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2024-08-31-accounts

Registered number: 01946972 Charity number: 292683

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Governors and Advisers 1
Governors' Report 2 - 12
Independent Auditor's Report on the Financial Statements 13 - 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 - 39

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024

Governors Richard James Tufft, Chairman
Andrew Deryck Jason Bristow
Richard John Coward
Roy Alexander MacMillan (resigned 25 September 2023)
Rennie Raja
Michael Reginald Wakefield
Ruth Helen Webber
Senior Leadership Team JP Burnett B.A. (Hons) (Joint), P.G.C.E., IBEN, Headteacher
SR Day B.Sc. (Hons), P.G.C.E., Deputy Head
NHM Doran M.A. B.A (Hons), P.G.C.E, Head of Strategic Relations
SM Jenkins M.A. B.Sc. (Hons), Director of Studies
V Pidwell B.A. (Hons) QTS, Head of Lower School
S McCallion B. Sc (Hons), P.G.C.E, Head of Sixth Form
JEM Potter B.A. (Hons), A.C.M.A, Finance Manager (resigned 31 August 2024)
Company registered
number
01946972
Charity registered
number
292683
Registered office
29 Oval Way
Gerrards Cross
Bucks
SL9 8QA
Independent auditor
Crowe U.K. LLP
R+ Building
2 Blagrave Street
Reading
Berkshire
RG1 1AZ
Bankers
Lloyds Bank
1st Floor East
10 Gresham Street
London
EC2V 7AE

Page 1

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Governors of Thorpe House School present their annual report for the year ended 31 August 2024 under the Companies Act 2006 and the Charities Act 2011, together with the audited financial statements for that year, and confirm that the latter comply with the requirements of the Companies Act 2006, the Company’s Articles of Association and the Charities SORP 2015.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Thorpe House School Trust is a private company limited by guarantee incorporated under the Companies Act 1985 on 12 September 1985 and governed by its Memorandum and Articles of Association. It is registered as charity no. 292683 with the Charity Commission.

Governing Body

The members of the Governing Body (‘the Governors’), who are also required under the Articles of Association to be Members of the Trust, have each been elected or have had their election ratified at a full Governors’ meeting on the basis of nominations received from serving Governors and the Headteacher. Governors, who include amongst their number parents of current and/or former pupils, an educationalist and professionals from business, are assessed on their eligibility, personal competence and commitment, specialist skills and experience. Each Governor in his or her capacity as a Member of the Trust has agreed to contribute an amount not exceeding £1 in the event of the Trust being wound up.

During the course of this academic year, 5 individuals served as Governors.

Members of the Trust

The current Members of the Trust are the Governors.

Governor Induction and Training

New Governors are provided with a copy of the latest AGBIS Guidelines for Governors explaining their roles and summarising their legal obligations under charity and company law. They are also provided with full accounts showing the financial performance of the Trust for the preceding year, the ISI compliance report and have made available to them a copy of the Trust’s Memorandum and Articles of Association, the current School Strategic Plan and the ISC census and annual report. Finally, they are briefed on the Board committee and decisionmaking processes. During their selection and induction, they have meetings with the Headteacher, the Chairman of the Governing Body (or nominated deputy) and the Chair of the relevant committee to which they may be assigned.

Governors are encouraged to attend appropriate external training events organised by AGBIS or other relevant providers where these will broaden their knowledge and experience and facilitate the undertaking of their role.

The Headteacher and the Chair of Governors meet regularly to ensure that the school’s strategy and operations are aligned and are moving forward. The Headteacher’s goals have been shared with staff and Governors and are the short term strategic direction for the school. These will be enhanced and extended into a more long term strategic plan with data from wide ranging surveys (students, staff, parents). Similarly, The Headteacher and the SLT meet weekly to ensure that both operational and strategic directions are clearly linked.

Governors’ Indemnity Insurance

The School has purchased Governors’ indemnity insurance through Zurich Insurance plc. which provides cover of up to £2 million.

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THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Key Management Personnel

The day-to-day running of the School is delegated by the Governing Body to the Headteacher with support from the members of the Senior Leadership Team. The Headteacher, Deputy Headteacher and Finance Manager are encouraged between them to attend all meetings of the Governing Body’s main committees and to all attend the Governing Board meetings which take place each term.

The remuneration of the Headteacher is set by the Board. The Board are also consulted over policy objectives to provide appropriate incentives to encourage enhanced performance and to reward staff fairly and responsibly for their individual contributions to the School’s success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other State and independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

Delivery of the Trust’s charitable vision and purpose of providing outstanding all-round education for boys, whilst promoting Christian values, is primarily dependent on the School’s key management personnel.

