Regis¢er¢d number: 01239748 Charlty number: 270719 DAIR HOUSE SCHOOL TRUST LTD (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 "AC4P68DF* 31105r2023 COMPANIES HOUSE A13
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DAIR HOUSE SCHOOL TRUST LTD {A Company Limited by Guarantge) CONTENTS Page Reference and Admlnistrative Details of the Charitable ¢ompanyi its Trusl¢es and Advisers Trustses. Report Independent Auditors. Report on the Financial Statements Statement of Financial A¢tivities 9-12 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to Ihe Flnanclal Stalements 16-32
DAIR HOUSE SCHOOL TRUST LTD (A Company Llmfted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Trustees Mrs Susannah Clarke Mr Adnan Downie Mr Gtyn Hayw Mrs Nathalie HaxrfJ M(s Anne King Mrs Jane Masih. Cha Mr Paul McNalty Mrs Victoria McNally Mfs Amanda SieY Mrs Maralynn Velascopmd Company reglstered number 01239748 Charity registered number 270719 Registered offic• Bishops Blake Famham Road Farnham Royal Buckinghamshire SL2 3BY Senior managemgDt leam Mr T Winue, Head {to August 2022} J Bull. Head (from Septemter 20221 A Eastts. Head of Finance (from September 2021 to September 20221 Independent audfto MHA Building 4 Foundation Park Roxborough Way Maidenhead Berkshire SL6 3UD Bankers Ajlwl Irish Bank {to December 2022) 51 Belmont Road Uxbridge MiddWx UB8 1RZ Barclays Bank (from December 20221 1 Churchill Fl London E14 5HP Page 1
DAIR HOUSE SCHOOL TRUST LTD (A Company Llmlled by Guarantw) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees present their annual feport together wih the alIted finala1 statements of the charitable company for the 1 September 2021 to 31 August 2022. The Annual report serves the purposes of both a Twslees. report and a directors. feport under company law. The Trustees confirm that the Annual report and finan¢ial statements of Ihe charitsble company comply th the current statutory requirements. the requirements of the charrtable mPanY$ goveming document and the pmws)ns of the Statement of Recommended Practice {SORPI applicable lo ehariti.es preparing their acrnunts in accordanee wth the Financial Reporting Standard a.pplicable in the UK and Republic of Ireland IFRS102). Since the Charity qualifies as smal under section 383, the Strateg repjrt required of medium and large eompanies under The Companies Act 2006 (Strategic Report and Directorfs Report) Regulations 2013 is not required. Objectlves and activities Policies and objectlves In setting obje¢lives and planning for activities, the Trustees have given due Considerati to general gutdance published by the charity commission relab.ng to public benefit. Dair House Sch¢wl, 51tuated in a wonderful setting in Famham Royal, Buckinghamshire, provides chikjren with a magnificent educational platform for 9rov4th and development. Dair House School prides itself in providing a high quality education for boys and girts betr•n the ages of 3 to 11. Slrategles for achlevlng oblecllves The School provide5 a broadly based education, within the framework of a Christian ethos, embracing British values. This educational provision embraces high academic slandards wthin a w¢de and varied curriculum and excrting range of extra-curricular xtivities. wth the OPF)rtunrtEs io undertake extensive school visits and trips. The school is proud of its local reputation of nuriuring children in a wam and caring educational environment to express their educab'onal. artistsc, sporbng, dramatic and Musi1 ability'es. The school uses the ialest technok*3y and resour to enable the children to develop a desire to learn and berne independenl leafflers. ACTMTIES FOR ACHIEVING OBJECTIVES The Schcofs aims are.. To maintsin the happy. caring family environment lch has always been Psent at Dair House School. To proVe a high-qualty educats.on and preparing children for the 11+ enty to Grammar Schools or Comm¢M Entrance to Senr Independent Schools. To promole a life4ong desire for leaming. To provide a happy, sts'mulatirvJ environment. will enrage the best from ovr pupils. To provide a broad and exating ¢urriculum aimed at nurturing the academic, sporting. musical. artistic and dramatic talents of the chihjren. To develop tolerance and vnderstanding, considerats)n and courtesy in ¢)ur s¢hool ¢omrnunty and beyond. To proVe the opportunty for every thild to achieve and to develop their confidence and self-esteem. To foster good COMMUntion with the farnifies of our pu[$. Page 2
DAIR HOUSE SCHOOL TRUST LTD {A C¢)mpany Limited by Guarantee TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Objectlves and attivities (continued) Maln actlvltles undertaken to further the charltable company'$ purposes for the publlc benefit The small classes and famity environment of Dair House ensure quality teaching goes hand in hand with excellent pastoral care. We operate a House system that encourages children lo develop a sense of kn'nship and team spirit while also proV1ng opportun"e5 for pupils lo take on fOS of responsibility as Head of School, Prefects and House Captains. The Governors view our Bursary Policy as important in helping to ensure ¢hildren from families who would otherwise not be atre to afford the fees can access the education we offer. Our bursary awards are available to all who meet out general enty requirements and are made on the basis of an individual's academic potential OT evidents of exceptional abilities whth wll contribute to our crrfurricular (such as sport), individual parerbtal situations or to relieve hardship Whe pupil's education and future prospect would otherwise be al risk for example in the case of redundancy. For mearbS tested Bursanes we take a number of factors M)io consideration Ind1n9 family income. investrnents and san9$ and famity cirGumstanGe5 for example dependant relab'ves and the number of Si1n95. However. our School does not have an endowment and in fuTh1ing our awards we have to te mindful Ihal we musl ensure a balance betsveen fe&paying parerbts. many of 0M make considerable personal sacrifices to fund their child's education. and those benefih.ng from Ihe awards. In the cases of hardship. we may Iwk for bursary awards as supplement payment for ctrcurricular acb'vilies, equipment and 5ehool trips. Information about fee assistance through bursaries is provided to all applying to the School. Further detsils of our Bufsary Policy and how to appty are available on our website. Achlevements and perfomianee K•y p•rforniance indicators The Schod monitors pupil numbers. as being the main KPI. Page 3
