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2023-08-31-accounts

Registered number: 01269507 Charity number: 273586

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the College, its Directors and advisers 1 - 2
Trustees' report 3 - 15
Independent auditors' report on the financial statements 16 - 19
Statement of financial activities 20
Balance sheet 21
Statement of cash flows 22
Notes to the financial statements 23 - 42

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COLLEGE, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Directors Andrew Grime, Chair of Governors1,2,3,4,5
Vanessa Brodie (appointed 29 June 2023)4
James Brown, Equality, Diversity & Inclusion Governor, Chair of the Pastoral &
Wellbeing Committee, GDPR Governor and Safeguarding Governor (appointed
13 January 2023)1,4
Emma Bunting, Chair of Finance & Bursaries Committee1
Paul Carter, Deputy Chair of Governors, Deputy Chair of Curriculum & Learning
Committee & EYFS Governor2
Fraser Crewe, Chair of Estates & Compliance Committee3
Jeremy Dussek, Deputy Chair of Pastoral & Wellbeing Committee and Prevent
Governor (resigned 1 December 2022)4
Sean Gardner, Chair of Pastoral & Wellbeing Committee, Safeguarding Governor,
Careers Governor and GDPR Governor (resigned 13 January 2023)2,4
James Goddard (appointed 29 June 2023)5
Roger Hoyle, Chair of Promotions & Communities Committee5
Tim Stanley, PSHE & RSE Governor1,5
Damian Stenhouse, Chair of Curriculum & Learning Committee, ECT, SEND and
MAGaT Governor2
Brian Wake, Company Secretary3

Derek Bunting, Noel Dutton and Jane Robinson are Foundation Governors who are entitled to atttend Directors' meetings but not to vote. Derek Bunting serves on the Finance & Bursaries Committee, Noel Dutton and Jane Robinson serve on the Estates & Compliance Committee.

Company registered
number 01269507
Charity registered
number 273586
Principal and Registered Saighton Grange
office Saighton
Chester
CH3 6EN

Page 1

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COLLEGE, ITS DIRECTORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Company secretary Brian Wake
Independent Auditors WR Partners
Chartered Accountants
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
Bankers National Westminster Bank
Union Street
Chester
CH1 1UA
Solicitors Jolliffe & Co
Exchange House
White Friars
Chester
CH1 1DP
Insurance Brokers Hettle Andrews
2 Brunswick Square
Birmingham
B1 2LP
Senior management C Jenkinson, Headteacher - Senior School
team M Hickey, Headteacher - Infants & Juniors
A Austin, Senior Deputy Headteacher
Michael Booth, Deputy Headteacher - Academic
Carole Houghton, Deputy Headteacher - Pastoral

Page 2

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their Annual report together with the audited financial statements of the Deeside House Educational Trust Limited for the year 1 September 2022 to 31 August 2023. The Annual report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The charitable company is established to promote and provide for the advancement of education. It has established Abbey Gate College, Chester (the College) to provide a first class education of high academic standard, with individual attention being given to each child. All pupils are encouraged to extend themselves to their full potential both academically and personally.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

Trustees, Governors, Senior Leaders, Staff, Parents and Pupils respectively and appropriately contribute to the on going review and implementation of the College’s Strategic Plan, which includes a dynamic Development Plan.

Our vision is to be the school of first choice in the area for families who seek a personalised, caring, and safe educational environment, with excellent curricular and co curricular provision, and a commitment to preserve, protect, and progress the world we all share.

In support of the College’s vision, our mission is, within our safe and caring community, that each one of our pupils will become the best that they can be, and have the self belief to go forward into this changeable world with courage and with compassion.

Page 3

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities (continued)

Since foundation, the College has always aimed to develop and nurture each individual pupil’s character, personal skills, and attitude around a robust core of academic excellence. This is clearly defined by our three, aspirational pillars:

All aspects of our curricular and co curricular programmes, as well as our continuing development and evolution as a school, aim to establish a strong foundation of life long resilience, compassion, and creativity, so that each pupil will become an adult with the self worth, purpose, and courage to thrive in a future world, which they will help to shape for the good of themselves and others.

