COMPANY REGISTRATION NUMBER: 08865604 CHARITY REGISTRATION NUMBER: 1159524 Side by Side School Ltd Company Limited by Guarantee Flnancial Statements 31 January 2024 COHEN ARNOLD Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONtK)N NWII OPU
SAde by Side School Ltd Company Limited by Guarantee Financial Statements Year ended 31 January 2024 Pages Ito3 Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) Statement of financial position Statement of cash flows 4t08 10 11 Notes to the financial statements 12to19
Side by Side School Ltd Company Limited by Guarantee Trnstees, Annual Report Oncorporating the Directorls Report) Year ended 31 January 2024 The trustees, who are also the directors for the purposes ol company law, present their [K)rt and the financial statements of the charity for the year ended 31 January 2024. Reference and administrative details Registered Charity name Charity registration number Company registration number 08865604 Princip31 office and registered Avigdor Mews office Lordship Road London N16 OQJ Side by Side School Ltd 1159524 The trustees Mr S D Cohen Mr J Sorotzkin Mr l Moskovitz Mr J Schr¢iber Mr N Schreiber Company secretary Auditor Mr J Sorotzkin Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NWI I OPU
Side by Side School Ltd Company Limited by Guarantee Trustees, Annu&l Report Uncorporating the Direetor's Report) leomilnued) Year ended 31 January 2024 Struetureg governance and management The charity is a company limited by guarantee and accordingly does not have a share capital. The charity is governed by its Memorandum and Articles of Association dated 23 January 2014. The board of trustees may elect or remove the Chair or any other officers that it wishes. Officers shall be appointed from among the trustees, by a majority vote. None of the trstees have any beneficial interest in the company. None of the trustees are entitled to any remuneration for their services. All new trustees undergo an induction programme that includes a briefing on their role and responsibilities as well as general guidance as published by the Charities Commission. The Trustees have appointed a Building Committee comprised of community property experts and professionals to oversee the project: Mr Charles Margulies (Governor of Side By Side (Children) Ltd) Mr Israel Moskovitz (Avon Group of Companies) Mr Jacob Schreiber (Prime partner at Castlewood Estates) Mr David Schreiber (Midos Group) Objectives and activities The Charity's object is to provide a pathway to promote the education of children with special needs. The Charity owns the building that is used by Side by Side (Children) Limited which provides specialised education to children and young people with different educational needs, beginning with an integrated nursery where children of norn]al and special needs learn 'side by side,, continuing with a special needs school for ages 4-16, and culminating in a life skills program for special young people approaching independence. Achievements and performance The state-of-the-art building has revolutionised the school's capacity for educational provision. With increased space, the school can begin to truly meet existing demand and support decades of growth. Financial review Side by Side is fortunate to have the whole-hearted support of the community. The Trustees are grateful to those donors who have enabled the building's construction. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems ar¢ in place to mitigate exposure to the major risks. As of 31 January 2024, the charity had unrestricted funds of £7,972,179 and restricted funds of £500.000. Reserves policy The trustees, main aim is to continue fundraising and fully repay the debt relating to the building project.
Side by Side Sehool Ltd Company Limited by Guarantee Trustees, AnnuAI Report (Incorporating the Director's Report) feoxilKued) Year ended 31 January 2024 Trustees, responsibilities statement The trustees, who are also directors for the purposes of company law, are responsible foi preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affaiTS of the charitsble company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Charities SORP. make judgments and accounting estimates that are reasonable and prudent. prepare the financial statements on the going con¢em basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the f)nancial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the &%sets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirnis that: so far as they are aware, there is no relevant audit infonnation of which the charity's auditor is unaware. and they have taken all steps that they ought to have taken as a trustee to rnake themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that infomiation. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report wa5 approved on l O July 2024 and signed on behalf of the board of trustees by: Mr J Sorotzkin Truste¢
Side by Side School Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Side by Side School Ltd Year ended 31 January 2024 Opinion We have audited the financial statement5 of Side by Side School Ltd (the 'charity') for the year ended 31 January2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position. statement of c&sh flows and the related notes. including a summary of significant accounting policles. The financial repirting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standar(Is, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United KingdoTn Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 January 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon 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 suificient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that ihe trustees, use of the going concem b&sis of accounting in the prepatIon of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to evenls or Conditions that, individually or collectively, may cast siglF1¢ant doubt on the charity's ability to continue as a going concern for a period of at least twelve tnonths 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.
