**Company No: 01535096**
**Charity Number: 281680**
## **FAIRLEY HOUSE SCHOOL**
**(A Company Limited By Guarantee)**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2022**
## **FAIRLEY HOUSE SCHOOL**
## **INDEX**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
||Page|
|---|---|
|Information Page|1|
|Governors Report, Strategic Report &|2 - 14|
|Statement of Governors’ Responsibilities||
|Report of the Auditor|15 - 18|
|Statement of Financial Activities|19|
|Balance Sheet|20|
|Cash Flow Statement|21|
|Notes to the Financial Statements|22 – 31|
**FAIRLEY HOUSE SCHOOL**
## **INFORMATION PAGE**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|**BOARD OF DIRECTORS**|Paul Barnaby*, CA|
|---|---|
|**AND GOVERNORS:**
|Lawrence Dore*|
||Lucy French (resigned 31.08.22)|
||Sarah Hamilton-Fairley|
||Emma Hattersley|
||Fiona Dixon|
||Jolyon Luke*|
||Tom Morrell*|
||Rebecca Shalom*|
||Emma Sumner (appointed 01.12.21)|
||Tina Tietjen (Chair)*|
|_*Member of the_|_Finance Committee at 31 August 2022_|
|**KEY MANAGEMENT**|Michael Taylor, Head Master|
|**PERSONNEL:**|Lisa Buddin, Bursar|
|**COMPANY SECRETARY &**|Lisa Buddin FCCA|
|**BURSAR:**||
|**HEAD MASTER:**|Michael Taylor, B.A. (Hons), PGCE,|
||FRGS|
|**REGISTERED OFFICE:**|30 Causton Street|
||London SW1P 4AU|
|**WEBSITE:**|
www.fairleyhouse.org.uk|
|**REGISTERED NUMBER:**|01535096|
|**CHARITY NUMBER:**|281680|
## **PROFESSIONAL ADVISERS:**
|**BANKERS**|**SOLICITORS**|**AUDITORS**|
|---|---|---|
|Barclays Bank Plc|Veale Wasbrough Vizards|George Hay & Company|
|Fleet Street Business Centre|Narrow Quay House|83 Cambridge Street|
|81 Fleet Street|Narrow Quay|Pimlico|
|London EC4Y 1EL|Bristol BS1 4QA|London SW1V 4PS|
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**FAIRLEY HOUSE SCHOOL**
**GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **INTRODUCTION**
The academic year began with covid still in our lives, but also with the frisson of the ISI Inspection looming. A mixture of excitement about having our work externally validated. But also, tension; was everything correct, verifiable and in place? Having received an ‘Excellent’ rating in our prior inspection there was a lot at stake.
The staff team, led by Michael Taylor, Alex Benkreira and Lisa Buddin were, according to the inspectors very impressive, along with our documentation and systems. Fairley House was given an Excellent rating. A result which delighted staff, parents and governors alike.
As with other schools the year has been challenging; with lingering covid, inflation and the economic outlook all eroding confidence. Despite these external challenges Fairley House has continued to flourish. Pupil number stabilised in year, with a strong roll call for the 22/23 year. And our pupils’ results have been encouraging.
The board has paid significant attention in year to considering what makes Fairley House ‘special’ and how we can develop and extend the reach of the school whilst retaining its essence.
The board has addressed the key issue of teachers’ pensions. It has encouraged investment in additional key personnel to assist the school develop both its presence and impact, with outcomes due in the 22/23 academic year. Margins have, therefore, come under a little pressure, but the school is still showing a small operating surplus, a little ahead of budget.
Having attended both Junior and Senior School Prize Giving’s in the year, it is very encouraging to see so many happy, successful, and fulfilled children. Also, it was encouraging to hear first-hand from parents about the changes they have seen in their child since they joined the school. Everyone I spoke to was very complimentary about the staff and the approach of the school. This feedback brought home the positive impact of The Fairley House ‘magic’ not just on the child, but also on their family.
I’d like to thank my co- governors and the Fairley House team, the leadership, teaching, and support staff, for their hard work and enthusiasm, and for going the extra mile for our pupils. Their commitment is much appreciated and valued.
## **Tina Tietjen**
## **Chair**
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**FAIRLEY HOUSE SCHOOL**
**GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
The directors, who are also the school governors and trustees of the charitable company, have pleasure in presenting their report and financial statements for the year ended 31 August 2022.
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
Fairley House School was founded in 1980. The company, whose registration number is 01535096, is limited by guarantee and is also a registered charity, No. 281680. The governors, all of whom are directors of the company are as stated on page 1.
## **OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES**
The Objects of the charity are to ‘advance the education of children with specific learning difficulties, dyslexia/dyspraxia and to provide facilities for research into the causes and problems of, and associated with, dyslexia/dyspraxia and into methods of diagnosing, assessing and advising on the treatment and education of such children’.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## _**Governing document**_
The Charity is governed by Memorandum and Articles of Association dated 15 December 1980 as amended on 30 November 1994, 20 March 1996 and 25 June 2014.
## _**Recruitment and Training of governors**_
The Charity’s elected governors are appointed at Meetings of the Governing Board on the basis of nominations received from various sources. The Board will consider the eligibility of new members having regards to their personal competence, specialist skills and enthusiasm.
The current Chair of Governors is Tina Tietjen, who joined the board in August 2020.
