Registered number: 01490100 Charity number: 280048
Northbourne Park School Limited (A Company Limited by Guarantee)
Trustees' Report and Financial Statements For the Year Ended 31 August 2021
Northbourne Park School Limited
(A Company Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 7 |
| Trustees' Responsibilities Statement | 8 |
| Independent Auditors' Report on the Financial Statements | 9 - 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Statement of Cash Flows | 15 |
| Notes to the Financial Statements | 16 - 33 |
Northbourne Park School Limited
(A Company Limited by Guarantee)
Reference and Administrative Details of the Charity, its Trustees and Advisers For the Year Ended 31 August 2021
| Trustees | Mr A Lucas |
|---|---|
| Professor B Hutchinson | |
| Mrs F Poole | |
| Mrs J Tharp-Skelton | |
| Mr M Keir | |
| Mrs M Nairac | |
| Mrs S Loomis, Chair | |
| Ms S Barter | |
| Mrs S Buras-Rees | |
| Company registered number 01490100 Charity registered number 280048 Registered office Northbourne Park School Betteshanger House Deal Kent CT14 0NW Independent auditors Kreston Reeves LLP Chartered Accountants Statutory Auditor 37 St Margaret's Street Canterbury Kent CT1 2TU Bankers HSBC 9 Rose Lane Canterbury Kent CT1 2JP The Headmaster Mr S Rees BA (Hons), PGCE, NPQH The Bursar Ms K Moores MAAT AATQB |
Page 1
Northbourne Park School Limited
(A Company Limited by Guarantee)
Trustees' Report For the Year Ended 31 August 2021
The Trustees present their annual report together with the audited financial statements of Northbourne Park School Limited for the year 1 September 2020 to 31 August 2021. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the 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 (FRS 102) (effective 1 January 2019).
Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
The object of the Charity, in accordance with its Memorandum and Articles of Association, is the education of children from the age of 2 to 13 inclusive.
Objectives aims and principal activities
Strategic aim and intended effect
The School’s strategic aim is to enable pupils to attain the highest academic levels whilst allowing them to benefit from the extra-curricular and pastoral programme offered by the School. This draws out their abilities and academic potential, awakens and develops wider interests in life and motivates them for a successful outcome at their chosen senior school. Our method for achieving this is to maintain a teacher to pupil ratio which allows us to tailor our services to suit individual needs.
Objectives for the year
The on-going challenges of the Covid-19 pandemic have been at the forefront of planning for the academic year. For the period that this report covers, all schools in the UK have had to adapt in order to continue operating. This has been one of our priorities since February 2020 and still is.
The objectives were:
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Complete the educational programme for all of the children
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Keep the boarding provision open at all times during term-time.
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Provide a full programme of outdoor activities for all of the children in recognition of the physical and mental well-being benefits.
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Provide an online platform (MS Teams) for all the children during periods of lockdown.
In addition, the school has implemented the new PSHE and RSE programmes for all children in the school.
While the school had to put the fundraising appeal to raise support for the construction of the Arts Centre on hold during the 2020-2021 academic year, it now plans to resume fundraising.
Principal activity
The activities undertaken include academic studies, an inclusive sporting programme, an inclusive music programme, a PSHEE programme (Personal, Social, Health, and Economic Education) and a wide programme of extra-curricular activities.
Page 2
Northbourne Park School Limited
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 August 2021
Public benefit
The School provides public benefit consistent with its role as a fee charging educational charity. Access to the education offered by the School is not restricted to those that can afford its fees. The School provides a wide range of activities to fulfil the School’s aims for public benefit. These include:
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Awarding means tested scholarships for children from the area who might need support of a place.
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Providing financial support, in the form of means tested bursaries, for those who cannot afford the full fees.
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Providing enrichment days for local schools and children.
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The School is used during 3 weeks of the summer holiday for an international language school.
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The School lets out facilities either for free or below market rates for organisations such as:
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The Girl Guides who hold their annual Jamboree in the school grounds
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Cyclo-Cross event which is held at least once a year
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A Primary school football tournament
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Local W.I. groups use the sports hall for their netball club
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The school grounds are used all year round by a Forest School group from Deal
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Sports courses run by Active Development Community in the holidays
With the completion of the all-weather sports pitch, the school now plans to launch a hockey club for all local children to attend. This was delayed due to the pandemic but the school aims to launch this in the current academic year.
