Charlty ReElstratlon No. Z67174 C(ry3ry Reglstration No. 01164455 (England and Walesl HOLLAND HOUSE SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 HOLLAND HOUSE SCHOOL CONTENTS Governors, report Independent auditor'5 re 8-10 Statement of financSal activittes li 8alance sheet 12 Statement of cash flows 13 Notes to the flnancièl statements 14-27 ## **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ The trustees, who are also directors of the charity for the purposes of the Companies Act 2006 and governors of the school, present their report and financial statements for the year ended 31 August 2022. The terms The governors have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).. ## **OBJECTIVES AND ACTIVITIES** ## Aims and Objectives The company is registered as a charitable company limited by guarantee and is governed by its Memorandum and Articles of Association as incorporated on 26 March 1974, and subsequently amended by special resolutions dated 18 September 1975, 8 May 2003 and 19 March 2020. stablished is to promote and provide for the advancement of education and in connection therewith to conduct, carry on, acquire and develop in the United Kingdom any Boarding or day school or schools or college or colleges for the education of children and young persons of either sex or both sexes The principal objective and activity of the charity is to promote and provide for the advancement of education for boys and girls from 4 to 11 years of age. The school offers a distinctive educational experience with a broad, inclusive curriculum and a culture of high expectation with all pupils fulfilling their all-round potential. The as the details of the school. Holland House School is regarded in the community as being distinctive because it offers a warm family eleven plus entrance exams, reading scores, and continuous assessment. Academic excellence is viewed as a priority. Pupils are taught to a high standard in a wide number of subjects and the curriculum is broad, covering the National Curriculum and beyond. In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity on advancing education and on fee charging. In this respect, the Governors of Holland House School operate a bursary fund from which grants can be made for the benefit of a child who qualifies for entry to the School but whose parents cannot afford the full fees. There was 1 child on a bursary in the year to 31 August 2022. The school supported a number of other charitable causes which are detailed below. ## The Ethos, Strategy and Policies The trustees are responsible for setting a strategy for achieving the objectives they have set. The focus of our strategy is on the development of our pupils in all aspects, particularly their wellbeing, and on their continued high level of academic and extra-curricular achievement. We set our fees at a level to ensure the long-term financial viability of the school while at the same time ensuring we can deliver an excellent education to our pupils. To admit a prospective pupil we need to be satisfied that our school will be able to educate and develop them to the best of their potential and in line with the general __________________________________________________________________________________ -1- ## **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ standards achieved by their peers. A series of entrance assessments are undertaken by the head to satisfy ourselves and parents that potential pupils can thrive within the pace of learning and benefit from the education we provide, while enjoying the challenges ahead. We do not discriminate on the grounds economic status, gender, ethnicity, race, religion or disability. The School follows the following policy documents and procedures in order to promote the welfare of both pupils and staff: Accessibility Plan HHS November 2022 15A Admissions Policy HHS October 2022 Anti Bullying and Anti Racism Policy HHS November 2022 Before and After School Club Policy September 2022 9A Behaviour Discipline And Sanctions Policy November 2022 CCTV Policy HHS January 2023 Complaints Policy November 2022 Crisis Policy HHS June 2022 2a Curriculum Policy October 2022 E-Safety Policy January 2023 14d Trip and Excursion Policy January 2023 17A Equal Opportunities Policy - Pupils October 2022 12B Fire Policy January 2023 13A First Aid Policy January 2023 Health, Safety and Security Policy HHS January 2023 Pupil Mental Health and Wellbeing Policy September 2022 Privacy Notice HHS November 2021 PSHE Policy July 2022 14A Pupil Supervision Policy -January 2023 14B Missing Child and Arrangements When A Child Is Not Collected Policy November 2022 16A Risk Assessment Policy November 2022 RSE Policy June 2022 18A Safer Recruitment Policy January 2023 Special Educational Needs and Disabilities Policy October 2022 7A Safeguarding Policy December 2022 3A Teaching, Marking, Assessment, Recording and Reporting Policy October 2022 HHS Policy Walking To and From School Without An Adult ## **ACHIEVEMENT AND PERFORMANCE** The school has continued to thrive and academic and extracurricular opportunities have continued to increase. The School accomplished its main objective of continued achievement of excellent academic performance by each individual pupil. The educational performance of the school is excellent, as demonstrated by the outstanding 11+ examination results. These are to be found on the School Website and are updated annually. all pupils have lessons in IT, art, drama, music and PE as part of the school timetable. The new academic year saw the return of all wrap-around provisions including activities such as Digital Art, Reading for Meaning, Critical Thinking, Chess Club and Card Craft. School outings were also fully resumed where the year 6 and year 5 students went on their annual residential trip to Manor Adventure and, a residential Bushcraft trip was arranged for year 4 whilst the year 3 class had a Celtic Harmony trip. This year, the reception class enjoyed a trip to Gullivers and year 1 enjoyed a trip to __________________________________________________________________________________ -2- ## **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ Knebworth while year 2 visited Kew Gardens to experience the beauty of one of the most extensive and important botanical gardens in the world. During the