OpenCharities

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

← Giggleswick School

2024-08-31-accounts

==> picture [100 x 15] intentionally omitted <==

----- Start of picture text -----
AN SCHOOL
----- End of picture text -----

Annual Report and Financial Statements

YEAR ENDED 31 AUGUST 2024

GIGGLESWICK SCHOOL

REGISTERED CHARITY NUMBER: 1109826 REGISTERED COMPANY NUMBER: 5447105

Giggleswick School

Annual Report and Financial Statements Year ended 31 August 2024

Contents

Page
Report of the Governors 3
Governors’ responsibilities in the preparation of the financial statements 12
Independent Auditor’s Report 13
Consolidated Statement of Financial Activities 16
Consolidated and Charity Balance Sheets 18
Consolidated Cash Flow Statement 20
Statement of Accounting Policies 21
NotestotheAccounts 25

Giggleswick School REPORT OF THE GOVERNORS

Governors’ Annual and Strategic Report

The Governors of Giggleswick School present their annual and strategic report and financial statements for the year ended 31 August 2024.

Giggleswick School is a registered charity with number 1109826. The School is operated as a company limited by guarantee number 5447105, known as Giggleswick School. The Charity Commission has granted a uniting order that allows Giggleswick School (the incorporated body) and James Carr Trust, (the charitable trust that previously operated under the name of Giggleswick School) to be administered together. Giggleswick School - James Carr Trust retains most of the School’s fixed assets in the form of land and property.

Giggleswick School has two subsidiary companies, Giggleswick Services Limited and Giggleswick International Limited. Transactions between the School and Giggleswick Services Limited relate to the letting of school facilities. There were no transactions in the year between the School and Giggleswick International Limited. Goals and Objectives The charitable object of Giggleswick School is to advance education by the provision of a day and boarding school for girls and boys in particular in or near the ancient parish of Giggleswick and by ancillary or incidental educational activities and other associated activities for the benefit of the community. The charitable object is met by providing boarding and day schooling for boys and girls aged 2 to 18 and the provision of bursaries, scholarships and other educational benefits. In addition to the endowed funds of the School, there are restricted funds held for special purposes, such as bursaries, scholarships and the upkeep of the School Chapel. With un-restricted funds now being allocated against one of three categories of spending: heritage, bursary and capital projects.

The principal activity of Giggleswick School is the provision of education.

Achievements and Performance

In the past year Giggleswick School has had a pupil roll of 441 children, including pupils from more than 12 countries. The total pupil roll includes 67 children in Giggleswick Prep School; in addition, there were 28 children on roll at Mill House Pre-School. 41 pupils from lower income families were provided a meanstested bursary.

2023/24 2022/23
Number of pupils 441 462
Number of bursary pupils 41 44

High academic standards continue to be a priority. At A-level 89% of results were grades A-C, and 44% of results were an A-A. 92% of pupils secured their first-choice university. Of note, two Giggleswick pupils secured a place at Durham to read History and Accounting & Finance. Elsewhere, pupils went on to a spread of red brick and Russell group universities including Newcastle and Exeter Universities as well as prestigious places on Degree Apprenticeships with Jaguar Land Rover and The Ministry of Justice. GCSE results improved this year with 44% of pupils achieving grades 9-7 at GCSE with 10% of all students achieving a grade 9.

During the year pupils from Giggleswick Prep School benefited from closer links with the Senior School, including shared teachers and facilities and specialist teaching across a wide range of academic and extracurricular activities, with a newly renovated Catteral House providing a dedicated boarding facility for students in Years 4-8.

|

Giggleswick School REPORT OF THE GOVERNORS

Strategic objectives

The mission statement for Giggleswick School is: “To support every child in their lifelong journey of learning so that they have the skills to lead fulfilling lives and make a valued contribution to society”.

This mission is underpinned by the values of the School and a vision to be a flourishing, values-driven boarding school that:

The strategic objectives fall under the pillars of Learning, Wellbeing, and Resourcing:

Learning: Giggleswick School’s mission is supported by achieving the best academic outcomes for each individual, fostering a joy in learning and preparing children for life beyond school.

Wellbeing: Giggleswick School’s mission is supported by all members of the Giggleswick community feeling comfortable, healthy and happy and by ensuring safeguarding is the highest priority. Resourcing: Giggleswick School’s mission is supported by a high standard of facilities, the most able staff and by financial resilience.

At the heart of our future strategic developments will be a commitment to academic excellence, an enhanced co-curriculum offering and continued investment in our facilities, in particular boarding facilities.

Future plans for 2024/25 include:

Public Benefit

In considering the aims of Giggleswick School the Board of Governors has, in accordance with the Charities Act 2011, given due regard to the public benefit guidance issued by the Charity Commission and determined that certain activities be central to the provision of education at the School and to its links with the community, these being:

==> picture [1 x 19] intentionally omitted <==

----- Start of picture text -----
|
|
----- End of picture text -----

Giggleswick School

REPORT OF THE GOVERNORS

Giggleswick School is one of the principal businesses in the North Craven area of the Yorkshire Dales and makes a significant contribution to the local economy through employment and bringing new people into the area, procurement of local services and goods, provision of cultural and educational activities and housing.

Widening access

Giggleswick School aims to make it possible for pupils who may not normally be able to afford the full fees to benefit from attending the School by offering places at reduced cost. The School has limited resources from its permanent endowment assets to fund such reductions in fees but actively raises funds to allow more children to benefit from a Giggleswick education.

In 2023/24 a total of 41 pupils (2022/23: 44) were helped by the School through means-tested bursarial help. Included in these are pupils who are also supported by the following organisations: Royal National Children's Foundation, Buttle Trust, the BMTA Trust Ltd, the Northern Counties Children’s Benevolent Society, The Reedham Trust, Children of Heroes, and the Collinge Trust. The total financial impact of this help on the School was £529k (2023: £548k). All those families which benefited were required to submit a confidential statement of financial circumstances. These are reviewed by the Bursar and discussed with the Headmaster before a decision to grant an award is made.

Fee remission was also granted to families serving with HM Armed Forces amounting to £258k (2023: £200k). Total bursarial assistance (including Forces bursaries) was £786k (2023: £748k). In addition, the School provided scholarships worth £563k (2023: £598k).

Fundraising

Giggleswick School aims to generate additional funds by means of voluntary fundraising and investment of endowed and restricted funds so as to further its charitable objects. Collectively these charitable funds of the School are referred to as the Foundation, and the Board of Governors has set a target to increase the funds of the Foundation to at least £10m to support means-tested bursaries, investment in education facilities and upkeep of the School’s heritage buildings. During the year the School raised £193k (2023: £344k) in restricted funds to support bursaries, capital development and heritage maintenance.

