## **RISHWORTH SCHOOL** 

## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** 

**Charity registered number: 1115562 Registered Company number: 05855479 (England & Wales)** 



## **CONTENTS** 

|**Legal and Administrative Information**|**2-3**|
|---|---|
|**Annual Report of the Governors**|**4-19**|
|**Parent Statement of Financial Activities**|**20-21**|
|**Consolidated Statement of Financial Activities**|**22-23**|
|**Parent Balance Sheet**|**24**|
|**Consolidated Balance Sheet**|**25**|
|**Consolidated Cash Flow Statement**|**26**|
|**Notes forming part of the Financial Statements**|**27-45**|
|**Independent Auditors’ Report**|**45-50**|



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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governor (Incorporating the Directors’ Report) for the Year Ended 31[st] August 2024** 

## **Reference and Administrative Information** 

Charity Name Rishworth School Charity Registration Number 1115562 Company Registration Number 05855479 Registered Office and Operational Address Rishworth School Rishworth England HX6 4QA Operational address for Rishworth Preparatory School Rishworth Preparatory School Rishworth HX6 4QF Web Address www.rishworth-school.co.uk 

## **Governors** 

The Governing Body consists of not fewer than five and not more than twelve members (the Governors). New Governors are co-opted by existing Governors.  The Governors have all served in office throughout the year, except where indicated. 

Reverend Canon H Barber (Chair) Mrs F J Ellam (joint Vice Chair) Mrs M Garbett (joint Vice Chair) Mr T M Wheelwright (resigned 22/05/2025) Mr C Bell Mr B H Moore Mr Oliver Handley appointed 05/03/2025 Mrs E Davies (parent Governor) appointed 23/05/2025 Mrs E Dinnis (parent Governor) appointed 23/05/2025 Mrs J Kaye (parent Governor) appointed 23/05/2025 

## **Officers** 

Head 

Dr A Wilkins MA, BA resigned 31/08/2024 Mrs J Sheldrick appointed 01/09/2024 

Clerk to the Governors, Company Secretary and Bursar Clerk to the Governors and Company Secretary Director of Finance and Operations 

Mrs C Walsh, resigned 31/08/2024 Miss A Blacker appointed 01/09/2024 Mrs L Twigg appointed 20/01/2025 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governor (Incorporating the Directors’ Report) for the Year Ended 31[st] August 2024** 

|**Bankers**|Lloyds TSB Bank Plc|
|---|---|
||14/16 High Street|
||Huddersfield|
||West Yorkshire HX1 2LE|
|**Solicitors**|Schofield Sweeney|
||Springfield House|
||76 Wellington Street|
||Leeds|
||West Yorkshire|
||LS1 2AY|
|**Auditors**|Streets Spenser Wilson (Yorkshire) Ltd|
||Chartered Accountants and Business Advisors|
||Equitable House|
||55 Pellon Lane|
||Halifax|
||West Yorkshire|
||HX1 5SP|
|**Investment Advisors**|Titan Private Wealth Limited|
||2 Greengate|
||Cardale Park|
||Harrogate|
||HG3 1GY|



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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

The Governors are pleased to present their Annual Report for the 12 month period ended 31[st] August 2024, together with the audited financial statements for the year. The Governors’ report contains a group director’s report relating to the company and the subsidiary.  We confirm that the financial statements comply with the requirements of the Charities Act 2011, the Trust Deed, the Charities SORP (FRS 102) and the Companies Act 2006. The Governors have complied with the duty in Section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission, including public benefit guidance. 

## **1. Accounting Period** 

The Company was incorporated on 22[nd] June 2006. Activity commenced through this Company on 1[st] August 2006, as explained below. 

## **2. Reference and Administrative Details** 

The School was originally founded in 1724 and registered as a charity with the Charities Commission under a scheme dated 30 July 1928 and as amended by subsequent schemes made on 13 November 1953, 28 August 1968 and 26 July 2006. On 31 July 2006 the expendable assets of the Rishworth School Trust (529161) were transferred to Rishworth School, a company limited by guarantee (Company Number 05855479) and registered with the Charities Commission under Charity Number 1115562. Under a direction made by the Charities Commission on 26 July 2006, Rishworth School Trust and its remaining associated funds (Rishworth School Trust, The Stocks Prize, Gaukrodger Scholarship, The Mabel and Dorothy Fielding Scholarship and The Cockcroft and Wadsworth Scholarship) are to be treated as forming part of the Charitable Company for the purposes of Part IV (registration) and Part VIII (accounting) of the Charities Act 2011. The Rishworth School Governors, executive officers and principal addresses of the Charitable Company are as listed on page 2. Particulars of the Charitable Company’s professional advisers are given on page 3. 

Rishworth School Trading Limited (06637465) is a wholly owned subsidiary of Rishworth School Limited (1115562). Their accounts for the 12 month period ended 31 August 2024 are consolidated into these financial statements. The principal activity of the Company is the provision of sports facilities with the company making a positive contribution to the School’s reserves. 

## **3. Structure, Governance and Management** 

## _**Governing Document**_ 

Rishworth School, a company limited by guarantee, is governed by Memorandum and Articles of Association incorporated on 22 June 2006 and registered as a Charity on 25 July 2006. 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **3. Structure, Governance and Management (Continued)** 

Rishworth School is the sole trustee of Rishworth School Trust which is governed by its Trust Deed constituted under a revised scheme made in 1928 (amended 1953, 1968 and 2006). 

## _**Structure of the Schools**_ 

Rishworth School provides education for pupils between the ages of 3 and 18 years. Pupils aged between 3 and 11 are educated at Rishworth Preparatory, the Preparatory School to Rishworth School, (referred to, prior to April 2024 as “Heathfield”). Rishworth Preparatory also incorporates a Nursery for pupils aged between 3 and 4 years. The Senior School (referred to as “Rishworth”) caters for pupils between the ages of 11 and 18. 

## _**Governing Body**_ 

The Charitable Company is led by a Governing Body whose members are listed on Page 2 of this document. 

## _**Recruitment and Training of Governors**_ 

Our aim is to have and, as a vacancy arises, to recruit, responsible people who are actively interested in our Charitable Company and who can give the necessary time commitments. New Governors are inducted into the workings of the Charitable Company, including board policy and procedures. On-going training, including annual safeguard training and biannual Prevent training, is provided through external and internal training courses, through the observation of normal school operations and attendance at school events. 

## _**Organisational Management**_ 

Governors are appointed for a term of three years and are eligible for re-election at the end of that time.  The Governors, who set the overall policy for the running of the School, in consultation with the Head and Senior Leadership Team, hold board meetings usually four times a year, with an annual strategy day taking place annually in January. 

In addition to the main Governing Body there are sub committees which meet regularly and report to the full Governing Body meetings. The current subcommittee structure is as follows: Quality of Education Safeguarding & Pastoral Marketing & Admissions Finance & Business Audit & Risk Joint Consultative and Negotiation Committee 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **3. Structure, Governance and Management (Continued)** 

## _**Risk Management**_ 

The Board of Governors holds overall responsibility for management of the risks faced by the School. The Board of Governors appoint executives to which day-to-day management of these risks is delegated. Risks have been identified and are regularly reviewed through the Sub Committee structure and the Risk Register. 

The key Risk Areas which have been identified and are managed through the risk management process at Sub Committee level are as follows: 

- **Quality of Education** 

Curriculum Structure Exam Board analysis Progress & Performance Complaints & Concerns SEND 

- **Safeguarding & Pastoral** 

Complaints and Concerns Equal Opportunities Safeguarding Antibullying Boarding and NMS Single Central Register 

- **Marketing & Admissions** 

Internal Activity – Retention External Activity – Recruitment Rishworth International Football Academy Resourcing Equal Opportunities 

- **Finance & Business** 

Management Accounts Cash Flow & Budgets Fee Rates Staffing Costs & Other Expenditure Capital Expenditure Human Resources Financial Reporting 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **3. Structure, Governance and Management (Continued)** 

##  **Audit & Risk** 

Internal Controls & Risk Management Systems Whistleblowing & Fraud External Audit Reporting Responsibilities Statutory Testing VAT and other economic risks Employment costs Site Inspection and facilities GDPR 

- **Joint Consultative and Negotiation Committee** Consultation and Negotiation with National Educational Union 

The School is forward facing in its view of the turbulence facing the Independent School sector including the political threats, economic and macro influences. A strategic development plan has been agreed to look to maximise revenue streams through use of assets, diversification and student recruitment. 

## _**Pay and Remuneration of Key Management Personnel**_ 

The review and setting of remuneration for key management personnel is undertaken annually by the Governors. Pay and remuneration is determined by reference to achievement of objectives and independent benchmarking data that is available for the sector. 

## **4. Strategic Report; Objectives, Activities, Achievements, Performance, Support of Vulnerable** 

## **Students** 

## **Objects** 

The objectives of the Charitable Company are _to carry on a school or college or schools and colleges for the provision of education_ . The School’s objects fall under the heading “advancement of education” (included within the Charities Act 2011 as part of a list of recognised charitable purposes). 

Rishworth is an independent school for both boarding and day students, set in some 100 acres of exceptional scenery, including a river (on the Rishworth Preparatory site), woodland and playing fields, both on site and off. Most of our day students come from families in the surrounding areas in Yorkshire and Lancashire, with boarding students originating from all corners of the globe, as well as from the UK. The Rishworth International Football Academy (RIFA), run in partnership with Street World Soccer, has attracted young sports people from geographical areas not previously seen at the School. 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **4. Strategic Report; Objectives, Activities, Achievements and Performance (continued)** 

Recruitment across the year means that there is an increase in RIFA students starting in the school in September 2024 in comparison to previous years. The combination of the boarding and day students creates a diverse and vibrant community. Rishworth works hard to be a fully inclusive school where students are nurtured to exceed their expectations by provision of a broad and well-rounded education including the flexibility to study a wide range of subjects and participate in an ever-expanding range of extra-curricular activities.  Whilst the School is not equipped to deal with complex or severe needs, there is a strong SEND department, which works with the system of pastoral care to individualise the response to the needs of students across the school. 

Rishworth is a through-school, taking children from Nursery to post-16 study (3-18 years old). The continuity of education combined with small class sizes means that colleagues within the school come to understand every child’s character and their needs. This allows for a smooth transition through the stages of the educational system and excellent preparation for further vocational training or university. 

We encourage all students to undertake extension and enrichment activities, of which about one hundred run each term. These range from activities to support extension within academic subjects including optional GCSE courses such as Astronomy or the Religion and Philosophy short course. The school successfully supports students each year in completing the Higher Project Qualification (equivalent to half a GCSE) and the Extended Project Qualification (equivalent to half an A Level). From an enrichment perspective students are offered a wealth of physical activity opportunities ranging from team sports such as football, netball and cricket, to solo activities such as swimming, skiing or karate. The enrichment programme develops students’ skills in creative and performing arts, as well as more niche activities such as robotics, Warhammer and chess; we are particularly proud of our Young Farmers and our Community Project group. 

