Registered number: 01966993 Charity number: 293466
Solefield School Educational Trust Limited
(A company limited by guarantee)
Governors' report and financial statements For the year ended 31 August 2023
Solefield School Educational Trust Limited
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Company, its Governors and advisers | 1 - 2 |
| Governors' report | 3 - 10 |
| Independent auditor's report on the financial statements | 11 - 14 |
| Statement of financial activities | 15 |
| Balance sheet | 16 - 17 |
| Statement of cash flows | 18 |
| Notes to the financial statements | 19 - 32 |
Solefield School Educational Trust Limited
(A company limited by guarantee)
Reference and administrative details of the Company, its Governors and advisers For the year ended 31 August 2023
| Governors | Robert Richard Clewley, Chairman |
|---|---|
| Graham Donald Malcom (Resigned 14 March 2023) | |
| Salim Somjee | |
| Mark Patrick Wrafter | |
| Dina Sarah Foster | |
| Krishna Shanmuganathan (Resigned 20 June 2023) | |
| Peter Mark Collini | |
| Susan Anne Margaret Grace Webb | |
| Company registered number 01966993 Charity registered number 293466 Registered office Solefield School Solefields Road Sevenoaks Kent TN13 1PH Company secretary Robert Richard Clewley Independent auditor Kreston Reeves LLP Chartered Accountants Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU Bankers Lloyds Bank PLC 83 High Street Sevenoaks Kent TN13 1LG CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Barclays Bank PLC Leicester Leicestershire LE87 2BB |
Page 1
Solefield School Educational Trust Limited
(A company limited by guarantee)
Reference and administrative details of the Company, its Governors and advisers (continued) For the year ended 31 August 2023
Solicitors
Berry & Lamberts 1 The Shambles Dorset Street Sevenoaks Kent TN13 1LL
Page 2
Solefield School Educational Trust Limited
(A company limited by guarantee)
Governors' report For the year ended 31 August 2023
The Governors present their annual report together with the audited financial statements of the Company for the year 1 September 2022 to 31 August 2023. The Annual report serves the purposes of both a Governors' report and a Directors' report under company law. The Governors confirm that the Annual report and financial statements of the Charitable Company comply with the current statutory requirements, the requirements of the Charitable Company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The School's object, set out in the Memorandum, is the education of children from the age of 3 to 13.
In September 2013, The Charity Commission confirmed that independent schools with charitable status can decide themselves how to discharge their obligations, which should be based on the schools’ purpose and not on its activities. Its new guidelines continue to state that private schools that are charities must provide real benefits to families that are unable to afford their fees. The school continues to provide bursaries to support its charitable objectives.
In setting objectives and planning for activities, the Governors have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
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Solefield School Educational Trust Limited
(A company limited by guarantee)
Governors' report (continued) For the year ended 31 August 2023
Objectives and activities (continued)
b. Activities undertaken to achieve objectives
We are a small school without any endowments, and have limited facilities. Hence we have to maintain a balance between fee paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and the beneficiaries of any awards. The school attracts a majority of its post Reception / Year 1 intake from local state schools.
Solefield and its pupils are committed to working with a school in Africa, and funding teacher training and the provision of surplus IT and other equipment. Charitable fundraising by Solefield has been delegated to the senior pupils led by the Head Boy.
The pupils and parents also raise significant donations for local and national charitable organisations and the pupil’s leadership of this activity is a key to developing their social responsibility and social awareness. The school continues to support activities in the local community by singing to entertain the elderly, and taking an active part in the Sevenoaks Festival.
Solefield operates a system of bursaries that will be tested against broad criteria set by the Governing Board. Such criteria will encompass the means of the parents, the value of the educational benefit to the child, and any other factors related to the individual circumstances of each case. The level of support for education fees has continued this year with bursaries and allowances totaling £227,376 compared to £221,276 in 2022. This represents 10% of the gross fee income for the year.
