REGISTERED COMPANY NUMBER: 06611453 (England and Wales)
REGISTERED CHARITY NUMBER: 1124463
REPORT OF THE GOVERNORS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
FOR
NEWCASTLE-UNDER-LYME SCHOOL
Deans
Chartered Accountants
Statutory Auditor
Gibson House
Hurricane Court
Hurricane Close
Stafford
sn6 IGZ

NEWCASTLE-UNDER-LYME SCHOOL
CONTENTS OF THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
Report of the Governors
Report of the Independent Auditors
Statement of Financial Activities
Balance Sheet
Cash Flow Statement
Notes to the Financial Statements
2-13
14-18
19
20
21
22-34
Page I

NEWCASTLE-UNDER-LYME SCHOOL
GOVERNORS, OFFICERS AND ADVISERS
YEAR ENDED 31 AUGUST 2024
GOVERNORS, DIRECTORS AND CHARITY TRUSTEES
The Governors of Newcastle-under-Lyme School are the School's charity trustees under charity law
and the directors of the charitable company. The members of the Governing Body who served in
office as Covernors during the year and subsequently are detailed below.
Ernployment and
Compliance
Committee
Education
Committee
Business
Comniittce
Ms L Clews
Mr D R Holland MA
Mrs M Jones BSc(Hons), PGCE (to 26 Se tember 2024)
Mr A J McGowan
Mrs K A Miller BSC, ACA (Vice-chairl
Mr G E Nevt LL.B
Miss A J Steele BA(Honsl, PGCE (to 26 Se
Mr D P Wallbank BA {Chair}
tember 2024)
During the year the activities of the Governing Body were carried out through three committees. The
membership of these committees is shown above for each Governor.
OFFICERS
Miss N Crouch
Clerk to the Governors
OFFICERS
(key management personnel currenlly Mr M Getty
and throughout the year)
Mr J Baines
Mr I Bousfield
Mr l DickseL
Head
Director of Finart￿ and Operations
Assistant Head- Pastoral and Co£urricular
Deputy HL)ad- Acadernic
Assistant Head -Teaching and Learning
Director of Sixth Forni
Deputy Head- Pastoral
Head of Prcp School
Dr K Mair
Mr A Poole
Mrs J SiTnnis
Mrs K Thomson
PRINCIPAL ADDRESS
Mount Pleasant, Newcastle-under-Lyme, Staffordshire, ST5 IDB
INVESTMENT MANAGERS
Investec Wealth & Investment Ltd, 30 Gresham StreeL LondO￿EC2v 7QN
AUDITORS
Deans Chartered Accountants, Gibson House. Hurricane Court, Hurricane Close,
Stafford, Staffordshire, ST16 IGZ
BANKERS
Natwest Bank PLC, 75 High Street, Newcastle-under-Lyme. ST5 IPP
Page 2

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS
YEAR ENDED 31 AUGUST 2024
The members of the Newcastle-under-Lyme School Goveming Body present their Annual Report for
the year ended 31 August 2024 under the Charities Act 2011, including the Directors, and Strategic
Reports, under the Companies Act 2006, together with the audited financial statements for the year.
REFERENCE AND ADMINISTRATIVE INFORMATION
Newcastle-under-Lyme School is eonstituted as a company limited by guarantee registered in
England, No. 06611453, and is registered with the Charity Commission under Charity No. 1124463,
and came into being on 01 July 2008 taking over all assets and liabilities from the fornier charity
Newcastle-under-Lyme Endowed Schools Fund Registered Charity No. 52891.
The School educates boys and girls from ages 3 to 18 and consists of a nurseryi preparatory school,
senior school and sixth form, covered by one Goveming Body. Details of the members of the
Governing Body, together with the School's officers and principal advisors are given on page 2.
ACHIEVEMENTS AND PERFORMANCE
Despite challenging economic times Newcastle-under-Lyme School is extremely proud of its high
level of academic attainment, as well as its co-curricular programme in whith most pupils participate,
GCE "Advanced Level" performance 2024
Students at Newcastle-under-Lyme School were awarded another strong set of A Level results. 72¥0
of entries have been awarded A* to B grades.
GCSE performance 2024
Students at Newcastle-under-Lyme School were also awarded a strong set of GCSE results this year
with 58Yo grades 7 to 9 pass rate.
Fundraising perfonnance. Grants and donations totalled £230 (2022-23: £235)
Investment perforniance. At the end of the year the net value of the School's investments in
securities totalled £2,690,057 (2022-23: £2,501,163), an increase of 4 %.
The investment strategy aims for the portfolio to look to produce dividend income of £45k to £50K
per annum. tn 2023-24 dividend income was £67,072 (2022-23: £59,362).
Page 3

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
FINANCIAL REVIEW
Results for the year
The School's net movement in funds for the year amounted to £7,467 (2022-23: £472,981). The net
incoming funds from operations for the year were negative £201,253 (2022-23: positive £554,308) as
shown in the Statement of Financial Activities.
Net incoming funds from operations for the prior year 2022-23 included further grant income toward
construction of a new sports hall £421,348.
Reserves Level and Policy and Financial ViabiIity
The Sthool's reserves policy is to maintain sufficient unrestricted income reserves to enable it to meet
its short terni financial obligations in the event of an unexpected revenue shortfall and to rely on the
readily realisable securities investtnents as adequate cover for the Sthool's longer term capital
expenditure commitments and any longer terni financ5al obligations.
The Sdiool's total reserves of £18,705,852 (2022-23: £18,698,385) at the year-end included £3,116,685
(2022-23: £3,206,864) unspent restricted income, which does not affect the School's financial viability.
Future Plan8
The School intends to continue improving the current estate.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing documents
The School is governed by its Memorandum of Assoctation and Articles of Association last amended
on 08 May 2019 which corrected a few minor points from the previous veTsion dated 05 December
2011.
The Governors approved a revised Scheme of Management and Delegation on 08 May 2019, the main
changes being the creation of three new Committees (Education Committee, Remuneration
Committee and, Governance and Nominations Committee). Matters that had previously been
delegated by the Governors to the previous post of Bursar, are now delegated directly to the Head.
The Scheme of Delegation also created a new post of Director of Finance and Operationsl(Bursar)
which was to be line managed by the Head rather than the Governors, a post whith was filled on 19
April 2021.
Page 4

