REGISTERED COMPANY NUMBER- 03777308 IEngland and Waltsl REGISTERED CHARITY NUIABER.. 1100021 GOVERNORS. REPORT AND AUDITÈD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR SEVENOAKS PREPARATORY SCHOOL LIMITED SEVENOAKS PREPARATORY SCHQQL UMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Page Govwnors. Report 1 to 10 R*port of the Independent Auditors 11 to 12 Statement of Financial Actlvltles 13 Balanee Sheet 14 Cash Fl¢)w Statement 15 Note5 to the Cash Flow Stalement 16 Notes to the Financlal Ststements 17 to 31 SEVENOAKS PREPAFiATORY SCHOOL LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The gcvernor5 who are aL80 directors of the tharity for th8 purposes of the CompanÈs A¢r2006. pr8sent their rewrtwth the financial 81atemenls of the charity for the year ended 31 August 2024. The govemors have adopted the prowsons of Accountlng and Reporting by Chari1185.' Statsment of Recommended Ptactice applicable to charitie5 preparing their accounts in a¢cDrdan¢e with the Finan￿al Reporting Stsndard applicab￿ in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVIT]ES Oblective$ and aims The School seeks lo provide an education for lrfe. It aim$ to athiev8 this Ihrough the Way of Lift,, t￿ether w￿h an academic approach that focuses on the needs of the individual. In addition. the School Sets out to en¢Durage every pupil to the be51 they can be. both inside and outside the Classroom. The School's ethos 15 central to its aims and emphasEes strong pastoral care of pupils. nurturing each one and supporhng parents children alike. Our aims are.. to ensure the safeguarding of all pupils. - to afford all pupils opportunitre5 to Su￿ed both insKle and outside the das$ro(m. - to recruit and relain the highest caifDre of teaching and support staff who eMb(￿Y our Way of Lrfe. to provide ex￿lIent pastoral care and nurture outstsnding relabonships tse￿een staff, pupils and parents. to be 8 wam, friendly. farnily school. to provide individu81ised leaming which we believe is best provided for in small dass sizes. to utilise technology lo aid student188ming and to ensure that our ICT prowsion complements exists'ng and future teaching strategies - to prcgress Ihe School's COMM￿￿ent to bursaries. to develop the School's involvement with lor21. national and international charities. to maintain and enhance the school's environrnent and facllrties - to maintain a balanced budget approach to managing ils financi85 resour￿$ and eX￿nditUres. Sevenoaks Prep"Way of Life" l ought lo think HI all limes how my every acti￿ will affect othets in my lrfe.. parents, friends, reLqtvns. te8cher5 and everyone youngèr than myself. l ought to treat all others as I would want to be trÈated myself, and lake a personal interest in how oth8r people feel. l ought not to touch anylhir6 that Is not mine. unless with ￿mil$s1On or unle&8 l am belng helpful. l ought to be polite lo evarybody 8t all tirnes and be posibve in my sctions. l 0￿h¢ to tak8 responsibllSty for my own maturrty by ensuring l assist in the smooth runnlng of Ih8 school and my hotre. l ought to take ownetship of my stsJdie$. concentrating and applying mysewto a¢h￿ve tts the best of ry abilty. l ought to obey in the right splrft the instructions of my teachers and parents. l ought to report immediately any damage or unfortun8te behavK)ur to my teachers andlor my parents. l ought to remember th81 In lrfe rny aim should be to $olv8 problems not Cause th8m, to build bridge5 rather than kn￿k them down, lo Injst other5 ancl lo bè trusted. to put the needs of others fitst and mine la$t. to irnprove 8nd make better whatever orwhoever l am involved with. l ought, at all tlmes. to bg tol8lly honest to myself and to ¢tt)ers. CHARITABLE OBJECTS Th8 objects of the School as set out in the Artides of Ass(tiab"on. are to establish and carry on in Great Britain land any other countrie51 Schools at or by rneans of which $tudents May obtaln education 8nd instructions in languages. mathem8tlf5. geography and history, and all other su*e¢ts whatsoever that may be Inclu¢ed in a cornrneraal. te¢hni¢al. se￿n1￿C. cla55ical or academic education. In setting the objeelwes the governors have given carefvl wn8ideratlon tts the Charfty CormiK%sions' general guidance on pyblic benefit. Page 1 SEVENOAKS PREPARATORY SCHOOL LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTIVITIES Signlfi¢ant a¢tivitie5 Sevpnoak5 Piep continues to develop Its broad and challe￿Ing currKulum to equip Chikyren wlth the knowledge, skills and experience needed for tomorrow. Our loc£tion. In 25 acres of well-managed playing field5 and woodland, provides not only a vast playground but also the opportunity to extend the c18$5room and deliver hands-on leaming indoor$ and out in the open. We are focussed on Improving the mental health and wellbeing of all our pupi18 tnd staft. A wellbeing team has been Created and mental health p￿fects appointed lo actively support the Emoti￿al wellbeing and mentsl health of tt)e who $¢hoDI. Arts Music cont"nue$ to be a vibrant part of lrfe in the School. In the Pre-Prep there are waekly singing assemblies. musl¢ lessons. p8rticulady piano and vidin, remain hugety popular. with a ￿¢¢r￿ number of children parbcipsting thE year. The Year 2 Recorder Club performed at tt)e Christmas and summer shows and The Pre-Prep Choir. for Years 1 and 2, regularfy performs al sthool events. Th8 music department for The Prep Side has had an excitin9 year. Ce￿brating music in all it5 forms. Highllghts induded the annual house rnusic competition, the senior music concert. Christmas con￿rt, ch[￿lMa8 carol sem* and Prep Idol lour annual battle of the bands). W8 have par￿CIpated in events such as King's Rochester Orchestr8 Day. the IAPS Festiv81 of Singing at Benenden. Stri￿$ Day al Walthamstow Hall and our choir attended t1￿ Young Voices concert at the 02 and perfornied in a thoir with thousands of thildren. Our Pre-P￿p Natiwty and Summer Shows beautfulty showcas8 the child￿n,5 growth. creatNity and cour8ge. Frcm heariwarming moments in the Nativity to tt)e vibrant energy of the Summer performan￿, each production highlights their developing Confiden￿ and teamwork. Year 3 and Year 4 proudly showcased thèir singing and acting ski115 in th*r of year $hows. Our rn￿dIe school production was Peter Pan Jr. and Years 5&6 gav8 an enchanting performan bringing wamth, humour to this rnagical joumey lo Nevedand. Year$ 788 delNer￿ a wnfident and c2p11vating pertomance of Fknkenstein. with standout acliw and an atmospherf¢ set that kept the a￿dIen￿ 8pellbound and then at the end of the year took the18ad in directing and producing their own play5 for their house olrama productions. The art departrnent at the Prep ha5 buzzed with acbvity with children from Reception all the way up to Year B coming to unleash their creativity on a weekty basis! The Pre-P￿p ¢hildren have Created pieces inspired by the books they are reading. such as the 'Mixed up Chameleon. or inspired by their History topics like the Gre3t Fire of London. They have been mastering basic skills as well 85 having the opportunity lo exppriment with new M8ssy m8terials. Year 3 have daaled wilh wet felted landscapes and collage birds. Year 4 ¢￿ated some outslanélng graphic drawing and rnixed media hybrid creatures. Year S blew us away with their ar¢hite¢tural model of the Temple of Heaven (from Beijing) and some beautiful walercolour waterworfds too. Yetr 6 $etved up a de11ght with the Great British Fake Off, showing they will all make fantsslic prop makersl A5 well 88 some excellent bug hotels. Year 7 completed enthUSiast￿allY thelr Pop Art acrylic animal paintings and made some great jelty print5 too. And last. bul not 188St, Year 8 put on a wonderful Sci Fi exhibition of the Pr￿UCtion of 'Frankenstein' and tackled the topi¢ of surrealism lairf. Sport8 Football This year we played wilh a mixed abilrty senior team, which was a