Charrty Registration No. 269667 Company Registration No. 01182629 (England and Wales} THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 THE PETERBOROUGH SCHOOL LIMITED CONTENTS Page Company Infomaltsn Chair's Statement Directors, report lin¢orporating the Strategic Feporti Independont auditor's report Financl81 staleFnents of th8 company 4-20 21-24 25-44 THE PETERBOROUGH SCHOOL LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024 DIRECTORS AND ADVISORS Oirectors Mr K P Craig BA IHon51 FCCA CTA Ichaitmanl Revd C2non T Alban Jones MBE M5 L Ayres LLB Mr K Chakraborty MEng Mrs S Dixon BA IHonsl Dr R E R Gifford Bsc {Honsl PhD FHEA N8rs K C Hart BA (Honsl Mr P Hayes Iresigned 261212Q24) Mr G Hynes Dr N M6non MRCS BMBS IHonsl rs H L Milli9an-Smith LLB (Honsl Mrs E Payne Iresigned 1011W20231 Mr J G Roach (appointed 19106120241 r P T Simmons I￿￿e Chairman) Dr J S Thompson LMSSA MBBS DRCOG Iresigned 31107120241 Mr S J Dharamraj MBA MSC 8SC IHonsl 289667 Company Secretary Charity No. Company No. Princlpal Add￿$ and RÈgÈstered Office 01182629 The Peterborough School Limited Thorpe Road Ptrterborough Catnbridgeshire PE3 6AP Key Management Personnel Head Mr A D Meadows Bsc (Hons) PGCE NPQH Mr S J Dharatnraj M8A MA Bsc (Honsl Bursar Aud¥tor rvtoore Kngston Smith LLP Floor 9 Apptsld Street London EC2A 2AP Bankers Sa￿13YS 82nk plc Leicester LE87 2BB Solicitors Hunt & Coombs Solt¢itors 35 Thorpe Road Peierborough PE3 SAG Investment Advisers Rav8nscroft Group The Singing Men's Chamb&rs 19 Minstèr Precincts Poterboiough PE1 1XX THE PETERBOROUGH SCHOOL LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024 Insurance Brokers Marsh 1 TgWEr Plac& West Tower P18Cè London EC3R 5BU THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (Incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 CHAIRMAN'S REPORT This has been anoth￿ incredibly su¢cegsfvI year for The Petsrborough Sthool. We remain mindfijl Df the impact of the cowd pandemic, particularfy on our childrsn, vrtK> defftonslrated immense resilience as they adjusted to the pandemic restrictions, £lso the Impa￿ on the wider famllies and communlty. However. the levels of activty across the entire School and Nuisèry are impr8ssive- aTrd the sense of energy and vibraney around the School is palpable. l experien￿ this on a daily basis as both thè Chair of Governors and as a Parent. The Headmast8r, his senior leadership team, the teache￿ and all support staff contrsbute to create a warm 8rkd welcomin9 School that has the chÈldren at its very heart. The Sové that children have for learning can be seen right the way from our Nursery to our Sixth Fiym. l particulady ￿eaSe1, but not surprised, to see THY thoughts and experiencè of the Schod and Nursery was shared by the Independent Schoo15 Inspecto￿te and OFSTED. After delays caused by covid, th& School was subjeetlo 8 full quality and complian￿ inspection and the Nursery to an OFSTED inspeetion in February. We ieceNed glowing reports that caplured what our School and Nursery delwer on a daily basi¥. You will have read the reports, but please indulge m8 as I rèfled on some of the h￿hlights, 'Tulors promote GOTr values of family, ambititrn, character end excellencé (FACEJ. As a rèsult. puptrls ère well rounded, &èlf-Gonfident and considerate of others,. Pupils behave resp8cffully both in and out of the clèssroGm' and TeachÈr&' understanding of pupils, need and individualised support in lessons mèans that the majority of puplls aft&in grades at GCSE and A level hlgher th&n those p￿dIcted from their assgssed stsring poffnls,. Of our Nursary. oFfED said Staff a￿ comforting &nd ￿98$U￿ng tci childtsn, and they m66t theirneeds well,. The results and achievements at thè Earfy Years Foundation Stage conttnue to be impresslve, a5 were the results at GCSE and A Level. Individual SUC￿sseS and ?chieveTnents are happening every day, as the staff nurture and educate the pupils. This succèss wntinues to be mirrored in the wder achtevernents in sports. art, drama and music. There is more detsil on the Tesults and achievemenis later in this report We continue to invest in the infrastructure of the School and Nursery. Major projects indude the refurbishment of the Prep toilets, the creation of a new leaming space in Prep. further enhancements of the Nursery playground. Whilst. just as n8¢essary. but lèss obvious. we have roplaced a boller and made r¢paiT5 to the roofing. Investment in the estate has Continu￿ in rècent years and wg ¢onlinue to plan furthet enhancements. The challenge that we have faced in this last year Ss pr&paring for the implementatlon of VAfon school fges and the loss of Businoss Rate Rel￿f. We recognise the significant Impact of VAT on our parents, all of whom work very hard and make signfficant saMfiThs to pay the sehool fees. For this reason, we arè ￿refullY revièwing ouifinances to ensuie that we are spending money appr()prialety, so ès to offer our parents value for money, whilst also providtng the first-rate 8dv¢alional experi6n￿ for their childrèn that thèy come to exp&ct trorn us. I have advisèd parents that we are planning to soften the impact of VAT over the first couple of years by absort)ing some of the impact 0120% VAT. To reducè the impact of VAT we havè reduced our s¢hool fees from 1st January 2025 to pass on no mgre than 12.5Yo of the VAT increase to parents, instead of the full 20°h. This is a lowèr amount than oth&T private sclK>ols in the arèa. This yaar we have made smsller than usual surplus, in part because of the rising costs of energy and the impact of another above infflation Living Wage ineraase. However, we arè able lo take this surplus to reinvest in the School's charitable objects to promote and extend edueation. The SGhool's aim to lod( the potential of each and every child remains an exciting goal, with the leaming and wellbeing of ève child being at the ￿￿trE of all that we do, underpinned by strong values buitt upon Chrisban Mr K Craig Chatr of Governows 4 De￿Mb￿r 2024 THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strateglc Reporti YEAR ENDED 31 AUGUST 2024 Th& directors pre58nt thei¥ report and financial statements lor the year &nd¢d 31st August 2024 and confim ￿eY comply with the requirements of the Charities Act 2011. includlng the Directors, and Stralogi¢ Reports, under the Companies Act 2006. REFERENCE AND ADMINISTRA TIVE INFORMA TION The charEiy was forrned in 1575 and is registeFed with the Gharity Comm1s5ion as charity number 269667. The charity is a limited liability company and who51y ownod Subsidiary of Ths Woodard Corporation (charity number 10962701. The ¢h2ritÈbl& company is incorporate(£ in the Uniled Kingdom. Directo￿ of the Company are also Fellows Imembèrsl ol the Woodard Corporatic>n and paTUoipate i th8 election of Its bo8Td of managemènt and ar& committed to its charitable objects. Note 24 provldes detslls of connected charits'8S. STRUCTURE, GOVERNANCEAND MANAGEMENT Goveming Document Tho Company i% wverned by Articles of Association as adopted by Spocial Resolution dated 20 March 2013. They pemlt funds to bè managed in such a manner as the direclofs see f*1, provided that such powÈr8 are only 8xeTcised for the purposes of attaining thè tsbj8cis and in a manneT which is legally ¢h8rilable. The Articles of Association forbid th8 distribution of any propety or fynds, which afe lo be applied solely towards the prtsmotion of the objects ol the company. Governlng Body Th& govèmrs sre the directors and charitable trustees of the company and compris& lh& governing borly of The Pelerborough Sthool and are elected to hold office lor five years. The schotsl Is govemed by the governing body which operates using a number of committee5. Membership of each committee is ouUin8d on page 19. The governlng body full Councll mel 3 Ilmes during the year. Ro¢rultment and Training of Govèrnors All governors are Fellow5 of the W?odard Corporatlon. Fellows are responsFble ftsr elècting Ihe Woodard Corporation B08rd. Govemors are recruited on the basis ol nominations from ￿h9O1 wnt¥ets and from seléction whgn a post becomes availablè. The governlng body look to ensu￿ a mix of ski118 and sél8ct new govemors on the basis of background. GOTt4petence, specialist skills and, in the case ol Fellows, Christian eommltmenL Governors are provided with induction training by the Head, Bursar and staff and s wider programme of training ev8nls Is OFganised by Iho Wo(Idaid Corporatnn. Where possiblg the govemors consider that the skills Ènd exptrrténce of thè governing body should comprise the follc>wlng'. A GovertKtrr with 8 legal backgTound. A Governor with a linanci?Ilaccounting background. A GovèrnoT WEth education experlBnce. A Govemor with senior managerikl 01 busines8 experionce. A Governor with experience of equal opportunities or d￿&bIlty nè8ds. At least ono fe￿ale Govemor and 8t least o)ne male Governor. One Govemor may hov0 one or morè ofthese skÈlls. Volunte8rs Govemors are volunteers providing their titt)e for free lo support the governan￿ of the school. The schwl also relies on a number of othars lo undertake voluntéèr rdes including assistir>g its fund-raising activities, help al school events and provide support al funGlions. Tha School enjoys th$ supporl of ar> active and ènthusiaslc Parttnl Teachers Guild. THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strateglc Report) YEAR ENDED 31 AUGUST 2024 Organisational Managèment The School is govèmèd by the Goveming Body which delegates work to a numb8r of commrttees. Membership of ￿ch ¢on7mittee is outtined page 19. The Govemors detèm)ine the general policy of the School. Finance & General Purposes Commlttèa- the Finan￿ & Generdl Purposes Commrttee has a remit to conslder budgets, both revenuè and capital, cash flow infortnation and financial reports, including the finantsal ststements. It also considers financial policiès and the financial ￿gUlationS as w?11 #s the School Development Strategy. 