The Governors would like to take this opportunity to thank all of the staff at the School for their tremendous efforts in creating a first class educational environment. We would also like to thank the parents for their kind support and donations toward the facilities of the School, and last but not least the boys who together make Solefield School community so special.
The Governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the School should undertake.
Achievements and performance
a. Key performance indicators
The school measures its performance against a number of financial and non-financial performance indicators.
The key financial performance indicators are the annual budget, revised annual financial forecast, and termly management information. Performance comparisons are also made with published data sources from independent school sources.
The key non-financial performance indicators include parental satisfaction questionnaires, leaver’s questionnaires, and termly parental feed back to the Board via parental surveys, and statistical analysis of overall academic performance.
Page 4
Solefield School Educational Trust Limited
(A company limited by guarantee)
Governors' report (continued) For the year ended 31 August 2023
Achievements and performance (continued)
b. Review of activities
The average pupil numbers for the year was 151 (2022: 150). This is considered satisfactory. The continued ability of the school to maintain pupil numbers is testament to the continued excellent teaching. However recent political and economic uncertainty is having an adverse effect on parental commitment to independent education.
A full inspection by the Independent Schools Inspectorate was completed in December 2019 which confirmed the exceptional education provided to all pupils at the school. The headlines of the Educational Quality Inspection reported that; ‘The quality of the pupils’ education and other achievements is excellent’ and ‘The quality of the pupils’ personal development is excellent’. The full report is available on the school’s website.
The school continues to focus on the individual, helping to achieve the most out of each and every boy, no matter what their talents or interests. Our record at 11+ (95% pass rate) and Common Entrance (100% pass rate) is outstanding, and we continue to gain places at leading selective grammar schools, as well as a high number of scholarships at thirteen. The school's small class sizes remains one of the main reasons for choosing the school over its competitors.
Capital investment during the year totaled £95,705 (2022: £38,901). £15k was spent on the nursery and £57k was spent on a new minibus.
This year the school expanded its school holiday club provision to be available in each of the school holidays for its pupils their siblings and friends. Uniquely these clubs are staffed by teaching staff and are proving to be very popular.
The Governors decided in the summer term to open a co-educational pre-school for boys and girls aged 3+ in response to parental and market demands. Little Acorns was opened in September 2023 and the initial uptake has been encouraging. The distinctive focus on teaching has been welcomed by parent of our new boys and girls.
Following the successful launch of little Acorns the Governors and Headmistress decided to transition Solefield to a co-educational school for boys and girls from the start of the spring term in January 2024, initially taking girls in all years from Reception to Year 3. The initial response has been encouraging.
Page 5
Solefield School Educational Trust Limited
(A company limited by guarantee)
Governors' report (continued) For the year ended 31 August 2023
Achievements and performance (continued)
c. Investment policy and performance
Investment powers are governed by the Memorandum and Articles which permit funds to be invested in investments, securities or property as may be thought fit. Following the banking crises, the Governors remain focussed on keeping the school's surplus assets safe, rather than generating higher levels of investment income. Investments during the year consisted of cash on deposit. Investment income for the year was £1,844 (2022 £1,025).
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Solefield School Educational Trust Limited
(A company limited by guarantee)
Governors' report (continued) For the year ended 31 August 2023
Achievements and performance (continued)
Financial review
a. Review of the year
The School reported fee income of £2,228,721 for the year (2022: £2,027,852). This is reported net of the bursaries and allowances noted above. The financial statements report a deficit for the year after depreciation of (£64,966) and operating cash flow of (£81,002) (2022: deficit of (£164,070) and operating cash flow of (£150,501) which, net of capital expenditure, will be a reduction to reserves.
The school's investment over the past years in projects including the cyclical upgrade of the IT equipment, refurbishment of the classrooms, and the development of a new atrium has inevitably led to increased costs and in particular depreciation.
Teaching costs have increased in the year, Additional resources, new schemes of work, subscriptions, IT software, and training were incurred during the year.
