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2024-08-31-accounts

Registered number: 01239748 Charity number: 270719

Dair House School Trust Limited (A Company Limited by Guarantee)

Trustees' Report And Financial Statements

for the year ended 31 August 2024

Dair House School Trust Limited (A Company Limited by Guarantee)

Contents

Page
Reference and Administrative Details of the Charitable company, 1
its Trustees and Advisers
2 - 9
Trustees' Report
Independent Auditors' Report on the Financial Statements 10 - 13
Statement of Financial Activities 14
Balance Sheet 15 - 16
Statement of Cash Flows 17
Notes to the Financial Statements 18 - 33

Dair House School Trust Limited (A Company Limited by Guarantee)

Charity Reference and Administrative Details for the year ended 31 August 2024

Trustees Mrs Susannah Clarke
Mr Adrian Downie
Mr Glyn Haywood
Mrs Nathalie Haywood
Mrs Anne King
Mrs Jane Masih, Chair
Mr Paul McNally
Mrs Victoria McNally
Mrs Amanda Silvey
Mrs Maralynn Velasco-Mills
Company registered 01239748
number
Charity registered 270719
number
Bishops Blake Beaconsfield Road
Registered office Farnham Royal
Slough
SL2 3BY
Senior management J Bull, Head (appointed September 2022)
team A Eastwood, Head of Finance (resigned September 2022)
Independent auditors Wenn Townsend
Chartered Accountants
Oxford
Bankers Allied Irish Bank (to December 2022)
51 Belmont Road
Uxbridge
Middlesex
UB8 1RZ
Barclays Bank (from December 2022)
1 Churchill Place
London
E14 5HP

1

Dair House School Trust Limited (A Company Limited by Guarantee)

Report of the Trustees for the year ended 31st August 2024

The Trustees present their annual report together with the audited financial statements of the charitable company for the 1st September 2023 to 31st August 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and activities Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.

Dair House School, situated in a wonderful setting in Farnham Royal, Buckinghamshire, provides children with a magnificent educational platform for growth and development. Dair House School prides itself in providing a high quality education for boys and girls between the ages of 3 to 11.

Strategies for achieving objectives

Our motto 'Principium a Principio' translates as: 'A sure foundation from the start'.

Our vision is:

For every pupil to develop independence, respect for others and to achieve their full potential by encouraging confident and curious learners within a safe and happy environment.

To achieve our vision, we follow the core set of values known as the 'Three Cs'. Both staff and pupils live by these values and they are interwoven into our everyday lives. At Dair House we are:

Courageous Committed Caring

We are courageous: encouraging pupils to be resilient; learn from their mistakes; and challenge themselves beyond their comfort zones.

We are committed: promoting persistence and dedication in the classroom, on the sports field and through the Arts. Dedicated to both academic and personal progress allowing every child to achieve their personal best.

We are caring: nurturing pupils to find their own strengths and strongly believing that pupils should learn to be respectful, courteous, kind, honest and empathetic. Wellbeing of our Dair House community is of the utmost importance. Our school is a happy school with kindness at the heart of everything we do.

2

Dair House School Trust Limited (A Company Limited by Guarantee)

Report of the Trustees (continued) for the year ended 31st August 2024

Objectives and activities (continued)

Activities For Achieving Objectives

The school is proud of its local reputation for nurturing children in a warm and caring educational environment. We are known for our happy, caring family environment which has always been present at Dair House School and for providing a stimulating environment, which encourages the best from our pupils. The high quality education that we provide also prepares children for the next stage of their education including 11+ entry to Grammar School and exams to Senior Independent Schools.

We do this by providing a broad and exciting curriculum aimed at nurturing the academic, sporting, musical, artistic and dramatic talents of the children. The school uses the latest technology and resources to enable the children to develop a desire to learn and become independent learners.

The small classes and family environment of Dair House ensure quality teaching goes hand in hand with excellent pastoral care. We operate a House system that encourages children to develop a sense of kinship and team spirit while also providing opportunities for pupils to take on roles of responsibility as Head of School, Prefects and House Captains.

Main activities undertaken to further the charitable company's purposes for the public benefit The Governors view our Bursary Policy as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet out general entry requirements and are made on the basis of an individual's academic potential or evidence of exceptional abilities which will contribute to our co-curricular (such as sport), individual parental situations or to relieve hardship where pupil's education and future prospect would otherwise be at risk for example in the case of redundancy.