The Finance Committee is chaired by Paul Barnaby. Paul is a Chartered Accountant registered with the Institute of Chartered Accountants of Scotland and works in a senior management position in a professional services organisation. He joined the Board in 2012.
The current composition of the Board meets the skills set needed to address the challenges that face the charity in the near future.
- An experienced charitable trustee at chair level.
- An experienced fund-raiser, reaffirming the Board’s commitment to bursary funded objectives.
- • Several governors with commercial and financial skills.
- One Head teacher at a successful independent school.
- Two governors with communication and marketing skills.
New governors are encouraged to attend external training courses to understand their role and responsibilities and are inducted into the workings of the charity, including Board Policy and Procedures by meetings with the Chair of Governors, Head Master and Bursar.
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**FAIRLEY HOUSE SCHOOL**
**GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
Remuneration of key management personnel is set at an individual level by the governors and where possible the governors have taken external professional advice which includes benchmarking, market trends and advice on structuring incentives.
## **Governance**
The Trustees takes their governance responsibilities seriously. As a charity, we aim to have a governance framework that is fit for purpose, compliant and efficient. The Board has established a solid foundation in governance. All of its trustees are clear about their roles and legal responsibilities. They are committed to supporting Fairley House to deliver its objects effectively for the benefit of its beneficiaries, and to an agenda of continuous improvement for the school.
The Board of Trustees meets a very significant proportion of the recommended and best practice principles for governance contained within the Charity Governance Code across the seven areas and are comfortable there are no significant areas of review required. Arrangements will continue to be monitored against the best practice principles contained within the Code. Accountability for the overall management and organisation of the school rests with the Governors, who meet at least once every term. They are supported in carrying out their responsibilities by the Finance Committee which meets at least once every term in advance of the Board of Governors meetings. In addition, the Board delegates various responsibilities to committees which meet a minimum of termly, ahead of Board meetings.
The task of running the School on a day to day basis is delegated to the Headmaster, the Senior Management Team and the Bursar. The Headmaster and Bursar attend all meetings of the full Governing body and may attend committee meetings at their discretion or if requested to do so.
Decision making is governed by the scheme of delegation, which sets out which decisions are made by the whole governing body, committees or members of the Senior Management Team. The scheme of delegation is reviewed annually.
The board works through the committee structure. Below is a report from the Chairs of the five committees of the board on their focus and work in the reporting period.
## **Finance, Chair Paul Barnaby:**
The main priority of the Finance Committee has been to:
- Maintaining the financial stability of the School in the face of considerable macroeconomic challenges, including increasing inflation and interest rates.
- Manage expenditure and identifying and implementing efficiency opportunities.
- New investment across various areas of the School to maximise educational provision
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## **FAIRLEY HOUSE SCHOOL**
## **GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **Education, Chair Fiona Dixon:**
- Pupil data: exploring bespoke packages to develop the collection of pupil progress data in response to ISI and termly monitoring needs.
- Curriculum: exploring the design and make-up of the KS4 curriculum and provision of statutory careers advice.
- Outreach: developing the Parents and Professionals evening at Fairley House post covid.
## **People, Chair Rebecca Shalom:**
- Engagement with staff, in conjunction with the Finance Committee, around new pension proposals. We worked to produce a fair and easy to understand scheme.
- Staff Development programme. A new scheme of continuous development was launched in September for teaching staff and OTs successfully in year, the admin and support staff are to be included next.
- Employee value proposition. The staff survey was relaunched. Also new work was started on making FHS an employer of choice, a good place to work.
## **Safeguarding, Chair Jolyon Luke:**
- Safeguarding: ensuring early and swift reaction to any safeguarding issues , as well as monitoring any situations outside school which might have an impact on the school’s excellent record and reputation in this area.
- Health: focus on continuity at the tail end of the covid crisis.
- Safety: careful monitoring and actions against potential risks in both properties. A proactive approach to fixing problems as they arise.
## **Business Development, Chair Tom Morrell:**
- Market research: distilling the insights from qualitative and quantitative research to inform the development of our marketing strategy.
- Touchpoints: evolution of the Fairley House website with updated content, navigation and improved design to capture the uniqueness and excellence of the school’s offering.
- Resource: hiring marketing professionals (contract and permanent) to establish a marketing and communications function and to assist in the delivery of our mission.
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**FAIRLEY HOUSE SCHOOL**
**GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **Remuneration**
Remuneration of all staff is considered at the annual staffing advisory committee (committee of the governing body). Recommendations are made to Finance Committee and subsequently to the full Board. In considering remuneration levels, benchmarking of other schools and market values are taken into consideration.
## **Relationships**
Fairley House works closely with a large network of schools in both the state and independent sector. The Head Master and members of the Senior Management Team routinely visit schools that either send children to Fairley House or receive children when they leave. Schools visited this year includes St Christopher’s and Maida Vale. The main purpose of developing close relationships with other schools is initially to ensure that the transition of a child to Fairley House is accomplished smoothly and with a full understanding of the child’s needs. Towards the end of the child’s time at Fairley House, the school makes great efforts to ensure that parents receive the best advice on which schools will enable their child to flourish.
The Parents’ Association is active and continues to support the school in many ways particularly in raising funds that contribute to significant projects within the school. The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.
