Reglstratlon No. 267174 Ctynpary ReO5rratlon No. 01164455 IEngland and Wales) HOLLAND HOUSE SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 HOLLAND HOUSE SCHOOL CONTENTS Governor5, report Independent auditor's report Statement of financSal actiwtles io 8alance sheet li Statement of cash flows 12 Notes to thefinancièl ststemÈnts 13-24 ## **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ 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 2024. The terms The governors have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements 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. 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 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 considered general guidance on public benefit and to its supplementary public benefit guidance 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 several 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 2024**_ 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 chall economic status, gender, ethnicity, race, religion, or disability. The school follows the following policy documents and procedures to promote the welfare of both pupils and staff: Accessibility Plan HHS **Being Reviewed** 15A Admissions Policy HHS Feb 2024 Anti Bullying and Anti Racism Policy HHS Feb 2024 Before and After School Club Policy September 2024 9A Behaviour Discipline and Sanctions Policy November 2022 CCTV Policy HHS April 2024 Complaints Policy Jan 2024 Crisis Policy HHS **Being Reviewed** 2a Curriculum Policy Mar 2024 E-Safety Policy September 2024 14d Trip and Excursion Policy April 2024 17A Equal Opportunities Policy - Pupils May 2024 12B Fire Policy Feb 2024 13A First Aid Policy Feb 2024 Health, Safety and Security Policy HHS Feb 2024 Pupil Mental Health and Wellbeing Policy May 2024 Privacy Notice HHS PSHE Policy Feb 2024 14A Pupil Supervision Policy including Missing and Not Collected -Feb 2024 16A Risk Assessment Policy April 2024 RSE Policy May 2024 18A Safer Recruitment Policy September 2024 Special Educational Needs and Disabilities Policy September 2024 7A Safeguarding Policy September 2024 3A Teaching, Marking, Assessment, Recording and Reporting Policy April 2023 HHS Policy Walking To and From School Without An Adult Before and after school clubs September 2024 ## **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 continuation of all wrap-around provisions including activities such as Digital Art, Reading for Meaning, Critical Thinking, Debating Club, Chess, and Art Club. School outings were also fully resumed where the year 6 went on a French trip, year 5 students on their annual residential trip to Manor Adventure and, a residential Bushcraft trip was arranged for year 4 whilst the year 3 __________________________________________________________________________________ -2- ## **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ class had a trip to the Knebworth House as well as visiting St Albans Cathedral. This year, the reception class enjoyed a trip to Kidzania and Willows Farm and year 1 enjoyed a trip to Rye Meads Nature Reserve and Knebworth House while year 2 visited FSC Amersham and tour of Harry Potter Studio. 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, Alladin. 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 £428 - for charities: Jeans for Genes (£14), Mufti Day (£156) and Young Enterprise Cookie Bake (£258). Pupils are encouraged to take responsibility and several responsibilities have been added this year to enable more pupils to benefit. The responsibilities are as follows: In year 6 there is a Head boy, Sports Captains, a Literacy Prefect, Civic, Intellectual, Performance and Moral Ambassadors as well as a Pre-Prep Prefect and 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. Ad hoc 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 radicalisation (as required by the Gov provided all children with refresher training this year and has a Designated Safeguarding Lead, an Online safety co-ordinator and a Governor specifically responsible for safeguarding. During the year, an average of 147 pupils attended the school. The only member of staff who left during the year was Eleonara