At the year end the School had Net Current Assets of £58,532 (2022: £121,281). The Governors note that the School has no borrowings and owns all of its assets outright including the freehold land and buildings. The school plans to continue to accumulate future surpluses to fund in whole or part, the development of the school facilities in the future.
b. Going concern
The Governors assess whether the use of going concern is appropriate, i.e., whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the School to continue as a going concern. The Governors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the School has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the School's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
After making appropriate enquiries, the trustees have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. The trustees have also actively considered alternative strategies to increase the cash resources of the school from the freehold asset base. In view of the fact that the school is debt free they continue to adopt the going concern basis in preparing the financial statements. These strategies include sourcing external financing and the disposal of residential property,that is not key to operating the school.
Despite the current economic situation, interest and demand for places at the school remains positive built on the outstanding academic results achieved by the boys.
Taking into consideration the School's level of reserves and the actions being considered, the Governors believe that the School will be able to continue in operational existence for the foreseeable future.
Page 7
Solefield School Educational Trust Limited
(A company limited by guarantee)
Governors' report (continued) For the year ended 31 August 2023
c. Reserves policy
The School spent all of its restricted funds during the year, which related to parent donations received to be used towards the development plans. Unrestricted reserves stand at £1,843,072.
The Governors have reviewed the reserves policy of the school. The Governors consider that ideally cash reserves of £250,000 should be maintained, which will ensure that, in the event of a significant drop in funding, they will be able to continue the School's current activities while consideration is given to ways in which additional funds may be raised. The Governors consider that the School's assets are currently at a sufficient level to meet its obligations.
The school has Net Current Assets (Reserves) of £58,532 and the 'shortfall' of £191,468 over the minimum level of cash reserves is expected to be restored over the next few years.
Structure, governance and management
a. Constitution
The Company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 28/11/1985.
The company is constituted under a Memorandum of Association dated 28/11/1985 and is a registered charity number 293466.
b. Methods of appointment or election of Governors
The Governors, who are also the directors for the purpose of company law, are set out in page 1 to the accounts. None of the Governors has any beneficial interest in the company. All of the Governors are members of the company and guarantee to contribute £1 in the event of a winding up.
The Governors are appointed by the Board for a term of three years. They may be re-elected.
c. Organisational structure and decision-making policies
The School is governed through three Board sub committees, one each for Finance, Education, and Administration and Health & Safety. The structure of the Board of Governors is regularly reviewed to ensure that there is an appropriate mix of business and educational skills. The School draws upon Governors with appropriate skill sets from both business professions such as accountancy and banking and from the education sector with a mix of Governors from both preparatory and secondary schools. In addition, the School operates a policy of ensuring where practicable that at least two Governors are recruited from the parents of existing pupils at the School.
The Governors determine the strategic direction of the School. The day to day management of the School is delegated to the Headmistress Helen McClure (appointed 1 September 2020).
d. Policies adopted for the induction and training of Governors
All new Governors are provided with a Guideline for Governors manual produced by the Independent Schools' Council, and will in the first year of their appointment attend a professional induction to the responsibility of governorship.
Page 8
Solefield School Educational Trust Limited
(A company limited by guarantee)
Governors' report (continued) For the year ended 31 August 2023
Structure, governance and management (continued)
e. Pay policy for key management personnel
The remuneration of the Headmistress is set by the Board of Governors
Senior staff pay is agreed by the Headmistress and the Chairman of the Board of Governors and compared with current market rates and the range of responsibility within the senior staff.
f. Financial risk management
The Governors have assessed the major risks to which the School is exposed, and are satisfied that systems are in place to manage exposure to the major risks. The most significant risks to the school continue to be pupil numbers, quality of teaching staff, and changes to the charitable status of the school. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. A detailed Risk Register is maintained by the Board and this is used to proactively manage and review the scale and scope of risks to which the school and its pupils and staff could be exposed. The Risk Register is part of the Board's annual governance review.