## **Our Mission Statement**
Our charity aims to transform the lives of children with specific learning difficulties (SpLD) and to provide encouragement to their families.
We do this by:
- Providing a first class education for children with SpLD.
- Giving children with SpLD the skills and confidence to maximise their potential in Fairley House, back in mainstream education and throughout their lives. 2-3 years at Fairley House often provides that catalyst.
- Ensuring that children’s needs are met by offering a unique trans-disciplinary assessment and whole school approach.
- Seeking to influence the lives of SpLD families outside our school community through research, teaching, training and advocacy.
- Maintaining dialogues with; government agencies, children’s services and voluntary sector organisations and through partnerships with research bodies and higher education institutes.
In the pursuit of our goals we are committed to;
- Advising and working in partnership with parents to provide hope and to achieve the best possible long term outcomes for their children.
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**FAIRLEY HOUSE SCHOOL**
**GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
- Rewarding the professionalism and dedication of our staff by ensuring that our workplace is safe, enjoyable, stimulating and supportive of their individual career ambitions.
- Ensuring that Fairley House remains a dynamic and innovative environment where children thrive and are happy.
## _**Risk Management**_
The Board of Governors is responsible for the management of the risks faced by the school. Detailed considerations of risk are delegated to various members of the Board, who are assisted by the senior management team. Risks are identified, assessed with controls established throughout the year. The Board undertakes a formal review of the school’s risk management annually.
The key controls used by the charity include:
- Formal agenda for all Committee and Board meetings.
- Comprehensive strategic planning, budgeting and management accounting.
- Established organisational structure and line of reporting.
- Formal written policies.
- Clear authorisation and approval levels.
- Vetting procedures, as required by law, for the protection of the vulnerable.
Through its risk management processes the Governors are satisfied that major risks have been adequately mitigated where necessary. In arriving at this conclusion the Governors recognise that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.
## _**Aims and Intended Impact**_
Fairley House School was founded with the aim of providing first class facilities for children with specific learning difficulties, dyslexia/dyspraxia. These difficulties can cover a broad spectrum. They may include problems with spoken and written language, with comprehension and communication, with fine and gross motor skills (dyspraxia) and with balance and co-ordination. The common factor is a marked discrepancy between potential, as measured by objective tests, and performance in the classroom.
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**FAIRLEY HOUSE SCHOOL**
**GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## _**Public Benefit**_
When setting the objectives and planning the activities of the charity the Governors always give careful consideration to providing public benefit in accordance with our mission statement and having taken account of the Charity Commission guidance.
The public benefit aim is to equip our pupils with the skills and strategies they need to make a return to mainstream education at the earliest opportunity (on average after 2-3 years attendance at Fairley House). Developing literacy in children who would otherwise find it difficult or impossible to learn to read and write helps to optimise their life chances and enables them to contribute fruitfully to society. Many former Fairley House pupils have gone on to university and now work as professionals in science, health, law, the media and medicine.
The policy of the school is to reach girls and boys from all social, economic, cultural, ethnic and religious backgrounds as part of its public benefit contribution. This recognises that specific learning difficulties (SpLD) can affect all children. The 2021 ISI inspection report states:
“ _Pupils demonstrate excellent respect and appreciation of diversity between cultures and regarding individual’s differences” (ISI: Report of 2021)_
In furtherance of the public benefit;
- The Head Master and members of the school’s Special Provision Team give a significant proportion of their time in providing advice, preparing reports and representing families at SENDIST (Special Educational Needs & Disability Tribunal). This helps families gain access to the specialist teaching and therapy support their children need. The school receives no remuneration for this service. The school is pleased that by these efforts approximately 58% of its pupils are children whose parents make no direct financial contribution to their children’s education as such placements are funded by Local Authorities. In addition a further 7% are partly funded by Local Authorities. All of these children have special needs many of which would not be adequately catered for in the State system.
- The school offers advice on SEN to schools in the maintained sector.
- The school’s comprehensive three-day entry assessment involves staff from many disciplines. It is routinely carried out free of charge for families who are unable to afford the normal fee. The staff involved include:
- Educational Psychologists
- Speech and Language Therapists
- Occupational Therapists
- Specialist teachers of children with SpLD
- The school trains teachers from other schools to gain the Fairley House School Level 5 & 7 Certificate in Specific Learning Difficulties (SpLD), accredited by CPD Standards. This one year post-graduate course covers how to identify and support children with specific learning difficulties in their own schools. The course fees can be waived for teachers from state schools who are in an influential position such as the Special Needs Coordinator.
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**FAIRLEY HOUSE SCHOOL**
## **GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
- The school’s reputation attracts leading authorities in the field of special educational needs to present their research findings to other professionals and parents. Such seminars are free of charge to all attendees, who include teachers and psychologists from other schools and Local Authorities.
## _**Objectives for the year are to:**_
- Review and implement the 10-year strategy.
- Maintain our status as an outstanding school.
- Continue to develop KS4 provision.
- Enhance the school’s facilities for existing and future pupils.
- Provide high quality continuing professional development for all staff.
- Develop further an outreach programme.
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**FAIRLEY HOUSE SCHOOL**
## **GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **STRATEGIC REPORT**
## **REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR**
## **Principal activities of the year and operational performance:**
- At the year end there were 188 pupils on roll, a decrease of 1 from the previous year.
