Registsred number.. 08647926 Charity number: 1154388 MONTESSORI COMMUNITY SCHOOL (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
MONTESSORI COMMUNITY SCHOOL (A Company Limited by Guarantee) CONTENTS Page Reference and Admin13trative Detslls of the Charlty. Its Trustees and AdviseT8 Trustees. Report Independent Auditors, R8POrt on the Financlal Ststsment8 ststement of Flnancial Actlvlties 10 Balance Sheet Note8 to th8 Financlal Statements 12-22
MONTESSORI COMMUNITY SCHOOL (A Gompany Llmited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Mr Alexander Philip George Bensted, TTuslee Mrs Clare McGachen. Trustee Company regi3tered number 08647926 Charlty registered number 1154388 Reglstered office 183 Townmead Road, Fulham London SW6 2JX Company secretary Mrs Winnle Minling Cao Sharples Chief execulive offlcer Mr Alexander Philip George Bensted Independent audltors Warrener Stewart CharteTed Accounlants Harwood House 43 Harwood Road London SW6 4QP Bankers HSBC 281 Chiswick High Road London W4 4HJ Solicitorn David Taylor ( Hanne & Co Solicitors & Nolary Public) St. Johns Chambers, 1G St. Johns Hill London SW11 1TN Page 1
MONTESSORI COMMUNITY SCHOOL (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present thelr annual report logelher wtlh the audiled fmancial slalements of the Montessori Communily School for the 1 Seplember 2023 to 31 August 2024. The Annual Report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm thal the Annual Report and financial stalemenls of the charitable company compty wilh Ihe current stalutory requirements, the requirements of the charitable Gompanls goveming document and Ihe provisions of the Statemenl of Recommendad Practi (SORP) applicable lo charilies preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS102) (effeclive 1 January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under Ihe Companies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 has beèn omitted. Summary The Trusle8s are satisfied with Ihe performance of the Charity during Ihe year and the poslllon at 31 August 2024 and Consider that the Charity is in a strong position to conlinue ils activilies during the coming year and Ihat the Charitws assels are adequate lo fulfil ils obligations. Objectives and actlvities a. Pollcl8s and objectives Th8 school provides a public benefit fof all families who enrol Iheir children with us. The school provides affordable childcare and education for all Children. induding those wilh special educational needs or disabililles. The school does nol discriminale againsl families based on their background or ability to pay. The school fees are considered reasonable by Ihe Trustees to fund Ihe services offered by the school. Working families benefit from the school remaining open for 50 weeks of Ihe year, allowing parents to continue working in the knowledge their child is being cared for. Children, who are enrolled at our school, benefit from a nuriuring environment and access to qualily care and education throughoul Ihe year. Members of staff also receive benefit by way of employment. In selling objectives and planning for activities, the Twslees have gwen due consideration lo general guidance published by the Chariiy Commission relating to PLJblic benefit, including the guidance 'Public benefit.. running a charity (PB2)'. A summary of the objectlves of the charity as set out In its goveming documenl To provide full day childcare services lo the local community all year round. To use Monlessori Teaching methods to teach children from three months lo five years of age. To support and help single parents and VrkIng parenl families. The charity's alms We aim to provide a friendly, Clean, comfortable and safe environment for learning within which Ihe children will be stimu12ted and challenged and where enjoyment and fun are linked with discovery. The staff are sensitive and responslve lo Ihe individual needs of the chlld. Page 2
MONTESSORI COMMUNITY SCHOOL (A Company Umited by Guaranteèl TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 AUGUST 2024 Objectlves and actlvltles Icontinued) An explanation of the charltys main objeGtives for the year Our objectives for the period September 2023 lo August 2024 were lo provide CL)ns15tenlly hlgh standards of care and education for children, aged Ihree months lo five years, who allend our school. We use Monle5sori Teaching methods to support the development of the children and to ensure Ihey meet their 8ge-appropiiate developmental steps, as sel out in the Early Years Foundation Stage slalulory framework. Thé school pyovides the above services to all families. induding low-income and working families. We offer 15-hours and 30-hours free childcare for eligible working families. The school employs an average of 17 staff, rjf which 2 are adminislralive staff. The School provides its service throughout the year, including normal school holidays, and