Page 4

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

In the academic year of 2022-2023, headline developments included:

d. Main activities undertaken to further the College's purposes for the public benefit

The Directors maintain due regard to the Charity Commission’s revised guidance on public benefit.

The College provided a much valued education to 510 pupils during the year at no cost to the UK Treasury. Pupils are prepared for the opportunities, responsibilities, and experiences of later life. Fees are set at as low a level as possible, whilst ensuring the financial viability of and the ongoing investment in the College, and are consistent with our vision, mission, and aims.

Page 5

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities (continued)

Opportunities for the education of pupils whose parents cannot afford to pay full fees are provided through the bursary scheme. Parents benefited to the extent of £108,325 in respect of 19 pupils in the year. The College engaged the services of an external, specialist company to review and advise on all bursarial applications and help to ensure that the College’s practice and decisions are appropriately monitored and managed, with on going consideration of equality, diversity, and inclusion perspectives.

In the year, other fee awards, including scholarships, sibling and staff discounts (none of which are meanstested), amounted to £253,617.

Overall, this represents 35% of our students, who received some form of financial support and, thereby, a widening of access to our College.

The availability of bursary and other means tested awards are, and will continue to be, publicised on the College website and by other means. In assessing means a number of factors are taken into consideration including family income, investments, savings and family circumstances. However, as there are no endowment funds in making awards, the Board have to be mindful to ensure a balance between fee paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards. One important part of the work of the Promotions & Communities Committee has been to help raise non fee income to provide an enhanced and equitable bursary provision.

Page 6

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities (continued)

Strategic report

Achievements and performance

a. Financial achievements of the College

The Statement of Financial Activities for the year ended 31 August 2023, which forms part of the financial statements that follows this report, shows a surplus of £176,594. The corresponding surplus for the previous year was £149,629. The inflationary increase in fees as from 1 September 2022 was 3.3% resulting in gross fees for the year of £6,647,105 (2022: £6,344,011).

The net cash inflow from operating activities was £330,477 (2022: £652,497). The net inflow, which is fully explained in the Statement of Cash Flows on page 22, is principally the result of the surplus for the year and additional fees received in advance. Payments to acquire tangible fixed assets were £119,835 (2022: £252,673). Cash at bank decreased from £3,639,768 at 31 August 2022 to £3,357,978 at 31 August 2023, however this includes repayment of £525,000 of a Government backed Covid Interruption Business Loan (CIBL) taken out in 2020/21 which was repaid during the year.

Net current assets at 31 August 2022 of £1,363,534 decreased slightly to £1,210,789 at 31 August 2023 as a result of movement in Cash at bank.

In order to be satisfied that the charitable company has adequate finance facilities to meet its obligations as they fall due and particularly when considering a project involving substantial expenditure, the Directors review detailed budgets and cash flow forecasts and regularly monitor progress against these forecasts. Forecasts are based on the number of pupils and staff in the College at commencement of the current academic year adjusted, when appropriate, to take account of significant changes as and when they happen.

As a charity, parents have the assurance that all the income of the College must be applied for educational purposes. Tax exemption, but not exemption from VAT, is available on educational activities and on investment income and gains provided these are applied for charitable purposes. In addition, a reduction in business rates on property occupied for charitable purposes is available. The financial benefits received from these tax exemptions are all applied for educational purposes and indirectly help to reduce fees and provide bursaries.

b. Review of activities

Pupil Numbers & Fees

Educational activities across a broad range of areas were carried out at the Infant and Junior School at Aldford and at the Senior School at Saighton from ages 4 to 18. The average pupil roll for the year was 510. Year 7 intake for September 2022 was around 60 and 40 in the Lower Sixth/Year 12.

The Board considers detailed budgets at their meeting in March of each year and set the fees for the forthcoming academic year at the lowest level they consider necessary to meet the running costs of the College and provide a modest surplus to enable the continued development of the facilities. In addition, parents are encouraged to contribute, by way of annual donations of £250 towards the Bursary Fund.

Page 7

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Strategic report (continued)

Achievements and performance (continued)

Inspection

A Regulatory Compliance Inspection was carried out by the Independent Schools Inspectorate (ISI) in February 2018.

An Educational Quality Inspection, including a Focused Compliance Inspection, was also carried out by the Independent Schools Inspectorate in April 2022.

