Bowdon Preparatory School Annual Report and Financial Statements For the year ended 31 August 2024 Charity registration number 1142325 Company registration number 07577822 Bowdon Preparatory School Legal and administrative information Trustses Mrs J Duschenes Dr H Zhao Dr N Tlghe Mr G Lines Mr N Edwards Mrs A Stewart Ms E Hussai Ms R Murphy Mrs M Kawasakl Drx Wang Mrs C Commam)ond Mr R Willey Dr M Sumta Mrs J Bacon Mr G Hemming Mrs E Howard Ms W Llttman (Appointed 8 Aprll 2024) {AppolntÈd 16 October 2024) {Appolnted 29 Oct(>ber 2024) (Appointed l January 20251 (Reslgned 10 November 2024) (Resigned 12 February 20241 (Resigned 29 April 2024) Secretary M5 K J Pheasant Charlty number 1142325 Company number 07577822 Reglstered office Ashley Road Altrincham Cheshi WA14 2LT Audltor DJPI Audit Limited Bridge House Ashley load Hale Altrincham WA14 2UT Bowdon Preparatory School Contents Page Trustees, report ststement of trustees, re5ponsibilitiÈs Independent auditort5 report 9-11 ststement of financial activitses 12 Balance sheet 13 Statemènt of cash flows 14 Notes to the flnancial statèrnents Bowdon Preparatory School Trustees. report (Including directors. report) For the year ended 31 August 2024 The trustees prèsent their annual repr)rt and ffinancial statements for the year ended 31 August 2024. The financial statements have been prepared in accordanTr wlth the accounting policies set out in note I to the financlal statements and comply with the charity's governing document, the Companies Act 2006 and "Accountlng and Repothng by Charities.. Statement of Recommended Practitt applicable to charitles prèparing their accounts ir) accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland {FRS 102)" l&ffective l January 20191. Reference and admlnlstrative information Referen￿ and administrative detai15 are shDwn in the schedule of company inft)rmation on the flrst page of the financial statements. The truste85 The trustees who sep/ed the CDmpany during the year were as follows.. J Duschenes Dr H Zhao Dr N fighe Mr G Line5 Mr N Edwards Mrs A Stewart Ms E HLsssain Ms R Murphy Mrs M Kawasaki Dr X ]Nan9 Mrs C Comrnamond (AppoSnted 8 April 2D241 Mr G Hemming (Resigned 10 November 20241 Mrs E Howard (Resigned 12 February 20241 Ms W Littman {Re5igned 29 April 2024) Structurel govem•neé and management The Governors, who are also thè charity trustees, are responsible for the overall management and control of Bowdon Preparatory Schoc)l and meet in full at least three times a year. The Work of implementing most of their policies 15 carried Dut by the H&admigtrÈss and the Senior Leadershlp Team. The Businègg Committee, which also Meets at least three times ) year, works under thè chairmanship of a Governor appoinred by the Board. The Bowdon Preparatory School Bursar is responslble for coordinating the work of the Governors and their Committees. Organlsational management The Trustee5 determined the general policy of the School. The day-to-day running of the School was delegated to Mrs Gee, sUPPOrted by senior educBtiDnal stsff. Mrs Gee undertook the key leadership role, overseeing educational, pastoral and administrative functions. Thè day-to-day administration of the School was undertaken within the policies and procedures approved by the Trustees. Mrs Gee attended all Trustees, meetings and Dversaw the recruitment of all education and other stsff. Mrs Gee stepped down as Head on 17 July 2024 and was succeeded by Mrs Makepeace-Taylor. Risk management The Trustees were collettively responsible for ovÈrseeing the risks faced by the School. Detailed tonslderations of risk were Eon5idered by sub-groups of the Trustees and day-to-day operations were de1ggated to appropriate staff at the School. Risks were Identified and assessed and controls were established throughout the year, and steps wÈre taken to mitigate risks, including Insurance cover where appropriate. Bowdon Preparatory School Trustees. report (including directors. report) (continued) For the year ended 31 August 2024 Rlsks were managed under the headings of.. (a) Health & Safety, Safeguarding/Child protection Ibl PrDpertY/Buildings Ic) EducationTheaching (d) Winantial Sustsinability Govemance & Management (e) Human Resources/Employrnent. Through the Tisk management prO￿sSes, the Trustees were Satisfied that the major risks identified had been adequately mitigated where necessary. It was rÈcognised that systems can only provide reasonable but not absolutè assuTance that major risks had been adequately tnanaged. The key contruls include fvFmal agendas for board meetings, minutes of all meetings and follow-up action points, and formal written PDlicies. Trustee recruitment and training Trustees were appointed at the full Trustees. meetings by the exlsting Trustees. The Board of Trustees reqUI￿d breadth and depth of experience to carry out Its duti￿ effertively and efft'aently. When recruiting new Trustees, as well a5 appropriate skills and experience, the Trugtees sought peoplè with a high commitment to thÈ School's ethos. Thè Trustee5 are looking for additional officer5 to add to the skills of the èxisting board and provide for continuity, and are Ilkèly to seek to make further appointments in the Coming school year. Group structure and relatlonships The School's activities and trading performan￿ are included in these accounts. The School has no subsidiaries but benefit5 frorn the generosity of an active Parent Teachér Association (The BPS Soclety) whose support 15 greatly appreaated ènd acknowledged. The School and its community benefit greatly from the work of th& BPS S()tiety, through fundtai5ing èvents that finance Ènrichment activities and opportunities for thÈ pupils and also strengthen the School's ethos through the family community events. Our parents helped wlth many community pmjects and fundrdising activities Fiunning a second-hand uniform shop Organising Christmas discos for all year groups Including fund-rèising artivities Organising whole school Hallowe'en partles Funding a new minibus Funding PE and music & drarna trdvel Funding Christmas treat5 Funding a Quiddltch day for the Prep pupils Funding a Viking Workshop for Prè-Prep pupils Funding a Science Day and Planetarium for all pupils FundÈng the Year 6 Leavers Party Supplying Easter Eggs for all pupils Supporting at B-Fest and Sports Day Objertives and activities Our aims The School operates under the terms of the Memor¢ndum and Artides of Association. The Objects of the School, as defined in the Articles, are the advancement of education for the public benefit at Altrln¢ham in Cheshire, through an independent preparatory school for glrls and boys, in which pupils are taught the duties and dDrtrlnes of Christianity. The School is non-selective. Although the Objects allow for the education of boys, there is no intention of doing so èt the present time and the school remains committed to girls rather than mixèd