only closes for ttvo weeks over the Summer and Christmas period. The school Is managed by iruslees and the school employs a manager and deputy rnarger lo manage the day to day operalion of the school. b. Strategies for achlevlng oblectives We have had the pleasure of leaching and assisling in the developrnenl of the lives of the children from very diverse backgrounds from many differenl counlries. Each Gultural difference is encouraged and ils imporlance endorsed. We believe that we have contributed to the all-round grovrth of these children within our community. Achievement$ and performance Review of activities Through continued receipt of local authority assisled funding and school fees paid by families capable of affoiding this, we have again provided high-qualily childcare and educational services for fifty weeks of the year. The Trustees consider the year to have been successful in the view that the Charity has conlinued lo meet ils objectives and has provided a subslanlial public benefil for the local mMunity. Flnanclal revlew . Golng concern After making appropriate enqulries. the Trustees have a reasonable expectation Ihal the Charity has adequate resources lo continue in operational exislence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policses. b. Prln¢lpal fundlng Montessori Communily School is primarily funded through school fees which CLsver 85D/o of the tolal income received. The remaining 15°h is received through local aulhority grants. In summary, the operation of the charitable activity resulted in a lotal funds surplus of £517,924 at 31 August 2024 (2023.. £362,267). The finance of the School continues lo be smoothly managed against the budget with regular revenue and cash forecasts. Page 3
MONTESSORI COMMUNITY SCHOOL (A Company Limlted by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Struclurei governance and management a. Constltutlon Montessori Community School is registered as a charitable company limited by guarantee and was set up by Trust deed. There is therefore no share capital, b. Methods of appointment or electlon of Trustees The management of the Charity is Ihe responsibiliiy of the Trustees who are elected and co-optéd under th8 lemis of the Trust deed. Plans for future p8rlods The school will endeavour to continue on the above path with the involvement of the parents and families of the children. Our leaching staff and managemenl a wholly committed lo our policy. ststemenl of Trustees. responslbllltles The Ttvslees (who are also the directors of Ihe Charity for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards <Uniled Kingdom Generally Accepted Accounling Praclice). Company law requires Ihe Truslees to prepare financial slalements for each financial Under company law, the Trustees must not approve the financial slalemenls unless they are satisfied Ihal they give a true and fair view of the stale of affairs of the Chariiy and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial stalements, the Truslees are required lo.. select suitable accounting policies and then apply them consistently,. observe the methods and principles of the Charilies SORP {FRS 102)., make judgments and accounting eslimales that are reasonable and prudenl., stale whether applicable UK Accounting Slandards {FRS 102) have been followed, subject lo any material departures disclosed and explained in the financial statements: prepare the financial statements on the going concem basis unless it is inappropriale lo presume thal the Charity will continue in business. The Trustees are responsible for keeplng adequale accounting records that are sufficient to show and explain the Charily's transactions and disclose with reasonable accuracy al any lime the finanaal position of the Charity and enable them lo ensure that the financial statemenls comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assels of the Charily and hence for taking reasonable steps for Ihe prevenlion and deleclion of fraud and other irregularilies. Dlsclosure of informatlon to auditorJ Each of the persons who are Truslees at the time when this Trustees. Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit infomialion of which the charity's auditors are unaware. and Ihat Trustee h2S taken all the sleps that oughl to have been taken as a Truslee in order lo be aware of any relevant audit information and to establish that Ihe charitls audtlors are aware of that information. Page 4
MONTESSORI COMMUNITY SCHOOL (A Company Llmited by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Audltors The auditors, Warrener Stewart, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappoinling tho audilors at a meeting of Ihe Trustees. Approved by order of th members of the board of Trustees and signed on thelr behalf by: MrA exander Phillp George Bensted Dlrector and Trustee Mrs Clare McGachen Director and Truslee Date.. 14 May 2025 Page 5