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Goveming body
The Governors are the company directors and charity trustees of the Charity, and have control of the
Charity and its property and funds.
The board shall comprise no fewer than eight and no more than twelve Governors and each Governor
will hold a terni of office of five years.
Recruitment and training of Governors
Governors constantly review the balance of professional experience and strengths within the
Governing Body, inviting new members to join to make up any perceived shortfalls. All prospective
appointees are agreed by the Full Governing Body prior to appointment and on appointment
undergo Induction Training which includes briefing by the Chair of Governors, Headmaster, Director
of Finance and Operations (Bursar), and Clerk to the Governors. Additional training is provided
where necessary as part of the Governing Body's continued professional development.
Organisational management
The members of the Governing Bodyi as the charity's trustees, are legally responsible for the overall
management and control of the School. They meet at least four times a year.
The work of implementing their policies is carried out by three Committees.
The Education Committee acts in a monitoring role to review the agreed academic. curricular
and pastoral provision in the School.
The Business Committee oversees all financial aspects of the School
The Employment and Compliance Committee acts in an advisory role reviewing all systems
and methods of control including risk analysis and risk management, and ensuring
compliance with health and safety requirements.
In addition, the Scheme of Manasement and Delesation has created two further committees
which meet as required. The Remuneration Committee which is responsible for overseeing
the remuneration of the Head and Senior Management Team, and the Governance and
Nominations Committee responsible for integrating and co-ordinating all aspects of
corporate governance, legal and regulatory compliance and risk management to improve the
quality of the School's governance arrangements for the purpose of enhancing overaEI
performance, and to conduct a regular skills audit of the Governing Body, identifying current
or potential future gaps, seeking suitable applicants to fill those gaps and coordinating the
appointment process.
Page 5

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
The Head has overall responsibility for the general management and running of the Sdiool and
employment, discipline and dismissal of the staff subject always to the terms of the Scheme of
Management and Delegation adopted by the Governors by a special resolution dated 08 May 2019.
The remuneration of key management personnel is set by the Board, with the policy objective of
providing appropriate incentives to encourage enhanced performance and of rewarding them fairly
and responsibly for their individual contributions to the School's success.
The appropriateness and relevance of the remuneration policy is reviewed annually, including
reference to comparisons with other independent schools to ensure that the School remains sensitive
to the broader issues of pay and employment conditions elsewhere.
Delivery of the School's charitable vision and purpose is primarily dependent on our key
management personal and staff costs are the largest single element of our charitable expenditure.
Group structure and relationships
Castilian Enterprises Limited is a wholly owned non-charitable subsidiary of Newcastle-under-Lyme
School which has remained dormant since incorporation on 10 November 2015. It is intended that
Castilian Enterprises Limited will undertake future trading activities, and donate its annual profits to
the School.
Employment policy
The School is an equal opportunities employer. Full and fair consideration is given to job applications
from disabled persons and due consideration is given to their training and employment needs.
Consultation with employees, or their representatives, has continued at all levels with the aim of
taking the views of employees into account when decisions are made that are likely to affect their
interests. Employees are made aware of the financial and economic perforniance of the School.
Communication with employees continues through normal management channels in a variety of
forms and whenever appropriate through exceptional channels to apprise staff of current issues.
Investment policy and objective
The Governors, investment strategy is for a portfolio made up of reserves that should be invested to
grow at least in line with inflation. The portfolio is to target a balanced return over the medium to
long term within a medium risk strategy. In order to achieve this, the portfolio is to be invested in
real assets (equities and property) with bonds and alternatives to dampen down volatility. The
portfolio will be invested directly in bonds and UK equities except for speaalist areas whilst all other
asset classes will be invested via collectives.
The investment strategy and policy is monitored by the Business Committee, as is investment
performance, which is reported below, within the Strategic Report, and is due to be reviewed.
Page 6

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
OBNECTS, AIMS, OBJECTIVES AND ACTIVITIES
Charitable Objects
The School's objects, as set out in the Memorandum of Association, are to advance education and
training by the provision and conduct in or near Newcastle-under-Lyme of a School for boys andlor
girls and other associated activities for the benefit of the community.
In furtherance of these Objects for the public benefit the School has established and administers a
programme of bursaries and other awards.
The Board is very mindful of the long-standing need to provide public benefit and of the
requirements of the Charities Act 2011. To this end the Board has monitored closely the guidance on
public benefit produced by the Charity Commission tosether with supplemental guidance on fee
charging.
Our Mission:
From its establishment in 1602, Newcastle Under Lyme School has acquired a reputation as one of the
leading schools in the North of England. Today, our School's aims reflert our immense history, and
the traditions and values that have been evident throushout this time. NULS aims to provide an
excellent education to children in our region, embracing our communitys diversity and facilitating
access to children from a wide range of economic backgrounds. More specificallyi we seek to...
Our Aims:
l. Provide an excellent education to enable our pupils to explore their own individual academÉ
potential.
2. Create a vibrant and ridi extracurricular environment, so our pupils are challenged and motivated
with new opportunities so they may explore their own unique range of broader talents and interests;
3. Develop in our pupils, the skills and qualities they require to successfully advance with their
academic and professional careers beyond NULS;
4. Foster in our pupils, the values and sense of purpose that will enable them to be positive and
successful contributors to their communities and broader society.
5. Provide an outstanding campus, facilities and resources, to enable our pupils and staff to have the
opportunities to enjoy and provide a first class, holistic education,"
Our Values:
Embodying our aims, our four key values we hope to develop in our pupils as they advance through
School.
Page 7

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Aspiration- we want to encourage in our pupils an aspirational attitude in the broadest sense, where
they are encouraged to explore their potential in academic and all-round terms.
Endeavour- we wish to encourage in our pupils a sense of commitment and an appreciation that
qualities such as resilience and determination are significant and rewarding assets both individually
and collectively.
Respect- we want our pupils to view themselves as a community, where respect for one another, and
an appreciation of the wonder￿1 diversity in our community. is embedded within our school. We
also want our pupils to respect those beyond our school, in our local community and the broader
global environment.
Kindness - we hope to encourage in our pupils an underpinning sense of kindness to one another and
to all of those in our community, and to those beyond. We feel this quality is key to creating a happy
school, where pupils feel they can thrive, individually and together.
Principal artivity
The School's principal activity, as specified in the Memorandum of Association, is to advance
education and training, and, in this, the School has again had a successful year.
The average number of pupils was:
2023-24
616
233
849
2022-23 2021-22 2020-21 2019-20 2018-19
597
579
579
551
566
237
221
208
221
239
834
800
787
T72
805
Senior School
Pre
arator
School
Total
The encouraging recruitment trend has continued into 2024-25.
Public Benefit
Newcastle-under-Lyme School remains committed to the aim of providing public benefit in
accordance with its founding principles. Charity law has recently introduced a requirement to
demonstrate that public benefit for charitable purposes where it has hitherto been presumed in the
absence of evidence to contrary. This calls in turn for more detailed disclosures concerning our aim.
The Governing Body takes the view that bursaries awarded to those who would not otherwise be able
to afford the School's fees are important as a measurable means of providing public benefit, but not to
the exclusion of the much wider benefit that the School provides within the community. Those pupils
who attend our School and who receive financial support contribute to the School community in
many ways, and so the benefit is not purely to these pupils but to the whole School, and more often
than not to the wider community as well.
Page 8