The knowledge gained through the pandemic has had a positive impact in that any pupil absent from school through illness of any kind can now receive a full timetable ‘live’ to their home.
The biggest potential risk is the possible removal of the charitable status for independent schools and the potential financial risk from the imposition of VAT on school fees which could have a major impact on parent’s ability to pay and make an independent school education financially unattractive. The Labour Party Opposition have stated that should they be elected they would intend to impose VAT on independent school fees.
Plans for future periods
The Governing Board confirms its ongoing commitment to invest in the school facilities to provide a high quality environment, and a technology platform that aids and supports education.
The Governors have agreed to a phased development plan that will both optimise and enhance the school educational facilities on the existing site, to provide improved access, flexible shared space provision, enhanced teaching space, and new catering and administration ‘hubs’. The initial phase was completed in 2019.
The school opened its ‘Little Acorns’ pre-school in September 2023 following regulatory approval, and has decided to transition to a co-educational school for boys and girls aged 3-15 from January 2024 following regulatory approval, which will expand the attractiveness to parents who wish for boys and girls to enjoy a Solefield education.
Page 9
Solefield School Educational Trust Limited
(A company limited by guarantee)
Governors' report (continued) For the year ended 31 August 2023
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 year. 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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.
Disclosure of information to auditor
Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that:
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so far as that Governor is aware, there is no relevant audit information of which the charity's auditor is unaware, and
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that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
Auditor
The auditor, Kreston Reeves LLP, has indicated his willingness to continue in office. The designated Governors will propose a motion reappointing the auditor at a meeting of the Governors.
Approved by order of the members of the board of Governors on and signed on their behalf by:
Robert Richard Clewley, Chairman
Page 10
Solefield School Educational Trust Limited
(A company limited by guarantee)
Independent auditor's report to the Members of Solefield School Educational Trust Limited
Opinion
We have audited the financial statements of Solefield School Educational Trust Limited (the 'charitable company') for the year ended 31 August 2023 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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.
Emphasis of matter
Due to the current economic climate and uncertainties going forward within the independent schools sector, and the impact of these on the entities student numbers we would like to draw attention to the going concern accounting policy, which can be found at 2.5 which provides further details on the clients conclusions relating to going concern.
Page 11
Solefield School Educational Trust Limited
(A company limited by guarantee)
Independent auditor's report to the Members of Solefield School Educational Trust Limited (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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Governors' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Governors
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 12
Solefield School Educational Trust Limited
(A company limited by guarantee)
Independent auditor's report to the Members of Solefield School Educational Trust Limited (continued)
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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:
Capability of the audit in detecting irregularities, including fraud:
Based on our understanding of the charity and the sector as a whole, and through discussions with the Trustees and other management (as required by auditing standards), we identified that the principle risks of noncompliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which no-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), The Companies Act 2006 and other relevant charity legislation. We have communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Governors' and managements incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to (examples of risks might include: posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the estimation of useful economic lives of tangible fixed assets and the classification of lease commitments.) Audit procedures performed by the engagement team included:
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Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety, anti-bribery, and employment law) and fraud, and review of the reports made by the management; and
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Assessment of identified fraud risk factors; and
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Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and
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Conducting interviews with appropriate personnel to gain further insight into the control systems implemented, and the risk of irregularity; and
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Review of cash and credit card expenditure to confirm no evidence of personal benefit; and
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Challenging assumptions and judgements made by management in its significant accounting estimates; and
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Performing analytical procedures to identify any unusual or unexpected transactions, that may indicate risks of material misstatement due to fraud; and
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Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
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Reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with relevant tax and regulatory authorities; and
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Review of internal controls and physical inspection of tangible assets susceptible to fraud or irregularity; and
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Review of the significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
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Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
Page 13
Solefield School Educational Trust Limited
(A company limited by guarantee)
Independent auditor's report to the Members of Solefield School Educational Trust Limited (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Governors.