11 makos recommèndations to the Gove￿1￿9 Body lor approval. The Committee met four tifn85 during the year for scheduled meetings. E41ucation Committee - the Educats"on Committee is r8sponsible for oversight of the academic perforffjan￿ of the School and educational policy, making recommendat10115 to the Governing Body. Thè Committee metthree times during the ygar. Health & Safgty Commthè- the Health & Safety Committee has a Fetnit to conslder hazards kn the Schwl, staff, pupils, and visitors and to mitigate risks. A Govemor ovetsees the work of thè Committee. the Bursar makes a termly report to th? Council and an annual statement is madè trj the Goveming Body bythè Health and Safety Govemor. The CommTttee mel three limes during Ihe ye8r. Safeguarding and Wellbeing Committee- the Safeguarding Committee has been renamed as the Safeguarding and Wellbèing Committee. It mon¢(ors the arèas of safeguarding and child protection, safer recruitment, security, heath and safèty. Special Educational Needs and Disability Art and Personal, Social, Health and Economic IPSHEI Education lo ensure an effeetivè safeguardiTrJ reglme is in place. The Committée met three times during the yts8r. School Development and Marketing Committèè - this coM￿rtIe0 tneets thr66 tIFll8S 8 year. It oversèès marketing activities and gènerates markeiillg initiatives. Italso Cowordinates fvnding strategy to underpin the School's development. It reports to thè Goveming Body on a temly basis. The Commrttee met three tlmes during the year. Early Years Commrttee - the Earty Years Committee ovèrsees passoral, safgguarding and w8lfare issues in the Nursery and Re￿ption yèar. The Committee met three ttmes during the ye8r. ComplaÈnts Appèol Panel - tho Appeal Panel is the final process in the School's complaints prottedure. It wn515ts of Governors and an independent member. Tha Psnel has not m&1 during this year. Crisis ManagèmÈrtt Committee-the Crisis Management Committee monitOF and review thè Sehool crisis rnanageTHpnt plan. The Committee meets as reqUI￿d, thore were no mèetings in thts last year. The day-today managen*nt of thè Srhool is delegatèd to the Headmaster and the 8u¥saT as the Key Management Personnel, overseeing educational, pastoral, 8rtd administrative functions in consultstion with the seniL>r stsff. Thè d8y-t¢>day administration is undertaken wrthin the poliues and procedures approved by the GovÈmrs whi¢h provide for only significant expenditure decisions and major capital projeds to be referred to the Govemors for prior approval. ThE Headmaster oversees the recruitment of all educAtonal staff. whilst under delegated authority the Bursar ovèrsees tha recruitment of administratNe and non-teaching support Staff. The Headmastèr. Deputy Head and Bur6ar ara invited to attend Govemors, meetirys. The BursBI Also acts as the Clerk to the Governors. The remun8ration of Key Management Personnd is set bythe Governing 8ody. wlth the pcili¢yobject¢vè of providing 8ppropriate incentives to encourage enhanced performance and of rewarding them falrly nd responsibly fortheir individual contributions to the School's success. The apprtspriateness and rtrlevance ofthe remuneration polioy is wiewed annually. induding referen to compartsons with other independent schools to ensure that ￿e School remains sensitive lo the broader Essues of pay and etllploymènl conditions elsewhere. We aiTn to ￿enJit. subject to experien¢e, at th@ lower to m&dlum point ￿thIn a band. providing scope THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (Inco￿OratIng the Strategic Report) YEAR ENDED 31 AUGUST 2024 f(>r revrdrding excellence. Delwery of the School's ch8ritable vision and purpose is primarily dependonl on our Key Managefflenl Pèrsonnel and stsff wsts ate the largè51 single element of OUT ¢harltable expendilurg. Group Structurè and Relationships The School has n¢ subsidiary. Notes 24 and 25 provide details ol conneded charities. We have a thriving 8lumni gioup, th& Westyvotsdians, who support the work of Ihe School and whosg support Wg greafjy appreciate. We also cooperate with many local Charltlès in our ongoing endeavours to widen publtc access to the schooling w@ can provide. lo optimise the edu(*tional use of our cultural and sporting facilities and to awaken In our pupils. in the public interest. an awareness of the social ntext of the 411-round education they receive. The School has developed links with 8wide range of organisalions lo ensur&the wide51 possible access to our faciliti@s and schooling. The School is a member of the Independent Sohools Council IISCI Ihrough membership of the Society of Heads ISOHI. the Indeper￿ent Schools, Bursars Asso¢iatio IIS8A}. the A5sofAation of Goveming Bodies ol Indepepdent Schools IAGBISI and through networking with peer groups we ensure that we a￿ able lo attain Ihg highest standards o* quality and performance. We encourage our pupils lo develop an awareness of the social context ol the all.round education they receive at the School, and they are engaged in a number of aettvitles to enhance their understsnding. We 81$0 coop8rale with many local charities in our ongoing ¢ndeavours lo widen public accèss to the sGhoolin9 we can provide, to optimise the gducalional use of our cultural and sporting tscilllies and to awaken in our pupils, in the public interest, an awareness of the social conlexiof the all-round education thgy reLeive. CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charitable Objacts Thè eharity's objects, as sel out in the Articles of Asso¢Talion, are lo promote and extend educallon fi￿1udIng spiritual, moral, social, cultural and physical education) in accordance wth the doctrlnes and PTinciples of the Church. The Church is defined as being the Church of England and thurches in full COEntTtunion with the See of Canterbury. Int•nded Impact WDodatd schi)ols strive for the best all round education of every aspect of each individual,. thèy ènsute htgh standards of rèligious education,. and they see Ihemsplvos as communlties working togeiher for the bènefit of all members, and ol the Church and thè nation. They are strong Christian loyndaliorB whi¢h adhere to catholic belief as found in the Church, to Christian worship fo¢us0d on the Eucharist, and to the caro of each individual and the whole school community particularised in the ministy of th8 Chaplain. Alms The Peterborough School is an independent day school for boys and girts from Nursèry to Sixth Fomi. Th8 School aims lo unlockth& potential ol each and every ehHd, undeTPtnned by instilling Famlly values. inspiring èv6ry pupil to be Ambitlous, dov&loping their indriidual Character and striving for Excèllèncé in an enriching Searning environment. The Sd)ool ha5 three main objectives: Pupil Leaming, Pupil Wellbeing and Leadership. Primary objectlvès AM Stratsgl¢ Goal 1- Lèarnlng Overall achi$vement of the pupils is outstandin9 Wth an excellent rate of progress maintained throughout the school. THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 Pupils. basic skills for leaming are at a particularly high level in most or all areas of leaming. Pupils have a good or bettèr mèasurè of success in extrd4urricular actvitias. ThÈir group and individual athievements are conslderable for thelr age. Pupils, attitudes lo learning atB decidedly po$￿ve, and they are highty productNe in individual work and Di collaboration with others. Strategic Goal 2 - Wellbeing The School will ensure a high lèvel of provisson for the emotional and physical needs of all membe[5 ofthe School wmmunity. Pupils will be seff-refleGtive and have an objective awareness of their 8trengths and weaknesses. They afe self-confident and hence show notablè resilience. pupi￿ will appreciate strongly non-material aspects of lrfe sftd show well4eveloped aeslhelic and cultural awaren8ss. Pupils will understand and respect systems of wles and laws, and accept responsibility fortheir own behaviour, tn¢luding tovffjrds others. Pupils will enthusiastically pro￿te understanding of thOlT tswn and other faiths and ¢ullur&s. Pupils wll apprecÈate the circumstances of those less fortunate than thems¢lves and are active in supporting them. Stratègie Goal 3- Lpadership Leaders and those wth management responsibilibes h8ve good and appropriate skills and knowledge fulfil thèir rèsponsibtlsties effecbvety and consistently {so trat the requiiements of relevant stsndar(Ss and ststutory guidan￿ ar¢ rn¢t x)nsistentlyl. ensure that the school's aims and èthos a￿ well kni)wn to pupils and are seen to work well in Énsui8 that pupils. wellbe¢ng is actively p￿moted. ènsuie effective links with other agencies to promote and benefrt the wellbeing of pupils. onsure effective and consistent implementation of all policiès 8nd Pro￿dUres. ensure that that the sch￿] fulfils tts responsibi11tiès under the Equality Act 2010. ensure th81 all staff have regard to applicab￿ guidance. which is understood by stsff and pupils. Supporting Goals Marketing - The School's excellence and strengths will be well knc>wn and the School will be the School of choiEe in tre area. Innovatlon - The School wll be a plzeè of innovation and creativity, wt)Tking to prepare pupils for caTegrs and btJsiness&s of the fvture. Partnerships - The School wlll establish strong links wth parents, fomet pupils, other lo¢al schools and members of the community whi18 bging engaged in national organisations. THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strateglc Reportl YEAR ENDED 31 AUGUST 2024 EnableF¥ People Inspire. develop and support staff to fulfil the Strategic Goals of the School. Attract, reward and rokln the best peopl¢. o Value, suppor¢ develop and ulilise the full po18nlial of our staff and work lo make the School a stimulating and successful plac& to work. o Promote Ihp attraCt￿eneSS of the School and suprrfjrt new staff lo enable them to become effeclwe. Finance and Est8t8S Ensure effectlvo governanc8. Secur8 the long-term financial strength of the School to sustain oulstandlng academic and 8xlr8-curri¢ular a¢tlvlties. Provide a modern, eff¢ci6nt and stlmulaling working and leaming environment. Ensure Fligh stsftdards ol accountability. probity and flnanctal cgnlrol 8nd deliver best value In all our a¢twits8S. Prln¢lpal Actlvitles of the Year Tha prinopal advity of th& school is th& dgltwery ol gducation to pupils up to 18 y$ers of age. WÈ also run a number of summer school actlvlt18s, and the school is open at other Umes for use by the local ¢ommunity. Pupil nutnb8rs at thè school during the year were a5 follows.. 202312024 202212023 Senior Sthool Preparatory School Pr&-Pr8paratory School 263 177 52 192 41 Total 492 S17 202312024 202212023 Girfs Boys Girts Senior School PTepaT810ry School Pr&Prepar8tory School 119 81 30 144 96 22 134 87 23 150 105 18 Totsl 230 262 244 273 Publi¢ Ben&tit Wkthirl the objects, th& School aims to create an environmènt to nurture children, to gel the best from them and lo allow them to develop and fulfil their potenlial. Wo provide them with a first-class educallon and a wide range of sporting and artlstic opportunities. Our public benefit aim is that all pupils will bè well-educated, seffrt lo Ukrainian familles caught tsp In thè conflict. To celebrate the 125th Anniversary of the School and in recognstktn of Ihe widèr public beneflt, the Governors created the 125 Scholarship. This is a means-lesled transfrjrmational award that allows puplls lo join Ihp School for the Sixlh Form. who otherwise would not be able to atlend. Whilst undoubledly benelitlng the recipients. il akn benefits th8 School by broadenlng the experiences and views of the pupll bas8. The progress of puplls rece￿[[￿g seholarships is rgvE8w8d atleast 8nnu&lly to ensure their progress Is in line with their 2blliti&s. No sthol#rships werg Wtthdrawn in the year as a rè8uSt of reviews. Employm•nt Pollcy W6 are an equal opportunlty organlsation and are committed to a working envlronmenl that TS free from any form of discriminatson on the grounds of coloui. race. ethnicity. religion, sex, sexual orientation or disability. We will make reasonable adjusttnenls to meet the needs Jf staff or pupils who are. OT who develop, a disability. Engagement wlth Suppliers. Customèrs and Othèrs In a Buslnèss Rela￿OnShip with Example College The Peterborough School seeks to engage actively and posttively w¥th all stakeholders In the local communty and In the widèF 8du¢ational landscape. Collaborativ& relationships with suppliers. parents. educational partners and ¢ommunity leaders are seen as key enabler5 to achieving Su￿sS In all of the School's operations. DurÉng the year the School has fijrthéf promttt8d this engagement though spèeific inilhqtivès InclLJding: Regular communlcauoft and èngagement with payents and prospectwe parentg ot pupils attendlng The Pp19rborough School lo enhan￿ the understanding of the provision to each pupil and lo fully COOTdinate support to pupils from parènts and s¢hool$. Engagement with other educational oyganisations and partners at local and national levels lo shara best pracli¢o and to provide pe&r support. Active dialogues wSth the lo¢al council on matters whlch impact chlldren and farnilies in the ommunity as well as r818t8 to i)p8r8tion of each sdiool. Meetings and engagement with the outgoing and incoming MPS. Engaging with local businesses lo promote career and educational opportunities for, pupls for their mutual benefit. Thls Inelud8d hos¢*ng an Opportunily Pelerborough, meeting for over 70 local business peop￿. Se&klng all possible opportunities lo engage with local and national suppliers in the area. Seeking regular communication with all suppliers and ensuring good commerclal pradees (rf prompt payment and clear communication to optimise arrangeménts for supply of goods and S6rvlc8S tu The Peterborough School. Promollng and eneouraging pupil and staff opportunthes to 6ngagè in local voluntary and oth$r projects to support the community. Providing community aceess to The P¢terb¢)rvugh School and, in many cases, adopting a ffole thÈt puls the s¢hool or academy at Ihe heart ol a communty. 