Charlty registration number: 1170355 Company re8iStration number; 09993570 LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE COMPANY UMITED BY GUARANTEE TRUSTEES, REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE CONTENTS Page Trustees, report Auditors, report 12 Statement of Financial Activities 16 Balance sheet 17 Statement of Cash Flows 18 Notes to the financial statements 19
LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Charity name: Landmark International School Charity reglstration number 1170355 Company registratlon number Trustees09993570 Trustees Mr Martin Beazor Mrjohn Barrett Mr Mark Dawes Mrs Linda Dennis Mr Andrew Rand Mr Richard Brent Appointed a5 Chair 20/04120 Appointed 18112118 Appointed 31/03/20 Appointed 01104/20 Appointed 21109/20 Appointed 30109121 Registered office The Old Rectory 9 Church Lane, Fulbourn, Cambridgeshire CB215EP Key Management Personnel Gareth Turnbull-jones Headteacher Sabine Kite Bursar Carine Bennett Head of Primary and Designated Safeguarding Lead Sue Hilton-Taylor Head of Secondary Jo Pulford Data and Tracking Coordinator Jenna Fritz Primary Years Programme Coordinator Georgie Palfrey SENDCO Penny Roche Secondary Years Programme Coordinator and Designated Safeguarding Lead Auditors Price Bailey LLP Chartered Accountants & Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 OWZ Bankers Barclays Bank plc Leicester LE27 2BB Page I
LANDMARK INTERNATIONAL SCHOOL CAMBRIDGE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees of Landmark International School, Cambridge are pleased to present their annual reportfor the financial year ended 31st August 2024. The Trustees report is considered to be the directors, report as required by company law. OBJEcfivES AND AcfiviTIES Landmark International School, Cambridge was formed in 2016 and is an independent school based just outside Cambrldge in the village of Fulbourn. It offers a high-qualityi carin8 and creative education within an international context. The school was set up by a group of like-minded parents and a member of staff whose children were already in the independent international school system but who wanted a greatersay in shapingthe ethos and delivery of the type of education that they wanted fortheir children. The school opened in September 2016 with 40 students. During its first academic year, the school provided classes foryear 2 to Year 11 for children between the ages of slx to sixteen. In the academic year 2023/24 the School catered for children aged 4 to 16. The school did in January 2024 obtain planning permission to expand to a maximum capacity of 125 students. The school's objetts as set out in the Articles of Association dated 5th February 2016 are specifically restricted to promoting the education (including social and physical training) for the public benefit of people underthe age of 25 years in such ways as the trustees think frt, including by: Awarding to such persons bursarie5, maintenance allowances or grants, tenable at any university, college or institution of higher or further education; Providing thelr education lincluding the study of muslc or other arts), to undertake travel in furtherance of that education, or to prepare for entry to any occupation, trade or profession on leaving any educational establishment. Ision and Mlsslon Landmark International School's vision isto have a caring communitythat nurtures creativity and inspires global citizens. The mission of the school is to provide a human-centred approach to learnin& ensuring that each individual is nurtured to be self-directed creative thinkers that contribute to making their communlties and the world around them a better place. Aims and objectives The overall aim of the school Is to create a friendly community environment in which British and international children can learn and develop. It aims to dellver an individualised educational programme for each student, focusing on the development of a child's self-confidence by nurturing their academlc talents and interests. The school has the followlng objective5: To be Inclusive and non-selective and admit any child whose needs can be appropriately met To employ insplrational teachers and provide lessons that are engaging and memorable To maintain small class sizes and provide teaching that is tailored to the needs of each student to ensure that all students achieve their acadernic potential To deliver a high level of pastoral care • To promote cultural awareness, equality of opportunity, and tolerance and respect for others and prepare students to become global citizens Page 2
LANDMARK INTERNATIONAL SCHOOL CAMBRIDGE TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST2024 To provide a rounded education and to inculcate a life-long interest in learning Activities Academlc Landmark International School 15 both an International Baccalaureate World School and a Cambridge Assessment International Education School. To support an international curriculum throughoutthe school the school offers two international curriculums. In the primary school we offer the International Baccalaureate Primary Years Programme {IBPYP} and in the secondary school we offer the opportuntyto do International GCSES across a broad range of subjects. In the primary we follow a holistic model of learning using themes to 5UPPOrt our students in understanding the connections of their learning to the world around them, Using the framework of the IBPYP, students explore a range of relevant, engaging and universal themes through conceptual lenses. Learning is led through inquiry with a focus on student voice, choice and agency, leading to meaningful action. In each year of Primary, the students will explore relevant and engaging themes through a transdiscipllnary approach to learning. The subject areas are integrated In order to enable authentic and relevantexperiences, developing meaningful connectionstotheir learning. Student5 havethe opportunity to build their conceptual understandin85p knowledge and skills through the six themes: Who we are How we express ourselves Where we are in place and time How we organise ourselves How the world works Sharing the planet In the primary students develop an in-depth