|
Page |
| Reference and Administrative Details of the Company, its Governors and Advisers |
1 |
| Governors’ Report |
2-11 |
| Independent Auditor’s Report on the Financial Statements |
12- 15 |
| Statement of Financial Activities |
16 |
| Balance Sheet |
17-18 |
| Statement of Cash Flows |
19 |
| Notes to the Financial Statements |
20
- 39 |
| Governors |
Richard James Tufft, Chairman |
|
Andrew Charles Bannister (resigned 5 April 2023) |
|
Andrew Deryck Jason Bristow |
|
Richard John Coward |
|
Roy Alexander MacMillan (resigned 25 September 2023) |
|
Emanuel Parnis (resigned 21 October 2022) |
|
Rennie Raja |
|
Michael Reginald Wakefield |
|
Ruth Helen Webber |
| Senior Leadership Team |
JP Burnett BA. (Hons) (Joint), P.G.C.E.,
BEN, Headmaster (appointed April 2023) |
|
SR Day B.Sc. (Hons), P.G.C.E., Deputy Head (Interim Headteacher September |
|
2022-March 2023) |
|
NHM Doran MA. B.A (Hons). P.G.C.E, Head of Lower School |
|
SM Jenkins M.A. B.Sc. (Hons), Head of Curriculum |
|
JEM Potter B.A. (Hons), A.C.M.A, Finance Manager |
|
S Plant BA. (Hons), F.C.C.A, Head of Business Management and Development |
|
(resigned December 2022) |
| Company registered |
|
| number |
01946972 |
| Charity registered |
|
| number |
292683 |
| Registered office |
29 Oval Way |
|
Gerrards Cross |
|
Bucks |
|
SL9 8QA |
| Independent auditor |
Crowe U.K. LLP |
|
Aquis House |
|
49-51 Blagrave Street |
|
Reading |
|
Berkshire |
|
RG1 1PL |
| Bankers |
Lloyds Bank |
|
33 Packhorse Road |
|
Gerrards Cross |
|
Bucks |
|
SL9 8PF |
THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
PROVISION OF INFORMATION TO AUDITORS
Each of the persons who is a Governor at the time when this Governors' report is approved has confirmed that so far as he or she is aware, having taken all the steps that ought reasonably to have been taken as a Governor in order to be aware of any information needed by the Trust's auditors in connection with preparing their report and to establish that there is no relevant audit information of which the Trust's auditors are unaware.
RE-APPOINTMENT OF AUDITORS
In accordance with s.485 of the Companies Act 2006, a resolution proposing the re-appointment of Crowe Clark U.K. LLP as auditors to the company will be proposed at the 2023 Annual General Meeting.
Approved by order of the members of the board of Governors and signed on their behalf by:
Richard James Tufft (Chair of Trustees)
Date: 27 November 2023
Page 11
THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THORPE HOUSE SCHOOL TRUST (CONTINUED)
Use of our report
i This report s 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Janette Joyce (Senior Statutory Auditor) for and on behalf of
Crowe U.K. LLP Statutory Auditor Aquis House 49-51 Blagrave Street Reading Berkshire RG11PL
Date: 4 December 2023
Page 15
|
|
Unrestricted |
Restricted |
Total |
Total |
|
|
funds |
funds |
funds |
funds |
|
|
2023 |
2023 |
2023 |
2022 |
|
Note |
£ |
£ |
£ |
£ |
| Income from: |
|
|
|
|
|
| Donations and legacies |
|
- |
- |
- |
24,910 |
| Charitable activities: |
|
|
|
|
|
| School fees receivable |
4 |
4,565,369 |
11,400 |
4,576,769 |
4.179,626 |
| Other income |
5 |
321,090 |
- |
321090 |
159,256 |
| Other trading activities: |
|
|
|
|
|
| Rental income |
|
57,187 |
- |
57,187 |
54,201 |
| Investments: |