DAIR HOUSE SCHOOL TRUST LTD {A Company Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Achievements and p•rformJnce (continued) Review of actlvltks Dair House Sthod ended the academic year 2021r2022 with 124 pupils. Our staff have organised edueab'onal visits to Kew Gardens, Bletchley Pafk. Odd$ Farm, Royal Albert Hall, Royal Festival Hall. Slough Mosque and College Lake. We had excellent residential visrts. Years 5 and 6 went to Chateau Broutel in Northem France and Year 4 had 2 nights al 0a(j Youth Challenge. Wokingham. Academicalty, our Year 6 boys and girls passed 11+ exams to a range of grammar schools induding Beaconsfiekl High School and John Harnpden. Pupils also gained places at The Marist, LVS and Pipers Corner. The h0o1 wnlinues to be strong the perfomiing arts. Chikjren have taken music exams from prep level to grade 3. At Christmas. Key Stage 1 and EYFS produced a V*rJnderful nativrty 'The Big, Lrttle Nativity, and KS2 perfofmed their annual Christmas Carol Concert at St John's Church. In the summer temi KS2 perfomied the Musi1 comedy 'Slar Warts. lo sold out audiences. We have also managed to produce the House Shoul. the House Poetry Recital eompelition. Art compeb"ts"on and Class Assemblies. The choir has also sung at The Royal Albert Hall for Di Bamardo's and performed at the Burnham Christmas Lights. The sehool continues to provide a vAde range of extrathCurrL4r dubs ranging from sp)rts, arts and crafts, and musical clubs. By 2022 the fixture prtsgramme was back in swing after the re5tri¢b"ons of the pandemic. The boys. gymnastic squad were pacUlarty successful gaining a bronze in the Milano National Finals for the team event The forest school initiative 'Dair to Go Wild. was fulty introduced this year all children in Reception - Year 6 receiving approximately 2 hours of ould¢)or learning undertaking such ath"vitie5 as den and shelter building, fire making, problem solving and wijod cutb"ng. AJongsKle this the school contsnued ts gradual move to Microsoft th an aim of fvlly uwng Microsoft emails and suite by September 2023. Fundralslng actlvltles and Income generation The school does not undertake any public fvrKlraising. Financlal revlew Going concern After making appropriate enquiries. the b)ard of truslees has a reasonatle expectation that the Charity has adequote re50ur¢es to continue in operational existence for the foreseeable tuture. For this reason, rt continues to adopt the going concem basis in preparing the financ slatements. Further detai15 regarding the ad¢)pts"on of the going concem basis can be found in the Statement of A¢ntIng Policies. Page 4
DAIR HOUSE SCHOOL TRUST LTD {A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Reserves poll¢y The Trustees. policy is to manage the funds and reseNes, toge1t with the cashflow. of the school lo provide for the immediate and long term needs of the schLM)l. The Trustees manage the unrestrthd restrthd reserves in addit to the cash flow requirements of the school having regard to the uneven nature of cash receipt5. the varying cash requirements for the school's development plans and the need to maintain an amounl for eontingeneies to cover unexpected unknowns similar to the COVKI 19 pandemic situatr"on. The Statemenl of Financial Activities and the Balance Sheet, together wth the notes to the account5, Show the various funds and reserves by type and also summari5e for each of them. the movements of the year together with the assets and lbIl"e5 attributable to them. The Trustees. policy is to maintsin a minimum of Free Reserves. The Unrestricted Funds lotalled £1,C63,834 12021: £1,159,456) at the year end, of whith £1,218.31212021'. £1,266,903) is depl¢)yed in langible fixed assets leaving free reserves of £154.478 {2021". £107.447}. Fdbvfing further developmenl of both the buildings and staffing at Dair House over recent years. budgeting is now in place to ensure that reseNes rise in forthcoming year5 to facilitate long term planning. induding meeting any signthcant increases in teachers. pension contribution fates in the future. The trustees recognise the importance of conts"nuing to work towards a target of having suwus free reserves available in order to further strengthen the oft9ng management of the school's activitses. The levd of reserves is monitored re9ularty by the Trustee5 throughout the year. Financial Review The chariV5 total income for the year was £1.327.942 12021.. £1.504.733) against which total expenditure incurred was £1.415.47712021= £1.362,124). The net use of reserves was £87,535 {2021: net addrtion £142.6091. The Statement of Financial Acti¥lS sh¢Jws the incoming resour¢es avaikble io the charity and the extent lo which the funds have been spenL This ether with the balance sheet. show5 that the charity's total unresth.cted Fund Reserves amounted to £1.063.834 {2021: £1.159.456), and Restricted Fund Reserves amounted to £8.087 (2021. £nil). Principal risks and uncertainties In common wilh many small independent schts)Is. the major risks relate to variations in pupil nufflbers which are constsntly under review. and the impact of policies outside of the seh¢)ol's ¢ontrol. One of the key risks facing all parbcipaling schods is the increase in TPS conlribution rates which increased 430A from 16.48% in 2015 10 23.68% in 2019.11 is expected there wdl be another change to empknyer contribution rates in 2024 as a Tesult of the latest TPS valuation eompleted in March 2020. The Trustees are in the process of reviewing option5 for TPS. Investment policy As the h0o1 d¢)es not hokl rge endowm funds there is limrted extemal investment opportunity. Free a5hflow is maintained in order lo prudenuy run day to day operatsons, any available surplus is utilized to maintsin existing assets to safeguard future operations. Once these objectives are met the trustees invesl in developing the school facilities to support or expand the curriculum lo best meet our student's changing needs. Page 5
DAIR HOUSE SCHOOL TRUST LTD IA Company Limited by Guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Prfneipal funding The principal source of income 15 fees dBrged on a terynly basis. Structure. governance and management Comtitution The charty is registered as a charitable company limrted by guarantee. The Charity Registration Number is 270719 and the Company Registration Number is 1239748. The trustees of Dair House School Charity Limited are also the directors of the charitable company for the purposes of company law. The principal object of the charity is as set out in the Alernorandum of Asstiaation, to promote and pro¥kle for the advancement of education and in conneCtn therewth to conduct. carry on. acquire and develop in the United "ngdoM any t¥)arding or day Scho or sthcds for the education of chiklren of either sex or t()th sexes. Details of the tnjstees who served during the year. and to the date these accounts are approved are included in the Reference and Administrative Details on page 1. Methods of appolntment Of electlon of Trustees The management of the charity 15 the respons1.1 of the Trustees are elected and ¢o-OPted under the terns of the ArtKles of Association . Pollcles adopted for the Indu¢tlon and tralnln9 of Trustees The Trustees are the Governors. The training arKI induction provided ft)r new arKI existing GOverrr$ depend on their existing experience. The school's policy for the recruitment of new Govemors seeks to ensure a spread of expertise on the Board but ere necessary induction of new Governors will include training on educational. legal and financial matters. Ail new Govemors will be given the opportunty of a tour of the school, have the chance to meet with staff and pupils and are provided wth copies of key doeuments includirbg the Governors. C¢)de of Conduct, Govemors. ConflKt of Interest Policy