COMPAPIY RECISTERED INO: 1229741 BEGISTERED CHARITY NO: 2711112 THE STUDY (WIMBLEDON) LIMITED REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2024 THE STUDY (WIMBLEDOIY) LI￿l￿rED Page 11 ST114TEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 RE￿Ew OF AcHtEVEMENTS, AcnvrnEsAND FbTURE DEVEU)PMENrs This last academic year has been a challenging period for the school following the tragic events in JUIY 2023. Two of our pupils lost their lives when a car crashed through the front of Wilberforce House during an end of temi celebration. Following the police investigation, the CPS announced their decision of 'no further a¢tion'. A series of meetings with the wlice took plac¢ in July 2024 and the ¢&se was ref¢rr¢d to the Serious Crim¢ Review Group at S¢otland Yard. As of 23 October 2024, we have been advised that The Metropolitan Police have opened a new invesligalion Tegarding the incidenL This news is very much welcomed by the school. This Ye￿there havebeen some changes to teaching and learning. We nowh&ve a SENDCO {Special Education Needs Cfrordinator) on each of Owiwo sites .We have furtheTenhanced our Leamillg Enriclllnent Department with a qualified ELSA (Emotional Literacy Support AssistOJ)t) on each of our sites. as well as IKtth a Play and Art th¢rdpisl. both of whom work across the whole Sch￿￿. These changes have resulted in us continuing to develop OUT pastoral offering, lo ensure that w¢ provid¢ the ￿$t support for all of our pupils. Throughout this year we carried out an extensive review of teaching and learning in all areas of the school. with recommel￿atIonS to b¢ implemented in September 2024. this has resulted in a re-writing of the timetable and changesto th¢curriculum. As partof the review, we will be intr(xlucing Othdoor t£arning from September 2024, which takes place for all year groups at Wilberforce House. a member of5taff who is leading this new subject has received sp￿lalIst training for teaching the SubJ￿t and in planning for health and safety. We have further enhan¢ed our PE offtring by making use of a wider variety of sports facilities and sp￿laliSt coaching. In autumn 2024, we will also be offering an after-￿h0o1 swim squad and making use of the swimming pool at King's College SchcKIl, Wimbledon. On 5 Moych 2024, we wer¢ inspe¢led by ISI (Independent School Inspectorate). We were very pleased with the outcome of the report. All the standards were mel. which were assessed in the following fields: leadership, management and governance the quality of education. training and recreation pupils, physical and mental health and emotional wellbeing pupils, socitil and economic education and contribution to soci¢ty safeguarding. There were ttvo ￿0MmendationS whicFL have been a focus for the school this year aJ)d will Continue to be moving forward5: strengthen the use of assessmeni data to inforni teachers, planning to ensure the consistent prOgr￿S of all groups of pupils throughout the sthool strengthen pupils, meaningful engagement with contributions to the local community. trL8pectors considered the schwl's r￿Uest for a change to the details of its registtxlion. to in¢lude an increase in the m&ximum number of pupils from 322 to 336; this was granted. At the academi¢ y¢ar end, the School had 315 puplls on its roll. The SthTh)I continues to ￿hleve academic success witha number of pupils gaining scholarships, exhibitions and other such awardsto their future schools. We are extremely proud that our girls gainaj places at some of the best and most demanding senior day and boarding schools in the ¢<>unty. Our pupils are once again also to be congmlulat¢d on their Su￿¢9S in gaining a number of academic, s￿)rt. dJwn4 art and music scholarships and awards. The Study holds the prestigious ArtsM￿k Gold awariL The School supported a wide t￿ge of extra-curricular activities including m￿8]C and drama produclions, spDrtin8 fixtures and numemus educational visits. In June 2024 the whole school, from Reception to Year 6, t￿k part in aproduction of 'Aroundthe World, at the New WimbledonTheatre. This momentous arrangement THE STUDY (￿mBLED01¥) LIMfrED Page 12 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 takes place once every seven years. The production T￿e1ved excellent reviews and the standard achieved w &s always, impressive. The School Council meets regularly and provides a forum for girls to express their opioions and raise matter5 concerning their school. l&sua8 are debated in class, and ¢a¢h class el￿ a representative who takes t1￿8¢ views to the School Council mectings. The School supports ihe continuous professional development of staff both tTrmugh training alld regular perforniance assessment. Educational training days for all staff are held by the School during the school holidays and staff are encourdged to attend & wide range of efftn￿l training cout3¢s alongside visiting other u¢ationai institutions. 11)e School continues to improve its facilities. The multisport, ￿l-w￿ther sports ground at Beverley Meads, providing fabulous pitches for netball, ter￿ls, football and h￿key, was improved and new f￿]lItieS at Collie Wood FC were added. Th¢ playground &¢ Wilberforce House wa5 completely renewed in August 2024 with the addition of our new outdoor leaming area at Wilberforce House. The School benefits from the generosity of a thriving parents &8sociation Ohe Study A$S￿latiOn) whose close support is greatly appreciated. Th¢ parents worked hard duringihe yvar raising funds and rum)ing socia] events for the girls ajxl tl)eir parents. The Governors are gatefvl to The Study Association for its continued SUp￿rt of the School. FThANCIAL RE￿Ew AND RESULT5 FOR THE YEAR The Governors r¢port a surplus of income over expenditure of £390,171 for the year ended 31 August 2024 comwed with £272.866 for the year ended 31 August 2023. The balance sheet at 31 August 2024 showed net assets of £10,006,833 compared with £9.616.662 at 31 August 2023. Reserves at the end of the financial year were £10,006.833 (2023: £9,616,662). SK MANAGEMEWT In orderto reviewandmitigaterisk ina structured and systematic way. the School maintains a riskmanagement matrix and this is reviewed by senior m8llagers atld by the Board of Directors at least annually. Risk in this context refers to the prospect of uncertain events and their outco]nes that may