COMPANY REGISTERED NO: 1229741 REGISTEItED CHARITY NO: 271012 THE STUDY (WIMBLEDON) LIMITED REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2023 THE STUDY (WIMBLEDON) LIMITED Page 11 STI14TEGIC REPORT FOR THE YEAR EI¥DED 31 AUGUST 2023 REv￿w OF ACH￿VEMENTS, AcTThryllEsAND FUTURE DEVELOPMENTS The 2022123 academic year w&s a period of change and deep loss for the school. The Interim H¢ad Mrs Helen Low¢ provided experieDced leadership to su¢cessfully manage the school until a new Head was appointed by the Governot3. Mrs Sharon Mayer st&rted in post on I September 2023 after an extensive handover period. The school suff¢r¢d ttvo tragic ev¢nls during the year. In March 2023 olle of our Year 5 pupils died during the school holidays. Then. in July 2023 two of OUT pupils lost their lives when a car crashed thTough th¢ front of Wilberfo￿¢ House during an end of tern) cel¢bration. A number of pupils and parents were also injured. The Governors ¢x*nd their heartfelt sympathies to all those affected by this tragedy. A police investigation is ongoin& At th¢ a¢8demi¢ year end the School had 308 pupils on roll. The School continues to ochieve acad¢mic success with a number of pupils gaining scholarships. exhibitions and other such awards to their future schools. We are extremely proud that our girls gained pla¢¢s at some of the best and most demanding senior day and boarding schools in the country. Our pupils 8r¢ once again also to be congratulated on their success in gaining a total of 27 acad¢mi¢. sporl drama. art and music scholarships and awards. The Study holds the prestigious Artsmark Gold. The School supw)rted a wide range of extra•curricuIar ￿tiVitieS including mvsic and drama productions. sportiELg f￿tureS and numerous education21 visits. The Year 6 girls participated in the school production 'Th¢ X Factory, which was filmed, then streamed online via YouTube. This is now 8n estsblished approach adopted following the Covid-19 pandemic. The production r¢ttiv¢d excellent reviews md the standard achiev¢d was. as always, impre$siv¢. Th¢ School Council me¢ts re8ularly and provides a foTum for girls to express their opinions and raise matters Concerning their school. Issues are debated in class, and wh Class el￿tS a representative who tskes these views to the School Council meetings. The School supports the ￿ntinuOuS professional development of staff both through training and regular perfonnance assessment. Educational training days for all staff are held by the School during the school holidays and staff are ¢n¢oura8ed to attend a wide rdnge of external training courses alongside visiting other educational institutions. Th¢ School continues to improve its facilities. The multisport. all-weather sports ￿0vna at Beverley Meads providing fabulous pitches for netball, tennis, football and h(Kkey was improved and new facilities at Colliers Wood FC were added. Plans are also underniay for the playground at Wilb¢rforce Hous¢ to be completely renewed. The Governors h¢ld a successful, strategy day in May 2023 to consider new ideas for future operations. The School benefits from the generosity of athrlving parents association (The Study Association) whose close support 18 greatly appr¢¢iat¢d. The p8rents worked hard during the year raising funds and nutning social events for the girls and their parents. The Governors are grdleful to The Study Association for its continued support of dLe School. in particular the £25,000 donation for the r¢design of the SpenceT House front garden. F￿ANCIAL REVIEW Af4D RESULTS FOR THE YKAR The Governors report a surplus of income over expenditure of £272,866 for the year ended 31 August 2023 compared with £175,439 for the year ended 31 August 2022. The Balance Sheet at 31 August 2023 showed net assets of £9.616.662 compared with £9.343.796 at 31 August 2022. Reserves at the end of the financial year were £9.616,662 (2022: £9,343,796). THE STUDY (WIMBLEDOIN) LIMrrED Page 12 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGusf 2023 RISK MANAGEMENT In order to review and mitigat¢ risk in a strnctur¢d and systematic way the School has developed a risk management matrix and this is reviewed by senior manag¢rs and by the Board of Directors ai l¢&st annually. Risk in this context refers to the prospect of uncertain ¢vents and their outcomes that may have a significant effect on: operational perforniance: th¢ achievemenl of aims and obje¢tives' or meeting the ¢xp¢ctations of stakeholders. The School monitors potential risks in areas including governance, stratsgy. financial. legal, health and safety, external, reputation, compliance and personnel and has identified practices and procedures to mitigate these risks. The Governors ar¢ committed to monitoring the effectiveness of th¢s¢ Controls through interna] compliance monitoring and external audit by appropriately qualtfied professtonals. The Board of Directors consid￿$ the principal risks and unc¢rtainties facing the School and their plans and strategies for managyng these risks to be.. Sources of income.. The principal source of income is pupil f¢es which cover the cost5 of running the Sch(K)l and of developments to continually enhance the educational offering. This risk is managed through focused marketing activities t() ensure pupil numbers are sustained, by maintaining a strong reputstion and through rigorous cash-flow control. The availability of the highest quality teaching and support staff.