**REGISTERED COMPANY NUMBER: 01459291 (England and Wales) REGISTERED CHARITY NUMBER: 279265**
**Report of the Trustees and Financial Statements**
**for the Year Ended 31 August 2024**
**for**
**THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
Sexty & Co Chartered Certified Accountants 124 Thorpe Road Norwich Norfolk NR1 1RS
**THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Contents of the Financial Statements for the year ended 31 August 2024**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 6|
|**Independent Examiner’s Report**|7|
|**Statement of Financial Activities**|8|
|**Balance Sheet**|9|
|**Cash Flow Statement**|10|
|**Notes to the Cash Flow Statement**|11|
|**Notes to the Financial Statements**|12 to 19|
**Report of the Trustees (incorporating the directors’ report) for the year ended 31 August 2024**
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
The Governors of The Old School Henstead Educational Trust Limited present their annual report and accounts for the year ended 31 August 2024 and confirm they comply with the requirements of the Charities Act 2011, the trust deed, and the Charities SORP (FRS 102).
## **AIMS**
The organisation is a charitable company limited by guarantee, incorporated on 6 November 1979 and registered as a charity on 22 January 1980. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association which included the regulations for appointment of trustees. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
The objects of the School are the advancement of education (including social and physical training) of boys and girls. The School aims to provide a first-class education to boys and girls from the ages of 2[1�2] to 11 and seeks to provide a structured educational environment that develops pupils’ capabilities, competencies and skills. It promotes the academic, moral and physical development of all pupils through its academic curriculum, pastoral care, sporting and other activities. It provides an educational environment where each student can develop and fulfil his or her potential, building self-confidence and inculcating a desire to contribute to the wider community. In so doing, it prepares pupils for the opportunities, responsibilities and experiences of later life.
## **OBJECTIVES**
The School’s objectives are set to reflect the educational aims and Christian ethos of the School. It is important to the School that it maintains and enhances the academic success of the School. This objective is, however, set in the context of the broader goals set for the School and its pupils. In setting objectives and planning activities, the Governors have given careful consideration to the Charity Commission’s public benefit guidance.
The key objectives for the year included:
- to embed and broaden the academic curriculum
- to maintain and enhance the fabric and resources of the School
- to enhance and improve the co-curricular provision for pupils
- to continue to develop the first-class pastoral care provided for pupils
- to increase pupil numbers
- to generate sufficient surplus to provide continuing support of pupils already in receipt of fee assistance through bursaries and to extend this provision to those who would not otherwise benefit from an Old School Henstead education
- to develop the programme of co-operation and joint working with local state junior schools
- to play a part in the life of our local community through our community access and service programmes.
## **Review of activities, achievements, and performance**
The Headmaster retired at Christmas 2023 and the Deputy Head (Ms. Clifton) was appointed as interim Head. Ms Clifton has risen well to the challenge, introducing several successful initiatives, including Open School Days, and Grandparent Days, expanding the Early Years provision, marketing and advertising campaigns and building strong links with parents.
## **Pupil numbers and fees**
The number of pupils at our School reduced in the year, as a result of the economic impact of COVID-19 and inflation on businesses and family finances, as well as political uncertainty. Renewed efforts have been put into marketing the school through the work of a committee of experienced staff and the addition of appropriate Governors onto the Board.
1
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Report of the Trustees (incorporating the directors’ report) for the year ended 31 August 2024**
However, visits by prospective parents are now rising again in number and demand for places in Nursery remains strong. Applications for places from birth are now becoming a trend in the registration process and this interest has been further enhanced by a glowing endorsement from the Independent School Inspectors.
Fee increases this year were 3%. Fees were £2,533 per term (Reception) and upwards to £3,640 per term for Year 6. Nursery fees were calculated on a full-day rate of £50.50 or 3 hour part-day rate £24.20.
The School participates in Suffolk County Council’s Early Years Funding scheme, offering up to 15 hours a week to eligible children under 5 years old.
## **Academic**
In October 2019 the School curriculum was deemed sufficiently broad and balanced to permit continuing accreditation to membership of the Independent Association of Preparatory Schools (IAPS), following a successful inspection by the Independent Schools Inspectorate, and this was further endorsed by another successful Inspection in 2024.