MONTESSORI COMMUNITY SCHOOL IA Company Llmited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MONTESSORI COMMUNITY SCHOOL Opinion We have audited the financial slalemenis of Montessori Communiiy School (the 'charitable Gompanl) for the year ended 31 August 2024 which comprise the Statement of Financial Aclivilies. the Balance Sheet, the stalemenl of Cash Flows and the related notes. induding a summary of significant accounting policies. Tha financial reporting framework Ihal has been applied in their preparation is applicable law and United Kingdom Accounting Standards. induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Klngdom Generally Accepted Accounting Practice). In our opinion the financial slatemenls.. give a true and fair view of the stale of the charitable cornpanvs affairs as al 31 Augusl 2024 and of its incoming resources and application of resources, including its income and expenditur8 for Ihe year then ended., have been property prepared in accordance with United Kingdom Generally Accepied Accounting Praclice,. and have been prepared in accordance with Ihe requirements of the Charities Act 2011. Basis for oplnion We conducted our audit In accordance wrth Snlemalional Slandards on Auditing (UK) {ISAs (UK)) and applicable law. Our r&sponsibililies under those standards are further described in the Auditors, responsibililies for the audil of Ihe financial slalemenls section of our report. We are independent of the charitable company In accordance with the ethical requiremenls that are relevant lo our audit of the financial slatemenls in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilllies in accordance wilh these requiremenls. We believe thal the audit evidence have obl8ined Is suflicient and appropriale to provide a basis for our opinion. Concluslong relating to golng concern In auditing the financlal statements, we have CA)ncluded Ihat the Trustees, usè of the going concern bashs of accounting in the preparalion of the financial slalements is appropriate. Based on the work we have performed. we have nol identified any material uncertainties relating lo events or conditions that, individually or collectively. may cast significant doubl on the charitable companvs abilily to continue as a going concern for a period of at least twelve months from when the financial staternenls are authorised for issue. Our responsibilities and the responsibilib'es of Ihe TNslee$ wilh respect lo going concern are described In the relevant sections of this report. Page 6
MONTESSORI COMMUNITY SCHOOL (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MONTESSORI COMMUNITY SCHOOL (CONTINUED) other Infomiation The other information comprises the informalion included in the Annual Report olher than the financial slatements and our Auditors. Report Ihereon. The Trustees are responsible for the other informallon conlained within the Annual Report. Our opinion on the financial slalements does nol cover the other informalion and, except lo the extent otherwise explicitly slaled in our report, we do not express any form of assurance conclLtsion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other inforfflation is materially inconsislenl with the financial slalements or our knowledge oblained in the course of Ihe audit, or olhewise appears lo be materially misslaled. If we identify such malerial incnnsislencies or apparent material misstatements, we are required lo determine whelher this gives rise lo a material misstatement in th@ financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other informalion. V are required to reporl that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothing lo report in respect of the following mattèrs where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opini¢)n'. the information given in the Trustees, Report is inconslstenl In any material respect wilh Ihe financial slatemenls- or sufficient accounting records have not been kept., or Ihe financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations V require for our audit, Responsibllltles of trustee$ As explained more fully in the Trusl8es' Responsibilities Slalement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for Ihe preparation of the financial statemenls and for being satisfied that they give a Irue and fair wew, and for suth internal conlrol as the Trustee5 determin8 is necessary to enable the preparation of financial slalements that ar8 free from material misslalement, whelher due lo fraud or eKror. In preparing the finanaal statements, the Trustees are responsible for assessing the charitable company's abilily lo continue as a going concern, disdosing, as applicable, mallers related lo going concem and using the going concem basis of accounting unless the Trustees either intend lo liquidate Ihe charitable company or lo cease operations, or have no realislic altemative bul to do so. Page 7
