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2023-07-31-accounts

THE NORTH LONDON COLLEGIATE SCHOOL (Charity Number 1115843) (Company Number 02818422)

ANNUAL REPORT & ACCOUNTS

YEAR ENDED 31 JULY 2023

THE NORTH LONDON COLLEGIATE SCHOOL ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023

CONTENTS PAGE

REPORT OF THE TRUSTEES 3
(INCORPORATING GOVERNORS REPORT AND THE STRATEGIC REPORT)
Including:
GOVERNORS 5
SENIOR MANAGEMENT TEAM 6
ADVISORS 7
PUBLIC BENEFIT
 9
STRATEGIC REPORT
 11
STATEMENT OF GOVERNORS RESPONSIBILITIES 20
INDEPENDENT AUDITOR’S REPORT 21
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 24
BALANCE SHEETS 25
CASH FLOW STATEMENT 26
NOTES TO THE FINANCIAL STATEMENTS 27 - 44

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THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

The Governors submit their report and the audited financial statements for the year ended 31 July 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

THE CHARITY AND ITS STRUCTURE

The School is vested in a company limited by guarantee, incorporated in England (The North London Collegiate School company number 02818422) (“the Company”), which is a registered charity (charity number 1115843). The Company is constituted by its Memorandum and Articles of Association. The Memorandum sets out the objects and powers of the Company and its constitution and the Articles regulate the governance of the Company and its internal procedures.

The objects (“the objects”) for which the Charity is established are to advance the education of pupils by the provision of a day and/or boarding school (“the School”) in or near the London Borough of Harrow and by ancillary or incidental educational activities and other associated activities for the benefit of the community.

The Governing Body is responsible for determining the aims and overall conduct of the School. Governors approve strategic plans, set overall objectives (including financial), review their implementation, and are kept informed of other associated planning issues.

The Headmistress, with the support of her Senior Team (ST), is responsible for the implementation of the strategic plan and the operational management of the School.

SUBSIDIARIES

The School has a number of wholly owned trading subsidiaries which are incorporated in the UK. The companies donate their taxable profits to the School. Summaries of the results of the trading companies are shown in Note 14.

Canons Enterprises Limited operates the Sports Centre and Swimming Pool, and generates external income from gym memberships and swimming lessons.

Canons Transport Limited operates the School minibuses on behalf of the School, and was set up to improve the recovery of VAT incurred in the operation of the minibuses.

NLCS Enterprises Limited operates the franchise relationship with the company that operates the NLCS franchise in Jeju, Korea.

NLCS International Limited was set up to act as a holding company for the franchise companies owning the shares of NLCSE Dubai, NLCSE Singapore, NLCSE Thailand and Canons Park Consulting. On the 30 September 2022 the share ownership of NLCSE Singapore and Canons Park Consulting was transferred to NLCS Limited.

NLCS International Limited now operates the franchise relationship with companies that operated both the Dubai and Singapore franchise schools. The CVA’s were novated to NLCS International on the 31 July 2021.

NLCS Enterprises Dubai Limited operated the franchise relationship with the company that operates the NLCS franchise in Dubai, until the CVA was novated to NLCS International Ltd on the 31 July 2021. NLCS Dubai is not currently trading.

NLCS Enterprises Singapore Limited operated the franchise relationship with the company that operates the NLCS franchise in Singapore until the CVA was novated to NLCS International Ltd on the 31 July 2021. Singapore now operates the franchise relationship with the company that operates the NLCS franchise in Vietnam following the novation of the LOA on the 4 July 2022 from NLCS Pearl Limited.

Canons Park Consulting Limited offers consultancy services to overseas schools which do not use the NLCS name.

NLCS Pearl Limited operates the franchise relationship with the company which will operate the NLCS franchise in Honk Kong.

NLCS Gold Limited operates the franchise relationship with the company that will operate the NLCS franchise in the USA.

NLCS Jade Limited has been created in readiness to operate the franchise relationship with a future country partner.

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THE NORTH LONDON COLLEGIATE SCHOOL

REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

GOVERNORS

Recruitment and succession planning

The School’s Constitution provides for between 11 and 21 Governors who are eligible to serve for a maximum of ten years. There are currently 17 Governors. The Governors are the trustees of the charity and Directors of the company.

The Nominations Committee of Governors considers impending retirements, identifies the skills needed on the Governing Body, seeks suggestions for new candidates, conducts interviews, and makes recommendations to the Governing Body for the election of new Governors.

Elected Governors serve for 5 years before standing for re-election. There is normally a limit of 10 years’ service for all Governors except officers (Chairman, Vice-Chairman and Chairman of Finance Audit and Risk). Officers are elected for terms of 5 years.

Induction

An induction programme is followed for newly appointed Governors during which they will be invited to visit the school and be provided with key information.

The induction will include sufficient information so they can make a reasonable contribution to the school from the start. It should reduce the time spent in the initial learning curve and informs new Governors on what they need to know about in general and also specifically. This includes:

A Governors’ handbook is issued to each new Governor documenting the above.

Training

The ISC produces an excellent guide outlining the good practice for the Governors of Independent Schools, ‘Guidelines for Governors’, which is issued to each new Governor as part of the induction process. Training on Safeguarding and Safer Recruitment is made available to all Governors.

Further support and training is encouraged by:

Governance

NLCS is governed by its Articles of Association. The strategic objectives of the School are reviewed annually with the Executive team, and there is an annual full day Governors’ Conference which reviews in depth specific elements of the strategy. The performance of the School against its annual objectives is reviewed at termly Governing Body meetings and Governors’ sub-committees. Additionally, our subsidiary companies also have strong Boards with clear objectives, and clear reporting frameworks into the Governing Body. The School keeps its mix of Governors under constant review to ensure that we have the right skill sets to contribute to the Charity’s identified goals, to provide challenge to the Executive team and to hold them to account.

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THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

GOVERNORS

Chairman Mr R C A Hingley (1) (4) (6) (8) (9) (10) Vice Chairman Mrs S Carter (1) (4) (9) (10) Chairman Finance Audit & Risk & Vice Mr P D Needleman (1) (4) (5) (9) Chairman Mrs M Boghani-Nathoo (appointed 19[th] March 2024) Mrs S Dar (2) (resigned on 6[th] June 2023) Ms E Davis (2) (7) Ms V Godfrey (4) (5) (6) (8) (10) Mrs G Gower (1) (4) (6) (appointed 6[th] December 2022) Mrs V Harding (2) (3) (7) (10) Ms R Herdman-Smith (2) (4) (10) Councillor A Jogia (1) (2) (5) (appointed 6[th] December 2022) Mrs N Kingsmill Moore (3) (7) (10) (appointed 6[th] December 2022) Ms C Marten (2) (3) (4) Dr T Maruthappu (2) (resigned 25[th] May 2023) Dr T Thomas (3) (10) (appointed 6[th] December 2022) Dr D Toh (1) (3) (5) (7) Mr A Utermann (8) (appointed 6[th] December 2022) Mrs E Watford (1) (8) (9) (10) Dr A Weller (3) (7) Professor B Young (2) (3) (resigned 20 March 2024)

The Governors, who were also Trustees of the Charity and Directors of the Company, who served during the year 2022 - 2023, and up to the date the accounts were signed, are shown above.

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THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

SENIOR TEAM

(Key management personnel currently and throughout the year, except where shown)

Interim Headmistress Dr H Bagworth-Mann (resigned 31[st] August 2023) Headmistress Mrs V M Bingham (appointed 1[st] September 2023) Chief Operating Officer Mr I A Callender (resigned 20[th] August 2023) Mr T D Brown (21[st] August 2023) Deputy Head (Academic) Mrs C A Hitchen (resigned 30[th] April 2023) Interim Deputy Head (Academic) Mrs J Bedi (appointed 10[th] January 2023) Interim Deputy Head (Pastoral) Miss D Gibbs (resigned 31[st] August 2023) Ms G N Mellor (appointed 1[st] September 2023) Head of Junior School Mrs J M Newman (resigned 31[st] August 2022) Mrs S J Cartwright-Styles (appointed 30[th] August 2022, resigned 7[th] February 2024) Mr R P Queripel (appointed 8[th] February 2024)

Director of Studies and Administration Mr M Burke (resigned 31[st] August 2022) Director of Projects Mr A T Frazer (appointed 1[st] September 2023) Director of Human Resources Mrs H Kuczerska (resigned 23[rd] June 2023)

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Registered Office and Principal Office: Canons, Canons Drive, Edgware, Middlesex HA8 7RJ

ADVISORS
Bankers: Barclays Bank Plc
Barnet & Hampstead Business Banking
PO Box 12820
1250 High Road
Whetstone
London
N20 0WE
Solicitors: Farrer & Co
66 Lincoln’s Inn Fields
London
WC2A 3LH
Veale Wasborough
Orchard Court
Orchard Lane
Bristol
BS1 5DS
Auditor: Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Investment Advisers: BlackRock
Drapers’ Gardens
12 Throgmorton Avenue
London
EC2N 2DL
CCLA Investment Management Ltd
Senator House
85 Queen Victoria Street
London
EC4V 4ET

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OBJECTIVES AND ACTIVITIES

AIMS AND VALUES OF THE SCHOOL

North London Collegiate School has an extraordinary and pioneering history in women’s education. The first academic girls’ day school in the country to offer the same educational opportunities as those offered to boys, welcoming students from all religions and backgrounds. For over 170 years, NLCS has produced generation after generation of positive, articulate, confident and inspirational leaders in the arts, sciences, politics and business; with many alumnae making an important mark on the world.

NLCS has an outward looking, internationalist perspective that is unique in comparison to many other schools; indeed, we were the first leading girls’ day school in the UK to establish an international sister school. Our global family of schools includes branches in Jeju, Dubai and Singapore, providing outstanding opportunities for staff and students to share ideas and make connections.

Students from NLCS achieve remarkable academic results. We are consistently ranked among the top schools in the country in the UK league tables, and we are among the world’s most successful International Baccalaureate Diploma schools, with an average score of 41 points over the last 7 years. Our students gain entry to many of the world’s top universities, with a growing number choosing to continue their studies at Ivy League and equivalent institutions in the USA.

Starting September 2023, the Headmistress has introduced a renewed strategy carefully designed to optimise the ambition, purpose and influence of NLCS. Built on the four pillars of Intellectual Tradition, Intrepid Innovation, Influence & Impact and Investment in the Individual, our strategic mission is to deliver an Inspirational Education. Supporting this work are the School’s overall aims and ethos:

PRINCIPAL ACTIVITY

The principal activity of the Charity is the provision of an academic education to pupils between the ages of 4 and 18, who come from a range of social backgrounds and for whom entry at the age of 4, 7, 11 and 16 is by competitive examination.

The largest proportion of the fee income is expended on the salaries of well-qualified staff; allocation is also made for the upkeep of premises and the provision of the equipment to maintain an environment that promotes good teaching and learning.

