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← The Church Of The Holy Ghost Crowthorne Trust

2024-08-31-accounts

Charity registration number 1155373

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms A Barrett Mr M Ware Mr D Godden Mr M Jones Ms D Bray Ms G Nash Charity number 1155373 Principal address Our Lady's Preparatory School The Avenue Crowthorne Berkshire RG45 6PB Auditor Kirk Rice LLP Victoria House 178-180 Fleet Road Fleet Hampshire GU51 4DA Bankers NatWest 24 Deane Street Loughborough LE11 5NQ

(Appointed 20 May 2024) (Appointed 8 July 2024)

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

CONTENTS

Page
Trustees' report 1 - 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 22

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

TRUSTEES' 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 financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Charity operates as a Charitable Incorporated Organisation, established in January 2014 under the charity number 1155373. The Charity is controlled by its governing document. The Church of the Holy Ghost Crowthorne Trust was established on 7 June 1963 under charity number 309107 prior to establishing the CIO.

We see our mission, through both the Nursery and School, as providing an inclusive, faith-based learning environment where, all year round, we build community, nurture our children, and prepare them for life in the 21st century. We develop the character and potential of each child, academically and morally, within a caring atmosphere, whilst Christian doctrine, good manners, self-discipline and sound moral values form the principal basis. We take children from the ages of 12 weeks to 5 years into the Nursery and Pre-School, and from ages 4 to 11 in the Primary School, offering a full and enriching experience all year-round, with the continuity of additional care and peace of mind to parents. We nurture our children into confident young people with the skills, talents and sense of responsibilities to enable them to thrive later in life. We aim to ensure each child stretches themselves to their highest levels and achieves their potential, both in terms of personal and of academic ability.

Vision and key objectives

Our Vision is to be known as a place where children, parents and staff work together to educate and develop confident young people who care for each other, contribute positively to society, and strive to achieve their full potential.

Our statement of Ethos and Values explains the environment and the manner in which we will all work together to achieve this Vision, and our key Strategic Objectives reflect our commitment constantly to ‘Build, Nurture and Prepare’ all aspects of life at Our Lady’s for the benefit of all associated with our community.

Our strategic objectives include:

Achievements and performance

Infrastructure

Over the course of the year improvements have continued to be made to our infrastructure. In particular, we have created for the benefit of the Nursery a new outside learning space and garden area. In addition, we have remodelled areas within the school for learning support and intervention teaching. Alongside this we have sustained our routine repairs and maintenance expenditure to ensure that both the School and Nursery continue to be safe and attractive environments which are conducive to learning.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Pastoral

We are delighted to have appointed a School Chaplain who works in both the School and Nursery supporting pupils and staff. His experience as a Deacon in the local parish has enabled us to re-affirm our links with the local parish church.

INSET training has continued, focusing on the mental wellbeing of our staff, alongside the introduction of staff wellbeing days as well as our annual safeguarding and health and safety training.

Pupil Numbers

Pupil numbers in the School for the year to August 2024 saw 126 pupils on the roll at the end of the academic year.

Our capacity in the Nursery on any one day is 111. In total there were 120 children enrolled in the Nursery, but not all attend on the same days.

Academic

Our Lady’s offers a broad, balanced and enhanced curriculum. We believe that every child should be challenged to achieve their full potential in an atmosphere of care and concern for their well-being, seeking at the same time to fostering in children a curiosity and a real enjoyment of lifelong learning. Children are encouraged to think for themselves, to be creative, to challenge themselves physically and to aspire to be people who will make a difference to the world in which they live.

From three months, children receive specialist support within the Early Years Foundation Stage. In the Infant and Preparatory School children are also taught by specialist teachers in many areas, including dedicated Sports tuition and Forest School provision.

Achievements

The Senior Leadership Team, along with the Trustees, strive throughout the year to monitor the quality of education delivered by constant assessment, through both informal and formal assessment methods on pupils’ achievements. We have a clear structure of curriculum coordination and a dedicated staff member responsible for this area. We continually monitor the learning of pupils via progress meetings, observations and scrutiny of planning and work. Our work towards NACE accreditation (National Association for able Children in Education) has commenced this year.

Financial review

Reserves and financial health

The Trustees remain focused upon maintaining the strength of the Charity’s balance sheet which is based on stable cash flow from the Nursery and School rolls. Combined with the ongoing stability of registrations of new pupils, we can manage our free reserves with some careful consideration, recognising that our policy is to seek to hold reserves equivalent to 3-6 months of school and nursery fees income.

