REGISTERED COMPANY NUMBER: 01294875 (England and Wales) REGISTERED CHARTrY r4UMBER: 273015 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR TKE DAIGLEN SCHOOL TRUST LIMITED Caton Fry & Partner5 Limited (Statutory Auditor) Essex House 7-8 The Shrnbberies George Lane South Woodford London E18 IBD THE DAIGLEN SCHOOL TRUST LIMrrED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Page Rtptsrt of the Trustte8 I to 10 Report of the Independellt Audltors 11 to 13 Stat¢meDt of Fin&ncig1 Activities 14 Balance Sheet 15 to 16 Cash Flow Ststement 17 Notes to the Cash Fl¢)w Ststement 18 Notes to the Flnallclal Statements 19 to 28 Detailed Statement of Financial Actmdes 29 THE DAIGLEN SCHOOL TRUST LIMrrED REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 AUGUST 2024 The Governors of The Daiglen School present their annual report alld audifrd accounts for the year ended 31st August 2024 and confinn ihat they wmply with the requiremBnts of the Charities Ad 2011, the Companies Act 2006. Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Siatement of R¢wmm¢nded Practice applicable to charities preparing their a¢￿unt5 in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland, and th¢ school's goveTning document. The Daiglen School Trust Limited was incorporated in 1977. 11 is a company limited by guarantee. the liability of the members is limited by guarantee. and limited to the amount of £1 in the event of the charitable Company being wound up. OR]E￿IvEs AND AcrivrriES Obj¢ctlves aud alms Our Alms The school operates under a Charitable TrusL incorporated as The Daiglen School Trust Limited, on 19th January 1977. The objects of the s¢hool. as set out in the Memordndum and Articles dated 19th January 1977 ar¢ to promote and provide for the advancement of education, and in connection therewith to conducL cany o acquire and develop in the United Kingdom any boarding or day school or schools for the education of Children of either sex or both sexes. We aim to provide a r￿st class independent education for boys and girls from the ages of 3 to I l. We aim to a¢hiev¢ this both through strong academic tuition and through developing wider sportin& artistic and social skills in all our pupils. This is intended to provide an environment wh¢re each pupil can develop and ￿lfil hi5 Qr her potential. thus to help build self-confidence and encourage a desir¢ to ¢ontribute to the wider community. We also aim to provide before and after school care for those needing this facility. as well holiday ¢lubs. In June 2022. The Independent Schools tnspectordte (ISI) completed an insp￿tiOn of the s¢h(M)l and found the school to be compliant in all areas and 'Exeellent in both &ss¢ssments of educational quality. Our objeetlves Our objectives are sel lo r￿ect our educational ain)s and the ¢th05 of the school. It is important to w that we maintain and enhance the acadetnic success of the school. This objective ts. however. set in the context of the broader goals we set for the school and its pupils. In selling our objectives and planning our activities our Governors have given careful consideration to the Charity Commission's general guidance on public benefit in particular to its suppleTnentary public benefit guidance on advancing education and fe¢-chargin8. Our key objeetives for the year Tryere to: - to improve knowledge and skiL]s of all staff around specific earning needs; to &xtend pupil's achi¢vem¢nt by ensuring all plannin8 and leaching offers sufficient Challenge and opportunities to engage &s create and active learning. - to continue to achieve success in Year 7 entrance exams. - to ensure continued strength in the leadership team. and - to maintain healthy finances and pupil numbers across the school. Page I THE DAIGLEN SCHOOL TRUST Lll￿TED REPORT OF THE TRUSTRES FOR THE YEAR ENDED 31 AUGUST 2024 Our Strategy Our Governor5 are responsible for setting a strategy for achieving the objectives they have set. In tsking forward the strategy we: - Set a Governors, Development Plan. - Review and benchmark the school's academic syllabus. teaching Practic￿ and examination results: - Invest in technology and th¢ infr&structute of the school.. - Make availabl¢ our facilities to the lo¢ai community wherever practical- and - Continue to review and develop our methods for awarding bursaries and scholarships and ¢nsure that these e adequately funded, in order to ensure wider access to pupils from 811 backgrounds. Strategies to achieve the year's objectives In order to improve knowledge and ski115 of all staff around specific learning needs, staff m¢¢ting time was a]locaied to focus on understanding of specifi¢ learning needs. In addition, relevallt Continuing Professional Developmenl w&8 sourced and provided to support staff with strategies to cater for specific needs. In order to extend pupil's achievement by ensuring all planning and teaching offered sufficient challenge and opportunities to ¢ngag¢ as creative and active learners. subject coordinators led training on planning for lessons using new resources. In