education. Bowdon Preparatory School Trustees. report (including directors, report) (continued) For the year ended 31 August 2024 We aim, through the Pre-Prep and Prep Departments, to provide an excellent education to girls aged 3-11. We seek to enable the attainment of the highest academic levels, through an academic currlculum and attentive pastoral care, whi15t promoting thè physical, moral and social development of pupils. Puplls are encouraged to beneflt from the extra-curricular programme providing opportunities for creativity and self- expansion. Our objective5 Our objectives reftect the educational aims and the ethos of the School. With academic success comes choice. We a￿ committed to producing well-balanced, rounded and confident individuals. The Tru5tee5 have given careful consideration to the Charity Cotnmission's general guidènce on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging. Our key objectives for the year were.. To maximise pupils, intellectual growth and achlevernents Io Secure effective transltion and future success, in particular by Maintaining the highest quallty provision con5iStently ensuring excellent standard5 of teachlng and learning Enhancing the well-being of the whole school cornmunlty To ensure sustainability and development of the school, in partlcular by building pupil numbers Our ethos, strategy and policies Our ethos can be summed up as a school that enables each pupil to achieve their potential, sdentifying and bLJilding on their areas of strength, be they academic, sporting, artistic or other. Our vislon Is to empower girls to belleve in themselves, and to persevere and succeed in all that thcy do. All pupils are encouraged to adopt the values of care for all, comrnitment to excellence and working tO9ether. The Company is a registered charity th3t seeks to beneflt the publlc through the pursuit of its stated alms. Policles.. Our school welcornes pupils from all backgrounds. Entrance interviews and assessments are undertèken to satisfy ourselves and pareTrtS that potential pupils would benefit frotn the educational offer and supportive environment that the School provides. An individual's economic status, ethnicity, race, religion or dlsability does not form part of the assessment prO￿55e5. We are an equal-opportunity organisation and a￿ committed to a working environment that is free fmm any form of discrimination on grounds of colour, race, ethnlcity, religion, sex, sexual orientation Our school is committed to safeguarding and promoting the welfare of pupils and fftqulres all stsff and volunteer5 to share this commitment. Pa*nts are given regular feedback on their children's 5c)cial and academic progress through pupil review meeting5, regular parents, evenings and written reports. In addition, our staff maintsin Informal contact with parents as required. Our school Is committed to ensuring that acTrss to thè education that we offer is not restricted to those who can afford our fees. The funds of the School nèéd to be built up first, but several bursaries have been made to rèlleve hardship where a PLJpiI's education would be at rlsk owing to, for Èxample, buslness failure or redundancy. In assessing means, we took into account a numbèr of fattors, including family income, saving5, assets and invèstments, and dependent relatives. The School does ot, however, have a capital endowment and we have to be ￿reful to maintain è balance between fee- paying pa￿rnt$, many of whom made considerable sacrifices to pay fees, and those who benefit from award5. The Bursary awards ranged from 60D/ts to IOODh remission of fees. Detai55 of to apply are included in information packs provided to pa￿nrS applylng to the School. The success of our Bursary Schetne 15 explained in our review of activities and achievements below. Thè school alsD offers discounts where parents have MO￿ than Line child at the School, which we believe asslsts larger families, access to Dur school. To ensure that familie5 Wlth sons are not dlsadvantaged by ch005ing single-sex schools, we have introduced a sibllng discount where sons ttend Altrincham Preparatory Schotsl for Boys. We seek to attract and retain high-calibre stsff; there is a contrlbutory pension scheme available to all staff, both teaching and non-teaching. In addition, a range of staff benefits is offered Including life cover, a health cash plan and enhanced parentol leave pay. Bowdon Preparatory School Trustees. report (including directors. report) (continued) For the year ended 31 August 2024 Review of activities and achlevements for the year Review of attivltlés Public benefit Bursaries/family support Bursaries have been pmvided during the year Three morning clubs are available - namely Wake up Shake up, Workout and Story rim£ Afterschool club is offered, along with at least two activity clubs Èè¢h nlght are high ttendance at the clubs Late pick-up provision at no charge Staff training to support VLtlnerable familie5 Wellbeing provision ftsr pupils Holiday Club 15 offered for all half-term and full holidays for pupils and n)n-pupils aged 3-11 Residentlals: Year 3 1 night at Tattenhall Outdoor Centre Year 4 - 1 night at Tattenhall Outdoor Centre Year 5 2 nights at Coalbrookdale and Ironbridge Yèar 6 - 4 nights at The Outward Bound Trust. Ullswat&r Extraod Lltter pick by Year 3 in the local area Year 5 Street performan￿ of shakespea￿ monologues in Altr]ncham Year 6 visits to Sprlngbank Retirement Horne - Christmas Carols Career support and professional development SuppDrt for seven staff members to access senior leader, teacher, TEFL and TA trBining (fundirlg and mentoring} Facrlities Rental of the schoc•l by Stagecoach Performing Arts School, Dlddikick5 and Dance Yourself Fit Achievements for the year Pastoral care ThÈ effects of the pandemic cDntinued to endure with many pupils in need of significantly more pastoTrl 5UPPDrt. As a result, we took th@ following action- CPD devotecl to pupll mental health and wellbeing Staff rÈ¢eived training in Enhancing Therapeutic Pmvision and supporting pupils with Mental Health problems Identifièd how many potential puplls needed support and how muth Promoted SEMH & mindfulness within the classroom Improved the provision of infomation for parents so they could seek support, gLJidance and advice if they had COn￿r￿S about their children, including weekly information events Incorporated wellbeing into weekly class/assembly sessions Bowdon Preparatory School Trustees. report (including directors, report) (continued) For the year ended 31 August 2024 Contlnued to develop pupil voice and pupll leadership. Introduction of CPOMS system to support recording and monitoring of safeguarding cOn￿rnS and pastoral Issues Restorative practice training of ?11 teaching and pupil support stsff Staff tralnlng and development to support pupils with SEN.. Focus on adapting re multi-sensory teaching Access to ICT in classrooms Focus on