10 THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strateglc Report) YEAR ENDED 31 AUGUST 2024 STRA TEGIC REPOR TS Responding ts Ext&rnal Prssstsres The independent schools, sector. induding Woodard independent schools. stood up well to the problems trèatèd by the 'rost of living ciisis, but independent schwls remained Concernèd, and many were pl3r)ning for pressure on pupil numbers, pathcularEy once the new Labour Govemmènt confimed the introduction of VAT on schwl f88s from 1st January 202S. The increases in th& cost of living impacted all areas of cost for inde￿ndent schools, particulady in staff costs. The more recent retsjm to long temi rates of infiation has lessened this impact, but schools have all faced an Issue in recovering their costs through fee rises. This will continuewith the introduGtiDn ofVAT. School Performance and Aeht¢vÈmènts The Promotion of Edu¢atlon During th6 yèar wa educated an average of 440 Children be￿een the ages of 4 and 18 and pyovided nursery ￿ucatiOn to a further 52 IFTE} children. The School provides a vèry hFgh stsnd8rd of education. and thls is validated in rewew of the academic ￿sU￿ts. our measurements of added value and throu9h exleTnal inspection. The S¢hool offers a broad ¢urrietJlum 3n(J educates childrèn wilh a wide rdnge of We are delighted to say that the school continue5 to go from strength lo str8ngth-, and this was recognised by our long~awaited Inspection in February by the Independent Schools Inspectorate as part of their routine Inspèction ol ￿hOOls. We are particular]y plÈased that pupils received so much praise within the inspectson re￿rt. espectalty pertairiing to their leaming, personal developrnent and b6haviovr. In the flrsf p8ragraph of our report, th8 iftspectors identified our values of Family, Ambition, Character and Excell6nce as bèing 8tthe heart of all we do, resulting in pupils who are tsell rounded. self confident and consideratè of tsthers.. It is partiwlarly pleasing that they should see that we deliver on our core promlse. Thè Sehool is inspected a9alnst hundreds of standards in a number of key areas. and we a￿ pleased to rèport that the School found to m86t all th8 requirements of the Education Ilndependent School Standards) Regulats"ons 2014 and the ￿qU￿rèmentS of the statutory framework for the Early Yaars Foundation Stage. and associaied reoulremefits. The inspectors noted th8t.' "Leaders are clear and determined in exÈeuting the school's aim to unlock the potential of every pupil. A balanced curriculum. themed assernblies, an exlensivè extra-curricular offfer and supporlive tutors promotè core values of family, ambition, charactèr and excellence IFACEI. As a ￿$VIt. pupils are well rounded, self￿nfident and considerat8 of others.. 'Leaders priorTbse pupils, wellbeing through a supporbve pastoral system with staff equipped with the necessary skills and trainlng. Pupils a￿ prepared well for life beyond 5chi)ol by teaching staff who knt)W them well and through the enhallc8d personal, social, health and econom￿ IPSHE) curriculum." "Pupils the school feel safe, and respecthjl behaviour is rewarded. Pupils èxhiT)il collf￿en￿ and actpiely PLrt into affètt the principles of faimess, diversty and democracy.. "Tetchers prDMde constnJctivè fèedback. In most lessons. té8ch8rs provide targeted support and challenge to pupils. a￿ordIng to Iheir needs.. "A recently revised PSHE programm& is enhan¢ing pupils, emotional. physical and mentsl wellbeing. It s taught tr>y a specialist teacher as a discretely titnelabled subjsct. Th8 PSHE curri¢ulum goes beyond the statutory requirements $0 that pupils develop the knowledge and skills for lrfe's challengè8 both at school and beyond." he school provides a wde array of extrammunity. Through th¢ implementation of polscies. risk assesstnenls and practices pupils are aware ol how to Fespond in the evonl of an emergency, such as heartng the fire alarni.. The Schools ISI Ins￿(110￿ in February 2024 noted that the majority of pupils attain grades at GCSE and A level higher than those predicted from their assess6d staibng points. In Èddltlon, this year we saw the School gain formal accreditation for our wort( In careers. through the Quallty In Careers Standard. Acadefflic Results Early Yéars Foundallon Stsge Congratulalions to our Reception children on completing their first year of School so w611. with all of thè children raaching the Early Learnino Goal IELG) in nino areas of leaming. Two thirds of children achieved the Good Level of Development (which is defined as reaching the expeclBd1gvg1 in the prime areas of learning along with Mathematics and Literacy). Kèy Stage 1 Well done to our children in Year 2, achieved great results in their end of stage assessments. Every child madè a good level of progress from their starting point. The stron9egt areas were in Mathemallcs and in English reading. In ad(lilion, the children in Year 1 did oxcgplionally well in their Phonics Screening Check. WI￿ a pass rato of 94°A. Key Stsge 2 At end of the Summer Term Ye8r 6 comp19tOfl past SATS assesgment papfyTS in all three subjects (Roading, Spelllng Punctuation and GrammaT and Mathematics). Th8 childrgn produced an exce118E)t sel of results which wei9 8bove National attainment and eomparable to previou5 yearfs excellent results. Ptsrformance In Reading continues to be the Strongest area with 92Yo rèaching the expected standard and of these, 60¥0 ol pupils reached the exceeding level. Senlor School The educational pèrf¢)rmance ol the Senior SGhool was excellent, as demonstrated by the oxtom81 examination ￿sU11$. Results were above the nalioftal averagè at each key repo￿n9 pginl. GCSE GCSE results wére excellenl, matching last year's hlghest ￿sU￿$ at Grades 9 to 7 (equivalent to A" and Al in sat oxaminations, since th8 n￿rnber grading system was introduced in 2017. This year saw ovèr 1 in 5 pupils gained GTades 910 7 in eight of more of their GCSE subjects. 39%139010 in 20231 of all grades were at 9-7 (compared with 21.7% nationally), the equivalent of the old A. or A grad6s. A Level A Lev81 results were excellenl, which saw a 100¥0 pass rat¢ for all exams. Additionally. almost 1 in 4 students gained an A. or A grade in ev8ry single subject. 64Yts being at A"_ B154°h in 20231 and 43° roaching the peak of A. A1320A In 20231. 96% gained places Dn Ihelr choson courses, wmh courses ranging from Medicine. Law, Bus%nes5 Man8getn9nt, English Literature and more. r6floctlng the many strengths of our Upper Sixth cohort. with 50./0 gainlng places at RLJssell Group Unlversiiies. In February 2024 The Pèterborpugh School underwent a full ISI inspection. Many o*the aro85 olschool actwity werè judged as being oulslanding. 12 THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (Incorporatlng the Strategic Report) YEAR ENDED 31 AUGUST2024 Equality. Diversity and Inclusivity As a Woodard school. we welcome those of all fa£ths and none. to be part of our dNers8 cixnmunty. We celebrated the festival of P8nlecost wth a whole school service, led by pupils and staff, rèading in 16 languages, lo launch our CelebratiTrg Div¢rsity Week. InGluswity and diversity are Importar*t values at Sd)ool and in October, students led an excellent Equality, Divètsity and Inclusion assefflbly to mark Black History month. In the Summer terrn, students attend￿ an inlormativo and thought-provoking ass&mbly celebratlng Pride month, focU￿ng on the work ol Man Turtng. Throughout the year we hsv8 been working towards the Rainbow Flag Award. demonstrating our under$18nding and acc¢ptsnce of dtffeient identities, whÈch was achièved in February. Improvlng Facilities We ctsntinue to improve facilitias through the constant investsue¥rt in the fabrie of the buildings and assets, and ambitious programrnes to provide the best faeillties to support teaching and learning. The PeterboTough School contlnued refurbishment of the Nursery and Prep School, eXpandEr￿ thg Nursery to 81 places. and a stunning state-of-the•art redevelopment of the Early Years Classroom. We also wntinued the roll-OLrt of IT. through our digital strate9y, across the School. Arts, Music and Drama A highly valuable off8ring of any Woodard School is the con¢entration on ats, rnuS￿, and drarna. The Pelerborough School is invoSved in all aspects ofthese a¢tiwties. prorriding the education necessary lo pass graded vxatns set by national instliutsons. Pupil nLtmbèrs for instrurnental and singin9 lessons in the school remain strong with at￿ut 100 pupils r￿1villg tuition. There is a particular strength in violin, guiiar and piano pupa numbers. We are C￿tinuing to grow our woodwsnd and brass portfolios. Wg Offer a range of extsx-curricular groups which 8nable the pupils to experience a wide variety of music Thaking frixn Classlcal to Rock and Jazz. Thè Chapel Choir has grown in strength and 61ngs regularfy for weèkly chapel services 8nd for special school events as wèll as further afield in Pateyborough and Norwieh Calhedrals. The Chapel Choir also enjoyed an international tOUF to Italy in JLtly 2024 as well as fom)ing a joint Woo(lard Choir during masterclasses held at Ellesmer& College. In September the Choir sang at the Diocesan Sehools Service, joining ￿th other choirs from diocesan schools. Th6 instrumentsl Bnsembles play for lunchtime and evening Concerts during the course of the year. Thè advanc8d string group, The Westwood Ensemble, play for several special school evènts in addrf(ion to ¢orTcetts. we reached the end of the year. wp wshed ou¥ musicians a safe jo¥Jmey as they embarked Dn their tour to Tuscany. To showcase individual musical talent. we offer perfonmanco opportunities at lunchtime concerts, wee￿Y assemblies. termly concerts,. an annu81 school music festival.. and pupils are also encouraged to enter local and national competitions. TPS students have onts again been enjoyirtg success at the Oundle Festival of Music and Drama. vAth a nurnber ofensemble and 5010 p&rformances_ The Orshestra won the Under 18s Orchestral category wth Distinction. praised for th￿r excellent sens¢ of ensemble. Pupils also won saveral Instrumental Solo categ￿leS. Special congratulatirins to several students tsn gaining their Grade 8 in the past year. Students in Art continue to produce worf( of outstanding quality and staged an inspiration81 exhibition in the summer teirrt. showt2sing GCSE and A lèvel workfrom Art, Design and Teehnology. In the Prep School pupils Staged a wonderfully creatrve exhibldon induding work from children in Nursery through to Year 6. Thrs ye8rf5 musieal was Chicago. which saw pupils from Year 7t0 Uppersixth work together.. lo produce an outstanding performance Prèp productions induded rRtivty plays, arld a highlight was the Year 3 and 4 amaxing produetion of the Bee Musical. In Speech and Drama, we work to improve confidenc and preSentab.