and the Governors. Infomiation Booklet which include the ststed Aims of the School. Governors are fvrther provided wth key pdicie5. procedure5, accounts, budges, plans and other d¢)cuments they need to undertake their role Governor. As there is expected to be onty a small number of new Govemors each year. induction wll be carried out informally and will be taibred specificalty to the indNtdual. Training provKJed by AGBIS can also be accessed as required by any governor. The Chair of Governors wll oversee the training in line with a training schedule provided by the senior management team. Pay policy lor senlor staff The trustees, roles are mPletety voluntary for which they re1ve no payment or other benefit in retum. The salary of The Senior Management Team is revbewed by the tru5tee5 annualty, usually in the Summer temi for implementation from the following September. The trustees wll conshler the rate of inflation. forecasted income and profitability plus any extemal factors in their decision. The erShiP scales in the maintained sector wdl be monitored for similar sized sChoS in order to ensure key stsff are securely appointed and retained. Page 6
DAIR HOUSE SCHOOL TRUST LTD (A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Stru¢ture, governan¢e and management (continued) Organlsatlonal stNcturn and decision making Dair House School trust is an equal opportuniknes employer and wll apply objective criteria to assess merits and ensure that individuals are selected, promoted and treated on the basis of their relevanl abilities. Teaching staff, the Board of Trustees and every person who works on the schr)S premises whilst children may be present are required to undergo Disdosure arKI Barring SerYe checks prior to being appointed. Day lo day decisions a delegated ty Trustees to the Head. Plans for future periods FUre developments The Govemors are committed to fvrther devebp the sthcd's fa¢lib"es and io maintain the fabri¢ of the s¢hool. The s¢hod has amtN'titius plans for future devdopment these include.. Human Resources.. Continued ProfessM)nal OeveloFment opportunities for all staff and lo further develop the iole of specialist teachers. CurTiculum'. Further enhance the schoofs assessment prTamrne and the balance of the curriculum. Building l Grounds.. VarKJus projects are under eonsideration to further develop the s¢h¢)0l's facilities. This indudes the expansion of our"Dair lo go Wikj. forest school. We are also seeking to further enhance the forTnidable computer skills developed by all our ehildren dunng our online learning. With this in mind. we aim to work more cbsely Microsoft and become a beacon school. Information on fundrnlslng prathes The school does not actively fundraise. but is aware of fundraising legislats'on requirements. should use be made of extemal fundraisers in the fubjre. Memberts. liability Ea¢h member of the charilable company undertakes to contribute to the assets of charitable company in the event of it bein9 wound up vthile they are a member. or within one year after they cease to be a member. such amount as may be required, not exeeeding the amount spetrf*d in the Artic5 of Associab"on, for the debts and liabilities contracted before they eeased to be a member. Tru$te¢s' indemrtiti¢s In accordance with rMal ¢ommer¢ial prath"¢e. the Schts)I has purchased insuran¢e to protect Trustees and offer5 from claims arising from negligent acts. errors or omissn5 lCurring whilst on school business. The professional indemnity insurance prowdes cover up to £1.000.000 on any one claim and the cost for the year ended 31 August 2022 was included in the total insurance cost Page 7
DAtR HOUSE SCHOOL TRUST LTD IA Company Llmited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Related party transactions Thwe are no rn¢Cle 0rwdnlsati(, arnj where transb)n5 have ocajrred 7•rith rei4ted parties, these are disdosed in thè notes to Ihe financial ststements (see rK)te 22). Statement of Tru$tee$' responslbllltles The Trustees Ivkn afe aso the thctors of the charilable CCmpY lor the purposes of ccnpany lawl are responsib for ppaTrn9 Ibe Tnjslees, Rewl and Ihe finarriaj ststements Trn aCc(nce with applicable Jaw and United KiryJdom Amjnting Standards {United ngdoM Genwalty Accepted AccxJuntin9 Practice). Company law requi the Trustees b prep8rÈ finanryal slaternents for eath financial . Under compony18W. the Trustees must apprts thè finar(ial Statements unless they are sali5fied Ihal they give a true Ar%1 falr eW of the state of affairs of the charitable company and of its incoming fesWnS and application of resources, induding its Inne and eXditre. that perKJd. In prewng these financial statements. th8 Tfustees arg required to.. sdect Sultat acetyJnting rAile5 and Ihen aprAy them (XlStenY. observe the methcMJs an¢J prilFIeS ol Ihe Charilies SORP IFRS 1021: make jud9ements arKJ è¢countirJ e5timattrs that are reaSonae and [dent.. state whether applicable UK AcoxJntir¥J StsThJards {FRS 1021 have tjeen followed, Sl•cl to any malgrial departures disckjsed arrfl eXalne in the finarKial slatements,. pr¢par8 the finarKial stsl8ments on Ihe Nn9 concem basis url•ss it 1$ kn8PFwriate to PTeSLno that th charitsble CompanYvll crntinue in Lwines$. The Trustets are responslble for kèe5xng adequate ace(tIng recutr that are sufficient to show and eXaIn the charitsble eompans transaclTrcn5 and disclose ith reas<Thbk accuracy at any timè thè finÈncial position of Ihe charitable cA)mpany and enae th to ensure Ihat the financial statements wilh the Companies Act 2006. They are also reS$1ble fcK safeguardiThJ the assets of the GharitatAe ¢¢Jmpany aThJ hence for taking reasonable steps for the prevenbm arnj detection of fraud and other ie918S. Dlsclosur• of Informatlon to auditOf5 Each of the persons WI are Trust at lh• Iwne th8n thi5 Tnths. Rwt 15 4Jprov•J ha5 wifimi•d that.. so lar as Ihat Trustee 15 aware. there is no relevant audil Informati of whrth th8 charity$ auditors ar8 unaware. and that Trustee has tsken all the sleps Ihat ought lo have been taken as a Trustee in order to be aware of any relevant informakn and to establish thal tt dritalIe comp8Ays alItlS are awe of that infrxmati¢J). Audltors The auditors. MHA Madnwe Huds(m, have irKlirated their vAlngress to ccmtinue in office. order Lmjard of yj &gned on ¢r tehaw by. Trusts•s Mrs Jane Diredor a slh Chair of lknmors