Economides (Drama teacher). We welcomed Rachel Harris (Part-time School Secretary) and Reena Damani (Education and Interventions Officer). ## **FINANCIAL REVIEW** The financial statements set out the results which the trustees consider to be satisfactory. ## Reserves policy reserves, excluding those tied up in fixed assets, amount to a surplus of £103,020 (2023: deficit of £152,438) It ld free reserves over a period of five years. The Governors regard this as a sufficient level of reserves because the school also has an investment property portfolio which can be realised if required. ## 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 2024**_ ## 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 increase in 2024, a loss of business rates relief from April 2025 and VAT in independent school fees applicable from January 2025, together represent a significant risk to financial position. We are however aware of these risks and have prepared ourselves accordingly. Managing the cost base of the school whilst maintaining the highest standard of education. ## **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 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, emphasise 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 most recent ISI regulatory inspection (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/June. 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 Deputy Head, a Designating 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. 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 up to the date of this report are set out below. __________________________________________________________________________________ -4- **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ 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 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** 1164455 ## **Registered Charity Number** 0267174 ## **Registered Office** Holland House School 1 Broadhurst Avenue Edgware Middlesex HA8 8TP ## **Trustees** Safia Tharoo (Chair from 16 April 2024) Richard May (Chair Left 15 April 2024) Krishna Majeethia Neel Shah Stephen Wilson Parag Mehta Ketan Patel Sanjana Karnani (Left 1 July 2024) Raxita Kantaria Vivek Chohan (Appointed 10 September 2024) Sagar Shah (Appointed 10 September 2024) ## **Head Teacher** Emily Brown **Bursar** Hiren Shah ## **Auditor** HW Fisher Audit Acre House 11-15 William Road London NW1 3ER __________________________________________________________________________________ -5- ## **HOLLAND HOUSE SCHOOL** ## **REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **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 require 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 situation 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. ## **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 auditors are 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 auditors are aware of that information. - . and signed on its behalf, by: N Shah Governor __________________________________________________________________________________ -6- HOLLAND HOUSE SCHOOL INDEPENOENT AUDITOR'S REPORT TO THE MEMBERS OF HOLLAND HOUSE SCHOOL Oplnlon We have audited the financial ststements of Holland House School (the tharity'l for the year ended 31 AuEUSt 2024 whid) comprise the statement of financial activities. the ￿lance sheet. the staiement of (ash flows and the notes to the financial statements, including significanr accounring policies The financial reporting framework thar has been applied in iheir preparation is applicable law and United Kingdom Accounting 5randards. iThcludinB FR5 102 The FIn(￿Clo1 Reporring5rondordopplicoble tn the UKondRepubltc of Ireljnd (uni￿ Kingdom Generally Accepted Accounting Prarticel. In our opinion, the financial ststements.. Éive a true and faSr wew of the stateof the charitable company's affalrs as ai 31 August 20Z4 and of incomSng resources and pplicatien of resources. Including Its Income and expenditure. lor theyear ihen ended., hbve been properly prepared in accordance with United Kingdom fjeneraltyAccepted Ac£ountin8 prarti￿., and have been prepared in accordance with the requirements olthe CompaniesAct 2(X￿. ea￿S