Company No: 01535096
Charity Number: 281680
FAIRLEY HOUSE SCHOOL
(A Company Limited By Guarantee)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
FAIRLEY HOUSE SCHOOL CONTENTS PAGE FOR THE YEAR ENDED 31 AUGUST 2024 Page Informarlon Page Governors Report, Strdteglc Report & Statement of Governors, Responsibllicles 2- 12 Report of the Audlcor Scacement of Financial Activicies 17 Balance Sheec 18 Ca5hflow Statement 19 Notes to the Financial Statements 20-29
FAIRLEY HOUSE SCHOOL INFORMATION PAGE FOR THE YEAR ENDED 31 AUGUST 2024 BOARD OF DIRECTORS AND GOVERNORS: Paul BarnabV CA Lawrence Dore Sarxh Hamilton-Fa(dey Emma Haitersley (resigned 7 Jvly 2024) Fiona Dixon lotyon Luke" Rebecca Shalom Tlna Tletlen (Chalr). Ali Azam (appolnred 14 March 2024) *Member of the Finance Committee at 31 Augu5c 2024 KEY MANAGEMENT PERSONNEL: Mlchael Tayhr, Head Lisa Buddin, Bursar {resigned 29 April 2024) Paula Vanninen. Interim Bursar (appointed l April, resigned 13 Sepiember 20241 Jane Graham, Bursar (appoinred I july 20241 COMPANY SECRETARY & BURSAR: Jane Graham CVO, Bk {Hon5), PG Cert, FCA HEAD MASTER: Michael Taylor 8.A. (Hon5), PGCE. FRGS REGISTERED OFFICE: 30 Causton Street. London SW I P 4AU WEBSITE: www.fairleyhouse.or&uk REGISTERED NUMBER: 01535096 CHARITY NUMBER: 281680 PROFESSIONAL ADVISER5: BANKERS SOLICITORS AUDITORS Barcky5 Bank PIC Fleet Streel Business Cenire 81 Fleet Street London EC4Y IEL Veale Wasbroush Vizards Narrow Quay House Narrow Quay Bristol BS14QA George Hay & Company 83 Cambridge Streec Flmlico London SWIV 4PS
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 INTRODUCTION The 2023124 year ac Fairfey House ended on two highs. The firsc was a set of fantasuc GCSE results a5 detailed below. The second was finls¢ng the purchase of a 200-year le25e on 202 Lambeth Fioad, a beautiful building less chan 5 minuces, volk from our junior school on Lambeth Road and backing en to Archbishop'5 Park. This purchase In Ociober 2024. secures our fuiure. creatlng a permanent Lainbeth campus for the school 2nd cer¢ainty of l¢xation for parents. pupils and scaff. Huge thanks to all the parents who lobbied for us behind the scenes. Alchough the proper(y has been used as a school in Che pasl Ir requlres refurbishment In advance of occupation by our Senior School. cent estimates are Ihat this may cost around £2 million. so we will be setting up a fundraising commitiee to Support the refit of rhe building as well a5 engaging profe5sion31 he. Our pupil number5 remaln largely staiic Compared with the prlor year end. We opened rhe September 2024 academic year with a roll call of 214 pupils which is an vpuck on our opening numbers in September 2023. However. our c05t base in 2023124 rose rdecring higher costs due co inflation which. in turn, impacced our annu Surplus. We are once again thrilled with our GCSE resvlts.. rhe5e illu5Cllte how amazingly well the scudents have done and the progress chey have made since joining the school. For many 5cudents, what was seen a5 impossible. ha5 been proved to be p055ible. In total 21 studenr5 sar GCSES in 18 subje¢t5. our widest ever curriculum. with a 71 % pass race. Congratulations ¢0 our siudents for their efforts and perseverance. And, huge thanks 10 all our stsff who erbabled this performance. We are continuing ¢0 improve the communications in s¢hool with the staff surveys whlch we started in 2022123 prosre55ing. We have introduced exit interviews for siaff and hope to learn from che5e initiatives how to improve the staff experience a¢ Fairley House. The board has spent time considering the impact of the Government's imposition of VAT on private school fee5. including the impact of VAT recovery on coscs. offsec by the impact of change5 to the Employers National Insurance rate and threshold introduced by the Budget on 30ch October 2024. We hosted a visic by the MP for Vauxhall. Florence Eshalomi. when She visited the junior and Senior Schools recen¢ty. Florence and Councillor Izza from Lambeth. who was also presenE were delighted the school will be moving into Lambeth and are very supportive of our work and all that we stand for. The incroduction of LAMDA and the Duke of Edinburgh Award Scheme has proved popular with pupi15. We continue to widen che pupil experience wlth more visits. dub& music and 5POrt. We said 'goodbye' 10 Lisa our Bursar of six years and said 'hello' to Jane Graham who has made a fast and impressive start. Jane's remit include5 all non-teaching adminisiration. inclvding IT. Marketing. HR and Finance, alongside the regular bursar duties. Along wth my fellow governors, who are so generovs in giving their lime and expertlse to Fairley House, I'd like to thank Michael Taor and hi5 entire team for their dedi¢ation to the school and its pupils. You have very Challenging roles which you accomplish with di51inction. Tina Tietjen Chair
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The director5. who are also the school governors and Irustees of ihe charirable company. have pleasure in presenting their reporc and financial stacement5 for the year ended 31 August 2024. REFERENCE AND ADMINISTRATIVE INFORMATION Fairley House School was founded in 1980. The company. wliose rew'5trauon number is 01535096. 15 limited by guarantee and 15 also a registered chariry. No. 281680. The governors, all of whom are directors of the company are as 5raced on pe l. OBJECTS. AIMS, OBJECTIVES AND ACTIVITIES The Oblects of Ihe chariry are 10 'advance the educarion of children with specific Icarning difficulties, dy51exialdysprax13 and to provide facill(ies for rese2rch in(0 the causes and problems of, and associated with these spe¢ifi¢ learning difficulrie5 into methods of diagnosing, assessing and advising on the trea¢ment and educ31ion of such children.. STRUCTURE, GOVERNANCE AND MANAGEMENT Govepnlng document Thc Charicy is govcrned by Memornndum and Articles ol Assoclatlon dated 15 December 1980 as amended on 30 November 1994, 20 March 1996 and 25 June 2014. Recrultment and Tmlnlng of governo The Charity'5 eletted gevernor5 are appointed ac Meerings of the Governing Board on the ba515 of nominations received from variou5 Sources. The Board will consider the eligibility of new members having regards to thelr personal competence. speciah'st skills and enthusiasm. The current Chair of Governor5 is Tina Tieijen. vtho joined the board in August 2020. The Finance Commiitee is chaired by Paul Barnaby. Paul is a Chartered Accountant registered with the Institute of Chartered Accouncants of Scotland and works in a senior management position in a prolessional services ortanisation. He joined the Board in 2012. The current composition of the Board meets the skills Ser needed to address rhe challenges that hce the charlry in the near future. An experienced charitable cru5ree at chair level. An experienced fvnd-raiser. reafflrniing che Board's commirment c¢ bursary funded objecrives. Several governor5 with commercial and financial sknll5. One Head teacher at a successful independen¢ school. Two governors with communication and marketing skills. New governors are encouraged w aiiend external iraining courses to understand their role and responsibiliiies and are inducted into Ihe workings of the charicy, including Board Policy and Procedures by meetings with the Chair ol Governors. Head and Bursar. Remuneration of key management personnel is set at an individual level by rhe governor5 and where Possible Ihe governors have taken external professional advice which includes benchmarking. market (rends and advice on structuring irtcenuves. 31P3ge