have a stgnif1¢0nt effect o operational perforniance. the achievernent of aims and objectives. or meeting the expectations of stakeholders. The Sch￿1 monitors potentia] risks in ￿eaS including governance, strategy, financial, legal, health and safety. ¢Kternal, reputation, compliance and personnel and has identified practices and procedures to mitigatr these risks. The Governors are committed to monitoring the effectiveness of these controls through internal compliance monitoring and extemal audit by appropriately qualified professionals. The Board of Directors considers th¢ prinCi￿l risks uncertainties facing the School and their plans and strategies for managing these risk5 to be: External and p)litical risks: The v8rious financial effects on our sector following the Lalx>ur Govemment's election this year are a cause of con¢ern' these are debated at length by the Governing Board and senior staff. Thes¢ include the imposilion of VAT on school fee5 planned for January 2025 with the loss of Mandatory Busin¢ss Rates Relief and an increase in Employer National InsuTan¢e contributions for staff, both to take effect in April 2025. Sources of income.. The principal source of ineome is pupil fees which cover the co*s of running the School and of developments to continually enhance th¢ ¢ducational offering. This risk, which is compounded by the retX)rted fall in birth rate, is tnanaged through fo¢used marketing actLVjties to THE STUDY (WIMBLEDON) LtNllTED Page 13 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 ensure pupil numbers are sustained and by maintsining a strong reputation and through rigorous ¢ash- flow ¢ontrol. CoiNG CONCERN At the time of approving the fiwictal statements, the Board of Directors have & reasonabl¢ exix¢tation that the Company has adequate resources to continuing in op¢rationa] existence for the foreseeable future. The Board of Directo￿ remain satisfiedthat the Cornpany is able to me& its liabilities as tlw fall due over the next 12 months. Thus, the Board of Dir￿torS contlllue to adopt the going concernbasis of aCcO￿tIng in preparing the fllW]cial ststements. RKSERVES Poucy The B(wd of Directors review the reserv&8 position of the charity each year and have established a policy to hold a small op¢rational reserve to cover any unforeseen gaps in fundraising and enable the charity to continue its 0pernt1o￿. Approved by the Board of Dlrectors at its meeting on 3 December 2024 and Si￿ed on its behalf by: Mr J Tucker Chair Page 14 THE STUDY (WIMBLEDOIY) LIMITED DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Board of Directors is pleased lo present its annual report for the year ended 31 August 2024 under the Comydnies Act 2006 and the Charities Act 2011, together with the audited financiaI StAte￿ents for the year. REFERENCE AND ADMThiSTrATThT INFO￿TIoN The Study Preparatory S¢hool ('%he Study" the School) was founded in 1893. On 14 Odober 1975, The Stydy (Wimbledon) Lirniied ('the compan￿,. "the Charity") w&s incor]N)rnted under The Companies Act 1948, and on 10 November 1975 it acquired the Sch(M)l as a going concern. The registered Company number of The Study (Wimbledon) Lirnit￿ is 1229741, with the liability of ils members limited to £1 each by guarantee. It is a registered Charity, number 271012. The Registered Office and principal adthes5 ofthe Comp8ny is at Spen¢erHouse. 4 Peek Cresc¢ni Wimbledon Common, Londorn SW19 SER. DllwoRS The Director5 of the Company who are also tTrLe Charity Trustees and the Governors of The Study Preparatory School who served during the year were: Mr J TuckeT (Chair) Mr J Barnes (resigned 30 August 2024) Mrs A EIy5ee (resigned 30 AugiL8t 2024) Mrs C Connelly Mts C Fa¢on Mrs B Heatley Mrs H Lowe (appointed I September 2023) Mrs E Trapnell Mrs B Heatley MI P Wilson The Dtrectors approved in October 2024, subject to completioll of all applicable compliance procedure4 the appointtnent of the following new Directors: Mrs P Finch, Mrs R Thornion and Mr N Walder. PROFESSIONAL ADVtSOBS KEY PERSONPIEL The Head.. Mrs S Maher Bursar and Clerk to the Board of Governors: Mr P Walker (until 15 April 2024) Mrs J Whittingham, Interim Bursar (April to May 2024) Mrs T Beard (from 28 May 2024) Address: The Study Prq)ar&lory School Sp¢n¢eT House 4 Peek Crescent Wimbledort Common Lojxlon SW19 SER P•ge IS THE STUDY (WtMBLEDOIY) LIMITED DIRECTORS* REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Barclays Bank PIC 8 A]exandra Road Wimbledon London SWI9 7JZ Lloyds Bank PLC 3 St George's Ro Wimbledon London SW19 4DR AuditOTS: Arnold Hill & Co Ll Sixth Floor, Capitsl Tow 91 Waterloo Road London SEI 8RT THE STUDY {WIMBLEDON) LI￿IrrED Pag¢ 16 DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTS OF THE CHARITY The objeet of the Charity in accordance with its Articles of Association is the advancement of education. The principal activity of the Charity continues to ￿ the provision of a Day S¢hix)I for 4-1 l year-old girls. STRucfuRE, GOVERNANCE AND MANAGEMENr Govenjing DocumeDt The Company is governed by its Articles of knociation, l&st amended on 20 January 2011. Governlllg Body The Governors of the School are members of the Company? Directors under the Companies Act 2(K16 and Trustees as defined by charity law. They are elected at a full Directors Meeling on the basis of nominations according to the Board's specifications concerning eligibility. P¢twna] competence, specialist skills and IIK81 availability. The tem)s for the appointment and removal of Governors are laid down in the Articles ofAssociation. Under the Articles of Associatior4 TNstees serve for an initial terni of five years and may be re-appointed for up to a M￿]￿U￿ of two further tern)s ofthree years. The numter of serving Governors should be between three and twelve. Organisatiollal M4n*gem¢Dt There has b¢en a review of the Governing Board during the year: Two longstanding members of the board, Amanda Elysee and James Barnes, retired at the end of the last school year. Their contribution to the schoDI w&$ invaluable. We have three new governor5 joining during the autumn terni of 2024; Paula FinclL Rhian Thornton Nigel Wdder. Our (xTrmmittees comprise: Education- chaired by Helen Lowe Finan¢¢- Chaired by Chrissy Facon Governance- chaired by Jotu) Tucker We dso have the following designated governor roles: Chair of Govemor5'. John