Outdoor Education continues to be an integral part of the curriculum. Academic results again showed improvement with assessment results being the best achieved by the School to date. The curriculum also includes the development of the whole individual, including the ‘soft skills’ of self-presentation, public speaking, team working, coaching and mentoring of others and social skills. The co-curricular activities are significant for being the main avenue for developing these strengths where the personal interests of pupils are combined with the opportunities to develop these soft skills. Within the classroom the curriculum is used creatively to draw out these skills. The majority of pupils achieved above National Curriculum level in Mathematics and English.
## **Co-curricular activities:**
## **Music**
All pupils learn at least one musical instrument, with about one-third of pupils learning at least one additional musical instrument. All Upper School pupils take part in the Senior Choir and the Junior Choir has timetabled rehearsals.
## **Drama**
All pupils take part in Drama productions. This year’s staged performances included the Nursery and Lower School Nativity productions and involved all age groups, as did the Summer Shows. Other concerts took place during the academic year, with several raising funds for other charities. All pupils take part in Drama lessons in Years 4 and 5. LAMDA lessons continue to enjoy success in examinations.
## **Charities and Public Benefit**
The School continues with fundraising for several national and local charities, including Waveney Food Bank, Children in Need, Comic Relief (Red Nose Appeal) and Jeans for Genes. These activities also advance our broader educational aims and have an undoubted benefit when pupils take their place in the working environment by developing their social and ‘softer’ skills. The School will continue to liaise closely with such organisations so that the programme continues to meet the needs of those who participate and to deliver success and many other benefits, both to pupils and those who benefit from their efforts.
## **The Parent Teacher Friends Association (the PTFA)**
The fundraising activities of the PTFA have included a Christmas Fayre, Bonfire and Firework Night and Summer Fayre and the Head has organised regular informal meetings with Parents to discuss any issues of concern.
2
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Report of the Trustees (incorporating the directors’ report) for the year ended 31 August 2024**
## **FUTURE PLANS**
The Governors intend to continue their current strategies of maintaining the School’s position in a competitive market by investing to provide high-quality education for pupils. Achieving a high standard of academic results is a constant aim, whilst maintaining the breadth and depth of the education provided.
The Head and senior staff continue to review the curriculum to ensure that the educational qualifications remain appropriate for pupils’ development.
Future plans are financed primarily from fee income and from reserves. The Governors continue to maintain an equitable balance ensuring current pupils benefit whilst, at the same time, ensuring a sound infrastructure and financial base are preserved for the next generation of pupils in the same way as current pupils benefit today from the investment made in the past. A falling pupil roll has necessitated some reduction in staff but this has been achieved by natural wastage and adjustments to the curriculum.
The Governors intend to build on the success of the school. Maintaining and, where necessary, developing the fabric and facilities of the School are central to the School’s strategy. Plans are primarily focused on the extension of the Nursery and Early Years provision.
## **OUR FINANCES**
A rigorous and effective collection of fee debts has aided the financial position and this strategy will continue to be enforced in the future.
The principal source of income for the School is fees. The Governors are continuing their strategy of deploying all net incoming resources to invest in the educational purposes and fabric of our School and are devising strategies to minimise the impact of threatened VAT on fees proposed by a new Government.
As a charity, the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. As an educational charity, the School enjoys tax exemption on educational activities and on investment income and gains, provided these are applied for charitable aims. The financial benefits received from these tax exemptions are all applied for educational purposes and indirectly help to maintain the School’s bursary policies.
However, as an educational charity, the School is unable to reclaim VAT input tax on costs as it is exempt for VAT purposes. The School also pays tax as an employer through the national insurance contributions made.
In addition to the very substantial benefits the School brings to its pupils, the local community and society through the education offered, the bursary programme creates a social asset without cost to the Exchequer.
The accounts for the year to 31 August 2024 show total net outgoing resources amounted to £37,111 (2023 net outgoings £138,654).
Total funds as at 31 August 2024 amounts to £77,861 (2023 £114,972). Within total funds are £8,785 restricted funds (2023 £8,785).
## **Developments and Maintenance**
There was an investment in the year in classroom refurbishment, information technology and teaching equipment and the provision of an enhanced library and reading room.
Regular maintenance has been undertaken during the year and has shown that all buildings continue to function fully as intended.
3
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Report of the Trustees (incorporating the directors’ report) for the year ended 31 August 2024**
## **Financial Health**
Fees were set at an affordable level to reflect the school’s needs and the current economic situation. The Governors regularly review the finances, budgets and spend against budget together with a monthly cash flow analysis as part of the effective stewardship of the School.