Copies of the respective reports are in the public domain and also available on the College’s website at https://abbeygatecollege.co.uk.

In the most recent report, inspectors agreed that: “The school is successful in meeting its aim to enable pupils to have the self-confidence to go forward into the changeable world with courage and compassion."

Page 8

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Strategic report (continued)

Achievements and performance (continued)

Academic & Other Achievements

Headline achievements shifted, as they did for all schools nationally with the adjusted grade boundaries. However, value-added at GCSE and A level remains positive and strong, evidencing excellent progress for students at an individual level.

Page 9

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Strategic report (continued)

Achievements and performance (continued)

Additionally, a small selection (among many) of other highlights included:

Page 10

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Strategic report (continued)

Achievements and performance (continued)

c. Factors relevant to achieve objectives

Additional to activities undertaken to achieve objectives, parental surveys confirmed a 90% overall level of approval, including the following areas for appreciation:

Similarly, student surveys confirmed a 90% overall recommendation, with the following areas of appreciation:

Page 11

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

Strategic report (continued)

Achievements and performance (continued)

d. Investment policy and performance

The Charity has no endowment funds and, as the Board policy is to invest all surplus financial resources in improvements to the infrastructure of the College, there are no significant amounts available for investment. Surplus cash is placed with deposit taking institutions for short periods to maximise interest income.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The charity has total funds at 31 August 2023 of £6,370,553 (2022: £6,193,959) of which unrestricted funds are £6,277,933 (2022: £6,180,226) and restricted funds £92,620 (2022: £13,733). Of the unrestricted funds, £150,000 (2022: £189,915) have been designated to a Capital Fund. Tangible fixed assets are £5,444,009 (2022: £5,533,315) thereby resulting in positive free reserves of £683,924 (2022: £456,996).

It is the policy of the Board to invest all available resources in the development of the learning and teaching facilities at Abbey Gate College while exercising prudent financial management having regard to the future needs of the College.

c. Principal risks and uncertainties

The Directors are responsible for the management of the risks faced by the charitable company. They identify risks and assess the impact and establish controls to minimise the effect of major risks. A formal process of review of the risks is undertaken on an on-going and no less than annual basis, with a full Risk Register maintained by the College and the Board of Governors.

Page 12

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management

a. Constitution

Deeside House Educational Trust Limited is registered as a charitable company limited by guarantee with charity number 273586 and was set up by a Memorandum of Association dated 29 February 2012.

The principal objects of the charitable company as set out in its Articles are to promote and provide for the advancement of education and, in connection therewith, to carry on any school for the education of children of either sex. The charitable company carries on its activities through Abbey Gate College.

b. Methods of appointment or election of Trustees

The members of the charitable company appoint the Board of Directors. The Board of Directors is the Governing Body of the College and the Trustee Board of the charitable company. Board members receive no remuneration for their services as Trustees, Directors or Governors. They are legally responsible as charity Trustees, and as Directors and Governors, for the overall management and control of the charitable company and its educational establishment Abbey Gate College. The Board operates under agreed Terms of Reference and are required to confirm at each Board meeting whether or not they have any conflict of interest.

The Board meets at least once each academic term to review and approve the management affairs of the College and the Head Teacher and Finance Manager are invited to, and report at, these meetings. In addition, the Board meets as necessary without the Head Teacher and Finance Manager being present to review the affairs of the charity that do not impact directly on the College. Such matters relate principally to the succession of Board members and members of the charitable company.

The Board strives to maintain a broad range of skills within its membership and anyone expressing an interest in joining may be invited to do so by the Board. Recruitment to the Board is from within the membership of the charitable company and often follows an invitation to serve on one of the committees of the Board which enables individuals to offer advice in their particular field.

c. Policies adopted for the induction and training of Trustees

An induction programme operates which involves familiarisation of new members with the organisation of the College and its affairs, clarifying their individual responsibilities, safeguarding induction and training, and ongoing attendance at appropriate external training sessions and conferences dependent on the needs identified.

d. Pay policy for senior staff

The key management personnel of the charitable company comprise the Directors and the Head Teacher. The Directors meet once a year to review salary benchmarking information relating to this position and set salary and benefit packages accordingly.