- This risk is man&ged through effective recruitment procedur¢s, regular training for all staff and initiatives aimed at r¢taining key staff. GOING CONCERN At the time of approving the financial statements, the Board of Directors have a reasonable expectstion that the Company has adequats resources to continuing in op¢rntional existence for the foreseeable future. The Board of Dlrectors renmin satisfied that the Company is able lo m¢¢t its liabilities as they fall due ov¢rthe next 12 months. Thus the Board of Directors continue to adopt the going con¢¢m basi$ of accountlng in preparing the financial statements. RESERVES POLICY The Board of Directors review the reserves position of th¢ Charity each year and have established a policy to hold a small operational reserve to cover any unforeseen gaps in fundraising and enable the charity to conlinue its operations. Approved by the Board of Directors at its meeting on 5 December 2023 and signed on its behalf by: Mr J Tucker Chairman Page13 THE STUDY IWIMBLEDOIY) LIMITED DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Board of Directors is pleased to pr¢s¢nt its annual report for the year ¢nded 31 August 2023 under the Companies Act 2006 and the Charities Act 2011, together with the audited financial statements for the y¢ar. REFERENCE Ar4D ADMINISTRATWE INFORMA TION Th¢ Study Pr¢paratory School {'Yhe Study- 'the School,) was founded in 1893. On 14 October 1975 The Study (Wimbledon) Limited ('the Company" tthe charl￿,) was incorporated under The Companies Act 1948, and on 10 November 1975 it acquired the School as a going concern. Th¢ registered Company numb¢r of The Study {Wimbl¢don) Limited is 1229741. with th¢ liability of its members limited to £1 each by guardntee. It is a r¢gistfflEd Charity, number 271012. The Registered OITic¢ and principal address of th¢ Company are at Sp¢t]c¢r House, 4 Peek Crescent. Wimbledon Commoffj London, SW19 SER. D￿￿CTORs The Directors of the Company who are also the Charity Trustees and th¢ Governors of The s￿dY Preparatory School who served during the year were: Mr J Tucker (Chairman) Mr J Barnes Mrs M Aylett (T¢Si8ned 6 December 2022) Mrs A EIy5ee Mrs C Facon Ms E Picken (resigned 31 August 2023) Mr R Lane (resigned 8 July 2023} Mr A Johnson (resigned 13 Janugry 2023) Mrs E Trapnell Mrs B H¢atley (apw)inted 12 June 2023) Mr P Wilson (appoint¢d 12 June 2023) Mrs C Connelly (appointed 27 (ktober 2023) Mr B Everitt (appointed 27 October 2023) Mrs H Lowe (appointed I September 2023) PROFESSIONAL AD￿soRs AND KEYPERSONNEL The Head: Mrs H IKJwe (until 31 August 2023) Mrs S Maher (from I Septemb¢r 2023) Mr P Walker Bursar and Secretary to the Board of Gov¢rnors: Add￿$$. Th¢ Study Preparatory Schoo Spen¢er House 4 P¢¢k Cr¢sc¢nt Wimbledon Common London SW19 SER Bank¢rs.' Barclays Bank PIC 8 Alexandra Road Wimbledon London SW19 7JZ Auditors.. Arnold Hill & Co LLP Sixth Floor. Capital Tower 91 Waterloo Road London SEI 8RT THE STUDY (WIMBLEDON) LIMITED Page 14 DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 OBJEcrs OF ThE cHAR￿y Th¢ object of the Charity in accordance with its Articles of Association is the advancement of education. Th¢ prinoipal activity of th¢ Charity wntinues to b¢ th¢ provision of a Day School for 4-1 l year-old girls. STRUCTURE, GOVERNANCE Ar4D MANAGEMENT Governfillg Document The Company is governed by its Articles of Association. last amended on 20 January 2011. Governing Body Th¢ Governors of th¢ School are m¢mbers of th¢ Company. Directors under the Companies Act 2006 and Trustees as defined by charity law. They are elected at a full Dir¢ctora Meeting on the basis of nominations cording to the Board's sp¢¢ifications conc¢rning ¢ligibilityJ personal competence, specialist skills and local availability. The lern)s for th¢ appoinlment and removal of Governors ar¢ laid down in the Articles of Association. Ullder the Articles ofAssociation Trustees serve for an initial tern) of five years and may b¢ r¢-appointed for up to a maximum of two further ternis c)f three years. The number of s¢rving Governors should be betw¢¢n three and twelve. OrganisatioyJ&l Management The Board of Directors meet at le&st five times a year to deterniine general policy and to receive r¢¢omm¢ndations from th¢ fiv¢ Committe¢s, Academi¢ and Pastoral, Safeguardtn& Finance, Health & Safety and Governance, charged with the detailed implementation of those policies. The day-to-day running of the School is delegated to the Head, the Bursar and the Higher Management T￿rn. Governor committee r¢sponsibiliti¢s ar¢ as follows: Mrs C Facon Mrs H Lowe Mr J Tucker Mrs A Elysee Mr J Barnes Mrs C Connelly Mrs B Head¢y Mr P Wilson Miss E Trapnell Safeguarding {ap￿Anted I September 2023) Finance. Governance Finance Academic and PastoraL Governance Governance (apwinted 27 October 2023) Health and Safety Financ¢ Admissions and Marketin8 THE STUDY (WIMBLEDON) LIMITED Pag¢ IS DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Recrultment & Training of Governors The recrnitment and induction of new Governors is ov¢rs¢¢n by th¢ Chaimian in consultation with the Governance committee, the Board of Directors the Headmistress and the Bursar. The Governors bring a wide variety of professional, commercial and charity ¢wri¢nce. Their collective prof¢ssional skills eThcomp&ss ¢ducation, accountancy) banking. law. wrporat¢ gov¢rnan¢e, risk management and investment. The Board of Directors are a member of theAssociation of Governing Bodies of Indep¢nd¢nt Schools and Governors attend seminars and forums hosted by them. and other appropriate training. Many of the Governors including th¢ Chairnlan are fornjer parents And one is a current parent. Profes8iollal As8oel*tions The Study Preparatory School is an active member of the Ind¢p¢nd¢nt