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS ICONTINUED)
YEAR ENDED 31 AUGUST 2024
This year the School awarded bursaries of £454,865 to 59 pupils (2022-23: £402,278 to 54 pupils)
through a programme of means tested awards awarded on a sliding scale according to financial
circumstances and short termly hardship awards.
In addition to bursaries, the School has engaged in many other activities that provide benefit to the
public with the School's objectives.
PUBLIC BENEFIT
Bringing pupils from state schooIs and our independent schools together.
As a School, we value the opportunities our pupils have to work with, to interact with and to compete
against pupils from other schools.
Senior School Sport: Our Senior School Sports Department hosted a range of fixtures with local state
schools as well as participating in local and regional competitions acTOSS a wide range of sports.
Debating: We took part in a range of competitions in which our pupils competed against pupils from
local schools.
Our Prep School facilities were used by Hassell Street primary school for Cross Country training. Our
classrooms are used by LAMDA (London Academy of Music and Dramatic Art) as an examination
space for students in the local area.
Sharing our expertise and perspectives:
Our Headmaster was, until recently, a trustee of the Alpha academy chain. We have worked on
various partnership activities with Alpha Academy including contributing to leadership and
governance, and inputting time to the forniulation of new free school development within the
Academy Trust. English is a project where we have liaised with their English team on curriculum
and delivery to try to promote their top end perfonnance at GCSE and Value added.
Our Headmaster is now a trustee at Creative Learning Partnership Trust, and assists the MAT
voluntarily with matters from education strategy to HR and financial control, whilst other members
of OUT Staff act as governors and trustees at local schools.
Pre-med: Students from local state schools were invited to attend our free annual Pre Med event
which brought together guest speakers in Mediane to speak to student5 who were interested in
pursuing Medicine as a career.
Examining: A number of staff work as examiners for GCSE and A-level workins with colleagues from
all sectors and sharing their expertise.
Page 9

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS ICONTINUED)
YEAR ENDED 31 AUGUST 2024
Careers: Our Head of Careers developed links with a local secondary school multi academy trust to
share best practice in organizing work experience visits, and also works extensively with local
business and Keele University on the exchange of ideas and assistance. The school also provides
employment to students at Keele University, as they seek financial assistance with their postgraduate
study.
Working with the wider community, community service and charity:
Newcastle-under-Lyme School is a part of its local community. Our pupils and staff undertake a
range of initiatives in support of our local community.
Sport: We work closely with local sporting organisations: North Staffs Hockey, Newcastle Staffs
Swimming Club and Newcastle Town Netball Club sharing facilities including our new sports hall as
well as staff expertise. We operate NULS Swim School- which offers subsidised lessons so we can
charge a cheaper rate compared to local providers. This is open to our pupils as well as external
pupils. NULS Cricket Academy - Provides elite group and I to I coachins for those pupils striving to
be selected for Staffordshire and First Class teams. This is open to our pupils as well as external
pupils. Dominies Badminton Club use our facilities who provide junior and adult training sessions as
well as entering local leagues, and local running clubs use our indoor spaces as well.
Combined Cadet Force (CCF): We have strong links with the local community and local veterans
through our CCF. This year the CCF staff team has expanded to include new staff from both within
and outside the school. This has allowed the development of greater and deeper links with other local
school and Air Training Corp (ATC) units, assisting with training activities and equipment sharing.
We have remained closely linked to the local community, especially the Veterans Associations and
the local Sea Cadet unit. We attend the Borough Remembrance parade and sent representatives to the
ATC Sunday Service in Stoke. Our own Remembrance Parade brings the CCF and wider school
together, alongside representatives of the local community.
Charity: Throughout the year the Charity Committee ran events in support of AlderHay Children's
Hospital where one of our Year 13 pupils has been treated throughout her life. We held three Non
Uniform Days, Christmas, Easter and Summer Fairs. and a Valentine's Day sweet sale. We hosted 40
Senior Citizens from our local community and various care homes, at our annual Senior Citizens
Christmas Party. Guests were treated to a deliaous Afternoon tea prepared by the Food and
Nutrition department, and thoroughly enjoyed a game of Bingo before being entertained by
musicians from our Jazz Band. Each guest was ￿Ven a small gift by the pupils, who thoroughly
enjoyed interacting with our guests. 15 Afternoon Tea boxes were delivered to our eEderly neighbours
who were unable to join us on the day.
Community Service: A number of Year 12 and 13 pupils engaged in a variety of activities throughout
the year including supportins our own Prep School and Nursery, visiting residents in care homes,
working in Charity shops, volunteering at the local hospital, assisting in local schools as well as
supporting the 'Our Space, programme during the school holidays. The school also provided local
elderly members of a local hospice with a tea party at Christmas as a community project.
Page 10