In common with other independent schools, the Governors have invested in a continuing programme of refurbishment, development and investment to maintain excellent teaching facilities for our pupils.
## **Pension Liability**
The Governors are satisfied that existing cash flows are sufficient to meet any anticipated increases in costs through regulatory changes in pension legislation. Teachers’ Pension continues to be offered to eligible employees, and all other employees are enrolled in an alternative pension plan which is operated by NEST.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Governors, who are also the charity trustees, are responsible for the overall management and control of The Old School Henstead Charitable Trust Limited and meet six times a year. The work of implementing most of their policies is carried out by designated members of the board of trustees. The Head is responsible for coordinating the work of the Governors and their Committees, preparation of papers and management accounts and the review of matters arising.
All trustees give of their time freely and no remuneration or expenses were paid in the year. No Governor or person connected with a Governor received any benefit from either bursaries or scholarships awarded to our pupils.
## **Key management personnel**
The Governors consider that they, together with the Head and the School Leadership team comprise the Key Management Personnel. The Governors give of their time freely and the pay and remuneration of the Head and senior staff is set by the Board of trustees and is kept under annual review.
## **Organisational Management**
The Governors determine the general policy of the School. The day-to-day running of the School is delegated to the Head, supported by senior staff. The Head undertakes the key leadership role of overseeing educational, pastoral and administrative functions in consultation with the senior staff. The dayto-day administration of the School is undertaken within the policies and procedures approved by the Governors which provide for significant expenditure decisions and major capital projects to be referred to the Governors for prior approval.
The Head oversees the recruitment of all educational, non-teaching and support staff. The Head and Clerk to the Governors are invited to attend Governors’ meetings.
## **Other Relationships**
The Head is a member of the Independent Association of Preparatory Schools and the Independent School Association, which provide an opportunity to share expertise, knowledge and experience across the independent school sector. IAPS and ISA also permit appropriate representation to the Government and regulators of the views of the sector.
4
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Report of the Trustees (incorporating the directors’ report) for the year ended 31 August 2024**
## **Risk Management**
The Governors are responsible for overseeing of the risks faced by the School. Detailed considerations of risk are delegated to the Senior Management of the School. Risks are identified and assessed and controls are established throughout the year. A formal review of the charity’s risk management processes is undertaken on an annual basis. Risk is managed under the headings of financial sustainability, school safety, student welfare, employment, school trips and events and community access.
The main risks that the Governors have identified and the plans to manage those risks are:
- Reputation. The School’s success is built on its reputation for the education and well-being of our pupils. This risk is managed through safeguarding policies, staff recruitment policies, pastoral support for both pupils and staff and active identification and resolution of health and safety related issues.
- Money. The school continues to operate debt-free, without any need of bank loans. The school’s ability to continue is reliant on pupil fees and the ability to pay bills as they fall due. This risk is managed by marketing activity, having a reputation for academic excellence and active cash-flow management.
- Curriculum. Academic excellence requires the most able teachers with state-of-the-art facilities delivering the curriculum to able students. This risk is managed by combining attractive salaries with additional allowances paid for staff who deserve special consideration due to their performance of their duties and through on-going investment in the School’s approach to enrolment that works with supportive parents whose children have an appetite for learning.
- Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
## **Governor Recruitment and Training**
The Governing body requires breadth and depth of experience to carry out its duties effectively and efficiently. When recruiting new trustees, the important attribute is a passion for the work of our School and an understanding of education as a holistic and rounded experience of personal growth. We invite suitable candidates to consider joining our Board. Where possible the Governors consider that the skills and experience of the Board should comprise the following:
A Governor with a legal background A Governor with a financial/accounting background A Governor with education experience A Governor with senior managerial or business experience A Governor with experience of equal opportunities or disability needs One Governor may have one or more of these skills.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered Company number** 01459291 (England and Wales)
**Registered Charity number** 279265
## **Registered office**
The Old School Henstead Toad Row Henstead Beccles Suffolk NR34 7LG
5
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Report of the Trustees (incorporating the directors’ report) for the year ended 31 August 2024**
## **GOVERNORS AND CHARITY TRUSTEES**
The Governors are the charity trustees of The Old School Henstead Educational Trust Limited. New Governors’ are appointed by the existing Board of Governors. All Governors have served throughout the year except where indicated:
## **Governors:**
Nicolas Kingsley (resigned 5 July 2024) Karen Phillips (resigned 31 January 2024) Paul Smith (resigned 5 July 2024) Jonathan Slay (resigned 31 January 2024) Dr Megan Hardman (resigned 2 September 2024) Henrietta Graham (appointed 31 January 2024) Clare Leech (appointed 31 January 2024, resigned 21 June 2024) Christopher Gulliver (appointed 15 August 2024) Liam Haggar-Pietrzak (appointed 15 August 2024) Richard Baxter (appointed 15 August 2024) Dr Alexander Bols (appointed 15 August 2024)
## **PROFESSIONAL ADVISERS**
Bankers: Lloyds Solicitors: Sprake & Kingsley Accountants: Sexty & Co. Insurance Brokers: Marsh
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of The Old School Henstead Educational Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant account information of which the charitable company's accountants are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant account information and to establish that the accountants are aware of that information.