The Development & Alumni Office control all fund-raising activities and subscribe to the Institute of Development Professionals in Education guidelines. The School contacts recipients who have registered on the Development database, but all mail recipients are given the opportunity to opt out of communications. The Development and Alumni Office operates a principle of respectful fundraising which ensures that monetary requests are kept to a limited level and where they are made aware of any vulnerable individuals or sensitive situations these are flagged on the system to ensure that those recipients can be removed from fundraising communications. The School did not use a professional fundraiser or commercial participator and did not receive any complaints regarding its fundraising activities.

Related parties

Giggleswick School owns all the issued share capital of Giggleswick Services Limited, a company incorporated in England, which provides commercial residential letting of Giggleswick School premises during the school holiday periods.

Giggleswick School REPORT OF THE GOVERNORS

The School requires Governors to submit annual declarations of interest and reviews its records in light of these in order to identify related party transactions.

One Governor educates their child at the School at standard fee rates.

One of the Governors is partner at Gateley Legal which provided legal advice to the School in relation to property matters.

Another Governor is director of Living Home Furnishings and Papaya Trading Limited which have provided furniture to the School during the year.

Financial review

Summary consolidated financial information:

2024 2023
£000 £000
Income
School fees 10,227 9,328
Ancillary income 515 539
Donations 193 359
Activities for generating funds 390 339
Profit on sale of assets 1,857 2
Total Incoming Resources 13,182 10,567
Expenditure
Teaching 4,855 4,817
Welfare 2,038 1,862
Premises 1,395 1,436
Administration 1,895 1,864
Fundraising costs 179 201
Cost of activities for generating funds 194 167
Restructuring 305 =
Total Resources Expended 10,861 10,347
Netincomingresourcesbeforetransfers 2,321 220

Giggleswick School is funded mainly through fees for tuition and boarding, donations, investment income and income from our commercial activities.

The retained surplus was £2,690k (2023: £293k) after Gains on Investments.

Income from school fees increased to £10,227k, an increase of 10% against the previous year (2023 school fee income: £9,328k). The financial year also saw an increase in income from Activities for Generating Funds (£390k against £339k in 2023) however, there was a reduction in charitable donations to the School (£193k against £359k in 2023).

During the year £1,807k was realised through the sale of a plot of land to a local housebuilder

Total expenditure, before restructuring was £10,556k (2023 £10,347k), an increase of 2% primarily driven by inflationary increases. During the year the school undertook a restructuring programme to reduce costs following an assessment of the likelihood (now confirmed) of the imposition of VAT on school fees and removal of business rates relief to independent schools. This was undertaken so that the school would be able to follow through on its commitment not to pass on VAT to current or future pupils.

The aggregate fund balances increased by £2,690k to £9,966k (2023: £7,276k). These funds include restricted reserves of £447k (2023: £432k). This includes £384k (2023: £336k) of restricted reserves which are matched by investments.

Giggleswick School REPORT OF THE GOVERNORS

| |

|

Unrestricted reserves were £2,405k (2023: £262k negative). The School has invested £2,098k (2023: negative£2,275k ) .of free reserves in land and buildings meaning that free reserves are £307k (2023: £2,537k

Going concern

The Board of Governors are of the view that the School remains a going concern and that the financial statements are prepared on an appropriate basis.

As at 31 August 2024 the School had consolidated net positive resources before investment gains of £2,321k. Incoming Resources increased by 7% to £11,324k before the profit on sale of assets of £1,857k and Total Resources Expended increased by 2% to £10,556k before restructuring costs of £305k. The School manages its cash flow to ensure there are sufficient funds available to meet its obligations. In 2023/24 there was an increase in cash and cash equivalents of £1,808k (2022/23: increase of £556k). The bank overdraft facility is subject to annual review and the bank have renewed the facility for an additional year.

Investment Policy

Giggleswick School is fortunate in holding a number of bequests and endowments which are represented by investments. At 31 August 2024, the total value of investments was £2,942k (2023: £2,574k).

During 2021/22 these liquid funds guaranteed the overdraft which underpinned the operating cash requirements of the School. The aim of the investment portfolio was to maintain its value at a level which at least matched the level of overdraft facility required, and investment performance therefore achieved the investment objectives in the year. During 2022/23 the process to transfer security for the overdraft facility to other school assets commenced, with completion in 2023/24 and the cash holdings in the investment fund were reinvested into multi-asset funds to allow for growth of the investment, with no income draw-down in the medium term. The change in investment strategy means that the risk strategy has changed from deliberately cautious to more volatile asset classes (equities and property) in order to achieve the investment objectives. Investment performance was considered satisfactory by the Board, with the portfolio largely in line with benchmarks for the year.

The base currency of the investment portfolio is Sterling. Cash balances are deposited with institutions with a minimum rating of A-.

The Investment Committee has selected investment managers, Sarasin and Partners LLP, to implement the agreed asset allocation strategy. The Investment Committee have responsibility for agreeing strategy, selecting managers and monitoring the investment assets. Performance is monitored against agreed market indices and, at an overall level, against both a composite benchmark and inflation. Capital may only be withdrawn from the portfolio with the approval of the full Governing Body on the advice of the Investment Committee.

Reserves Policy

The Board of Governors consider that reserves should be sufficient to ensure that Giggleswick School is able to meet its annual expenditure commitments from its core charitable objective of providing education by investing in the estate and maintaining excellence in standards. At 31 August 2024 the School held free reserves of £307k. The Governors are pursuing a strategy to improve the balance sheet structure to better match liabilities and assets through releasing cash from surplus assets, while at the same time planning to generate surpluses.

Risk Management Policy

The major risks to which Giggleswick School might be exposed are regularly considered by the Senior Leadership Team and by the Finance & Strategy Committee. The School’s risk register is maintained and reviewed by the Bursar. Where appropriate, steps are taken to mitigate identified risks and, if appropriate, to insure against the potential financial impact of the residual risks. The Governors consider that the necessary steps have been taken and continue to be taken to identify and mitigate major risks.

7|P 1a

Giggleswick School REPORT OF THE GOVERNORS

|

Principal strategic risks faced

The Governors consider that the key strategic risks faced by the School are:

These

The Board of Governors

The Trustees and Directors of Giggleswick School are the Governors of the School. The Governors determine the strategy and policies of the School. The Board of Governors meets three times a year and delivers its responsibilities through a series of sub-committees, each of which provides reports to the Board: The Finance & Strategy Committee, The Boarding, Wellbeing & Safeguarding Committee, The Academic & Cocurricular Committee, The Investment Committee, The Development Committee and The Nominations Committee.

The other ‘standing’ committees include the Health & Safety Committee, the Marketing Committee and the Joint Consultative Committee.

