Company registration number: 04680792 Charity registration number: 1096567 LONGACRE SCHOOL (A company Ilmlted by guarantee) ANNUAL REpoirr AND FINANCIAL sfATEMENTS For the year ended 31 July 2024 LONGACRE SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 CoNTE￿s PAGE Legal and Administrative information Report of the GoverTr)r5 4-11 Report of the Independent Auditors 12-15 Statement of Financial Activitie5 and Income and Expenditure Account 16 Balance Sheet 17 Cash Flow Statement 18 Notes to the Financlal Statements 19-27 LONGACRE SCHOOL Page 3 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 GOVERNING DOCUMENT: Legal and Administrative information and Articles of Association Company limited byguarantee number 04680792 REGISTERED CHARITY NUMBER: 1096567 REGISTERED OFFICE AND PRINCIPAL ADDRESS: Hullbrook Lane Shamley Green Guildford, Surrey GU5 ONQ HEAD: Mr M. R. Bryan MA {Cantab.l MA (Oxon.) Msc FRSA to 31 March 2024 Mr B. Moir MA (Ed), PGCE. Bsc (Hons) from l April 2024 BURSAR: Mrs C. Coley-maud Bsc ACA-to April 2024 Mr Ale￿ander Cartwright-from May 2024 CHAIR OF GOVERNORS: MrA. Blurton GOVERNORS AND CHARITY TRUSTEES: Ms E. Bickerton- retired March 2024 MrA. Blurton Mr P. Brooks- retired 31 August 2024 Dr D. Daulton- retired February 2024 Mr5 F. Gibbons Mr R. Herring Mr T. Jenkins Mrs S. Maxwell- retired 31 August 2024 Miss S. Mithalopoulou- appointed January 2024 Mrs. Moore Mr A. Noorani-appointed January 2024 Mr P. Pillet- retired December 2023 Mrs R. Pugh- appointed May 2024 Mrs H. Sheppard- appointed January 2024 COMPANY SECRETARY Mrs C. Coley-maud Bsc ACA- to April 2024 Mr Alexander Cartwrwdht- from May 2024 SOLicrroRS: GBH Law 7/8 Innovation Place, Douglas Drive, Godalmin& Surrey GU7 IJX AUDtroRS.' TC Group The Courtyard Shoreham Road. Upper Beeding Steyning West Sussex, BN44 3TN BANKERS: Uoyds Bank PIC Connaught House, Alexandra Terrace, Guildford, Surrey GUI 3DA LONGACRE SCHOOL Page 4 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 Introdurtlon The Governors are pleased to present their report and the audited financial statement5 for the year ended 31 July 2024. Objectives of the Charity The objectives of the charity are to provide education at a day school in Shamley Green, Surrey, for children from 2 to 11 years of age. Company status and Owdnlsatlon Longacre is a company limited by guarantee. The khool is govemed by a Board of Governors whose number can be betsveen six and fifteen members. Atthe date of this report there are nine Governors of the School. The Governors are members of the Company. Directors under the Companie5 Art 2006 ond Trustees as defined by charity law. Organisational management The Governors detemiine the strategic poliryof the School and review its management and control. The day to day management of the School is delegated by the Governor5 to the Head. the Bursar and the School's Senior Leadership Team. Alms of the School The School continues to advance its eduLBtional remit. whilst at the same time having wellbeing at the centre of it5 ethos, a high level of pastoral care and wide rdnging exira-curricular activities. The School 15 inclusive and provides education to children from a diverse rarEe of backgrounds. It provides high standards of pre- school, pre-preparatory and preparatory school education. and prepares its pupils for entrance examinations to their chosen senior schools. Pupils at Longacre progress in their education to a wide variety of senior schools, reflecting Longacre's ability to assist them in advancing the dFffering abilities and aptitudes of the children concerned. The learning philosophy at Longacre is inextricably linked to the school rnotto of "A happy heart goes all the way-. Aligned with this, Longacre ensures that pupi15 gain the most from their education by: receiving a holistic eduotion- core subjects, as well as languages, humanitie5 and science- both in the classroom and outdoor5. stretching children who are flyin& and igniting the spark where this has dimmed. encouraging problem solvin& critical thinkin& outdoor learnin& teamwork and leadership for all. running a wide range of extracurricular clvbs and activities to support children's interests. making sure that all children are involved in aspects of music. art, drama and performance. working with parents to ensure the best P055ible outcomes fDr their children. making sure children have fun as well as being prepared for their Il+ exams. treatingall children as individua15. from supportingtheir learningto enablingthem to gotothe widest range of destination schools. At Longacre the Board, the Head and the Senior Leadership Team are clear that children can best learn, progress. find fulfilment, challenge, and excitement in their studies, when they are truly happy. Critical to this is the strong relationship between the pupils and their teachers, regular feedback to pupils, clear targets and aspirations without Pre￿ure, and regular involvement with parents being some of the hallmarks of a Longacre education. The School'5 learning philosophy is most readily seen in the School's 7 Cs, which feature in lessons and are understood by our pupils. These are Curiosity, Creativity. Collaboration. Critiquing. Comm unication, Commitment and Craftsmanship. Longacre delivers an outstandingcore curriculum, ensuring that pupils have LONGACRE SCHOOL Page 5 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 the best possible foundation to their education. Maths and English are of utmost importance in their own right and are the benchmark subjetts for Il+ exams. But more than this, Lon8acre is committed to holisti learning, with languages (French on timetable). humanities and Science all featurin8 prominently. Physical actlvlty 15 also a crucial element of the curriculum. Longacre delivers academic progress significantly above standardised educational score5. In addition, a Longacre education provides the less tangible elements of emotional intelligence and life skills. These enable our pupils to speak with confidence and listen with care. to innovate. problem-solve and collaborate with others to reach a higher understandin& to Share and to be kind. Children with all ranges of abilities aresupported; theschool works in partnership with parents to ensure the development of every pupil in the School. with additional support from external provider5 when required. Longacre provides a wide range of academic. non-academic and enrichment attivities. It aims to inspire and enable pupils with the ambition to achieve their highest academic and other capabilities. whilst nurturin8 and supporting each pupil on a journey of self-development. The most recent Inspection by the Independent Schools Inspectorate was in Summer Term 2022. This focussed on Educational Quality, where Longacre was judged to be Excellent- the highest available rating- in both Personal Development and Academic and other achievements. Atthe same inspection. Longacre was assessed on compliance, in which the School was adjudged to be compliant in every single area. Further progress during year ended 31 July 2024 The Board continues to review and enhance the School's co-curricular offering. with over eighty clubs on offer every week. Input from pupils results in new clubs being