for pplnlon We conducted our audlt in accordance with International Standèrds on Audlting IUKI IISAS IUKII and appllcèble law. Our responsibilitles under those stsndards are furth￿ described in the Auditors responsibilifiesfv the oudir ol theflnonciol storements sectlen of our report. We are independeni ol the charity In aCC￿dance with the ethical requiiements that are relevant to our audit of the flnancial statemenis In the UK, Including the FRC'S EthKal Standard. and we hawe fulfilled our other ethical responsibilities In accordance with these requirements. We beliewe that the audit ￿idence we have obtained 15 sufficient and appropriate to provlde a basis for our opinion. Concluslon5 relatlng to 8oln8cwcern In auditin8 the finan£ial statements. we ha¥e conclu¢led that the Gob*mors' use of the 8olng concern basis of accountin8 In the preparatlon of the financial statements is appropriate. Based en the work we have performed, we ha¥e not Identthed any ma*rial un￿rtaIntleS relatln8 to events or conditlens that, individually or collectively, may cast Significant doubt on the charivs a￿'litY to Conilnue a5 3 8oin8 concern for a perlod of at least twelve months from when the financSal statemenis are authorised for issue. Our responslbllltle5 and the responslbllKSes ol the Goveinors wlth respect to goln8 concern are de5crSbed Sn the relevant sections of Other Informallon The other Infermation Comprises the information included in the annual report other than the finèncial stètements ènd our auditor's report thereon. The Governors are respon￿ble for the other infomiatioi) contained within the annuèl report. Our opinion on the flnanclal statements does not cover the other Information and. except to the extent otherwise eiplicitly stated in our report. we do not express any form ef assurance conclusion thereon. Our responybility is to read the orher informètion ènd, in doing $0, conslder whether the other Information is materially inconysteni wilh the financial statements or our knewledge obtained In the course of the udlt, or otherwise appears to be materially misstated. If we identify such material inconsistencies er apparent material misstatements. we are required to deterrnine whether this gNes rise to a material misgtatement In the financial ststements themselves. If. based on the work we have performed. conclude that there is a material misststement of thi5 Other information, we are required to report thar fact. We have nothing to report in this regard. Oplnlons on other matters prescrfbed by the Cornpanles Art2r In our opinion, based on the work undertaken In the course of eur audit". the information given in the Go¥ernor5' report, which include5the directors. repDrt prepared for the purp05e5 of company law, for the financial yearfor which the finaniial 5taternents are ￿Pared is con5i5tent with the financial statements,. and the directors, report included within the Governors, report has been prepared in accordance with applicable legal requirements. Matterson whlch we are requlred to report by exception In the light of the knowledge and understsnding of the charity ènd its emfironmenr obtsined in the Course of the audit, we have not identified matenèl misstatements In the dirertors. report induded within the Governors. report. HOLLAND HOUSE SCHOOL INDEPENOENT AUDITOR'S REPORT {CONTINUEDI TO THE MEMBERS OF HOLLAND HOUSE SCHOOL We have nothing to report in respect of the following matters in relatw to which the Companie5 Act 2Tr)6 require5 U5 to report to you if, in our opinion.. adeouate accounting records have not èeen tr*pt. crf returns adeqL*te forour audii have not been re￿ived from branches not visited by us.