knowledge in subjects so in addition to the topics we use resources to support the students, learning. For example in mathematics we use White Rose Maths and In English we use elements of the natlonal curriculurn and start our reading and writing journey with Supersonic Phonic Friends, In the lower secondary {year 7-9) we teach in disciplines and work closely together to make interdisciplinary connections. The syllabus forthe indlvldual subjects is developed by the teachers to best suitthe student needs, ensure the curriculum is relevant to events that are occurring in the world around them and prepare them for the next steps in their education. This is done through using resources such as the national curriculum, Cambrldge Lower Secondary Curriculum and White Rose Maths to best support our cholces in creating a rich curriculum for our students. In addltlon to the more traditional subjects we enrich learning through additional classes such STEM and Global Discussions, in which students are provided with choice around what they learn. In the upper secondary {year 10 and 11) students work towards CIE IGCSE and JCQ GCSE qualifications. We support our students in finding the best combination of subjects for them. In addltion, students have the opportunity to develop more vocational skills through ASDAN courses. Throughoutthe primary and secondary in keepingwith the international outlook of the school, a range of language options is offered to students including Mandarin, Spanish and French. Overseas students are offered 'home and family language instruction, classes to help them acquire literacy and other skills in their first language. For students needing extra help with their English, the school offers lessons with TEFL qualified teachers In English as an additional language, and intensive tuition in Engllsh if this is necessary. Page 3
LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST2024 The wider curriculum Music, art and drama are part of the school's extracurricularoffer. In addition, peripatetic musicteachers visit the school for individual instrumental and singing lessons. Sport is an important part of school life and students are given the opportunity to try a broad range both as part of the physical education curriculum and as extra-curricular clubs at lunchtimes and after School. These include football. tennis, badminton, netball. squash, cricket, hockey and swimming. Lessons take pla at the local sports facilities in Fulbourn as well as in Cambridge. Other actiVFties such as yoga and martial arts take place in the school hall. The school offers wraparound care from 7.30am to 6.00pm interm-time, and activityclubs in the holidays. After school artivities include football, chess, drama and art. Charitable Activrtie5 The school is a registered charity which means that every penny is invested entirely into the education of its children and provides for the future development and stability of the school. In setting its objectives and planning its actlvrties, the school has given careful consideration to the Charity Commission's public benefit guidance. With thls in mind, the school has the following public benefit objectives: To maintain student numbers at full capacitv To forge links with the local community through shared resources and joint planning of activities considering the young and elderly. To support community events such as fairs and 5eNices. The school has put into place a means-tested bursary scheme to assist as many families as practicable. The aim is to try and ensure that any child who it is thought would benefrt from the small learning environment is not prohibited from attending because of financial circumstances. Criteria for success In order to measure success of the school, the following measures are taken into consideration: • A Biennial Community Survey for all stakeholders including students International Baccalaureate Inspections OFSTED Inspections GCSE, IGCSE and FSMQ resuPts • ASDAN Results Centre of Evaluation and Monitoringtests whichtake place annually in the primary school and in year 7 and 10 in the secondary school. Page 4
LANDMARK IMfERNATIONAL SCHOOL,CAMBRIDGE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST2024 Worklng with the Local Community and Public Benefit The school has contracted with a number of local tradespeople and other business people. We currently use the local facilities to help us stock our catering facility. The school makes regular use of the local sports facilities. Notices for job vacancies are posted Fulbourn Facebook page and in publications in the surrounding villages. We provide over40jobs tothe community, which iri turn support the local economy. The school works diligently to ensure that school traffic is kept to a minimum and actively encourages more sustainable travel for staff and students. Staff, parents and visitor5 are instructed lo park their vehicles within the school grounds and not on residential roads. Transport to and from school is PTovided by three minibuses for students in Cambridge and the surrounding villages, which reduces congestion during drop-off and pick-up at the site. Students, staff and parents have worked togetherto raise funds for charities such a5 Children in Need and Sport Relief. It is hoped that by setting a gcK)d example as a school, it can help to influence the expectations and behavlour of its students as future citizens. active members of the community, and leaders. Grant makin8 poIIcy A meanstested bursary scheme has been put in placeto encourage applications from students whowould not otherwise be able to attend the school. This scheme forms part of the school'5 ambition to offer the advantages of small classes, excellent teachers, strong wellbeing support and a truly international environment to a broader range of families. The school has a bursary policy and it is important to trustees to be able to offer subsidised places as part of its commitment to equality of opportunity and as part of the school's public benefit. This is also in line with the school's charitable objectives. Bursaries are available for students whose parents meet certain income thresholds. Long term objectives In the long term, the school aims to continue being able to provide education for the foreseeable future. In order to achieve this, the school would like to continue to increase awareness of its presence and offering in the local Cambridge area as well as internationally, through connection5 Wlth the International Baccalaureate and other international schools. Relationships with relocation agencies and educational agencies have been formed which are helping to build the school's reputation. The school has worked hard to become a valued memberof the local community and has been forging links with local businesses, the community centre which it rents for sporting facilities and by using the local shops and services. The school also aims to build reserves to be able to continue in existence in the long term. Page S
