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2022-08-31-accounts

REGISTERED COMPANY NUMBER: 01221853 (England and Wales) REGISTERED CHARITY NUMBER: 270158

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

FOR

GRANGE ROSE HILL SCHOOL LIMITED

BSR Bespoke Chartered Accountants Registered Auditors Linden House Linden Close Tunbridge Wells Kent TN4 8HH

GRANGE ROSE HILL SCHOOL LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 August 2022

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 26

GRANGE ROSE HILL SCHOOL LIMITED (REGISTERED NUMBER: 01221853)

REPORT OF THE TRUSTEES for the year ended 31 August 2022

The Governors (who are also directors of the charitable company for the purposes of the Companies Act) present their annual report together with the audited financial statements of Grange Rose Hill School Limited (the charitable company) for the year ended 31 August 2022. The Governors confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements and give a true and fair view of the charitable company's affairs as at 31 August 2022, having been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the requirements of the Companies Act 2006.

OBJECTIVES AND ACTIVITIES

Policies and objectives

The Objects of the charitable company, as set out in the Memorandum and Articles of Association, are to promote and provide for the advancement of education, in particular for the education of children and to supply to the pupils general instruction of the highest class together with physical, moral and religious training.

Strategies for achieving objectives

In the spirit of our school aims we work hard to provide each child with a learning experience which is one of aspiration, adventure and achievement in a nurturing, caring school. Working with integrity your child will:

Rose Hill School aims to offer the highest quality of teaching, learning and support to all pupils in the pursuit of academic and personal excellence. We have high expectations of all of our pupils and we strive to ensure that each and every pupil is nurtured so that they can take part in the whole school curriculum, and be the best versions of themselves.

In forming our objectives and overall policies for the School the Governors are mindful of the Charity Commission's guidance on public benefit.

Activities for achieving objectives

While continuing to fulfil the aims defined above, the main focus of our objectives for the year were defined in our School Development Plan. Whilst the Plan covers the complete spectrum of the objectives of the School, the main focus for the year was to:

The management team and governing body focussed on a strategy to continue to develop and enhance the high level of education and care provided by the school.

Page 1

GRANGE ROSE HILL SCHOOL LIMITED (REGISTERED NUMBER: 01221853)

REPORT OF THE TRUSTEES for the year ended 31 August 2022

OBJECTIVES AND ACTIVITIES

Main activities undertaken to further the school's purposes for public benefit

With the Covid-19 pandemic continuing, at the start of the year we were limited by Government restrictions as to the extent we could make our buildings and grounds available to local and national organisations. Despite those restrictions, in the past year these have included:

Our sports hall is made available to our neighbouring school Bishops Down Primary School as and when they need it. They also have access to our sports equipment, playing fields and theatre if required. They have used our swimming pool for one morning per week to support their swimming curriculum.

A member of the senior management team and a member of staff are Governors at local primary schools. A member of the senior management team is a mentor for the BAME programme at a London university. A member of senior management team is a volunteer with the South East Area Combined Cadet Force.

Community and society support is an important part of life at Rose Hill School. During the year our pupils raised a total of £1,277, supporting a number of different charities including The Christmas Shoebox Appeal, Children in Need, Comic Relief, Save the Children and The Hygiene Bank. At the outset of the Ukraine conflict our Y6 pupils planned their curriculum philanthropy project around support for those affected and raised £2,079 which was donated to RefugEase. As a result of the war in Ukraine the Governors made available two school places for refugees that had arrived in the country. During the Summer Term two pupils started at the school in Year 7 and Reception.

We continue to widen access to the School through means tested bursaries, which are kept under close review.

Page 2

GRANGE ROSE HILL SCHOOL LIMITED (REGISTERED NUMBER: 01221853)

REPORT OF THE TRUSTEES for the year ended 31 August 2022

STRATEGIC REPORT

Achievement and performance

Key financial performance indicators

The main key financial performance indicator for the year is the pupil numbers which were 6% lower than the previous year. Due to the continued uncertainty following the pandemic, future pupil numbers continue to fluctuate, however they are predicted to be approximately 12% higher next academic year.

The Governors are of the opinion that the net book value of the freehold land and buildings, shown in the accounts at £6,730,982, are worth more than that figure but the exact value cannot be determined without professional valuations.