order lo wntinu¢ to ￿hleve success in Year 7 entrance examinations. senior l¢adership led training on new assessment resources and a new reading s¢heme was introduced. To enswe continued strength in the leadership leam, roles and responsibilities for leadership of foundation subjects were established and workloads reviewed and some responsibilities re-assign¢d. To maintain healthy finances and pupil numEtrs across the school, marketing strategies were reviewed to ensure maximum return on Cost of marketin& The school continued to host open mornings as well as conducting individual tours with pupil numbers increasing to the highest level post-pandemi¢ by the final terni of ihe school year. Our etbos The Daiglen School is a charitable trust which s¢¢ks to benefit the public through the pursuit of its stated aims. Our fees are set at a level to ￿hl¢ve those aims and ensure the fmanciaj viability of th¢ school. The schi)ol welcomes applications from all pupils reg8rdless of lace, religion sex and disabilities. Prospective parents of Nursery children are invited to bring their Child to meet the Nursery staff during the terni before they are due to start at the school at which time new pupils will spend a short while in the Nursery clw. Pupils joining the school in the Reception cl&ss are invited to join their teacher and the cl for a settling in session. Entry higher up the School is subject lo an assessment visit day. The school provides parents with regular infomiotion about their children's social and academic prow. InfOr￿￿tIOn is provided al parents, evenings and in end-of-Éerni reports. The year-eThd reports provide greater depth in respect of a child's social and academic progress. During the school year, informal contact is ainiained with parents. The school holds an annual Speech night in which scholastic and co-curriculum &chiev¢ments are celebrated with awards. The school is committed to safeguarding and promoting ihe welfar¢ of our pupils and expe¢ts all staff and Governors to share in this ¢ommitJnent. P8g¢ 2 THE DAIGLEN SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The school continued to focus on Wellking with events and activities held to mark #Helloyellow Day (young minds), Anti-Bullying week, Children's Mentsl Health, Express Yourself Career Day and mindfulness Club. We value the unique talents of every pupil and aim lo instil in them a love of learning which prepares them for the opportunities. responsibilities and experiences of life. We believe that nurturing the social and emotional d¢v¢lopment of our pupils will provide the foundation for their future happiness and success both personally and academically. We aim to enhaDC¢ and ¢nri¢h our pupils, personal. social, Creativé academic and physical development in QTder that they become confidenL independenl and responsible citizens who show kindne&8 and consideration to others and contribute positively to society. The school is an qual opportunity organisation and is committed to a working ¢nvironment that is free from any forni of discrimination in respect of any of th¢ nine prot¢d¢d characteristics d¢fm¢d within the Equaliti¢s A¢t 2010. The school will moke reasonable adjuslments to meet the needs of pupils or staff who have disabilities covered by the Disability Dffiscrimination Act 1995. OBJECTryES AND ACTIVITIES Our policies Scholarshlps and Bur84rles Pollcy The Governors have agreed io maintsin a Bursary reserve of £50,000. Scholarships and bursaries are off¢red to children aged 7 plus. Financial awards will be given to pupils deemed to have the acadernic potential to become a scholar and to those whose patents would otherwise not be able to afford a place tn order lo ensur¢ access to the education we provide is not restricted to those who can afford a fee paying place. m￿n8 Tested Bursaries The school is a registered charity administ¢red by a Board of Trustees who set aside a bursary fund to help children who are likely to benefii academically from the edu¢alion offered by the school whose parents have palpable dI￿lcUlty in m¢eting the fees. The But3ary fimd offers me8ns-tested bursaries. within certsin limits, to children whose families require financial assistance. The school is an inclusive cornmunity that encourages applications from pupils from a diverse range of backgrounds and cultures. Candidates for bursary will be expected to sit an intemal assessment test to demonstrate their ability to contribute to and thrive in the school's ¢ducational environtnen¢ and to benefit from the education that the school provides. Parents of ¢hildren who are already &t the school may apply for a bursary if there is significant change in their circumstances which could not reasonably have been foreseen at the time of entry into the school. In such cases. burwies would not nornially be approved until the pupil has complet¢d two academic years at the school. When Considering such applications. accounl will a]so k laken of a report on the pupil's contribution to the life of the school and of Ihe pupil's