Spring Term, the year 6 children got their thinking caps on in a maths problem solving day. The year was finished off with a prize-giving ceremony for all the children and a year 6 play, Peter Pan. The pupils continue to be encouraged to develop into responsible and compassionate members of society whereby the pupils, parents and staff were able to raise a total of £616 for charities : Jeans for Genes (£157), MacMillan Cancer (£196), Kidscape (£100) and National Autistic Society (£163). Pupils are encouraged to take responsibility and a number of responsibilities have been added this year to enable more pupils to benefit. The responsibilities are as follows: In year 6 there is a Head Girl, Sports Captains, a Literacy Prefect, Civic, Intellectual, Performance and Moral Ambassadors as well as a Head of School Council. Each class elects two pupils to represent them in the school council and each class has its own monitors. They undertake tasks such as collection of registers and lunch slips, taking of messages, clearing away after class, helping younger children during breaktime, etc. Adhoc roles are given such as lunchtime supervisors, support in the lunch hall, reading and playing with younger pupils. All pupils are encouraged to develop mutual respect and behave with maturity. Safeguarding and promoting the welfare of pupils, as always, is a top priority and staff and Governing Body have all received updated training in child protection, e-safety, and being aware of the signs and dangers of ). The school provided all children with refresher training this year led by a Designated Safeguarding Lead, an Online safety co-ordinator and a Governor specifically responsible for safeguarding. During the year, an average of 148 (2021: 147) pupils attended the school. Staff who left during the year were Rebecca Loufte, Claire Timberlake (Year 3 teacher and the Cook) and Paul Rowbotham (Bursar). We welcomed Shannika Wallace, Paul Longman (Years 3 and 4 teachers) and Hiren Shah (Bursar). Paul Longman was also appointed as the Deputy Head during the year. ## **FINANCIAL REVIEW** The financial statements set out the results which the trustees consider to be satisfactory. ## Reserves policy mounted to £3,022,715 (2021: £2,946,216) of which free reserves, excluding those tied up in fixed assets, amount to a deficit of £302,240 (2021: £443,210). It is the positive free reserves over a period of five years. This is because the School has an Investment property portfolio which could be realised were it to be necessary. ## Investment powers and policy Under the memorandum of association, the charity has the power to make any investment that the Governors see fit. The Governors have adopted a low risk investment policy by maintaining funds in deposit accounts to ensure that they are readily available should they be required. We also have investments in property near the School. The rental income from these has helped keep fees low. __________________________________________________________________________________ -3- ## **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## Risk Management There are some internal and external pressures facing the school in the coming years which may pose a risk to the financial performance of the school. We may need to employ additional staff members to meet legal minimums and significant health and safety and premises maintenance expenditure is anticipated in coming years. External pressures including another potential increase in 2024 and a possible loss of business rates relief to independent schools and VAT in independent school fees, if Labour come to power and implement their manifesto. These factors also pose a significant risk to financial position. We are however aware of these risks and are preparing ourselves accordingly. ## Auditor HW Fisher LLP were deemed to be re-appointed under section 487(2) of the Companies Act 2006. ## **PLANS FOR THE FUTURE** It is the intention of the trustees to continue with the existing strategy of maintaining the high standards of the school in an increasingly competitive market. They will continue to invest in staff and infrastructure in order to fulfil the objectives. Investment will continue to be financed by fee income and investment income, and from reserves if the return on the investment merits it. Trustees need to maintain a balance between ensuring current pupils benefit while at the same time ensuring there is a strong financial base for the future. ## **SAFEGUARDING** The Board takes its responsibility for safeguarding the pupils extremely seriously and despite referring to it previously, emphasises the significant importance that safeguarding takes in the management of the School. The school has developed a series of policies and processes to ensure best practices are put into place. There is a dedicated safeguarding lead teacher and the Chair of the Governors has a specific Safeguarding remit. The school regularly provides accredited safeguarding training to all teachers and Governors. All significant issues are raised with the safeguarding lead as well as the Chair of the Governors, and lessons learned from issues are assessed and used to adapt policies and processes in conjunction with the latest external developments to ensure our controls are dynamic and reflective of the latest practical and theoretical developments. A recent ISI regulatory inspection in February 2022 gave the school the highest award for safeguarding processes and practices. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Governors meet termly including an Annual General Meeting which is usually held in May. Working groups are set up by the Governors to address and advise on specific issues, such as details of future developments, property, safeguarding and finance. Day-to-day operational decisions are made by Mrs E Brown, the Head, and other members of the Senior Leadership Team, which is made up of two Deputy Heads, a Designated Safeguarding Head and Bursar. The Governors set renumeration taking into consideration external environmental factors, which influence recruiting and retention, alongside other relevant issues, such as affordability. A robust approach to the recruitment of new Trustees is taken. The Board of Governors are conscious of the size of the school and the need to ensure that the Board has an appropriate range of applicable skills, a mix of parent and non-parent Trustees, while enabling the agile activity that a community school requires. New Trustees are identified through a four-stage process. Initially open campaigns are advertised, with specific skill sets from applicants considered for progression. Individual interviews are conducted with current Trustees, prior to appropriate candidates being progressed to stage three, attendance at a Full Governors Board (FGB) meeting. __________________________________________________________________________________ -4- **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ being made by the FGB, via a resolution of the Governors. The Governors of the charitable company are its Trustees for the purpose of charity law. There are no other Governors. The Governors who served throughout the period and at the date of this report are set out below. latest Articles of Association, the number of Governors shall not be subject to any maximum and the minimum number in office at any given time must be three until otherwise determined by a general meeting. Upon appointment, each Governor receives detailed briefings about the charity. The Governors receive support and ongoing training in the areas in which they may have specific responsibility or detailed involvement. There is currently a very good mix of skills amongst the Board of Governors with people having legal, educational, property and financial backgrounds. The Governors who served during the year are shown below. The Board of Governors determines the general policy of the company. Details of related party transactions are included in the notes to the financial statements. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company Number** 01164455 ## **Registered Charity Number** 267174 ## **Registered Office** Holland House School 1 Broadhurst Avenue Edgware Middlesex HA8 8TP ## **Trustees** Richard May (Chair) Oluwafunso Adebola-Lawal Krishna Majeethia Neel Shah Irum Wahid Stephen Wilson Parag Mehta Safia Tharoo Ketan Patel Sanjana Karnani Raxita Kantaria ## **Head Teacher** Emily Brown ## **Bursar** Hiren Shah (from 21 March 2022) __________________________________________________________________________________ -5- ## **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **Auditor** HW FisherLLP Acre House 11-15 William Road London NW1 3ER ## **Bankers** Lloyds Bank 1 Silver Street Enfield EN1 3EE ## **STATEMENT** The Governors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and 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 financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keeping proper accounting records that 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. The directors are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. __________________________________________________________________________________ -6- **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR** So far as each Governor is aware at the time the report is approved: there is no relevant audit information of which the charitable company's auditor is unaware; and the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. N Shah Governor __________________________________________________________________________________ -7- HOLLAND HOUSE SCHOOL INDEPENOENT AUDITOR'S REPORT TO THE MEMBERS OF HOLLAND HOUSE SCHOOL Oplnlon We have audiied the financial statements of Holland House Sthool Ithe'charity'l for the year endèy 31 AuEUSt 2022 which comprise the sratement of financial activities. the balan￿ sheei. the ststement of cash flows and rhe notes ro the financial statements, including significant accounDng policies The financial repomng framework thai has been applied in their preparation is applicable law and United Kingdom Accounrng 5tsndards. including FR5 102 The Ftnonctol Reporringsrondwdopplicoble tn rhe UKondRepublic of Ireljnd (uni￿ Kingdom Generally Accepted Accounting Practicel. In our opinion, the financial ststernents.. Éive a true and falr view of the state of the charitable company's affairs as at 31 AuÉtsst 2022 and of Its Sncomlng resources and pplication of resources. Including its Income and expenditure. ffor the year then ended., hbve been property prepared in accordance with United Kingdom Generally Aciepted Ac£ountin8 Pra¢tio.' ond have been prepared in accordance with the fequirementsof thecompanies Act 21￿. ea￿S for oplnlon We conducted our audlt In accordance wlth International stsndaids on Audi￿￿$ IUKI 11&4s IUKII and appllcable law. Our responsibllifjes under those stsndards are further *Jescribed in the Auditors rewnsibilil*eslor the oudir ol thefinortciol sti*ements secfjon of our report. We are Independent ef the charity in accor¢Jance with the ethical ieouirements that are relevant to our audlt of the h-n8ncSal statemenis In the UK, includin8 the FRC'S Ethical 5taodard. and we have fulfi-lled our other ethical responsibilifjes In accordance with these requirements. We believe th* the audit ewdence we hawe obtsined 15 5uffi"cierrt and appropriate to provlde a basis for our opinion. Conclyslon5 rela￿￿&to8￿n1 wicern In 3udittn8 the financial statements, we ha¥e CO￿l￿ded that ihe Gth*rnors' use of the Wn8 concern basis of accoun￿￿8 In the prepiratton ef the financial statements isappropriate. Based en the work we h￿e performed, we hève not Identsfied any mètsrial uncertalnfjes relating to events or condlfjons that, individually or collecfjvely, may cast signifi.cani doubt on the charity's ability to confjnue as a ￿Ing concern for a perled of at least twelve months frem when the fi.nancial ststements ale authorised for issue. Our responslb51￿eS and the responslbSllttes of the G￿rnor$ with respett to 8olrrf concem are descrSbed in the relewant SeC￿on$ of Other Informadon The other infermafjon Comprises the informatson included in the annual report other than the financial statements ènd our auditor's report thereon. The Governors are responsible for the other informarion contained within the annual report. Our oplnion on the financlal statements does net cover the other Infomiation and. except to the extent otherwise explicitly stèted In our report, we do not express èny form of assurance conclusion thereon. Our responsibility is to read the other Inforwtion ènd. In doing so, conslder whether the other Informanon Is materially inconsistent wilh the financial statements or our knowledge obtèined In the course of the udlt, or otherwise appears to be materiall¥ misstated. 