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← Yarm School

2024-08-31-accounts

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YARM SCHOOL EDUCATING FOR LIFE

Annual Report 2023-2024

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Registered Charity Number 1093434 Registered Company in England and Wales 4451356

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Directors’ Report

Page 4

Statement of Directors’ Page 19 Responsibilities Audit Report Page[20] Group Statement ofFinancial Page 24 Activities

Group and Company Balance Sheet Page 25 Group Cash Flow Statement Page 26 Notes to the Financial Page 28 Statements

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Page3

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Structure, Governance and
Management
The Board of Directors present their annual report for the year ended 31 August 2024 under the Companies
Act 2006 (as amended by the Economic Crime and Corporate Transparency Act 2023) and the Charities Act
2022, together with audited Financial Statements of the Group for the year and confirm that the latter comply
with the requirements of the Companies Act 2006, the Company’s Memorandum and Articles of Association,
and the requirements of the Charities SORP (Statement of Recommended Practice) 2019.
REFERENCE AND ADMINISTRATIVE INFORMATION = accounting, legal, medical and education sectors
and some may be parents of [current] [or] [former]
Yarm School was founded in 1978. It is constituted pupils.
as a company limited by guarantee registered
in England, Company Number 4451356, and is Training
registered with the Charity Commission under New directors are introduced to the operation of the
Charity Number 1093434. School by the Headmaster and Senior Managers,
and through an induction programme provided by
The School operates two schools known as Yarm the School Manager - also Clerk to the Governing
School (DfE number 808/6002) and Yarm Preparatory Body- which covers their tripartite responsibilities
School (DfE number 808/6003). as directors, trustees and governors. There is
also a range oftraining opportunities available
There is one Governing Bodyfor the two schools. through courses provided by the Association of
Details of the members of the Governing Body are Governing Bodies of Independent Schools (AGBIS).
listed, together with the School's principal personnel All governors are encouraged to attend specialist
and advisers on pages one and two. courses on the role and responsibilities of charitable
trustees in addition to attending regularly any other
STRUCTURE, GOVERNANCE AND MANAGEMENT relevant courses by AGBIS and other providers.
Governors are provided with training and knowledge
Governing Documents which supports them to fulfil their statutory duties
The company is governed by its Memorandum and regarding school life, such as safeguarding training
Articles of Association last amended on 28 June and health and safety policy.
2011.
Governors also report on an annual basis any
Governing Body training undertaken in their professional lives which
The Governing Body must number between 6 and may also be relevantto School. This information is
15, and all governors are required to be trustees of held centrally in the Clerk to the Governors’ office, as
the charity and directors of the company. Directors the Governors’ Register ofTraining.
are formally appointed at the Annual General
Meeting (AGM) but may also be appointed by the Organisational Management
Board at any time on a temporary basis until formal = The Governing Body determines the general policy
appointment at the next AGM. One third of directors and strategic direction of the School. The Governing
retire at the AGM; they may be re-elected but may Body, as the charity trustees, is legally responsible
not normally serve beyond nine years. for the overall management of [the] [school.] [The] [Main]
Board meets four times a year, twice in the autumn
Directors are appointed to ensure a wide range of term and once each in the spring and summer terms.
skills and experience are brought to the Governing
Body. Directors are sought from the business,
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The Main Board is also supported by sub* Compliance Committee. This committee committees whose membership is drawn from the monitors and reviews all aspects of legislative Board of Directors: compliance, paying particular regard to « Finance & General Purposes Committee. This inspection requirements and any wider committee meets in advance of Main Board legislative changes which could affect the meetings to review financial performance and School. development strategies for the future of[the] School. It scrutinises revenue, budgets and All committees report to the Main Board, where their capital expenditure, and oversees the production business is reviewed and approved. of the School’s annual audited financial statements and annual report, for approval by The day-to-day management of[the][School][is] the Governing Body; delegated to the Headmaster and the Senior « Salaries Committee. This committee considers Management Team (SMT), which includes the proposals for annual salary reviews of all Head ofthe Prep School. Certain members of the employees ofthe School, including teaching SMT attend all meetings of the Governing Body’s and non-teaching staff. The remuneration of committees where relevant, except on rare occasions senior managers is considered by asmallersub— when governors request otherwise. However, committee, the Senior Salaries Committee. The SMT members do not have voting rights at those remuneration policy is reviewed annually and meetings and attend as observers or to present considers pay and conditions in similar schools information to the Governing Body. and sector wide. Staff costs are the largest single element of our charitable expenditure. Group Structure and Relationships « Education Committee. This committee considers — Yarm School has one wholly owned subsidiary, academic, pastoral and extra-curricular Yarm School Trading Limited, whose activities are to policy, together with reviewing the School’s provide a school uniform showroom for pupils and rolling programmeof self-review for subject to operate the Princess Alexandra Auditorium. departments across all phases of the School.

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Structure, Governance and
Management (continued)
The School seeks to fulfil its mission ‘Educatingfor In addition to placing funds on deposit the Trustees
Life’ in all aspects of its operations. It aims to achieve agreed to invest a portion of [surplus] [funds] [to] [provide]
high academic standards whilst promoting personal —_a return that maintains the real (inflation adjusted)
growthfor all pupils through a broad extracurricular — value of the capital as measured by the Consumer
programme and has active membership of anumber — Price Index, while also generating an income to
of bodies who also seek to promote this aim, support the work ofthe charity.
includingthe Independent Schools Council (ISC),
the Heads’ Conference (HMC), the Independent Wherever possible and in accordance with Charity
Association of Preparatory Schools (IAPS), the Commission guidelines, the Trustees wish to make
Association of Governing Bodies of Independent investments in ways that are consistent with the
Schools (AGBIS), the Independent Schools’ Bursars values and charitable aims of the School. When
Association (ISBA). considering investment strategies, The Finance and
General Purposes Committee will take into account
Employment Policy the published guidance of the Charity Commission
Yarm School is an equal opportunities employer on ethical and socially responsible investment
and, as such, is committed to a policy of equal of charitable funds and the School’s investment
treatment and opportunity with regard to its philosophy and restrictions. The first phase of
policies and practices for both employees and investments began during the 2021/22 academic
potential employees. This means thatno employee year with an ethical and environmental investment
or applicant will be treated less favourably on the portfolio being opened through Rowan Dartington
grounds of any of the protected characteristics as Wealth Management.
defined by the Equality Act 2010. Consultation with
employees, or their representatives, has continued During the year the investment portfolio has
at all levels with the aim of taking the view of regained the majority of the value lost over the
employees into account when decisions are made previous 24 months. This portfolio is reviewed by the
that are likely to affect their interests. Employees Governing Body at the Finance & General Purposes
are made aware ofthe financial performance Committee on a termly basis. Performance over the
of the School, together with its plans for future preceding 12 months will be considered carefully
development, on an annual basis. in comparison to other appropriate investment
portfolios available which may result in changes to
Investment Policy and Objects the funds held to maximise best value to the School
The Directors are permitted by the Memorandum
and Articles of Association to invest any surplus Reserves Policy
funds of the school not immediately required for The School’s reserve policy is to maintain sufficient
the furtherance of its objects. The agreed policyisto — unrestricted income reserves to enable it to meet its
place such funds on deposit in high interest bearing — short-term financial obligations in the event of an
bank accounts which will still allow access to the unexpected revenue shortfall.
funds when necessary. The rate of interest received is The school has free reserves of £4.7m which
reviewed regularly to ensure it remains competitive. represent unrestricted funds less tangible fixed
It is always the intention ofthe directors to obtain assets and longer term loans. Long term loans have
the most advantageous returns for the Company been excluded as they are secured over the fixed
whilst weighing up all relevant risks. assets of the School
Internal funding will continue to be accumulated in
orderto further develop the school’s facilities whilst
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maintaining funds to meet the day to day working a number of staff across the School. A Health and capital requirements. The School’s total reserves Safety Committee, which comprises key teaching of £42m at the year-end include restricted funds of and administrative staff takes place once a term. £186k. A range of generic controls are in place in order to Principal Risks and Uncertainties minimise routine operational risk, such as: The Board considers the main areas of the School’s = + —— Detailed terms of reference and formal agendas operations and regularly reviews the main risks for all Board committees and activity; in each of these areas, as assessed by the Senior * Strategic development planning, which is Management Team using specified escalation reviewed annually; criteria. * Comprehensive budgeting and accounting; * Clear and established organisational structures In the opinion ofthe Directors, the School has and reporting; established resources and reviewed systems, which, + Formal written policies, with clear authorisation under normal conditions, should allow these risks to and approval levels; be mitigated to an acceptable level in its day-to-day +» Comprehensive vetting procedures required by operations. law for the protection of vulnerable groups The Governing Body considers the economic The School receives occasional donations from turbulence in recent years, political uncertainty parents but does not undertake significant and changes to arrangements regarding VAT and fundraising from the public and does not use a Business Rates and the affordability of fees by commercial participator. Additional income comes parents across the independent sector to be the from activities run by the school such as holiday major risks faced by the School, alongside the more clubs and the hiring out of the auditorium. There recent threats of economic uncertainty and its effects is therefore no regulatory scheme to be followed. on our parents. No complaints have been received about our fundraising practices. Other key risks include the loss of key personnel from the Executive Team and, while unlikely, the potential for incidents (health and safety, child protection etc) which stand to impact on employees, pupils | and affect the wider reputation of the School. The ~—— en ; throughmajor risks theare Compliancereviewed, Committee,annually) by the followingGovernors) aN—_Bal ii a7j | Sue Team.recommendationsThe recommendations from the Senior Management SH in , ale _ SS Committee from the Compliance 9 a. is ee im, 4 “84 SCHOOL then escalated regardingannuallyriskmanagement are Mm Sa PAS ee a ES e r authorisation. to the Main Board for = / i — '@ 7 «, Q— On a day to day basis, the breadth NES gb = of activities and associated risks are managed \ = 2 =m iL 7 — by careful planning and risk assessment. Risk Sg assessments are monitored by the Health and Safety ak oie Coordinator,Deputy Head,theas appropriate,Estates Managerwithandinvolvementthe Senior of :ee eT eels wie=e =