All Governors are encouraged to spend time observing the delivery of school activities and meeting pupils and staff, to better understand how the School operates. Alongside this they undertake regular refresher training in safeguarding.

REPORT OF THE GOVERNORS

|

Giggleswick School

Members of the Board of Governors

Chairman: Mr A V Thursby BBA

Vice-Chairman: Mr RR Waldie BA

Ms A Armstrong - from 25 September 2024

Mr R A P Brocklehurst MA, MBA

MrI M Cornelius BA Mr M R Corner BSc, MBA Mr T R Coxon MA Mrs S R Crombie Mr N Dodd BA FCA Mr C J Hodgen - until 1 December 2023 Mr A M Jarman MA

Rev Dr S E McWhinney - from 1 December 2023

Mrs T Pollard B.Ed (Hons) NPQH MA Mr C J Ringrose MA DPhil FIA - Nominated by The Queen’s College Oxford

Mrs RH Taylor BA - until 16 March 2024

Dr F E Waldmann MA (Cantab) PhD - Nominated by Christ’s College Cambridge - until 1 April 2024 Dr H E Watson - Nominated by St John’s College Cambridge

Headmaster: Mr S E Hart

Bursar & Clerk to the Governors: Dr K D Sharifi CBE

Management arrangements

The day-to-day management of the School is delegated to the Headmaster and the Bursar. The Senior Leadership Team meets weekly during term-time to discuss day-to-day matters concerning the operations of the School. Its members include the Headmaster, the Head of the Prep School, the Bursar, the Deputy Headmaster, the Deputy Head Learning, the Development Director, the Deputy Bursar and the Senior Master. Senior management are remunerated based on their performance for the year and industry benchmarks, subject to the approval of the Board of Governors.

Appointment of Governors

The Governing Body comprises up to 21 individuals, three of whom are nominated representatives from colleges of the Universities of Oxford and Cambridge with whom Giggleswick has a special connection:

The Governors may, at their discretion, also appoint a former pupil of Giggleswick School as an additional co-opted Governor.

The principal method of recruiting new Governors is through the Nominations Committee. The process of identification may include consultation with members of the Board of Governors, parents and Old Giggleswickians. In addition, the Headmaster and individual governors may suggest to the committee the names of individuals who they believe merit consideration by it. These suggestions will be made through the Clerk to the Governors. The Committee will make recommendations to the Governing Body for the appointment (and re-appointment) of Governors.

9|Page

Giggleswick School REPORT OF THE GOVERNORS

Newly-appointed Governors receive an induction on the School, which includes background information such as the strategic plan, ethos and policies, along with meetings with members of the Senior Leadership Team.

Charity Governance Code

The Governing Body have reviewed compliance against the voluntary requirements of the Charity Governance Code and are satisfied that they comply with this in all material respects.

Reference and administrative details

Principal address: Giggleswick School, Settle, North Yorkshire BD24 ODE. Bankers: Barclays Bank, 49 High Street, Skipton BD23 1DT. Investment managers: Sarasin and Partners LLP, Juxon House, 100 St Paul’s Churchyard, London EC4M 8BU. Auditors: Crowe U.K. LLP, 3rd Floor, St George’s House, 56 Peter Street, Manchester, M2 3NQ. Insurance brokers: Marsh Ltd, Capital House, 1-5 Perrymount Road, Haywards Heath, West Sussex RH16 3SY. Solicitors: Farrer & Co, 66 Lincoln’s Inn Fields, London WC2A 3LH. Wrigleys Solicitors LLP, 19 Cookridge Street, Leeds LS2 3AG.

10 | Dada

Giggleswick School REPORT OF THE GOVERNORS

Statement of disclosure of information to auditors

The Governors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Auditors

A resolution to reappoint Crowe U.K. LLP, Chartered Accountants, as auditors will be put to the governors at the Annual General Meeting.

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities. This report, which incorporates the Strategic Report, was approved by the Governor$ ona 2024 and signed on their behalf by:

Mr AX Thtrsby BBA - Chairman

Date: 7" December 2024

11 | Page

GOVERNORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

Giggleswick School

The Governors (who are also directors of Giggleswick School for the purposes of company law) are responsible for preparing the Governors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy 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 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

| | | | | | | |

12| Page

Giggleswick School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2024

Opinion

We have audited the financial statements of Giggleswick School (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement, the Statement of Accounting Policies and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

13| Page

Giggleswick School CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2024

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the governors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of governors

As explained more fully in the governors’ responsibilities statement set out on page 11, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Employment legislation and Health and Safety Legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

16th December 2024

Giggleswick School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2024

Endowed Restricted Unrestricted
Notes Funds
2024		 Funds
2024		 Funds
2024		 Total
2024		 Total
2023
£ £ £ £ £
INCOMING RESOURCES
Charitable activities:
School fees 2 - - 10,226,815 10,226,815 9,328,231
Other ancillary income 3 - - 515,064 515,064 541,109
Other trading activities:
Activities for generating 4 = - 389,907 389,907 349,422
funds
Other incoming resources:
Profit on sale of tangible assets 4,7 - - 1,857,281 1,857,281 2,082
Voluntary income 1 - 192,134 390 192,524 346,440
TOTAL INCOMING - 192,134 12,989,457 13,181,591 10,567,284
RESOURCES
EXPENDITURE
Raising funds:
Costs of activities for
generating funds 5 - 7 194,309 194,309 166,695
Fundraising costs 5 - - 179,373 179,373 200,826
Investment management 5
costs 36 13 53 102 293
36 13 373,735 373,784 367,814
CHARITABLE ACTIVITIES
Education and grant making 5 123,851 224,630 9,832,901 10,181,382 9,979,591
Restructuring costs - = 305,267 305,267 -
TOTAL RESOURCES
EXPENDED
5 123,887 224,643 10,511,903 10,860,433 10,347,405
Net incoming/(outgoing)
resourcesbeforetransfers (123,887) (32,509) 2,477,554 2,321,158 219,879

Giggleswick School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2024

Endowed’ Restricted Unrestricted
Funds Funds Funds Total Total
2024 2024 2024 2024 2023
£ £ £ £ £
Net incoming/(outgoing)
resources before transfers (123,887) (32,509) 2,477,554 2,321,158 219,879
Transfer between funds 290 = (290) - -
(Loss)/Gain on investments 130,710 48,114 189,875 368,699 72,936
NET MOVEMENT IN FUNDS 7,113 15,605 2,667,139 2,689,857 292,815
Total funds brought forward 7,107,107 431,606 (262,238) 7,276,475 6,983,660
TOTAL FUNDS CARRIED
FORWARD 7,114,220 447,211 2,404,901 9,966,332 7,276,475

All of the above results are derived from continuing operations. The School has no recognised gains or losses other than the net movement in funds for the year.