progress as well as the changes in th¢ parents, financial circumstan¢es. The school recognises that it has a duty lo ensure that any financiat support offered is well focuss￿ and targeted towards those most in need. All bursary support is therefore means-tested annually and the lev¢] of support may reduce, or even end, followin8 a chang¢ in finan¢ia] circumstances. All awards are subject to the school's ability to fund them within the context of its overall budget and cannot therefore be guaranteed. Page 3 THE DAIGLEN SCHOOL TRUST LIMrrKD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 S¢ho]arshlps The sch￿1 awards an academic scholarship to Children deemed to IK potential scholan and is not subject to means testing. A scholarship for a¢hievemenl or potential in the creative arts of dram￿ music, dance and art may also be awarded to a suitsble candidate. Successful candidatrs will be expected to complete their preparatory education at the school. uphold the values of the school and be a good example to others. The Governors reserve the right to review the scholarship award if a pupil's conduct or achievement falls short of expected standards. The Governors awarded one IOYO scholarship. two 12.5YD scholarships, and three 250/u scholarships as well as one IOOOA bursary during the year. This brought the total amount offered by the school in financial awards to £26,729. tn additiofy we Continued to support The Royal National Children's Foundatio￿ with parents donating £10 each per terni. a sum which was malched by the school. The Governors regularly review the bursary and scholarship provision ai the schwl and the availability of the provision is advertised on th¢ School's website ond publicised at oFn momings held for prospe¢tive parents. The school has engaged the services of a bursary advisory company to carry out independent assessment and make recommendations in respect of bursary applications. ACHIEVEMENT AND PERFORMANCK Review of Activities Achievement5 Pupil numbers and fee5 Despit¢ th¢ ¢ontinuing the cost of living crisis and the anticipation of legisl￿10Th to remove the VAT exemption from education setvices provided by private Schools? pupil numb¢rs remained comparable with those of the previous year with 130 pupils on roll. Fees are Calculated on budgeted expenditure to ensure the continued successfvl running of the school. Given the increased ￿$ts associated with th¢ rutu]ing of the school. the a11-incl￿1ve school fees for the academic year 2023124 were reviewed 2nd increased to £3,970 per ￿rnI for Nurs¢ry and ReceptioN £4.185 r terni for Year l and Year 2 and £4,295 per tenn for Year 3 to ye￿ 6, l￿fore the deduction of any bursaries or scholarships. The SC]￿01 otLce again participated in competitions. Pupils r¢presented the school in the Brentwood School Science co￿petitIon and in the Quiz Club National S¢ience Competition earning a pla¢e in the semi-fillai. Pupils in Year 6 aiso competed in the Primary Maths Challenge and the ISA Essay Writing Competition. Co-currlcular Activities In the year under review, the school offered a varied range of extra-ourricular ¢lubs. Sport The school competed against other schools with pupils given opportunities to represent the school in events such &s cross-country. lable tennis and tag rugby. The school took part in the ISA regional cross country heats with one pupil qua]ifying for the national final, the WGPS Cmss Country and in the ISA table tenni5 townament. Page 4 THE DAIGLEN SCHOOL TRUST LIMrrED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The Arts The Arts continued tr) have & high profile within the school with one pupil receiving second place in the ISA London North Art comi￿tItion. Artwork of pupils w&s ￿lebrat￿ within the Year Book Pupi15 entered th¢ Epping forest Dislrict Coun¢il Christmas competition. In dramatic Arts, pupils enjoyed visits from Rock Kid4 Drama4AII and a Musical WoTkshop with Yolanda Brown. Year 5 and 6 Pupils p¢rfornied an adaptation of Little Maid. In addition, pupils in Years 2 to 6 achieved either m¢rit or distinction in the public LAMDA exatninatiolls. Year 5 8nd 6 pupils look part in the Young Voices Concert at the 02. Ruidential Trips Year S pupils enjoyed a two day residential trip to Stubbers Outdoor Actsvity C¢nlr¢ aDd Y¢ar 6 a w¢¢k at Bawdsey Manor Adventure Centre in Suffolk CommuDIty Servite The Daigleft pupils. parents and staff continued to raise funds for charitsble cause5, donating a total of £6,312 to clwities with a planned programme of fund-raisiDg events including class fund raising days. The school aiso made a charitable donation of £3.045 during the year to the Royal National Society for Children towards helping children who have suffered seriously at home or at School. or ar¢ at risk in some way. to attend independent Boarding OT day school4 or state Boarding schools. where they have a real ch2n¢¢ of making a new start. The total amount raised for charity in the under review was £9,357. As a small preparatory school set in a period house, the sch￿] has limited