Side by Side School Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Side by Side School Ltd (colltimtsed) Year ended 31 January 2024 Other information The other inforniation comprises the information included in the annual reporL other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other inforniation and. except to the extent otherwise explicitly stated in our report. we do not express any fonn of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and. in doing so. consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatefflents, we are required to deterniine whether there is a material misstatement in the financial statements or a material misstatement of the other inforniation. If, based on the work we have perfornied, we conclude that there is a material misstatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion$ on other matters prescribed by the Companies Act 2(K16 In our opinion, based on the work undertaken in the course of the audit: the inforn)ation given in the trustees, report for the financial year for which the financial statements are Prepared is consistent with the financial statements. and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Irustees, report. We have nothing to report in respect of the following matters in relation to which the Companie5 Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or Ihe financial statements are not in agreement with the accounting records and returns. or certain disclosures of trtee5, remuneration specified by law are not tnade. or we have nol received all the inforniation and explanations we require for our audit" or the trSteeS were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
Side by Side School Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Side by Side School Ltd {coMtinuedJ Year ended 31 January 2024 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view. and for such internal control as the trustees detemiine is necessary lo 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial slatements 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 detecl a material misstatement when it exists. Misslatements 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. egularItIes, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, to detect material misstatements in respect of irregularities, including fraud. The extenl to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trteeS and identified financial reporting legislation and charity legislation as being most significant to these financial statements. We communicated these identified frameworks amongst our audit team and remained alert to any indicalions of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non4ompliance with the laws and regulations. We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frdmeworks. We assessed the susceptibility of the charTty'S financial ststements to material misslatement due to non-compliance with legal and regulalory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation phases stages of our audit. The susceptibility to such material misstatement was detern]ined to be low. Based on this understanding, we designed our audit pmcedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.
Side by Side School Ltd Company Limited by Guarantee Independent Auditorls Report to the Members of Side by Side School Ltd (contlxued) Year ended 31 January 2024 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to frdud or eOr, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies Sed and the reasonableness of accounting estimates and related disclosures made by the Irustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, ifsuch disclosures are inadequate, to modify our opinion. Our conclusions are based on the audil evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the rharity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Side by Side School Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Side by Side School Ltd (eollilmued) Year ended 31 January 2024 We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings. including any significant defi¢iencies in intcrnal Control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemjitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. David berg (Senior Statutory Auditor) an on behalf of n Amold arlered accountants & ststutory auditor New Burlington House 1075 Finchley Road LONDON NWI I OPU l O July 2024
Side by Side School Ltd Company Limited by Guarantee Statement of Financial Aetivities (including income and expenditure aecount) Year ended 31 January 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Investment income 384,260 150,OIK) 15 2,527,863 2,912,123 150,000 15 2,512,524 25,000 349 Total income 534,275 2,527,863 3,062,138 2.537,873 Expendlture Expenditure on raising fvnds: Costs of raising donations and legacies Expenditure on charitable activities Total expenditure 28,186 649,267 28,186 649,267 75,722 641,638 717,360 9,10 677.453 677.453 Net income (143,178) 2,527,863 2,384,685 1,820,513 Trdnsfer5 between funds 2,027.863 (2,027,863) Net movement in funds 1,884,685 500,000 2,384,685 1,820,513 Reconciliation of funds Total funds brought fonvard Total funds carried forward 6,087,494 7,972,179 6,087,494 8,472,179 4,266.981 6,087,494 500,000 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The 0¢¢5 PA% 12 to 19 fom part of these fthancial statements.
