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|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||||||
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|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|
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|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||
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||||||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|
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|.
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|
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|.
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|
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|||||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|
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|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|
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|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|
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|||||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|
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|||||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|
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||||||||||||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|
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