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Govemance The Trustee5 takes their govemance responsibilities seriously. As a charlry, we aim to have a governance framework that is fi( lor purpose, compli2nr and effjcient. The Board has established a solid foundation in governance. All of its tnjstees are clear about their roles and legal responsibilities. They are committed to supporting Faidey House to deliver its objects effecrively for the benefit of its beneficiaries, and to an agenda of cononuov5 improvemenc for the school. The Board of Trusrees meets a very Significanc proportion of Ihe recommended and besi pracclce prSnciples for governance contalned wichin the Chariry Governance Code across Ihe seven areas and are comfortable there are no si[ficanC area5 of review required. Arrangements wlll continue to be moniiored against the best prncrice principles contained within Ihe Code. Accountability for the overall management and orzanisation of the School rests with Ihe Governor5, who meet at lea5( once every Cerm. They are 5UPPOrted in carrying ouc their responsibilicie5 by the Finance Commiccee which meeis at least once every cerm in advance of the Board ol Governor5 meetings. In addiiion, che Board delegaces varlous responsibilirle5 to committees which meei a mlnimum of termly. ahead of Board meecings. The rask of njnning the School on a day to day basis is delegared co zhe Head. the Senior Management Team and the Bursar. The Head and Bursar attend all meetings ol the full Governing body and may aciend committee meetings at Iheir discretion or if requested ro 50 do. Decision making is governed by the scheme of delerduon, which sets ouc 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 15 a report from the Chairs of the five committees of the board on their focus and work in the reporcing pedod. Flnance, Chalr Paul Barnaby: In the lasc year the main priorfiies of the Finance Committee have been to.. Continue io maintain the financial stability of the school in the face of considerable macroeconomic challenge5. including high infiation rntes. par£i¢vlarly in the first half of the financlal year., Ensure best value from all contrncts and expenditure,. and Support efforts to secure a new property for the school through facilitating and securing additional funding.
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Education, Chair Fiona Dixon: Pupil d212: refined the purpose-builr data package and ensured crnnsfer of existing data frem heritage 5ysrem to develop the colleciion of pupil progress daca in response to ISI and termly monicoring needs. Trials of new dara sysiem undercaken with the aim of providing chree years, worth of dara. Curriculum.. contlnued the development of statLStory careers advice in Ilghc of Gitsby benchmark5 to include greater confacr wich school alumni. Considered the implications ol expanding to Sixth Form should increased space become avallable, in Cernis of leadership, curriculum design, 5tafflng requlrements. In5pecilon readlne55- inspection cralnlng on new framework undertaken. Myconcern Introduced for more effectlve tracklng of pasroral155ue& Pupll voice eleva¢ed. Oucreach.. developed a robvst programme ro meet the needs of charitable scatus in a h05ule environment toward5 independent schools and (he burgeoning financlal iurmoil in the broader SEND sector. People, Chalr Rebecca Shalom: The People Committee has continued i(s focus on making Fairley House School a place where staff enjoy working and feel rhey can contribure and perform at their besr. In parcicular this year we priorici5ed the followin& Recruitment.. Re-energised drive to fill key skill gaps and dcan(IeS, includin8 the school bursar. Staff engagemenf and developmenc Coniinued focus on 5ff development and Iraining. In addition. we launched the Pulse survey to give 5ff an ongoing opportuniry Eo provide feedback and nise issues. and Pay and benefits.. Benchmarking and review of benefi¢s. The Board made the decision to Conduct a Pay Review in the 2024125 academic year. Safeguarding. Chalrjolyon Luke: The Safeguarding, Health and Safety Committee has conrinued to fotljs on.. Safeguarding.. continue co monicor and review any safeguarding issues, alongside monitoring any sicuacions outside school which mighi have an impaci on the school'5 excellent record and reputation in this area. Health: alongside our external consultants. Ellis WhItM who act as our responsible officer, ensure all measure5 are in place to proteci all stakeholders. Safery.. continue with careful monitoring and actions 3gainst potential risks in both propertie5. A proactive approach to fixing problEms as they arise. 51Page
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Bu5ine55 Development and Marketing) Chair Lawrence Dore: The pasc Neive monch5 have seen a maierial step change in the profe551onalisation of marketing ac the school. In lune 2023 the school hired a dedicaied Marketing and Communications Officer, Ben Golden. who has broughr focus to how the school is presented and engages with its key audiences. Significanc initiacives over the year include: the relaunch of our Websi.. new brand guidelines and a visual idenriry- a new prospecru5 and parent welcome pack. a more active online and social media presence and a refreshed 5Ulte of marketing materials. The school has been actively adverii5ing and generdung prlni edltorlal and has enhanced Ic$ parenc communication chrough regular newslecters. Of parcicular note the school was, for the first clme, Iisced in the 2025 Tader Schools Guide wilh a glowing write up. Remuneratlon Remunerafion of all scaff 15 considered ac the annual staffing advisory committee (commitcee of (he governing body). Recommendacion5 are made Eo Finance Committee and sub5equencly to the full Board. In consldering remunerd¢lon levels. benchmarking of ocher schools and market values are taken into con5ideratson. Relatlonshlps Fairley House works closely wilh a large network of schools in both the state and independent sector. The Head and members of the Senior Management Team rouiinety visit schools thac either send children to Fairley House or receive children when Ihey leave. The main purpose of dEveloping close relationship5 wich ocher schools 15 inicially to ensure thar the cran5iuon of a child to Fairley House is accomplished smoothly and wich a full understanding of the child's needs. Towards the end of the child's time ai Fairley House, the school makes greai effort5 to ensure thai paren¢5 receive the besc advice on which pariicular schools will enable rheir child to flourish. The Parents, Associauon is accive and continues to support the school in many way5 particuLarly In ra15ing funds that Contribu to significanr projects within the school. The chariry had no fundraising activities requiring disclosure under S162A of the Chari¢ies Act 2011. Our Mission Statement Our ¢haricy aims to transform the lives of children Specific learning difficulties {SpLDI and 10 provide encouragement to (heir families. We do this by- Providing a first class educ3tion for children with SPLD. Giving children wilh SpLD the skills and Confidence to maximi5e their potential in Fairley House, when back in mainstream educaiion and throughoui Iheir lives. 2-3 year5 ai Fairley House often provides Ihat C3talysL Ensuring chat children's needs are met by offering a unique trans-disciplinary a55essment and whole school approach.