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PUBLIC BENEFIT

The Governors, in the course of administering the Charity, have paid due regard to the published Charity Commission guidance on the operation of the Public Benefit requirement. “The School is a Public Benefit Entity as defined by FRS102” This is demonstrated by the following activities of the Charity.

Bursaries

The total value of bursaries in the year was £1,706,859 (2022: £1,491,281), representing a total of 9.7% (2022: 9%) of the Senior School’s tuition fees, and 7.2% (2022: 6.6%) of the School’s total tuition fee income. 79 pupils (2022: 76) in the Senior School received assistance with fees through means-tested bursaries. 65 of these pupils (2022: 65) benefitted from a full remission of fees. The level of awards from the Bursary Fund was assessed on the basis of the parents' financial circumstances.

Our medium-term target is to award bursaries equivalent to 10% of Senior School tuition fees. A key priority for us is to attract more bursary applicants from the wider community.

Partnership Activities

NLCS is involved in a wide range of partnership activities with schools in the maintained sector. The key areas for such activity are outlined below.

Events during 2022/23 included

Partner Activity
BentleyWood Public Speaking
Aylward Minimus Latin Club
Sacred Heart Music Day
Park High PhilosophyConference
Pinner Wood Mini MUN
QE Boys' Unseen Conference
William Perkin School Careers Evening
Whitchurch Swimming
Stanburn English ReadingEnrichment Partnership
Whitchurch
Stanburn
St John’s CofE		 Music Community Partnership
Sacred Heart Year 9 Sacred Heart PartnershipDay
QE Boys Year 10 Symposium
Park High
BentleyWood		 Problem Solving Partnership
Queen’s College
King’s College
Tonbridge School
Wellington College
Mill Hill
Eton
St Paul’s Girls’ School		 Hispanic Theatre Festival

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Prince’s Teaching Institute, Chartered College of Teaching and other activities

The Prince’s Teaching Institute (PTI) is an independent educational charity created by the Prince of Wales and founded by the late Mrs McCabe (the School’s Headmistress 1997-2017). It believes that all children, irrespective of background or ability, deserve a rich, subject-based experience at school - both within and beyond the examination curriculum.

Historically at NLCS, we have had staff involvement in the national education policy debate through contributions to the Government’s National Curriculum Review and in discussion of the development and progress of the Chartered College of Teaching (with a number of NLCS staff obtaining membership and fellowship). Members of NLCS staff, working with counterparts from schools in the maintained sector, have been and continue to be involved in the planning and design of subject leadership courses for the PTI, in Maths and Engineering Technology; Colleagues across both Junior and Senior Schools also have connected with colleagues in the maintained sector via partnership and outreach events hosted in school. This academic year the ISMLA conference is planned to be hosted at NLCS in the Spring Term and the Music Department have hosted local Heads of Music for their equivalent annual meeting. These courses and partnerships re-emphasise best practice nationally as well as the importance of subject enrichment for teachers, and the involvement of NLCS staff has a direct impact on teaching nationally. In addition, NLCS’s Assistant Head, Professional Development is also an Ofqual external expert (in Geography), which further underlines NLCS’s position at the forefront of national education.

In response to the Government’s recent changes to initial teacher training and early career teaching, NLCS has linked up with a number of local independent schools to create a cluster group, offering support and additional training for our respective early career teachers (ECTs). This cluster group is in its third year of running, and NLCS has hosted two meetings (most recently in October 2023), as well as having colleagues presenting sessions at all other cluster group events. We continue to be proud of spearheading such important initiatives in the South East of the country.

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THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

STRATEGIC REPORT

Academic Excellence

Our students taking the IB scored an average 41.5 points, placing us amongst the most successful IB schools in the world. At Pre-U and A level, our students achieved an excellent 77% A or A. 38% of entries were graded A (or equivalent).

These results enabled students to gain places at leading universities. Recent studies have found North London to be one of the most successful schools in the UK at placing students at highly selective institutions; this year, this included 17 students gaining places at Oxford & Cambridge.

At GCSE, there was an outstanding set of results. 75% of entries were at Grade 9, 94% achieved grades 8/9, and 99% were graded 7-9.

Since September 2017, all subjects in the Sixth Form are studied in a linear fashion, culminating in final exams for students after two years. The lack of external exams in Year 12 allows for a renewed focus on the development of scholarship that will serve students well at university.

In the Lower School, teaching by subject specialists has increased in order to encourage the girls to develop a passion for, and deeper understanding of, their subjects, and to prepare them well for the Senior School. Techniques to develop selfassurance as well as perseverance in their learning have been well received by girls across the Junior School. In addition, the Junior School has successfully rolled out iPads to all students as part of its digital learning strategy.

Inspiring a love of academic subjects

Educational aims & philosophy

Founded in 1850 by Frances Mary Buss, pioneer of the academic girls’ day school movement, NLCS can rightfully claim to be one of the oldest schools in the UK – and possibly the world – to provide young women with an explicitly academic education. We are immensely proud of our history and the contribution we believe the School has made to creating women of influence and impact who have taken their place in the public sphere and in all walks of life over the past 150 years and more. Today, holding true to our deep intellectual tradition, we offer an ambitious academic education which prizes scholarship, inspires curiosity and fosters independence of mind.

NLCS teaching aims to put girls on the edge of their seats academically, challenging them to explore their subjects, take risks, debate ideas, test hypotheses and thereby grow their confidence and self-belief whilst developing the profound knowledge, understanding and subject skills that enable them to achieve so highly in public exams and unlock an exciting range of onward destinations.

Range & balance of curriculum

In the First School (Reception-Y2), pupils start their learning journey with a cross-curricular approach in EYFS. This continues into Year 1 and Year 2, although with a greater focus on individual subjects. As pupils move into the Lower School (Y3-Y6), pupils receive subject specific lessons from either their form teacher or a subject specialist. Subjects studied include Maths, English, Science, Computing, Modern Languages, RS, PE, Music, Drama, History, Geography, PSHE and Art/DT.

In the Middle School (Y7-9), pupils receive an excellent foundation in a broad range of subjects: English, Maths, the three Sciences, two Modern Languages (from a choice of four), Latin, History, Geography, Religious Studies, Art, EDT (Engineering, Design & Technology), Computing/Computer Science plus PE and PSHE/RSE.

In the Upper School (Y10-11), there is a mandatory core of Maths, English Language, English Literature, three separate Sciences and one Modern Language from the two studied in the Middle School. Pupils take either three or four further option subjects, one of which must be from the Humanities (History, Geography or Religious Studies). Girls may take more than one Modern Language and more than one Humanities subject if they wish. Most of the possible option subjects will have been studied in the Middle School, but we also introduce Classical Greek, Russian and Italian as two-year courses to GCSE. PE and PSHE/RSE continue in the Upper School.

Sixth Formers follow either the A-level programme, choosing from 24 courses plus the Extended Project Qualification(“EPQ”) if desired, or the International Baccalaureate Diploma programme, which offers 21 subjects at Higher

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THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

Level and 23 at Standard Level. PE and PSHE/RSE continue in the Sixth Form. Each week, Sixth Formers also attend on their timetables Senior Societies (our visiting speaker

programme) and Wednesday afternoon activities. In an average year, based on figures for 2020-23, around 50 girls complete an EPQ (from around 80 starting), with 59% achieving A and 95% A/A. Starting in September 2023, we have launched an in-house alternative, the McCabe Project, to give a route for pupils who conduct excellent research but whose studies do not meet the criteria for the EPQ. This is not intended to be regarded as easier or inferior to the EPQ.

Girls of all ages participate in large numbers in a wide range of activities, societies and clubs under the umbrella of Enrichment [see later in this section for more information]. Whilst off-timetable and inherently voluntary, these are experienced within the culture of the School as extensions of the curriculum, adding to its breadth, rather than as extracurricular add-ons. Particularly distinctive features include 43 Senior Societies, which are pupil-led and which invite visiting speakers to the School every Thursday; these meetings are on-timetable and attended by all pupils in Y11-13. Senior Societies also produce journals, organise discussions and conferences, run subject weeks and lead both Friday Assemblies and key events such as International Women’s Day.

For the calendar year encompassing the Spring and Summer terms of Y12 and the Autumn term of Y13, all girls participate in formal Academic Enrichment every Wednesday afternoon, attending Department-led sessions to explore their subjects beyond the confines of the examined curriculum, through approaches such as seminar discussions, lab work, problem sets, reading and essay-writing. Much of the work undertaken during these sessions is used as part of the broader preparation for university entry, with pupils also meeting with their Academic Mentors throughout the Summer term of Y12 and Autumn term of Y13 for more specialised university support.

In the Autumn term of Y12 and the Spring term of Year 13, Sixth Formers take part in several wider activities, including our Community Outreach Programme.

Enrichment

Over 100 clubs and activities are offered each week across the Senior School, many of which are student-led. Students do not have to sign-up for Activities and Clubs, so engagement is measured via tutor one-to-ones (now using Unifrog). All students in Year 13 apply for and are awarded a position in one of the 43 Senior Societies (students submit letters of application and are interviewed by the staff i/c). Students in Years 12-13 are expected to lead weekly sessions and there is at least one Senior Society speaker a term. The School welcomes around 250 speakers a year, the majority of which are invited by the Senior Societies, at lunchtimes, after-school, or as part of our Thursday Senior Societies talks. As well as being enriched by the content of these talks, very often by leading figures in their fields, students mark themselves out by the sophisticated questions they put to the speakers. Students also edit and publish c.40 journals a year on a range of academic topics, paralleling the peer-review process seen at leading universities. The Junior School offers over 40 clubs, including sports, drama, music technology, dance, fencing, debating, LEGO robotics, Story Weavers, Brilliant Books and debating.

There are 40 music concerts a year, including solo performances, chamber music, external Choral Evensong (usually with King’s College, London), and large-scale orchestral concerts. In 2023, NLCS was the winner of the South East Chamber Music Competition.

In addition to this, the School puts on three main stage drama productions a year, plus a musical and a Sixth Form production which is always student-led (writing, directing, and performing). Students have the opportunity to learn about sound and lighting in our high-spec technical production suite and will often run the sound and lighting in productions. For each of the main productions, around 60 girls are cast members and 10 work backstage. All shows are crewed entirely by pupils, including the Middle School (KS3) production. In addition, 50-70 pupils perform annually in ‘Glimmers’, a scene study production for Y7-8, and there is a Sixth Form pantomime. A number of our pupils work professionally, and last academic year three were members of the National Youth Theatre.

There are at least 190 Senior School and at least 50 Junior School sporting fixtures across the year, with participation and building a healthy attitude towards sport and exercise for all being of primary importance, with the will to win being a significant secondary aim. In 2023, NLCS was the U19 runner-up in the Independent Schools’ Netball Championships. In the Senior School, girls continue to engage in curricular sport until the end of Y13, having access to a choice of 18 different activities. Currently, 89 girls are competing at county level or higher in 18 sports, most of which they are playing at School.

