Charity registration numbor 295808 Company reglstralion number 02086298 (England and Wales) HOE BRIDGE SCHOOL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 HOE BRIDGE SCHOOL LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Tru$t•es MIS S E Amold MsSEWBab MrlPKatte Mr5 S J Lacey MrT G Smith Mr G Verity Mr P L Walton Mr R J Willkgms Mr J L Patient MrTGPipè Mr S Tcooke (Appointed 21 June 20221 I￿pOinted 21 June 20221 (Appointed 29 November 2022) Secretary Mrs C E Beddow Charity nUrn￿r 295808 Company nurnbgr 02086298 R•gFstored offic• Hots Pla Old WoknThJ Woking Su￿8Y United I￿ngd￿n GU22 Auditor Azets Audit serw￿s Ashcombe Court Woolsa(* Way Godalming Surrey United Kiwdom GU7 1LQ Bank•rs Nation81 Weslmlnistsr Bank Flc POBox1 2nd lknr G3 2 Cathedral Mlll Guikttord Surrey United Kingjom GU13ZR HOE BRIDGE SCHOOL LIMITED CONTENTS Pag• Trusteès, report Independent audi￿$ report 9-11 statemenl of Ilnanclal activilies 12 Balancè sh8et 13 stal8m8nt of ¢8sh flows 14 Notes lo the ffnandal staternents 15-29 HOE BRIDGE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 The Iruslees present their report and financtal slatsments for the yw èndad 31 Augusl 2022. The financial slalernenls have been prepared in accordance with th$ acc(wnting poli(xes set wt in note 1 to the financlal slalemenls arKI comply with the Sc*ool's artides of assoclation, the Companles A¢1 2006 and 'Accounting ané Reporting by Charities.. Stalemenl of Recommended Practi￿ appli(zble lo charflies preparing their accounts in a¢ty)Tdance with the FinancAal Repcrt'ng Standard appl￿blo in the UK Republic of Ireland (FRS 102} (effective 1 January 2019).. Objectlves and actfvttie$ The objec15 for which the Sch(K)I bs established are lo promote al￿ provide thè advancAm8nt ol aducation. In furtheran￿ of the objects, the Schod's princwl aclNity c(xrtinues to be that of an Independent Pre-Prep and Prep School ¢alering for boys and girls from ag8 three lo thlrteèn. Publlc Benefit ID planning the actiwlies for the year, the Govern￿S have had regard to the Charlty Commlsslon's guldance on public benefit and in particukr its supplementary guidance on advancing education and fee Eharying. The aclNilies benefited both the aduhs and Chi￿re[l of Wokbng and its sumunding aroa and do not givg rise to 8ny detrirnenl or hamTr lo the public. The Govemors bdleve that the bursary system Is essenlial lo ensure that thlhlrèn trom families would otheiwTse be unable to afford the School's fees may stiu atterKI the School. The Govemors keep the School's Bursary policy und8r constsnt review to h8lp onsur& the ot4e¢live of wder attess continues lo be achieved. The butsary system is 8vgilabb to anyone WIK) meets So*KK>I's entry requirements and based on the parents, means or In cases of hardship, vtherè a pupifs 8ccess lo continued educalTron at the School is at risk, for example, in case of redundancy. The Govemors: in carTying oul the Thans testing, have regard lo many matters Including but not limited to famity inwne, Investments. sawngs and pers￿1 circurrBtance5. During the academic year, 9 pupils were awarded means tested tMJrsarie$ 12020-21.. 171. Awards of bursariès amounted to £55.646 this year. a redudhjn from V39.277 in 202(￿21 when additvjnal awards were made to assist farnilies affect by Covid-19. Sibling dlswjnls, which help familie5 to send tsir thil(Jr9n lo thg same school, wFre £65,251 this year (202CL21.- £72.2481. In addition, the School gave dK%counts to slaff 818 f88 valu8 of £148,697 12020-21.. £118,123). staff discounts are a way of providing assistance to key workers. The amount made avaAable for means tested bursaries lts3ether wilh all olhor awarfs iepr&sents 4.4% of Gross Fee Income12021> 21., 4.9Y4). The School does not have any endowment and so In funding the burs8ry Systèm lh8 Gov8mors have to ensure a proper balance between fee paying parents, who are recognised as making personal sacxrfices in order lo educate thair children al th& S¢hod, and those who are awarded iwrsaries. HOE BRIDGE SCHOOL LIMrrED TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 A number of outreach aclivitss were undertaken during the year in 5upF￿rt of I￿1 dbarities and schools, al no ¢osl to the participants.. Places al school were made avaiLabb to fve Ukrdinian Tetug8es, vjho were hosted by the famllFes of current or previiMJS H(* Bridge pupils