LANDMARK INTERNATIONAL SCHOOL CAMBRIDGE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENTS AND PERFORMANCE Achievements 202312024 Landmark adopted Myconcern as a new way of monitoring safeguarding throughout the school. • Landmark adopted Securly Filter as a new way of filtering the internet at school. In December the school received an Ofsted inspection for its material change request for 125 students. This inspection is not a full inspection, but does cover Safeguarding and compliance. The report was very p051tive and explicitly referenced the good use of our new Myconcern safeguarding procedures. Landmark students received excellent GCSE grades, 90% of the results have been 9-4 grades and 44% have been 9-7 grades. Both of these percentages are well above the national averages of 68% for 9- 4 and 22% for 9-7. As a non selective school, who admits students throughout secondary school, this is an excellent achievement. The school recognised that it needed its own cateringfacilities and stepped awayfrom using external providers at a very high cost. The school has now opened an off site cateringfacility which will service all School lunches for all children. This enables the school to quallty control this service and provide nutritional food. Various improvements have been made throughout the school to enhance the learning environment for the students, including the development of a space for year 11 to relax and additional work area. The school made a large capital expenditure by relocating the playground to create a larger facility for students, this includes an artificially grassed area and a 3x3 Basketball court and con501idate our parking arrangements. This inturn has increased the security of the site, A larger staff room faciif(y has been created forstaff to both work and relax in. Changed old non-LED lighting for modern LED lights and introduced sensors throughout the building to improve the site's carbon footprint. Ourstudent numbers are above our previous capacityand are now working towards our new capacity of 125. FINANCIAL REVIEW Fees and Bursaries The termly fees for 202312024 were as follows: Reception & Year 1 &2 £4,413 Years 3,4,5,6 £4,995 Years 7,8,9 £5,517 Years 10,11 £5,795 Additional fees are charged for famlly langua8e lessons, addltional English language lessons, additlonal special educational support, and some extracurricular activities and school trips. Lunches are included in the fees but there is an additional charge for minibus travel to and from school, The number of bursaries offered intheyearwas 10 with an annual combined value of £74,025, a decrease on the previous year. Bursaries awarded during the year are disclosed in note 5. Going concern Unrestricted free reseeS of the school at the year end, being unrestricted funds le55 fixed assets, were in surplus by £124,47912023.. £322,342). The trustees have considered a period of 12 months afterthe approval of these financial statements and believe there is sufficient cash and funds to continue operation on a going concern basis. Page 6
LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 As the education sector faces the implementation of VAT on school fees, the school faces the challenges of supporting families and ensuring that student numbers remain strong. The school has been doing in depth analysis on various scenarios regarding VAT and 15 confident in the sUPPOrt of current farnilies as well as attracting new students. Further challenges are significant increases in Business rates and increases in employer Nl. The school also continues toface risingcostssuch as utilitiesandfood costs, Despltethis, student numbers have remained positive and the school has a strong list of enquiries for 2025 and beyond. The school's reputation has grown and there is more awareness of the provision the school offers within the Cambridgeshlre community; this has caused the number of enquiries to rise conslderably. Given the school's increasing reputational status, the recent positive Ofsted inspectlon and recent accreditation as an IB World School, the positivity of our parent body, the school is confident that it will be in a positive financial position throuBhout the forthcoming year. Financlal results FOR THE YEAR ENDED 31 AUGUST 2024 In the 2023124 academic year the school reported a deficit of £24,089 compared to a deficit of £67,599 in 2022123. The trustees continually monitor the school's solvency as part of their on-going risk assessment procedures and ensure that they follow the guidance specified in Charity Commission publication ccl2. The school is required to have a statutory audit as its revenue has exceeded £lm in the current year. In the academic year 202312024the fee income was sufficient to cover direct expenditure on educational activities. This was due to careful financial management and a further increase in student numbers. At the year end the school had total funds of £429,875, all of which were unrestricted. Unrestricted free reseNes of the school at the year end, being unrestricted funds less fixed assets, totalled £124.479 {2023: £322.342). As a charity. in the 202312024 year the school received tax exemption as well as an 80% reduction on business rates. These benefits are applied for educational purp05e5 and indirettly help to rnaintain its bursary policy. However, the school is unable to reclaim VAT input tax on its costs as Ft is exempt for VAT purposes. It also pays tax as an employer through the national insurance contributions it makes. The treatment of VATwill change in 2025 due to new government legislation and the school will becorne VAT registered. Page 7
LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST2024 ReseNes The trustees recognise the need for prudent financial management of the school's resources and for buildin8 resee5 over time to meet its irnmediate objectives and protect its current activities. The aim is to build reserves to a position sufficient to cover one term's costs, which, as per Landmark's current budget forecast, is currently £462,000 (2023: £439,000). The current free reserves position is £124,479 {2023: £322,342} a5 per Note 12. RISK MANAGEMENT The principal risks that the school faces are: VAT VAT will be introduced on school fees in January 2025. Currently families of the school remain positive in supporting the school, but it is a huge impact on parents to find an additional 20% each year in addition to their school fees. Business Rates Significant changes in the October 2024 Budget identified that private schools would lose the Charitable Rates relief from April 2025. The school has already been plannlng for this and has added this to their annual budget. Energy Crisis The school and the Trustees are monitoring the ongoing energy crisis and looking at ways in addition to lighting to reduce costs, Continuous flow of student numbers Potential student numbers are monitored on a weekly basis by the SLT and are reported to the Trustees at each Trustee meeting. The school is fortunate to have a strong reputation and in the past has had to turn students away due to capacityi Withthe increase in capacitythrough the granted planning application the school is confident in offering spaces to potential students. PLANS FOR FUTURE PERIODS The Trustees and the school management team are looking at ways to bring in addltional revenue during the school year when the children are on holiday. The school is building relationships with agents who may be interested in renting the site to run language, art or drama cla55es. Potential term time visits are also being considered. Page 8
LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Structure The school is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. Key Personnel Decisions on the day-to-day running of the school are taken by the Senior Leadership Team {SLn which con51Sts of the Headteacher, Bursar, Head of Secondary, Head of Primary (DSL), Data Systems Coordinator, Secondary Years Programme Coordinator (DSL) and Primary Years Programme Coordinator, SENDCO. The SLT meets weekly to discuss the operational aspects of the school. Strategic decisions are taken by the trustees, who are responsible for monitoring the overall performance of the school and ensuring that it meet5 Its financial, legal and other regulatory requirements. Recnjitment and Appointment of Trustees New trustees are introduced to Landmark through contacts with existing trustees, advertisements or people the Trustees or School know through bL55ine5s links. The Board has a selection Committee who meet termly to discuss potential applicants. The school will continue to establish links with others in the educational settor, as well as approaching interested professionals from a variety of backgrounds in order to broaden the composition of the governing body. Decision Making Financial proposals, such as the budget and department budget allowances, are made together by the Headteacher and Bursar. Trustees are infomied during trustee meetings of new staff and building workslimprovements, however they are only involved in the decision making process when there is signlficant financial impact as per the finance pollLry. Remuneration These declsions are made by the Trustees as a group, with input from the Headteacher and Bursar. The current salary of a new member of staff joining the school, together with national guidelines and affordability of the cost bythe school and comparisonwith otherschools, payments for similar roleswould also be taken into account. Fundraising The school understands its duty to protect the public. including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate. but does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face-to-face campaigns and received no fundraising complaints during the year land no complaints in the prior yearl, Related Partles Trustees are aware of the requirements surrounding related party transactions and monrtor this closety. All transactions with related parties require approval by the trustees. Related party transactions during the year are disclosed in note 15. Page 9
LANDMARK INTERNATIONAL SCHOOL. CAMBRIDGE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors forthe purposes of company lawl are responsible for preparing the Trustees, report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom General Accepted Accounting Pratticel. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the director5 have elected to prepare the financial statement5 in accordance with United Kingdom. Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Undercompany law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, includingthe income and expenditure, of the charitable company 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 Charities SORP 2019 FRS102 Make judgements and accounting estimates that are reasonable and prudent State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the flnancial statements; and Prepare the f inanclal statements on the going concern basis unless It is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company'5 transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable compan¢s website. Legislation in the United Kingdom Eoverning the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons, who are Trustees at the time when this Trustees, report is approved, has confirmed that: So far as that the Trustees are aware, there is no relevant audit information of which the charitable company's auditors are unaware, and that The Trustees havetaken all the steps that ought to have been taken as a Trustee in orderto be aware of any information needed by the charitable company's auditors in connection with preparing their report and to establlsh that the charitable company's auditors are aware of that information. AUDITORS Price Bailey LLP were reappointed as the charitable company's audltors during the year. Page 10
