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2024-08-31-accounts

Charity registration number 1142914 (England and Wales) Company registration number 06596179

WISDOM SCHOOL

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

WISDOM SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Selcuk Bassoy
Mr Mahmut Gunaydin
Mr Rustam Aliyev
Secretary Mr Huseyin Adak
Charity number (England and Wales) 1142914
Company number 06596179
Registered office 110 Colindeep Lane
London
Middlesex
United Kingdom
NW9 6HB
Auditor KPSR LLP
58 High Street
Pinner
Middlesex
HA5 5PZ

WISDOM SCHOOL

CONTENTS

Page
Trustees' report 1 - 19
Statement of trustees' responsibilities 20
Independent auditor's report 21 - 23
Statement of financial activities 24
Balance sheet 25
Statement of cash flows 26
Notes to the financial statements 27 - 37

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024

The trustees present their annual report and financial statements for the year ended 31 August 2024.

The charity operates under the name North London Grammar School.

The headteacher in the period under review is Mr H F Adak.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the School's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The principal objectives of the charity are:

-As described in the Memorandum of Association is to hold funds and to utilise the income for charitable purposes for the benefit of the public including but not limited to the advancement of education;

-The relief of financial hardship by making grants of money for providing or paying for services or facilities;

-To establish and maintain such institutions as nurseries, weekend schools, schools, college and universities to promote the advancement of education of pupils at their schools and in out of school environments;

-To establish schools in order to have a positive impact in education and to emphasise importance and increase awareness of technology, mathematics, science education, music, sports, humanities and arts among students, parents and the general public.

-To organise such courses and events as those which will assist the disadvantaged members of the community to develop capacity and skills that will help them participate fully in society by identifying and helping meet their needs;

-To promote equality and diversity for the benefit of the public in England by encouraging the elimination of discrimination on grounds of race, religion, disability or ethnic origin by raising awareness and understanding of the background, qualities and needs of individuals living in and organisations and groups operating in the area of benefit and by promoting attitudes, customs and practices in favour of equality.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

The strategies for achieving these objectives are:

In order to fulfil the above-listed objectives of the Charity more fully, the trustees together with the head of school and senior leadership team have agreed that NLGS should aim to:

-To provide exceptional education to the highest possible standards with excellent teaching, learning and extracurricular opportunities to all pupils regardless of their social, cultural, religious, and financial background.

-To recruit the highest possible calibre of teaching and support staff and facilitate their continuing professional development.

-To maintain a mix of pupils from a wide range of socio-economic backgrounds by supporting the optimum number of pupils with the cost of education, on a means-tested basis from the Charity’s limited endowment funds and other fundraising.

-To embrace modern technology and use it to enhance pupils' independence as learners and prepare for the future.

-To maintain a vibrant and diverse programme of co-curricular activities which plays a key role at NLGS, enabling all pupils to explore and develop new interests, challenge themselves and take responsibility, develop teamwork and leadership skills, make friends, and have fun.

-To provide a happy and secure pastoral environment in which all pupils can flourish with opportunities for leadership, service and an acknowledgement of respect and consideration to others.

-To educate pupils to have a true sense of service to their communities.

-To fill all available places across all year levels by attracting more pupils who have demonstrated academic potential and learning skills to benefit from North London Grammar School's rigorous academic programme.

-To further develop existing strong group communications and relationships with our stakeholders including the parents, extended families as well as the alumni community.

-To build on our school’s existing links with other Charities, Outreach Projects and the wider community by helping and supporting them and making contributions to their activities and projects in any way possible.

-To open the school facilities for community use, at appropriate times, within safeguarding constraints.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the School should undertake.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Activities to Achieve Charity Objectives for Public Benefit

Bursary

NLGS believes that education should be accessible to everyone, regardless of financial background. To support this, the school offers fee assistance through its bursary programme for eligible students. In the 20222023 academic year, 21 students received a total of £78,756 in fee support, which decreased to 15 students and £47,137 the following year.

The school acknowledges that education extends beyond academics to include social interaction and shared experiences. By offering bursaries, NLGS aims to cultivate a diverse student body that can benefit from learning in a varied environment. Bursaries, which can cover up to 100% of tuition fees, are awarded based on several factors, including performance in the entrance assessment and interview, contributions to the school, family income and assets, and other relevant personal circumstances.