Financial Review
Results for the year show a surplus of £159,689 (2020: £233,065), reflecting the fact that Governors funded the improvement of the drive leading to both the main entrance of the Prep School and the new all weather sports pitch.
Pupil numbers remain stable. There were 192 pupils in the Autumn Term, 198 pupils in the Spring Term and 211 pupils in the Summer Term.
The cash balances are reviewed each year to ensure they are sufficient to meet our operational costs for 3 to 6 months in line with the Reserves Policy.
Achievements and performance and plans for the future
Examinations
The main aims of the charity are to provide all the children with the best education possible. To this end the School prepares children for entry exams at 11+ and 13+. 4 children sat the 11+ exams and 3 passed. All the children in the Year 8 class who sat the Common Entrance exam passed to the senior school of their choice. All the children in the French 5ième class passed their exams to enter into the Lycée or International School of their choice.
Page 3
Northbourne Park School Limited
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 August 2021
Extra-curricular
All the children who took LAMDA exams in Performance and Communication passed, with 6 Distinctions and 10 merits.
The afterschool clubs programme continues to play an essential part in the children’s development. The clubs provide a breadth of learning and experience that complements the academic learning. Each year the school looks to introduce new activities for the children to try. This year, the activities have included golf.
Other activities included:
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European Day of Languages
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Geography field trips
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Celebration of world events such as Chinese New Year
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Pre-Prep specialist days and weeks that include Environment Day, World Religion Day, Maths Week, Art Week
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Charity work for local, national and overseas charities
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Spiritual links that include regular church services in the School chapel.
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Regular deliveries to the local Foodbank
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The annual Love in a Box project to provide children in poorer countries with Christmas presents.
Language and Cultural Exchange
The School continues to offer a comprehensive 6ieme and 5ieme programme for children from France and Spain through the ‘Section Française Bilingue’. This programme is in its 30th year and enables the francophone pupils to experience one or two years of bilingual education, in a prep school setting. The programme is reviewed annually to ensure we provide the best educational experience possible. The programme benefits all the children as they are frequently mixed together for various activities and classes. In return the English pupils benefit from a multicultural and multilinguistic environment.
STEM and Outdoors
It is an important school strategy that all pupils should make daily use of the extensive grounds and woods within the school site. This is a key factor in fostering a sense of well-being in the pupils and contributes to their ability to perform at their best.
The school has continued to develop the programme for Saturday school. The programme covers 6 areas: STEM (Science, Technology, Engineering & Mathematics), Outdoor pursuits, and Bushcraft. This continues to be very popular with the children.
The Outdoor Education programme ensures that all the children from Nursery to Year 8 have outdoor lessons. The programme of activities is of great benefit in supporting the children’s wellbeing during the pandemic.
Mental Health
The school recognises the importance of Mental Health among children and of having an environment where children do not feel under undue pressure. The Saturday programme, afterschool activities, tutoring system and mentoring system in boarding are all key to giving them breathing space and also the opportunity to voice concerns. This support has taken on particular importance in the context of the ongoing pandemic.
Sport
The new all-weather sports pitch has made a significant impact on the quality of sport at the school, in particular hockey. It also provides the opportunity for boarders to practise sport in the evenings and at the weekends after school. The pitch is used for hockey, netball, tennis, 5-a-side football and basketball.
Page 4
Northbourne Park School Limited
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 August 2021
Highlights from the year include:
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A variety of competitions such as the ‘Chuckster Cup’ which was an internal 6-a-side football tournament for the boys;
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An internal football and hockey competition among both boys and girls. These 6-a-side teams were mixed – a particular focus for the school in recent years; and
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An internal netball tournament. Again, this involved mixed 6-a-side netball teams.
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As we were not allowed to offer contact rugby as a sport, the boys and girls played touch and TAG rugby through the Spring Term, with the boys being able to concentrate on more regular hockey practice on the School Astro Turf.
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A Northbourne girl was the first female cricketer to represent Northbourne Park School in the boys 1st XI team, taking 4 wickets in her debut match.
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Summer Term 2021 was the third year that Northbourne offered cricket as the main sport to both boys and girls through all of the age groups. The senior girls played ‘hard ball’ cricket for the first time, and all teams played in cricket whites.
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As we were emerging out of lockdown, Northbourne Park were one of the first schools to safely play boys and girls inter school cricket fixtures across all of the age groups, whilst allowing spectators to watch.
