Docuggn EnvQPP ID. NCF4121-02DA4AE1-BgS84A77FCCE278C Charity re8isifaiion number-. 293623 E.Ivor Hughes Educational Foundation Annual Report and Finantlal Statemènts for ihe Year Ended 81 Augu512024 Kipe LLV Charlered Accountant5 dnd Re¥i5tpred Audi1015 Yurrough5 Gardens London NW44AU
DubIg envelo 10 04GP4 121-OEDIF4AE I-B956-6A77FbGE218G E.l¥or Hu6hes Educat40nal Foundation Content5 RelerEnce and Adtnini51rative De.18i15 Trustees, Report 2107 sraiemeni of Trusiecs, Responsibilities Independent Audiiors. Report 9t012 11tn1a Balance Sheet 15 31atEtllEni of Cash Flow5 Na1£5 to the Finaricial StaleftTrents 171029
DoCug Env0 ID 04CF41?1-0?DA4AE1-B9584A77FCCE278C £.Ivor Hughes Educational Foundation Rpfp.rp.ntÈ and Administrative Detai15 Tru5tee5 Mr5 L D Grimes Mf R J Llrock MI J CviLuI Mr A R Olins Secretary Mr QM Paulion Prlt)dp31 Olfi<e 159 R3yn@r% L3n4 Middlesex A5 50T The charity is incorporated in England and WaSes. IYISYYS Company Registration Nvrnber Charity Re&stration Number 293623 Solicitors Capital Court 30 Windsor Street Uxbrid8e Middlc4¢X UB8 IAB Audllol Ripe LLP Chartered A£counlan15 and Registered Audiior5 QA Riirrniieh£ fiardpns London NW4 4AU P380 I
DoGu%gn Envope ID. Q4CF4121-02DA4AEI-B958*A77FCCE278C E.Ivor Hughes Educatlonal Foundatlon Tru5tee5' Report Tho iru51ees. who 3re diieciors for ihe puip05e5 of company law, pre5eni the annual report to8eihor with the financial 5tatoments of the charit3ble tompany for the year ended 31 August 2024. Tl)v fiiidiiLi41 yidleiiiviiis iumply wlth the Charlties ACI 2011, the cornpanies ACI 2906, Ihe Memoranoum an Article5 of A550ciation, and Accounting and RepoitinE by Chariiie5.' Statement ol Recommended Practice hpplicable 10 chaiilie5 prepèrinB their aicounts in accordance wilh the Findnci21 Rpportin¥ siand3rd applic3ble In Ihé UK ènd Republic of Ireland IFRS 1021 (effective l Jdnuary 20151. Q¥jeaives and activitie5 oojects urm5 On 9 JaDuary 1986, the late Einesi Ivor HuEhes bequeathed in hi5 Will the re51duary of his Estate. Includine Ihree schools to the Foundation. The Foundation's objeciives are to prornoie and provide foi th¥ of education to children in ih Uniièd Kin8dorn and elsewhere. There has been no change to the objectives during the year. The School operate5 as 3 charitable companv limited bv guarantee who's Articles of Assotiation intlude the rulp£ for appointmont of GovÈrnorÉ, all of whorn are truptees of the Charity and directortr of tho Company. The Foundation's objeciives are io promote and providp for the 6dvancement of education to children In tho United KinBdom and elsEwhere. The Govefn015 are responsible for seiiin8 a sirèieby Io dthieve the Foundation'5 objective5 Objettives, 5tmtegies ondactlvlries The Foundation coiitinues 10 operate 3 bov5-onlv preparatQTr School in Pinnor. Middlesex. We continue to look lor fiirthor opportiinitiel within thÈ #octor, includin8 activoly sookin8 partners to work with so th3t each party ¢3n financial asslstanco 10 5t Alban5 Church in Pinner, Middlesex so that their outreach 3nd music c(lucaiion programmos can rernain In p13ce for anoihor year. Publtc &¢iiefit The irugtL'es confirm that Lhey have cotnplied with the reguirements of Section 4 of the ChoriliLa5 Act 2011 tv Iidve due regard to the public benefit Euidance pub115hed by the Chdrily Comm155ion foT Ene13nd and W35es Gmnr mokirtq policie5 The Vdlue o15cholarships, bursdries and olhef award5 rnade to the public out of unresiriEted lund5 In the year was £98,18212023.. É98.3191. such aw4rd5 bein8 al the discietion of Ihe Governing Body. PaEe 2
Docu$ Envelope10 04CF4121.02DA.4AE1.B958.6A77FCCE278C t.lvor Hughe5 tducailonal Foundatlon Tru5tee5' Report Financial review Ouring the financi61 year, Ihe Chariiy received income of £1,648.902 12023.- fl,666,3961 and ha(1 annual expenditure of El.640,10212023'. £1,620,098) giving a surplus of the year of E8,80012023.. £71,298). The Fouftdation's principal asseis are its propÈrtie5, intludin8 the freohold propertie5 occupi by the sihools which is stated ai £1,327,665 12D23.. £1,327,665) in the account5. These are rhe premises from which tho Foundation provide5 It5 edvcationsl services. In the opinion of the Trusteos, tho market value tsl Ih05È propertie5 Jro noi logg than ihe v31up at which the proportics afe show in iho accountr The Charity has a series ol investment properties, includine a commercial school property and five resideniial properiie5, which are stated at a value ol £¥,825.(M)0120E3-. £8,B25,0ffll In the 3ccounis. In ihe opinpon ol the Trustees, the maFkvt value Df those propertigs are not le55 Ihan Ihe valuv ai whith the prupertie5 ale show in the arcounis. Policy on ieserves The GovErnor5 believe that the Foundaiion should maintain sufficieni finbncial resÈrve5 10 enable the Foundation to megi ih4 f1sk$ 3nd uncqrt3intios of opeT3tinB schools. This objethive IS kepi under peliodit ieview. As 0131 Augu512024, the Charity had reserve5 of £10,742,62512023. EIO.733,8251. Endowinent funds represent 16% 01 total funds 12023.. 16%). The use of the endowment fund ha5 been restricted by the donor and the tndowmont fund wa5 created from ¢he Esiate ol Ernest Ivor HuBhe5 as dirccled by hi5 Will on hi5 demise in 9 Jdnuory 1986. fjoing concern The Governor5 have concluded that Ihe current level ol reserves, along with secured overdraft ènd loan faciliti, are ai present syllicient to cover the operating risks and uncertainties and are adequate to tultil the FoundatlOn'5 current obligations. The Eoine concern basi5 h3S thprpforp bp.p.n adoptpd in rhp%p finAnrixl %txtgmpni< Arp considered to be 3ppropriate foi the period of at least 12 monihs from thc date tsf si8ninE those financial sratemenis. Structure. governance and management Noture ulgovernlng document The Foundation 15 a company limiied by guaranree Eoverned by it5 Memorandum and Articles ol Association daied 9 J3nu3ry 1986 and 3mendp.d foT r.urrpntgnvprnAnrp nn ?? April l•qg And ?? laniiary JOOa PaRe 3