Association of Preparatory Schoo15 for the promotion and maintenance of preparatory school standards generally and also takes part in peer group studies for the evaluation of quality and performance improvement methods. The School is also a m¢mber of the Independent Schools Association and th¢ Indepondent School Bursars Asso¢iation. AThL8. OBJECTIVES & ACHIEVEMEPITS Aims and Objectives The School aims to provide the bighest standards of pre•prepardtory and pr¢parntory school education and prepares pupils for entrance examinations to senior schools. A wide rdnge of a¢ad¢mic and non-academi¢ activities are provi(kd and the School striv¢s to develop pupils and abilities to the maximum potential. A wide rang¢ of abilities are catered for. from children needing sp￿la1 educational support to very gifted and able pupils. Thos¢ responsible for very able pvpils are charged with the task of identifying and suptK)rting particularly gifted childr¢n and ensuring that challenging extension work is provided to them. The School has a leaTlliDg enrichment department supp)rting children with a variety of needs including dyslexia, and the School works in partnth3hip with parents to provide support. The School has syst¢ms and processes in place to help the full development of each Child in a safe and secure environment. The School works to encourage good citizenship. It also seeks to develop a carin& tolerant and 5UPPOrtiv¢ community where girls learn to appwi8te and respect difference5 in society. whether attributable to disability. culture or economi¢ wellbeing. The School promotes charitable giving. The School striv¢s to maintaln a positiv¢ relationship with the local community, sharing resources and working together to deaI with local issues. Th¢ S¢hool is pleased to participats in local Cultural events and to share in festivals and fundraising events. PUBLIC BENEFrr Under S¢ction 17 of the Chariti¢s Aot 2011 the Governors must have regard to the guidance issued by th¢ Charity Commission on public benefit. When setting objectives and planning the Governors take account of that guidanc¢ and the supplemenlary guidance of the Commission on the advancement of education and on fee charging. They are also mindful of their responsibility as Trust¢¢s to ensure prudent financial management THE STUDY IWIMBLEDON) LIMITED Page 16 DIRE￿ORs, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Governors are committed to widening access to the fee-based education offered by th¢ School. They seek to promote public benefit throu￿ the provision of means-tested bursaries to girls who would otherwise be unable to access to the educational opportunities provided by the School and through sh8Ting resources. including the expertise of specialist staff, with local schools. The availability of m¢ans-t¢sted bursaries is promoted through the school website. The Headmistress is a¢tAve in seeking appropriate senior school places for girls requiring f¢¢ assistance to ensure thatthey are ableto continue theiredueation. ifthey so wish, within the independ¢nt school sector when they leave the School at the end of year six. The Study supported five pupils in the year to 31 August 2023 through means-tested bursaries. The cost of £52,953 was funded from incom¢ (2022.- £63.753). Th¢ School prO￿0t¢S ¢harit&ble giving and the girls work hard to 5UPPOrt two charities, one local and one national or international, selected each t¢mi by the girls and the staff. INVESTMENT Poucy There are no rcstricttons on the School's powers of investment. The School has no inveslm¢nls and any surplus funds are placed in short tenn deposits and interest-bearing bank accounts. AUDITORS In accordon¢¢ with Section 485 ofthe Companies Act 2006 a resolution proposing the reappointment ofArnold Hill & Co LLP ￿ auditors will be put to the Company at the Annual General Meeting. So far as the Directors are aware, ther¢ is no relevant audit inforn]Ation of which the Company's auditors ar¢ unaware. We have each tsken all the sl¢ps that we ought to have taken as the Company's Directors in order to make ourselves awar¢ of any r¢l¢vant audit inforniation and to establish that the CoMpan￿S auditots are aware of that infoTmation. Approved by th¢ Board of Direthrs at its meeting on 5 December 2023 and sigll￿ on its behalf by: fr J Tucker Chairnian THE STUDY IWIMBLEDON) LIMrrED Pag¢ 17 DIRECTORS, RESPONSIBILMES STATEMKNT FOR THE YEAR ENDED 31 AUGUST 2023 Th¢ purpose of this statcrnent is to distinguish the Directors, responsibilities forthe accounts from those of the auditors as stated in their r¢port. Company law requires the DirectOTS to prepare accounts for each financial year which give a true and fuir view of the state of affairs ofth¢ Company and of its net income or expenditure for the year. tn preparing the accounts the Directors are required to: select th¢ most suitsble accounting w)licies and then apply them con5iSt¢ntly. ob￿rVe the methods and principl¢s in the Charities SORP. make judgements and estirnal¢s that are reasonable and pruden¢ state whether applicable UK Accounting Standards hav¢ b¢¢n followed subject to any material depa￿e5 disclosed and explained in the financial statements. and prepare the accounts on the going concern basis unless it is inappropriate to assume that th¢ Company will continu¢ in business. The Directors are restK)nsible for keeping pmper accounting ￿ordS which disclose. with reasonable accuracy. the financial position of the Company at any time, and to enabl¢ them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the CoMp￿Y'S assets and those of its Irust funds