provided. There is an 80% take up of pupi15 doing lubs across the wide range on offer and on average each pupil attends at least four clubs each week. The School continues to promote good citizenship and to enable pupils to develop a caring. tolerant and supportive way in their lives. Pupils learn to appreciate and respett difference5 in society, including those from disability. culture, race and economic wellbeing. They also learn to understand their place within the 10£31 and global communities. as well as understanding British Values. Community link5 continue to be of great significance. The School promotes charitable giving. Longacre also raises pupils, aWa￿nesS of environmental issues. encouragingthem to be carefijl in the use of resources. The School operates a Green Team of pupils and staff which promotes the School'5 sustsinability. organising recycling Stations as well as promoting the learning of animals and plants within the School site. The School continues its fotus on mental health and wellbeing and ensures that this is at the forefront of the School's activities, promoting this for the good of our pupils, staff and parents. Our Assistant Head Iwellbeingl works closely with the School Covnsellor and Listener to provide on-going support for the whole Longacre community. The hugely successful Bear Hut is available for children during the school day and is operated by our staff on a voluntary basis to support our children. The School Counsellor and Listener provides rneditation and mindfulness for children, individually as well within whole clas5 sessions, focu5sing on specific year group topics. Staff receivewellbeing5UPPOrtthroughthe school, includingorganised therapysessions with ourcounsellor, participating in the walking club, and being involved in social evenings. Longacre is committed to further SUPPOrting our stafffs needs, including additional sUPPOrt through staff wellbeing surveys. LONGACRE SCHOOL Page 6 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 Review of additional athievements and educational actlvities Wide-ranging curriculum and co-curriculum education 15 provided to Longacre pupils, Thi5 underpins the School's existing high academlc standards and provides significant opportunities for every pupil to Succeed. The School's physical and operational infrastrurture is updated on a continual basis to facilitate these objectives. The School assists its pupi15 in their understsnding and embracing of independence. resilience and resourcefulness, alongside a tontinuing increase in academic capability. Longacre consistently achieves well above average in nationally Comparab￿ formative asse55ments and has continued to achieve significant academic success. The School supports diverse and wide-ranging co-curricular and enrichment activitie5 including music, drama, art. dance and sport. These are further enhanced by educational visits to extemal establishments in these fields, which advance pupils. thinking and abilities. Pupils also undertake a variety of business ventures to increase their skills for their lives ahead. Longacre has advanced it5 teaching, underlining a commitment to critical thinking. phi1050phy and skill development for its pupils. Forest school and outdoor learning, as well as Teamwork and Leadership, are on the curriculum for all Longacre pupils,. these add to the rich and varied range of learning opportunities that the School provides. Longacre is a150 fortunate to have a number of parent volunteers who take part in the school day as required, hearing pupils read, running lunchtime clubs and being in the classroom for particular subjects. Pupils at Longacre have continued to participate in a wide range of team sports at School including football, netball, cricket. hockey and rugby. Team sports are mixed gender. with boys and girls able to choose their favoured sport foreach terni. They also participate in matches against local schools and in area tournaments. Longacre has an overarching objettive of endeavouring to ensure that all pupils are included in teams to represent the School, enabling their sporting spirit to always paramount. Longacre holds an annual football tournament for state and independent schools in Year 2. Longacre teams have continued to achieve great success during the year, with this wider area of sports involvement enhancing their team ar7d individual capabilitie5 for their progression in life. Longacre welcomes gifted. able and talented pupils, and also children requiring special educational support. The School has a programme to provide particularly gifted children with challenging and differentiated work in addition to regular lessons. This is provided as part of their daily teaching and learnin& underpinned by a commitment to enthuse, stretch and differentiate for all pupils. Children benefit from a full time Emotional Literacy Support Assistant (ELSA). The learning support department is responsible for providing additional struttured support for pupils with a variety of needs including dyslexia, visual and hearing impairment and pupi15 With statements of special educational need. For those pupi15 that have individual educational programmes, the School works in partnership with parents to provide these pupils with additional 5UPPOrt. The Head of Learning Support has continued to expand this important element of the School's provision. The School has systems and processes in Pla￿ to ensure the full development of each pupil. in a safe and secure environment. The Governot5' compliance and governance roles assess whether the School operates these policies and prO￿dUreS effettively in managing these areas. The policies are regularly reviewed and updated, to ensure that they continue to operate effectively for the benefit of all pupils and Stakeholders in the School. Longacre supports the continued professional development of its staff through training and performance management. This includes enrolling staff on a variety of external trdining courses and their full involvement at in service educational training {INSEn days atthe start of each term. LONGACRE SCHOOL Page 7 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 During the year ended 31 July 2024, the School again benefitted from very generous donations totalling £29,(NJO from the School's Parent Teacher A550ciation. These have included equipment for our Science Lab. a5 well a5 a log Gibin for the nearly new uniform shopthat opened in Michaelmas Temi 2024. The Governors remain very appreciative to the PTA for their proactive involvement wtth the School and their continued assistance in providing additional facilities for the School. Governing Body At the date of this report, there are nine Governors of the School. The Govemors bring a wide variety of professional, commercial, financial and charity experience to the School. Their collective professional skills encompass &ucation. finance. property. human resources, corporate governance. risk management, marketing. technology, security and safety. The Chair of Govemors 15 a member of The A550Ciation of Governing Bodies of Independent Schools. All Govemors receive training very year. The four Separate Committees of the Governing Body meet each term. These Committees are