A Rishworthian education aims to develop character traits that will serve students throughout their lives. Our core values support the School motto, _Res Non Verba_ (Deeds Not Words) and are Curiosity, _V_ alour, Kindness and Individuality _._ Every single member of our school community are aware of this motto and values and they are explicitly taught, encouraged, celebrated and rewarded. Our students, past and present, are testament to this; they are well-rounded, productive and successful individuals who excel both inside and outside of the classroom and go on to achieve amazing things and are contributors to a modern society. We are delighted that this year, as is now an annual event, some of our Old Rishworthians returned to inspire our present students about the career pathways they took to become the professionals they are today. 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **4. Strategic Report; Objectives, Activities, Achievements and Performance (continued)** 

## **Public Benefit** 

Whilst fulfilling the duty-bound charitable aims and following guidance from the Charity Commission, Rishworth School demonstrates public benefit in a robust and demonstrable manner through day-to-day operations, community outreach, fostering partnerships and supporting local charities and businesses. 

There is a clear national benefit to be gained from well-educated members of society such as those graduating from Rishworth School. A further, and perhaps more direct benefit, lies in the savings made to the taxpayer by educating pupils in the independent sector. The number of pupils we educate relieves pressure on oversubscribed, local state schools which means the State does not subsidise each student as it would if they attended a maintained school; the money saved can be used across all sectors of society to universal benefit. 

Rishworth School has continued to work with the Buttle Trust to provide a fully funded boarding place for students in the UK who have experienced crisis, are living in financial hardship and are dealing with multiple challenging social issues. 

Rishworth School complete outreach work in connection with other charities with fundraising activities throughout the year. Our students choose a charity to support each term, and all fundraising efforts during that term are sent to the chosen Charity. In addition all Rishworth School students have the opportunity to take part in the Duke of Edinburgh awards scheme which includes services to the community, moreover students have a designated time set aside for community projects. Over the course of the academic year this group has supported: 

- A charity day was held with non-uniform and activities to support Children in Need 

- Students on the Expedition to India in October, fundraised to raise money to buy educational supplies for a small village school (Bhagwan School in Nianital). Students then visited to deliver these educational supplies and spent time with the students, teaching them English, playing games and directing some creative arts sessions. 

- Litter picking in both Rishworth and Ripponden 

- Ripponden in Bloom – watering the 20 planters around the village of Ripponden. 

- Planted 1,000 Tete-a-Tete daffodils on School Premises 

- The dementia friendly Riverside Café – helped make Christmas wreaths, provided entertainment with a 'sing-a-long' Christmas carols session, helped serve refreshments 

- Helped collate Winter Care Parcels for the Voluntary and Community Calderdale Group (through VSI Alliance) 

- Supported Focus4Hope through harvest festival contributions and helping pack Christmas Food Hampers at Project Colt, Bridgefield Mills, Elland 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **4. Strategic Report; Objectives, Activities, Achievements and Performance (continued)** 

- We hosted a whole school MacMillan Coffee morning in October, which was opened to all of the local community. 

- Starlight Charity – making Christmas Bunting for Children’s hospital wards around the country 

- Age UK - Boothtown, Halifax - befriending elderly people, some with dementia.  Helping them in craft activities, with quizzes, puzzles and supporting them to take patients on an outing. Entertaining them with singing, dancing and music. 

We also engage with outside speakers and organisations for educational and communal reasons: 

- Riot Act came in to do a road safety talk for Year 7 

- Rob Moriarty addresses Y9 students on disability awareness 

- Bob Tait runs a whole school workshop day on drugs education 

- Woodhall Mortgages talk money matters with Y9/Y10 annually 

- Prep School Council went to visit the Jolly Josh Charity 

Our facilities are made available to the local community through our lettings program. The swimming pool is currently home to Halifax Swimming Club who faced possible closure when their Council-run swimming pool was permanently closed during the pandemic. In addition, local Primary Schools use our facilities to provide their national curriculum swimming lessons. Our Sports Hall is the home of various sporting clubs including rugby tots, Vive Badminton club, Old Rishworthian Netball Club, Barkisland Bears Cricket Club among others which we gladly support. In the local area there is a shortage of open grass spaces so the school has partnered with Ryburn United who use both our full size and junior pitches to develop girls and boys football with children across Calderdale. 

Our public benefit sporting endeavours do not end with the use of our facilities, our students also play an active role in local sports. Each year students from Rishworth School 6th Form run the Calderdale Tag Rugby Championships for more than 40 local primary schools over two days. 

With regards to our charitable and community-based ventures our endeavour is to exceed our obligations as a Charitable Company, moreover ensure our students play an active and meaningful part in our public benefit undertakings which forms part of our Rishworth Spirit. 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **4. Strategic Report; Objectives, Activities, Achievements and Performance (continued)** 

## **Academic Achievements & Performance** 

Students at Rishworth School have once again performed exceptionally, with 90% of all A-Level grades at A*-C, almost 15% above national average. 

We are delighted to see students securing places at university to read subjects such as Mechanical Engineering, Accountancy, Bio Veterinary Science, Physiotherapy, Business Leadership and Management and Humanities. Students are progressing to a broad range of prestigious universities including those from the Russell Group: Birmingham, Leeds and Newcastle whilst Vocational students are moving on to Degree Level Apprenticeships. 

Not only did students achieve well above national average at grades A*-A on traditional A-Level courses, those on vocational programmes excelled with 85% of grades being awarded at Distinction and Distinction*. 

Those studying BTEC and Vocational qualifications including Sport, Performing Arts and Food Science, celebrated 100% achievement, with all grades being within the higher grading boundaries of Distinction* - Merit. 

Students performed incredibly well across the board, as their results demonstrate. Particularly excellent performance was celebrated with 100% of Art and Design students achieving A* and 100* of Performing Arts students achieving Distinction*. 

Additional success was celebrated by students who achieved their Extended Project Qualification (EPQ), With 100% of grades being awarded at A*-B. 

An outstanding, 92% of GCSEs were achieved at grades 4 – 9, almost 25% higher than the national average. Rishworth is a non-selective, independent day and boarding school which welcomes students from a diverse range of abilities and backgrounds. Through the hard work and dedication of students, under the guidance of incredible teaching staff, we celebrated attainment well above the national average in maths (24.6% higher), English (33% higher) and science (36% higher), with those students studying optional subjects such as art, modern foreign languages, physical education and drama celebrating 100% achievement. 

Academic Voice and Student Experience Voice were added to the annual quality cycle, alongside Boarding Voice, Student Voice and Student Council committees. 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **4. Strategic Report; Objectives, Activities, Achievements and Performance (continued)** 

## **Celebrating 300 Years of Excellence and Tradition: Rishworth School’s Tri-Centenary** 

2024 marked a historic milestone for Rishworth School as we celebrated 300 years of _Res Non Verba_ —an enduring legacy of excellence, tradition, and community. This monumental anniversary brought together Rishworthians past and present from across the globe, allowing us to honour our remarkable journey and reflect on the profound impact our institution has had over three centuries. 

The celebrations were a vibrant testament to the school’s rich history and dynamic spirit, with a series of events that showcased the depth of our traditions, the strength of our community, and the breadth of our achievements. 

## **Highlights of the Year so far:** 

## **300th Anniversary Service at Halifax Minster** 

A grand and dignified occasion, the 300th Anniversary Service at Halifax Minster was a key highlight of the celebrations. The presence of distinguished guests, including His Grace, Stephen Cottrell, the Archbishop of York, the Lord Lieutenant of West Yorkshire, and the Mayor and Mayoress of Calderdale, added an air of prestige to the event. 

The Minster echoed with the voices of staff, students, governors, alumni, and friends of the school as we came together to honour Rishworth’s three-century-long journey. The service beautifully encapsulated the values and traditions that define our institution. 

## **300th Whole School Walking Tour** 

The Whole School Walking Tour was a unique and immersive experience that allowed guests to journey through Rishworth’s storied past and promising present. Guided by our exceptional Year 13 Prefects, attendees explored the grounds including the Chapel, the Senior School and the Prep School sites, taking in: 

- Performances of classic hymns by Year 5/6 students in the chapel, showcasing their talents. 

- A guided historical tour of the grounds. 

- An exhibition of historical artifacts and Res Non Verba-themed projects, illustrating the evolution of the school over 300 years. 

- Musical and dance performances by our performing arts students, filling the campus with energy and creativity. 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **4. Strategic Report; Objectives, Activities, Achievements and Performance (continued)** 

- Numerous displays showcasing Rishworth through the years through photographs, uniform and momentums. 

At Rishworth Preparatory, guests were welcomed by the Year 3/4 cast of _Annie_ and treated to a tour of the vibrant outdoor learning area, complete with a stunning clay flower wall crafted by students and our fantastic Art department. The tour provided opportunities for alumni to reminisce and share cherished stories, bridging the past with the present. 

## **300th Anniversary Founders Day Service** 

The Founders Day Service was a heartfelt gathering that emphasised the spirit of unity and shared history among the Rishworth community. Held in the school’s cherished chapel, the service was led by The Reverend Canon Hilary Barber, with the choir performing a moving rendition of the school anthem. 

## **Protection of Vulnerable People at Rishworth School** 

As an educational establishment working with children from 3 through to 18, a boarding school and a responsible employer, Rishworth School has a commitment to supporting all members of the community to the greatest extent possible. 

Our _Equal Opportunities Policy_ states: 

_Rishworth School is committed to delivering equality of opportunity through the creation of an environment in which all pupils are treated as individuals on the sole basis of their respective merits and abilities. It is our expectation that this commitment is shared by children, staff, parents, governors and all members of the school community. We oppose all forms of unlawful or unfair discrimination on the grounds of race, colour, nationality, ethnic origin, gender, marital status, sexual orientation, age, social background, trade union membership, disability, political views and religious beliefs._ 

This intent is instantiated in policies and procedures which describe characteristics protected in law, and characteristics which we would also wish to support, such as young carers, aiming both to comply with current legislation and to move beyond the confines of that legislation. The School has a Designated Safeguarding Lead (DSL), with a number of colleagues also trained to be Deputy DSLs, working throughout the School. There is a named person with safeguarding responsibility for the Early Years Foundation Stage (EYFS), and for the Preparatory School. Support for students is recorded on Child Protection Online Management System (CPOMS); students have access to the strengths and difficulties questionnaire (SDQ), a short behavioural screening questionnaire for children aged 3 to 16 which points towards support for mental health issues. 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **4. Strategic Report; Objectives, Activities, Achievements and Performance (continued)** 

There is a similar questionnaire for parents. The Deputy Head Pastoral, SENDCo and School matron act as a first point of contact for those with social, emotional and mental wellbeing concerns, and a number of colleagues are trained in mental health first aid. 

The School SENDCo co-ordinates support for students identified with learning difficulties and disabilities. Depending upon need, support can be provided 1:1, in class or in the designated ‘Hub’. Support material is shared with appropriate staff through notes on the management system (iSAMS), detailing particular conditions and outlining agreed processes confidentially. 

The School maintains membership of the Calderdale Safeguarding Board, enabling contact on safeguarding matters and a full range of training opportunities and has Continuing Professional Development which includes online training through Times Educational Supplement (TES) online, dealing with issues such as harmful sexual behaviours, self-neglect, LGBTQ+ issues for teenagers, raising awareness of conditions such as diabetes and advising on dealing with bereavement. The School also runs a regular Staff Pulse, which tracks issues such as confidence, skills and the level of support provided by senior leadership. Safeguarding training is provided on a regular basis using information provided by the local authority. 