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Seeking to influence the live5 of SPLD families outside our school communicy rhrough research, reaching. trnining and advocary. Maintaining dialogue5 wich.. government agencies, children's services and voluntary seccor organisations and rhrough partnerships with research bodies and higher educ2tion institutes. In the pursuit of our g031s, we are committed to: Advising and working in parmership with parents to provide hope and the besc possible long tem ouccomes for their children. Rewarding the professionalism and dedicarion ol our sraff by ensuring rhit our workplace Is safe, enjoyable. 5clmulacing 2nd supportive of thelr individual career ambitions. Ensuring chat Falrley House remaln5 a dynamlc and Innovatlve envlronment where thlldren chrlve and are happy. Rlsk Monagement The Board ol Governors is responsible for the managemenc of the risks faced by the school. Detailed ¢onsideration5 of risk are delegaced to various members of the Board. who are a5515ted by the Senior management ceam. Risks are idenrified and as5e5sed with concrols established throughout the year. The Board undertakes a fomial review of the school's rlsk managemenc annually. The key controls used by the tharity include.. Formal agenda for all Committee and Board meetings. Comprehensive 5rrategic planning. budgeung and management accoLtnting. Escablished organisational structure and line of repor(Ing. Formal writcen policies. Clear authorisation and ?pproYal levels. Vetting procedure5. a5 required by law, for the protection of the vulnerable. Through 1¢$ risk management processes the Governors are satisfied thai major risks have been adequatefy miiigated where necessary. In arriving ai this conclu5i0n. the Governor5 recognise that Systems can onty provide reasonable, but not ab501ute. assurance that major risks have been adequatety managed. Alms ond Intended Import Fairley Hovse School was founded with the aim of prowding first class facilities for children with specific learning difficulties. dyslexialdyspraxia. These difficuliies can cover a broad spectrum. They may include problems with Spoken and written language. wth comprehension and communication, with fine and gross motor skills Idyspraxia) and with balance and co-ordination. The ¢ommon factor is a marked distrepancy between pocential. as measured by objective tests. and perferniance in the tlassroom.
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Publlc Benefft When setting che objectives and plannlng the acllvities of the tharfry che Governor5 alway5 give careful considerniion to providing public benefit in accordance with our mission scatement. hiving taken account of che Charity Commission guidance. The public benefit aim is to equip our pupils with the skilb and scrategies they need co make a return to mainstream education ai rhe earFiest opportuniry (on average after 2-3 year5 actendance at Fairley House). Developing literacy in children who would otherwise find it difficuli Or imp055ible to learn 10 read and wrlce helps to opumi5e thelr lrfe chances and enable5 them to contribuie frultfully to sociecy. Many former F2irley House pupils have gone on 10 universicy and now work as profe5slonaL5 In Science. healch, law. the media and medicine. The policy of the school is to reach girls and boys from all social, economic, culrural, ethnic and religiou5 ba<kgrounds as part of if5 public benefir conrriburion. This recognise5 rhar Specific learning difficuliies (SpLD) can affect all chlldren. The 2021 ISI inspecrlon reporr srates.. "Pupils demonstrote excellent re5Pert ond appreciation of diversty belween culwrcs and regarding individuols differences" (ISI.- Report of 2021) In fijrtherance of rhe public benefit.. The Head and members of the school's Spec121 Provlslon Team glve a slgnlflcant proportion ol their time in providing adwce. preparing repor(s and represencing families at SENDIST {Special Educacional Needs & Disability Tribunal). This helps familie5 gain access to the specialist teaching and therapy supporc their children need. The school receives no remunet7tion for this service. The school is pleased (hat by these efforts approximately 60% of its pupils are children whose parents make no dire¢r financial contribution 10 their children's education as Such placemen¢s are funded by Local Aufhorities. In addition, a further 4% are parcly funded by Local Aulhorities. All of these children have special needs. many of which would not be adequaiely catered for in the State system. The school offers advice on SEN to schooh in the maintained Sector. The school's comprehensive three-day encry a55essment involves staff from many disciplines. It IS rouc¢'nety carried out free of charge for families who are unable to afford the normal fee. The staff invofved include.. Educational Psychologists Speech arsd Language Therapists Occupational Therapists Specialist teacher5 of children with SpLD The school trains £ea¢hers from other schools to gain the Fairley House School Level 5 & 7 Ceriificate in Specific Learning Difficulties (SpLD), accredited by CPD Standards. This one year post-graduaie ¢ourse covers how to idenufy and support children with specific learning difficulues in their own schools. The course fee5 can be waived for teacher5 from state schools who are in an influential p051tion such as the Special Needs Coordinaior.
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The school's repuration acrrydcrs leading authorioes in the field of special educaiional need5 to present cheir research findings ro other profession21s 2nd parents. Such seminar5 are free of charge to all attendees. who include teacher5 and psychologists from other schools and Local Auihoricies. Oblectlves for the yeor are to". Review and implement the l (year scracegy. Although we are no longer given a re5uk in inspection, maintain our 5taiu5 as an outstanding School. Contlnue to develop KS4 PrO510n. Enhance the school's facillties for exlstlng and fvture pupils. Provide high qthillry continuinz profe55ional developmenr for all staff. Develop further an ourrea¢h prozrdmme. STRATEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Prlnclpal actlvltles of the year cnd operatlonal erformance'. Ac the year-end chere were 213 pupils on roll. a decrease of 6 from the previous year. We provided places for135 pupils with Statements of Special Educational Needs drawn from 27 local authoriiies. Pupil ouicomes conÉinued to be oveThvhelmingty positive with Ihe significant majoriry reiurning to rnainscream schools after Fairley House. This achievemenc is consistent wth ISI Report of 2021 which srated-. "The quolity ofthe Pupils. ocademrc ond other ochievements is excellent" Michael Taylor cont4nues fo be active at the CReSTeD and ISI meetings. The PTA raised £Sk lor projects from the Christmas fair. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The net unrestricted income wa5 £148.097 for the year. a re5ul£ that Nfds in line wlth that budgeted by the Board. Cash re50urce5 of the charity remain Strong. The Board is Satisfied chat the continued yearnd surpluse5 are adequate for them to pursue further expansion of charitable acts'vities in actordance with the school's strategic plan.