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THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

NLCS offers a wide range of educational visits. The purpose of the majority of educational visits, either residential or ‘day’, is to expand students’ interest in their subjects and so foster a love of learning for its own sake. In the Senior School, almost

40 residential trips are offered each year. These will include a programme of homestays, exchanges, and 'standard' residentials. Destinations vary from year-to-year to ensure that the programme of visits remains vibrant. Whilst a handful of

residential trips are compulsory (such as the Y7, Y8, and Y9 Pastoral Residential Trips, Y9 Western Front Trip, and subject fieldwork trips), many are offered on an opt-in system. There are residential trips for Y4 (camping and teambuilding) and Y6 (a week in rural France).

In addition to this, approximately 60 'day' trips are offered to students across Y7-13. These range from theatre visits to partnership and outreach activities. Junior School pupils from Reception to Y6 visit institutions such as the Houses of Parliament, the National Gallery, Hampton Court and places of interest closer to School, such as our local church.

The Duke of Edinburgh’s Award Scheme is well-embedded at NLCS, with typical numbers participating annually as follows:

Between 1 April 2022 and 31 March 2023, NLCS pupils logged 1053 hours of DofE service.

NLCS’s engagement with the Model United Nations (“MUN”) is particularly well-developed, having grown over recent years. Each year around 20 Sixth Formers have the opportunity to develop their debating skills and current affairs/geopolitical by knowledge attending three conferences in London and Oxford. In 2022-23 a group also attended a conference in New York. NLCS pupils set a high standard in MUN; for example, at the Oxford MUN in October 2023, two girls received ‘outstanding delegate’ awards and one ‘best delegate in category’ from over 900 delegates. Internally, we have developed Middle School MUN to start developing the girls’ skills at a younger age, whilst we host Mini-NLCS MUN conferences for Y4 primary schoolchildren, Y5 children from our feeder schools and all of our internal Y6. 15-20 Sixth Formers give back by leading debates at these conferences. As a development for 2023-24, we shall be hosting an online Mini-MUN conference for the NLCS schools in Dubai, Singapore and South Korea as well as London.

Pastoral Care and Well-being

We have invested in ensuring that we are at the forefront of the well-being and mental health agenda, as well as continuing to maintain a diverse community, reflective of the London population. Our focus has been on ensuring that every student is well known and cared for, that ‘everyone matters’; promoting a sense of community where kindness and consideration for others is central to our ethos; and nurturing our students, so they develop resilience and self-confidence and are ready to take on challenges and take risks with assurance and maturity.

The Senior School pastoral care structure comprises:

Pastoral care is supplemented by two school counsellors who work part-time and who are based in the Cedar Space, our new area for wellbeing which opened in September 2023. There is a dedicated Medical Centre staffed by a nurse and a healthcare professional. We have around 30 trained Peer Mentors, split evenly between Year 11 and Upper Sixth. The Acting Deputy Head (Pastoral) is a qualified Mental Health First Aid instructor and we plan to train volunteer members of staff as Mental Health First Aid practitioners.

The SEN Advisor performs an invaluable pastoral role as the majority of our SEN pupils have Social, Emotional and Mental Health difficulties. The SEN Advisor knows the pupils in her care extremely well and is available to them via regular appointments and drop-ins. She also runs discussion groups in which neurodiverse pupils come together to express their concerns and develop strategies together to help them flourish and make the most of school life.

The Junior School has two forms per year. Form Teachers report to the relevant Pastoral Deputy Head for either First or Lower School. In First School, classes are around 20 pupils as a maximum, and each class has a Teaching Assistant. In Lower School, classes go up to around 24 pupils, and a Teaching Assistant is shared across each pair of forms.

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THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

In the Junior School the SEN Advisor works very closely with the Pastoral Deputy to advise and support when a pupil is struggling. Support includes lunch and break time discussion groups, 1:1 support through anxiety mapping, individual zones of regulation plans and social stories to help in specific situations. The SEN Advisor plays a key role in helping pupils to understand and celebrate their neurodiversity and help them to find strategies to overcome any challenges they may have.

Extracurricular, Enrichment and Student Experience

Developing students’ oral confidence and critical reasoning skills remains an important focus: girls are encouraged to learn to speak succinctly with the minimum of notes and to use technical vocabulary without embarrassment. Our enrichment programme has a scholarly focus, encouraging students to challenge received thinking, explore concepts and theories beyond the formal curriculum, and to develop skills and attributes that will enhance their understanding or interpretation of intellectual ideas.

In addition our students benefit from an individualised careers programme, offering advice and support in a range of areas; from preparation for UK and US university entrance, to careers fairs and advice on other, more specialised, career pathways. A particular emphasis has been placed on promoting entrepreneurialism and a self-starting mentality.

Attracting and retaining the best teachers

The School is committed to attracting and retaining the most able teachers. The School aims for teaching that inspires a scholarly approach in students and develops their academic confidence and resilience. Teachers have been working to ensure girls are stretched and inspired to excel in knowledge, analysis and argument, offering an education that extends far beyond the functionality inherent in any system of public examinations.

Our teachers utilise their passionate commitment to subject knowledge and academic scholarship to inspire and engage our students and to help them in turn to develop their own interests and curiosity. Students are encouraged to challenge preconceived ideas, confront assumptions and fallacious arguments and test orthodox reasoning in order to develop fresh ideas and new perspectives.

Preparing for external challenges

We are continuing to develop our international franchising business, which provides vital income covering the majority of our bursary provision, which would otherwise have to be funded from donations and school operating income.

We continue to take a prudent approach to managing our finances given the pressures from inflation, the threat of VAT on school fees and the confirmed increase in TPS employers contributions .

Fundraising

A considerable amount of effort has gone into developing a comprehensive fundraising strategy during the year in order to ensure that the School has the resources to meet our bursary targets and our capital campaign in support of the development of our new IDEAS Hub opening in 2024. The Hub will provide a new dedicated home for Art, Engineering, Design and Technology as well as enabling cross-curricula STEAM programmes.

Sustainability

We are continuing to invest in sustainability measures in order to reduce the potential impact of energy cost inflation, including the installation of secondary glazing, PV panels and air source heat pumps.

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THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

FINANCIAL REVIEW OF THE YEAR

OPERATING RESULTS

Operating results are shown in the Statement of Financial Activities. One of the main KPI’s set by the Governing Body is to achieve a positive net operating surplus. The definition of net operating surplus is “ operating surplus less long term debt Interest, annual capital spend and amortisation of the long term debt outstanding.” In 2023 the target was £661k and the actual net operating surplus achieved was £352k.

PUPILS

There were 315 pupils in the Junior School (2022: 318) and 790 in the Senior School (2022: 791), which included a Sixth Form of 211 (2022: 217). Entry to the School is by competitive examination at ages 4, 7, 11 and 16, and demand for places at all these ages remained high.

FEES

The fees for the year were £18,849 (2022: £17,866) in the Junior School and £22,308 (2022: £21,145) in the Senior School. Information on Bursaries is shown in the section above on Public Benefit.

SCHOLARSHIPS

Academic scholarships are held by 15 pupils (2022: 17) totalling £138,861 (2022: £140,614 ) representing 0.6% (2022: 0.8%) of the School's tuition fees. Of these, 2 (2022:3) also qualified for bursary support. Additionally, music scholarships are held by 27 (2022:25) pupils.

RESERVES POLICY

Unrestricted Group Reserves total £45m, including the Designated Funds of £7.7m. After deducting group tangible fixed assets with a value of £30.5m, free reserves have been calculated at £6.7m. The School’s target is to maintain at all times positive free reserves.

The School’s investments and cash total £39.9m. This includes £6.9m to fund the ongoing construction of the Idea Hub. The remaining £29.6m cash and investments are held to cover the longer-term liabilities of the Bursary Fund (£6.9m) and Fees in Advance Scheme (£1.1m). The remaining balance is held to cover any future risks and to support future capital plans. The School aims at all times to hold minimum cash of £3m, the equivalent of approximately 1.5 months’ operating expenditure.

The School’s Designated Bursary Fund of £6.9m is maintained at a level equivalent to the cost of supporting 10% of senior pupils on 100% bursaries over the rest of their time at the School.

The Governors review policies on the levels of reserves and realisable assets at least annually, with the Finance, Audit and Risk Committee reporting to the main Governing Body.

INVESTMENTS

The School’s funds are currently invested by BlackRock and CCLA in companies or collective funds which satisfy the investment manager’s suitability and ethical screening criteria, with no restrictions imposed by the School.

The investment policy remains to provide long-term growth. In particular, the aim is to invest the School’s assets prudently to ensure adequate returns are generated to contribute to the funding of bursaries and at least to maintain the capital value of the investment portfolio in real terms. The portfolio continues to hold more equities than bonds and generated a net loss of 3.3 % during the year (2021-22: 2.1%).

The performance of the funds is monitored by the Investment Committee.

SUBSIDIARIES

Full details of the trading performance of the subsidiaries is shown in Note 14.

REMUNERATION POLICY

The School conducts pay surveys on a rolling three-year basis for staff, including key management personnel (Page 6). Our desired market pay position, salary structures and annual salary awards are agreed by the Governing Body. Our benchmark group is Greater London independent schools, with a pupil roll in excess of 600 but less than 20% boarders.

FUNDRAISING

15

THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

Fundraising at NLCS makes an important contribution to the operation of the school, comprising up to 5% of the total budget in a normal year. There is a continuing campaign to raise funds for bursaries, as well as a specific capital campaign to support the construction of the IDEAS Hub . The costs of the fundraising department are met by the School rather than taken from the money donated. There are no professional fundraising organisations used and thus no monitoring processes are required. The School has subscribed to the Fundraising Regulator and adheres to the Code of Fundraising Practice when undertaking fundraising activity. Each year, parents whose daughters are leaving are invited to donate their deposits to the Bursary Fund.

There were no complaints received by the School in relation to fundraising activity. The School takes its responsibility to anyone who might be vulnerable very seriously and this will continue to be taken fully into account in the School’s approach to fundraising activity.

GOING CONCERN

The Governors are of the opinion that the charity has adequate resources to continue to operate for the foreseeable future, being not less than one year from the date of approval of these financial statements. For this reason, the Governors believe it is appropriate to prepare the financial statements on a going concern basis.

The biggest risk to our income is pupil numbers owing to inflationary pressures experienced by our parents. To date our pupil role has remained robust and we have seen no adverse trends in debtors.

In addition to the Group’s cash holdings, the School’s investments total £21m, sufficient to meet the obligations of the Bursary Fund, Fees in Advance totalling £7.9 million, with the balance available to contribute to future contingencies and capital needs, if required.

The International Schools have all grown their rolls throughout the pandemic, which is a testament to their academic results and the work being put into grow admissions. This has enabled us to maintain income for bursaries.