NLGS considers bursaries an essential part of its admissions process. By providing financial aid, the school strives to maintain a diverse student body from various socio-economic backgrounds, fostering an inclusive and equitable learning environment. When awarding bursaries, the school considers both financial need and the value each student brings to the community.

The school is committed to offering exceptional education, high-quality teaching, and diverse extra-curricular activities to all students. Through bursaries, NLGS extends this commitment to those who might not otherwise be able to afford such an education. The school aims to ensure equal opportunities for all students, enabling them to reach their full potential and achieve their goals.

Understanding that its students will shape the future, NLGS is dedicated to empowering them to become responsible, proactive citizens who can make a positive impact in their communities and beyond.

Scholarship

North London Grammar School offers full or partial scholarships to students across all year levels who demonstrate exceptional academic ability and the skills necessary to excel in the school's rigorous academic curriculum. These scholarships are awarded annually as a percentage of tuition fees.

In the previous academic year, the school provided £390,672 in fee support to 73 students, which decreased to £383,714 for 69 students the following year.

These scholarships help make high-quality education accessible to students who might not have the financial means to attend the school. By offering scholarships, NLGS creates opportunities for talented students to pursue their academic ambitions and reach their full potential, regardless of financial constraints.

Scholarships are awarded through a selection process, considering the student’s academic achievements, personal and family circumstances, contributions to the school community, and ability to succeed in the demanding academic programme.

The scholarship programme is a key element of NLGS’s commitment to providing an exceptional education that offers valuable opportunities for learning and extra-curricular involvement. The school firmly believes that every student deserves access to top-tier education, and is proud to offer scholarships to help make this a reality.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Charitable Giving

NLGS believes that community service and philanthropy are essential components of a well-rounded education. We encourage our students to engage in volunteer work and fundraising to promote empathy and social responsibility. We believe that giving back to the community is an excellent way to cultivate a sense of responsibility and develop leadership skills. Our students participate in a range of charitable and community-based projects, such as organising food drives for local shelters, volunteering at nursing homes and hospitals, organising environmental clean ups, and supporting local non-for-profit organisations. Through these initiatives, our students learn to collaborate, communicate, and become active members of their communities. NLGS believes that philanthropic activities are integral to its students' academic, social, and emotional growth. We recognize the importance of promoting social responsibility and citizenship in our students. As a result, we incorporate philanthropic activities and community service in our curriculum and encourage our students to embrace these values throughout their academic careers and beyond.

The school provides opportunities for its students to participate in various philanthropic activities and community service initiatives. These initiatives not only benefit the wider community but also enrich the lives of the students themselves by promoting personal growth and development.

In summary, NLGS is committed to promoting social responsibility among its students by providing opportunities for them to engage in philanthropic activities and community service. The school recognizes the importance of students understanding the social context of their education and hopes to instil in them a sense of civic duty that will stay with them throughout their lives.

Community and Local Schools Support

NLGS understands the importance of being an active and engaged member of the community. As a charity, we prioritize benefiting the wider public without compromising the education of our students. We aim to create a positive impact on the local community through our facilities and resources. We collaborate with neighbouring schools and clubs to host joint events, forming close relationships with organisations within the community. Throughout the year, we also host a variety of events and festivals that are open to the public. These events provide opportunities for children and adults from the surrounding area to use our facilities, enjoy our services, and benefit from our charitable objectives. Our trustees take guidance from the Charity Commission to ensure that our actions align with our charitable objectives and provide public benefit. We believe that being an active and engaged member of the community is essential to fulfilling our mission as a charity and as an educational institution.

Throughout the period, NLGS's major activities have included offering bursaries and scholarships to students who would not otherwise be able to afford the tuition fees, as well as providing fee support to deserving students. The school also encourages its students to participate in philanthropic and volunteer activities, collaborating with regional non-for-profit organisations and other like-minded groups to promote social awareness and a sense of community involvement.

Additionally, NLGS provides public benefit by offering reduced-rate rentals to neighbourhood groups and societies and hosting events that allow members of the community to use its facilities. By doing so, the school contributes to the social and cultural enrichment of the neighbourhood and fosters positive relationships with the community at large.

Overall, NLGS is committed to using its resources and facilities for the benefit of the community whenever possible, while maintaining its focus on providing an exceptional education to its students.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The major activities of the charity during this period have been:

Teaching

The curriculum at North London Grammar School includes a wide range of subjects aimed at providing students with a well-rounded education. The school offers classes in English, reading, mathematics, science, design technology, history, art & design, music, physical education, personal, social, health education and citizenship, religious education, geography, and information and communication technology. By offering a diverse selection of subjects, the school aims to help students develop not only academically, but also socially, emotionally, and creatively. Through a comprehensive curriculum, North London Grammar School seeks to prepare its students for success in higher education and the workforce.