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 ReseThes Poll£y The crustees consider thac rhe chari(Is principal rlsk is, if for some unforeseeable reason, it 15 unable to continue co provide its services co Service users. The needs ol irs seNce users are complex. 2nd they would need time to make arrnngements for ikernative provision. The Chariry therefore aims co mainiain re5erve5 equivaleni co three to four months expenditure, being £1.700,000 co £2,100.000 in order to be able 10 conrlnue to operate in unforeseen circumstances foi- enough ume for servSce users to make alternative arrangements. The Charicy'5 target is to have deslgnated properry lunds amouncing to £3,500,000. These deslgnated funds wlll be Set aside for the purchase and refurbishmeni of a new school building and for prcperty maincenance. A5 mentioned, the purchase of a new school building at 202 Lambeth Road completed in October 2024 and will require a complece refurbishment belore being occupied by our Senior School. Our current senior School site is a long-term leasehold property. the lease is diminishing and therefore we are fucure planning to ensure che Chariry may continue. We believe that with che target amount we would be able co support Ihe refurblshmenc and che move co the new building. Thi5 Ss In line wilh our m1s51on starement 10 provlde first class education for chlldren wlth SPLD. Governors are seeking to complete Ihe refurbishment of 202 Lambeth Road and the relocation of the senior school to the new building within Ihe nexc 2 year5. Investment Policy and objedlves The inve5tmenc powers are governed by the Memorandum of Association which permics funds that are not immediately required for the Company'5 purpose to be invested in such inve5tmencs, securities or property as may be thought fiL subjeci. nevertheless. ¢0 such conditions (rf any) as may. for the time being, be imposed or required by law. Until such time as the school's borrowings have been repaid. rhe Board's policy is to invest 5horr tem) surplus funds on the London Money MarkeL FUTURE PLANS Roles within the management team are beinz Continual reviewed a5 demand dictaies and a5 Strategic plans become implemented. Curreni year objectives are formulated in the concext of longer-terfn objeccives and the School's 5cr3cegic plan. A review of the strategic plan has been undertaken. resulting in implementation of a l O- year plan covering 2016-2026. The key objecrive5 wichin the plan are.. Ensure that the necessary premises are secured. maintained and developed co accommodace growing pupil numbers and to expand the aciivities of Ihe Charity In line with Ihe school's straiegic plan. Maintain Ihe recognition in the 2019 Cre51ed report and in the 2021 ISI inspeccion report thai stated.. "Pupils Dfoll oges ond obilities moke excelleni ocodemK Progress in relov'on to their indivtduol storting oints on admitsion to the school. There is voriability in the omount of Progress mode individually by upils. but the outcomes for oll Pupits ore excellent when their learning drficuities ond Previous limited success ond someb'me5 Prolonged Penod of School non-attendonce ore taken tnto account" 10IPage
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 1024 Continue to increase che school'5 repurauon as an acknowledged cenEre of excellence dedic2ced to the educaiion of children wilh specific learning difficukies; dyslexialdysprdxi21dyscalculia. Also, to offer Innovaove therapies that are difficul( to access elsewhere. such 25 5en50ry iniegrydtlon. Via oucreach work, benefic children with specific learning difficulcies in the London area by offering a recogni5ed qualification (Level 517 cerrificateldiplomal to teachers and other professionals i other schools. and expand rhe Assessment Clinic. Raise additional thJnd5 to provide an ourreach prozramme co schools within London. Broaden Falrley House presence beyond the Greater London are& GOING CONCERN Given the level of reserve fund5 held at 31 Augu5¢ 2024, the Governors conslder that there is reasonable expectarion that Fairley House School ha5 adequate resource5 10 continue in operational existence for rhe foreseeable fuwre. For this rea50n. the Governors ¢oniinue to adop¢ che 'going concern. ba515 Sn preparing che financlal staiemenrs. STATEMENT OF GOVERNORS, ACCOUNTING AND REPORTING RESPONSIBILITIES The Governors (who are also direccors of Fairley House School for che purposes of company law) are responsible for preparing the Governors. Annual ReporL incorporating a Govemor'5 Report and Che financial stacements in accordance with applicable law and regulations. Company law requires the Governors to prepare financial SEarements for each financial year. Under that law the Governors must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Praciice (United Kingdom Accounting Sundards and applicable lawl. Under company law, Governor5 mvst not approve the financial statements unles5 they are satisfied that they give a true and fair view of (he state of affair5 of the charitable company and of the incoming resources and appSica¢ion of resources. including the income and expendirure, of the charitable company for chac period. In preparing these financial staternents. the Governors are required to.. select the most 5ulcable accounting policies and then apply them con515cendy.' observe the methods and principles in che Charities SORP. make judgments and accounvng estimates Ihat ?re reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject co any material departures disc105ed and explained in rhe financial statements: and prep3re the financial statements on the going concern basis unle55 It is inappropriate to presume Ihai the charitable company will conunue to operate.
FAIRLEY HOUSE SCHOOL GOVERNORS REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Governor5 are responsible for keeping adequaie accounting records that arE sufflcienc to show 3nd explain the charitable company's SaCri0ns, di5t105e with reasonable accuracy at any time che financial posiclon of the chariiable company and enable chem co ensure that the financial statements Compty wich the Companies Acr 2006 and the provisions of (he school's constiiu(ion. They are also responsible for safeguarding the a55ets of the charirable company and hence for taking reasonable 51ep5 for the prevention and detection of fraud and other Irregularities. Insofar as each of che Direciors. as members of the Governing Body, at the date of approval of this reporc15 aware, there is no relevant audit inforniauon (as deflned by Sectyon 418131 of che Companies Act 20061 ol which the charitable company's audicor 15 unaware. Each member of the Governing Body has iaken all the steps thac he or she should have ken a5 a member of the Governing Body in order ro make hlmself or herseW aware of the releYdnr audic information and to establish £haL the charitable company'5 auditor is aware of char information. AUDITORS George Hay & Company have expressed thelr willingness co conclnue In offlce as audltors and a resolution proposing their reappointmenr will be submitted to the forthcoming Annual General Meeclng. This Annual Report. prepared under the Chariue5 Acc 201 l and the Companies Act 2006. w35 approved by the Board of Governors on l O¢h December 2024, including in their capacity as Company sovernor's approving the Strategic Reporc contained therein. and is signed as authorised on it5 behalf by., Approved by (he 8oard of Governors on and signed on 1¢$ behalf by.. Paul Barnaby ftlcLiTrQÈy 121Page