MONTESSORI COMMUNITY SCHOOL (A Company Llmited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MONTESSORI COMMUNITY SCHOOL ICONTINUEDI Auditors, responsibilities for the audlt of the flnanclal ststements We have been appointed as audilor under section 145 of the Charities Aci 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo oblain reasonable 3ssurance about whether the financial stalemenls as a whole are free from material misslalement. whether due to fraud or error, and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that ari audil condLtcted in accordance with ISAS (UK) will always detect a malerial misslatemenl when il exisls. Misslalemenls can arise from fraud or error and are considered maleTial if. indimdually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above. lo delecl material misstalemenls in respect of irregularities, ncluding fraud. Th8 extent to which our procedures are capable of delecling irregularities. Includin9 fraud is detailed below.. We gained an understanding of the legal and regulatory fraTnework applicable to the charitable cornpany and the industry in which it operates. and considered the risk of acts by the charitable company that were contrary to applicable laws and r8gulations, induding fraud. We designed audit procedures to respond to the risk, recognising thal the risk of not detecting a materi81 misslatemenl due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberale concealment by, for example, forgery or inlenlional misrepresentations, or through collusion. We focused on laws and Tegulalions, departures from whlch wuld givè rise lo a material misslalemenl in the financial 51atemenls, including, bul not limited lo. the Charities Act 2011. We designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved.. Enqulries Of management regarding any instance of fraud, non-compliance with laws and regulations and any actual and potential litigation and Claim5. Addressing the fraud risk over revenue recognition and expenditure as a whole, through both analytical and subslanlive procedures. Reading financial statement discbsures to assess compllance wtth applicable laws and regulalions. There are inherent limitations in tha audit procedures described above and, the further removed non-compliance with laws and regulalions is frorn the events and transactions reflected in the financial slalements, Ihe less likely we would become aware of il. We did nol identify any key aLtdil matters relating to irTegularilies, including fraud. As in all our audits, we also addressed the risk of management ovetride of internal controls, including lesling journals and evalualing whelher Ihere wa5 evidence of bias by managemenl that represenled a risk of malerial misstatement due to fraud. A further descriplion of our responsibifilies for the audit of the financial slatemenls is located on Ihe Financlal Reporting Coundl's website at.. -frc.or .uklaudi res onsibilities. This description forms part of our Auditors, Report. Page 8
MONTESSORI COMMUNITY SCHOOL (A Company Llmlted by Guarnnteel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MONTESSORI COMMUNITY SCHOOL {CONTINUED) Use of our report This report Is made solely lo the charitable companvs trustees, as a body, in accordance with Part 4 of the Charities (Accounls and Reports) Regulations 2008. Our audil work has been underlaken so Ihat we might stale to Ihe charitable companvs truslees Ihose matters we are required to sta18 to them in an Auditors, Report and for no other purpose. To the fullest exlenl permitted by law, we do nol accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we hav Alex Eagle (Senior Statutory Audltor) for and on behalf of Warrener Stewart, Statutory Audilor Harwood House 43 Ha00d Road London SW6 4QP 14 May 2025 Warrener Stewart are eligible to ad as auditors in terms of section 1212 of the Companies Act 2006. Page 9
MONTESSORI COMMUNITY SCHOOL IA Company Limlted by Guardntee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrfcted funds 2024 Total funds 2024 Total fvnds 2023 Note Income from: Charitable activities Olher income 863,848 15,628 863,848 15,628 755,177 3,939 Total income 879,476 879,476 759,116 Expendilure on: Charitable activitles 723,819 723,819 680,612 Total expendlture 723,819 723,819 680,612 Net movement in funds q55.657 156.657 78,504 ReGonclllation of funds: Total funds brought forward Nel movemenl in funds 362,267 155,657 362,267 155.657 283,763 78,504 Totsl funds carried forward 517,924 517,924 362,267 The Slalement of Financial Activilies indLKles all gains and losses recognised in the year. The notes on pages 1210 22 fom part of these financial statements. Page 10