11 we identyfy such material Inconsistencies er apparent material misstaternents. we are required ro ddermine whether rhis gNes rise to a material misstatement in financial ststements themselves. If. based on the work we have Ferformed. we condude that there is a material misststement of this other inform3thon, we are required to report rhat fact. We have nothing to report in this regard. Oplnlons on other matters presulbed bythe CompanSesArt 2￿6 In our opinion, based on the work undertaken In the course of our èudlt-. the information given in the Governors. report, which include5the directors. repDrt prepared for the purp05e5 of company law, for the financial year for which the linan£ial 5taternents are ￿Pared is con5i5tentwith the finanaal statements,. and the directors, report included within the Governors, report has been prepared in accordance with applicable legal requirements. Matters on which we are requiredto report by exception In the light of the knowledge and understsndinÉ of the charity and its environment obttined in the course of the aud￿, we have not identifi.ed material missLltements in the dirertors. reky)rt included withii) theGovemors' report. HOLLAND HOUSE SCHOOL INDEPENOENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HOLLAND HOUSE SCHOOL We have nothin8 to report in respect ol the following matters in relati¢)n to which the Cornpanies kt 2Tr)6 requires u5 to report to you if, in our opinion.. adeouate accounnng records have not èeen tr*pt. crf returns adequate forour audit hawe not been re￿ived from branches not visited by us.- er the linancial ststÈmÈnts arÈ not ill a8rÈÈmÈnt with thÈ attounting records and rÈtUTns: or certsin disclosures of tru5tee5' remuneration specified by laware not made: or we hève not recelved all the informatton expl3nattonswe require for our audit., or the Governors were not entitled to prepare thefinancial staternents in accordance with the small companies regirne and take athiantage of the small companies. exemption5 in preparing the Governors. ￿port and from the requirernent to wepare a strBtegic repDrt. Re5ponslblllt6es olG0￿rnor5 As explained more fully In the 5tatemerbt of Gth*mors' responsi￿"11t*s, the Governors, who are also the director5 of the charity for the purpose of company law. are responsible for the preparation of the hnancial ststement5 and for being satisfied that they give a true and fair view, and for such Intern31 control as the Governors determine Is nece55ary to enable the preparation of financial ststements that are free from material m155tatement, whether due to fraud or error. In preparing the financial 5tatement5, the Governors are re5pon5ible for assessing the charity'5 ob'lity to Contin￿ as a 80ing concern, disclosing, 35 applicable, matter5 related to 80in8 concern and usin8 the going conttrn basis of accovntin8 unle55 the Governor5 either intend to liquidate the charitsble company or to ce35e opprètions. or have rbo reali5tir alternative ￿lt to do 50. Audltor'5 r¢5ponslbllltlesfor the •udll of Ih¢fftnan¢lal stalemw Our objectbves are te obtain reasonable assurance about whether the financlal statements a5 1 whole are free from materlal mlsstaternent. whether due te traud or error. and to issue an auditor's report that includes our D￿ri00. Reasonable assurance 15 a high level of assurance but Is not a guarantee that an audit conducted in accordance with IUKI will always detect a Material missiaternent when It e¥i5ts. mI￿tatementS can arise from fraud or error and are considered material if, Indiwdually or In the a86regate, they could reasonably be expected to infiuence the econornic decisions of users taken on the basis of these financial ststements. Irre8ularlYe5, includin8 fravd, are Instances of non-r¢mpliance with laws •nd Teguladon5. We deg8n PTocedvres In Ilne with our re5pon5ibilities, outlined ab¢)ve, to detect mateiial mi$5ta¢emeTh¢5 in resped of irre8vlarities, indudin8 fraud. The extent to which our procedures ère upable of dete¢¢in8 irre8ularit*s. in¢lydin8 fr•ud, is detsiled below. A5 part of our plannin8 pr(Ke$5'. We enquired of mana8ernÈnt th¢ wems and tontrals the school has ih pla¢e, the of the linartial ststements that ère most 5usceptiblÈ to the risk of irrÈ8ularitiÈS and fraud, and whÈthÈr therÈ was ary known, suspÈctod or a11è8Èd fraud. The sthool did not inform us of èny known, SUSPÉrt￿ or alleged fraud. We obtbined an under5tsndin8 of the le￿1 and re8ul3tory fTameworks applicaNe to the company. We determined that the followin8 were most relevènt.. the Ch3rity SORP, FRS 102. Charittes Art 2011, Companies Att 2C¥)6, Employment Art 2002 and Safe8uardin8 Vulnerable Groups Act 2tlJ6. We £onsidered the incenfjves and opportunifjesthat exist in the school, includin8 the extent of management bias, which present a potenttal for irreÉularittes and fraud to be perwuatsd. and iailored ¢)ur risk èssessment accerdingly. Using our knowledge of the school. together with the discus￿On5 held with the school ar the plènring stage. we formed a conclusion on the risk of misststement due to ir￿gUi3r1tse$ indudJn8 fraud and tailored our procethres according to thls rlsk assessment. HOLLAND HOUSE SCHOOL INDEPENOENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HOLLAND HOUSE SCHOOL The key protrdure5 we undertookto detect irre8ularthes includingfraud during the course oftheaudit included.. Identifyingand testing joumal entrie53nd the overall aC￿￿￿ting record5. in particularthose that were significant and unusual. Reviewingthe linanci315tatement disclosures and determinin8 whether accounting Fx)licies have bpen appropriately applied. Reviewing and ch311en8in8 the 355umptKins and judgements used by rnanagefflent ITh their significant ￿CoUnting esknm3te5. in parhculèr relating to propertyvaluation5. AssÈssin8the ÈxtÈnt of compliante. or lack of. wth the relevant lèws and Te8ulatlMs. T&S￿ne key income lines, in pèrfcular cut-off, for evidence of management bias. Assessing the validity ol the classificthon of income. expenditure, as￿$ and liabilities between unrestricted and designated funds. Performin8 a physlcal werlficatlon of key assets. ObtalnSng third-party confirmation ol material bank and loan balances. Documenting and verityn8 all significant related party balances and transactfjons. Reviewin8 documentatton such as the80¥err￿ board mintstes for discussions of irregularittes includin8 fraud. Owlng to the Inherent IimitaDon5 of an audit. there is an unawoidable ris* that we ma¥ not have <￿tected some matsrial misstaternents in the financial statement5 ￿en though we hawe proFerly planned and performed our audit in accordance with auditing stsndard5. The primary responsibility for the pre¥entioTh arbd detection of irregularitie5 and fraud rest5 Wlth the tru5tee5 of the charity. A further description of our responsibilitie5 is 3vaitsble on Ihe FinaThcial Rekwb'ng Council's website 3t.. https.'