FAIRLEY HOUSE SCHOOL INDEPENDENT AUDITOR'S REPORT TO MEMBERS OF FAIRLEY HOUSE SCHOOL FOR THE YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financlal statements of Falrley Flouse School (the 'chirritable company'l for the year ended 31 August 2024 which comprise the Statement ol Financial Activitie5. the Balance Sheet, the Cash Flow Statemeni and notes to the financial $t2iements, including a summiry of significant accounting policies. The financial reporting frnmework that has been applied in their preparation is appllcable law and United Klngdom Accounting Scandards. including Flnanclal Reporting Standard 102 The Finonciol Reporting Srondord opplicoble in the UK ontj RePublK of Irehnd (United Klngdom Generally Accepted Accounting Pracuce). In our opinion. the financial ststemenrs: give a crue and lair view of (he srare of the charirable compan15 affairs a5 at 31 August 2024 and of It5 Ineoming resource5 and applicacion of resources. Including i(s income and expendlture. lor the year then ended- have been properly prepared in accordance with Uniced Kingdom Generalty Accepced Accounting Practice.. and have been prepared in accordance with the requirements of the Companie5 Act 2006. Basls for oplnlon We conducted our audir in accordance wi(h Inrernational Srandards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under Ihose standards are further described in the Auditor. responsibilities for the audic of the financial 5taiements section of our report. We are independent of the charltable company in accordance with the ethical requiremencs tha( are relevanl to our audit of che financial statements in the UK, in¢lvding ihe FRC'S Ethical Standard, and we have fuffilled our other ethical responsibilities in accordance with these requirements. We believe tha¢ the audit evidence we have obiained is sufficient and appropriate to provide a basis for our opinion. Concluslon5 relating to going concern In auditing the financial sratements. we have concluded thar the rrustees. use of che going concern ba515 of accounting in the preparntion of the financial statemertts 15 appr¢)priate. Based on the work we have perfornied, we have not identified any material uncertainries relating to event5 or condiuons that. individually or collectivety, may cast significant doubt on the entlty'5 abiliry to continue as a going concern for a period of ai least twefve months from when the financial statements are authorised for issue. Our responsibilitie5 and the responsibilitie5 of the tru5¢ees with respect co going concern are described in the relevant sections of this reporL 131Page
FAIRLEY HOUSE SCHOOL INDEPENDENT AUDITOR'S REPORT TO MEMBERS OF FAIRLEY HOUSE SCHOOL FOR THE YEAR ENDED 31 AUGUST 2024 Other information The other Informauon Comprises the infomarlon Included in the annual reporc ocher than the finanelal scacement5 and our audiior's report thereon. The rrusrees are responsible for the oiher inforination contained within the annual report. Our opinion on the financial scarement5 does not cover the ocher information and, except to (he extent otherwise explicitly stated in our report, we do not express any form of a55urance conclusion thereon. Our responsibiliry is ro read zhe other information and, In dolng so. consider whether rhe other informarion is maierially Inconsistent with the financlal stat¢ments or our knowledge oboined in the course of rhe audit or otherwise appear5 to be materialty m15Stited. If we identfy Such material incon5isiencies or apparent material mis51aiements, we are required ro decermine whether thi$ give5 rise co a materrai misstaremenr in rhe financial 5Qtement5 chem5elves. If, based on rhe work we have performed. we conclude that there Is a materlal missiaiemenr of rhis other infom)auon, we are required to report that fac£. We have nothing to reporc in this regard. Oplnlons on other matters prescrlbed by the Companles Act 1006 In our oplnlon, based on the work undertaken In the course of the audlc the information given in the trustee5' repor( which include5 the dlrectors. report land the strategic report) prepared for company law purp05e5. for rhe financial year for which rhe financial scatements are prepared is consisieni with ihe financial statements: and the straregic report and the director5, report included within the trusrees, report ha5 been pr¢pared in accordance with applicable legal requirement5. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitable company and irs environment obtained in the ¢our5e of che audit. we have not identified material missiarements in the trusiees, report (including rhe 5cracegic report). We have nothing to report in respeci of the following matiers in relauon ro which the Companles Act 2006 requlres u5 to report to you rf, in our opinion: adequate accounting records have not been kep¢ or returns adequate for our audit have not been received from branches ftoi wsited by us; or che financial statements are not in agreement with Ihe accounting records and returns,. or cerrain disclosures of trustee5' remuneration specified by law are not made,. or we have not reteived all the informauon and explanations we require for our audit. 141Page
FAIRLEY HOUSE SCHOOL INDEPENDENT AUDITOR'S REPORT TO MEMBERS OF FAIRLEY HOUSE SCHOOL FOR THE YEAR ENDED 31 AUGUST 2024 Rospon5ibillties of trustees explained more fully in the tnjstees. responsibih'ties statement the trustees (who are also che direccor5 of the charitable company for the purposes of company law) are responsible for the preparntion of the financial statements and for being satisfied that they give a true and fair view, and for such internal concrol as the trustee5 decerrnine is necessary to enable the preparation of financial statements chat are free from material Miss[aMen( whether due to fraud or error. In preparing the financial 5ratements. the trustees are responsible for assessins the charirable company s ability to continue as a going concern, disclosing, a5 applicable, matters related to going concern and uslng che going concern basls of accounting unless rhe cru51ees either Sntend to Ilquida¢e rhe charitable company or to cease operauons. or have no realSsric aliernative but to do 50. Audltor's responslbllltles for the audit of the flnanclal statements Our objectives are ¢0 obtain reasonable assurnnce about whether the financial s¢aternenrs as a whole are free from material m155catemerbC, whether due to fraud or error. and to 155ve an auditor's report thac includes our opinlon. Reasonable assurance Is a hlgh level of assurance bui Is not a guarancee that an audit conducced in accordance with ISA5 (UK) wll alway5 dececc a material mi551atement when It exSscs. Mlsscatements can ar15e from frdud or error and are considered macerlal If, IndSvldually or In the aggregace, they could reasonably be expetted ro influence the economic decisions ol user5 caken on the basis of these financial 5ratements. Irregularitie5, Including fraud, are instance5 of non•complian¢e wrh laws and regulauons. We desizn procedures in line with our responsibilities, ouclined above, to decect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of deiecting Irregularities, includlng Ir4ud is detailed below.. Based on our understanding of the charitable company's operations, we identified that the principal risk5 of non-compliance with laws and regulacion5 relates to an adverse report from the Independent Schools Inspectorate. We considered the exten[ to which non<ompliance might have a macerial effect on Ihe financial staternents thai results in Ihe situation where no fijrther teaching can be provided. We a150 considered the relevanc law5 and re8ulation5 that have a direct impacc on the preparation of the financial statements such as taxation. We evaluated management's incentives and opportunirie5 for fraudulent manipulation of the financial s(aEements. (including the risk of override of controls) and determined Ihere were no principal risk$ direccty impacting the charifable company's incoming resources and management bia5 in accounting e5cimates. 151Page