Given the requirement for parents to give a term's notice of any intention for their children to leave Our Lady's, our fee income is characterised as being secure and predictable in the short term, giving us time to take any measures to respond to an extended downturn in income. Moreover, the available 3-6 months of deliberation enabled by our level of reserves will enable us to ensure that any such required measures are well considered, carefully implemented and sustainable. In contrast, it is our aim not to hold reserves equivalent to in excess of 6 months of fee income, as we believe that reserves at this level are not appropriate, and that any such available funds should be applied in the short term for the immediate benefit of Our Lady's and its children.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

On occasions, our level of reserves will fall below our three months target if the Trustees believe that expenditure is required and justified, although we will take steps thereafter to return our reserves to the level identified in our policy. In 2023/24 after its investments in infrastructure, Our Lady’s experienced a surplus which broadly maintained our reserves at the point at which, at the year-end, they stood equivalent to two months of school and nursery fee income. Recognising the financial challenges which 2024/25 will bring following the introduction of VAT on school fees and the removal of business rates charitable relief, we have decided on a modest increase to school and nursery fees with the aim of sustaining pupil numbers at their current level. This should enable us to achieve financial break even for the year. In subsequent years our plan is to make further progress towards our target of a reserves level equivalent to three months' income.

The Trustees aim to provide excellent value for money in the fee structure, and to make fees as affordable as possible whilst meeting their obligation to ensure that Our Lady’s adopts a sustainable, financially robust model. Due to the competitive nature of our School fees the Trustees currently have a policy not to offer a bursary scheme.

We offer families with more than one child in the Nursery a 10% fee discount on the younger sibling(s), and a 5% fee discount for families with more than one child in the School.

We will continue to review these policies, remaining focused upon making further investments where required, whilst ensuring that Our Lady’s continues to operate as a viable concern.

Asset cover for funds

We are reliant on pupil fees and the ability of parents to pay these fees as they fall due. We manage this risk by keeping fees at an affordable level, raising fees as required and with accompanying explanation, and by monitoring our financial performance on a regular basis to ensure the correct balance of retained profits, cash and investments are maintained.

Investments and developments

As a Board of Trustees, we have made a number of investment decisions in the last few years, mainly around enhancements and extensions to the building and its surroundings, and ensuring that work is carried out to a high standard. As indicated above, over the past 12 months the Trustees and Senior Leadership Team have continued to invest in the internal and external fabric of the School and Nursery. In addition, Our Lady’s maintains an up to date Strategic Site Plan which details a rolling programme of investment in infrastructure which, subject to affordability, will be delivered over the next 2-3 years.

Risk management

The Trustees are responsible for overseeing the process of identifying, managing and mitigating risks faced by the charity, whether these arise as a consequence of the external economic environment or are risks in relation to the more specific operational and educational challenges facing Our Lady’s. These risks and their mitigations are outlined in the Our Lady’s Strategic Development Plan which is reviewed and updated on an annual basis.

The Trustees, with assistance from the Senior Leadership Team, continue to keep Our Lady’s activities under constant review, particularly with regard to any major risk that may arise from time to time. The effectiveness of the system of internal controls is monitored, and risks are identified and assessed, with controls being established throughout the year. The Trustees retain the ownership of the management of financial risk, while the remaining categories are delegated to the Senior Leadership Team, overseen by the Trustees.

The Trustees are satisfied that any major risks are identified and mitigated where necessary.

Structure, governance and management

The charity is controlled by its governing document and constitutes a Charitable Incorporated Organisation.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The Trustee Board determines the general policy of the School, approves the Strategic Development Plan, and holds management to account for its delivery.

The Trustees in the year consisted of: Mrs S Whitehouse-Faux (Resigned 20 November 2023) Ms A Barrett Mr M Ware Mr D Godden Mr M Jones Ms D Bray (Appointed 20 May 2024) Ms G Nash (Appointed 8 July 2024)

The Trustee Board comprises volunteers who meet as a group at a minimum of 4 times a year, and also at additional times via a number of ad hoc committees to discuss specific agenda items and issues. New Trustees are appointed by existing Trustees, with each new Trustee being provided with a formal induction both in terms of written materials and personal briefings. The Parish Priest of the Church of the Holy Ghost is also invited to be a Trustee.

At each meeting the Trustees operate to a standard agenda, and there is a calendar of key topics for debate and review by the Trustees in their meetings at specific times of the year. Routinely the Head provides to the Board a written report which is intended to keep the Board up to date with the general day to day running of Our Lady’s.

All Trustees give of their time freely and no remuneration or expenses were paid in the year. No person connected to a Trustee received any benefit from either additional discounts or other financial reward that is in any way different to those awarded to other pupils. Three of our Trustees are parents with children in the School or Nursery, and they pay fees at the standard rates as applicable to all pupils.