safety and Safeguarding education Tea¢hlng and learning In sumtnary- A full review of SMSC/Curriculum p5ans undertaken with subject leaders embedding aspects within their own curriculum plans Intr0dLE￿d and embedded ￿ttle Wandle phonics and reading scheme throughout Ltswer School During each term, Year 5 girls were offered four before-school 5e5sions per weèk to sharpen skills and support development of comprehension, verbal reasoning, general maths, and non-verbal reasoning. These took place in focused gFOUPS, which were apprDpriate to the children's pace of learning. A strong focus was pla￿d on identifying perceived and actual gaps in learnlng, and bullding confidence in their own ability for English and Maths by using CEM testino and teaching children Individually, or in small, ft>cu5ed learnlng groups, to ensure optitnum progress for all the girls Reading recovéry was put in place, where neEes53ryi to aid phonlt development and comprehension from YI-6, and Y3-6 rèceived high-quality spcciali5t teachlng sessions in the library, where discussion of ntsvels imprcived highcr-level reading skills further Investment in additional resources to support rapid progress in reading in year 5 Higher profile of current affairg in Prep had a positive impact on pupil personal and social development Further development of Al re50urce5 {Cenlury Tech) and introduction of additional digital learning resources in Seesaw to support leamingy particularly English and maths, acr05S the school One of the highlights of the year was the successful achievement and renewal of our Primary Science Quality Mark statU5. PSQM is recognisÈd by Ofsted and other organ15ations in science education as an effertive vehicle for whole school improvement In science ecruitment of out5tandlng and inspiring teachers and support staff. Bronze certification for SEQM (Space education quality mark) demonstrating hlgh standard of implementatlon Succe$$ and achlevements We were very proud OF the glrls, academic achievements during the year, in particular: Attainment of Year 6 leavers.. 79D/o In top 250/0, 56DJo In the top IO¥0, 440ID in tcTrp Sts/D and 29% in top 2Vo of all pupils nationally 800/D of Year 6 leavers ￿￿1VIng offers at selective senior schoo15 In the UKMT Junior Math5 Challenge aimed at Year 7s & 85, Out of 48 Year 6 entries we achieved 5 Gold, 9 Silver and 8 Bronze certificates. Of the girls who achieved Gold cèrtificates, two gir15 also qualified for the next round, the Kangaroo Challenge, which wa5 a tremendous achievement As well as its ao3demic excellence, the school Is proud of its retord in encournging its pupils to get Involved in the wider opportunitles and to aim high. These actlvlties are numerous and extensive. Somtt of the hlghlights werè.. ISA Ull RegiDnal Netball third place ar)d qualified for the National fin41s fDF the Sth consecutlve time. Runners up at the ISA National Finals - the final in 3 years 3 pupils qualified for ISA National Athletlcs gaining a 2Thd and 3rd place finish at Natlonals ISA UIO North Netball Champions ISA U8 North Athletic5 Champions ISA Ull North Rounders Champlons Trafford Schools Sports Hall Athletics Champions for the gecDnd consecutive year Altrincharn and District School Cross Country Girls Champions Trafford Y415 Girls Swimmlng Champions RÉtalned the Platinum School Games Mark for 2023124 with APS Bowdon Preparatory School Trustees, report (including directors. report) (continued) For the year ended 31 August 2024 LAMDA - Year 3 to Year 6.. 17 merits and 38 distincttons Mini B-Fest and B-Fest provSdlng an opportunity for all pupils to perform to an audien Year 3 waxworks Early Years and p￿-prep Nativity and Chr&stma5 performances Year 3 & 4 Sprlng perfomiance of 'Plrates and Mermaids, 2 In sthool perft)rmances Year 5 & 6 production of 'Frozen, JR, at Sale Waterside Theatre perforTnances I matinee and 2 evening Pupil numbers and fees Our educational activities were carried out through our Early Year5, Pre-Prep and Prep departrnents. The average number trf pupils at the School during the year was as ft*llows'. 2024 2023 PrtrPrep?rdtory p￿paratOry 55 252 48 226 307 274 Our fee increase in September 2024 was 30/0. Fees were further increased by 17% from January 2025 to reflett the application of VAT on independent school fee5. Public benefit In setting its aims, the Govemors have carefully consldered and complied with the duty In settion 4 of the Charities Act 2011 to have due regard to the Charity Commission's published general guidance on public bÈnèfit and, in particular, to tho guidance on the advancement of eduotioin and fee charging. The School fulfils Its public benefit requirement In various ways, including- (a) Bursaries - the School operated bursaries for children ranging from 600ID to IOOOkn for pupils who WDuld otherwise be unable to take up a place. There is no current bursary fund arld the bursaries need to be paid out of tho income achieved ft)r the year. The School must balance the awarding of bursaries against the long-terrn sustainability of the School in gener61. Where possible, the School will award bursaries in cases of hardship and ￿PeCiallY to children who will benefit and flourish from the environment the School has to offer. Bursaries are offÈTrd only to existing pupils and that forms part of the bursaries poIiLy. (b) Facilities - All the external school club pmvider5 are allowed to use the School facilitie5 free of charge. In addition, the school rents out parts of the prernises out of hours to local community organisations. (c) Volunteers and parents and grandparents of puplls helped with various activitie5 at the School and the Governors would like to express their gTrtitude for thè contlnulng and valuable support. Financial review I. OFterating performanty overvlew the School reported a surplus of £371,674 after a £15,825 contribution to the bLtrsary fund. The School has no current deb¢ ènd maintains strong cash reserves. 2. Numbers the School, Ilke other preparatory schools, fac￿ considerable pressure on roll numbers, owing to the competitive environment, general downward trÈnd in demographic numbers, imposltion of VAT on tultion fees and the continuing cost of living cri515. The Governors are not complacent about the need to carefvlly monitor cash ffow and ￿pendItUre in this envimnment. That said, the school 15 at capacity in a number of year groups. Thi5 IS thanks to the hard work of Mrs Gee and all the staff at the school, in particular, 5UPPOrtlng a high number of displaced families following the dosure of Loreto Preparatory School for Girls in July 2023. 3. IncomÈ - total fee incL)me of £3,074,432 has been achieved this year. Bowdon Preparatory School Trustees. report (including directors. report) (continued) For the year ended 31 August 2024 4. Expenditure whilst th&rÈ have been a nurnber of material Increases in expendlture thi5 ye¢r, the careful control of expenditure has meant that DveTrll resources expended increased by just under 19V.. The average number of staff Increased frorn 69 to 81, whilst total staff costs rose by 190/0 to £2.28m. We rernain focused on keèping costs under tight tontrol and in lin¢ with budget projectlons. 