FAIRLEY HOUSE SCHOOL INDEPENDENT AUDITOR'S REPORT TO MEMBERS OF FAIRLEY HOUSE SCHOOL FOR THE YEAR ENDED 31 AUGUST 2024 Audit procedures performed by the engagement ream included.. Discussions wich management including considern¢ion of knovm or suspecced instances of non- tompliance with laws and regulation and fraud: Evaluating managemenr'5 controls designed 10 prevenr and detect irregularities.. Identifying and Cesclng transaccions and b21ance5. including journals, in particular journal eniries Posted wich unusual accounc combinauons or with unusual descriptions., and Challenging assumptions and judgement5 made by managemenr in their criucal accounung esomares. A furcher description of our responsibilities for the audit of che financial statements is locaced on the FinancS2l Reporting Councs1'5 website au . Thi5 description fornis part of our auditor's reporL Use of our report This report Is made solety co the charicable company's members. as a body, In accordance with Chapcer 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thar we mlght state to the charlble companl5 members those matters we are required ¢0 $tate to them in an auditor's reporc and for no other purp05e. To rhe fullest extent permirced by law. we do not accepi or a55urne responsibility co anyone other than the charicable company and Ihe charitable company's member5 a5 a body, for ovr audir work. for this report, or for the opinions we have formed,) Marino Achilleos FCCA Senior Statutory Auditor For and on behalf of George Hay & Cornpany, Sratutory Auditor& 83 Cambridge Streei, Pimlico, London, SWIV 4P5 Date.. 22 J8nu8ry 2025 161Page
FAIRLEY HOUSE SCHOOL STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Restricted Funds Funds 2024 Total 2023 Total Notes INCOME FROM Donatlons 2.887 11.659 14,546 31,816 Charitable Activities Fee5 re¢eivable 7,856.850 7,856,8SO 7.641,210 Level 5 course fees 47,900 47.900 78, 700 As5e5sment clinic fees 98.450 98,450 115,335 Investments Bank interest 165.495 165,495 111.942 Other Incomlng resources 11,088 11,088 13,146 Total Incoming Resources .182.670 11.659 8,194,329 7.992.149 EXPENDITURE ON Ralslng Funds Ocher income generacing acrivi¢ie5 2,356 2.356 4,228 Charltable Expendlture School operacing c05ts 7,872,496 7,872.496 6.669,486 Level S operating costs 49.617 49,617 45,227 A55es5ment clinic operaring c05C5 112.460 112,460 122.177 Total Re50urce5 Expended 8.034.573 2.356 8,036,929 6.841.118 Net Income for the Year 148.097 9.303 IS7,400 1,151,031 Transfer between funds Fund Balances at I September 2023 7.800.389 108,667 7.909.056 6.758.025 FUND BALANCES AT 31 August 2024 7,948,486 117,970 8,066,456 7,909,056 The notes on pages 20 to 29 form part of these financial statements 171Page
FAIRLEY HOUSE SCHOOL BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024 Note5 2024 2023 FIXED ASSETS Tangible fixed assets 4,786,953 4.917,OB8 CURRENT ASSETS Debcors 2,650.842 1.787,735 Cash at bank and in hand 4,429,425 4.881,11 o Total Currenc Assecs 7,080,267 6.668.845 CURRENT LIABILITIES Credlrors.. Amounts falllng dLbe wlthin one year (J.794,297) (3,589.990) NET CURRENT ASSETS 3,285,970 3.078.855 TOTAL ASSETS LESS CURRENT LIABILITIES ,072,923 7,995,943 CREDITORS: amounts falling due after more than one year (6,467) (86,887) TOTAL NET ASSETS 8,066,456 7,909,056 FUNDS Unre5tricied funds 2,304,881 1100,000 Designated property fund 938,121 938,121 Fixed asset fund 4,705,484 4,762.268 Resirlcted fund 117,970 108,667 FUNDS 8,066,456 7,909,056 The financiai statements for Fairley House School, company number 01 $35096 were approved and authori5ed for issue by the Board of Governors on and signed on their behalf by. Paul Barnaby Date: 2015 Chair of Finance Committee The notes on pages 20 to 29 form part of these financial statements 181Page
FAIRLEY HOUSE SCHOOL CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 Notes 2024 2023 CASHFLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities (341.333) 1.648.794 Cash flows from Investlng activltles Interesc received 165,495 111,942 (199,338) (128,2701 (33,843) (16,3281 Purchase of property, plant and equlpment Net cash used In Investlng actlvltles Cash flows from flnanclng actlvltles Finance cost5 Repayments of borrowing Net cash used in financing artlvltles (3,161) 73,348) (6S,9251 (76,509) (65.9251 Changes In cash 2nd cash equivalents In the reporting pertod Cash and cash equirdlents at che beginning of the reporting period Cash and cash equiyalents at the end of the reporting period (451,685) 1,566,541 4,881,110 3,314,569 4,429,425 4,881,11 o NOTES TO THE CASHFLOW STATEMENT 2024 2023 Note A Reconclllatlon of cash from operatlng artlvltles Net incoming Adlustments for Depreciation charges Ilncrease) I decrease in debtors Increase in crediior5 Bank interest paid Bank interest received 157,400 1.151.031 329,473 (863,107) 197,235 3.161 (165,495) (111,942) (341,333) 1.648.794 347,249 51.363 211,093 Net cash provided by operating activities Note B Analys15 of cash and cash equlvalents Cash at bank and in hand 4,429,425 4,881,11 o 4,429,425 4,881,11 o Total cash and cash equivalents 191Page
FAIRLEY HOUSE SCHOOL SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Company informatlon The charicable company. whlch 15 a public benefir entiry, Is a private Ilmited company by guarantee. incorporated in the UK {registered number 01535096) and operate5 from Ics registered office 30 Causron SrreeL London. SWI P 4AU. Ba51s of accountlng The financlal sracements have been prepared in accordance wich the Financlal Reporting S¢2ndard applicable in the UK and Republic of Ireland (FRS1021, the Companies Act 2006 and the Statemenc of Recommended Praccice 2pplicable co chariues preparing cheir accounts in accordance wlth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102) effective I january 2019. These financial 5cacemenrs are drawn up on rhe historical cost basi5 of accouncing. The financial 5catemenr5 hove rherefore been prepared on a Soingvconcern basis as di5CU55ed wirhin rhe Governors, Report in the Statement of Governors. Accountlng and Reportlng ResponsibSlltles on page I l. b) Fees and slmllar earned Income Fee5 receivable are accounred lor in the period in which the service is provided. Interest receivable 1$ accoun£ed for in the period to which it rekles. Donaiions are accounied for when there is rea50n3ble certainty of receipi. Expendlture Resources expended are accounted for on an accruals basi5. Expendicure 15 direccly allocated to cost categories based on the activicy in rhe year. The irrecoverdble elemenr of VAT Is Included with the item of expense to which it relates. d) Tanglble flxed a55ets Fixed Assecs are iniiially recorded at COSL Depreciation is provided at the following annual raies In order to write each asset down EO their residual value over irs e51irnated useful life.. Depreciable Freehold Property Long-leasehold land and buildings Long-leasehold improvements Furniture. fitiings and other equipment Computers and technoloy'c31 equipment Land straight line over 20 years strdight line over 40 year$ straight line over l O years straight line over either 5 or 10 year5 5craighr line over 3 years is noc depreciaced The above rates of depreciation are applied ro assets costing more than £500 singuSarly or collective assets c05ung more than £2.000 vthere individual assets may be less than £500. Any a5ser5 coscing le55 than these amounL% are fttlly depreciated in the year of acquisition. No depreciation is provided on assets acquired prior to the Balance Sheei date but not brought into Use until after the year-end. 20IPage