Organisational Management

The business of the Trust (but not the day-to-day operation of the School) is managed by the Governing Body which meets as a Board at least once in each term. The three main committee groups include the Finance and Estates Committee, the Education and Compliance Committee and the Marketing Strategy and Admissions Committee. Within these is a number of sub-groups which are responsible for all aspects of the School’s operation including finance, buildings, maintenance, safeguarding and compliance, risk management, health and safety, marketing strategy, recruitment and retention of pupils, educational standards, current major projects, and recruitment of governors and key personnel of the School. Committees and sub-groups meet as appropriate and, in the case of the main committees, at least once a term.

The Headteacher is appointed by the Governors to manage, with the assistance of the Deputy Head and SLT, the day-to-day operations of the School and as such has delegated authority and responsibility, within the terms of delegation approved by the Governing Body, for all operational matters.

Group Structure and Relationships

The Headteacher, a member of IAPS and the Society of Heads, meets termly with Heads of local IAPS schools, and also with Heads of other local schools. The School is a member of the ISBA and the Finance Manager attends briefings and webinars on-line regularly with Bursars and Finance Managers. The School is also a member of AGBIS and the Governors are invited to attend relevant training and seminars run by the organisation.

The School continues its work with a number of local charities, organisations and schools to widen public access to its schooling, to optimise the use of the School’s cultural and sporting facilities and to awaken in its pupils an awareness of the social context of the education they receive at the School. This includes ensuring that our facilities (e.g. our sports hall and our playing fields) are accessible and cost free for use by our local community.

Page 3

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

ACTIVITIES AND OBJECTIVES

Principal Activity

The Trust was established in 1985 “to promote and provide for the advancement of education of children in the United Kingdom and elsewhere”, and specifically to carry on and develop the School, providing a caring, welcoming and inclusive learning environment for each pupil.

The School, through its Lower (Reception-Year 6), Middle (Years 7-8), Upper (Years 9-11) and coeducational Sixth Form (Year 12 and 13), is an independent day school currently operating as an all-through school offering a bespoke student-centred education for boys aged 4 – 16 years and for boys and girls in the Sixth Form (17-18 year olds.

Strategic objectives

The school’s core objective is to give each pupil every opportunity to achieve their highest possible all-round educational standard, such that when they leave the school every student has become a responsible British and global citizen who is truthful, helpful, organised, resilient, polite, empathic and with positive aspirations, both academically and socially.

Thorpe House strives for our students to gain the best results reasonably possible in their GCSE examinations taken at age 16, and A level examinations from April 2026 onwards, based on predictions built on a series of different baseline assessments during their careers at the school. However, the ambition with pupils of all ages is, through the school’s classroom and extra-curricular programmes, to draw out their abilities and potential, both academic and non-academic, and to develop wider interests in and awareness of life, to instil appropriate life values and to motivate them for a successful outcome at the next stages in their education, and in their lives.

The internal management structure in the school has been reworked to include more specific leadership roles with an academic responsibility; similarly, one of the SLT roles has been developed into a ‘Head of Strategic Relations’ with a particular overview of ensuring clear governance structures are understood and are in place - this includes the recruitment and onboarding of new Governors.

We were inspected by the Independent Schools Inspectorate in March 2024 (report is: here) resulting in the recognition that ‘all standards were met’. This gave the final approval for the change of material use to include girls in the Sixth Form, and to allow for entry of students in Year 12 (Sept 2024) and Year 13 (Sept 2025).

We have also focused on the clear and seamless integration of technology to assist learning and teaching across the school. As such, we are now a ‘Google School’ and all students in Year 7 and above are provided with Chromebooks. All staff are also issued with Chromebooks and have been trained in using the Google Suite to enhance teaching.

We changed our IT Support from Riverlight to CST, based on a tendering process, from September 2023. This has ensured that we have been fully supported across our hardware and software needs. Our wifi provision is consistently good and having onsite support, 9-5, ensures ongoing timely remediation and support as needed.

With the upcoming introduction of VAT on school fees, we have been carefully analysing a range of cost efficiencies, and with the appointment of a new Finance Manager from the start of November 2024, we will be able to focus on this in earnest. This has included ending our relationship with some providers (e.g. Ninja Coding, Susan Daughtrey Education) and evaluating further options (e.g. our caterers, Holroyd-Howe and our relationship with Seriously Fun, our swimming pool operators). There is still much to do in this area to ensure VAT compliance, efficient operations, whilst maintaining, and enhancing where possible, regular revenue streams.