Docusion Énvelwo ID 04CF4121-020A-aAE1-B95B-6A77FCCF?78C E.Ivor Hughes Educational Foundation Tru%tp.p.s' Report Arrongement5forsettin9 key munuuemenrper50nn¢lrernunerntson All Governor5 give freely ol Ihoir lime and no remuneration was paid during Ihe yeaT. No Govcrnor DF person connected with a Governor feceivod any benetit Irorn either moans iesied bursaries or schoiarsnip5. The Governor5 attach Rreat importance to Safeguarding arrangeTnent5, Pastoral caro and ensuring thar the SchoDIs' teachine meets and continue5 to moot pupils. needs. in order Ihat all pupi15 roactt Ihoir full poiontial. rrangeMlS aic in placo for 5Qttin8 the romuneration of key mana6emonl PL'rsonnel and, the board has taktn into consideration bpnrhmirk Irifnrmxtinn And thg mxrkpt pay ff)r Ihpip rolps. This exercise. together with (he overall remuneration of other personnel, forms part of the board'5 dnnual salary rcvicw, which takc4 plart part ol the bdget process. The laIr ot tsovernor5 nas ootainea séfer recruitrnent irhinin8. Or8ani5ational stru¢ture The eoverDor5. who are also tru51ee5 of the charilv and direciors of the cornp3nv. who served durinK the year were.. R l Brock R 01in> J Corcut Governors are appointed by the FoundatiQll'5 Govornin8 Body. who are thcmselvtss 8overnors. None of the governors ha5 any benefitial interest In the company. Aron, R J Brock, A R Olins and Lynn Grimes are mernbers of the compèny and guarantee to contribuie El In ihe event of a winding-up. £vLJry sovernor of the Found3tion Eh311 b indvmnilio£l out of Ihp lunds of ihg FoLindJ110n 3E3ingi 311 Lhrfiigys. Iussvs. (IdrTi4g¢s alTd vxpenses whicli ihey shall re5peclivdy incur on any mailer done or perrnittEd by Ihvni in Ihe bon8 fsde execuiion of their respectivÈ officÈs and sh851 bp rpimbursed by Ihe foLJndalion lor all r03&0nablp inriirrpd hy thpm nn Any IpeAI prnrppdingi nr ArhiiraliDn nn accounl ol the Foundation or olhcrwi5t. In the bong ride execution ol thcir rc5PCCtivc offiCtJ. The Governors form The Governing Body which Should consist of not less than 5 nor more than 20 persons appolntcd Irom rime to lime by ordinary resolution of the company or by notico in writin8 10 Ihe cornpany signed Goveinors are also the Charity truslees. and are responsible tor the ovefall managemeni ano conirol of Ihe School. The Governor5 meet a5 a Board at least three lime5 3 year with more work being undertaken throughout Ihp yeor in conjunciion with the Senior managemeni ream. There 3re Governors wilh Individual responsibilitie5 such as Sale£uardinE and Health & Saleiy. PaBÈ 4
Docu$n Ellvelop811) 04CF4121-02DAJAE1_8958_6A77FCCE278C E.Ivor Hughes Educatlonal Foundatlo Tru5tees' Report Risk management The GovErnor5 aro rSponSibl for the overseeing of the risk5 f3ced by the School Tho detailod con5idcration5 of risk are aeiegarea To The senior Managemeni i eam or Ime scnooi. NIskS are iJeniifie¢, assessea and conirois pur In place throvEhout the year. The key contro15 Used by the Foundation include.. • Monitofing of pupil intake and retention on a termly basis. Budge.Iing and budgvi respon51bi1Sty. AuihnrisAtian prncprtiirps. Sol¥¥udrdln& Includln¥ ungulng review of pollcy ano iermly rewiew by Ihe Govefnof5 ai their meeiln¥s. • A P¥OaClive Health & Sofeiy ptrlicy, èlon8 with onRoinB idpntification, audit and implemÈTriaiion procf.dures. Regvla¢ reJiew ol rel¢vant logislaiion, includin8 oxltrnal 5uppori from rotoEnised professional bodies wilhln ihe cducatioDal occtor. • Reguiai iio¥einors meetings, iai leasi ierrnlyl, to ieview all aspecis Of Ihe business. Tho prtseni Labour Bovernrnont has carried out their throat to imp05Q $16nlticJnt tox Increases upon tho independL*ni schvpl 5pdor. Vat ha5 been levied on 51hovl fee5 at a rate of 20% from 1st liTruary 2025. Frotn l51 April the 80% chariiable rates relief wa5 Withdrawn and there ha5 been an increase to employer5, national The addition ¢fvAT to school fees is be B severe blow the fflany parents who have children within the independent sector.. our paren15 are no different and the Tru51ees took Ihe deii5ion lo lirnil Ihe January 2025 lee Increase to lo. This decision will rpquire the Found3tion provide fin3nci31 Support to Iho sihDuI durinB thv first acadomic by other independeni School operaioTS. The Foundaiion is fortunaie ¢0 hav@ reserves 10 call upon whlch wlll pnsuie the smooth it)trodtsction of Ihese financièl change5. Uur parents have apprcciated tho posilion which the Foundation h35 takcn and have nol seen a reduction In curreni pupil numbers. We aro monitoring closoly the pupil numbers for September 2025 and at present there has The Govornors are committed to ensuring thèt we continue ro provido oducbtional opportunities and are pxpAnding Ihp Ec.hnlArqhip oppnrtijnitipg fnr npw piipilq. Affnrd3bility is an important factor and thÈ Governors will be41 thi5 in mind whcn s¢itinÈ Iht fces for Ihc ncxi a¢ademic year. Buckineham Preparatory School currently offers the mosi competitiv¥ fee5 Wlthin out ared. The Governor5 feel that supportiD8 the school throuEh the se of finarnci31 reserves an appropri31e action to take durlng lh¥ Inltldl perloo oladdirional c0515 levied by Ine pre58ni Governrneni. The Governors continue to meei regularly and will ¢¢niinup 10 ofler r1exiblitY lo trur parents Ihrou8h VLJr rnonthly payment option, which haa ¢Ontinuci to bc popular 6nd ha5 helped to eliminate bBd debt5. Our school continues to achieve excellent academic results and our iDve5tment propertie5 provide an ongoing source ol additional fund5. Page 5