Annually we hold assemblies on topics such as LGBTQi+, Black History and International Womens’ Day. All issues of vulnerable children and adults, disability (physical, visual and hearing), SEND, equal opportunities for gender in the workplace and discrimination (racial and religious) are covered through weekly Personal, Social, Health and Community Education (PSHCE) lessons. These PSHCE lessons also include material relating to Relationship & Sex Education (RSE) and Relationship Education (RE), at the Prep School. 

## **5. Strategic Report; Financial Review and Results for the Year** 

## **Financial Review** 

The school had a deficit of £278,857 (2023 deficit of £414,264) the £135,407 improvement from prior year was primarily due to a growth in investments.  The net income from tuition and boarding fees amounted to £5,399,642 which was an increase of £267,687 compared to the previous year.  This can be attributed to the increase in fees offset by a small decline in pupil numbers.  The school’s reliance on fee income reduced slightly as non-fee income made up 10% of total income up from 9% in the prior year. 

Total expenditure for the year was £6,418,211 an increase of £354,663 on the prior year.  This can be attributed in part to increases in staff payrate, increase in Teachers’ Pension Scheme (TPS) employer contributions, and national minimum wage rises.  Other factors include rising energy and food costs which have also impacted the schools’ suppliers resulting in increases across all expenditure areas. 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **5. Strategic Report; Financial Review and Results for the Year (continued** ) 

The Balance sheet reflects an addition of £103,895 to Fixed Assets, this is primarily due to the strong performance in the school’s investment portfolio. 

The debtors’ balance increased modestly by £23,892, while the creditors’ balance rose by £1,935,389 largely due to parents choosing to pay fees in advance in anticipation of upcoming legislative changes regarding VAT. 

## **Going Concern** 

The Governors have reviewed the financial sustainability and operational viability of the School and consider it appropriate to prepare the financial statements on a going concern basis. In forming this view, the Governors have taken into account the School’s current and projected financial position, operational forecasts, and the robustness of strategic planning processes. 

A key part of this assessment included the recent Strategy Day involving the Governors and Senior Leadership Team, during which long-term strategic priorities were reviewed and reaffirmed. This collaborative session focused on enhancing financial resilience, optimising educational outcomes, and maintaining the School’s distinctive ethos. 

As a result of VAT on school fees and possible fall in pupil numbers, particular attention was given to the diversification and sustainability of non-fee income streams, including fundraising, commercial lettings, and ancillary services. These income sources continue to provide important support to the School's financial model and are subject to ongoing evaluation to ensure growth and stability. 

The Governors also undertook a detailed review of the School’s physical and financial assets, assessing their educational contribution relative to long-term value and strategic importance. Assets deemed underutilised or non-core are being reviewed to determine how they may better support the School's mission, either through repurposing, enhancement, or potential disposal to reinvest in core educational priorities. 

Based on the outcome of these evaluations, the Governors are confident that the School has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements. 

## **Cash Availability** 

Cash balances have been closely managed to ensure ongoing cash availability. The Investment portfolio with Titan Private Wealth Ltd continues to provide a strategic safeguard of cash availability. 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **5. Strategic Report; Financial Review and Results for the Year (continued** ) 

## **Key performance indicators and financial report** 

The Governors are pleased to report that the year-end financial position for 2023–24 reflects an improvement on the budgeted forecast. This positive outcome has been driven by strong investment performance and effective cost control throughout the year. Pupil numbers saw a slight decline from 445 to 439, with the Nursery accounting for the majority of this reduction. 

## **Recruitment & Marketing** 

The Marketing and Admissions Department continue to work on both short and long term plans with recruitment idealisms realised within the academic year. Cohesive relationships have been developed and nurtured both internationally and within the UK with third party agents and consultants to strengthen the recruitment efforts of the team. 

Efforts have been dedicated to the development and implementation of the _Rishworth International Football Academy_ (RIFA) which launched in September 2023. RIFA is a partnership between Rishworth School and the Street Work Soccer Academy. Street Work has a 30-year track record of delivering top quality football coaching programmes in England, and around the globe, enabling and supporting young people of all abilities to fulfil their potential. The truly unique programme combines high quality education with professional football coaching programmes at the standard of English Premier League football academies. 

## **Fundraising** 

The school does not use any external fundraisers. All fundraising undertaken during the year was monitored by the Governors. 

## **Reserves Policy** 

In order to continue to fulfil Rishworth School’s charitable objectives, the Governors recognise the desirability of cash reserves to fund both unforeseen fluctuations in income or outgoings and major development projects. The Governors aim to balance the need for cash reserves against the expenditure required continually to respond to staffing needs and to upgrade the school premises, many of which are buildings of historic interest. 

The total funds held by the School are £2,633,459 (2023 - £ 2,912,316) of which £571,926 (2023 - £517,484) are restricted and £989,455 (2023 - £902,246) are endowed.  The free reserves are in deficit by £1,160,223 and below the desired target of £2million set by the Trustees. The Trustees remain committed to restoring the charity to a positive reserves position over the medium term. To support this goal, plans are in place to divest assets that do not directly contribute to the School’s charitable objectives and to explore the removal of restrictions on certain restricted and endowed funds, where appropriate and permissible. 

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## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **5. Strategic Report; Financial Review and Results for the Year (continued** ) 

## **Investment Policy** 

The School aims to manage its cash balances to provide for the day-to-day working capital requirements of its operations, whilst protecting the real long-term value of any surplus cash balances against inflation. The Governing Body have formed an Asset Group whereby Senior Management personnel can work with Governors to realise the full potential of all assets held by the School.  All the Schools investments are held in Environmental Social and Governance (ESG) and ethically friendly funds with a medium to low risk.  The portfolio return over the accounting period was up 11.50%. 

## **6. Strategic Report; Future Plans** 

Creativity flourishes throughout Rishworth School, gaining us an enviable reputation in our provision of music and the performing arts. We have also established a standing as one of the best schools in the region for sports with international-standard coaching. 

Programmes such as the Duke of Edinburgh and the Extended Project Qualifications are components of our wider focus on service, leadership and the building of character which helps Rishworthians become well-rounded, productive and successful contributors to a modern society. 

We have spent the academic year preparing Slitheroe House as a new Sixth Form facility, opening in September. Investment has then been made in the old sixth form centre to create a new social space for year 11 during the day and co-ed social space for boarders in the evening, as well as providing for some much needed pastoral offices and work space. 

A review of the kitchen facilities at the Prep site resulted in investment in electrical appliances, to ensure continuity of the high class catering provision on site. 

The Sports Hall needed a new heater fitting after these broke down beyond repair, to ensure that the hall remained warm and also to remove the humidity that would have damaged the flooring were it to continue to accumulate unchecked. 

A review of Matronic staffing resulted in a restructure of the role and an overall saving in salaries. 

Following an unsuccessful consultation to withdraw from the TPS an alternative Royal London pension was offered to teaching staff from April 2024; uptake saw some staff migrate to this defined benefit pension, which mitigated some of the uplift to employer contributions from 23.68% to 28.68% in April. We are now in a phased withdrawal of the TPS, with new staff all going directly onto the Royal London scheme. 

**P a g e | 17** 



## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **6. Strategic Report; Future Plans (continued)** 

Next year we will reopen the consultation to try to mitigate against any further TPS employer contribution changes. The school also purchased a Group Life Assurance policy to cover not just the staff migrating to the new pension but also the existing staff on NEST pension schemes of 4x salary. 

The Finance Department has completed work to be able to offer a Fees in Advance scheme and a Direct Debit scheme for parents to allow for greater flexibility in how they spread their school fee payments. Both of these options were offered to families towards the end of the academic year with a number of parents taking up each of these opportunities. Over the course of the year the school successfully applied to be able to offer Gift Aid. 

In light of competitor analysis and local research on brand awareness it was agreed to roll out a name change for the Preparatory School to move it to sit more clearly as Rishworth Preparatory, highlighting the one school philosophy and ethos with potential and existing families. 

The Marketing and Admissions department started on a journey to improve efficiencies within the department by implementing new automation systems to capture registrations for open events and improve the impact that recruitment campaigns have. 

Our future plans include: 

- Opening our brand new Sixth Form Centre in September. 

- Growth of the RIFA program and development of more boarding bedrooms to facilitate growth of the boarding community. 

- Strengthening Rishworthian links and financial support from organisations such as the Old Rishworthians, PTA and Friends of Rishworth School Sports associations to invest in school facilities and increase bursary support for families impacted by increased school fees. 

- Enhancements to our Enrichment and Extension program to offer all students the opportunity to expand their horizons. 

- Further develop our partnership with Ryburn United and invest in our grass pitches, through sponsorship bids, to offer more access to grass space for the development of coaching opportunities for boys and girls football in Calderdale. 

- Structural and staffing adjustments to ensure the school is prepared for and can implement the anticipated VAT to school fees. 

- Rolling out new lockers, leased by students, at the Senior site in September. 

- Rolling out the introduction of Yondr pouches, leased by students, to adhere to Government guidelines that students should not have access to mobile phones during the school day, except for where their use is for academic purpose. 

**P a g e | 18** 



## **RISHWORTH SCHOOL** 

## **Annual Report of the Governors (Incorporating the Director’s Report) for the Year Ended 31[st] August 2024** 

## **6. Strategic Report; Future Plans (continued)** 

- Further increase the extent of our Community Outreach projects to support the Canal River Trust, Incredible Edible and Happy Days charities. 

- Full review of schools assets to establish opportunities to utilise to further the objects of the school. 

## **7. Responsibilities of the Governors** 

Company Law requires the Governors as Trustees of the Charity to prepare accounts for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. 

In preparing the accounts the Governors should follow best practice, and: 

- select suitable accounting policies and apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- follow applicable accounting standards and the Charity SORP, disclosed and explained in the accounts; prepare the accounts on the ‘going concern’ basis unless it is inappropriate to assume that the Charity will continue in operation; 

- Company law requires that they 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 charity and of the surplus or deficit of the charity for that period. 

The Governors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act 2006.  The Governors are responsible for preparing the director’s report and the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. They are also responsible for safeguarding the assets of the Charity, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and are also responsible for the maintenance and integrity of the financial information included on the Charity’s website. 

Governors, who are Directors for the purpose of Company Law and Trustees for the purpose of Charity Law, who served during the year and up to the date of this report, are set out on Page 2. 

In accordance with Company Law, as the Company’s Directors, we certify that: 

- so far as we are aware, there is no relevant audit information of which the Company’s Auditors are unaware; and 

- we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the Charity’s Auditors are aware of that information. 