DAIR HOUSE SCHOOL TRUST LTD IA Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF DAIR HOUSE SCHOOL TrUST LTD Oplnlon We have audited the financial statements of Dair House School Trust Lid (the 'charitsble company) for the year ended 31 August 2022 which comprise the Statement of Financial Activiknes. the Balance Sheet, the Statement of Cash Fl¢)ws and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applble law and United Kingdom Accounting Standards. including Financial Reports"ThJ Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generalty A£cepted Accounts'ng Practice). In our opinion the finanoal statements. give a true and fair vtew of the state of the tharitable ¢oMpan5 affairs as al 31 Augusl 2022 and of its incoming SoUrceS and aPication of reSreeS. Ind1ng its income and expenditure for the year then ended- have been property prepared in accordance with United Kingdom Generalty Accepted Accounting Practice., and have been prepared in accordance wilh the requirnents of the Companies A¢t 2006. Basls for oplnlon We conducted our audit in accordance Inlemational Standards on Auditing (UKI (ISAS {UK}l and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements seCtn of our reporL We are independent of the charitable company in accordance with Ihe ethical requirnents that are relevant to our audit of the financial statements in the United Kingdom. induding the Finanaal Reporting Councifs Elhit31 Standard. and we have fulfilled our other ethical responsibilitie5 in accordance th these requirements. We beh.eve that the evidence VR have obiained 15 sufficient and appropriate to provKle a basis for our opinion. ¢onclu$ions relating to going concern In auditing the financial ststements. we have concluded that the Trustees, use of the goin9 conrn basis of accounting in the preparakn of the financial statements is appropnats. Based on the wk we have perfom)ed. we have not identffied any material uncertainties relating to events or conditiorss that. individualty or collectively. may cast signrficanl doubt on the charitable company's abilty to Continue as a going concem for a pericfvJ of at least 1ve monlhs from vthen the financial statements are authori$ed for issue. Our responsibilities and the resp)nsibilities of the Trustees *ilh respeci to going coeM are described in the relevant sections ol this report Page 9
DAIR HOUSE SCHOOL TRUST LTD (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF DAIR HOUSE SCHOOL TRUST LTD (CONTINUEDI Other Inforniatlon The other informatr.on compnses the informatw indvded in the Annual Report other than the financial slatemenls and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual ReporL Our opinion on Ihe finanryal ststements does not Cover the other infomation and, except to the exlenl othewse explicitty staled in our report, we do not eXpsS any form of assurance conclusion thereon. Our responsitJ'lity is to read the other infomatKJn and. in doing so. consider whether the other inforrnab.on is materialty incon515tent with the financial stslements or our knoipAedge obtained in the ¢ourse of the audit. or otherwse appears lo be malerialty misstated. If we idenb.fy material irtcon51Stencies or apparent material misstslements, we are required to delemiine whether this gives rise to a material misstalemenl in the financial statements themselves. If, based on the work we have perfonT)ed. we conclude that there is a material misstatement of this other informab"on, we are requwed to report that facL We have nothing to reF<trrt in this regard. Oplnlon on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ofthe audit. the information gNen in the Trustees. Report for the financial year for whh the financial slatements are prepared is consislenl th the finanal statements. the Trustees, Re has been prepared in aecordance with appIable legal requirements. Matters on which we are required to report by exceptlon In the light of our knedge arKI understanding of the charitable company and its environment obtsined in the course of the audit. we have nol identsfied material misstatements in the Trustees. ReporL We have nothing to report in reS¢t of Ihe follrywing matters in relation lo lch Companies Act 2006 requires us to report to you rf. in our oynion". adequate accounting records have Th)t been kep( or retums adequate for our audit have not been received from branche5 not visrted by us,. or the ffinanual statements are not in agreement wth the xcounting re$ and retums.. or certain disclosures of Trustees. remurberats'on specrfied by law are not made.. or we have not received all the information and explanations we require for our audit," or the Trustees were not entitled to prepare the financial statements in attordance with the small companies regime and tske thantage of the small companies. exemptsons in preparing the Trustees. Report and from the requirement to prepare a Strategic ReporL Page 10
DAIR HOUSE SCHOOL TRUST LTD (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF DAIR HOUSE SCHOOL TRUST LTD (CONTINUEDI Responsibilities of trustees As explained more frJlty in the Trustees. Responsibilrhes Statement, the Trustees (who are al$0 the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair VMY. and for such intemal control as the Trnstees determine is necessary to enable the preparatK*n of financial statements that are free from material misstatement, whether due to fraud or wor. In preparing the financial sLitements. the Trustees are reswnsitle for assessing the charitable company's abih'ty to eonlinue as a going concem, disck)sing. as applicable. matters related to going concern and using the going concem basis of accounb.ng unkss the Tru51ees either intend to "qUidate the charitable company or lo cease operations, or have no realistic altematNe but to do so. Audltors. re8ponslbllities for the audit of the finan¢lal slatements Our obie¢b"ve$ are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether due to fraud or error, arKI to issue an Audrtors. Rep)rt that includes our opinion. Reasonable assuranee is a high level of assurance. but is not a 9uaranlee that an audit conducted in ac¢ordan¢e with ISAS IUKI wll aRy5 detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered malerral rf, irKlivrdually or in the aggregate. they could reasonabty be expected to influence the eeonomic decisi¢)ns of users taken on the basis of these finan¢ial statements. Irregularle5. including fraud, are instan5 of non<omplian¢e with kn and regulations. We design procedures in line with our responsibilities. outlined atKJve. to detect material misstatement5 in respect of irregularities, induding fraud. The extent lo which our procedures are capable of detecb.ng irregularities. including fraud is delailed below.. Enquiry of management around actual and wtential h"trgation and daims. Performing oudit work over the risk of management override of controls. including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transa¢tions outside the norrnal course of business and reviewing xcounting estimaies for bias.. Revieying minutes of meeting5 of those charged with govemance" Reviewng financial statements disclosures and testing to SUPForting documentation to assess compliance with applicable laws and regulations. Because of the inherent lirnitab.ons of an audit there is a risk Ihat we wll noi detect all irregularities, including those leading to a material misstatement in the financial statements or non-complianee with regulation. This risk increases the more that compliance yh a law or regulation is removed from the events and transactions reflected in the financial stslements. as we will be less likety to become aware of instances of non-compliance. The risk is also greater regarding irregularitjes OlMng. due lo fraud rather than error, as fraud involves intentional concealmenL forgery. colluston. omission or rni5representalion. A further dewiption of our responsibrlibes for the audfi of the financial statements is located on the Financial Reporbng Coun¢ifs website at.. www.frc.o .ukJauditorsres nsibilibe . This descripts'on forms part of our Auditors, Repo Page 11