Tucker Vicfrchair.. Chrissy Facon Viee-Ch&ir elect: Betty Heatley (effective O¢tober 2024) Early yea￿ Foundation Stage (EYFS): Emily Trapnell Equality. Diversity & Inclusion (EDI): Cheryl Connelly Health & Safety: Bety HeatIey Safeguarding.. Helen Lowe Special Education￿ Needs & Disability (SEND): Rhian Thornton (new mle to cornmence auturnn 2024) The Governors held a succwfvl, thtegy day in May 2024 to ¢onsider new idefjs for futur¢ operations. THE STUDY IWIMBLEDOLY) LIM￿ED Page 17 DIRECTORS, REPORT VOR THE YEAR ENDED 31 AUGUST 2024 RecrnltmeDÉ & Training of Governors The recruithient and induction of new Governors is oveJ3een by the Chair of Governors in consultation wilh the Gov¢rnance ¢ommttte4 the Board of Diredots, the Head and the Bursarlclerk to the Governors. The Governors bring a wide variety of professional, commercial and charity experience. Their coll￿tiVe professiona] skills ¢n¢ompass educatio￿ accountancy? ballkin& law? wornle goveman¢¢, risk management and investment. The ScJM)ol is a member of the Asso¢iation of Goveming Bodi¢s of Indyndent Schools and Governors attend serninars and forums hosted by them, and other 8ppropriate training. Many of the Governors including the Chair are fornier parents and one is a current parent. Professional Associations The Study Preparatory School is an active member of ihe Independent Association of Preparatory Schools (IAPS) for the promotion and maintenance of prep8ratory school standards generally and also takes part in peer group studies for the evaluation of quality and performance itnprovemellt method5. The School is a150 a member of the Independent Schools Association (ISA), the IndeFndent School Bursats Association (ISBA). the Girls, School Association (GSA) and the Associatkon of Governing Bodies of Independent Schools (AGBIS). MS OWECTIVÉS & ACHIEVEMEPa3 Aims and Objectiv The School aims to provide the highest standards of pre-prepardlory and preparatory school education and prewes pupils for entran¢¢ examinations to senior schools. A wide range of academic and non-academic activiti¢$ a￿ provided and the School striv¢s to develop pupils and abilities to th¢ rnaximum tK)t¢ntiai. A wide rdDge of abilities are catered for. froTh children needing special edu(xtional support to very gifted and able pupils. Those responsible for very able pupils are Cha￿ed with the tssk of identifying and supporting particularly gifted children ajxl ensuring that challenging extensiort work is provided io them. The School has a learning enrichment department supporting children with a variety of needs including dyslexii and the School works in partswship with parents to provide s￿pOrt. The Sch￿1 has systems and pro¢esw in place to help the full development of each child in a safe and Secure The School works to ¢nc(w¢ good Citizenship. It also seeks to develop a carin& tolerant and supportive community wh¢re girls learn to appreciate and respect differ¢n¢es in society. ￿thether attributable to disability. culture or economic welliKing. The School promotes charitable giving. The S¢hool strivesto maintainapositive relationship withthe I(￿al ¢ornmunity, sharingresources and working together to deal with local issues. The School is plwed to participate in local cultural events amd to share in festivals and fundraising events. Pu3uc BENE￿T Under Section 17 of the Charities Act 2011 the Governors must have regard to the guidance issued by the Charity Commission on public benefit When setting objectives and planning the Governors take account of that guidance gnd the supplementsry guidance ofthe Commission on the advancernent of education and on fee charging. They are also mindful of their responsibility as Tn￿leeS to ensure prudent financial managemenL The School has appointed a member of stsff as Charity and Conununity COordit￿lOr from September 2024, who will be supportin8 the Sth(x)l in progressing its public benefit projects. THE STUDY (WIMBLEDON) LfMtTED Page 18 DIREcfoRS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Govemors are Committed to widening access to the fee-b&sed education offer¢d by the School. They seek to promote public benefit through the provision of means-tested bursaries to girls who would otherwise be unableto access the educational opportunities provided by the School andihrough sharing resources. including the expertise of spe¢iali* statr, with local sclKX)Is. The availability of means-tested b￿saries is promoted through the school website. The Head is active in seeking appropriate senior school places for girls requiring fee assistance to eTrSu￿ that they are able to continue their educatio￿ if they so wish within the indeFtndent school sector when they leave the School at the end of year six. The Study support¢d three pupils in the year to 31 August 2024 through means-tested butsaries. Tr cost of £44,914 was funded from (2023.. £52,953). Th¢ Schwl promotes ¢haritable giving and the girls work hard to supixirt ttvo charitie& one local and one national or international, selected each terni by girls and the staff. INVESTMENT POLJCY There are no r¢stri¢tions onthe Schwl's wwers of investtnent. The School has no inv¢stnw)ts and any surplus filnds are placed in short temi deposits and interest-bearing barjk accounts. AUDITORS In accordancewith Section485 ofthe Companies Act 2006 aresolution proposing the reappointment ofArnold Hill & Co LLP as auditors will ￿ put to the Company at the Annual Generni Meeting. So far as the Directors are aware, there is no relevant audit information of which the Company's &uditors are unaware. We have each taken all the steps that we ought to have taken as th¢ Company's Directors in order to make ourselves aware of any r¢l¢vant audit inforniation and to establish that the Company's auditors are aware of that inf0m￿tiO Approved by the Board of Directors al its meeting on 3 December 2024 and 8]￿ed on its ￿half by.. Mr J Tucker THE STUDY (WIMBLEDON) LIMITED Page 19 DIRECTORS, RESPONSIBILITIES STATEMENT FOR THE YEAR ELYDED 31 AUGUST 2024 The purpose of thL5 Statement is to dlstinguish the Directors, reS￿nsIbILitieS for the accounts frorn those of the a￿litorS as slated in their report. Company law requir&8 the Dir￿lorS1O prepare accounts for each financial year which give a true and fair view of the state of atTaiTS of the CoJnpany and of its nei