5. Resèrves policy - the School has Invested in upgrading Its buildings and facilitles, and the Governors have built up a cèpital fund for use Should parts of the buildlng fail and to cover major maintenarn￿. This requirement is being ca￿fUllY balanced with the more imtnediate educational needs of the 5choDI. S. Investment policy and objettives the MeMorand￿m and Articles of AssDciation authorise the Governors to make and hold investTnents and to operats an overdraft facility and take loans. At present, the Governors hav& not needed to run an overdraft or take out any such loan. At present, the Governo consider they have sufficient cash reserves for emergency requirements. Plan5 for future periods Future plans the School's current financial and premises plans continue to be reviewed by the GovernDrs. rhe key objectives ft)r the coming year are tD: Further develop our ICT strategy to make use of effertive technologies and artificial intelligence CDntinue to develop Teaching and Leaming to ensure that pupils are challenged and supported apprc>priately In order to reach targets Further enhance English and maths provision throughout the school Further develop pupil and parent voice to develop and improve Teachlng and Learning Continue to develop the PSHE& RSE provision Continue to extend and develop pupil leadership across the school Increase capacity to improve wellbeing (mental health champipns and designated mental health lead toi be appointed) Focus on outdoor learning to enhance wellbeing Continue to develop relatlDnships with local nurseries Upgrade of all fire doors over a 12-month period Investigate, cost and plan prem15eg developments to enhan￿ leaming and work-spaces Developfflent of net zero carbon strategy (5U5talnability) Review Staffing and procedures to improvè efflclency and drive savlngs Auditor In accordance with the company's articles, a resolutlon proposing that DJH Audit Llmlted be reappointed as auditor of the corllpany will be put at o General Meeting. Dlsclosure of information to auditor Each of the trustee5 has confirmed that thÈrÉ Is no informatlon of which they are awa￿ which Is relevant to the audit, but of which the auditor is unaware. They have furthèr confim)ed that they have taken appropriate steps to¥ identify such ￿levant information and to establish that the auditor is aware of SUEh information. The trustees. report was appmved by the Board of Trustees. Mrs J Duschenes Chair of Trustees Date.. Bowdon Preparatory School statement of trustees, responsibilities For the year ended 31 August 2024 The trustees, who are also the directors L)f Bowdon Preparatory School for the purpctse of company law are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and Unlted Kingdom Accounting Stsndards (United Klngdom Generally Accepted Accounting Practi￿). Company Law requires the trustees to preparè ffinancial Statements for each financial yèar whlch give true and fair view of the stste of affairs of the charity and of the incoming resources and application of resources, induding the income and expenditure, of the charitsble company ft)r that year. In prepartng these financial statements, the trustees are required to: selèct suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP; make Judgements and estimates that are reasonable and prudent. and prepare the financial staternents On the going concern basis unless it Is inappropriate to presume that the charfty will contirkue in operation. The trustees a￿ responsible for keÈping adequate accounting records that disclose wlth reasonable ccurary at any time the financial pDsition of the charity and enable them to ensure that the financial statements comply with the Cornpanie5 Act 2C106. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detectitsn c)f frdud and other Irregularities. By order of the Board of Trustees Mrs J Dus¢henes Chair of Trustees Date: Bowdon Preparatory School Independent auditor's report To the trustees of Bowdon Preparatory School OpiniDn We have audited the financial statements of Bowdon Preparatory School (the '¢harity'} for the year ended 31 August 2024 which comprise the Statement of financial activities, the balan￿ sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The flnanclal reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standards, including Flnancial Reporting Standard 102 rhe Financft31 Reporting Standard applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In tsur opinion, the financial statements: glve a true and falr view of the state of the charitable company's affalrs a5 at 31 Au9USt 2024 and of its Incoming resources and application of ￿sources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Ac¢ounting Practice- and have been prepared in accDrd4nce with the requirements Df the Companies Act 2006. Basls for opinion We conductcd OLJr audlt in accordance with Internatlonal Standards on Auditing IUKI IISA5 IUKI) and applicable law. Our regponslbllities under those Standards are further descrlbed in the Auditors rEsppnsibllltles for the audit of the financial statements section of our report. We are independent of the charity in èccordanTr with the ethical reqU1￿ments that are relevant to our audit of thé financia5 5taternents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon51bilities in accordancè with these requirements. We believe that the audit evidence we have obtained is sufficTrent and appropriate to provide a basis for our opinion. Coneluslons relating to going coneern In auditing the financial statements, we have concluded that the tru5tees' use of the going concern basis Df accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material un￿rtaintieS relating to events or conditlons that, individually or collectlvely, may c3st slgnificant doubt on the charlty's ability to contlnue ag a going Concern for a period of at least twelve months from when the financial statements a authorlsed for issue. Our responsibilities and the re5PDnsiblllties of the trustees with respect to going concern are described In the relevant sectlons of thi5 report. Other information The other information comprise5 the information included In the annual report other than the financlal statements and our auditorfs report thereon. The trustses a￿ ￿SponSIble for the other information contained within the annual report. Our opinion on the financial statement5 does not cover the other information and we do not express any form of assurance conclusion thereon. Our r85ponsibility is tc> read the other information and, in doing so, consider whether the other infomation is materially incon515tent with the financial Statemènts or our knowledge obtained in