Company Registration No: 5447105

Giggleswick School

BALANCE SHEETS

as at 31 August 2024

Consolidated Consolidated School School
Not
es 2024 2023 2024 2023
£ £ £ £
FIXED ASSETS
Tangible assets 7 8,167,132 8,467,762 8,167,132 8,467,762
Investments
Investment in subsidiary undertaking		 8
8		 2,942,161
=		 2,573,564
-		 2,942,161
10,000		 2,573,564
10,000
11,109,293 11,041,326 11,119,293 11,051,326
CURRENT ASSETS
Stocks 28,327 28,239 28,327 28,239
Debtors and prepayments 9 802,568 339,623 801,016 360,732
Cash at bank and in hand 1,093,529 216,887 1,084,755 186,456
1,924,424 584,749 1,914,098 575,427
CREDITORS: due within one year 10 (2,868,328) (3,951,768) (2,867,107) (3,951,549)
NET CURRENT LIABILITIES (943,904) (3,367,019) (953,009) (3,376,122)
TOTAL ASSETS LESS NET CURRENT 10,195,389 7,674,307 10,166,284 7,675,204
LIABILTIES _
CREDITORS: due after more than one year 11 (199,057) (397,830) (199,057) (397,830)
NET ASSETS 12 9,966,332 7,276,477 9,967,227 7,277,374
THE FUNDS OF THE CHARITY:
ENDOWED FUNDS 13 7,114,220 7,107,107 7,114,220 7,107,107
RESTRICTED INCOME FUNDS 13 447,211 431,606 447,211 431,606
7,561,431 7,538,713 7,561,431 7,538,713
UNRESTRICTED INCOME FUNDS 13 2,404,901 (262,238) 2,405,796 (261,339)
TOTALCHARITYFUNDS 9,966,332 7,276,475 9,967,227 7,277,374

The net results fgr the financial year dealt with in the financial statements of the parent charity was a surplus of £2,689,857 (2023: £292,817).

| The fin ncial s¥atements on pages 16 to 39 were approved by the Governors and authorised for issue on 7 Decembé¢r 2024 and are signed on its behalf by:

==> picture [10 x 13] intentionally omitted <==

----- Start of picture text -----
UW
----- End of picture text -----

MrA ursby BBA Ch an ate: 7 December 2024

18 | P

| |

Giggleswick School CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 August 2024

Note Note 2024 2023
£ £
Net cash inflow/(outflow) from operations la 402,072 1,084,134
Net cash provided by investing activities 1b 1,641,549 (244,658)
Net cash provided by financing activities Le (235,451) (283,818)
CHANGE IN CASH AND CASH EQUIVALENTS IN THE 1,808,170 555,658
YEAR
CASH AND CASH EQUIVALENTS AT START OF PERIOD (714,641) (1,270,299)
CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,093,529 (714,641)
CASH AND CASH EQUIVALENTS COMPRISE: 2024 2023
£ £
Bank Overdraft a (931,528)
Cash at bank and in hand 1,093,529 216,887
CASH AND CASH EQUIVALENTS 1,093,529 (714,641)
la Reconciliation of net incoming/(outgoing) resources to net cash 2024 2023
flow from operating activities £ £
Net change in resources 2,321,158 219,879
Add back:
Servicing of finance:
Bank interest paid 44,412 92,778
Loan repayments 90,000 90,000
Interest on finance leases 18,075 24,049
Net incoming/(outgoing) resources from operating activities 2,473,645 426,706
Depreciation charges 516,361 489,028
Profit on sale of tangible assets (1,857,281) (2,082)
Investment Management Charges 102 293
Pension revaluation rs -
(Increase)/Decrease in stock (88) (8,103)
(Increase)/Decrease in debtors (462,944) (63,147)
Increase/(Decrease) in creditors (267,723) 241,439
Netcashinflow/(outflow)fromoperatingactivities 402,072 1,084,134

19 | Pp ge

Giggleswick School CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 August 2024

1b Cash flows from investing activities 2024 2023
£ £
Payments to acquire tangible fixed assets (233,451) (246,740)
Proceeds on sale of tangible assets 1,875,000 2,082
1,641,549 (244,658)
1c Cash flows from financing activities 2024 2023
£ £
Bank Interest paid (44,412) (92,778)
Interest paid on finance leases (18,075) (24,049)
Loan repayments (90,000) (90,000)
Principal repayments on finance leases (82,964) (76,991)
(235,451) (283,818)
1d Reconciliation of net debt Ati Other At 31
September
2023		 Cashflow Non-Cash
Movements		 August
2024
£ £ £ £
Cash and Cash Equivalents
Cash in hand and at bank 216,887 876,642 - 1,093,529
Bank overdraft (931,528) 931,528 - -
(714,641) 1,808,170 - 1,093,529
Borrowings
Loans falling due within one year (172,964) 172,964 (179,482) (179,482)
Loans falling due after one year (378,318) - 179,482 (198,836)
(551,282) 172,964 - (378,318)

|

Giggleswick School

ACCOUNTING POLICIES

BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - effective 1 January 2022. The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 9 May 2005 (company number: 5447015) and registered as a charity on 1 September 2005 (charity number: 1109826). The address of the registered office is Giggleswick School, Giggleswick, Settle, North Yorkshire, BD24 ODE. The Charity Commission has granted a uniting order that allows Giggleswick School (the incorporated body) and James Carr Trust, (the charitable trust that previously operated under the name of Giggleswick School) to be administered together. Accordingly, these accounts present the consolidated results of Giggleswick School and James Carr Trust for the year ended 31 August 2024.

GOING CONCERN

Giggleswick School’s business activities, together with the factors likely to affect its future development, performance and financial position are set out in the Report of the Governors on pages 3 to 11.

The School meets its day-to-day working capital requirements through an overdraft facility that is renewed annually. The School’s forecasts and projections, taking account of likely changes in pupil numbers, show that the School should be able to operate within the level of its current facility. The School’s bankers have renewed the facility and no matters have been drawn to its attention to suggest that renewal may not be forthcoming on acceptable terms in the future.

The Governors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

GROUP FINANCIAL STATEMENTS

The financial statements consolidate the results of Giggleswick School and its wholly owned subsidiary Giggleswick Services Ltd (company number 3900669) using the acquisition method on a line-by-line basis. All intra-group transactions and balances between group companies are eliminated on consolidation. A takenseparateadvantageStatementof theof exemptionsFinancial Activities affordedforbythe sectionSchool 408itself of theis Companiesnot presented Actbecause 2006. the School has TherequirementSchool hasto presenttaken advantagea charity onlyof thecashexemptionflow statementavailablewithtothea qualifyingconsolidatedentityaccounts.in FRS 102 from the

| | |

|

21| Page

|

Giggleswick School ACCOUNTING POLICIES

FUND ACCOUNTING

General funds, which are generated from the main school activities, are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

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

Endowed funds are those that form part of the permanent capital of the charity and must be held indefinitely. Where endowed funds are held in relation to fixed assets the depreciation is charged as allowable expenditure on the endowed funds.

