
Incoming
resources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£
£
£
£
£
£
North Somerset Council -
Pension grant
3,960
-
(3,960)
-
-
-
Poolbridge Grant
-
25,000
(25,000)
-
-
-
Covid Catch up grants
-
6,240
-
6,240
(6,240)
-
3,960
31,240
(28,960)
6,240
(6,240)
-		 Movement in funds
Balance at
1 September
2020
Incoming
resources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£
£
£
£
£
£
North Somerset Council -
Pension grant
3,960
-
(3,960)
-
-
-
Poolbridge Grant
-
25,000
(25,000)
-
-
-
Covid Catch up grants
-
6,240
-
6,240
(6,240)
-
3,960
31,240
(28,960)
6,240
(6,240)
-		 Movement in funds
Balance at
1 September
2020
Incoming
resources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£
£
£
£
£
£
North Somerset Council -
Pension grant
3,960
-
(3,960)
-
-
-
Poolbridge Grant
-
25,000
(25,000)
-
-
-
Covid Catch up grants
-
6,240
-
6,240
(6,240)
-
3,960
31,240
(28,960)
6,240
(6,240)
-		 Movement in funds
Balance at
1 September
2020
Incoming
resources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£
£
£
£
£
£
North Somerset Council -
Pension grant
3,960
-
(3,960)
-
-
-
Poolbridge Grant
-
25,000
(25,000)
-
-
-
Covid Catch up grants
-
6,240
-
6,240
(6,240)
-
3,960
31,240
(28,960)
6,240
(6,240)
-		 Movement in funds
Balance at
1 September
2020
Incoming
resources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£
£
£
£
£
£
North Somerset Council -
Pension grant
3,960
-
(3,960)
-
-
-
Poolbridge Grant
-
25,000
(25,000)
-
-
-
Covid Catch up grants
-
6,240
-
6,240
(6,240)
-
3,960
31,240
(28,960)
6,240
(6,240)
-		 Movement in funds
Balance at
1 September
2020
Incoming
resources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£
£
£
£
£
£
North Somerset Council -
Pension grant
3,960
-
(3,960)
-
-
-
Poolbridge Grant
-
25,000
(25,000)
-
-
-
Covid Catch up grants
-
6,240
-
6,240
(6,240)
-
3,960
31,240
(28,960)
6,240
(6,240)
-		 Movement in funds
Balance at
1 September
2020
Incoming
resources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£
£
£
£
£
£
North Somerset Council -
Pension grant
3,960
-
(3,960)
-
-
-
Poolbridge Grant
-
25,000
(25,000)
-
-
-
Covid Catch up grants
-
6,240
-
6,240
(6,240)
-
3,960
31,240
(28,960)
6,240
(6,240)
-		 Movement in funds
Balance at
1 September
2020
Incoming
resources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£
£
£
£
£
£
North Somerset Council -
Pension grant
3,960
-
(3,960)
-
-
-
Poolbridge Grant
-
25,000
(25,000)
-
-
-
Covid Catch up grants
-
6,240
-
6,240
(6,240)
-
3,960
31,240
(28,960)
6,240
(6,240)
-		 Movement in funds
Balance at
1 September
2020
Incoming
resources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£
£
£
£
£
£
North Somerset Council -
Pension grant
3,960
-
(3,960)
-
-
-
Poolbridge Grant
-
25,000
(25,000)
-
-
-
Covid Catch up grants
-
6,240
-
6,240
(6,240)
-
3,960
31,240
(28,960)
6,240
(6,240)
-
Incoming
esources
Resources
expended
Balance at
1 September
2021
Resources
expended
Balance at
31 August
2022
£ £ £ £ £ £
-
25,000
3,960 (3,960) - - -
- (25,000) - - -
- 6,240 - 6,240
6,240		 (6,240) -
31,240
3,960 (28,960) (6,240) -
15
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total
Unrestricted
funds
Restricted
funds
Total
2022
2022
2022
2021
2021
2021
£
£
£
£
£
£
Fund balances at 31
August 2022 are
represented by:
Tangible assets
12,419
-
12,419
12,179
-
12,179
Current assets/(liabilities)
517,196
-
517,196
583,506
6,240
595,986
Provisions and
deferred income
(441,646)
-
(441,646)
(552,478)
-
(552,478
87,969
-
87,969
43,207
6,240
55,687		 Total
Unrestricted
funds
Restricted
funds		 Total
2022 2022
2021		 2021 2021
£ £
£		 £ £
- 12,419
12,179		 - 12,179
-
517,196
583,506		 6,240 595,986
-
(441,646)
(552,478)		 -
(552,478
87,969 - 87,969 43,207 6,240 55,687

16 Operating lease commitments

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2022 2021
£ £
Within one year 61,992 61,992
Between two and five years 217,477 245,077

INAURA SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

16
Operating lease commitments		 (Continued) (Continued)
In over five years
94,500
128,892
373,969
435,961
Total lease payments made in the year in respect of land and buildings amounted to £84,194 (2021: £89,379)
94,500 128,892
373,969 435,961
17
Related party transactions
There were no disclosable related party transactions during the year (2021 - £Nil).

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

Aggregate compensation 2022 2021
£ £
287,635 272,768
18
Cash generated from operations		 2022 2021
£
Surplus for the year
32,282
Adjustments for:
Depreciation and impairment of tangible fixed assets
8,585
Movements in working capital:
(Increase)/decrease in debtors
(304,653)
Increase in creditors
56,435
(Decrease)/increase in deferred income
(110,832)
Cash (absorbed by)/generated from operations
(318,183)		 £ £
32,282 15,773
8,585 8,899
25,469
11,281
20,147
81,569