- or thè financial ststemÈnts are not in è8rÈÈmÈnt with the attountin8 records and roturns.. or certsin disclosures of tru5tees' remuneration specified by laware not made: or we hève not received all the informètion ènd explanations we reouire forour èudit,. or the Governors were not entitled to prepare the financial statements in accordance with the Small companie5 regirne and take athiantage of the small companies. exemptions in preparin8 the Governors. retx)rt and from the requirement to prepare a str3tegic repDrt. Re5ponslblllt4es of GO￿rnOr5 As explained more fully In the statement of Go¥*rnors' responsibilities, the Gowernors, who are also the director5 of the charity for the purpose ef company law. are responsible for the preparation of the financial ststernents and for being satisfied that they wve true and fair view, and for such internal control as the Governors determine Is nece55ary to enable the preparation of financial ststements that are free from material misststernenl, whether due to frautl or error. In preparing the financial 5tatement5, the Governor5 are re5pon5ible for a55e5wng the tharity'5 ability to contiThue 05 a goin8 conttrn, di5c105ing, as applicable, matter5 related to going concern and usin8 the goin8 Con￿rTh basis ol accovntina unle55 the Go%*rnor5 either intend to liquidate the charitable ompany or to cease operations, or have rbo reali5tir alternative but todo 50. Audltvr's r¢5ponslbllltlesfor the of th¢ fln•nd•l stslefflents Our objettives are te obtain reasonable assurance about whether the flnanclal statements a5 3 whole are free from material mlsstatement. whether due to fraud error. and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level ef a95urance but Is not a guarantee that arb audit conducted in accordance with ISAS IUKI will always detect a material misstatement when It exists. Misstatements caTr arise from fraud or error and are considered material if, Indivldually or In the a86re8ate, they could reasonably be expected to infiuence the economic dec15ions of v5er5 tsken on the basis of these financial ststements. Irre8ularitle5, includin8 fraud, are instances of non-rompliance with IM and re8ul•ti￿s. We design PTocedures In Ilne with our responsibilities, outlined ab¢)ve, to detect materiél mi55ta¢ements in re5pert ol irregulorities, includin8 fraud. The extent to which our procedures •re up•ble otdetertin8 irre8ularities. in¢ludifi8fr¥ud. isdetsiled below. A5 part of our planning prore$5'. We enquired of mana8emÈnt thÈ systems and corttols ihe SL*¢)ol h•$ in place, the ateas ol the finantial staternents th* are most susceptible to the risk of irre8ul3rities and Iraud, and whÈthÈr there was any known. suspettÈd or allègèd fraud. Thè sthool did not inform us of èny known, 5USPPrtÈd or alleged ITaUd. We trbtèined an understsndin8 of the le8al ond regulatory frameworks applitable to the company. We determined that the following were most relevant.. thÈ Chèrity SORP. FPS 102. Charities Act 2011. Companies Art 2C&S, Employment Act 2002 and Safe8uardin8 Vulnerable Groups Act 2CIJ6. We £onsidered the incentives and opportunitiesthatexist in the school, includin8 the extent of mana8ement bias, whlch present a potential for irregularities and fraud to be perpetuated, and tèilored ¢Jur risk èssessment accerdinÉlv. Uslng our knowledge of the school. together wilh the discussions held with the school at the planning stage, we formed a cenclusion on the risk of misstatement due to irregularitses including fraud and tsllored our procedures accerdinÉ to this risk assessment. HOLLAND HOUSE SCHOOL INDEPENOENT AUDITOR'S REPORT {CONTINUEDI TO THE MEMBERS OF HOLLAND HOUSE SCHOOL The key procedure5 we undertookto detert irregularities Indudingfra￿d duTingthe course of the audit included.. Identifying and te5tin8journal entrie5 and the overall accounting recoTd5. in particular th05ethatwere signifitant and unusual. Reviewingthe financi315tatement disclosure5 and determining whether accounting PDlicie5 have been appropriatety applied. Reviewing and ch311en8in8 the 35SUmPtions and I￿jgements used by rnanagernent in their ￿￿n￿c￿￿t accounting estimate5. in particulèr relatin8 to propertyvaluations. AssÈssin8thÈ ÈxtÈnt of tompliance. or13ck of. with the reltvant laws and rÈ8ulations. Testin8 key income lines, in p3rtitulèr tut-olf, lor evidence of management bias. Assessing the validity of the clèssific*ion of income. expenditure, assets and liabilities between unrestricted and designated funds. Performin8 a physlcal verlficatlon of keyasse ObtalninE third-party confirmation of mètsrial bank balances. Documentin8 and verifyln8 all si8nificant related party balan￿5 and vansactknns. Reviewingdocumentatien