and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of error. ftaud or oth¢r inr8ularities. THE STUDY (￿MBLED0￿} LIMrrED Page18 INDEPEM)ENT AUDITORS, REPORT TO THE MEMBERS FOR TKE YEAR E￿DED 31 AUGUST 2023 OPU￿0￿ W¢ hav¢ audil¢d the financial stat¢ments of Th¢ Study (Wimbledon) Litttited (the 'charitabl¢ company,) for the Ye￿ ended 31 August 2023 which ¢ompris¢ Stat¢ment of Financial Activities, Balance SheeL Cashflow Ststement and notes to the financial stat¢m¢nts, including a summary of signifjcant accounting policies. Th¢ financial reporting fr&mewoTk th&t has been applied in their preparation is applicable law and United KiDgdom Accounting Standards, including Financial Reporting Standard 102 The Fin(mcial Reporling Standard opplicable in ihe UK al￿RepublIC oflreland{Unit¢d Kingdom Generally Acceptsd Accounting Practice). In our opinion the fmanciai statements.. give a lrne and fair view of the state of the charitable company's affairs &s at 31 August 2023 and of its incoming resources and application of resour¢¢s. including its in¢om¢ and expendithre, for th¢ year then ended; have been properly prepared in accordanee with Unitsd Kingdom Generally Ac¢ept¢d Aocounting Practice; and hav¢ been prepa￿d in accordanc¢ with the ￿qUIrements of the Companies Act 2006. BAS￿ FOR OPLNION We conducted our audit in accordance with tnternational Standards on Auditing (UK) USAS (UK)) and applicable law. Our responsibilities underthose starLdards are further described in th¢ Auditor's responsibilities for the audit of the financial statements section of our report. We are independ¢nt of th¢ charitsble company in accordance with the ethical requirements that are relevant to our &udit of the financial statements in the UK. including the FRC'S Ethical Standarl and we have fulfilled our other ethi¢al responsibiliti¢s irl a￿Ordance with these requirements. We believe that the audtt evidence we hav¢ obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING To Go￿G CONCERN tn auditing the fu)ancial ststements, we hav¢ concluded that th¢ lThstees' use of the going concern basis of accounting in the preparation of the finan¢tal stat¢m¢nls is appropriate. Based on th¢ work we have perfornled. w¢ have not identified any matsrial uncertainties relating to ¢vents or conditions thaL individually or collectively, may cast significant doubt on the entit)Is ability to continue as a going concern for a ￿riod of at least twelve months from when the fjtwicial statements are authorised for issue. Our responsibilities and the responsibilities of th¢ 1n￿S with respect to going C4)ncern are described in the relevant s¢clions of this ￿pOrt. THE STUDY (WIMBLEDON) LIMITED Page 19 ￿￿EPENDENr AUDITORS, REPORT TO THE MEMBERS FOR THE YEAR EM)ED 31 AUGUST 2023 EXTENT TO WHtCH THE AUD￿ WAS CONSIDERED CAPABLE OFDETECTING IRREGULA￿TIES, INCLUDING FK4uD Th¢ objectiv¢s of our &udiL in resp¢ct to fraud, are.. to identify and assess the risks of material misststement of the financial statements due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to frau(L through designing and implementing appropriate responses. and to respond appropriately to fraud or suspected fraud identified during the audit. However, the prin responsibility for the pr¢vention and d¢fr¢tion of fraud rests with both those charged with governance of the entity and its management. Our approach was &s ft>llows: W¢ id¢ntified are&8 of laws and regulations that could reasonably be expected to have a material effect on th¢ financtal statements from our general commercial and sector experience, and through discussion with the directors and other management (a5 required by auditing standards). and discussed with the alr￿torS and other managem¢nt th¢ policies and procedures regarding ¢omplianc¢ with laws and r¢gulations' We considered the legal and regulatory frameworks dir￿tlY applicable to the fitwicial stat¢m¢nts reporting framework (FRS 102 and the Compani¢s Ath 2006) and the relevant tax compliance regulations. We considered th¢nattwe of the industy, the control environmentand business perforniance, including the key drivers for management's remuneration. We Communicat￿ identified laws and regulations throughout our team and r¢main¢d alert to any itLdications of non-¢omplianc¢ throughout the audi¢ and W¢ considered th¢ procedures and controls thatthe company has establishedto address risks identifi¢d. or that otherwise pr¢v¢nt. deter and detect fraud. and how senior management monitors those pro¢￿￿r¢S and controls. B&sed on this understanding we desi8ned our audit pr(Kedures to id￿tify non-compliance with such laws and regulations. Where the risk was considered to be higher. we performed audit procedure5 to add￿sS ¢a¢h id¢ntifi¢d fraud risk. These proc¢dur¢s included: testing manual journals. revi¢wiDg the financial statsment disclosures and testing to supporting documentation. p¢rforn)ing analytical procedures" and ¢nquirin8 of manag¢m¢nt, and were d¢$i￿ed to provide reasonable a￿Urance that the fll]ancial stateTnents were fr¢¢ from fraud or e￿or. Owing to the inherent limitations of an audiL there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly platmed and perfornled our audit in accordance with auditing Standa￿S. For example. Ihe further removed non-compliance with l&ws and regulations (ittegularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limit¢d procedures required by audlting standards would identify it. Th¢ risk is also greater regarding irregular&ti¢s occurring due to fraud rather than error, as fraud involves intentional ¢onc¢almenL forgery, collusion. omission or misrepresentation. We