MONTESSORI COMMUNITY SCHOOL (A Company Limited by Guarantee) BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Tangible assets 10 7,089 5,476 7,089 5,476 Current assets Debtors Cash al bank and in hand 11 14,784 659,204 39,246 386,285 673,988 425,531 Creditors.. amounls falling due within one year 12 {163.153) {68,740) Total net assets 517,924 362,267 Charlty funds Restricted funds Unrestricted funds 13 13 517,924 362.267 Total funds 517,924 362,267 The entily was entilled to exemplion from audit under Section 477 of the Companies Act 2006. The members have not requlred the entity to obtain an audlt for the year in question in accordance with sectlon 476 of the Companles Act 2006. However, an audil is required in accoTdanGe with seclion 145 of the Charities Acl 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act wilh respect to accounting records and preparation of financial stalemenls. The financial slatemenls have been prepared in accordance with Ihe provisions applicable to enlities subject to the small companies regime. The financial statements were approved and authorised for Issue by the Trustees and signed on their behalf by.. .G.J. Mr Alexander Phillp George Bensted Mrs Clare McGachen Date.. 14 May 2025 The notes on pages 12 to 22 form part of these financial slatements. P2ge 11
MONTESSORI COMMUNITY SCHOOL IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General informatlon Monlessori Community School is a charitable company registered in England and Wales, Unlted Kingdom. The registered office is 183 Townmead Road, Fulham, SW6 2JX. Accounllng pollcles 2.1 Basis of preparation of financlal Statements The financial statements have been prepared in a(xordance wilh the Charities SORP (FRS 102) - Accounting and Reporling by Charities.. Statement of Recommended Praclice applicable lo charities preparlng their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effedive 1 January 2019), the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Monl6s50ri Community School meets the definilion of a public benefit entity under FRS 102. Assets and liabililies are initially recognised at hislorical cost or transaction value unless otherwise slated in the relevant accknunting policy. 2.2 Golng conGern The Trustees have prepared these financial slatemenls on a going concem basls because they conslder lh8 financial and operational silualion sufficiently slable lo assume going concern. On the basis of a thorough risk analysis and healthy performance, management's view is Ihal Ihe Charity will be able to meel ils finanaal obligations as they fall due for payment. Thls undertaking is to remain in force for a period of al least 12 months from the dale of signature of these financial statements. 2.3 Income All incom8 is recognised once the Charity has enlitlemenl lo thè income, it is probable that the Income will be received and the am¢)unt of income receivable can be measured reliably. Grants are included in the Slalemenl of Financial Activilies on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of enlillement of receipt, ils reGognilion is deferred and included in creditors as deferred income. Where enlitlement occurs before income is re¢eived. the income is accrued. Other income is re¢ognised in Ihe period in which it is Teceivable and to the extent Ihe goods have been provided or on complelion of the serIce. 2.4 Expenditure Expenditure is recognised once Ihere is a legal or constructrve obligation to transfer economic benefit lo a third party, it 15 probable that a transfer of economic benefits will be required in settlement and the amount of the obligalion can be measured reliably. Expenditure is dassified by activily. The costs of each activity are made up of the lolal of direGt costs and shared costs, including support cosls involved in undertaking each activity. Direct costs attributable to a single aclivlty are allocated direclly lo that 2Ctivily. Shared cosls which contribute to more than one acliwty and support costs which are not allribulable to a single activity are apporfioned belween those activilies on a basis consislenl wilh Ihe use of resources. Central slaff costs are allocated on Ihe basis of time spent, and depreciation charges allocated on the portion of the asset's use. Page 12
MONTESSORI COMMUNITY SCHOOL (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng poliGles (contlnued) 2.4 Expenditur6 (continued) Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitys objectives, as well as any associated support costs. All expendilure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants relating io tangible fixed assets are treated as deferred income and released lo the Slalement of Financial Activities over the expected useful lives of the assets concerned. Other granls are credited lo the Statement of Financial Activilies as the related expenditure is incurred. 