Student services

North London Grammar School in Hendon offers various student services to ensure a comfortable and convenient educational experience. Among these services are the school bus service, school lunch and hall hire. The school bus service provides transportation for students to and from the school. The school lunch service offers nutritious meals to students during their break times. The school also allows hall hire, providing a space for different events such as seminars, meetings and celebrations. These services are all provided on the school's campus in Hendon, ensuring that students have access to these resources in a central location.

Independent Schools Association

We are delighted to have been accepted as a member of the Independent Schools Association (ISA), a highly respected and prestigious association. This achievement reflects the high standard of education and services that we offer to our students. Being a member of the ISA enables us to continually improve our curriculum and teaching practices.

The ISA has a detailed screening process for its membership. We had two school visits by ISA officials during the candidacy process and they carried out interviews with the school administration before approving our membership.

As an ISA member, we will be able to participate in a wide range of local, regional and national events and competitions that will benefit our students' character development, creativity, and athletic skills. The association's extensive resources, expertise, and guidance will give our school a competitive advantage in the independent school sector.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

REGULATORY COMPLIANCE AND SCHOOL DEVELOPMENT

Transition to Independent Schools Inspectorate (ISI)

NLGS successfully transitioned from Ofsted to ISI oversight, aligning our policies, documentation, and operational practices with ISI standards. This transition involved a meticulous review of all school policies, including safeguarding, curriculum delivery, and staff training, to ensure full compliance with ISI’s rigorous expectations. Key actions included:

Health Check and Compliance Review

In January 2024, an independent consultant, Elizabeth C, conducted a two-day health check inspection and compliance review. This rigorous evaluation covered all aspects of school operations, including teaching and learning, behaviour management, safeguarding, HR procedures, and SEN provision. The consultant engaged with staff, students, and parents to assess adherence to best practices. Key outcomes included:

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Achievements and performance

ACADEMIC SUCCESS AND CURRICULUM DEVELOPMENT

NLGS is dedicated to offering an inclusive education that empowers every student to realise their full potential. Our mission is to cultivate a learning culture that promotes lifelong growth, developing not only knowledge and skills but also positive attitudes.

Our GCSE results this year have been exceptional. 99% of students achieved grades 9-4 , demonstrating outstanding overall performance. Notably, 54% of students attained grades 9-7 , reflecting the high calibre of our academic standards and the dedication of both students and staff. These results are a testament to the hard work, commitment, and support from the entire school community, and we are incredibly proud of our students’ achievements.

To achieve this, we encourage students to engage in a variety of activities, both inside and outside the classroom, to enhance their personal development, boost their confidence, and forge lasting friendships. We provide a broad selection of co-curricular activities, including sports, performing arts, and a range of clubs and other opportunities. These activities are designed to support a well-rounded education and contribute to students’ overall growth.

We take pride in the diverse achievements of our students, including outstanding academic performance. Our students consistently excel in national exams and are fully equipped for the next phase of their education. Beyond academics, our students shine in fields like sports, music, drama, and community service. We celebrate the unique talents and accomplishments of each individual.

At NLGS, we are committed to ensuring that every student feels valued, supported, and motivated to reach their potential. We believe that education should go beyond academics, providing opportunities for students to develop their skills and passions outside the classroom. Our goal is to create an inclusive and nurturing environment that fosters a love for learning and encourages students to become responsible and active global citizens.

Raising Standards of Academic Achievement

NLGS remains committed to ensuring all pupils make good or excellent progress. To achieve this, the school has implemented a range of initiatives designed to monitor and support student achievement:

More Able and Talented (MAT) Programme

The MAT programme has been expanded to provide routine challenges in the classroom and independent challenges such as Olympiads, United Kingdom Mathematics Trust (UKMT) competitions, and creative tasks. Key developments include:

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

EAL Programme Development

To support EAL pupils, NLGS has introduced a range of initiatives designed to fast-track English language skills and ensure academic success:

Parental Engagement

NLGS recognises the importance of strong school-parent relationships in supporting student achievement and well-being. Over the past year, the school has implemented a range of initiatives to enhance parental engagement:

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

CULTURAL AND ACADEMIC ENRICHMENT

International Collaboration

NLGS has actively pursued opportunities for international collaboration, enriching the educational experience for students and staff:

Educational Trips and Events

NLGS has organised a range of educational trips and events to complement classroom learning and provide students with real-world experiences:

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Academic and Career Development Initiatives

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

· In-Curricular Clubs: We organise in-curricular clubs for both Junior and Senior students, providing dedicated teachers and instructors during lesson time. These clubs, including LAMDA (London Academy of Music & Dramatic Art), are offered free of charge, ensuring that all students can participate without placing any financial burden on families. Our goal is to enrich students' learning experiences by integrating engaging and educational club activities into the school day.

· Mandarin Language and Culture Club: This year, we also introduced the Mandarin Language and Culture Club for Junior School students, providing pupils with the chance to explore a new language while deepening their understanding of Chinese culture. Through these clubs, we foster a well-rounded education, promoting both academic and personal growth.

· Duke of Edinburgh’s Award (DofE): North London Grammar School students participated in the Duke of Edinburgh’s Award, completing daily treks of approximately eight miles through the Chiltern Hills, camping overnight, and navigating with maps and compasses. This experience fostered teamwork, resilience, and outdoor skills, enriching their personal development.

· Guest Speakers: We were privileged to welcome a range of guest speakers from different professions who shared their insights and experiences to inspire our students. These speakers provided invaluable career advice, broadening students' understanding of various professional fields. These included:

a. Alumni

Former students of North London Grammar School returned to share their career journeys, offering inspiration and guidance. They spoke about their experiences in different industries, providing students with practical advice and motivation to pursue their ambitions.

b. Parents

Parents from diverse professional backgrounds were invited to speak about their occupations and industries. Their talks offered students a real-world perspective on career pathways, highlighting the skills and qualities necessary for success in different fields.

c. Other Guests

We also welcomed guest speakers from various sectors, including medicine, law, technology, finance, and the arts. These professionals delivered engaging talks about their career journeys, offering valuable insights and inspiring students to explore a wide range of career opportunities.

STUDENT ACHIEVEMENTS

NLGS students have achieved remarkable success in academics, sports, and extra-curricular activities over the past year:

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

As follow-on rounds to the Intermediate Maths Challenge , the Grey and Pink Kangaroos are 60-minute, 25-question multiple-choice competitions. Entry is by invitation based on a qualifying score or at the discretion of the organisers. Several NLGS students qualified for these rounds, demonstrating outstanding mathematical ability.

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This achievement reflects the school’s commitment to fostering excellence in STEM subjects.

A Year 9 student qualified for the Middlesex Cross Country Championships after securing a bronze medal in the Barnet Cross Country Championships. He finished in the top 25 out of 50 runners, an impressive achievement, especially considering cross country is not his primary sport.

Several students participated in the ISA London North Table Tennis Tournament, held on January 10th, 2024, with notable performances in both the cup and plate competitions.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The event was graced by the presence of esteemed guests, including:

These dignitaries offered valuable insights and encouragement to the participants, emphasising the importance of innovation and collaboration in addressing global challenges.

All participating students received a certificate of participation , while supervisors were acknowledged with plaques and exclusive IGO2024 gift packs as a token of appreciation for their guidance and support.

NLGS Achievements at IGO 2024

NLGS was exceptionally proud to have 43 students participate in IGO 2024, achieving outstanding results:

These achievements reflect the dedication, hard work, and innovative spirit of our students, as well as the unwavering support of our teachers and staff. The projects presented by NLGS students spanned a wide range of disciplines, from sustainable engineering solutions to cutting-edge computer science applications , showcasing the depth and breadth of talent within our school community.

Impact of IGO 2024

The International Greenwich Olympiad provided students with a unique platform to:

For NLGS, the event underscored our commitment to nurturing innovative thinkers and global leaders . The success of our students at IGO 2024 is a testament to the school’s focus on academic excellence, creativity, and the development of real-world skills.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

CHARITABLE INITIATIVES AND COMMUNITY ENGAGEMENT

NLGS is deeply committed to fostering a culture of compassion, social responsibility, and community engagement. Over the past academic year, our students, staff, and parents have come together to support a range of charitable causes, demonstrating the school’s dedication to making a positive impact both locally and globally. Below are some of the key initiatives undertaken:

We were honoured to have Deputy Mayor Nagus Narenthira join us, lending her support to this important initiative. The Coffee Morning was a wonderful opportunity for the school community to come together, enjoy each other’s company, and contribute to a cause that touches so many lives.