Education; Welfare: Gowernance; and Finance & Estates. The four Committees report their findings and proposals to the Full Board. The Governors also meet once each term as a Full Board. In addition, the Full Board and its Committees hold further meetings each term to consider other matters as they arise. These Committee and Full Board meeting5 set the leadership and strategic direttion of the School. The Governance Committee has a remit which includes introducing prospective new Governors to the School. All prospective appointments are considered by the Governors by reference to the professional qualities, personal competen￿. suitsbility against the skills base of current Governors, and availability for regular involvement. During the year three Governors retired and tsvo further retired since the year end, all after many year5. service providing their expertise in supporting the School. Four new Governors joined during the year and have all been 3 Strong addition to the Board's capabilities A comprehensive induction process is undertaken for all new Governors. This includes detailed familiarisationwith the operations and management of the School. Safeguarding training. invofvement with all four Committees of the Board, AGBIS training and provision of e-learning and fomial third-party training. We are delighted to have so much expertise and support available for Longacre and the Head and the staffing body are appreciative of the Governors. time and commitment to the School. Principal risks and unortainties Responsibility for the day-to-day management of risks is delegated to the Head and Senior Leadership Team, who report results and proposed enh3n￿rnents to the School's management of risk to the Board on a termly basis. The Govemors review the major strategic. safeguardin& operational. financial and external risks which the School faces. and manages these risks for the betterment of the School. External and political risks this year have included the July 2024 change in government and their associated proposals to levy VAT on school fees. Regular communication has been provided to parents and related Stakeholders to best manage the effects of these proposals. Risks are asse55ed by the Board to ensure that the School i8 well-prepared to mitlgate risks well in advance of them p055ibly occurring- Future plans At the forefront of the Board's decision making at the School is the pupils, education and their welfare. The Governors, the Head and Senior Leadership Team work to ensure that the School is in a position to manage uncertaintie5. whi15t being conscious that the School cannot always control when or how external impacts might take effert. The Governor5, financial strategy includes regularly delivering an annual surplus. In this way, the School is able to continue to invest in the physical facilities provided for its pupils and a150 to ensure that the School continue5 to attrart and retain high qualwty teaching staff who have a positive impatt on all our pupils. In addition. this ensure5 that the School is well positioned to remain sustainable throughout challenges as they arise, whilst continuing to provide high class education to its pupils. LONGACRE SCHOOL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 Public Benefit The School has continued to exceed its obligations in Section 17(5) of the Charities Att 2011 regarding Public Benefit. When setting the Schooys strategy. its objectives and planning, the Govemors ensure full adherence to the Charity Commission's guidance on public benefit and its supplementary guidance on advancing education and fee charging. The Governors are a150 mindful of their responsibility as Trustees tD ensure prudent financial management of the School. thereby ensuring continued provision of education to a wider range of users of its facilities. The School continues to enable local sports clubs and teams to use its on-site facilities and invites local schools to special performances held at Longacre. Educational events have been held for Longacre pupils and those from local primary schools. Links with Elmbridge Retirement Village have continued and are an important benefit for residents at Elmbridge Village and for Longacre pupils. The School has for many years worked closely with the local community on local traffic i55ues through a wide range of measures. including Èts own specifically formed Traffic Committee. This Committee comprises representatives from the local Parish Council, Waverley Council, local residents from varying roads around the School. and the School itself. The primary objectbve of the Committee is to minimise traffic impacts on road5 adjacent to the School. The School has formulated a variety of policie5 which improve traffic aspetts which tt promotes for the benefit of the community. These include daily morning and afternoon minibus collections, car sharing, a weekly walking bus, and a regular cycling bus. The importance of reducing car journeys within the vicinity of the School is regularlyadvised to parents and otherstakeholders in the School. In a similar manner to previous years. Longacre has made donations to a number of charities duringthe year ended 31 July 2024, These included donations to Shootin8 Star Children's Hospices, Bee Keepers A550ciation, Sport in Mind, World Rhino Day. and Young Minds. Similar donations to further charities are already planned forthe 2024125 academic year. The Governors promote continuin8 public educational benefit through the provision of bursaries for pupils who could otherwise Trot attend the School. During the year ended 31 July 2024. Longacre provided means tested bursaries and hardship support for 27 pupils in this manner at a cost of £272.423, totally funded by the School, During the year ended 31 July 2024. the School continued to provide sibling discounts to parents of three or more children atthe School.The School infomis prospettive beneficiaries of the opportunitie5 for financial sUPPOrt and bursary provision in documents that tt issues and through advertisements and social media channels. Pay Pollcy for School Leadershipi Senior Staff and Govemors The Head, Bursar and Senior Teaching Staff comprise the key management personnel of the School. Remuneration of the Head and Bursar is reviewed annually by the Chair of Governors in line with their contracts of employment. considering their own performance and by benchmarking against schools of similar size in the locality. Remunerdtion of SeniorTeachin8 Staff is reviewed annually bythe Head and benthmarked against National Scale Rates for teaching staff of equivalent experience, seniority and responsibility. Annual reviews are effective from the start of the academic year in September. The Governor5 give their time and expertise to the School freely throughoutthe year and do not receive any remuneration. Review of financial position The Governors, the Head and the Bursar manage the School from a financial perspective, Thi5 is to ensure that annual surpluses are generated to enable all School operational costs to be discharged as they occur, to enable expansion and development of facilities for the benefit of pupils, to repay bank facilities drawn to finance prior year projects, and to ensure finanaal stability