DAIR HOUSE SCHOOL TRUST LTD IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF DAIR HOUSE SCHOOL TRUST LTD {CONTINUEDI Use of our report This rewrt is made soldy to the charilable companls members, as a ttrfjy. in accordance vh Chapter 3 of Part 16 of the Companies Act 2006. Our audr( worf( has been undertaken so that we might stsle lo the charitable company's members those matters we are required lo stale to them in an Auditors. Report and for no other purposo. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the charitable company and its member5. as a body, for our audit work. for this report or for the opinions we have formed. BIANCA SILVA BA ACA DChA (Senior Statutory Auditor) for and on behalf of MHA {Stalutory Audltor) Maidenhead. United Kingdom MHA is the trading name of Maclntyre Hudson LLP, a limited liabikty partrlership in England and Wales (registered number OC312313) Date: 30 May 2023 Page 12
DAIR HOUSE SCHOOL TRUST LTD (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies Charitable aclivilies Investments 751 1.319.104 8.087 8.838 1.319.104 26,173 1.478.497 63 Total Income 1.319.855 8.087 1.327.942 1.504,733 Expenditure on". Charitable aclivth.es 1N1S,477 1,415,477 1.362,124 Total expenditure 1815h77 1A15N77 1.362,124 Net movement In funds (95.622) 8.087 187,535 142,609 Reconciliation of funds- Totsl funds brought forward Net rnovement in funds 1.159.456 195.6221 1,159,456 (87.5351 1,016.847 142,609 8,087 Total funds carried forward 1,063,834 8.087 1,071,921 1,159,456 The Statement of Financial Activities iludeS all gains and losses reco9nised in the year. The notes on pages 16 to 32 fomi pwt of these financial ststements. Page 13
DAIR HOUSE SCHOOL TRUST LTD IA Company Limited by Guarantee) REGISTEREO NUMBER: 01239748 BALANCE SHEET AS AT 31 AUGUST 2022 2022 2022 2021 2021 Flx•d a55ets Tangille assels 1,214312 1.266,903 1,218,312 1.266.903 Curr•nt assets Debto Cash èt bank and in harkl 10 36.956 309,509 34.726 545.652 346.465 580.378 CrÈditors'. arncwnts fairing due ( 11 (443S61 1343.5871 Net current {Ilablll¢lesl lassets 1107,8911 236.791 Total assets less ¢urrent IlItIeS 1.110.421 1,503.694 Crtditors". amounls falling due after m¢xR than one ye Net assets 12 138,500) (344.2381 1,071,921 1.159.456 Charity funds Restricted funds Unrestricted luThJs 13 13 8,087 1,063,834 1.159.456 Total funds 1,071,921 1.159.456 Thè Truste95 acknovAedge thwr respsibil1e5 for (x)mplyry wilh the Tequirements of Ihe Ad wth resp8Ct to accounting recc¥ds and prèparation of fnaneial statements. The fiftala1 statements have been Fware(l in wdance with lh& provts1 apble to enbtses subject to Ihe small comtk9r¥es reglme. The fincial statements we apwo¥gJ aThJ •Jthcxised for issue by the Tfustees and signed on their behalf by. rs Jane M Director an air of Go¥emors The notes pages 16 to 32.1(xm wt of Is• ststèTn8nts. Page 14
DAIR HOUSE SCHOOL TRUST LTD IA Cofflpany Llmited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flows from operatlng actlvliles Net tssh used in operating actvitie5 1201,697) 299,513 C•sh flows from Investing actlvltles Diwdends, interests and rents from investrnents Purchase of tangible fixed assets (22.6641 115.285) Net cash used In Investrng activities 122,664) 115,222 Cash Ilows from Ilnanclng actlvltles Repayments of b)rrowir Interest paid 134.2001 114.3911 {11.782} Net cash used In financing •Ctivities 111,782) {48,5911 Change in cash and Cash equivalents in the year Cash and cash equivalents at the beginning of the year (236.143) 545,652 235.700 309.952 Cash and cash equlvalents at the end of the year 309.509 545.652 The notes on pages 16 to 32 form part of these financial statements Page 15
DAIR HOUSE SCHOOL TRUST LTD (A Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies 1.1 Basis ol preparation of financial slat•ments Dair House School Trust is a private charitsble company. limited by guarantee, incorporated in England and Wales and is a registered chanty number 270719. The principal address and registered office is Bishop's Blake. Famham Royal. Buckinghamshire. SL2 3BY. The finanryal statements have been ppared in accordance with the Charities SORP {FRS 102} - Aceounting and Reporting by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Repon9 Standard applicable in the UK and RepU1C of Ireland IFRS 102). the Finanaal Reports'ng Standard applicable in the UK and Republr of Ireland IFRS 102) and the Companies Act 2006. Dair House School Trust Ltd meets the definitft of a public benefrt entity under FRS 102. Assets and liabilits'es are initialty recognised at historical cost or transaction value unless otherwise slated in the Televant accounts.ng policy. The financial statements are presented in £sterling. the functional currency. rounded to the nearest £1. 1.2 Company status The charity is a company limited by guarantee. The members of the company are the Trustees named on page . In the event of the charity being wound up, the Irabilty in respe¢t of the guarantee is limited lo £1 per member of the charity. 1.3 Golng concern The Tnjstees assess whether the use of going concem is appropriate. i.e. whether there are any material uncertaintie$ related to events or conditsons thal may cast significant doubt on the ability of the trust lo continue as a going ts)ncem. The Trustees make this assessment in fespecl of a period of one year from the date of approval of the financ&31 statements. Whilst there a net ¢urrent ha'lItieS of £107.891 {2021.' net Current assets of £236,791) the accounts are prepared on a going concem basis a5 the posttion has arisen due to the bank loan of £306,738 being presented in full as creditors due wittiin one year. The charitiable company refinan1 the bank ban in November 2022 and have agreed a facility amourbl of £SOO.000 on a floating rate basis Nwth a tem of 10 years. The nvw bank loan B seCud by a legal charge over the propety of the chafitable company. The Trustees have considered relevant information. incfudin9 the annual budget, forecast future cash flows arKI the impact of subsequeni events in making their a$se$smenL Based on these assessments and halring regard to the resources available to the school, the Trustees have concluded that there is no material uncertainty and that they Can continue to adopt the going concern basis in preparing the financial statements. Page 16