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST2024
Our music rooms are used by a local Symphony Orchestra, and Pipe Band. The school musicians
provide a free lunchtime concert for the local Penkhull Arts Festival in September, which includes an
invitation to local primary schools, and local musicians and music groups use our spaces for
rehearsals.
The school also provides access to its wood (Ekka's Wood) to local outdoor groups and partners with
the Scouts to provide excellent facilities for its young members to use at this Eocation for outdoor
education in the community.
Duke of Edinburgh (DofE): This year saw pupils completing awards at all levels, with a significant
number of pupils achieving their Gold Awards. making NULS the largest ￿ntre for DofE in
Staffordshire. All pupils completing the DofE Awards undertake a volunteering section working at
and with a diverse range of orsanisations. Some examples of the work completed includes..
volunteering at unifornied organisations such as Scouts and Guides, working with charitie5 such as
the British Heart Foundation and Barnardos, supporting activities in our Prep School, and
volunteering with environmental groups to support the local environment. We also had several
pupils involved in citizen science projects online, such as the Zooniverse Citizen Science Scheme.
Drama Props and Equipment: We have ongoing arrangements to share props and lighting equipment
with a local church and a local school. A local theatre group loaned stasing equipment from us, this
was limited this year.
MFL: Pupils took part in a Business Language Champions event across the independent and state
sector schools.
PIUNCIPAL RISKS AND UNCERTAINTIES
The Governors recognise that independent schools are currently facing a unique set of economic and
political challenses. Inflation is affecting operational costs, and placing cost of living pressures on
parents when considering fees. The imposition of VAT on fees has presented the single biggest
economic shock to the sector in recent history and the school is pleased with how it has tried to
absorb a significant amount of this increased cost burden without passing this on to parents. The
school's management of its roll during this period and shock has been very encouraging with the
school continuing to prove very popular however it is important to accept that the impact of the
government's change to VAT will be felt in the sector for many years and the school must manage
this challenge prudently. The Governing Body remains confident that fees are still the best value for
money in the area when the school's academic results and all-round provision is considered
School fees were increased by 8Yo from 01 September 2023 and the Governing Body remains confident
that fees are still the best value for the area.
The Covernor's continue to monitor the increasing cost of providing pensions through the Teacher's
Pension Scheme, but remain committed to the Scheme for the time being. This will be reviewed
annually to ensure that the Governors are confident that this is the best option for the School and its
teaching staff.
Page 11

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
The School campus comprises a number of older buildings, spread out across the site, some of which
is covered by the local Conservation Area. Maintaining and developing an ageing estate remains
challengin& and our long terni plan will be refreshed.
As ever, Health and Safety is a significant area for risk management, risks ranging from fire and
infrastructure to personal risks (most notably when away from the School on trips and visits). The
level and breadth of activity at the School is impressive and we minimise the associated risks through
thorough planning and risk assessment. Governor sub-committees examine specific areas of risk
relating to their function and report on these to the Tnain Governing Body.
The Governors regularly review the effectiveness of current plans and strategies for managing all
identified major risks for the School.
FUTURE PLANS
The School's current Development Plan is subject to periodic revÉew by the Governors, and was
updated following the appointment of the current Head. The primary future aims for the School are
set out in the core elements of the Development Plan, and are:
to provide value-added outcomes in excess of local independent schools by enriched,
innovative learning, delivered by well led staff teams
continued excellence in pastoral care
continued excellence in our co-curricular programme
to provide excellent communications, recruit as many pupils who would benefit from what
we offer as possible, secure funds to support our bursary provision and develop linkage with
former pupils and staff as a 'community for life,
constructively link with our community
to provide an efficiently run School with careful deployment of staffing and stewardship of
resources with a focus on meeting the needs of both current and future pupils
to provide collaborative and open leadership and effectiTrie management whilst recruitin&
retaining and developing the best staff team
to provide a lively, enrichin& nurturing Preparatory Sthool experience built on strong
pastoral support, academic progress and developing activity experiences which encourage a
life-long relationship with NULS
to provide an aspirational, young adult, pre-university community which offers enriched
opportunities which prepare for the world beyond School and which retains Year 11 and
attracts and recruits students from other pre-16 provision.
Page 12

NEWCASTLE-UNDER-LYME SCHOOL
ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES
The Governors (who are also the Directors of Newcastle-under-Lyme School for the purposes of
company law) are responsible for preparing the Report of the Govemors and the financial statements
in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom
Generally Accepted Accounting Practice).
Company law requires the Governors to PTepare financlal statements for each financial year which
give a true and fair view of the state of affairs of the diaritable company and of the income resour￿5
and application of resources, including the income and expenditure, of the dwitable company for
that period. In preparing those financial statements, the Governors are required to
select suitable accounting policies and then apply them consistently
observe the methods and principles in the Charity SORP 2019 {FR5102)
make judgements and estimates that are reasonable and prudent
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in business.
The Governors are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the charitable company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the charitable company and hence for taking reasonable steps for the
prevention and detection of fraud and other regularities.
STATEMENT AS TO DISCLOSE INFORMATION TO AUDITORS
In so far as the Governors are aware".
there is no relevant audit information of which the charitable cOmpan￿S auditors are
unaware. and
the Governors have taken all steps that they ought to have taken to make themselves aware of
any relevant audit information and to establish that the auditors are aware of that
inforniation.
AUDITORS
The auditors, Deans, will be proposed for re-appointment at the forthcoming Annual General
Meeting.
Report of the Governors, incorporating a strategic report, approved by order of the Board of
Governors, as the company directors, on 20 March 2025 and signed on the Board's behalf by:
Mrs K A Miller Ichair of the Business Committee)
Page 13

REPORT OF THE INDEPENDENT AUDITORS TO THE GOVERNORS AND MEMBERS OF
NEWCASTLE-UNDER-LYME SCHOOL
Independent Auditorfs Report to the Members of Newcastle-under-Lyme School
Opinion
We have audited the financial statements of Newcastle-under-Lyme School for the year ended 31
August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow
Statement and notes to the fÉnancial statements, including a summary of significant accounting
policies. The financial reporting framework that has been applied in their prepaTation is applicable
law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The
Finfinciai Reporting Standard applicable in the UK and Republic of Irel¢7nd (United Kingdom Generally
Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitable CoMpan￿S affairs as at 31 August 2023, and
of its incoming resources and application of resources, including its income and expenditure, for
the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2(M)6.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (tSAs (UK))
and applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibillties ft)r the audit of the financial statements section of our report. We are independent of
the charitable company in accordance with the ethical requirements that are relevant to our audkt of
the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees, 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
cOmpan￿S ability to continue as a going concern for a period of at least twelve months from when the
finanaal statements are authorised for issue.
Our responsibilities and the Tesponsibilities of the trustees with respect to going concern are
described in the relevant sections of this report.
Page 14