for the continued progress of the School. During the year ended 31 July 2024, Longacre received total income of £4,123,0￿[2o23. £4,024,OOOsl. Within this, £3,703,0(K)12022: £3.682.0(Kl) was from School fees net of bursaries, hardship awards and LONGACRE SCHOOL Page 9 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 discounts, An analysis of the School fee income is provided in Note 2 to the financial statements. During the year ended 31 July 2024 other ancillary trading income reached £289,00012023: £247.CIOOI. Ancillary trading income indudes income from addttional support lessons, residential trips for pupils, morning and afternoon minibus runs, wrap around care clubs, and afterschool activity clubs. Sundry Income of £92.CQOwas received during the year ended 31 July 202412023: £67,0(X)). predominantly comprising bank interest received and the hire of school premises to third parties. An analysis of this is provided in Note 3 to the financial statements. The Governors report a surplus of income over expendwture for the year ended 31 July 2024 of £118,000, compared with £86,0￿ in the previous year. These surpluses are fully invested into the School for the benefit of pupils, both currently and in the year5 ahead. Fixed assets At 31 July 2024, the net a55et value of fixed assets totalled £6,280,000 12023: £6.380,0001, primarily comprising the school's educational facilities. Further details of the School's fixed assets are set out in note 8 to the financial statements. Loan finance At 31 July 2024 net debt {comprising bank loans and fees in advance, less cash) totalled £1,063.CiXI12023: £1,141,000), WFth the reduction reflerting loan repayments made during the year. At31July 2024, the School had drdwn bank facilities totalling £2.272,1￿￿1 (2023- £2,385,000). These loans were drawn to finance additions to the School's facilities and are Secured on the School's Freehold Land and Buildings. Loan repayments and interest totalling E220.000 {2023- £212.￿0) were paid during the year ended 31 July 2024, The majority of these loans are of a fixed rate nature. thereby protecting the financial standing of the School and ensuring the khool does not incur escalating repayments or interest ratÈ charges in future years. At 31 July 2024 the School had cash balances of £2,082.000 (2023". £1.328,OLTh)I, providing strong financial resources for its operational requirements. General Fund and Reserves pollcv The Board's strategy is to reinvest annual surpluses into the School to increase the General Fund for the further progression of the School. At 31 July 2024. the General Fund stood at £5,014,00012033: £4.896,000) which includes the surplus for the year. Free Reserves at 31 July 2024, comprising Net A$5ets less fixed assets and related loans, stood at £1.006,00012023'. £903,0￿}. Unrestritted reserves at 31 July 2024 stood at £5,014,000 {2023: £4.896,￿OI. which provide a ftrm foundation from whith the School can operate. Cash balances are closely managed. WFth appropriate levels maintained to cover planned and unforeseen eventualities. and to provide resources for expansion. The Govemor5 have assessed the funds available to the School, the current level of operatiDn5 and the number of pupils at the School. Based on this assessment, they have concluded that the School has continued to have sufFicient funds to meet its obligations as they fall due. Post balance sheet event On 7 October 2024, the Board announced that Longacre had entered into binding commitments to join the Bridewell Foundation, witha tar8etcompletion date in December 2024. The Bridewell Foundation comprises King Edward's School {teaching pupils from age 11 to 18) and Barrow Hills School {teaching pupils from 2 to 131. Thesetwoschools are ten miles awayfrom Longacre, in WitleysouthofGodalming. As partof this merger. Govemors from Longacre will join the Court (essentialEy the Goveming Bo(ty) of the Bridewell Foundation. A central principle of this partnership is to maintain the fundamental eth05 that Is core to the Longacre community, whilst also providing opportunitiesto share resources and benefitfrom collaborative leadership. LONGACRE SCHOOL Page 10 REpoKf OF THE GOVERNORS FOR THEYEAR ENDED 31JULY 2024 Longacre and the Bridewell Foundation have common principles and vision for their pupils, education and development. The benefit5 for Longacre pupils and parents irKlude the following The very beneficial option for a 2 to 18 through school academic journey over the two campuses of Longacre and King Edward s. There is an assured place programme at King Edward's ft)r all Year Vl pupils at Longacre who wish to take up this opportunity. Longacre will also continue to prepare its pupils for a wide variety of other Senior Schoo15, as it has always done. Longacre will benefit from the exceptional financial strength of the Bridewell Foundation which has net assets of over £39 million. The Longacre sibling discount has been extended to enable parents who have two or more children at any of the three schools to benefit from this and also at increased rates. Longacre will benefit from the facilities and scale of being part of a larger schools group, with extensivesports pitches, swimming pool, theatres. aswell asa broaderacademic provision including science and DT facilities. There are no changes to stsff or to the Senior Leadership's roles and responsibilities at Longacre. LonEacre continues with its brand identity. including uniform, value5 and name of school, and remaining on its site in ShamleyGreen. Longacre continuesto operatewtth its own cherished ethos. Completion of these arrangements is expected totake place in December 2024.This mergeris a major benefit to Longacre pupils, parerits, teachers and staff. Ststement of Governors, responsibilitles In relation to the financial statements The Gi)vernors. who are the Director5 of Longacre School ft)r the purposes of company law, are responsible for preparin8 the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 {United Kingdom Generally Accepted Accounting Practice}. Company law requires the Govemors to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, intluding the income and expendtture. of the charitable company for that per￿0d. In preparing these financial statements, the Governors are required to: selert suitable accounting policies and then apply them consistently: observe the methods and principles in the Statement of Recommended Practice; Accounting and Reporting by Charites (SORP) Ortober 2019; prepare the financial statements in accordancewith the Financial Reporting Standard applicable in the UK and Republic of Ireland. the Companies Art 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland {FRS 1021: make judgments and estimates that are reasonable and prudent- state whether applicable UK Accounting Stsndards have been followed, subject to any material departure5 disclosed and explained in the financial statements; and prepare the finanual statements on the going concern bas￿ unless tt is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracv at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of LONGACRE SCHOOL Page 11 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 the charitable company and for taking reasonable steps for