For means tested Bursaries we take a number of factors into consideration including family income, investments and savings and family circumstances for example dependent relatives and the number of siblings.

However, our School does not have an endowment and in funding our awards we have to be mindful that we must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards.

In the cases of hardship, we may look for bursary awards as supplement payment for co-curricular activities, equipment and school trips. Information about fee assistance through bursaries is provided to all applying to the school. Further details of our Bursary Policy and how to apply are available on our website.

Achievements and performance

Key performance indicators

The school monitors pupil numbers, as being the main KPI.

3

Dair House School Trust Limited (A Company Limited by Guarantee)

Report of the Trustees (continued) for the year ended 31st August 2024

Achievements and performance (continued)

Review of activities

Dair House School ended the academic year 2023/2024 with 123 pupils.

Our staff have organised educational visits to the Chalfont Open Air Museum, Reading Museum, Kew Gardens, Bletchley Park, Royal Albert Hall, River and Rowing Museum, Windsor Great Park, Ashmolean Museum, the Gurdwara, The Living Rainforest, The Verulamium, and Windsor Castle. We had two excellent residential visits. Years 5 and 6 went to Chateau du Broutel in France and Year 4 had 2 nights at PGL Marchants Hill.

Academically, our Year 6 boys and girls passed 11+ exams to a range of grammar schools including Burnham Grammar, Langley Grammar and John Hampden. Pupils also gained places at Merchant Taylors, Leighton Park, LVS Ascot, Claires Court, Reddam House, Caldicott, Reading Blue Coat, Reddam House and Shiplake College. One pupil gained music scholarships to LVS, Holme Grange and Purcell School of Music and another was offered an academic scholarships to LVS Ascot.

The school continues to be strong in the performing arts. Children have taken music exams from prep level to grade 5. At Christmas, Key Stage 1 and EYFS produced a wonderful nativity ‘Christmas with the Aliens’ and KS2 performed their annual Christmas Carol Concert at St John’s Church. In the summer term KS2 performed the musical comedy ‘Porridge’ to sold out audiences. We have also managed to produce the House Shout, the House Poetry Recital competition and Class Assemblies. The choir has also sung at The Royal Albert Hall for Dr Barnardo’s and the chamber choir visited the Thames hospice twice to sing to patients and volunteers.

The school continues to provide a wide range of extra-curricular clubs ranging from sports, arts and crafts, and musical clubs. The school has provided pupils with a full fixture programme including swimming galas.

The forest school initiative ‘Dair to Go Wild’ continues to be a great success with Reception – Year 6 receiving approximately 1 hr 40 of outdoor learning undertaking such activities as den and shelter building, fire making, problem solving and wood cutting.

In September 2023 the school introduced a new subject to the curriculum ESR (Education for Social Responsibility). ESR is aimed at instilling into the children a sense of responsibility, both for their surroundings and for other people. It is crucial for their future well-being, happiness, and safety. The ESR curriculum covers themes such as responsible consumerism, charity work, human rights and environmental issues to ensure our pupils become true global citizens.

In March 2024 the school was inspected by the ISI and met all the ISI’s stringent standards, thus emphasising Dair House’s commitment to a high-quality ed

Fundraising activities and income generation

In 2023-24 the school raised funds for various different charities including: The Ukranian Humanitarian Appeal Alzheimers Society Anti Bullying Mental Health Awareness Red Nose Day World Book Day

4

Dair House School Trust Limited (A Company Limited by Guarantee)

Report of the Trustees (continued) for the year ended 31st August 2024

Going concern

After making appropriate enquiries, the board of trustees has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues 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 Statement of Accounting Policies.

Reserves policy

The Trustees' policy is to manage the funds and reserves, together with the cashflow, of the school to provide for the immediate and long term needs of the school. The Trustees manage the unrestricted and restricted reserves in addition to the cash flow requirements of the school having regard to the uneven nature of cash receipts, the varying cash requirements for the school's development plans and the need to maintain an amount for contingencies to cover unexpected unknowns similar to the Covid 19 pandemic situation. The Statement of Financial Activities and the Balance Sheet, together with the notes to the accounts, show the various funds and reserves by type and also summarise for each of them, the movements of the year together with the assets and liabilities attributable to them.