|
|
|
|
|
| Interest receivable |
|
38,425 |
- |
38,425 |
l,639 |
| Other income |
|
2,030 |
- |
2,030 |
1,851 |
| Total income |
|
4,984,101 |
11,400 |
4,995,501 |
4,421.483 |
| Expenditure on: |
|
|
|
|
|
| Raising furds |
6 |
242,053 |
- |
242,053 |
238.369 |
| Charitable activities |
7 |
4,582,651 |
11,400 |
4,594,051 |
4.168.101 |
| Total expenditure |
|
4,824,704 |
11,400 |
4,836,104 |
4,406.470 |
| Net income before net gains/(losses) |
|
|
|
|
|
| on investments |
|
159,397 |
- |
159,397 |
15.013 |
| Net gains/(losses) on investments |
|
118 |
- |
118 |
(125) |
| Net movement in funds |
|
159,515 |
- |
159,515 |
14,888 |
| Reconciliation of funds: |
|
|
|
|
|
| Total funds brought forward |
|
3,512,642 |
- |
3,512,642 |
3,497,754 |
| Net movement in funds |
|
159,515 |
- |
159,515 |
14,888 |
| Total funds carried forward |
|
3,672,157 |
- |
3,672,157 |
3.512,642 |
|
|
|
2023 |
|
2022 |
|
Note |
|
£ |
|
£ |
| Fixed assets |
|
|
|
|
|
| Tangible assets |
11 |
|
6990,242 |
|
6.828767 |
| Investments |
12 |
|
1,797 |
|
1,679 |
|
|
|
6,992,039 |
|
6,830,446 |
| Current assets |
|
|
|
|
|
| Debtors |
13 |
139,152 |
|
113,188 |
|
| Cash at bank and in hand |
|
1,936,806 |
|
1,955,133 |
|
|
|
2,075,958 |
|
2,068,321 |
|
| Creditors: amounts falling due within one |
|
|
|
|
|
| year |
14 |
(1,136,106) |
|
(958,044) |
|
| Net current assets |
|
|
939,852 |
|
1,110,277 |
| Total assets less current liabilities |
|
|
7,931,891 |
|
7,940,723 |
| Creditors: amounts falling due after more |
|
|
|
|
|
| than one year |
15 |
|
(4,259,734) |
|
(4,428,081) |
| Total net assets |
|
|
3,672,157 |
|
3.512.642 |
| Charity funds |
|
|
|
|
|
| Restricted funds |
17 |
|
- |
|
- |
| Unrestricted funds |
17 |
|
3,672,157 |
|
3.51Z642 |
| Total funds |
|
|
3,672,157 |
|
3,51Z642 |
THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 01946972
BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023
The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Governors on
27 November 2023 and signed on their behalf by:
Richard James Tufft
(Chair of Trustees)
The notes on pages 20 to 39 form part of these financial statements.
Page 18
|
|
2023 |
2022 |
|
Note |
£ |
£ |
| Cash flows from operating activities |
|
|
|
| Net cash used in operating activities |
20 |
711,518 |
258,376 |
| Cash flows from investing activities |
|
|
|
| Dividends, interests and rents from investments |
|
38,425 |
1,639 |
| Purchase of tangible fixed assets |
|
(430,179) |
(99,159) |
| Net cash used in investing activities |
|
(391,754) |
(97,520) |
| Cash flows from financing activities |
|
|
|
| Concessionary loan repayments |
|
(33,051) |
(40,350) |
| Loan interest paid |
|
(173,953) |
(179,029) |
| Repayments of bank loan |
|
(131,087) |
(126,010) |
| Net cash used in financing activities |
|
(338,091) |
(345,389) |
| Change in cash and cash equivalents in the year |
|
(18,327) |
(184,533) |
| Cash and cash equivalents at the beginning ofthe year |
|
1,955,133 |
2,139,666 |
| Cash and cash equivalents at the end ofthe year |
21 |
1,936,806 |
1.955,133 |
| The notes on pages 20 to 39 form part ofthese financial statements |
|
|
|
| . |
Income from ch |
aritable activities
- School fees |
|
|
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Gross fees |
|
4,945,358 |
4,592,519 |