PRINCIPAL RISKS AND UNCERTAINTIES: RISK ASSESSMENT FOR THE CHARITY AND ITS SUBSIDIARIES

The Board of Governors is responsible for the management of the risks faced by the School. Detailed consideration of risks is delegated to appropriate Governing Body committees and reviewed by the Finance, Audit and Risk Committee. A formal review of the charity’s risk management processes is undertaken on an annual basis.

The Headmistress and her Senior Team are responsible to the Governors for the running of the School and provide regular reports to the Governing Body and Committees. This ensures that Governors are well informed on all financial, operational and strategic matters appertaining to the School. This also enables Committees to evaluate the areas of risk for which they are responsible.

The key controls used by the charity include:

The principal risks facing the School are noted in the table below.

Through the risk management processes established for the School, the Governing Body is satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks are being adequately managed.

16

THE NORTH LONDON COLLEGIATE SCHOOL

REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

Specific Risk Consequence In-place controls and actions
External factors result in
unaffordable levels of fee
escalation. Potential factors
include inflation, VAT applied
to fees, business rates relief
abolished		 •
Reduced demand for places
•
Reduced surpluses available to
fund new projects
•
Increase in Debtors, and / or
Insufficient monies to provide
salary rises
•
Loss of morale
•
Confusion over spending
priorities
•
Parents unable to meet fees
•
Coach deficits increase to
unsustainable levels as parents
look to reduce costs		 •
Can draw on cash and investment
balances
•
Long-term fees strategy in place
•
Franchising income
•
Restrain fee rises through effective cost
controls
•
Cost base closely managed to limit
exposure of falling surplus
•
Regular debtor reviews
•
Increase focus on fundraising
National
teacher
shortage
results in highly competitive
recruitment market		 •
Teacher wage inflation outstrips fee
increases
•
Teacher turnover increases
•
School unable to deliver curriculum
to expected standard
•
Poor results in public examinations
•
Not enough teachers to cover all
necessary classes
•
Student:teacher ratios may increase;
•
loss of reputation		 •
Terms and conditions, C&B packages
are regularly reviewed.
•
Some staff accommodation available.
•
Wider career opportunities in NLCS
group
University access requirements
change, or our students are
unsuccessful in gaining places
at top institutions		 •
More resources needed to support
students in re-applying and assessing
application support processes
•
Loss of reputation
•
Limited opportunities for school
leavers		 •
Strong contacts with admissions tutors
are maintained both to discuss offers
and respond to planned changes.
•
Diversification of target universities
(including US)
•
The School has a well-resourced,
trained and supported universities
team
Deteriorating performance in
academic league and Value
Added tables		 •
Fewer applications at all entry points
•
Loss of reputation
•
Falling roll
•
Quality of applicants falls		 •
High-quality teaching and support staff
•
Staff CPD well-funded
•
Rigorous pupil tracking, monitoring
and support procedures in place
•
Prospective students interviewed and
examined to ensure a strong academic
cohort
Marketing/admissions
strategies ineffective		 •
Failure to retain market share
•
Pupil numbers falling/ waiting lists
diminishing
•
Reducing the attraction of new staff
to NLCS
•
Quality of applicants falls		 •
Market research study & parental
surveys conducted. New catchment
areas under review
•
Maintain high educational standards
and value for money.
•
Enhancements to coach service to
maintain transport times to school
•
New marketing strategy implemented
•
Promotion of coach service to attract
students from a wider catchment area

17

THE NORTH LONDON COLLEGIATE SCHOOL

REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

Working environment and
organisational structure
mismanaged. Failure to
address staff concerns		 •
Poor staff morale
•
Illness/injury of staff.
•
Burnout of key personnel and
inability to deal with crises
effectively
•
Insufficient staffing,		 •
Appraisal process and line manager
meetings are used to identify staff
concerns quickly.
•
Turnover and absence levels
monitored.
•
Regular staff briefings
•
Three staff committees in place
•
Investment in staff wellbeing
Inadequate safeguarding
resulting in reputational
damage		 •
Harm to pupils
•
Reputational damage		 •
All staff DBS vetted
•
Annual safeguarding etc training
•
Mental health training
•
Clearpolicies andprocedures
Failure of key IT systems or
hardware;
ransomware
or
other equivalent attacks		 •
Disruption to school activities
•
Inability to respond to disaster
quickly
•
Legal action
•
Loss of sensitive data
•
Parents withdrawpupils		 •
Investment in architecture
•
Network firewalls and filters kept up to
date
•
Emergency backup systems in place
•
Estates risk plans for essential service
inplace

SECTION 172 STATEMENT

The Directors confirm that in accordance with Section 172 (1) of the Companies Act they act in a way they consider would be most likely to achieve the purposes of the School. In making this assessment the Directors have considered the following:

(a) The likely consequences of any decision in the long term

The long-term sustainability of the operating model is considered by the Directors as set out in the going concern section of the Directors’ Report. Specifically, the Directors consider both short- and longer-term financial projections and the key risks that could negatively impact the sustainability of NLCS. The Directors review management information, budgets, forecasts and cashflow projections on a termly basis.

(b) The interests of the School's employees

The Governors receive regular reports on staff matters through the Headmistress’ termly report and personnel committee. All Governors conduct visits to school where opportunity is made for direct staff engagement.

The School has a Support Staff and Teaching Staff Committee where employee issues are discussed. This committee makes recommendations to the senior leadership team and is charged with communicating to employees at large to canvas opinion. A diverse programme of well-being activities is available to all staff.

The School has complied with the UK’s Equality Act 2010 Regulations 2017 that require the publication of information on the gender pay gap for UK employees annually. The 2022 report is available on the website.

(c) The need to foster the School's business relationships with suppliers, customers and others

The charity’s beneficiaries (students and parents) are the focus of all the School’s operations.

A robust and consistent selection policy ensures a diverse and thriving student body that is fully supported throughout their education from reception to external examinations results, enabling admission to all universities and preparing pupils for later life beyond NLCS.

Recruitment of the best teachers and valuing of staff supports the stability and high standard of education.

A clear bursary policy consistently applied to support families who may not otherwise be able to access education at the school. Further details can be found on page 9.

The parent contract forms the basis of the relationship with fee payers. This is reviewed regularly to ensure best practice and then applied fairly and consistently. Parental engagement is maintained through weekly correspondence and termly publications.

18

THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

All suppliers are treated fairly and promptly with business terms adhered to.

(d) The impact of the School's operations on the community and the environment

Full details are found in pages 9 -10.

The School has completed the Energy Savings Opportunity Scheme (ESOS) reporting requirements and has reported under the Streamlined Energy and Carbon Reporting (SECR), details on page 19.

(e) The desirability of the School maintaining a reputation for high standards of business conduct

The School’s Bribery Policy, which has been approved by the Governing Body, sets out the responsibilities of staff to report

any incidents or suspicion of fraud, bribery or corruption arising in the course of their work and to cooperate fully with related investigations. The School takes a zero tolerance approach towards fraud, bribery and corruption. The Whistleblowing policy supports staff in this approach.

(f) The need to act fairly as between members of the company

All governors and senior staff complete an annual Conflict of Interest declaration. There have been no reported incidents of unacceptable relationships.

STREAMLINED ENERGY AND CARBON REPORT

NLCS has made a commitment to become carbon neutral by 2030 and in 2019 undertook a baseline assessment to quantify the School’s carbon footprint, and is registered with the UN’s Carbon Neutral Now accreditation scheme.

The total energy use by the School during FY 2022-23 for Scope 1 - Direct emissions and Scope 2 – Indirect emissions was 4,102,189 kWh - equivalent to 774 tonnes of CO2e. This represents a 11% reduction against the 2019 baseline.

TOTAL UK ENERGY USE
(Based on Financial Year)		 2018 - 19
(Baseline)		 2019 - 20 2020 - 21 2021 - 22 2022 - 23 Latest Year
Variance
to Baseline
Variance %
UK Energy Use (1)(2)
kWh		 4,403,862 4,217,908 4,322,350 4,423,079 4,102,189 -301,673 -7%
Associated Greeenhouse gas
emissions (3)
Tonnes CO2e		 873 811 821 829 774 -99 -11%
Intensity Ratio (4)
Emissions per student		 0.794 0.737 0.747 0.753 0.704 -0.090 -11%

(1) Energy use covers the School's use of Natural Gas, Electricity and the Diesel Fuel consumed by the School's minibuses. (2) The fall in energy consumption in 2020/21 reflects the partial closures of the school due to the pandemic

(3) Associated greenhouse gases have been calculated using the UK Government GHG Conversion Factors for Company Reporting. (4) Based on School Roll of c. 1,100 students

19

THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors are responsible for preparing the Strategic Report, the Report of the Charity Governors and the financial statements in accordance with applicable law and regulations.

Company law requires the Governors to prepare financial statements for each financial year in accordance with United

Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Governors 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 group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group for that year.

In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

GOVERNORS’ STATEMENT

Each of the Governors has confirmed that so far as they are aware, there is no relevant audit information of which the charitable company’s auditor is unaware, and that they have taken all the steps that they ought to have taken as a Governor in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

AUDITOR

A resolution for the reappointment of Crowe U.K. LLP will be proposed at the annual meeting for the ensuing year.

The report of the Governors incorporating the Strategic Report is approved by the Board of Governors and signed on behalf of the Governors

.............……………….................................. R C A Hingley 25/03/2024

20

THE NORTH LONDON COLLEGIATE SCHOOL INDEPENDENT AUDITOR’S REORT TO THE MEMBERS OF THE NORTH LONDON COLLEGIATE SCHOOL

Opinion

We have audited the financial statements of North London Collegiate School ‘the charitable company’ and its subsidiary ‘the group’ for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Statement of Cash Flow and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

21

THE NORTH LONDON COLLEGIATE SCHOOL INDEPENDENT AUDITOR’S REORT TO THE MEMBERS OF THE NORTH LONDON COLLEGIATE SCHOOL

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

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

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

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

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

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

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of royalty income, donations income and other ancillary income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Standing Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission,

22

THE NORTH LONDON COLLEGIATE SCHOOL INDEPENDENT AUDITOR’S REORT TO THE MEMBERS OF THE NORTH LONDON COLLEGIATE SCHOOL

Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 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 and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Nicola May

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

London

Date: 27 March 2024

23

THE NORTH LONDON COLLEGIATE SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2023

Note
Income from:
Charitable activities
School Fee Income
Scholarships
COVID Hardship
Bursaries
Net Fee Income
Ancillary Trading Income (catering and coaches)
Other Income from operation of School
Other activities
Trading Income from Subsidiaries
14
Donations and Grants: Bursaries and Scholarships
9
Donations and Grants: Other
9
Investment Income
Total Income
Expenditure on:
Charitable activities
Trading by Subsidiaries
Raising funds
Financing Costs
Total Expenditure
3
Operating Surplus
Net gains on investments
6
Net income
Transfers between funds:
Net movement after transfers
Actuarial gains/(losses) on defined benefit pension schemes
10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2023 2022
General Funds
Designated
Funds
Restricted
Funds
Restricted
Building Funds
Endowment
Funds
Total Funds
Prior Year
Total Funds
£
£
£
£
£
£
£
23,552,765
23,552,765
22,459,068
(159,861)
(45,000)
(204,861)
(207,483)
-
(158,290)
(1,350,794)
(356,064)
(1,706,858)
(1,491,282)
23,392,904
(1,350,794)
(401,064)
-
-
21,641,046
20,602,013
2,141,515
2,141,515
1,977,762
696,996
696,996
535,376
26,231,415
(1,350,794)
(401,064)
-
-
24,479,557
23,115,151