are not resw)nsible for preventing nonr. Capital Tower 91 Waterloo Road London SEI 8RT THE STUDY (WIMBLEDON) LIMITED Page113 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 eneral Restricied Totsl 2023 Funds UD General Fullds Restricted Total 2022 Funds INcOm￿c R&80￿cES. Incoming Resources From Generated FuDd8 tnterest Catering & Other Income 18.994 390,418 409,412 18,994 390,418 409,412 1,474 336.489 337.963 1.474 336.489 337.963 Incoming Re8our¢e8 From Charitable A¢¢ivitie8 Fee Income 4.940.480 4,940 480 4.882.648 4 882,648 5,220.61 I TOTAL INCom￿G RESOURCES 5,349,892 5,349,892 5,220.611 RESOURCES USED: Charitable Activitle8 Teaching Prop Administsztion 3,490,235 505.848 1.055238 3.490,235 505.848 1,055,238 3,532,208 438.172 1,097,280 3,532.208 438.172 1,097,280 RLSOURCES USED IN YEAR 5,051,321 21,069 56.461 103.235 5,051,321 21.069 56,461 103,235 5.067,660 22,488 5.067.660 22,488 PEP4SION PROVISION 13 ExcEPflONAL Ip4COME 20 EXCEPTIONAL COSTS 20 NET MOVEMENT IN FUNDS 272.866 272.866 175.439 175.439 Transfer Between R¢s¢rYes NET MOVEMENT IN Fur4DS FOR THE YEAR 272,866 272,866 175,439 175,439 Balances Brought Forward I September 2022 Balances Ca￿ied Forward 31 August 2023 £9.343.796 £9 343 796 £9.168.357 £- £9,168.357 £9.616,662 £- £9.616,662 £9.343.796 £- £9,343,796 All the Company'5 &¢tivities atE cl&8s¢d as continuing. The Company had no recognised gains or losses other than the SUTplus for the year. The notes on pages 17 10 28 forni part of these fmancial stat¢m¢nts. THE STUDY (WIMBLEDON) LIMITED Page 114 SUMMARY tNCOME AND EXPENDITURE ACCO FOR THE YEAR EiYDED 31 AUGUST 2023 Gross tncome from Ordinary Aotivities Jnt¢rest Keceivable 4,940,480 18.994 390,418 4.881648 1,474 336,489 .5.220.611 {5.067.660) 22,488 CAtsring 8nd Oth¢r Jncom¢ Total Jncorne 5 349 892 Resources used for Charitable A¢tiviti¢s (5.051,321) 21,069 56,461 (103,235) 5.077.026) Pension Provision Exceptional tncome Exceptional Costs Total Expenditur¢ 5,045,172 N¢t Incom¢ for the Year £272.866 £175,439 Totsi income comprises £5,349,892 for unr￿Cted fimds and £nil for restricted fjjnds. A detailed analysis of income by source is provided in the Stolemenl of Financial A¢tivities. The Summary Income and Expenditur¢ A￿oullt is dwiv¢d from the Statement of Fiffjancial Activities on page 13. All of tbe Company's activiti¢s are ¢la&s¢d as continuing. Th¢ n¢)t¢s on pag¢s 17 to 28 forn] part of these financial statements. THE STUDY (￿MBLED0￿) LIMITED Page115 BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 202 Note8 FLXKD ASSETS Tangible Assets Intangible Assets 9,004,304 33,696 9.038,000 9,153,013 42.682 9,195,695 Culu￿T ASSETS Debtors Cash.. _ at Bank and in Hand 150.517 3,537,283 82,031 3,402.193 3,687.800 3,484.224 CuRREru L￿BILITIES. CREDITORS.. Amounts Failing Due Within One Year (761,135) (784.519) NET CURRENT ASSETS 2,926,665 11,964,665 2.699,705 11.895,400 TOTAL ASSETS LE&8 CURRENT LtABILITILS CREDITORS: Amounts Falling Due After More Than One Year (2,197,822) (2.380,354) PRO￿S￿Or4$ FOR LIAB￿rr￿S 13 (150.181) (171.250) NET ASSETS £9 616,662 £9J43.796 FINANCED BY: General Fund 9,616,662 9,343.796 io £9.616.662 £9 343 796 Th¢s¢ financial statettLents w¢r¢ approved by the DitECtors on S De£ember 2023 and gre signed on th¢ir beha]f by: Mr J Tucker Mrs C Facon Directors Company R¢gisterd No.. 1229741 The notes on pages 17 to 28 form part of these f]nancial statem¢nts. THE STUDY (WIMBLEI)ON) LIMITED P8ge116 CASHFLOW STATEMENT FOR THE YEAR EM)ED 31 AUGUST 2023 2023 2022 NET CASH FLOW FROM OP￿￿TING ACTIVITILS 15 400,345 364,196 NET CASH FLOW FROM F￿ANc￿G (181,351) {162,157) CAPITAL ExpENDtruRE PAYMENTS To Ac0￿￿(E TANGIBLE FLXED ASSETS (102.898) (101.833) RKTtTRNS ON INVESTKENrs Ar4D SERVICING OF F￿ANCE 18,994 1,474 16 INCREASE IN CASH 17 £135.090 £101,680 The notes on pages 17 to 28 forni part of these financial stat¢m¢nts. THE STUDY (WIMBLEDON) LIMITED Page 117 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 AccouNfING POLICIES a) B￿1$ of PreparAtioll of Accounts The financial stateinents hav¢ b¢¢n prepared in accordance with th¢ Charities SORP (FRS 102) - Accounting and Reportin8 by Charilies: Statement of Recommend¢d Prnctice applicable to charities preparing their accounts in accordimce with the Financial Reporting Standard applicable in the UK and RepublA¢ of Ireland (FRS 102) (effective l January 2019). the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 102) and the Companies Act 2006. The Study (Wimbledon) Limited meets the definition ofapublic ben¢fitentityunder FRS 102. Assets and liabilities are intti&lly reCo￿lsed at historical cost or transaction value unless otherwise stated in the relevant a￿OUnting policy. The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £. b) Going Coneern At the time of approving the financial statements, the Directors have a r¢asonable txpectation that the Company h&s adequate resources to continuing in operational existence for the foreseeable futur¢. Th¢ Directors hav¢ undertaken a number of s¢enarAo projections to understsnd the potential impact on the business and remain satisfied that the Company is able to meet its liabilities as they fall due over the next 12 months. Thus the Directors wntinue to adopt the going concern basis of accounting in preparing the financial statements. e) Turnover Turnover is made up of school fe¢s charged during the period. School fees r¢lating to thture periods ar¢ ¢arried forward as fees in advance. d) Cash and Cash EquAvalents Cash and cash equivalents are basic financial assets and include cash in hand and d¢posits held at call with banks. e) Fixed Assets