## **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 fin￿ls¢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. c￿￿ent 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 Ta￿or 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 p￿e 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 5￿ff development and Iraining. In addition. we launched the Pulse survey to give 5￿ff 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 WhIt￿M 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 baCost 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|| 23 | P a g e ## **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. 24 | P a g e 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 re￿eW 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 t￿chIng 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 Mult1￿mployer 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