Key management personnel

The Charity employs a number of key management positions including the Head, Deputy Head, Director of Studies and Nursery Manager. The day to day running of Our Lady’s is delegated to the Head, supported by the key management team. The Senior Leadership Team in 2023/24 consisted of:

Headmaster: Mr Michael A Stone Deputy Head: Mr Simon Cassell SENDCo: Mrs Melanie Boyer Nursery Manager: Mrs Claire Taylor

The Head undertakes the key leadership role overseeing the Nursery and School. This includes oversight of the educational, pastoral and administrative functions in consultation with key senior staff. He also oversees recruitment of teaching, nursery and support staff into the School and Nursery.

The Trustees are responsible for the appointment of the Head.

The remuneration and conditions of all staff employed by the Charity, including teachers, Nursery staff and support staff are reviewed and determined by the Trustees each year. A number of criteria are used in any recruitment and the setting of pay levels including:

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that year.

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

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Public benefit requirement

The School offers all parents the choice of an affordable education for their children in an environment that instils the teachings of the Roman Catholic Faith. We work with local charities, and currently raise money for other charitable organisations including CAFOD, Children in Need and Macmillan Cancer Support. We work closely with local charities (such as Crowthorne Foodbank and Wokingham in Need.

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

..............................

Mr M Ware Trustee

23/01/2025 Date: .............................................

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

Opinion

We have audited the financial statements of The Church Of The Holy Ghost Crowthorne Trust (the ‘charity’) 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 charity 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 charity’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 require us to report to you if, in our opinion:

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees 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 charity’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 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.

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.

Our audit approach was developed by obtaining an understanding of the charity’s activities, the key functions and the overall control environment. Based on this understanding we assessed those aspects of the charity’s transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly. Included in these key audit risks was management override of controls with respect to expenditure recognition and payment, false employees being included in the payroll, and income being recognised for false pupils.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

In responding to the risk of management override, we analysed the implementation and effectiveness of authorisation controls in place for online bank payments as well as performing journal testing and evaluating whether there was evidence of bias by directors in developing accounting estimates and in applying accounting policies. To assess the existence of staff and pupils, we were provided with access to all relevant files, including employment contracts and acceptance forms for students.

There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Appropriate enquiry was made of senior management as to whether there had been any identified or suspected fraudulent activities or non-compliance with relevant laws and regulations during the period. The minutes of trustee meetings were also reviewed to identify any indicators of non-compliance with laws and regulations and potential or suspected fraud that could lead to a material misstatement in the financial statements.

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.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

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.

29/01/2025

Kirk Rice LLP .........................

Statutory Auditor

Victoria House 178-180 Fleet Road Fleet Hampshire GU51 4DA

Kirk Rice LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted Unrestricted Restricted Restricted Total Unrestricted Unrestricted Restricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
Notes £ £ £ £ £ £
Income and endowments from:
Charitable activities 3 2,802,895 - 2,802,895 2,486,533 - 2,486,533
Investments 4 4,265 - 4,265 - - -
Other income 5 - - - 445 - 445
Total income 2,807,160 - 2,807,160 2,486,978 - 2,486,978
Expenditure on:
Charitable activities 6 2,723,732 - 2,723,732 2,444,128 - 2,444,128
Total expenditure 2,723,732 - 2,723,732 2,444,128 - 2,444,128
Net income and movement in
funds 83,428 - 83,428 42,850 - 42,850
Reconciliation of funds:
Fund balances at 1 September
2023 1,209,816 5,000 1,214,816 1,166,966 5,000 1,171,966
Fund balances at 31 August
2024 1,293,244 5,000 1,298,244 1,209,816 5,000 1,214,816

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

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

BALANCE SHEET

AS AT 31 AUGUST 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 13 1,416,593 1,311,872
Current assets
Debtors 14 75,427 57,826
Cash at bank and in hand 376,856 350,005
452,283 407,831
Creditors: amounts falling due within 16
one year (363,939) (316,669)
Net current assets 88,344 91,162
Total assets less current liabilities 1,504,937 1,403,034
Creditors: amounts falling due after
more than one year 17 (206,693) (188,218)
Net assets excluding pension liability 1,298,244 1,214,816
Net assets 1,298,244 1,214,816
The funds of the charity
Restricted income funds 20 5,000 5,000
Unrestricted funds 1,293,244 1,209,816
1,298,244 1,214,816

23/01/2025

The financial statements were approved by the trustees on .........................