|
Less: bursaries and allowances |
|
(379,989) |
(423,693) |
|
|
|
4,565,369 |
4,168,826 |
|
Add back: Bursaries paid for by restricted funds |
|
11,400 |
10,800 |
|
|
|
4,576,769 |
4.179,626 |
| 5. |
Income from charitable activities - Other income |
|
|
|
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Charitable extras |
- income |
307,290 |
143,556 |
|
Registration fees |
|
13,800 |
15,700 |
|
|
|
321,090 |
159,256 |
| 6. |
Expenditure on |
raising funds |
|
|
|
Costs of raising |
voluntary income |
|
|
|
Unrestricted |
Total |
|
funds |
funds |
|
2023 |
2023 |
|
£ |
£ |
| Interest paid |
173,953 |
173,953 |
| Marketing and advertising |
65,967 |
65,967 |
| Bank charges |
2,133 |
2,133 |
|
242,053 |
242,053 |
|
Unrestricted |
Total |
|
funds |
funds |
|
2022 |
2022 |
|
£ |
£ |
| Interest paid |
179,029 |
179,029 |
| Marketing and advertising |
57,063 |
57,063 |
| Bank charges |
2,277 |
2,277 |
|
238.369 |
238.369 |
|
Unrestricted |
Restricted |
|
|
funds |
funds |
Total |
|
2023 |
2023 |
2023 |
|
£ |
£ |
£ |
| Teaching costs |
2,936,450 |
- |
2,936,450 |
| Welfare costs |
256,680 |
- |
256,680 |
| Premises costs |
61 3.993 |
- |
613,993 |
| Support costs |
775,528 |
11.400 |
786,928 |
|
4.582,651 |
11.400 |
4,594,051 |
|
Unrestricted |
Restricted |
|
|
funds |
funds |
Total |
|
2022 |
2022 |
2022 |
|
£ |
£ |
£ |
| Teaching costs |
2,693,997 |
- |
Z693,997 |
| Welfare costs |
252,724 |
- |
252.724 |
| Premises costs |
482,750 |
- |
482.750 |
| Support costs |
727,830 |
10,800 |
73&630 |
|
4.157,301 |
10,800 |
4.168,101 |
|
Staffcosts |
Depreciation |
Other costs |
Total |
|
2023 |
2023 |
2023 |
2023 |
|
£ |
£ |
£ |
£ |
| Teaching costs |
2480.526 |
- |
455,924 |
2,936,450 |
| Welfare costs |
105,580 |
- |
151,100 |
256,680 |
| Premises costs |
64,437 |
164.049 |
385.507 |
613,993 |
| Support costs |
397,432 |
100.224 |
289,272 |
786,928 |
|
3,047,975 |
264,273 |
1,281,803 |
4,594,051 |
|
Staffcosts |
Depreciation |
Othercosts |
Total |
|
2022 |
2022 |
2022 |
2022 |
|
£ |
£ |
£ |
£ |
| Teaching costs |
2,403,525 |
- |
290,472 |
2,693,997 |
| Welfare costs |
102,760 |
- |
149,964 |
25Z 724 |
| Premises costs |
51,577 |
157,025 |
274,148 |
482,750 |
| Supportcosts |
390,142 |
91,041 |
257,447 |
738,630 |
|
2,948,004 |
24066 |
972,031 |
4,168,101 |
| Auditor’s remuneration |
|
|
|
2023 |
2022 |
|
£ |
£ |
| Fees payable to the Compans auditor for the audit ofthe Company’s |
|
|
| annual accounts |
14,950 |
13,000 |
|
2023 |
2022 |
|
£ |
£ |
| Wages and salaries |
2,529,072 |
2,321,905 |
| Social security costs |
215,483 |
226,206 |
| Contribution to defined contribution pen&on schemes |
303,420 |
399,893 |
|
3,047,975 |
2,948,004 |
|
2023 |
2022 |
|
No. |
No. |
| Teachers |
45 |
43 |
| Admin and housekeeping |
19 |
19 |
|
64 |
62 |
|
|
|
|
|
2023 |
2022 |
|
|
|
|
|
No. |
No. |
| In |
the |
band |
£60,001 |
- £70,000 |
I |
- |
| In |
the |
band |
£80,000 |
-£90,000 |
I |
I |
|
|
|
|
Assets |
|
|
Freehold |
Plant and |
Fixtures and |
under |
|
|
property |
machinery |
fittings |
construction |
Total |
|
£ |
£ |
£ |
£ |
£ |
| Cost or valuation |
|
|
|
|
|
| At 1 September2022 |
6,816,339 |
21,023 |
1,421,755 |
7,154 |
8,266,271 |
| Additions |
4,671 |
- |
154,983 |
270,525 |
430,179 |
| Disposals |
- |
- |
(4,430) |
- |
(4,430) |