such as thegO¥err￿rS board minutes for discussion5 of irre8ularitles indudln8fraud. Owing te the inherent limitations of an audiL there is an urwoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and pertormed our audit in accordance with auditing stsndards. The primary re5pon5ibility for the prevention and detection of irregu13rities and fraud rest5 Wlth the tru5tee5 of the charity. A further description of our responsibilitie5 15 available on the Financial Reportin8 Cwncil'5 web51te at.. http5'.l/www.frc.org.ukl auditor5re5pon5ibilities. This description ftyms part of our auditor'5 report. Use of our report This report Is made solely to the charstsble((¥npanrfs members. as a bjdy. In accordatKewlth Chapter 3 of Part 16 of the Companles Ad 2006. Our audlt werk has been undertakn so ihat we mS8ht state to the charitable company's members these matters we are requlred to state to them In an auditor's report and for no other purpose. To the hjllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitsble company and the chantable company's members as a body, for our audlt work, for thi5 rewrt, or for the opinionswe have fomied. Andrew Rlch jSenlorStstut*￿ Aud￿1> for and on beh•lf ol HW FlsherAudbt Chartered Accountants Statutory Auditor Acre House 11-IS William Roèd London NWI 3ER United Kingdom 29 Jun Z025 HOLLAND HOUSE SCHOOL ATEMENT OF FINANCIAL A￿1VITIEs INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2024 Unrestricted Unrestiicted fvnds neral de￿Inated 2024 2024 Totsl Unrestricted Unrestrirted fund5 dÈsi8nated 2023 Total 8eneral 2023 1014 2023 Income from.. 1,928.484 73.668 1.928.484 73,668 1.710.504 64.835 1,710.504 64,835 Investments Total Irbtome 2.CQ2.152 2,C#)2,152 1.775.339 1,775,339 Ex endlttsre on.. 1.715.102 55.5Y 1.770,656 1.625.204 59,310 1,684,514 Net Ealnslllosse51 on investments 370.(￿} 370,LKX) I60,(￿} 160,OCh)I Gross transfers between funds Net In¢om¢torthe ywrl Net movement In lunds 13331 333 287,050 314.446 601,496 149.802 1118,9771 30,825 Fund balances at I September 2023 812.933 2.240.607 3,053,$40 663.131 2,359,584 3,022,715 Fund ￿1•￿(1$￿t 31 A¥1¥51 2024 1.099.983 2.555.053 3,655,036 812.933 2,240,607 3,053,540 The statement of financlal actiw6tles Includes all 8aSn5 and1055e5 recoBThSsed In theyear. All Income and expenditure deri￿ from continuing activitie5. The statement of financial activities also tomplie5 With the requirements for an irbtome and exppnditure attount under the Companie5 Act 2W6. 10- HOLLAND HOUSE SCHOOL BALANCE SHE ASAT31 AUGUST2024 2024 2023 Flxed assas Tangible assets Investment propertie5 1.207,016 2.345,IKA) 1,230,978 I,975,￿0 li 3.552.016 3,205,978 Currefit assets Debtors Cèsh at bank and In hand 164 881,887 456 567,795 882.051 1779,0311 568.251 1720,6891 Cr¢dllors'. •mourrts lallln8 wlthln y¢•r 103.020 1152,4381 Total assets less current Ilabllllbes 3.655,036 3,053,540 Intome funds Unrestriaed fu Desi8natÈd funds General unrestrlcted funds 2,555,053 1,099.983 2,240,607 812,933 3.655.036 3,053,540 3.6SS,036 3,053,540 28 Jan 2025 The financi31 statements were approved by the Govemor50n................ N Shah Trustee Company Re8lstrntlon No. 01164455 HOLLAND HOUSE SCHOOL ATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2024 2024 2023 Noies Cash flowsfrom operavni Cash 8enerètÈd from opèrations 272.016 178,676 InvestlnÉ att1￿1￿e$ Purchase of tangible fixed as5et5 Rentsl income and Interest recewed 131.5921 73.668 64.835 Net (ash 8enerated Investlns artl¥ltbe5 42,076 64,502 Flnan¢ln8 art1￿11e$ Repayment of bank loans 1290,C¥)JI Net f45h used In Ilnandni aaibftles 1290,OLX)I Net Increaselldeueasel In o5h and ush equlvalents 314,092 146,8221 Cash ond cash equlvalent5 at be￿nnIng0f year 567.795 614,617 C•sh ash ¢qulv•lents •t •rbd ol)Y•r 881.887 567,795 12_ HOLLAND HOUSE SCHOOL NOTES TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 AUGUST2024 Ac¢ounting poll¢ie5 Charity irTrlormation Holland House School is a private compan¥ limited by warantee incorporated in England and Wales. The registered office 15 1 6roadhurst Avenue, EdEware. m￿dIe$eX. HA8 8Tr. The members of the company are the Governors. In the event of the compaThy being wound up, the liability in respect of the 8U3r3ntee is limited to £1 per mernber of the company. 