- This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
## **ACCOUNTANTS**
The accountants, Sexty & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 05/02/2025 and signed on the board's behalf by:
Chris Gulliver – Trustee
6
**THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 August 2024 which are set out on pages 8 to 19.
## **Responsibilities and basis of report**
As the charity Trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
**Andrew Orves FCCA Sexty & Co Chartered Certified Accountants and Registered Auditors 124 Thorpe Road Norwich Norfolk NR1 1RS**
7
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Statement of Financial Activities (Incorporating an income and expenditure account) for the year ended 31 August 2024**
|
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
4
37,033
Charitable activities 6
591,746
Investment income
5
12
**Total income**
628,791
**EXPENDITURE ON**
Charitable activities 7
665,902
**Total expenditure**
665,902
**Net movement in funds**
(37,111)
**RECONCILIATION OF FUNDS**
Total funds brought forward
106,187
**TOTAL FUNDS CARRIED FORWARD**
69,076|
Restricted
fund
£
-
-
-
-
-
-
-
8,785
8,785|2024
Total
funds
£
37,033
591,746
12
628,791
665,902
665,902
(37,111)
114,972
77,861|2023
Total
funds
£
7,498
574,012
-
581,510
720,164
720,164
(138,654)
253,626
114,972|
|---|---|---|---|
8
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED (COMPANY REGISTRATION NO. 01459291)**
## **Balance Sheet 31 August 2024**
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
11
28,764
**CURRENT ASSETS**
Stocks
12
12,676
Debtors
13
147,148
Cash at bank
89,766
249,590
**CREDITORS**
Amounts falling due within one year
14
(209,278)
**NET CURRENT ASSETS**
40,312
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
69,076
**NET ASSETS/(LIABILITIES)**
69,076
**FUNDS**
16
Restricted
Unrestricted funds
**TOTAL FUNDS**|Restricted
fund
£
-
-
-
8,785
8,785
-
8,785
8,785
8,785|2024
Total
funds
£
28,764
12,676
147,148
98,551
258,375
(209,278)
49,097
77,861
77,861
8,785
69,076
77,861|2023
Total
funds
£
37,451
14,405
198,492
60,186
273,083
(195,562)
77,521
114,972
114,972
8,785
106,187
114,972|
|---|---|---|---|
The company was entitled to exemption from audit under S477 of the Companies Act 2006 relating to small companies.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 05/02/2025 and were signed on its behalf by:
............................................. Chris Gulliver Trustee
9
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Cash Flow Statement for the year ended 31 August 2024**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest received
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|2024
£
38,449
(12)
38,437
(84)
12
(72)
38,365
60,186
98,551|2023
£
(89,051)
-
(89,051)
-
-
(89,051)
149,237
60,186|
|---|---|---|
10
Continued
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Notes to the Cash Flow Statement for the year ended 31 August 2024**
## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net expenditure for the reporting period (as per the Statement**
**of Financial Activities)**
**Adjustments for:**
Depreciation charges
Accrued income
Decrease in stocks
Decrease/(increase) in debtors
Decrease in creditors
**Net cash used in operations**|2024
£
(37,111)
8,771
6,620
1,729
51,022
7,418
38,449|2023
£
(138,654)
9,621
3,532
4,688
56,196
(24,434)
(89,051)|
|---|---|---|
11
Continued
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Notes to the Financial Statements for the year ended 31 August 2024**
## **1. GENERAL INFORMATION**
The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The principle activity of the charity continued to be the provision of education to children aged 2 to 12.
## **2. STATEMENT OF COMPLIANCE**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2021.
## **3** . **ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention.
The financial statements are presented in pounds sterling and are rounded to the nearest pound.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:
- Voluntary income is received by way of grants, donations and gifts and is included in the full Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
- Donated services and facilities are included at the value to the charity where this can be quantified. The value of the services provided by volunteers has not been included in these accounts.