Approved and authorised by the Board of Governors on 29[th] May 2025 and signed on its behalf by: C2 **Dr F J Ellam** 

**P a g e | 19** 



## **RISHWORTH SCHOOL** 

## **Charitable Company Statement of Financial Activities (including Income & Expenditure Account) for the Year Ended 31[st] August 2024** 

|**Notes**<br>**INCOME AND ENDOWMENTS FROM**<br>**Charitable activities:**<br>Fees receivable<br>2<br>Other educational income<br>3<br>Other ancillary income<br>4<br>**Investments**<br>5<br>**Earned from other activities**<br>Bank and other interest<br>Donation from subsidiary<br>**Total incoming resources**<br>**RESOURCES EXPENDED**<br>**Raising funds**<br>Investment management<br>**Charitable activities**<br>Teaching costs<br>Welfare<br>Premises<br>Grants and scholarships<br>Administration and support<br>**Total resources expended**<br>6/7<br>**NET INCOME / (EXPENDITURE)**<br>**BEFORE TRANSFERS**<br>Transfers between funds<br>8<br>**NET OPERATING SURPLUS / (DEFICIT)**<br>**Net Gains / (losses) on investments**<br>9<br>**Net Income / (expenditure)**<br>**Reconciliation of funds**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**<br>**Endowed**<br>**Restricted**<br>**Total for**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Year to**<br>**School**<br>**School**<br>**31 Aug 2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>5,355,273<br>-<br>44,369<br>**5,399,642**<br>9,201<br>-<br>-<br>**9,201**<br>427,205<br>-<br>-<br>**427,205**<br>-<br>17,738<br>8,869<br>**26,607**<br>17,003<br>-<br>-<br>**17,003**<br>107,280<br>-<br>-<br>**107,280**|
|---|---|
||5,915,962<br>17,738<br>53,238<br>**5,986,938**|
||-<br>11,325<br>6,030<br>**17,355**<br>3,577,100<br>-<br>44,369<br>**3,621,469**<br>547,713<br>-<br>-<br>**547,713**<br>928,474<br>-<br>-<br>**928,474**<br>-<br>-<br>9,570<br>**9,570**<br>1,292,118<br>-<br>-<br>**1,292,118**|
||6,345,405<br>11,325<br>59,969<br>**6,416,699**|
||(429,443)<br>6,413<br>(6,731)<br>**(429,761)**<br>8,935<br>(8,935)<br>-<br>**-**|
||(420,508)<br>(2,522)<br>(6,731)<br>**(429,761)**<br>-<br>89,731<br>61,173<br>**150,904**|
||(420,508)<br>87,209<br>54,442<br>**(278,857)**<br>1,492,586<br>902,246<br>517,484<br>**2,912,316**<br>1,072,078<br>989,455<br>571,926<br>**2,633,459**|



The statement of financial activities includes all gains and losses in the year.  All incoming resources derive from continuing activities. 

**P a g e | 20** 



## **RISHWORTH SCHOOL** 

## **Charitable Company Statement of Financial Activities (including Income & Expenditure Account) for the Year Ended 31[st] August 2024 (Comparative Figures for the Year Ended 31[st] August 2023)** 

|**Notes**<br>**INCOME AND ENDOWMENTS FROM**<br>**Charitable activities**<br>Fees receivable<br>2<br>Other educational income<br>3<br>Other ancillary income<br>4<br>**Investments**<br>5<br>**Earned from other activities**<br>Bank and other interest<br>Donation from subsidiary<br>**Total incoming resources**<br>**RESOURCES EXPENDED**<br>**Raising funds**<br>Investment management<br>**Charitable activities**<br>Teaching costs<br>Welfare<br>Premises<br>Grants and scholarships<br>Administration and support<br>**Total resources expended**<br>6/7<br>**NET INCOME / (EXPENDITURE)**<br>**BEFORE TRANSFERS**<br>Transfers between funds<br>8<br>**NET OPERATING SURPLUS / (DEFICIT)**<br>**Net Gains / (losses) on investments**<br>9<br>**Net Income / (expenditure)**<br>**Reconciliation of funds**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**<br>**Endowed**<br>**Restricted**<br>**Total for**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Year to**<br>**School**<br>**School**<br>**31 Aug 2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>5,081,898<br>-<br>50,057<br>**5,131,955**<br>10,350<br>-<br>-<br>**10,350**<br>375,764<br>-<br>-<br>**375,764**<br>-<br>16,746<br>8,961<br>**25,707**<br>7,772<br>-<br>-<br>**7,772**<br>102,338<br>-<br>-<br>**102,338**|
|---|---|
||5,578,122<br>16,746<br>59,018<br>**5,653,886**|
||-<br>7,570<br>4,081<br>**11,651**<br>3,392,967<br>-<br>50,057<br>**3,443,024**<br>563,146<br>-<br>-<br>**563,146**<br>860,662<br>-<br>-<br>**860,662**<br>-<br>-<br>8,560<br>**8,560**<br>1,175,059<br>-<br>-<br>**1,175,059**|
||5,991,834<br>7,570<br>62,698<br>**6,062,102**|
||(413,712)<br>9,176<br>(3,680)<br>**(408,216)**<br>206,491<br>(206,491)<br>-<br>**-**|
||(207,221)<br>(197,315)<br>(3,680)<br>**(408,216)**<br>-<br>(11,591)<br>5,543<br>**(6,048)**|
||(207,221)<br>(208,906)<br>1,863<br>**(414,264)**<br>1,699,807<br>1,111,152<br>515,621<br>**3,326,580**<br>1,492,586<br>902,246<br>517,484<br>**2,912,316**|



The statement of financial activities includes all gains and losses in the year.  All incoming resources derive from continuing activities. 

**P a g e | 21** 



## **RISHWORTH SCHOOL** 

## **Consolidated Statement of Financial Activities (including Income & Expenditure Account) for the Year Ended 31[st] August 2024** 

|**Account) for the Year Ended 31st**|**August 2024**|
|---|---|
|**Notes**<br>**INCOME AND ENDOWMENTS FROM**<br>**Charitable activities**<br>Fees receivable<br>2<br>Other educational income<br>3<br>Other ancillary income<br>4<br>**Investments**<br>5<br>**Earned from other activities**<br>Bank and other interest<br>Trading income<br>**Total incoming resources**<br>**RESOURCES EXPENDED**<br>**Cost of Raising funds**<br>Investment management<br>Trading legal and professional fees<br>**Charitable activities**<br>Teaching costs<br>Welfare<br>Premises<br>Grants and scholarships<br>Administration and support<br>**Total resources expended**<br>6/7<br>**NET INCOME / (EXPENDITURE) BEFORE**<br>**TRANSFERS**<br>Transfers between funds<br>8<br>**NET OPERATING SURPLUS / (DEFICIT)**<br>**Net Gains / (losses) on investments**<br>9<br>**Net Income / (expenditure)**<br>**Reconciliation of funds**<br>Total Funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**<br>**Endowed**<br>**Restricted**<br>**Total for**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Year to**<br>**School**<br>**School**<br>**31 Aug 2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>5,355,273<br>-<br>44,369<br>**5,399,642**<br>9,201<br>-<br>-<br>**9,201**<br>427,205<br>-<br>-<br>**427,205**<br>-<br>17,738<br>8,869<br>**26,607**<br>18,781<br>-<br>-<br>**18,781**<br>107,014<br>-<br>-<br>**107,014**|
||5,917,474<br>17,738<br>53,238<br>**5,988,450**|
||-<br>11,325<br>6,030<br>**17,355**<br>1,512<br>-<br>-<br>**1,512**<br>3,577,100<br>-<br>44,369<br>**3,621,469**<br>547,713<br>-<br>-<br>**547,713**<br>928,474<br>-<br>-<br>**928,474**<br>-<br>-<br>9,570<br>**9,570**<br>1,292,118<br>-<br>-<br>**1,292,118**|
||6,346,917<br>11,325<br>59,969<br>**6,418,211**|
||(429,443)<br>6,413<br>(6,731)<br>**(429,761)**<br>8,935<br>(8,935)<br>-<br>**-**|
||(420,508)<br>(2,522)<br>(6,731)<br>**(429,761)**<br>-<br>89,731<br>61,173<br>**150,904**|
||(420,508)<br>87,209<br>54,442<br>**(278,857)**<br>1,492,586<br>902,246<br>517,484<br>**2,912,316**<br>1,072,078<br>989,455<br>571,926<br>**2,633,459**|



The statement of financial activities includes all gains and losses in the year. All incoming resources derive from continuing activities. 

**P a g e | 22** 



## **RISHWORTH SCHOOL** 

## **Consolidated Statement of Financial Activities (including Income & Expenditure Account) for the Year Ended 31[st] August 2024 (Comparative Figures for the Year Ended 31[st] August 2023)** 

|**Notes**<br>**INCOME AND ENDOWMENTS FROM**<br>**Charitable activities**<br>Fees receivable<br>2<br>Other educational income<br>3<br>Other ancillary income<br>4<br>**Investments**<br>5<br>**Earned from other activities**<br>Bank and other interest<br>Trading income<br>**Total incoming resources**<br>**RESOURCES EXPENDED**<br>**Cost of Raising funds**<br>Investment management<br>Trading legal and professional fees<br>**Charitable activities**<br>Teaching costs<br>Welfare<br>Premises<br>Grants and scholarships<br>Administration and support<br>**Total resources expended**<br>6/7<br>**NET INCOME / (EXPENDITURE) BEFORE**<br>**TRANSFERS**<br>Transfers between funds<br>8<br>**NET OPERATING SURPLUS / (DEFICIT)**<br>**Net Gains / (losses) on investments**<br>9<br>**Net Income / (expenditure)**<br>**Reconciliation of funds**<br>Total Funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**<br>**Endowed**<br>**Restricted**<br>**Total for**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Year to**<br>**School**<br>**School**<br>**31 Aug 2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>5,081,898<br>-<br>50,057<br>**5,131,955**<br>10,350<br>-<br>-<br>**10,350**<br>375,764<br>-<br>-<br>**375,764**<br>-<br>16,746<br>8,961<br>**25,707**<br>8,130<br>-<br>**8,130**<br>103,426<br>-<br>-<br>**103,426**|
|---|---|
||5,579,568<br>16,746<br>59,018<br>**5,655,332**|
||-<br>7,570<br>4,081<br>**11,651**<br>1,446<br>-<br>-<br>**1,446**<br>3,392,967<br>-<br>50,057<br>**3,443,024**<br>563,146<br>-<br>-<br>**563,146**<br>860,662<br>-<br>-<br>**860,662**<br>-<br>-<br>8,560<br>**8,560**<br>1,175,059<br>-<br>-<br>**1,175,059**|
||5,993,280<br>7,570<br>62,698<br>**6,063,548**|
||(413,712)<br>9,176<br>(3,680)<br>**(408,216)**<br>206,491<br>(206,491)<br>-<br>**-**|
||(207,221)<br>(197,315)<br>(3,680)<br>**(408,216)**<br>-<br>(11,591)<br>5,543<br>**(6,048)**|
||(207,221)<br>(208,906)<br>1,863<br>**(414,264)**<br>1,699,807<br>1,111,152<br>515,621<br>**3,326,580**<br>1,492,586<br>902,246<br>517,484<br>**2,912,316**|



The statement of financial activities includes all gains and losses in the year. All incoming resources derive from continuing activities. 