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Within the annual Inter House Sports Day with spectators, we had four school records broken and one equalled.
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Four candidates were involved in scholarship programmes at Harrow, King’s Canterbury, St. Edmund’s and Dover College.
Development
The school is now focusing on the second phase of the Development Appeal, namely the Creative Arts Centre.
The renovation programme throughout the school ensures the school is better decorated and in good repair. This programme is on-going and forms part of the school’s commitment to the tenancy agreement. The school has been successful in recruiting new members of the maintenance team to ensure there is a full team.
Community Support
The impact of the Covid-19 pandemic prevented the school from holding the usual number of fundraising and social events. However, the school continued with events for the children that included fundraising for the partnership school, St Paul’s KAASO in Uganda as well as annual events such as the Burton Race, Historical Costume, Easter Egg Hunt and Leavers’ Dinner. At the end of the academic year, parents attended Sports Day at both the Pre-Prep and Prep School and also Speech Day on the last day of the year.
Plans for the future
The school will continue to pursue its 3-year development plan for education. Next year Northbourne Park School will focus on the next phase of the Development Appeal to enhance the school's facilities.
The school continues to explore ideas for further developing links with France, Spain, China and elsewhere whilst retaining its unique characteristics as an English school that has a much wider reach.
Fundraising activities/ income generation
Due to the restrictions of the pandemic, the school decided to pause the fundraising activities. The plan is to resume fundraising in the Spring of 2022.
Page 5
Northbourne Park School Limited
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 August 2021
Reserves policy
The charity has a policy for reserves to ensure there are sufficient reserves to cover daily running costs, ensure continuity of the service by being able to meet unexpected costs and to carry out necessary repairs and maintenance to buildings, fixtures, furnishings and equipment.
The charity holds reserves at 31 August 2021 of £1,321,430 (2020: £1,161,741). General unrestricted reserves as at 31 August 2021 amounted to £1,301,474 (2020: £1,114,440).
The reserves balances are reviewed each year to ensure they are sufficient to meet our operational costs for 3 to 6 months in line with the Reserves Policy. The Governors believe that this level of reserves is prudent and necessary and will monitor it no less than once a year at the end of the academic year. Should the reserves fall significantly below the target level, the school will aim to restore the reserves as soon as possible by increasing revenue through fundraising or reducing expenditure. If reserves are significantly above the target level, the Governors will utilise the excess by enhancing school facilities and/or increasing the amount of public benefit.
Structure, governance and management
Governing body
The Directors and Charity Trustees are required under the Articles to serve as members of the Company and are elected at a full Board meeting according to the Board’s specifications concerning eligibility, personal competence and specialist skills. The Trustees conduct a skills audit once a year to determine necessary skills required for the Board and to aid recruitment.
One Trustee may be nominated by the Trustees of the Tormore Charitable Trust and historically one by the Betteshanger Trust, which dissolved at 31st August 2019. Other Trustees serve for a term of five years and are eligible to stand for re-election.
Trustee training
Trustees are inducted into the workings of the school, and the Company as a registered charity, including Board Policy and Procedures.
The Trustees benefit from membership of The Association of Governing Bodies of Independent Schools (AGBIS) which provides advice and is a resource for best practices.
Ad hoc training takes place on an individual and group basis. Where a Trustee has specific responsibility on the Board, specialist training takes place.
Pay policy for senior staff
The Governors Remuneration Committee has delegated authority from the Governing Body to make decisions on the pay and remuneration of the School’s key management personnel. The Remuneration Committee determine pay by using a variety of contributory factors which include:
-The school size
-Ability to recruit key management personnel and retain them in post
-Being competitive in equivalent roles
-Salary data from IPAS, ISBA and DfE -The level of qualifications and experience of the staff member -The level of accountability and responsibility held.
Organisational management
The Trustees meet regularly to determine general strategy of the School and review its overall management and control for which they are legally responsible.
Page 6
Northbourne Park School Limited (A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 August 2021
An Annual strategy planning day is held each year.
The work of approving and monitoring adherence to the policies is carried out by the two Committees, namely the Education Committee and the Finance and General Purposes Committee that meet on a regular basis to address matters specific to their respective objectives.
The Trustees agree the general policies of the school. The operational management of the School is delegated to the Head and the Bursar together with other members of the Senior Management Team.