ineome or expenditure for the year. In preparing the ￿CoUnts the Directors are required to: select the most suitable accounting policies 8JMI then apply them consistently. observe the m¢thods and principles in the Charities SORP. make judgements and estimates that are re&8onable al￿ prudent" stat¢ whether applicable UK Accounting Standards have been follow•( subject lo any material departures disclos¢d and explain￿ in the financial statements: and prepare the accounts on the going concern basis unless it is inappropriate to assume thatthe Company will continue in business. The Dirtttors are responsible for keeping properaccounting recordswhich di5¢105e. with Teasonable accurncy? the financial position of the Company at any time, and to enable them to ensure that the a¢counts comply with the Companies Act 2(KJ6. They are also responsible for safeguarding the Company's assets and those of its tnLSt funds and ensuring their proper application in accordance with charity law, ond hence for iaking reasonable steps for th¢ pr¢v¢nlion and del￿tion of error, fraud or other irr¢gularilies. THE STUDY {WIMBLEDOIY) LINITED Page 110 JI¥DEPENDENT AUDITORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2024 OpiMoN We have audited the financial statements of The Study (Wimbledon) Limited (the 'charitable company,) for the year ended 31 August 2024 which comprise Siatement of Financial Activities, Balance Sheet, Cashflow Statement and noles lo the financial Statemen￿ including a summary of significant accounting policies. The financiai reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporling Standard applicable in the UKandRepublic ofIrela￿d (United Kingdom G¢n¢rally Accepted Accounting Practice). In our opinion the fllmncial statem¢nts: give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its in¢oming resources and application of resources, including its income and expenditure. for the year then ended. have b¢¢n properly prepared in acci)rdance with United Kingdom Genernlly Accepted Accounting Pra¢ti¢e' and have been prepaT¢d in a¢cord8nce with the requirements of the Companies Act 2006. BA￿s FoROpThJoN We conducted our audit in accordance with Internationaj Stsndoyds on Auditing (UK) {ISAs (UK)) and applicable law. Ourresponsibililies under those standards are fL￿her described in the Auditor'srewnsibililies for the audit of the financial statements section of our report. We are independent of the charitable company in a￿ordanCe with the ethical requirements that are relevant to our audit of the financial 5taternents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical reswnsibilities in acwrdance with these requirements. We believe that the audit evidence we have obtsined is suificient and appropriate to provide a basis for our opinion. CONCLUSIONS RELAT￿c To GoJr4G CONCERN In auditing the financial Statemen￿ we have wncluded that the Trustees. w of the going concern basis of accounting in the pr¢paration of the financia] slatements is appropriate. B￿d on the work we have perforn￿￿ we have not identified any materi81 uncetsinlies relating to events or conditions th￿. individua]ly or collectiv¢ly. ¢nay c&st significant doubt on the entity's ability to continue &8 a going concern for a period of at least twelve months from when the fuwcial statemellts are authorised for i&8U¢. Our r4sponsibilities and the responsibilities of the TTLLStees with respect lo going concern are described irL the relevant seciions of this rep)rt. THE STUDY (WIMBLEDON) LIMITED PaEe 111 INDEPENDENT AUDITORS. REPORT TO THE MEMBEILS FOR THE YEAR ENDED 31 AUGUST 2024 OrHER INFORKITION The other infomiation comprises the infomiation included in the annual report other than the fmancial 5tatemeMs and our auditor's ￿port Ihereon. The DirectOTS are responsible for the other infomiation contained within the &t￿Ual report. Our opinion on th¢ finan¢ia] stst¢m¢nts does not wver th¢ other information aniL except to the ext¢nt othen¥ise explicitly stated in our re￿)rt, we do not express atLy forn of assurance conclusion thereon. Our responsibility is to read the other inforniation and in doing so. ¢onsid¢r whether the other infornation is materially inconsistent with the financial smements, or our knowledge obtained in the course ofthe audit orothenvise apFtars to be materially misstated. If we identify such Materi￿ inconsistencies or apparent material misstatementy w¢ are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, b￿d on the work we have perforniol we conclude that thetE is a material misstatement of this other information. we are requirej to reFKTrrt that fact. We have nothing to report in this regard. op￿ONs ON (>THER MATTERS PREsc￿BED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the course of the audit.. the infOr￿atIOn given in the T￿¢¢¢$, r¢port, which in¢ludes the Directors, rekx*rt and the strategic report prwared for company law purposes, for the fuwicial year for which the fmancial statements are prepared is consistent with the f]nancial statements. and the strategic rq)ort and the Directors, report included within the Trustees, report has been PTepaTed in aecordance with applicable legal requirem￿s. I¥L4TTERS ON WHICH WE ARE REQUJRED To REPORT BY ExcEFfioN In the light of the knowledge and undetstanding of the charitable company and its envirorment obtsined inthe CQUTse of theaudiL we have not identified material misstatements in the Trustees, report including the strategic report. We have nothing lo report in respect of the following matters in relation to which the Companies Art 2006 requires us to rep)rt to you if. in our opinio adequate accounting re￿rdS bave not been kepL or retLlllL8 adequate for our audit have not I receivoj from branches not visited by us. OT the finan¢ial statements are not in a￿eement with the arxounting records and return5" or certain disclosures of Trustses. remunerdtion specified by law are not made. or we have not receiv￿ all the infonnation and explanations we require for our audit.. or the Trustees were not entit]ed to prepare the financial statements in a¢¢ordance with the small Compares regime and tske advantage of the small companies exemption in preparing the Tr￿steeS. Report. RESPONSIBILITIES OF DJRECTOR8 As explained more fvlly in the Dirtttors, responsibilities statement set out on page 9 the Trustees (who