REPORT OF THE INDEPENDENT AUDITORS TO THE GOVERNORS AND MEMBERS OF
NEWCASTLE-UNDER-LYME SCHOOL
Other infonnation
The governors are responsible for the other inforniation. The other information comprises the
inforniation induded in the Annual Report of the Governors, other than the financial statements and
our auditorfs report thereon. Our opinion on the financial statements does not cover the other
infonnation and, except to the extent otherwise explicitly stated in our report, we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financRal statements, our responsibility is to read the other
information and, in doing so, consider whether the other infonnation is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
rnisstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether there is a material misstatement in the financial statements or a
mateTial misstatement of the other information. If, based on the work we have performed, we
conclude that there is a material misstatement of this other informatlory we are required to report that
fact.
We have nothing to report in thi5 regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Annual Report of the Governors incorporating the strategic report
and the directors, report for the financial year for which the financial statements are prepared is
consistent with the financial statements; and
the strategic report and the directors, report have been prepared in accordance with applicable
legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment
obtained in the course of the audit, we have not identified material misstatements in the strategic
report and the directors, report.
We have nothing to report in respect of the followins matters in relation to which the Companies Art
2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been
re￿iVed from branches not visited by us,. or
the financial statements are not Rn agreement with the accounting records and returns; or
certain disclosures of directors, remuneration specified by law are not made. or
we have not received all the information and explanations we require for our audit.
Page 15

REPORT OF THE INDEPENDENT AUDITORS TO THE GOVERNORS AND MEMBERS OF
NEWCASTLE-UNDER-LYME SCHOOL
Responsibilities of governors
As explained more fully in the governors, responsibilities statement set out on page 14, the governors
(who are also the directors of the dwitable 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 governors determine is necessary to enable the
preparation of financial statements that are free from material misstatement whether due to fraud or
error.
In preparing the financial statements, the governors are responsible for assessing the charitable
companf 5 ability to continue as a going COn￿rn, disclosin& as applicable, matters related to going
concern and using the going con￿rn basis of accountins unless the governors either intend to
liquidate the charitable company or to cease operations, or have no realistic aktemative but to do so.
Auditorfs responsibilities for the audit of the financial statements
Our objective5 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 auditof s report
that include5 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. MÉsstatements can arise from fraud or error and are considered material if,
individually or in the aggresate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
Our approach to identifying and assessing the risks of material misstatement in respect of
irregularities, includin8 fraud and non-compliance with laws and regulations, was as follows:
the engagement parther ensured that the engagement team collectively had the appropriate
competen￿, Capabilities and skills to identify or recognise non-compliance with applicable laws
and regulations.
we identified the laws and regulation5 applicable to the charitable company through discussions
with governors and other management, and from our commercial knowledge and experience of
the company'5 operating sector.
we focused on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the charitable company, including the
Companies Act 2006, the Charity Act 2011, taxation legislation data protection, anti-bribery,
employment, environmental and health and safety legislation.
we assessed the extent of compliance with the laws and regulations identified above through
making enquiries of managernent and inspecting lesal corresponden￿. and
identified laws and regulations were communicated within the audit team regularly and the
team remained alert to instances of non-compliance throughout the audit.
Page 16

REPORT OF THE INDEPENDENT AUDrroRS TO THE GOVERNORS AND MEMBERS OF
NEWCASTLE-UNDER-LYME SCHOOL
We assessed the susceptibility of the charitable company's financial statements to material
misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud,
their knowledge of actual, suspected and alleged fraud.
considering the internal controls in place to mitigate risk of fraud and non-compliance with laws
and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual balances, variances or unexpected
relationships;
assessed whetheT judgements and assumptions made in determining the accountins estimates
were indicative of potential bias.
investigated the rationale behind significant or unusual transactions; and
specifically tested the controls around banking payments.
In response to the risk of irregularities and non-compliance with laws and regulations, we
designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation.
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation claims;
reviewing correspondence with HMRC and other relevant regulators.
There are inherent limitations in our audit procedures described above. The more removed that laws
and regulations are from financial transactions, the less likely it is that we would become aware of
non-compliance. Auditing standards also limit the audit procedures required to identify non-
compliance with laws and regulations to enquiry of the directors and other management and the
inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error
as they may involve deliberate con￿alMent or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description
forms part of our auditor's report.
Page 17

REPORT OF THE INDEPENDENT AUDITORS TO THE GOVERNORS AND MEMBERS OF
NEWCASTLE-UNDER-LYME SCHOOL
Use of our report
This report is made solely to the charitable company's members, as a bodyi 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 companirfs 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.
Jeremy Hodgkiss (Senior Statutory Auditor)
for and on behalf of Deans
Chartered Accountants
Statutory Auditor
Gibson House
Hurricane Court
Hurricane Close
Stafford
ST16 IGZ
Page 18

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
Note
Unrestricted Restricted
funds
funds
2024
Total
2023
Total
Income and endowments from..
Charitable activities
School fees receivable
Aneillary trading income
11,447,198
721,944
11,447,198 10,402,951
721,944
665,823
Other trading activities
Non-ancillary trading income
90,157
90,157
70,578
Investsnents
Voluntary incoming sources
150,869
5,006
150,869
5,006
104,678
445,228
Activities to generate funds
230
230
235
TotaI incomins resources
12,415,404
12,415,404 11,689,493
Expendlture oTh'
Raising funds
Financing costs
Investment management
69,542
19,826
69,542
19,826
41,847
19,249
Total deductible costs
89,368
89,368
61,096
Charitable activities
Education and grant making
12,437,110
90,179 12,527,289 11,074,089
Total expenditure
12,526,478
90,179 12,616,657 11,135,185
Net (outgoingllincoming funds from
operation: before transfers and
Investment gains
(111,074)
(90,179) (201,253)
554,308
Gain on investments
208,720
208,720
(81,327)
Net movement in funds for the year
Fund balances brought forward at
I September 2023
97,646
(90,179)
7,467
472,981
15,491,521 3,206,864 18,698,385 18,225,404
Fund balances carried forward at
31 August 2024
15,589,167 3,116,685 18,705,852 18,698,385
The notes fonn part of these financial statements
Page 19

NEWCASTLE-UNDER-LYME SCHOOL
BALANCE SHEET
AS AT 31 AUGUST 2024
Note
31 Aug 2024 31 Aug 2023
Total
Total
FIXED ASSETS
Tangible assets
Securities investments
io
li
14,068,422
2,649,914
16,718,336
13,664,554
2,479,690
16,144,244
CURRENT ASSETS
Stock
Debtors
Securities investments - cash balances
Cash and deposits
31,840
495,347
40,143
3,554,671
4,122,001
11,024
590,912
21,473
3,779,486
4,402,895
12
li
CURRENT LIABILITIES
Amounts falling due within one year
13
(1,512,165)
(1,198,036)
NET CURRENT ASSETS
2,609,836
3,204,859
TOTAL ASSETS LESS CURRENT LIABILrrIES
19,328,172
19,349,103
LONG TERM LIABILITIES
Creditors payable after one year
14
(622,320)
(650,718)
NET ASSETS
18,705,852
18,698,385
REPRESENTED BY..
Unrestricted funds
Restricted funds
15,589,167
3,116,685
18,71)5,852
15,491,521
3,206,864
18,698,385
16
These financial statements were approved by the Governing Body on 20 March 2025 and were
Signed on its behalf by:
Mrs K A Miller
(Chair of the Business Committee)
Page 20