(￿al skills through acting, poetry, reading for performance, mime, public speaking and spoken laraguage. In the Peterborough Drama Festival, we won an incredible 11 trophies. Congratulations to many pupils who gained their Grade 8 examinations this year. 13 THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strateglc Report) YEAR ENDED 31 AUGUST 2024 Sport 2023-24 was aftother impres$bv8 year in sport. All pupils, no maller what their abllity, afe a¢tive in sport from the Nursery to th8 Sixth Form. It has been pleasing to S8B the continu$d growth of boys,, glrts. and mixed sport. wlth an average of 30 sports d£Jbs per week, and 280 fixtures during the yearl In Nalball. all year groups competed in the PDSSA Le¥gu&s and loumamènts. Yèars 9, 11 and Sixth Form won the league with Years 7, 8 and 10 finishing 2nrt. Our Footballers have enjoyed fvll seasons representing the School ift both tho PDSSA Leagues and compo11119 in ttie Catnbridgeship Covnty Cup. Our Tretballers enjoyed a brilliant trip to Dlsneyland PaTlS, and our footbalLsrs ventured lo Rotterdam in May. The TPS cricketers compgted in tha Joè Root District Le•Jue. and in the Crid(et East Ch8nce to Shine eompétitlon as w811 as local PDSSA Crick81 Lgagu8s. On the oourts, afieT 8 very Impr6sslv6 summer of tennls. TPS are now the hokjars of the District Ul2, U14 and U16 Tennls tff)phles. TPS has taken part in competitiv8 fixiures in other sports including badminton, table lennls. rugby. trampDlining, basketball. athletics and cross-country. Swimming continues for all pupils from reception lo Year 6 duriro the a&3dèmic year. Particular Congrablation8 goes to.. A pupil for their Nat￿n81 success in Hytox, competing in Germany. Two netballars wèr6 salèetèd lor Lo￿hbOr0Ugh Lightening kndett)y Hub and Cambrfdg¥shlr¢ County Netball Academy One Studgnt has been offer$d an U18 Contra¢t lo Leicesler County Cricket a year young. A girl was invltèd to Northants County Cricket ground to bowl at th& England Wom8n in preparation for their T20 t&st against Pakistan. One student conllnues to wmpfyte nationalty in fenc¢ng. One sludont 18 currently competirig nationally as part ofthe Cambridgeshire U14 CourtyToam. Well done to the large numbei (rf boys and girls who compete at District, County, Règional or.National level, play for prestiglous clubs, or as pari of academy or club schemes. SÈvaral have gained elite individual or team honours in several sports, induding netball, fiKrtbÈll, cricket, rugby. tennis,. fencing. trampolining and martial arts. OL¢r sports days wtrre once again a leslament to teamwork and House spiitL Thè pupils. enthusiasm and determination w&rè avidènt as they worked together, supporting and èncouraging one another for points t(Mards their house lotals. The year finished M4th another fantastic Sports Awards Event, whore we tseognis6d ow many $utte55es and with trophie5 won. Wider Edu¢atlon The Chapel romalns at the heart of the School and my thanks go io the many visiting preachers who led Chapel Services Ihroughwt the Autumn tem). In Novèmbèr, Canon Tim Alban-Jones. who is both the Vlce Dean at the Cathedral and a Govemor, led an act of Remèmbrance with staff and. pupils in Years 3 10 13 gathering at the flagpole. Congratulatlons and well done to thosé p&rfomied and read in the Carol Service at St Jc>hn the Baplisl's Church. 11 was a lov6ty sèrvie& and so many people spokg lo me about the family feel of thé service. We are most gralefvl lo The Reverend, Michelle Dallislon, Vicar of Peterborough, for welcoming us so wèmw. 14 THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (Incorporating the Strateglc Réport) YEAR ENDED 31 AUGUST 2024 Communtty Outreach We ats committed to providSng tspportunities for students at univers¢ty 10 9ain practieal teaching expérience as part oftheir PGCE teachertraining eouise. have maintained strong linkswith service providers and suppork rson*ualsfied teaehing stsff Èn their personnel development. In addition.. Thè H8admasteT Is a g￿eMOr of a lo(xl Nursery and Infant school, serving as their finance govemor and the appraisal of the headteacher. The Headmaster is a Teather Panellist for thè Teacher Regulation Agency and continues to seNe on Ihè hAain Commitkee of the Society of Heads. The Headmaster is a Tnember of the Peterborough Partnership of Secondary Schools IPPSSI, through which the Sehool SLEPPOrts the PPSS Prioriti8s lincludtng fundSngl. Th& School jolns with another secondary school to SUPPOrt intervtew practi￿ for unlvèrsty. Saveral staff work in thè School as exam markers. senior and pllnapal examiners, in¢luding authoring Sxamination tÈxts. TeacherlNursery Training The School hosts various work experience placements, primarily for pèople who are considering entering the teaching profession. addition to pupils at other maintained sector schools. School Centred Initsal Tèacher Training ISCITTI Th8 School is a wwber of the Sheffield Universty SCI￿ and supports trainee teachers In Modoin Foreign Languages, usually annually. PGCE Placements- the School hay 8 link with Bishop Grosseteste Unwersity and offeTr several plac$ments each year. Teach East-the School has recentlyjoinèd the Teach East scheme. The School's Nursery, provides placements for Apprentices each year, supported by th8 local college proiridèr. CornmunÉty Throu9h development of, and provision of access lo its facilities, the School remains at the hoart 9f the mmunity. Facilities made open lo the public include= Our Centre for Creatpitr Arts which is open for use to a wsde range of lo(zl amateur groups and ha$ been used wularly by thÈ local branch ol the P3ulSne Quirk Academy. Oursport pitches and sports facililtes are known as aft agset locally a￿d have in the past hosted rugby. netball and tennis tournaments which induded the involvemeryl of local maintained sector schi)ols, as well as allowing use by a Eocal primary school for their sports day. WÈ host a St John Ambulanctt Badger and Cadei Division, which trains at the School wlh local hildren and prO￿deS SUPPOrt to local events. We also host Week￿ Beavèr. Cub ancj Scout gatherings, which are run by the 14th Ntrne Scoyt Group. Childrgn from other maintained schools attend with chlldren from other indeperÈdenl schools. The H68d of the Preparatory School ¥cts as an Earfy Years Foundation Stage fvToderator for the Local Authority in Earty Years seltings and as a Lead Insp8¢tor for E8rfy Years for the Independent Sehools Inspèctorate. The Butsar voluntarily leads and manages the Èxpedition 15 THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT {incorporatlng the Strategic Report) YEAR ENDED 31 AUGUST 2024 programme for a local Duke Edinbufgh's Award sch8m8, that takes young peopl8 from across the dty, and further afield. on expedibons. Outreach The &hool has infoTrnal arrangements WI￿ local primary Sch￿1$ as described above We have loaned the use ofthè Schooys minSbuses to a loeal primary school to support thèir eommunity outr6ach programme. The charty is continuing lo develop widar community links. In addillon to the Ihoatrè. the School has a prr)gramme of widening educational access io their facilities, al fee rates balow commercial levEIs. Subsidised arrangements are now in pla¢e for Ihe drama facilit￿5 and the sports hall, and Ihe summer school progt4mtnE continues to be hSghly sU￿ss[us. Charitable Aetivitl•s The Sixlh Form pupils continu8 to run th¢ir own fvndraising CoM￿rtte￿. and Ihelr chosen charity lor 2023124 w85 Afrfnspire. During the year the puplls managed to raise £6,145.82 to hèlp this charity. The FLsndralslng Pèrformaneè Progr&ss in fundraising and th& ongoing work of raising volyntsry funding lor the School continues. Grants and donations totallèd £31,711 12023.. £4,154). The School does not adivety fundraise. the School does not use any profe55ioTral fundraisers and has not re￿[Ve￿ any complaints regarding fundraising. Invostment Policy and ObJectiv#$ The company's mèmorandum and artlclÈg of assodation permit fvnds lo be invested in 3u¢h manner es the dlrectofs fft, providing that such POWgTS of inve51menl ale only exercised for th8 purpose of attaining the objects and sn 8 tll8nner th81 is leg8Sly charltsble. Investment actSvities are managed Sn Iln8 with thé requirements of the Trustee Act 2000. Th8 govemors have appointed RavÈnscroft Group as inv¢slment manag&r. Our invgsiment policy is to preseFve the capital value of investments and maximise the retum anol incom8 on all investments. A51de from prize funds whl¢h 8re held in intèrest bearing notice a¢¢ounts, the Investment manager has discretion about how th& investments a￿ managed within the policy parameters sel by the governors. The governors hav8 directèd thè Inveslment Tnaneger to ¥llocgtÈ a proport*tsn tr) èthical investments. The investment targèts are to preserve the real walue of investments against irfflalion and to have a ytpld of 4Yo. Funds not invested are held on dèposit to èarn intarast. Investment P•rforniance Against ObjeGtlves The company's investments are managod by Raven8¢roft Group and In the opinion of the Governors. thè pèrformancg has been satisfactory. The inveslJnent performan￿ is measuwed against largets agr06d wlh the investment advlseis and p8rform8nc& has been s31isfaclory compared with tho b&nchmark indices. but as to be expècted when wmpared to the markets. Our ieturn$ on investment wele up by 8.9Yo compared to thè previous year (2023.. -3.0¥.l. Invesbmenls a￿ held for the long-temi and r8present amounts y¢t lo be spent on education. FINANCIAL REVIEW Rgsults for the Year Th8 net incom6 for th8 ygar amounted to £138,14612023'. £297,735 net incoERel ofwhich the operating surplu5 on unrestricted sehool adivltie5 was £140,188 {2023= £296,851). Gross Incts￿ for thè yèar was up by som8 4.5Yo on last year. Thè School is helped each yoar by the support of tho Fren¢h Huuuenot Trust, which provides £17,500 in 9rants for 6 pupils. 16 THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (Incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 The parents of our pupils often rnake significant sacrrfic&s tr) pay thè fees. In doing so thèy he￿ to relieve the State of the financial burden of educating 440 UK based children. The saving is ÈstimatÉYJ to have a valuè in the last year of £3,383,600. The School is also unable to recover the VAT on purchases it makes. During the past year, The PeteTbotDugh School has paid an estimated £289,582 in irr8coverable VAT on goods and setvices. In addibonal to the very s¢Jbstantial bén8fits our School brings to ovr puplls, the local ￿rnMunty and society through the education we offer, our bursary programme CreatEr￿ a social asset wthout cost to thè Exchequer. RerRrves Lev81 and Polt¢y, and Flnan¢ial VÈability It has been the School's policy to utilisè funds to ensure Ihat high quality up-t04Jate facilities are provided fortha benefit of pupils. The ¥irn is to budget so as to provide sufficient working capital to meet the present nèeds and futuie development requlrements o>f the School without the requirement to have rei>)urse to salès of tangible fixed 8ss&ts or use of the School's readily realisable inve¥tments $￿ppOrting unrestricted funds. Unrgstri¢ted funds in¢reased by £140.18812023-. £2%.851 incrèas81 to total £7,437,525 12023.. £7.297,3371, as shi)wTr in note 21. Tha Pètsrborough Scho(>l plans to fund longer term capll81 expendmff and meet long term liabilthes through careful managernpnl of resources and investments and through building r8serves thfough operations and trading. The School aims to make an overall S￿r￿U5 annually to build tjp free reserves. The Govemors hav¢ invested substsnlrdl sums inlts new School buildings in recent years and have a continuing programme of tefurbishment, dgvelopment and investment to maintsin ex¢ellenl teaching facilities for our pupils. Thè School's total reserves of £7.4m12023.' £7.3ml al the year*nd in¢luded £900 12023= £2,942) ol restricted funds. Fixed assets held for charity us8 lotalled £6.835m 12023.. £6.