Page 4

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND PERFORMANCE

Academic performance

Cohort 2024 and national standards:

The cohort of 2024 were stronger than in the previous two years and a lot of work was completed by the teaching staff to secure the crucial grade boundaries at Grade 4, Grade 7 and Grades 8-9 (the former A*). This was the third year since returning to fully examined qualifications and schools were informed that OFQUAL had advised the Examination Boards that the percentage of passing grades and above would return to pre-Covid, i.e. 2019 percentages. This means that there would be a further suppression of pass grades, as well as top grades in 2024. In addition to this, the marks needed for each of the grade were higher - in some cases (for example, in GCSE biology) 15 marks higher than in 2019 and in core subjects like English, grade boundaries for 4, 7 and 9 were all taken up by 1-3%. There was no mitigation given to students this year to accommodate for the two years of COVID 19, although the year 11 leavers would have completed their year 7 summer term and year 8 spring term remotely.

The average number of GCSEs taken by the boys at Thorpe House was 8.9 in comparison to a national average of 7.8. All students have the opportunity to take 9 GCSE grades, and some even take additional GCSE exams, such as Russian, German or Persian. The national average for schools taking 9 GCSEs is only 28.4%. At Thorpe, the able mathematicians are also encouraged to take the Level 2 further maths qualification. This is the second year that we have offered additional maths Level 2 as an extra qualification for our more able mathematicians. 83% of the further maths grades were 7-9.

Thorpe House School GCSE statistics 2024

100% of students received five or more ‘pass’ grades (4 or above) including mathematics and English at Thorpe, this is up 3% on last year. For a consecutive year, there was also an increase in grades 7-9 at Thorpe: 39% of students achieved grades 7-9 (the former A-A*), which is an increase of 6% on last year's grades. Nationally, 23% of students received grades that were 7 or above; this figure is 20% for boys alone. Additionally, 21% of Thorpe students achieved 5 or more top grades 7-9.

Departments that performed particularly well this year: geography (52% of grades were 7-9 and 30% of grades were 9s), physics (50% grade 7-9), maths (44% grades 7-9, chemistry (39% grades 7-9) and English literature (36% grades 7-9). The cohort of 2024 were also strong in creative subjects, art achieved 60% grades 7-9 and drama 63% grades 7-9.

Subjects with a 100% ‘pass’ rate (a 4 or above) at Thorpe: Art, biology, computer science, chemistry, drama, English language, English literature, further mathematics, geography, mathematics, Persian, physics, religious studies (5 more subjects than last year).

Departments that need to be developed further include music, languages and DT. An area of development is also the internally assessed NEA component in art. Work is already in progress to improve performance in these subjects, for example, Mrs Paula Procopi is a very experienced DT specialist and an Academic Assistant Head who is helping current year 11 students improve their grades through the coursework component. Also MfL and art have recruited experienced teachers to drive the students’ performance and feedback from students is positive.

As reported in the prior year’s report, Thorpe House can no longer report on 11+ grades as we are no longer a registered centre. Boys wanting to take the 11+ must now do so externally.

Page 5

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Significant achievements in areas other than academic subjects, including extra-curricular and sporting successes

Public Benefit

As required by law, the Governors have continued to have regard to the Charity Commission’s public benefit guidance and in the course of carrying out their duties have endeavoured not only to increase and improve the educational facilities available to pupils but also to extend the School’s activities into the local community, as demonstrated below:

Page 6

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Other activities of benefit to the community or local charities included the following:

Page 7

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The financial statements for the 12-month period to 31 August 2024 show an operational deficit of £209k. The School continues to manage its finances carefully against interest rate rises over the last 12 months, the cost of living increase and the potential changes that would impact independent schools should the labour party and their policies concerning charitable status and on school fees be implemented in 2025. To do this, the Finance committee have ensured reserves stay at a level high enough to bridge potentially difficult periods and make use of the economic planning tools and policies available through ISBA and the ISC to plan ahead.

The Governors regularly review the finances, budgets and spend against budget, together with a monthly cash flow analysis as part of the effective stewardship of the School.

Fund raising

Fund-raising activities took place during the academic year organised by the School’s Parents’ Association (PA). In the autumn term, the Christmas fayre returned and the pupils enjoyed attending their respective Christmas parties. The PA also ran a successful quiz evening and the new venture of a gin and beer festival in the summer term was well supported. Funds raised from these activities totalled more than £8,500 with the funds being donated towards projects in the next academic year aimed at enriching the day-to-day lives of the pupils.

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Page 8

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Reserves policy

The Finance Committee regularly reviews the situation on cash reserves and invests these at the best available rates of interest, always having regard to the perceived stability of the relevant financial institution and to the potential need for access to such funds at short notice. In the last academic year, funds were moved to a new deposit account taking advantage of the higher interest rates on offer in the market. As at 31 August 2024, the School held £1,375k in cash deposits which is still largely due to the final drawdown on the loan secured to build the multi-purpose hall and building, which has not yet been used in full. However, building work has commenced on site for the new science laboratories and sixth form common room and washroom facilities and these reserves will be used in part to fund this project.