Review of activities

1. Pupil Numbers:

The charity principally provides education for day pupils between the ages of 3 and 13 in Tunbridge Wells. This year pupil numbers averaged 235.

2. Academic:

Whilst this has again been an unusual year with all the difficulties surrounding the Covid-19 pandemic, we have managed to continue to develop our school ethos and curriculum. We have taken the best of new innovations to enrich each child's learning journey, adding layers to the traditions and skills that lead to successful learning.

All of our 13+ Common Entrance candidates achieved places at their first-choice schools, an achievement which has stood for many years. Our Year 6 pupils continue to do well, moving on to a number of different local secondary schools - we are pleased that we are able to offer parents so much choice. Senior Schools are not generic institutions and it is important to ensure that they are the right fit for the individual child. Rose Hill School prides itself on building strong relationships with a range of Senior Schools so that each child and their family can be individually advised on the best options for them.

Our outdoor classroom offers ever growing opportunities for not only our youngest pupils, it offers opportunities for adventure, play and learning outside of the classroom for all ages.

Where it has been possible to do so, we have continued with many rich and diverse opportunities. Our STEAM (Science, Technology, Engineering, Arts & Maths) week saw the whole school engaged in many different and exciting activities all related to 'Robotics'. Our Geography trips this year have included visits to Cuckmere Haven, Wilderness Wood as well as a variety of local walking visits in and around Tunbridge Wells.

This year we have increased the use of project work in school, as according to leading research, by 2027 most work will be project based and we feel that it is so important that we start to teach those skills early in a pupil's education. The development of the creative curriculum and introduction to Focus Days has allowed all pupils to deepen their understanding of specific topics. This was never more evident than in the Y6 Philanthropy project, as the pupils took on the challenge of raising money to support Ukrainians refugees.

Whilst we pride ourselves on our academic excellence, we also recognise the importance of delivering high-quality character education, and supporting our pupils' overall wellbeing through our 5 Keys to success and happiness. Pupils have the opportunity to take part in a variety of co-curricular activities, ranging from Mandarin, the sewing bus, Rainbows, Brownies, Cubs and Scouts, encouraging our pupils to meet new people, explore new interests, and develop important skills such as inclusion.

In this academic year, we have had increased opportunities to participate in a variety of sports. Team successes included the U13 IAPS National Football Champions, winners at U13 Battle Abbey Football Tournament, U11 District Football Champions and U10 Football Runners Up. The girls attended the National Netball Finals, U11 IAPS Girls Hockey Runners Up and the U8 girls remained undefeated in all their matches for Hockey, Netball and Cricket.

Page 3

GRANGE ROSE HILL SCHOOL LIMITED (REGISTERED NUMBER: 01221853)

REPORT OF THE TRUSTEES for the year ended 31 August 2022

Music has continued to flourish within the school, with a wide variety of events now able to take place in person. These included Nativities, carol singing and carol service as well as plays and instrumental recitals and concerts. The music skill of the pupils continues to increase with two ABRSM examination events held in the school. The standard of pass mark was the highest it has ever been with a plethora of distinctions and merits across a wide range of instruments. Orchestral week was a particular highlight with moving and varied live music from professional musicians in assemblies and instrumental workshops in class lessons.

Investment policy and performance

The Governors regularly review the school's finances, budget and spend against budget. This became increasingly more important as the pandemic continued.

Our policy is to achieve the level of operational surpluses as set out in our Five Year Plan as the basis for maintaining our financial stability and to continue with improvements to School facilities to maintain excellent teaching facilities for our pupils.

Factors relevant to achieve objectives

Performance is monitored by using reports to the Council combined with Governors and School working to improve and update all aspects of the functions of the School. This is facilitated by our Development Plan which, while identifying, also monitors the enhancements in curriculum, pastoral care, buildings and grounds, human resources, governance, management, marketing, policies and financial resources. In the process it addresses time-scales, costs and implementation.

Financial review

Principal funding sources

The School has no endowments or access to funds other than its income from fees. In the last two financial periods, like all other businesses in the UK, it has also been supported by government grants relating to the Coronavirus pandemic. During the year, 6.9% of gross fee income was made available as allowances for fees which included scholarships and means tested bursaries. As the School is a charity, the parents of our pupils have the assurance that all income must be applied for educational purposes. As an educational charity we claim exemption on our educational activities and our investment income and gains, provided these are applied to our charitable aims.