FAIRLEY HOUSE SCHOOL SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUSf 2024 Any porencial impairment of fixed assets is reviewed on an annual basi5. To date. no adlu5tment for impalrment has been considered necessary. e) Operating leases Rentals under ?perating I&eS are charged on a strrighr-line basis over the lease temi, even rf the payments are not made on such a ba51s. Benefi(s received and receivable as an incencive to sign an operacing lease are similarfy spread on a 5traighc-line basis over the lease cerm. Pension schemes The Ch2riry concributes to the Teacher5, Pension Defined Benefits Scheme ai rates set by the Scheme Accuary and advised ro rhe Board by Ihe Scheme Adminis(rntor. The scheme 15 a mvltl- employer pension Scheme and li is nor possible to identfy the assets and liabilities of the scheme which are attributable to che 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 Charlcy also concr[bu5 Eo an Indlvldual personal penslon scheme with Scandard Llfe for OEher staff nor wSthln Ihe teacherfs penslon scheme. 8) Funds The general fund compr15es the accumulated surpluses of unrestrfcted Incomlng resources over resources expended. which are available for use in fvrtherdnce of the gener41 objectives of the tharity. Rescricted funds are funds subject to specific conditions imposed by donors. The purpose and Use of the resrri¢ced funds are set out in note I I to the financial Statements. Amounrs unspent at the year-end are carried lorwdrd in the balance 5heeL h) Flnanclal Instruments Basic financial instrnments are iniiialty recognised ai tfdnsaction value and subsequently measured 2t amort15ed c05L with the exception of investmenc5 which are held at fair value. Financial assets held at amor¢ised COSE comprise cash at bank and in hand. together with trade and other debtor5. A 5pecrfic provision 15 made for debt5 fgr which recoyerabiliry is in doubt. Cash at ban1< and in h2nd is defined as all cash held in instant acce55 bank accounts and used as working capital. Financial liabiliries held ai amorused cosi comprise all crediiors except social security and ocher taxes and provisions. Debtors i) Trade and orher debior5 are recognised ac the settlement amoun( due after any trade discount offered. Prepayments are wolued at the amount prepaid net of any trade discounts due. Creditors i) Creditors are recognised where the school has 3 present obligation resulting from a past event that will probably result in (he transfer of funds Eo a third party and the amouni due to seitle the oblig2£i9n c2n be measured or estimated reliabty. Creditors are normally recognised ai Iheir settlement amount after allowing for any trade discovn(s. Government zrants k) Any governmen¢ grants received wll be recognised Up receipL 21 |Page
FAIRLEY HOUSE SCHOOL SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 CHARITABLE ACTIVITIES FEES RECEIVABLE 2D24 2023 Fees recelvable con51sc of.. School fee5 7,856.850 7.641.210 7.856,850 7.641.210 STAFF COSTS 2024 2023 Teachlng and support sraff Administrative staff 68 14 12 82 73 The costs incurred in respect of these employees were: Wages and salaries Social securlty coscs Pension costs defined benefit 4,807,126 494,921 393.327 429,320 3,912,141 414.040 291.421 391,462 Pension cosrs defined contribution 6,124,694 5,009,064 No governor, nor ary person connected to them, received any income from the charitable company or had 3ny expenses reimbursed to them. 221Page
FAIRLEY HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
3. STAFF COSTS (Cont.)
During the year the number of employees whose total taxable emoluments exceeded £60,000 are illustrated as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Between £60,000 and £70,000 | 9 | 6 |
| Between £70,001 and £80,000 | 5 | 5 |
| Between £80,001 and £90,000 | – | – |
| Between £90,001 and £100,000 | – | – |
| Between £100,001 and £110,000 | 1 | 2 |
| Between £110,001 and £120,000 | – | – |
| Between £120,001 and £130,000 | – | – |
| Between £130,001 and £140,000 | – | – |
| Between £140,001 and £150,000 | – | 1 |
| Between £150,001 and £160,000 | 1 | – |
Eight of the employees above are members of a defined benefit pension scheme and the school made contributions of £179,919 (2023: £132,683 for 10 members) The key management personnel of the school are defined on page 1. The total employee benefits of this group was £356,301 (2023: £311,316). Termination payments of £66,786 were made in 2024 (2023: £23,947), and no amounts were outstanding at the year end.
4. ANALYSIS OF EXPENDITURE
| Cost of raising funds Cost of other activities Operating Costs: School Teaching costs Premises Welfare Support costs Governance costs Level 5 Assessment clinic Total resources expended |
Staff costs £ – 5,121,993 – – 898,932 – 6,020,925 48,123 55,646 6,124,694 |
Other £ 2,356 562,781 544,119 220,932 174,121 20,145 |
Depreciation £ – 72,463 257,010 – – – |
2024 Total £ 2,356 5,757,237 801,129 220,932 1,073,053 20,145 7,874,852 49,617 112,460 8,036,929 |
2023 Total £ 4,228 4,709,323 835,002 191,091 921,741 12,329 |
2023 | |
|---|---|---|---|---|---|---|---|
| Total | |||||||
| 1,524,454 1,494 56,814 1,582,762 |
329,473 329,473 |
6,673,714 45,227 122,177 |
|||||
| 6,841,118 |
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FAIRLEY HOUSE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
5. AUDITORS REMUNERATION
| Fees payable to the Charity's auditors for the audit of the Charity's fnancial statements |
2024 £ 15,225 15,225 |
2023 £ 16,365 |
|---|---|---|
| 16,365 |
6. TANGIBLE FIXED ASSETS
| Cost At 1 September 2023 Additions Disposals At 31 August 2024 Depreciation At 1 September 2023 Charge for the year Withdrawn on disposals At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 |
Furniture Fittings Equipment £ 978,784 73,222 – 1,052,006 855,827 72,463 – 928,290 123,716 122,957 |
Freehold Property £ 3,887,516 – – 3,887,516 688,422 67,499 – 755,921 3,131,595 3,199,094 |
Long Leasehold Property £ 4,091,165 126,116 – 4,217,281 2,496,128 189,511 – 2,685,639 1,531,642 1,595,037 |
Total £ 8,957,465 199,338 – 9,156,803 4,040,377 329,473 – 4,369,850 4,786,953 4,917,088 |
|---|---|---|---|---|
Within Freehold Property there is non-depreciable land of £2.25m. The remainder of the balance is depreciated over 20 years.