As a risk management measure these deposits continue to be held in two different financial institutions and in deposit accounts that have different notice periods. The reserves policy states that at least three months of operating costs plus one year’s loan interest is held in cash at any point in time to ensure short-term financial obligations such as salaries, loan payments and contracts can be paid in the event of short-term financial crisis.

In common with other independent schools, the Governors have invested substantial sums into new School buildings and premises in recent years and have a continuing programme of refurbishment, development and investment to maintain and improve educational facilities for the School’s pupils. The major project started in the current financial year and to continue in 2023/24 is preparing for the opening of a co-educational sixth form in September 2024 with the supporting facilities and building.

The School’s total funds of £3,463k at the year-end comprise wholly of unrestricted funds, as although restricted funds in the form of voluntary bursary contributions are received through the course of the year from parents, these funds are allocated to the bursary awards given in the year. The unrestricted funds represented £7,346k net book value of fixed assets and £4,186k of bank loans. This gives free reserves of £430k, which is determined by taking the total of unrestricted funds (£3,463k) less tangible fixed assets (£7,346k) and adding back any bank borrowings (£4,186k). It should be noted that this year the bank loan has been recognised as due within - one year due to the covenant breach noted on page 19 but a waiver from the bank has been obtained for 2024 confirming no immediate repayment of the loans until the next scheduled assessment of the covenant on 31 August 2025.

Page 9

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

RISK MANAGEMENT

The Governing Body and sub-committees continue to keep the School’s operation and activities under constant review, particularly with regard to any major financial and operational risks that may arise from time to time, as well as the systems and procedures established to manage them.

The School desires there to be at least two designated Governors to oversee the management of safeguarding and child protection, which is regarded as being of paramount importance by the School and Board. These vital aspects of the Governing Body’s responsibilities are consolidated under the auspices of the Education and Compliance committee which includes these two Governors as members and has responsibility for all matters affecting and relevant to the overriding importance of child safety, protection and welfare (especially mental) of pupils and staff, as well as relevant health and safety and policies generally.

Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the school on trips and expeditions). The risks associated with all activities are minimised by thorough planning and risk assessment. The Health and Safety committee has a designated Governor who reviews policies, operations and conducts an annual health and safety walk around. This is in addition to the external consultants who ensure compliance on all health and safety and fire safety legislation.

Detailed consideration of risk is delegated to the Headteacher and Deputy Headteacher, assisted by a group of Governors. A comprehensive risk register has been drawn up to enable the Governing Body more easily to identify and review the risks to which the School is exposed and the potential damage to people, property and reputation. This register is regularly reviewed by the relevant committees tasked with monitoring their various risk areas who then feed their comments and updates to the risk committee. The risk register is then reviewed within this group and those items determined to be the greatest risk are reviewed at each Board meeting. The Governors evaluate the effectiveness of current plans and strategies for managing all identified major risks for the School, including crisis management.

In the context of financial risk, the Governors remain acutely aware of the challenges to parents across the independent sector in terms of continuing to be able to afford school fees. The on-going economic climate and the potential political change to a labour government with the proposed policies on introducing VAT on fees and loss of business rates relief is likely to result in fees increasing at a higher rate than previous years and thus impacts the affordability of fees.

The Board and SLT will also ensure that where possible VAT is reclaimed on historical capital goods schemes, such as the construction of the multi-purpose hall project. This VAT recovery could then be used to partially offset the additional cost of VAT on fees should it be introduced.

The Governors and management recognise the importance of focusing on sustaining pupil numbers, with their direct and significant financial impact on the School’s viability. The School continues to thrive at senior level, but Lower School numbers have the capacity to grow and the School continues to focus on recruiting and retaining pupils at the youngest end of the School.

Page 10

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

FUTURE PLANS

The Governors have continued to meet as a committee to discuss strategy and determine key areas of focus. It was agreed that there would be change in leadership within the Lower School to ensure a clear and consistent approach to delivering an enhanced curriculum at every level. The School will continue to be an all-through school for boys aged 4-16 years, maintaining a traditional ethos where strong British values are actively encouraged, whilst encouraging knowledge of all faiths to recognise the School’s increasing ethnic diversity.

The Governing Board approved extending the educational offering up to age 18 with agreement to open a Sixth Form from September 2024. The sixth form will be co-educational and will operate both on the main site with dedicated science laboratories and in an off-site standalone building within a 10 minute walk from the existing premises.

The Board continues with its policy of looking to improve and expand the School’s facilities as rapidly as can be achieved and funds permit.