facilities suitsble for use by local community ￿0UP$. During the year, the school did not receive any applications to use the school's facilities. The T￿￿te¢S would consider providing local community groups with a¢¢¢ss to th¢ s¢hool's facilities upon applicatio￿ if practicable to do so. The school community Collected and donated items for the local food bank and school Staff hosted a Macmillan Coffee Morning. FINANCIAL REVIEW Our FIDauees The financial statements show gross incoming r¢sour¢es for the year on s¢hool activfftties of £1,693,178 (2023.. £1,481,718). Th¢ principal source of income is school fees accounting for 97.OY/fj of the school, income. The Governors are continuing their strafrgy of deploying net incoming reSOu￿eS to iThvestiDg in educational purposes and in the fabric of the school. However. as an ¢ducational Charity. we were. until l January 2025. unable to claim VAT input l&x on our costs as we are exempt for VAT purtM)ses. W¢ also pay tax as an ¢mploy¢r through the national insurance contributions we make. In addttion to the very substantial benefits the school brings to our pupils, Ihe local community and society through the ¢du¢alion we offer, our bursary programme creates a social asset without ¢ost to the Exchequer. Page 5 THE DAIGLKN SCHOOL TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Reserves gnd Fln8nclal Healtb The Governors regularly review the finances, budgets and actual costs compared with budget as part of the effective slewardship of the school. The Governors have continued their policy of setting &side substantial sums into improving the facilities of the school and maintaining the f&bric to & high standard. The total reserves of £1.064.565 (2023: £967,795) exceed the book value of the fixed assets. which stand at £517,249 (2023.. £548.510). and the charity ¢UTr¢ntly has net cuttent assets of £622.816 (2023: £490,785). The Qovemors re¢ognise that the level of General ReseTves fluctuates during periods of investment in the school and the arrangements with our bank are in place to provide an adequate 'safety net should it be required. Many of the costs associated with the operation of the school fixed. Investment Policy and Perfonnance Th¢ majority of our current cash reserves are invested with Virgin BanL Cambridge & Counties Bank and Scottish Widows. This policy is reviewed r¢guiarly and an increased range of inveslments aJe considered where appropriate to the school. FUTURE PLANS Our future plans are financed primarily from fee income and from our reserves. The Governors need to maintain an equitable balance ensurtng our current pupils benefil whilsL at the same time, ensuring tbat sufficient reserves are set aside to improve facilities for the next generation of pupils in the same way as current pupils benefit frorn investhient made in the past. The Bursary Fund. which has now been in 0￿ratIon for ten years. will be continually under review by the Governors. Our current ai]n 15 to continue to provide sutTi¢i¢nt funds to award a new bursary in each school year and to keep the fund at a level of £50,000. The availability of bursaries will continue to be advertised on the school's website. In addition* parentslcarers experiencing financial hardship will be made aware of the availability of bursary support and the process of application. The Ilov¢rnors have reviewed the Repairs Fund and in keepitLg with their policy of setting oside substantial sums into irnproving the facilities of the School and maintaining the fabric to a high standard they hav¢ agreed to continue the level of the fijnd at £150,000. The Board's Five Year Strategic Plaffj to be reviewed on an annual b&5iS, sets out the schools key objectives. which are: - to increase pupil numbers to full capacity - to implement a Management Development Plan lo ¢nsure regular review of leadershlp and management - to ensure continuing excellence of teaching by developing and retaining staff with an effective su¢c¢ssion planning strntegy - to focus Continued Professional Development for staff and share best practice An ¢ha]lenging all pupi]s and maximising their learning by person￿ls1n£ learning, developing thinking skills and collaboration to Continue to raise the profile of ￿nd to the risk of management override. We also obtsined an understanding of the legal and regulatory frameworks that the tharitable company operates in. focusing on provisions of those laws and regulations that had & direct effect on the d¢t¢rmination of material amounts and disclosures in the financial statemen15. The key laws and regulations we considered in this context included the UK Companies Act and Charities Act legislation. Page 12 REPORT OF THE tNDEPKM)ENT AUDrfoRS TO THE TRUSTEES OV THE DAICLEN SCHOOL TRUST LtMITKD In additio￿ we considered provisions of other laws and regulations that do not have a direct effect on the financia] statements but compliance with which may be fundamentsl to the charitable compart￿s ability to operate or to avoid a mafrrial penalty. As a rgsult of perforniing the above, we