The Trustees' policy is to maintain a minimum of Free Reserves. The Unrestricted Funds totalled £891,862 (2023: £884,125) at the year end, of which £1,115,513 (2023: £1,168,104) is represented by tangible fixed assets leaving negative free reserves of £223,651 (2023: £283,979). Following further development of both the buildings and staffing at Dair House over recent years, budgeting is now in place to ensure that reserves rise in forthcoming years, despite the imposition of VAT on school fees, to facilitate long term planning and meeting the school’s future debt obligations. The school has also taken measures to address the future financial obligations from the ongoing trend of increasing teachers' pension contribution rates, which are outside of the direct control of the Trustees. The trustees recognise the importance of continuing to work towards a target of having surplus free reserves available in order to further strengthen the ongoing management of the school's activities.

The level of reserves is monitored regularly by the Trustees throughout the year.

Financial Review

The charity's total income for the year was £1,669,749 (2023: £1,375,450) against which total expenditure incurred was £1,662,012 (2023: £1,554,438). The net surplus of reserves was £7,737 (2023: net deficit £178,988).

The Statement of Financial Activities shows the incoming resources available to the charity and the extent to which the funds have been spent. This together with the balance sheet, shows that the charity's total Unrestricted Fund Reserves amounted- to £891,862 (2023: £884,125), and Restricted Fund Reserves amounted to £8,808 (2023: £8,808).

Principal risks and uncertainties

In common with many small independent schools, the major risks relate to variations in pupil numbers which are constantly under review, and the impact of policies outside of the school's control. One of the key risks facing all participating schools is the increase in TPS contribution rates which increased 43% from 16.48% in 2015 to 23.68% in 2019. As a result of the latest TPS valuation completed in March 2020, the employer contribution rate has increased by 5% from 23.68% to 28.68% with effect from 01 April 2024. The Trustees are not in direct control of TPS contributions made, but are in the process of reviewing options.

Governors have decided to apply the 20% VAT on the published fees from January 2025 and will continue to monitor demand for pupil places and the impact this may have. The Trustees have asked the Bursar to stress test various scenarios on pupil numbers ahead of the Spring Term Board meeting when a decision will be made on the 2025/26 fee structure.

5

Dair House School Trust Limited (A Company Limited by Guarantee)

Report of the Trustees (continued) for the year ended 31st August 2024

Principal risks and uncertainties (continued)

The Bursar has calculated the 1.2% increase in the employer national insurance rate from April 2025 to be an additional £8k liability in the 2024/25 financial year which the Trustees consider to be affordable within the current budget. From September 2025 the Trustees have noted the whole year liability will be £20k and this impact will be discussed at the Spring Term Board meeting

Investment policy

As the school does not hold large endowment funds there is limited external investment opportunity. Free cashflow is maintained in order to prudently run day to day operations, any available surplus is utilized to maintain existing assets to safeguard future operations. Once these objectives are met the trustees invest in developing the school facilities to support or expand the curriculum to best meet our student's changing needs.

Principal funding

The principal source of income is fees charged on a termly basis.

Structure, governance and management

Constitution

The charity is registered as a charitable company limited 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 Memorandum of Association, to promote and provide for the advancement of education and in connection therewith to conduct, carry on, acquire and develop in the United Kingdom any boarding or day school or schools for the education of children of either sex or both sexes.

Details of the trustees 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 appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

Policies adopted for the induction and training of Trustees

The Trustees are the Governors. The training and induction provided for new and existing Governors will depend on their existing experience. The school's policy for the recruitment of new Governors seeks to ensure a spread of expertise on the Board but where necessary induction of new Governors will include training on educational, legal and financial matters. All new Governors will be given the opportunity of a tour of the school, have the chance to meet with staff and pupils and are provided with copies of key documents including the Governors' Code of Conduct, Governors' Conflict of Interest Policy and the Governors' Information Booklet which include the stated Aims of the School. Governors are further provided with key policies, procedures, accounts, budges, plans and other documents they need to undertake their role Governor.

As there is expected to be only a small number of new Governors each year, induction will be carried out informally and will be tailored specifically to the individual. Training provided by AGBIS can also be accessed as required by any governor. The Chair of Governors will oversee the training in line with a training schedule provided by the senior management team.