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Conclude on the appropriateness of the Governors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in my Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of my Auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees 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.
Kreston Reeves LLP
Chartered Accountants Statutory Auditor Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU
Date: 7 May 2024
Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 14
Solefield School Educational Trust Limited
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) For the year ended 31 August 2023
| Note Income from: Donations and legacies 4 Charitable activities 5 Investments 6 Other income 7 Total income Expenditure on: Charitable activities 8 Total expenditure Transfers between funds 15 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ - 2,228,721 1,844 94,835 2,325,400 2,453,299 2,453,299 53,833 (74,066) 1,917,138 (74,066) 1,843,072 |
Restricted funds 2023 £ 62,933 - - - 62,933 - - (53,833) 9,100 40,900 9,100 50,000 |
Total funds 2023 £ 62,933 2,228,721 1,844 94,835 2,388,333 2,453,299 2,453,299 - (64,966) 1,958,038 (64,966) 1,893,072 |
Total funds 2022 £ 40,900 2,027,852 1,025 78,715 2,148,492 2,312,562 2,312,562 - (164,070) 2,122,108 (164,070) 1,958,038 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 19 to 32 form part of these financial statements.
Page 15
Solefield School Educational Trust Limited
(A company limited by guarantee) Registered number: 01966993
Balance sheet As at 31 August 2023
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
147,219 284,427 431,646 (373,114) |
2023 £ 1,834,540 1,834,540 58,532 1,893,072 50,000 1,843,072 1,893,072 |
133,658 459,290 592,948 (471,667) |
2022 £ 1,836,757 |
|---|---|---|---|---|
| 1,836,757 121,281 |
||||
| 1,958,038 | ||||
| 40,900 1,917,138 |
||||
| 1,958,038 |
Page 16
Solefield School Educational Trust Limited
(A company limited by guarantee) Registered number: 01966993
Balance sheet (continued) As at 31 August 2023
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 144 of the Charities Act 2011.
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 have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:
Mr R Clewley
Date:
The notes on pages 19 to 32 form part of these financial statements.
Page 17
Solefield School Educational Trust Limited
(A company limited by guarantee)
| Statement of cash flows For the year ended 31 August 2023 Cash flows from operating activities Net cash used in operating activities (see note 18) Cash flows from investing activities Dividends, interests and rents from investments Purchase of property, plant and equipment Net cash used in investing activities Net cash (outflow) brought forward (see note 19) 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 The notes on pages 19 to 32 form part of these financial statements |
2023 £ (81,002) 1,844 (95,705) (93,861) (174,863) (174,863) 459,290 284,427 |
2022 £ (150,501) 1,025 (38,901) (37,876) (188,377) (188,377) 647,667 459,290 |
|---|---|---|
Page 18
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
1. General information
Solefield School Educational Trust Limited is a charity and company limited by guarantee incorporated in England. The Charity's registered office is Solefield School, Solefields Road, Sevenoaks, Kent, TN13 IPH. The principal activity of the charity is the education of boys from the age of 4-13.
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.
Solefield School Educational Trust Limited 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. These financial statements are presented in Sterling and all values are rounded to the nearest £1.
2.2 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.
Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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.
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 fee income is accounted for on a receivable basis and consist of charges billed for the school year ended 31 August 2023, less bursaries and allowances. Fees receivable for education to be provided in future years are carried forward as deferred income. Fees received in advance of education to be provided in future years under an advance fee payment scheme contract are held as interest bearing liabilities until either taken to income in the term when used or refunded.
Donations are accounted for when received by the school.
Investment income is accounted for in the period in which the school is entitled to receipt.
All other income is accounted for on a receivable basis.