are also the Directors of the cl)aTitsble company for the Purposes of comp8ny law) are responsible for th¢ prepar￿lon of the financial stat¢m¢nts and for being satisfied that they give a tsue and fair view, and for such intenKI control as the Trustees deterniine is ne¢essary to enable the preparationof financial statements that are free from mat¢rial misstatement. whether due to fraud or error. THE STUDY (WIMBLEDON) LIMITED Page 112 II¥DEPENDENT AUDITORS, RKPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2024 In preparing the financial statements. the Trnstees are responsible for assessing the charitable company's ability to continue &s a going concern. disclosin& a5 applicable, matters related to going concern and using the going concern basis of accounting unless ihe Trustees either intend to liquidate the ctwitsble company or to C£￿ operations, or have no rea]iSÈic alternative but to do so. At￿lTOR's RESPONSIBIIITIES FOR THE AUD￿ OF THE F￿ANc￿L STATEMENTS Our obj¢¢tive5 are to obtain rewnable assurance about whether the fi[w￿la1 stat¢ments as 8 whole are free from nMteriai misslateJn¢nt, whether due to fr&ud or error. and to ISS￿ auditor's report that includes our opinion. Reasonabl¢ assurance is a high level of ￿sUrance but is not a guorantee that an audit conducted tn accordan¢e with ISAS (UK) will a1￿y$ dete¢l amater1￿ misstatement when it exists. Misstalements can arise from fraud or error and are considered mateTid if, individually or in the ag￿gate. they could reasonably be expect￿ to Influen￿ the economic decisions of users taken on the b&8is of these financftal statements. EXTENT To WHJCH THEAM)tT WAS CONSIDERED CAPABLE OF DETECllNG IRREGULARTttL% INCLLY)ING FRAEll) The objectives of our audit, in respect to fraud. are: to identify and assess the risks of material misstatement of the finaneial statements due to fraud. to obtain sufficient appropriat¢ audit ¢vid¢n¢e regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses. a￿d to respond appropriately to fraud or suspected fraud id¢ntified durtng the audit. However, the primary responsibility for the prevention and detection of fraud rests with tK)th those charged with governance of the entity and its management. Our approach wes as follows: We Identifi￿ areas of laws and regulations that could reasonably be expected to bave a material effect on ihe financiai statsments from our general commercial and sector experience, andthrOU￿ discwsion with the Directors and other mamagement (as requir¢d by auditing standards), and discussed with the Directors and other management the wlicies and procedures regarding compliance with laws and regulations. We consldered the legal and regulatory frarneworks diTect]y applicable to the financia] statements reporting framework (FRS 102 and the Companies Act 2006) 8nd the relev8nt compliance regulations. We considered thenature ofthe ind￿sty. the Control environlnent andbusine5s perfonnance, Including the key drivers for managements remuneration. We communicated identified laws and regUl￿lOnS throughout our team and remained alert io any indications of non-cornplianc¢ thiouthoui the audit. and We considered thepTocedures and ¢ontrols that the com￿yhaS establishedto addressrisks identifie or that otherwise prevenL deter and det￿t fraud. and how s￿l0r management monitors those procaJur¢s and control5. Based on this understanding we designed our audit pr(Kedures to identify non-compliance with such laws and regulations. Where the risk w&8 considered to ￿ higher, we perfonned audit procedures to address each identified fraud risk. These procedures included.. testing manual journals. reviewing the fmancial statement disclosures and testing to supporting documentalion. performing analytical procedures. and enquiring or management and were de5ll￿d to provide reasonable assurance that th¢ financial stafrments were free from fraud or error. THE STUDY IWIMBLEDON) LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2024 Owing to the inherent limitations of an audit, tbere is an unavoidable risk that we may not have detected som¢ matcrial misstatemcnts in th¢ fInancial stateJn¢nts, even though wc hav¢ properly planned and perfornied our audil in accordanc¢ with auditing standards. For exampl¢, the further reinovcd non- compliance with laws and rcgulations (irregularities) is from the events and transaciions reflected in the financial statements, the less likely the inlierently limited procedures required by auditing standards would identify it. The risk is also greater regarding irrcgularities ￿rUmng due to fiaud raihcr than etror, as fraud involves intentional concealment, forgery, collusion, omission ormisrepres¢n¢ation. We are not responsible for preventlDg non-compliance and cannot be expected to delecl non•compliance with all laws and gulations. A furthcr description of our rc5ponsibililies for the audlt of the financial statements is I￿ated on the Financial Reporting Council's website at.. hi s:/lwww.frc.()r .uklauditorsrLS onsibilitie& This descTiPtion forms part of our auditor's r¢port. USE OFOUR REPORT This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 b¢¢n undertaken so that wc might state to thc charitable cotnpany's members those matters we are required to stsre lo them in an auditor's report and for no other PUTpose. To the fullesi extent p¢rn]itted by law. we do not accept or assume responsibility to anyon¢ otb¢r than th¢ charitablc company and thc charitable company's members as a body, for our audit work, for this report, or for the opinkons we have forLned. b kfy46,10 Bobby Gurd¢p Bhogal ACA ACCA (Senior Statutory Auditor) For and on behalf of ARNOLD HtLL & CO LLP ChartCTed Accountants & Statutory Auditors Sixth Fioor. Capital Tower 91 Wat¢rl(y) Road London SEI 8RT Dat THE STUDY {WJMBLEDOIY) LIMITED Page 114 STATEMEI¥T OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Genernl FuTrd5 Restricted TotAI 2024 Funds General Fumd Restrieted Tot212023 Funds INCOMING RLSOURCES: Incoming Resourees From Generated FuDds Interest Catering & Other Income 90,153 435.843 525,996 90,153 435.843 525,996 18,994 390.418 409.412 18,994 390,418 409,412 Ineoming Ruource4 From Charitable Adivities Fee In￿rne 5.333.972 5,333,972 4,940.480 5.349.892 4,940,480 5,349,892 TOTAL INCOMNG RES0￿ 5.859,968 5,859.968 RESOURCES USED: Charitsble Aetlvlties