Material investments policy

The School is empowered to invest monies not immediately required for its purpose in or upon such investments, securities or property as may be thought fit and within the law. Our current policy is to maintain excess funds on high interest accounts and the opening of any such accounts will be made only with the approval of the Council.

Reserves policy

Net Assets at the Balance Sheet date amounted to £5,408,447 (2021: £5,386,444). Because of the nature of the school's asset structure, the school does not have any 'Free' Reserves (as defined by Charity Commission guidance). The main focus of the school has historically been to maintain a policy of improving the fabric and facilities of the school buildings from operational positive reserves (ie any limited reserves that arise from operational surpluses). This approach will remain the focus for the foreseeable future.

Going concern

After making appropriate enquiries, the Governors have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Principal risks and uncertainties

The Governors are satisfied that the major risks identified have been adequately mitigated where necessary. This was an unprecedented year in which the school had to manage the many continuing challenges of the Covid-19 pandemic. It is recognised however that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Page 4

GRANGE ROSE HILL SCHOOL LIMITED (REGISTERED NUMBER: 01221853)

REPORT OF THE TRUSTEES for the year ended 31 August 2022

STRATEGIC REPORT

Financial and risk management objectives and policies

The Governors are responsible for the management of the risks faced by the School. Risks are identified and assessed, and controls established throughout the year. A formal review of the charity's risk management processes is undertaken on a termly basis and documented in a Risk Management Matrix. The key controls used by the charity include:

The School maintains a schedule to instigate, review and update policies. These include our approach on access in our Admissions Policy and our Equal Opportunities Policy all of which can be viewed on the School website.

Future developments

These are primarily defined in the 2022-2023 Development Plan that identifies and monitors the requirements and improvements to be made to the School. The Plan is updated annually in a process that encompasses input from all areas of the School. It is reviewed regularly by the Governors and approved at their meeting in November. Our priorities for the coming year are:

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 5

GRANGE ROSE HILL SCHOOL LIMITED (REGISTERED NUMBER: 01221853)

REPORT OF THE TRUSTEES for the year ended 31 August 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Charity constitution

Rose Hill School ("the School") was founded in 1832 and continues to operate under this name. It was incorporated as a company under company registration number 1221853 on 17 July 1975 as Grange Rose Hill School Limited and registered with the Charity Commission under charity number 270158 on 10 October 1975.

The Governors form the Council of Management (the Council) which governs the School. They are directors of the Company for the purposes of the Companies Act and charity trustees for the purposes of the Charities Act. Members of the Council during the year under review and up to the date of this report are listed on page 7 together with the executive officers and professional advisers to the charitable company. In accordance with the Articles of Association, three members of the Council retired during the year or in the subsequent period to date - Ms Natasha Firmin (May 2022), Mrs Sharon Hodgson (September 2022) and Mr Anthony Lamb (December 2022). Five new members were appointed during the year or in the subsequent period to date - Mr Alex Kiernan (September 2021), Mrs Josie McNeil (September 2021), Mr Nicholas Powell (January 2022), Mr James Williamson (September 2022) and Ms Gwen Taylor-Hall (January 2023). Grange Rose Hill School Limited is a company limited by guarantee and without a share capital. It is governed by its Memorandum and Articles of Association dated 17 July 1975 and last amended in June 2004.

Method of appointment or election of governors

Potential Governors are identified by current Governors or the Executive Officers on the basis of particular skills, personal reputation and competence and, where possible, an existing commitment and supportive attitude towards the School. Governors are elected to the Council of Management at Council meetings following interviews, combined with meetings to discuss and instruct potential candidates of the responsibilities and duties involved.

Organisational structure and decision making

The Council of Management meets at least three times a year and is responsible for the determination of general policy and overall management of the School. Day to day management is delegated to the Head for academic management and to the Bursar for administrative management. The Council is supported by four sub committees: Finance and General Purposes; Academic & Curriculum and Welfare, Child Protection & Safeguarding and Health & Safety. Formulation and review of policies is delegated by the Council to the sub committees who report back to the Council for ratification.