DOCU5rt EnvelDP@ ID O4CF4t21?r)AAEl-B9S8-sA77FccE278C E.Ivor Hughes Educational Foundation Trustees. Report Key management personnel The Governor5 consider that they, iogeiher with the Head Teacher, Bursar and snier Manasemeni Tearn tnmpriEp thp kpy managemÈni ofihe School. Or8anisational management The Govern015 detertnine the general policy of the Srhool. The day lo dèy runnine of Ihe School 15 delegaied io thp Head Teacher. SUPPOfted by the senior sialf. The Head Teacher Ljnderiakes the key leadership role oveiseeing .t)ff. Th io day drnini51ration of Ihe School Is undertaken within Ihe policies and procedures dppivv¥U by Ilir fjove.riiof5. Financial mdndEemenl IE carrip.d oui by the Bursar, in consultation with the Head Teacher and sEnior siatl, wilh only significdni expe.nditure dec1510ns and major capital projecis bein8 referred 10 Ihe Governors fol prior approval. Achievement and performance Bucklngham Preparatory Sthool We were very proud ol our Year 6 boys. who havp once again received ouisianain8 ulf¥15 IIVITI dL4Jriilically seleitivp %¢hoo15. including places at some of Ihp. tDP academically seleclive grammar schoo15. The. boys have dlso bven <iwarded seven scholdrship5 ac<oss a fangE ¢1 independe.nt schools. These were granted for academic achievement, mu51c. and personal lutoring. In oddition to the full school curriculum, we have ¢ontinued to offor a wirtp r2n8p nf Aftp.r-school clubs. These h&ve included debating Ilubs. uviz club5, craft. mindlulnoss. STEM, and lifo gkills. Wo also rnaintaiThod clubi run by specialist teachors, including choss. musical thoaire, and judo. This year, we were pleasod to expand our ollerinB to inclvde Jdditional coding and ICT. 35 wpII Ag Art Hnd Design. we havL' IVIILiiiueU Iv ullLr a brogd ran8e of re5ideniioI trip5 throu8hout tho yoJr. ThesÈ have inrliirtpd rAfflpine trips to Hudn311 Park, a5 well as a city break ro York lor our Ye3r 5 puyi15. Tu Ivui)J off their time In primary Year 6 will also be Boin¢ to Dorset in lune for a week ef outdoor learning and team-buildinc acii¥itie5. li nas Deen a busy year, which hd5 IIiLluJvd diiulliri 5ucre55ful IApre5)ivc Art: Weck with the thomo of folk tilos. a5 well as an enRap.inR and active Bvgk Week. A5 (ilway5, we ensured Ihai Inese eveTrt5 IFILludvd vveiy Iiiei)Iber or Ihe school communiiy. from PrP-School lo YÈar 6. We have a150 exiended our outreach 10 pasi pupi15. who we welcomed back for aur ljrsl alumni event. In ihp Pprformine Arts. we staeed sever31 successful Inlènr and Junior play5, incluuing an exceiieni iunlor 5rhuu production of Aladdin. This ye3f, thÈ boys were involv•d in writin8 ind dirÈttin2. as well as creaÈinR props. scenewy* 3nd front.of-houyE design. PAep
DOCUSlgn nVe1¢É ID 04LP4131-02DA4A&1-895&6A77FCCE278C E.Ivor Hughes Educatlonal Foundatlon TfUStees' Report The boy5 have coniinued to impress us in thtyr LAMDA examinations, earninÈ over 40 ccriificaies so far this yeor, wilh more exams schtduled lor th¢ summor. They have taken a range of exarn5 Including Verso and Prose. Publii Sptakin& Reading for Performance, Actin& as well as a Shake5poar@ qualification for Year 6 pupils and ITTrLivduLLUly Exdm5 fur pup115 F¢eception 10 Year 2. Our boys have once aLyain excelled academic311y. with 18 pupi15 bchievlng ar least a 6r0fi2e Ceriiflcate In the Prirnary Maths ChallenEè many of rhern &15Q attaifjinE Silver. In 5pori. the boy& CDntinued to PeFforrn wgll In competiiions. ¢omiDg fir51 in a recent [SbY ioufnameni and taking home the cross-country cup ilianks tty onv Qnce a8aii), we l)avr suvvuittij uui iY¥uloI 111oiilirJ World Menial Health Day - raising a iotal of over £2.000 for these causes. The Foundation has also plèyed a kev necd. Yhp hnyE hAvg contlnLiÈd to Improgsod u5 Wlth their gx?minat1On5 Jnd h3v• bg•n ovor AO Certificates so far this yedl. with additional exam5 scheduled for the summer. They've completed these In a range of eiatn5. Verse and Pr05e, Pub11c spei4kin& Reading lor Pefforrnance, Aciine, as wtrll ds d ShdkE5peare qualification for Year 6 puDils and ihe Introductory Exam5 lor Reception Yeai 2. Our boys have once again excelled ac3demically and 16 of Our pupil: havc achieved a minimum of a bronzc ccrtificJte in thL. Prim Jry Math5 Clidlleii¥e. Wilh Illdny puplls belng able to achleve 511vei a5 well. on Ih2 5poris 51de, Ihe boys coniinued playing In compeiilions comin6 2nd in the Inter 5chool'5 aihleiics iournament, as well ès placing 4th in the locdl Schools swimmln8 8ala at John Lyon school. unce aE31n, we supported our regular charities, Red Nose Day, Harrow Food Bank, Children In Noed and world Mental Health rai5in8 a total ol over £2.000 lor these causes. Dlsdtssurtr ol informolion to audltoy Each trustee has takon steps Ihat Ihey ought to have taken as a trustee in order to make themselves awaro of anv relevant audit Infrjrmaiion and 10 establish that the charity'5 auditor is aware of that information. The trustoes confirm that there i& no relevant information thai they know of and of which they know the audilur is unaware. Reappollltment of audlTor The audiiors Ripe LLP are deerned io be reappointed under seciion 48712101 the Companie5 Act 2006. 28 May 2025 1 IQ=26 85T Th• •nhual fvport was approved by the trusteetr of thc chority on nd uigned on it: bchalf bv.. Mrs L D Grimes PaRe 7