/lw¥vw.frc.or8.ukl auditor5re5pon5ibilities. This descriptron forms part ol our auditor'5 report. Use of our report This report Is made solelytothe chailtable company's memters. a5a bth, accordatKew6th Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we mi8ht state to the charltable company's memÈefS those matters we are requlred to State to them in an auditorfs report and for no other purpose. To the fullest ￿ent permltted by law, we do not accept or assume responsibility to anyone other than the charitable company and the chanta￿e company's membws as a body. for our audlt werk, for this reporL oi for the opinions we hawe lormed. Anarew Rych (Sen pr Ststut+xy Audthrl for and on beh•lf ol HW Flsher LLP Chartered Accountants Statutory Auditor Acre House 11-IS William Roèd London NWI 3ER United Kingdom 02 May 2023 10- HOLLAND HOUSE SCHOOL ATEMENT OF FINANCIAL A￿1VITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2022 Unrestricted Unrestiicted fvnds neral de￿Inated 2022 Total Unrestricted Unrestrirted fund5 dÈsi8nated 2021 Total 8eneral 2021 22 2021 Notes from= Charitable activSties Investment5 Other income 1.554.434 56.084 1.554.434 56.084 1.430.521 56,446 13.737 1,430,521 56.446 13.737 Total Incorne 1.610,S18 1,610,518 1.5(K),704 1.S(K),704 Charitable activSties 1,459.140 59A79 1.519,019 1.351.483 $3,305 1,4C9,788 Net 8ains/llossesl on Investments li 115.1￿} 115,CQll Iso,oJo 150,0 Net Incomln8 resourc•s before transfers 151.378 174.8791 76,499 149.221 91,695 240,916 Grosstransfers between funds 110,4081 10.408 17.6CV)I 7,609 Net Incomeforthe ye•r/ Net rnov•merrt In lunds 140.970 164.4711 76,499 141.612 99,304 240,916 Fund balances at i September 2021 522.161 2,424.055 2,946,216 380,549 2,324,751 2,705,3 Fund b•lantesat 31 ￿￿$t 2022 663.131 2.359.584 3,022,715 522,161 2,424,055 2,946,216 The Statement of financial achwties includÈ5all Bainsand Ios5e5 rÈco8ni5ed in the year. All income and expenditure derive from t0ntinuin8actl￿tiÈ$. The statsment of financial actlvTtbes èlso complies the requiremeffls lor èn itKome and expenditure èccount under the Companies Act 2W6. 11 HOLLAND HOUSE SCHOOL BALANCE SHE ASAT31 AUGUST2022 2022 2021 Flxed ass￿$ Tangible assets Investment properbe5 1,289,955 2,035.(KK> 1,339,426 2,050,WO 3.324.955 3,389,426 Currefit assÈts Debtors Cèsh at bank and In hand 14 366,802 614,617 346,512 454,743 981.419 11,013,659) 801,255 1954,4651 Cr¢dltors'. •moynts lalllngdye wlthln y¢•r Net current liabill￿e$ 132,2401 1153,2101 Total assets less tur￿lt Il*blllt5es 3.292,715 3,236,216 Credltors.. amounts lallln8due after mNe than one y￿r 17 1270.ff￿l 1290,c￿l0} Net assets 3.022,715 2,946,216 Income fund5 Designated funds General unrestricted funds 2,3Sg,584 663.l3l 2,424,055 522.16l 3.022,715 2,946,216 3.022,715 2,946,216 02 Mty 2023 The financial ststements were approved by theGovemors0n..-...................... ..1 suo N Shah Rmay Trustee Company Re81st￿on No. 01164455 12- HOLLAND HOUSE SCHOOL ATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2022 2021 Noies Cash flows from operatln8 aCtl¥llle5 Cash 8enerètÈd from operatkns 22 134.198 244,221 In¥estlni ath¥Mes Purchase of t3n8ible fixed 355et5 Rental income and Interest recewed 110.4081 56.084 17,6091 56.446 Netash 8enerated from I￿￿$b￿Bac¢1¥1*IeS 45,676 48,837 Flnan¢ln8 athmltles Repèyment of bank loans 120,CO)I 120,C¥)JI Net ￿$h used In artl¥ftles 120.(￿)> 120,OLX)I Net Increase In o5h and ush equ1¥71ents 159,874 273,058 Cash and cash equivalent5 at beBlnnlng of year 454.743 181,685 C•sh •nd ash ¢qylv•lentS •1 •nd ol)Y•r 614.617 454,743 13- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 AUGUST2022 Ac¢ountin8 poll¢ies Charity irTrlormatioTr Holland House School 15 a private CoM￿nY limited by Ruarantee iT￿rated in EnR13nd and Wale5. The registered ofh.ce 15 1 6roadhurst Avenue, EdEware. m￿dIe$eX. HA8 8Tr. The rnembers of the company are the Governors. In the event of the compaThy being wound up, the liability in respect of the 8U3r3ntee is lirnited to £1 per rnernber of the cornpany. 1.1 Accountin8 canvention The financial statemenrs have been prepared in x(ordan￿ with the Companies Act 2(￿ and 'Accountkn8 and Reportin8 bv Charities.. Statement of Recornmended PradKe applicable to thartDes preparing their acceunts In accordance with the Financial Reporting Stsndard applicable in the UK and RepuNicof Ireland IFRS 1021 (effective l January 20191". The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepwed in 5terlin& which is the funrtional currenry ol the ch3ritJble comp3ny. Monetsry amounts in the5ehnanciol 5tstements are rounded to the nearest £. The Inan¢ial statements htyve been prepartl under the historf•1 ￿$t convention. modified to include the revaluation of investment properoes to fair walue. The prim¢iyl •¢¢ounttn8 pdKies adopted are set out below. 1.2 Goln8 coritern Considering current C35h flow5 and experted future incorne, the tru5tee5 have a reasonable expectsvon that the ch3rlty has adequate re￿UrCeS to conttnue in operalion for the foreseeable fvture. thus the trustees have continued to adopt the going ¢oncern basis of #ccounttngin pre￿rIng the ffnanci•l ststements. 