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Objects,e aims,e objectivese e and activities

Mission Statement: Yarm School’s mission is ‘Educating for Life’: the School’s purpose is to provide excellent education to enable pupils to fulfil their potential as individuals and develop skills to become adults who will contribute positively to society. The School’s educational purpose is about more than mere academic attainment.

Charitable Objects Strategic Vision The School’s charitable objects are set out in the The School’s 5 year Strategic Vision sets out the Memorandum and Articles of Association as ‘the Mission, Ethos and Aims of the School, and the Key independent education of children in the counties of — Priorities to achieve those aims. Durham and North Yorkshire and the former county of Cleveland’. Principal activity Yarm School's principal activity, as set out in the Memorandum and Articles of Association, and in conjunction with its charitable duties, is ‘the advancement of education’. In this regard, the School has had another very successful year. Pupil numbers on roll have remained strong over the past few years and are currently approximately 1,150. The School attracts regular enquiries from prospective parents, from the Open Mornings and Preparatory School Open Week, other advertising and by wordof-mouth. This success is the result of the Governing Body’s resolve to maintain the high academic standards, exceptional extracurricular provision and outstanding facilities for which the School is highly regarded in the north-east region. Our pupils’ academic progress and achievements for the year are summarised on page 16. Intended Impact Within its charitable objects, the School strives to providea first-class educational experience, through its strong academic tuition and by developing broader life skills that enable every pupil to realise his or her potential. School life, whether through the curriculum orthe wider programme of activities, nurtures skills in pupils which encourage individual learning, sporting, musical and theatrical achievement, team-building and social skills. This policy aims to foster life skills in pupils, an understanding of the value of service and a willingness and interest in contributing to the wider community whilst at School.

Five Key Priorities

The School has identified five Key Priorities to achieve these aims, which support and drive the Development Plan.

Academic excellence and aspiration, built on a foundation of inspirational teaching and a culture of development and professional learning.

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wellbeing whilst ensuring that pupils develop empathy in their interactions with others. Holistic pastoral care, building resilience, self-knowledge and a sense of

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diverse range of extracurricular opportunities

community, including former pupils, in our development. Active engagement oftdc Engagement with our community. Inclusion of the whole School with and contribution to our local and regional communities.

Continued environmentally responsible capital development to ensure the best facilities for learning. Commitment to sustainability and environmental issues.

Future Plans development and success in public examinations The School’s current development plan is kept whilst further developing the extra-curricular under regular review by the Senior Management opportunities available to them. Team, for periodical submission to the Governing Body. The primary future plans for Yarm School The School will continue to allocate funds to are set out in the Development Plan, and include extend the availability of places to those who would a numberof issues which are influenced by the benefit from education in the School but who lack national education agenda over which the School the financial ability to afford the fees. It remains has minimal influence, such as curriculum reviews at committed to engaging with and providing benefit A level and GCSE. The School is also engaged in an to the local community through a range of initiatives, ongoing cycle ofself-review for subject Departments, projects and events. welfare and pastoral support, in addition to improvements of our sports and academic facilities | Strategies to achieve the principal objectives across the School sites. In recent years, the Governing Body has continued an extensive programmeof capital development The School will not deviate from its educational across the School. objectives, aiming to continually improve the experience for our pupils, supporting theiracademic — In January 2024, the latest phase of our plan to