- School fees represent charges for tuition for the 2023/24 academic year.
- Incoming resources from charitable trading are accounted for when earned.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% straight line Fixtures and fittings - 15% straight line Motor vehicles - 25% straight line Equipment - 15% and 25% straight line
12
Continued…
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Notes to the Financial Statements - continued for the year ended 31 August 2024**
## **3. ACCOUNTING POLICIES CONTINUED**
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Value added tax**
The charitable company is not registered for VAT and accordingly, all costs include irrecoverable VAT where appropriate.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## **Defined contribution plans**
The company operates a defined contribution scheme available to no-teaching staff members. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge in the statement of financial activities represents contributions payable by the company to the fund for the year.
## **Defined benefit plan**
The defined benefit plan, operated by The Teachers’ Pension Scheme, is an unfunded scheme. Contributions are calculated to spread the cost of pensions over employees' working lives with The Old School Henstead Educational Trust in such a way that the pension cost is substantially a level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective method. The Teachers’ Pension Scheme is a multi-employer scheme and The Old School Henstead Educational Trust is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The Teachers’ Pension Scheme is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year.
## **Government grants**
Government grants are recognised when the performance related conditions have been met. Where the grant does not impose specified performance related conditions, it is recognised on receipt.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
13
Continued…
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Notes to the Financial Statements - continued for the year ended 31 August 2024**
## **4. DONATIONS AND LEGACIES**
|**DONATIONS AND LEGACIES**||
|---|---|
|2024
£
Donations
11,328
Grants
25,705
37,033|2023
£
3,509
3,989|
||7,498|
## **5. INVESTMENT INCOME**
|Bank interest receivable
**INCOME FROM CHARITABLE ACTIVITIES**
Fees received
Registration fees
Reclaimables
Holiday clubs
Uniform income
School trips income
Summer ball|2024
£
12
2024
£
503,568
900
65,661
15,388
2,177
1,933
2,119
591,746|2023
£
-
2023
£
502,048
1,600
45,874
11,692
8,738
4,060
-
574,012|2023
£
-|
|---|---|---|---|
## **6. INCOME FROM CHARITABLE ACTIVITIES**
## **7. CHARITABLE ACTIVITIES COSTS**
|Teaching and education
Welfare
Establishment
Support costs
Other direct charitable
expenditure
Bad debts
Governance costs
**Total**|Activities
undertaken
directly
**£**
430,285
18,835
83,176
52,120
16,066
52,859
-
653,341|Support costs
**£**
-
-
-
-
-
-
12,561
12,561|Total funds
2024
**£**
430,285
18,835
83,176
52,120
16,066
52,859
12,561
665,902|Total funds
2023
**£**
530,668
20,777
52,905
51,428
15,247
41,828
7,311
720,164|
|---|---|---|---|---|
14
Continued…
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Notes to the Financial Statements - continued for the year ended 31 August 2024**
## **8. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||2024|2023|
|---|---|---|
||£|£|
|Depreciation - owned assets|8,771|9,621|
|Auditors’ remuneration|-|4,700|
|Independent examiners fee|2,400|-|
|Lease expense|27,407|21,216|
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.
## **10. STAFF COSTS**
|**STAFF COSTS**|||
|---|---|---|
|Wages and salaries
Social security costs
Other pension costs
Casual labour|2024
£
272,182
82,705
52,337
22,951
430,175|2023
£
316,246
113,774
78,580
20,510|
|||529,110|
The average monthly number of employees during the year was as follows:
|2024|2023|
|---|---|
|12|14|
No employees received emoluments in excess of £60,000 (2023 - Nil in excess of £60,000).