2.6 Tanglble flxed assets and depreclallon Tanglble fixed assets are initially recognlsed al cost. After recognition, under Ihe cost model, tangible rixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed assel into ils intended working rAndition should be induded in the measurement of cost. At each reporting dat8 Ihe Charity assesses whether there is any indication of impalrmenl. If such indication exisls, the recoverable amount of the assel is delemiined lo be the higher of ils fair value less costs to sell and its value in use. An impairmenl loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation Is charged so as to allocate Ihe cost of langible fixed assels less thelr residual value over Iheir estimated useful lives, using Ihe slraighl-line method. Deprecialion is provided on the following basis: Fixtures and fillings Office equipmenl 25% 250/4 2.7 Debtors Trade and other debtors are r8cognised at the settlement amount after any trade discount offered, Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investmen15 Wlth a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. Page 13
MONTESSORI COMMUNITY SCHOOL (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policies (continued) 2.9 Llabllities and provl6ion8 Liabilities are recognised when there is an obligation al the Balance Sheet date as a result of a past event. il is probable Ihal a transfer of economic benefit will be required in settlemenl, and the amount of the settlement can be estimaled reliably. Liabilities are recognised at the amount that Ihe Charily anticipates il will pay lo settle Ihe debl or th8 amount11 has received a5 advanced payments for Ihe goods or services it must providé. Provisions are measured at the best eslimale of the amounts required to sellle the obligation. Where the effecl of the lime value of money is maleTial, the provision is based on the present value of Ihose amounts, discounted at the pre-lax discounl rale that reflects Ihe risks specific to Ihe liability. The unwinding of th8 discount is recognised in the Slalement of Financial Aclivities as a financ8 cost. 2.10 Flnancial Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are inilially recognlsed al transaction value and subsequerblly measured al their seltlemenl value with the exception of bank loans which are subsequently measured al amortised cost using the effeclive interest method. 2.11 Flnance leases and hlre purchase Assels oblained under hire purchase conlracts and finance leases are capilalised as tangible fixed assets. Assels acquired by finance lease are depreciated over the Shorter of the leas8 term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by Ihe Charity. Obligalions under such agreements are included in credilors, net of the finance charge allocated to future pèriods. The finance element of Ihe renlal payment is charged lo the Statement of Financial Activities so as to produce a constant periodic rate of charge on the nel obligalion oulslanding in each period. 2.12 P8nsionB The Chafity operates a defined contribution pension scheme and the p6nsion charge represenls Ihe amounts payable by the Charily lo the fund in respecl of the year. 2.13 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objeclives of Ihe Ch8rity and which have nol been designated for other purposes. 2.14Wlnding up or dlssolutlon of the Charlty If, upon winding up or dissolution of the Charily. there remain any assets. after the salisfaclion of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charilable body or bodies having similar objectives to the Charity. Page 14
MONTESSORI COMMUNITY SCHOOL {A Company Limlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from Gharitable activlties Unrestricted funds 2024 Total funds 2024 Nursery educational operations 863,848 863,848 Unr8Stricted fvnds 2023 Total funds 2023 Nursery educational operations 755,177 755,177 Other incoming resourceg Unreslricted funds 2024 Total funds 2024 Bank interest 15,628 15,628 Untsstricted funds 2023 Tot81 funds 2023 Bank interest 3,939 3,939 Analysis of expendlturo on charliable activities Summary by fund type Unreslrlctsd funds 2024 Totsl 2024 Nursery educational operations 723,819 723,819 Page 15
MONTESSORI COMMUNITY SCHOOL (A Company Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charltable activities (continued) Summary by fund type lcontlnued) UnStricted lunds 2023 Total 2023 Nursery educational operations 680,612 680,612 Summary by Èxpendlture type Staff costs Depreclatlon Other costs 2024 2024 2024 Totsl 2024 Nursery educalional operallons 430,141 1.687 291,991 723,819 Staff costs Depreciation Other costs 2023 2023 2023 Total 2023 Nursery edurAlional operations 413,849 694 266,069 680,612 Analysls of expenditure by actlvllles Actlvlties undertaken diroclly 2024 Total funds 2024 Nursery educalional operations 723,819 723,819 Activities und&rtaken 1CtlY 2023 Total funds 2023 Nursery edUtiOnal operations 680.612 680.612 Page 16