This event not only raised funds but also strengthened the sense of community within the school, showcasing the generosity and creativity of our students and their families.

This initiative highlighted the empathy and proactive spirit of our students, who worked tirelessly to make a difference in the lives of those facing unimaginable challenges.

This initiative was led by Year 10 students , who demonstrated exceptional leadership and commitment to social responsibility. Their efforts over several weeks underscored the school’s mission to nurture compassionate and globally aware individuals.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The school community rallied together, raising £199.45 for Children in Need. This initiative not only raised funds but also reinforced the values of compassion, empathy, and social responsibility within our student body.

Impact of Charitable Initiatives

These events and initiatives reflect NLGS’s commitment to:

Through these efforts, our students have not only raised funds for important causes but also developed a deeper understanding of the challenges faced by others and the importance of empathy and compassion in creating a better world.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Financial review

The results for the year are set out on page 24.

The trustees are satisfied with the financial position of the charity at the year end.

Primary Financial Sources: The charity's primary sources of financial support are fee income and contributions that align with its major objectives. The increase in the number of students has contributed to the rise in income.

Expenses: The majority of NLGS's expenses are staff salaries. The school's most valuable resource is its staff. The trustees' policy is to reward personnel appropriately to ensure that NLGS is able to attract and retain competent teaching and support staff to run the school efficiently and provide its students with excellent educational opportunities.

The trustees have taken great care to keep price increases to a minimum and have carefully considered staff and other costs in relation to school fee affordability.

Policy for Unrestricted Funds: The trustees have established a policy to maintain unrestricted funds that have not been designated for a specific purpose at a level that will ensure the school's day-to-day working capital needs are met. The trustees continually review the level of reserves to ensure that they are adequate.

NLGS has maintained a healthy financial position by carefully managing its expenses, increasing income, and establishing policies to ensure that it has sufficient reserves to meet its day-to-day working capital requirements.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level to ensure that the day-to-day working capital requirements of the school are met. The level of reserves is kept under review by the trustees.

Risk Management

The trustees have assessed the major risks to which the School is exposed, and are satisfied that systems are in

place to mitigate exposure to the major risks.

The board of trustees has identified two key risks to which NLGS is exposed. The first is a risk to the school's reputation, which could materially affect its ability to attract top talent and enrol students. To manage this risk, NLGS has established policies and procedures that prioritize hiring, safety, health, and welfare of its students and staff. NLGS ensures that employees receive thorough training, policy administration and monitoring, and promotes transparency and trust between students and staff.

The second risk is NLGS's financial viability, which includes generating sufficient cash flow to provide adequate resources for a safe and secure educational environment, meet loan obligations, and invest in its facilities. To manage this risk, NLGS has implemented sound long-term planning with clear and challenging financial targets that consider not only the operation of the school but also the wider context in which it operates.

NLGS has established risk management processes that provide reasonable but not absolute assurance that major risks have been adequately managed. While these processes are designed to reduce exposure to key risks, the board of trustees recognizes that risks cannot be completely eliminated. Therefore, the board regularly reviews and evaluates the effectiveness of the risk management procedures to ensure that NLGS continues to operate in a safe and sustainable manner.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Plans for future periods

Future Plans for North London Grammar School

Looking ahead, we have outlined several key initiatives to ensure the continued growth and development of North London Grammar School.

  1. Smart Building Initiative: Smart Building Initiative: As part of our commitment to providing an innovative and modern learning environment, we plan to improve a smart building that integrates the latest technologies to enhance both teaching and learning, allowing us to create a more efficient and sustainable campus.

  2. Independent Schools of Bursar Association (ISBA) Membership : To further strengthen our financial management and network within the independent school sector, as well as getting more updates for Health and Safety, we are aiming to become a member of the Independent Schools of Bursar Association (ISBA). This membership will provide access to a wealth of resources, best practices, and professional development opportunities for our finance and operational teams, supporting the school’s long-term financial health and operational efficiency.

  3. Preparation for Reception and KS1 Opening : We are actively preparing our facilities for the introduction of Reception and Key Stage 1. This includes the necessary renovations and adaptations to ensure a welcoming and safe environment for our youngest learners, ensuring the school is ready to open these new stages by the next academic year.