15
Continued…
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Notes to the Financial Statements - continued for the year ended 31 August 2024**
## **11. TANGIBLE FIXED ASSETS**
|Fixtures
Freehold
and
Motor
property
fittings
vehicles
£
£
£
**COST**
At 1 September 2023
191,797
63,235
25,118
Additions
-
84
-
191,797
63,319
25,118
**DEPRECIATION**
At 1 September 2023
180,572
44,937
25,118
Charge for year
1,082
4,688
-
At 31 August 2024
181,654
49,625
25,118
**NET BOOK VALUE**
At 31 August 2024
10,143
13,694
-
At 31 August 2023
11,225
18,298
-
**12.**
**STOCKS**
Stocks
**13.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Prepayments
**14.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
Accruals and deferred income|Computer
equipment
£
194,494
-
194,494
186,566
3,001
189,567
4,927
7,928
2024
£
12,676
2024
£
145,184
1,964
147,148
2024
£
19,519
7,250
182,509
209,278|Totals
£
474,644
84
474,728
437,193
8,771
445,964
28,764
37,451
2023
£
14,405
2023
£
194,708
3,784
198,492
2023
£
8,350
11,000
176,212
195,562|
|---|---|---|
16
Continued…
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Notes to the Financial Statements - continued for the year ended 31 August 2024**
## **15. OPERATING LEASE COMMITMENTS**
The total future minimum lease payments under non-cancellable operating leases are as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
**16.**
**MOVEMENT IN FUNDS**|2024
£
19,338
22,342
315,858
357,538|2023
£
23,550
34,764
318,804
377,118|
|---|---|---|
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Restricted funds**
Sports Hall
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.9.23
£
106,187
106,187
At 1.9.23
£
8,785
8,785
At 1.9.22
£
244,841
244,841|Net
movement
in funds
At 31.8.24
£
£
(37,111)
69,076
(37,111)
69,076
Net
movement
in funds
At 31.8.24
£
£
-
8,785
-
8,785
Net
movement
At
in funds
31.8.23
£
£
(138,654)
106,187
(138,654)
106,187|
|---|---|---|
Comparative net movement in funds, included in the above are as follows:
17
Continued…
## **THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Notes to the Financial Statements - continued for the year ended 31 August 2024**
## **17. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Restricted funds**
Sports Hall
**TOTAL FUNDS**|At 1.9.22
£
8,785
8,785|Net
movement
in funds
£
-
-|At
31.8.23
£
8,785
8,785|
|---|---|---|---|
The Sports Hall Fund – Funds raised towards the new sports hall, mainly received from parents.
## **Analysis of net assets between funds**
|As at 31 August 2024
Unrestricted
Funds
£
Tangible fixed assets
Current assets
28,764
40,312
**TOTAL FUNDS**
69,076
As at 31 August 2023
Unrestricted
Funds
£
Tangible fixed assets
Current assets
37,451
68,736
**TOTAL FUNDS**
106,187|Restricted
Funds
£
-
8,785
8,785
Restricted
Funds
£
-
8,785
8,785|Total
2024
£
28,764
49,097
77,861
Total
2023
£
37,451
77,521
114,972|
|---|---|---|
18
Continued…
**THE OLD SCHOOL HENSTEAD EDUCATIONAL TRUST LIMITED**
## **Notes to the Financial Statements - continued for the year ended 31 August 2024**
## **18. PENSIONS AND OTHER POST RETIREMENT BENEFITS**
## **Defined benefit plans**
The Teachers’ Pension Scheme is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is an option for qualified teachers and automatic for teachers in part-time employment following appointment or a change of contract, although they are able to opt out.
The Teachers’ Pension Scheme is an unfunded scheme and members contribute on a “pay-as-you-go” basis – these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by the public funds provided by Parliament.
The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 26 October 2024. The key elements of the valuation and subsequent consultation are:
- Employer contribution rate is expected to be 28.60% of pensionable pay from 1 April 2024 to 31 March 2027.
- The employer administration charge remains at 0.08%.
- Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) at the effective date was £262,000 million (2023 - £262,000 million), and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million (2023 - £222,200 million), giving a notional past service deficit of £39,800 million (2023 - £39,800 million).
- The core cost cap cost of the scheme was 8.1% of pensionable pay, 2.8% below the 10.9% employer cost cap.
The next valuation result is due to be implemented from 1 April 2027.
The pension costs paid to the Teachers’ Pension Scheme in the period amounted to £32,988 (2023 £61,067), a copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.
Under the definitions of FRS102, the Teachers’ Pension Scheme is a multi-employer pension scheme. The trust has accounted for its contributions to the scheme as if it were a defined contribution scheme. The trust has set out above the information available on the scheme.
## **Defined contribution plans**
Staff who either opt out of the Teachers’ Pension or are not eligible to join it, are enrolled, as per statutory requirements, in the NEST pension scheme, to which the school contributes.
The amount recognised in the statement of financial activities in relation to defined contribution plans was £19,349 (2023 £15,891).
## **19. RELATED PARTY DISCLOSURES**
There were no business relationships or related party transactions during the year.
19