1.1 Accountingconventlon The financial statements have been prepared in accordan￿ with the Companies Att 2￿)6 and"Accountin8 and Reportin8 bv Charities.. Statement of Recornmended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191" The charity Is a Public Benefit Entity a5 defined by FRS 102. The financial 5taternents are prepared in Sterli￿ which is the hjnctional Cur￿ncY ol the charitable company. Monetsry amount5 in these financial 5tstements are rounded to the ne#re5t E. The financial statements have Ixen prepared ufider the his¢tyi¢al ¢ost ￿N¥¢￿tion. modified to in¢lude the rev•lv*ion of investment pr4pertles to falr v•lue. The prln¢ipal a¢¢ountin8 polityesadopied are set out ￿low. 1.2 Goln8 coritefn Considering cvrrent cash fiows and experted fvtvre incorne, the trustees have a reasonable expertatlon that the charlty h35 adequate resource5 to continue in operation for the loreseeable fvture. thus the trustees have continued to adopt the goin8 ¢oneern basis of a¢¢ountin8 In preparingthefinan¢i•l ststements. 1.3 ChDrltable fund5 Unrestricted funds are &fallable lor useatthe discretion of the Governors in furtheranceof thelr charitsble objectives. De518nated lunds comprise fund5 which hT4e been Sel aside at Ihe dixretion of the Goveinor5 for specific purposes. The purposes and uses of the desi8n)ted fund5 are set out in the notes to the finanuol slatements. 1.4 Incomln8 resources Income is reco8nisÈd when the charity is legalty entTiled to rt èfterany perfornian￿ conditions ha¥e been meL the amounts can be measured reliably, and it is probable thèt income will be received. Cè5h donations ère rÈco8nisÈd rÈteipt. Other donatitins are rets)8nised ontÈthÈ charity has been notified of the donÈtion. unles5 pÈrformante condition5 require defertsl of theamount. Income arises in the United Kingdom from ￿u(allon3I and allied èctivitiÈs and is ac£ountÈd for in the year to which it rÈlate5. Tuition fees unpaid èt the balance sheet date and relatin8 to the period tothat date are brou8ht in as income with 2 prowsien created in respert of those for which recoverability is considered to be doubtful. Fees received in èdvènce at the balance sheet date are included In Creditors as income oltht frJlIowng￿a￿. Investment Income is reco8nised on a receNable basS5. 13- HOLLAND HOUSE SCHOOL NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Accounting pulicie5 Icontinuedl 1.5 Re50urce5 expended Expenditure is recognised oncÈthÈre is a lÈ8al or tOnStrurti¥È obli8ation totransler etoM>mit benefit to a third party, it is probable that a transfer of ecoMmi£ benefrts will be required in settlement and the amount of the obligatlon can be measured reliably. Expenditure 55 made up olthe total of dire£t costs and shared costs. Snduding support costs Stwolved In undertakSng the school's activity. Direct costs attributable single actiwtyare allrKated directlyto that activity. All e¥penditure 15 accounted foron an accruals basis. expenses, including support costs and governance c05ts. are allocated to the charitsble actwity in the statemeThtof financial actiwties. Governance costs comprise all costs irbvolvinB the public accountsbilrty of thecharity and its cornpli3nce with re8ulation and Bood practice. 1.6 Tan8lble flxed assets Tangible lixed as5Èts, ÈXtludin8 Investmeht yoperties. tyre ifiitialty measured at ¢ost and subsequently measured at cost, net of depre¢iation and aty Impairmeht losses. All assets costing more thèn £5DJ aretèpltalis¢d. Oepreclation 15 recoBnlsed so as to write off the cost or v•lu*ion of •55ets le55 their res￿￿41 value5 over their useful lives on the follo¥vin8 b•$es'. Freehold buildinKs Furniture, fixtures and fittings Freehold lond 2% straight line 20% straight line Not depreciated The galn or1055 arlslng on the dlsposal of an asset is determined as the difference tetween the Sale proceed5 and the carryln8 value of the asset. and Is recO￿lsed In ner incomellexpendttuiel for the year. 1.7 Itwestmeni propertles Investment property, which is yoperty held to earn rentsls and for tapilal appreciation, is measured u5in8 the fair value model and stated at