INCOMING RESOURCES

All incoming resources including legacies are included in the SOFA when the charity is legally entitled to the income, the amount can be reliably quantified and the economic benefit is considered probable.

Donated assets and facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost.

FEES AND SIMILAR INCOME

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school, but include contributions received from Restricted Funds for Scholarship, Bursaries and other grants. Fees received in advance of education to be provided in future years under an Advance Fee Payments Scheme contract are held as interest-bearing liabilities until either taken to income in the term when used or else refunded. Investment income earned on them in the meantime, if exceeding the provision for any debt-financing costs arising under the contract, is taken to a designated fund to cover any ultimate shortfall that may arise on the Scheme.

RESOURCES EXPENDED

Expenditure is accrued as soon asa liability is considered probable, discounted to present value for longer

term liabilities.

All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. General administrative overheads (including premises) are considered to be attributable to school activities and those other costs incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Governance costs are those incurred in meeting the constitutional and statutory requirements of the School and include audit fees and costs linked to the strategic management of the school.

ACTIVITIES

The Governors consider that the School has one activity being the education of boys and girls aged from 2 to 18 years.

|

22|Page

Giggleswick School ACCOUNTING POLICIES

FIXED ASSETS

Fixed assets are stated at cost. Depreciation is provided on all tangible fixed assets other than land and is calculated at the following rates on a straight-line basis so as to write off the net cost less residual value of the individual assets over their estimated useful lives as follows:

Freehold buildings - 2% Plant and machinery = 15% Fixtures and fittings - 25% Vehicles = 20-25%

Purchases costing less than £500 are written off to expenditure in the period in which the item is acquired.

Fixed assets are reviewed for impairment where there is an indication of impairment.

INVESTMENTS AND INVESTMENT INCOME

Unlisted fixed asset investments are stated at cost. Other investments are re-valued annually to midmarket value. There is a recognised market for all non-cash investments held. Unrealised gains and losses on revaluation and realised gains and losses on disposal are allocated to the fund to which the investments relate.

Investments in subsidiaries are valued at cost less provision for impairment.

Bank and building society interest is recognised on an accruals basis. All other investment income is recognised on a receipts basis.

STOCK

Stock is valued at the lower of cost and net realisable value.

ADVANCE FEE SCHEME CREDITORS

Amounts received under the school’s Advance Fee Scheme contracts for education not yet utilised to settle school fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as an expense in the period to which they pertain. The best estimate of the cost required to settle an obligation for termination benefits is recognised immediately as an expense when the School is committed to terminate the employment of an employee or to provide termination benefits.

PENSIONS AND OTHER POST-RETIREMENT BENEFITS

The School contributes to the Pensions Trust Growth Plan for certain of its employees. This in most respects is a money purchase arrangement but does include certain guaranteed benefit elements. The Plan is a multi-employer scheme as it is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers and accordingly, in accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable.

The School also contributes to the Aviva Pension Trust for Independent Schools (APTIS), a defined contribution pension scheme. The pension charge represents the amounts payable to APTIS for the year. The School was a member of the Teachers’ Pension Scheme (TPS) up until 31 August 2020. Under the definitions set out in FRS102, the TPS is a multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, the School has taken advantage of the exemption under FRS102 and has accounted for its contributions as if it were a defined contribution scheme.

23 | Pa ge

|

Giggleswick School ACCOUNTING POLICIES

LEASED ASSETS AND OBLIGATIONS

Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor. Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the income and expenditure account in proportion to the remaining balance outstanding.

All other leases are “operating leases” and the annual rentals are charged to the income and expenditure account on a straight-line basis over the lease term.

FINANCIAL INSTRUMENTS

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the accounting policies, trustees are required to make judgement, 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 experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year other than the provision for the pension deficit levy. The School has an obligation to pay deficit funding contributions towards the support staff defined benefit pension plan. This provision is dependent on a number of factors including discount rate, life expectancy and asset valuations. The assumptions reflect historical experience and current trends.

|

24|Page

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

1 LEGACIES, VOLUNTARY AND GRANT
INCOME Unrestricted Restricted Total
2024 2024 2024
£ £ £
Donationsandlegacies 390 192,134 192,524
Unrestricted Restricted Total
2023 2023 2023
£ £ £
Donations and legacies 2,322 344,118 346,440
Consolidated and School
2. CHARITABLE ACTIVITIES — FEES RECEIVABLE 2024 2023
£ £
Total fees chargeable 12,260,498 11,405,979
Less:
Reduction for siblings (122,951) (112,350)
Staff allowances (366,861) (398,089)
Scholarships
Bursaries
Other		 (563,282)
(786,483)
(194,106)		 (748,176)
(760,202)
(58,931)
Nettuitionandboardingfees 10,226,815 9,328,231

Means-tested bursaries totalling £528,681 were paid to 41 pupils (2023: £548,342 to 44 pupils).

\

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

Consolidated and School Consolidated and School
3. OTHER FEES 2024 2023
£ E
Occasional Boarding 59,925 72,095
Speech and Drama 45,135 40,000
Miscellaneous fees 2,985 2,197
Examination fees 55,088 57,292
School transport 172,215 212,532
School trips 3,410 15,646
Extra tuition 68,417 50,285
Music
Registration		 88,680
19,209		 70,800
20,262
515,064 541,109
Consolidated and School
2024 2023
4. ACTIVITIES FOR GENERATING
FUNDS £ E
Rent from land and properties 9,645 5,117
Rent from school houses 50,977 40,242
Hire of premises and facilities 52,741 37,037
Merchandise income 3,125 3,605
Camps and courses 196,010 184,325
Sundry income 29,024 15,919
Uniform Shop Income 577 3,803
Golf Club fees 30,500 30,500
Theatre Performances 5,263 16,634
Foundation fundraising income 12,045 12,240
Sub-total 389,907 349,422
Profit on Sale of Fixed Assets 1,857,281 2,082
2,247,188 351,504

| | |

26|Page

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

5s
ANALYSIS OF EXPENDITURE		 5s
ANALYSIS OF EXPENDITURE
(a) Total expenditure
Staff costs Deprec- Equipment Catering Utilities Other Total
iation & Supplies
2024
£ £ £ £ £ £ £
Costs ofgenerating funds
Cost of other activities		 95,374 - 93,370 = “ 5,565 194,309
Fundraising costs
Investment management costs		 150,913
>		 -
-		 =
=		 =
-		 =
=		 28,460
102		 179,373
102
Total costs of generating funds 246,287 ~ 93,370 = = 34,127 373,784
Charitable expenditure -
Education and grant making
Teaching
Welfare
Premises repair and		 4,340,446
700,390
734,866		 65,992
54,098
324,128		 363,884
88,302
334,974		 =
542,581
=		 =
399,686
=		 83,880
252,985
-		 4,854,202
2,038,042
1,393,968
maintenance
Support costs and governance
Restructuring costs		 759,935
305,267		 72,143
~		 -
=		 -
=		 160,574
a		 902,518
-		 1,895,170
305,267
Total charitable expenditure 6,840,904 516,361 787,160 542,581 560,260 1,239,383 10,486,649
Totalexpended 7,087,191 516,361 880,530 542,581 560,260 1,273,510 10,860,433