Side by Side School Ltd Company Limited by Guarantee Statement of Financial Position 31 January 2024 2024 2023 Nole Fixed assets Tangible fixed assets Current assets Debtors Cash at bank and in hand 15 1 1,489,042 11,507,135 16 3,219 293,604 102,763 277,613 296,823 380,376 655,247 Creditors: amounts falling due within one year Net current liabilities 17 318,916 22,093 11,466,949 11,232,264 18 2,994.770 5,144,770 8,472,179 6,087,494 274,871 Total Assets le&s current liabilities Creditors: amounts falling due after more than one year Nel assets Funds of the charlty Restricted funds Unrestricted funds 500,000 7,972,179 6,087,494 6.087,494 Total charity funds 19 8,472,179 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 10 July 2024, and are signed on behalf of the board by: Mr J Sorotzkin Trustee Th¢ notes on pag¢5 12 to 19 form Part of these fi¢141 statements. io
Side by Side School Ltd Company Limited by Guarantee Statement of Cash Flows Year ended 31 January 2024 2024 2023 Cash flows from operating activities Net income 2,384,685 1,820,513 Adjuslmentsfor.. Depreciation of tangible fixed &8sets Other interest receivable and similar income Interest payable and similar charges Accrued income 276,725 (15) 266,037 (258,003) 243,662 (349) 333,255 (38,201) Changes in.. Trade and other debtors Trade and other creditors (1,153) 76,549 (127,631) (142,164) 2,540,645 2,293,265 (266,037) (333,255) 15 349 Cash generated from operations Interest paid Interest received Net cash from operating activities 2,274,623 1,960,359 Cash flows from investing Ydctlvities Purchase of tangible assets Net cash used in investing activities (258,632) (4,060,183) (258,632) (4,060,183) Cash flows from financing activities Proceeds from borrowings Net cash (used in)/from financing activities (2,000,000) 2,195,161 (2,(M)O,000) 2,195,161 Net Increase in cash And cash equAvalents Cash and cash equivglents at beginning of year Cash and cash equivalents at end of year 15,991 277,613 293,604 95,337 182,276 277,613 Tbe notes on pages 12 to 19 form of these fin4n¢ial statements. li
Side by Side School Ltd Company Limited by Guarantee Notes to the Financial St¥dtements Year ended 31 January 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Avigdor Mews, Lordship Roa London. N16 OQJ. Statement of compliance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of prep8r2tion The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The accounts have been prepared on a going concern basis on the assumption of continued support from the charity's creditors. Judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, the TrLLStees are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below. 12
Side by Side School Ltd Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 31 January 2024 Accounting policie5 (colllinuedj Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or ommitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terns of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraislng activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising fund5 for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impaiment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairnient losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairnienl that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case Ihe loss is shown within other recognised gains and losses on the statement of financial activities. 13
Side by Side School Ltd Company Limited by Guarantee Notes to the Financial Statements (eèrtdnued) Year ended 31 January 2024 Accounting policies (conilTrued) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asseL less its residual value, over the useful economic life of that asset &s follows: Freehold property (building 20/0 straight line only) Fixtures and fittings Equipment Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financTal instruments are initially recognised at the amount receivable or payable including any related transaclion costs. unless the arnngement constitutes a financing transaction, where it is recognised at the present value of the future payments dIOUnted at a mket rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instrument5 are subsequently measured at amortised cost. Limited by guarantee The charity is a wmpany limited by guarantee and h&8 no share capital. The liability of each trustee in the event of winding up is limited to £1 O. Donations and legacles l O % straight line l O % straight line Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations 371,260 988,983 1,360,243 Legacies Legacies Grants Grants receivable 13,000 13,000 1,538,880 2,527,863 1,538,880 2,912,123 384,260 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations 709.961 417.709 1,127.670 14