the course of the audlt, or otherwise appears to be materi6lly tni5ststed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to J material misstatement in the financial statements thems@Iveg. If, based on the work we have performed, we conclude that there ig a material misstatement of th15 Other informatlon, we are required to report that fact. We have nothing to report in this regard. Bowdon Preparatory School Independent auditor's report (continued) To the trustees of Bowdon Preparatory School Matters on which we are required to report by exception We have nothing to report in respett of the following matters In relation to which the Charlties (Accounts and Reports) Regulations 2008 require us to rBPOrt to you if, In our opinion= the information given In the financial stakrnents is inconsistent In any material respett wlth the tru5tees' report. or sufficient accounting recorols have not been kept. or the financlal statements are not in agreement wath the accounttng rècords. or we have not received all the information and explanations we requlre for our audit. Responsibilities of trustèes As explained morè fully in the statement of trustees, responsibilities, the trus¢ees, who a￿ also the direttors of thè charity for the purpose of company law, are responsible for the preparation of the fjrbancial ststements and for being satisffied that they give a true and falr view, and for such intem)I contml as tho trustee5 cletemiine is ￿e￿Ss8ry to enable the p￿peratIon of financial statÈments that are freè from material mi55tatement, whether due to fraud or error. In prepartng Lhe financial staternents, the trustees arè responsible for assessing the charrty s ability to continue as 3 golng concern, digclosing, as applicable, matters related to going corn￿m and using thé going con￿r￿ basis of accounting unless the trustees either intend to Ilquidate the charitable company or tts cease operations, or have no reallstic ajternative but to do so. Auditor's responsibilities for the audit of the frnancial statements We have been appointed as auditor under sèction 144 of the Charities Act 2011 and report in accordance with the Att and relevant regulatiot55 made or having effcct thereunder. Our objectives a￿ to obtsin reasonable assuranTr about whether the financial statements as a whole are fwé from matsrial misstatement, whether due to fraud or crror and to Issue an auditcpvs rÈport that Includes our opinion. leasonable assurance is a high lèvel of assurance but is not a guarantèè that an audit conducted in accordance with ISAS (UK) will always detert a material mlsststement when it exlsts. Mlsstatemènts can arise from fraud or error and are considerod material if, indlvidually or in the aggregate, they could reasonably be expected to influence the economic deasions of users taken on the basis of these financial statements. The extènt to which our prO￿dureS are capable of detertlng irregularities, including fraud, Is detailed below. Our approach to identifying and assessing the rlsks of material mlsstatement In ￿$petr of irrÈgularitles, ncluding fraud and norn-ttjmpliance with laws and règulations, wès as follows.. the engagement partnÈr ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable lèws and regulatlons; we identified the laws and regulations appllcable to the company through dis¢ussions with trustees and other management, and fmtn our previous knowledge and experienTr Df the client and businesses in similar sertDrs,' we assessed the extent of Complian￿ wlth th¢ laws and ￿9￿latiOnS identffiÈd through making enquirfes of management and IngpÈrting any available legal correspondence. and the audit tèam were in regular communlcation in relation to laws and regulations and potentSal Instan￿ c>f non-compliance throughout the audit. We assessed the susceptibility of the cha￿table company's financial statemÈnts to materfal misstatÈment, Indurling obtaining an undérstanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to F￿Ud, their knowledge of actual, su5perted and allegèd fraud; and considering the internal controls in placè t¢ mitigate risks of fraud and non-compliance with law5 and regulations. Bowdon Preparatory School Independent audltor's report (continued) To the trustees of Bowdon Preparatory School To address the risk of fraud through management bias and override of controls, we: perfortnèd analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determlning the accounting estlmates were indicatlve Df potential bias investigated the rationale behind significant or unusual transactions. and performed walkthrough tests on maj.or transaction cycle5. In response to th& risk of irregularitie5 and non-compliance with laws and regulation5, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underwing supporting docurnentation-, enquiring of management as to artual and potential litigation and claims; reviewing legal and professional expenses for potential ongoing litigatlon work,. and reviewlng correspondence with HMRC and other professional advisors. There are inherent limitations In our audit prDcedures described above. The more removed that law5 and regulations are from financial transactions, the les5 likely it is that we would become awa￿ of non- compliance. Auditing standards also Ilmit the audit procedure5 requlred to identify non-compllance with law5 and regulatlons to enquiry of the tru5te2s and other managèment and the inspection of ￿9LlIatOry and legal correspondence, if any. Material mi55tatements that arise due to fraud can be harder to detect than those that arise frDtn error as they may involve dellberate conTralment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's webslte at: https'.//www.frc.org.uklèudltorsresponsSbilities. This description fom15 part of our auditor's report. Use of our report This report 15 made solely to the charity's trustees, as a body, in accordanTr with part 4 tsf the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to rhe charity's trustce5 those matter5 we are required to state to them in an auditor's report and for no other purpDse. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Candice Beynon FCCA (Senior Statutory Auditor) for and on behalf of DJH Audit Limited 25131 1015 Chartered Accountants Statutory Auditor Bridgè House Ashley Road Hale Altrincham WA14 2Ltt li Bowdon Preparatory School Statement of financial activities Including income and expenditure account For the year ended 31 August 2024 Unr£strictsd Unrestricted funds funds 2024 2023 Notes Income from: Charitable activities InvÈstments 3,606,764 40,766 2,752,804 17,697 Total income 3,647,530 2,770,501 Expenditure on: Charitsble attivities 3,275,856 2,717,971 Total oxpenditure 3,275,8S6 2,717,971 Net Income and movement in funds 371.674 52,530 Reconclliation of funds: Fund balances at I September 2023 2,5B9.865 2,537,335 Fund balanees at 31 August 2024 2.961,539 2,589,865 The statement of financial activitie5 includes all gains and losses re¢ognised in the year. All Incorne and expenditure derive from continuing activities. 