LANDMARK INTERNATIONAL SCHOOL CAMBRIDGE TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST2024 SMALL COMPANY PROVISIONS Chair of Trustees In preparingthis report, the Trustees have taken advantage of the small companies, exemptions provided by section 415A of the Companies Act 2006. This report was approved by the Trustees on . .and signed on their behalf by: Martin Beazor Chair of Trustees Page 11
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LANDMARK INTERNATIONAL SCHOOL CAMBRIDGE Opinion We have audited the financial statements of Landmark International School, Cambridge (the 'charitable compan¢) 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 a summary of 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 financialstatements: give a true and fair view of the state of the charitable company's affairs as at 31 August 2024. and of its incoming resources and application of resourS, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requlrements of Companies Act 2CN)6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)l and applicable law. Our responsibilltles under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 ouropinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the trustees, use of the going concern ba51S 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 collettively, may cast signrficant doubt on the charitable company's ability to continue a5 a going concern for a period of at least twelve months from when the financial Statements are authorised for issue. Our responsibilities and the responsibllities of the trustees With respect to going concern are described in the relevant settions of this report. Page 12
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LANDMARK INTERNATIONAL SCHOOL CAMBRIDGE Other infomiation The other information comprises the infomiation included in the trustees, 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, except to the extent otherwise explicitly stated in our report, 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 mi55tatement 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, report (incorporating the directors, 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 our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified materlal misstatements in the Trustees AnnualReport. We have nothing to report in respect of thefollowing matters in relationto which the Companies Act 2006 require u5 to report to you if, in ouropinion: adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns'or certain disclosures of trustees, remuneration specified by law are not made.or we have not received all the information and explanations we require for our audit.or the trustees were not entltled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trustees report and from the requirement to prepare a strategic report. Page 13
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE Responsibilities of Trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessaryto enablethe preparation of financial statementsthat are freefrom material misstatement, whether due tofraud orerror. In preparing the financial statements, the trustees are responsible for assessing the charitable companrfs ability to continue as a going concern, disclosing, as applicable, matters related to going conrn and using the going concern basi5 of accounting unless the trustees either intend to liquidate the charitable cornpany or to cease operations. or have no realistic alternative but to do 50. Auditorfs responsibilities for the audit of the financial statements Ourobjectives are to obtain reasonable assurance about whetherthe financial statement5 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs 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. Irregularities, including fraud, are instances of non-compliance wlth laws and regulations. We design procedures in line with ou r responsibilitie5, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatoryframework applicable to the charitable company and how it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulation5. This included those regulations directly related to the financial statements. In relation to the charitable company this included GDPR, health and safety, employment law, safeguarding and financial reporting. We communicated the identified laws and regulations With the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out Specific procedures to address the risks identified. These included thefollowing: Agreeing the financial statement disclosures to underlying 5UPPOrting documentation to assess compliance with provisions of relevant laws and regulations described as having a dirert effett on the disclosure5 in the financial statements: Enquiry of management regarding laws and regulations as identified above that are applicable to the orEanisation; Reviewing minutes of Trustee and Finance committeemeetings. Ensuring that for an appropriate sample expenditure is adequately authorised in line with the school's systems; Testing journal entries and other adjustments for appropriateness, and reviewing accounting estimates for evidence of management bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all Irregularities, includlng those leading to a material misstatement in the financial statements or non-compliance with Page 14