Policies adopted for the induction and training of Governors

Governors are inducted into the working of the Council on the basis of a comprehensive Governors' Handbook and attendance at organised workshops and seminars run by the Association of Governing Bodies of Independent Schools (AGBIS). Governors regularly visit the school to see it in action and spend time with pupils and staff.

Key management remuneration

The Governors consider that they together with the Head, Deputy Head, Bursar and Head of Pastoral Care (Senior Management Team) comprise the key management personnel of the school. The pay and remuneration of the Head and senior staff is set by the Governors and is kept under annual review.

Key management personnel are considered to be individuals who have authority and responsibility for planning, directing and controlling the activities of the School. Total remuneration in respect of these individuals was £313,807 (2021: £326,313).

Risk management

The Governors have assessed the major risks to which the School is exposed, in particular those related to the operations and finances of the School, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

The governors are aware of the continued political pressures to remove charitable status from the independent schools sector and the financial impact this will have on the school.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

01221853 (England and Wales)

Page 6

GRANGE ROSE HILL SCHOOL LIMITED (REGISTERED NUMBER: 01221853)

REPORT OF THE TRUSTEES for the year ended 31 August 2022

Registered Charity number 270158

Registered office

Coniston Avenue Tunbridge Wells Kent TN4 9SY

Trustees

C J Scott Ex-Headmistress N Phillips Barrister J Saunders Accountant S M Hodgson Clinical Psychologist N Firman Surveyor D L Brockman School Business Manager L S Keatley Solicitor A Lamb Assistant Head A Kiernan Solicitor J H McNeil Teacher N Powell Retired J Williamson Vice President, a Dow Jones Company G E Taylor-Hall Teacher

(resigned 28.9.22) (resigned 19.5.22)

(resigned 31.12.22) (appointed 1.9.21) (appointed 1.9.21) (appointed 25.1.22) (appointed 1.9.22) (appointed 23.1.23)

Company Secretary

C D Lupton

Auditors

BSR Bespoke Chartered Accountants Registered Auditors Linden House Linden Close Tunbridge Wells Kent TN4 8HH

Solicitors

Cripps Pemberton Greenish 22 Mount Ephraim Road Tunbridge Wells Kent TN4 8AS

Bankers

Lloyds Bank plc Tunbridge Wells Kent TN1 1RP

Page 7

GRANGE ROSE HILL SCHOOL LIMITED (REGISTERED NUMBER: 01221853)

REPORT OF THE TRUSTEES for the year ended 31 August 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Grange Rose Hill School Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, BSR Bespoke, were re-appointed at the Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 1 March 2023 and signed on the board's behalf by:

N Phillips - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GRANGE ROSE HILL SCHOOL LIMITED

Opinion

We have audited the financial statements of Grange Rose Hill School Limited (the 'charitable company') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GRANGE ROSE HILL SCHOOL LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GRANGE ROSE HILL SCHOOL LIMITED

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the client and determined that the most significant are:

We gathered an understanding of how the entity is complying with the above frameworks by enquiring and observing management and those charged with governance, ensuring there is a culture of honesty with an emphasis on fraud prevention which may reduce opportunities for fraud to occur as well as acting as a deterrent.

We assessed the susceptibility of the financial statements to material misstatement due to fraud, by making an assessment of the key fraud risks, the manner in which any such risks may materialise, our knowledge of the client and an assessment of the current business environment.

We designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed additional audit procedures to address each identified fraud risk to obtain reasonable assurance that the financial statements were free of fraud or error.

There are inherent limitations in the audit procedures described above, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GRANGE ROSE HILL SCHOOL LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

STEPHEN POCOCK (Senior Statutory Auditor) for and on behalf of BSR Bespoke Chartered Accountants Registered Auditors Linden House Linden Close Tunbridge Wells Kent TN4 8HH

16 March 2023

Page 12

GRANGE ROSE HILL SCHOOL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 August 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
6
Educational
Other trading activities
4
Investment income
5
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Educational
Welfare
Establishment
Support
Governance costs
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.8.22
Unrestricted
fund
£
-
3,044,159
183,355
27
3,227,541
34,028
1,912,576
139,614
688,433
421,227
9,660
3,205,538
22,003
5,386,444
5,408,447		 31.8.21
Total
funds
£
53,993
3,250,127
121,239
44
3,425,403
34,258
1,962,669
211,287
688,878
484,627
9,220
3,390,939
34,464
5,351,980
5,386,444