- We provided places for 109 pupils with Statements of Special Educational Needs drawn from 27 local authorities.
- Pupil outcomes continued to be overwhelmingly positive with the significant majority returning to mainstream schools after Fairley House.
This achievement is consistent with ISI Report of 2021 which stated:-
- “ _The quality of the pupils’ academic and other achievements is excellent_ ”
- Key Stage 4 success continued with 39 pupils in year 10 and 11 (2021:32).
- Michael Taylor continues to be active at the West London Heads meetings.
- The PTA raised £15.5k for projects from the Christmas fair and the 40[th] Birthday celebrations.
## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR**
- The net unrestricted income was £47,410 for the year, a result that was above that budgeted by the Board.
- Some planned expenditure was placed on hold due to covid.
- Cash resources of the charity remain very strong.
The Board is satisfied that the continued year end surpluses are adequate for them to pursue further expansion of charitable activities in accordance with the school’s strategic plan.
## _**Reserves Policy**_
The Governors regularly review the level and nature of the reserve funds of the school.
The policy of the Board is to budget for a surplus each year and for this surplus to be added to the General fund brought forward. The long-term policy of the Board is to continue to build up free reserves by means of annual operating surpluses, in order to maintain an amount equivalent to the running costs of the Autumn term.
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**FAIRLEY HOUSE SCHOOL**
## **GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
In exceptional circumstances the Board will budget for a deficit, possibly over more than one year but only if there are adequate cash resources to meet all the school’s obligations during the period. And only if such deficits are part of a strategic development programme that will enhance the long term financial strength of the charity.
In line with board strategy and the recommendations of The Business Development committee, we invested £27,850 in work on a new website to be launched in the 22/23 academic year using consultants to handle the work. We have made provision for the recruitment of a new staff member to manage this, and a wider communications role, going forward.
## _**Investment policy and objectives**_
The investment powers are governed by the Memorandum of Association which permits funds that are not immediately required for the company’s purpose to be invested in such investments, securities or property as may be thought fit, subject, nevertheless, to such conditions (if any) as may, for the time being, be imposed or required by law.
Until such time as the school’s borrowings have been repaid, the Board’s policy is to invest short term surplus funds on the London Money Market.
## **FUTURE PLANS**
Roles within the management team are being continually reviewed as demand dictates and as strategic plans become implemented.
Current year objectives are formulated in the context of longer term objectives and the school’s strategic plan. A review of the strategic plan has been undertaken, resulting in implementation of a 10 year plan covering 2016-2026. The key objectives within the plan are:
- Ensure that the necessary premises are secured, maintained and developed to accommodate growing pupil numbers and to expand the activities of the Charity in line with the school’s strategic plan.
- Maintain the recognition in the 2019 Crested report and in the 2021 ISI inspection report that stated:
- _“Pupils of all ages and abilities make excellent academic progress in relation to their individual starting points on admission to the school. There is variability in the amount of progress made individually by pupils, but the outcomes for all pupils are excellent when their learning difficulties and previous limited success and sometimes prolonged period of school non-attendance are taken into account.”_
- Continue to increase the school’s reputation as an acknowledged centre of excellence dedicated to the education of children with specific learning difficulties- dyslexia/dyspraxia. Also, to offer innovation therapies that are difficult to access elsewhere, such as sensory integration.
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**FAIRLEY HOUSE SCHOOL**
## **GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
- Via outreach work, benefit children with specific learning difficulties in the London area by offering a recognised qualification (Level 5/7 certificate/diploma) to teachers and other professionals in other schools, and expand the Assessment Clinic.
- Raise additional funds to provide an outreach programme to schools within London.
- Broaden Fairley House presence beyond the Greater London area.
## **GOING CONCERN**
Given the level of reserve funds held at 31 August 2022, the Governors consider that there is reasonable expectation that Fairley House School has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Governors continue to adopt the ‘going concern’ basis in preparing the financial statements.
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**FAIRLEY HOUSE SCHOOL**
## **GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **STATEMENT OF GOVERNORS’ ACCOUNTING AND REPORTING RESPONSIBILITIES**
The Governors (who are also directors of Fairley House School for the purposes of company law) are responsible for preparing the Governors’ Annual Report, incorporating a Governor’s Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, Governors 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 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 these financial statements, the Governors are required to:
- select the most suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the school’s constitution. 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.
Insofar as each of the Directors, as members of the Governing Body, at the date of approval of this report is aware, there is no relevant audit information (as defined by Section 418(3) of the Companies Act 2006) of which the charitable company’s auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the charitable company’s auditor is aware of that information.
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**FAIRLEY HOUSE SCHOOL**
## **GOVERNORS’ REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **AUDITORS**
George Hay & Company have expressed their willingness to continue in office as auditors and a resolution proposing their reappointment will be submitted to the forthcoming Annual General Meeting.
This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of Governors on 1st December 2022, including in their capacity as company governor’s approving the Strategic Report contained therein, and is signed as authorised on its behalf by:
Approved by the Board of Governors on **12 December 2022**
and signed on its behalf by: **Paul Barnaby**
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**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FAIRLEY HOUSE SCHOOL**
## **FAIRLEY HOUSE SCHOOL**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **INDEPENDENT AUDITOR’S REPORT TO MEMBERS OF FAIRLEY HOUSE SCHOOL**
## **Opinion**
We have audited the financial statements of Fairley House School (the ‘charitable company’) for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 August 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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 Auditor’s 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 UK, including the FRC’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 entity'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.