LANDMARK IKfERNATIONAL SCHOOL, CAMBRIDGE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE regulation. This risk increases the more that Complian with a law or regulation is removed from the events and transacllons reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. A further descriptlon of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. htt s:Ilwww.fr¢.or .uklOur-WorklAudiUAudit-and- assurancelStandards-and- uidancelStandards- and- uidance-for-auditorslAuditors-res onsibllities-for- auditlDescri tion-of-auditors-res onsibilities-for-audit.as x. This description forms part of our auditor's reporl. Use of this report This report is made solely to the charitable company's members, as a body. in accordance wilh Chapter 3 of Part 16 of the Comp8nies Act 2006. Our auditwork has been undertaken so Ihal we might state to the charitable company's members those matters we are reouired 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 charitable company and the charitable company's members as 8 body, for our audit work, for this report, or for the opinions we have fomied. Suzanne Goldsmlth FCA Senlor Statutory Auditor For and on behalf of PRICE BAILEY LLP Statutory Audltor Tennyson House Cambridge Business Park Cambridge CB4 OWZ Dale: Page 15
LANDMARK IMfERNATIONAL SCHOOL, CAMBRIDGE STATEMENT OF FINANCIAL AcfiviTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST2024 Total funds 2024 Totsl funds 2023 Unrestricted Restrlcted Note Income from: Donations and legacies Charitable activities Other income 1,740,430 74 131,261 1,871,691 74 1,712,189 735 Total income 1,740,504 131,261 1,871,765 1,712,924 Expenditure on: Charitable activities 11,764,593} (131,261) (1,895,8541 (1,780,523) Net (expenditure) / income belng net movement in funds (24,089) (24,089) {67,599) Recontiliatlon of funds: Total funds brought fOard 453,964 453,964 521,563 Total fvnds carried forward 429 875 429 875 453 964 The statement of financial activities includes all gains and losses recognised in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continulng activities. The notes on pages 19 to 29 form part of these financial statements. Page 16
LANDMARK IPrnNATIONAL SCHOOL CAMBRIDGE REGISTERED NUMBER: 09993570 BAiANCE SHEET AS AT 31 AUGUST 2024 Note 2024 2023 Hmed assets Tangible assets 305,396 131,622 Current a55ets Debtors Cash at bank in hand 400,905 688.898 1,089,803 334,583 757,035 1,091.618 Credltors: amount falllng due within one year io 1925,9371 1718.4731 Net cuttent assets 163,866 373,145 Total assets less current fiabllltles 469,262 504,767 Credltors: amounts fallln8 due after more than one year li 1393871 150.803) Net assets 429A75 453,964 Funds Unrestricted fvnds Total charlty funds 12 429,875 429,875 453.964 453,964 These accounts are prepared in accordance wlth the special provlslons of Part 15 of the Companies Act relatin8 to smallcornpanles and consiftute the annual accounts required bythe CompaniesAct 2006 and afeforclrculation to members of the company. The financlal statements were approved by the TnJ5tees on.-- . and slgned on thelr behalf by: Martln Bea20r Chair olTrurtees The notes on PaBes 19 to 29 form part of these finala1 statements. Page 17
LANDMARK INTERNATIONAL SCHOOL. CAMBRIDGE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2024 Note 2024 2023 Cash flow from operating activities Net lexpenditurel / income for the year Depreciation Dividends, interest and rent from investments Ilncrease} / decrease in trade and otherdebtors Increase l {decreasel in trade and other creditors 124,0891 23,512 320 (66,322) 196,048 {67,599) 22,758 253 57,396 170,417 Net cash flow from operating activities 129,469 183,225 Cash flow from investing activitie5 Dividends, interests and rents from investments Proceeds from sale of assets Purchase of tangible fixed assets 1320) 1253) 1197,286) (15,922) Net cash flow from investin8 activities 1197,606) (16,1751 Net (decrease) / increase in cash and cashequivalents 168,137} 167,050 Cash and cash equivalents at start of year 757,035 589,985 Cash and cash equlvalents at end of year 13 688,898 757,035 The notes on pages 19 to 29 form part of these financial statements. Page 18
LANDMARK l1rERNATIONAL SCHOOL, CAMBRIDGE NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year. 1.1. GENERAL INFORMATION The Landmark International School, Cambridge is a private charitable company limited by guarantee and is incorporated in En£landand Wales. Intheeventof thecompany beingwound up, membersare required to contribute an amount not exceeding £1. There are currentlysix (2023-sixltrustees who are also the members of thecharitable company. The Charitvs registered address is The Old Rectory 9 Church Lane, Fulbourn, Cambridge, England, CB215EP, the Charity's registered number is 1170355 and the Company registration number is09993570. 1.2. BASIS OF PREPARATION The financial statements have been prepared in accordance with Accounting and Reporting by Charities." Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reportingstandardapplicable inthe UKand Republicof Ireland (FRS 1021 (effective ljanuary 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2ty)6. The financial statements have been prepared in pounds sterling and are rounded to the nearest pound. Landmark International School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initially recognised at historical cost or transattion value unle55 Otherwise stated in the relevant accounting policy note. 1.3. GOING CONCERN The trustees have considered a period of 12 months after approval of these financlal statements and believe there is sufficient cash and funds to continue operation on a going concern basis. The school faces new challenges wlth the introduction of VAT to school fees, changes in Nl and the increase in Business Rates, The school has been very careful at keeping abreast with these changes and ensuring that parents and other stakeholders are kept informed, Student numbers have remained positive and enquiries are very strong for the immedlate future and looking forward. The school's reputation continues to grow year on year and this is evident with the enquiries we receive not only from a local market but also overseas. Page 19