DAIR HOUSE SCHOOL TRUST LTD IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountln9 pollcles Icontinuedl 1.4 Income Income is recognised in the Statement of Financial Acbviks {SoFA) when the charity is entitled to the income and the amount can be quantified v4ith reasonab a¢¢ruacy. The followng specific poliues are applied to particular categories of income= Donations recetved in support of Ihe sthool actsvibes are accounted for upon receipt of the lunds. Income from charitabte acth'viknes principally comprises termty school fees and eharges for outings and events held for the school beneficiaries. These are a¢eounted for the period to which the income relates. No amount is induded in the financial st*ments for volunteer time in line wth the SORP IFRS 1021. Other irwme is re¢cgnised in the penod in which it reCeab and to the extent the goods have been provided or on completion of the service. Grants, rncluding government grants, are included in the Statement of Financial Activitie5 on a receivable basis. The balance of income received for specik purpose5 bul not expended during the period is shown in the relevant funds on the Balare Sheet Where ineome is received in advance of entiyement of receip( its reCognitn is deferred and induded in creditors as deferred income. Where entillement ¢xcurs before income is reeeived, the income is accrued. 1.5 Expenditure l Expenditure is xcounted for on an awJual basi5 0rKI has dassfied under headings that aggregate all costs related to the category. Expendrtufe is recognised where there is a legal or conslruetive oblatr"¢n lo make payments to third parbes. it is probable that the settlement will be required and the amount of the oblKJation can be measured reliabty. Charitable expendrture COMPn those costs incurred by the charty in the delNery of its acts"vitie$ and seNices for its beneficiaries. 11 includes both costs that can be albcated directly to Such activities and those costs of an indirect nature ne¢essary to support them. Indired costs are all allocated to the one and onty charitable aclivity that the school has. Expenditure on ¢hanlable a¢tivitses ts incurred on diredy undertaking th8 activities which further the CharItae COmpanS objeciives. as well as any associated support C05ts. 1.6 TangiN¢ fixed ass•ts and depreciation A rewew for impairment of a ed a55et is carried out if events or changes in circumstances indi¢ate that the carrying value of any fixed asset may not be recoverable. Shortfa115 bebveen Ihe carrying value of fixed assets and their recoverable amounts are recognised as impaimients. Impairment losses are recognised in the Statement of Financial Activrties incorporating Income and Expenditure AccounL Page 17
DAIR HOUSE SCHOOL TRUST LTD IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies Icontinued) 1.6 Tanglble fixed assets and deprttiation (Continued) Tangible fjxed assets a carried at ¢osC net of dePlatiOn and any proviston for impalmnI. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the followng bases.. . Depreciab"on is provKled i)n the follw"rvJ bases.. Freehold propety Motor vehides Fixtures and fftb'ngs 2% per annum. stra¢ght line 25% per annum. reducing balance 15%- 25% per annum. Strah1 line 1.7 Interest recelvablo Interest on funds held on dert is induded when receivable and the amount Can be measured reliably by the charity." this is nomialty upon nOtffjation of the interest paid or payable by the Bank. Operating leases Rentals paid under operating leases are charged lo the Statement of Financial Acknvities on a straight line basis over the lease term. 1.9 Debtors Trade and other debtors are recognised at the setdement amount Prepayments are valued at the amount prepaid. 1.10 Cash al bank and in hand Cash at bank and in hand includes cash and short term hhlY Itquid investments With a short maturity of three months or $S from the date of acquisith)n or opening of the deposit or similar account. 1.11 Liabiliti and provisions Liabililies are reeognised when there is an obligation at the Balance Sheet dale as a result of a past event, it is probable that a transfer of econorn benefit will be required in settlement, and the amount of the setuement can be eslimaled re1k3Y. Liabilrties are recognised al the amount that the charity anticipates it wll pay lo settle the debt or the amount rt has reLEived as advanced payment5 for the go¢JJs or servi$ it musl provide. Prowsions are measured at the best estimate of the amounts requed to settle the obligation. Where the efft of the time value of money is material. the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The unwnding of the discount is recognised vthin interest payable and similar charges. Page 18
DAIR HOUSE SCHOOL TRUST LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies (continued) 1.12 Financlal Instruments The charitable company onty holds bas financval instruments as defined in FRS 102. The financial assets and financial liabilibes of the charitable rnPany and their measurement basis are as follows.. Finanryal assets - trade and other debtors are basic financial instruments and are debt instruments measured at amorb.sed eost as detailed in note 11. Prepayments are not financial instwments. Cash at bank and deposits and bonds - are dassified as a bas financial instrument and is measured al face value. Financial liabilities - trade creditors. accruals and other creditors are financkal instruments, and are measured at amortj'sed cost as detailed in note 12. Taxaticffl and social security are not included in the finanual instruments disclosure definitK)n. Deferred income is not deemed lo be a financial liabilty, as the cash settlement has already tsken place and there is an obiigation to de'Ver servKes rather than cash or another finanaal instrument. 1.13 Pensions Retirement benefits to employees of the Charitab company are provided to teaching staff by the Teachers. Pension Scheme ITrS"I which is a defined benefit scheme. The TPS is an unfunded scheme and contributions a cakulated so as to spread the cost of pensions over employees, working lives wrth the Charitable Company in such a way that the pension cost is a substsntialty level percentage of eurrenl and future pensK)nable payroll. The contributions are determined by the Govemment Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 18, the TPS is an unfunded mulliomployer $cheme wilh no under1n9 assets to assign ben employers. ConSequeny. the TPS ¢s therefore treated as a defined contribution scheme for accounting purwses and the contributions recognised in the peri¢>J to which they relate. The charitable company also operates a deffined contn'bubon scheme administered by Legal and General for non-teaching staff members. The assets of the scheme are held separately from those of the charitable company and the annual contribubons payable are charged to the Ststement of Financial Activities (SOFA) in the pemd to which they relate. 1.14 Fund accounting General fvrKls are unrestrieted funds whKh are avaikble for use at the discretion of the TTuslee$ in furtherance of the general objectives of the charitab company and which have not been designated for other purposes. Restricted fvnds are fvnds which are to be used in accordance with specific restriction5 imposed by donors or which have been raised by the charilabk company for parts"¢ubr purposes. The costs of ra15ing and administering such funds a tharged against the Specif fund. The aim and use of each restricted fund is set out in the notes to the financial ststements. P4e 19