huge SUC￿$$ in te￿S of enjoyment and results. Playing agair61 the majority of the 1st teams of other schoo15 they athosl finished the se8slon unbeaten, agon￿InglY conced1ng two goals in the last 5 rninutes of the last gaffle to lose their unbeat&n re¢ord. The Colts A football team had a very Suc￿$$1￿1 season, a highltght was Winn￿79 Ihe Sevenoaks School Futsal tournament. wh8re they won every mat¢h. The Colts B Team also had an excellent year of football. they started the year by reaching the final of the annual Hiklen Grange Toumameni and then, of thelr rentsining 7 matches, they only lost one. and drew one. winning the other five. The Colts C team had a good season. losing only once in this game they by or goal and the opposition goalkeeper was player of the mal¢h after making save after save, on another day th2t game would have been won. The D team had mixed sueces5 this year but the￿ was definite Improv8m8nt. the ear toumarnent at Yard￿y Court where team narrowty missed out on reaching the fin81. The Colts E team had a spirited but tough season. a r8al h1qhl￿ht was reaching the fknals of a toumament held at Somerhill School. ￿tIng one of the frdvourites in extra time. The U8 A and 8 teams had a fantastic start to their football r￿turES at The P￿p with the A team winning most of their fiXtU￿S and the a te4m finishing their season undefrated. The U9 A team had 8 suc￿$S1U1 and enjoyable season and the B team were unbeaten awss all their fixtu￿$. The U9 C team had a positD* season with all the players worf(ing Very har4 for themselves and each other antl scoring some fantastK goals. Cross Country In what proved to be a frustrating cros$P5 We have bèen able to Schedu￿ many more trips and workshops for the chikI￿n over the year, somg of which are listed below.. Hastings The British Museum Horton Kirktiy Environmental Centre Bushcratt Knole House Rare Breeds Fami Ski Trip RHS Wisley Leeds Castle Kent Lrfe Museum Wantage Harry Potter Wor PGL reS￿ential Carroty Vvood Boulogne The chikfren's ￿￿rnIng 1$ also supported during trÉ year by putting on and attending a wide range of wotkshops. $u¢h a5 STEAM day with this yeafs theme being *48lef'. Worfd Book Day, author visits, Lecture Series, the yearty Scho18sti¢ Book Fair. Maths Day. Diwali and dance workshops, visiting performan￿$ of pantornimes. speciali81 nelball tuition, an Y)e ever popular Duck Watch of hatching du(klings. Our regular school events that involve our community of child￿n. parents and staff includes th8 QUE Nlght. Golf Day Cricket Day. P￿p Idol, Bums Night, Grandparents Day. Maypole Dancing. Kinderyarten Grand Prix. Farnily Oay. Wreabi Making, Carol cOn￿rt and Christmas Ba￿ar. The school encourages a rnrffe enwfonmenlal approach whe￿ver il can. and this year has been building on the Eco School siatU8 Wrth Tnore worf( being done by the children on our E¢0 Cornmrttee to reduce our impart on the environment Alongside this. the whole school has benefi￿ from outdoor learning and use of our outdoor'yoresf. c18ssfcKims and natural a￿aS in our lovely grounds. We have highly qualrfied spe¢ialigt Staff running these sessions which 5UPPOrt children s independence and love of nature as well as teaching them new skills. Page 4 SEVENOAKS PREPAPATORY SCHOOL LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTIVES AND ACTIVITIES Publlc betwfit Our ¢ontinuing involvement as a school wth Ioc81. national arKI intem8ts.onal chariti85 supports thewotk we do in making children aware of the W￿er environrn￿t and to raise funds for those in neèd. During the school year we have collected food bank donations for Sevenoaks Lard8r. and the Spring Ball org8ni8ed by the parents raised a large amount of money for Frends for Famil￿$. which 15 a local ¢harity supporbng the worf¢ of social workers with dèpriv8d f8milies. We have several staff who are Governo￿ st other local schods and donate the1rtilr￿ and skilL%. and nationalty we rai58d fund8 for the Salvation Amiy. Macmillan Cancer. and the Poppy Ap￿81. Internationally we aLs0 supported thè Hallar Community chanty in Kenya and We See Hope in Kenya, Malawi. Tanzania, Uganda and Zimbabwe from various initiatwes that the ¢hildren themselves sel up and ran. During each school hO￿daY we host a vari8ty of rJub$ and actmties run by external pro¥Aders tts off8r fun and chall•nging experiences and in holiday chilécare. ourfau1rt￿ are used for this and they are available to all working families whether they 8ttend our school or not. Scholarships (Years 6 and 81 The folbwing s¢holarship5 ware awarded lo our pupiL8'. 9 Sports SchoL3rship$ 3 Academic Scholatships 1 Geography Award I Critical Thinking Award 1 Drama Scholarship 1 Innovation Scholarship Destination S¢hools Pupils gained places at their thosen 11* 1 13+ $8nior indepen¢Jent schools and many were awarded places at Iwo or more schoo15. This ranged across 12 diffe￿nI independent schoo15 and 3 gommar schooL8. F]NANCtAL REVIEW Flnancial positlon The income of the School arises from fees and dOnat￿Tr5 receNed and interest eamed on short tem deposits with the bank. The Charitab￿ expenditure is all met from this income. The govemors consider the assets and the oPerat￿n of School are sufficient in the short lemi to maintain 11$ obligaiions in ftjll. The total income durng the year ended 31 August 2024 was £5,659,556 12023 resl8ted'. £5.703.3481 and the expenditure was £5,317.322 12023.. £5,101.2041 which resuMed Sn a 5urplu$ for the year of £342.234 cornpared to surplus of £602,144 generat￿ in the previous year. Al of the School's exFenditure was spent in advan￿ment of its tharilable objectives. IrNestment PDlicy and obje¢tive5 The governors invesltnenl powers are governed by the Memorandum and Artscles of Association whi¢h pèrmil the governors to rn8ke any investments Ihey deem fil. Most of the fijnds 9enerated by the Sthool are usecs In the Short term in achieving Ihe charitable aims and obje¢lives. There are no fund5 availabk for external long tem investments. Short term surplus fund8 are held on deposit viith th8 bank. Reserves poli¢y The govemor5' have a policy of achvéwng an operational surplus to continue to invest in maintalnlng a(Jucats"onal faulitie5 that meet and ex￿￿1 the current recomrnendalions and standards. 11 is the School's polry to hold unrestii¢ted cash reserwes equal to at least three months budgeted expendItu￿. which equates to betsveen £1.3m and £1.4m12023.. £1.1m and £1.25rn1. The School hold5 restricted fund$ of £63.760 12023." £58,614) whlch have been donated for the funding of bursaAes in exceptional or emergency sltuations. for example in the tase of death or in¢apacty of a pa￿nt. Unrestricted funds of £5,574.161 12023 restated.. £5,237.0731 allow the schoDI lo carry out its charitable objectives and include a newty crt8ted designated general reserve of £2LNJ.QIJO to PrOv￿e means-te5ted financial support to parents parb¢ularty affected by the Thp05ition ofVAT. Th8 total funds held were £5,637,92112023 ￿stated.. £5.295.6871. Page 5 SEVENOAKS PREPAPATORY SCHOOL LIMITED GOVERNORS, REPORT FOR THE YEARENDED 31 AUGUST 2024 FUTURE PLANS Given the uncertain èconomic situation the school does not have any irnrnediate plans for L3pitsI devebpment. However, planned repairs and improvements to the car park were carri8d out in the summer holidays and upgiading of Y)e Spo Hall will lake place in the new year to ensure th3t we make the best U5 of the buildings and grounds and continue to provide high qualty REPORTABLE INCIDENTS There hsve been no r$pOrtab￿ incidents. on8 5tag8 ¢omplaint and one stage three ccrnplaint during the year. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is controlled by ils governing docurnent, 8 deed of trust, and constitute5 a limited company, limited by guarantse. as defined by the Companies Act 2006. Apw)Imment and reryappointment of govèmors The Articles of Association allow for there to be behveen seven and ￿enty appointed govemor5. There are currently 12 the Board. Goverror8 are appointed by the exisb.ng Board member5 in the first instsn￿ and they are ￿ appointed for 3 years and Can serve up to a rnaximum of 3 terms of 3 years unless there are extenuating circumstsn¢es. Or9anisational strurtu None of governors any benefi¢Eal interest in tt)e ￿rnpany. ￿1 U)e gi)vemors are memb8r5 of the Company and guarantee to contribute £10 in the event of a winding UP The Board of Governors met at 18as1 onc£ per t8rm on 1 September 2023. 15 September 2023. 11 October 2023, 20 November 2023, 15 January 2024, 21 March 2024 and 14 June 2024. The main Sub Committee of the governors is the Exaculive Comrnitt8e which meets onee a month to discuss the day to day matter5 concerned with the running of the School. Major items are passed to the Main Board for distussioTr. with the Executive Comrnittee's re¢ommendatiDns. The Chairman and VITr cI￿l￿an sil on thi5 Cunmittee with Headmasttr, Bursar, Deputy Head Head of Pre-PTep in attend£n￿. The other permanent Sub Commftie¢s ar8 as foll Academic Committe8 Finan￿ antl Risk Committee Butsary Committee Esiaie5 and FaciliiÉs Cornmittee SaI￿VardIng and Wellbeing Committee C Jone$ J Berry KRUS A Ourthell T Horn$haw hair Chair Chair Chair Chair The GovemoT5 bring many years of exwr*nc8 in a w￿e variety of professional fields. such a5 finance. eclu¢alion a medicine. The "day-to-day. runnSng of the School is delegated to the Headmaster Luk8 Harrison and the Bursar Andrew Hodgkin. They wort( in cooper8tion with the Senior Management Team. who are Y)e Deputy Head. Head of Pre-P￿p. A55iStant Head5 and Head of Early Y8ars. Induction and trdining of new govemors The school has appointed one new govemor during the year, and she has benefited frorn online training indudin9 safeguarding training. The chair of govemors attended the Assodalon of Goveming Bodies of In¢Jependent SchooL% IAGBISI conference. Th8 Cost of govemor8' course5 to the School during the year wa5 £285. Key managemgnt remuneration In line with pay for all staff. key management pay is considered by the gDvemors' Finan￿ and Risk Committeè who make re¢ommendalion$ to the full board. In deciding thè lev81 of remunerat￿Tr. the ¢ommitte8 cOns￿er the current mertel dema￿ for pupils. the finanual strength of the School and the economK outlook. The key managernenl roles a detsiled in note 12 of the accounts. Page 6 SEVENOAKS PREPARATORY SCHOOL UMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT COMMUNITY LINKS AND PUBLIC BENEFIT Part of the School's aim5 Is lo develop involv8rn8nt wfth local. national and intemation81 charities. Thi5 is an important way of dèveloping ¢hiklren's understsnding of W￿er so¢￿ty. During the school year we have collected food bank donations for Sevenoaks L8rder. and the children. parents and staff viorked to raise money for local d)ariies such 8$ Friend$ for FamilES and by donating Christsnas gifts to the salvab.on Army. We supported raising money for national charities such as M8cmillan Cancer. the Poppy Appeal and the Red Cross Appeal for Ukr81ne. and 5nternationalty as we ra15ed and donated fund5 to Phoenix Footbail Academy in Ghana. the Haller Communty tharity in Kenya and We See H(ye in Kenya. Malawi. Tanzania. Uganda and Zitnbabwe. During each sd)ool hol￿￿Y we host a vari8ty of dubs and activities run by external provKlers to offer fun and challenging experiances and in holiday child¢are to all wortlng families whether they attend our school or not Engagem*n¢ with employee5 The S¢hi)ol is an equ31 opportunitie$ ernploy8r. Full and fair con8ideratlon 15 given to Job appI￿atr.0￿$ frorn disabled pprsons and due consideration is givan to their training anrl etnploymeTrl r￿￿d5. Consultation with employees has ¢ontinuecl at all leve15 with the aim of taking their views Into attount when de¢isions are made that ar8 Iik$ly to affect their interests. The stsff council continued to be consulted and to Contribute suggesti0Th5 to the executive. Risk management Sevènoaks Prep School Board of governors k8 responsible for the managernenl of the risks faced by the School. Rl$ks are ￿ent￿led, assess￿ and rnntr0￿ est8blished throughout the year. The ftsll Risk register is rewewad annually by the Finanr* and Risk Sub committee of the Board and it Is a Standi￿ item on their termly agenda. The govornors cons￿er the rnajor potentiai risks to the School to be". - A cJ)allenging ecorK)Fnic enwronment adver8ely affecting pupil numbers & fee leveL5. Inflatlor￿ry pressures on certain costs. Competition from both Independent and state schools for pupils. Ensuring Safeguarding & InS￿ctiOn in an increasingty regulated environment. The introduction of VAT ancl it's potential impact on pupil numb8r8. The key controls used by the Schixil to M￿gate ry5ks inC￿u4e". - Formal agenda for Committee and Board sclpiities. Detailed Terms of referen￿ for all Committees. CoFnprehensive strategi¢ planning, budgeting and management ac£ounliru. Established org8nis8tional structtJTe and lines of reporting. Formal written policies. Robust scrutiny of polrcies. Clear authorisatyon and approval levels. Safer recruitment as required by law for the protection of the vulnerable. Staff trainiry. Child Protection and safeguarding. Data prole¢tion rneasures in place to protect the cyber security of Schcol data including ￿$trict￿n of access authenti¢ation. Ihe ho￿1ng of back-ups and purchase of insuranc - The unknown impact of the proposed impositton of VAT on schocil fees by futu￿ Labour Govemrnent Through the risk rnanagement propsses established by the School. the governors are satisfied that the major risks identified have been adèquately mitigated where necessary. It 15 recognised that Ihe systems can onty provide reasonable but not absolute 88surance that major risks have been adequately managed. Pa98 7 SEVENOAKS PREPARATORY SCHOOL UMITED GOVERNORS. REPORT FOR THe YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND AIANAGEMENT Bursary Policy Thi$ year the Charity awarded bursarie5 of £47,546 10.83% of fee incom812023.' £47,54610.83% of fee incom•l frc unre51ricted fund5. The Govemors, policy, in line with that of most other independent schots15, is to awar¢ bursaries on the basls of n8ed. bur5arB5 are mean5 tested on application. The rwily created general reserve of £200.000 is intended to prOv￿e means-tested financial support to parents particularly affected by the impc6Its"on of VAT A Bursary fur￿ has been established and is overseen by a subcommittee of 3 governor5. the Head and the Bursar. Our aim 18 to build up 2 fund bvhich will support a child attend the sch￿1. This would be ov8r and a￿ve the funds already set aS￿e by the School. Pension schemss The School participatss In the T8achers' Pension Scheme ITPSI for its teaching Staff and an auto enrolment scheme run by Peoples Pensh?ns forsupport stsff. The TPS * an unfvnded multi-8mployer defined b8nefilS scheme governed by Ihe Teachers, Pension Schemè Regulations 2014. Members wntribute on a 'pay a$ you go, basis with contributlons from members and the employer b•ing credited to the Exchequer. Retirement and cther pensKins benefits are paid by public funds proV￿ed by Parliament. The empk)ysr conthbub.on tat8 ts set following scherne v8luation5 undertaken by the Govemment Actuaty5 Department. The current employer contribution rate for the TPS is 28.6¥0. Following the completion of a consullalion process IF govemors have limited the contribution as employe[5 to 20.1% from September 2022 and have prov￿￿ a Total Rernuneralion Path8ge (fRPI whi¢h gives the optlon to teachers of either ￿mainIng in the TPS orloining an alternative defir￿d contribution pension. For the SupkX>rt Staff FenS￿n administ8r8d by U)e People's Pension the ernployer contribution was 3% and tho empbyee rate is 5%. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company numbor 03777308 IEngland and Wak51 Registered Charity numl*r 11OW21 R¢gist8red office Fawke Cottage Godden Green Sevenoaks Kent TN15OJU Tiustees Chairtnan - Ms J S B8rry WIGe Chairman- E Oalley Ivice Chairman to 20.11.241 Dr S Bailey Fi Burgess P ChevelÈy T C Dickinson Iresigned 01.08.241 A Durtnell Mt5 T L Hom$haw Mr5 M L Ismail (resigned L.12.231 C Jones K R Rush ￿lce Chairrnan from 20.11.241 Mrs A M Stuart Senior Leadership Team He8dma51er- Luke Harrison Bursar- Elizabèth Walsh (to April 2024y Andrew Hodgkin (from 4DriI 20241 Deputy Head- Jarne8 Ashcroft (to June 20241 Acting Deputy Head and Head of Pre-Prep- He￿n Cook A8si$tsnt Head- Key Stage 3- Clare H8rri50n Page 8 SEVENOAKS PREPARATORY SCHOOL LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE DETAILS Sanlor Lead*rship Team- contlnued Assistant Head- Key Stage 2- Robin Collings Asslstant Head - Key Stage 1 - Shannon Wak8 Head of Eafiy Years- Lou￿8 Rowland Ctxnpany Secretaries Miss M Peirce E Walsh (resign￿ 26.04.241 A Hodgkin (appointed 10.04.241 Auditors Azet5 Audit Servl Riv8r House 1 Maidstone Road s￿cuP Kent DA14 5RH Solicitors Tha¢kray Williams Kings House 3240 Widmore Road Bromley Kent BR1 1RY Bankers Handelsbanken S8venoaks Branch 1st Floor $0-52 London Road Bligh's Meadow Sevenoaks Kent TN13 1AS Page 9 SEVENOAKS PREPARATORY SCHOOL UMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF GOVERNORS. RESPONSIBILITIES The Governors Iwho are also the dire¢tots of Sevenoaks Preparatory School Limited for Yie purwses of company lawl a￿ ￿sponsible for preparing Y)e GovemoT5' Report and the financial Statements In a¢cordance with applirable labv and United Kingdom Accounting StandaTQ5 Iunited Kingdom Generally Accepted Accounbng Practice) Includiry Financigl Reporting Standard 102'The Financial Reporting Standard applicable in the UK and R?publi¢ of Ireland Company law rtquires the govemors to prepare finan¢Kg1 Statements for each financial year which give a trua and fair view of the state of affairs of Ihe charitable company and of the incoming resources and appli￿tion of resources. induding the income and e¥penditure, of the ¢haritsble company for that peri£￿. In preparing those financial statements, the governors are required to seknt suitable a¢¢ounting poliues and then apply them consi8tenUy'. observe Ihe mett)od5 and principtes in tt)e Charity SORP.. make judgements and eslimale8 thai are reasonable 8nd prudent. prepare the financial ststements on the going COn￿M ba5i5 unless it 1$ inappropriate to presume that the tharitab company will contnue In bu51ness. The governors 8re respon5ibl8 for keeping proper accounting records which d￿￿Ose with reasonab￿ accuracy at any tirne the financol position of the ¢haritsble company and to enable It￿M to ensure that the financial ststemenls ¢ompty wrth the Companies Act 2006. They are also responsible for saf4uarding the assets of the charitable ￿MpanY a henc* for taking reasonable steps for the prevention and del8Ction offraud and other irregularities. In so far as the governor3 are awarè.. there is no relevant audit information of which the Charitable (xrnpany's audit015 are unaware", and the govemors h8ve tsken all SteF￿ thai they ought to have tsken to make themselves aware of any relevant audlt infotrnation and to establish that the auditor5 are aware of that infomation. S Berry- Gov Page 10 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SEVENOAKS PREPARATORY SCHOOL LIMITED Opinlon We have audited the financial statements of Sevenoak5 Pr8paralory School ￿MIted Ithe '¢haritable company'l for the year en￿￿ 31 August 2024 which comprise tt)e Statement of Financial Actiwlies, the Balance Sheet. the Cash Fl Statsment and notes to the finanaal statÈments. including 8 summary of S￿nIfi￿nI accounting polities The financial r8POrting tramework that h88 been applEd in their preparation is applicable law and United Kingdorn Ac¢ountlng Stsndards Iunited Kingdom Generally Accepted Accounting Pra¢ticel. induding Finanaal Reporting Sta￿ard 102 'The Financial Reportin9 Standard applicable in the UK and Republ1¢ of I￿land,. In our opinion the financial stslements.. give a true and fair vrew of the state of the Charitab￿ companys 8ffalrs as at 31 August 2024 and of its i￿Oming resources and appIl￿tiOn of resour￿$. including its In¢ome and expendilure. for the year then ended., have been property prepared in a¢¢ordance wrth United Kingdom Gener311y Accepted Accounting Pract1￿. including Financial Reporting Standard 102 'The Finanoal Repcrting Standard applicable in the UK and Republt of Ireland.; and have been prepared in accordan￿ with th& r8quirements of the Compan￿$ Act 2006. Basi$ for oplnlon We conducted our audit in 8CCA)rdancewilh Intem8tK)nal Standards on Auditing IUKI IISAS IUKII and applicab￿ Lqw Our responsibilrtÈ5 under those standards are fijrther described in the Auditors, responsibilitie8 for the audit of the financi statement5 58ction of our ￿porL We ao independent of the charitable company in accordance wiy) the elhical requirernents that are re￿vant to our audit of the finanaal Statements In the UK, includTr)g the FRC'S Ethical St8ndar4. and we have fU￿lled our other ethical responsibilities in accordan* with Ihe8e requirements. Vve believe Ih8t the audr( eviden￿ we have obtsined i5 suffic￿nI and appropriate lo provide a basis for our opinion. Conclusions relating to golng ¢on¢em In audits.ng the financial staternents. we have conduded that thè governors. use of the going concem bass of accounting in the p￿paratiOn of the financial statem•nts is appropriate. Based on the work we have pertotmed, we have not [dentIf￿ any material un¢ertaintY&s relatlng to events or conditio that indlvtdually or co1￿CtIve1y. m8y G8St significant doubt on chèntabk company's ability to eonlinue as a goin9 conr*m for a peri&1 of at least ￿e1ve months frun when the finsnci81 ststements are aulhorBed for issue. Our responslbilities and the responsibilitwd of Ihe governors wrth te5P8Ct to golng Concem are de5crib8d in tt)e rdevant sections of this ￿pOrt. Other infonnatiot) Th8 govemors ale responsible fvr the other inforniation. The other infom)ation ccmprises the infofmalion Included in Annual Report, other than the finanual 5￿t￿nents and our Report of the IndependentAuditors thereon. Our opinion Dn the financial statefflents does not cover the other Inforn￿tiOn and. eX￿pt to the extent otherwlse explicilty statsd in our oporL we do not express any form of assU0n￿ conclusion the￿0￿. In connection with our audit of the financial staterrents. our responsibility is to read the other information a￿. in doi so. cOnS￿er whether the other infomiation Is materially m¢onsislenl with the financial statements Of our knowledga obtained In the auttit Dr otherwise appears to be materially misstated. If we identify 8uch materi81 In¢onsisten¢￿s or apparent material misststernents. we a￿ required lo detertnin8 whether Ihis gD18s ri8e to a rnaterial misstatement in I financial statements themselves. If. based on the woik we have perfomed. we conclude that there is 8 material m15Statement of this other information. we are required lo report that fact. ￿ have nothing to rtport in thi8 regard. Opinlon5 on other matters pres¢ribed by the Compantes Act 2006 In our opinion. based on the work undertaken in the course of the audit. the Infotrnation given in the Governors, Raport for the financial year forwhich the financial statements ar8 prepared kg consistgnl with Ihe fin8nci81 stalenEnts,' and the Govemor5' Report h8$ prepared in accordance with applicable legal ￿qUIrements. Matters on whlch we ar8 requlred to report by ex¢Èption In the light of the knowledge and understsnding of the charitable cornpany and its •rEvironment Obtain￿ in Ihe COUT5e of Ihe auOi¢ we have not Identrf￿ maten81 mi$5tsternents in the GoverTh)rs' Report. We have nothing to ￿pOrt in respect of the following matters