Statement of Governors' responsibilities

The Governors (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Governors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial . Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 11

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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 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 (Chairman)

Date: 1 April 2025

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(A Company Limited by Guarantee)

THORPE HOUSE SCHOOL TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THORPE HOUSE SCHOOL TRUST

Opinion

We have audited the financial statements of Thorpe House School Trust (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

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THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THORPE HOUSE SCHOOL TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Governors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Governors' Responsibilities Statement, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 14

(A Company Limited by Guarantee)

THORPE HOUSE SCHOOL TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THORPE HOUSE SCHOOL TRUST (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

The greatest risk of material impact on the financial statements is from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 15

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

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and 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 R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ

Date: 1 April 2025

Page 16

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

Note
Income from:
Donations and legacies
Charitable activities:
School fees receivable
Other income
Other trading activities:
Rental income
Investments:
Interest receivable
Other income
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net (expenditure)/income before net
gains on investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
2,001
4,807,167
444,555
62,718
46,589
3,459
5,366,489
266,411
5,309,510
5,575,921
(209,432)
322
(209,110)
3,672,157
(209,110)
3,463,047		 Restricted
funds
2024
£
-
11,395
-
-
-
-
11,395
-
11,395
11,395
-
-
-
-
-
-		 Total
funds
2024
£
2,001
4,818,562
444,555
62,718
46,589
3,459
5,377,884
266,411
5,320,905
5,587,316
(209,432)
322
(209,110)
3,672,157
(209,110)
3,463,047		 Total
funds
2023
£
-
4,576,769
321,090
57,187
38,425
2,030
4,995,501
242,053
4,594,051
4,836,104
159,397
118
159,515
3,512,642
159,515
3,672,157

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 39 form part of these financial statements.

Page 17

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 01946972

BALANCE SHEET AS AT 31 AUGUST 2024

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current liabilities / assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 98,420
1,375,005
1,473,425
(5,313,240)		 2024
£
7,344,017
2,120
7,346,137
(3,839,815)
3,506,322
(43,275)
3,463,047
-
3,463,047
3,463,047		 139,152
1,936,806
2,075,958
(1,136,106)		 2023
£
6,990,242
1,797
6,992,039
939,852
7,931,891
(4,259,734)
3,672,157
-
3,672,157
3,672,157

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 and signed on their behalf by:

Richard James Tufft (Chairman) Date: 1 April 2025

The notes on pages 20 to 39 form part of these financial statements.

Page 18

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

Note
Cash flows from operating activities
Net cash used in operating activities
19
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Concessionary loan repayments
Loan interest paid
Repayments of bank loan
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
20		 2024
£
376,349
46,589
(648,798)
(602,209)
(30,900)
(168,669)
(136,372)
(335,941)
(561,801)
1,936,806
1,375,005		 2023
£
711,518
38,425
(430,179)
(391,754)
(33,051)
(173,953)
(131,087)
(338,091)
(18,327)
1,955,133
1,936,806

The notes on pages 20 to 39 form part of these financial statements

Page 19

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. General information

The School’s principal activity in the period under review was the provision of a Day School for 4-16-yearold boys. The incorporated charity (registered number 01946972 and charity number 292683), is incorporated and domiciled in the UK. The address of the registered office is Thorpe House School, Oval Way, Gerrards Cross, Buckinghamshire, SL9 8QA.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Thorpe House School Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The school makes use of a bank loan secured by a legal charge over the School’s property. As a result of additional accruals included in the accounts and increasing the deficit for the year ended 31 August 2024, the bank covenant has been breached. The full amount of the bank loan of £4,185,571 has been recognised as due within one year. The School has received assurance that the bank has no concerns over the School’s continued viability and has agreed to waive the breach for 2024 but intends to test again in 2025 which the School is forecast to comply with. Current forecasts indicate the School expects to be able to operate within these facilities for the foreseeable future. Accordingly, the Governors believe it is appropriate to prepare the annual financial statements on the going concern basis of accounting.

2.2 Going concern

At the time of approval of the Annual Report, the Governors have carefully considered the potential volatility of the future economic climate with the introduction of VAT on school fees, the removal of business rate relief and the increase in employers National Insurance and the impact this may have on fee affordability as well as expenditure costs. A detailed cash flow forecast has been produced for the next three years ensuring that despite potential additional costs and an immediate net fee decrease, the cash reserves of the charity are adequate to meet the charity’s obligations as they fall due. The charity also holds significant cash balances which can be supplemented, if needed, by an overdraft facility. Demand for school places at Thorpe House School remains strong for the upcoming academic year 2025/26 with the recent opening of a sixth form performing well and hitting all financial targets.

Accordingly, the Governors believe the School’s financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis.