id¢ntifi¢d s¢hool f¢¢s as a k¢y audit ar¢a related to the potential risk of fiiud We therefore reviewed and implemented detailed testing of recO￿lt10n of fees. A firther description of our responsibilities for the audit of the financial statements is located on the Financiat Reporting Council's w¢bsit¢ at www.frc.org.uklauditorsresponsibiliiies. This description fomis part of our Report of the IndeFndent Auditors. Use ofour report This report is made solely to the charitable companys tnLStees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulaiions 2008. Our audit work has been undertaken so that we might state to the charitable cornpany's trust¢es thos¢ matt¢TS we ar¢ r¢quir¢d to state to them in an auditors. report and for no other purpose. To the fullest extent perniitted by law. we do not accept or &ssume responsibility to anyone other than the charitable company and the chaTitable company's trustees as a body. for ow audit worL for this rqm or for the opinions we have fornied. Caton Fry & P ners Limited (Statutory Auditor) Eli8ibl¢ to &¢t as an auditor in tern)s of Se¢tion 1212 of the Companies Act 2006 Essex Hou 7-8 The Shnibberies George Lane South Woodford London EI8 IBD 21 May 2025 Page 13 THE DAIGLEN SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 2024 Unrestrl¢ted funds 2023 Total funds INCOME AIYD ENDOWMENTS FROM CbArlt*ble Activities School 1,693,178 1,481,718 Investment in¢ome 6,007 Tot*1 1705 478 1487 725 EXPENDITURE ON Charitable activities School 1608 708 1485 954 NET INCOME 96,770 1,771 RECONCILIATION OF FUIWS Totsl funds brought forward 967,795 966.024 TOTAL FU14DS CARJUED FORWARD 1,064565 967 795 The notes fomi part of th&se financial statements Page 14 THE DAIGLEN SCHOOL TRUST IJMITED BALANCE SHEET 31 AUGUST 2024 21124 UDrestri¢ted ds 2023 Tolal funds Note5 FIXTD ASSETS Tangible &ssets 12 517,249 548.510 CURREIYT ASSETS D¢biors Cash at bank and in hand 13 353,831 849,515 468.079 591.857 1203,346 1.059.936 CRED￿oRs Amounts falling due within one year 14 (580,530) {569,151) NET Ci]IUiENT ASSETS 622,816 490.785 TOTAL ASSETS LESS CURRENT LtABILITIFS 1.140,065 1,039,295 CREDITORS Amounts falling due after more than one 15 (75￿00) (71.5(N)) NET ASSETS 1,064,565 967,795 16 u[￿estriCted funds: General fund Freehold property fund Major repaits fund Bursary fund 456,050 408,515 150,000 50,000 343.692 424.103 150,000 50.000 1064 565 967 795 TOTAL FUNDS 1,064 565 967 795 The charitable company is entitled to exemption from audit under Section 477 of the Companies Aci 2006 ftir lh¢ year ended 31 August 2024. The members have not deposited notice? pursiiant to Section 476 of the Companies Act 2006 requiring an audit of these finon¢ial stslements. The notes forni part of these financial statements Page 15 continued... THE DAIGLEIY SCHOOL TRUST IjM￿ED BALANCE SHEEY- continued 31 AUGUST 2024 The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a In￿ and fair view of the state of affairs of ilLe charitable company as at the end of each financial year and of its surplus or deficit for each financial year in a¢¢ordanc¢ with the requiremenls of Sections 394 and 395 and which otherwise comply with th¢ requirements of the Companies A¢1 2006 relating to financial statements. so far &8 applicable to the charitable company. These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. These financial statements have be¢n prepared in accordance with the provisions applicable lo charltable companies subject to the small companies regime. The financial statements were approved by the Board of Truste￿ and authorised for issu¢ on 21 May 2025 and were signed on its Ethalf by: Mrs S Barnes- Trustee Mr G E Le¢. Trustee The notes forni part of these financial statements Page 16 THE DAIGLEN SCHOOL TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operatlng aetivities C&sh g¢n¢rnted from operalions 259,869 574 Net cash provided byl(used in) operatlng activities 259 869 574 nows from illveséing 4ctivities Puwhase of tangible fixed assets Sale of tangible fixed &￿ts Interest received (14￿11} (34.927) 521 12 Nd us¢d in investing activiti¢5 li 28 399) Change In cash and eash equlvalents in tbe reporting period Cash alld cash eqllivalents at the beginning of the repDTting period 257,658 (28,973) 591 620 830 Cash *Dd eAsh equlvalents at the end of tbe reporting period 849,515 591.857 The note5 forni part of these financial statements Pag¢ 17 THE DAICLEN SCHOOL TRUST LIMITED NOTES TO THE CASH FLOW STATEMENr FOR THE YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATtNG ACTIVITIES 2024 2023 Net income for the reportlllg perlod {95 per the Ststement of Finallcial Activi¢ie5} Adjustments for: Depreciation charg£s Interest received Decreasel(increase) in debtors Increu¢ in ¢r¢ditors 96,770 1.771 45,771 (12,300) 114249 15 46.011 (6,007) {52,515) Net cash provided byJ(used in) oper8tions 259 869 574 ANALYSIS OF CHANCES JN NET FUNDS At 1/9123 C&8h flow At 3118n4 Net cash Cash at bank and in hand 591857 257 658 849 515 591857 Total 591857 257 658 849 515 The notes fonn part of