$45ml, leaving tree rese￿e$ of £564.10012023.. £752,000) at the year-end. The School's financial ability does not depend on income resèrves but in ability to c4)ntinue to trade al a surplus on an annual basis, and on thè substantial portfolio of fixed assets held for operational use. The School does not have, and c8nnoi rgly on, peim8nent endowments. The unrèsthcted reserves are primarily invested in tangibte frAed assets which are all used for its dlrect charitable 8¢liirities. PRINCIPAL RISKS AND UNCERTAINTIES Lgke most trustees, the Govemors keep under consideration the impact of a catastrophi¢ eveni on the School's ability to continue, bul that event may come about from many causes and b8ing speafic atx>ut the Sour￿ is not possible. The Govgmors Considered the economic turbulen￿ of rec8nt years and the afft)rdability of fee8 by parents across the independent sector to be the prinupal risk fa￿d by the School. Th¢s is foreeast to worsen with the current cost of living crisis. The indepEndgnl sector as a wholg is curren8y subject to increased political risk ftsllowing confim8tion by the Government that they will remove tax wncessions for charitable independent schools, adding VAT and removing buslness rates relief. There is a signifi￿nt risk to the independent sectoi as adding VAT to school fees from 1 January 2C125 may make the fees unaffordable for a prtsporlion of parents, potentially affecting school income. Thg full effect will not be known until all details of the policy are anTroun¢ed and schools and parents are able to assess the impact on affordabllity. Health and Ssf&ty is always a significant area for risk managemenL Thè risks mnge from fire and dafflage tu inlrastructure, to personal risks (most notabty when away on trips and expedilionsl. The level and breadth of activity at the School is Imp￿$s$Ve and the rfsks assoaat&d wlh all activities are mir+imised by thorough planning and risk assessment. Thè GoveTning Body is responsible for the identifieatlDn and management of risks. Tho major risks lo which the Charity is exp¢)sed, as identrfied by th$ Governors, have been reviewed and sySt@m5 or procedures have been established to manage those risks. Detailed ex•minatlon of the risks and 6Stabli5hmént of contro15 to mitigate them is delegated to thè Headmastsr and Bursar and the process is overseen by the F&GP committee on behaw of the Governing Body. Individual risks have b6èn delegated to the relevant sub-commrftees for tèrmly review. A fom81 Tev£¢w of the risk managemènt PToces¥e5 is undertaken annually. 17 THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Reportl YEAR ENDED 31 AUGUST 2024 The principal risks lo wh￿h tho Schooll is exposed Includ8 those affecting protection of pupils and securily and preservatlon of charltable assets both now and in the future. Significant rlsk areds indude.. Failuro 10 rn8et tho Schwl's strategic dirèetlon Loss of Charltable financlal b8nefrts {discount6d business rates and VAT on f¢osl Global or National Pandami Inabilily to adapt to tt)è market Failure of financial control and lack of control of Income and Expenditur8 Significant HR challenge Fall￿re to have adequate insuran¢8 wver Rècruitment and Retentio Fraud Signrficant safeguarding ineid8nl that th￿atenS the safety and well4>Èing of pupils Absen¢elrgsi9nation of a teacher in a singl$-t98ch8r department Damage to part or all of the sito due to fir8. flood etc. Loss or Inadvertent release of data The kèy controls used by the school include.. lorrn81 agendas and minutes for all meetSngs of the Governing Body and ￿MMIttee$ terms of referenee for all eornmittees comprehensive strategic planning, flnan¢ial forecasting. budgeting and management accounting 8stabli$hed and tdentffiable organisalional structures arKi r8POrting Ilnes which are regulariy revlèwed ctsmprehensive fom?al written policies clear authorssation limits vgtting procadures. a5 requirad by law. for protection of the vuln6rabl8 The School plans strttegically, having regard for risk. The Headmaster and Bursar prowde Ihe Governiftg Body with wular roports whicti include details of the prin&pal strategic objectives and thè actwity to achieve thos8 objectives. The School also records s￿n￿ant achievèments and updates th Governing Body and Woodard on short-lerm plgns. The strategy 1$ discussed between the Governino Body and the Woo(Jard Board and protocols have boen dÈvelopod and 8greed which outline the relationship belwoen the two bodlos. Flnanclal rÈsk management oblectlves and policlès The Sehool uses financial Instruments. other than derivalwes, comprising loans. cash and oth&r liquid resources and various other items su¢h as trade deblors. ¢redilors and finanee lease arrangemènts thal arise directly from operations. The mgin purpose of these financial instrurnents 1$ to rdiS& liTrance for the group's operations. 18 THE PETERBOROUGH SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2024 The main issués arising from the gioup'5 finanTr81 instruments are liquidity risk and Interest rate risk. The School's dlre¢tors sdopt polieses for man8ging 88ch of the risks and the3e ère summarised beltsw.. Liquidity risk - the School Seeks to manage financial risk by ensuring sufficient lujuidity is available to meet foreseèable neeplnlon. based on the work undert¥ken In the CAwrse of the audit.. the information given in thè Direclors, R8POrtwhich ¥n¢ludesthe Directors, Rèport. and tho Strategic Report p￿pared for the purposè of company law lof the financial year for which the financlal statements are prepared is ¢onsistont with the financial statements- and the Directors, Report and the Strategic Report, illcluded ￿thin the Directors, Report have b88n prepared in 4ccordance with applicable legal ￿qUIrements. Matters on which we 8re requlred to report by Èxetptlon In tha light of th& kntswledge and understsnding of the charitable Company and their ènvironm&nt obtalnèd In thè Coursè of the audit, we have not identified material tTiisslatements in the Diro¢lors' Report. or the Strategic Report induded wSlhln the Dlrg(knrs' Report. We have nothing to r$port in rèspg¢t of the following matlers where the Cofftpanies A¢1 2006 requires us to report to you rf, In our opinitsn.. adequate accounting records have not beer> kept by the parent charitable Company. or retums adequate for our audit have not been rocowod from branches not vlstted by us-, or the parent charitable company financial siatemants ars r￿t in agreement with the accoLEnUng re￿IdS and retums- or Certain di5cIDsures of direclors. remuneralion specÈfBd by law are not made; or W8 h8vè not r6cèivéd all the information and explanations we require for our 8udlt. Rèspon$ibilities of Dlrectors A8 explained mor8 fulty in the Statement ol Directors, responsibilities s81 out on page 20. the trustees (who are also the dlrectors of tho ¢harftablts ¢omp8nyforlhe purpos8$ of ¢c)mpany lawl are respongible for the preparation ol the financial statements and for being satislietj that they glve a true and fair v4eW, and forsuch Intem81 control as Ihetruslees d61ermine is necessary lo enable the preparation offinancial stat6ments that aTg free from material misstalgmont. whothar duo to fraud or ¥rror. In preparing the financial stat8m&ntg. thg Direclors are ￿SponsIble for assessing the charilablé company's ability to continue as a goin9 ¢onTrrn, disclosing, as applic3ble, matters related to going concem and using the going concern basis of accounting unless thè trustees either intend to liquidate Ihe tharitabie COTnpany or to ceasè operatitins. or have no ieali51ic 8ltèmatlvè but tr) do so. Auditor's responslbllities tor the audit of the financial statements Our Obl￿tiveS are lo obtain reason8ble assurancè about whether the fin8nci81 statements as a whole arÈ free trom materlal misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurancs is 2 high lévèl of assurance but Trg not a guarantse that an aL¥dlt conducted in accordanee wth ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or arror and are eonsklorèd fTt8terial if, indlvidually or in the ag9regate, they covld reasonably be expected lo Influence the economic decision5 of users tsken on the basis of thès8 financial sEatemenLs. As part of an audit in accordance with ISAS IUKI wè èx8rci$e prolession31 judgemgnl and maintain professional sceptic¥sm throughout the audit. Wg also: Obiain an understandlng of internal conlrol relevant to the au(tit in order to desKJn audit proceduffts that are approprfate in the circLfm5tance5, but not for the purposes ol eXp￿SsIng 8n opinion on the 8ffectiv￿ess of the charitable company's inlemal control. Identfy and assess the risks ol material misstatement of the financial stalem8n18, whether due lo Iraud or arror, design and perform audit procedures resFKnsive lo Ihoso rlsks, and obtsin au(Jit evidence that Is 5uffi'ci&nt and appropriale lo provid6 a basis for our opinion. Tho risk of not d￿t￿tIng a mat&rial mlsstatement resultsng from fraud Is hlglw than for onfj Tgsulling Irom THE PETERBOROUGH SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PETERBOROUGH SCHOOL LIMITED YEAR ENDED 31 AUGUST 2024 Tror, as fraud May involve ¢ollusiDn, forgery, intentional omissions, misreprèsentations, or the override of intemal control. Evaluate the approprialeness of accounting policies used and the reasonableness of accounting estimates and related disclosu￿8 made by the truslees. Condude on th$ appropriaten&8s ofthe twstees, use ofthe going concern basis of accounting and. based on the audit evidence obtained. whether a material un￿rtaInty exsts related lo events or conditions that may Ixst sigrificant doubt on the group and parent charitable ompany's ability to conlintje as a going toncein. If we conclud& that a material uncertainty e￿Sts, wè are required to draw attention in our audilovs report to the related disclosures in the financial statements or, rf such disclosures are inadequatè, to modify our opinion. Our dusions are based on the audit evidence obtained up to the date of our auditor's rÈporL How8ver, future events or cunditions may Gause U)e group or parent charitable company to ase to o)ntinue as a going concem. Evaluate the overnN prèsentation, structure and content of thè financial statemgrts. induding the disclosures, and whÈtherth&financial statements represent the undertying transactions and events in a menner that achieves fair presentation. Obtain suffici6nl 8pproprfale audit ewdence regarding the finandal informalion of the entities or businéss activities within the group to express an opinion on the consolidated financial statements. We are responsiblé for the direction, supervision and p￿ormance of the group audit. We rerftain solely responsib16 for our audit report. We communicate with those charged