the prevention and detertion of fraud and other irregularities The Governors are responsible for the maintenance and integrity of the corporate and financial infomiation included on the School's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ststement of disclosure of Informatlon to Auditors Each of the Governors has confirmed that: that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any information needed by the Company's auditors in connection with preparing their report and to establish that the Companlls auditors are aware of that information; and so far as that Governor is aware, there is no relevant audit information of which the Companrfs auditors are unawa￿. Compliance The financial statements set out on pages 16 to 27 comply wÈth current statutory requirements, the requirements of the School's Articles of Association and the requirements of the Statement of Recommended Practice: Accounting and Reporting by Charities. the Companies Act 21X)6 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable iri the UK and Republic of Ireland (FRS 1021. The legal and administrative information Set out on page 3 forms part of thi5 report. The financial statements have been prepared under the historical cost convention and in accordance with the special provisions relating to companies subjett to the small companies regime within Part 15 of the Companies Act 2(M)6. Approyal by the G(wernors This report and the a55ociated financial statements have been approved by the Board of Governors and have been sigrled on its behalf by: Blurton- Chair of Governors Date: Z?N ovember 2024 REPORT OF THE INDEPENDEKf AUDITORS Page 12 TO THE MEMBERS OF LONGACRE SCHOOL FOR THE YEAR ENDED 31 JULY 2024 Opinlon We have audited the financial statements of Longacre School {the 'charitable companw) for the year ended 31 July 2024 which comprise the Statement of Financial ActNities, the Balance Sheet. the Cash Flow Statement and the related notes numbered I to 19. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102The Financial Reportingstandard applicable in the UKand Republicof Ireland (United Kingdom Generally Accepted Accounting Prattice). In our opinion the finanaal statements: give a true and fair view of the state of the charitable companrfs affairs as at 31 July 2024 and of its ncoming resources and application of resources for the year then ended: have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Att 2006. Basts for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements sertion of our report. We are independent of the charitable company in accordance with the ethical requirementsthat arerelevanttoour audtt of the financial statements in the UK, including the FRCS Ethical Standard. and we have fulfilled our other ethical responsibilities in accordancewtththe5e requirements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasls of matter- non-going concern basis of accountl We draw attention to Note 18 to the financial statements which explains that the school is to merge within the financial year 2024/25 with the net assets and opérations beingtransferred to the Bridewell Royal Hospital Foundation. Our opinion is not modified in respect of this matter. Other inforniatlon The otherinformation comprises the information included in the annual ￿ port. including the governorfs report, other than the financial statements and OLtr auditor's report thereon. The governors are responsible forthe other information. Ouropinion on the financial statements does not coverthe other information and, except to the extent othenvise explicitly stated in Dur report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other informatron is materially inconsistent with the financial statements or our knowledge obtained in the audit 01 otherwise appears to be material misstated. If we identify such rnaterial inconsistencies or apparent material misstaternents, we are required to determine whetherthere is a material misstatement in thefinancial statements ora material misstatementof the other information. If, based on theworkwe have performed. we conclude thatthere is a material misstatement of this otherinformation, we are required to reportthatfact. We have nothing to report in this regard. REpoKf OF THE INDEPENDENT AUDITORS Page 13 TO THE MEMBERS OF LONGACRE SCHOOL FOR THE YEAR ENDED 31 JULY 2024 Opinlons on other rnattets prescribed by the comp￿]eS Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Governors, Annual Report. which includes the Dirertors, Report prepared for the purpose5 of company law. for the financial year forwhich the financial statements are prepared is consistent with the financial statements- and the Direttors. Reportincluded within the Govemors'Annual Report has been prepared in accordan with applicable legal requirement Matters on which we are requlred to report ￿ exceptlon In the light of our knowledge and understanding of the charitable company and tts environment obtained in the course of the audit. we have not Ident￿led material misstatements in the Governors, Annual Report. We have nothing to report in respert of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion: adequate and proper accounting records have not been kept, or retums adequate for our audit have not been received from branche5 not visited by us: or the financial ststements are not in agreement with the accounting records and returns; or certain disclosures of governors, remuneration specified by law are not made: or we have not received all the information and explanation5 we require for our audit; or the governors were not entitled to prepare the financial statements in accordance wtth the small companies. regime and take advantage of the small companies, exemption in preparing the Governor5, Annual Report and from the requirement to prepare a strategic report. Responsibilities of Governors As explained more fully in the governors, responsibilities statement set out on page 10, the governo￿ (who are also the directors of the charitsble company for the purposes of company lawl are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as the governors 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 govemors are responsible for assessing the charFtable company'5 ability to continue a5 è going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the charitable company or to ￿ase operations, or have no realistic alternative but to do so. Audltorfs responsibilities for the auqfit of the ftnancial statements Our objectives are to obtain reasonable assurance whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit condutted in accordance with ISA51UKI 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 dec￿lOn5 of users taken on the basis of these financial statements. REPORTOF THE INDEPENDENT AUIXTORS Page 14 TO THE MEMBERS OF LONGACRE SCHOOL FOR THE YEAR ENDED 31 JULY 2024 Irregularities, including fraud, are instances of non-compliance with law5 and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud. is detailed below. A further description of our responsibilities forthe audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditor5responsibilties. This description forms part of our auditorf5 report. Extent to which the audit was considered capable of detectlng