Headmaster is an a¢lfve member of a slate partnershlp Donations of books lo k)cal slate schoo Free use of facilities to kjcal Cricket clubs Hlre of dassrooms & fadllties at subsidis8d r8t8s to h)¢al language Sch￿15 ITrust donation IIAPS) The School has a policy of optlmlsirvJ 1he use of the Sdwfs sporting and other tsohts'es vla the local community. Durlng thg year the SC￿￿ made ils buiklings, grounds and other resources availab￿ either al lully subsidised ralgs or 81 rates below Commerci￿ levds for the publ￿ b8nefft of children in tho folkjwing organisalions.. Pyrford Cwicket Club R8la$lhan Royals Academy Mandarin. PortU9uese & Italian Lar¥Juage Schx>Ls Hoe Bridge pupils and the School communlty reguLirfy take part in (undraising aclwities f(K k)¢al and national charities, most ol which are children based Causes. During bhe Y&￿r,￿n￿Lw&[￿taU1￿ji￿fOlIOwJDg￿iaritie5.. Kent, Surray & Su5sexAwAmbJlan¢e Médeans S8ns Fronlieres Childr8n in Need Woking sw5mat￿n (Rotary Ckjb of Woklng} The Royal British Legion Macmillan DEC Ukraine Humanitarian Aweal Comic Rel￿f HOE BRIDGE SCHOOL LIMrrED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT> (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 This year. as in Ihe past. Ihg School c￿8¢ Io SUPFwxi tharities th￿gh an op8n vot8 by the chlbjren and staff. These are explalned furthèr bèknw. Kent, Surroy & Sus50x Air Ambulan￿ (KSS).. The schcd deLi¢kd again this year to support this lrfe saving servi￿. which works alongsl(Je the emergency services lo transport p*ienls to hospitals where needed. Last year alone, KSS were called out lo over 3,000 i￿ttlentS. They are fearless aThJ breless in ￿hling lo save every life, whlch means donation Ihey receive is ￿trI. Their mission Is lo make sur¢ they are availabk each and every tlm 8onwne n88ds th8m. Their dispatchers task the crews of tmlols, doctors and paramedics. a￿d with Ilfe-savlng equlpment. to patients 2417. 365 days a year. Thelr chadty h0￿qUart8rS and forward operating base arg I¢x3ted al R¢xhesler ￿rport, ￿th an alrcraft hang8r and ￿aIntenanCe 0￿rat￿n$ al Redhill Aertsdrome. When the ￿11 com8s, aircraft can reach any part of the region wthin 25 minut8s. KSS pul the Peop￿ who need tr￿M al the heart of everything they do. None of us ever know when we, our lamity. oijr friends or our communrty may nged this vrtal service. AI KSS, ther8 is a t8am ol dispatchers who Sc￿en all 999 ￿lIs. It is their lob to S￿rIal to crsws that th8ir help Is needed. Highly skilled pllots then take over, flwng thè medical team safely to the scene via the most dlrect route. They are often challenged lo land in ￿rfr￿lI localK)ns - irrespedive ol the of day or night - lo ensure the medics get there as quickty as they can. Each missKsn is atter￿ed by a do¢tor - typlcally a specialist in anaeslhesia or emergency medicin8 and a paramedic wh) is trained in aibcal care and accustomed to challenging environrnents. The ¢ombinallon ol their speaalist skilL% mèans patiènts G4n be treated with worfd dass, urgent medical ￿l￿dY at ￿ scene. Pakn'ents may need to be placed into an induced coma to prevent further swelling from a brain injury. They may need a complex 5urgi(¥l pro¢edure lo enable them to breathe. They may even need an emergency bI￿ad translusion. All ol Ihése life-saving treatments would be demanding In a hospital ènvironment and yet, for the medical team5 al KSS, Ihey are Ireatmenls that must b8 adminlslered In all weathers, sometimes al night and in flelds, in w(KJds or on Temole pathways Ir) order lo save lives. After inltial trBalmenl, Iheir medical teams de￿de whith hosFMtal is in a position io besl supp(¥t Ihe p8tienl's ongoing care nèeds, r8bJrning to the skies and transferrirvj them in the quickest time possib￿. Médecins Sans Frontlèr•s: In September 2021 it was again agreed Ihal the Hoe Bridge community would support Médedns Sans Frontieros as Ihe intsmational chanty. Somgtimos known in English as D¢)ctors Wlthout Borders. MédeBins Sans Frontieres an Intemational humanitarian medical non%ovemmenl organlsadon {NGOI of French origin b8sl known for tis projects in conflicl zones and In countries affected by endemic diseases. Main areas of work indude diabetes, drug-Tesistant infédions. HIVIAIDS. hepatitis C, Iroplcal and neylect8d disèas8s, lubercu1osis, vaccines and COVID. In 2021. th8 thartty celebrated ils 50th ye3r