1.3 ChDrltable fund5 Unrestricted fundsare avallable for useatthe discretkn of iheGrNemors in furtherance of their charitsble objectl¥es. De518nated funds comprise fund5 which have been set aside 41 Ihe discretion of the fjovemor5for specific purposes. The purposes and uses of th¢ desi8n)ted funds are set oul in the rwt¢5tothe hn#n¢ial 5ta¢ement> 1.4 Incomln8 resources Income is recognised when the charity is leg3llyentttled to it afterany perfom)at)ceconditlons h*e been met, the amounts can be measured reliably, and it is probable th* income will be re￿Ned. Cè5h donations are recwised reteipt. Otherdonations ate reLYwised oncÈthÈchèrity has bÈen notifiÈd ofthè donation, unles5 pÈrformancÈ tondition5 requirtdÈf*rral of theamount. Income arises in the United Kin8dom fvom educètional and allied attiwtiesand is accounted for in theyear to which it relatps. Tuifjon feÈs unpaid at the balance sheet date and relatin8 to the period tothat date are brought in as income with a provision created in respert of those for which re£overobility is considered to be doubtful. Fees received in advance at the balance sheet dats are included In Creditors as income of the followngyear. Investment Sncome is reco8nised on a receivable basis. 14- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 Accountins policie5 Icontinuedl 1.5 Re50urce5 expended Expenditure 15 recognised ontÈthere is a legal orconstrutti¥È obli8ation totrnnsfÈr etonomK bÈnÈfit to a third party, it Is probable that a transfer of ecoMmi£ benefits will be fe4uired in settlement and theamount of the ci)liWfon cèn be measured reliably. Expenditure 55 made up ol the totsl ol dSrectcosts and shared costs. Sndudit)g support costs itwolved In undertakSng the schools activity. Dirert costs attribuiable to a single actmtyare allocated dirertly to that activlty. Depreciatton charges are allocated en the pornon of the assets use. All expenditure Is accounted for on an accruals basis. All expenses, including support costsand govern3nce costs. are allocated to the charitable athvity in the statement of financial actmtses. Governance costscompri5e all costs in%rfvin8the publicaccountsbilty of thecharity and its Cornplian￿ with re8ulation and Bood practice. Irrecoverable VAT is thar8ed against the expenditure headin8forwhich it Wa5 incurred. Expenditure on boob is written tsll when in¢urred. 1.6 Thn8lble Hyed a55ets Tangible flxed èssets, excluding Investment proper15es, are inittally measured at cost and subsequently measured at cest, net of dep￿Clan0n and any Impalrment losses. All assets, exdudln8computer equlpmenL COsfjn8 more than £Sc￿are capitallsed. DepreCI3￿On is reco8nised so as to write off ihÈ tost or valuatfon of assets less their residual values over their useful lives on the followin8 bases.. Freehold buildin8$ Furnlture. flxtures and th"n85 Freehold lÈnd 2% str•i8ht line 20% strai8ht Ilne Not depfe£iated The galn or1055 3risin8 on the disposal ol an asset 15 determined as the difference between the gle proceed5 ond the carryln8 value of the asset, and is recognised ITh net incorr*lleXpenditu￿> forthe year. 1.7 Irwestment propertles InvÈ5tment property, which 15 propÈrty hÈld to Èam rents15 and for capitsl appfetiation, 15 measwed u5in8 the kir value model and 5tèted at it5 fair value as at the reportin8 end date. The 5urplu5 or dehcit en rÈ¥aluation is reco8ni5ed in net incomellexpenditurel for theyeèr. 1.8 lrnpalrrnent of flxed a55ets At each reporting end date. the charity rewews ihe carrying amounts of its tangible assets to determine whether there is anv indication thai those assers ha¥e suffered an irnpairmenr loss. 11 any such indication exists, the reco¥erable amount of the asset 15 estrmated In order to determine the ￿ent of the Impairment loss lif anyl. 15- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 Accountins policie5 Icontinuedl Flnanclal Instrumerfs ThÈ charity has elected to appty the provisions of SÈthon 11 'Basic Finantsal Instruments, and Section 12 '0ther Finantial Instruments Issues. of FRS 102 to all of itsflnancièl instrument& FSnèn£ial Instruments are reco8nSsed the charlty's balano sheet when the chartty be£omes pèrty to the contractual previsions of the instrument. Financial assets and liabilities are olfset. with the net amounts presented in the financial statements. when there is 3 legallv enforceable right to set off the recognised 3mountsand there is an intenmn to settle on a net bags or to realise the a55et and settle the liability 51multaneol￿. Basic fi"nèncial assets, whlch Include debtors and cash and bank balances. afe inifjally measured at transèthon prlce Includlng transacnon costs ènd are Subsequent￿ carried at amorDsed cost u*n8 the ellectwe interest method unless the arrangement consntutes a hnanclng transactton, where the transacDon Is measured at the present value of the future receipts dlscounted at a market rate of interest. FlnancSal assets classified as receivable within one year are not amorrised. Investment properfjes held 35 fixed a55et5 are measured at fairvalue. details over ihS5 pollcyon ￿ seen at 1.7. 8o51cflnundollloblllrfes Basic flnancial liabilifjes, in£ludin8 c1edit￿S ale inittally recogni￿ at transaction wice unless the arran8ement consfjtutes a financin8 trènsathon, where the debt instrument is measufed èt the wesent value of the future recapts discounted at 8 mèrket rate of Interest. Financial llabill￿es£IasSlfied as payable within ot)e ￿arare noi am0￿Sed. Oebt Instruments are subsequentlycarrled at amortlsed cost. 115Sng ihe effectlve interest rate method. Trade creditors are oblSWons to pay f￿ 8wJs or services that have been xqulred In the Ordin￿ course ef operafjons from suppllers. Amounts payable are classified as current liabilities il pa¥ment Is due ￿thIn one year ty le55, If not, they are presented a5 non-current liabilities. Trade creditors are recoEThised Initially 3t transacDon price and subsequently measured at amorttsed cost U5in8the effectr¥e interest method. 1.10 Employee benefits The cest of any unused holidayentttlement is reco8nised in the period in which the employee's Se￿CeS are re￿Ived. Termination beneffts are recognised immediately as an empense when ihe charity is demonstrably committed te terminate the employment ef an employee or to prowde terminamn benefits. 