  4. Health and Safety Partnership with Peninsula: To further enhance our commitment to providing a safe and secure environment, we aim to become a member of Peninsula for Health and Safety services. This partnership will allow us to have our building and Health and Safety documents reviewed externally to ensure we meet the necessary criteria set by the authorities. The service will also help us to provide a better and safer experience for our students, parents, teachers, and visitors, ensuring that all health and safety standards are met and consistently maintained.

5. Expansion of University Foundation Programme Franchising Centres: To extend our educational reach and provide more students with access to quality higher education pathways, we plan to increase the number of University Foundation Programme franchising centres. By expanding these partnerships, we aim to offer more students the opportunity to prepare for top universities through our well-structured foundation programme. This will also strengthen our school's global presence and reputation in higher education preparation.

Structure, governance and management

The Charity is governed by its Memorandum and Articles of Association, issued on 15 May 2008 (amended by Resolution on 14 May 2011)., and constitutes a company limited by guarantee, as defined by the Companies Act 2006.

The principal objects of the company are to achieve the highest academic standards in a secure and happy environment, promote the spiritual, moral, cultural, mental and physical development of pupils at the school and of society, prepare pupils at schools for the opportunities, responsibilities and experiences of later life for the benefit of the public.

Trustees during the year

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Selcuk Bassoy

Mr Mahmut Gunaydin Mr Rustam Aliyev

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

The management of the company is the responsibility of the board of Trustees who are elected and co-opted under the terms of the Articles of Association.

Trustees' interests

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Appointment and training of new trustees

Nominations for new trustees are made by any member of the Charity or the existing trustees. Trustee candidates are considered by the board of trustees to ensure the board has the breadth of skills to offer effective strategic leadership and guidance to the Charity, in conjunction with the head of school. New trustees are appointed by the board of trustees. Trustees appointed by the board retire at the next annual general meeting (AGM) and can be reelected by resolution of the members. New trustees can also be elected directly at the AGM. One third of the board who have served the longest in the office since their last appointment retire at the AGM each year to give space to new trustee candidates. Retired trustees may also be re-elected by resolution of the members at the AGM.

New trustees are provided with information about the Charity and appropriate training and induction is arranged. On appointment, trustees are briefed on their responsibilities as directors and trustees. Trustees are also given regular presentations by the head of school and senior leadership team (SLT) on specific curricular developments, and they are invited and encouraged to link up with a department and observe lessons and activities at first hand.

New trustees are also issued with the school and board details including:

Organisational structure

The trustees are legally responsible for the overall management of the Charity and meet as a board at least four times a year. All trustees give their time freely and no remuneration or expenses were paid in the year. No trustee or person connected to a trustee received any benefit from either means tested bursaries or scholarships awarded to our pupils.

The day-to-day management of the school (NLGS) is delegated to the head of school supported by the SLT. The head undertakes the key leadership role overseeing the educational, pastoral and administrative functions in conjunction with the SLT. The head and relevant SLT members attend board of trustee meetings as/when required.

The Memorandum and Articles of Association state that the charity may not have more than 50 (fifty) members at any one time.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the company will be put at a General Meeting.

WISDOM SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report, including the strategic report, was approved by the Board of Trustees.

Mr Selcuk Bassoy Trustee

Mr Rustam Aliyev Trustee

7 May 2025

WISDOM SCHOOL

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2024

The trustees, who are also the directors of Wisdom School for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the School and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the School and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the School and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the School 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 School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WISDOM SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WISDOM SCHOOL

Opinion

We have audited the financial statements of Wisdom School (the ‘School’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' 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 School’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

WISDOM SCHOOL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WISDOM SCHOOL

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the School for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the School’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Charities Legislation, taxation and Pensions legislation.

• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include General Data Protection Requirement and general health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

WISDOM SCHOOL

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WISDOM SCHOOL

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Rishil Patel (Senior Statutory Auditor)

For and on behalf of KPSR LLP Statutory Auditor Chartered Accountants 58 High Street Pinner Middlesex HA5 5PZ

8 May 2025

WISDOM SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
2
25
-
Charitable activities
3
3,594,390
-
Total income
3,594,415
-
Expenditure on:
Charitable activities
4
3,366,055
-
Other expenditure
10
123,205
-
Total expenditure
3,489,260
-
Net income and movement in
funds
105,155
-
Reconciliation of funds:
Fund balances at 1 September
2023
2,174,862
4,895,196
Fund balances at 31 August
2024
2,280,017
4,895,196		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
25
10,950
-
3,594,390
3,561,643
-
3,594,415
3,572,593
-
3,366,055
3,339,197
-
123,205
109,273
-
3,489,260
3,448,470
-
105,155
124,123
-
7,070,058
2,050,739
4,895,196
7,175,213
2,174,862
4,895,196		 Total
2023
£
10,950
3,561,643
3,572,593
3,339,197
109,273
3,448,470
124,123
6,945,935
7,070,058

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 27 to 37 form part of these financial statements.