12- Bowdon Preparatory School Balance sheet As at 31 August 2024 2024 2023 Not&s Flxed assets Tangible assets li 1,881,122 1,899,421 Current assets Debtors Cash at bank and in hand 12 749,184 2,129,070 1,072,594 1,086.020 2,878.254 2,L58,614 Creditors: amounts falling due wlthln one year 13 11,787,577) 11,468,L701 Net current assets 1,090,677 690,444 Total assets lèss currant liabilities 2,971,799 2,589,865 Credltors: amount5 falling due after more than one year 14 110,2601 Net a5$ets 2,961,539 2,589,865 The funds of the charlty Unrestricted funds 17 2.96L,539 2,589,865 2,961,539 2,589,865 The company is entitled to the exemptlon from the audit ￿QuireMent containecl in sertion 477 of the Cornpanies Act 2006, for the year ended 31 August 2024, although an audit has been carried out under section 144 tsf the Charities Act 2011. The trustee acknowledge5 her responsibilities for complying with the ￿QUireMentS of the Companies Act 2006 with respect to accounting records and the preparation of flnanclal statements. The members have fjot required the company to obtaln an audit of its financial statements under the requirements of the Companie5 Act 2D06, for the year in questlon In accordance with sectlon 476. These financial Statements have been prepared in accordance with the provisions applicable to Companles subject to the small companles regime. The financial staternents were approved by the trustee5 on Mrs J Duschenes Ch#ir of Trustees Company registration number 07577822 (England and Wales) 13 Bowdon Preparatory School Statement of cash flows For the year ended 31 August 2024 2024 2023 Notes Cash flows from operating activitles Cash generated frotn operdtions 20 1,115,409 167,659 Inve5tin9 activities Purchase of tangible flxed assets Investment Income recelved (102,8651 40,766 1119.129) 17,697 Net cash used in invèsting activities 162,099) (101,4321 Financing activitie5 Payment of fin6nff leases obligations 110,2601 (7.1281 Net cash used in financing actlvltie$ (10,2601 17,128) Net Increase In cash and cash equivalents 1,043,050 59.099 sh and cash equivalents at beginning of year 1,086,020 1,026,921 Cash and ¢ash equivalents at end of year 2,129.070 1,086,020 14- Bowdon Preparatory School Notes to the financial statements For the year ended 31 August 2024 Accounting policles Charity inforrnation owdon Preparatory School is a private compBny limited by guarantee incorporated In England and Wales. The registered office is Ashley Road, Altrin¢ham, Cheshire, WAL4 2LT. 1.1 Accounting convention The financial statements have been prepared in accordance wlth the charlty's governlng document, the Companiès Act 2006, FRS 102 -The Financial Reporting Standard applicable In the UK and Republic of Ireland" I'FRS 102-1 and the Charities SORP °Accounting and Reporting by Charities- statement of Recommended Practice applicable to charilie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charlty. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Going concern At the time of approving the financial statements, the trustees have a rèasonable expectation that the charity adequats resources tc> continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis Df accounting in preparing the financial statements. 1.3 Charitable fund5 Unrestrictèd fLJnds are available for use At the dlscretion of the trustees in furtherance of their charitable objettives. 1.4 Income Income is recognlsed when the charity is legally entitled to it after any performance ￿ndItIOnS have been met, the amounts can be measured reliably, and it is probable that income will be received. Fees re￿1vable are accounted for in the period in which the service is provided, and a5 such, conslst of charges for the schoDI year ending 31 August 2024. Other fixed assets and net current liabilities from Culcheth Hall School were previously introduced as donations at market value. 1.5 Expenditure Expenditure 15 recognised once there is a legal or constructive obligation to transfer ecpnomic benefit to a third party, it is probable that a transfer of ecDnomic benefits will be required in settletnent, and the amount of the obligation can be measured reliably. Expenditure is cla55ified by activity. The costs of each activlty are made up of the total of direct costs and shared costs, including support cost5 ir)vc)Ived in undertaking each activity. Direct Costs attributable to a single activity are allocated directly tD that artivity. Shared costs whlch contribute to more than one activity and support costs which are not attributable tcs a single activity are apportlonecl between those activities on a basis conslstent with the use of resources. Central staff costs are allocated on the basis of time Spent, and depreciatlon charges ara allocated on the portion of the asset's use. 15 Bowdon Preparatory School Notes to the financial statements (continued) For the year ended 31 August 2024 Accounting policies (Contlnued) Resources Èxpended are accounted for on an accruals basis. The irrecDverable element of VAT Is included with the ttem of expense to which it rÈlates. Expenditu￿ is allocatÈd to expense headings either on a direct cost basis, or apportionment accordlng tts time spÈnt. Costs of charitable activities includè expenditure associated with the runnlng of the school and Include both direct and support costs. Supplles of games equipment, books, 5tstionery and sundry materials are written off when the expenditure is incurred. Govemance costs ￿present the cc)sts of aLtdit, accounting, legal ènd prof￿$lOnal fees incurred during the incorporatlon and maintenanTr of the charity. 1.6 Tangable fixed a55ets Tangible fixed assets are Inltlally mèasured at cost and subsequently measurèd at cost or valuatlon, net of depreciatlon ènd any Impairment losses. Dep￿CIatIOn is recognlsed so as to write off the cost or valuatlon of assets 1È55 their residual values over their useful lives on the fc)Ilowing bases.. Land and buildings other assets Plant and machlnery School equipment Office equlpmÈnt 2% on a strdight Ilne basis 15% - 25% of written down value 25% of written down value 25¥0 of written down value 25D/D of written down value The gaÈn or Ios5 arlslng on the dlsp05al of an asset is detemiined as the diffÈrence be￿een the sale prO￿@d$ and the carrying value of the asset, and 15 recognised in thÈ statement of financial activitiés. 1.7 Impairment of flxed assets At each reporting end date, the charity ￿ViewS the carying amounts c)f its tangible assets to determine whether there is any indication that those assets have suffered an impalment loss. If any such indication exists, the recoverable amoLEnt of the asset is estimated in order to detemiine the extent of the impairment loss (If any). 