OpenCharities

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

2023-07-31-accounts

CONTENTS PAGE
Legal and Administrative information
Report of the Governors 4 —11
Report of the Independent Auditors 12 —15
Statement of Financial Activities and Income and Expenditure Account 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Financial Statements 19-27
HEAD: Mr M. R. Bryan MA (C a ntab . ) MA (Oxo n. )
BURSAR: Mrs C. Coley-Maud BSc ACA —returned July
INTERIM BURSAR: Ms Christiana
Omakolo		 Ugowe —resigned A
CHAIR OF GOVERNORS: Mr A. Blurton
GOVERNORS AND CHARITY TRUSTEES: Ms E.Bickerton
Mr A. Blurton
Mr P. Brooks
Dr D. Daulton
Mr P. Flowerday —resigned February 2023
Mrs F.Gibbons
Mr R. Herring
Mr T.Jenkins
Mrs A. Kearney —resigned November 2022
Mrs T. Kirnig —resigned April 2023
Mrs S.Maxwell
Mr S.Moore
Mr T. Pettit —resigned April 2023
Mr P. Pillet
Mrs D.Whitehouse —resigned
August		 2023
COMPANY SECRETARY Mrs C. Coley-Maud BSc ACA
SOLICITORS: GBH Law
7/8 Innovation Place,
Douglas Drive,
Godalming,
Surrey		 GU7 1JX
AUDITORS: TC Group
The Courtyard
Shoreham
Road,
Upper Beeding
Steyning
West Sussex, BN44 3TN
BANKERS: Lloyds Bank Plc
Connaught
House,
Alexandra
Terrace,
Guildford,
Surrey GU1		 3DA

R THE YEAR E NDED 31J ULY 20 2 3
Year ended Year ended
Notes 31July 31July
2023 2022
f f
INCOME AND ENDOWMENTS FROM:
Donations 20,798 25,701
Income from charitable activities
School fees 3,682,009 3,591,678
Other educational income 8,200 10,900
Other ancillary
trading		 income 246,889 273,577
Sundry income 66,766 26,769
Total Income 4,024,662 3,928,625
EXPENDITURE ON:
Raising funds
School financing costs 97,300 78,466
Charitable
activities
Education 3,841,638 3,681,777
Total expenditure 3,938,938 3,760,243
Net Income and Net Movement in funds for the year 85,724 168,381
Reconciliation of Funds:
Fund Balance at 1August 2022 4,810,910 4,642,529
Fund balance at 31July 2023 4,896,634 4,810,910
ASH FLOW STATEMENT FO R THE YEAR ENDED 31JULY 2 023
Year ended Year ended
31July 31July
Notes 2023 2022
f f
Net cash inflow from operations
Net cash generated
from operations		 452,193 386,982
Cash flows from investing activities:
Purchase oftangible assets (179,091) (203,731)
Net cash used
in investing		 activities (179,091) (203,731)
Cash flows from financing activities:
Loans repaid (11s,1oz) (120,151)
Finance costs paid (97,300) (78,466)
Net cash utilised
in financing activities		 (z1z,4oz) (198,617)
Net change
in cash and cash equivalents		 during the year 60,700 (15,366)
Cash and cash equivalents at beginning ofyear 1,267,463 1,282,829
Cash and cash equivalents at end ofyear 1,328,163 1,267,463

Freehold land Not depreciated
Freehold buildings 1%%don straight line basis
Fittings and fittings Between 5/o and 10/o on straight line basis
Computer equipment 33/o on straight line basis
Furniture and other equipment 15/o on straight line basis
Motor vehicles 20/o on straight line basis

Year ended Year ended
2. SCHOOL FEES 31July 2023 31July 2022
f f
Fees receivable 3,963,064 3,793,568
Less bursaries and awards provided by the School (281,056) (201,890)
3,682,009 3,591,678

.
SUNDRY INCOME
Year ended Year ended
31July 2023 31July 2022
E E
Receipts from hire ofpremises 24,870 24,640
Income from additional activities 7,905 1,906
Bank Interest received 33,991 223
66,766 26,769

.
ANALYSIS OF TOTAL EXPEN		 DITURE
Year
Year ended 31 ended 31
July 2023 July 2022
Note Staff Depreciation Other Total Total
f f f f f
Charitable
activities
School operating costs:
Teaching costs 1,995,035 66,527 315,909 2,377,471 2,301,641
Welfare costs 6,945 364,777 371,722 317,772
Premises costs 94,555 156,013 209,727 460,295 430,898
Support costs for schooling 344,739 7,200 264,225 616,164 618,584
2,434,329 236,685 1,154,638 3,825,652 3,668,895
Financing costs 97,300 97,300 78,466
Governance
costs		 15,986 15,986 12,883
2,434,329 236,685 1,267,924 3,938,938 3,760,243
Year ended year ended
S. GOVERNANCE COSTS 31July 2023 31July 2022
f f
Trustee insurance 770 826
Audit fees 13,260 9,600
Governor training 1,956 2,457
15,986 12,883