The notes form part of these financial statements

Page 13

GRANGE ROSE HILL SCHOOL LIMITED (REGISTERED NUMBER: 01221853)

BALANCE SHEET 31 August 2022

Notes
FIXED ASSETS
Tangible assets
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
19
NET ASSETS
FUNDS
22
Unrestricted funds
TOTAL FUNDS		 31.8.22
31.8.21
Unrestricted
Total
fund
funds
£
£
7,007,464
7,152,346
24,469
23,937
812,950
578,778
148,004
244,211
985,423
846,926
(1,421,555 )
(1,331,125 )
(436,132)
(484,199)
6,571,332
6,668,147
(1,162,885 )
(1,281,703 )
5,408,447
5,386,444
5,408,447
5,386,444
5,408,447
5,386,444

The financial statements were approved by the Board of Trustees and authorised for issue on 1 March 2023 and were signed on its behalf by:

N Phillips - Trustee

The notes form part of these financial statements

Page 14

GRANGE ROSE HILL SCHOOL LIMITED

CASH FLOW STATEMENT for the year ended 31 August 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Repayment of borrowings
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.8.22
£
152,490
(45,490)
107,000
(80,117)
-
27
(80,090)
(123,117)
(123,117)
(96,207)
244,211
148,004		 31.8.21
£
717,056
(48,184)
668,872
(33,044)
200
44
(32,800)
(120,254)
(120,254)
515,818
(271,607)
244,211

The notes form part of these financial statements

Page 15

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 August 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.8.22 31.8.21
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 22,003 34,464
Adjustments for:
Depreciation charges 225,000 228,332
Profit on disposal of fixed assets - (200)
Interest received (27) (44)
Interest paid 45,490 48,184
Increase in stocks (532) (1,514)
(Increase)/decrease in debtors (234,172) 399,769
Increase in creditors 94,728 8,065
Net cash provided by operations 152,490 717,056
2. ANALYSIS OF CHANGES IN NET DEBT
At 1.9.21 Cash flow At 31.8.22
£ £ £
Net cash
Cash at bank and in hand 244,211 (96,207) 148,004
244,211 (96,207) 148,004
Debt
Debts falling due within 1 year (119,737) (4,426) (124,163)
Debts falling due after 1 year (1,220,677 ) 127,542 (1,093,135 )
(1,340,414 ) 123,116 (1,217,298 )
Total (1,096,203 ) 26,909 (1,069,294 )

The notes form part of these financial statements

Page 16

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022

1. SCHOOL INFORMATION

Grange Rose Hill School Limited is a private limited company, limited by guarantee without share capital, registered and incorporated in England and Wales.

The trustees of the charitable company can be found in the Report of the Trustees on page 7. In the event of the charitable company being wound up, liability in respect of the guarantee is limited to £1 per trustee.

The address of its registered office and place of business is Rose Hill School, Coniston Avenue, Tunbridge Wells, Kent, TN4 9SY.

The principle activity of the charitable company in the year under review was the provision of educational services.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£) and amounts are rounded to the nearest whole £1.

Critical accounting judgements and key sources of estimation uncertainty

Depreciation is a significant accounting estimate within the accounts. Depreciation rates are based on the useful expected lives of each asset. The Trustees review the assets to ensure that their policies remain up to date, accurate and in line with previous expectations to confirm that depreciation is not accelerated or under-provided.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income represents school fees and extra charges relating to the three academic terms in the year and income from other activities. Fees invoiced and received in advance are carried forward for credit in the period to which they relate.

Other income, including the hire of facilities, is recognised in the period it is receivable and to the extent the charity has provided the goods or services.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Support costs are those incurred directly in support of expenditure on the objectives of the School and include project management carried out. Governance costs are those incurred in connection with administration of the school and compliance with constitutional and statutory requirements,

continued...

Page 17

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2022

2. ACCOUNTING POLICIES - continued

Expenditure

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

The running costs of the School, including the provision of education, are treated as direct charitable expenditure and includes costs relating to education, premises and the majority of administrative expenses. Other indirect expenditure has been classified separately.