Teaching Proi Administration 3,791.225 546,398 1,131,058 3,791,225 546,398 1.131,058 3,490,235 505,848 1.055,238 3,490,235 505,848 1.055.238 RES0[￿cEs USED IN YEAR 5,468,68l 5,598 11.043 117,757) 5,468,681 5,598 11,043 5,051,321 21.069 56,461 103.235 272.866 5,051,321 21.069 56,461 103,235 272,866 PEN￿0￿ PRO￿slON 13 ExcEVllONAL INCOME 20 ExcEPllONAL COSTS 20 NET m0vEh￿NT IN FUTr￿5 390,171 390,171 Transfer Between Reserves NET MOVEME￿[ IN Fur4DS FOR THE YEAR 390,171 390,171 272.866 272.866 Balances BrOu￿t Fonvard I Seplember 2023 Balances Cattl￿ For¥vdrd 31 August 2024 £9 616,662 £9,616,662 £9 43.796 £- £9 343,796 £10.006.833 £- £10,006.833 £9,616,662 £- £9,616,662 All the CompatLy'S activities are classed as continuing. The Company had no recognised ￿ainS or losses other than th¢ surplus forthe year. The notes on pages 18 10 29 form part of these financial Statements. PAge 115 SUMMARY tNCOME AND EXPENDITURE AccouNr FOR THE YEAR EI¥DED 31 AUGUST 2024 2023 Gross Income from Ordinary Activities Inte￿$t R¢¢eivabl¢ 5.333,972 90,153 435.843 5,859,968 (5.468,681) 5,598 11,043 (17,75 5,469,797) 4.940.480 18,994 Catering 8md Other Income Total Income 390.418 5.349,89? (5,051,321) 21,069 56,461 103,235 (5,077.026 Resources used for Charit&ble Activities Pension Provision Exceptional Income Exceptional Costs Total Ex￿ndItUre N¢t Income for the Year £390,171 £272,866 Tothl income comprises £5,859.968 for Unrestrict￿ fi￿dS and £nil for restrid￿ funds. A detsiled analysis of income by sow¢e is provided in the Ststernent of Financial Activities. The Summary Income and Exwiditure Account is derived from the Statement of Financial Activities on page 14. All of the Compa￿Y'S activities are classed as contirluing. The notes on pages 18 to 29 forni part of these fin8n¢iaJ ststements. THE STUDY {WIMBIIDOIY) LIMtTED Page 116 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2024 2023 2023 Notes FLXED ASSETS T8n8ible A&sets Intangible Assets 9,079,933 24,710 9,104,643 9,004,304 33,696 9,038.000 CURRENT ASSETS Debtors Cash.. _ at Ballk ftlld in Hand 104,535 4.920,545 150.517 3,537,283 5.025,080 3,687,800 CURRENT L￿n￿lES. CREDITORS: Amounts Falling Due Within One Year (1.569,685) (761,135) NET CURRENT ASSETS 3.455,395 12,560,038 2.926.665 11.964,665 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amowrts Falling Due After More One Year (2.408,623) (2.197.822) PROVtSlONS FOR L￿￿rnEs 13 {144,583) (150,181) NET ASSETS £10.006.833 £9,616,062 FINANCED BY: Generdl Fund 10,(K)6.833 9,616,662 10 £10,006,833 £9.616,662 These financia] staiements were approved by the Directors on 3 December 2024 and are signed on their b¢haif Mrs C Faeon Mr J Tucker Directors Company Regist¢r¢d No.. 1229741 The notes on pages 18 to 29 forni part of these finoncial statements. Page 117 C￿SHFLOw STATEMENT FOR THE YEAR ENDED 31 AUCUST 2024 2024 21ll3 Not NET CASH FLOW FROM opERAT￿G 15 1,647,210 400.345 NET CASH FLOW FROM F￿ANc￿G (5,621) (181.351) CANTAL EXPENDITURE PAYMENrs To Ac0ull￿ TANGIBLE F￿D ASSEIS (348.480) (102,898) RETURNS OTh INVESTMENTS AND SERVICING OF F￿ANCE 90.153 18,994 16 Ir4CREASE tN CASH 17 £1.383,262 £l35,090 The notes on pagts 18 to 29 forni part of these financial statements. THE STUDY (WIMBLEDON) LIMITED Page 118 NOTES TO THE FINANCIAL STATEMEP4TS FOR THE YEAR ENDED 31 AUGUST 2024 AccourfflNG POLICIES a) Basis of Prep¥4ratlon of Accounts The fllwiciat statements hav¢ been prep8fft1 in accordonce with the Charities SORP (FRS 102) - A¢¢ounling 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) {eff￿t]ve l January 2019), the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2[￿. The Study (Wimbledon) Limiled rne¢tsthedefinition of a public benefit entity underFRS 102. Assets and liabilities are initially ￿Cognised at historical cost or transaction value unless otherwise St￿ed in the relevant a¢¢ounting policy. The financial statements are prePa￿d in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £. b) Colng Coneern At the time of approving the financial ststements, the Director5 have a reasonable expectation that thecompany has adequate resources to continuing inoperational existence for the foreseeable fvture. The Directors have und¢rtak¢n a number of scenario projections to understand the potential impact on the business and remain satisfied that the Company is able to meet its liabilities as th¢y fall due over the next 12 months. Thus the Directors continue to &Jopt the going concern b&sis of accounting in preparing Ihe financial statements. c) Turnover Turnover is made up of School fees charged during the period. Sch￿1 fe¢s relating to futsre periods are carried forward as fees in advance. d) Cash and Cash Equivalents Cash and cash equivalents ar¢ basi¢ financial a55ets 8nd include cash in hand and deposits held wilh banks. e) Fixed A&8¢ts Fixed assets are included at cost less accumulated depreciatio￿ except for land which is included at cost. Fixed assets are reviewed for impairment each year. Depreclation D¢preciation is calcul*¢d so as to write off the co￿1&8s estimated residual valu¢ of all tangible fixed ass¢W other than freehold land. by equal insta]ments over their estimated useful lives as follows: Leasehold Land & Buildings over 10 years on cost Freehold Buildings over 50 years on cost Motor Vehicles over 4 years on cost Fixture. Finings & Equipment over 4 years on cost Computer Equipment over 3 y¢ars on cost Website Costs over 5 years on cost THE STUDY {WIMBLEDON) LIMiTED Page 119 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Depreciation of an asset b¢gins when it is available for us¢. Depreciation in respecl of development projects commences once the development works are complete. Boolis, Stationery and Tea¢hing Equlptoen¢ Expenditure on books, stationery and teaching equipment is written off in the Income and Expenditure account as incurred. h) FIX￿r¢S and Fittlngs *nd Computer Equipment Major instsllations of fixtures and frttings are included within fixed assets. Other fixtures Bnd fittings and administrative wmputer equipm￿1 is written off in the Income and Expenditure account as incurred. l) Finau¢i81 In51ruments The Company has elected to apply the provisions of Section I I 'Basic Financia] Instruments. and Section 12 '0th¢r Financial In￿rUments Issues, of FRS 102 to all ofits financial instruments. Financial instnmients