1.8 Cash and cash equlvalents Cè5h and cash equivalents include cash in hand. deposits helcl at call with banks, other 5hort-tem liquid investsnents with original maturities of three months or less, and bank overdrafts. Bank overdrafts ére shown within borrowings in curfftnt liabllrties. 1.9 Financial instruments The charlty has elected to apply the provlsitsns of SecEion 11 'Basic Financial Instruments, an Section IZ'Other Financial Instruments I￿ueS. of FRS 102 to all of its financial instruwents. Financial Instruments are recognised in the chamty'g balance sheet when thè charity becomes paty to the contrEctual provisions of the instrument. Financial assets and Ilabilities arE offset, with the net amounts presented in the financlal statements, when there is a legally enforceable right to set off the recognised amounts and there 15 an intention to settle on è net basis or to realise the asset and Settle thè liability slmultaneously. 16 Bowdon Preparatory School Notes to the financial statements (continued) For the year ended 31 August 2024 Accounting policies (Contlnued) 8aslc flnancial assets Basic financial assets, which include debt0￿ and cash and bank balancÈs, are initially measured at transaction price including transartion costs and a￿ Subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing tr4nsaction, wheré the transaction 15 measured at the present value Df the future ￿ceIpts discounted at a market rate of interest. Financial assets classified as receivable within one year a￿ not amortised. Baslc Ilnanclal liabilities Basic financial liabilities, including creditor5 and bank loans are initially recognised at transaction priTr unles5 the arrangement constitutes a financing transaction, Whe￿ the debt instrument Is measured at the present value of the future payments discoLJnted at a market rate of interest. Flnancial liabilities classified as payable within one year are not amortlsed. Debt instmments are subseqL]ently carried at amortisèd cost, Using the effective Interest rate method. Trade creditDf5 are obligations to pay for goods or services that hove been acquirèd in the ordinary course Df operation5 from supplier5. Amounts payable are classified as current liabilities if payment Is due within one year or less. If not, they are presented as non-current liabilities. Trade creditor5 are recDgnised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Anancial liabilltles Derecognltlon of r Financial liabilities are derecognised when the charity's contractual obligations expire or ère discharged or Can￿lled. 1.10 Employee beneflts The cost of any unused holiday entitlement Is recognisÈd In the period in which the employees services are received. Termination benefits are recognised Immediately as an expense when the charity is demonstrably cornmittèd to terminate the employment of an employee or to provlde termlnatlon benefits. 1.11 Retirement benefit5 Payments to dèfi'ned contribution retirement beneflt schemes arÈ charged as an expense as they fall due. Until It wlthdrew from the Teachers, Penslon Scherne in August 2022, the school contrlbuted to the Teachers, Pension Agency, a superannuatlon scheme whlch provldes benefits based On final pensionable salary. There is also a group contributory scheme for non-teachlng staff, with thè contrlbution rates set by the school. The pension costs charged in the accounts represents the amount of contribution5 payable to the schemes in re5pert tsf the accounting period. 17 Bowdon Preparatory School Notes to the financial statements (continued) For the year ended 31 August 2024 Accountin9 policies (Continued) 1.12 Leases Leases are classified as finance leases whenever the terms of the lease trdnsfer substantially all the rlsks and ￿WardS of ownership to the le$5ees. All other leases are classrfied as operating leases. Assets held under finance leases are rectsgnlsed as assets at the lower of the assets fBir value at the datè of InTrption and the present value of the mlnimum lease payments. The relatecl liability is included in the balance sheet a5 a finan￿ lease obligatlDn. Lease payments are treated as con515ting of capital and interest elements. The interÈgt is charged to net income/[expendSturel for the yèar so as to produ￿ a constant pe￿OdiC rate of interest on the remaining balance of the liabillty. Critical accounting estimates and judgaments En the appllcation of the charity's accounting policies, the trustèès are required to make judgements, estirnates and assumptions about the rarying amount of assets and liabilities that are not readily apparent from other 50urces. The estimates and associated assumptsons are based on historical experiencè and other fattors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are ￿VieWed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revlsion affects onEy that period, or in the period of the revision and future periods where the revision affect5 both current and future perlods. Charltable activitles School Thcomk Irpm Income from fotai 2024 Curricular activltles 2024 20Z4 20Z4 Sales within charitable activities 3,074,432 318,830 213,502 3,606,764 Schllol fees Incomo from kncome frLsm re￿ived Yotsl Z023 ¢urricular ¥ctMtles 2023 2023 2023 Sales withSn charitable actlvlties 2.377,338 216,401 159,065 2,752,804 18 Bowdon Preparatory School Notes to the flnancial statements (continued) For the year ended 31 August 2024 Income from investmènts Unrestrlcted Unrestrlcted funds funds 2024 2023 Interest receivable 40,766 17,697 Charitable activities Teaching Welfaré P￿mIS45 Support Governan costs £Q5ts costs C95ts ce costs Tot41 2023 Staff costs Depreciation Establishment costs 1,762,1fj1 10,696 144,431 203,319 95,126 96,319 322,172 120,344 20,905 80,803 42,906 2,275,778 151,945 268,140 208,879 106,285 86,891 1,912,863 124,338 192,843 159,729 85,656 81,171 TÈaching Costs Catering consumablÉs Clèaning Administratlon Sundry costs GOVerAan￿ costs 5,560 106,285 86,891 99,169 99,169 78,769 119,033 42,338 78,769 2,L20,607 206.971 384,357 485,152 78,759 3,275,856 2,717,971 2,120,607 206,971 384,357 485,152 78,769 3,275,856 2,7L7,971 Analysis by fund Unrestricted funds 2,120,607 206,971 384,357 485,152 78,769 3,275,856 2,120,607 206,971 384,357 485,152 78,769 3,275,856 For the year ended 31 August 2023 Unrestricted fund5 1,71L,351 174,771 343,516 445,995 42,338 2,717,971 L,711,351 174,771 343,516 445,995 42,338 2,717,971 19 Bowdon Preparatory School Notes to the financial statements (continued) For the year ended 31 August 2024 Support costs Support Governance 2024 2023 Basi5 of alloeation Audit fees Accountancy Legal and professional 8,142 4,198 66,429 8,142 4,L98 66.429 7,480 Govemance 5,652 Governance 29,206 GoverrkancÉ 78,769 78,769 42,338 Net movement in funds 20Z4 2023 The net movement in funds Is stated after charging/ltredlting): Fees payable for the audit of the chanty's financial statements Dèpreciation of owned tangible fixed assets Depreciation of tsngible fixed assets held under flnancÈ leases 8,142 136,517 