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**FAIRLEY HOUSE SCHOOL**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FAIRLEY HOUSE SCHOOL**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor’s 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report, which includes the directors’ report (and the strategic report) prepared for company law purposes, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors’ report included within 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 the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report (including the strategic report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion **:**
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
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**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FAIRLEY HOUSE SCHOOL**
## **FAIRLEY HOUSE SCHOOL**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **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.
## **Auditor’s 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 auditor’s 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:
Based on our understanding of the charitable company's operations, we identified that the principal risks of non-compliance with laws and regulations relates to an adverse report from the Independent Schools Inspectorate. We considered the extent to which non-compliance might have a material effect on the financial statements that results in the situation where no further teaching can be provided. We also considered the relevant laws and regulations that have a direct impact on the preparation of the financial statements such as taxation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, (including the risk of override of controls) and determined there were no principal risks directly impacting the charitable company's incoming resources and management bias in accounting estimates.
17 | P a g e
## **FAIRLEY HOUSE SCHOOL**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FAIRLEY HOUSE SCHOOL**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
Audit procedures performed by the engagement team included:
- Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
- Evaluating management's controls designed to prevent and detect irregularities;
- Identifying and testing transactions and balances, including journals, in particular journal entries posted with unusual account combinations or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.[3 ]
## **Marino Achilleos FCCA**
Senior Statutory Auditor
For and on behalf of George Hay & Company, Statutory Auditors, 83 Cambridge Street, Pimlico, London, SW1V 4PS
## Date: **23 December 2022**
18 | P a g e
## **FAIRLEY HOUSE SCHOOL**
## **STATEMENTS OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|Notes
**INCOME FROM**
**Donations**
**Charitable Activities**
Fees receivable
2
OCR Course Fees
Assessment Clinic Fees
**Investments**
Bank Interest
Other incoming resources
**Total Incoming Resources**
**EXPENDITURE ON**
**Raising Funds**
Other Income generating activities
**Charitable Expenditure**
School operating costs
OCR operating costs
Assessment Clinic operating cost
**Total Resources Expended**
4
**Net Income for the Year**
Transfer between funds
Fund Balances at 1 September 2021
**FUND BALANCES AT 31**
**August 2022**
10|**Unrestricted**
**Funds**
**£**
2,202
6,309,920
22,125
138,400
9,602
29,094
6,511,343
-
6,324,651
9,826
129,456
6,463,933
47,410
4,346
6,598,307
**6,650,063**|**Restricted**
**Funds**
**£**
15,534
-
-
-
-
-
15,534
23,356
20,819
-
-
44,175
(28,641)
(4,346)
140,949
**107,962**|**2022**
**Total**
**£**
**17,736**
**6,309,920**
**22,125**
**138,400**
**9,602**
**29,094**
**6,526,877**
**23,356**
**6,345,470**
**9,826**
**129,456**
**6,508,108**
**18,769**
**-**
**6,739,256**
**6,758,025**|_2021_
_Total_
_£_
3,554
6,198,206
42,305
_98,625_
1,239
_62,008_|
|---|---|---|---|---|
|||||6,405,937|
|||||995
6,109,215
_42,330_
120,204|
|||||6,272,744|
|||||_133,193_
_-_
6,606,063|
|||||6,739,256|
**The notes on pages 22 to 31 form part of these financial statements.**
19 | P a g e
## **FAIRLEY HOUSE SCHOOL**
## **BALANCE SHEET**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|Notes
**FIXED ASSETS**
Tangible fixed assets
5
**CURRENT ASSETS**
Debtors
6
Cash at bank and in hand
Total Current Assets
**CREDITORS:**Amounts falling due within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS:**amounts falling due after more than one year
8
**NET ASSETS**
**FUNDS**
Unrestricted funds
Fixed asset fund
Restricted fund
**FUNDS**
10|**2022**
**£**
**5,136,067**
**1,839,098**
**3,314,569**
**5,153,667**
**(3,381,495)**
**1,772,172**
**6,908,239**
**(150,214)**
**6,758,025**
**1,731,182**
**4,918,881**
**107,962**
**6,758,025**|_2021_
_£_
5,325,744
1,620,490
2,915,958|
|---|---|---|
|||4,536,448
(2,913,327)|
|||1,623,121|
|||6,948,865
(209,609)|
|||6,739,256|
|||1,549,138
5,049,169
140,949|
|||6,739,256|
The financial statements for Fairley House School, company number 01535096 were approved and authorised for issue by the Board of Governors on and signed on their behalf by:
**Paul Barnaby Date: 12 December 2022 Chair of Finance Committee**
**The notes on pages 22 to 31 form part of these financial statements**
## **FAIRLEY HOUSE SCHOOL**
## **CASH FLOW STATEMENT**
|**FOR THE YEAR ENDED 31 AUGUST 2022**
Notes
**CASH FLOWS FROM OPERATING ACTIVITIES**
**Net cash provided by operating activities**
1
**Cash flows from investing activities**
Interest received
Purchase of property, plant and equipment
**Net cash used in investing activities**
**Cash flows from financing activities**
Repayments of borrowing
**Net cash used in financing activities**
Changes 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
2
**NOTES TO THE CASH FLOW STATEMENT**
**NOTE 1**
**Reconciliation of cash flows from operating activities**
Net incoming
**Adjustments for**
Depreciation charges
Decrease/(Increase) in debtors
Increase in creditors
Bank interest received
**Net cash provided by operating activities**
**NOTE 2**
**Analysis of Cash and cash equivalents**
Refundable deposits
Cash in hand
**Total cash and cash equivalents**|
**2022**
**£**
**575,738**
**9,602**
**(120,804)**
**(111,202)**
**(65,925)**
**(65,925)**
**398,611**
**2,915,958**
**3,314,569**
**2022**
**£**
**18,767**
**310,482**
**(218,607)**
**474,698**
**(9,602)**
**575,738**
**471,991**
**3,314,569**
**3,786,560**|_2021_
_£_
461,281
1,239
(319,333)
(318,093)
(62,682)
(62,682)
80,506
2,835,452
2,915,958
_2021_
_£_
133,193
316,943
(50,302)
62,686
(1,239)
461,281
385,391
2,915,958
3,301,349|
|---|---|---|
## **FAIRLEY HOUSE SCHOOL**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. ACCOUNTING POLICIES**
## **Company information**
The charitable company, which is a public benefit entity, is a private limited company by guarantee, incorporated in the UK (registered number 01535096) and operates from its registered office 30 Causton Street, London, SW1P 4AU.