Page 13

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management (continued)

e. Organisational structure and decision making

The Board appoints a Head Teacher who is responsible for the overall leadership, management and day to day running of the College and is supported by Leadership Teams of senior and middle leaders.

5 sub-committees operate within the governing structure:

1) Curriculum & Learning 2) Pastoral & Wellbeing 3) Finance & Bursaries 4) Promotions & Communities 5) Estates & Compliance

Specific Terms of Reference exist for each sub-committee along with a regular routine of reporting to the Board each term.

f. Financial risk management

The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The Directors are mindful of the prevailing economic conditions and have set a revenue budget and capital expenditure plans for the year to 31 August 2024 based on tight financial management with associated fees at as low a level is considered prudent after considering the needs of the College. Significant investment in new facilities will only be undertaken when resources permit.

Funds held as custodian

No assets are held as custodian trustees.

Page 14

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED (A company limited by guarant￿) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 Statsmont ¢f Tru$ts8' rn8pon$lbllttl•$ The Trustèes (who are also the directors of the Cole for the purrx%os of company lawl are responsibl8 for preparing the Truslee5' report including the Strategic re￿rt and the financial statements in accordance with applicable law and Unrte(l Kingdom Accounts"ng Standards {United Kingdom Generally Accopted Accounting Practice). Company law requires the Trustses lo prepare finanual stslements for each financial . Under company law, Ihe Trustoos musl not approve the financial slalements unless Ihey ar6 sallsfièd that they give a true and fair view of the state of affairs of th8 Collgge and of ils incoming resources atvj applicatlon of re50ur¢es, induding ils income and eXper￿ltUre. for that period. In pr8paring thgse financial statements, the Trustees are requlred lo: select suitable accounting poliues and then apply Ihem consistently; observe the methods and principles of the Charities SORP IFRS 1021.. make Sudgments and accounting 6slimale5 that are reasonable and prudent.. $iate whethgr applicable UK Accounting Slandards IFRS 1021 have been fdlowed. sublacl lo any material departures disclos8d and oxplaingd in Ihe financial stalemenls., prepare the financial slalemenls on the going concem basis unloss il 1$ in8ppropriatO to prgsumo that the Colloge will conb'nue in business. The Trusteès are responsible for keeping adequate acLounling rocoT(l$ thal are sufficignt to show and gxplain the College's transact￿n6 and discthe with reasonable accuracy al any lime the financial posrtion of th8 College and 9nable thgm to ensure thal the flnanclal slalements comply with the Companies Act 2006. They are also rg¥ponsiblg for safeguarding the assets of the and h8nc8 for taklng reasonable steps for the prevention and detection ol Iraud and other irregularities. Dl8closur• ol Inlorniatlon to audltor• Each of the Parsons who arn Tn￿￿oS at ￿ timg whon thls Truslees. Igport Is appmved has confirmed that.. so far as that Tru81èè18 aware. thère Is M relevant audll inlonnalion of the chartvs auditors are unaware, and tlial Trust¥¥ Ilas tak¥ri all It￿ 3Wy¥ Uwl uuylbl lu liyv¥ Lwi l¥k¥ri ab a Tw¥tJo lil ur(l¥r Iv b¥ uf any relevant audit information and lo establish thal th8 chariiY$ ouditors arg owarg of that inl0m18tion. Audltor The 8Utlilor8, WR Partnèrs, have indicated their wAllingness to continue in office. The d8signal8d Trusteas will propose a mollon reappointlng the auditors al 8 meeting of the Trustees. Approved by order of the members of the board of Trust88s signad on thair beh81f by: Emm• Bunting Director Date". 7 December 2023 Pa9e 15

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

Opinion

We have audited the financial statements of Deeside House Educational Trust Limited (the 'college') for the year ended 31 August 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 16

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEESIDE HOUSE EDUCATIONAL TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 17

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEESIDE HOUSE EDUCATIONAL TRUST LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are those which relate to the reporting framework (The Charity SORP 2019), the relevant tax compliance regulations and the General Data Protection Regulation (GDPR).

We understood how the charitable company complies with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non-compliance that might have a material impact on the financial statements.

We reviewed the susceptibility of the charitable company’s financial statements to material misstatement including how fraud may occur by meeting with key management to understand where they considered there was a susceptibly to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant estimates used in preparing the financial statements.