3,857,123
3,857,123
3,362,182

347,314
347,314
303,679

3,627
135,641
128,552
267,820
373,449
882,187
250,696
19,553
1,152,436
625,404
30,974,352
(1,100,098)
81,891
128,552
19,553
30,104,250
27,779,865
24,362,873
138,905
24,501,778
22,987,434
1,633,287
1,633,287
1,604,760
237,099
237,099
262,595
479,550
479,550
239,700
26,712,809
-
138,905
-
-
26,851,714
25,094,489
4,261,543
(1,100,098)
(57,014)
128,552
19,553
3,252,536
2,685,376

(716,658)
(716,658)
(471,703)
3,544,885
(1,100,098)
(57,014)
128,552
19,553
2,535,878
2,213,673
(1,281,030)
1,281,030
19,553
(19,553)
-
-
2,263,855
180,932
(37,461)
128,552
-
2,535,878
2,213,673

(221,000)
(221,000)
5,067,000
2,042,855
180,932
(37,461)
128,552
-
2,314,878
7,280,673
35,280,242
7,552,744
311,491
103,773
588,665
43,836,915
36,556,242
37,323,097
7,733,676
274,030
232,325
588,665
46,151,793
43,836,915

All amounts relate to continuing operations, and all gains and losses recognised in the year are included above. The notes on pages 27 to 44 form part of these financial statements.

24

THE NORTH LONDON COLLEGIATE SCHOOL CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2023

Note Group 2023 Charity 2023 Group 2022 Charity 2022
£ £ £
FIXED ASSETS
Fixed Assets 5 30,478,145 30,466,077 24,597,039 24,564,026
Investments 6 19,872,476 19,872,783 20,570,928 20,571,134
50,350,621 50,338,860 45,167,967 45,135,160
CURRENT ASSETS
Debtors 7 1,886,548 6,314,071 2,003,628 4,310,275
Cash at Bank and in hand 19,926,345 14,591,466 22,866,807 19,752,471
Current Assets 21,812,893 20,905,537 24,870,435 24,062,746
Creditors
Creditors: Amounts falling due within one year 8 (8,363,632) (7,343,079) (8,659,933) (7,813,641)
NET CURRENT ASSETS 13,449,261 13,562,458 16,210,502 16,249,105
Total Assets less current liabilities 63,799,882 63,901,318 61,378,469 61,384,265
Creditors
Amounts falling due after more than one year 8/13 (17,648,089) (17,648,089) (17,541,554) (17,541,554)
NET ASSETS excluding Pension Liability 46,151,793 46,253,229 43,836,915 43,842,711
Defined Benefit Pension Scheme liability 10 - - - -
NET ASSETS 46,151,793 46,253,229 43,836,915 43,842,711
FUNDS 9
Unrestricted General Funds 37,323,097 37,424,533 35,280,242 35,286,038
Unrestricted Pension Funds - - - -
Unrestricted Designated Funds 7,733,676 7,733,676 7,552,744 7,552,744
45,056,773 45,158,209 42,832,986 42,838,782
Endowment Funds 588,665 588,665 588,665 588,665
Restricted Building Funds 232,325 232,325 103,773 103,773
Other Restricted Funds 274,030 274,030 311,491 311,491
TOTAL FUNDS 46,151,793 46,253,229 43,836,915 43,842,711

The notes on pages 27 to 44 form part of these financial statements.

The parent charity result for the year ended 31 July 2023 was a surplus of £3,348,173 (2022: £2,691,972) (before gains on investments and actuarial gain/loss).

Approved by the Governors and authorised for issue on 25 March 2024 and signed on their behalf

Director Director P Needleman R Hingley

25

THE NORTH LONDON COLLEGIATE SCHOOL STATEMENT OF CASH FLOWS FOR YEAR ENDED 31 JULY 2023

Cash flows from operating activities:
Adjustments for:
Depreciation charges
(Gains)/losses on fixed assets
Income from investments
Loss on disposal of plant and equipment
Movement in Defined Benefit Pension Liability
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Income from investments
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Movement in Fees in Advance
Cash inflows from new borrowing
Net cash provided by (used in) financing activities
Cash and cash equivalents
Cash in hand at the start of the reporting period
Cash in hand at the end of the reporting period
Change in cash and cash equivalents in the reporting period
Change in cash and cash equivalents in the reporting period
Net income for the reporting period (as per the Statement of
Financial Activities)		 2023
2022
£
£
2,535,878
2,213,673
1,193,303
1,196,736
716,658
471,705
(1,152,436)
(625,404)
-
85,182
(221,000)
156,000
117,080
(1,181,502)
(241,793)
1,405,330
2,947,690
3,721,720
1,152,436
625,404
(7,074,409)
(4,337,670)
-
-
(18,208)
(19,089)
(5,940,181)
(3,731,355)
52,029
(29,910)
-
17,000,000
52,029
16,970,090
(2,940,462)
16,960,455
22,866,807
5,906,352
19,926,345
22,866,807
(2,940,462)
16,960,455

26

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

The School is vested in a company limited by guarantee (The North London Collegiate School company number 2818422), which is a registered charity (charity number 1115843). The company is constituted by its Memorandum and Articles of Association. The Memorandum sets out the objects and powers of the Company and its constitution and the Articles regulate the governance of the Company and its internal procedures.

1 ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material to the Group’s affairs.

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the inclusion of listed investments at market value, and in accordance with applicable accounting standards.

The School meets the definition of a public benefit entity under the guidance issued by the Charity Commission. The financial statements have been prepared to comply with FRS102 and conform with the requirements of the Statement of Recommended Practice, “Accounting and Reporting by Charities” issued by the Charity Commissioners for England and Wales in 2015 (Charities SORP – FRS102) and the Companies Act 2006.

The consolidated financial statements include the results of the School and all its subsidiaries. All activities are consolidated on a line by line basis in the Statement of Financial Activities and the Balance Sheet. Accordingly, the Consolidated Statement of Financial Activities reflects the incoming resources and resources expended of the Group and not the School as an individual entity. The results of the subsidiaries are shown in Note 13.

(b) Going concern

The Governors review actual financial results on a termly basis and compare the performance against budgets and forecasts. Forecasts are regularly reviewed and the impact of any internal or external changes are assessed and incorporated as appropriate.

The largest risk to our income is pupil roll numbers, the role has not been impacted by the pandemic and we continue to maintain our income levels. In addition the International Schools have all maintained or grown their rolls throughout the pandemic.

Long range forecasts have been prepared for the School and all its subsidiaries and the impact of a drop in roll has been modelled. To mitigate this risk we have a £1m overdraft facility in place.

The company has adequate resources to continue its future activities through its cash and investment holdings.

Accordingly the Governors have continued to prepare the financial statement on the going concern basis.

(c) Income

All income is included on an accruals basis with the exception of donations and gifts which are included when received. Grants are recognised in the year of the agreement to the extent that there is a contractual commitment from the donor, there is evidence of entitlement, receipt is probable and the amount can be measured reliably. Donations which are provided in kind are not recognised in the accounts unless they are material.

Legacies are included within the Statement of Financial Activities when the School has been notified of its entitlements to income and the value and timing of receipt of the probable legacy can be measured with sufficient reliability.

School fees are credited to income in the period for which they are receivable. Net fees receivable are stated after deducting bursaries and scholarships. Fees that are receivable in advance of the academic year to which they relate are treated as creditors and released in the year to which they relate.

Income received in respect of set-up costs from franchising partners is recognised in line with activity of work completed. Income from royalties and charges for additional services to our franchising partners is recognised in respect of fee income for the academic year.

27

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

(d) Resources expended

Expenditure is recognised when there is a legal and constructive obligation. In accordance with the Charities SORP expenditure has been analysed between charitable activities, financing costs and the cost of raising funds. The principal activity of the organisation is the operation of the North London Collegiate School. Governance costs reflect the costs of administration and other costs necessary for the operation of the charity. Support costs comprise general management, governance, accounting and financing.

(e) Pension contributions

In accordance with FRS 102 the amounts charged in resources expended are the costs of providing pension benefits earned by employees in the period. The expected return on pension scheme assets less the interest on pension scheme liabilities is included as part of this charge. Actuarial gains and losses arising in the period from the difference between actual and expected returns on pension scheme assets, experience gains and losses on pension scheme liabilities and the effects of changes in demographics and actuarial assumptions are included in the statement of financial activities within other recognised gains and losses. The accumulated pension scheme deficit is recognised in full and included within the balance sheet.

Costs in respect of the Teachers Superannuation Scheme, which is a multi-employer scheme where the assets and liabilities attributable to the School cannot be identified, are charged to the Statement of Financial Activities based on the employers’ contributions payable.

(f) Value Added Tax

The School is registered for Value Added Tax. Expenditure shown in the Statement of Financial Activities is inclusive of irrecoverable Value Added Tax as the School is unable to reclaim VAT on the majority of its expenses.

(g) Taxation

The company is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly the company is potentially exempt from taxation in respect of income or capital gains tax within categories covered by Chapter 3 of Part 11 of the Corporation Tax 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge arose in the period.

The subsidiary companies make qualifying donations of all taxable profit to The North London Collegiate School. No corporation tax liability on the subsidiaries arises in the accounts.

(h) Fixed Assets

Land and buildings existing at the date of the scheme setting up the charity as a separate entity in 1993 are included at their original cost less accumulated depreciation. Additions to land and buildings since that date and fixed plant are capitalised in the balance sheet. All furniture items are treated as expense items. Items bought individually which are less than £5,000 are not capitalised.

• Buildings & Associated Plant:

(i) Investments

Investments are included at market value at bid-price. Realised gains or losses on disposals of investments and unrealised gains and losses on revaluation of investments at the year end are reflected in the Statement of Financial Activities. The investment in the subsidiaries, which is included in the Charity’s balance sheet, is included at cost.

28

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2023

(j) Operating leases

Instalments under operating lease agreements are charged to the Statement of Financial Activities in the year in which they are incurred.

(k)

Funds

General Funds are the accumulated surplus on the School income and expenditure account which is available for use at the discretion of the Governors in furtherance of the general objectives of the charity.

Designated Funds comprise funds which have been set aside at the discretion of the Governors for specific purposes.

Restricted Funds may only be spent on the charitable purpose specified by the donor and fall into three categories:

  1. Endowment Funds, where only the income from the fund may be spent on the charitable

purpose.