**P a g e | 23** 



## **RISHWORTH SCHOOL Company Number: 05855479 Charitable Company Balance Sheet as at 31[st] August 2024** 

||**Notes**||**31 August**||31 August|
|---|---|---|---|---|---|
||||**2024**||2023|
|**FIXED ASSETS**||**£**|**£**|£|£|
|Tangible assets|10||**2,253,257**||2,291,013|
|Investments|11||**1,495,911**||1,354,260|
||||**3,749,168**||3,645,273|
|**CURRENT ASSETS**||||||
|Debtors and accrued income|12|**342,533**||315,637||
|Cash at bank and in hand||**2,126,358**||600,678||
|||**2,468,891**||916,315||
|**LIABILITIES**||||||
|Creditors due within one year|13|**(2,379,997)**||(1,291,592)||
|**NET CURRENT ASSETS/(LIABILITIES)**|||**88,894**||(375,277)|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**|||**3,838,062**||3,269,996|
|**CREDITORS**||||||
|Due after more than one year|13||**(1,204,603)**||(357,680)|
|**TOTAL NET ASSETS**|||**2,633,459**||2,912,316|
|**THE FUNDS OF THE CHARITY**||||||
|Unrestricted funds|||**1,072,078**||1,492,586|
|Endowment funds|||**989,455**||902,246|
|Restricted income funds|||**571,926**||517,484|
|**TOTAL FUNDS**|15/16||**2,633,459**||2,912,316|



Authorised and approved by the Board of Governors on 29[th] May 2025 and signed on behalf of the Board by: 

## **Dr F J Ellam** 

**P a g e | 24** 



## **RISHWORTH SCHOOL Company Number: 05855479 Charitable Consolidated Balance Sheet as at 31[st] August 2024** 

||**Notes**||**31 August**||31 August|
|---|---|---|---|---|---|
||||**2024**||2023|
|**FIXED ASSETS**||**£**|**£**|£|£|
|Tangible assets|10||**2,253,257**||2,291,013|
|Investments|11||**1,495,910**||1,354,259|
||||**3,749,167**||3,645,272|
|**CURRENT ASSETS**||||||
|Debtors and accrued income|12|**245,929**||222,037||
|Cash at bank and in hand||**2,224,463**||695,718||
|||**2,470,392**||917,755||
|**LIABILITIES**||||||
|Creditors due within one year|13|**(2,381,497)**||(1,293,031)||
|**NET CURRENT ASSETS/(LIABILITIES)**|||**88,895**||(375,276)|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**|||**3,838,062**||3,269,996|
|**CREDITORS**||||||
|Due after more than one year|13||**(1,204,603)**||(357,680)|
|**TOTAL NET ASSETS**|||**2,633,459**||2,912,316|
|**THE FUNDS OF THE CHARITY**||||||
|Unrestricted funds|||**1,072,078**||1,492,586|
|Endowment funds|||**989,455**||902,246|
|Restricted income funds|||**571,926**||517,484|
|**TOTAL FUNDS**|15/16||**2,633,459**||2,912,316|



Authorised and approved by the Board of Governors on 29[th] May 2025 and signed on behalf of the Board by: 

## **Dr F J Ellam** 

**P a g e | 25** 



## **RISHWORTH SCHOOL** 

## **Consolidated Cash Flow Statement for the Year Ended 31[st] August 2024** 

|**Notes**<br>**NET CASH INFLOW FROM OPERATING**<br>**ACTIVITIES**<br>19<br>**RETURNS ON INVESTMENTS AND SERVICING**<br>**OF FINANCE**<br>Investment income<br>Interest receivable<br>**NET CASH INFLOW FROM RETURNS ON**<br>**INVESTMENTS AND SERVICING OF FINANCE**<br>**CAPITAL EXPENDITURE AND FINANCIAL**<br>**INVESTMENTS**<br>Purchase of tangible fixed assets<br>Purchase of investments<br>Proceeds from sale of fixed assets<br>Proceeds from sale of investments<br>**NET CASH OUTFLOW FROM INVESTING**<br>**ACTIVITIES**<br>**INCREASE / (DECREASE) IN CASH AND CASH**<br>**EQUIVALENTS**<br>20|**£**<br>**26,607**<br>**18,781**|**Year ended**<br>**31 August**<br>**2024**<br>**£**<br>**1,608,395**<br>**45,388**<br>**(125,038)**|£<br>25,707<br>8,130|Year ended<br>31 August<br>2023<br>£<br>(610,608)<br>33,837<br>10,527|
|---|---|---|---|---|
||**(145,009)**<br>**(513,004)**<br>**-**<br>**532,975**||-<br>(1,223,866)<br>18,900<br>1,215,493||
||||||
|||**1,528,745**||(566,244)|



**P a g e | 26** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **General information** 

The charitable company is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Rishworth School, Rishworth, HX6 4QA 

## **1. Accounting Policies** 

## **Basis of Accounting** 

The financial statements are prepared on historical cost convention except that: 

- Land and buildings are included at their 1934 valuation, adjusted by the cost of additions and disposals since that date. This valuation has been adopted as the historical cost under the transitional provisions of the Financial Reporting Standard 102. Where property owned before 1934 has been sold, the cost is assumed to be immaterial and the entire proceeds credited to the Foundation’s capital account. 

- Investments are included at market value as at 31 August 2024. 

The financial statements have been prepared in sterling, which is the functional currency of the entity. The financial statements are prepared in accordance with applicable accounting standards; Financial Reporting Standard 102, The Charities Statement of Recommended Practice (FRS102), the Companies Act 2006 and where applicable, the Charities Act 2011. 

In accordance with the requirements of the Statement of Recommended Practice the School’s scholarship funds are incorporated into the Statement of Financial Activities and the Balance Sheet as restricted funds. 

The opening fund balances and reserves of the School are classified according to the assets held for each purpose as follows: 

Endowment funds Properties forming part of the original endowment together with investments purchased out of endowment capital. 

Endowment funds are funds, the capital of which must be maintained: only income arising from investments of the endowment may be used as unrestricted funds, depending upon the purpose for which the endowment was established. 

Restricted funds Investments and monies donated for scholarships and prizes, to the extent that they have not already been distributed for their intended purpose. 

Unrestricted funds Accumulated surpluses, principally represented by the property, equipment and working capital of the School. 

**P a g e | 27** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **Going concern** 

Details of the School’s business activities and principal risks are outlined in the Governors’ Report on pages 4 to 19. A key risk currently facing the School is the ongoing reduction in reserve levels. The Governors recognise the importance of rebuilding reserves to ensure longterm financial sustainability and are overseeing a range of strategic measures to address this challenge.  Future risks include changes in employment costs such as TPS Employer pension contribution rates, increase in employer NIC contributions and National Minimum wage, affordability issue due to the introduction of VAT and other inflationary pressures.  The Finance Committee reviews cash forecasts and management accounts monthly.  Annual budgets are produced in spring ahead of fee setting, with reforecasts completed to support key decision making or when a material change in assumptions is identified. 

In response to the 5% increase in employer contributions to the Teachers’ Pension Scheme, the School is actively implementing measures to mitigate the financial impact and ensure continued affordability and sustainability. 

The School has also relaunched its Sixth Form, with full implementation planned by September 2024. This initiative is designed to encourage greater retention of current pupils by offering a refreshed and competitive Sixth Form experience. 

The School is in the process of applying for support from the Football Foundation to improve the quality of its sports pitches. Enhanced facilities will allow the School to host more home fixtures, creating increased visibility and valuable marketing opportunities.  This will also support the ability to increase the volume of Commercial lets. 

A comprehensive review of the School’s assets is currently underway to identify opportunities to better support its charitable objectives. This includes exploring ways to maximise the utilisation of existing assets or to divest those that are underutilised to generate additional income.  Several properties and parcels of land located outside the main School footprint have been identified for potential divestment. Change of use of assets within the School footprint are also being explored. Application has been made to the Charities Commission to remove the restrictions on the Restricted and Endowed funds. The School is receiving professional advice to guide this process and ensure it aligns with its long-term strategic and charitable objectives. 

Based on these developments and ongoing strategic initiatives, the Governors are confident that the School will continue its operations for the foreseeable future. They confirm that there are no material uncertainties affecting the School’s ability to continue as a going concern and that the going concern basis of preparation remains appropriate. 

**P a g e | 28** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **Revenue recognition, Fees and Similar Income** 

Fees receivable and charges for services and for the use of premises are accounted for in the year in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and bursaries awarded by the School. Scholarships are provided in the same year as the service. Where scholarships are provided by restricted scholarship funds the fee income is shown gross in the School’s accounts and the scholarships are shown as a deduction from the fund account. Fees received in advance of education, to be provided in future years, are held as liabilities until either taken to income in the term when used or else refunded. 

## **Resources Expended and support cost apportionment to activity** 

Resources expended are accounted for on an accruals basis and has been classified under 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 the resources.  Costs in relation to operating leases are charged to the income and expenditure account on a straight line basis over the lease term. Governance costs comprise the costs of running the charity, including strategic planning for its future development, audit and legal advice for the Governors and all other costs of complying with constitutional and statutory requirements. Governance costs include audit fees and an allowance for the costs of support staff serving governors’ meetings. 

## **Value Added Tax** 

Any irrecoverable VAT is charged to the Statement of Financial Activities or, capitalised as part of the cost of the related asset, as is appropriate. 

## **Donations** 

Donations are credited to revenue on a receivable basis.  Donations receivable for the general purposes of the charity are credited to unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken into restricted funds where these wishes are legally binding on the Governors. 

## **Pension Schemes** 

Retirement benefits to teachers at the School are provided by the Teachers' Pension Scheme (TPS) and Royal London. The TPS is a defined benefit scheme. This scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme, which is accounted for as a defined contribution scheme. Royal London is a defined contribution scheme. Non-teaching staff are automatically enrolled on the NEST pension scheme. This is a defined contribution scheme. 

**P a g e | 29** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the School in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of valuations using a prospective unit credit method. TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate. 

## **Tangible Fixed Assets** 

Depreciation is provided at the following rates: 

|ed at the following rates:||
|---|---|
|Freehold buildings|1% - 2% of cost|
|Property improvements/refurbishment|6% - 15% of cost|
|Furniture and equipment|10% of cost|
|Computer equipment|25% of cost|



The Governors believe the total net realisable value of fixed assets to be in excess of the carrying value at 31 August 2024. They believe the freehold buildings to have an estimated useful life in excess of 100 years. A valuation was carried out in 2018 which accorded an estimated value of £40,400,000 for insurance purposes. The indexed sum insured is £57,600,000 for insurance purposes.  Foundation property, which comprises land and listed buildings, is not depreciated; any depreciation chargeable would not be material. 

## **Investments** 

Investments are valued in the Balance Sheet at their closing market value at the Balance Sheet date. Realised and unrealised changes in the market value of investments are dealt with in the Statement of Financial Activities. Investment income is accounted for in the year in which the Charity is entitled to receipt. Investment income management costs are charged as expenditure out of relevant funds. 

## **Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered.  Prepayments are valued at the amount prepaid net of any trade discounts due. 

**P a g e | 30** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **Cash at bank and in hand** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **Recognition of creditors and liabilities** 

Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. 

## **Basis of consolidation** 

These financial statements consolidate the results of the charity and its wholly owned subsidiary undertaking drawn up to 31 August 2024. 

The consolidation is carried out on a line-by-line basis. Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiary are eliminated in full. 

Accounting policies of the subsidiary have been changed where necessary to ensure consistency with the policies adopted by the group. 

## **Financial instruments** 

The School only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the school and their measurement basis are as follows: 

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Fixed asset investments are measured at fair value. 

Cash at bank – is classified as a basic financial instrument and is measured at face value. 

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. 