these financial statements Page 18 THE DAIGLEN SCHOOL TRUST Lllm￿ED NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICILS- ¢ontinued Fund *ecounting Transfers are a150 made each year from genetal funds to designated fvnds to build up a property fund which is maintained at an amount equa] to the net book value of freehold property shown in the balance sheet. The purpose of this poli¢y is to reflect the fact that general funds have been used to fman¢¢ fr¢¢hold propety used for school purposes. A designaled bursary fund has been set-up to provide subsidised tuiti¢)n f¢¢s in tELe fonn of bursaries. Funds are transferred from general reserves to designated reserves &s allocated by the Trustees. Funds are utilised when bursaries are awarded. Restri¢ted fim¢l8 w only be wsed for particular r¢stri¢led purposes within the objects of the charity. R¢striclions arise when spectfied by the donor or when funds are raised for particular restricted purposes. Oper•¢ing leases R¢nlals payable under operating leases aff charged to the SOFA as incurred over the terni of the lease. Pension costs and otber post-Tetlrement benefits Th¢ Charitable ¢ompany opeTat¢s a defined contribution pension scheme. Contributions payable to the charitsble company's pension scheme are charged to the Statement of Financial Activities in the perlod to which they relale. The Charity participates in the Teachers, Pension defined beneftt scheme. Pension costs are assessed in accordance with actuarial advice, and based on the most r￿ent actuarial valuation of the schemo. These costs are accounted for on the basis of charging the cost of providing pensions over the period during which the ChaTity benefits from the employees, services. Irrecoverable vat Irrecoverable VAT is Charged against ihe calegory of resou￿¢5 ¢xp¢nded for which it was incurred. Trade and other d¢btor8 Trade and other debtors are recognised initially at transactton price (including transactton costs) unless a financing arrang¢m¢nt exists in which w¢ they are measured at the present value of future receipts discounted at market Tate. Subsequently these are m¢asured at atllortised cost less any provision for impairment. A provision for impairnienl of trade debtors is established when there is objective evidence ihat th¢ company will not be able to collect all amounts due according to Ihe original ternis of receivables. The amount of the provision is the differen¢e between the &8seVg carrying amount and the pr¢s¢nl valu¢ of estimated future cash flows, discount¢d at the effective interest rate. All movements in the level of provision requir¢d are recognised in the statement of financial activities. Tradt #nd other ¢reditor8 Trade and other creditors are classified as Current liabilities if payment is due within one yw or less. If noL they are presented a5 non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently rne&8ured at 8mortised cosl using the effective interest method. Page 19 continued... THE DAIGLEN SCHOOL TRUST LIMITED NOTES TO THK FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 AUGUST 2024 STMENT INCOME 2024 2023 Deposit account interest 12 6,007 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity School School School School fees Clubs & activities Other ancillary income 1,655,974 33,504 1,448.995 22.177 1693 178 1481718 CHARrrABLE ACTtvrTIES COSTS Direct Costs (see note 5) Support costs (see nol¢ 6) Totals School 1608 708 DIREcf COSTS OF CHARTfABLE ACTIVITIES 2024 2023 Staff costs Other operating leases Donations Other teaching costs Catering Premises costs Administration & finance costs Scholarship award Bad debts written off Depreciation 1,066,794 13,462 3,045 81,695 160,131 112,094 68,703 26,729 992.993 11,610 2,910 64,663 151.860 112,591 63,925 22,678 4.930 46.011 1578 424 1.474.171 Page 20 continued... THE DAIGLEN SCHOOL TRUST IJMrrED NOTES TO THE FINANCIAL STATEMENTS- ¢ontinu¢d FOR THE YEAR EL¥DED 31 AUGUST 2024 SUPPORT COSTS Governan¢e costs School NET INCOIIIEI(EXPENDITURE) Net iDcomel(exp¢nditure) is stated after Chargin￿(CredIting). 2024 2023 Audilors, remuneration Auditor5, remuDeration for non audit work Depreciation- owned assets Other oper&ling leases 8,000 2J55 45,772 13,462 8.000 1.224 46,012 TRUSTEES, REMUNERATION AIW BENKFITS There were no trustee5' remuneration or oth¢r b¢n¢fits for the year end¢d 31 Aug￿$¢ 2024 nor for the year ended 31 August 2023. Trustees, expellses There were no trustees, ¢xpenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. srAFF COSTS 2024 2023 Wagu and salaries Social se¢urity costs Other pension costs 835,264 83,168 148 788.923 77,041 l27 029 1,066,794 992.993 The average monthly number of employees during the year w&$ 8s follows: 2024 22 2023 22 Teaching Other 27 27 Page 21 continued.. THE DAIGLEN SCHOOL TRUST LIMTfED NOTES TO THE FINANCLIL STATEMENTS- continued FOR THE YEAR EIIDED 31 AUGUST 2024 STAFF COSTS- continued The number of employees whose employee beThefits (excluding employer pension costs) exceeded £60.000 was: 2024 2023 £80.001- £90,000 Included in higher paid staff the number to whom retirement b¢nefils are accruing und¢r ibe Teachers, Pension Schem¢ is l. Within Other pension costs the pension cosls relating to the defined benefit scheme ￿e £135.449 (2023: 115.351) and to the derm￿d contribution scherne are £12,913 (2023: £11,678). 