Docusign Envelope Iu u4LF4121-U2UA-4AEI-Ys4AKKFLL&278C E.Ivoi Huglies Educatioi)al Foundatioii Statement of Trustee5' Responsibilities The trustees Ivwho ore alsD thc diTectQTS of E.Ivor Hugh?5 Educational Foundation for the purposes of comp4ny lawl ore rcsponsiblo foi preparing the trustces, report and thc financial siatemenis In Jccordance with the United KinEdom Accountin8 Stèndard5 (United Kingdom Generally Accepied Accouniing Praciicol and applicablo Ibw and Company law requirès Ihe trusteP5 to prepare financial 5tatemgnts for each financial year. Und*Y compiny law Ihe tfUStee5 rnusi noi approve Ihe financial statements unle55 they are 5arisfied Ihat Ihey give a Irue. an(1 fair view of the stale of affairs ol the charitable cotnpany and of its incoming resource5 3nd èpplicaiion of resource.s. including its income and oxpenditure, for that period. In preparing these financial staLemonts, the trusiees are rcqui<od 10-. select suitable accounlinp. policies and aDDlv Ihern ionsi5tentlv.' 005erve Ihe methoos ana principles In the Charitie5 50RP,- rnakeiudgemenis and ostimatos thar are reasonable and prudent,. 513te whL'lhi'r appliEDblc UK Accountin¥ Standard5 have been followed. subject to any rn&terioI drparture5 prcparo tho financial statements on rho 8oinE concorn basis uTrle55 It 15 inappropriate to presume that tho charitable company will continue in business. chBrilable company'5 transactions and disclose wilh reasonable èccuracv at anv timp the financial Dosltion of the chariiablè iumpany and pnAble Ihem 10 ensurp that the financial s13ternent5 comply wilh Ihe Companies Atl 2006. They dre dlso resporisible for sdfegudrding Ihe a55e15 01 the charitable company and hence for taking re4sonable step5 for the preveniion and detertion of fraud and oiher irregulèrities. 7025 1 10..26 OJT and Signed on it5 beh311 by.. Approved by the trustees ol the charily on 1StskiAI62JYA2................ Mrs L D Grime5 Tru51ee Page 8
Dviwiyii &ivvIv ID. LWCf4121-02DA4AEI-B9JMA77FCcT8c l.lvor Flushe5 Iducational Foundation Independent Audltor's Report to the Members of E.Ivor Hushes Educational Foundation Opinion We have audited the linancial staiements ol E.Ivor Hughe5 Edvc31ional Foull(Jaiion Ithe 'chaiity'l loi the Veiir Éndeu Ji AU8U51 2UL4, wnicn comprise the Statetnent 01 Financial Activities, Balance Sheet, Staiemeni ol Cash Flow5, and Notos io Ihe FinanciBI St3tement5, Including a summary ol signilicani accountinE policies. The financial roporiins fratllework thai has been applitd in ther proparation 15 United Kingdom Accounting Standards. compri51ng charite$ SOAP- FPS 102'Tho Financial Roportin% Standard applicable in the UK and Republic ol Ireland. and applicable law (United Kingdom Generally Acceptcd Accountine Practi£ol. In our opinion Ine financal 5taterneni5'. then ended, have been properly prepared in accordance wilh united Kinedom Generally Accepted Accounting Pr3Ctice,- and have been preparcd in accordJn¢c with ihc rcguirtmcntJ of tht Companic5 Act 2006. Basis fot oplnion Wp. condur.lpd oijr 311dit in 2rrnrd2nrp wirh IntprnAtinn31 !t3nd3rd5 on Auditin8 IUKI Il£ts& IUKII and applicable oi rne rinancial 513temontS Section oi Dui report. We are Inoopendent ot the charity in accordance with the ethical requirement5 that arc relevant to our audit of tlie financial statemenis in Ihe UK. includinÉ Iho FRrys Ethical Standard, and we have fulfillcd our other tthical rospon5ibilitics in accordance with Ihesc rcquircmcnts. We Con£luslon5 relatln8 to 8olng concern We havo nothing to report In respect of the following matters in felalion to which the ISAS IUKI requirc us to Ihc fruJleLS Uac of the 8oing Concern bo513 of accountin8 in iht preparation of the finaiicial 5tateiiien15 15 noi appropriaie. or the trustees h8ve noi disclosed in the financial 5tatemenL5 any Identified materlal uncoriainties that may last sIBnificaDI oouni aDOUt Ine cnèrity's aoility to continue to adopt the going concern basis Ot accountinB tor a period of at least twelve months from the date when the fin3ncial 5tatemen15 are authorised for Issue. Other inlormatlon ifie Iru51pes are responsiDie for thp other Intormation. The other Inloim3tion comprises the inforrnation included rinancial slalernenis doe5 not cover the oihor lforMation and, excepi to the exteni E>lhpfW15e explicitly stated in our report, we do noi expres5 any form of assurance conclusion Ihereon. Page 9
DocLNgn Envelo ID 04CF4121-02DA4AE1_8958-6A77FCC78c E.Ivor Hughes Educational Foundation Indepen(lent Auditor's Report to the Members of E.Ivor Hughe5 Educational Foundation In connecrion wilh our audit of Ihe financi31 statemenis, our responsibility is to read Ihe othÈr informaiion and, in doing $0. conside¢ whelhoi the other InformaiiorTr is materially inconsistent with the financial 513ternents or our knowledge obiained in thc audit or otherwise appear5 10 be maierially mis51aied. If we ideniify such material Inconsisiencie5 or appareni rnaieriai missiaiements, we are requireo to (Jetermine whether there Is 3 material mi55tatement in Ihe financial statements or a material mi55taiemeni of Ihe other Inloimarion. 11, based on Ihe work we have performed, we concludo that there 15 a rnaterial mi55tatemertt of this <Jiher irtformdlion. we re required to iepori that fact. W@ have nothing io report in this reBard. Oplnlon on oTher m31rers prexribea by Ihe LompaniesAa Lvub In our opinion. based on the work undertèken in the course of the audit.. the inlDrmation Riven In the Trustees, Report for the financial vear for which the financi31 statemenis are prppArpA ifi con5lStont With th financia1 st3t¢mgnts,' and the Trustees, Report has been prepared in accordance wilh applicable legal requirements. Matters on which wg ar• r•quiY4d to rthport by gx¢gptipn In rhe Iighi of our knowiooge anu under513nding of Ihe company ana Its en¥ironmeni olltaineo In the course ol the audil. we have not idenlified maierial misstaternents in the Trustee5' Report. We have noihine lo repori in respect of the following matter5 where the Companies Aci 2W6 reouires us to report to vou il. in our opininn.. adequate accouniinR records have not been kept. or returns adeouaie lor our 3udil have not been received from brantheg not visited by us,. or the financial slètement5 are nor in agreement with the accounting records bnd returns. or certèin disclosure5 01 Irusteeg re.muneration specified by law are noi made,. oi WL have rerelved all Ihe InformaTion anu expsanarions we require for our audit. Responsibilities Trf trM5tee5 5 oxplainèd more fully in the StJtement OF TrutrteQ*' Rt: 14Ct out on PDgc 81. thc truJttrCS Ort view, and lor such IntÉrnal control as the trustees dotermine is nottssary to enable the preparation of financial sioicmen15 that are free from m?rerial mis5talemont. whethor due to fraud or error. a going concern. di4clasing. a£ 3pplirAhlp mxttpr< rplxtpA tn BninE rnnrern and uginB the 80inu Contr b35is or èlternaiive bur io do 50. Pagpin