wilh governan￿ regarding, among other matters. the planned scope and liming of thè audit and signrficant audrt rindtngs, induding any slgnffj￿￿t defiGiencies in in18mal control that we iderrtrfy during OUT audr(. The extent to which the Hudit was consldered ¢apable of detecting iffègularities, in¢lyding fraud Irregtslarities, including fraud, are instances of no￿-CoMplIanc8 With laws and r￿ulations. Wè design procedures in linè with our responsibilitiss, oulinèd above, to det¢¢t material misstatements in respect of irregularities. induding traud. The extent to which our proceduros are capabl¢ of detecting irregularities. indudlng fraud is detailed below. The objectives ol our audit (n respect of fraud, are- to identify and assess the risks of matertal misstatèment of the financi31 statements due to fraud- to obtain suffioent appropriate audit evidence regarding the assess￿ risks of material misstatement due to fraud, through designing and implemènting appfopriate responses to those assessed risks., and tts respond appropriat61y to instances of fraud or suspected fraud identtfied during the audvc. However, the prlmary responsibility lor the prevention and detection of fraud rests with both management and those charged WEth govemance of the charitable coryany. Our approach was as follows= We obtsined an understsnding of the legal and r￿ulatOry requirèments applicable tr> the charitable coffipany and consideréd that the most signffi¢gnt are the Companies Aot 2006, the Charities Act 2011, thè Charity SORP, xnd UK financial reporting standards as issued by th$ Financial Reporting Council. We obtsined an understandthg of how the charitable c()mpany complies with these requirements by ttiscussions with management and those chargèd with govÉTnance. We assessed the risk of material mlsststement ofthe financial stst8ments, Induding the risk ol material misststement due to fi7ud and how il might occur, by holding discussK)ns wth managetnent and those ¢harged with govemanB9. WÈ inquired of management aftd those ch8rged w(th gov8mance as to any known instarw of non-enmpliancè or suspected non-compllance with laws and regulations. THE PETERBOROUGH SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PETERBOROUGH SCHOOL LIMITED YEAR ENDED 31 AUGUST 2024 Based OTI thls understandlng, we designed gpecilic appropriat8 audlt procedur8s lo idenlrfy Instance8 of non-COTllplianee with laws and regulalionG. This incfudad making ellquiries of nwnagement and those charged ￿th governance and obtaining additional corroboialive evidence as rèqulred. Thére arè inhérènt limit8tlons in the audit procedures descnbed a￿Ve. We are less likely lo becomè aware of iT7Stances of non-compliance with laws and regulations that arè not closely related to events and transactions refiected in the financial stsletnents. Also, the risk ol not detecting a materfal misststement to fraud is higher than the risk of not detecting one resuking error. as fraud may involve deliberate concealment by, ft)r example, forgery or intentional misrepresentatlons. or through coIIu8ion. Usè of our r•port This report Is made sc¥lelyto the Gharitsble wmpany's members, as a body, in accord•neè wlth Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken SD that we mioht state to the charitable company's membors thos¢ matters we are required lo stale to them in an ¥udilorfs re￿rt and for no othor purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitable Company and the charitable company's tnembers as a body, for our audlt work, for Ihts ￿ptsrt, or lor the opinions we have formtsd. Mr Jonathan Aikens Isenior Slalutory Auditor} For and on behalf of Moore Kingston Smith LLP, Statutory Auditor Chartered Accountants Moore Kingston Smith LLP 6th Floor 9 Appokj Street London EG2A 2AP 4 D$cembe¥ 2024 24 THE PETERBOROUGH SCHOOL LIMITED CHARITY STATEMENT OF FINANCIAL ACTlVtTIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2024 UnrÈstri¢ted Funds RestrÉGted Funds Total 2024 Total 2023 Income and endtswrnents from: Cha￿table Activiles School fees receiv8￿& Ancillary trading incoTn8 other tradlng aclivtties No￿an￿lIary trading incrrne 1nvestni.ents Investhent ino)me Ballk 8n4J other interest Other- Grants donations Grants and donations Other incoming resourc•s 7,431,716 476,118 7,431.716 478,118 7,198.744 432,612 69,729 69.729 80,184 10,534 130,038 10,534 130.054 9,981 104,673 18 10 31.701 31.711 9.992 4.154 9.992 TOTAL INCOMING RESOURCES 8.128.137 31,717 8.159.854 7,810,348 Expend6ture on- Raisitty fLJnds Finandng costs Invastment Fftanagemeni 116,448 4,330 116.448 4.330 8S,887 3,822 TOTAL DEDUCTIBLE ¢OSTS Charftable AGtivities U(ation 8nd gTanl tBaking 120.T18 120.778 89,709 7,921,202 516 7,921.818 7,407,389 TOTAL EXPENDITURE 8,042.080 516 8,042396 Y,497.098 Net gainslUosses1 on investsn&nt a5sels 13 20.888 20,888 115.5151 NET INCOME 1D6.945 31,201 138,146 297,735 Transfer8 between fiJnd¥ Net Movement In fund$ forthè ￿ar Fund balan￿ at I Sepiembw 2023 21 33.243 140,188 7.297.337 133.2431 12.0421 2,942 138,146 7,300279 297.735 7.002,544 FUND BALANCES AS AT 31 AUGUST 2024 7.437.S25 900 7A38A25 7,300,279 THE PETERBOROUGH SCHOOL LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2024 STATEMENT OF FINANCIAL ACTMTIES- COMPARATIVE FIGURES BY FUND TYPE UnrÈstrl¢ted Fund3 Re$trf¢led Fvnd$ Total 2023 Inoome and endowmonts fron¥: Charitable A¢tlvllles School f&8s receivaU8 Anclllary trading Income ot￿r trading a¢tlvhloS Non-anci118ry trading income IrNestments Ivve51ment Bank an(5 other interest 0th8r- Grants znd donallons Grants and donation8 Other Incomlrto r¢souree$ 7,198.744 432,612 7,198,744 432.612 60,184 60.184 9,981 104,657 9.981 104673 16 2,000 3,154 4,154 TOTAL INCOMING RESOURCES 7.807.178 3,170 7.810.348 Expendlture on: Ralslng funds Flnan¢ing ¢tssts Investmert management TOTAL DEDUCTIBLE COSTS 85.887 3,822 85,887 3.822 89,709 89.709 Charltabl8 Actlvltles EdLKabon an(1 orant tnaking 7.405,103 2.286 7A07.389 TOTAL EXPENDMJRE 7,4¥)4.812 2,286 7,497,098 N8l Ilossesygains Oh investrn9nt assets 13 115,5151 115.5151 NEf INCOME 296.851 297.735 Transfe￿ be￿een lunds Ngt Mov8mènt it) f￿ndS for th* ￿&r Fond balances at 1 September 2022 296,851 7.000,486 297.735 7,002,544 2,058 FUND BALANCES AS AT 31 AUGUST 20Z3 7,297,337 2,942 7,300279 2S THE PETERBOROUGH SCHOOL LIMITED BALANCE SHEET AS A T31 AUGUST2024 Ngte 2024 2023 FIXED ASSETS Tangible assets Investrnents 12 13 6,497,270 337,377 6,834,647 6.225,490 319,976 6,545,466 CURRENT ASSErs stock Debtors Cash at bank and in hand 7,197 283,567 2 225.409 2,516.173 5.439 2￿,337 2 018,991 2.288.767 14 CURRENT LIABILMES Creditors payable within one year 15 1.606,881 1,033,817 NET CURRENT ASs￿s 909,292 1,254.950 TOTAL ASSETS LESS CURRENT LIABILITIES 7.743,939 7,800.416 LONG TERM LIABILITIES Creditors payable after one year 16 305,414 500,037 TOTAL NET ASSETS 7 138.S25 7,300,379 REPRESENTED BY: Callèd up share capital 100 100 RESTRICTED FUNDS Restricted in¢otT)o funds 21 900 2,942 UNRESTRICTED FUNDS G¥neral reserve 21 7,437,525 7,297.337 7,438,525 7,300,379 Th financial statements were approved and aulhorised for issuè by the Board on 4 Oe¢ember 2024 and b8half tiy CFiAIG Chairman Company registfation number 01182629 The notes on pagss 29 to 44 form part of these financial ststements 27 THE PETERBOROUGH SCHOOL LIMITED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2024 Not8 2024 2023 Cash flows from oporatln9 activitles: Net cash providgd by operating actlvtlles 27 360,558 442,509 Investlng actlvltles Dwidends and intéregl Proceeds from the sal8 of tsngible fixgd assets Purchase of tangible fixed assets Pro￿ad$ from sa18 of invtrstments Unlnvested cash decreasellincrease} Purchase of investments Net cash used ITJ investing activit￿8 143,702 96,869 1449,8761 1421,7841 14,398 117.550} 43,180 1371.2471 44,317 1302,6871 Flnaneing aetivities RoGgipts from fees in advance sch&m& Repayments of borrowoig Financlng cosls Net cash used In flnanclng 4¢tivlti&s 429,725 1162.8441 1150,9251 118:33L4 183,997 1234,922) Increas&lld•erèasè) In eo$h and cash equlvalents in the y•ar 206.418 1163,660} Cash and cash 6qiJivalènts at the beginnlng of the year 2,018,991 2.182,651 Cash and Cash equivalents at the end of tho year 27 2.225,409 2,018,991 Analysis ot changes In net debt Other non cash movement 1 Septembgr 2023 31 August 2024 Cash flow Cosh at bank and In hand 2.018,991 206,418 2.225A09 Debt due w5thln on8 yèar Bank loans 161,378 119.229) 180.607 Debt due after on* yeaT Bank loans 31S,268 182.073 133,195 1.542,345 369.262 4,911.607 28 THE PETERBOROUGH SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES The principal acwunling polictes. all of which have bgen 8ppli8d consistentty throughout the ye8r and in th8 preceding year are: al Basis of Accounting The a¢cour)ts ofthe School have been prepared under the Companies Act 2006 and Sn accordance with the Statement ol Recommend￿ Practice for charit.es I'SORP {FRS1021'} and with applicablè UK Accountino Standards. Th8y ar8 drawn up on the h15tori￿1 cost accounting basis except that share investments held as fix8d assets are carried at fair value. The Pètert)orough School LiTnited meets the definttyDn of a public benefit entity undor Financial Reporting Standard IFRSI 102. Assets and liabilities are inittally recognised at historlcal cost or transa¢lion value unl@ss othèrvwse stated ir* the relevant accounting policy n()les. The preparation offinancial statements in conformity with FRS 102 reqwres management to make judgetn¢nts. estimates and asstjmptions thal affect the application gf poli(ues 3nd reported amounts of assets and liabilities, incorne and expenses. The estimates and associated assumpts.ons are based on historical èxp8rience and various other factors that are believed lo be reasonable under the circumstsnTrs, the results of whi¢h form basts of making tha judgèments about carrying values ol assets and liabilities that are not readily apparent from other sources. A¢tLfal rgSLElts rnay differ from thése estimates. Further details are provided in the accounting policies for depreciation of fixed assets and for bad dBbts. Thè Iinancial statements are posented in Sterfing (£1 and the fvnctional currency is Sterlin91£}. bl Golng C¢neern The accounts have been prepared on a going concern basis. The Governors review the finandal inlomiation for the company and considerwhether the company is a going concem a period gf at leas112 months from thè date of approval of th& accounts. In response lo the introduction o* VAT on independent school fees, and after careful consideration and iTr-deplh planning, Ihe Govemors have elected to lessen the impacton the parènts, by reducing fees so as to psss on a no greater that 12.5/0 increase to parents this year. VAT. along the loss of BRR and the increase in ENIC and lowering of the Nl threshold havè plac8d greaterfinancAal pressure on the School, but through Ixreful planning and spènding ())nlrols, the Govomors conb.nue to provide value for tTK)ney to parEnts, whilst also providing the firsl-rate educational experience for their ehildren. Having considered all faclors and revièwng the availaLile evidtrnce, the Governors have a reasonable expe¢tstion that the company will be able to cot)tinue operating for the fore5ee8ble future and the financial stalttments have been prepa￿d on a going concern basis. cl School Fees ReceÈvable and Similar Income Fees re￿¢Vabl6 and other educational income are accourrted for in the period in which thè service is provided. Fees re￿1vable are ststed aftèr dèducting allowances, s¢holar5hips and other missions by the Sthool. but indudè eontnbubons recenred from extemal sources. Debts are provided for rf not recovered within one teFm. Estimakn'ng amounts to provide against recovery of debts is a matter ofjudgemenL dl Anclllary and Nonthneillary Trading Ineome AThcillary trading income rèprèsents amounts from aCtThI￿6S to raise funds within the charitable objects for ex8tnple. school shop sales. coaches lo and from gchool and school trips. Non-ancillary trading income rèpresents afnounts from activities not directly ralated to the charitable objects, for exèmple lettings of 5¢hool facilities out of term time and rento1 from spare schoc>l buildings. Incorne from these activities is recognised in the Statement of Financial Activities when the goods are sold or services providEd. el Voluntary sources, Grants and Donations Voluntary Incorne is aeeounled for a5 and wh8n entitfement arises, the amount can reliably be quantth"ed. and the economic benefit is considered probable. 