are recognised in the Company's statement of financial position when the Compatky becomes party to the con￿Ctual pmvisions of the instrument. Bo$1¢ Fin*n¢ial A55ets Basic financial assets, which include trad¢ and other r¢¢¢ivabl¢s and cash and bank ba[￿ceS, are initially measured at transaction price including transactiotL COSts and are subsequently carried at amorti5ed cost using the effe¢tive interest method, less any impaimi¢nt. Interest is recognised using the effective inlerest rd@ except for short-tern) receivables when the recognition of inlerest would be immaterial. B*sic FinaDeial Liabiliti B&sic financial liabilities including trade and other payables are initia]ly recognised at transaction price unless the arrdngement constitut¢s a financing transa¢tioffj where the debt instrument is me&%ured at the present value of the future payments discounted at a rn￿ket rnte of interest. Debt instruments are subsequently Carried at amortised cos( using the effedive interest rate metho except for stLOrt-term payables when the rew￿ltIOn of inlerest would b¢ immaterial. j) Taxatlon The Company has been re￿tered a8 a Charity under Section 3 of the ChaTities Act 1993. Accordingly, exemption from tsxation under Section 505 of the Income and CoTPOrntion Taxes A¢t 1988 has been ￿anted, and ther¢fore no provision for taxation has been mad¢ in these accounts. k) Pension Contributions Pension colltributions are includ¢d in st&ff ¢osts under expenditur4 and included in both teaching and administrntion resources as appropriate. The Company participates in the Teachers, Pension Scheme (TPS), the Aviva Pension TnLSt for Independent Schools Scheme (APTIS), and ihe Independent Schools, Pension Scheme (ISPS) via The Pensions TTUSt (TPT). l) Types of Resourtts Expended Items ofexp¢nditure are included inteaching, property and administration resources used. The items are kept consistent y¢ar on year as to which type they ￿e included in. THE STUDY (WIMBLEDON) LtNITED Page 120 NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 AUGUST 2024 m) Restricted Funds Restricted funds represent income re￿1V￿j by the school for restricted purFrf)5es specified by the donor. D) Leases Leases are classified &$ finance leases whenever the terms of the le&8e transfer substantially all the risks and rewards of ownership to the lessees. All other leas&s are ¢I￿lfied as operating leases. Assets held under finan¢¢ leases are recognis¢d as ￿ets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The relatsj liability is Includ￿ in ihe Balance Sheet as a finance lease oblig&lion. Leas¢ payments treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to pmduce a ¢onstant periodic rate of interest on the remaining balance of the liability. o) Provisiong Provisions are recognised when the School h&s a legal or constructive present obligation as a result of a past event. it is probable that the School will be required to settle that obligation and a reliable estimate can be made of the 8rnount of the obligatlon. The amount reco￿lIsed as a provision is the best estimate of the consideration required to settl¢ the present obligaiion at the reporting end date. taking into account the risks and uncertainties suTrouJ)ding the obligation. Where the effect of the time value of money is material. the ￿nou￿t expected to be required to settle the obligation is recognised at present v&lue. When a provision is measured at present value, the unwinding of the discount is re¢ognis¢d &8 a finance cost in net incomel{expenditur¢) in the peri(Ml in which it arises. 2. CRtllCAL AccoupfflNG EsThMATES ANDJuDGEMELYrs In the application of the Company's accounting policies, the Directors are required to m*¢ judgements, estimates and assum￿10n$ about the corying amount of assets and liabilities that not readily apparent from other sources. Th¢ ¢stim*es and associated assumptions are based on historical experience and other factors that are considered to ￿ Televant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing b&8is. Revisions to accounting estimates ar¢ recogni5ed in ihe Ftriod tn which the estitnate is revised where th¢ revision affects only that periTrJ, or in th¢ period of the revision and futur¢ p¢ri(ds wh¢r¢ the revision affects both ¢urrent and tLtre periods. THE STiiDY (I￿1BLEDo￿) LIMtTED Page 121 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 3. CKwTABLE AcmqllES Teaehin Pro Admln15trntioll 2024 Staff Costs 3.034J25 749.879 8.986 3.784.204 281,837 Depreciation Loss on DisFK)sal of Fixed Asset 272.851 Office Costs 273.547 54,840 70,341 328,387 248.051 152,706 339.066 277.137 5.411.388 School Equipment School Activities 177,710 152,706 339,066 87.418 School Lunches Other Costs 189.719 3,791,225 546,398 1.073.765 Share of 57,293 57.293 £3.791.225 £546,398 £1,131,058 £5.468.681 An1￿19 by fund Uft)restiicted fimds 3,791225 546,398 1.131,058 5,468,681 RestrAct¢d fiM)ds £3.791,225 £546,398 £1,131,058 £5,468.681 THE STUDY IWIMBLEDON) LIMITED Page 122 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Teachin Administration 2023 St2ff Costs 1835,961 697,459 8.986 3,533.420 260,247 346 Depreciation tA)&8 on Disposal of Fixed Asset 251261 346 OfYi¢e Costs 254,241 52,945 28,296 307.186 190.770 101,844 324,205 283,621 5,001,639 SchixTrl Equipment Schwl Activities 162,474 101.844 324,205 65,751 3.490,235 Sch￿1 Lunches Other Costs 217,870 505.848 1,005.556 Share of Governance Costs 49.682 49,682 £3,490.235 £505.848 £1,055238 £5.051,321 An*tysis by fund Unrestricted fimds 3,490.235 505,848 1,055,238 5,051,321 Restricted funds £3,490.235 £505,848 £1,055,238 £5,051.321 4. EMPLOYEES Th¢ average Dwnb¢r of ¢mployees (excluding Directors) who Serv￿ during tbe year was as follows: 2024 2023 No Teaching Staff Administrative 53 15 51 17 68 68 THE STUDY (IITMBLEDON) LIMITED PaEe 123 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 The number of employees who were paid more than £60,OIX) dwing the year w&8 as follows: 2024 2023 No £60,001 to £70,000 £70.001 to £80,000 £80.001 to £90.000 £IOO.001 to £l10.000 £120,001 to £130.000 13 The total pension cost relating to employees paid over £60.IX)O during the year was £168,416 (2023.. £45,2(X)). For the year ending 31° August 2024, severdl additional staff have now just fallen within the £60.IX>I to £70,OW brackeL due to the annual pay awa￿ and our