DAIR HOUSE SCHOOL TRUST LTD IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollcles (contlnuedl 1.15 Crltical accounting estimates and areas of ludgment Estimates and judgments are ¢¢tinual evaluated and are based on historical experience and other factor$. in¢luding expe¢tstiMs of fLrture events that are believed to be reasonable under the circumstances. Critical accountirwJ estimates and assumptions: The only area of estimation used by the thanty is depreciation. which is based on expected useful lives and historical infomation. Income from donations and legacles Unrestricted R•slTicled funds funds 2022 2022 Total funds 2022 Donations 751 8.087 8.838 Total 2022 751 8.087 8,838 Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Donations Governrnent grants - CJRS 804 25,369 25.369 804 25.369 26,173 Page 20
DAIR HOUSE SCHOOL TRUST LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Income from charftable actfvtfles Unrestricted funds 2022 Totsl funds 2022 Total funds 2021 Gross fees and charges Discounts given 1.478.960 {159,8561 1N78.960 1159.8561 1.682.722 1204,225) Total 2022 1.319.104 1.319.104 1.478,497 Investment Income Total funds 2022 Total funds 2021 Investment income 63 Anatysls of expenditure on charltable acifvltles Surnmary by fund type Unrestrlcted funds 2022 Total 2022 Total exFenditure 1.415.477 1.415A77 Unrestricted funds 2021 Restricled funds 2021 Total 2021 Total expenditure 1.336.755 25,369 1.362.124 Page 21
DAIR HOUSE SCHOOL TRUST LTD (A Company Llmfted by Guaranteel NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 AUGUST 2022 Anaty$i$ of exndItUre by a¢tivitigs Activities undertakon directty 2022 Support eosts 2022 Total funds 2022 Total expenditure 1.312,755 102,722 1.415.477 Actrvities undertaken direct 2021 Support costs 2021 Total fund5 2021 Total expendrture 1,280,352 81.772 1,362,124 Analysis of dir¢ct costs Total funds 2022 Total funds 2021 Actlvllles 2022 Wages and salaries Provision of education seryKes 889,351 423,404 889.351 423,404 941,686 338,666 1.312.755 1,312,755 1,280.352 Pa9e 22
DAIR HOUSE SCHOOL TRUST LTD {A Company Limited by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Anatysls of expenditure by actlvtties (continued) Anatysis of $upport costs Total funds 2022 Total funds 2021 livities 2022 Wages and salaries Training Advertising Telephone and postage Motor vehicle expenses Sundry admirbislratK•n and supwt costs IAPSIISI aC¢redrtalI aTrJ affilith.on Loan Inte$t payable Bank charges Speech day costs Governance costs 23.403 4.130 7.113 5.801 6.290 4,414 5.040 11.782 5.302 11.464 17.983 23,403 4,130 7,113 5,801 6,290 4,414 21.612 2.894 10.423 3.070 1.301 5.491 5,070 14.391 528 2.584 14.408 11,782 5.302 11.464 17,983 Total 2022 102,722 102,722 81,772 In 2022 £nil12021- £25,369) of salary costs related io restricled expenditure. During the year ended 31 Augusl 2022, the tharity incurred the following Governance cosls.. £11,290 audit and accountancy fees and £6,693 legal and professional fees 12021 £9.783 audit and accountan fees and £4,625 legal and professional fees) included vdithin the table above. Page 23
DAIR HOUSE SCHOOL TRUST LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Net Incomel (Expenditure) 2022 2021 Thls Is slated after charglng: Depwiatson of tsngible fixed assets: ovmed by the charity Auditors, remuneration - audit Auditors, remuneration - other servtes Operating lease rentsls 71.255 66,954 6.200 3.583 9.784 3,250 14,809 97.354 86.521 During the year, one trustee IA lfj"ng} was patd femuneration of £869 12021". £269) for supply teaching. No pension contributions were made by the ¢haritable company on this amount {2021.- £nil) and no other payments were made12021'. £nil}. During the year Trustees were reinl)ursed any expenditure12021: £nill. Staff costs 2022 2021 Wage5 and salaries Social security costs Employers. pension costs 727A41 64,564 120,749 768.473 66.516 128.309 912.754 963.298 The average number of rwsons emphjyed by the charitable company during the year was as follows: 2022 2021 No. Teachers 17 15 17 Non-teaching 15 32 32 Page 24
DAIR HOUSE SCHOOL TRUST LTD (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 staff costs {¢ontinU) number of empws wthose employee beneffts (excluding employei pension costs) exceeded £60,000 was.. 2022 No. 2021 No. In the baTrJ £60.001 - £70.000 The key management personnel of the charity comprise the Twstees and the senior management team a5 listed on page 1. The total amount of employee benefits (including employer pension contributions and employer natK)nal inSurar) received by key management personnel for their services to the chanty was £84,29812021. £82,641). Tanglbk fixed assets Freehold property Motor Fixtures and vehicles fittlngs Totsl Cost or valuation At 1 September 2021 AddthS 1,736,017 25.500 206,83S 22,664 1.968.352 22.664 At 31 August 2022 1,736,017 25,500 229,499 1,991,016 Depreciatlon At I September 2021 Charge for the year 25.276 75 127,208 37.315 701.449 71.255 33.865 At 31 Augusl 2022 582,830 25.351 164,523 772,704 Nel book value At 31 August 2022 1,153.187 149 64.976 1,218,312 At 31 Augusl2021 1,187,052 224 79,627 1,266.903 Page 25
DAIR HOUSE SCHOOL TRUST LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 10. Debtovs 2022 2021 Due within one year Trade debtor5 Prepayments and accrued income 9,549 27A07 12.109 22,617 36,956 34,726 11. Creditors: Amounts falllng due wlthln one year 2022 2021 Bank loan Trade creditors Deposit5 Fees received in advance 306,738 29.165 11.264 47,883 36,060 23.246 34,200 62,526 7,0¢)0 163,010 43.042 33.809 Other creditors Accruals and deferred income 454,356 343.587 The bank loan is secured by fixed and Trjating charges dated 25 November 2005 and 10 May 2006 over the undertakings and all propety and assets of the company. In Novernber 2022 the charilable company refinan1 Ihe bank loan and have agreed a facility amount of £SOO.000 on a floating rate basis a term of 10 years. The full amount of the bank loan is shown within amounts fallin9 due wthin one year at 31 August 2022. The new bank loan is secured by a kgal ¢harge over the propety of the charitable company. 12. Credilors: Amounts lalllng due after more than one year 2022 2021 Bank loans Other creditors 306,738 37.500 38,500 38.500 344.238 The bank loan is secured by fixed and floating charges dated 25 November 2005 and 10 May 2006 over the undertakn.ngs and all property and assets of the company. Page 26
DAIR HOUSE SCHOOL TRUST LTD IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 13. Statemenl of funds Staternertt of funds- current year Balance at 1 September 2021 Balance at 31 August 2022 Income Expendlture Unrestricted funds General Funds 1.159.456 1.319.855 (1,415,477> 1,063.834 Restrlcted funds Restricted fvnds Minibus donation 8,087 8,087 8.087 8,087 Total of fund$ 1.159,4S6 1.327,942 (1,41S,477l 1,071,921 Restricted funds The school received a donation towards the lease ofthe minibus. Statement of funds- prlor year Balance at 1 September 2020 Balance at 31 August 2021 Income Expenditure Unrestrkted funds General Funds 1.016,847 1.479,364 {1,336.755} 1.159.456 Restrirted funds Restn"cted funds Minibus donation 25.369 {25.369) 25.369 {25,369) Total of funds 1,016.847 1,504,733 (1.362.124) 1,159,456 Page 27