Side by Side School Ltd Company Limited by Guarantee Notes to the Financial Statements (eonllNued) Year ended 31 January 2024 Donations and legacies (ttmllllued) Unrestricted Funds Restricted Total Funds Funds 2023 Legacies Legacies Grants Grants receivable 188,697 188,697 196,157 1,000,000 1,417,709 1,196,157 2,512,524 1,094,815 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rent receivable from Side by Side (Children) Ltd 150,000 150,000 25,000 25,000 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 15 15 349 349 Costs of raising donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of raising donations and legacies Donations 28,186 28,186 75,722 75,722 Expenditure on charitable activitles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Provision of facilities used by Side by Side Support costs 640,554 8,713 649,267 640,554 8,713 649.267 635,540 6,098 635,540 6,098 641,638 641,638 15
Side by Side School Ltd Company Limited by Guarantee Notes to the Financial Statements {colllinuedJ Year ended 31 January 2024 10. Expenditure on charitable activities by activity type Activities undertaken directly SupFM)rt Costs Total funds 2024 Total fund 2023 Provision of facilities used by Side by Side Governance costs 640,554 640,554 8,713 635,540 6,098 8.713 640,554 8,713 649,267 641,638 11. Net income Net income is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 276,725 243,662 12. Auditors remuneratlon 2024 2023 Fees payable for the audit of the financial statements 6,000 6,000 13. Stsff costs The average head count of employees during the year was Nil (2023: Nil). No employee received employee benefits of more than £60,000 during the year (2023: Nil). 14. Trustee remuneratlon and expenses There was no remuneration paid to the truste¢s. The charity did not meet any individual expenses incurred by the trustees for services provided to the charity. 16
Side by Side School Ltd Company Limited by Guarantee Notes to the Finaneial Statements (coiilimuedj Year ended 31 January 2024 15. Tangible fixed assets Freehold Fixtures and property fittings Equipment Total Cost At l February 2023 Additions 11,117.729 318,852 249,620 314,216 11,750,797 9,012 258,632 323,228 12,009,429 At 31 January 2024 Depreciation At l February 2023 Charge for the year At 31 January 2024 Carrying amount At 31 January 2024 At 31 January 2023 11,117,729 568,472 180,355 187,555 367,910 31,885 56,847 88,732 31,422 32,323 243,662 276,725 63,745 520,387 10,749,819 479,740 286,967 259,483 11.489,042 282,794 11,507,135 10,937,374 The total cost of the freehold property includes freehold land at a ¢ost of £2.1 Crf),O(M) which is not being depreciated. 16. Debtors 2024 2023 Prepayments and accrued income Other debtors 100,697 2,066 3,219 3,219 102,763 17. Credltors: amounts falling due within one year 2024 2023 Trade creditors Accruals and defeed income Other creditors 31,256 8,300 279,360 8,887 367,000 279,360 318,916 655,247 17
Side by Side School Ltd Company Limited by Guarantee Notes to the Financial Statements {eoMllllued) Year ended 31 January 2024 18. Creditors: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts Other creditors 1,902,953 1,091.817 3,902.953 1,241,817 2,994,770 5,144,770 The loan is secured on the property 65-67 Lordship Road, London N 16 OQJ. Interest is charged at 3.9/ts above the base rate and the terni of the loan is 72 months. Other Creditors is a loan that was received from Side by Side (Children) Limited in order to assist with the purchase of the land and the development planning of the new school building. 19. Analysis of charitable funds Unrestricted funds At l February 2023 At 31 January 2024 Income Expenditure Transfers Generdl funds 6.087,494 534,275 (677,453) 2,027,863 7.972,179 At l February 2022 At 31 January 2023 Incom¢ Expenditure Transfers General funds 3,984,031 1,120,164 (717,360) 1.700,659 6,087,494 Restrlcted funds At At 31 January 2024 l F¢br 2023 Income Expenditure Transfers Restricted Fund 2,527,863 (2,027,863) 500,000 At l February 2022 At 31 January 2023 Income Expenditure Transfers Restricted Fund 282,950 1,417,709 (1,700,659) 18
Side by Side School Ltd Company Limited by Guarantse Notes to the Financial Statements (coned) Year ended 31 January 2024 20. Analysis of net assets betweeD funds Unrestricted Restricted Totsl Funds Funds Funds 2024 Tangible fixed assets Current &8sets Creditors less than l year Creditors greater than l year Net assets 10,989,042 296,823 (318,916) (2,994,770) 7,972,179 5(M),000 11,489,042 296,823 (318,916) (2,994,770) 8,472,179 500,000 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets CUent &8sets Credilors less than l year Creditors greater than l year Net assets 11,507.135 380,376 (655,247) (5,144,770) 6,087,494 11,507,135 380,376 (655,247) (5,144,770) 6,087,494 21. Analysis of changes in net debt At At l Feb 2023 Cash flows 31 Jan 2024 Cash at bank and in hand Debt due after one year 277,613 15,991 293,604 (3,902,953) 2,000,000 (1.902,953) (3,625,340) 2,015,991 (1,609,349) 22. Related partles Donations received include £515,000 received from related parties. Other creditor5 due within the year include loans due to related parties. Caring UK and Give Us A Chance of £205,000 and £24,360 respectively. Also included in other creditors is a loan of £25,000 due to Jacob ScTrLreiber, a trustee of the charity. These loans are all interest free. One of the guardnlors for the bank loan is SF Foundation, an entity where the trustees are close relatives of a trustee of Side by Side School Ltd. Another guarantor for the loan is Triplerose Ltd. an entity with a common trustee to Side by Side School Ltd. 19