increas&1 pay bands. REMuNERA￿oN OF KEY MANAGE￿￿NT PERSONliEL The remuneralion of key ma[￿ement peTsonnel is a5 follows: 21124 2023 Aggregate wmpensation £461,952 £415,160 None of the Directors received any remuneratlon or were reimbursed foi expenses during the year (2023: £nil). THE STUDY (￿MBLED0￿) LIfvUTED Page124 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 F]XED ASSETS Fixt res Freehold Lanfl & Buildin Leasehold Land & Bllildin Website Costs Motor Vehicles Total Cost At I September 2023 44,928 243.608 10.347.928 87,282 140,823 10.864,569 Additions 189,242 46,410 386.440 159,238 348,480 146.410 11.166,639 Disposals At 31 August 2024 44.928 10.507,166 87.282 140,823 DepTe¢i*tio At I September 2023 11,232 156.305 1.542,414 87.282 29J36 1.826.569 Charge for Ye8y Disposais At 31 AugiL8t 2024 8,986 61,600 46.410 171,495 196.048 15.203 281.837 (46,410) 2.061,996 20218 1.738,462 87,282 44.539 Ne¢ Book Value At 31 August 2024 At 31 Augiist 2023 £214,945 £8 768 704 £96.284 £9 104 643 £33.696 £87,303 £8,805,514 £111487 £9.038,000 The cost of buildings included in fr¢ehold18nd and buildings 15 £1.574,087 (2023: £I.574.087). hKluded within Fixture4 Fitting5 & Equipment are assets held under hire purchase agreem¢nts with net book value of £nil (2023: £nil). Depre¢l￿10n ¢harges of £nil (2023: £8,469) were in¢urtEd in the year on these a85ets. THE STUDY (WIMBLEDON) LI￿llTED Page 125 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AiIGUST 2024 7. DEBTORS 2024 2023 Trade Debtors Prepayments and Accrued Income Other Debtors 5,558 96,152 2,825 22 150,244 251 £104,535 £150,517 & CREDrroRS: AMOtYNTS FALL￿G DUE WIT￿￿ ONE YEAR 2024 2023 Fees in Advance Pupil Dewsits Trade Cr¢dilors Other Cr¢ditors Accruals and Def¢rred In¢ome S￿181 Se¢urily and Other Pension Costs Finance Lease Bank Loan 805,139 138,649 70.723 174 235.920 127J14 123,489 122,373 70,330 57 135,190 I19,204 4,064 l86,428 191,766 £1,569.685 £761,135 9. CREDITOliS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2023 Pupil Deposits Fees in Advance Bank Loan 767,062 362,950 1,278,611 727,758 1,470.064 £2,408,623 £2,197,822 Parents are required to pay an entry deposit of 51P/o of a terni's fee on joining the School. Enty deposits are returned after the pupils have completed their fll￿1 tenn at the School. As at 31 August 2024, Ihe bank loan is secured by way of a fjxed charge over the freehold property owned by the S¢hool. THE STifDY (WIMBLEDON) LIMITED Page 126 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. RECONCILIATION OF MOVELMENTS IN RESERVLS 2024 2023 Surplus of Income over Expenditure for the Financial Year Oufflow from Bursaries Fund 3W,171 272,866 Net Increase in Reserves 390,171 9.616,662 £10.006,833 272,866 9,343.796 £9,616,662 Reserves at I September 2023 Reserves at 31 August 2024 11. SHARE CAPITAL The Company is limit￿ by guarantee and does not have a share capital. The maximum liability of eoch 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 cONTR￿￿TIONs Teacher's Penslon Scheme The S¢ho(>l participates in the Teachers, Pension S¢h¢m¢ ('Ihe TPS") for its teaching staff. The scheme is a defined benefit s¢h¢me in the UK. It is not possible for the Company to obtain sufficient tnfomalion to enable it to account for the s¢heme as a defined benefil (DB) scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions A¢1 2004 which came into force on 30 December 2005. This, iogether with documents issued by the Pensions Regulator and Techni¢al Actuarial Standards issued by the Financial Reporting Council, set out the framework for fvnding defined benefit occupational pension schemes in the UK During the year the School undertook a consultation with scheme members and as a result agreed all existing participants in TPS are entitled but not obliged to joiii the APTIS 5¢heme. The most recent incre￿¢ in employer contribution to TPS ha5 been agreed to b¢ m¢t by th¢ school until 31 August 2025. Thereafter, any teacher wishing to Continue in TPS musi meet ihat It￿eaSe. The School closed the TPS scheme to new joiners with etTect from I September 2023. AvlvA Pension Trust for Independent Sehoois The S¢hool participates in the Aviva Pension Tru￿ for Independent Schools Scheme (APTIS) for all eligible teaching staff who joined the School with effect from I September 2023. APTIS is a Defined Contribution (DC) pension s¢heme which can be used by a]1 member schools of the Independent S¢hoc>ls Bursar's Association (ISBA). It is set up &$ part of AVIVA'S 'MLster Tr￿1, _ a tru5t-based pension aTr&ngement managed by an ]￿lependent Trustee. Ail existing TPS members may move lo Ihis scheme. Independent Sehool8' Pen$Ron Scheme The Independent Schools, Pension Scheme (ISPS) is an occupational pension scheme for people working in Jndependenl Schools, which operates TPT Retirement Solutions. Under the ISPS. the S¢hool op¢rat¢s two s¢hemes for non-teachillg staff. A le￿Y DB schem¢ for two members of staff and a DC scheme for the remaining staff. THE STUDY (￿mBLED01￿) LIMITED P2ge 127 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 For the DB scheme, TPT have supplied the following wording under FRS102, section 28, ￿￿oUnting disclosures: The eopnpanyparficipates in tke scheme, a M￿lI1-eMPloYer scheme whi¢hpmvides benefils to SOFKe tsl pwn-asjocialedemployers. The seheme is a defined benefit scheme in the UK. li is noi possiblefor ihe comp(D7y lo obtthn sufficient information lo enable itto accountfor ihe scheme ￿ a defined benefii scheme. Therefore li aecount5for the scheme os o d￿K£de0>￿￿}bU[1On scheme. The scheme is Subject io thefunding legulalion oNtlined in ike PepL¥ions Act 2004 Mjhleh came intoforce on 30 December 2005. This, rogether WEth doeuments issued by the PensiopLt Regulator and Technteal A¢tvortal &andards issued by rhe Financial Reporting Council. set oul thefr(rnfworkforfundtng definedbtnÉfit oeeupationalpension schemes in ihe UK The seheme rs claysified ￿ a 'I￿l-Man standing arrangement,. Therefore ihe company ispotentially liablefor otkerparlicipating employers, obligalions if those employers are upwble lo meel théir share of the scheme deficitfollowing withdrawalfrom the scheme. Particiwing eMplo￿rS are legally requlred to m¢¢t iheir share ofihe scheme deficit on on aKm4itypurekage knis on withdytnvalfrom the scheme. Afull ocluarial valuolionfor rhe scheme ¢