**P a g e | 31** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any key judgments or estimates. 

## **2. Fees Receivable** 

|**School Fee income comprises:**<br>Gross Fees<br>Less:  Total bursaries, grants and allowances<br>Add back: Scholarships, grants etc. paid for by<br>restricted funds|**Year to**<br>**Year to**<br>**31 Aug 2024**<br>**31 Aug 2023**<br>**£**<br>**£**<br>**6,265,559**<br>5,976,382<br>**(875,487)**<br>(852,987)<br>**9,570**<br>8,560<br>**5,399,642**<br>5,131,955|
|---|---|



Included within fee income is £44,369 (2023: £50,057) of Early Years Education Funding including £NIL (2023: £420) Deprivation Supplement and £NIL (2023: £327) Quality Supplement that is classified as restricted income. All of this restricted income was spent on qualifying restricted expenses in the period. 

## **3. Other Educational Income** 

|**. Other Educational Income**||
|---|---|
|**Other educational income**<br>Entrance and registration fees<br>**. Ancillary Income**<br>Property income<br>Student deposits<br>Short stay boarding<br>Other income<br>Insurance claim<br>Gain on disposal of fixed assets|**Year to**<br>**Year to**<br>**31 Aug 2024**<br>**31 Aug 2023**<br>**£**<br>£<br>**9,201**<br>10,350<br>**9,201**<br>10,350|
||**Year to**<br>**Year to**<br>**31 Aug 2024**<br>**31 Aug 2023**<br>**£**<br>£<br>**57,963**<br>2,690<br>**148,003**<br>154,702<br>**126,575**<br>160,236<br>**23,200**<br>39,236<br>**71,464**<br>-<br>**-**<br>18,900<br>**427,205**<br>375,764|



**4. Ancillary Income** 

**P a g e | 32** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **5. Investments** 

|Listed investments<br>Common investment funds|**Year to**<br>**Year to**<br>**31 Aug 2024**<br>**31 Aug 2023**<br>**£**<br>£<br>**26,607**<br>23,035<br>**-**<br>2,672<br>**26,607**<br>25,707|
|---|---|



Investment income comprises of income from investment units held in the UK and the listed investments are quoted on the London Stock Exchange. 

**P a g e | 33** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **6. Total Resources Expended** 

|**. Total Resources Expended**||
|---|---|
|**PARENT**<br>**Charitable activities**<br>Teaching costs<br>Welfare<br>Premises<br>Administration of the school<br>**Costs of schooling**<br>Grants, awards and prizes<br>**Cost of Raising funds**<br>Investment management<br>**Total resources expended**<br>**CONSOLIDATION**<br>**Charitable activities**<br>Teaching costs<br>Welfare<br>Premises<br>Administration of the school<br>**Costs of schooling**<br>Grants, awards and prizes<br>**Cost of Raising funds**<br>Investment management<br>Trading costs<br>**Total resources expended**|**Staff costs**<br>**Other**<br>**Depreciation**<br>**Year to**<br>**31 Aug 2024**<br>£<br>£<br>£<br>**£**<br>3,330,474<br>282,846<br>8,149<br>**3,621,469**<br>349,829<br>197,884<br>-<br>**547,713**<br>242,232<br>511,627<br>174,615<br>**928,474**<br>703,860<br>588,258<br>-<br>**1,292,118**|
||4,626,395<br>1,580,615<br>182,764<br>**6,389,774**<br>-<br>9,570<br>-<br>**9,570**|
||-<br>17,355<br>-<br>**17,355**|
||**4,626,395**<br>**1,607,540**<br>**182,764**<br>**6,416,699**|
||**Staff costs**<br>**Other**<br>**Depreciation**<br>**Year to**<br>**31 Aug 2024**<br>£<br>£<br>£<br>**£**<br>3,330,474<br>282,846<br>8,149<br>**3,621,469**<br>349,829<br>197,884<br>-<br>**547,713**<br>242,232<br>511,627<br>174,615<br>**928,474**<br>703,860<br>588,258<br>-<br>**1,292,118**|
||4,626,395<br>1,580,615<br>182,764<br>**6,389,774**<br>-<br>9,570<br>-<br>**9,570**|
||-<br>17,355<br>-<br>**17,355**<br>-<br>1,512<br>-<br>**1,512**|
||**4,626,395**<br>**1,609,052**<br>**182,764**<br>**6,418,211**|



**P a g e | 34** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

|**PARENT**<br>**Charitable activities**<br>Teaching costs<br>Welfare<br>Premises<br>Administration of the school<br>**Costs of schooling**<br>Grants, awards and prizes<br>**Cost of Raising funds**<br>Investment management<br>**Total resources expended**<br>**CONSOLIDATION**<br>**Charitable activities**<br>Teaching costs<br>Welfare<br>Premises<br>Administration of the school<br>**Costs of schooling**<br>Grants, awards and prizes<br>**Cost of Raising funds**<br>Investment management<br>Trading costs<br>**Total resources expended**|**Staff costs**<br>**Other**<br>**Depreciation**<br>**Year to**<br>**31 Aug 2023**<br>£<br>£<br>£<br>**£**<br>3,160,738<br>263,259<br>19,027<br>**3,443,024**<br>353,788<br>209,358<br>-<br>**563,146**<br>222,595<br>451,918<br>186,149<br>**860,662**<br>582,452<br>592,607<br>-<br>**1,175,059**|
|---|---|
||4,319,573<br>1,517,142<br>205,176<br>**6,041,891**<br>-<br>8,560<br>-<br>**8,560**|
||-<br>11,651<br>-<br>**11,651**|
||**4,319,573**<br>**1,537,353**<br>**205,176**<br>**6,062,102**|
||**Staff costs**<br>**Other**<br>**Depreciation**<br>**Year to**<br>**31 Aug 2023**<br>£<br>£<br>£<br>**£**<br>3,160,738<br>263,259<br>19,027<br>**3,443,024**<br>353,788<br>209,358<br>-<br>**563,146**<br>222,595<br>451,918<br>186,149<br>**860,662**<br>582,452<br>592,607<br>-<br>**1,175,059**|
||4,319,573<br>1,517,142<br>205,176<br>**6,041,891**<br>-<br>8,560<br>-<br>**8,560**|
||-<br>11,651<br>-<br>**11,651**<br>-<br>1,446<br>-<br>**1,446**<br>**4,319,573**<br>**1,538,799**<br>**205,176**<br>**6,063,548**|



**P a g e | 35** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **7. Total Resources Expended Includes the Following Items** 

|**Charitable activity expenditure**<br>**includes:**<br>Premises repairs<br>Depreciation<br>**Governance expenditure includes:**<br>Auditors’ remuneration for:<br>-<br>Statutory audit<br>Governors’ liability insurance<br>**Total staff costs comprising**<br>Wages and salaries<br>Social security costs<br>Pension contributions<br>**Total staff costs**|**Parent**<br>**Year to**<br>Year to<br>**Year to**<br>**31 Aug 2024**<br>31 Aug 2023<br>**31 Aug 2024**<br>**£**<br>£<br>**£**<br>**98,542**<br>139,759<br>**98,542**<br>**182,765**<br>205,176<br>**182,765**<br>**7,800**<br>6,930<br>**7,800**<br>**5,570**<br>5,471<br>**5,570**<br>**3,733,390**<br>3,501,562<br>**3,733,390**<br>**362,300**<br>336,788<br>**362,300**<br>**529,255**<br>481,223<br>**529,255**|**Consolidated**<br>Year to<br>31 Aug 2023<br>£<br>139,759<br>205,176<br>6,930<br>5,471<br>3,501,562<br>336,788<br>481,223|
|---|---|---|
||**4,624,945**<br>4,319,573<br>**4,624,945**|4,319,573|



The average number of employees was 115 (2023: 112) of whom 51 (2023: 51) were teaching staff. 

The number of employees whose emoluments (excluding pension contributions) exceeded £60,000 in the accounting period was: 

||||**Year to**|Year to|
|---|---|---|---|---|
|||**31**|**Aug 2024**|31 Aug 2023|
|£80,000|- £90,000||**1**|1|
|£70,000|- £80,000||**2**|-|
|£60,000|- £70,000||**1**|2|



The number of employees whose emoluments exceeded £60,000 and who were accruing pension benefits under the two schemes were: 

|Teachers’ pension / Royal London|**Year to**<br>Year to<br>**31 Aug 2024**<br>31 Aug 2023<br>**No**<br>**£**<br>No<br>£<br>**3**<br>**51,347**<br>**2**<br>**35,258**|
|---|---|



Two of the above-mentioned employees changed pension scheme in April 2024. The pension benefits accrued in the Teachers’ pension scheme amounted to £40,118 for the year and £11,229 was accrued in the Royal London scheme.  All the prior year benefits were accrued in the Teachers’ pension scheme. 

The total value of key management personnel emoluments during the year was £200,333 (2023: £191,567). Key management personnel comprise senior management staff as noted on page three. 

**P a g e | 36** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **8. Transfer Between Funds** 

|Income released from endowed funds<br>Historical release<br>Loan replacement fund|**Year to**<br>Year to<br>**31 Aug 2024**<br>31 Aug 2023<br>**£**<br>£<br>**18,597**<br>16,908<br>**-**<br>199,245<br>**(9,662)**<br>(9,662)<br>**8,935**<br>206,491|
|---|---|



By an order dated 6 January 1992 the Charity Commissioners agreed that the School could expend up to £410,517 from the permanent endowment of the Charity towards development works at Heathfield. This sum resulted from the sale of various surplus foundation properties and is to be replaced out of the income of the Charity in 60 equal instalments of £6,842. The sums so set aside are to be held and invested as permanent endowment of the Charity. 

By a further order dated 19 July 1999, the Charity Commissioners agreed that the School could expend up to £141,000 from the permanent endowment of the Charity towards the creation of a Performing Arts Centre. This sum is to be replaced out of the income of the Charity in 50 equal instalments of £2,820. The sums so set aside are to be held and invested as a permanent endowment for the Charity. 

The historical release relates to returns that have been generated on the School’s invested endowment funds over a number of years. These returns have been transferred to unrestricted funds to support the School’s operations. 