Whe￿ the Companies Act 2￿8 requires us to report to you in our opinion-. adequate accounting re￿rdS have not been kept or retUTh5 adequate for our audit have not been received from br8nche5 not visited by u5,. or the finanaal sl8tements are not In agreement wrth the accounting records and returns., or r£rtain disclosures of governots. remuneration Specified by law are not m&e". or we have not received all the infomiation and explanation5 we requio for our audit." or the governors were not enlilled to toke adwdntage of the sm811 companies exemption from Ihe requirement to prepare a Strategic Rewrt or in prepadro the governots, ReporL Page11 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SEVENOAKS PREPARATORY SCHOOL LIMITED Respon5ibilltles of gov8mors expkined more fulty In the Statement of Govemors. Responsibilities. the govemor5 Iwho are also the directors of tt)e charitable eompany for the purposes of company lawl are resporTrsible for the preparatron of the financial statements and for being Satisfied that they give a true and fair V￿1, and for 5uth intemal control as the govemors detemine is ne￿Sary to enable the preparation of financial statements that 8re free from materi41 rnisslalement, whether due to fraud or error. In preparlng the financial ststements, *he governors are responsible for asse$5ing the d)arilable company8 ability to continue as a going Con￿rn, disc105ing, ss apPI￿able, matters related to going r￿n¢erN and using the going ¢onc8m basis of aGwunting unless the govemors either intend to 14uldate the charitable company or to w5e cperations. or have no re81istic allemaiive bul lo do $0. Our rÈ$ponslblltties forthe audit of the financlal statomertts Our objectives are to obtsin reasonable assuran￿ about whether the frnanC￿l statemen15 as a whole are fipe from materi81 mi5StatemenL whether due to fraud or error. and to Issue a Report of the Independent Auditors that Indudes our opink)n. Reasonable a83urance [5 8 high level of a$5urance. but is not a guarantee that an audit condude(l in a¢¢ord8nce with ISA8 IUKI will ahfay5 delecl a material misstatement when il exists. Mi5StalerrÈnts can arise from fraud or error and are considered maiorial If, IndDiidually or in the aggregate. they eovld reasonably be expe¢ted to influencè the econornic decisions of users tsken on the basi8 of these financial statements. Tre exlert to which our prO￿dureS are tspable of detecting irregularities. induding fraud is detailed below.. o Enquiry of rnanagement and those charged with governan￿ around actual and potential IltvJ3tion and daims as well as aelual. Suspected and alkgeLI fraud,. o Reviewing minute5 of meetings of Ih05e charged with govemance., o Assessing the extent of compliants with the laws and wulalions Cons￿ered to have a direct materlal eff8Ct on tho financ￿1 slalements or the operatlons of the Company through enquiry and inspe¢iion', o Reviewing financial statement disclosu￿5 and testing to supporting documentstk)n to asse55 cOmpl￿NCe with applicable laws and regulations., o Performing audit work over the risk of rnanagernent blas and override of controls, including testing of journal entrBs and other adjustments for approprialene55. evaluating the bu5ine8s rationale of significant transacbons outside the nonn81 course of buslnes5 and revEwing ac¢DUllting estimates for Indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularibe5. includlng those leading to a material rni5Stalement in the f nancial ststemenls or non-compliance with regulation. Thi5 risk inctsases tt)e more that compliance with a law or regu18tion is removed from thè events and Iransaclions reflected in the financial Sl#lements, as we will be less likely to beeome awar8 of instances of non-complk?nce. The risk is also greater regarding irregulantie5 occurring due lo fraud rather than error. as fraud inVo￿eS Intentional ¢oncealment. forgery, collusion. orn￿$10n or misrepre5enlaty"on. A furth8r description of our re5ponsibilibe5 for the audit of the financi81 statements is located on the Financial Reporbng C¢)uncil'$ website at hv¥vw.frc.ory.uk13udilorsresponsibilities. This description fotms part of our Report of the Independent Auditors. Use of our r•port This ieport is made solÈly lo the charitable company's rrembers. as a Lx)dy. in ac￿rdanCe with Chapter 3 of Part 16 of ihe Compan￿5 Act 2006. Our audit work h85 been undertaken sa that we Might state to the charitable companys rnembets those matters we ate requi￿￿ to state to them in an auditors. report and for no other purpose. To the fullest 8Xtent permitted by law. we do not accept or assume responsibllity to anyone other than the charitable company and the charitable company's mernber5 as a body, for our audit wod(, forthkS report or for the opinions we have formed. M Wilkes FCA (Senior Slatuiory Auditor) for on behalf of A2ets Aucjit Servi￿5 River House 1 M81dstone Road Sid¢up Kent DA14 5RH 25 March 2025 Page 12 SEVENOAKS PREPARATORY SCHOOL LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 2022 Designatsd fixed asset fund Unrestricted fund Restricted ftjnd Total ffiJnds Total funds as re81aled Note8 INCOME AND ENOOWMENTS FROM DonatSOn5 and legacie$ 37.082 3,530 40,612 89.909 Charltsble activities Edu¢aiion 5.541.826 5.541,826 5.573,465 Other trading activitEs Inveslment Income Other income 5.381 70,121 5,381 71.737 6,140 27,599 6,235 1.616 Total 5.654.410 5.146 5,659.556 5 703.348 EXPENDITURE ON Raising funds Raising donakn'ons ard *acios 31.154 31.154 31.154 31.154 46.663 Charitable actlvitles Edu(3tion 5,284.738 889 s,2￿.625 S.0￿.799 Other 543 543 742 Total 5 316.433 889 5.317.322 5.101.204 NET INCOMEIIEXPENDITUREI 337.977 3.397 Transfers betvfftn funds 18891 3.397 5.146 342.234 24 602.144 Nei movement in funds 341.374 14.2861 5.148 342,234 602.144 RECONCIUATION OF FUNDS Total funds brought fO￿ard 1,570.443 3.886.￿0 58,614 5.295,687 4.893.S43 TOTAL FUNDS CARRIED FORWARD 1,911.817 3,682.344 83.760 5.637,921 5,295.887 CONTINUING OPERATIONS l income and expenditu￿ has arisen from continuing 8¢tNibes. The state￿nt of Financial Activities includes all gains and losses r8cognised in the year. The notss form part of these financial ststements Page 13 SEVENOAKS PREPARATORY SCHOOL LIMITED BALANCE SHEET 31 AUGUST 2024 2024 2023 8$ ￿$tated Note5 FIXED ASSETS Tangible assets 6,162,344 6.312,173 CURRENT ASSETS Debtors Invesknents Cash 8t bank 17 18 144.017 2.250.000 2.817.241 132.818 200,000 3.725,245 5.211.258 4.058.063 CREDITORS Amounts f811ing due within one year 19 11.7r￿.3l2l 12,121.6581 NET CURRENT ASSETS 3.504,946 1.936.405 TOTAL ASSETS LESS CURRENT LIA81LITIES 9.667.29D 8.248.578 CREDITORS Amounts falling ¢ue aftermom than one year 14.029.369) 12.952.891) NET ASSETS 5,637,921 5.295.687 FUNDS 24 Unrestricted funds.. General fvnd DesEnated fLKed a55et ftjnd 1,911.817 3,662.344 1,570.442 3,868.631 5.574.161 5,237.073 Re8lricled ful￿5 63.760 58.614 TOTAL FUNDS 5.637.921 5.295.687 These frnancial stalements have been prepared in accordants with Ihe pwsions applicab￿ to charitab￿ cunpanies subject to Ihe small companes regitne. fina cial ststerne ts were approved by IIE Board of Govemots and authorised for issue on . a￿$ were signed on rts behaw by.. nor The notes fr)m part of these finanual staterrents Page 14 SEVENOAKS PREPAIUTORY SCHOOL LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 a5 re5tatsd Notes Cash flows frcffi operatlng actlvities Cash generated from operation5 Interest element of finan¢e le3se payments paid 2.492.699 766,240 7421 Net cash provrded by operating acbwtE5 2,492.156 765,498 Cash flows from investin9 a¢tivikn8S Purchase of langit)le fixed assets Sale of tangible fixed 388e18 Investrnent in fixed temi deposits Interest received 1291.3161 1185,7181 9.475 1200.0001 27,599 12,050.0001 71.737 Net cash used in invesb.ng actwities 2 269,5791 348,6421 Cash flows from financlng a¢tiviti85 Loan repayrnents in year Finan￿ lease repayments 1150,0001 4,870 1150.0001 4,670 Net cash used in finan￿ng adMtie5 1￿.870) 154,6701 Change In cash and cash equlval•rts in the r8POrting period Cash and cash equivalents atthe beginning of the reporting Feriod 67.707 262.186 2,487,348 Cash and ¢ash equivalents atthe end of the reporting period 2.817.241 2.749.534 The notes fom part of these fin8n¢ial Statements Page 15 SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE CASH FLOIN STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 as ￿$18￿￿ Ngt incom8 for the reporting period las pertho Stat•ment of Flnanctal Activltl¢sl Adjustments for= Depreciation cha￿$ Profil on disposal of fixed 8858ts Interest retsived Inte￿$t element of hire purchase and finanee lease rental payment8 Increase in debtor5 Increase1{dec￿as•} in C￿ltorS 342,234 602.144 441.145 433.143 16,2351 127,5991 742 162.0131 173.942 171,7371 $43 1791,713 Net cash provided by 0￿ratIOnS 2.492.699 766.240 AKALYSIS OF CHANGES IN NET FUNDS At 1.9.23 Cash flow At 31.8.24 Net cash Cash at bank 2,749.534 67.707 2.817.241 2,749.