Relationships
The School is an active member of the Independent Association of Preparatory Schools for the promotion and maintenance of preparatory school standards generally. It takes part in peer group studies for the evaluation of quality and performance improvement methods.
We co-operate with many local charities in our ongoing endeavours to widen public access to the schooling we provide, to optimise the use of our cultural and sporting facilities and to awaken in our pupils an awareness of the social context of the education they receive at the School.
Northbourne Park School also benefits from the generosity of a thriving network of alumni whose close support we greatly appreciate and gladly acknowledge.
Risk Management
There is a continuous process in place to identify, evaluate and manage the most significant risks the School faces. This Risk Register is reviewed regularly by Trustees.
Safeguarding of children, and the continuous assessment of its’ associated risks are of the highest priority to the Trustees.
The Trustees have assessed the major risks to which the School is exposed, including: estate, operational, financial and reputational. The Trustees review and update the Risk Register at least once each year, employing a ranking system which considers likelihood of occurrence and subsequent impact.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:
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So far as that Trustee is aware, there is no relevant audit information of which the charitable company’s auditors are unaware, and
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That Trustee has taken all the steps that ought to have been taken by a Trustee in order to be aware of any information needed by the charitable company’s auditors in connection with preparing the report and to establish that the charitable company’s auditors are aware of that information.
Approved by order of the members of the board of Trustees on 17 March 2022 and signed on their behalf by:
Mrs S Loomis Chair of Trustees
Page 7
Northbourne Park School Limited
(A Company Limited by Guarantee)
Statement of Trustees' responsibilities For the Year Ended 31 August 2021
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 8
Northbourne Park School Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Northbourne Park School Limited
Opinion
We have audited the financial statements of Northbourne Park School Limited (the 'charity') for the year ended 31 August 2021 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 August 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 9
Northbourne Park School Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Northbourne Park School 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:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
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.
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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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.
Page 10
Northbourne Park School Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Northbourne Park School Limited (continued)
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:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in judgemental areas of the financial statements. Audit procedures performed by the engagement team included:
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Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including, child protection and safeguarding health and safety) and fraud, and review of the reports made by management; and
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Assessment of identified fraud risk factors; and
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Review the latest Independent Schools Inspectorate reports to identify weaknesses in the qualify of education provided and the spiritual, moral, social and cultural development of pupils; and
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Conducting interviews with the headmaster to understand whether there has been any safeguarding issues in the year; and
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Testing of internal controls procedures relating to expenditure potentially more susceptible to fraud and other irregularities including cash, payroll and credit card expenditure; and
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Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
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Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
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Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
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Reading minutes of meetings of those charged with governance, reviewing correspondence with relevant tax and regulatory authorities; and
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Review of internal controls and physical inspection of tangible assets susceptible to fraud or irregularity; and
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Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
Page 11
Northbourne Park School Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Northbourne Park School Limited (continued)
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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
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Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
Kreston Reeves LLP
Peter Manser FCA DChA (Senior Statutory Auditor)
for and on behalf of Kreston Reeves LLP Chartered Accountants Statutory Auditor Canterbury
18 March 2022
Page 12
Northbourne Park School Limited
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 August 2021
| Note Income from: Donations and legacies 4 Charitable activities 5 Other trading activities Investments 8 Other income 9 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2021 £ 2,785 83,551 - - - 86,336 - 83,681 83,681 2,655 17,301 2,655 19,956 |
Unrestricted funds 2021 £ 4,311 2,562,332 47,430 143 24,613 2,638,829 10,844 2,470,951 2,481,795 157,034 1,144,440 157,034 1,301,474 |
Total funds 2021 £ 7,096 2,645,883 47,430 143 24,613 2,725,165 10,844 2,554,632 2,565,476 159,689 1,161,741 159,689 1,321,430 |
Total funds 2020 £ 93,588 2,532,894 44,244 3,666 14,722 |
|---|---|---|---|---|
| 2,689,114 | ||||
| 14,004 2,442,045 |
||||
| 2,456,049 | ||||
| 233,065 | ||||
| 928,676 233,065 |
||||
| 1,161,741 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 33 form part of these financial statements.