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Objects,e aims,e objectivese e
and activitiese e e (continued)e
develop the Prep School opened with anew building education for its own pupils, promote these
to house a School Hall, kitchen and dining facilities, | academic ambitions more widely and integrate
library and learning resource space and three new closely with the community in support of activities
classrooms, as well as a new reception and arrival and events, which are to mutual enjoyment and
space for the Prep School. benefit. Yarm School remains committed to its
founding principles of providing public benefit to the
The School is committed to ensuring that its plans local community. Asummary ofthe [impact] [of][ our]
to enhance all facilities are carefully and sensitively work for public benefit can be found in our Impact
developed, bearing in mind its geographical position Report 2023/24 on our website.
in the town and other local factors. During the year = Weare proud to have been awarded the accolade of
the School purchased a building adjacentto the TES Schools Prep School of [the] [Year,] [based] [on] [the]
Prep site to provide flexibility for operational and strength of our partnership programme (outlined
strategic priorities in the future. The Governorsand below). We were also shortlisted for the Northern
SMT are alert to future opportunities to acquire Echo’s Business IQ Awards in the Community Impact
such properties that support the furtherance ofthe category for all our work in the wider community.
charity’s aims and objectives.
Widening Access to a Yarm Education through
Governors also considerthe School’s responsibilities Bursaries
towards public benefit and, through the Compliance While the provision of bursaries is a measurable
committee, regularly review activities being means of providing public benefit, the Governing
undertaken within School in partnership with the Body takes the view that bursaries must not exist
community, and other charitable activities, explained to the exclusion of a much wider benefit that the
in more detail over the next few pages. School provides through its partnership activity and
community engagement.
Public Benefit
In carrying out the Objects, the Directors are As a relatively young school, Yarm School does not
conscious ofthe long-standing requirement on have any endowments or [foundations] [which] [exist]
charities to demonstrate public benefit. Through specifically to support the education of pupils from
the operation of the Compliance Committee, low income families. Pupils who receive bursaries
they continue to give careful consideration to contribute to school life in a variety of ways and
guidance published by the Charity Commission so the benefit from their attendance is not only
on the operation of public benefit and the wider felt by them, but by the whole School. The criteria
requirements ofthe Charities Act 2011. During the for support are under continual review in orderto
year the School has continued to provide bursaries ensure that these funds are applied to support the
and scholarships including ongoing links with the education of the recipients in the most effective
Royal National Children’s Springboard Foundation, way possible. There is also a separate range of
as well as further developing links with and scholarships available to Sixth form pupils.
opportunities for the local community through a
range of new and existing partnership activities. Yarm School works alongside a charity called the
Royal National Children’s Springboard Foundation
Consistent with the principles set out in ‘Hallmarks (Springboard) who focus on harnessing the power
of an Effective Charity’, the School takes seriously of educational opportunities at some of the Uk’s
its role within the local and national community, leading schools to benefit young people who
seekingto promote the highest possible all-round need them the most. They work with independent
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boarding and day schools to place children who are under, meaning we go out to visit schools where have faced challenging circumstances - children and transport costs to come to us are restrictive, we plan teenagers in or on the edge of care, or growing upin —_ accordingto their timescale, and we ensure projects households and communities where opportunities complement their curriculum. to flourish are limited, with participating schools offering 110% bursary places (those that cover all Our partnership work covers areas that are fees and extras) as well as the additional pastoraland sometimes under-resourced, and projects include academic support these children may need. Yarm Clay Workshops, Virtual Reality Sessions, Internet School is one ofthe first cohort of 15 day schools Safety, Programming with Micro:Bits, Woodland working with Springboard, specifically supporting Sessions, Sports Afternoons, Team Quizzes, Author its Looked-After and Vulnerable Children (LAVC) Visits and more. Activities can take many shapes programme, and we aim to continue to support depending on the individual school need; we have children to join Yarm from these backgrounds. single show format visits delivered in school halls, like our Physics Roadshow with Dr Craig, smaller Working with Local Schools interactive workshops delivered over several weeks We are delighted that our relationships with schools — to enable maximum participation, such as our VR in our local area continue to thrive with a huge workshops, and full days on-site at Yarm School range of collaborative projects taking place. Over where we can offer space and facilities, such as our 3000 children participated in over 7500 hours of Singing Days and Internet Safety Workshops. partnership activities in the year 2023/24, with 39 schools participating across 13 projects. Everyone involved in our partnerships - the teachers and pupils from partner schools and the teachers Our Primary School partnership programme has and pupils from Yarm School - are overwhelmingly been developed to suit the needs of local schools. positive about their experiences. Teachers value the We remain agile and adaptable to alleviating the opportunity to work together in new settings and budgetary and time pressures that many schools with different pupils, while pupils from all schools

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Objects,e aims,e objectivese e
and activities (continued)
are proud to be involved and learn new skills. Pupils = These events are attended by students throughout
develop resourcefulness and respect foreach other — the region. Our careers provision also includes the
through the experience of working in diverse groups opportunity for potential medicine, dentistry and
to solve problems; for example on Singing Day they __ veterinary science students from partner schools to
mix in a range of groups to develop collaborative access our ultimate multiple mini interview guide,
performances, and on Sports Afternoons they are which includes information, training and mock MMIs.
in mixed groups as they explore new sports such
as fencing. Not only do our Prep pupils take part in Community and Charity Partnerships
partnership projects with local schools, our Year 6 Working within our local community to foster and
Digital Leaders actually run workshops out in the maintain impactful relationships is very importantto
community teaching peers throughoutthe year. us.
As we have grown our partnership programme Our Music Department enjoys close and varied
we have always aimed to develop the skills and connections locally and in the wider Tees Valley
knowledge of our partner schools and their area. We work with local musician and community
staff. During the Primary Singing Day we offer a engineer, Mike McGrother, to offera musical
CPD workshopfor [teachers] [with] [music] [as] [their] experience and collective remembering-through-
specialism, in our Coding Masterclass our Yarm song at our ‘Memento’ sing-a-long events. These
teacher works alongside the class teacher who then are afternoons or evenings where those living with
builds on the project, and where our clay sessions dementia, their carers and supporters, as well as
are delivered by Yarm teachers, the class teacher can anyone from the community who wishes tojoin
learn techniques alongside so that they can then us, come together at school to sing together. Care
teach these skills themselves in the future. homes arrange for groups to attend and we also
welcome individuals, couples and other small
Supporting Career Aspirations inthe Tees Valley — groups. Pupils from Yarm School perform and take
We are proud to work with local secondary schools part alongside Mike. Everyone involved enthuses
and local, regional and national business and about the benefits of these sessions, which provide
education institutions to inspire young people from — older members of the community with connection
across the Tees Valley. All our career events are built = and the opportunity to hear live music and engage
on the desire to share the very best information, with young people. The students learn patience
advice and guidance with the very widest audience. — and respect from performing and interacting with
the public, and find the hugely positive atmosphere
Our careers provision is continuously adaptingto the — incredibly rewarding.
demands of the education and training sectors, as
well as the employment market, and we are proud We share music with the community in other diverse
to offera large biennial Career Convention open to ways, for example through our open invitation to
all students 14-19 which sees 160 delegates from our Community Christmas Concerts, our Primary
business and tertiary education and receives more Singing Days, ourcarolling contribution to Vision25’s
than 1000 visitors from schools across the region. Christmas Party, and through our Choral Society
We host regular ‘Career Cluster’ events, which focus = community choir- who this year joined with our
on particular career areas and involve discussions school choirs and members of the community
and questions with experienced leaders from those —_ alongside the Black Dyke Band to perform Handel’s
career areas, mid-level practitioners, and those Messiah.
who are training or just enteringthe career area.
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We are proud to connect with local community Project in Tanzania and The Mustard Seed Project in groups in many other ways. As an accredited Kenya, in addition to contributingto disaster relief partner with the national charity PHAB, we run a funds includingthe UNICEF’s Children’s Emergency fortnightly club for local young people with and Fund and the Disasters Emergency Committee without disabilities. This is a tremendous success (DEC). Our Prep School has long-standing links and enjoyed both by club members who areschool _ to local charity The David Ashwell Foundation for pupils, and those who are guests including the whom they raise money each year (alongside House parents and carers of the members who benefit from charities that are chosen annually). These mutually the club. beneficial partnerships teach our students the values of compassion and service which are core Yarm We enjoy a great relationship with businesses on School values, and part of our aim in ‘educating our local High Street and have collaborated on for life’. Parents also connect the school to charity Christmas art projects that see pupil’s artwork part and community partners through our two Parents’ of festive shop window displays. The annual ‘Yarm Associations (YPSSC and YSA), with both groups Apprentice’ Business competition for students raising substantial funds for local charities like involves collaboration with High Street and other NeoAngels and Cardiac Risk in the Young, as well as local businesses, as tasks involve anything from smaller amounts throughout the year. setting new cafe menu items to proposing an office well-being programme. Our Combined Cadet Force = - are the main uniformed contingent at the town’s SE ag ga : lg | a annual remembrance parade, which sees over 1000 Bat _ a ee. re ‘di Per members ofthe public pay their respects. Our ‘Silver 1. ie 5s asimoniatin HT SS | Stories’ project sees Middleton Hall Retirement fb eantidgey oxford \ | Village link with pupils from Year2 to Year6 who - at Waa en t e eR enjoy sharing stories with residents in regular om 2 ON:: Samm): A _ = visitingonline video school chats, and withpupils residents occasionally occasionally visiting the —a e @.(sccngy© I’ yi _—7 retirement village. Our spacious Princess Alexandra | | Auditorium is offered for numerous community Sie , e = events such as the Stockton Borough Council if) % me Dementia Awards, the Tees Valley Business Club, : local Dance Schools’ Shows, the Tees Valley Youth Choir, and Police Awards events. We have recently formalised our partnership with Yarm Rugby Club with a long-term agreement for them to use some of our rugby fields as their training and match pitches for many years to come. ' We work with local charities such as Yarm Wellness and Sprouts to provide hands-on support such as ee ; painting a mural in the wellness centre and donating ™ ——————— food parcels to Sprouts, as well as raising money cese eae to go directly towards the charities’ work. We work with charities further afield such as The Meserani