DAIR HOUSE SCHOOL TRUST LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 13. Statement of funds (contlnuedl Restred funds Restricted funds felate to mollies received from the govemment in relation to the Coronavirus job retention scheme. Al funds were fulty utilised in the year. 14. Analysis of nel assets between fvnd$ Analysis of nel asuts between funds- current year Unrestricted Reslrlcted funds funds 2022 2022 Total funds 2022 Tangle fixed assets Current assets 1.218,312 338.378 (454.3561 (38.5001 1,218,312 346.465 1454.3561 138.500) 8,087 Credrtors due wtihin one year Credrtors due in more than one year Total 1,063.834 8,087 1,071,921 Analysis of net assets between funds - prior year Totsl funds 2021 funds 2021 Tangible fixed assets Current assets Creditors due wthin one year Creditors due in more than one year 1.266,903 580,378 (343,587) (344.2381 1,266,903 580,378 (343,587) (344,238) Totsl 1.159.456 1,159,456 Page 28
DAIR HOUSE SCHOOL TRUST LTD IA Company Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. Reconciliation of net movement In funds to net cash flow from operating activities 2022 2021 Net incomelexpendlture for the year {a5 per Statement of Fin*Kial Activities) Adjustments for. Oeprecialion charges Interest paid Dmdends, interests and rents from investments Decreasel{increasel in debtors Increaselldecrease) wi creditors 71,255 11,782 66.954 14.391 1631 27,853 47,769 (2230} (194,969} Net cash provlded byl(used Inl operating activities 1201,697} 299.513 16. Analysls of cash and cash equlvalents 2022 2021 Cash in harKI 309.509 545,652 Total cash and cash equivolents 309,S09 545.652 17. Analysis of ¢hanges in net debl Septernber A131 2021 Cash flows August 2022 Cash at bank and in hand Bank overdrafts repayable on demand Debt due after 1 year $4S,652 134,200) 1306,738) 1236,1431 309,509 1272,5381 (306,7381 306.738 204,714 (201,943) 2,771 Page 29
DAIR HOUSE SCHOOL TRUST LTD IA Company Llmited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18. Penslon commitments Teachers. Pension Scheme The Charitable eompany participates irt the Teachers. PensB)n Scheme for England and Wales ITPS), mullimployer defined benefrt pension scheme, for its te&hing slaff. Contributions amounting lo £7,653 (2021.. £11.4441 were payable to the scheme al 31 August 2022 and are included within other creditors. Introduction The Teachers. Pensron Scheme (TPS or scheme) is a statutory. unfunded. defined benefit occupational scheme, govemed by the Teachers. Pensions Regulations 2010 {as amended). and Ihe Teachers, Pension Scherne Regulations 2014 (as amended). These regulatrjns apply lo teachers in schools and other educational estsblishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aKled schools and teachers and lecturers in some establishments of further and higher edUcatn may be eligibk for membership. Membership is automatic for full-time teachers and lecturers arKI. from 1 January 2007, automatic too for teachers and lecturers ill part-lime employment folk)wing appointment or a change of eontrael. Teachers and le¢turers a able to 4Jt out of the TPS. Valuation of Teachers Pension Scheme As a result of the latest scheme valuation employer eontribvh.ons were increased in September 2019 from rale of 16.4QA to 23.6Qh. Employers also pay a charge equNalent to 0.08% of pensionable salary costs lo cover adminislralion expenses. The next vduation is exFCted to lake effect in 2023. SCHEME CHANGES In December 2018. the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefghler penSn schemes. intrcNJuced as part of Publ service pension reforms in 2015, gave rise to direel age diseriminati¢)n and were therefore unlawful. The Supreme Court. in a deusion made in June 2019. rejected the Govemmenfs applicab'on for pemission to appeal the Court of Appeal's rulirvj and subsequenty referred the case to an Emkloyment Tribunal to determine a remedy which will need to be offered to those members of tsyo schemes who were 5ubje¢t of the age discrimination. Since then. claims have also been k)dged against the main public seNice schemes including the TPS. The Department has conceded those in line the rest of the government In July 2020 HM Treasury launched a 12•week public corbsultab.on lch will provide evidence to 5UPPQrt the delrvery of an appropriate remedy for the affected schemes. including TPS. A final remedy will be detemiined once the results of the eonsultation are established. In Dernbel 2019, a fvrther legal challenge a$ made against the TPS reLating to an identified equal"e8 issue whereby male survr¥ors of opposrttssex marriages and cNil partnerships are treated less favourab than survivors in same•sex mafflages ar partnerships. The Se¢tary of Stale for Education agreed not to defend the ease. In June 2020. the EmFloyment Tribunal re¢orded its findings in respe¢t of the claimanL DfE is cuffently working to establish what thanges are neSary to address this discrimination. Any impact of these events will be laken into account when the next scheme valuation is implemersled. This is scheduled to be implemented in April 2023. based on April 2020 data. Page 30
DAIR HOUSE SCHOOL TRUST LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18. Pension commitments (continued> The employers pension costs paid to TPS K) Ihe period amounted to £101.597 (2021: £108.630). A copy of the latest valuab.on report can be found by folts"n9 this link to the Teachers. Pension Scheme website Ihttps.IlwvM.teaeherspensions.co.ukJnewslemFdoyer$1201911)41teacherspnsions-valLtationreporL aspxl. Under the definitions set oul in FRS 102. the TPS is an unfunded multsmployef pension scheme. The Charitable Company has aecounled for its u)ntn"butions lo the scheme as if rt were a defined contribution scheme. The Chantable Company has set out above the infomiab.on available on the scheme. Defined Contributs'on Scheme As disclosed wthin the accounting p)liaes, Ihe charitable company also contributes lo a defined contribution scheme for certain other non-teaching staff. The pension contributions paid into that scherne in the per)d amounted to £19.152 (2021.. £19.679). Contributions amounting lo £1.976 {2021.. £2,193) were payable to the scheme at 31 Augusl 2022 and afe included within creditors. 19. Operatlng lease commltments At 31 August 2022 the eharitsbk company had ccffimrtments to make futu minimum lease payments under non<ancellable operating leases as foltovts: 2022 2021 Within 1 year Belween 2 and 5 years 20,620 59,233 13,342 46,697 79.853 60,039 20. Members. Ilablllty Exh member of the charilable company undertakes to contribute io the assets of the company in the event of it being wound up while helshe is a member. or wthin one year after helshe ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilitie5 eontracled before helshe ceases to be a member. 21. Related party transactions During the year goc4Js worth £nil (2021: £1.171) were purchased from Bishop Swrt & Leisure, an entity which N Haywwd (a trustee of Dair House Schc4)l Trust) is also a Director. No amounts were outstanding at the year end. Page 31
DAIR HOUSE SCHOOL TRUST LTD (A Company Umited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 22. Posl balance sheet events In November 2022 the charitable company refinanced the bank h)an and have agreed a facility amount of £500,000 on a Iloaling rate basis with a lem of 10 years..The new bank loan is secured by a legal charge over the property of the charitable Company. Page 32