NEWCASTLE-UNDER-LYME SCHOOL
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
2024
2023
Cash flows from operatin8 aetivities
Net cash provided by operating activities
719,567
811,878
Cash flows from investing activities
Dividends and interest from investments
Bank interest
Purchase of property, plant and equipment
Sale of property, plant and equipment
Investment management fees
Net cash provided (used in) investing activities
67,072
83,797
11,090,204)
59,362
45,316
(462,090)
27,706
19,249
19,826
(919,509)
(310,457)
Cash flows from financins activitie8
Repayments of borrowing
(24,873)
(22,888)
Net cash provided by (used in) financing activities
(24,873)
(22,888)
Change in cash and cash equivalents
1224,815)
478,533
Cash in hand at 01 September 2023
3.779,486
3,300,953
Cash in hand at 31 August 2024
3,554,671
3,779,486
Reconaliation of net income to net cash flow from o
erations
Net incoming funds as per the Statement of Financial Activities
Adjustments for:
Depreciation charges
Profit on disposal of property, plant and equipment
Dividends and interest from investments
Bank interest
{Increase)Idecrease in stocks
Decrease/{increase) in debtors
Increaselldecrease) in Creditors
(201,253)
554,308
686.336
548,660
(12,534)
(59,362)
(45,316)
6,692
{193,688)
13,118
(67,072)
(83,797)
(20,816)
95,565
310,604
920,820
719,567
257,570
811,878
Net cash provided by operating activities
Anal
sis of chan
es in net debt
AI ISep2023
Cashllow
At 31Au82024
Cash and cash equivalents
Borrowings
Debts due within one year
Debts due after one year
Total
3,779,486
(20,530)
(650,7171
3,108,239
The notes forni part of these financial statements
Page 21
(224,815)
<3,524)
28,397
(199,942
3,554,671
(24,054)
(622,320)
2,908,297

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
I. ACCOUNTING POLICIES
Newcastle-under-Lyme School is a charitable company limited by guarantee in the United
Kingdom. In the event of the tharity being wound up, the liability in respect of the guarantee is
limited to £10 per member 0£ the charity. The address of the registered office is given in the
charity information on page 2 0£ these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. The financkal statements
have been prepared in accordance with Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective I
January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic
of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally
Accepted Practice as it applies from l January 2015.
The financial statements are prepared under the historical cost convention, modified to include
certain items at fair value. The financial statements are prepared in sterling which is the
functional currency of the charity and rounded to the nearest £. Having reviewed the funding
facilities available to the School together with the expected ongoing demand for places and the
School's future projected cash flows, the Governors have a reasonable expectation that the
School has adequate resources to continue its activities for the foreseeable future. Accordingly,
they continue to adopt the going concern basis in preparing the financial statements as outlines
in the Statement of Accounting and Reporting Responsibilities on page 14
The significant accounting policies applied in the preparation of these financial statements are
set out below. These policies have been consistently applied to all years presented unless
otherwise stated.
1.1 Fees and similar earned income
Fees receivable and charges for services and use of the premises, less any allowances,
scholarships, and bursaries granted by the School against those fees, are accounted for in the
period in which the service is provided.
1.2 Investment income
Investment income from divtdends, bank balances and fixed interest securities is accounted
for on an accruals basis.
1.3 Donations, legacies, grants and other voluntary resources
Voluntary incoming resources are accounted for as and when entitlement arises, the amount
can be reliably quantified and the economic benefit to the School is considered probable.
Voluntary income for the School's general purposes is accounted for as unrestricted and is
eredited to the General Reserve. Where the donor or an appeal has imposed trust law
restrictions, voluntary income is credited to the relevant restricted fund and income
endowments are accounted for as permanent trust capital or expendable trust capital,
according to whether the donor intends retention to be permanent or not. Gifts in kind are
valued at estimated open market value at the date of the sift, in cases of assets for retention or
consumption, or at the value to the School in the case of donated services or facilities.
Page 22

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FENANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES (continued)
1.4 Expenditure
Expenditure is accrued as soon as a liability is considered probable, discounted to present
value for longer-terni liabilities. Expendtture attributable to more than one cost category in
the Statement of Financial Activities is apportioned to them on the basis of the estimated
amount attributable to each activity in the year, either by reference to staff time or the use
made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item
of expenditure to which it relates.
Governance costs comprise the costs of complying with constitutional and statutory
requirement.
1.5 Tangible fixed assets
Expenditure on the acquisition, construction or enhancement of land, vehicles, furniture,
machinery and ICT infrastructure and other equipment are capitalised and carried on the
balance sheet at historical cost
Other expenditure on equipment incurred in the normal day-to-day running of the School 15
charsed to the Statement of Financial Activities as incurred.
1.6 Depreciation
Depreciation is provided to write off the cost of all relevant tangible fixed assets less
estimated residual value based on current market prices, in equal annual instalments over
their expected useful economic lives as follows:
School buildings, including major extensions
Alterations on change of use and minor extensions
Furniture, machinery and equipment
Motor vehicles
20- 50 years
5 - 15 years
3 - 20 years
5 - 10 years
1.7 Investments
Listed investments are valued at market value as at the balance sheet date. Unrealised gain5
and losses arising on the revaluation of investments are credited or charged to the Statement
of Financial Activities and are allocated to the appropriate Fund according to the
"ownership" of the underlying assets.
1.8 Stock
Stock represents cateTing goods for resale and bulk purchases of paper stored by the supplier,
and is valued at the lower of cost and net realisable value
Page 23