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

Page 18

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEESIDE HOUSE EDUCATIONAL TRUST LIMITED (CONTINUED)

We reviewed the charitable company’s regulatory environment to ensure we could conclude that it had acted in accordance with the framework relevant to the charitable company and its environment and identify and instances of non-compliance. We also assessed the charitable company’s internal control procedures to ensure we could appropriately scrutinise these controls and establish whether our understanding of the control environment was sufficient to supplement our additional testing procedures.

The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and charity awareness to carry out our work to the required standard.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our 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 has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Malpass BA FCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG 11 December 2023

Page 19

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
7
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
18		 Restricted
funds
2023
£
114,390
-
-
114,390
35,503
35,503
78,887
13,733
78,887
92,620		 Unrestricted
funds
2023
£
-
7,231,760
32,568
7,264,328
7,166,621
7,166,621
97,707
6,180,226
97,707
6,277,933		 Total
funds
2023
£
114,390
7,231,760
32,568
7,378,718
7,202,124
7,202,124
176,594
6,193,959
176,594
6,370,553		 Total
funds
2022
£
26,255
6,711,659
1,410
6,739,324
6,589,695
6,589,695
149,629
6,044,330
149,629
6,193,959

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 42 form part of these financial statements.

Page 20

DEESIDE HOUSE EDUCATIONAL TRUST UMITED IA ¢ornpany limited by guarant••) REGISTERED IIUMBER: 01269507 BALANCE SHEET AS AT 31 AUGUST 2023 20L3 2022 Not• Flx•d as8•ts Tangible assets 12 S,44I009 5.533,315 5.444.009 5,533,315 Currnnt a¥••t• Stocks Debtors Cash al bank and in hand 13 14 12.459 225,253 3,357.978 220.465 3.639, T68 3,595.690 3,860,233 Creditors.. amounts falling due within one year 16 12,384.9011 (2,496.699) N•t ¢uminl a4s•ts 1,210,789 1,363,534 Total a•s•t• l••• curr•nt Ilabllltle• 6¥798 6,896,849 Credilor5'. amounts fdling due after more than one year 17 {284.245) fT02,890) Total n•t a•••ts 6,370.553 6, 193,959 Charlty funds Restricted funds Unre6trieted lund8 18 18 91620 6.277,933 13,T33 6, 180.226 Total lundg 6.370,553 6,193,959 The Trustees ad{r￿edge their responsibilities for complying wlth the requ1￿ments of the Act with respect to accountlng records and preparation of finanaal statements. The financial slatsm8nts wgro approved and aulI￿se￿ for i88u8 by thè Trustees arbd signed on their behalf by.. Ernma Bunting Director Date: 7 D¥ixmber 2023 The notes on pages 23 to 42 fomi part of th8se finawal ststements. Page 21

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

Note
Cash flows from operating activities
Net cash used in operating activities
20
Cash flows from investing activities
Capital expenditure
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Bank investment interest received
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
21		 2023
£
330,477
(119,835)
(119,835)
(525,000)
32,568
(492,432)
(281,790)
3,639,768
3,357,978		 2022
£
652,497
(252,673)
(252,673)
(75,000)
1,410
(73,590)
326,234
3,313,534
3,639,768

The notes on pages 23 to 42 form part of these financial statements

Page 22

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. General information

Deeside House Educational Trust Limited is a charitable company, limited by guarantee and incorporated in England and Wales. The members of the charity are the trustees named on page 1 of these accounts. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £20 per member of the charitable company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the second edition of the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

2.2 Going concern

After making enquires, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

2.3 Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charitable company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charitable company, can be reliably measured.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the charitable company's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charitable company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Page 23

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.3 Income (continued)

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements.

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

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The College is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the College is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 24

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

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

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the College anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.12 Financial instruments

The College only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 25

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.13 Operating leases

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

2.14 Pensions

The College contributes to personal pension plans for non-teaching staff. Contributions to pension schemes are charged to expenditure as they become payable in accordance with the rules of the schemes.

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

2.15 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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

Investment income, gains and losses are allocated to the appropriate fund.

2.16 Prepaid Fees Scheme

The College operates a prepaid fees scheme and parents may, subject to contractual terms and conditions, pay to the College tuition fees in advance. The money may be returned subject to specific conditions.