Ftxed asse1$ are includ¢d at cost less accumulated depreciatlon, except for land which is included at cost. Fixed assets are reviewed for impainn¢nt each year. fj DepreclAtioD Depreciation is calculated so as to wrifr off th¢ cosi less estimated residll￿ value of all tangible fix¢d assets. other than freehold land, by equal instalments over their estimated us¢ful lives as follows= L¢asehold Land & Buildings over 10 years on cost Freehold Buildings over 50 years on cost Motor Vehicles over 4 years on ¢ost Fixture, Fittings & Equipment over 4 years on cost Computer Equipm¢nt over 3 years on cost Website Costs over 5 years on cost THE STUDY (WIMBLEDOIY) LINIITED Pvlge | 18 NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 AUGUST 2023 D¢pr¢¢iation of an asset begins when it is available for use. Depreciation in re8￿ct of development projects commences once th¢ d¢v¢lopment works are complete. Books, Stationery and Teachlng EqllipmeDt Expenditur¢ on books, stationery and teaching equipment is written off in the Income and Expenditure account as incurred. h) Fixtures Ydnd Fittillgs Computer EquipmeDt Major installations of fixtures and fittings are included within fixed assets. Other fixtures and fittings and adminithtive comput¢r ¢quipm¢nt is written off in the Income and ExP￿dit￿re account as incurred. l) Flnanclal Instruments The Company h&s ¢I￿ted to apply the provisions of Section I I 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instrum¢nts. Financial instnlln¢nts ar¢ r¢cognised in the Compangs statem¢Dt of financial position when th¢ Company becomes party to the contractual provisions of the instrument. Basic FinaD¢ial As8¢ts Basic financial assets, which include trade and other re¢¢iv&bl¢s and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using tILe effective interest metho(L less any impairn]ent. Interest is rew￿lsed using the effective interest rate, except for short-term re¢¢ivables when the recognition of interest would be immaterial. Basic Finanei41 Liabilities Basic financial liabilities, including trade and other payables are initially recognised at transaction price unless the arrangement constithtes a fJDan¢ing tranS￿tiO￿ wher¢ the debt instrument is measured at the present valu¢ of th¢ futur¢ payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortis¢d WSL using the effective interest rate method. except for short-tenn payables wh¢n the recognition of interest would be immaterial. j) Taxation The Company has been registered as a Charity under Section 3 of th¢ Charities Act 1993. Accordingly, exemption from taxation under S¢dion 505 of the Income and Corw)ration Taxes A 1988 has been granted, and th¢refor¢ no provision for taxation has been mad¢ in these accounts. k) Pension Contributions Pension contributions are included in staff costs under expenditure. ond included in knth teaching and administration resources as appropriate. The Company participates in th¢ Teachers, Pension Scheme (TPS) oJ)d the Indep¢nd¢nt Schools, P¢nsion Scheme (ISPS), both multi-employer defined benefit schemes. and also in Th¢ Pensions Trust defmed contribution sch¢m¢. l) Types of Resources Expended Items of expenditure are included in teaching, property and administration resources used. Th¢ it¢ms are kept con51Stent year on year as to which type they are included in. THE STUDY (WIMBLEDON) LIhirfED Page 119 NOTES TO THE FLNANCIAL STATEMENTS FOR THE YEAR EI¥DED 31 AUGUST 2023 m) Restricted Fund$ Restrictd funds represent income received by th¢ school for r¢stri¢ted purposes specified by the donor. n) Lease5 Leases are classified as finance leases whenever the ternis of the leas¢ transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating l¢as¢s. Ass¢ts held under finan¢¢ leases are recognised as assets at th¢ lower of the assets fair value at the date of inception and the present value of th¢ minimum l¢as¢ payments. The related liability is included in the Balance Sheet as a finance lease obligation. t£as¢ payments are treated as consisting of capital and interest ¢l¢m¢nts. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. o) Provlsions Provisions are recognised when th¢ School has a legal or constrnctiv¢ pr¢s¢nl obligation as a resuli of a past event, it is probable that th¢ School will be required to s¢ttl¢ that obligation and a reliabl¢ estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle th¢ present obligation at the reporting end date, taking into account th¢ risks and uncertainties surrounding the obligaiion. Where the ¢ff¢ct of the titne value of rnon¢y is material, the amount expected to be required to settle the obligation is recognised at present valu¢. When a provision is measured at pr¢s¢nt value, the unwinding of the discount is recognised as a finance cost in net income/(exp¢ndtture) in the period in which it ariseJ. 