Page 13
Northbourne Park School Limited
(A Company Limited by Guarantee) Registered number: 01490100
Balance Sheet As at 31 August 2021
| Note Fixed assets Tangible assets 15 Current assets Stocks 16 Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total net assets Charity funds Restricted funds 20 Unrestricted funds 20 Total funds |
55,980 404,144 1,218,405 1,678,529 (831,755) |
2021 £ 474,656 474,656 846,774 1,321,430 19,956 1,301,474 1,321,430 |
29,454 472,694 1,114,865 1,617,013 (930,463) |
2020 £ 475,191 |
|---|---|---|---|---|
| 475,191 686,550 |
||||
| 1,161,741 | ||||
| 17,301 1,144,440 |
||||
| 1,161,741 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mrs S Loomis Chair of Trustees Date: 17 March 2022
The notes on pages 16 to 33 form part of these financial statements.
Page 14
Northbourne Park School Limited
(A Company Limited by Guarantee)
| Statement of Cash Flows For the Year Ended 31 August 2021 Note Cash flows from operating activities Net cash used in operating activities 23 Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing 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 24 |
2021 £ 174,659 (71,119) (71,119) 103,540 1,114,865 1,218,405 |
2020 £ 24,623 |
|---|---|---|
| (211,900) | ||
| (211,900) | ||
| (187,277) 1,302,142 |
||
| 1,114,865 |
The notes on pages 16 to 33 form part of these financial statements
Page 15
Northbourne Park School Limited (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
1. General information
Northbourne Park School is a charity, limited by guarantee, incorporated in England and Wales.
The charity's registered office is Betteshanger House, Betteshanger, Deal, Kent, CT1 0NW.
The charitable activities of the charity continues to be the provision of a Day and Boarding School for 2-13 year old boys and girls.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Northbourne Park School 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.
The charity's functional currency is Pound Sterling.
The charity's financial statements are presented to the nearest pound.
2.2 Company status
The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.
2.3 Going concern
The charity's main source of income is from its charitable objectives being the Gross Fees and Disbursements received for the provision of a Day and Boarding School for 2-13 year old boys and girls.
In order to meet its day to day working capital requirements the charity is dependent upon ensuring sufficient pupils attend the school to ensure sufficient incoming resources are generated from Gross Fees and Disbursements.
After making enquiries, the Trustees have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future.
The Trustees have reviewed the latest cash flow forecast and budgets and consider that the charity will be able to settle invoices, bills and commitments as they fall due and therefore continues to be a going concern. Accordingly, they continue to adopt a going concern basis in preparing the financial statements.
Page 16
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
2. Accounting policies (continued)
2.4 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 Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity 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.
2.5 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.6 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.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.7 Fees
Turnover comprises revenue recognised by the Charity in respect of goods and services's supplied during the year, exclusive of Value Added Tax and trade discounts.
Page 17
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
2. Accounting policies (continued)
2.8 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
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.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
| Long-term leasehold property | - 5% on cost per annum |
|---|---|
| Motor vehicles | - 33.3% on cost per annum |
| Fixtures and fittings | - 10% on cost per annum |
| Computer equipment | - 20% on cost per annum |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
2.9 Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
2.10 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.11 Taxation
The Charity 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 Charity 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.
2.12 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
Page 18
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
2. Accounting policies (continued)
2.13 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
2.14 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.
2.15 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.
2.16 Pensions
The Charity contributes to personal pension plans for non teaching staff.
Retirement benefits for teaching employees of the Charity are provided by the Teachers' Pension Scheme ("TPS"). This is a defined benefit scheme and the assets are held separately from those of the Charity.
The TPS is and unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the Charity 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. As stated in note 26, the TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.
2.17 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 Charity 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 within interest payable and similar charges.
Page 19
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
2. Accounting policies (continued)
2.18 Financial instruments
The Charity 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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of the trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 20
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
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:
Tangible fixed assets
The Charity has recognised tangible fixed assets with a carrying value of £474,656 at the reporting date (see note 15). These assets are stated at their cost less provision for depreciation and impairment. The Charity's accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets the Charity determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the Trustees consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
Where there are indicators that the carrying value of tangible assets may be impaired the Charity undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the Charity’s forecasts for the foreseeable future which do not include any restructuring activities that the Charity is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.
Critical areas of judgment:
Multi-employer defined benefit pension scheme
Certain employees participate in a multi-employer defined benefit pension scheme. In the judgement of the Trustees, the Charity does not have sufficient information on the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets. Therefore the scheme is accounted for as a defined contribution scheme, see note 26 for further details.
Lease commitments
The Charity has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the Trustees to consider whether the terms and conditions of each lease are such that the Charity has acquired the risks and rewards associated with the ownership of the underlying assets.