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES (continued)
1.9 Fund accounting
The charitable trust funds of the School are accounted for as unrestricted or restricted income,
or as endowment capital, in accordance with the terms of the trust imposed by the donors or
any appeal to which they may have responded.
Unrestricted income belongs to the School's corporate services, spendable at the discretion of
the Governors either to further the School's Objects or to benefit the School itself. Where the
Governors decide to set aside any part of their funds to be used in future for some specific
purpose, this is accounted for by transfer to the appropriate designated fund.
Restricted funds are represented by capital grants received by the School in previous periods
and are being written off through the Statement of Financial Activities in line with the
economic life of the asset funded by the grant.
1.10 Pension costs
Retirement benefits to employees of the School are provided through a defined benefit
pension scheme and a defined contribution pension scheme. The pension costs charged in
the Statement of FinanciaE Artivities are determined as follows:
a) The Teachers, Pension Scheme - This scheme is a multi-employer pension scheme. It is
not possible to identify the School's share of the underlying assets and liabilities of the
Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required
by FRS102, accounts for the scheme as if it were a defined contribution scheme. The
School's contributions, which are in accordance with the recommendations of the
Government Actuaryi are charged in the period in which the salaries to which they relate
are payable.
b) The Newcastle-under-Lyme School Group Personal Pension Plan- This is a defined
contribution group personal pension plan with Friends Life. Employef s pension costs
are tharged in the period in which the salaries to which they relate are payable.
Page 24

NEWCASTLPUNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2. SCHOOL FEES RECEIVABLE
2024
2023
Fees receivable consist of:
School fees
Less: total scholarships, bursaries and concessions
12,380,136 11,257,793
(932,938) (854,842)
11,447,198 10,402,951
3. ANCILLARYTRADING INCOME
2024
2023
Catering income
Out of hours school care
Sundry income
638,488
36,393
47,063
721,944
578,364
28,353
59,106
665,823
4. NON ANCILLARY TRADING INCOME
2024
2023
Rents and lettings
90,157
70,578
5. INVESTMENT INCOME
2024
2023
Investments
Bank interest
67,072
83,797
150,869
59,362
45,316
104,678
6. VOLUNTARY INCOMING RESOURCES
2024
2023
Bequests and legacies
Grant5 drawn in respect of new Sports Hall
Other income, donation and grants
Gifts in kind for the School's own use
5,000
11,250
421,348
12,630
5,006
445,228
7. ACTIVITIES TO GENERATE FUNDS
2024
2023
Fundraising proceeds
Sundry donations raised
230
235
Page 25

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
8. ANALYSIS OF EXPENDITURE
Staff costs
(note 9)
Depreciation
(note 10)
Other
2024
(a) Total Expenditure
Cost of generating funds
Financing costs
Tnvestment management
Total cost of generating funds
69,542
19,826
89,368
69,542
19,826
89,368
Charitable expenditure
Education and grant making
Teaching
Welfare
Premises repair and maintenance
Support costs and governance
TotaI charitable expenditure
7,599,566
20,000
344,156
579,011
8.542,733
151,011
769,019 8,519,596
1,090,182
1,110,182
166,081
1,092,644 1,601881
369,244
346,375 1,294,630
686,336 3,298,220 12,527289
TotaI expended
8,542,733
686,336 3,387,588 12,616,657
2023
Cost of generating funds
Financing costs
Investment management
Total cost of generating funds
41,847
19,249
61,096
41,847
19,249
61,096
Charitable expenditure
Education and grant making
Teaching
Welfare
Premises repair and maintenance
Support costs and governance
Total charitable expenditure
6,687,980
197,899
335,194
518,414
7,739,487
111,695
781,112
7,580,787
611,465
809.364
67,722 1,045,295 1,448,211
369,243
348,070
1,235,727
548,660 2,785,942 11,074,089
TotaI expended
7,739,487
548,660 2,847,038 11,135.185
(b) Govemance included in support costs
2024
2023
Remuneration paid to auditor for audit servi￿5
Other governance costs
14,664
4,135
10,064
4,552
Page 26

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST2024
9. STAFF COSTS
2024
2023
The aggregate payroll costs for the year were:
Wages and salaries
Benefits in kind
Social security costs
Other pension costs
Redundancy/termination payments
6,406,325 5,848,494
266,763
300,082
641.512
577,455
1,228,133 1,009,253
4,203
8,541733 7,739,487
None of the Governors received any remuneration or other benefits from Newcastl&under-Lyme
Sthool or from any CODnected body.
Termination costs are charged in the period in which the termination is agreed.
2024
2023
Aggresate employee benefits of key management personnel
£820,205
£820,205
Number of higher paid employees in bands of:
£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£140,001 to £150,000
The average number of the School's employees during the year, was
Teaching staff
Administration
Support staff
90
14
61
165
91
14
80
18)
Page 27

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10. TANGIBLE FIXED ASSETS
Educational
Non-
books,
educational
equipment
equipment and furniture
Freehold
property
Totals
Cost or frozen valuation
At 01 September 2023
Additions
Reclassification
Disposals
At 31 August 2024
17,688,263
1,295,120
1,055,494
1,939,711
34,710
20,923,094
1,090,204
17,688,263
2,350,614
1,974,421
22,013,298
Depreciation
At 01 September 2023
Charge for the year
Eliminated on disposal
At 31 Ausust 2024
5,001,699
369,244
986,933
166,081
1,269,908
151,011
7,258,540
686,336
5,370,943
1,153,014
1,420,919
7,944,876
Net Book Value
At 31 August 2024
At 31 August 2023
12,317,320
12,686,564
1,197,600
308,187
553.502
669,803
14.068,422
13,664,554
The School has elected, in accordance with Section 35.10(d) of FRS102, to use the carrying value on 01
July 2014, the date of transition to FRS102, of any of the above freehold property previously carried at
a valuation as their deemed cost.
All tangible fixed assets are held for use on charitable purposes.
Badminton Association of England has a legal charge on the existing Sports hall, included in freehold
property for £120,000 as a condition of monies granted to the Sthool.
Page 28

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2024
2023
11. INVESTMENTS
Market Value I September 2023
New money invested
Reinvested income
Amounts extracted
Investment management fees
Increase/(Decrease) in the value of investments
Market Value 31 August 2024
2,501,163 2,601,739
(19,826)
(19,249)
208,720
(81,327)
2,690,057 2,501.163
Investments held in the portfolio are as follows:
Stocks and shares
Cash
2,649,914
2,479,690
40,143
21,473
2,690,057 2,501,163
Securities investments are managed for the School by Investec Wealth and Management Limited.
12. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Fees and extras
Other debtors
Other prepayments and accrued income
208,104
4J24
281919
495y7
274,914
1,029
314,969
590,912
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Bank loans (note 15)
Trade creditors
Other creditors
Accruals and deferred income
24,054
870,292
617,808
li
I￿12,165
20,530
548,154
606,475
22,877
1,198,036
Although most fee deposits are only repaid at the end of a pupil's period at the school, to reflect the
usual terms that fee deposits are repayable to parents on demand if a pupil leaves the school, the fee
deposits within creditors is shown as falling due within one year. This reflects the requirements in
FRS102 that liabilities where the school does not have an unconditional right to defer settlement for at
least 12 months after the balance sheet date should be included in current liabilitie5.
Page 29