2. C￿TICAL Accoup4TING Es￿MAT￿S AND JUDGEMENTS JJ) the application of the Company's accounting policies, the Directors ar¢ requir¢d to make judgements. ¢stimates and assumptions about the Ca￿Ing amount of assets and liabilities that ar¢ not readily apparent from other sourc￿. The estimates and associated assumptions are based on histori￿1 experience and other factors that are consid¢r¢d to be relevant. Actual results may differ from these ¢stimales. Th¢ estimates and underlying assumptions are reviewed on an ongoing basis. R¢visions to accouniing estimates are reCo￿lS¢d in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and firture periods where the revision affects both cuffent and future periods. THE STUDY (WIMBLEDON) LIMITED Page120 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 3. cHA￿TABLE ACT￿l￿s Tegehin Administration 2023 Staff Costs 2,835,961 697,459 8,986 3,533,420 260247 346 DepT¢ciation Loss on Disposal of Fixed Asset 251,261 346 Office Costs 254.241 52,945 28,296 307.186 190,770 101.844 324,205 283,621 5,001.639 School Equipm¢nt School Activities 162.474 101,844 324.205 65,751 3,490,235 Sch(K)l Lunches Other Costs 217,870 1,005,556 505.848 Share of Governance Costs 49,682 49.682 £3,490,235 £505,848 £1.055,238 £5,051,321 Analysis by fund Unrestrictsd funds 3,490235 505,848 1.055.238 5,051,321 Restri¢ted fijnds £3,490,235 £505.848 £1,055238 £5.051.321 THE STUDY (WIMBLEDON) LIMITED Page121 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Te*¢hin Administration 2022 Stsff Costs 2.944.858 674,132 2,246 49,613 26,730 3.618,990 236,470 253.561 185,205 85.891 282,914 293,838 4.956,869 Depreciation OITic¢ Costs 234.224 203,948 School Equipment School Activities 158,475 85.891 282,914 60.070 3.532,208 School Lunches Other Costs 233.768 986.489 438,172 Share of Governance Costs 110,791 110,791 £3,532,208 £438.172 £1,097,280 £5,067,660 Anatysis by fund unrestrict￿ fimds 3.532,208 438,172 1.097.280 5.067,660 Restricted fimds £3,532,208 £438.172 £1,097,280 £5,067.660 4. EMPLOYEES The average numb¢r of employees (excluding DirKtors) who served during the year follows.. 2023 2022 Teaching Staff Administrative 51 17 50 17 68 67 THE STUDY (wIf*tBLEDON) LIMITED Page 122 NOTES TO THE FINANCIAL STATE￿NTs FOR THE YEAR ENDED 31 AUGUST 2023 The numb¢T of employe￿ who were paid more than £60,000 during the year was as follows: 2023 2022 £60.001 to £70.000 £70.001 to £80.000 £80,001 to £90.000 £90.00] to £lOO,000 £IOO.001 to £l10.000 £I10.001 to £120.000 £120.001 to £130.000 £130.001 to £140,000 £140.001 to £150.000 £150.001 to £160.000 £160.001 to £170.000 The total pension cost relating to ¢mploy¢¢s paid ov¢r £60,000 during th¢ y¢ar was £45.200 (2022.. £70,011). S. REMUNERATION OF KEY MANAGEMRNTPEKgONNEL Th¢ r¢mun¢rntion of k¢y management personnel is as follows: 2023 2022 Aggregate compensation £415,160 £458.198 None of the Directors Teceived any r¢muneration or were reimbursed for expenses during the year (2022: £nil). THE STUDY (WIMBLEDONI LIfvtrrED Page 123 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EiYDED 31 AUGUST 2023 6. F￿ED A&gETS Fixtures Fittjn ui Freehold Land & Buildin sehold IADd & Buildin Website Costs Motor Total Cost At I Sepl¢mber 2022 44.928 188,647 10.347.928 87,282 96,001 10,764,786 Additions 58.076 3.115) 243,608 44,822 102,898 {3,115) 10 864,569 Disp05als At 31 August 2023 44.928 10,347.928 87,282 140,823 Depreci4tio At I September 2022 2,246 117,196 1,346,366 87,282 16.001 1.569,091 Charge for Year Disposals At 31 August 2023 8.986 41.878 2,769 156,305 196,048 13,335 260,247 2,769 11232 1.542.414 87,282 29,336 1,826.569 Net Book V8lue At 31 August 2023 At 31 August 2022 £33,696 £87,303 £8,805,514 £111,487 £9,038,000 £42,682 £71,451 £9,001,562 £80.000 £9,195.695 The cost of buildings included in freehold land and buildings is £1.574.087 (2022.. £1,574,087). Included within Fixthres. Fittings & Equipment are assets held under hire pu￿haS¢ agreements with a net book value of £nil (2022- £8,469). D¢pr¢¢iation charges of £8.469 (2022: £8,469) were incurred in th¢ y￿r on these &5s¢ts. THE STUDY (WIMBLEDON) LIMrfED Page124 P40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 7. DEBTORS 2023 Trnde Debtors Prep&yments and Accrned In¢om¢ Other Debtors 2,347 79.201 483 150,244 251 £I50,517 £82.031 & CREDITORS: AMOUNTS FALLING DUE WITHLN YEAR 2023 2022 F¢¢s in Advanc¢ Pupil Deposits Trade Creditors Other Creditors ACcn￿lS and Defentd Income Social Security and Other Pension Costs Finance tKase BaEth Loan 123.489 122.373 70,330 57 135.190 119,204 4.064 186.428 153,826 99,407 61.217 443 126,792 155.656 5.418 181,760 £761,135 £784,519 9. CREDITORS: AMOUNTS FALLThC DUE AFTER MORE THAN ONE YEAR 2022 Pupil Deposits 727,758 720,207 4.064 1,656,083 B&nk Loan 1,470.064 £2 197.822 £2,380,354 Parents are required to pay an enty deposit of 50YD of a terni's f¢¢ on joining the School. Enty deposits ar¢ r¢turned aft¢r th¢ pupils have completsd their fmal term at the Sch(x)l. As at 31 Au8USt 2023. the bank loan is secured by way of a fixd Charge overthe freehold property owned by th¢ S¢hool. THE STUDY (WtMBLEDON) LIMITED Page125 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. RECONCILIATION OF MOVEMENTS IN RLSERVES 2023 2022 Surplus of Income over Expenditure for the Finan¢ial Y Oufflow from Bursaries Fund 272.866 175,439 N¢t Increase in Reserves 272.866 9,343,796 £9,616.662 175,439 9,168,357 Reserves at I September 2022 Reserves at 31 August 2023 £9,343,796 11. SHARE CAPITAL The Company is limited by guarant¢¢ and does not have a share capital. The maximum liability of ¢ach member in the event of the Company being wound up is £1. 12. CONTROL The Company is under the control of the Directors who also act as Governors to the School. 