￿4 67,707 2,817,241 Liquid resources Current asset invesvnents 200.000 2,050,000 2.250,000 2￿.000 2,050.000 2,250.000 Debt Finan￿ lease5 Debts falling due within 1 year Debts falling due after 1 year 115,2381 1150.WDI 2.700.OOD 4,870 110,3681 1150,0001 2,550,000 150.000 2.885.238 154.870 Total 84.296 2.272,577 2,356 873 The notes form p8rt of these financKal statements Page 16 SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES Basis ol preparing the fina￿la1 ststements The financial staietnents of the charitable cornpany, which is a publlc bènefrt entity under FRS 102. have been prepared In accordance with the Charities SORP IFRS 1021 'Accounting and Reporhng by Charities." Statement of Recommended Pra¢lice applioxble to charities p￿pari￿ their accounts in accordance with the Finan¢o1 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,, Financrdl Reporting Standard 102 'The Financial Reporting Standard appSKabl8 in the UK and Republrc of Ireland. and the Companies Act 2006. The financial statsrn8nts have been pfftpared underthe hi¥torical cost convention. Sevenoaks Preparatory School Limited is govemed under its Memorandum and Artscles of A$50cialion. The address of the principal office is given in the inforrnalion on page 8 of thase financial 5tst￿nents. The TEature of U)e School's operation5 and principal aclwitios sr8 set out on pages 1 to 5. The School (xnslltsrte5 a public benefit entity as defined by FRS 102. The financial statements have been prepared In accordance with A¢counting anrs Rtporbng by Charities". Statement of Recommended Practice 8ppli¢8b￿ lo charities prep3ring their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK & Republ￿ of Ireland IFRS 1021. the Charitie$ Act 2011 and UK Generally AC￿pted Practi￿ as It appli•s from 1 January 2015. The financial staternents are prepared on a goiro Con￿[￿ basi% under the hi5torieal cost convention. modthed to include ￿rtain Iterns at fair value. Th8 finanoal statements a￿ prepared in sterling which Is the functional currency of the charity. The significant ac¢ounliro policies applied in the preparation of these finsneial statements are set out telow. These policies have been consistently applied io all years p￿sented unless ott)etwise stated. ritical accounting judgements and key sourt•s ofestimatlon uncertalnty Accounting estimates and iudgeTn8nl8 are continually evaluated and ere based on hislonral experien￿ ar other factors. including expectations of future events that are believed to be reasonab￿ under the cir¢umstance8. The following judgernents lapart from Ih05e involwng e5tirnatesl have been made In the proce58 of applying the above accounti￿ polic￿S tt)at have had tt)e rnost significant effect on amounts reeognised in the finanual 5tatemeni5. Bad debt prov15ion Useful e¢onomic Ilves of tangible assets The annual depretiaiion charge for tangible assets 1$ 5en5itive to changes in the estimated economic lives and residual v81ues of the assets. The useful ￿OnOrnI¢ INes and ￿sIdual values are re-assessed annu811y. They are amended when n*55ary to reflect Cu￿nt estimate5, based Dn technologi¢al advancement, future investrnents. economic utilisation and the physical ¢ondition of the a$5ets. See note 13 for the carying amount of the property plant and equipment. and note 1 for the useful economic livès for each class of assets. There are no key assumption5 concerning the fvIU￿ and other key sources of e5tirnalion uncertainty at the reporting dale that have a signifie*nt risk of causing a rnaterial adjustment lo Ihe carrying amounts of assets and Ilabilili85 Wlthin the next finanual year. Income l incorne is re¢ognis8d in the Statement of Financial ActNities once the charity has entitkment to the funds. it is probable Ihat the incorne will be received. and the amount can be measured ￿liablY. School fee income is account* for (x) s receivable basi5 and ¢onsi5ts of charges billed for the school year ended 31 August. les5 bursar*$ and allowanc*$. No value added tax is chargeable on the fees rend8red. Fees receive(l in advants foredutAtion to be proV￿e￿ in future years are carried forward as deferred income. Donations are accountsd for once the schLKII has entit￿Ment to th& grft. it is probable that the Inco￿ will be receDied. and the amount can be measured reliabty. Investment income is a(tounted when it 1$ reC￿Vab￿, and th8 amount can rneasurtd reliably. eX￿n￿lture and irrecoverable value added tax Ivatl Liabilities are rocognised as expenditure as soon 28 there 15 a kgal or con3tructi￿ obligallon committing the ¢hanty to that expendrfcure, it is probable that a transfer of economic benefits will be reqUI￿d in settlement and the 8mount of the obligation can be measurecl reliably. Page 17 ojntinued... SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE F]NANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES- continued EX￿￿tIl￿re and irrecoverable value add8d tax Ivatl Expenditure is aecounied for on an accruals bas1$ 8n¢Y has been cLq55nled under heading5 that aggregate all cost related to the category. Where costs c8nnot be di￿¢mY attributed to part￿ular headings. they have all￿ated to activities on a basi5 consistent with the use OF resources. The inE¢overab18 element of value adLle¢J tax 18 included with the related expense. Administration costs are allocated to the cost of raising funds and charitable aCt￿lti85 on the basis of an appropriate apportionment of ￿$ourCeS and aCtrvit￿$. Governance costs have been allocated in line wrth admini51ration costs and include those ¢osts associalad with meeting the constrtutronal and ststutory ￿qui[er￿ents of the chanty and include audit fees and costs linked to Ihe strategic managernent of the charity. Fund5 Unrtstrictsd funds ¢an be used in accordan￿ with the charitable objèctives at the discretion of th8 govemors. Designated fynd5 reLqte to the net book value of fixed assets held by Y)e School less the oijtstanding loans he￿. Restricted funds can only be used for particular purposes within the objec15 of the school. Restriction$ arfse whèn speafied by the donor orwhen funds a￿ rais8d for particular ￿51￿cted purposes. Further explanation of Ihe natu￿ and purFose of each fund is inelurknl in the notes to the finan￿al ststements. Tangible fixed a$$ets Tangible fixed assets a￿ stated at cost ￿$$ depreciation. Dep￿￿atrOn is provKled on all assets ai rai8S calculated to wriie off their cost. less estimated re$￿U81 wdlue, over their expect8d useful lives by 8qual annual instalmen15 as follow$. Capiialised finan￿ ￿aSe for da5srooms- 10% on c05t Improvements to leaseholcl propety - 4 to 10% on ¢o$t Fixtu￿$ and fittings - 25% on cost and 20% on ¢05t Motor vehicles 15% on cost It is the school's policy to caprtalise all items of a eaprtal nalure over £500. Impalrmerrt of fixed