Page 19
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
2. Accounting policies (continued)
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 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 Going concern
The Governors assess whether the use of going concern is appropriate, i.e., whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the School to continue as a going concern. The Governors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. In light of the cost of living crisis and the uncertainties surrounding the potential labour government there are increased pressures for the School to keep student numbers at a sustainable level. Despite this, at this point in time the Trustees have concluded that the School has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the School's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
After making appropriate enquiries, the trustees have a reasonable expectation that the School has adequate resources to continue in operational existence for the foreseeable future. The trustees have also actively considered alternative strategies to increase the cash resources of the school from the freehold asset base. In view of the fact that the school is debt free they continue to adopt the going concern basis in preparing the financial statements. These strategies include sourcing external financing and the disposal of residential property,that is not key to operating the school.
Despite the current economic situation, interest and demand for places at the school remains positive built on the outstanding academic results achieved by the boys.
Taking into consideration the School's level of reserves and the actions being considered, the Governors believe that the School will be able to continue in operational existence for the fore-see able future.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 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.
Page 20
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
2. Accounting policies (continued)
2.6 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
| Freehold property | - | 2% on cost excluding the value of land |
|---|---|---|
| Motor vehicles | - | 25% reducing balance |
| Fixtures and fittings | - | 13% straight line |
| Computer equipment | - | 33% straight line |
2.7 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
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
2. Accounting policies (continued)
2.8 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.
2.9 Operating leases
Rentals paid under operating leases are charged to the Statement of financial activities on a straightline basis over the lease term.
2.10 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.
2.11 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.
2.12 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.
2.13 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.
2.14 Pensions
The school contributes to externally funded defined contribution schemes for other staff. Contributions payable under all these schemes are charged in the Statement of Financial Activities as incurred.
The school now operates a defined contribution scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
Page 22
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgment:
Tangible Fixed Assets
The charity has recognised tangible fixed assets with a carrying value of £1,834,540 (see note 11). These assets are stated at their cost less provision for depreciation and impairment.
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and the residual values of the assets. The useful economic lives and residual values are reassessed anually. They are amended when necessary to reflect current estimates, based on technological dvancement, future investments, economic utilisation and the physical condition of the assets.
Lease Commitments
The charity has entered into a range of lease commitments in respect of property, plant and equipment. he classification of the leases as either financial or operating leases requires the Governors to consider hether the terms and conditions of each lease are such that the charity has acquired the risks and reards associated with the ownership of the underlying assets.
4. Income from donations and legacies