LANDMARK INTERNATIONAL SCHOOL CAMBRIDGE NOTE5 TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 AUGUST 2024 I. ACOUNTING POLICIES{CONTINUED) Given the school's increasing reputational status, recent accreditation as an IB World School, the positivity of our parent body, as well as the analysis of risk of current families in relation to BREXIT, the school is confident that it will be in a positive financial position throughout the forthcoming year. 1.4. FUND ACCOUNTING Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the school Restricted funds are Subjected to restrictions on their expenditure imposed by thefunder 1.5. INCOME RECOGNITION All income is included in the Statement of Financial Activities when the school 15 entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Income from donations and legacies is recognised when the school is entitled to the funds, the amount can be measured reliably and when it is probable the funds will be received Income from charitable activities relates to income from the provision of education, which is billed in advance of school terms, and is recognised in the period to which it relates Income from government grants are recognised at fair value when the school has entitlement after any perfomiance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts aredeferred. 1.6. EXPENDITURE All expenditure is accounted for on accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. it is probable that the settlement will be quIred, and the amount of the obligation can be measured reliably. It is categorised underthe following headings: Charitable expenditure comprises costs incurred by the school in the delivery of its activities and seNices for its beneficiaries. It includes both costs that can be allocated directly to such attivities and those costs of an indirect nature necessary to support them Support costs are those that assist the work of the School but do not direttly represent charitable activities and include office costs and governance c05t5. They are incurred directly in support of expenditure on the objects of the school. Governance costs are included within support costs and include those costs associated with meeting the constitutional and statutory requirements of the school and include the audit fees and costs linked to the strategic management of the school. Irrecoverable VAT is charged as an expense against the activity forwhich expenditure arose. Page 20
LANDMARK IrERNATIONAL SCHOOI CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 I. ACCOUNTING POLICIES (CONTINUED) 1.7. FIXED ASSErs All purchased fixed a55et5 are initially recorded at C05t. Assets donated for use by the school are recognised as income when re1vable and capitalised at their open marketvalue. Depreciation is calculated so a5 to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Leasehold improvements Summer works Equiprnent - Over the term of the lease Over the term of the lease 8 years straight line 1.8. DEBTORS Trade and other debtors are recognised at the settlement amount due after any discount or bursary offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accruing income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date. 1.9. CASH AT BANK AND IN HAND Cash at bank and In hand includes cash and short term highly liquid investments with a short rnaturity of three months or less from the date of acquisition or opening of the deposit or similaraccount. 1.10. CREDITORS Creditors are recognised where the school has a present obligatlon resultin8 from a past event that will probably result in the transfer of the funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amounts after allowing for any trade discounts due. 1.11. FINANCIAL INSTRUMENTS The School only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initlally recognised at transaction value and subsequently measured at their settlement value, which is at cost, with the exception of: Flxed assets which are measured at cost lessdepreciation. Financial assets Include the trade debtor5, the bank balance and accrued income (but exclude prepayments). Financial liabilities include trade creditors, other creditors, loans, accruals and deferred income but exclude social security and othertaxes due. Page 21
LANDMARK INTERNATIONAL SCHOO¥ CAMBRIDGE NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 I, ACCOUNTING POLICIES (CONTINUED) I.IZ PENSION COSTS The school operates a defined contribution pension scheme. Pension costs charged in the Statement of Financial Activities represent contributions payable by the school in the year. 1.13. OPERATING LEASES Operating leases are recognised over the period of which the lease falls due. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the period of the lease. 1.14. SIGNIFICANT ACCOUNTING ESTIMATES In the application of the School's accounting policies, which are described above, the Trustees are required to make judgernents, estimates and assumptions about the carrying amounts of a55ets and Ilabilities that are not readilyapparentfrom othersources. The estimates and associated assumptions are based on historical experience and other factors that are consldered to be relevant, Actual results may differ from those estlmates. The estimates and underlying assumptions are revlewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised rfthe revision affects only that period, or in the period of the revision and futu re periods if the revision affects both current and future periods. The Trustees do not consider that there are any key estimates nor any critical judgements. There are no key assumptions concerning the future, nor key sources of estimation uncertainty at the reporting date that have significant risk of causing a material adjustment to the carrying amounts of a55ets and liabilities within the next financial year. 1.15. TAXATION The company is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such Income or gains are applied exclusively to charitable purposes. Page 22
LANDMARK INTERNATIONAL SCHOO4 CAMBRIDGE NOTES TO THE FINANCIALsTATEMErs FOR THE YEAR ENDED 31 AUGUST 2024 INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted Total 2024 Total 2023 Donations & legacies INCOME FROM CHARITABLE ACTIVITIES Unrestrirted Restricted Total 2024 Total 2023 Fee income Special Education Needs funding Catering income Mothertongue tuition fees Minibus income Exam entryfees Sport lessons Registration fees Sundry income Other support 1,604,107 1.604,107 131,261 8,344 11,634 25,594 8,356 (49) 3,500 53,888 25,056 1,502,348 66,326 32,640 17,090 25,616 6,357 131,261 8,344 11,634 25,594 8.356 1491 3,51J) 53,888 25,056 3,IXIO 48,392 10,420 1,740,430 131,261 1,871,691 1,712,189 Income from charitable activities in 2023 amounted to £1,712,189 of which £1,645,863 related to unrestricted income and £66,326 to restricted income. OTHER INCOME Unrestrirted Restritted Total 2024 Total 2023 Government support income 74 74 735 Page 23