Page 20

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

School fees represent amounts receivable for educational services provided, including extras. Other income includes chargeable extras, school trips, registration fees, school transport, temporary boarding fees and similar income. Charges for services and use of premises are accounted for in the period in which the service is provided. Bursaries are charged in the period when the offer is conveyed to the recipient except in those cases where the offer is conditional. Such Bursaries are recognised as expenditure when the conditions attaching are fulfilled.

Income from donations is recorded when the amount and receipt is probable.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 21

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.6 Taxation

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - 2%-10% per annum
Plant and machinery - 20% per annum
Fixtures and fittings - 5%-25% per annum

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 22

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.12 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

2.14 Pensions

Until August 2022 the School operated a contributory superannuation scheme under the Teachers’ Superannuation Regulations 1976 (amended). The pension costs charged in the period for the Teachers’ Pension Scheme are based on the contributions made to the centralised Government pension scheme run by the Department of Education as stated in note 24.

Since September 2022 the School contributes to the Royal London Pension Scheme, a defined contribution scheme, for teaching staff.

The charity contributes to the Pensions Trust Growth Plan for certain of its employees. This is in most respects is a money purchase arrangement, but does include certain guaranteed benefit elements. The Plan is a multi-employer scheme. It is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers and accordingly, in accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable. The School is not currently required to pay deficit contributions.

The contributions for all Schemes are charged in the Statement of Financial Activities in the period in which they are payable.

Page 23

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.15 Pupil Fee Deposits

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2024 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

In the application of the charity’s accounting policies, which are described in note 2. Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Critical accounting estimates and assumptions:

The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

Page 24

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

4. Income from charitable activities - School fees

2024
£
Gross fees
5,207,482
Less: bursaries and allowances
(400,315)
4,807,167
Add back: Bursaries paid for by restricted funds
11,395
4,818,562
5.
Income from charitable activities - Other income
2024
£
Charitable extras - income
432,655
Registration fees
11,900
444,555
6.
Expenditure on raising funds
Costs of raising voluntary income
Unrestricted
funds
2024
£
Interest paid
168,669
Marketing and advertising
95,448
Bank charges
2,294
266,411		 2023
£
4,945,358
(379,989)
4,565,369
11,400
4,576,769
2023
£
307,290
13,800
321,090
Total
funds
2024
£
168,669
95,448
2,294
266,411

Page 25

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6. Expenditure on raising funds (continued)

Interest paid
Marketing and advertising
Bank charges		 Unrestricted
funds
2023
£
173,953
65,967
2,133
242,053		 Total
funds
2023
£
173,953
65,967
2,133
242,053

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Teaching costs
3,517,684
Welfare costs
294,902
Premises costs
709,513
Support costs
787,411
5,309,510		 Restricted
funds
2024
£
-
-
-
11,395
11,395		 Total
2024
£
3,517,684
294,902
709,513
798,806
5,320,905

Page 26

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

7. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Teaching costs
Welfare costs
Premises costs
Support costs		 Unrestricted
funds
2023
£
2,936,450
256,680
613,993
775,528
4,582,651		 Restricted
funds
2023
£
-
-
-
11,400
11,400		 Total
2023
£
2,936,450
256,680
613,993
786,928
4,594,051

Summary by expenditure type

Teaching costs
Welfare costs
Premises costs
Support costs		 Staff costs
2024
Depreciation
2024
£
£
2,981,424
-
114,502
-
73,031
167,963
318,266
125,665
3,487,223
293,628		 Other costs
2024
£
536,260
180,400
468,519
354,875
1,540,054		 Total
2024
£
3,517,684
294,902
709,513
798,806
5,320,905

Total governance costs included above are £20,369 (2023: £20,121).

Teaching costs
Welfare costs
Premises costs
Support costs		 Staff costs
2023
£
2,480,526
105,580
64,437
397,432
3,047,975		 Depreciation
2023
£
-
-
164,049
100,224
264,273		 Other costs
2023
£
455,924
151,100
385,507
289,272
1,281,803		 Total
2023
£
2,936,450
256,680
613,993
786,928
4,594,051

Page 27

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

8. Auditor's remuneration

2024 2023
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 16,450 14,950

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
2,890,962
256,692
339,569
3,487,223		 2023
£
2,529,072
215,483
303,420
3,047,975

Settlement payments in the period totalled £Nil (2023: £Nil) .

The average number of persons employed by the Company during the year was as follows:

Teachers
Admin and housekeeping		 2024
No.
45
18
63		 2023
No.
45
19
64

Page 28

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

9. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £60,001 - £70,000 2 1
In the band £70,001 - £80,000 1 -
In the band £80,001 - £90,000 - 1
In the band £110,001 - £120,000
1 -

Retirement benefits are accruing for the 4 (2023 - 2) higher paid employees. Contributions in the year totalled £57,969 (2023: £26,416).