irregularitles. including fraud The objettives of our audit. in respert to fraud. are: to identify and assess the risks of material misstatement of the fin3ncial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses.. and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. Our approach was as follows". We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience. and through discussion with the governors and other management (as required by auditing standards). and discussed with the governors and other management the policies and procedures regarding compliance with laws and regulations (see below)," We identified the following area5 as those most likely to have such an effett: health and safety; General Data Protection Regulation {GDPR}- fraud,. bribery and corruption,. school inspections; DBS Check5 and employmentlaw. Auditingstandards limit the required audit procedures to identify non- compliante with these laws and regulations to enquiry of the 8overnors and other management and inspertion of regulatory and legal correspondence, if any. The identified actual or suspetted non- compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102. the Companies Act 2006 and the Charities Att 20111 and the relevant tax compliance regulations in the UK: We considered the nature of the charity's operations, the control environment and finantial performance. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit,. We considered the procedures and controls that the charity has established to address risks identified, or that otherwise prevent, deter and detert fraud; and how senior management monitors those programmes and controls. Based on this understanding we designed our audit procedures to identify non-compliance WFth such laws and regulations. Where the riskwas consideredto be higher, we perfomied audit proceduresto address each identified fraud risk. These procedures included: testing manual journals; reviewing the financi31 statement disc105ures and testing to supporting documentation; perfomiing analytical procedures: and enquiring of management. and were designed to provide reasonable assurance that the financial statements were free from fraud or error. REpoKf OF THE INDEPENDENT AUDITORS Page 15 TO THE MEMBERS OF LONGACRE SCHOOL FOR THE YEAR ENDED 31 JULY 2024 Owing to the inherent limitations of an audit. there 15 an unavoidable risk that we may not have detected some material mi5Statements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non- compliance with laws and regulations (irregularities) is from the events and transattions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identrfy it. The risk is also greater regarding irregularities occurrin8 due to fraud rather than error. as fraud involves intentional concealment forgery, collusion. omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detert non-compliance with all laws and regulations. USE OF OUR REPORT This report is made solely to the charitable compan￿$ 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 companvs members those matter5 we are requiredto stateto them in an auditorfs report and for no other purpose. To thefulle5t extent pemiitted bylaw, we do not acceptora55ume responsibilityto anyone otherthan the charitable company and the charitable company's members as a body, for our audit wo￿, foi this report, or for the opinions we have formed. Mark Cummins FCCA Isenior Statutory Auditor) For ond on behalf of TC Group Statutory Auditor Office.. Steyning TC Group is eligible to actas an auditor in terms of section 1212 of the Companies Att 21)06 Date: S December 2024 LONGACRE SCHOOL Page 16 STATEMENT OF FINANCIALAcfiviTIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Year ended 31 July 2024 Year ended 31July 2023 Notes INCOME AND ENDOWMENTS FROM: Donations Income from charitsble actlvlties School fees Other edutational income Other ancillary trading income Sundry income 29.022 20.798 3.703,177 9.550 289,448 92,104 3,682,(XJ9 8.200 246,889 66,766 Total Income 4 123.301 4,024,662 EXPENDITURE ON: Ralslng funds School financing costs 106.797 97,300 Charitable actrvltles Education 3,898.239 3,841,638 Total expendlture 4,005,036 3,938,938 Net Income and Net Movement in funds for the year 118,265 85,724 Reconcillatlon of Funds: Fund Balance at i August 2023 4.896,634 4,810,910 Fund balance at 31 July 2024 5,014,899 4,896,634 All fund5 are unrestrirted. The statement of financial activitie5 includes all gains and105ses recognised in the year. All income znd expenditure derives from continuing attivities. The notes on pages 19 to 27 form part of these financial statements. LONGACRE SCHOOL Page 17 BALANCE SHEET AT 31 JULY 2024 Company Registration Number 04680792 Notes 31 July 2024 31 July 2023 Fixed Assets 6,280.360 6,379,643 Current Assets Debtors Cash at bank and in hand 90,374 2.082,759 86,495 1,328.163 2.173.133 1.414,658 Creditor5: amounts falling due within one year io (872,252) (507.8601 NET CURRENT ASSETS 1,3(10,881 906.798 TOTAL ASSETS LESS CURRENT LIABILMES 7.581,241 7.286,441 Creditors.. amounts falling due after more than one year li (2.566.342} (2.389,8061 NET ASSErs 5.014,899 4,896,635 THE FUNDS OFTHE CFL4RtrY Unrestricted Funds 5.014,899 4R96,635 The notes on pages 19 to 27 form part of these financial statements. The Govemors acknowledge their responsibilities for: a) ensuring that the charitable company keeps accountin8 record5 that comply with Sections 386 to 387 of the Companies Act 2Ixi6". and bl preparing financial statements which give a true and fair view of the state of affairs of the charttable companyateach yearend of 31Julyand of itssurplus ordeficitfore3chfinancial yearin accordance with Sections 394 and 395 and which comply wth the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. These financial statements have been prepared in accordance with the Special provisions of Part 15 of the Companies Att 2006 relating to small charitable companies. Approved by the Board of Governors onL7 November 2024. 7AI- Blurton- Chair of Governors MrT Jenkins- Governor LONGACRE SCHOOL Page 18 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024 Year ended 31 July 2024 Year ended 31 July 2023 Notes Net cash Inflow from operations Net cash generated from operations 1.099.454 452,193 Cash ftows from investlng actFvities: Purchase of tangible assets {124,7801 {179,0911 Net cash used in investing activitie5 (124.780) {179,0911 Cash flows from financing activlties: Loans repaid Finance costs paid (113,281) (106.797) (115.1021 (97,3CO) Net cash utilised in ftnancing acti¥lties (220.0781 (212.402} Net change in cash and cash equivalents during the year 754,$96 60.700 Cash and cash equivalents at beginning of year 1.328.163 1,267,463 Cash and cash equivalent5 at end of year 2.082,759 1.328.163 LONGACRE SCHOOL Page 19 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 STATufoRY INFORMATION The charitable company is registered in England and Wales as a company limited by guarantee. The registered ofPice Is Longacre Sthool. Hullbrook Lane. Shamley Green, Guildford, Surrey GU5 ONQ and the company registration number is 04680792. The company is registered with the Charity Commission under number 1096567. The Charitable company meets the definition of a public benefit