Going concern
The Trustees have reviewed the latest cash flow forecast and budgets and consider that the charity will be able to settle invoices, bills and commitments as they fall due and therefore continues to be a going concern. See note 2.3 for further details.
Page 21
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
4. Income from donations and legacies
| Donations Total 2020 |
Restricted funds 2021 £ 2,785 90,080 |
Unrestricted funds 2021 £ 4,311 3,508 |
Total funds 2021 £ 7,096 93,588 |
Total funds 2020 £ 93,588 |
|---|---|---|---|---|
5. Income from charitable activities
| Gross Fees and Dispersements Staff discounts, other fee allowances and chargeable disbursement expenditure Government grant - Job Retention Scheme Total 2020 |
Restricted funds 2021 £ 83,551 - - 83,551 136,442 |
Unrestricted funds 2021 £ 2,955,757 (413,776) 20,351 2,562,332 2,396,452 |
Total funds 2021 £ 3,039,308 (413,776) 20,351 2,645,883 2,532,894 |
Total funds 2020 £ 2,768,564 (358,143) 122,473 |
|---|---|---|---|---|
| 2,532,894 | ||||
6. Fundraising income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Fundraising | 50 | 50 | 14,139 |
Page 22
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
7. Trading activities
| Charity trading income Language School income Ground rent and lettings Uniform sales Fundraising trading expenses Uniform costs Total 2021 Total 2020 Investment income UK interest received Total 2020 |
Unrestricted funds 2021 £ (6) 11,493 36,415 47,902 (37,370) 10,532 21,059 Unrestricted funds 2021 £ 143 3,666 |
Total funds 2021 £ (6) 11,493 36,415 47,902 (37,370) 10,532 21,059 Total funds 2021 £ 143 3,666 |
Total funds 2020 £ 4,264 6,707 20,977 |
|---|---|---|---|
| 31,948 (10,889) |
|||
| 21,059 | |||
| Total funds 2020 £ 3,666 |
|||
8. Investment income
9. Other incoming resources
| Registration fees Total 2020 |
Unrestricted funds 2021 £ 24,613 14,722 |
Total funds 2021 £ 24,613 14,722 |
Total funds 2020 £ 14,722 |
|---|---|---|---|
Page 23
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
10. Analysis of resources expended by expenditure type
| Expenditure on trading activities Costs of raising funds Education Total 2020 |
Staff costs 2021 £ - - 1,740,179 1,740,179 1,675,676 |
Depreciatio n 2021 £ - - 71,654 71,654 68,095 |
Other costs 2021 £ 37,370 37,370 767,177 804,547 712,278 |
Total funds 2021 £ 37,370 37,370 2,579,010 2,616,380 2,456,049 |
Total funds 2020 £ 14,004 |
|---|---|---|---|---|---|
| 14,004 2,442,045 |
|||||
| 2,456,049 | |||||
11. Analysis of expenditure by activities
| Charitable activities Total 2020 |
Activities undertaken directly 2021 £ 2,554,632 2,442,045 |
Total funds 2021 £ 2,554,632 2,442,045 |
Total funds 2020 £ 2,442,045 |
|---|---|---|---|
Page 24
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
11. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Depreciation Staff training and other costs Educational expenses Motor and travel costs Catering costs Housekeeping and cleaning Administration expenses Computer and equipment Repairs and maintenance Insurance Utilities Telephone charges Development fund expenditure Restricted fund expenditure Legal and professional Bad debt write off Bank charges, interest & penalties Membership, subscriptions & licences Auditors' remuneration |
Total funds 2021 £ 1,740,179 71,654 18,175 97,269 11,914 120,512 29,037 36,386 48,841 110,854 53,127 166,636 17,562 - - 27,190 (18,045) 5,188 10,353 7,800 2,554,632 |
Total funds 2020 £ 1,675,676 68,095 25,260 104,786 25,891 113,397 22,531 40,793 50,326 35,840 48,807 171,990 17,056 6,628 867 12,155 3,769 3,180 8,598 6,400 |
|---|---|---|
| 2,442,045 |
Page 25
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
12. Net income/(expenditure)
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible fixed assets: | ||
| - owned by the charity | 71,654 | 68,095 |
| Auditors' remuneration: | ||
| Auditors' remuneration - audit | 8,900 | 6,400 |
| Auditors' remuneration - other services | 350 | 900 |
| Operating lease rentals: | ||
| - motor vehicles | 3,734 | 1,761 |
| - other | 80,500 | 80,500 |
13. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2021 £ 1,434,742 117,348 188,089 1,740,179 |
2020 £ 1,371,539 116,369 187,768 |
|---|---|---|
| 1,675,676 |
The average number of persons employed by the Charity during the year was as follows:
| Teachers Administration Others |
2021 No. 35 6 15 56 |
2020 No. 33 7 23 |
|---|---|---|
| 63 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2021 | 2020 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £90,001 | - £100,000 | 1 | 1 |
A total of £16,436 (2020: £19,600) was paid into the Pension Fund of the above employee.