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FAIRLEY HOUSE SCHOOL SCHEDULE TO THE TRADING PROFIT AND LOS5 ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 DEBTORS 2024 2023 Amounts falling due within one year. Trade debtors 2,406,517 23.333 220,992 1,698,516 225 Other debior5 Prepayments and accrued income 88,994 2,650,842 1,787,735 Wlchln prepayments and accrued Income are prepald properry cosis amounting to £122.732 whlch relate co fees from agents, surveyors and lawyers incurred in the purchase of a new 5thool bulldlng ac 202 Lamberh Road. acqulred on 4th Ociober 2024. CREDITORS: amounts falling due wlthln one year 2024 2023 Bank loan 75,002 156,721 248.765 496.712 2.817.097 67.929 50,062 188,423 443,704 2,839,872 Trade creditors Taxation and social securi Other creditors Accruals and deferred income 3.794.297 3,589.990 2024 2023 Deferrèd income 2t I September 2023 Resources deferred in the year Amounts released from previous years 2.517.739 2.406.865 2,722,918 2,517.739 12,517.739) 12.406.865) Deferred income at 31 Augvst 2024 2,722,918 2.517.739 Deferred income is income for school fees charged termty in advance. 251Page
FAIRLEY HOUSE SCHOOL SCHEDULE TO THE TRADING PROFIT ANO LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 CREDITORS: amounts falllng due after one year BANK LOAN REPAYABLE WITHIN: 2024 2023 I to 2 years 2 to 5 years 6.467 67,929 18,958 6,467 86,887 I O. SHARE CAPITAL The company Is Iimiced by gu2fdntee and does not have a share capltal. In rhe evenr of che ompany being wound up and unable 10 meei its liabiliiie5, each member undertake5 to con¢ribuce Such a sum as may be requlred up to a maximum of£ IW. There were 9 member5 a5 at 31 August 2024. I I. MOVEMENT ON FUNDS Balance at I September Transfer Balance at Betr4een 31 August Fund5 Inccming Resources Resources Expended 2023 2024 Restricted Funds rA fund Bursary fund 30,766 77,901 9.299 2.360 (2,356) 37,709 80,261 Deslgnated Fund$ Fixed 355er fund Properry fund 4.762.268 938.121 (56,7841 4,705,484 938.121 General Fund 2,100,000 8.182.670 18.034.573) 56,784 2,304,881 7,909.056 8.194.329 (8,036,929) ,066,456 261Page
FAIRLEY HOUSE SCHOOL SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 I I. MOVEMENT ON FUNDS (ConL) Balance ar I September 2022 Transfer Balance at Between 31 Augusc Funds 2023 Incoming Resources Resources Expended Restricted Funds PTA fund Bursary fund 30.061 77,901 9.279 14.228> (4.3461 30,766 77,901 Deslgnated Funds Fixed asset fund Propercy fund 4.918.881 (156,613) 4,762.268 938,121 938,121 General Fund 1.731.182 7,982,870 16,836,890) (777,162) 2,100,000 6.758,025 7.992.149 16.841,1181 7,909,056 Restrlct PTA Fund Thi5 fund represents donations given fo the school by parents throuzh the organisatlon and work of the School'5 Parenc Teachers A550¢iarion (PTA). The balance of fvnds has been designated by the PTA to Use for improving catering faciliue5 within the school. The Hardship fund5 have been designaied by the Governors to assist Children who are already pupils at the School and whose parents. circumstan¢e5 ¢hange such (hai their parenrs have financial difficulties. This fund represencs the arnounl of general funds invested by the school in its rangt'ble fixed assets after deducting loans secured on the properties. Thi5 fund ha5 been iniroduced by the Governors to separntely disclose the allocated and available fund5 required rowards the proposed a¢quisirion of 2 new school building including the provision of associated property related costs. The Governor5 will reeW Ihe ¢harity'S general fund at the end of each financial year and assess whether an appropriate and pr2CtIC212moun¢ can be Iran5ferred. Any decision taken will also be in accordance wich the charity's reserves policy, as detailed within the Governor5. reporL Transfers The transfer between che general fund and the fixed asset fund represents the movement on the flxed assets. The transfer between general fund and Ihe PTA represents the pkyground equipmen£ spend. 271P8ge
FAIRLEY HOUSE SCHOOL SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restritted Funds Total 2024 Tangible fixed a5sec5 Nec currenc assets 4.786.953 4.786.953 3,177,303 108,667 3,285,970 Tocal assets less current Ilablliues 7.964.256 108.667 8.072,923 Credicors.. amount5 falling due after one year (6,467) (6,467) Tocal net a55et5 7.957.789 108,667 8,066,456 Unrestricted Funds Restricted Funds Total 2023 Tangible flxed assecs Nec current assers 4,917,088 4,917,088 2,970,188 108,667 3,078,855 108,667 7,995,943 Total assets less current liabilities 7,887,276 Credi¢or5: amounts falling due after one year (86.88n (86,887) Tocal net as5e(5 7.800,389 108.667 7.909,056 13. FINANCIAL COMMITMENTS Operating leases The Company had annual commitments under non<3ncellable operatinz leases as set out below.. 2024 2023 Land and Buildings Land and Buildings Operdting leases thai expire.. Within one year In the second co fifth years 172.000 344.000 In.000 516.000 516,000 688,000 281Page
FAIRLEY HOUSE SCHOOL SCHEDULE TO THE TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 14. PENSION FUNDS Teachers. Penslon Defined Benefit5 Scheme The School participaces in Ihe Teachers. Pension Scheme ¢'the TPS'I for Its tchIng staff. The pension charge for the year includes contributions payable co the TPS of £393.327 (2023.. £391,462) and ac che year-end £Nil (2023 £Nil) vtas accrued in respect of contributions to this scheme. The TPS is an unfunded Mult1mployer defined benefif5 pension 5¢heme governed by The Teachers. Pensions Regul3cion5 2010 (as amended) and The Teachers. Pension Scheme Regulations 2014 (as amended). Members contribute on a"p2y as you go" basis with contributions from members and rhe employer being credited ¢0 the Excheguer. Retiremenc and other pen$lon benefits are paid by public funds provided by Parliameni. The employer coniribution rare is set by Ihe Secretary of State followlng scheme valuatlons underraken by the Governmeni Aciuary'5 Depar(menL The most recent actuarial valuation of Ihe TPS was prepared as ai 31 March 2016 and the valuation report. which was published in March 2019. confirmed an employer contriburion rate for rhe TPS of 23.6% from I September 2019. Employers are also currendy required co pay a scheme administrdtion leyy of 0.08% givSng 2 total employer contribution rate of 23.68%. Personal Pension Schemes The school also contributes to a personal pension scheme for Its non-reachSng 5raff. The school'5, Staging date for auto enrolment was july 2014. All suff who do not Contribuce to che Teachers, Pension scheme are currently members of the Standard knfe scheme. The c05t for che year of £427.350 12023.. £291,421) represen(s the s¢hool's con£ributions to this scheme of 14.1 % for Adminis¢racion and Support scaff and 18.0% for Teaching staff. 15. RELATED PARTY TRANSACTIONS There are no reLited parry transactions. 16. POST BALANCE SHEET EVENT On 4tli Ociober 2024. Ihe School cotnplered on the purchase of a 201>year lease on 202 Lambeth Road for £6,000,000. The new building's intended future use wll be that of the relocation and home of our exis(ing senior school. 291Page