The key management personnel of the School consist of the Trustees and the Senior leadership team as noted on page 1. Key management personnel received aggregate remuneration (including employer pensions and employer NI) of £558,930 (2023: £462,613) .

10. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 August 2024, no Governor expenses have been incurred (2023 - £NIL) .

Page 29

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

11. Tangible fixed assets

Cost or valuation
At 1 September 2023
Additions
Disposals
Transfers between classes
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Freehold
property
£
6,821,010
419,203
-
235,436
7,475,649
762,652
152,971
915,623
6,560,026
6,058,358		 Plant and
machinery
£
21,023
8,068
-
-
29,091
21,023
807
21,830
7,261
-		 Fixtures and
fittings
Assets
under
construction
£
£
1,579,462
270,525
221,527
-
(1,394)
-
35,089
(270,525)
1,834,684
-
918,103
-
139,851
-
1,057,954
-
776,730
-
661,359
270,525		 Total
£
8,692,020
648,798
(1,394)
-
9,339,424
1,701,778
293,629
1,995,407
7,344,017
6,990,242

As at 1 August 2011 the Trust owned leases on the land and buildings known as Thorpe House School, including Heywood House and the school playing fields, with terms of 75 years commencing on 1 September 1985. On 18th May 2012 the Trust completed the acquisition of the underlying freehold interests in the sites. In addition, the Trust Acquired the former Kingscote School, excluding the playing field, on 9th August 2012 and then its playing field on 11th September 2014, renaming the site Thorpe House Pre-prep.

The entirety of the freehold properties were revalued at £3,150,000 on 16th September 2015 by Martin & Pole, Chartered Surveyors. The Freehold Property values comprise both the previously granted leases, which continue in force, and the newly acquired freehold interests, as encumbered by these leases.

The School has applied the ‘deemed cost’ provisions of FRS102 in that valuations of previously revalued land and buildings will not be further revalued. The carrying amount under the cost model of the assets which have been revalued would have been

Page 30

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

12. Fixed asset investments

Cost or valuation
At 1 September 2023
Revaluations
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023
13.
Debtors
Due within one year
Trade debtors
Prepayments and accrued income
14.
Creditors: Amounts falling due within one year
Bank loans
Concessionary loan
Trade creditors
Other taxation and social security
Other creditors
Deposits held
Accruals and deferred income		 2024
£
43,842
54,578
98,420
2024
£
4,185,571
30,900
83,103
65,853
42,750
230,825
674,238
5,313,240		 Unlisted
investments
£
1,797
323
2,120
2,120
1,797
2023
£
37,577
101,575
139,152
2023
£
136,383
30,900
50,711
61,638
838
238,167
617,469
1,136,106

Page 31

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14. Creditors: Amounts falling due within one year (continued)

2024 2023
£ £

Included within accruals and deferred income are tuition fees received in advance for future terms:

Deferred income
Deferred income at 1 September 2023
Resources deferred during the year
Amounts released from previous periods		 2024
£
401,674
385,609
(401,674)
385,609		 2023
£
357,615
401,674
(357,615)
401,674

Page 32

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15. Creditors: Amounts falling due after more than one year

Bank loans
Concessionary loan
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Concessionary loan
Between two and five years
Bank loans
Concessionary loan
Over five years
Bank loans		 2024
£
-
43,275
43,275
2024
£
-
30,900
-
12,375
-		 2023
£
4,185,559
74,175
4,259,734
2023
£
142,278
30,900
459,574
43,275
3,583,707

There is a Lloyds loan arrangement in the financial period, secured by a legal charge over the School’s property.

The second loan arrangement is a fixed interest rate at 3.96% on the full loan value of £4.719m to be charged for a 24-year term. The loan is repayable by monthly instalments over 24 years commencing on 30 June 2021.

In 2021 there was a loan arrangement which ended in June 2021 and was interest only at 2.45% above base rate and was calculated on the initial loan amount transferred from Barclays bank plus the drawdown values to finance the multi-purpose hall and ancillary building project.

The concessionary loan relates to the enclosure, including changing rooms and pool plant equipment, installed over the existing external pool. The cost of this project was paid for by an external swim school provider in exchange for hiring the pool to deliver swimming lessons. The loan will be repaid over a total period of 8 years.

Page 33

THORPE HOUSE SCHOOL TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16. Financial instruments

Financial assets
Financial assets measured at fair value through income and expenditure
Financial assets measured at fair value
Financial liabilities
Other financial liabilities measured at fair value through income and
expenditure		 2024
£
1,434,450
2,120
1,436,570
2024
£
4,663,994		 2023
£
1,989,103
1,797
1,990,900
2023
£
4,889,092

Financial assets measured at amortised cost comprise cash at bank, trade debtors and other debtors and accrued income.