| Transfers between classes |
- |
- |
7,154 |
(7,154) |
- |
| At 31 August 2023 |
6,821,010 |
21,023 |
1,579,462 |
270525 |
8,692,020 |
| Depreciation |
|
|
|
|
|
| At 1 September2022 |
626728 |
21,023 |
789,753 |
- |
1,437,504 |
| Charge for the year |
135,924 |
- |
128,350 |
- |
264,274 |
| At 31 August 2023 |
762,652 |
21,023 |
918,103 |
- |
1,701,778 |
| Net book value |
|
|
|
|
|
| At 31 August 2023 |
6,058,358 |
- |
661,359 |
270,525 |
6,990,242 |
| At3IAugust 2022 |
6,189,611 |
- |
632002 |
7,154 |
6828767 |
|
Unlisted |
|
investments |
|
£ |
| Cost or valuation |
|
| At 1 September2022 |
1,679 |
| Revaluations |
118 |
| At31 August2023 |
1,797 |
| Net book value |
|
| At 31 August 2023 |
1,797 |
| At 31 August 2Q22 |
1,679 |
|
2023 |
2022 |
|
£ |
£ |
| Due within one year |
|
|
| Trade debtors |
37,577 |
14,933 |
| Prepayments and accrued income |
101,575 |
98,255 |
|
139,152 |
113,188 |
|
2023 |
2022 |
|
£ |
£ |
| Bank loans |
136,383 |
131,098 |
| Concessionary loan |
30,900 |
31.975 |
| Trade creditors |
50,711 |
61,301 |
| Other taxation and social secuhty |
61 638 |
53,944 |
| Other creditors |
838 |
42,110 |
| Deposits held |
238,167 |
211,041 |
| Accruals and deferred income |
617,469 |
426.575 |
|
1,138,106 |
958,044 |
|
2023 |
2022 |
|
£ |
£ |
| Deferred income |
|
|
| Deferred income at 1 September2022 |
357,615 |
437,008 |
| Resources deferred during the year |
401,874 |
357,615 |
| Amounts released from previous periods |
(357,615) |
(437,008) |
|
401,674 |
357,615 |
|
2023 |
2022 |
|
£ |
£ |
| Bank loans |
4185559 |
4.321.931 |
| Concessionary loan |
74175 |
106,150 |
|
4259,734 |
4.428,081 |
| Included within the above are amounts falling due as fo |
llows: |
|
|
2023 |
2022 |
|
£ |
£ |
| Between one and two years |
|
|
| Bank loans |
142,278 |
136,371 |
| Concessionary loan |
30,900 |
12,875 |
| Between two and five years |
|
|
| Bank loans |
459,574 |
44Z539 |
| Concessionary loan |
43,275 |
79.825 |
| Over five years |
|
|
| Bank loans |
3,583,707 |
3.743.021 |
| Concessionary loan |
- |
13.450 |
|
2023 |
2022 |
|
£ |
£ |
| Financial assets |
|
|
| Financial assets measured at fair value through income and expenditure |
1,989,103 |
1,988,946 |
| Financial assets measured at fair value |
1,797 |
1,679 |
|
1,990,900 |
1,990, 625 |
|
2023 |
2022 |
|
£ |
£ |
| Financial liabilities |
|
|
| Other financial liabilities measured at fair value through income and |
|
|
| expenditure |
4,889,092 |
(4,890,385) |
|
2023 |
2022 |
|
£ |
£ |
| Interest income and expense: |
|
|
| Interest and dividend income |
38,425 |
1,639 |
| Interest expense |
173,953 |
179.029 |
| Impairment losses |
(5,459) |
339 |
|
206,919 |
181.007 |
| Statement offunds |
- current ye |
ar |
|
|
|
|
|
|
Balance at I |
|
|
|
Balance at |
|
|
September |
|
|
Gains! |
31 August |
|
|
2022 |
Income |
Expenditure |
(Losses) |
2023 |
|
|
£ |
£ |
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
|
|
| General fund |
|
3512,642 |
4,984,101 |
(4,824,704) |
118 |
3,672,157 |
| Restricted funds |
|
|
|
|
|
|
| Educational fund |
|
- |
11,400 |
(11,400) |
- |
- |
| Total of funds |
|
3,512,642 |
4,995,501 |
(4,836,104) |
118 |
3,672,157 |
| Statement offunds |
- prior year |
|
|
|
|
|
|
|
Balance at |
|
|
|
Balance at |
|
|
I September |
|
|
Gains! |
31 August |
|
|
2021 |