## **9. Net Gains / (Losses) on Investments** 

|Realised<br>Unrealised|**Year to**<br>Year to<br>**31 Aug 2024**<br>31 Aug 2023<br>**£**<br>£<br>**(22,494)**<br>175,060<br>**173,398**<br>(181,108)<br>**150,904**<br>(6,048)|
|---|---|



**P a g e | 37** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **10. Tangible Fixed Assets (Parent & Consolidated)** 

|**Freehold**<br>**foundation**<br>**property**<br>**Freehold**<br>**school**<br>**buildings**<br>**£**<br>**£**<br>**Cost**<br>At 1stAugust 2023<br>20,956<br>2,316,694<br>Additions<br>-<br>-<br>Disposals<br>-<br>-<br>**As at 31st August 2024**<br>20,956<br>2,316,694<br>**Depreciation**<br>At 1st August 2023<br>-<br>683,317<br>Charge for the year<br>-<br>23,167<br>Eliminated on disposals<br>-<br>-<br>**As at 31st August 2024**<br>-<br>706,484<br>**Net Book Value**<br>**As at 31st August 2024**<br>**20,956**<br>**1,610,210**<br>As at 31stAugust 2023<br>20,956<br>1,633,377<br>**1. Investments**<br>**Unrestricted**<br>**£**<br>Balance as at 1stSeptember 2023<br>1<br>Additions<br>-<br>Disposals at opening market value<br>-<br>Change in market value<br>-<br>Increase/(Decrease) in cash<br>-<br>**Balance as 31st August 2024**<br>1<br>**Comprising:**<br>Investment in subsidiary<br>1<br>Listed Investments<br>-<br>Common investment funds<br>-<br>Cash awaiting investments<br>-<br>1||**Freehold**<br>**foundation**<br>**property**<br>**Freehold**<br>**school**<br>**buildings**<br>**£**<br>**£**<br>20,956<br>2,316,694<br>-<br>-<br>-<br>-|**Freehold**<br>**foundation**<br>**property**<br>**Freehold**<br>**school**<br>**buildings**<br>**£**<br>**£**<br>20,956<br>2,316,694<br>-<br>-<br>-<br>-|**Freehold**<br>**foundation**<br>**property**<br>**Freehold**<br>**school**<br>**buildings**<br>**£**<br>**£**<br>20,956<br>2,316,694<br>-<br>-<br>-<br>-|**Property**<br>**improvement/**<br>**refurbishment**<br>**£**<br>4,721,716<br>116,083<br>-|**Furniture**<br>**and**<br>**equipment**<br>**£**<br>1,091,937<br>22,962<br>-|**Computer**<br>**Equipment**<br>**Total**<br>**£**<br>**£**<br>1,351,568<br>9,502,871<br>5,964<br>145,009<br>-<br>-|
|---|---|---|---|---|---|---|---|
|||||||||
||||20,956<br>2,316,694||4,837,799|1,114,899|1,357,532<br>9,647,880|
||||-<br>683,317<br>-<br>23,167<br>-<br>-||4,149,055<br>138,519<br>-|1,034,576<br>12,930<br>-|1,344,910<br>7,211,858<br>8,149<br>182,765<br>-<br>-|
||||-<br>706,484||4,287,574|1,047,506|1,353,059<br>7,394,623|
|||||||||
||||**20,956**<br>**1,610,210**||**550,225**|**67,393**|**4,473**<br>**2,253,257**|
|||||||||
||||20,956<br>1,633,377||572,661|57,361|6,658<br>2,291,013|
|||||**Unrestricted**<br>**£**<br>1<br>-<br>-<br>-<br>-|**Restricted**<br>**Endowment**<br>**Total**<br>**£**<br>**£**<br>**£**<br>472,969<br>881,290<br>**1,354,260**<br>133,238<br>379,766<br>**513,004**<br>(156,950)<br>(376,025)<br>**(532,975)**<br>61,173<br>89,731<br>**150,904**<br>16,981<br>(6,263)<br>**10,718**<br>527,411<br>968,499<br>**1,495,911**<br>-<br>-<br>**1**<br>504,648<br>930,528<br>**1,435,176**<br>-<br>-<br>**-**<br>22,763<br>37,971<br>**60,734**<br>527,411<br>968,499<br>**1,495,911**|||
|||||1||||
|||||1<br>-<br>-<br>-||||
|||||1||||



## **11. Investments** 

All above investments are held in the UK and are held as nominee by Titan Private Wealth Limited (formerly Cardale Asset Management Limited). All investments are held primarily to provide an investment return for the charity and to fund scholarships and bursaries. 

**P a g e | 38** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **Subsidiary undertaking:** 

Rishworth School owns 100% of the issued share capital of Rishworth School Trading Limited (Company no. 06637465), a company limited by shares. The subsidiary's main trading activity is the letting of facilities owned by Rishworth School. At 31[st] August 2024 the subsidiary had current assets of £109,973 (2023: £103,779) and current liabilities of £108,472 (2023: £102,338). The results of the trading subsidiary are included in the consolidated results on pages 21, 22, 24 and 25. The principal address of the trading subsidiary is the same as Rishworth School as detailed at page 2. The company traded as follows: 

|Turnover<br>Administration Costs<br>Interest receivable<br>Covenanted donation to Rishworth school<br>**Net Profit/(Loss) for the Year**|**Year to**<br>**31 August 2024**<br>Year to<br>31 August 2023<br>**£**<br>£<br>**107,014**<br>103,426<br>**(1,512)**<br>(1,446)<br>**1,778**<br>358<br>**(107,280)**<br>(102,338)<br>**-**<br>-|
|---|---|



## **12. Debtors and accrued income** 

|**2. Debtors and accrued income**||
|---|---|
|Fees<br>Other debtors<br>Rishworth School Trading Ltd<br>Prepayments and accrued income<br>**3. Creditors**<br>**Amounts falling due within one year**<br>Fees received in advance (note 15)<br>Trade creditors<br>Taxation and social security<br>Final term deposits<br>Accruals and deferred income<br>**Amounts falling due after more than**<br>**one year**<br>Fees received in advance (note 15)<br>Final term deposits|**Parent**<br>**Consolidated**<br>**31 Aug**<br>31 Aug<br>**31 Aug**<br>31 Aug<br>**2024**<br>2023<br>**2024**<br>2023<br>**£**<br>£<br>**£**<br>£<br>**83,627**<br>80,145<br>**83,627**<br>80,145<br>**-**<br>30,270<br>**11,868**<br>39,008<br>**108,472**<br>102,338<br>**-**<br>-<br>**150,434**<br>102,884<br>**150,434**<br>102,884|
||**342,533**<br>315,637<br>**245,929**<br>222,037|
||**Parent**<br>**Consolidated**<br>**31 Aug**<br>31 Aug<br>**31 Aug**<br>31 Aug<br>**2024**<br>2023<br>**2024**<br>2023<br>**£**<br>£<br>**£**<br>£<br>**1,709,309**<br>726,898<br>**1,709,309**<br>726,898<br>**237,891**<br>178,809<br>**237,891**<br>178,809<br>**81,506**<br>82,947<br>**81,506**<br>82,947<br>**268,129**<br>226,610<br>**268,129**<br>226,610<br>**83,162**<br>76,328<br>**84,662**<br>77,767|
||**2,379,997**<br>1,291,592<br>**2,381,497**<br>1,293,031|
||**953,469**<br>25,000<br>**953,469**<br>25,000<br>**251,134**<br>332,680<br>**251,134**<br>332,680|
||**1,204,603**<br>357,680<br>**1,204,603**<br>357,680|



## **13. Creditors** 

**P a g e | 39** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **Final term deposits:** 

Fees in advance, include fees paid in full for the following academic year and future charges. Final term deposits are paid when a pupil registers to join the School and are held until the pupil’s last term when they are released against fees and other charges. 

## **14. Fees Received in Advance** 

|Within 1 year<br>Within 1 to 2 years<br>Within 2 to 5 years<br>Over 5 years<br>Balance at start of year<br>Amount released to income<br>Amount deferred in the year<br>Balance at end of year|**31 Aug**<br>31 Aug<br>**2024**<br>2023<br>**£**<br>£<br>**1,709,309**<br>726,898<br>**421,725**<br>25,000<br>**378,891**<br>-<br>**152,853**<br>-<br>**2,662,778**<br>**751,898**|
|---|---|
||**31 Aug**<br>31 Aug<br>**2024**<br>2023<br>**£**<br>£<br>**751,898**<br>1,169,887<br>**(726,898)**<br>(1,116,663)<br>**2,637,778**<br>698,674<br>**2,662,778**<br>751,898|



These amounts are expected to be released in the periods as shown above. 

**P a g e | 40** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **15. Analysis of Charitable Funds** 

## **Unrestricted funds** 

|General funds<br>General funds<br>**Endowment funds**<br>Endowment funds<br>Endowment funds|**01/09/2023**<br>**Income**<br>**Expenditure**<br>**Transfer**<br>**Gains/(losses)**<br>**31/08/2024**<br>1,492,586<br>5,915,962<br>(6,345,405)<br>8,935<br>-<br>1,072,078|
|---|---|
||1,492,586<br>5,915,962<br>(6,345,405)<br>8,935<br>-<br>1,072,078|
||**01/09/2022**<br>**Income**<br>**Expenditure**<br>**Transfer**<br>**Gains/(losses)**<br>**31/08/2023**<br>1,699,807<br>5,578,122<br>(5,991,834)<br>206,491<br>-<br>1,492,586|
||1,699,807<br>5,578,122<br>(5,991,834)<br>206,491<br>-<br>1,492,586|
||**01/09/2023**<br>**Income**<br>**Expenditure**<br>**Transfer**<br>**Gains/(losses)**<br>**31/08/2024**<br>902,246<br>17,738<br>(11,325)<br>(8,935)<br>89,731<br>989,455|
||902,246<br>17,738<br>(11,325)<br>(8,935)<br>89,731<br>989,455|
||**01/09/2022**<br>**Income**<br>**Expenditure**<br>**Transfer**<br>**Gains/(losses)**<br>**31/08/2023**<br>1,111,152<br>16,746<br>(7,570)<br>(206,491)<br>(11,591)<br>902,246<br>1,111,152<br>16,746<br>(7,570)<br>(206,491)<br>(11,591)<br>902,246|



Endowment funds relate to the following: 

- Foundation property – £20,956 (2023: £20,956) 

- Investments held by Titan Private Wealth Limited – £968,499 (2023: £881,290) 

**P a g e | 41** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **Restricted funds** 

|Titan Gaukrodger<br>Titan Fielding<br>Titan Cockcroft<br>Gaukrodger<br>Fielding<br>Greenwood<br>Cockcroft<br>Early Years Funding<br>Titan Gaukrodger<br>Titan Fielding<br>Titan Cockcroft<br>Gaukrodger<br>Fielding<br>Greenwood<br>Cockcroft<br>Early Years Funding|**01/09/2023**<br>**Income**<br>**Expenditure**<br>**Transfer**<br>**Gains/(losses)**<br>**31/08/2024**<br>1,703<br>57<br>(34)<br>-<br>(107)<br>1,619<br>145,188<br>2,111<br>(4,096)<br>-<br>25,892<br>169,095<br>326,077<br>6,701<br>(11,470)<br>-<br>35,388<br>356,696<br>649<br>-<br>-<br>-<br>-<br>649<br>31,602<br>-<br>-<br>-<br>-<br>31,602<br>11,949<br>-<br>-<br>-<br>-<br>11,949<br>316<br>-<br>-<br>-<br>-<br>316<br>-<br>44,369<br>(44,369)<br>-<br>-<br>-|
|---|---|
||517,484<br>53,238<br>(59,969)<br>-<br>61,173<br>571,926|
||**01/09/2022**<br>**Income**<br>**Expenditure**<br>**Transfer**<br>**Gains/(losses)**<br>**31/08/2023**<br>2,049<br>103<br>(112)<br>-<br>(337)<br>1,703<br>138,656<br>2,759<br>(4,143)<br>-<br>7,916<br>145,188<br>330,400<br>6,099<br>(8,386)<br>-<br>(2,036)<br>326,077<br>649<br>-<br>-<br>-<br>-<br>649<br>31,602<br>-<br>-<br>-<br>-<br>31,602<br>11,949<br>-<br>-<br>-<br>-<br>11,949<br>316<br>-<br>-<br>-<br>-<br>316<br>-<br>50,057<br>(50,057)<br>-<br>-<br>-|
||515,621<br>59,018<br>(62,698)<br>-<br>5,543<br>517,484|



Restricted funds are held for the following purposes: 

- Gaukrodger fund – For the promotion and encouragement of the education of one or more boys at the School. 

- Fielding fund – To provide scholarships to male boarders who have lived in the ancient parish of Halifax for the last 6 years. 