## **a) Basis of Accounting**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the 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.
These accounts are drawn up on the historical cost basis of accounting. The financial statements have therefore been prepared on a going-concern basis as discussed in the Statement of Accounting and Reporting Responsibilities on page 12.
## **b) Fees and Similar earned income**
Fees receivable are accounted for in the period in which the service is provided. Interest receivable is accounted for in the period to which it relates. Donations are accounted for when there is reasonable certainty of receipt.
## **c) Expenditure**
Resources expended are accounted for on an accruals basis. Expenditure is directly allocated to cost categories based on the activity in the year. The irrecoverable element of VAT is included with the item of expense to which it relates.
## **d) Operating leases**
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
## **e) Tangible fixed assets**
Fixed Assets are initially recorded at cost.
Depreciation is provided at the following annual rates in order to write each asset down to their residual value over its estimated useful life:
|residual value over its estimated useful life:||
|---|---|
|Depreciable Freehold Property|- straight line over 20 years|
|Long-leasehold land and buildings|- straight line over 40 years|
|Long-leasehold improvements|- straight line over 10 years|
|Furniture, fittings and other equipment|- straight line over either 5 or 10 years|
|Computers and technological equipment|- straight line over 3 years|
|Land|- is not depreciated|
The above rates of depreciation are applied to assets costing more than £500 singularly or collective assets costing more than £2,000 where individual assets may be less than £500. Any assets costing less than these amounts are fully depreciated in the year of acquisition.
No depreciation is provided on assets acquired prior to the Balance Sheet date but not brought into use until after the year-end.
22 | P a g e
## **FAIRLEY HOUSE SCHOOL**
## **SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. ACCOUNTING POLICIES (continued)**
Any potential impairment of fixed assets is reviewed on an annual basis. To date, no adjustment for impairment has been considered necessary.
## **f) Pension schemes**
The Charity contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multiemployer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the school. In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) therefore, the scheme is accounted for as a defined contribution scheme.
The Charity also contributes to an individual personal pension scheme with Standard Life for other staff not within the teacher’s pension scheme.
## **g) Funds**
The general fund comprises the accumulated surpluses of unrestricted incoming resources over resources expended, which are available for use in furtherance of the general objectives of the charity.
Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the financial statements. Amounts unspent at the year-end are carried forward in the balance sheet.
## **h) Financial Instruments**
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost, with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.
## **i) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **j) Creditors**
Creditors are recognised where the school has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts.
## **k) Government grants**
Any government grants received will be recognised upon receipt.
23 | P a g e
## **FAIRLEY HOUSE SCHOOL**
## **SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **2. CHARITABLE ACTIVITIES FEES RECEIVABLE**
|**Fees receivable consist of:**
School fees
Less cost saving rebate
Less bursaries
Add back bursaries paid for by Restricted funds|**2022**
**£**
**6,309,920**
**-**
**(20,819)**
**20,819**
**6,309,920**|_2021_
_£_
_6,257,341_
(59,135)
(21,062)
21,062|
|---|---|---|
|||6,198,206|
## **3. STAFF COSTS**
The average number employed by the company including full-time equivalent numbers for part-time staff, within each category of persons was:
|Teaching and support staff
Administrative staff
The costs incurred in respect of these employees were:
Wages and salaries
Social security costs
Pension costs defined benefit
Pension costs defined contribution|**2022**
**No.**
**64**
**11**
**75**
**£**
**3,756,419**
**429,230**
**243,209**
**400,870**
**4,829,728**|_2021_
_No._
69
12|
|---|---|---|
|||81|
|||_£_
3,718,969
390,228
241,236
431,872|
|||4,782,305|
24 | P a g e
## **FAIRLEY HOUSE SCHOOL**
## **SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
No governor, nor any person connected to them, received any remuneration from the company or had any expenses reimbursed to them. During the year the number of employees whose total taxable emoluments exceeded £60,000 are illustrated at the top of the next page:
||**2022**|_2021_|
|---|---|---|
||**No.**|_No._|
|Between £60,000 and £70,000|**9**|_9_|
|Between £70,001 and £80,000|**1**|_-_|
|Between £80,001 and £90,000|**1**|_2_|
|Between £90,001 and £100,000|**1**|_-_|
|Between £110,001 and £120,000|**-**|_-_|
|Between £120,001 and £130,000|**-**|_2_|
|Between £130,001 and £140,000|**1**
|_-_|
Seven of the employees above are members of a defined benefit pension scheme and the school made contributions of £126,877 (2021: £111,868 for 6 members)
The key management personnel of the school are defined on page 1. The total employee benefits of this group was £295,171 (2021: £294,228). Terminations payments of £nil were made in 2022 (2021: £20,522), no amounts are outstanding at year end.