DOcusn Envelope ID 04CF4121-020A4AE1-B958-6A77FCCE278C E.Ivor Mughe5 Eduiationiil Founddliu Independent Auditor's Report to the Members of E.Ivor Hughes Educotional Foundation Avdltorfs responsibilities for the aud¢t of the finan¢ial statements Our obieitive5 are to obtain reè50nablv assurance about wh8thei Ihe financial 5t3iefflÈni& as a whole are free Irom maierial misstaiemenl, wheiher due to fraud or error. and 10 issue an auditor's report Ihal includes our opinion. Roasonablo assurance is a hiy,h lovol of assurance, but 15 not a EuafilnttÈ that an adi1 conducted in accordance WiLh ISA5 IUKI will alway5 detect a rnatorial miss131erneni when it exists. mis51alomon15 can arisc frot fraud or orror and aro considered maiori31 if, individuolly or in the JggreEaie. Ihcy iould reasonably bÈ oxptctod to intluence Iho cconornic doci510ll5 of u5or5 takon on tht basis of these linoncial staiemcnts. A5 Part of an audit in accordance with ISA5 IUKI, we exercise prole55ional judgement and mdiniain professional grgpllcigm IhrDii8hoLlt tho audit also. Ideniily and assess tho risks of material mi551atomont of tho finontiol stotemonts, wholhtr duc to Iraud or error. d¥ign perform audii procoduros rcsponsive to those risks, and obiain Judlt evidcnce IhJt Is resulting tfom tfaud Is higher than lor one ro5ulting Irom error, as traud may Involve collu510n. torgery. Intention81 omissions. misrepreseniations. or the override ol internal control. We design procedures and iests In line with our respon5ibilitie5, Outlined above, to deteci material mi55tatements in respect of irreeulariiies. includine fraud. The extent to which our procedures are capable of We obldln an understanding of ihe legal and regulatory frameworks Ihat die applicable to the eniiiy by rèviewing the CompAnip.E Alt 2006 and r.harilip.E GnRP- FRS102 Thp Financial RpportinE Standard appliiablp in thc UK and Republic of Ireland,. We make enqulries ol management and thosc chèrged wilh governance around aciual and potenii31 Iillgorion and claims. We rcview tinancial statement di5c105ures and test to Supporting documentation lo assess compliance. We audit the risk ol man36ement override ol controls and evaluate the business rationale of significant transactions ouiside the normal course ol bu51ness. Obtain an undeY$t)ndang of inltrnal ¢Gntrol relevant to the audit order to de5i61i audit procedure5 Ihat are appropriaie In the circumsrances, bui not for tne purpose of expressing èn opinion on the elfeciiveness ol the Evaluate the apprDpriaienes5 01 accounting policies used and the reasonableness of accounting estimaies and rÈlatÈd distlogures madp by thp trilgtpp Conclude on the appropriBteness of the irusteès use of the going ¢DnreTn b35is of accounting an(1, based on Ihe audil evidence obtained. whether 3 maierièl untÈfiaintY exlsls related to even15 or conditions that tray ¢&Sl 5i6nilicant doubt on the charity's ability to CDntinue as a goin£ concern. If we conclude Ihai a material uncertainly ex1515, we arc rcquirou to draw attention In our auditor'5 report to the related di5closuros in tho. financial statement5 or. if such disclosure5 are inadeouate. to modifv our opinion. Our conclu5i0ns are based on the audit evidence obtainod Jp io the dète of our auditorf5 report. However. future events or conditions may cause the charity r¢ cease to continue as a going concern. Paee 11
DottUan Env0 ID 04eF41?1.02DAJAEI-B9584A77FCCE278C E.Ivor Hughes Educational Foundation Independent Auditor'E Rp.port to the Members of E.Ivor HuEhe5 Educational Foundation Evaluate the overall prosÈntarion. structure and conténi ol the linancial statemenis. includlnE ihc di5c105ufL'S. and whether the financial staiements represent the underlying transactions and evtsnts In 3 rnannor ihal achieve5 fair pieseniation. Obtain sufficient 6PPfopfiate audil cvid¢niQ re83rdin6 tho fin3ncial inform3tion nf ihp pnlitips or busines5 activitie5 Wlthin thv chariL¥ 10 pxpr5 an opinion on tliv liiiancial 51atemenis. We are respon51ble fDr th? direciion, 5upervisitrn ènd performance of ihe charity audit. We remain 501ely responsible for oui avdii opinion. Wo communicaie with those char8ed with 8ovÈrnance regardinE, amonE Olher matters, the planned 5CDPC ond Use Df trur report This feport is made solely lo the tharitable company'5 trustees, as a body, in accordance with Chapier 3 01 Parl 16 of the Companies Act 2006. Our audit work has been und?riaken so that we mi8ht 5t3ie lo tho charity's trvsiee5 Ihose matters we are reouired to State to them in an audiiDr's report and tor no other purpose 10 Ine fuiie51 Qmtent permiited by 13w, wè do noi accept or agsumo rogpnnEihility tn Anynnp nthp.r than Iho charitable comoanv and it5 tru5tEtt a body, for our audit work, for this report, or for the opinion5 we have formed. RobL?rt Glazer FCA Isenior Statutory Audiiorl Foi and on behalf of Ripe LLP. siaiuiory Audiior 9A Burrou8hs Gardcn London NW4 4AU Date.. l?