it5 fair value as at the reporting end dats. The surplus or defitit on revaluation is retC8nised in net intornellexpenditurel for the yeèr. 1.8 lrnpalrmenl of flxed ?ssets At each reporting end date, the charity reyiews the carrwn8 amounts of tanwble assets io determlne whether there Is anv indication that those assets have suffered an impaimient loss. If any such Indicat*￿ exists. The recoverable amount of the asset is est1m3ted In order to dererminethe ertent of ihe impairnient loss lif anyl- 1.9 Fin•nci•l instrumerfs The charity h35 elected to apply the prwsion5 of Sertion 11 'Basic Financial Instruments, and Sertion 12 '0ther Fin3ncial In5trurnents lssue5' of FRS 102 to all of its financial instruments. Financial instruments are recogni5ed in the chaiity'5 balance Sheet when the charity bpcome5 party to the contractyal provisions of the instrufflent. Financial as5et5 and liabilitie5 are offset, wTth the net amounts presented in the finaniial statements. when there is a le8allv enft)rceable ri8ht to Set off the ￿cOgnised atnounts and there 15 an intention to settle on a net basi5 orto reali5e the a55et and SÈttle the liability ￿mul￿n￿OusIy. 14_ HOLLAND HOUSE SCHOOL NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Accounting pulicie5 Icontinuedl 80slcj1ftt7nclt71o￿ets Bèsic financial assets, whith indudÈ dÈbtors and £èsh and bank bala￿es. are initially measured at transattion price intludlng trènsattion costs ènd are subsequently tarried at amortised cost usin8 the effettNe interest method unless the èrrèngement constitutes a financing trènsattion, where the trènsartion is meèsuied at the present vèlue of the future receipts dlscounted at 3 market rate ef interest. Financial as￿$ clèwfied as ieceivèble within one year are not amortised. Investment properties held as fixed assets are measured at fair value, details over this policy can be seen at 1.7. 8o51¢flnon¢lt7111t7bllltles Basit finantial liabilities, includin8 trÈditors are Inttially ret08mis￿ at transaction price unless the arran8ement constitutes a flnantin8 transadion, where the debt instrument is measured at the present value of the future receipts dlseounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt Instruments are Subsequent￿ carr*d at amortised cost, U￿n8theeffefIlYe Interest rate method. Trade creditors are ebli8ations to pay lor goods or services thai have been acquired In the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non 256,395 13,192 1,757,158 31,592 At 31 Au8U5t 2024 1,519,163 269,587 1,788,750 Depreclaiion and ImpaIrn￿ At I September 2023 Depreciation charged in the￿r 327,772 11,845 198.408 43,709 526,180 55,554 At 31 August 2024 339.617 242,117 581,734 C•rrylni •m￿an1 At 31 August 2024 1,179.546 27,470 1,207,016 AI 31 Au8USt 2023 1,172,991 57.987 1,230,978 li IrThYstment propvty 2024 Falr ¥alue At I September 2023 Net 8ains throvgh fair value adjustmerbts 1,975,oryJ 370,0(h) At 31 August 2024 2,345,OC(J Investment property comprises three residential woperties. The fair value ol all properties has been determined by the Governors. The valuation was made on an Ok*n market value basis by reference to market evidence of rentèl yields and transartion pricÈs for similar properties 19- HOLLAND HOUSE SCHOOL NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 2014 2023 AmouTrtsfallln8 due wlthln one ￿11. Trade debtor5 164 456 13 Credltors.. *mountshlllngdut wlthln 2024 2023 Deferred income Trade credltors Deposits Other credlters Accruols 239,623 4,843 494,338 22,767 17,46D 217,001 3,131 467,361 15,736 17,460 779,031 720,689 Oeferred incorne relates to autumn school fees rel*inB tothe next financlal ￿ar that have been r￿e1ved In ao*ance. Oelerred incorne brought forward from 2023 wa5 E217.CQl. all of which wa5 released in 2024. -20- HOLLAND HOUSE SCHOOL NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 alysls of net assets between lunds Generalfvnd Des*nated funds 2024 Totsl General hjnd DesSEnated funds 2023 Totsl 2023 2023 Fund balances at 31 Au8USt 2024 are represented bv.. Tanwble assets Itwestmenr properties 1.207.016 1.348.037 1.207.016 2.345.L 103.020 1,230,978 I,LK19.629 1,230,978 1.975.OLKI 1152,4381 996.963 103,020 