Page 26

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. Critical accounting estimates and areas of judgment

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

Critical accounting estimates and assumptions:

The College makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

4. Income from donations and legacies

Restricted
funds
2023
£
Donations
114,390
Total 2022
26,255
Income from charitable activities
Unrestricted
funds
2023
£
Teaching
7,231,760
Total 2023
7,231,760
Total 2022
6,711,659		 Total
funds
2023
£
114,390
26,255
Total
funds
2023
£
7,231,760
7,231,760
6,711,659		 Total
funds
2022
£
26,255
Total
funds
2022
£
6,711,659
6,711,659
  1. Income from charitable activities

Page 27

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

  1. Analysis of income from charitable activities by type of income
Gross fees receivable
Less: scholarships, bursaries and other
discounts
Other income from charitable activity
Donations
Total 2023
Total 2022
7.
Investment income
Other investment income
Total 2023
Total 2022		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
6,647,105
-
(382,961)
-
859,291
114,390
-
114,390
7,123,435
26,255
6,711,659
Unrestricted
funds
2023
£
32,568
32,568
1,410		 Total
funds
2023
£
6,647,105
(382,961)
859,291
114,390
7,237,825
6,737,914
Total
funds
2023
£
32,568
32,568
1,410		 Total
funds
2022
£
6,344,011
(262,425)
630,073
26,255
6,737,914
Total
funds
2022
£
1,410
1,410

Page 28

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. Analysis of expenditure on charitable activities

Summary by fund type

Teaching
Catering Costs
Bus costs
Premises
Support costs of schooling
Governance
Total 2023
Total 2022
Summary by expenditure type		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
4,287,634
-
488,346
-
305,872
-
879,520
35,503
1,185,609
-
19,640
35,503
7,166,621
57,045
6,532,650		 Total
2023
£
4,287,634
488,346
305,872
879,520
1,221,112
19,640
7,202,124
6,589,695		 Total
2022
£
3,964,643
402,989
211,403
815,906
1,173,211
21,543
6,589,695
Teaching
Catering Costs
Bus costs
Premises
Support costs of schooling
Governance
Total 2023
Total 2022		 Staff costs
2023
£
4,101,258
-
-
224,531
544,807
-
4,870,596
4,386,945		 Depreciatio
n
2023
Other costs
2023
£
£
45,672
140,704
20,643
467,703
-
305,872
134,858
520,131
7,968
668,337
-
19,640
209,141
2,122,387
208,939
1,993,811		 Total
2023
£
4,287,634
488,346
305,872
879,520
1,221,112
19,640
7,202,124
6,589,695		 Total
2022
£
3,964,643
402,989
211,403
815,906
1,173,211
21,543
6,589,695

Page 29

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9. Net Income/(Expenditure)

This is stated after charging:

Depreciation of tangible fixed assets:
- owned by the charity
Operating Lease Charges
Auditors Remuneration
Other Services		 2023
£
209,141
122,753
13,050
1,900
346,844		 2022
£
208,938
114,851
11,700
1,800
337,289

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
3,802,310
386,840
681,446
4,870,596		 2022
£
3,403,377
355,286
628,282
4,386,945

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

Teaching Staff
Support Staff		 2023
No.
87
26
113		 2022
No.
81
28
109

Page 30

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. Staff costs (continued)

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

2023 2022
No. No.
In the band £60,001 - £70,000 4 2
In the band £70,001 - £80,000 - 1
In the band £90,001 - £100,000 1 -

Key management personnel received remuneration during the year of £466,720 (2022: £337,401)

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 August 2023, expenses totalling £182 were reimbursed or paid directly to 1 Trustee (2022 - £823 to 2 Trustees). The expenditure related to travel expenses.