assets Irnpairment reviews are CArr￿ out if events of Changes in Circumstan￿ indic2ie that the carrying value of an asset may not be recoverable. When an irnpairmenl review is necessary the Carrying amount of an asset is compared with the higher of its nel realisable value an¢ value in use and any permanent diminution in value 1$ written off to the Staternent of FinancAI ActDiitse8. raxation The charity is exeTnpt wthin the meaning on schedule 3 of the Charittes Act 2011 and is ¢4)nS￿er8d to pass the t8Sts set out in paragraph 1 Schedu￿ 6 to the Finan￿ Act 2020 and Iherefcre meets the definition of a charitab18 company for UK tax purposes. Hire purchase and leaslng commltsneE Assets obtained under hire purchase contracts or finanTr Èases are ￿pitaliSed in the Bala[￿e Sheet. Those held under hire pur¢ha5e contracts are depreciated over their estimated useful lives. Those held under finan leases are depreoated over their estimated useful lives or the lease temi. whihever i8 8horter. Thè interesi element of Y)ese obligation$ 1$ Gharged to the Statement of Finanual Activities ovor th8 relèvant period. The rApitsl elernent of the future payments is tp3led as a li8bility. Rentals paid under operating ￿aseS are chargèd to Ihe Ststemenl of Finanual ActNilies on a strarght line basls overthe wriod of the lease. Donations of goods. servlcÈs and facllldes Donated gLX)ds. profes8i¢n•l services and tsThlthe5 are recogni5ed as income when the school has control ov$r the Itern or has rece￿e￿ the servif*, any conditions asso￿ated with the donation have been mel. the receipt of the economic benefit frorn the use of an itern by the school is prob3ble, and that economie bEnefit can be measured reliably. Page 18 continued... SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES- ¢ontinued Donations of goods, serwices and facilities On re￿IPt, donated goods. professional services and facilitias are re¢ognised on the ba81$ of the value of the gift to Ihe school which Is the amount the school would have been willing lo pay to obtain the goods, services or farilitEs on Ihe open market.. a cor￿spOndIng amount Is then recognised in &xpenditure in the periiyj of receipt. Good5 donat￿ for on-going use by the scfK)Dl in carrying out its day to day activities are wogni58d as tangible fixed assets. DebttsT5 Trade 8nd other debtor5 are reco9nised al the Sett￿ment amount due. PrepaynEnts are valued at the ￿OUnt prepa￿ net of any trade di$cK)unt5 dua. Ca$h at bank and In hand Cash at bank and In hand includes cash and short term highly liquid investments with a Short rnaturity of three months or ￿88 from the date of acquisition or opening of the deposit or similar accounL Current assat Inv85tm8nts Current 88$et investments include lor64eTh liquid investrnenls with maturity of th￿ months or rnor8 a￿ ￿n￿allY Sts1￿ at transaction value and subsequently m8asured at their settlernènt value. Creditors and provisions Credito[5 and provision5 are recogni8ed when the school has a pr8sanl obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to setue the abl￿8*0￿ can be MeasU￿d or estimated reliably. Cr8ditors and provisions are nomially recogni8ed at their sett￿rnent amount after allowing for any Ira¢e dlscounts due. Financial instruments The school only has Inan¢ial assets and finanial liabilitEs of a kind that qualify as tsas￿ finanoal instruments under FRS102. Basi¢ finanaal Instrurnents are initially recognised al transaction value and subsequenuy measured at their settlernent Value with the exceptK)n of bsnk loans which are subsequently Measu￿ at 8mortised cost using the effective interest tnethL*. Hlre purchase and leaslng Commitments Rentals paid under operating leases are charged to the Statemant of Rnanasl Actvrt￿s on a strarght-line basi5 over the period of the lease. Pension costs and other post-retlrement benefrts Many of the teaching staff are Members of the T8achers' Pensi)n Scheme ITPSI, 8 defined benefit Schen administered by the Teachers. Pension Agency. The Teacher5, Pension Scherne is a multiemployer pen$on scheme which 1$ unfunded. Actsjarial valuatDns are Carried out on 8 notional set of investrnents. The school 15 unable to ils share of the und&rWlng Inotionall assets and liabilities of the scheme. Aecordingly. under FRS102, th8 scheme is accounted for as rf it were 8 defined conlnbutrons scheme. The schoofs contributions, which are in accordan￿ with recommendations of the Governrnent Actuary. ar charged to the Statem8ril of Financial Actiwtie8 In the period in whi¢h the salane& to whKh they relate are payable. The School also ¢ontribute5 to personal pension scheme5 for other teachers 8nd n¢n-t8aching staff. Th8se schemes a￿ defin8d contribution schemes. The assets of the schemes are held separatèly from th058 of the school in independenoy adrninistered funds. Contributions payable for the year ats charged to the Statement of Financial Activities. The school ha$ no Other liabilitps under th85e scfemes. Employe8 benefits Short terrn employee LEnefit8 including holiday pay are recogn188d in th8 St8terr&nt of Financkql Activities in tr pencd in which the Servi￿ ren¢Jered. TermlnatK)n benefits are accountert for on an accrual basis and in accordance with FRS102. Pr4or Year Adjusknent The finan￿al statement5 include an ￿juStment to prior years in wpect of a ¢hange in accounting estimats for the carrying amount of deposits. This adjustrnent is eXp￿Ined in note 14. Public b8nefft The School i5 a Public Benefrt Ents"ty Page 19 continued... SEVENOAKS PRepARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2024 DONAnoNS 2024 Totsl fvnds 2023 Tot81 ftjnds Unrestr￿1+￿ funds Reslricled funds Donations and incorne from funé raising Gltt ald 37.082 3.530 40,612 88.855 1,054 37,082 3,530 89.909 OTHER TRADING ACTIVITIES 2024 Total fvnds 2023 Toial fvnds Unrestricted fiJnds Restricted Jnds Extemal hire 5,381 5.381 6.140 INVESTMENT INCOME 2024 Totsl ftjnds 2023 Total funds Unrestricted funds Restrieled funds Deposit a¢￿Unt interest 70.121 1.616 71,737 27.599 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 as restaterl Total activib.es Educab"on School fee8 Registration fees Butsaries. schoLqr8hips and discounts School shop 5.660.241 4.425 1129.8801 7.040 5.731.400 7.775 1169.6991 3.989 5,541.826 5.573.465 RAISING DONATIONS AND LEGACIES 2024 Total funts 2023 Total funts Unrestricted funds Restricted funds Fundraisiry costs 31.154 Page 20 ¢onb"nued... SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnu8d FOR THE YEAR ENDED 31 AUGUST 2024 CHARITABLE ACTIVITIES COSTS Support costs13ee note 81 Educats"on 5.285.625 SUPPORT COSTS Welfare Costs Development costs Finance Teaching costs Education 113.863 385.826 21,115 2,940,122 Prem￿88 costs Support Governance 0515 Totals Edu¢abon 1.209,569 580.322 34.808 5.285.625 Support costs, induded In the above, a￿ as follows.. Finance 2024 2023 Bank interest and char9e$ 113.863 121.213 W4fare costs 2024 2023 Contracted Catering stsff Cost of m8a15 205,529 180,297 173,487 156,437 3￿.826 329.924 Development ￿sts 2024 2023 Wage$ Social security Pensions 19.172 1.390 553 18,243 1.280 547 21.115 20.070 Teaching ccÉts 2024 2023 Vvages Social security Pension5 Tutors and instructo[5 Training 2.137,767 209,209 337.201 18.438 15.041 2.070,584 202,8 326.918 28.3C 23.266 Carri8d forward 2.717.654 2.651.970 Page 21 continued... SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continuÈd FOR THE YEAR ENDED 31 AUGUST 2024 SUPPORT COSTS- continued Teaching ¢osts - Gontinued 2024 2022 Broughtforward Subscnptions Classroom supplies 2,717.854 7.549 214.919 2.651.970 9.102 167.760 2 940 122 2.828,832 Prerni5es costs 2024 2023 Wages Social security Pensions Rent and rates Insuran Heat and IvJhl Repairs and rnaintenance Ground5 Cleaning Motor & ttavelling expenses Depreastion of tangib￿ fixed assets 75.592 7,866 2,174 236,410 53,465 94,374 89,909 40.793 124.334 43.507 441,145 103.311 10.638 3.099 229.305 48.657 120,359 92,348 47.990 129.622 30.484 433.143 1.209.569 1,248,956 Support cosls 2024 2023 Wages Social security Pensions Hire of equipmanl Bad debts Telephone A(Ivertising & marketing Headmasters entertainment Sundry expenses Postage and stationery Legal & professional fees 345.016 34.771 11.298 31.451 10.000 7.022 32.509 1.588 3.548 24.463 78.656 317.414 31.803 9.523 23.223 9.082 28.816 827 2,466 20.684 31.621 580.322 Governaty￿ Costs 475.459 2024 2024 2023 2023 Govemors, expe￿￿$ Auditors, remuftÈrJtion Accountancy fe¢$ 505 11.840 22.663 954 10,125 18,286 29,345 Page 22 ¢ontinued... SEVENOAKS PREPARATORY SCHOCL LIMITED NOTES TO THE FINANCIAL STATEMENTS . ¢ontinued FOR THE YEAR ENDED 31 AUGUST 2024 NET INCOMEI(EXPEND￿URE1 Net incornellexpenditurel Ss stated after chargirsll¢reditngl'. 