(b) Governance included in support costs:

Governance costs
Audit services 24,212
Governors Expenses and Training 1,416
25,628

Net outgoing resources for the year are stated after charging:

2024 2023
£ £
Depreciation on own assets 516,361 489,028
Auditors remuneration - audit 24,212 23,892
- other services 810 1,389
Governors Expenses and Training 1,416 1,389
Operatingleasecosts 78,461 93,105

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

|

ANALYSIS OF EXPENDITURE

(a) Total expenditure
Staff costs Depreciati Equipment & Catering Utilities Other Total
on Supplies
2023
£ E £ £ £ £ £
Costs ofgenerating funds
Cost of other activities 64,297 - 97,593 < - 4,805 166,695
Fundraising costs 150,970 - - = 2 49,856 200,826
Investment management costs = = - - - 293 293
Total costs of generating funds 215,267 - 97,593 - = 54,954 367,814
Charitable expenditure - 4,301,906 63,563 291,546 - = 160,045 4,817,060
Education and grant making 686,274 23,297 93,730 494,313 317,021 247,429 1,862,064
Teaching 712,700 330,601 392,775 - = = 1,436,076
Welfare 686,416 71,567 - - 158,398 948,010 1,864,391
Premises repair and
maintenance
Support costs and governance
6,387,296 489,028 778,051 494,313 475,419 1,355,484 9,979,591
Total charitable expenditure
Totalexpended 6,602,563 489,028 875,644 494,313 475,419 1,410,438 10,347,405

(b) Governance included in support costs:

Governance costs
Audit services 25,281
Governors Expenses and Training 1,389
26,670
6. EMPLOYEES 2024 2023
No. No.
The average number of persons employed by the school, analysed
by category was as follows:
Teachers 76 82
Ancillary Staff 29 22
Laundry and sewing 1 al
Medical and welfare 19 22
Maintenance 6 6
Caretakers, cleaners and security 28 27
Catering (contracts held with external contractor) 40 33
Administrative 26 26
Trading 1 1
Voluntary 3 3
229 223

28|Page

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

2024 2023
The aggregate employment costs ofthese persons were as follows: £ £
Wages and salaries 5,632,459 5,440,470
Social security costs 502,759 473,059
Other pension costs 768,458 717,782
Benefits in kind 56,791 59,145
6,960,467 6,690,456
Aggregate employee benefits of key management personnel 407,185 371,327
The number of employees whose emoluments exceeded £60,000 2024 2023
were: No. No.
£60,001 - £70,000 1 1
£70,001 - £80,000 2 -
£80,001 - £90,000 1 3
£90,001 - £100,000 1 1
£100,001 - £110,000 = 1
£110,001 - £120,000 1 -
£140,001-£150,000 1 1

Of the employees whose emoluments exceed £60,000, three are accruing benefits under a defined benefit pension scheme and all had contributions paid into a money purchase pension scheme of £70,051 (2023: £88,724).

Key management personnel include the Headmaster and the Bursar; their remuneration is set annually by the Governors.

None of the Governors received any remuneration or benefits through being a governor of the school.

During the year there were 16 employees who received termination payments totalling £305,267 (2023: £nil). There was £30,000 (2023: Enil) outstanding at the year-end.

29|Page

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

Consolidated and School Consolidated and School Consolidated and School
7. TANGIBLE FIXED
ASSETS		 Land and
freehold
properties
£		 Plantand
machinery
£		 ,
oieane
a		 osunder
ee i fon		 Total
£
Cost
At 1 September 2023 13,908,983 1,091,388 1,873,894 19,307 16,893,572
Additions
Disposals		 -
(27,685)		 27,309
-		 225,449 (19,307)
-		 233,451
(27,685)
At 31 August 2024 13,881,298 1,118,697 2,099,343 - 17,099,338
Depreciation
At 1 September 2023 6,176,162 919,664 1,329,985 - 8,425,811
Charged in the year 276,180 47,948 192,233 < 516,361
Disposals (9,966) - = - (9,966)
At 31 August 2024 6,442,376 967,612 1,522,218 - 8,932,206
Net book value
At 31 August 2024 7,438,922 151,085 577,125 - 8,167,132
At31August2023 7,732,822 171,724 543,909 19,307 8,467,762

All fixed assets are held for use on direct charitable activities. Freehold land and buildings acquired prior to May 1926 are included at nil value.

During the year receipts from the sale of tangible fixed assets totalled £1,875,000 (2023: £2,082).

At 31 August 2024 there were fixed assets with a net carrying amount of £21 1,388 held under finance leases (2023: £310,031). The total future minimum lease payments were as follows:

Consolidated and School Consolidated and School
2024 2023
£ £
Less than one year 89,482 101,039
Between two and five years inclusive 108,835 215,350
“198,317 «316,389

==> picture [2 x 17] intentionally omitted <==

----- Start of picture text -----
|
|
----- End of picture text -----

30| Page

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

Consolidated and School
INVESTMENTS
Endowed Restricted Unrestricted
Funds funds funds Total
£ £ E £
At 1 September 2023 912,238 335,794 1,325,532 2,573,564
Investment gain 130,710 48,114 189,875 368,699
Management Costs (36) (13) (53) (102)
At31 August 2024 1,042,912 ~ 383,895 1,515,354 2,942,161
Analysis of Investments £
Equities 2,160,887
Multi-asset funds 677,049
Liquid Assets 104,225
2,942,161
  1. INVESTMENTS

The investments are held primarily to provide an investment return.

Investment in subsidiary undertaking

Giggleswick Services Ltd is incorporated in the United Kingdom and pays all its profits to Giggleswick School by gift aid. The School owns the entire share capital of 10,000 ordinary shares of £1 each. Giggleswick Services Ltd operates the commercial residential letting of the School premises and has a 31 August accounting reference date. Giggleswick International Ltd is wholly owned and controlled by the School. There were no activities in this company in the year.