entity under FRSIO2. AccouKfiNG POUCIES (a} Basis of preparation The financial statements have been prepared under the historical cost convention in accordance with the Companies Art 2006 and the Statement of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). At the time of approving the financial statements the governors of the school have agreed a merger with the Bridewell Royal Hospital Foundation. The merger is planned for the financial year 2024125 with the net assets and operations being transferred to the Bridewell Royal Hospital Foundation. Ibl Critical accounting judgements and key sources of estimation uncertainty In their application of the accounting policies, the Governors are required to make judgements, estimates. and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experieTr￿ and other factors that are considered to be relevant. Artual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognised in the period in which the estimate 15 revised rfthe revision affects only that period. or in the period of the revision and future periods rfthe revision affects current and future periods. In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are like5y to result in a material adjustment to their carrying amounts in the next financial year. (c) Fees and similar income Fees receivable and similar income for 5eNices and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after dedurting bursaries, hardship allowances and other remissions granted by the School. Id) Donation5 Voluntary income resources are accounted for as and when entitlement arises, the amount can be reasonably reliably quantified and the economic benefit to the School is considered probable. Donations receivable for the general purpose ofthe School are credited to Unrestritted funds. Donations for purposes restricted by the wishes of the donor which are legally binding on the Governors are credited to Restricted funds. LONGACRE SCHOOL Page 20 NOTE5 TO THE FINANCIAL STATEMETr￿ FOR THE YEAR ENDED 31 JULY 2024 (e) Taxation The School is a registered charity. A5 such it is exempt under present legislation from assessment to corporation tax on its net income and is able to reclaim tax from donations made to the School through Gift Aid. lfj Tangible fixed assets and depreciation All capital projects with a value of £2,0￿ or more are caprtalised. Fixed Assets are included in the financial statements at their historic cost and atcumulated depreciated which is charged over their estimated useful lives at the following annual rates: Freehold land Freehold buildings Fittings and fittings Computer equipment Furniture and other equipment Motor vehicles Not depreciated 1% on straight line basis Between 5% and IO% on straight line basis 33% on straight line basis 15% on straight line basls 20% on strèight line basis Ig) Expenditure Expenditure is accrued as 500n as a liability is considered probable, and discounted to present value for longer- term liabilitie5 where interest rdtes incurred are different from prevailing market rates. Expenditure is apportioned in the year to cost categories based on the estimated amount attributable to each activity. VAT incurred 15 currently irrecoverable and is included with the item of cost to which it relates. Support costs comprise the relevant proportion of staff costs and relevant overheads of the School. Redundancy costs are expensed when commitments are incurred. Governance costs are those in£urred in connettion with the governance of the School and compliance with constitutional and statutory requirements. Ihl Operating leases Rentals under operating leases are charged on a straight-line basis over the lease term. Benefits receivable as part ofan operating lease are 5imilarlyspread on a Stra￿ht-lIne basis overthe lease term. lil Penslon Schemes All staff are auto enrolled into the defined contribution personal pension scheme operated bythe School. The pension scheme meets the Pensions Regulator's rules for a qualifying pension scheme. The School's contributions in respert of these pension arrangements are reflected in these financial statements. {1} Debtors Trade and other debtors are recognise(J at the settlement amount due. Provision is made against debts where recoverability is in doubt. Ikl Cash at bank in hand Cash at bank and in hand includes cash held in bankdep05itaccounts. in instant access bank accounts and cash available for day to day operations. LONGACRE SCHOOL Page 21 NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 JULY 2024 {11 Creditors and provisions Creditors and provisions are recognised where the charitable company has a present obligation resultin8 from past event that will probably result in a transfer of funds or value to a third party and the amount to Settle the obligation can be reliably measured or estimated. Im} loans and borrowings Loans and borrowings are initially retognised at the transaction Pri￿ including transaction tosts. In subsequent years, they are measured at amortised cost using the effettive interest rate method, less impairment. If an arrangement constitute5 a finance transaction. it is measured at present value. {n) Financial instruments The charitable company has financial assets and liabilities of a kind that qualfy a5 basic financial instruments. These are initially recognised at transaction value and in subsequent years at their settlement value. Year ended 31 July 2024 SCHOOL FEES Year ended 31 July 2023 Fees receivable Less bursaries and awards provided by the School 4.071,450 1368.273) 3.703,177 3,963,064 (281,0561 3,682,009 During the year ended July 2024 means tested bursaries and hardship support totalling £272.423 was awarded to 27 pupils12023.. £185.743 means tested bursaries awarded to 16 pupils). SUNDRY INCOME Year ended 31July2024 Year ended 31 July 2023 Receipts from hire of premises Income from additional attivities Bank Interèst received 28,742 2.274 61,088 92.104 24,870 7,905 33,991 66,766 LONGACRE SCHOOL Page 22 NOTES TO THE FINANCIAL STATEMEMfs FOR THE YEAR ENDED 31 JULY 2024 ANALYSIS OF TOTAL EXPENDrruRE Year Year ended 31 ended 31 July 2024 July 2023 Totsl Total Note Staff Depreciation Other Charitable artmties School operatlng costs: Teaching costs Welfare costs Premises costs Support costs for schooling 2.031,176 54,562 6,945 155,355 7.200 224,062 349.145 326.233 213,962 272,168 1.161,508 106,797 17.457 2,434,884 2,377,471 333,178 371.722 456,264 460,295 656,456 616,164 3.880.782 3.825,652 106,797 97,31J) 17N57 15,986 86.947 377,089 2,495.212 Financing costs Governance costs 2,495.212 224.062 1.285.762 4,OOS,036 3,938,938 Year ended 31 July 2024 GOVERNANCE COSTS Year ended 31 July 2023 Trustee insurance Audit fees Governor training 1.077 13.080 3,300 17A57 770 13,260 1,956 15,986 LONGACRE SCHOOL Page 23 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Year ended 31 Juty 2024 StAFF COSTS Year ended 31 July 2023 Wages and salaries Social security Costs Pension contribution5 (Note 161 2.083.874 194.526 216,812 2,495,212 2.t)41,220 193,577 199,532 2,434,329 Staff remuneration in excess of £60.000 per employee was as follows: Year ended 31 July 2024 No of staff Year ended 31 July 2023 No of staff £60,C(11 to £70,000 £70,001 to £80,(KJo £90,000 to £lOO,000 Contributions