965.371 1152.4381 1,099.983 2.555,053 3.655.036 812,933 2,240,607 3,053,540 -22_ HOLLAND HOUSE SCHOOL NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 16 Retlrement benefft sthemes The school'5 employees belong to two principal pension scheme5.' the Teacher5. Pension Stherne England and Wale5 ITPSI for academic and related staff and the NOW Pension Scheme for non-teachin8 Staff. Teatherf Penslom Stheme The Teèchers. Penslon Scheme (TPSI Is a ststutw. contribuwy. defined benefit Kheme, governed by the Teachers. Pension Scheme ReEulations 2014. Membership Is auiematic teathers It) ￿￿eMIeS. tsachers have the optlon to opt-out of the TP5 following enrolment. The TPS Is an unfunded scheme to which both the member and emplO￿T make5 contributiens. as a pertrntage of salary - these contributions are credited ￿ ihe Exthequer. Retirement and oiher pension benefits are paid by public fJnd5 provided by Parliament. Valuatlon of the Teachws. Penslon kheme The Government Actuary, uyng norrnal 3rtuarial priTrciple5. condurts a formal artuari31 wiew of the TPS in accordance with the Public Service Pensions IVèlua¢ion5 and Employer Cosl Copl Dirertion5 2014 puwished by Treasury every 4 years. The aim of the review is to specify the I￿e1 of future ron¢ributions. Actvarial scherne valuations are dependent on 355umptions about the value of future costs, design ol benefits and rnany other lartor5. The latest actuarial valvation of the TPS wa5 carried out as at 31 March 2020. The valuation repDrt was pu￿1$hed by the De￿rtrnent for EdU￿t￿n 26 October 2023. The key elementsof the valuation and subsequent consu￿￿11¢￿ are.. employer contiibution rates set at 23.6%of pensionèble pay lintluding a 0.08% administration levyl total scheme liabilities (pensions currentty in pèyment and the estimated cost of future benefits) fer service to the effective date of £262,(￿ million ènd notionèl assets lestimèted future contributions together %vith the notional investmet)ts held at the valuation daiel of É2Z2,2C*) million, 8ivin8 netienal past service deficit of £39,8cKJ million the SCAPE rate, set by HMT, is used todetermine the notional itwesiment return. The current SCAPE rate Is 2.4% above the rate ol CPI. assumed real rate of return is Z.4% in excess of prlces and 2% in excess of earnin8s. The rare of real earnin85 8fovAh isassumed to be 2.2%. The assumed nomlnal rate of return includingearninRs gr0￿h is 4.45%. The employer's penyon costs paid toTPS in the period arnounied to £188.86012023.. É155.2881. A copy of the valuatlon report and supporting docvfflentstion is on the Teacher5. Pensions web51te. Under the definition5 Set out in FRS 102, the TPS 15 an vnlvnded mvlti-employer pension Kheme. The charity ha5 accounted for it5 contributions to the scherne a5 if it were a defined contribution Scheme. The charity trust h35 set out above the information availableon the 5rheme. NOW Penslan Scheme Non teachin8 staff are rnernbEr5 of the NOW Pension kheme whith is a dehned contribution scheme. Durin8 the year the Costs paid to the NOW Pension khetne were £36.84712023.. E22,9J71 TherÈwÈre no outstandin8or wepaid contributions at t￿￿hÈr the bÈwnniTh8 or the Ènd of the financial year. -23- HOLLAND HOUSE SCHOOL NOTES TO THE FINANCIAL ￿ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 17 Related partytransactiry Tran5JCtionswth related partie5 The following amounts were receivable on rwnal term5 for fee5. Ivnches and outings in respect of children connected with the followingG￿e￿Or$'. 2024 2023 O Adebo13-Law31 STharoo K Patel P Mehta 6,523 19,442 10,056 7,543 11.627 11.997 23.624 43,564 18 Cash 8enernted from operatlons 2024 2023 Surplus for the year 601,496 30,825 Adjustments for.. Investment income reco8ni5ed in Statement of financial •rtivities Falr value 8ains and losses on investment properties Depretiètion ènd impairmefit oltsn8iblÈ fixed assets 173,6681 1370,IJYJI 55,554 164,8351 60,OLKI 59,310 Mevements in workin8£3wtsI.. Decrease in debtors 292 35,720 22,622 366,346 36,522 1309,4921 Increaselldecrea5el in deferred in¢ome Cash senerated fmm operatlohs 272,016 178,676 19 An•lysls of changes im net furbds The charity had no debt duringthe year. -24_