Docusign Envdope ID. 04CF4121.02Dk4AEI.B958-6A77FCCE278C E.Ivor Hughes Educatlonal Foundatlon statement of Financial Activities tor the Year Ended 31 August 2024 Ilncluding Incorne tynd Expenditure Account and Statcmcnt of Total Recogntsgd Gains and Losses) UnrettrictÈd fund5 Endowrnent lurds Total 2024 Note Income 8nd Endowmenisfrom.. 1,276,613 369,977 2,312 1.?.76.613 Invgstmeni incorn 369,977 ,Y12 T¢141 Incorne 1.s48,2 1.648,902 Experditure on.. 11,637.0051 12.4971 11,637,603) 12.4971 Other expenditure Total Expenditure 11,640,102) 11.640,1021 Ntt income 8,000 8,800 Net movemont in funds 8.800 8,800 Reconcili)tion of lunds i oial fund5 broughi forwar Y,Ulb,21) 1.717.610 LO,733,625 Toiél funds carrivd forward 19 9.025,015 1.717.610 10,742,625 The notes on paces 17 to 29 form an integr31 part of Ihe5e financial statements. Page 13
Docusign Envelo ID. D4CF4121_02DA4AEI_895&6A77FCCE278C E.Ivor Hughes Educailonal Fgundatio Statement of Financial Activities for the Year Ended 31 August 2024 Ilncluding Income and Expenditure Account and Statgm•rtt of Total Recognised Gaing and Lossesl Llnrestricted Endowmeni tunds Total 2023 Note Income and Endowments from.. 1,298,513 358,660 9,223 1.29R.513 Inw¥51m*ni incom• 358,660 9,223 Total Income 1.666,396 1.6G6.395 Expenditurè on.. 11.617,3651 12,7351 1,617,3fj31 Other expenditure 12,7351 Total ExpÈnditurÈ Gainsllosse5 on Investment assets 11,620,098> 25,000 11.620.OY81 25,OUU Net income 71.298 71,298 Net movemeni in fund5 71,298 71,298 Reconcili?tion of funds Toièl funds brouRhi forward 8.Y44.917 1.717.610 10.662,527 Total funds carried forward 19 9,016.215 1,717,610 10,733,825 'P aclivitittr derive from eontinuits8 oporations dvrinB the 3bovo two periodg. The funds breakdown for 2023 is shown In note 19. The note5 on pases 17 to 29 form an intecral p3rt of Ihe5p lin3ncial 5talementS. PaRe 14
Docusign EnvOpe1. 04CF4121.02D&4AEI.B958.6A77FCCE278C k.lvor Mughes tducaiional Foundation IRe%istiation numbef: 19759951 Oalance Sheet a3 ilt 31 Ausu¥t 2024 2024 2023 Note Fixeo a5seTS 12 7,133 1,482,b03 8,825,000 Tanelble assets Investment properties 13 1.429.59U 8,825,000 14 10,2JD,IGO 10,314,7JG Current a55ets Debtors 15 329.339 666,479 361.839 587,188 Lash at bank In han 995,818 949,027 Credltors.. Amounts falllng due wlthln one year 16 1461,5531 1487,8881 Net current assets 534.265 461.139 Total assets less curreni Ilabllitles 10,792,425 10,775,875 Creditor5- Amount5 falling due after more than one year 17 149,8001 142,0501 10,742,G2i 10,733,82i Fund5 of the charrry.. Endowment funds 1.717.610 1.717.610 Unrestricted income funds 9.025,015 9,016,215 Total funds 19 10,742,625 10,733,825 The tinanual 5talements on paees 13 to 29 were approved by the trustees. and authori5ed for Issue on Zll May. 2025 And48A[dThelr behalf by" Tru51ee The note5 on pa8es 17 10 29 form an iniegrdl pari of these lindnlldl 51atement5. Paep IS
Docu51gn Envelope ID. 04CF4t21-02DA4AEI.8g5&8A77FCCE278C E.Ivor Hughes tducational Foundation Statement Df Cash Flow5 for the Year Ended 31 Au%ust Z024 2024 2023 Note Cash Irnm npprAtine xrtivitie¥ Net income 8.SOO 71.298 Adjustments to Cash flows from non-cash items Dppfeciaiion AmorTlsaiion 54,142 3.563 4Y,465 3.053 12J,OODI I fehOld propert¥ revaluation in poriod 66,505 98.82D Workin8 capilil 3djustm•t)ts Decrease in debtois 15 22..snn XflE4 16 6.949 125,5341 Decrease In defefred in£ome Npl rxEh flrtws from op@r3tinB 3ttivities 80,420 iio.oio Cash flows from iTrve5tlllE artlvities Purchoso ol intangible fixed assQ15 12 13 147,5091 Nel ca5n iiows rrom Invesring acriviiies 11,1291 152,6091 Nei incrÈasè in c3sh and cash equivalents 79,291 57,401 Cash and cash poiJivAlpnlg At l %gprpmhpr ?0?3 587,18B 52É),787 Cash 3nd cash èouivalent5 3131 August 2024 666.479 587,188 All nf rh# rxth flowg aro dorived from continuinB opèrations durinE tho above two pcriod- The noiÈ& on pages 17 10 29 lorm an integr31 part of Ihes2 financi315tatemenis. PAep1fi
E.Ivor Hughes Educational Foundatlon Notès to the Finanr.iAI Statè.mp.nts for the Year Ended 31 August ZD24 i Charity Status The charity is a Charity limited by guarantee and consequently doe5 not have share capital. Each of the trustees is liable io contribute an 8mount not exceeding El lowards the asset5 OF the charity in the event of Iiouid3tion. The registered office 15 BuckinghÈrn CollÈge Prepatory School, 458 Rayners Lane, Plnner, MiddlesEX. 2 Accounting Policies Summary of slgnificant 3ccounting policie5 and key accouniln8 e511mates The principal èccounTing Policies applied In The preparation of these flnanilal 51atemeiiL5 dlv svl uut below. mie5e policies have been consistently applied to all the vears presented. Unle otherwise stated. Statement of compliance The financial statements have been prepared in accordance with AccountinA and ReportinR by Charilie5'. Slatcmcnt of Rccommended Practice applicDblc to choritie4 preparing their accounts in accordancg with thè Financial Reporrin8 siandard applicable in the UK and REpublii of Ireland IFRS 1021 i55ued in Oclubvi 2019 Icharities SORP FRS 1021, the Financial Reporting Standard for smaller entities applicable in the UK an¢J Republlc of Irclond IFRS 10)) and thc Companic- Act 2006. Basis of preparation E.Ivor Hushes Educational Foundation meet5 the definition of a public benefit enriry under FRS 102 . Assets and accountine poliry note5. The financi81 statements a presented in Sterling (£1 and figures are shown to the nearest whole pound. Golng con¢crn The financial statements have been prepared on a going concern ba515. The IIu5tee5 a55e55 whether the use ol going concern 15 appropriaie i.e. wherher there Bre any rnateiial uncertainties related to events or conditions that may cast significant doubt on the ability ol the charity to continue 3$ a going concern. The trustees make this assessment in re5PgCt of 3 period of one year from the d3te of approval of Ihv fin¢>ncial Statements. Incorne and endowmenls allowances and bursarie5 granted, Ibut include contributions frorn oiher charitable in5titutionsl. Page 17