## **4. ANALYSIS OF EXPENDITURE**
|**Cost of raising funds**
Cost of other activities
**School operating costs**
Teaching costs
Premises
Welfare
Support costs
Governance costs – audit fee
**OCR operating cost**||**Staff costs**
**£**
-
4,153,120
-
-
625,320
-
4,778,440
6,448|**Other**
**£**
23,356
296,793
502,255
177,040
273,289
7,171
1,279,904
3,378||**Depreciation**
**£**
-
53,477
257,005
-
-
-
310,482
**-**|**2022**
**Total**
**£**
**23,356**
**4,503,390**
**759,260**
**177,040**
**898,609**
**7,171**
**6,368,826**
**9,826**|_2021_
_Total_
_£_
995
4,369,071
708,032
149,795
875,148
7,169|
|---|---|---|---|---|---|---|---|
||||||||6,110,210
42,330|
25 | P a g e
## **FAIRLEY HOUSE SCHOOL**
## **SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|**Assessment clinic operating**
**costs**
44,840
**Total resources expended**
4,829,728
**5.**
**TANGIBLE FIXED ASSETS**
Furniture
Fittings
Equipment
£
Cost
At 1 September 2021
1,012,118
Additions
50,545
Disposals
-
**At 31 August 2022**
**1,062,663**
Depreciation
At 1 September 2021
922,942
Charge for the year
53,477
Withdrawn on disposals
-
**At 31 August 2022**
**976,419**
**Net book value**
**At 31 August 2022**
**86,244**
_At 31 August 2021_
89,176|**Assessment clinic operating**
**costs**
44,840
**Total resources expended**
4,829,728
**5.**
**TANGIBLE FIXED ASSETS**
Furniture
Fittings
Equipment
£
Cost
At 1 September 2021
1,012,118
Additions
50,545
Disposals
-
**At 31 August 2022**
**1,062,663**
Depreciation
At 1 September 2021
922,942
Charge for the year
53,477
Withdrawn on disposals
-
**At 31 August 2022**
**976,419**
**Net book value**
**At 31 August 2022**
**86,244**
_At 31 August 2021_
89,176|84,616
1,367,898
Freehold
Property
£
3,817,247
70,269
-
**3,887,516**
554,752
67,492
-
**622,244**
**3,265,272**
3,262,495||**-**
310,482
Long
Leasehold
Property
£
4,091,174
(9)
-|**129,456**
**6,508,108**
Total
£
**8,920,539**
**120,805**
**-**
**9,041,344**
**3,594,795**
**310,482**
**-**
**3,905,277**
**5,136,067**
5,325,744|**129,456**
**6,508,108**
Total
£
**8,920,539**
**120,805**
**-**
**9,041,344**
**3,594,795**
**310,482**
**-**
**3,905,277**
**5,136,067**
5,325,744|120,204|
|---|---|---|---|---|---|---|---|
||||||||6,272,744|
||||||||
|
|||||**4,091,165**||**9,041,344**||
|||||2,117,101
189,513
-||**3,594,795**
**310,482**
**-**||
|||||**2,306,614**||**3,905,277**||
|||||**1,784,551**||**5,136,067**||
|||||1,974,073||5,325,744||
Within Freehold Property there is non-depreciable land of £2.25m. The remainder of the balance is depreciated over 20 years.
26 | P a g e
## **FAIRLEY HOUSE SCHOOL**
## **SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|**6.**
**DEBTORS**
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
**7.**
**CREDITORS: amounts falling due within one year**
Bank loan
Trade creditors
Taxation and Social Security
Other creditors
Accruals and deferred income
Deferred income at 1 September 2021
Resources deferred in the year
Amounts released from previous years
Deferred income at 31 August 2022
|**2022**
**£**
**1,757,377**
**8,760**
**72,961**
**1,839,098**
**2022**
**£**
**66,966**
**15,146**
**178,942**
**472,902**
**2,647,539**
**3,381,495**
**2022**
**£**
2,090,052
2,406,865
(2,090,052)||_2021_
_£_
1,486,785
13,465
120,240
**1,620,490**
_2021_
_£_
66,966
75,754
171,841
385,917
2,212,849
2,913,327
_2021_
_£_
_2,105,366_
_2,090,052_
_(2,105,366)_|
|---|---|---|---|
|||||
|||||
|||||
|||
||
||2,406,865||_2,090,_ _052_|
27 | P a g e
## **FAIRLEY HOUSE SCHOOL**
## **SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
Deferred income is income for school fees charged termly in advance.