6

Dair House School Trust Limited (A Company Limited by Guarantee)

Report of the Trustees (continued) for the year ended 31st August 2024

Structure, governance and management (continued)

Pay policy for senior staff

The trustees' roles are completely voluntary for which they receive no payment or other benefit in return. The salary of The Senior Management Team is reviewed by the trustees annually, usually in the summer term for implementation from the following September. The trustees will consider the rate of inflation, forecasted income and profitability plus any external factors in their decision. The leadership scales in the maintained sector will be monitored for similar sized schools in order to ensure key staff are securely appointed and retained.

Organisational structure and decision making

Dair House School trust is an equal opportunities employer and will apply objective criteria to assess merits and ensure that individuals are selected, promoted and treated on the basis of their relevant abilities. Teaching staff, the Board of Trustees and every person who works on the school premises whilst children may be present are required to undergo Disclosure and Barring Service checks prior to being appointed.

Day to day decisions are delegated by Trustees to the Head.

Plans for future periods

Future developments

The Governors are committed to further develop the school's facilities and to maintain the fabric of the school. The school has ambitious plans for future development these include:

Information on fundraising practices

The school does not actively fundraise, but is aware of the fundraising legislation requirements, should use be made of external fundraisers in the future.

Members' liability

Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding the amount specified in the Articles of Association, for the debts and liabilities contracted before they ceased to be a member.

7

Dair House School Trust Limited (A Company Limited by Guarantee)

Report of the Trustees (continued) for the year ended 31st August 2024

Trustees' indemnities

In accordance with normal commercial practice, the School has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on school business. The professional indemnity insurance provides cover up to £1,000,000 on any one claim and the cost for the year ended 31st August 2024 was included in the total insurance cost.

Related party transactions

There are no connected organisations, and where transactions have occurred with related parties, these are disclosed in the notes to the financial statements (see note 21).

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

8

Dair House School Trust Limited (A Company Limited by Guarantee)

Report of the Trustees (continued) for the year ended 31st August 2024

Auditors

The auditors, Wenn Townsend, have indicated their willingness to continue in office.

Approved by order of the members of the board of Trustees on …………………. 2025 and signed on their behalf by:

Jane Masih

Jane Masih (Mar 4, 2025 15:45 GMT)

………………………………

Mrs Jane Masih

Director and Chair of Governors

9

Report of the Independent Auditors to the Members of Dair House School Trust Limited

Opinion

We have audited the financial statements of Dair House School Trust Ltd (the 'charitable company') for the year ended 31st August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 United Kingdom, including the Financial Reporting Council'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.

10

Report of the Independent Auditors to the Members of Dair House School Trust Limited (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, 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.

11

Report of the Independent Auditors to the Members of Dair House School Trust Limited (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an Auditors' Report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.orq.uk/auditorsresponsibilities.

This description forms part of our Auditors' Report.

12

Report of the Independent Auditors to the Members of Dair House School Trust Limited (continued)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might'state to the charitable company's trustees 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Rodzynski

Andrew Rodzynski (Mar 5, 2025 10:19 GMT)

Andrew Rodzynski FCA (Senior Statutory Auditor)

For and on behalf of Wenn Townsend Chartered Accountants, Statutory Auditor Oxford

……………………. 2025

13

Dair House School Trust Limited

(A Company Limited by Guarantee)

Statement of Financial Activities (incorporating Income and Expenditure Account) for the year ended 31st August 2024

Note
Incomefrom:
Donations and legacies
2
Charitable activities
3
Investments
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£
£
£
£
2,187
-
2,187
721
1,658,639
-
1,658,639
1,371,432
8,923
-
8,923
3,297
1,669,749
-
1,669,749
1,375,450
1,662,012
-
1,662,012
1,554,438
1,662,012
-
1,662,012
1,554,438
7,737
-
7,737
(178,988)
884,125
8,808
892,933 1,071,921
7,737
-
7,737
(178,988)
891,862
8,808
900,670
892,933

The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 to 33 form part of these financial statements.