The total compensation paid to key management personnel amounted to £235,116 (2020: £229,462). Employer pension contributions were a total of £45,698 (2020: £47,181) and Employer National Insurance contributions were a total of £26,363 (2020: £27,245). The key management personnel comprises of the Headmaster, Assistant Headmaster, Bursar and Senior Management Team.
Page 26
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
14. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 August 2021, no Trustee expenses have been incurred (2020 - £NIL).
15. Tangible fixed assets
| Cost or valuation At 1 September 2020 Additions At 31 August 2021 Depreciation At 1 September 2020 Charge for the year At 31 August 2021 Net book value At 31 August 2021 At 31 August 2020 |
Long-term leasehold property £ 1,228,578 64,233 1,292,811 811,630 47,244 858,874 433,937 416,948 |
Motor vehicles £ 10,213 - 10,213 10,213 - 10,213 - - |
Fixtures and fittings £ 111,424 3,459 114,883 94,473 6,892 101,365 13,518 16,951 |
Computer equipment £ 164,266 3,427 167,693 122,974 17,518 140,492 27,201 41,292 |
Total £ 1,514,481 71,119 |
|---|---|---|---|---|---|
| 1,585,600 | |||||
| 1,039,290 71,654 |
|||||
| 1,110,944 | |||||
| 474,656 475,191 |
16. Stocks
Uniform
| 2021 | 2020 |
|---|---|
| £ | £ |
| 55,980 | 29,454 |
Page 27
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
17. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2021 £ 367,909 36 36,199 404,144 |
2020 £ 403,956 36 68,702 |
|---|---|---|
| 472,694 |
18. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2021 £ 24,897 30,828 181,270 594,760 831,755 |
2020 £ 52,476 29,375 172,808 675,804 |
|---|---|---|
| 930,463 |
19. Accruals and deferred income
| Deferred income at 1 September 2020 Resources deferred during the year Amounts released from previous periods Deferred income at 31 August 2021 |
2021 £ 675,804 594,760 (675,804) 594,760 |
2020 £ 956,809 675,804 (956,809) |
|---|---|---|
| 675,804 |
Page 28
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
20. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Friends funds Development funds Restricted funds Total of funds Statement of funds - prior year Balance at 1 September 2019 £ Unrestricted funds General Funds 911,934 Restricted funds Friends funds 16,742 Development funds - Restricted funds - 16,742 Total of funds 928,676 |
Balance at 1 September 2020 £ 1,144,440 17,301 - - 17,301 1,161,741 Income £ 2,462,592 1,426 88,518 136,578 226,522 2,689,114 |
Income £ 2,638,829 590 2,065 83,681 86,336 2,725,165 Expenditure £ (2,311,976) (867) (6,628) (136,578) (144,073) (2,456,049) |
Expenditure £ (2,481,795) - - (83,681) (83,681) (2,565,476) Transfers in/out £ 81,890 - (81,890) - (81,890) - |
Balance at 31 August 2021 £ 1,301,474 |
|---|---|---|---|---|
| 17,891 2,065 - |
||||
| 19,956 | ||||
| 1,321,430 | ||||
| Balance at 31 August 2020 £ 1,144,440 |
||||
| Unrestricted funds General Funds Restricted funds Friends funds Development funds Restricted funds Total of funds |
||||
| 17,301 - - |
||||
| 17,301 | ||||
| 1,161,741 |
Page 29
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
21. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 September 2019 £ 911,934 16,742 928,676 |
Balance at 1 September 2020 £ 1,144,440 17,301 1,161,741 Income £ 2,462,592 226,522 2,689,114 |
Income £ 2,638,829 86,336 2,725,165 Expenditure £ (2,311,976) (144,073) (2,456,049) |
Expenditure £ (2,481,795) (83,681) (2,565,476) Transfers in/out £ 81,890 (81,890) - |
Balance at 31 August 2021 £ 1,301,474 19,956 |
|---|---|---|---|---|---|
| 1,321,430 | |||||
| Balance at 31 August 2020 £ 1,144,440 17,301 |
|||||
| Summary of funds - prior year | |||||
| General funds Restricted funds |
|||||
| 1,161,741 |
The following funds have been established by the Trustees:
The restricted funds are for various small items for specific purposes, which have been restricted by the donor.