13. PENSION CONTRIBUTIONS Tetheher's Pension Seheme Th¢ School participates in the Teachers, Pension Scheme ("the TPS-) for its teaching staff. The schem¢ is a defined benefit scheme in the UK. It is not possible for the Company to obtain sufficient infomiation to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as & defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with do¢uments issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Re￿)rtIng Council, set out th¢ fram¢work for funding defined benefit occupational pension schemes in the UK. Independent Sehools, PeD5ion Scheme The School also participat¢s in this scheme, a multi-employer scheme which provides benefits to some 66 non-associated employers. The scheme is a defined benefit scheme in the UK. li is not possible for the School to obtain sufficient infomiation to enabl¢ it to account for the scheme as a defined benefit scheme. Th¢r¢for¢ it accounts for the scheme as a defined contribution scheme. The scheme is classified as a'last- man standing arrangemenl,. Therefore the Company is potentia]ly liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally requircd to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from th¢ scheme. A full actuarial valuation for the scheme was ca￿led out with an effective date of 30 September 2020. This actuarial valuation was certified on 16 De¢¢mber 2021 and show¢d assets of £201.] m. liabilities of £256.3m and a deficil of £55.2m. To eliminate this funding shortfall, the trusfres and the participating employers have agreed ihat additional contributions will be paid, in combination from all employers, to the scheme. Where the scheme is in d¢fi¢it and where the Company has weed to a deficit funding arrangement the Company recognises a liability for this obligation. The amount r¢cognised is the net present value of the defieit reduction contributions payable under the agre¢m¢nt that relatss to the deficit. THE STUDY {WIMBLEDON) LIMITED Page 126 NOTES TO THE FINANCL4L sTATEmE￿s FOR THE YEAR ENDED 31 AUGUST 2023 13. PENSION CONTRIBUTIONS (CONTINUED) The present value is calculated using the discount rate and th¢ unwillding of the discount rdfr is recognised as a finance cost. The present value ofthe provision recognised in the financial statements as at 31 August 2023 is £150,181 with an assumed rnte of discount of 5.791/) o annum. 023 2022 Provision at start of period Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements - impacl of any ¢hang¢ in assumptions R¢measurem¢nts - amendments to the contribution schedule Provision at end of period 171,250 6.946 (18,758) {9,257) 193,738 1,998 (20,879) (28,428) 24,821 171,250 150,181 14. CEL4RJTABLE DONATJONS AccouNT The Charitable Don&tions Account is administered by the S¢hool. As this account IS set up to hold charitable donations received and then pass these on to specific charities it is not included in The Study's balanc¢ sheet. IS. NET CASH FLOW FROM OPERATING AcTWmES 2023 2022 Net Movement in Funds for the Year Interest Received Depreciation Loss on Disposal of Fixed Asset Increase in Debtors D¢¢r¢ase in Cr¢ditors 272.866 (18,994) 260,247 346 (68,486) (45,634) £400.345 175,439 (1,474) 236,470 (5,115) (41,124) £364,196 Net Cash Inflow from Operating A¢tivities 16. RETURNS ON INvESTMBNr AND SERvIcif4G OF F￿ANCE 2023 2022 In*rest R￿e1ved Net Cash Inflow From Returns on Investments and S¢rvi¢ing of Finan¢¢ 18,994 1,474 £18,994 £1.474 THE STUDY (WI￿BLEDoN) LIMITED Page 127 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. ANALYSIS OF CHANGLS IN NET FUNDS Atl tember 2022 At31 Ca5b flow us 2023 Bank and Cash £3,402,193 £135.090 £3,537,283 18. FINANCIAL Co￿￿￿MENTs As at 31 August 2023, the School was committed to pay a total sum of £nil (2022: £79,641) in r¢spect of development ¢osts. 19. EVENTS AMR THE REPORTING PERIOD A new head teacher. Mrs Sharon Maher, was appointed on I September 2023. 20. EXCEPTIONAL ITEMS Due to events noted in the Strategic Report, an insurnnce claim was submitted relating to costs and loss of income associated with the collision in July 2023. Total expendithre of £103.235 has been recognised as exceptional costs in relation to this. The associated insurance iDcome claim of which £56.461 is highly probable to be T￿e1ved post year end h&s been recognised as exceptional inwm¢ within the financial statements. The remaiJ)ing insurance claim costs including £33,000 wellbeing costs are still in discuss1011 with insurcrs and ¢onsid¢r¢d uncertain and as such the income associated with this has not been provided for in the financial statements. 21. RELATED PART￿s TRANSACllONS Th¢r¢ were no related paty transactions during the ¢urr¢nt prlor year. THE STUDY (WIIWIBLEDON) LIMtTED Page 128 DETAILED INCOME AND EXPENDrruRE ACCOi]NT FOR THE YEAR ETr4DED 31 AUGUST 2023 2023 2023 2022 2022 INCOME: Fees Interest Catering & Other Income 4.940,480 18,994 390,418 5.349,892 4,882,648 1,474 336,489 5,220.611 LESS: EXPENSES Staff Costs Rates Light and Heat Telephone, Stationery and Postage IT Services and Equipment School Books Games and Outings Musical Instruments Sundry Expenses Cleaning Repairs, Renewals and Maintenanc¢ Bank Jnterest and Charges Loan Interest Insuranc¢ S¢hool Lunohes Depreciation of Wilb¢rforce House Depr¢ciation of Sp¢ncer Hou Depreciation on Leas¢hold Propthy D¢preciation on Fixtures & Fittings Depreciation on Computer Equipment Depreciation on Branding Loss on Disposal of Fixed Asset BwsaTi¢S 3,533.420 51,065 80,510 13.393 104,672 83,658 101.844 2,440 121,989 39,552 122,666 5,523 45,624 57,532 324,205 164,948 31,100 13,335 13,811 28.067 8,986 346 52.953 3,618,990 47.284 73,765 13.445 125.656 57,468 85.892 2,082 134,233 36.168 82,899 3,742 50,948 41,160 282.914 165,376 31,100 9,600 7,877 20.271 2,246 63,753 5.001,639 4.956,871 LESS: GOVERNANCE Cosrs Audit Fee Le8al and Professional Fees 9,240 40.442 8.400 102.391 49,682 110.791 Pension Provision Exceptional Income Exceptional Costs 21,069 56,461 (103,235) 22.488 Excess of Income over Expenditur¢ for the Finan¢ial Year Net Mov¢m¢nt in G¢n¢ral Fund for the Financial Year 272 866 175.439 272,866 175,439 Batance on the General Fund at Beginning of Y¢ar 9,343.796 9.168,357 Balance on the General Fund at End of Year £9.616,662 £9,343,796