.............................. Mr M Ware Trustee

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 27 198,036 87,404
Investing activities
Purchase of tangible fixed assets (157,097) (12,167)
Proceeds from disposal of tangible fixed
assets - 2,033
Investment income received 4,265 -
Net cash used in investing activities (152,832) (10,134)
Financing activities
Repayment of bank loans (18,353) (32,731)
Net cash used in financing activities (18,353) (32,731)
Net increase in cash and cash equivalents 26,851 44,539
Cash and cash equivalents at beginning of year 350,005 305,466
Cash and cash equivalents at end of year 376,856 350,005

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

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

1 Accounting policies

Charity information

The Church Of the Holy Ghost Crowthorne Trust is a Charitable Incorporated Organisation.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

The financial statements have been prepared under the historical cost convention. 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 charity 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.

The trustees have identified no material uncertainties in the charity's ability to continue as a going concern.

1.3 Charitable funds

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

1.4 Incoming resources

Income is recognised when the charity 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 charity 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 charity 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.

1.5 Resources expended

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 costs related to the category. Irrecoverable VAT is charged to the Statement of Financial Activities as incurred. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

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

1 Accounting policies

(Continued)

Charitable expenditure represents the costs of running the school including salaries, catering, premises and teaching costs.

Governance costs include external audit fees.

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 2% on cost and 10% on cost Fixtures and fittings 10% - 33% on cost Computers 33% on cost

Freehold land is not depreciated.

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 charity reviews the carrying amounts of its tangible 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 charity 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 charity's balance sheet when the charity 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.

Basic financial assets

Basic financial assets, which include debtors 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.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

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

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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 payments 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 creditors are recognised where the school has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Amount are recognised at their settlement amount.

Derecognition of financial liabilities

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

1.10 Taxation

The charity is exempt from tax on its charitable activities.

1.11 Employee benefits

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

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

3 Income from charitable activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Education services
School and nursery fees 2,723,096 2,438,002
Other income 79,799 48,531
2,802,895 2,486,533
4 Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 4,265 -
5 Other income
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Net gain on disposal of tangible fixed assets - 445

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

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

6 Charitable activities

6 Charitable activities
Education Education
services services
direct costs direct costs
2024 2023
£ £
Staff costs 1,920,828 1,732,919
Other operating leases 792 792
Rates and water 17,771 16,233
Insurance 15,102 15,416
Light and heat 39,051 32,408
Telephone 8,448 6,481
Postage and stationery 32,100 31,702
Advertising 15,599 3,040
Sundries 83,879 70,862
Direct teaching costs 141,882 131,792
Repairs and renewals 61,068 53,853
Household and cleaning 51,595 43,026
General supplies 78,058 81,913
Maintenance of grounds 3,365 7,069
Professional fees 21,430 13,102
Lunches 141,960 121,319
Interest 19,172 15,334
2,652,100 2,377,261
Share of support costs (see note 7) 55,346 58,242
Share of governance costs (see note 7) 16,286 8,625
2,723,732 2,444,128
7 Support costs allocated to activities
2024 2023
£ £
Depreciation 52,378 54,528
Bank charges 2,968 3,714
Governance costs 16,286 8,625
71,632 66,867
Analysed between:
Education services 71,632 66,867

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

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

8 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 10,800 8,400
Depreciation of owned tangible fixed assets 52,378 54,528
Loss/(profit) on disposal of tangible fixed assets - (445)

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No trustee expenses were incurred or repaid.

10 Employees

The average monthly number of employees during the year was as follows:

The average monthly number of employees during the year was as follows:
2024 2023
Number Number
Head management 5 5
Administrative staff 4 3
Teachers and teaching assistants 21 19
Catering and building maintenance 6 8
Nursery staff 41 37
Total 77 72
Employment costs 2024 2023
£ £
Wages and salaries 1,741,932 1,568,416
Social security costs 145,951 135,881
Other pension costs 32,945 28,622
1,920,828 1,732,919

Key management personnel compensation totalled £267,777 (4 people) for the year (2023: £307,572, 5 people).

The number of employees whose annual remuneration was more than £60,000 is as follows:

2024 2023
Number Number
£60,001 - £70,000 - 1
£70,001 - £80,000 1 -
£90,001 - £100,000 - 1
£100,001-£110,000 1 -

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

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

11 Auditor's remuneration

Auditor's remuneration
The analysis of auditor's remuneration is as follows:
Fees payable to the auditor and associates: 2024 2023
£ £
Audit of the annual accounts 10,800 8,400

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Tangible fixed assets

Tangible fixed assets
Freehold land
Fixtures and		 Computers Total
and buildings fittings
£ £ £ £
Cost
At 1 September 2023 1,597,291 68,046 25,691 1,691,028
Additions 147,074 9,086 936 157,096
At 31 August 2024 1,744,365 77,132 26,627 1,848,124
Depreciation and impairment
At 1 September 2023 342,284 20,738 16,131 379,153
Depreciation charged in the year 36,258 9,429 6,691 52,378
At 31 August 2024 378,542 30,167 22,822 431,531
Carrying amount
At 31 August 2024 1,365,823 46,965 3,805 1,416,593
At 31 August 2023 1,255,006 47,307 9,559 1,311,872

Included in the cost of land and buildings is freehold land of £197,757 which is carried at original cost at the date when introduced into the charity.