MONTESSORI COMMUNITY SCHOOL IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expenditure by actlvities (continued) Analygls of dlrect costs Total funds 2024 Total funds 2023 Staff costs Depreciation Training, recruitment and welfare Motor, travel and subsistence Enterlainlng Educational and school suppII8s Rent and rates Lighl and heal Cleaning Repairs and renewals Premises expenses Telephone and fax Printing postage and stationery Subscriptions Software and equipment Legal and professional First aid and clothing Bank charges Accountancy fees Bad debt Governance costs (see note 7) 430,141 1,687 12,495 5.964 584 70,740 92,518 10,593 S,556 17,066 28,485 1,925 1,49S 735 2,619 29,443 2,596 66 1,762 149 7,200 413,849 694 4,549 6,326 699 82,199 71,543 8,427 4,250 23,238 22,198 2,751 1.117 886 1,948 24,647 2,630 107 1,620 6,900 723,819 680,612 Auditors, remuneration The auditors, remuneration amounts to an auditor fee of £5.100 Q023 £4,500), and accounts preparation Services of £2,100 (2023- £2,100). Page 17
MONTESSORI COMMUNITY SCHOOL IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff costs 2024 2023 Wages and salaries Social securily costs Other pension costs 402,701 20,914 6,526 387,718 19,945 6,186 430,141 413,849 The average number of persons employed by the Charity during the year was as follows: 2024 2023 No. Engaged on charitable activities Engaged on management and administration 15 14 17 16 The number of employees whose employee benefits (excluding employer pension cosls) exceeded £60,000 was.. 2024 2023 No. Key management personnel In the band £70.001- £80.000 One member of key managemeni personnel received total benefits of over £60,CQO induding salary and sacrifice pension conlribulions. Trustees, remuneration and expenses During the year, no TnJstee8 received any remuneration or other benefi15 (2023 - £NIL). During the year ended 31 Augusl 2024. no Trustee expenses have been incurred {2023 - £NIL). Page 18
MONTESSORI COMMUNITY SCHOOL IA Company Limitsd by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Tangible fixed assets Fixtures and fittlng8 Offlce equipment Totsl Cost orvaluation At 1 Seplember 2023 Additions 2,394 3,300 3,885 6,279 3,300 Al 31 Augusl 2024 5,694 3,885 9,579 Depreclatlon At 1 September 2023 Charge for the year 150 822 653 865 803 1,687 Al 31 August 2024 972 1,518 2,490 Net book value Al 31 August 2024 4,722 2,367 7,089 Al 31 August 2023 2,244 3.232 5,476 11. Debtors 2024 2023 Fees in arrears Other dèbtors Prepayments and accrued income 914 2.916 26,751 9,580 4,537 9.333 14.784 39,246 Page 19
MONTESSORI COMMUNITY SCHOOL IA Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Creditoys: amounts falllng due within one year 2024 2023 Olher laxalion and social security Other creditors Accruals and deferred income 7.761 73,258 82,134 8,347 40,137 20,256 163,153 68,740 13. Ststsment offund8 statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expenditure Unre8trlcted funds Reserves Unallocated amounts 362,267 879,476 (729,393) 5,574 512,350 5,S74 362,267 879,476 1723,8191 517,924 Statèmènt of funds - prior year Balanc8 at I Septemb8r 2022 8alance al 31 Augusl 2023 Incom8 Exp8ndilure Unrestricted funds Reserves 283,763 759,116 (680,612) 362,267 Page 20
MONTESSORI COMMUNITY SCHOOL (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Analysls of net assets between funds Analysis of net assets between funds - Gurrent perfod Unrestricted funds 2024 Totsl funds 2024 Tangible fixed assets Current assets Creditors due within on8 year 7,089 673,988 (163,153) 7,089 673,988 1163,153) Total 517,924 517,924 Analys18 of net assets betrween funds - prior pèriod Unreslricled funds 2023 Total funds 2023 Tangible fixed assels Current assets Creditors due within one year 5,476 425,531 (68,740) 5.476 425,531 (88,740) 362,267 Total 362,267 15. Penslon commith)ents The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from Ihose of the Charity in an independenlly adminis16red fund. The pension cost charge represents contributions payable by the Charity lo Ihe fund and amounted to £6,526 12023 - £6,186). Contributions lolaling £2,515 (2023 - £2,589) were payable to the fund at Ihe balance sheel date and are induded in credilors. Page 21
MONTESSORI COMMUNITY SCHOOL {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Operating lease commitments Al 31 August 2024 the Charity had commitments lo make ftjture minlmum lease payments under non- cancellabie operating leases as follows: 2024 2023 Not later than 1 year 60,462 As of 31 August 2024 the lease for the school site was under negolialion, resulting In there being no lease commilmenl at the year end. Post year end, this has been secured for a maximum of five years from February 2025. 17. Members. Ilablllty The Charity is Incorporated under Ihe Companies Act and is limited by Guarantee. Each member of th8 charitable company undertakes to conlribule to the assets of the company in Ihe event of it being wound up while helshe is a member. 01 within one year after helshe ceases lo be a member, such amount as may be reqLJired. not exceeding £1 for thè debts and liabililles contracted before helshe ceases lo be a member. As such the company has no share capital. Page 22