E.Ivor Hughes Educatlonal Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 Deferred income ees received In adY3nce Of e(luc3110n to De prowded are deferred an(J Bre reEo¥nised iii Il1¥ SldlYiTiviII ijf Financial Activities in the term when used. lTrvestrnent income nvestmeni income is recoenised on a receivable basis. Expenditure Expen5e5 are recognised in the period they are incurred, except for those teaching supplies relatin8 to subsequent cademic ye3rs'. which are doferrèd tf> tho followin8 y4ar. Choritoble ortivitffes Ch3rit3ble expenditure comprise5 those costs incurred by the charity in the delivÈry of its activities and services for its benelic13ries. It includos both cosrs that Can be allocated directly to such activitie5 and those costs of an indirect nature ne¢e5sary to 5UPPOrt thefll. Governan co5t5 Th¢5e include the c05tS attributDble to the chDrity'3 complipnce with cohstitvtional and -tatutory requircMcnt=, Incluaing auoit. sirategic management ano trustees's meetings ano reimDursea expens&5. Government 8TantS fjovernmeni granis in relaiion to expenditure are crediied 10 proni and loss account when the expendiiure Is chareed to piolit and105S. Taxation The charity Is considered to pass the tests spt out in Paraeraph I Schedul@ 6 of the Finance Aci 2010 and therefore it mcct" thc definition of a charitabl¢ Company for UK corporation tax Purpo•. potentially exempt from taxation In rE5pecE of incoffle or c3pital gains received wlthin tstegorie5 cowered by ChapiÈr 3 Part 11 of the Corporation TaK Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to th¢ cxtcnt thDt Juch income or 6ain• are applicd excluttively to charitablc purpoacs. Intangible assets Intangible assets a stated in the Balance Sheet at cost less accumulated arnort15ation and impairment. They are amonised on a siraignt line basil over their esrimated useful lives. Paoe 18
E.Ivor Hughes Educatlonal Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 Tangible fixed assets Individual item5 Costino lesg than £1.500 are wrlttèn off 3s an expense as acquirpd. The Foundation follow5 a pollcy of cgntinual maintenance of its freehold propÈrtie5 which have not been depreciated on th@ basis that the estimated residual value is not materially different from its carrying value and thai they have a long useful economic life. ITr accordance with Financial Reporring standard 102, all Ireehol VIUPel(IE5 are 5Utiieci io an annual fair value ana Itnpairrnent review. Amortisation Amoriisation is provided on intangible fixed assets so as to write off the cost, less any estirnated residual value, over their expected useful economic life 35 follows.. Asset clas5 5oftW3re development Amort15ation method and late 20% on co>5t Depreciation Ocpreciation 15 provided on tangible fixed 055et5 50 a5 to write off the cost or valuation, less any e5tsrnaied residual value, over their expetted useful economi¢ life 35 follows.. DepTlIall0 fflethod and raie at vary5ng r3tes on c05t 25% on c05t FiKtures. fittings, furniture and equipment Motor vehicles rnmpiitpr pquipmgnt 20% on cost Investment properties The investment propertles are Carried at fair value, derived annually from current market values for comparable propprtipE. with Any chan5 being reco8nisgd the Statement of Financial Activitic:. Trade debtor5 Trade debtors are amounts due from cusiomers for merchandise sold or s@rvices performed in the ordinary course IricJJ. Trade debtors are recogni%pd init1311y at the transaction prico. They are subsequently measured at aTrTrortised cost using the effective interest method. less provision for Impairtnent. A provision for thÈ impairment of trade debtors 15 established when there is objective evidence that the charitv will not be able to collect 311 amounts dup accordinE tn thp nriEinAI tprmg of the r9coivablÈÉ. Cash and cash equivalemts Cash and ca%h pqiiiv.Ilpnrs comprise cash on hand and call deposits, and other.hort term highly liquid investrnent5 that arc readily convertible to a known ainvviil ufLdS11 drid dre 5uble£t to an In51gniflcani risk of cnange In value. Pa8e 19
E.Ivor Hughes Educatlonal Foundation
Notes to the Financial Statements for the Year Ended 31 August 2024
Trade creditois
Trade creditors are oblioations to pay ftsr gnndq nr N1¢p{ that havo been 2cquirod in thè ordin3ry cour[9 of
busine55 from supplier5. Accounts p3y3ble are classified as current liabilities if the charity does not have in
unconditional righl. at the end of the reporting period. io defer settlement of the creditor for at least twelve
months after the reportln8 date. If there is èn unconditional righi ro defÈr settlemer)t for at least twelve months
after the reporting date, they 3re presented a5 non-curreni liabilitie5.
Trade creditOTS are recognised initially at thp tran
E.Ivor Hughes Educational Foundatlon Notes to the Financial Statements for the Year Ended 31 August 2024 3 Income from charitable activiti Unre5tTlCted fund5 Total ZOZ4 rotal 2023 General ree3 receivable 1,3?4,195 198.1821 1.374,795 198.1821 1,396,832 198.3191 Total bursaries, scholarship5 and 311owances 1,276,613 1.?76,613 1,298,s13 4 Invesimet income Vnre5tii£ted funds Total 2024 Tirtal 2023 General Intorogt rÈceiv3ble on bank depo Income from lent5 10,460 359.517 10,460 359.517 6,204 352.456 369,977 369,977 358.660 5 eMp¥ndlture on rharltable ac11vleS Unrestricted funds Total 2024 Toial 2023 General Note 1,621,916 18,186 1.621,916 18,186 lu89,21J overnance c0515 30.883 1.640.102 I,b40,102 1,620,098 Page 21
E.Ivor Hughe5 Educational Foundation Notes to the Financial Statements for the Year Ended 31 Aueust Z024 6 Ana1$ of exoendTrture on charitable activities Unrestricted funds Total 2024 Total General 2023 Note AdvtrtlJin6 and rnarkcting Wages Pensions 23,758 969,476 138.740 222,082 167.946 39,712 57,705 ?.497 23,758 30,355 969,476 934,034 129.226 193,308 201.206 45,829 52,522 ?.71 138.740 222,082 167.946 39,712 57,705 ?.497 TeachinG Ctset General rn3intenance offi expenses DepTociation charge Bank charRes 1,621,916 1,621,916 1,589,215 7 Analysis ol governance and support costs Governance Costs Unf95trirtqd fvnd5 Tota 2024 Total 2023 Generol Auditor's remunefalion 17,040 1,140 17,040 1,140 14,640 261 Legal and piofessional fees Bad dcbtJ writtcn off 15,982 18,186 18,186 30,883 B Trustees remuneration and pxppn4p No tru5tee5. nor anv persens connectgd with thpm. hAvp rgrpivpA Any rpmiiDeration from the charity durine th vear 0 st¥H costs The aegreeatp payroll costs were as follows.. Page 22