Page 13

Strategic Report

Review of achievements and performance than four times the national average for grades 9-8. Yarm School prides itself on preparing every pupil for More than 21% of the cohort (27 pupils) gained a the needs and challenges oftheir future lives. With straight set of 9/8 grades with 15 pupils achieving small class sizes, outstanding teaching, exceptional the impressive feat of 10 or more grade 9s. One pupil pastoral support, high expectations and healthy was recognised as one ofthe top performers in the ambition, Yarm pupils are supported to fulfil their country in his OCR Computer Science exam. academic potential in the wide range of subjects on offer at Yarm. At the same time, our strong At A Level, the results were strong across the board, commitment to educating the whole person gives 30% of students achieved three or more A-A grades them exciting experiences outside the classroom with nine students securing three or more ofthe[ very] through our rich extra-curricular programme. highest A grades, gaining 32 A grades and oneA grade between them. One student was recognised as In the summer of 2024, we once again received some one ofthe highest performers[in] the country[in] her outstanding GCSE and A level results. At GCSE level, — English Literature examinations. Yarm celebrated its best ever GCSE examination results with 54% of all grades awarded being the top Our pupils gained notable success in a range of 9-8 grades (A), with a third of all grades at grade 9. national competitions such as Olympiads in subjects Yarm surpassed the national average number of including Mathematics, Biology, Physics, Chemistry, grade 9s by more than 6 times. Yarm pupils got more Computer Science, Debating, and more.

GCSE Results

ALevel Results

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|||| |---|---|---| |Yarm School|National|Average| |Yarm School|National|Average|

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Extra-curricular activities and explorations, such as climbing, gorge-walking,
Yarm continued to deliver an exceptional extra- caving and hiking in the Lakes and Yorkshire Dales,
curricular programme throughoutthe year, as well as trips further afield such as mountaineering
complementing its specialist teaching, excellent in Scotland, bouldering in Fontainebleau and sailing
pastoral care, and state-of-the-art facilities. in Greece.
Sport at Yarm goes from strength to strength, In both the Preparatory and Senior Schools, Yarm
with some truly remarkable achievements on the offers a diverse range of lunchtime and after-school
national stage. Yarm’s sustained success across a clubs weekly, covering dance, chess, drama, music,
range ofsporting disciplines, including rowing, boys’ fencing and more. Additionally, pupils at Senior
and girls’ hockey, netball, rugby, cricket, tennis, School participate in timetabled activity lessons
swimming and athletics, has earned the school a twice a week, engaging in activities such as creative
notable 40th ranking in the country for school sport — writing, mindfulness, entrepreneurship, community
(School Sport Magazine), with our teams reaching action projects, Eco School initiatives, and various
national finals in numerous sports and at many sports and outdoor education opportunities.
ages, with a large numberof individual pupils being
supported to reach representative and elite levels in = Environmental consciousness is deeply embedded
all major sports. At the Prep, excellence is fostered in our school’s ethos, and we are proud to be a ‘zero
and participation actively encouraged, with a‘sport to landfill’ school, to use ground source and air
for all’ philosophy. source heat pumps in our Riverside, Auditorium and
Hazel Andrews buildings, and to have installed solar
Drama and performing arts flourish at Yarm, from panels and EV charging points at Prep School. Our
productions and dance at Prep School, to Duologue — senior school is a seven-times Eco Schools Green
competitions and House Drama competitions, to Flag Award winner, with the latest award having been
large shows in the stunning Princess Alexandra bestowed with Distinction. This year the Eco Team’s
Auditorium. In February, pupils performed Rodgers many initiatives have included encouraging pupils
and Hammerstein’s Cinderella over four nights to and parents to cut carbon emissions in various
a packed audience, and later in the year over 180 ways (one of which was an anti-idling campaign), a
pupils brought the spectacular Dance Showcase to deep dive into the sustainability of real and artificial
the stage. Christmas trees, and an eco-fashion show. The Prep
School have also been awarded the Eco Schools
Music is an important part of life at Yarm, with Green Flag - with Distinction! The Eco Committee
specialist staff teaching a wide range of instruments — planted a copse of native British trees on the site, co-
and ample opportunities for participation ordinated litter picking at Marske beach, and created
within ensembles, groups, bands, and choirs, bug hotels to improve biodiversity on the school
and performances in the school and the wider grounds.
community. Formal termly concerts and smaller
performance opportunities allow pupils of all levels
and experience to perform, with many opportunities
for members of our local community to attend and
enjoy the varied musical life of the School.
Yarm offera broad range of Outdoor Education
opportunities which include more local challenges
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Page 15
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Financial Review

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Results for the year contribution to UK GDP is more than £29m annually
During the year the consolidated net surplus of [the] of which £14.7m is the contribution to GDP within
School from unrestricted funds was £1,573k. As a the local area.
result the School’s unrestricted funds grew to £42m.
Whilst mindful of the unknown future impact that
Fee support available to assist families struggling VAT on School Fees may have on pupil admissions,
with the effects of the current economicturbulence the overall picture for 2023-24 has remained strong.
remained in place. General bursary support Pupil numbers continueto be high and interest
remained consistent allowing over 50 pupils to in joining the Senior school in September 2025 is
attend the school who would not otherwise be able —broadly as expected. The Prep School continues
to attend. to see high levels of demand for places throughout
the school. Debt levels remain low and are causing
The Prep School building project completed during — no concerns. Scenario planning exercises continue
the year and opened to pupils in January 2024 with — to be undertaken regularly looking at pupil number
the new dining hall and performance space along changes, possible fee increases and salary costs
with a new reception, library and teaching facilities. giving confidence that this analysis and the level of
cash reserves show the charity can meet financial
Yarm School directly employs in excess of 240 staff, obligations as they fall due. Having regard to
which generates more than £3.6m oftax [and] [saves] the above, the Directors believe it appropriate
the economy more than £7.5m annually through to continue to adopt the going concern basis of
educating pupils privately. The school’s total accounting in preparing the financial statements.
BOaan 5 ee eS iaee akg Vl Vda eo RS ote alll
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----- End of picture text -----

----- Start of picture text -----
Statement of Accounting and
Reporting Responsibilities
The Directors are responsible for preparing the Relevant Audit Information
Directors’ Report and the financial statements in Each of the persons who are directors at the
accordance with applicable law and regulations. time when this Directors’ Report is approved has
confirmed that:
Company law requires Directors to prepare financial + so far as that director is aware, there is no
statements for each financial year. Under that law relevant audit information of which the
the Directors have elected to prepare the financial company’s auditors are unaware; and
statements in accordance with United Kingdom * that director has taken all the steps that ought
Generally Accepted Accounting Practice (United to have been taken as a director in orderto
Kingdom Accounting Standards) and applicable law. be aware of any information needed bythe
company’s auditors in connection with preparing
Under company law the Directors must not approve its report and to establish that the company’s
the financial statements unless they are satisfied that auditors are aware ofthat information.
they give a true andfair view ofthe state of affairs
of the company and the group and of the surplusor — The auditors, Waltons Business Advisers Limited,
deficit of the group for that period. In preparing these have expressed their willingness to continue in
financial statements, the Directors are required to: office and will be proposed for reappointment in
select suitable accounting policies and then apply accordance with section 485 of the Companies Act
them consistently; 2006.
make judgements and accounting estimates that are
reasonable and prudent; Approved by the Governing Body on 3rd December
prepare the financial statements on the going 2024, including, in their capacity as company
concern basis unless itis inappropriate to presume directors, approvingthe Directors’ and Strategic
that the group will continue in business. Reports contained therein, and signed on its behalf
by:
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the company’s transactions and disclose
with reasonable accuracy at any time the financial
position of the company and group and enable them Mr Mark Thompson (Chairman), BA, ACMA, CGMA
to ensure that the financial statements comply with Director
the Companies Act 2006. They are also responsible Yarm School
for safeguardingthe assets of the company and the
group and hence fortaking reasonable steps for
the prevention and detection of fraud and other
irregularities.
Mrs Rebecca Brown
Director
Yarm School
----- End of picture text -----