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
14. CREDITORS: AMOUNTS FALLING DUE AFfER ONE YEAR
2024
2023
Bank loans (note 15)
622.320
650,718
15. BANK LOANS
Loans repayable, included within creditors, are analysed as follows:
2024
2023
Bank loans repayable within one year
Bank loans repayable between one to two years
Bank loans repayable between two to five years
Bank loans repayable after more than five years
24,054
26,551
57,512
538,257
646,374
20,530
22,082
77,433
551,202
671,247
The School has one bank loan) with National Westminster Bank PIC which is secured against the
freehold property of the School. The loan is repayable over the period to 2039 with an interest rate of
2.06Yo above the bank base rate.
16. MOVEMENT IN FUNDS
At
01 September
2023
Net
movement
in funds
At
31 August
2024
Unrestricted funds
General fund
Restricted funds
General
TOTAL FUNDS
15,491,521
97,646
15,589,167
3,206,864
18,698,385
(90,179)
7,467
3,116,685
18,705,852
Net movement in fund5, included in the above are:
Net
movement
in funds
Incoming
resources
Resources Gains and
expended
losses
Unrestricted funds
General fund
Restricted fund8
General
TOTAL FUNDS
12,415,404
(12,526,478)
208,720
97,646
(90,179)
(12,616,657)
(90,179)
7,467
12,415,404
208,720
Page 30

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Restricted Unrestricted
2024
Tangible fixed assets
Securities investments
Net current assets
Long term liabilities
3,116,685
10,951,737
2,649,914
2,609,836
(622,320)
15,589,167
14,068,422
2,649,914
2,609,836
(622,320)
18,705,852
3,116,685
Restricted Unrestricted
2023
Tangible fixed assets
Securities investtnents
Net current assets
Long term liabilities
3,206,864
10,457,690
2,479,690
3,204,859
(650,718)
15,491,521
13,664,554
2,479,690
3,204,859
(650,718)
18,698,385
3,206,864
18. PENSION SCHEMES
Retirement benefits to employees of the School are provided through a defined benefit scheme and a
defined contribution scheme, which are funded by contributions by the School and employees.
Defined benefit 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 £1,136,746 (2022-23: £922,177)
and at the year-end £140,603 (2022-23: £107,139) 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
undeTtaken by the Government Actuarls 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 lesacy schemes for the period l 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 has valued the'greater
value, benefits for groups of relevant members.
The employer contribution rate for the TFS is 28.6Q/,, and employers are also required to pay a scheme
administration levy of 0.08 % giving a total employer contribution rate of 28.68 % .
Page 31

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
18. PENSIONS SCHEMES (Continued)
Defined contribution scheme:
The Newcastle-under-Lyme Group Personal Pension Plan is a money purchase group personal
pension scheme managed by Friends Life. Basic contributions are 5 10 for the employee and 5 % for the
employer. The employerfs contributions are charged in the Statement of Financial Activities in the
period in which the salaries to which they relate are due. The employer's contributions in the period
amounted to £93,851 (2022-23: £89,096) and at the year-end £16,288 (2022-23: £14,162) was accrued in
respect of contributions to this scheme.
19. CAPITAL COMMITMENTS
There were no Capital Commitments to report.
20. OPERATING LEASE COMMITMENTS
2024
2023
Future minimum lease payments due at the end of the period were
Within one year
Between l and 5 years
41,512
89,581
131,093
21,923
59,923
81,846
Page 32

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21. CONTINGENT LIABILITUES
The School has entered into a Catering Services Agreement with Thomas Franks Limited, which took
effect on 01 February 2023.
The Caterer and the School have agreed that the Caterer will invest £190,000 toward the cost of
certain works and the supply of ￿TtaIn equipment at the School's premises. For the purpose of this
agreement the investment is to be written down on a straight line basis over a five-year period from
01 February 2023.
The Caterer shall retain ownership of all the assets purchased using this investment until the end of
31 January 2028 or earlier in the event of an early termination of the Catering Services Agreement, in
which case the assets shall transfer to the School for consideration of £1.
22. RELATED PARTY DISCLOSURES
There were no related party disclosures to report.
23. ULTIMATE CONTROLLING PARTY
No one individual controls the charity.
24. SUBSIDIARIES
The School owns all of the issued share capital of Castilian Enterprises Limited (company number
9866298), a company incorporated in England that has its registered Offi￿ at Mount Pleasant,
Newcastle-under-Lyme, Staffordshire, ST5 IDB. This Company has been dormant since
incorporation on 10 November 2015 and is intended to carry out trading activities on behalf of the
School in the future.
Page 33

NEWCASTLE-UNDER-LYME SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
24. STATEMENT OF FINANCIAL ACTIVITIES- CompaTative figures by fund type
Unrestricted Restricted
funds
funds
2023
Income and end0￿entS from:
Charitable activities
School fees receivable
Ancillary trading income
Other trading activities
Non-ancillary trading income
Investments
Voluntary incoming sources
Activities to generate funds
Total incomin8 resources
10,402,951
665,823
10,402,951
665,823
70,578
104,678
23,880
235
11,268,145
70,578
104,678
445,228
235
421,348 11,689,493
421,348
Expenditure on..
RaisÉng funds
Financing costs
Investment management
Total deductible costs
Charitable activities
Education and grant making
41,847
19,249
61,096
41,847
19,249
61,096
10,983,910
90,179 11,074,089
Total expenditure
11,045,006
90,179 11,135,185
Net incoming fund8 from operation:
before transfers and investment gains
223,139
331,169
554.308
Loss on investments
(81,327)
(81,327)
Net movement in funds for the year
141,812
331,169
472,981
Fund balances brought forward at
I September 2022
15,349,709 2,875,695 18,225,404
Fund balances carried forward at
31 August 2023
15,491,521 3,206,864 18,698,385
Page 34