E.Ivor Hughe5 Educational Foundation Notes to the Financial 5tatement5 for the Year Ended 31 August 2024 2024 ZOZ3 Staff costp durin$ thc ycar wcre.. Wage5 and salaries Pen510ll CQSt5 969,476 138,740 934,034 129.226 1,108,216 1,063,260 ThL4 mQTrthly average number of person5 linclvding senior management team) employed by Lhe chartty durin8 rhe Yoar expre55ed a5 full lime equivalents wa5 35 follows.. 2024 2023 ead office Butkin8ham Preparatory SchDoI 31 30 32 32 The nurnber of employÈe5 whose emoluments fell within the following bands wa5. 2014 No 1023 [60,001. £70,000 10 Audltors. remunerarion 2024 2023 Audit of thp finAnriil 4tRtpment& 17,OLiO 14,SaO 11 Taxation The cliai-ily IJ d IV¥isl¥i¥d LlidilLy and15 Iherefore exernpi from iaxaiion. 12 Intangible fixed 355ets 5vftwdr development Total Cost At I September 2023 17.$15 17.815 At 31 August 2024 17,815 17,815 Page 23
E.Ivor Hughes Edu(ational Foundation Notes to the Financial Statement5 for the Year Ended 31 August 2024 Software developmeni Total Amortisatiort At I September 2023 Charge for the year 10,682 3.563 10,682 3,563 Al 31 Augu-.t ?024 14.245 Net bookvalue At 31 AuRUSt 2024 3,570 3,570 At 31 AuBLlSt 2023 7.133 13 Tanglble fixed assets Flxture5 fittings. furniture and equipmeftt Land and butldings Computer equipment Motor vehicles Total Cost At I September 2023 Additi¢ns 1.327,665 447,512 85,062 118,810 1.129 1,979,049 1,129 At Sl August 2u24 1,327.665 447,512 115.Ob"2 iiy,yJy I,y¥u.ii Depreciation At 1 5epTember 2023 Ch3rge lor the ycar 355.236 22,825 31,425 18,017 109,7145 3,240 4Yb,44b 54,147 At 31 August 2024 388.121 49.442 113,025 550,588 Net book value At 31 Aueust 2024 1.327,665 59,391 35.620 6.914 1,429,590 At 31 Augusi 2023 1,327,665 92,276 53,637 9,025 1,482,603 The board have not reieived a current formal valuation of the freehold property occup>ed by BuEkin8ham Preparatory School have consequently not revalued it in these accounts. Page 2A
E.Ivor Hughes Educational Foundation Notes to the Financial statements for the Year Ended JI AUEUSt 2024 14 Fixed asset investment5 2014 ZOZ3 Inve5trnent properries 8.825,1>00 8.825.000 Invèstrnent prvpgrtios InvÈstmÈnt properties Valuation Al I Si'ptcfflber 2023 8.825.LKK) Net book value At 31 AiiEust 2024 8,825,CQO At 31 Au8USI 2023 8,825,000 Page 25
E.Ivor Hughes Educatlonal Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 The properly ai Tanglewooo was IndepenclenTly valued ai ffj,750.000 by UterS e51aie il¥Eiils iii 2023 bd5vd vii the curreni market conditions and current dern6nd for thls type of property in the area. The property Bt Hamilion Road was independently valued at E70L¥.QOO by Hunter5 estate 4gents in 2023 based on the current market conditions and current demand for rh$ type of property in the area. ThE property at L3nd5downe fjar¢ens was Indepenoenily vBlued ai f 325,QQO by FOX & 50n5 esiate agent5 2023 based on th& current market condition5. availability ol mortgaEes and the current demand for thi5 type of property in ihe area. The propertv at Lknd%dtswnp r)rivp wa% indpppndgntly vAliipd al f??£.nnn hy Fnx K %f)ns p%tatp. a£pnt% in 2023 baJed on the Currtnt rnfjrket condition3. availability cf mcrt8age3 and the current dernDnd for this typt of property in ihe area. The property at Ourton Road was valved at £3JO,000 by tru5tee5 in 2023 based on current market conditionj for tnis type ol property In the area. The propErty at Chapel Barn was independenily valued ai £375,000 by Fox & sons estate agents in 2023 based on the ¢urrent market conditions. alIabilItY of mortg3ge$ and the current demand for this type ol property in the 15 DÈbtor5 2024 2023 Trade debtors 307.675 19,725 1,939 343,484 15,819 2,536 Prpp3yrnenrs flihpr dphtn 329,339 361.839 16 Creditors.. amourtts falling dLÈe wlthin one vear 2024 2023 Trade credltors other rJx?tiOfi and 0cl41C£vr1tY Other creditors Accruals 11.202 17,810 26,481 13,800 392,254 12.722 23.241 16.084 18.053 417,788 0ofÈrrod income 461,553 487,888 Page 26
E.Ivor Huehes Educational Foundation Not•s to tho Finantial Statements for the Y¢ar Ended 3J Augu¢t 2024 17 Creditors-. amounts falling due after ot)eyear 2024 2023 oiher creditors 49,¥00 42,050 other creditors lalling (lue after one year relate to student deposits. 16 Pen)iyii 1¥ vlhvr DeftTred ¢ofitrlbution pen3ioTr Jcheme The charity operate5 a defined ccniribuiion penslon scheme. The pension c05t charge for the year represents contribution4 payable by thc charityto tht scheme and 4mounttd to £138,74012023 E129,2261. 19 Funds Bal3Th at i 5egtE¢nbe* 20Z2 Other Balan at 31 Au8ust 2Q23 In¢ominS leSQUTIE5 Resoyr¢es 9811$•d ¥dliis1llv)>vs1 Unre5trirted funds General 8.944.917 1.666.496 11.620.og81 qni&?15 Endowment funds Pcrrnanent 1,717,610 1.717,GlO Tv11 10,fj02,527 1,666,396 11,fj20,0981 25,000 10,733,825 P¥se 27
E.Ivor Hughes Educational Foundation Notos to the Flnanclal Statomonts for tho Ygar Endsxl 31 Au8USt 2024 Balanco at i September 2023 Incoming resources Resources expended Balance at 31 August 2024 Unrestricted tund5 General 9.026,215 1.648.902 11.640,10?) 9.025,015 Endowment IndS Permanent 1,717,010 1,717,610 Total funds 10,733,825 1,648,902 11.640.102) 10,742,625 Page 28
E.Ivtsr Hughes Educational Foundatton Notps to the Financial Statements for the Year Ended 31 AuBUSt 2024 20 Analy5 01 net 355ets between funds Total funds Int3ngiblE fixed assets Tangible fixed 8$5et5 Flxed a5sei investment5 Curr&nt Afiipt£ 3,570 .429,590 8.825.000 995,818 1461.5S31 149.8001 Creditors over l year Total ntt a55et5 IU,142,b25 21 Contingent Ilabilitie5 Theie arp nn nnEninB rlaims aB3inst th• Foundation in which J liability 14 c¥pccicd io arise. ZZ Rel)ted party trènsaction5 Trusiee, A Ulins, Is a partner at IBB Solicitors who att lor the Foundation. There w3s no tran53CtIOn5 with IBB Solicitors duri the ¥ear wherea5 there was ¥e(und vf £2.494 from IB Soliciiois in 2023 in iespect of 2022 charges Page 19