----- Start of picture text -----
Page 17
----- End of picture text -----

Officers and Professional Advisers

----- Start of picture text -----
Officers Investment Managers
Headmaster St. James’s Place Wealth Management plc
DrPH Williams, _ BSc, PhD st.1 TetburyJames'sRoad,PlaceCirencesterHouse
Company Secretary Gloucestershire, GL7 1FP
Mrs K M Heward, BA, ACMA, CGMA Rowan Dartington & Co Ltd
Head of Preparatory School Melville House
Mr
W EC Sawyer, BA, PGCE 18 - 22 Melville Street
Edinburgh, EH3 7NS
Registered Office & Principle Address
Solicitor
Yarm School
The Friarage Endeavour Partnership LLP
Yarm Tobias House
Stockton on Tees St Mark’s Court
FS15 9EJ Teesdale Business Park
Teesside, TS17 6QW
School Website
Auditor
www.yarmschool.org
Waltons Business Advisors
Maritime House
Eells Harbour Walk
The Marina
National WestminsterBank Hartlepool, TS24 0UX
106 Linthorpe Road
Middlesbrough, TS1 2JX Insurance Broker
Barclays Bank PLC
1 Churchill Place Assured Partners Hettle Andrews
London, E14 5HP Eleven Brindley Place
2 Brunswick Square
Nationwide House,
Pipers Way,
Swindon, Wiltshire, SN38 LNW
----- End of picture text -----

Governors, Directors and Charity Trustees

The Governors of Yarm School are the charity trustees under charity law and the directors of the charitable company. Those who served during the year are:

----- Start of picture text -----
, MrM Thompson (Chair of Governors) MrCde Jong
ne a BA(Hons), ACMA, CGMA | MA, MBA
a * Main Board f
+ Finance and General Purposes j * — Main Board
Committee + Finance and General Purposes
» Salaries Committee Committee
} + Education Committee . ,
Mrs R Brown ice-chair) DrP SA Jones
. BA, ACA E (Retired 5/7/24) MA, PhD
+ — Main Board + — Main Board
+ Finance and General Purposes + — Salaries Committee
, Committee . : Be! ° Compliance Committee
of 1% Se Salaries Committee het Oe : AE: and other working groups as may be
soo fede Compliance Committee ee 7 at > 3 agreed by the Board from time to time.
yey YEON . 4 ¥yig and other working groups as may be
je ¥¥ ey ; ny a agreed by the Board from time to time. MrsRM Langford (Vice-Chair)
Dr S Akowuah (Retired 5/7/24) BDS
MB ChB, MRCGP, DRCOG, DCH ’ a a SD NEin Seana
; 5 ‘ + Finance and General Purposes
,, mn ae itt we a Committee
: _ ° C ompiranceolin ComCommittee" P ( , + SalariesCompliance Committee Committee
/
\ ine Heit aTOUTES FOU as may Us and other working groups as may be
' el gre elsyyirolSer ciliate noua fe) agreed by the Board from time to time.
Mr P Barron Mr! Lovat
MBA BSc, PGCE
+ Main Board + — Main Board
. . Finance and General Purposes . Education Committee
Y 4y . CommitteeSalaries Committee VF * — Complianceand other working Committeegroups as may be
: ; agreed by the Board from time to time.
e Dr P Chapman y Mrs G Mitchell
MA, PhD ) - BA, QTS
=
 Main Board
+ Education Committee &, reel esa + Main Board
+ Compliance Committee Si geet ct + Education Committee
and other working groups as may be Bt: Pissssinaterttnisy ie
agreed by the Board from time to time. ae ) Say aes
Mr
J Ferguson MrA M Turner
MA, FRCS BSc, MB, ChB, MRCS(Eng),
MRCS(Ed), FEAPU, PhD
+ Main Board t + Main Board
| . Education Committee * Compliance Committee
° Compliance Committee and other working groups as may be
and other working groups as may be agreed by the Board from time to time.
agreed by the Board from time to time.
All Governors with a declared conflict of interest arising from their having children at Yarm School will
routinely abstain from voting or otherwise influencing discussions on setting school fees. rave age 19
----- End of picture text -----

YARM SCHOOL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YARM SCHOOL

UNQUALIFIED OPINION

We have audited the financial statements of Yarm School (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the School balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 20

YARM SCHOOL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YARM SCHOOL (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Directors 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 Directors' 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:

Responsibilities of trustees

As explained more fully in the Directors' responsibilities statement, the Directors (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 Directors 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 Directors are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 21

YARM SCHOOL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YARM SCHOOL (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

• Obtained an understanding of the nature of the sector, including the legal and regularity framework that the School and trading company operates in and how they are complying with the legal and regularity framework

As a result of these procedures we considered the most significant laws and regulations which have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006 and the School’s governing document. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing the financial statements including the director’s report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The audit engagement team identified the risk of management override of controls and income recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. We designed audit procedures to respond to the risk, recognising that 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 by, for example, forgery or intentional misrepresentations, or through collusion.

Audit procedures performed included, but were not limited to:

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

Page 22

YARM SCHOOL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YARM SCHOOL (CONTINUED)

Use of our report

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

THESE ACCOUNTS HAVE NOT BEEN SIGNED Heather O'Driscoll FCA (Senior statutory auditor)

for and on behalf of Waltons Business Advisers Limited

Chartered Accountants and Statutory Auditors

Harbour Walk

The Marina

Hartlepool TS24 0UX

Date:

Page 23

YARM SCHOOL

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

Note
INCOME FROM:
Donations and legacies
3
Charitable activities:
4
School fees
Other educational income
Other ancillary income
Other trading activities
5
Investments
6
Other income
7
TOTAL INCOME
EXPENDITURE ON:
Raising funds
9
Charitable activities
10
TOTAL EXPENDITURE
NET INCOME BEFORE NET
GAINS/(LOSSES) ON INVESTMENTS
Net gains/(losses) on investments
NET INCOME
Transfers between funds
26
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2024
£000
-
15,760
233
1,283
810
359
24
18,469
1,490
15,702
17,192
1,277
208
1,485
4
1,489
40,106
1,489
41,595		 Restricted
funds
2024
£000
102
-
-
-
-
-
-
102
-
14
14
88
-
88
(4)
84
102
84
186		 Total
funds
2024
£000
102
15,760
233
1,283
810
359
24
18,571
1,490
15,716
17,206
1,365
208
1,573
-
1,573
40,208
1,573
41,781		 As restated
Total
funds
2023
£000
44
14,600
365
1,184
680
290
3
17,166
1,112
14,861
15,973
1,193
(215)
978
-
978
39,230
978
40,208

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

The notes on pages 28 to 53 form part of these financial statements.