## **8. CREDITORS: amounts falling due after one year**
## **BANK LOAN REPAYABLE WITHIN:**
|1 to 2 years
2 to 5 years
|**2022**
**_£_**
66,966
83,248
**150,214**|_2021_
_£_
66,966
142,643|
|---|---|---|
|||209,609|
The bank loan is secured on the interest in the long-leasehold property and freehold property.
## **9. SHARE CAPITAL**
The company is limited by guarantee and does not have a share capital. In the event of the company being wound up and unable to meet its liabilities, each member undertakes to contribute such a sum as may be required up to a maximum of £100. There were 10 members at 31 August 2022.
## **10. MOVEMENT ON FUNDS**
|**Restricted Funds**
PTA fund
Bursary Fund
Hardship Fund
**Designated Funds**
Fixed asset fund
**General Fund**|_Balance at_
_1 September_
_2021_
_£_
**42,229**
**98,720**
**-**
**5,049,169**
**1,549,138**|Incoming
Resources
£
15,534
-
-
-
6,511,343|Resources
Expended
£
(23,356)
(20,819)
-
(6,463,933)|Transfer
Between
Funds
£
(4,346)
-
-
(130,288)
134,634|28 |P a g e
**Balance at**
**31 August**
**2022**
**£**
**30,061**
**77,901**
**-**
**4,918,881**
**1,731,182**|
|---|---|---|---|---|---|
|||||||
## **FAIRLEY HOUSE SCHOOL**
## **SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|**Restricted Funds**
PTA fund
Bursary Fund
Hardship Fund
**Designated Funds**
Fixed asset fund
**General Fund**|**6,739,256**
_1 September_
_2020_
_£_
**46,170**
**119,782**
**-**
**4,984,099**
**1,456,012**
**6,606,063**|**6,526,877**
Incoming
Resources
£
1,400
-
-
-
6,404,537
**6,405,937**|**(6,508,108)**
Resources
Expended
£
(995)
(21,062)
-
-
(6,250,687)
**(6,272,744)**|**-**
Between
Funds
£
(4,346)
-
-
65,070
(60,724)
**-**|**6,758,025**
**_31 August_**
**_2021_**
**£**
**42,229**
**98,720**
**-**
**5,049,169**
**1,549,138**
**6,739,256**|
|---|---|---|---|---|---|
## **Restricted Funds**
## PTA Fund
This fund represents donations given to the school by parents through the organisation and work of the School’s Parent Teachers Association (PTA). The balance of funds has been designated by the PTA to use for improving catering facilities within the school. During the year the PTA agreed to fund new playground equipment.
## Hardship Fund
The hardship funds have been designated by the Governors to assist children who are already pupils at the school and whose parents’ circumstances change such that their parents have financial difficulties.
## **Designated Funds**
## Fixed Asset Fund
This fund represents the amount of general funds invested by the school in its tangible fixed assets after deducting loans secured on the properties.
29 | P a g e
## **FAIRLEY HOUSE SCHOOL**
## **SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## Transfers
The transfer between the General Fund and the Fixed asset designated fund represents the movement on the fixed assets. The transfer between General Fund and the PTA represents the playground equipment spend.
## **11. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible fixed assets
Net current assets
Creditors: amounts falling due
after one year
Tangible fixed assets
Net current assets
Creditors: amounts falling due
after one year|Unrestricted
General
Funds
£
5,136,067
1,664,211
6,800,278
(150,214)
6,650,064
Unrestricted
General
Funds
£
5,325,744
1,482,172
6,807,916
(209,609)
6,598,307|Restricted
Funds
£
-
107,961
107,961
-
107,961
Restricted
Funds
£
-
140,949
140,949
-
140,949|**Total**
**2022**
**£**
**5,136,067**
**1,772,172**|
|---|---|---|---|
||||**6,908,239**
**(150,214)**|
||||**6,758,025**|
||||**_Total_**
**_2021_**
**£**
**5,325,744**
**1,623,121**|
||||**6,948,865**
**(209,609)**|
||||**6,739,256**|
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## **FAIRLEY HOUSE SCHOOL**
## **SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **12. FINANCIAL COMMITMENTS**
## **Operating leases**
The company had annual commitments under non-cancellable operating leases as set out below:
|Operating leases that expire:
Within one year
In the second to fifth years
Over five years|**2022**
**Land and**
**Buildings**
**£**
**172,000**
**516,000**
**172,000**
**860,000**|_2021_
_Land and_
_Buildings_
_£_
172,000
516,000
344,000|
|---|---|---|
|||1,032,000|
## **13. PENSION FUNDS**
## **Teachers’ Pension Defined Benefits Scheme**
The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £400,870 ( _2021: £431,872_ ) and at the year-end £Nil ( _2021 - £Nil_ ) was accrued in respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the valuation report, which was published in March 2019, confirmed an employer contribution rate for the TPS of 23.6% from 1 September 2019. Employers are also currently required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.
## **Personal Pension Schemes**
The school also contributes to a personal pension scheme for its non-teaching staff. The school’s’ staging date for auto enrolment was July 2014. All staff who do not contribute to the Teachers’ Pension scheme are currently members of the Standard Life scheme. The cost for the year represents the school’s contributions of 14.1% to this scheme of £243,209 (2021: £241,236).
## **14. RELATED PARTY TRANSACTIONS**
There are no related party transactions.
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