15,428 7,480 121,548 2,791 T￿Ste￿$ None of thè trustees (or any person5 conne¢ted with them) re￿IVed any remuneration/relmbur5ed expen5e5 during the year. Employeès The averdge monthly number of employees during the year was: 2024 Number 2023 Number Number of fvll-time teaching 5traff Number of part-time teaching staff Number of full-time teaching sUPPOrt staff Number of part-time teaching support staff Number of full-time pupil support Staff Number of part-time pupil support staff Number Df full-time administration staff Number of part-time admlnistratlon staff Number of full-time wetfare staff Number of part-tirne welfare staff Number of full-time premises staff Number of part-time premises staff 18 17 18 14 12 li Total 81 69 20- Bowdon Preparatory School Notes to the flnancial statements (continued) For the year ended 31 August 2024 Ernployees (Continued) Employment Costs 2024 2023 Wages and salaries Social security C05t5 other pension costs 1,801,977 160,201 313,600 L,546,839 140,862 225,162 2,275,778 L,912,863 The number of employees whose annual rèmuneration was more than £60,000 is Js follows.. 2024 Number 2023 Numtjer £70,001 £80,000 Of the employee5 whose emDluments exceed £60,000, 1 12023.. 1) have retirement benefits accruing under defined benefit pension schemes. RemunoratÉon of key mana9ement personnÈl The key management personnel of the charity comprlse the members of the Executive Leadership Team. Th2 total amount of employee benefits received by key management personnel for their services to the charity was £378,669 12023.. E332,9131. 10 Taxation The charity is exempt fmm tax on Income and gains falllng within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Galns Art 1992 to the extent that these are applied to Its charitable objects. 21 Bowdon Preparatory School Notes to the financial statements (continued) For the year ended 31 August 2024 11 Tanyible fixed assets Land and Other assets buildings Plant and machin@ry School •q¥ipment Ttstal equipment Cost At I September 2023 Additlc)ns Disposals 1,800,000 809,349 25,782 78,797 68,283 109,185 6,484 74.498 33,096 {35,640) 2,871,830 133,645 (35,6401 At 31 August 2024 1,800,000 835,131 147,080 115,670 71,954 2,969,835 Depreciation and impalrnient At I September 2023 Depreciation charged in the year Eliminated in respect of disposals 324,OOD 491,745 33.159 69,628 52,876 972,408 27,000 69,223 24,121 10.696 20,905 151.945 135,640) 135,6401 At 31 AugLESt 2024 351,000 560,968 57,280 ÈD,324 39,141 1,088,713 Carrying amount At 31 August 2024 1,449,000 274,163 89,800 35,346 32.813 1,881,122 At 31 August 2023 1,476,000 317,604 45,639 39,557 20,621 1,899,421 The nèt carylng ￿lue of tangiblÈ fixed assets includes the followlng In ￿Sp￿tt of a$5ets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assèts amounted to £15,428 (2023: £2,791). 2024 2023 OfficÈ equipment 23,726 8,374 12 Debtors 2024 2023 Amounts falling due wÈthin one year: Trade d8btor5 Prepayments and accrued income 688,628 60,556 1,018,296 54,298 749,184 1,072.594 22- Bowdon Preparatory School Notes to the financial statements (continued) For the year ended 31 August 2024 13 Creditors: amounts falling due within one year 2024 2023 Notes Obligations under finance leases Other taxation and socièl security Deferred income Trade credltors Other credltc> Accruals 15 10,260 40,629 1,423,754 33,761 35,979 243,194 33,848 1,083,696 S2,726 30,529 267,371 ifj 1,787,577 1,468,170 14 Creditors: amounts falling due after more than one year 2024 2023 Notes Obligations under flnance leases 15 10,260 IS Finance lease obllgatlons Future minimum lease payment5 due under finance leases- 2024 2023 within one year Within two and five years 10,260 10,260 20,520 Finance lease payments represent rentals payable by the company for an item of office equipment. Leèses include purchase options at the end Df the lease period, and no restrlctlons are placed on the use of the assets. The lease is on a fixed repayment basis and no arrangetnents have been entered into for CDntingent rental payments. 16 Deferred income 2024 2023 Other deferred income 1,423,754 1.083,696 Deferred income is included in the financial ststements as follows.. 23- Bowdon Preparatory School Notes to the financial statements (continued) For the year ended 31 August 2024 16 Deferred income (ContinuÈd) 2024 Z023 Deferred income Is included wlthin.. Cu￿ent liabiliti 1,423,754 1,083,696 Movements in the year.. Deferfyd income at I September 2D23 Released from previous periods Resources deferred in the year 1,083,696 11,083,696) 1,423.754 821,310 (821.3101 1,083.696 eferred income at 31 August 2024 1,423,754 1,083,696 17 Unrestrlcted funds The un￿triCted funds of the charrty comprise the unexpended balances of donatrons and grants which are not subjert to speclfic conditions by donors and grdntor5 as to how they may be used. These indude dcslgnated funds whlch havp been set aside OLrt of unrestricted funds by the tNstees for specifie purpose5. Ati $8ptember 2023 IncoFning resour Resotsrces At 31 ALtyust expended 2024 General funds 2,589,865 3,647,530 (3,275,856) 2,961,539 Previous year" Ati September 2022 Xncomln9 resourees Resource5 At 31 August expended 2023 General funds 2,537,335 2,770,501 12,717,971) 2,589,865 18 Retirement benefit schemès 2024 2023 Defined contributlon schemes ChargÉ to profit or loss in respett of definèd cc>ntributlon schemes 313,600 225,162 The company operates a defined contribution rEtirernent benefit scheme for all qualifying emplc)yees. The assets of the scheme are held separately from those of the CDMpany. The company contributes specifiÈd per￿ntage pf payroll costs to thè retirement benefit scheme to fund the benefits. The only obligation of the company with respect to the scheme is to make the specified contrtbutions. The employerfs contribution5 payable for the year, for all schemes, were £313,600 (2023: £225,162) and the amount outstanding at the year end w4s £27,129 (2023.- £24,765). 24- Bowdon Preparatory School Notes to the financial statements (continued) For the year ended 31 August 2024 19 Related party transartions There were no di5closable related party transartlDns during the year12023 - none). 20 Cash generated from operatlons 2024 2023 Surplus for the year 371,674 52.530 Adjustments for.. Investment income recognised in ststement of financial activitles Depreciation and impairtnent of tangible fixed assets 140,7661 151,944 117,697) 124,339 Movements In working capital.. Decreasel(increase) in debtors (Decreasellincrease in ctEditors Increase in deferred income 323,410 130,911} 340,058 {323,2261 69,327 262,386 Cash generated from operatlons 1,115,409 167,659 21 Analysis of change5 in net funds At I Septembar Z023 Cash flDYIS N¢w flnance l¢ases At 31 August 2014 Cash at bank and In hand 1,086,020 1.043,050 2,129,070 Obligations under finance leases 10,26D 130,7801 120,5201 1,086,020 L.053,31D 130,7801 2,108,550 25