  1. Building Funds comprise donations which are intended for the purchase of capital assets. A release is made to the General Fund when the expenditure is incurred where there is no ongoing restriction on the asset, or, if the expenditure has already been incurred, in the year that the donation is received.

  2. Other Restricted Funds, where the whole fund is available for expenditure on the charitable purpose.

Further details are shown in Note 9.

(l) Judgements and Estimates

The provision for bad debts is based on a case-by-case review of amounts outstanding in respect of pupils. All other judgements or estimates which materially affect the amounts recognised in the accounts have been disclosed in these accounts. These include the treatment and calculation of depreciation, multi-year grants, the allocation of support costs, and the calculation of any pension obligations.

(m) Financial Instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial Assets held at amortised cost comprise cash at bank and in hand, together with debtors except prepayments. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in bank accounts (with less than six months notice) and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, provisions and deferred income. Investments are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at cost less impairment.

29

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

2 COMPARATIVE SOFA

School Fee Income is shown on the Statement of Financial Activities. Details of Scholarships and Bursaries are shown in the Trustees Report. Other income includes Registration fees, trip income and rental income from staff accommodation.

Note
Income from:
Charitable activities
School Fee Income
Scholarships
COVID Support
COVID Hardship
Bursaries
Net Fee Income
Ancillary Trading Income (catering and coaches)
Other Income from operation of School
Other activities
Trading Income from Subsidiaries
13
Donations and Grants: Bursaries and Scholarships
9
Donations and Grants: Other
9
Investment Income
Total Income
Expenditure on:
Charitable activities
Trading by Subsidiaries
Raising funds
Financing Costs
Total Expenditure
3
Operating Surplus
Net gains on investments
6
Net income
Transfers between funds:
Net movement after transfers
Actuarial gains/(losses) on defined benefit pension schemes
10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2022 2021
General
Funds
Designated
Funds
Restricted
Funds
Restricted
Building
Funds
Endowment
Funds
Total Funds
Prior Year
Total Funds
£
£
£
£
£
£
£
22,459,068
-
-
-
-
22,459,068
21,485,631
(166,483)
-
(41,000)
-
-
(207,483)
(238,535)
-
-
-
-
-
-
-
-
(158,290)
-
-
-
(158,290)
(178,670)
-
(1,178,833)
(312,449)
-
-
(1,491,282)
(1,448,770)
22,292,585
(1,337,123)
(353,449)
-
-
20,602,013
19,619,656
1,977,762
-
-
-
-
1,977,762
1,434,878
535,376
-
-
-
-
535,376
463,971
24,805,723
(1,337,123)
(353,449)
-
-
23,115,151
21,518,505
-
-
-
-
-
-

3,362,182
-
-
-
-
3,362,182
2,563,796

-
-
303,679
-
-
303,679
313,249

2,883
-
275,733
94,833
-
373,449
231,326
357,592
233,066
-
15,193
19,553
625,404
541,296
-
-
-
-
-
-
28,528,380
(1,104,057)
225,963
110,026
19,553
27,779,865
25,168,172
-
-
-
-
-
-
-
-
-
-
-
-
22,824,730
35,996
126,708
-
-
22,987,434
21,575,579
1,604,760
-
-
-
-
1,604,760
1,355,732
262,595
-
-
-
-
262,595
261,090
239,700
-
-
-
-
239,700
59,121
24,931,785
35,996
126,708
-
-
25,094,489
23,251,522
3,596,595
(1,140,053)
99,255
110,026
19,553
2,685,376
1,916,650

(471,703)
-
-
-
-
(471,703)
2,773,003
3,124,892
(1,140,053)
99,255
110,026
19,553
2,213,673
4,689,653
(278,071)
727,402
19,553
(449,331)
(19,553)
-
-
-
-
-
-
-
-
2,846,821
(412,651)
118,808
(339,305)
-
2,213,673
4,689,653
-
-
-
-
-
-

5,067,000
-
-
-
-
5,067,000
468,000
-
-
-
-
-
-
7,913,821
(412,651)
118,808
(339,305)
-
7,280,673
5,157,653
-
-
-
-
-
-
-
-
-
-
-
-
-
-
27,366,421
7,965,395
192,683
443,078
588,665
36,556,242
31,398,589
-
-
-
-
-
-
-
35,280,242
7,552,744
311,491
103,773
588,665
43,836,915
36,556,242

All amounts relate to continuing operations, and all gains and losses recognised in the year are included above. The notes on pages 27 to 44 form part of these financial statements.

30

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2023

3 ANALYSIS OF TOTAL EXPENDITURE

Teaching
Catering & Coaches
Premises
Governance Costs
Other Support Costs
Total Charitable Activities
Raising Funds
Financing Costs
Investment Management
Cost of Subsidiaries
Total Other Activities
Total Expenditure		 Staff Costs
Other Costs
Depreciation
Group 2023
Total
Group 2022
Total
13,024,640
1,067,905
14,092,545
13,198,162
24,350
2,444,953
2,469,303
2,319,877
502,467
2,780,336
1,172,358
4,455,161
4,028,732
11,700
161,323
173,023
254,703
2,384,305
927,441
3,311,746
3,185,960
15,947,462
7,381,958
1,172,358
24,501,778
22,987,434
173,189
63,910
237,099
262,595
479,550
479,550
239,700
-
-
-
829,299
783,043
20,945
1,633,287
1,604,760
1,002,488
1,326,503
20,945
2,349,936
2,107,055
16,949,950
8,708,461
1,193,303
26,851,714
25,094,489

31

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

4a EXPENDITURE

Wages and salaries
Social security costs
Other pension costs
Other pension costs of employing staff		 2023
£
12,645,339
1,461,519
2,508,456
334,636
16,949,950		 2022
£
11,939,653
1,370,161
2,793,047
263,547
16,366,408

Termination payments, including redundancy, and ex gratia payments totalled £115,883 in the year (2022: £203,303). These are included in the total for staff costs above. Termination benefits are payable when employment is terminated by the School or whenever an employee accepts voluntary redundancy in exchange for these benefits. The School recognises termination benefits when a fully signed settlement agreement is in place, or when the cost has otherwise been confirmed and committed to. There were no amounts outstanding at 31st July 2023 or 2022 for any termination payments.

Remuneration and benefits for key management personnel (consisting of the Senior Team, as set out above on page 6) totalled £1,289,090 in the year (2022: £1,305,344).

The number of staff who received remuneration (including taxable benefits in kind but excluding employer pension costs) in excess of £60,000 were as follows:

£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000 - £109,999
£110,000 - £119,999
£120,000 - £129,999
£150,000 - £159,999
£160,000 - £169,999
£170,000 - £179,999
£190,000 - £199,999
£270,000 - £279,999		 2023
33
20
10
2
2
-
2
1
1
1
-
72		 2022
32
19
2
2
2
2
-
2
-
-
-
1
62

All except two of the higher paid staff shown above were accumulating benefits under the various pension schemes. This amounted to £1,174,667 (2022: £939,860).

The average number of staff employed by the group during the year was as follows. The calculation of Full-time equivalent staff for Support Staff is based on the staffing complement, calculated on 40 hours per week and 52 weeks per year.

2023 2023 2022 2022
Full-time Average Full-time Average
equivalent Headcount equivalent Headcount
Teaching 127.7 155.7 126.4 157.3
School Support Staff 83 123.3 75.6 115
Employed by Subsidiaries (Canons Enterprises) 6.5 30.1 6.5 30.5
Total 217.2 309.1 208.5 302.8

32

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

4b Auditors’ remuneration
- for audit services
- for subsidiary audit services
- for tax advisory services		 2023
2022
£
£
26,200
27,120
40,800
29,100
10,150
9,555

5 TANGIBLE FIXED ASSETS

Group
Cost
As at 1 August 2022
Disposals
Additions
Transfers
As at 31 July 2023
Depreciation
As at 1 August 2022
Disposals
Charge for the period
As at 31 July 2023
Net book values
As at 31 July 2023
At 31 July 2022
Charity
Cost
As at 1 August 2022
Disposals
Additions
Transfers
As at 31 July 2023
Depreciation
As at 1 August 2022
Disposals
Charge for the period
As at 31 July 2023
Net book values
As at 31 July 2023
At 31 July 2022		 Freehold
Land and
buildings
£
26,034,366
-
200,521
762,013		 Assets
Under
Construction
£
6,566,501
-
6,311,121
(875,033)		 Fixed plant
£
1,322,612
-
236,561
113,020		 Equipment
£
1,622,996
-
326,209
-		 Vehicles
Total
£
£
282,782
35,829,257
-
-
-
7,074,412
-
-
26,996,900 12,002,589 1,672,193 1,949,205 282,782
42,903,669
9,143,592
-
715,658		 -
-
-		 502,981
-
116,989		 1,349,000
-
334,822		 236,648
11,232,221
-
-
25,835
1,193,303
9,859,250 - 619,970 1,683,822 262,483
12,425,524
17,137,650
16,890,774
Freehold
Land and
buildings
£
26,034,366
-
200,521
762,013		 12,002,589
6,566,501
Assets
Under
Construction
6,566,501
-
6,311,121
(875,033)		 1,052,223
819,631
Fixed plant
£
1,322,612
-
236,561
113,020		 265,383
273,996
Equipment
£
1,554,505
-
326,209
-		 20,299
30,478,145
46,134
24,597,036
Vehicles
Total
£
£
34,229
35,512,213
-
-
-
7,074,412
-
-
26,996,900 12,002,589 1,672,193 1,880,714 34,229
42,586,625
9,143,592
-
715,658		 -
-
-		 502,981
-
116,989		 1,280,509
-
334,822		 21,109
10,948,191
-
-
4,888
1,172,357
9,859,250 - 619,970 1,615,331 25,997
12,120,548
17,137,650
16,890,774		 12,002,589
6,566,501		 1,052,223
819,631		 265,383
273,996		 8,232
30,466,077
13,120
24,564,022

At 31 July 2023 the Group had capital commitments of £5.5m (2022: £ 8.6M Site Masterplan) relating to the Site Masterplan. Assets under construction relate to the Ideas Hub, Phase 1 of the Site Masterplan.

33

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

6 INVESTMENTS

Investment in Canons Enterprises Limited, at cost
Investment in Canons Transport Limited, at cost
Investment in NLCS Enterprises Limited at cost
Investment in NLCS International Limited at cost
Investment in NLCS Pearl Limited at cost
Investment in NLCS Jade Limited at cost
Investment in NLCS Golf Limited at cost
Investment in NLCS Enterprises Singapore Limited
Investment in Canons Park Consulting Limited		 2023
2022
2
2
1
1
100
100
100
1
1
1
100
1
1
1
100
1

Further details of the subsidiaries are shown in Note 14.

On the 30 September 2023 the shares held in NLCS Enterprises Singapore Limited and Canons Park Consulting Limited were transferred to The North London Collegiate School.