Page 24

YARM SCHOOL REGISTERED NUMBER: 04451356

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024

Note
FIXED ASSETS
Tangible assets
16
Investments
18
CURRENT ASSETS
Stocks
19
Debtors
20
Investments
21
Cash at bank and in hand
29
Creditors: amounts falling due within one
year
22
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
23
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
26
Unrestricted funds
26
TOTAL FUNDS		 30
458
4,510
4,988
9,986
(6,865)		 2024
£000
45,782
3,963
49,745
3,121
52,866
(11,085)
41,781
186
41,595
41,781		 24
488
3,288
1,943
5,743
(4,323)		 2023
£000
43,316
3,686
47,002
1,420
48,422
(8,214)
40,208
102
40,106
40,208

The Directors 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 Directors and signed on their behalf by:

Mr M Thompson (Chairman) (Chair of Trustees) Date:

BA (Hons) ACMA

The notes on pages 28 to 53 form part of these financial statements.

Page 25

YARM SCHOOL REGISTERED NUMBER: 04451356

SCHOOL STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2024

Note
FIXED ASSETS
Tangible assets
16
Investments
18
CURRENT ASSETS
Stocks
19
Debtors
20
Investments
21
Cash at bank and in hand
Creditors: amounts falling due within one
year
22
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
23
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
26
Unrestricted funds
26
TOTAL FUNDS		 15
509
4,510
4,571
9,605
(6,525)		 2024
£000
45,759
3,963
49,722
3,080
52,802
(11,085)
41,717
187
41,530
41,717		 12
571
3,288
1,574
5,445
(4,035)		 2023
£000
43,316
3,686
47,002
1,410
48,412
(8,214)
40,198
102
40,096
40,198

The Directors 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 Directors and signed on their behalf by:

Mr M Thompson (Chairman) (Chair of Trustees) Date:

BA (Hons) ACMA

The notes on pages 28 to 53 form part of these financial statements.

Page 26

YARM SCHOOL

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends received
Proceeds from the sale of intangible assets
Purchase of tangible fixed assets
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Cash inflows from new borrowing
Repayments of borrowing
Interest paid
Decrease/(increase) in over 3 month deposit accounts
Decrease/(increase) in cash held in investment portfolio
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR		 2024
£000
7,778
359
24
(3,939)
(3,556)
1,000
(144)
(742)
439
(69)
484
4,706
3,120
7,826		 2023
£000
3,030
198
-
(5,235)
(5,037)
-
(216)
(537)
(676)
-
(1,429)
(3,436)
6,556
3,120

The notes on pages 28 to 53 form part of these financial statements

Page 27

YARM SCHOOL

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

1. GENERAL INFORMATION

The School is a company limited by guarantee and incorporated in England and Wales. The address of the registered office is, Yarm School The Friarage Yarm TS15 9EJ

The members of the company are the Directors named on page 3. In the event of the School being wound up, the liability in respect of the guarantee is limited to £1 per member of the School.

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.

Yarm 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 Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the School and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The School has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

The surplus on the income and expenditure account for the year dealt with in the financial statements of the School was £1,501k (2023: £979k) and the gross income of the School was £18.9m (2023: £17.7m).

2.2 Going concern

The Directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the School has adequate working capital to execute its operations over the next twelve months. The Directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. As a result the Directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 28

YARM SCHOOL

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

2. ACCOUNTING POLICIES (CONTINUED)

2.3 Income

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

Fees consist of charges billed for the year after deducting scholorships, bursaries and allowances.

Bursary, scholorship and allowance deductions are included in the period for which the award is given and are treated as a reduction of the fees to which they relate.

Donations received for the general purposes of the School are included in unrestricted funds. Donations for activities restricted by the wishes of the donor are taken to restricted funds.

Grants received for a specific purpose are taken to restricted funds.

Trading income includes income from performances in the auditorium, auditorium hire, bar sales and the sale of school uniforms and other goods in the school shop.

Investment income is recognised on an accruals basis.

2.4 Expenditure

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

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

Charitable activities are costs incurred on the School's educational operations, including support costs and costs relating to the governance of the School and allocated on a specific basis.

2.5 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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

Page 29

YARM SCHOOL

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

2. ACCOUNTING POLICIES (CONTINUED)

2.6 Advance fees scheme

The School gives parents the opportunity to pay fees in advance. A discount is allowed when calculating the advance payments to reflect the interest which can be earned by the School. Fees for future years are estimated when the advance fee is calculated and any difference when actual fee levels are known is charged/credited to parents’ main account.

2.7 Tangible fixed assets and depreciation

Expenditure on the acquisition, construction or enhancement of land and buildings costing more than £1k together with vehicles, furniture, machinery, ICT infrastructure and other equipment costing more than £1k are capitalised and carried in the balance sheet at historical cost. In the case of a large capital scheme costing in excess of £1k all amounts relating to this will be capitalised even if individual items are below £1k. In certain circumstances, where the original costs of assets are not ascertainable, a reasonable estimate of the cost, if material, has been used.

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

Depreciation is not charged in the first 12 months of ownership.

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated 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

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

Page 30

YARM SCHOOL

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

2. ACCOUNTING POLICIES (CONTINUED)

2.11 Cash at bank and in hand

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

2.12 Liabilities and provisions

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

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

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

2.13 Financial instruments

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

2.14 Pensions

The School contributes to the Teachers’ Pension Scheme at rates set by the Scheme Actuary and advised to the Directors by the Scheme Administrator.

The scheme is a multi employer pension scheme, and it is not possible to identify assets and liabilities of the scheme which are attributable to the School (see note 32). In accordance with FRS 102 therefore the scheme is accounted for as a defined contribution scheme. In addition the School operates defined contribution schemes for non-teaching staff. Contributions to both schemes are charged to the SOFA as they become payable in accordance with the scheme rules.

Page 31

YARM SCHOOL

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

3. INCOME FROM DONATIONS AND GRANTS

Unrestricted
funds
2024
£000
Donations
-
Total 2023
8
4.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds
2024
£000
School fees
15,760
Other educational income
233
Other ancillary income
1,283
17,276
Total 2023
16,134
4a.
SCHOOL FEES
School fees
Bursaries, scholarships and allowances		 Restricted
funds
2024
£000
102
36
Restricted
funds
2024
£000
-
-
-
-
15		 Total
funds
2024
£000
102
44
Total
funds
2024
£000
15,760
233
1,283
17,276
16,149
16,839
(1,079)
15,760		 Total
funds
2023
£000
44
Total
funds
2023
£000
14,600
365
1,184
16,149
15,658
(1,058)
14,600

Scholarships and bursaries of £629k were awarded to 82 pupils (2023: £607k to 95 pupils). This inlcludes £44k of additional hardship bursaries awarded.

Page 32

YARM SCHOOL

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

4b. OTHER EDUCATIONAL INCOME

Registration, exam fees and fees in lieu
After school activities and sundry
OTHER ANCILLARY INCOME
Catering
Bus income		 214
19
233
905
378
1,283		 195
170
365
843
341
1,184

4c. OTHER ANCILLARY INCOME

5. TRADING ACTIVITIES

Unrestricted
funds
2024
£		 Restricted
funds
2024
£		 Total funds
2024
£		 As restated
Total funds
2023
£
Charity trading income
Uniform sales 10 - 10 17
Auditorium and ticket sales 616 - 616 490
Holiday schools 55 - 55 51
Hirings 25 - 25 34
Other auditorium sales 104 104 88
Sub total 810 810 680
Charity trading expenses
Holiday school expenditure 54 - 54 44
Depreciation 1 - 1 -
Uniform costs 4 - 4 3
Refreshment and bar costs 415 - 415 325
Staff costs 103 - 103 75
Auditorium running costs 137 137 97
Sub total 714 - 714 544
Net (expenditure)/income from trading
activities		 96 - 96 136

Page 33

YARM SCHOOL

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

6. INVESTMENT INCOME

Unrestricted
funds
2024
£000
Dividend received
95
Bank interest received
264
359
Total 2023
290		 Total
funds
2024
£000
95
264
359
290		 Total
funds
2023
£000
92
198
290