Government grants

Grants are recognised when evidence of entitlement is probable and its amount can be measured reliably. A grant that imposes specified future performance-related conditions is recognised in income only to the extent that the performance-related conditions have been met. Where the performance-related conditions have not been met or uncertainty exists as to whether the School can meet the terms or conditions otherwise within its control, the income is deferred as a liability until it is probable that the conditions have been met. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land & buildings - at varying rates on cost Fixtures, fittings & equipment - at varying rates on cost Groundsman's equipment & minib uses - at varying rates on cost

Tangible fixed assets are initially measured at cost price, this can include transport, installation, legal and other such associated costs. After initial recognition the asset is subsequently measured under the cost model of cost, less depreciation, less any impairment losses.

Subsequent day-to-day servicing of the assets will be recognised in the profit or loss in the period they are incurred. Only subsequent expenditure that can provide an incremental benefit will be capitalised.

No depreciation is charged on assets under construction.

All assets costing more than £500 are capitalised.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is determined on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 18

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2022

2. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern

The members have made their own assessment of going concern and have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties that cast significant doubt on the School's ability to continue as a going concern.

Financial Instruments

The company enters into basic financial instruments that give rise to financial assets and financial liabilities including trade and other debtors, trade and other creditors, bank account balances, bank loans and other loans and borrowings and investments in certain non puttable and non convertible equity instruments.

Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt instruments are treated as a financing transaction, then the financial asset or liability is measured at the present value of future cash flows based on a market rate of interest. Debt instruments which are treated as financial assets and accounted for at amortised cost are also assessed for impairment.

Equity instruments are initially accounted for at transaction price. They are subsequently accounted for at cost unless they can be accounted for at fair value based on a readily available market price or fair value. Equity instruments which are treated as financial assets and accounted for at cost are also assessed for impairment.

3. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
31.8.22 31.8.21
£ £
Government grants - 53,993

Government grants received in the prior year relate to the Coronavirus Job Retention Scheme (CJRS).

continued...

Page 19

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2022

4.
OTHER TRADING ACTIVITIES
Uniform sales
Other income
5.
INVESTMENT INCOME
Deposit account interest
6.
INCOME FROM CHARITABLE ACTIVITIES
Activity
School fees receivable
Educational
Bursaries & scholarships
Educational
7.
RAISING FUNDS
Other trading activities
Purchases
8.
CHARITABLE ACTIVITIES COSTS
Educational
Welfare
Establishment
Support
Governance costs		 Direct
Costs (see
note 9)
£
1,878,949
139,614
497,060
(5,103)
-
2,510,520		 31.8.22
£
39,637
143,718
183,355
31.8.22
£
27
31.8.22
£
3,270,274
(226,115)
3,044,159
31.8.22
£
34,028
Support
costs (see
note 10)
£
33,627
-
191,373
426,330
9,660
660,990		 31.8.21
£
29,265
91,974
121,239
31.8.21
£
44
31.8.21
£
3,426,797
(176,670)
3,250,127
31.8.21
£
34,258
Totals
£
1,912,576
139,614
688,433
421,227
9,660
3,171,510

continued...

Page 20

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2022

9. DIRECT COSTS OF CHARITABLE ACTIVITIES

Staff costs
Equipment lease & hire
General premises expenses
Catering
Tutorial
School trips
Motor expenses
Bad debts		 31.8.22
£
2,112,981
59,402
206,625
81,705
36,073
14,659
4,178
(5,103)
2,510,520		 31.8.21
£
2,210,907
52,109
196,747
66,378
40,399
5,598
5,201
57,363
2,634,702

10. SUPPORT COSTS

SUPPORT COSTS
Management
Finance
£
£
Educational
-
-
Establishment
-
-
Support
375,570
4,342
Governance costs
-
-
375,570
4,342
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases
Surplus on disposal of fixed assets		 Governance
Other
costs
£
£
33,627
-
191,373
-
-
46,418
-
9,660
225,000
56,078
31.8.22
£
224,999
59,402
-		 Totals
£
33,627
191,373
426,330
9,660
660,990
31.8.21
£
228,333
52,109
(200)

11. NET INCOME/(EXPENDITURE)

continued...