It is the charity's policy to capitalise fixed assets with a value of over £500 (2023: £1,000). All assets are included at cost.

14 Debtors

Debtors
2024 2023
Amounts falling due within one year: £ £
Trade debtors 56,986 32,218
Prepayments and accrued income 18,441 25,608
75,427 57,826

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

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

15 Loans and overdrafts

Loans and overdrafts
2024 2023
£ £
Bank loans 226,557 244,910
Payable within one year 19,864 56,692
Payable after one year 206,693 188,218

The long-term loans are secured by fixed charges over the freehold property.

The loan was refinanced in 2023 and is repayable in 120 instalments over 10 years with a fixed rate of interest. The instalment amounts are based on a repayment term of 10 years from the date one month after the loan was first drawn.

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024 2023
Notes £ £
Bank loans 15 19,864 56,692
Other taxation and social security 33,159 33,086
Trade creditors 84,432 43,690
Other creditors 95,683 94,125
Accruals and deferred income 130,801 89,076
363,939 316,669
Creditors: amounts falling due after more than one year
2024 2023
Notes £ £
Bank loans 15 206,693 188,218

17 Creditors: amounts falling due after more than one year

18 Deferred income

Incoming resources of £80,676 have been deferred, relating to Early Years Funding for the autumn term starting in September 2023. Deferred income in the prior year, amounting to £62,278, has been released to the Statement of Financial Activities in the current period.

19 Retirement benefit schemes

Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 32,945 28,622

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

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

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
At 31 August
At 31 August
September 2024
2023
£ £
PTA 5,000 5,000
Previous year: At 1
At 31 August
September 2023
2022
£ £
PTA 5,000 5,000

21 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
Resources
At 31 August
At 31 August
September
resources		 expended 2024
2023
£ £ £ £
General funds 1,209,816 2,807,160 (2,723,732) 1,293,244
Previous year: At 1 Incoming
Resources
At 31 August
September
resources		 expended 2023
2022
£ £ £ £
General funds 1,166,966 2,486,978 (2,444,128) 1,209,816

22 Pension commitments

Pension contributions of £nil (2022: £nil) are outstanding at the year end.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

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

23 Analysis of net assets between funds Analysis of net assets between funds
Unrestricted Restricted
Total		 Unrestricted Restricted
Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Fund balances at 31
August 2024 are
represented by:
Tangible assets 1,416,593 - 1,416,593 1,311,872 - 1,311,872
Current assets/(liabilities) 88,344 - 88,344 86,162 5,000 91,162
Long term liabilities (206,693) - (206,693) (188,218) - (188,218)
1,298,244 - 1,298,244 1,209,816 5,000 1,214,816

24 Related party transactions

During the year the charity entered into the following arm's length transactions with related parties:

Three of the trustees of the charity, Gemma Nash, Annabel Barrett and Matthew Ware, paid a total of £28,035 (2023: £34,575) in school fees over the year and are owed an overpayment of £nil (2023: £4) at the year-end date. The charity also held deposits totalling £1,700 at the year end to these trustees.

THE CHURCH OF THE HOLY GHOST CROWTHORNE TRUST

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

25 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024 2023
£ £
Within one year 8,064 8,064
Between two and five years 15,456 23,520
23,520 31,584
26 Ultimate controlling party
The Board of Trustees control the trust.
27 Cash generated from operations 2024 2023
£ £
Surplus for the year 83,428 42,850
Adjustments for:
Investment income recognised in statement of financial activities (4,265) -
Gain on disposal of tangible fixed assets - (445)
Depreciation and impairment of tangible fixed assets 52,378 54,528
Movements in working capital:
(Increase) in debtors (17,601) (17,743)
Increase in creditors 84,096 8,214
Cash generated from operations 198,036 87,404
28 Analysis of changes in net funds
At 1 September
Cash flows		 At 31 August
2023 2024
£ £ £
Cash at bank and in hand 350,005 26,851 376,856
Loans falling due within one year (56,692) 36,828 (19,864)
Loans falling due after more than one year (188,218) (18,475)
(206,693)
105,095 45,204 150,299