2024 2023 Deprec4ation- owned asseis Depreciation - assets on hire purchase contracts and ffinan￿ ka3es Hirt of plant and machlnery Other operating ￿aSe$ Surplus on disposal of fixed assets 436,681 428,678 31,451 246,410 23,223 229,305 6.235 10. AUDITORS. REMUNERATION Auditor5, remunerntion forthe year lolalled £11.64012023'. e10.1251. 11. GOVERNORS. REMUNERATION AND BENEFITS None of the govemors lor any persons connected with them) ieceivecl any remuneration or other benefits from any employrnent with the s¢hool during the current or prewous year. No amounts were due to orfrom the governors at the balan(* sheetdate 12023.. £nlll. Governors. expgnses 2024 2023 Trustee$. expen585 505 954 One Governoi was reimbutsed £285 fortraining costs and one Govemor was reImbUts￿ £210 for a grfi The additional £10 relates to refreshments at a Governors, meeting. 12. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 2.577.547 253.236 351.226 2.509.552 246.617 340.087 3.182 009 3.096.256 The average monthly nwntÉr of employees during the yearwas as fdlows.. 2024 2023 as restated 83 Ernployees 82 Pa98 23 nts"nued... SEVENOAKS PREPAFiATORY SCHOOL LIMITED NOTES TO THE HNANCIAL STATEMENTS - Gontinued FOR THE YEAR ENDED 31 AUGUST 2024 STAFF COSTS - continuod The nUrn￿r of ern￿oYeeS whose empbyee tenefits (excluding employer pension ¢ostsl exceed￿ £eO.000 wa5.. 2024 2023 £70.001- £80.￿0 £80.001 - £gJ.000 £90.1)01- £100,000 Contnbuth?ns totalling £35.676 12023". £48.2831 were made during the year to pension schemes orE beha￿ of employees whose employee benefits exceed £60.000. The key rnanagement personnel ot tt)e school comprise the H88dmaster. the Bursar. Ihe Oeputy Head. the Head of Pre-Prep, A8SiStant Heads and the Head of Eathy Years. The total employee benefits including pension ¢ontributions for the key management personnel were £684,34812023.' £692.6481. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Designated fixed asset frjnd 13. Unresthctsd fund Restricted fund Total funds as re5tat8d INCOME AND ENDOWMENTS FROM Donations and legacwd 84.909 5.0(h) 89,909 Charltable activities Edutr2tion 5.573.465 5.573,465 Other trading acb"wtY65 Investment In¢orn8 Olher income 6.140 26.695 fj.235 6,140 27,599 6,235 904 Total 5.697.444 5.904 5,703.348 EXPENDITURE ON Raislng fund5 Ralsing donaty"on$ and legac 46,663 48,663 Charitable aetivitl8S Education 5.052,910 5,053.799 other 742 742 Total 5.100315 5,101.204 NET INCOMEIIEXPENDITUREI 597.129 3.649.590) Transfers between funds 18891 3.649.590 5.904 602.144 N8t movement in funds 13.052.461) 3.648.701 5,904 602,144 RECONCILIATION OF FUNDS Total funds brought forward 4,622,904 17.929 52.710 4.693.543 TOTAL FUNDS CARRIED FORWARD 1.570,443 3 866,630 58.614 5.295.687 Pag8 24 ontinued... SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEAIENTS- ¢ontinued FOR THE YEAR ENDED 31 AUGUST 2024 14. PRIOR YEAR ADJUSTMENT Historical deposits were ￿￿ncIled during the year and adju$thenls We￿ made to prior years for deposits retained 8s income. An adjusbnent amounting lo £3,317 was reccyJnk8ed as income in the year ended 31 August 2023 and the figu￿$ for thi5 peri￿ 8re Shown as restated. An adjustment amounting to £63,700 was rec￿nised as income for the year ended 31 August 2022 and prior years and thi5 is shown as an *justsnenl to the profrt and loss reserve brought forward at 1 September 2022. Total funds a$ at 31 August 2023 Prior period adjustrnent 5,228.670 67,017 Total funds restated as at 31 August 2023 5.295.687 15. LEGAL STATUS The Gompany. which Is ￿gistered in England & Wale5, is lirnited by guaTrntee and has no share capital. The liability of the meMbeT5 in the event of a winding up is limited lo £10 each p8r member. No one party has overall control of the school. 16. TANGIBLE FIXED ASSETS Capilalised finan lease for classrooms Improvements to leasehold prop?ty Fixtures and fitting5 Motor vehides TotaL8 COST At 1 September 2023 Additions 134.026 9.229.2D9 133.272 992,2D9 158.044 71,385 10.426.829 291,318 At 31 August 2024 134.026 9.362.481 1,150.253 71.385 10,718.145 DEPRECIATION At I September 2023 Charge for year 134.026 3.013.472 361.612 916.605 75.069 50,553 4.464 4.114.656 441,145 At 31 August 2024 134028 3.375.084 1.674 4.555.801 NET BOOK VALUE At 31 August 2024 5.987.397 158.579 6.162.344 At 31 August 2023 6.215.737 75.604 6.312.1n Leasehold propety ha5 been pledged as security for a bank loan. Fixed assets. induded in the above. which are hekl under finance leases a￿ as follows.. Moior vehicle5 COST At 1 September 2023 and 31 August 2024 29.760 DEPRECIATION At 1 Septernber 2023 Charge for year 8.928 4,464 At 31 August 2024 13.392 NET BOOK VALUE At 31 August 2024 16.368 At 31 Augu$t 2023 20.832 Page 25 continued... SEVENOAKS PREPAFiATORY SCHOOL UMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 AUGUST 2024 17. DEBTORS.. AMOUNTS FALLING DUE WtTHIN ONE YEAR 2024 2023 Trade debtors Other debtors Accrued income P￿paid expenses 36,086 1.858 18,106 87,967 7,293 1.170 124,355 144,017 132.818 18. CURRENT AssEf INVESTMENTS 2024 2023 FIX￿ tem deposit 2,250.000 200.000 CREDITORS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 as restated Bank loans ané i)verdrafts Isee note 211 FInan￿ ￿aseS Isee note 221 Trade creditors Social security and other taxe5 Other creditors Fee deposits Fees received in advance AcLnJed expenses 150.000 5.076 56.7e5 49.021 47.585 18.875 1.214.839 164.151 1.125.711 4,869 128.735 54.299 31.946 39.000 651.569 85.529 1,706,312 2.121.658 20. CREDITORS: AMOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR 2024 2023 as ¢ststed Bank loans (see note 211 Finance ￿a5&S 18ee note 221 Long term fee deposits Fees received in advance 2.550.000 5.292 234.057 1.240.020 2.7W.000 10.369 213.932 28.590 4 029,369 2.952.891 Long tern fee deposits as at 31 A￿USt 2023 have been testat8d to adjustlor hi%torical deposits which have been retained a$ incorne. The c#editor as at 31 August 2023 ha$ been reduced by a total of £67.017 the restatement. Page 26 continuèd... SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 AUGUST 2024 21. LOANS An analysi5 of the rnaturity of loans given below.. 2024 2023 knounts falling due wthin one year on demand.. Bank overdrafts Bank loans 97S.711 150.000 150.000 150,000 1,125.711 Amounts falling due belween tr40 and fwe year8.. Bank loans- 2-5 years 2 550.000 2.700.000 Interest is charged at a fixod rats of 4.01% and was irtsiest onty until 28 Jurt 2￿2 and which point ¢apital repayments started. Th8 loan 18 repayab￿ after S years and will be refinanced at that stage. The bank loan from Handelsbanken has been secured against the knd rsgistered with the tIUe nuTnb8r K139282. LEASING AGREEMENTS 22. Minimum ￿ase payments fall due as follows.. Finance lea8e$ 2024 2023 Gross obligabons r8payable'. Within one year Betr4een one and five years 5.412 5.412 5.412 10.825 10.824 18.237 Finance charges repayabk6". thin one year Be￿een one and five years 336 120 $43 Nel obllgations ￿Payable.. Within one year Betsveen one and five years 5,076 5,2 4.869 10.369 10.368 15.238 Non