Page 21

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2022

12. AUDITORS' REMUNERATION

AUDITORS' REMUNERATION
31.8.22 31.8.21
£ £
Fees payable to the charity's auditors and their associates for the audit of the
charity's financial statements 9,660 9,220

13. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.

14. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.8.22
£
1,805,999
171,818
329,410
2,307,227		 31.8.21
£
1,926,172
175,797
348,338
2,450,307

The average monthly number of employees during the year was as follows:

Teaching
Support staff		 31.8.22
30
38
68		 31.8.21
32
43
75

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.8.22 31.8.21
£80,001 - £90,000 1 1

continued...

Page 22

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2022

15. TANGIBLE FIXED ASSETS

Fixtures,
Land &
fittings
buildings
& equipment
£
£
COST
At 1 September 2021
9,388,555
929,299
Additions
-
76,748
At 31 August 2022
9,388,555
1,006,047
DEPRECIATION
At 1 September 2021
2,466,805
701,667
Charge for year
190,768
33,627
At 31 August 2022
2,657,573
735,294
NET BOOK VALUE
At 31 August 2022
6,730,982
270,753
At 31 August 2021
6,921,750
227,632
16.
STOCKS
Stocks
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 Groundsman's
equipment
& minib
uses
£
49,392
3,369
52,761
46,428
604
47,032
5,729
2,964
31.8.22
£
24,469
31.8.22
£
796,366
5,620
10,964
812,950		 Totals
£
10,367,246
80,117		 Totals
£
10,367,246
80,117
10,447,363
3,214,900
224,999
3,439,899
7,007,464
7,152,346
31.8.21
£
23,937
31.8.21
£
564,854
782
13,142
578,778

continued...

Page 23

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2022

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 20)
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income		 31.8.22
£
124,163
62,433
47,817
54,401
1,132,741
1,421,555		 31.8.21
£
119,737
40,900
44,355
97,279
1,028,854
1,331,125

Included within creditors is deferred income of £1,095,733 (2021: £992,068) which relates to the Autumn 2022 school term.

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans (see note 20)
Other creditors
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal		 31.8.22
£
1,093,135
69,750
1,162,885
31.8.22
£
124,163
127,003
129,426
836,706		 31.8.21
£
1,220,677
61,026		 31.8.21
£
1,220,677
61,026
1,281,703
31.8.21
£
119,737
126,868
128,627
965,182

20. LOANS

The loans are secured by way of a legal charge over the freehold property owned by the School. The interest rate on the loan with a balance of £403,288 at 31 August 2022 is charged at 2.5% above base rate. The interest rate on the loan with a balance of £814,010 at 31 August 2022 is fixed at 3.909% until February 2024. After this date, interest will be charged at 2.5% above base rate.

continued...

Page 24

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2022

21. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.22 31.8.21
£ £
Within one year 15,241 38,085
Between one and five years 7,470 17,686
In more than five years 480 -
23,191 55,771

22.

MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.9.21
£
5,386,444
5,386,444
Incoming
resources
£
3,227,541
3,227,541
At 1.9.20
£
5,351,980
5,351,980		 Net
movement
in funds
£
22,003
22,003
Resources
expended
£
(3,205,538 )
(3,205,538 )
Net
movement
in funds
£
34,464
34,464		 At
31.8.22
£
5,408,447
5,408,447
Movement
in funds
£
22,003
22,003
At
31.8.21
£
5,386,444
5,386,444

Page 25

continued...

GRANGE ROSE HILL SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 August 2022

22. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
3,425,403
3,425,403		 Resources
expended
£
(3,390,939 )
(3,390,939 )		 Movement
in funds
£
34,464
34,464

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.9.20
£
5,351,980
5,351,980		 Net
movement
in funds
£
56,467
56,467		 At
31.8.22
£
5,408,447
5,408,447

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
6,652,944
6,652,944		 Resources
expended
£
(6,596,477 )
(6,596,477 )		 Movement
in funds
£
56,467
56,467

23. RELATED PARTY DISCLOSURES

During the year, three members of key management were reimbursed a total of £764 (2021: £580), in relation to expenses incurred.

Page 26