7. OTHER INCOMING RESOURCES

Surplus on sale of assets
Total 2023		 Unrestricted
funds
2024
£000
24
3		 Total
funds
2024
£000
24
3		 Total
funds
2023
£000
3

Page 34

YARM SCHOOL

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

8. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE

Staff costs
2024
£000		 Depreciation
2024
£000
Other costs
2024
£000		 Depreciation
2024
£000
Other costs
2024
£000		 Total
2024
£000		 Total
2023
£000
Costs of raising funds - - 776 776 568
Trading costs 103 1 610 714 544
Costs of raising funds 103 1 1,386 1,490 1,112
Teaching 8,939 1,062 1,313 11,314 10,878
Welfare - 2 1,054 1,056 961
Premises 774 326 1,004 2,104 1,850
Support 745 83 393 1,221 1,163
Charitable activities 10,458 1,473 3,764 15,695 14,852
Governance - - 21 21 9
Total 2024 10,561 1,474 5,171 17,206 15,973
Total 2023 9,895 1,416 4,662 15,973 -

9. RAISING FUNDS

Unrestricted
funds		 Total
funds		 Total
funds
2024 2024 2023
£000 £000 £000
Bank interest paid 742 742 537
Bad debt 34 34 31
Trading costs (note 5) 714 714 544
Total 2024 1,490 1,490 1,112
Total 2023 1,112 1,112

Page 35

YARM SCHOOL

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

10. CHARITABLE ACTIVITY

CHARITABLE ACTIVITY
Unrestricted
funds		 Restricted
funds		 Total
funds		 As restated
Total
funds
2024 2024 2024 2023
£000 £000 £000 £000
Teaching 11,300 14 11,314 10,878
Welfare 1,056 - 1,056 961
Premises 2,104 - 2,104 1,850
Support 1,221 - 1,221 1,163
Governance 21 - 21 9
Total 2024 15,702 14 15,716 14,861
Total 2023 14,857 4 14,861

11. GOVERNANCE COSTS

GOVERNANCE COSTS
Unrestricted
funds		 Total
funds		 Total
funds
2024 2024 2023
£000 £000 £000
Auditors'remuneration 10 10 9
Pension advice 7 7 -
Legal advice 4 4 -
Total 2024 21 21 9
Total 2023 9 9

Page 36

YARM SCHOOL

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

12. NET MOVEMENT IN FUNDS

Net movement in funds
Capital expenditure		 2024
£000
1,573
(3,939)
(2,366)		 2023
£000
978
(5,436)
(4,458)

13. AUDITORS' REMUNERATION

AUDITORS' REMUNERATION
2024 2023
£000 £000
Fees payable to the School's auditor for the audit of the School's annual
accounts 10 9
Fees payable to the School's auditor in respect of:
All taxation advisory services not included above 3 2

14. STAFF COSTS

Wages and salaries
Social security costs
Pension costs		 Group
2024
£000
8,010
824
1,727
10,561		 Group
2023
£000
7,657
796
1,442
9,895		 School
2024
£000
7,907
824
1,727
10,458		 School
2023
£000
7,582
796
1,442
9,820

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

Education
Premises
Support		 Group
2024
No.
188
39
23
250		 Group
2023
No.
171
38
33
242		 School
2024
No.
188
31
23
242		 School
2023
No.
171
38
22
231

Page 37

YARM SCHOOL

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

14. STAFF COSTS (CONTINUED)

The average headcount expressed as full-time equivalents was:

Education
Premises
Support		 Group
2024
No.
157
24
18
199		 Group
2023
No.
151
25
17
193		 School
2024
No.
157
18
20
195		 School
2023
No.
151
25
14
190

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

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 6 6
In the band £70,001 - £80,000 2 1
In the band £80,001 - £90,000 1 2
In the band £90,001 - £100,000 2 -
In the band £140,001 - £150,000 - 1
In the band £150,001 - £160,000 1 -

Contributions were paid to the Teacher's Pension Scheme for the higher paid employees.

Indemnity insurance is paid in respect of the Directors. It is not possible to quantify the premium paid as it is included in the School's public liability premium.

Total remuneration paid to key management personnel was £540k (2023: £506k).

15. DIRECTORS' REMUNERATION AND EXPENSES

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

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

Page 38

YARM SCHOOL

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

16. TANGIBLE FIXED ASSETS

Group

Cost
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
On disposals
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Freehold
property
£000
50,295
3,158
-
53,453
7,975
1,112
-
9,087
44,366
42,320		 Motor
vehicles
£000
343
140
-
483
316
19
-
335
148
27		 Fixtures,
fittings &
equipment
£000
5,766
641
(214)
6,193
4,797
342
(214)
4,925
1,268
969		 Total
£000
56,404
3,939
(214)
60,129
13,088
1,473
(214)
14,347
45,782
43,316

Page 39

YARM SCHOOL

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

16. TANGIBLE FIXED ASSETS (CONTINUED)

School

Cost
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
On disposals
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Freehold
property
£000
50,295
3,158
-
53,453
7,975
1,112
-
9,087
44,366
42,320		 Motor
vehicles
£000
343
140
-
483
316
19
-
335
148
27		 Fixtures and
fittings
£000
5,766
617
(214)
6,169
4,797
341
(214)
4,924
1,245
969		 Total
£000
56,404
3,915
(214)
60,105
13,088
1,472
(214)
14,346
45,759
43,316

Included in land and buildings is freehold land at cost of £2,914k (2023: £2,914k) which is not depreciated.

Page 40

YARM SCHOOL

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

17. PRINCIPAL SUBSIDIARIES

Yarm School Trading Limited

Yarm School Trading Limited
Subsidiary name Yarm School Trading Limited
Company registration number 04436079
Basis of control Shareholding
Equity shareholding % 100%
Total assets as at 31 August 2024 466,716
Total liabilities as at 31 August 2024 (403,070)
Total equity as at 31 August 2024 63,646
Turnover for the year ended 31 August 2024 753,949
Expenditure for the year ended 31 August 2024 (700,172)
Profit for the year ended 31 August 2024 53,777
The registered office of Yarm School Trading Limited is:
Yarm School
The Friarage
Yarm
TS15 9EJ

18. FIXED ASSET INVESTMENTS

Group and School
Cost or valuation
At 1 September 2023
Dividends received
Revaluations
Investment manager fees
At 31 August 2024
19.
STOCKS		 Listed
investments
£000
3,636
-
208
-
3,844		 Unlisted
investments
£000
50
95
-
(26)
119		 Total
£000
3,686
95
208
(26)
3,963
Group Group School School
2024 2023 2024 2023
£000 £000 £000 £000
Stock for resale 30 24 15 12

Page 41

YARM SCHOOL

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

20. DEBTORS

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Fee debtors
Prepayments and accrued income		 Group
2024
£000
11
-
25
65
357
458		 Group
2023
£000
14
-
13
111
350
488		 School
2024
£000
-
63
24
65
357
509		 School
2023
£000
-
116
13
111
331
571

21. CURRENT ASSET INVESTMENTS

Listed investments
Deposit accounts		 Group
2024
£000
15
4,495
4,510		 Group
2023
£000
13
3,275
3,288		 School
2024
£000
15
4,495
4,510		 School
2023
£000
13
3,275
3,288

The market value of the current asset listed investments at 31 August 2024 was £15k (2023: 13k)

Page 42

YARM SCHOOL

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

22. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
Trade creditors
Other taxation and social security
Development bonds
Fees in advance of term
Other creditors
Deposited fees
Acceptance deposits
Trading income in advance		 Group
2024
£000
127
299
205
8
3,834
784
1,277
27
304
6,865		 Group
2023
£000
118
387
202
8
2,168
1,158
37
28
217
4,323		 School
2024
£000
127
280
197
8
3,834
775
1,277
27
-
6,525		 School
2023
£000
118
347
195
8
2,168
1,134
37
28
-
4,035

Other creditors include pension contributions payable of £172k (2023: £145k)

The development bonds may be redeemed at the end of any School year.