10. COMPARATIVES FOR THE sfATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENDOWMEwfs IIROM Cbaritsble *divltie8 School 1,481,718 Investment income 6.007 Totsl 1487 725 EXPENDITURE ON Cboritable aetivities School .485 954 I¥ET INCOME 1,771 RECONCILIATiof4 OF FUNDS Tot￿ funds brought forward 966,024 TOTAL FUNDS CAIUiJED FORWARD 967 795 Page 22 continued... THE DAIGLEN SCHOOL TRUST LI￿￿ED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDED 31 AUGUST 2024 11. PENSION SCHEME The following financial note was issued by the Department for Educalion in OctobeT 2￿20. INrRODucfioN The T¢a¢h¢rs' Pension s￿￿Me (TPS or scheme) is a statylory, unfunded, defined benefit occupational scheme. gov¢rn¢d by the T¢aGhers' Pensions Regulatio])5 2010 (as ajnended), and the Teachers, Pension Scheme Regulations 2014 (as amended). These regulations apply to teachets in schiM)Is and other educational establishments. including academies, in England and Wales that are maintained by locai authorities. In addition. teachers in many independent and voluntary-aided schools and teachers and lecturer5 in some establishtnents of further and higheT education may be eligible for membership. Membership is automatic for full-lime t¢achers and l¢otureTS and, from l January 2007, automatic too for teachers and lec￿TerS in part-time employment following appointment or a change of contract. Teachers and lecturers are abl¢ to opt out of the TPS. THE TEACHERS, PEI¥4SION BUDGETING AND VALUATION AccouNr Although membeTS may be employed by varlous bodies, their retirement and other pension benefits are set out in regulations rllade undel the Superannualion Act (1972) and Public Scrvi¢¢ Pensions Act (2013) and are paid by public funds provided by Parli8rnent. The TPS is an unfunded scheme and members contribute on a'pay &5 you go 'basis - ¢ontributions from metnber5. along with those made by employers. credited io the Exchequer under arngemenls governed by the alx)ve Acts. The T¢a¢hers' Pensions Regulations 2010 require an annual accounL the Teacher3, Pension Budgeting and Valuation Account, to b¢ kept of r¢¢¢ipts and ¢xpenditure (including the cost of pension increases). From l April 2001. Ihe Account has been ¢redited with a real rate of return. which 15 equivalent to assuming that the balance in the Account is invested in notional investments that prOd￿e that real rats of return. VALUATION OF THE TEACHERS, PENSION SCHEME As a result of the latest scheme valuation employer Contributions were increased in September 2019 from a rate of 16.40/0 to 23.6Yv. Employers also pay & charge ¢quivalent to 0.08Yo of pensionable salary Costs to wver administration ¢xp¢nses. The next valuation is exF¢ted to tske effect in 2023. A copy of the latest valuation report can be found ty following this link io th¢ T¢acheTS' Pension Scheme website SCHEME CHANGES In December 2018. the Court of Appeal held that tr8llsiti0n￿ protection provisions contained in the reforn)ed judicial and firefighter pension schemes. introduced as part of public service pension refornjs in 2015, gave rise to direct age discrimination and wer¢ thefffore unlawful. The Supreme Cowl in a decision made in June 2019, rejected the Government's application for pern]ission to appeal the Court of Appeal's ruling and subsequently referred the c&8e lo an Employment Tribunal to deterniine a remedy which will need to be offered to those member5 of the two schernes who were subject of the age discrimination. Page 23 continued... THE DAIGLEN SCHOOL TRUST LIMfTED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ETr4DED 31 AUGUST 2024 11. PENSION SCHEME- Continued Since then. ¢laims have also been lodg¢d against the main publtc service s¢hemes includlng the TPS. The Department has conceded those in line with the rest of the government. In July 2020 HM Treasury launched a 12-week public consulialion whi¢h will provide evidence to support the delivery of an appropriate remedy for the affected s¢hem¢s, including TPS. A final remedy will be deternlined 0￿e the results of the consuliation aTe established. In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opposite-sex Ma￿tageS and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnership& The Secretary of State for Edu¢ation agreed not to defend the case. In June 2020. the Employment Tribunai recorded its findings in respect of lh¢ ¢laimanl. DtE is QU￿¢ntlY working io e￿ablish what chang¢s are necessary to address this discrimination. Any impact of these events will be taken into account when the next scheme valuation is implemented. This is scheduled lo be implernented An April 2023. based on April 2020 dat& 12. TANGIBLE FIXED ASSETS Improvements Freehold property Fixtures & fittlngs Computer equipment property Totals COST At I September 