Financial assets measured at fair value comprise investments.

Financial liabilities measured at measured at amortised cost comprise creditors, accruals, other creditors, deposits held and bank loans.

The company’s income, expense, gains and losses in respect of financial instruments are summarised below

Interest income and expense:
Interest and dividend income
Interest expense
Investment gains		 2024
£
46,589
168,669
323
215,581		 2023
£
38,425
173,953
118
212,496

Page 34

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

17. Statement of funds

Statement of funds - current year
Balance at 1
September
2023
£
Unrestricted funds
General fund
3,672,157
Restricted funds
Educational fund
-
Total of funds
3,672,157
Statement of funds - prior year
Balance at
1 September
2022
£
Unrestricted funds
General fund
3,512,642
Restricted funds
Educational fund
-
Total of funds
3,512,642		 Income
£
5,366,489
11,395
5,377,884
Income
£
4,984,101
11,400
4,995,501		 Expenditure
£
(5,575,921)
(11,395)
(5,587,316)
Expenditure
£
(4,824,704)
(11,400)
(4,836,104)		 Gains/
(Losses)
£
322
-
322
Gains/
(Losses)
£
118
-
118		 Balance at
31 August
2024
£
3,463,047
-
3,463,047
Balance at
31 August
2023
£
3,672,157
Unrestricted funds
General fund
Restricted funds
Educational fund
Total of funds
-
3,672,157

Page 35

(A Company Limited by Guarantee)

THORPE HOUSE SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

18. Analysis of net assets between funds Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
7,344,017
Fixed asset investments
2,120
Current assets
1,473,425
Creditors due within one year
(5,313,240)
Creditors due in more than one year
(43,275)
Total
3,463,047
Analysis of net assets between funds - prior period
Unrestricted
funds
2023
£
Tangible fixed assets
6,990,242
Fixed asset investments
1,797
Current assets
2,075,958
Creditors due within one year
(1,136,106)
Creditors due in more than one year
(4,259,734)
Total
3,672,157		 Total
funds
2024
£
7,344,017
2,120
1,473,425
(5,313,240)
(43,275)
3,463,047
Total
funds
2023
£
6,990,242
1,797
2,075,958
(1,136,106)
(4,259,734)
3,672,157

Page 36

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease/(increase) in debtors
Increase in creditors
Loan interest paid
Investment (gains)
Net cash provided by operating activities
20.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
21.
Analysis of changes in net debt
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 of Financial
At 1
September
2023
£
1,936,806
(167,283)
(4,259,734)
(2,490,211)		 2024
2023
£
£
(209,110)
159,515
293,629
264,274
(46,589)
(38,425)
1,394
4,430
40,732
(25,964)
127,947
173,853
168,669
173,953
(323)
(118)
376,349
711,518
2024
2023
£
£
1,375,005
1,936,806
1,375,005
1,936,806
Cash flows
At 31
August 2024
£
£
(561,801)
1,375,005
(4,049,188)
(4,216,471)
4,216,459
(43,275)
(394,530)
(2,884,741)

Page 37

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

22. Capital commitments

2024 2023
£ £
Contracted for but not provided in these financial statements
Sixth form project - 293,122

23. Pension commitments

Royal London Pension Scheme

Since September 2022 the school contributes on a defined contribution basis to the Royal London Pension Scheme for teaching staff. Contributions totalling £315,986 (2023: £270,232) were payable to these funds for the year.

There were unpaid contributions of £37,897 (2023: £Nil) at the year end.

Non-Teaching Pension Schemes

Pension Trust

The School’s non-teaching staff are entitled to membership of the Pension Trust Growth Plan (“the Plan”). This is a multi-employer pension plan which in most respects is a money purchase arrangement, although it does include certain guarantee elements as described below.

Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement dates. From October 2001 contributions were invested in personal funds which have a capital guarantee and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity.

The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions. The School is not currently required to pay deficit contributions.

Contributions totalling £23,104 (2023: £33,189) were payable in the period. At the year-end £3,740 (2023: £Nil) was owing in respect of contributions to this scheme.

Page 38

THORPE HOUSE SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

24. Operating lease commitments

At 31 August 2024 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2024
£
46,692
51,099
97,791		 2023
£
50,933
47,232
98,165

25. Related party transactions

The wife of a governor, R MacMillan, is employed by the school as the Head of Learning Support.

The total salary and employers pension contributions paid during the year in respect of the above was £33,747 (2023: £59,907).

Page 39