29 THE PETERBOROUGH SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 Voluntary income for 9onèral purpogas is accounted lor as unreslricled 8nd is Cfedit6d to the GenaTal ReseNe. Where the donor or an appeal has imposed trust law restrictions, voluntsry income is ¢reilEtsd to the re5evant règtrict8d fund and incoming èndowments are accounted lor as permanent trust (xpital or expendablè trust capital, according lo whether the donor intends retention lo be permanent or not. Gift5 in kind are valued at esi¢maled open n7arkét value at dale ol grft, the easè of assets for retention or consumption, or al the value to the School In case ol donated servicès or facilities. Expenditure Expènditurè is aecrued as soon as there is 8 contractua1 obligatlon or a liabilFly ss consideTed probable. discounte lime spent. The Srr8coverable element of VAT is includwl with the item of expensg lo which 1¢ relales. Bad debts are Provided for in accordarTCQ w2lh the group bad debt policy. The cost of refurbishing and conv6rting 8xistin9 bulldings is Written￿Off in the year in which it is intUTred except where the useftjl life has been extended. gl Finance and Other Cvsts Other costs ift¢lu¢e am(>unts 8c¢rued in accordance with the terms of F8as in Advancg Sch8tTIP Contracts. h) Penslon Costs The School contributes lo defined contribLJtion pension sch8me$ for leachlng and fK)fPt88ching staff. The expense is recognised as and when it is incurred. il Ternilnation Payments Tgrminalion benefils are employee benefits payable as a result of ellhèr the decision to terminate an emplo￿0.5 gfflploymgnt before their normal retireTn¢nt dale cir an employe&'s d8¢iSiOn to ac￿p1 voluntary redundancy in exchange for those benefits. l) T•nglbl• Flxed Ass•ts and D8preciatlon Tanglble fixed assets ar8 stsled atcosl les5 deprecialirjn. Individual capital items, or projects, with a value gr6atar than £10,000 are capitalised. Assets in th8 course of constructlon ar8 stated at cost less any provlsion for impairment. They are tr8nsfeYred to complèted assetswhen substantialty all of the aclivfties necessary to getthe asset ready for use are complete. Where appropriate costs InclLSde cwr own labour costs in relation lo eonstructK)n. and directly attributable overheads. Where tangibte fixed assets hwe been acquired with the aid of specific grants. they are included in th@ bal&n¢e sheet at cost and dep￿CIated ovfyr their BxpE¢ted USEful e¢onomic life. The related grdnts are credlted to a restricted fixed asset fund lin the stalementof tinancial activilit)s and carried forward in the balance sheetl. Th¢ dopreciÈtion on such assets is charged in the statement of financial activlbes ovor Ihg expected useful economic life of the related a55el i)n a basis cor)sislenl wilh the depreclalion policy. Deprscialion is provldèd at rates calculated lo write off the cost, less 95timaled residual valu9 of each asset based on current m8rkeÉ prices, over its expected useful lrfe, as follows-. Freehold land is not d8pr8ciated Freehold buildlngs Varfable according lo the buildino and wrilten off over the expe¢ted useful Ilfè (see note below) Ovorthe useful economic life ol the improv8ment 25.10 on cost between 10°k and 25Yo on Cost 25°/o on cost Frechold improv&m8nts Computer gquipment Fixtures and fittings Motor vehid&s The company has review&d its t#ngit49 assets, whlch comprise land. buildlng$ 8rxl fixtures and 1Sttings. The company undèrtakes an annual review of all buildings assessing their useful economlc lrfe. In some cases. tho usgfvl economic Ilfe of a building is anticip&ted to bè of considèrable length, often in excess of 100 years. The buildings are capitalis9d In the Ilnancial statements at historic cost Where tho calculated depreciation charge is a material fvJufe. it is charged In these acwunts but. whère the carying value is not more than th$ ostimated recoverable amount and the depreThatlon on the buildlng is not matsrfal to these financi81 statements, il has assessed. but THE PETERBOROUGH SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 not charged. The diwtors will continue lo cary outannual assessments ofthe recoverable amount and the esomated us9fv1 life of all buildlngs and where the d¢prec(ation is a material value, it W711 be charged. The revlew È base(l on the directors. assessments (rf the market valu8 and the future eccnomic benefit derived from an asset varsus its rsrrying value in the financial statements. When the company undertakes a significant refurbishmènt prtsjed that will have an econotnic benefi( the cost of thg refurbishment 5s ¢ap%tali5ed, reco￿ed separatèly under 'Freehold Improvements,, its uselul lrfe is estimated and tl is depreaated over that usèful li￿. The PeteTborough School Limited exercises judgement in sel8Ctti)n of approprfate rates for dep￿CIatiOn Df fixed assets, and for matters of impairment. kl Financial Instruments The Peterborough School Limitsd only has finana31 assets and financial liabilities of a kind that qualtfy as basic financial instryments. Basi¢ financial instruments are initially reGognigÈd at transaction value and Subsequently t￿Pasured at their sÈtden¢nt value wslh the ex¢eption ot bank 108ns which are subsequenly measured at amorbsed cost using the effectN8 Interest method. l} Cash Cash at bank arKI cash in hand indudes cash and short tem highly liquid investments wth a short mabJrily of three months or less from the dale of acquisition or opening of the dÈpo#it or simslar m} Investments Securities inveskn¢nts are carried al fair value, which is deemed tts be market value as at th balance sheet date. Realisèd and unrealised investmènt gains and Iossos are recognised as 'net gainslllosses} on investment a￿ts, in the Statgment of Finanual Activities and are allocated to th¢ approprialefund according to the 'ownership' of the underfying assets. n) Stocks Stocks comprise raw materials. consumable stores and goods hetd for resale: they arè valued at tho lower of cost and nel realisable value. ol Leaslng Commltmerrts Assets hetd undor finance lèases and hire purchase contracts are capitsli5ed Èn the balance sheet and are depreciated over their useftjl lives or the period of the 5ease wh￿heVer is the shorter. Thè inleresteltsmènl of the oblia8lions is chaiged to the Slalementof Financial Actpiities overthe period of the lease. Rentals applicable to operating leases where substantl8lly all of the benefEts and risks of ownership remain with the lessor are charged to the Stslement of Flnancrdl Athities on a straight line basis over Ihe lease tem. Lease in¢enlive5 are accounted for over the lease lemi on a slraight-line b351S. pl Fee DeposEts Refundable fee deposits ale currentEy elassffied betW9en long tem and short temi In the financial ststemènls. These deposits are refundable in the event th8tthe pupils léave a school on one term's noti￿ and as such the dèposit would be refunded to the parents al thal point. However, the financial ststements a￿ prepared on è going concern basis. and it 18 assumed that the majority of children will rèmain in school for their full years gf education and therefore the depostE will be reftjnded to them when they leave s¢hool. Shortterm deposits reflect those pupils thatwill be leaving a school within one year. and the longer- term element reflects those pupils that will be lèaving a school after 12 months from the balanoe sheet dale. ql Fund Ac¢ounts Restrictèd fund5 are subject lo spo¢ific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out In the notes lo the finan¢ial stslements. Designaled funds compAse funds which have beèn set aside * the discratton of the directors for 31 THE PETERBOROUGH SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 specific purposes. The purposes qnd useE of the designated funds are Set OLrt in the notes to th& financTal slalemenls. Tl Taxatlon The Peterborough School Limited is x regi5teTed charity and 8$ such arè exernpt from inwne tsx and corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There Is no similar exemption lor VAT. whlch is included in expenditu￿ Dr in the Cost of assets as appropriatè. CHARITABLE ACTivmES- SCHOOL FEES RECEIVABLE 2024 2023 The school feès incomè Comprises.. Gross feas 8.592.182 8,323.043 Less: Scholarships Bursaries Staff remissions 153,924 867.856 138,686 164,67 826,884 132.739 1,160.466 1,124,299 7,431,716 7,198,744 Scholar8hSps. bursaries and other awards were paid to 157 pupils12023-.1821. Wvilhin this, means- te$ltJd bursaries and scholarshlps totalling £714.114 were paid to S9 pupils 12023- £696,149 to 64 pupils}. 3. CHARITABLE ACTIVITIES -ANCILLARY TRADING INCOME 2024 2023 Pre- and After-school edu￿tIonal supetvi$ion Entrdnce fees and registration fees Fees in lieu of notice and late paytnonl ¢haTges Pupil transport Commissions and other income 57,450 11,400 30,851 83,388 293,029 56,591 11,750 79,184 85,232 219,85S 476.118 432.812 4. INVESTMENTS- INVESTMENT INCOME 2024 2023 Securltles Inve¥tment Income Equities 10,$34 9,981 32 THE PETERBOROUGH SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 S. INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLE Totsl 2024 Totsl 2023 Unrestricted Restricted 88nk interest 130.038 130,054 104,673 6. OTHER- GRANTS AND DONATIONS Total 2024 Total 2023 Unréstrictad Restrictèd Devesopment grants and donations The Wèstwoodians, AssoGialion The Petethorov5h School PTG Other donafioris 701 10,5DO 20,000 500 701 10.500 20,000 510 1,000 270 2,000 10 10 31,701 31,711 4.154 33 THE PETERBOROUGH SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS Y&4R ENDED 31 AUGUST 2024 ANALYSIS OF EXPENDITURE al Total expenditur• Staff Costs (note 91 Olh8r Costs Depreclatlon (note 121 Total 2024 Totsl 2023 Costs of ralslng funds Financing costs Inote 8} Investment management fees 116.448 4,330 116.448 4.330 85,887 3,822 Total costs of ralslng lunds 120,778 120,778 89,709 Charltable expendlture Edu¢atlon and grant maklny.. Teschlng Welfare Pièmises School adminsstratson 4.595,686 443,499 222,700 478,340 426,505 330,735 665,719 491,834 32,951 5,0SS,142 5,032,118 774,234 738,150 1,093,501 827,573 974,996 781.388 205.082 4,822 5,740,225 1,914,793 242,855 7,897,873 7.379.227 GoYeman¢e costs 23,945 23,945 28,162 Edu¢ation and grant maklng 5,740,225 1,93B.738 242.855 7.921,818 7,407,389 Total Expenditure 5,740,225 2,059.516 242,856 8.042,596 7.497.098 bl Total ¢xponditure includes: The Peterborough Scho(>l Li¥niled rgimburses Governors for out of pocket expenses including trav81 subsistence and accommodation, whefe a clalm Is made. None12023'. none) of the Governors were reimbursed Èxpenses during the year. 2024 2023 R&muneralion paid to auditor for audbt seNi¢eg Deprèciation of tangible fixed asspls {alS owned) Operating lease rentsls.. Land and buiEdings Other assets 21.600 242.855 25,800 254,548 64,073 59.602 THE PETERBOROUGH SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 FINANCING COSTS 2024 2023 Bank Intergst Bank charges Provi8ion for bad and doublful debts other costs 28,425 3.375 60,246 24,402 31,240 2,960 32.381 19.306 116,448 85,887 9. STAFF COSTS 2024 2023 The aggregate paywll costs for the year w8r8.' Wages and salaries Social security ctssts Other pension wsls Private medi¢al insurance 4,667,205 468.892 597,827 6,301 4.259,423 425.665 540,556 4,819 5.740.225 5,230.463 None of the Govèmors received remuneratton or other benefits from The P&tert)orotsgh Sehool Limited or from any conne¢ted body. The Head and Bursar arè c18ssed by the School as being the Key Management Personnel. 