2023 Additio￿8 Disposals 779J78 62,S74 293,643 1,454 148,457 13.057 303 1,284.052 14,511 20 At 31 August 2024 779 55J54 295 097 161817 DEPRECIATION At I September 2023 Charg¢ for year Eliminated on disposal 355,274 13J88 58,661 1.953 20 174264 24,049 147J43 4,182 303 735.542 45.772 At 31 August 2024 370 862 198313 151828 NET BOOK VALUE At 31 August 2024 408,516 1,960 9,989 517 At 31 August 2023 119.379 548 510 Page 24 ftlinued... THE DAIGLEN SCHOOL TRUST IJMITKD NOTES TO THE FINANCIAL STATEMENTS- conllnued FOR THE YEAR EIYDED 31 AUGUST 2024 IJ. DEFfoiL8: AMoirTrrrs FALIJNG DUE WITHllY ONE YEAR 2024 2023 F¢es & extras Other debtors Prepayments and accrued income 343.402 455,898 390 10,429 353,831 468 079 14. CREDITOKS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other É Other creditors Fees & extras Fee deposits due wffithin l year Accrued expenses 2,734 17,098 28,937 514,763 4,000 .540 17.347 17.152 507.488 7.000 580 530 569 151 15. CREDrroRS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 F¢¢ deposits repayable 71.500 16. MOVEMENT IN FUNDS Net movement in funds Transfers bthv¢¢n funds At 3118124 At 119123 Unrestrlcted funds General fund Freehold proiw fund Major repairs fund Bursary fithd 343,692 424,103 150,000 139.087 (15,588) (2&729) 456.050 408,515 150,000 26,729 26,729 967 795 1064 56S TOTAL FUNDS 967 795 1064 565 Page 25 continued... THE DAIGLEN SCHOOL TRUST LIMfTED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 I& MOVEMENT IN FUNDS- continued Nei movement in f￿ds. included in the above are as follows: Incoming resources Resource5 expended Movement in funds Ullrestrlcted funds General fijnd Freehold property fund Bursary fund 1,705,478 (1,566J91) {15,588) 729 139,087 (15,588) 1705 478 1608 708 TOTAL FUNDS 1608 708 Comparativu for movement ID fuDds Net mov¢m¢nt in funds Transfers between At 3118123 At 119122 Unrestricted funds General fund Freehold property fund Major repairs fund Bursary fuThd 326,333 439,691 150,000 40,037 (15.588) (22,678) 343,692 424,103 150.000 50.000 967,795 TOTAL FUNDS 966,024 967,795 Comparative net movement in funds. included in th¢ aEK)v¢ are &8 follows: Incoming Resources expended Movement in funds Unrestrieted fund$ General fund Freehold propety fund Bursary fund 1,487,725 {1.447.688) (15.588) 22 678) 40,037 (15,588) (22.678) 1487 725 1485 954 TOTAL FUNDS Page 26 continued... THE DAIGLEY4 SCHOOL TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS- CODIiDued FOR THE YEAR Ef4DED 31 AUGUST 2024 16. MOVEMENT IN FUNDS- Colltlnued A current year 12 months and prior y¢ar 12 months combined position is as follow5: Net movement in funds Transfers between fiTThds At 3118124 At 119122 Unrestricted funds Genera] fund Freehold property fimd Major r¢pairs fund Bursary fund 326,333 439,691 150,000 179,124 (31,176) (49.407) 456.050 408,515 150,000 49 407) 49.407 966.024 98,541 TOTAL FUNDS 966 024 A current year 12 months and prior year 12 month5 combined nel movement in funds, included in the above are as follows.. Incoming R¢501]rws ¢xpended Movern¢nt in funds Unrestrlcted fullds Gen¢ral fimd Freehold property fimd Bursary fund 3,193.203 (3.014,079) (31.176) 49,407 179.124 (31.170 49.407 3.193.203 3 094 662 98.541 TOTAL FUI¥DS 98,541 17. RELATED PARTY DISCLOSURES There were no related party transactions for the y¢aT ¢nd¢d 31 August 2024. I& FRC ETHICAL SfANDARD- PROVISIONS AVAILABLE FOR SMALL EN[￿Ks In ¢ommon with many other charities of our siz£ and nature we use our auditors to &ssist with the preparation of the statutory financial statements, payroll and statutory services. 19. ULTIMATE coiYfROLLING PARTY The charity is under the control of the Trustees. Page 27 continued... THE DAIGLEN SCHOOL TRUST IJMrrED NOTES TO THE FINANCL4L STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 20. SHARE CAPITAL Under the charitable companys MemoTandum gnd Articles of Association the company does not have any share capitaL but in the event of winding up, Trustxs are required to contribu* an amount not exceeding £1. Page 28 THE DAIGLEN SCHOOL TRUST LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 INCOME AND KNI)OWMELYIS Invutm¢nt Income Deposit accoum interest 00 6.007 Ch4ritable activities School fees Clubs & activities Other ancillary income 1,655,974 33,504 1.448,995 22,177 1693 178 1.481,718 Totsl incoming resourc 1,705,478 1,487.725 EXPENDITURE C￿rStable activities Wages Social security PensioL8 Other opernting le&%es Donations Other teachtng costs Catering Premises costs Administration & finance ¢osts S¢holarship award Bad debts written off Depreciation of tangible fixed as5et5 835264 83.168 148J62 13,462 3,045 81,695 160,131 112,094 68,703 26,n9 788,923 77.041 127.Q29 11.610 2,910 64.663 151.860 112.591 63,925 22.678 4,930 46,011 45,771 1.578,424 1.474.171 Support costs GovernAn¢e ¢o$ts AuditOTS' remuneration Auditors, remuneration for non audit work Legal fees 8,000 2J55 8.000 1,224 2.559 30 11.783 Totsl resources expended 1608 708 1485 954 N¢t ID¢ome This page does not forni part of the statutory financial st8tements Page 29