- Cockcroft fund – To provide scholarships to pupils. 

- Greenwood fund – For appropriate use by the school. 

**P a g e | 42** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **16. Allocation of Net Assets** 

|**Parent**<br>Unrestricted funds<br>Endowment funds<br>Restricted funds<br>**Consolidated**<br>Unrestricted funds<br>Endowment funds<br>Restricted funds<br>**Parent**<br>Unrestricted funds<br>Endowment funds<br>Restricted funds<br>**Consolidated**<br>Unrestricted funds<br>Endowment funds<br>Restricted funds|**Tangible**<br>**fixed assets**<br>**Investments**<br>**Net current**<br>**assets/(liabilities)**<br>**Long term**<br>**liabilities**<br>**Total**<br>**31 Aug 2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>2,232,301<br>1<br>44,379<br>(1,204,603)<br>**1,072,078**<br>20,956<br>968,499<br>-<br>-<br>**989,455**<br>-<br>527,411<br>44,515<br>-<br>**571,926**|
|---|---|
||2,253,257<br>1,495,911<br>88,894<br>(1,204,603)<br>**2,633,459**|
||**Tangible**<br>**fixed assets**<br>**Investments**<br>**Net current**<br>**assets/(liabilities)**<br>**Long term**<br>**liabilities**<br>**Total**<br>**31 Aug 2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>2,232,301<br>-<br>44,380<br>(1,204,603)<br>**1,072,078**<br>20,956<br>968,499<br>-<br>-<br>**989,455**<br>-<br>527,411<br>44,515<br>-<br>**571,926**|
||2,253,257<br>1,495,910<br>88,895<br>(1,204,603)<br>**2,633,459**|
||**Tangible**<br>**fixed assets**<br>**Investments**<br>**Net current**<br>**assets/(liabilities)**<br>**Long term**<br>**liabilities**<br>**Total**<br>**31 Aug 2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>2,270,057<br>1<br>(419,792)<br>(357,680)<br>**1,492,586**<br>20,956<br>881,290<br>-<br>-<br>**902,246**<br>-<br>472,969<br>44,515<br>-<br>**517,484**|
||2,291,013<br>1,354,260<br>(375,277)<br>(357,680)<br>**2,912,316**|
||**Tangible**<br>**fixed assets**<br>**Investments**<br>**Net current**<br>**assets/(liabilities)**<br>**Long term**<br>**liabilities**<br>**Total**<br>**31 Aug 2023**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>2,270,057<br>-<br>(419,791)<br>(357,680)<br>**1,492,586**<br>20,956<br>881,290<br>-<br>-<br>**902,246**<br>-<br>472,969<br>44,515<br>-<br>**517,484**<br>2,291,013<br>1,354,259<br>(375,276)<br>(357,680)<br>**2,912,316**|



**P a g e | 43** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **17. Commitments** 

At the year-end there were no capital commitments, authorised or contracted for (2023: £nil). 

## **Other financial commitments** 

Operating lease commitments 

|Due in under one year<br>Due in one to five years<br>**Total operating lease commitments not**<br>**provided in the financial statements**|**Parent**<br>**Consolidated**<br>**31 Aug**<br>31 Aug<br>**31 Aug**<br>31 Aug<br>**2024**<br>2023<br>**2024**<br>2023<br>**£**<br>£<br>**£**<br>£<br>**81,151**<br>35,693<br>**81,151**<br>35,693<br>**224,037**<br>44,565<br>**224,037**<br>44,565<br>**305,188**<br>80,258<br>**305,188**<br>80,258|
|---|---|



Total expenditure incurred under operating lease contracts during the year was £88,380 (2023: £26,333). 

## **18. Pension Schemes** 

## **Teachers’ Pension Scheme (TPS, ‘the scheme’):** 

The School participates in the Teachers’ Pension Scheme (England and Wales) (“the Scheme”), for its teaching staff.  This is an unfunded multi-employer defined benefits pension scheme and it is not possible or appropriate to identify the assets and liabilities of the Scheme which are attributable to the School. The scheme is an unfunded defined benefit pension scheme where contributions payable are credited to the Exchequer and a notional set of investments maintained. The pension cost is assessed every five years by the Government Actuary. A copy of the valuation report and supporting documentation is on the Teachers’ Pension website (https://www.teacherspensions.co.uk/news/employers/2024/10/valuationresult.aspx). 

The contributions payable by the School during the accounting period were equal to 23.68% of pensionable salaries. The employer’s pension cost paid to TPS in the period amounted to £401,071 (2023: £378,745). Under the definitions set out in the FRS 102, the TPS is a multi-employer pension scheme. The School has accounted for its contributions to the scheme as if it is a defined contribution scheme. The pensions charge recorded by the School during the accounting period was equal to the contributions payable. 

## **Group Personal Pension Plan:** 

Rishworth School operates a Group Personal Pension Plan for all its employees who are not eligible to join the Teachers’ Pension Scheme. All new and existing non-teaching staff will be automatically enrolled into this pension plan although staff are able to opt out of this should they wish.  The scheme is a defined contribution pension scheme.  As a result, the amount charged to the income and expenditure account represents the Company’s contributions payable to the Plan in respect of the accounting period. 

**P a g e | 44** 



## **RISHWORTH SCHOOL** 

## **Notes to the Consolidated Financial Statements for the Year Ended 31[st] August 2024** 

## **19. Reconciliation of Net Incoming Resources to Net Cash Flow from Operations** 

|Surplus / (Deficit)<br>Depreciation charged<br>Profit on sale of fixed assets<br>Investment income (net)<br>Bank deposit interest<br>Decrease / (increase) in debtors<br>(Decrease) / Increase in creditors<br>Decrease / (increase) in cash awaiting investment<br>**NET CASH INFLOW FROM OPERATING ACTIVITIES**|**Year to**<br>Year to<br>**31 Aug 2024**<br>31 Aug 2023<br>**£**<br>£<br>**(429,761)**<br>(408,216)<br>**182,765**<br>205,176<br>**-**<br>(18,900)<br>**(26,607)**<br>(25,707)<br>**(18,781)**<br>(8,130)<br>**(23,892)**<br>(38,883)<br>**1,935,389**<br>(326,188)<br>**(10,718)**<br>10,240<br>**1,608,395**<br>(610,608)|
|---|---|



## **20. Analysis of Changes in Cash and Cash Equivalents** 

|Balances at 31stAugust 2022<br>Net cash inflow/(outflow)<br>Balance at 31st August 2023<br>Net cash inflow/(outflow)<br>Balance at 31st August 2024|Bank Accounts<br>**Total**<br>£<br>**£**<br>1,261,962<br>1,261,962<br>(566,244)<br>(566,244)<br>695,718<br>695,718<br>1,528,745<br>1,528,745<br>2,224,463<br>2,224,463|
|---|---|



## **21. Related Party Transactions** 

No expenses have been reimbursed to Governors (2023: £Nil). No Governor received remuneration or has received any other benefits from the charity (2023 £Nil). 

Owing to the nature of the School's operations and the composition of the board of governors being drawn from local public and private sector organisations, it is inevitable that transactions will take place with organisations and individuals in which a member of the board of governors may have an interest. All transactions involving such organisations are conducted in accordance with the School's financial regulations and normal procurement procedures. 

**P a g e | 45** 



## **RISHWORTH SCHOOL** 

## **Independent Auditors’ Report to the Members of Rishworth School for the Year Ended 31 August 2024** 

## **Opinion** 

We have audited the financial statements of Rishworth School (‘the parent charitable company’) and its subsidiary (‘the group’) for the period ended 31 August 2024 which comprise the Company Statement of Financial Activities (including the income and expenditure account), the Consolidated Statement of Financial Activities (including the income and expenditure account), the Company Balance Sheet, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of 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: 

- give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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 group and parent 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 Trustees’ (‘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 group and parent charitable company’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 Trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The governors are responsible for the other information contained in the annual report. 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. 

**P a g e | 46** 



## **RISHWORTH SCHOOL** 

## **Independent Auditors’ Report to the Members of Rishworth School for the Year Ended 31 August 2024** 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other 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 or a material misstatement of the other information. 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 the audit: 

- the information given in the annual report of the governors (incorporating the strategic report and the directors’ report prepared for the purposes of company law) for the financial period for which the financial statements are prepared is consistent with the financial statements; and 

- the annual report of the governors (incorporating the strategic report and the directors’ report) have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the annual report of the governors including the Strategic 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: 

- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; 

- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; 

- certain disclosures of directors’ remuneration specified by law are not made; or 

- we have not obtained all the information and explanations we require for our audit. 

## **Responsibilities of the governors** 

As explained more fully in the governors’ responsibilities statement set out on page 18, the governors (who are also directors of the charitable company for 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 they 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 group’s and parent 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 governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. 

**P a g e | 47** 



## **RISHWORTH SCHOOL** 

## **Independent Auditors’ Report to the Members of Rishworth School for the Year Ended 31 August 2024** 

## **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. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

The extent to which the audit was considered capable of detecting irregularities including fraud 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the charitable company through discussions with directors and other management; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

**P a g e | 48** 



## **RISHWORTH SCHOOL** 

## **Independent Auditors’ Report to the Members of Rishworth School for the Year Ended 31 August 2024** 

To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- inquiring of management as to actual and potential litigation and claims; and 

- reviewing correspondence with relevant regulators including the Independent Schools Inspectorate. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

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. 

**P a g e | 49** 



## **RISHWORTH SCHOOL** 

## **Independent Auditors’ Report to the Members of Rishworth School for the Year Ended 31 August 2024** 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body for our audit work, for this report, or for the opinions we have formed. 

## **Sally Shacklock FCA (Senior Statutory Auditor)** 

**For and on behalf of Streets Spenser Wilson (Yorkshire) Ltd Chartered accountants and statutory auditor Equitable House 55 Pellon Lane Halifax West Yorkshire HX1 5SP** 

**Date: 29 May 2025** 

**P a g e | 50** 



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|2025-05-29 08:53 +00:00|JONNY@SLEIGHANDSTORY.CO.|DOCUMENT BUNDLE CREATED BY JONNY STEAD|
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|2025-05-29 08:53 +00:00|SYSTEM|ACCESS LINK: SENDING EMAIL TO: LTWIGG@RISHWORTH-SCHOOL.CO.UK. (1|
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|2025-05-29 09:40 +00:00|FIONA ELLAM|CUSTOMER VERIFIED BY UNIQUE URL SENT VIA EMAIL(NO 2FA)|
|2025-05-29 09:40 +00:00|FIONA ELLAM|LINK OPENED FROM IP 92.40.188.165|
|2025-05-29 09:41 +00:00|FIONA ELLAM|DOCUMENT SIGNED: RISHWORTH SCHOOL ACCOUNTS 2024 - ON PAGE 20|
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|2025-05-29 09:41 +00:00|FIONA ELLAM|DOCUMENT SIGNED: RISHWORTH SCHOOL ACCOUNTS 2024 - ON PAGE 25|
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|2025-05-29 09:41 +00:00|FIONA ELLAM|DOCUMENT SIGNED: RISHWORTH SCHOOL ACCOUNTS 2024|
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|2025-05-29 10:13 +00:00|SALLY SHACKLOCK|DOCUMENT SIGNED: RISHWORTH SCHOOL ACCOUNTS 2024 - ON PAGE 51|
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