2024 2023 Agoregate employee b8nefrts of Key Management Personnel including employers, Nl 270,560 267.104 The nutnber of higher paid employees whose annual etnoturnents lexcluding employer pension costsl wèrè £60,000 or more was: 2024 No 2023 No £60,001- £70,000 £70,001- £8Q,OQQ £80,001- £90,000 £120,001- £130,000 £130,001- £140,000 THE PETERBOROUGH SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 The average monthly number of employees during the year calculated tin a head count basis was as follows.. 2024 2023 Teaching Teaching support Nursery Weltsre Premises Adminlstralive support 72 25 21 24 11 13 73 24 15 24 13 166 160 Full limè equivalènt 135 135 10. DIRECTORS None of the directors lor any persons connected with them) ￿cefved any remuneralton or rèimbursed expensas durlng the y&ar. All othar intèrasts arè conducted on normal commercial lem)s. 11. TAXATION The company is a registered charity and therefr)re no liability to taxation arises on its ¢haiiiabl8 activities. ur)> 'CL￿ ai 2 THE PETERBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 13 INVESTMENTS Total 2024 Total 2023 Al 1 Seplemb#r 2023 Nèw monèy invèsted Reinvested income Investment management fees IDecreasellincrease in value of investments 319.976 289,159 50.000 154 13.6221 843 14,3301 20.888 15,515 At 31 Au9tist 2024 337,377 319.976 Investments comprfse: Usted Inveslm•nts Equities 335,757 274.039 cash 1.820 At 31 August 2024 337,377 319,976 The investments are managgd for The PelerboTough Schwl Limsted by Vartan Ravenscroft. All invèsirnenls ale managed and held in the UK. Thg following investments constitute over 5Yo of totsl market va5ue'. 6.250 Lindsell Train Ltd Global Equity B 10,750 FIL Inv Svcs UK Global 2.850 Roy81 London UTM UK Equity 9.31)O Unicorn Asset Management UK Income 1,40QI NB Privale Equity Class A Ordinary 25,000 Rathbone Unit Trust Elhical Bond 20,000 Eurts Investment Bank 5.S¥o SNR 6.750 Aegon AM UK Ethical 38 THE PETERBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 14 DEBTORS 2024 2023 School fè8s receivable Reserve for bad and doubtftEI debts 191,635 108,70Ck 141.300 48,688 82,93S 58,407 142,225 92.612 51.483 120.242 Other debtors Prepayments and accrued income 283,567 15. CREOITORS: amounts falllng due within one year 2024 2023 Bank laans and overdrafts D6posits from parents Foes received from parents in aijvance T18de creditors Taxation and s¢ual security Other credltors Accruals 180,607 17.425 908.642 227,935 108,647 115.640 47,985 161,378 17.536 405.979 64,212 104,657 208,075 71,980 1,606,881 1.033,817 Summary of movements in defèrred Income Balancè I September 2023 Additional amounts deferred Amounts transfert8d to SOFA In the year 405,979 908,642 1405.9791 Balaneè at 31 August 2024 9(18,642 Deferred incorne represents fees ￿ceiv&￿ frotn parents In advan￿ of the 2024125 academic y@ar. 39 THE PETERBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 16. CREDITOR8: amount8 falling due after one year 2024 2023 Bank ltsans and overdrafis Deposits from parents 133,195 172,219 315.268 184,769 305,414 500,037 Parents pay to the School s dèposit in advance (currently £400 tor the School and £200 for Ihe Nursery). The tnoney may be retumèd subjectto specrfic conditions on the rt¢eiptofone term's noti￿. Assuming pupils all remain in the School (which the vasl majority do based historical infofmat*Jnl, fund8ble deposits will be applied as follows-. After S years Withln 2 to 5 years Within 1 to 2 years Due aftsr more than one year Wlthin 1 y8ar 96,830 63,302 122,405 43,378 172,219 17,425 184,769 17,536 489,644 202,30S 17. 3AMK LOAN 2024 2023 The bank loan Is repayable by inslalmenls Due within 2 to S y6ars Dtje within 1 to 2 y88rs Dve after more than one year Due within 1 year 141,957 173.311 315,268 161.378 133.195 133,195 180,607 313,802 476,646 The Peterborough Schwl Limtted has a bank ban from B¥r¢l8ys Bank Plc. The loan is secured by a legal chargè over selected freehold property and a dtrbenture 81 a rate of iTileresl o12.fi over base r?le and is repayable over a term of len years. THE PETERBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 18. COMMITMENTS UNDER OPEFiATING LEASES The firture minlmum cornmikn¢nts under non-¢an¢ellabt¢ operating leases are.. Land and bulldlng$ 2024 2023 Other 2024 2023 Within 1 year Befyyeen 2 and 5 years 70,177 130.650 41.609 17,892 200,827 59,501 19. FUNDS The Pglerborough Sehool Litnited's funds arè an81ysed under th& following headings: al RESTrICTED FUNDS Speech Day PrfxÈs The Elisabeth Little Prize Fund consists of a tnjst fund set up by an individual donor for thé purpose of providing income for sp9ech day prTzes. The 141h Nene West Town Scout Group In recognitton of their use of sohool faciltties, the 14th Nene West Town Scout Group d9nated £500 to the Prèparatory Dèpartment. This donation will be used for library books for the Prep School new Ilbrary, due to be fumished in thè year ended 31 August 2025. The Westwoodi8ns' Association Tho WestrNÉ￿dia￿S. Assoaallon donated £10,000 towards the new main hall curtains an(J £500 towards the Sixth Fom proffl. The Parent Teacher Guild During thé year the Parent Teachèr Guild donated QO.000 towards the Prgparalory Department furbishment project. The Giving TreÈ The Giving Trè& is an on-going school development progrdmme appeal. Surplus funds raSsed in the year hav8 been allo¢aled lo the Preparatory Departrnent refurbshment project. Transfers made out from restricted funds to unrestricted funds in the year represent cèpkal expenditure incurred. This expendtturè ts in line with the restrictions on the relevant funds. bl UNRESTRICTED FUNDS Unrèstricted fvnds represent accumulated income ftom the school's activities and other sourtss that are available for the gènsral purposes of the School. 41 THE PETERBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS T¢*tal 21124 Total 2023 Unrostrl¢ted R8Strlct8d Tangible fixod assets Securities investments Net current assels Long temi IFabilities 8.497.270 337,377 8,392 1305,4141 6,497.270 337,3 909,292 1305.414) 6,22S,490 319,976 1,254,950 1500,0371 900 7.437.82S 900 7.438,525 7,300.3T9 Total 2023 Total 2022 Llnrestrlcted Restrl¢ted Tangibl8 fixed assets S8cursbes invebtments Net current assets Long term Ilablllles 6.225,490 319.976 1,252,008 1500,0371 6.225.490 319.976 1,254.950 1500,0371 6,063,300 289,159 1.310,354 1660,169) 2,942 7.297.437 2,942 7,300,379 7,002,644 21. SUMMARY OF IthOVEMENTS ON MAJOR FUNDS At1 SW•mber 2023 At31 August 2024 Income Exp&ndltu Ttan$f*rs Golns Rostrlcted Funds Elisabeth Litua Prtt@ Fund 14th Nene West S¢out Group The W&siwo0dFa￿. A5SOCtation The PTG The Gwing Troè 400 16 500 500 10,500 15001 110.0001 120.0001 13.2431 20,000 701 2,542 2,942 31,717 15161 1332431 900 Unrtstrict•d Fund¥ General ReseN8 7,297,337 8,128,137 {6.042.0801 33,243 20.888 7,437.525 Totsl Futtd$ 7,300,279 8.159.854 18,042,5961 20,888 7A38,425 Note 19 provldes deta11s of the indlvidual funds. THE PETERBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 A UGUST 2024 22. CAPITAL COMMrrMENrs At 31 Avgu8t 2024. the company had capitsl commttmgnts as follows: 2024 2023 Expendrture contracted for but not provided in thè ae¢ounts £Nil £36,011 23. PENSION SCHEMES The School runs a defined contrttiution scheme for its teachiro staff and two defined contribthion schemeg for its non-teathing staff. The cost for the year represents the School's contributions to the 5chem&s of £597,82712023.' £540.5561. 24. ULTIMATE CONTROLUNG PARTY The Woodard Corporation Limited is the ultimate controlling party, a regL%tered charEty number 1096270. which is in¢tsrporated in England and W81es. Copies of the financial statsments of The Woodard Corporation can be obtained from High Street, Abbots Bromley, Rugeley, Stsffordshire. WS15 3BW. The accounts ofThe Peterborough School Limitèd are included within the coftsolÈdaled financial statèments ofThe Woodard Corpordtion Limitèd_ 25. RELATED PARTIES As stated in not¢ 24, The Peterborough School Limited is a wholly owned subsld5ary of The Woodard Corporation. An amount of £50,￿7 12023.. £45.361} was paid duri[￿ the year to The Woodard Corporation by way of 2 tevy to tneet running costs. 15 pupils12023.' nill attended the Chapel Choir Voices of Woodard Wèekend. This weekend is where our choir jotn$ forces with other Woodard Schools for singing and social activities. The Woodard Corporation charged The Pèterborough School £75012023- nil) for attending this event, which was rechargèd to participating pupils. Remissions of £8,546 (2023- £19.6121 were awarded 19 children of Gov8mors and Key Management Personnel where the qualfying ¢rfteri8 applied. One of the Governors. Mf G Hynes, is a director of Budworth Hardcastle Limited (trading as Eddlsonsl. The Sthool was charged £nil12023 £9,000) during the year for servi¢es provided by Edd150ns. The 2023 transaction was Carried out on normal commèrthal temis. 26. ACCOUNTING ESTIMATES AND JUDGEMENTS In prepar¥ng the financial statements. the directors are required to makè èstimates and judgements. The matters detailed b6low are considered to bè the most important in underslanding the judgements that are involved in preparing the financial stalements and the unctrrtainties that could impact the amounts reported in the rèsults of operations, financial position and cash flgws. Accounting pollthes are shown at note 1 to the financial statements. Pmvision forb8d debts Debts are prt)vided for rf ￿t wovered within or58 temi. Estimating amounts to provhde against recovèry of debts is a tTJatter ofjudgement. DepreciatK)n, impaim?ent and residu81 value of fixedassets Judgement is exer(xsed in ostimating the residu81 value5 of fixed assets, the sel8rtion of appropriate rates for depre¢l¥lion and for matters of i¥npairmenL THE PETERBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 27. RECONCILEATIQN OF NET INCOME TO NET CASH GENERATED FROM OPERATING ACTIVITIES 2024 2023 Nèt lneomèl1èx￿nd[tUrè} for the year las per tho Statement of flnanclal a¢tlvltl•$l 138,146 297,735 Adjustmènts for: Depreciation charges IGainsyLosses on investmènts DivWends and Inter￿t from Snvtrstmtrnts Financing cos15 Increase in stocks Increase debtors Incr6*sèIIDbcr8as81 in ueditors 242,855 120.8881 1140.588} 116.448 11,7581 122,3441 48.687 254.548 15.515 {114,6541 85,887 11,9C121 130,7701 163,8501 Net cash genoratsd from op¢rAtln9 O¢tivities 360.558 442,509 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and In hand 2,22S,409 2,018,991 Total cash and cash èqtslv#lents 2,225N09 2,018,991