WISDOM SCHOOL

BALANCE SHEET

AS AT 31 AUGUST 2024

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Net assets
The funds of the School
Restricted income funds
17
Unrestricted funds		 2024
£
£
8,997,293
392,698
745,786
1,138,484
1,658,346
(519,862)
8,477,431
(1,302,218)
7,175,213
4,895,196
2,280,017
7,175,213		 2023
£
£
9,040,068
256,089
395,950
652,039
1,235,410
(583,371)
8,456,697
(1,386,639)
7,070,058
4,895,196
2,174,862
7,070,058

The notes on pages 27 to 37 form part of these financial statements.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

The financial statements were approved by the trustees on 7 May 2025

Mr Selcuk Bassoy Trustee

Mr Rustam Aliyev Trustee

Company registration number 06596179 (England and Wales)

WISDOM SCHOOL

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 21 460,318 240,400
Investing activities
Purchase of tangible fixed assets (1,702) (108,076)
Net cash used in investing activities (1,702) (108,076)
Financing activities
Repayment of bank loans (108,780) (109,378)
Net cash used in financing activities (108,780) (109,378)
Net increase in cash and cash equivalents 349,836 22,946
Cash and cash equivalents at beginning of year 395,950 373,004
Cash and cash equivalents at end of year 745,786 395,950

The notes on pages 27 to 37 form part of these financial statements.

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

Charity information

Wisdom School is a private company limited by guarantee incorporated in England and Wales. The registered office is 110 Colindeep Lane, London, Middlesex, NW9 6HB, United Kingdom.

1.1 Accounting convention

These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The School is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the School. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees' continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the School.

1.4 Income

Income is recognised when the School is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the School has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the School has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings not provided
Fixtures and fittings 15% on reducing balance
Computers 15% on reducing balance
Motor vehicles 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the School reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The School has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the School's balance sheet when the School becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the School’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 25 178
Grants - 10,772
25 10,950

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Charitable activities
School fees within charitable activities 3,324,865 3,236,282
Other income within charitable activities 269,525 325,361
3,594,390 3,561,643

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

4 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Hire of plant and equipment
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Books and exam fees
Canteen and welfare
Advertising
Computer and software
Fire and security
Cleaning
Repairs and maintenance
School bus
Legal and professional
Student activities and trips
Travel and subsistence
Uniform
Recruitment costs
Bank charges
Bad debt provision
Grant funding of activities (see note 5)
Share of support and governance costs (see note 6)
Governance
Analysis by fund
Unrestricted funds		 School
activities
2024
£
1,996,277
44,477
5,031
130,230
45,730
27,713
81,826
8,975
36,459
43,886
40,548
81,890
22,053
72,953
3,704
30,029
8,128
18,024
67,493
108,588
9,020
500
19,771
5,303
(6,605)
2,902,003
456,352
7,700
3,366,055
3,366,055		 School
activities
2023
£
1,881,672
54,372
5,259
92,648
47,119
25,717
88,003
7,889
34,617
41,348
35,723
92,273
17,585
73,690
2,636
26,595
20,530
24,391
134,656
89,791
5,442
320
24,816
2,608
1,919
2,831,619
497,778
9,800
3,339,197
3,339,197

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

5 Grants payable
School School
activities activities
2024 2023
£ £
Grants to individuals 456,352 497,778
-
6 Support costs allocated to activities
2024 2023
£ £
Governance costs 7,700 9,800
Analysed between:
Audit, professional and accountancy 7,700 9,800
7 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 5,700 7,800
Depreciation of owned tangible fixed assets 44,477 54,372
Loss on disposal of tangible fixed assets - 5,012

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the School during the year.