9, DEBTORS Consolidated Consolidated School
2024 2023 2024 2023
£ £ £ £
Fees 151,069 299,262 151,069 299,262
General debtors 8,358 4,727 6,806 4,727
Prepayments and accrued income 639,665 18,765 639,665 18,765
Other debtors 3,476 16,869 3,476 16,869
Amount due from subsidiary é = e 21,109
802,568 339,623 801,016 360,732

Bad debts of £6,620 were written off during the year (2023: £46,782) and the School holds a bad debt provision of £158,861 (2023: £74,165)

31|Page

| | } |

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

Consolidated Consolidated School School
10. CREDITORS: duewithin oneyear 2024 aes aaa a
Bank overdrafts = 931,528 7 931,528
Bank Loan (CBIL) <1 yr 90,000 90,000 90,000 90,000
Trade Creditors
Deposits		 43,700
471,027		 81,825
456,162		 43,700
471,027		 81,825
456,162
Deferred income 1,434,438 1,431,868 1,430,238 1,431,868
Other Creditors
Other tax and social security		 97,543
111,927		 94,170
114,265		 96,543
111,927		 93,968
114,248
Pension costs
Accrued charges		 72,993
199,474		 72,449
176,180		 72,993
197,008		 72,449
176,180
Pension deficit levy (note 19) 8,281 19,875 8,281 19,875
Finance lease liabilities 89,482 82,964 89,482 82,964
ELSIETS NANETTESS
scheme creditors		 249,463 400,482 249,463 +~—-400,482
Amount due to subsidiary - - 6,445 -
2,868,328 3,951,768 2,867,107 3,951,549
Consolidated and School
11. CREDITORS: due after one year 2024 2023
£ £
Deferred Income - advance fee scheme creditors 290 12,303
Coronavirus Business Interruption Loan (CBIL) 90,000 180,000
Pension deficit levy (note 18) (69) 7,209
Finance Lease liabilities 108,836 198,318
199,057 397,830
2024 2023
£ £
Deferred Fee Income at 1 Sept 400,262 209,999
Released in the year (497,221) (193,500)
New funds received in the year 344,450 383,763
DeferredFeeIncomeat31August 247,491 400,262

The School received a Coronavirus Business Interruption Loan for £450,000 in August 2020. The loan is to be repaid in 60 monthly instalments commencing 12 months after drawdown ona floating rate basis under which the interest rate will never be less than the margin of 3.4%. The approximate amount of interest payable will be £15,750.

32|Page

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

At 31 August 2024 the future payments under the Coronavirus Business Interruption Loan were as follows:

2024 2023
£ £
Less than one year 90,000 90,000
Between two and five years inclusive 90,000 180,000
~180,000 =270,000
ALLOCATION OF NET ASSETS
Tangible
assets		 Investments Net assets/
(liabilities)		 Total
2024
£ £ £ £
Endowed funds:
Scholarship funds and other - 1,042,912 2,612 1,045,524
Land and buildings 6,068,697 - = 6,068,697
Restricted funds:
Graham Watson Scholarship Fund - 383,895 = 383,895
Foundation and other - - 63,316 63,316
6,068,697 1,426,807 65,928 7,561,432
Unrestricted funds:
School 2,098,435 1,515,354 (1,208,889) 2,404,900
8,167,132 2,942,161 (1,142,961) 9,966,332
ALLOCATION OF NET ASSETS
Tangible
assets		 Investments Net
liabilities		 Total
2023
£ £ £ £
Endowed funds:
Scholarship funds and other - 912,238 2,322 914,560
Land and buildings 6,192,547 7 s 6,192,547
Restricted funds:
Graham Watson Scholarship Fund - 335,794 = 335,794
Foundation and other - - 95,812 95,812
6,192,547 1,250,354 95,812 7,538,714
Unrestricted funds:
School 2,275,213 1,325,534 (3,862,985) (262,239)
8,467,762 2,575,888 (3,767,173) 7,276,475
  1. ALLOCATION OF NET ASSETS

==> picture [1 x 9] intentionally omitted <==

----- Start of picture text -----
|
----- End of picture text -----

;

u

: : _ | |

==> picture [426 x 744] intentionally omitted <==

----- Start of picture text -----
:
:
:
Y
g
|
,
|,:
:
3
;
a
zo<2”(°))oA co3ooOgyi LNln& :anBing9g8 | ca2 oSFa):8| 3SiF1 sg|S| o :::: 2::
gg ; . 1 8
| :
:
padyuoO26 2)[o>N 1 _ 4=e+ ZL8+ a Ss;Be) 81S| ra):|
F || |
a 1 | := 1 ot tot , : : ::
OQ=;i7i [os] ::7.‘ "-| 2a | 8a| |Blae|e)|| 5!:,,
=e ;
5 2
ke
a Aa =
Pu oo
a a eaas ;
= in - CaNgee =) lo :
A} oO a ic 7 :
Sous
o VwN: a3 BS S :io 2
Ww —i,
ow roa 7 1 BRANoO "alg: : fo}
£ a 7 :3
<, fasrSRSto 23 | a88i“| | i|N;As| fon)rc7ai,a | os)::6
:
3 :
ne. |¥Sa oOWw’~ os re)-R 6S := SfiRy EN | iS| :::
wie in' ip :o iA" a |
oOOY: x mo al 8 ))8 : [i] , | 6
:
!
x
=
no} :
Cc | : !
=) : :
a+ EE|: &:£| :woc: Pad:c, a ,:|3~
oO os~ |a re )
Wace33YoO83ou2577) rs)kz escvsc“22rz=n= Pad8S8ESStree: Pore=ZsagE Eeeno}g :PaLYZ:a 8sue=TC :, 3fo):
soe () Wi aieSu OS [=] SOU rrree: :8 ES: -
WY)af=Foo Wl-é 2525 5 SERgecceees4 Eb R Soa0ESSE,Z =g o3ES E3:s 2TCT&
O08Woos <|G uw fa e $6Oo 2 8
DES: = [ae] lo}w
con
OSs1,—_ ro —
----- End of picture text -----

ln Isa)