1.11 Reyrement beneffts Retirement benelits to employees of the school are prrided by the Teachers, Pension kheme I'TPS'I and the NOW Pension Scheme. The TPS Is an unfunded stheme and centributiOt)s are calculated so as to spread the cosi of pen￿On$ over employees, werklng Ilves with the school in such è way that the pension cost is a substsntially level percentage of current and fvture rÉnsionèble payroll. The ¢ontrlbutions are determined by the Government Artuary on the basis of quadrennial vall￿￿On$ u51ng a pr05pecnve unit credit method. The TPS is a mutD-employer stheme and there is insufficient information available to Use defined benefit accountinE. The TP5 is therefore treated as a defined contribution scheme for accourring purposes and the contributions recognised In the period to whith they fall due. The NOW scheme is an auto enrolrnent stheme where employers pry monthly contributions. This 15 a dthned contribution5 scheme. Paymentsto defined contribution retirement benefft ¥hemes arerharged as an expense 35thwfall due. 16- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 Crlti(al occountins estimatesand judgements In the application of the charitys accountirig policie5. the Govemofs aTe required to make jud8erTpnts, esiimate5 and assumptions about the Girrying amount of assets and liabilitie5 that are not ￿adI1¥ apparent frorn other 50urce5. The estirnates and associated èssUmpt￿s are based hi5torKal experierKe and other lactors that are considered to be relevant. Attual results may differ from theSees￿MIlt$. The esfjmates and underlying asSuMp￿0n$3re feviewed ￿ an ongoing basis. Revisions to accounting eS￿MateS are recognlsed in the perlod In which the esttmate Is r￿l$ed where the revi￿0Th affects On￿ that perfod. or In thè period of the and future periodswhere the r￿l￿on affects both current and future periods. Key sources of ethmatlot) uncertalnty The ÈStirnatÈs and assumptions which h&e 8 siwificant fisk of causing a matsrial adjustment to thecarryln8 amount of assets and liabllifjes are ès follows. Useful Il¥es 01t•￿Ible11Xed assets The cost of tangible fixed 055et5 15 depreciated over their estimated u5elul econornic life. Chan8e5 in the expected level ol Usage and technological developments rould impart on the useful economic lives and the residual values of these 355ets,' therefore, luture depreciation charges could be revised. The aciountlng policy for tangible lixed assets is described in note 1.6. The carrying amtsunt of the tangible fixed a55¢ts in Ihe b4tsn¢e sheet is di%1osed in note 12 of thefinancial statements. Spllt between freehold land Imd bulldlni Freehold land and building Is held at historic c05t. Marbyment hoW￿r made the lud8ement that13nd15 Worth more than the building, hence it was deemed rea50n3ble to a55ume ¢wo thirds of the cost re13te5 to the freehold land and one third relote5 to the building. The freehold land and buildin85 were depreciated in line wsth the accounting policy described in note 1.6. The freehold lond and buildin8 15 shown in no¢e 12. V•lu￿￿n of IrN•stm•nt propvM•s Determining Ihe fair value of the Charitys Investment wpertyes as at each ￿lance sheet involves an element of e5tirnaDon. The Governor5 manage the resuIDn8 estim3Don uncertainty by using independent valuabons on a property by properly basis and by referrin8 to available market ewdence. including rental welds and rea115ed sales values for slmilar propertbes. Ch•rltsble 2022 2021 School fees receivable Residenfjal and cla55trSps Other incotne Lunche5 and outyng5 Fees from activities Registration fees 1.360,245 47.010 1,182 74,235 64,762 1,194.704 34.110 5.716 53,338 34,353 8,3(h) 1,554,434 1,430.521 17- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 Investments Unrestricted Unrestricted lunds 8ener41 2022 funds general 2021 Rental income Interest receivèble 56.084 56,420 26 56,084 56,446 Other In¢orn¢ Tot*1 Unrestrlcted funds general 2021 2022 Government Grants 13,737 Chirlt•bleact5vllJes T￿ChIng 2022 Teathlng 2021 Staff costs Depreciafjen and impairment Teaching Lunches and welfare Premi5e5 952.047 59,879 138,194 52.214 80,585 941,735 58,305 61,879 33,671 91.957 1.282,919 1,187.547 Share of support cost51see note ?> Share ef 80¥ernan￿ costs (see noie 71 212,117 23.983 212.001 10,240 1.519.019 1.409.788 Nmaly$15 by lund Unrestricted funds- general Unrestricted funds- designated 1.459,140 59,879 1,351,483 58.305 1.519,019 1,409.788 18- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 Support ¢Q5ts ZOZZ Support costs Gevernance costs 2021 Staff costs Accountancy and book. keepin8 Other costs Mort8a8e expen5 161.BC6 161,805 159,358 159,358 3.073 3,073 41,2 9,022 1,270 1.270 44,812 7.831 41.2XI 9.022 44,812 7.831 Audlt fÈes 20.910 20,910 8.970 8.970 212,117 23,983 236,ILri 212,CKII 10,240 222,241 Analysed between Charitablè atlvittes 212.117 23.983 236,ILKI 212.CQl 10,240 222,241 Net rnov•ffl•nt In fvnds 2022 2021 Net movement in funds is ststed aftvc￿rg1Th￿ Fees payable to the auditor for the audit of Ihe cvrient years financial staternents Fees ptyable to the auditor for the audit of the prior years financial ststements Fees payable to the comp4ny's avditor for other servi¢es Depreclation of owned tanwble fi.xed assets 14,40D 6,510 3,073 59,879 7,8(h) 1,170 1,270 58,305 Govemo None of the G￿ernOr$ lor any persons connected with them) recew any remunera￿0￿ or benefits from the charity durlng the year. 19- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 io Employees The average monthly number of ern￿O￿e5 duringtheyear w 2022 Number 2021 Number Teaching staff - full time equNalent Ancillary stsff Is 15 12 12 Total 27 27 Employment costs 2021 2021 Wages and salarles Social Security costs Other penslen costs 863,440 89,141 148,513 857,226 88,213 152,121 I,iOi,LJ94 1,097,560 The number of employees whose annual remuneratlon was £60.C(Klor more were.. 2022 2021 Number Number £60,OC¥)- £69,999 The total remuneratyon In respect of the yeai to ihe senior managemeni stsff. which includes the head teacher, 2 deputy he3d5, a de5ignatinÉ safe8uardinE head and bursar was £262.9SI12021.. £29).4031. li Net 8alnslllo55esI on In¥estments Unrestrtcted lunds de518nated 202I funds desi8nated 2021 Revaluatton of investment propertbes 115,LNJOI 150,OLKI -20- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 T•n8lble fixed awt5 LaThdand Fumlture, lIxt￿￿s￿nd fliiinqs Total lfveehD￿j C05t At I September 2021 Additions I,5[￿,763 245,654 10,408 1,746,417 10,408 At 31 Au8U5t 2022 I,5[￿,763 256,rk52 1,756.825 Depre£1￿0￿ and Impalmie At I September 2021 Deprecia￿0￿ chèrged in the year 307,762 10,(KJ5 99.229 49,874 4C6,991 59,879 At 31 August 2022 317,767 149,103 466,870 C•rryfjng amtyjnt At 31 August 2022 1.182,996 106,959 1,289,955 At 31 Au8USt 2021 1,193,Q)I 146,425 1,339,426 IrNe5trnent property 2022 Falr ¥alue At I September 2021 Net 8ains through fair Val￿ adjustments 2,050,0 115,0(N)I At 31 August 2022 2,035,000 Investment property comprises three residenttal propethe& The fair value of all properttes has been determined by the Governors. The valuafjon was made on an open market value basis by leferefft￿ to mèrket evidence of rentsl yields and transathon prices for similar properties 21 HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 14 Debtws zozz 2021 AmouThtsfallln8 due wlthln one ￿al. Trade debtor5 Prepayments and accrued income 366,802 342,145 4,367 366,802 346.512 15 Lo•ns4nd Lryerdralts 2012 2021 8ank loans 29Y*,I)XS 310.0 Payoble within one year Payable after one year 20,Q)D 270,WD 20.000 290,000 The bankloan r¢l*¢s to a mortgage whi¢h Is se¢uied against two investment properttes with an interest rate of 2.35% over UBQR. 16 Credltors: •mountslallln8due wlthln 2022 2021 Notes 8ank loans Deferred income Trade creditors 20,1 526,493 18,SOD 427,294 3,912 17,46Q 20.000 492.461 5.468 391,331 37,405 7,8 Deposits Othèr creditors Accrua15 1,013,659 954.465 Deferred income relates to term I sthool fees for the next fina￿al year being irw01￿ in advan￿. Deferred income brought forward from 2021 w35 £492.461. all of whith wa5 released in 2022. HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 17 Credltors-. amoyntsfallingdue afterfflwe than year zozz 2021 8ank loans 270,U)O 290,0 The bank loan relate5 to a rnortgage which 15 seojred against two irwestment propertie5 with an interest rate of 2.35% over LIBOR. -23- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 19 alysls of net avts brtwttn lunds General lund Des*nated funds 2022 Totsl General fund DesSEnated funds 2021 Total 2022 2022 2021 2021 Fund balances at 31 Au8USt 2022 are represented by.. Tanwble assets Itwestment properries 1.289.955 I.￿.629 1.289.955 2.035.LKK) 132.2401 1270,(KK) 1,339,426 1.084.629 1.339.426 2.050.OLKI 1153,2101 1290,0001 965.371 132,2401 1270,IXK)I 965,371 1153,2101 1290,0(K)I LonBterm liabilities 663,131 2.359,584 3.022.715 S22,161 2,424,055 2.946,216 -25- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 20 Retirement benefft sthemes The school'5 employees belon8 to two Pfintipal pension 5therne5'. the Teacher5. Pension Scherne En￿and and Wale5 IT￿} for acadernic and related staff and the NOW PerI￿n Schemefor non-teachingstaff. Teatherf Penslon Stheme The Teèchers. Pension Scheme (TPSI is a statutory. £ontrikyJtory. defined benefft stheme, ￿verned by the Teèchers, Pension Scheme ReEulations 2014. Membershlp Is automatfjc lor *achers it) academiek teachers the opfjon to opt-out of the TP5 following enrolment. The TP5 Is an unfunded scheme to which both the memter and employer makes contrlbtsfjons. as a percenta8e of salary - these contributions are credited to the Exchequer. ReDrement and other pension benefits are paid bypublic fJnd5 provided by Parliament. ValU￿On oftheTea(he￿. Penslon kheme The Government ActU3ry, using normal actvari31 principles, condurts a formal artuari31 review of the TPS In accordance with the Public se￿iCe Pen5ion5 Ivaluations and Emplwtr C05t Capl Directions 2014 published by Treawry every 4 years. The aim of the review is to specify the level of future con¢ribvtyon5. Artuarial scheme valuations ore dependent on a55vmptions about the value of luture cos¢5, de5i8n ol beTheht5 and many other lartors. The lalest actuarial vakjation of the TPS wa5 carried out a5 at 31 March 2016. The valuation report was puwished by the Department for Education on 5 Marrh 2019. The kev elements of the valu•Yon afid $ubseq￿nI ¢oh$vira￿¢Tr art.. employer ¢ontiibution rates set 3t 23.68% of pensionable pty lintludin8a 0.08% bdministration I￿) total scheme liabill￿e5 (pensions currently in payment and the estlmated cost of future benefitsl for service to the effettlve date of É218,ICQ million and nO￿Onal assets lestlmated future contribut%)ns tO8ether with the nooonal investments held èt the ValUa￿oN dètsi of £196,ICbJ million, 8i¥in8 8 nofjonal past service deficit of £22,[￿ million the SCAPE rate, set by HMT. is used to determine the notlonal investment retsjrn. The Current SCAPE rate is 2.4% above the rate ol CPI. assumed real rate of return 1$ 2.4% in excess of prices and 2% in excess of earnings. The r*e of real eamin85 growth isassumed to be 2.2%. The assumed nomlnal rate of return includin8earnin8S growth is 4.45%. The next valuatton resuk isdueto ￿ implemented from l Aprfl 2023. The employer's pension costs paid to TPS in the Feriod amounied to £119.(83 12021.. £126.1511. A copy of the valuatton report and supporttngdocumentation is on the Teacher5. Pensions website. Un(Jer the definition5 Set out in FRS 102, Ihe TPS is an unlunde(I multi-employer pension Kheme. The academy trust ha5 accovnted for its contribvtyons to the scheme as Il it were a defined contribuli)n Scheme. The academytru5t has Set out above the information available on the ￿herne. NOW Penslan Scheme Non teathin8 stsff ère rnernber5 of the NOW pen￿on Stheme which is a defined contribution 5theme. DJrin8 the yeèr the Costs paid to the NOW Pension Scheme wereE29,43012021.. E25,9701 Therewere no outstanding or prepèid contributtons atetLheTthe bwnnin8orthe end of the fina￿la1 year. -26- HOLLAND HOUSE SCHOOL NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 21 Rdated partytransactian$ Transackn(￿S With related partie5 The following amounts were receivable on normal terms for fees. lunche5 and outing5 in respect of children connected with the followingGovernors'. 2022 2021 O Adebo13-Lawal STharoo K Patel P Mehta 6,523 19.442 10.056 7.543 10,177 18,920 16,387 10,035 43.$64 55,519 22 C•sh 8enerated operntlons 202Z 2021 Surplus fer the year 76,499 240,916 Adlustments for.. Investment income reco8nised in Statement of linanci•l actmyes Falr value 8ains and losses on investment properDes Depreciation and impoirment ol tanwble lixed •ssets 156,0841 15,0 59,879 156,4461 1150,0001 58,305 Mevements in working Capital.. Ilncre35elldecrease in debtors 120,29YJI 25,161 34,032 74,348 42,633 34,465 Increase in deferred income Cash senerated from opevatians 134,198 244.221 23 Analws of th•n8es In r*et funds 1 Septeffjber 2021 CaShfi0￿ At31 Awawt 2012 Cash èt bank and in hand 454,743 159,874 614,617 Loan5fallin8 due within one year LoansfallinE due after more than oneyear 120.(ml 120.orKJi 1270.OLKII 20.0(KI 144.743 179.874 324,617 -27-