Other investments, all of which are listed, at
market value
At 1 August 2022
Additions (CCLA)
Additions (Black Rock)
Investment gains/(losses)
At 31 July 2023
Cost of other investments
At 31 July 2023		 Group & Charity
£
£
2023
2022
20,570,928
21,023,544
18,208
19,089
-
-
(716,658)
(471,703)
19,872,474
20,570,928
15,592,690
15,574,482

7 DEBTORS

Fee debtors
Amounts owing by Franchise Partners
Amounts due from Subsidiaries
Prepayments and accrued income		 Group
2023
£
77,339
266,109
-
1,543,100
1,886,548		 Charity
2023
£
77,339
5,633,406
603,326
6,314,071		 Group
2022
£
46,942
622,564
-
1,334,122
2,003,628		 Charity
2022
£
46,942
-
3,811,100
452,233
4,310,275

34

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

8 CREDITORS

Fee deposits
Trade creditors
Tax social security
Accrued holiday pay
Accruals and defered income
Receipts in respect of autumn fees
Deferred income: Fees in advance scheme		 Group
2023
£
3,486,576
1,045,168
4,335
1,109,793
1,980,306
349,203
388,252
8,363,633		 Charity
2023
£
3,486,576
824,523
1,766
1,109,793
1,182,969
349,203
388,252
7,343,082		 Group
2022
£
3,323,631
1,137,546
340,865
1,065,153
2,086,513
263,466
442,759
8,659,933		 Charity
2022
£
3,323,631
1,133,128
338,367
1,065,153
1,247,137
263,466
442,759
7,813,641
Amounts falling due after more than one year:
Group & Charity Group & Charity
2023 2022
Fees in Advance 648,090 541,553
Private Placement 17,000,000 17,000,000
17,648,090 17,541,553
Maturity of debt:
Between 2 and 5 years 648,089 541,553
Over 5 years 17,000,000 17,000,000
17,648,089 17,541,553
Movements in Fees in Advance Scheme
At start of year 984,312 1,155,092
New Contracts 651,039 563,515
Repayments - -
Amounts used to pay fees (606,542) (746,307)
Debt Financing Cost 7,533 12,014
Balance at end of year 1,036,342 984,312

On the 17 December 2021 a private placement for £17,000,000 was completed. The loan is over 30 years and is repayable on 17 December 2051. Interest at 2.82% per annum is payable semi-annually on the 17 June and 17 December.

35

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

9 FUNDS - GROUP

(a) Net assets are held for the various funds as follows:

Tangible Fixed Assets
Investments
Net Current assets
Long Term Creditors
Pension Deficit
At 31st July 2023
Tangible Fixed Assets
Investments
Net Current assets
Long Term Creditors
Pension Deficit
At 31st July 2022		 General Funds
Designated
Funds
Restricted
Funds
Restricted
Building Funds
Endowment
Funds
Total Funds
30,448,145
30,000
30,478,145
11,317,810
7,733,676
232,325
588,665
19,872,476
13,205,231
274,030
(30,000)
13,449,261
(17,648,089)
(17,648,089)
-
-
37,323,097
7,733,676
274,030
232,325
588,665
46,151,793
24,567,039
30,000
24,597,039
12,325,746
7,552,744
103,773
588,665
20,570,928
15,929,011
311,491
(30,000)
16,210,502
(17,541,554)
(17,541,554)
-
-
35,280,242
7,552,744
311,491
103,773
588,665
43,836,915

36

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

9 2023 Movements in Designated and Restricted Funds

Transfers
to/from
Balance at 1st Investment Charitable Transfers of General Balance at
August 2022 Donations income Expenditure Net Income Funds 31st July 2023
Restricted Endowment Funds
Endowment Fund: Land owned by the School 30,000 - - - - - 30,000
Prize/Exhibitions & Scholarship Fund 284,369 - 9,953 - (9,953) - 284,369
Eleanor Lyndon Trust Fund 14,296 - 500 - (500) - 14,296
Sharland Sixth Form Bursary 250,000 - 8,750 - (8,750) - 250,000
Sharland Sixth Form Prize Fund 10,000 - 350 - (350) - 10,000
588,665 - 19,553 - (19,553) - 588,665
Restricted Building Funds
Masterplan Capital Fund 103,773 128,552 - - - - 232,325
103,773 128,552 - - - - 232,325
Other Restricted Funds
Prize/Exhibitions & Scholarship Fund Income 44,072 - (2,640) 9,953 - 51,385
Eleanor Lyndon Trust Fund Income 2,613 - (55) 500 - 3,058
Bernice McCabe Bursary Appeal Fund - 347,314 (356,064) 8,750 - -
Sharland Prizes 1,725 - - 350 - 2,075
The Doris Gregory Trust - 89,314 (89,314) - - -
Frank Levett Memorial Prize 10,241 - - - - 10,241
Parents Guild - 32,731 - - - 32,731
Frances Mary Buss Scholarship Trust 15,310 - - - - 15,310
Kay Nicholson Physics Prize 305 - (25) - - 280
Kay Nicholson Economics Prize 470 - - - 470
Ennis Brandenburger 1,872 - (85) - - 1,787
Library Fund 1,600 - - - - 1,600
Annual Fund 41,838 13,096 - - - 54,934
Emerald Ball 8,361 - - - - 8,361
Foxton Fund - History Speakers 326 - - - - 326
Tomsett - STEM 42,836 - (1,419) - - 41,417
STEM - Revenue Donations 108,572 - (86,992) - - 21,580
Suzy Sharland Travel Bursary - 500 (500) - - -
Junior School Annual Fund 6,350 - - - - 6,350
Lacrosse Fund 25,000 - (2,876) - - 22,124
311,491 482,955 - (539,969) 19,553 - 274,029
Designated Funds
Bernice McCabe Bursary Fund 7,162,744 - 250,696 (1,350,794) - 881,279 6,943,925
Masterplan Fund 390,000 - - - - 399,751 789,751
Grand Total 8,556,673 611,507 270,249 (1,890,763) - 1,281,030 8,828,695

Investment income is credited at a notional rate on the opening balance to Endowment Funds, the 2016 Capital Campaign and to the Designated Bursary Fund For 2022/23 this rate is 3.5%

37

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

9 2022 Movements in Designated and Restricted Funds

38

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

9 Details of Restricted & Designated Funds:

Endowment Funds where only the net income is available to the School. The original capital sum is shown here and any income, expense and charitable expenditure are shown in the respective restricted fund.

Building Funds comprise donations which are intended for the purchase of capital assets. A release is made to the General Fund when the expenditure is incurred, or, if the expenditure has already been incurred, in the year that the donation is received.

Other Restricted Funds

Designated Funds

39

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

pandemic.

10 PENSION COSTS

London Borough of Harrow Superannuation Fund

The School contributes to the London Borough of Harrow Superannuation Fund which is a multi-employer defined benefit scheme, the assets and liabilities of which can be disaggregated. This scheme is now closed to new entrants. The pension cost for the London Borough of Harrow Superannuation Fund is assessed in accordance with the advice of a qualified actuary on the basis of triennial valuations. The pension charge for the scheme was £380,000 (2022: £726,000) which were the contributions due for the year. A formal valuation of the Scheme was carried out as at 31 March 2013 by a qualified independent actuary. This statement has been updated to 31 July 2023 by the actuary for the purpose of the disclosures required by Financial Reporting Standard 102 based on that valuation, using the following major assumptions:

31 July 31 July 31 July 31 July 31 July
2023 2022 2021 2020 2019
Pension increase rate 3.0% 2.75% 2.85% 2.2% 2.4%
Salary increases 4.0% 3.45% 3.55% 2.9% 2.7%
Expected return on assets 0.8% 1.5% 1.60% 1.4% 2.1%
Discount rate 5.05% 3.5% 1.6% 1.6% 2.1%

The mortality assumptions adopted at 31 July 2023 imply the following life expectancies at age 65:

Male Female
Current pensioners 22.7 years 24.6 years
Future pensioners 22.6 years 26.0 years

The major categories of School’s share of the plan assets are as follows:

Equities
Bonds
Property
Cash
Total		 % at 31st July 2023
% at 31st July 2022
71
69
13
23
14
7
2
1
100
100

The approximate fair values of assets and liabilities, and the net pension liability attributable to the School at 31 July 2023 was:

Fair value of assets
Present value of liabilities		 31July
2023
13,856
(11,976)
1,880		 31July
2022
£000’s
14,020
(13,216)
804		 31 July
31July
2021
2020
£000’s
£000’s
14,066
11,394
(18,977)
(16,700)
(4,911)
(5,306)

40

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

10 PENSION COSTS (continued)

Changes in the Defined Benefit Obligation
Opening defined benefit obligation
Current service cost
Past service cost
Interest cost on defined benefit obligation
Contributions by members
Changes in demographic assumptions
Changes in financial assumptions
Losses on Curtailments
Other experience
Benefits Paid
Closing Defined Benefit Obligation
Changes in fair value of plan assets
Opening fair value of plan assets
Return on assets
Contributions by members
Contributions by the employer
Interest income
Other experience
Estimated benefits paid
Closing fair value of employer assets		 2023
£000’s
13,216
380
-
464
77
( 37)
( 3,373)
-
1,592
( 343)
11,976
2023
£000’s
14,020
(379)
77
569
496
(584)
(343)
13,856		 2022
£000’s
18,977
726
-
307
85
(57)
(6,561)
-
38
(299)
13,216
2022
£000’s
14,066
(709)
85
649
228
(299)
14,020

The total cost for this Scheme recognised in the Statement of Financial Activities is £(855k) (2022: £805k).

Amounts for the current and
previous accounting periods		 2023 2022 2021 2020
£000’s £000’s £000’s £000’s
Fair value of employers assets 13,856 14,020 14,066 11,394
Present value of defined benefit
obligation		 ( 11,976) (13,216) (18,977) (16,700)
Surplus/(Deficit) 1,880 804 (4,911) (5,306)
Scheme surplus restriction (1,880) (804) - -
Surplus/(Deficit) recognised on
balance sheet		 - - (4,911) (5,306)
Experiencegains/ (losses)on assets - - - -
Experience gains/ (losses) on
liabilities		 - - - -

Contributions for the year to 31 July 2024 will be approximately £489,000 (2022: £648,000 ).

The FRS102 calculation by the actuary calculates a scheme surplus of £1,880K (2022: surplus £804K). However in accordance with paragraph 28.22 of FRS102 the net pension asset has been restricted to the value of the scheme's future pension cost less future employee contributions. The net pension asset therefore becomes £nil.

41

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

10 PENSION COSTS (Continued)

Teachers’ Superannuation Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,964,275 (2022 - £1,840,384) and at the year-end £ - (2022: £231,901) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched in June 2021 on proposed changes to the cost control mechanism following a review by the Government Actuary. Following the public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.

Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

Defined Contribution Scheme

The School has offered a Defined Contribution Scheme with Standard Life for Non-Teaching Staff who joined after 1[st] August 2016. The total costs in the year of £148,176 (2022: £126,148) have been allocated to activities in unrestricted funds, on the same basis as the respective employees’ salaries.