|||oa
38
<|~~
+o
in in
AR
Ox
Ho|a
d
oe
1
ot
A
a
m
=
:
mo
g
.
e|+
:
3
i
re)|:
7
;
av
|
.|:
:
S
:
:
|
:| |---|---|---|---|---|---|---|---| |||W
Yu
2
:
é|oN
N
5|noon
SETS
NSNES
ANSASS
ta
sa
N
OoNWw
ora)
S
~
nom ©
5|x
:
é
2
:
_|:
|
7
o
|
:
/||
|
|| |||.
c 2
5st
;
5°|I
)
a
:|;
en
'
8b
8
}
es ee |
:|3
|
:
on|2.
rs)
‘|;| |||<
ra|||||| |||||||3|| |||me]
<|gs
A
;
:|a
a
om
|
no
a
ee|8
2
:
’
:|;
g
:
7
:
:
-||
7
,
:
;
.
‘| |||||||.|| |||o
-
°
ry)|"ot|,
'
br ot
oo
SaRRS
S686
teat
co“
:|=
3
¢
"2|2
:
|
:
|
ee)
|
XN
|
8
7
|
:|| |||;
ges
,
.
oo
0
wo||-
N
naoN
P| BAShas
ios) 2aag bg
AAR
an|;
a
fon)
$|;
A
a
Co|é
:
ay
|| |N
[e)
A
|
,
+
EY
3.
boi
on
Bu
OLs
“ao
u
OOd
=F S|a
|
g
in
:
:
:
La
wi
ol
<
<||:
=
,
2
a Oo
&v
43
es 2
uo}
©
Su Oo
25 5
Ee|73
|
:
:
>
iL
Ww
cC
:
:
°
wn
=< 3
5
Cc
,
ns
E
5
3
7
eSggres
:
e
seeeteee
b2iosoees%
58322355.
g2558238 5
Q
ESSee55
oe
S6a0
5|w
no}
:
=)
e
:
a)
:
:
:
+
SBS
a
;
3 ge
©
ze
£
56
5s
83
BES
g
ES
©)||E
Z
:
g
8
lo)
od| |&|.||||||| |Os
ze|a|||||||

==> picture [1 x 4] intentionally omitted <==

----- Start of picture text -----
|
----- End of picture text -----

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

14. PENSION SCHEMES

AVIVA PENSION TRUST FOR INDEPENDENT SCHOOLS

The School has been a member of the Aviva Pension Trust Independent Schools Scheme (APTIS Scheme) since 1 September 2020. The APTIS scheme is a defined contribution pension scheme. It is set up as part of AVIVA’s ‘Master Trust’ - a trust-based pension arrangement managed by independent professional trustees. Giggleswick School pays contributions at the rate of 15% whilst members pay contributions of at least 7.5%.

THE PENSIONS TRUST PENSION SCHEME

Certain employees of Giggleswick School are entitled to membership of the Pension Trust Growth Plan (“the Plan”). This is a multi-employer pension plan which in most respects is a money purchase arrangement, although it does include certain guarantee elements as described below.

Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement dates. From October 2001 contributions were invested in personal funds which have a capital guarantee, and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity.

The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions.

The latest formal valuation of the Plan at 30 September 2020 was performed by a professionally qualified actuary using the Projected Unit Method. The market value of the Plan’s assets at the valuation date was £800.3 million and the Plan’s Technical Provisions (i.e. past service liabilities) were £831.9 million. The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £31.6 million.

Giggleswick School paid contributions at rates between 4% and 10% and totalling £116,749 during the accounting period. Members paid contributions at various rates during the accounting period. As at the balance sheet date there were 93 active members of the Plan employed by Giggleswick School. The School continues to offer membership of the Plan to its employees.

15. OPERATING LEASE COMMITMENTS

At 31 August 2024 the future minimum lease payments under non-cancellable operating leases was as follows:

as follows:
Other
2024 2023
£ £
Less than one year 51,856 71,180
Within one to two years 50,800 52,498
Between two and five years inclusive 78,470 129,270
181,126 252,948

36|Pag

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

==> picture [1 x 7] intentionally omitted <==

----- Start of picture text -----
|
----- End of picture text -----

16. FINANCIAL INSTRUMENTS

Financial assets measured at fair value

2024 2023 £ £ 2,942,161 2,573,564

Financial assets held at fair value include assets held as investments.

Impairment losses charged to financial assets measured at amortised cost in the year amounted to £nil (2023: ENil).

Financial assets measured at amortised cost can be found in the Statement of Cashflows, Note 1d and in Note 10: Debtors

Financial liabilities measured at amortised costs are as follows:

Consolidated and School
2024 2023
£ £
Due within one year:
Pension deficit levy (note 18) 8,281 19,875
Finance lease liabilities 89,482 82,964
Due after one year:
Pension deficit levy (note 18)
FinanceLeaseliabilities 108,836 198,318

17. RELATED PARTY TRANSACTIONS

Giggleswick School owns all the issued share capital of Giggleswick Services Limited, a company incorporated in England, which provides commercial residential letting of Giggleswick School premises during the school holiday periods. In the year ended 31 August 2024 Giggleswick Services Limited had a turnover of £38,990 (2023: £33,124) and a profit before tax and Gift Aid to Giggleswick School of £14,906 (2023: £11,746). At 31 August 2024 the company had shareholder’s funds of £9,105 (2023 £9,105).

One Governor educates their child at the School at standard fee rates.

One of the Governors is a partner with Gateley Legal. During the year Gateley Legal provided legal advice to the School in relation to property matters with a total cost of £21,526. There were no outstanding balances due to Gateley Legal at year-end.

18. PENSION CREDITOR

Consolidated and School Consolidated and School
2024 2023
£ £
Included in creditors: due within one year 8,281 19,875
Included in creditors: due afteroneyear - 7,209

The pension creditor represents the discounted value of the agreed future contributions to be paid to the defined benefit pension scheme.

  1. POST BALANCE SHEET EVENTS In October 2024 the School entered into an contract to purchase a small plot of land which is the location of the School’s water supply at a cost of £16,500.

| | | | |

37| Page

| | | | |

Giggleswick School NOTES TO THE ACCOUNTS for the year ended 31 August 2024

20. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - Comparative figures by fund type

Endowed
Funds		 _ Restricted
Funds		 Unrestricted
Funds		 Total
Notes 2023 2023 2023 2023
£ £ £ £
INCOMING RESOURCES
Charitable activities:
School fees 2 - - 9,328,231 9,328,231
Other ancillary income 3 - - 541,109 541,109
Other trading activities:
Activities for generating		 4 = = 349,422 349,422
funds
Other incoming resources:
Profit on sale of tangible assets
Voluntary income		 7
ay		 -
=		 =
344,118		 2,082
2,322		 2,082
346,440
Grant income 1 - ~ = -
TOTAL INCOMING - 344,118 10,223,166 10,567,284
RESOURCES
EXPENDITURE
Raising funds:
Costs of activities for
generating funds
Fundraising costs		 5
3)		 a
=		 7
=		 166,695
200,826		 166,695
200,826
Investment management
costs		 5 104 38 151 293
104 38 367,672 367,814
CHARITABLE ACTIVITIES
Education and grant making 5 126,379 84,577 9,768,635 9,979,591
TOTAL RESOURCES
EXPENDED 126,483 84,615 10,136307 10,347,405
Net incoming/(outgoing)
resourcesbeforetransfers		 5 (126,483) 259,503 86,859 219,879

38 | Pag