14

Dair House School Trust Limited (A Company Limited by Guarantee) Registered Number: 01239748

Balance Sheet as at 31st August 2024

Fixed assets
Note
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets/liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
12
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
13
Unrestricted funds
13
Totalfunds		 2024
£
2023
£
1,115,513
1,168,104
1,115,513
1,168,104
48,196
63,019
558,377
543,433
606,573
606,452
(325,214)
(371,061)
281,359
235,391
1,396,872
1,403,495
(496,202)
(510,562)
900,670
892,933
900,670
892,933
8,808
8,808
891,862
884,125
900,670
892,933		 2023
£
1,168,104
1,403,495
(510,562)
892,933
892,933
8,808
884,125
892,933

15

Dair House School Trust Limited (A Company Limited by Guarantee) Registered Number: 01239748

Balance Sheet (continued) as at 31st August 2024

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Jane Masih

Jane Masih (Mar 4, 2025 15:45 GMT)

……………………………………….

Jane Masih

Date: ……………….. 2025

The notes on pages 18 to 33 form part of these financial statements.

16

Dair House School Trust Limited (A Company Limited by Guarantee)

Statement of Cash Flows for the year ended 31st August 2024

Cash flows from operating activities
Net cash used in operating activities (note 15)
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash usedininvesting activities
Cash flows from financing activities
Interest paid
Net cash used in financing activities
Change in cash and cash equivalents in the year (note 17)
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year (note 16)		 2024
£
2023
£
49,881
282,352
8,911
3,297
(4,743)
(15,666)
4,168
(12,369)
(39,105)
(36,059)
(39,105)
(36,059)
14,944
233,924
543,433
309,509
558,377
543,433

The notes on pages 18 to 33 form part of these financial statements

17

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

1. Accounting policies

Basis of preparation of financial statements

Dair House School Trust is a private charitable company, limited by guarantee, incorporated in England and Wales and is a registered charity number 270719. The principal address and registered office is Bishop's Blake, Beaconsfield Road, Farnham Royal, Slough, SL2 3BY.

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Dair House School Trust Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in £sterling, the functional currency, rounded to the nearest £1.

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 liability in respect of the guarantee is limited to £1 per member of the charity.

Going concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the trust to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

There are net current assets of £281,359 (2023: net current liabilities of £235,391) and the accounts are prepared on a going concern basis following the refinancing of the bank loan in November 2022 and agreement of a facility amount of £500,000 on a floating rate basis with a term of 10 years. The bank loan is secured by a legal charge over the property of the charitable company.

The Trustees have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the school, the Trustees have concluded there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the financial statements.

18

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

1. Accounting policies (continued)

Income

Income is recognised in the Statement of Financial Activities (SoFA) when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Donations received in support of the school activities are accounted for upon receipt of the funds.

Income from charitable activities principally comprises termly school fees and charges for outings and events held for the school beneficiaries. These are accounted for the period to which the income relates.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Grants, including government grants, are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Expenditure

All Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Indirect costs are all allocated to the one and only charitable activity that the school has.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

19

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

1. Accounting policies (continued)

Tangible fixed assets and depreciation (continued)

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. 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 following bases:

Depreciation is provided on the following bases:

Freehold property 2% per annum, straight line Motor vehicles 25% per annum, reducing balance Fixtures and fittings 15% - 25% per annum, straight line

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Operating leases

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

Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of- economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

20

Dair House School Trust Limited (A Company Limited by Guarantee) Notes to the Financial Statements for the year ended 31st August 2024

1. Accounting policies (continued)

Financial instruments

The charitable company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charitable company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 10. Prepayments are not financial instruments.

Cash at bank and deposits and bonds - are classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 11. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Pensions

Retirement benefits to employees of the charitable company are provided to teaching staff by the Teachers' Pension Scheme ("TPS") which is a defined benefit scheme.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the Charitable Company in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 18, the TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

The charitable company also operates a defined contribution 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 contributions payable are charged to the Statement of Financial Activities (SOFA) in the period to which they relate.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

21

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

1. Accounting policies (continued)

Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The only area of estimation used by the charity is depreciation, which is based on expected useful lives and historical information.