The restricted Friends fund is various income and expenditure associated with the activities of this association.
The restricted Development fund is various income and expenditure associated with development projects of the charity. Such development projects include the building of a 3G sports pitch and swimming pool. The total fund has been spent towards the 3G sports pitch.
22. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2021 £ - 19,956 - 19,956 |
Unrestricted funds 2021 £ 474,656 1,658,573 (831,755) 1,301,474 |
Total funds 2021 £ 474,656 1,678,529 (831,755) |
|---|---|---|---|
| 1,321,430 |
Page 30
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
22. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2020 £ - 17,301 - 17,301 |
Unrestricted funds 2020 £ 475,191 1,599,712 (930,463) 1,144,440 |
Total funds 2020 £ 475,191 1,617,013 (930,463) |
|---|---|---|---|
| 1,161,741 |
23. 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 Decrease/(increase) in stocks Decrease/(increase) in debtors Decrease in creditors Net cash provided by operating activities 24. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2021 £ 159,689 71,654 (26,526) 68,550 (98,708) 174,659 2021 £ 1,218,405 1,218,405 |
2020 £ 233,065 68,095 3,116 (10,234) (269,419) |
|---|---|---|
| 24,623 2020 £ 1,114,865 |
||
| 1,114,865 |
Page 31
Northbourne Park School Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
25. Analysis of changes in net debt
| Cash at bank and in hand | At 1 September 2020 £ 1,114,865 1,114,865 |
Cash flows £ 103,540 103,540 |
At 31 August 2021 £ 1,218,405 |
|---|---|---|---|
| 1,218,405 |
26. Pension commitments
The Charity participates in two pension schemes:
Teaching Staff
Teachers' Pension Scheme
Introduction
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 schools. 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. Valuation of the Teachers’ Pension Scheme
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:
-
employer contribution rates set at 23.68% of pensionable pay (including a 0.08% employer administration charge)
-
total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million
-
the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI, assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.
The next valuation result is due to be implemented from 1 April 2023.
A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx).
Page 32
Northbourne Park School Limited (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 August 2021
26. Pension commitments (continued)
Under the definitions set out in FRS 102, the TPS 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.
Non-Teaching Staff
The Charity contributes to personal pension plans for non teaching staff, at 4% of annual pay.
27. Operating lease commitments
At 31 August 2021 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years |
2021 £ 82,473 315,389 3,901,499 4,299,361 |
2020 £ 84,234 316,083 3,977,999 |
|---|---|---|
| 4,378,316 |
28. Related party transactions
During the year Mrs M Hutchinson, spouse of Professor B Hutchinson, a Trustee of the Charity, was employed by the Charity and as such was paid remuneration for her services. Remuneration for the year amounted to £36,165 (2020: £35,959). Transactions with Mrs M Hutchinson were conducted at arm's length and in accordance with the Charity's financial regulations and normal procurement procedures.
During the year, Mrs G Rees, spouse of Sebastian Rees, a member of key management personnel, was employed by the Charity and as such was paid remuneration for her services. Remuneration for the year amounted to £51,214 (2020: £45,441). Transactions with Mrs G Rees were conducted at arm's length and in accordance with the Charity's financial regulations and normal procurement procedures.
Mr H James was a Trustee of the Charity until 11 June 2020. Mr H James is the beneficiary of The Betteshanger Trust , for whom the Charity pay rent for the use of the land and buildings where the school is situated and he was the grandson of Lord Northbourne (deceased 8 September 2019). Rental payments to The Betteshanger Trust in the prior year ended 31 August 2020, when Mr H James was a Trustee, totaled £80,500. At the year ended 31 August 2020 £13,354 was due to The Betteshanger Trust for rent.
29. Controlling party
The charity is a charitable company limited by guarantee and was controlled throughout the year by the Trustees.
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