Page 31

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Tangible fixed assets

Cost or valuation
At 1 September 2022
Additions
Disposals
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
On disposals
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022
13.
Stocks
Finished goods and goods for resale		 Long-term
leasehold
property
£
5,283,894
4,392
-
5,288,286
290,884
40,836
-
331,720
4,956,566
4,993,010		 Motor
vehicles
£
105,997
-
-
105,997
96,430
3,188
-
99,618
6,379
9,567		 Fixtures and
fittings
£
2,415,878
115,443
(343,607)
2,187,714
1,885,140
165,117
(343,607)
1,706,650
481,064
530,738
2023
£
12,459		 Total
£
7,805,769
119,835
(343,607)
7,581,997
2,272,454
209,141
(343,607)
2,137,988
5,444,009
5,533,315
2022
£
-

Page 32

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
47,647
4,344
173,262
225,253		 2022
£
132,322
7,610
80,533
220,465

15. Cash at Bank

Various society, sports and similar clubs maintain bank accounts which are administered by the College.

The balance on these various bank accounts is included within cash in bank at 31 August 2023, and within creditors; amounts falling due within one year, is £23,094 (2022: £34,061). The income paid into these accounts in the year to 31 August 2023 of £9,771 (2022: £7,827) is not income of the College and is therefore not included in incoming resources within the Statement of Financial Activities. The expenditure from these accounts was £20,738 (2022: £1,194) in the year.

16. Creditors: Amounts falling due within one year

Bank loans
Fees in advance
Trade creditors
Advance fee contracts
Repayable deposits
Other taxation and social security
Other creditors
Accruals and deferred income		 2023
£
-
1,692,318
155,356
34,718
118,315
91,540
153,471
139,183
2,384,901		 2022
£
150,000
1,317,745
120,492
37,990
18,000
263,616
405,676
183,180
2,496,699

Page 33

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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

Bank loans
Repayable deposits
Advance fee contracts		 2023
£
-
231,935
52,310
284,245		 2022
£
375,000
303,415
24,475
702,890

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

Advance Fee Contracts

Certain parents have entered into contracts to discharge, under certain conditions, the equivalent of up to severn years' tuition fees in advance. Amounts received from advanced fee contracts are included in cash at bank and are dealt with as unrestricted funds. Assuming the pupils concerned remain in College for the expected academic years, advance fees will be applied to fee income as follows:

Movements in the year were:

Balance at 1 September 2022
Amounts received in the year
Amounts utilised in the period in settlement of fees
Balance at August 31 2023		 2023
£
62,465
57,711
(33,147)
87,029		 2022
£
131,125
-
(68,660)
62,465

Page 34

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Repayable Deposits

Deposits are taken when pupils commence their education at the College and are repaid when the pupils leave. Hence, the College recognises the asset and the liability in the balance sheet. Assuming the pupils remain in the College for the expected academic years the deposits will be repaid as follows:

Amounts repayable within one year
Amounts repayable between 1 to 5 years
Amounts repayable after 5 years		 2023
£
118,315
94,100
137,835
350,250		 2022
£
18,000
74,000
229,415
321,415

Page 35

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. Statement of funds

Statement of funds - current year

Statement of funds - current year
Balance at 1
September
2022
£
Unrestricted funds
Designated funds
Bursary fund
39,915
Capital fund
150,000
189,915
General funds
General Funds - all funds
5,990,311
Total Unrestricted funds
6,180,226
Restricted funds
Restricted Funds - all funds
13,733
Capital Expenditure
-
13,733
Total of funds
6,193,959		 Income
£
Expenditure
£
-
(81,584)
-
-
-
(81,584)
7,264,328
(7,085,037)
7,264,328
(7,166,621)
26,741
(26,741)
87,649
(8,762)
114,390
(35,503)
7,378,718
(7,202,124)		 Transfers
in/out
£
41,669
-
41,669
(41,669)
-
-
-
-
-		 Balance at
31 August
2023
£
-
150,000
150,000
6,127,933
6,277,933
13,733
78,887
92,620
6,370,553

Page 36

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. Statement of funds (continued)

Designated funds

Bursary fund - Over the last 40 years the provision of bursary places has transformed lives, enabling pupils from all backgrounds to follow their dreams and become the person they want to be. The Abbey Gate College Bursary Fund provides children with the opportunity to realise their individual potential through an outstanding education, regardless of financial circumstances.

Capital fund - The Capital Fund was established in 2021 and has been set up to fund capital purchases and developments over the next 5 years. The college are looking to improve the school facilities in order to enhance the learning of pupils. Proposed projects include enhancing the refectory at the senior school, improving the sixth form provision and extending the science laboratories.