2. Income from donations and legacies

Donations
Total 2024
Donations
Total 2023		 Unrestricted
funds
2024
Restricted
funds
2024
Total
funds
2024
£
£
£
2,187
-
2,187
2,187
-
2,187
Unrestricted Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
-
721
721
-
721
721

22

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

3. Income from charitable activities

Gross fees and charges
Discounts given
Total 2024
4. Investment income
Other income
Total 2024		 Unrestricted
funds
2024
£
Total
funds
2024
£
Total
funds
2023
£
1,874,732
1,712,441
1,595,879
(216,093)
(216,093)
(224,447)
1,658,639
1,658,639
1,371,432
Unrestricted
funds
2024
£
Total
funds
2024
£
Total
funds
2023
£
8,923
8,923
3,297
8,923
8,923
3,297

5. Analysis of expenditure on charitable activities

Summary by fund type

Total expenditure
6. Analysis of expenditure by activities
Total expenditure		 Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
£
£
£
1,662,012
1,662,012
1,554,438
Direct
costs
2024
£
Support
costs
2024
£
Total
funds
2024
£
1,381,901
280,111
1,662,012

23

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

6. Analysis of expenditure by activities (continued)

Total expenditure
Analysis of direct costs
Wages and salaries
Provision of education services
Analysis of support costs
Wages and salaries
Training
Advertising
Telephone and postage
Motor vehicle expenses
IAPS/ISI accreditation and affiliation
Loan interest payable
Bank charges
Speech day costs
Governance costs
Other Administrative Costs
Total 2024		 Activities
undertaken
directly
2023
Support
costs
2023
Total
funds
2023
£
£
£
1,240,948
313,4901,554,438
Activities
Total
funds
Total
funds
2024
2024
2023
£
£
£
844,425
844,425
938,761
537,476
537,476
470,850
1,381,901
1,381,901
1,409,611
Total
Total
Activities
funds
funds
2024
2024
2023
£
£
£
152,240
152,240
16,713
12,515
12,515
7,022
10,712
10,712
12,204
7,473
7,473
5,694
6,142
6,142
9,184
8,628
8,628
6,222
39,105
39,105
36,059
212
212
6,286
5,863
5,863
8,879
25,333
25,333
29,159
11,888
11,888
7,405
280,111
280,111
144,827

24

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

6. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

During the year ended 31 August 2024, the charity incurred the following Governance costs:

£11,874 audit and accountancy fees and £13,459 legal and professional fees (2023- £11,178 audit and accountancy fees and £17,981 legal and professional fees) included within the table above.

7. Net Income/ (Expenditure)

Net Income/ (Expenditure)
2024 2023
£ £
This is stated after charging:
Depreciation of tangible fixed assets: owned by the charity 57,334 65,874
Auditors' remuneration - audit 9,000 12,990
Auditors' remuneration - other services - 1,758
Operating lease rentals 16,695 14,809

8. Staff costs

Wages and salaries
Social security costs
Employers' pension costs		 2024
£
2023
£
796,044
768,773
66,836
64,268
133,785
122,433
996,665
955,474

The average number of persons employed by the charitable company during the year was as follows:

Teachers
Non-teaching		 2024
No.
2023
No.
18
18
17
13
35
31

25

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

8. Staff costs (continued)

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

2024 2023 No. No. In the band £60,001 - £70,000 - -

The key management personnel of the charity comprise the Trustees and the senior management team as listed on page 1. The total amount of employee benefits (including employer pension contributions and employer national insurance) received by key management personnel for their services to the charity was £24,271 (2023: £75,967).

During the year, none of the trustees were paid remuneration (2023: £Nil). No pension contributions were made by the charitable company on this amount (2023: £nil) and no other payments were made (2023: £nil). During the year no Trustees were reimbursed any expenditure (2023: £nil).

9. Tangible fixed assets

Cost or valuation
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
On disposal
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Freehold
property
Motor
vehicles
Fixtures and
fittings
Total
£
£
£
£
1,736,787
25,500
244,395
2,006,682
-
-
4,743
4,743
-
-
(54,677)
(54,677)
1,736,787
25,500
194,461
1,956,748
616,733
25,393
196,452
838,578
33,936
27
23,371
57,334
-
-
(54,677)
(54,677)
650,669
25,420
165,146
841,235
1,086,118
80
29,315
1,115,513
1,120,054
107
47,943
1,168,104

26

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

10. Debtors

Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
2023
£
17,317
19,643
9,744
9,744
21,135
33,632
48,196
63,019

11. Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one year
Bank loans
Trade creditors
Deposits
Fees received in advance
Other creditors
Accruals and deferred income		 2024
£
2023
£
21,800
19,458
36,402
30,325
7,000
7,500
207,135
246,675
29,700
38,277
23,177
28,826
325,214
370,971

The bank loan is secured by fixed and floating charges dated 25th November 2005 and 10th May 2006 over the undertakings and all property and assets of the company.