totalling £16.963 were made by the School for these employees to the defined contribution pension scheme operated by the school for all staff. The staff remuneration amounts in the above table do not include pension contribution5. Key Management Personnel Year ended 31 July 2024 Year ended 31 July 2023 The aggregate employee benefft5 of key management personnel were: 640,993 643,882 During the year ended 31 July 2024 there were 11 key management personnel (2023: 10 key management personnel). The average numberof employees during theyear ended 31 July 2024 was as follows: Year ended 31July 2024 Year ended 31 July 2023 Teaching staff Administrative staff 55 13 14 68 In addition, the School ha5 a number of pa￿ntv0junteerS who between them provide approximately 10 hours of support per week when the School 15 physically in session. LONGACRE SCHOOL Page 24 NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 RECONCILIATION OF NEf INCOMING RESOURCES TO NET CASH GENERATED FROM OPERATIONS Year ended 31 July 2024 Year ended 31 July 2023 Net income for the year 118.265 85,724 Adjustments for non-cash Étems and items separately disclosed: Finance costs payable Depreciation Fees received in advance in prior years credited to Income Net Cash generated from operating activities 106,797 224,062 163,429) 385,695 97,300 236.685 162,0341 357,675 Movement in workin8 capital Decrease/{Increase) in debtors IDecrease)/lncrease in creditors Increase in fees in advance creditors (Decrease) in deposits received Net cash generated from operatlons (3,879) (42,103) 765,585 15,844) 1.099,454 17,102 61,377 23.839 (7.800) 452, 193 FIXED ASSETS - Tangible assets Furniture and other Equipment Freehold Land and Buildings Computer equipment Motor Vehicles Totsl C05t At 31 July 2023 Additions Di5P05als At 31 July 2024 7,715,552 78,271 322.478 13,884 (23,023) 313.339 374.033 32.625 (1,188> 405,470 108,970 8,521,033 124,780 124.2111 8,621,602 7,793.823 108,970 Accumulated depreciation At 31 July 2023 Charge for the year Disp05als At 31 July 2024 1,530,416 155.355 285.278 21.651 (23,0231 283,￿6 232,931 40,111 11,187) 271.855 92.765 6.945 2,141,390 224,062 124,210) 2,341,242 1,685.771 99,710 Net book value at 31 Juty 2024 6.108,052 29,433 133,615 9.260 6,280,360 Net book value at 31 July 2023 6,185.135 37.201 141,102 16,205 6,379,643 During the year ended July 2024 operating ￿ase rentals included in School operating costs totalled £11,160 (2023: £10.0161. LONGACRE SCHOOL Page 25 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 DEBTORS 31 July 2024 31 July 2023 Fees receivable Prepayments Other debtors 13.338 71,839 5,197 90,374 3,167 76,775 6,553 86,495 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31 July 2024 31 July 2023 Bank loan5 {note 13) Deposits received Fees received in advance Trade creditor5 Tax & Social Security Other credito Accruals 116.739 18,156 5S2,134 53,726 42,544 115,127 15.200 150.207 137,706 48,302 1.945 39,374 507,860 872.252 11. CREDITORS: AMOUNTS FALUNG DUE A￿ER MORE THAN ONE YEAR 31 July 2024 31 July 2023 Deposits received Fees received in advance {note 12) Bank loans (note 13) 89,700 321,005 2.155,637 2.566,342 98,500 20,776 2,270,529 2.389.806 12. FEES IN ADVANCE Parents may pay school fees in advance under individual contrarts provided by the School. The balance received at each year end represents the fees received in advance assuming pupils remain in sthool for the rernainin8 years in question. These are as follows- 31 July 2024 31 July 2023 Within one year Between one and two years Between two and five years 552.134 203,418 117.587 873,139 63.429 20,776 84,205 LONGACRE SCHOOL Page 26 NOTES TO THE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 JULY 2024 Movements during the year ended 31 July 2024 were as follows". Year ended 31 July 2024 Year ended 31 July 2023 Balance at l August 2023 Less amounts credited to pupils fee accounts in year Add amounts received for fvture years 84,205 (63.4291 852.363 873,139 146,239 162.034) 84,205 BANK LOANS The Company has four bank loans from the same bank secured on tts freehold land and buildings as follows: Interest Remaining rate Loan term of payable per repayments loan annum in next year Total loan drawn at 31 July 2024 Total loan drawn at 31 July 21J23 First loan - Founders Loan Second loan - Palmer Hall Loan Third loan - 2016 Fixed Loan Fourth Loan- 2017 Fixed Loan 4% years 16 years Base + 1.8% 17 years 3.75% 18 years 3.81% 35,0(J) 24,732 33,230 23,777 116,739 163,333 697.968 774,756 636.319 2,272,376 198.333 718,140 806,746 662.438 2,385,656 Due.. WFthin one year After more than one year 116,739 2.155.637 2.271376 115.127 2,270.529 2.385,656 Short term depostts and cash offsetting an3ngements on loans are used to reduce interest costs. 14. CONTINGENCIES At 31 July 2024. the Company had otststanding commitments for future lease payments and other c05ts under non-cancellable obligation5 as follows,. Year ended 31 July 2024 Year ended 31 July 2023 Payable not later than one year Payable later than one year but not later than five years 2,846 1,026 3.872 570 9.054 LONGACRE SCHOOL Page 27 NOTES TO THE FINANCIAL STATEMErirs FOR THE YEAR ENDED 31 JULY 2024 15. CAPITAL COMMITMENTS At 31 July 2024, the School had no commttments for future capitsl expenditure {2023'. £90,6301. 16. PENSION SCHEME The School contributes to a defined contribution pension scheme for the benefit of all staff. The contributions for the year ended 31July 2024totalled £216.812 (2023- £199.532) and are included in the Note 6. 17. GOVERNORS AND RELATED PARTIES In accordance with the Company'5 Articles of A550ciation. the Governors are granted an indemnity from the Company in respett of liabilities incurred as a result of their office as Governors. The School carries insurance in respect of this indemnity and the cost for the year ended 31 July 2024 was £1,077 12023.. £770). No Governors received any remuneration during thè year ended 31 July 2024 (2023: £nil). There were no related party transartions during the current or previous year. 18. POST BALANCE SHEEf EVENT On 7 October 2024, the Board announced that Longacre had entered into binding commitments to join the Bridewell Foundation with a target completion date in December 2024. The Bridewell Foundation comprises King Edward's School (teaching pupils from age 11 to 18) and Barrow Hills School {teaching pupils from 2 to 131. A5 Part of this merger. Governors from Longacre will join the Court (essentially the Governing Body) of the Bridewell Foundation. On completion of the merger. all assets and liabilities of Longacre will be transferred tothe Bridewell Foundation and Longacrethe companywill bewound down. Longacrethe school will continue with its same stsff and Senior Leade￿hip Team and the School will retain its existing brand identity. including uniform. values and name of school, remaining on its existing site at Shamley Green. 19. COMPANY LIMITED BY GUARA￿EE AND CONTROLLING PARTY The Com pany has no share capital and is limited by guarantee. As stated in the Memorandum and Articles of Association of the Company. the liability of each Governor in the event of a winding up of the Company is limited to £10. At 31 July 2024 there is no overall controlling party of the Company.