9 Employees

The average monthly number of employees during the year was:

Management staff
Teaching
Total		 2024
Number
3
51
54		 2023
Number
3
51
54

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

9 Employees (Continued)
Employment costs 2024 2023
£ £
Wages and salaries 1,838,428 1,734,877
Social security costs 157,849 146,795
1,996,277 1,881,672
The number of employees whose annual remuneration was more than £60,000
is as follows:
2024 2023
Number Number
£60,000 to £70,000 2 1
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2024 2023
£ £
Aggregate compensation 177,760 163,426
10 Other expenditure
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Net loss on disposal of tangible fixed assets - 5,012
Financing costs - bank loan interest 123,205 104,261
123,205 109,273

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

12 Tangible fixed assets

Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 September 2023
8,766,878
415,043
Additions
-
22,290
VAT adjustment
(4,204)
(17,259)
At 31 August 2024
8,762,674
420,074
Depreciation and impairment
At 1 September 2023
-
217,015
Depreciation charged in the year
-
30,459
At 31 August 2024
-
247,474
Carrying amount
At 31 August 2024
8,762,674
172,600
At 31 August 2023
8,766,878
198,027		 Computers
£
101,175
10,391
(2,386)
109,180
59,268
7,487
66,755
42,425
41,907		 Motor
vehicles
£
55,827
-
(7,132)
48,695
22,570
6,531
29,101
19,594
33,256		 Total
£
9,338,923
32,681
(30,981
9,340,623
298,853
44,477
343,330
8,997,293
9,040,068

The trustees believe that the current value of the freehold property is in excess of its carrying value, no revaluation adjustments have been made in the financial statements in this respect.

13 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
261,011
67,976
63,711
392,698		 2023
£
189,371
16,008
50,710
256,089

14 Loans and overdrafts

Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 2024
£
1,411,003
108,785
1,302,218		 2023
£
1,519,783
133,144
1,386,639

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

14 Loans and overdrafts

(Continued)

The bank loan is secured by a fixed and floating charge over the assets of the company including the freehold property.

The loan was originally taken out at the end of 2012 and has a term of 20 years. Interest is payable at 3% above the banks base rate.

15 Creditors: amounts falling due within one year

Notes
Bank loans
14
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
Creditors: amounts falling due after more than one year
Notes
Bank loans
14		 2024
£
108,785
-
61,963
1,476,498
11,100
1,658,346
2024
£
1,302,218		 2023
£
133,144
2,349
101,481
986,602
11,834
1,235,410
2023
£
1,386,639

16 Creditors: amounts falling due after more than one year

17 Restricted funds

The restricted funds of the charity represent donations that were received in order to facilitate the purchase of the school building.

Previous year:

At 1 At 31 August
September 2024
2023
£ £
4,895,196 4,895,196
At 1 At 31 August
September 2023
2022
£ £
4,895,196 4,895,196

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 Incoming Resources At 31 August
September resources expended 2024
2023
£ £ £ £
General funds 2,174,862 3,594,415 (3,489,260) 2,280,017
Previous year: At 1 Incoming Resources At 31 August
September resources expended 2023
2022
£ £ £ £
General funds 2,050,739 3,572,593 (3,448,470) 2,174,862
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 August 2024:
Tangible assets 2,691,094 6,306,199 8,997,293
Current assets/(liabilities) (411,077) (108,785) (519,862)
Long term liabilities - (1,302,218) (1,302,218)
2,280,017 4,895,196 7,175,213
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 August 2023:
Tangible assets 2,625,089 6,414,979 9,040,068
Current assets/(liabilities) (450,227) (133,144) (583,371)
Long term liabilities - (1,386,639) (1,386,639)
2,174,862 4,895,196 7,070,058

19 Analysis of net assets between funds

The freehold property was purchased using restricted funds advanced for this specific purpose, the associated bank loan has also been regarded as 'restricted' funds.

20 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

WISDOM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

21
Cash generated from operations
Surplus for the year
Adjustments for:
(Gain)/loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
Increase in creditors
Cash generated from operations
22
Analysis of changes in net (debt)/funds
At 1 September
2023
£
Cash at bank and in hand
395,950
Loans falling due within one year
(133,144)
Loans falling due after more than one year
(1,386,639)
(1,123,833)		 2024
2023
£
£
105,155
124,123
-
5,012
44,477
54,372
(136,609)
31,417
447,295
25,476
460,318
240,400
Cash flows
At 31 August
2024
£
£
349,836
745,786
24,359
(108,785)
84,421
(1,302,218)
458,616
(665,217)