LANDMARK INTERNATIONAL SCHOOL CAMBRIDGE NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE AcfiviTIES Direct costs Support costs Total 2024 Direct Costs Support costs Total 2023 Staff costs including agency Bursaries awarded Rent, rates & utllities Catering costs Teaching resources Professional fees Minibus expenses Insurance Sports Exarn fees IT & telephone Repairs & maintenance Training & recruitment Finance costs Advertising Events Depreciation Trips Sundry Charitable donations Bad debt provision Governance costs: Audit fees 1,114,850 139,645 156,538 18,345 20,700 137,790 1,252,640 139,645 156,538 18,345 20,71JJ 51,503 36,349 23,590 6,920 9,476 10,170 85,037 6,848 320 8,246 1,053,592 110,849 140,938 37,565 24,418 130,219 1,183,811 110,849 140,938 37,565 24,418 39,817 6,116 12,605 12,366 6,128 11,851 100,865 6,948 253 8,902 389 22,756 29,072 7,230 644 7,050 51,503 39,817 36,349 6,116 23,590 12,605 6,920 9,476 10,170 85,037 6,848 12,366 6,128 11,851 100,865 6,948 320 8,246 253 8,902 389 23,514 23,514 30,088 4,650 475 22,756 30,088 29,072 4,650 7,230 475 644 7,050 10,800 10,800 9,950 9,950 1635 441 260 413 1895 854 1548 791 231732 1780 523 The school is considered to have only one activityi which is the provision of educationseNices. Page 24
LANDMARK INTERNATIONAL SCHOOL CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 STAFF COSTS 2024 2023 Wages Social security Pension costs 1,140,036 81,131 31,473 1,252,640 1,076,901 77,376 29,534 1,183,811 The average number of employees during the year, on head count basls, was as follows: 2024 2023 Teaching Administrative and support Management 18 19 18 16 45 43 Durlng the year, the number of employees with employee benefits (excluding employer pension costs) of £60,000 or over was as follows: 2024 2023 £60,000- £70,000 The school considers the key management personnel to be those detailed in the reference and administration inforrnation in the Trustee's pOrt. The total employee benefits of the key management personnel of the school were £405,27412023: £395,763) including employerfs national insurance contributions of £41,500 (£41,649} and employerfs pension contributions of £13,407 {2023: £13,118). NET INCOME Net {expenditure) / income 15 Stated aftercharging: 2024 2023 Depreciation Auditor remuneration-audlt fees Auditor remuneration-other5ervices Operatin8 lease rentals- buildings Operatlng lease rentals- other 23.512 22,758 7,850 2,100 114,034 30,418 2,300 126,750 162 Page 25
LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 TANGIBLE FIXED ASSErs Leasehold Improvements Summer works Equipment Total Cost As at l August 2023 Additions Disposals As at 31 July 2024 155,800 37,869 27,658 12,420 183,458 197,286 146,997 193 669 146 997 Depreciation As at l August 2023 Depreciation eliminated on disposal Charge for year As at 31 July 2024 41,125 10,711 51,836 14,759 8,753 23,512 Net book value As at 31 July 2024 137 785 146 997 305 396 As at 31 July 2023 114 675 131622 The additions for summer works were only completed just before the year end and as such were not depreciated within the year. DEBTORS 2024 2023 Trade debtors Prepayments and accrued income 342,241 58,664 400,905 314,667 19,916 334,583 Page 26
LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONEYEAR 2024 2023 Trade creditors Accruals and deferred income Other creditors Taxation and social security 56,317 648,509 202,446 18,665 925,937 36,718 584,934 79,197 17,624 718,473 Deferred income comprises income received in advance. Income deferred in the year relates to fees received in advance for August 2024 onwards. 2024 2023 Balance brought forward 524,325 396,926 Amount release during the year Amount deferred in the year 1524,3251 627,093 1396,9261 524,325 Balance carried forward 627,093 524,325 11. CREDITORS: AMOUNTS FALLING DUE AER MORE THAN ONEYEAR 2024 2023 Accruals- rent free period 39,387 50,803 Page 27
LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE NOTES TO THE FINANCIALsTATEMEs FOR THE YEAR ENDED 31 AUGUST 2024 12. FUNDS a) Analysls of current year total funds Openin Balance Closlng balance 2023 Income Expenditure 2024 Unrestricted general fund 453,964 1,740,504 11,764,593) 429,875 Restricted funds SEN funding 131,261 (131,261) 453,964 1,871,765 {1,895,8541 429,875 b) Analysis of prior year total funds Openin8 Balance Closing balance 2022 Income Expendlture 2023 Unrestricted general fund 521,563 1,646,598 (1,714,197) 453,964 Restritted funds SEN funding 66,326 {66,326) 521,563 1,712,924 (1,780,523) 453,964 Speclal Educational Needsfunding This is funding received from the Cambridgeshire County Council and Hertfordshire County Council in relation to the provision of education to children with special needs. Page 28
LANDMARK INTERNATIONAL SCHOOL, CAMBRIDGE NOTES TO THE FINANCIALSTATEMErirs FOR THE YEAR ENDED 31 AUGUST 2024 13. RECONCIUATION OF NEf DEBT Asatl September 2023 Cashflows As at 31 August 2024 Cash in bank and in hand 757,035 (68,137} 688,898 14. PENSIONS The Charity makes contributions to a defined contribution stakeholder personal pension scheme on behalf of its employees. The charge to the Statement of Financial Activitie5 represents those contributions payable by the Charity during the year. At the 31 August 2024 £8,017 was outstanding12023: £6,665). The contributions paid into the scheme during the year totalled £31,473 {2023: £29,534}. Is. RELATED PARTY TRANSAcfioNS Three children of the employees of the school attended the school during the year, foregoing fees of £36,72812023: Two children of the employees of the schc#)IforegoiNdfees of £27,333). Niltrustees were reimbursed expenses duringthe year {2023: £Nil). There were Nil other related partytransactions which took place during the year12023: Nill. 16. OPERATING LEASE COMMITMENTS As at 31 August 2024 the school had commitments to making payments under non-cancellable operating leases as follows: 2024 2023 Land and bulldlngs Within one year Between 2 and 5 years Over 5 years 126,750 447.417 745,058 126.750 462,750 856,474 Other Within one year Between 2 and 5 years 27,797 12,233 162 Page 29