| Donations Total 2022 |
Restricted funds 2023 £ 62,933 40,900 |
Total funds 2023 £ 62,933 40,900 |
Total funds 2022 £ 40,900 |
|---|---|---|---|
Page 23
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
5. Income from charitable activities
| Unrestricted funds 2023 £ Gross School Fees including Extras 2,456,097 Bursaries and Discounts (227,376) 2,228,721 Total 2022 2,027,852 |
Total funds 2023 £ 2,456,097 (227,376) 2,228,721 2,027,852 |
Total funds 2022 £ 2,249,128 (221,276) |
|---|---|---|
| 2,027,852 | ||
6. Investment income
| Bank Interest Received Total 2022 Other incoming resources Other incoming resources Holiday club income Total 2022 |
Unrestricted funds 2023 £ 1,844 1,025 Unrestricted funds 2023 £ 21,616 73,219 94,835 78,715 |
Total funds 2023 £ 1,844 1,025 Total funds 2023 £ 21,616 73,219 94,835 78,715 |
Total funds 2022 £ 1,025 |
|---|---|---|---|
| Total funds 2022 £ 29,418 49,297 78,715 |
7. Other incoming resources
Page 24
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
8. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Teaching 1,660,088 Welfare 268,147 Premises 225,554 Finance 954 Support Costs 277,427 Legal & Professional 10,953 Auditor's Remuneration 10,176 2,453,299 Total 2022 2,312,562 |
Total 2023 £ 1,660,088 268,147 225,554 954 277,427 10,953 10,176 2,453,299 2,312,562 |
Total 2022 £ 1,552,904 234,645 221,586 1,018 283,970 9,979 8,460 |
|---|---|---|
| 2,312,562 | ||
Summary by expenditure type
| Teaching Welfare Premises Finance Support Costs Legal & Professional Auditor's Remuneration Total 2022 |
Staff costs 2023 Depreciation 2023 £ £ 1,565,689 - 57,324 - - 97,922 - - 166,722 - - - - - 1,789,735 97,922 1,677,184 95,341 |
Other costs 2023 £ 94,399 210,823 127,632 954 110,705 10,953 10,176 565,642 540,037 |
Total 2023 £ 1,660,088 268,147 225,554 954 277,427 10,953 10,176 2,453,299 2,312,562 |
Total 2022 £ 1,552,904 234,645 221,586 1,018 283,970 9,979 8,460 |
|---|---|---|---|---|
| 2,312,562 | ||||
Page 25
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
9. Auditor's remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's auditor for the audit of the Company's | ||
| annual accounts | 10,176 | 8,460 |
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 1,434,389 153,274 202,072 1,789,735 |
2022 £ 1,344,471 144,196 188,517 |
|---|---|---|
| 1,677,184 |
The average number of persons employed by the Company during the year was as follows:
| Teaching Staff Welfare Staff Administration Staff |
2023 No. 32 3 5 40 |
2022 No. 33 3 5 |
|---|---|---|
| 41 |
The average headcount expressed as full-time equivalents was:
| Teaching Staff Welfare Staff Administration Staff |
2023 No. 28 2 4 34 |
2022 No. 27 2 4 |
|---|---|---|
| 33 |
Page 26
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
10. Staff costs (continued)
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2023 | 2022 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £100,001 | - £110,000 | - | 1 |
| In the band £110,001 | - £120,000 | 1 | - |
The total employment benefits including employer pension contributions of the key management personnel were £596,766 (2022: £554,206), including employers national insurance of £55,473 (2022: £52,441).
11. Governors' remuneration and expenses
During the year, no Governors received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 August 2023, no Governor expenses have been incurred (2022 - £NIL).
12. Tangible fixed assets
| Cost or valuation At 1 September 2022 Additions At 31 August 2023 Depreciation At 1 September 2022 Charge for the year At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 |
Freehold property £ 2,777,777 14,898 2,792,675 1,050,567 50,556 1,101,123 1,691,552 1,727,210 |
Motor vehicles £ 59,603 56,764 116,367 54,990 10,676 65,666 50,701 4,613 |
Fixtures and fittings £ 505,278 21,543 526,821 430,111 19,894 450,005 76,816 75,167 |
Computer equipment £ 218,908 2,500 221,408 189,141 16,796 205,937 15,471 29,767 |
Total £ 3,561,566 95,705 |
|---|---|---|---|---|---|
| 3,657,271 | |||||
| 1,724,809 97,922 |
|||||
| 1,822,731 | |||||
| 1,834,540 | |||||
| 1,836,757 |
Page 27
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
13. Debtors
| Due within one year Trade debtors Prepayments and accrued income |
2023 £ 65,579 81,640 147,219 |
2022 £ 43,864 89,794 |