42

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

11 RELATED PARTY TRANSACTIONS

None of the Governors received remuneration or had any interest in transactions during the period other than as disclosed in this note. The School has purchased indemnity insurance for the Governors, which cost £1,712.7 (2022: £1,557).

One Governor were reimbursed £1,097 (2022: £179) for travel and other expenses in the period.

Ms R Herdman-Smith is a Governor of NLCS, is a partner of Mishcon De Reya LLP. During the year ended 31 July 2023, the School paid a sum of £73,406 (2022: £219,082) for legal advice. The balance outstanding at year end was £9,566 (2022: (£1,980).

Mr J Herlihy is a director and chair of NLCS Enterprises and a Governor of NLCS-Jeju School. He received £44,361 (2022: £59,895) in remuneration for his role as Chair of Enterprises, £13, 308 is recharged to NLCSJeju School. He also received £736 in reimbursed expenses.

Mr R Hingley is Chair of Governors for NLCS and a director of Canons Enterprise Limited, NLCS Enterprises, NLCS International, NLCS Pearl, NLCS Jade and NLCS Gold. He also received £1,097 (2022:£179) in reimbursed expenses.

Ms H Stone is Chair of Governors for NLCS Jeju. she received an honorarium of £16,815 (2022: £16,815) for serving as Chair of Governors, all of which is recharged to NLCS-Jeju School. She also reclaimed £982 in reimbursed expenses with £474 still owing at year end.

Ms S James is a Governor of NLCS Jeju for which she received a honorarium of £8,999 (2022:£-). She is also a director of NLCS Enterprises and NLCS International, all of which is recharged to NLCS-Jeju School. She also reclaimed £246 in reimbursed expenses with £153 still owing at year end.

Trustees made donations totalling £41,620 in the year (2022: £1,210).

Details of the School’s transactions with its subsidiaries are shown in Note 15.

12 FINANCIAL INSTRUMENTS

Group2023 Charity2023 Group2022 Charity2022
Financial
Assets
measured at
fair value		 19,872,783 19,872,476 20,571,548 20,570,926

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

13 COMMITMENTS UNDER OPERATING LEASE

As at 31 July 2023 the total commitment under operating leases for vehicles was:

2023 2022
£ £
Amounts due within one year
5,125		 -

43

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

14 TRADING COMPANIES

Company Reg Numbers
Turnover
Operating expenses
Operating profit
Interest receivable
Interest payable
Profit for the year
2023
Canons
Enterprises
Limited
Canons
Transport
Limited
NLCS
International
Limited
NLCS
Enterprises
Limited
NLCS
Enterprises
(Dubai)
Limited
NLCS
Enterprises
(Thailand)
Limited
NLCS
Enterprises
(Singapore)
Limited
NLCS (Pearl)
Limited
NLCS (Gold)
Limited
NLCS (Jade)
Limited
Canons Park
Consulting
Limited
2713749
10868243
09921328
6832562
09506840
11187640
9982315
13173822
14042197
14042302
11187224
(468,909)
(370,822)
(1,412,960)
(1,307,725)
-
-
(105,000)
(33,014)
-
-
(25,775)
357,519
349,277
113,922
628,678
5,500
-
43,951
15,525
64,317
-
51,598
(111,390)
(21,545)
(1,299,038)
(679,047)
5,500
-
(61,049)
(17,489)
64,317
-
25,823
-
(35,535)
(97,384)
-
-
-
-
-
-
-
3,000
(111,390)
(18,545)
(1,334,573)
(776,431)
5,500
-
(61,049)
(17,489)
64,317
-
25,823
Gift aid
Brought Forward
Distributed
Retained in subsidiary
Fixed Assets
Cash at Bank
Other Assets
Gift Aid Liability
Due to Parent
Due from Intercompany
Due to Intercompany
Tax and Social Security
Trade Creditors
Accruals & Deferred Income
Net Assets
Share Capital
Retained Funds
Shareholders Funds		 111,390
18,545
1,334,573
776,431
-
-
61,049
17,489
-
-
(800)
-
-
-
-
-
-
-
6,596
-
-
-
(800)
-
-
-
5,500
-
-
-
70,913
-
25,823
-
12,068
101
-
-
-
-
-
-
-
-
509,326
138,049
1,999,678
2,687,826
-
-
-
-
-
-
-
5,568
15,370
468,854
636,440
-
-
74,813
4,792
-
-
45
(111,390)
(18,545)
(1,334,573)
(776,431)
-
-
(61,049)
(17,489)
-
-
-
(387,741)
(142,128)
(369,599)
(2,414,358)
-
-
6,405
-
(6,596)
1
88
80,658
19,776
47,408
-
100
7,882
259,914
298,794
43,737
-
-
(10,368)
(602,546)
(123,293)
-
(7,881)
-
-
-
-
(14,180)
(2,569)
-
-
-
-
-
-
-
-
-
-
(1,263)
(8,652)
(60,730)
-
-
-
-
(150,000)
-
-
-
(91,787)
(5,569)
(148,492)
(10,084)
(5,500)
-
(279,983)
(136,096)
(108,053)
-
(11,775)
-
802
1
100
100
(5,400)
1
100
1
(70,912)
1
(25,822)
2
1
100
100
100
1
100
1
1
1
1
800
-
-
-
(5,500)
-
-
-
(70,913)
-
(25,823)
802
1
100
100
(5,400)
1
100
1
(70,912)
1
(25,822)
Company Reg Numbers
2022
Canons
Enterprises
Limited
Canons
Transport
Limited
2713749
10868243		 NLCS
International
Limited
NLCS
Enterprises
Limited
NLCS
Enterprises
(Dubai)
Limited
NLCS
Enterprises
(Thailand)
Limited
NLCS
Enterprises
(Singapore)
Limited
NLCS (Pearl)
Limited
NLCS (Gold)
Limited
NLCS (Jade)
Limited
Canons Park
Consulting
Limited
09921328
6832562 09506840
11187640
9982315
13173822
14042197
14042302
11187224
Turnover
Operating expenses
Operating profit
Interest receivable
Interest payable
Profit for the year
Gift aid
Brought Forward
Distributed
Retained in subsidiary		 401,694
375,169
1,072,110
1,331,152
-
-
6,022
77,034
-
-
16,417
(315,562)
(319,971)
(115,964)
(799,190)
-
-
(4,750)
(36,864)
(6,596)
(5,863)
86,133
55,198
956,146
531,962
-
-
1,272
40,170
(6,596)
-
10,554
-
-
-
-
(1,746)
-
(1,557)
-
-
-
-
86,133
55,198
956,146
531,961
(1,746)
-
(285)
40,170
(6,596)
10,554
(86,133)
(55,198)
(956,146)
(531,961)
-
-
(1,272)
(40,170)
-
-
(10,554)
800
-
-
 -
35,356
-
31,537
-
-
-
-
(33,610)
(29,980)
800
-
-
 -
-
-
-
-
(6,596)
-
-
Fixed Assets
Cash at Bank
Other Assets
Gift Aid Liability
Due to Parent
Due from Intercompany
Due to Intercompany
Tax and Social Security
Trade Creditors
Accruals & Deferred Income
Net Assets
Share Capital
Retained Funds
Shareholders Funds		 -
3,313
202
-
-
-
-
-
-
-
-
330,270
135,713
550,676
1,807,112
290,565
-
-
-
-
-
-
7,517
12,577
983,860
483,272
-
-
11,912
5,315
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(333,755)
(182,215)
(1,396,645)
(2,178,733)
393,129
-
(31,254)
(52,081)
-
-
(10,554)
80,658
19,776
690,572
-
7,881
7,882
398,392
215,128
198,155
-
15,305
-
(10,368)
(822,950)
(99,202)
(681,436)
(7,881)
(11,912)
-
-
-
-
(2,498)
-
-
-
-
-
-
-
-
-
-
(633)
(3,785)
-
-
-
-
-
-
-
-
-
(80,758)
(4,710)
(5,615)
(12,349)
(10,039)
-
(367,038)
(168,361)
(204,750)
-
(4,750)
801
(29,699)
100
100
100
1
100
1
(6,595)
-
1
2
1
100
100
100
-
100
1
1
1
1
800
-
-
-
-
-
-
-
(6,596)
-
-
802
1
100
100
100
-
100
1
(6,595)
1
1

The 2022 figures in this note are restated to reflect the CVA between NLCS Enterprises Limited and NLCSE Dubai Limited and their respective franchise partners being novated to NLCS International Limited on the 1 August 2021 therefore all future income and expenditure related to these agreements would be generated in NLCS International Limited. In addition on the 4 July 2022 the Letter of Agreement between NLCS Pearl Limited was novated to NLCSE Singapore Limited as well as the associated accrued and deferred income. All future income and expenditure relating to this agreement will be generated in NLCSE Singapore Limited.

44

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

15 RELATED PARTY TRANSACTIONS BETWEEN SCHOOL AND SUBSIDIARIES

Canons Enterprises Ltd (CEL)

The School shares the running costs of the Sports Centre with CEL, which is used by the School for School purposes and used by CEL to generate revenue from third parties when it is not used by the School. In addition, the School makes a charge for accounting functions performed by School Staff

2023 2022
£
£
Recharges of running costs paid by the School 126,500
115,000
Accounting functions 5,600 5,000

International Franchising Subsidiaries

The School maintains the payroll for all staff who work for the International Franchising subsidiaries, the costs of which are fully reflected in the subsidiaries' accounts. In addition, the School makes a charge for accounting functions performed by School Staff, and for the office space occupied by these companies. As part of the service provided to overseas franchise schools, the School also charges the subsidiaries for teaching staff provided to assist with monitoring and inspection visits, the cost of which is recovered from the franchise schools.

NLCSE Dubai Thailand **Singapore ** International Pearl Jade Gold
2023 2023 2023 2023 2023 2023 2023 2023
£ £ £ £ £
Salaries paid by the School 123,355 - - 83,147 237,764 25,116 - 52,706
Office facilities and insurance 27,539 - - - - - - -
Support functions 41,294 - - - - - - -
Teaching Staff reimbursed by overseas franchise 21,968 - - 23,391 36,791 - - -
2022 2022 2022 2022 2022 2022 2022 2022
£ £ £ £ £
Salaries paid by the School 252,344 - - - 223,316 - - 4,437
Office facilities and insurance 26,848 - - - - - - -
Support functions 37,540 - - - - - - -
Teaching Staff reimbursed by overseas franchise 4,532 - - - 18,089 - - -

Canons Transport Ltd (CTL)

Canons Transport Ltd operates minibuses on behalf of the School to provide passenger transport services for the School's pupils. Charges are made by the School for accounting services and for interest on a loan to CTL.

2023 2022
£ £
Charges made by CTL to the School 370,822 375,169
Charges made by the School to CTL
Accounting functions 5,600 5,000
Interest on loan 3,000 3,000

All related party transactions have been carried out at arm’s length.

45