Income |
Expenditure |
(Losses) |
2022 |
|
|
£ |
£ |
£ |
£ |
£ |
| Unrestricted funds |
|
|
|
|
|
|
| General fund |
|
3,497,754 |
4.399,883 |
(4,384,870) |
(125) |
3,51a642 |
| Restricted funds |
|
|
|
|
|
|
| Educational fund |
|
- |
10.800 |
(10,800) |
- |
- |
| Total offunds |
|
3,497754 |
4.410,683 |
(4.395,670) |
(125) |
3.512.642 |
Summary of funds
- cu |
rrentyear |
|
|
|
|
|
Balance at 1 |
|
|
|
Balance at |
|
September |
|
|
Gains! |
31 August |
|
2022 |
Income |
Expenditure |
(Losses) |
2023 |
|
£ |
£ |
£ |
£ |
£ |
| General funds |
3,512,642 |
4,984,101 |
(4,824,704) |
118 |
3,672,157 |
| Restricted funds |
- |
11,400 |
(11,400) |
- |
- |
|
3,512,642 |
4,995,501 |
(4,836,104) |
118 |
3,672,157 |
|
Balance at |
|
|
|
Balance at |
|
I September |
|
|
GainsI |
31 August |
|
2021 |
Income |
Expenditure |
(Losses) |
2022 |
|
£ |
£ |
£ |
£ |
£ |
| General funds |
3,497,754 |
4,399,683 |
(4,384,870) |
(125) |
3,512,642 |
| Restricted funds |
- |
10,800 |
(10.800) |
- |
- |
|
3.497,754 |
4.410,683 |
(4,395,670) |
(125) |
3.5 12642 |
Analysis of net assets between funds
- current year |
|
|
|
Unrestricted |
Total |
|
funds |
funds |
|
2023 |
2023 |
|
£ |
£ |
| Tangible fixed assets |
6,990,242 |
6,990,242 |
| Fixed asset investments |
1,797 |
1,797 |
| Current assets |
2.075,956 |
2,075,958 |
| Creditors due within one year |
(1,210,281) |
(1,210,281) |
| Creditors due in more than one year |
(4,185,559) |
(4,185,559) |
| Total |
3,672,157 |
3,672,157 |
Analysis of net assets between funds
- prior year |
|
|
|
Unrestricted |
Total |
|
funds |
funds |
|
2022 |
2022 |
|
£ |
£ |
| Tangible fixed assets |
6628,767 |
6,626,767 |
| Trade investments |
1,679 |
1.679 |
| Current assets |
2.06a32l |
2.066.321 |
| Creditors due within one year |
(958.044) |
(958.044) |
| Creditors due in more than one year |
(4.428.081) |
(4428.081) |
| Tl |
3,512642 |
3.512,642 |
|
2023 |
2022 |
|
£ |
£ |
| Net income for the year (as per Statement of Financial Activities) |
159,515 |
14.888 |
| Adjustments for: |
|
|
| Depreciation charges |
264,274 |
248,066 |
| Rvidends, interests and rents from investments |
(38,425) |
(1,639) |
| Loss on the sale of fxed assets |
4430 |
- |
| Increase in debtors |
(25,964) |
(46.860) |
| lncrease/(decrease) in creditors |
173,853 |
(135,214) |
| Loan interest paid |
173,953 |
179,029 |
| Investment (gains)/Iosses |
(118) |
126 |
| Net cash provided by operating activities |
711518 |
258,376 |
|
|
2023 |
2022 |
|
|
£ |
£ |
| Cash |
in hand |
1936806 |
1955,133 |
| Total |
cash and cash equivalents |
1,936,806 |
1955,133 |
|
At I |
|
|
|
September |
|
At 31 |
|
2022 |
Cash flows |
August 2023 |
|
|
£ |
£ |
|
£ |
|
|
| Cash at bank and in hand |
1,955,133 |
(18,327) |
1,936,806 |
| Debt due within 1 year |
(163,073) |
(4,210) |
(167,283) |
| Debt due after 1 year |
(4,428,081) |
168,347 |
(4,259,734) |
|
(2,636,021) |
145,810 |
(2,490,211) |
| Capital commitments |
|
|
|
|
|
2023 |
2022 |
|
|
£ |
£ |
| Contracted for but not provided in these |
financial statements |
|
|
| IT infrastructure project |
|
- |
74936 |
| Sixth form project |
|
293,122 |
- |
|
|
293,122 |
74936 |
|
2023 |
2022 |
|
£ |
£ |
| Not later than 1 year |
50,933 |
53,943 |
| Later than 1 year and not later than 5 years |
47,232 |
98,165 |
|
98,165 |
152.108 |