|---|---|---|
| 133,658 |
14. Creditors: Amounts falling due within one year
| Payments received on account Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2023 £ 210,573 13,301 35,440 67,250 46,550 373,114 |
2022 £ 260,073 42,766 35,180 79,657 53,991 |
|---|---|---|
| 471,667 |
Page 28
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
15. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Land and Buildings Fund Restricted funds Minibus Donation Total of funds |
Balance at 1 September 2022 £ 189,928 1,727,210 1,917,138 40,900 1,958,038 |
Income £ 2,325,400 - 2,325,400 62,933 2,388,333 |
Expenditure £ (2,402,743) (50,556) (2,453,299) - (2,453,299) |
Transfers in/out £ 38,935 14,898 53,833 (53,833) - |
Balance at 31 August 2023 £ 151,520 1,691,552 |
|---|---|---|---|---|---|
| 1,843,072 | |||||
| 50,000 | |||||
| 1,893,072 |
Page 29
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Land and Buildings Fund Restricted funds Minibus Donation Total of funds |
Balance at 1 September 2021 £ 344,342 1,777,766 2,122,108 - 2,122,108 |
Income £ 2,107,592 - 2,107,592 40,900 2,148,492 |
Expenditure £ (2,262,006) (50,556) (2,312,562) - (2,312,562) |
Balance at 31 August 2022 £ 189,928 1,727,210 |
|---|---|---|---|---|
| 1,917,138 | ||||
| 40,900 | ||||
| 1,958,038 |
16. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 September 2022 £ 1,917,138 40,900 1,958,038 |
Income £ 2,325,400 62,933 2,388,333 Balance at 1 September 2021 £ 2,122,108 - 2,122,108 |
Expenditure £ (2,453,299) - (2,453,299) Income £ 2,107,592 40,900 2,148,492 |
Transfers in/out £ 53,833 (53,833) - Expenditure £ (2,312,562) - (2,312,562) |
Balance at 31 August 2023 £ 1,843,072 50,000 |
|---|---|---|---|---|---|
| 1,893,072 | |||||
| Balance at 31 August 2022 £ 1,917,138 40,900 |
|||||
| Summary of funds - prior year | |||||
| General funds Restricted funds |
|||||
| 1,958,038 |
Page 30
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 Restricted funds 2023 £ £ Tangible fixed assets 1,834,540 - Current assets 381,646 50,000 Creditors due within one year (373,114) - Total 1,843,072 50,000 Analysis of net assets between funds - prior year Unrestricted funds 2022 Restricted funds 2022 £ £ Tangible fixed assets 1,836,757 - Current assets 552,048 40,900 Creditors due within one year (471,667) - Total 1,917,138 40,900 Reconciliation of net movement in funds to net cash flow from operating activities 2023 £ Net expenditure for the year (as per Statement of Financial Activities) (64,966) Adjustments for: Depreciation charges 97,922 Dividends, interests and rents from investments (1,844) Increase in debtors (13,561) Decrease in creditors (98,553) Net cash used in operating activities (81,002) |
Total funds 2023 £ 1,834,540 431,646 (373,114) 1,893,072 Total funds 2022 £ 1,836,757 592,948 (471,667) 1,958,038 2022 £ (164,070) 95,340 (1,025) (78,314) (2,432) (150,501) |
|---|---|
18. Reconciliation of net movement in funds to net cash flow from operating activities
Page 31
Solefield School Educational Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 August 2023
19. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2023 £ 284,427 284,427 |
2022 £ 459,290 |
|---|---|---|
| 459,290 |
20. Analysis of changes in net debt
| Cash at bank and in hand | At 1 September 2022 £ 459,290 459,290 |
Cash flows At 31 August 2023 £ £ (174,863) 284,427 (174,863) 284,427 |
Cash flows At 31 August 2023 £ £ (174,863) 284,427 (174,863) 284,427 |
|---|---|---|---|
| 284,427 |
21. Pension commitments
The School operates a defined contributions pension scheme for all employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £26,369 (2022: £24,511). Contributions totaling £4,072 (2022: £3,489) were payable to the fund at the balance sheet date and are included in the creditors.
22. Operating lease commitment
At 31 August 2023 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 |
2023 £ 738 738 1,476 |
2022 £ 738 2,029 |
|---|---|---|
| 2,767 |
23. Related party transactions
Sarah Shanmuganathan, the wife of Krishna Shanmuganathan (Trustee - resigned 20 June 2023) is an employee of Solefield School. In her role as teacher her salary costs up until June 2023 were £9,483, (2022: £21,648) including employer pension and national insurance contributions.
Page 32