Year ended Year ended
6.
STAFF COSTS		 31July 2023 31July 2022
f
Wages and salaries 2,041,220 1,953,006
Social security costs 193,577 182,385
Pension contributions (Note 16) 199,532 192,807
2,434,329 2,328,197
Staff remuneration in excess off60,000 per employee was as follows:
Year ended Year ended
31July 20232 31July 2022
No ofstaff No ofstaff
f60,001to f70,000 1 2
f70,001tof80,000 1 1
f90,000tof100,000 1 1
Key Manageme nt
Person		 nel
Year ended Year ended
31July 2023 31July 2022
f f
The aggregate employee benefits of key management personnel were: 643,882 519,988
Year ended Year ended
31July 2023 31July 2022
Teaching staff SS 55
Administrative Staff 13 12
68 67

7.
RECONCILIATION		 OF NE T IN CO MING
RES		 OURCES TO NET CASH GENER ATED FROM O PERATIONS
Year ended 31 Year ended 31
July 2023 July 2022
f f
Net income for the year 85,724 168,381
Adjustments
for non-cash		 items and items separately
disclosed:
Finance costs payable 97,300 78,466
Depreciation 236,685 259,702
Fees received
in advance		 in prior years credited to Income (62,034) (69,795)
Net cash generated from operating activities 357,675 436,755
Movement
in working capital
Decrease/(Increase) in debtors 17,102 (13,165)
Increase/(Decrease) in creditors 61,377 (126,866)
Increase/(Decrease)in fees in advance scheme creditors 23,839 91,058
(Decrease)
in deposits received		 (7,800) (800)
Net cash generated from operations 452,193 386,982
8.
FIXEDASSETS -		 Tangible assets
Furniture
Freehold
Land		 Computer and other Motor
and Buildings
f		 equipment
f		 Equipment
f		 Vehicles
f		 Total
f
Cost
At 1August 2022 7,644,718 291,879 296,376 108,970 8,341,942
Additions 70,834 30,600 77,657 179,091
At 31July 2023 7,715,552 322,479 374,033 108,970 8,521,033
Accumulated
depreciation
At 1August 2022 1,374,404 245,182 199,300 85,820 1,904,706
Charge for the year 156,013 40,096 33,631 6,945 236,685
At 31July 2023 1,530,417 285,278 232,931 92,765 2,141,390
Net book value at
31July 2023 6,185,135 37,201 141,102 16,205 6,379,643
Net book value at
31July 2022 6,270,314 46,697 97,075 23,150 6,437,236

9.
DEBTORS		 31July 2023
f		 31July 2022
E
Fees receivable 3,167 3,901
Prepayments 76,775 87,373
Other debtors 6,553 12,323
86,495 103,597
10.
CREDITORS: AMOUNTS		 FALLING DUE WITHIN ONE YEAR 31July 2023 31July 2022
E E
Bank loans (note 13) 115,127 120,089
Deposits received 15,200 14,300
Fees received
in advance		 150,207 124,973
Trade creditors 137,706 63,398
Tax &Social Security 48,302 47,234
Other creditors 1,945 2,775
Accruals 39,374 52,435
507,860 425,311
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR 31July 2023
f		 31July 2022
E
Deposits received 98,500 107,200
Fees received
in advance (note		 12) 20,776 84,205
Bank loans (note 13) 2,270,529 2,380,669
2,389,806 2,572,075

31July 2023
E		 31July 2022
f
Within one year 63,429 62,034
Between one and two years 20,776 63,429
Between two and five years 20,776
84,205 146,239

Year ended Year ended
31July 2023
f		 31July 2022
f
Balance at 1 August 2022 146,239 120,065
Less amounts credited to pupils fee accounts in year (62,034) (69,795)
Add amounts received through FIA Scheme for future years 95,969
84,205 146,239

Interest Interest Total loan Tota I loa n
Remaining rate Loan drawn at drawn at
term of payable per repayments 31July 31July
loan annum in next year 2023 2022
f f f
First loan - Founders Loan 5/* years 1o/o 35,000 198,333 233,333
Second loan - Palmer Hall Loan 17years Base + 1.8/o 23,341 718,140 742,421
Third loan - 2016Fixed Loan 18years 3.75o/o 31,932 806,746 837,485
Fourth Loan - 2017Fixed Loan 19years 3.81o/o 24,854 662,438 687,519
115,127 2,385,656 2,500,758
Due:
Within one year 115,127 120,089
After more than one year 2,270,529 2,238,669
2,385,656 2,500,758

Year ended Year ended Year ended
31July 2023 31July 2022
f f
Payable not later than one year 2,846 10,016
Payable later than one year but not later than five years 1,026 3,872
3,872 13,888