Page 43

YARM SCHOOL

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

23. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans
Acceptance deposits
Deposited fees		 Group
2024
£000
8,770
271
2,044
11,085		 Group
2023
£000
7,923
268
23
8,214		 School
2024
£000
8,770
271
2,044
11,085		 School
2023
£000
7,923
268
23
8,214

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

Payable or repayable by instalments Group
2024
£000
7,065
7,065		 Group
2023
£000
7,231
7,231		 School
2024
£000
7,065
7,065		 School
2023
£000
7,231
7,231

At the year end the loan facility is £17.5m to part-finance the development of the School buildings and facilities, and is repayable over a total of 25 years.

The bank loan is secured by a legal charge over the freehold property at Grammar School Lane, The Spital and The Friarage, Yarm.

The total loan is split into two parts. The first is a term loan over 25 years with interest charged at 2.25% over base rate. The second is a 10 Year Committed Facility structured by way of 5 year Revolving Credit Facility (RCF) to allow for development drawdowns, this is converted to an amortising Loan for the remaining 5 years based on a 20 year repayment profile.

Page 44

YARM SCHOOL

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

24. FEES IN ADVANCE

Parents may enter into a contract to make a deposit to pay fees in advance. The money may be returned subject to specific conditions.

Assuming pupils remain with the School, deposited fees will be applied as follows:

Within one year
Within one to two years
Within two to five years
The movements during the year were:
Balance at 1 September 2023
New receipts of deposited fees
Amounts utilised on fees to the School
Balance at 31 August 2024		 2024
£000
1,277
724
1,320
3,321
2024
£000
60
3,299
(38)
3,321		 2023
£000
37
23
-
60
2023
£000
50
57
(47)
60

25. ACCEPTANCE DEPOSITS

Other creditors include acceptance deposits which are repayable as follows:

Within one year
Within one to two years
Within two to five years		 2024
£000
27
271
-
298		 2023
£000
28
260
-
288

Page 45

YARM SCHOOL

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

26. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Unrestricted
funds
General Funds
Freehold
Property Fair
Value
Funds Held in
Trading
Subsidiary
Restricted
funds
Capital
Equipment
Educational
Trips Fund
Development
and Resources
Fund
Bursary Trips &
Hardship Fund
Total of funds		 Balance at 1
September
2023
£000
33,835
6,261
10
40,106
37
12
35
18
102
40,208		 Income
£000
17,715
-
754
18,469
93
-
2
7
102
18,571		 Expenditure
£000
(16,533)
-
(659)
(17,192)
-
(12)
-
(2)
(14)
(17,206)		 Transfers
in/out
£000
222
(178)
(40)
4
9
-
(13)
-
(4)
-		 Gains/
(Losses)
£000
208
-
-
208
-
-
-
-
-
208		 Balance at
31 August
2024
£000
35,447
6,083
65
41,595
139
-
24
23
186
41,781

Page 46

YARM SCHOOL

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

26. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

Unrestricted
funds
Designated
funds
Hardship Fund
General funds
General Funds
Freehold
Property Fair
Value
Total
Unrestricted
funds		 Balance at
1 September
2022
£000
10
32,697
6,444
39,141
39,151		 Income
£000
(33)
17,854
-
17,854
17,821		 Expenditure
£000
-
(16,648)
-
(16,648)
(16,648)		 Transfers
in/out
£000
23
157
(183)
(26)
(3)		 Gains/
(Losses)
£000
-
(215)
-
(215)
(215)		 Balance at
31 August
2023
£000
-
33,845
6,261
40,106
40,106

Page 47

YARM SCHOOL

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

26. STATEMENT OF FUNDS (CONTINUED)

Restricted
funds
Capital
Equipment
Educational
Trips Fund
Development
and Resources
Fund
Bursary Trips &
Hardship Fund
Facilities
Early years
Gifted and
Talented
Capital
equipment
Hardship
Total of funds		 Balance at
1 September
2022
£000
-
-
-
-
54
7
4
3
11
79
39,230		 Income
£000
27
15
3
6
-
-
-
-
-
51
17,872		 Expenditure
£000
-
(13)
(18)
-
-
-
-
-
-
(31)
(16,679)		 Transfers
in/out
£000
10
10
50
12
(54)
(7)
(4)
(3)
(11)
3
-		 Gains/
(Losses)
£000
-
-
-
-
-
-
-
-
-
-
(215)		 Balance at
31 August
2023
£000
37
12
35
18
-
-
-
-
-
102
40,208

Page 48

YARM SCHOOL

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

26. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS

On transition to FRS 102 the School took the opportunity to revalue land and buildings. This uplift went to the fair value reserve. The new value is treated as deemed cost in the financial statements.

An annual transfer is made between the general unrestricted fund and the fair value reserve in order to reflect the element of depreciation due to this revaluation of land and buildings. This reserve will reduce over the life of the assets concerned.

The Capital Equipment Fund represent donations received to finance the purchase of equipment. Income represents donations towards assets and expenditure includes the depreciation charged on the assets to which the donations contributed.

The Educational Trips fund represents funds received towards specific trips.

The Development and Resources fund is for development expenditure or specific department resources.

The Bursary and Hardship fund represents donations made by parents following the reduction in summer term fees. These funds will continue to be used for bursary support (including fee support and trips).

Page 49

YARM SCHOOL

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

27. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
funds
2024
£000
Tangible fixed assets
45,643
Fixed asset investments
3,963
Current assets
9,939
Creditors due within one year
(6,838)
Creditors due in more than one year
(11,112)
Total
41,595		 Restricted
funds
2024
£000
139
-
47
-
-
186		 Total
funds
2024
£000
45,782
3,963
9,986
(6,838)
(11,112)
41,781

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2023
£000
43,279
3,686
5,678
(4,323)
(8,214)
40,106		 Restricted
funds
2023
£000
37
-
65
-
-
102		 Total
funds
2023
£000
43,316
3,686
5,743
(4,323)
(8,214)
40,208

Page 50

YARM SCHOOL

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

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 28. ACTIVITIES

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Loss on investments
Interest and dividends received
Surplus on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase in creditors
Interest paid
Net cash provided by operating activities		 Group
2024
£000
1,573
1,473
(208)
(359)
(24)
(6)
30
4,557
742
7,778		 Group
2023
£000
978
1,216
153
(198)
-
6
(230)
568
537
3,030

29. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 Group
2024
£000
4,988
2,838
7,826		 Group
2023
£000
1,943
1,177
3,120

Page 51

YARM SCHOOL

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

30. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Liquid investments		 At 1
September
2023
£000
1,943
(118)
(7,923)
3,288
(2,810)		 Cash flows
At 31
August 2024
£000
£000
3,045
4,988
(9)
(127)
(847)
(8,770)
1,222
4,510
3,411
601

31. CAPITAL COMMITMENTS

Group Group School School
2024 2023 2024 2023
£000 £000 £000 £000
Contracted for but not provided in these
financial statements
Acquisition of tangible fixed assets 202 1,188 202 1,188

32. PENSION COMMITMENTS

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,549k (2023: £1,322k) and at the yearend £172k (2023 - £145k) was accrued in respect of contributions to this scheme.

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. All teachers have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI.

The key elements of the valuation outcome are:

Page 52

YARM SCHOOL

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

32. PENSION COMMITMENTS (CONTINUED)

levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed.

• Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million.

The result of this valuation will be implemented from 1 April 2024.The next valuation result is due to be implemented from 1 April 2028

33. RELATED PARTY TRANSACTIONS

The school has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the School at 31 August 2024.

Page 53