In November 2022 the charitable company refinanced the bank loan and have agreed a facility amount of £500,000 on a floating rate basis with a term of 10 years. The bank loan is secured by a legal charge over the property of the charitable company.

27

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

12. Creditors: Amounts falling due after more than one year


Bank loans
Other creditors
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Between two and five years
Bank loans
Over five years
Bank loans		 2024
2023
£
£
450,202 471,562
46,000 39,000
496,202 510,562
2024
2023
£
£
23,641
21,104
83,191
74,642
343,370
375,816

The bank loan is secured by a legal charge over the property of the charitable company.

28

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

13. Statement of funds

Statement of funds - current year

Balance at Balance at
1 September 31 August
2023 Income Expenditure 2024
£ £ **£ ** £
Unrestricted funds
General Funds 884,125 1,669,749 (1,662,012) 891,862
Restricted funds
Restricted funds 8,808
-		 - 8,808
Total of funds 892,933 1,699,749 (1,662,012) 900,670
Statement of funds-prior year
Balance at Balance at
1 September 31 August
2022
Income		 **Expenditure ** 2023
£
£		 **£ ** £
Unrestricted funds
General Funds 1,063,834 1,374,729 (1,554,438) 884,125
Restricted funds
Restricted funds 8,087
721		 - 8,808
Total of funds 1,071,921 1,375,450 (1,554,438) 892,933

Restricted funds

The school received a donation towards the lease of the minibus

29

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total
Analysis of net assets between funds-prior year
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted Restricted
Total
funds
funds
funds
2024
2024
2024
£
£
£
1,115,513
-
1,115,513
597,765
8,808
606,573
(325,214)
-
(325,214)
(496,202)
-
(496,202)
891,862
8,808
900,670
Unrestricted Restricted
Total
funds
funds
funds
2023
£
2023
£
2023
£
1,168,104
-
1,168,104
597,644
8,808
606,452
(371,061)
-
(371,061)
(510,562)
-
(510,562)
884,125
8,808
892,933

30

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

15. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustmentsfor:
Depreciation charges
Interest paid
Dividends, interests and rents from investments
Increase in debtors
lncrease/(decrease) in creditors
Net cash provided by/(used in) operating activities		 2024
£
19,691
2023
£
(178,988)
57,334
65,874
39,105
36,059
(8,911)
(3,297)
2,869
(26,063)
(60,207)
388,767
49,881
282,352

16. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2024
£
2023
£
558,377
543,433
558,377
543,433

17. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1
At 31
September
2023
Cash flows
August
2024
£
£
£
543,433
14,944
558,377
(19,458)
(2,342)
(21,800)
(471,562)
21,360
(450,202)
52,413
33,692
86,375

31

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

18. Pension commitments

Teachers' Pension Scheme

The charitable company participates in the Teachers' Pension Scheme for England and Wales (TPS), a multi-employer defined benefit pension scheme, for its teaching staff.

Contributions amounting to £11,081 (2023: £13,093) were payable to the scheme at 31st August 2024 and are included within other creditors.

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for teachers, but teachers have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:

The result of this valuation will be implemented from 1 April 2024.The next valuation result is due to be implemented from 1 April 2028.

32

Dair House School Trust Limited (A Company Limited by Guarantee)

Notes to the Financial Statements for the year ended 31st August 2024

18. Pension commitments (continued)

The employer's pension costs paid to TPS in the period amounted to £97,336 (2023: £97,433).

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The school is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the school has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The school has set out above, the information available on the scheme,

Defined Contribution Scheme

As disclosed within the accounting policies, the charitable company also contributes to a defined contribution scheme for certain other non-teaching staff. The pension contributions paid into that scheme in the period amounted to £36,448 (2023: £25,000). Contributions amounting to £2,777 (2023: £2,684) were payable to the scheme at 31st August 2024 and are included within creditors.

19. Operating lease commitments

At 31st August 2024 the charitable company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Within 1 year
Between 2 and 5 years		 2024
£
2023
£
24,067
19,812
19,143
19,610
43,210
39,422

20. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

21. Related party transactions

During the year, £1,384 was paid to Bishop Sports and Leisure Ltd for PE and Sport costs, a company in which a trustee of Dair House is a director.

33