During the year £81,584 (2022:£10,085) was expended in relation to the Bursary Fund.

Restricted funds

Restricted income includes donations received during the year of £26,741 (2022: £26,255) for the development of teaching facilities and bursaries. £26,741 (2022: £57,045) was utilised during the year to support pupils through the bursary scheme. The restricted fund balance for teaching facilities and bursaries is £nil (2022:£nil).

£nil (2022:£nil) of the restricted donation received in 2014/15 for visits to the Royal Philharmonic was expended, with £3,800 remaining of the original £10,000 donation. The restricted fund also includes £9,933 for a variety of purposes.

Page 37

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18.
Statement of funds (continued)
Statement of funds - prior year
Unrestricted funds
Designated funds
Bursary fund
Capital fund
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Restricted Funds - all funds
Total of funds		 Balance at
1 September
2021
£
50,000
150,000
200,000
5,799,807
5,999,807
44,523
6,044,330		 Income
£
-
-
-
6,713,069
6,713,069
26,255
6,739,324		 Expenditure
£
(10,085)
-
(10,085)
(6,522,565)
(6,532,650)
(57,045)
(6,589,695)		 Balance at
31 August
2022
£
39,915
150,000
189,915
5,990,311
6,180,226
13,733
6,193,959

Page 38

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Difference
Total
Analysis of net assets between funds - prior year
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
5,444,009
101,382
3,494,308
-
(2,284,586)
-
(384,560)
(8,762)
8,762
92,620
6,277,933
Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
5,533,315
13,733
3,846,500
-
(2,496,699)
-
(702,890)
13,733
6,180,226		 Total
funds
2023
£
5,444,009
3,595,690
(2,284,586)
(384,560)
-
6,370,553
Total
funds
2022
£
5,533,315
3,860,233
(2,496,699)
(702,890)
6,193,959

Page 39

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest income
Decrease in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
21.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
22.
Analysis of changes in net debt
At 1
September
2022
£
Cash at bank and in hand
3,639,768
Debt due within 1 year
(593,666)
Debt due after 1 year
(678,415)
2,367,687		 2023
£
176,594
209,141
(32,568)
-
(17,247)
(5,443)
330,477
2023
£
3,357,978
3,357,978
Cash flows
£
(281,790)
558,948
446,480
723,638		 2022
£
149,629
208,938
(1,410)
8,244
(18,854)
305,950
652,497
2022
£
3,639,768
3,639,768
At 31
August
2023
£
3,357,978
(34,718)
(231,935)
3,091,325

Page 40

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

23. Pension commitments

Pension Arrangements

The College offers membership of defined contribution "Stakeholder" schemes to non-teaching staff. The contributions to these schemes for the year to 31 August 2023 were £39,065 (2022: £32,603) and the amounts payable at 31 August 2023 was £7,358 (2022: £21,264).

Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The Teachers' Pension Budgeting and Valuation Account

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

The next valuation result is due to be implemented from 1 April 2024.

The pension costs paid to TPS in the year amounted to £644,599 (2022: £595,547) and the amounts payable at 31 August 2022 was £74,894 (2022: £280,107).

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx).

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The College has accounted for its contributions to the scheme as if it were a defined contribution scheme. The College has set out above the information available on the scheme.

Page 41

DEESIDE HOUSE EDUCATIONAL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

24. Operating lease commitments

At 31 August 2023 the College had commitments to make future minimum lease payments under noncancellable operating leases as follows:


cancellable operating leases as follows:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2023
£
149,593
384,495
801,750
1,335,838		 2022
£
153,039
463,938
881,925
1,498,902

The following lease payments have been recognised as an expense in the Statement of financial activities:

2023 2022
£ £
Operating lease rentals 122,753 114,851

25. Related party transactions

During the year, reimbursement of Directors expenses amounted to £182 relating to one director (2022: £823 relating to 2 Directors) in relation to travel and subsistence.

During the year, two children of two Directors and two grandchildren of one other Director attended the college (2022: one child of one Director and four grandchildren of three other Directors). Fee discounts are awarded on the same basis as available to other parents.

26. Controlling party

The College, having no share capital, is under the control of the Board of Directors, who are also the Trustees of the College.

Page 42