of providing humanktarian medical assIstar￿. Over 63,LXXJ pe(W￿ continued Ihis work in 2021, providing eare lo people acrvss more than 70 ￿UntrieS. Few places in 2021 ng*J9d the presence of lrfesaving Thdical workers more than Ethiopia. The ongoing conflict in the county's rn)rthem T￿TaY region had resulted In widespread devaslallon - hundreds of thousands of people were disiAa(*d and werp liwng in terrible condllions, cut off from food, walgr and rnedical assistance. Ovgrall during 2021-22, the sum of £28,272 was raisèd for the charities named on the prevlous page. Of this amount, £13,764 was papj out to the charitses before the year end, whilst the remainder will be pakl out during 2022-23. HOE BRIDGE SCHOOL LIMrrED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Achievements and perforniance The edu¢aJon across the Schocl conlinues to ￿ dynamk, Insp1rd￿OnaI and successful., tho puplls d8v8loping their skills and thitsl for knowledge from an earty age. A5 well as academic success. sporting, mu$l¢al 3rtlsUc sUC￿S is celebrated throughout and taken t￿ether help produce 'Happlness, c1)nfiden￿ and Achlevemenf in all pupils. The results below of pupils, p￿resSion to Sen￿ sch)ols ol their choi¢8 reflect all that Wg do al Hoe Bridg• and are a team effort: •av•rs 2021-22 8ar 6 L•avers tar 8 L•av•rs in Edward's. Witle eed's S¢hool GS, Guildford t Geor 's, We alliford School alesian School am l John's School harterhouse Schcl eaford Col ranlei h School Prior's Fiehl &thool uildford Hi h School ranmor8 School on Coll an boume Colle t Catherine's Sch￿1 ordon's School inslon Churchlll School l John the Ba ti51 Sctrvjol ormead Sthool OTAL More details induding a l￿de0 and a P￿tograph gaI￿ry can be seen on our webslte.. www.hoebrid eschool.co.uk. These resutt8, together with Ihe Sthod's ollw educational. recTrational and 0￿rational activiiies, satisfy the Govemors Ihal it has achleved its airrts for the year. HOE BRIDGE SCHOOL LIMrfED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Finènclal review The financial and academic year 2021-22 was a retum lo tamiliarity followro the Cowd-19 paThYemlc and our staff, parents and pupils have enjoyed lrfe retumiry to r￿)￿￿1. being able lo participate in trips, swrts and wider sthool 8clivSlles. The results for thè y8ar and the financial p)sition of lh8 Schod are as shown in the annexed fjnanclal statements. The SchcM)l rnonilors ils fmancial perfornian￿ against a series of Key Perfomancè Indicators - budg8t variances, cashflow forecasts. pupil'.teacher rath)s. stsff cost ratios. debtor levds and borrowing covenants. Most results achieved for the year were consis18nl with or better than the Key Performance Indicator largets: chlevement il numbers Pu 11.'T8a¢har ralio taff Cost:Net Fees ratio ad Debts avera 10.1 74.8% 0.7% 2,167 3.4% rrDwin ratio limit S0.OYr* Income The financial statements th(￿ nel inLxJming resources for Ihe year of £167.562 12020-21.. £70,010). The principal source of Income Is $¢h￿l fees wh￿h a(tounled for ￿.9% 12020.21.. 94.4¢hl of the Schoofs gross rwme this year. The remalning Income was derNed from wrap-around care, extra-curricular activiti8s. holiday camps and local authority source5 for dedicated dassrwn supwrt to pupils wilh identified needs. Charitable Ex￿ndItur• Total charftablg expendibjre increased by 6.79% from £5.843.282 to £6.240.651 as a result of the widèr resumption of charitable activity made Fossible by the less restricbve pandemic measures during th¢ year. R•s•rv•s policy Note 18 to the financial Statements shows assets and liatm11￿es attrfiwtable to the fvnd. Unrestrid8d funds arnounted lo £9,134,835 I202￿21.. £8,S67.273) bul £11,772,157 is invested in fixed 8sseis. There aTQ no reslri¢led funds hdd as al 31 August 2022. The Governors have determined that th8 8pproprial8 18v81 of fre8 reserves which are not invested in tangible fixed assets should be equivalent to twelve weeks or one school term's expenditure {approx. £2.th)O,iJ)O exdudirrfJ deprec4atTronl. The free resefves do not meet the taryJet reserves policy as at Ihe balan￿ sheet dale. Howevgr. the Governors ar8 satisfied that the strength of the Schcx)fs balance sheet, realist￿ financial and (8shflow forecasts from good pupil numbers across all year groups. the ongolng ￿pUlarity of our Sch￿1 and the availabillty of banking f￿AlitieS provide them with sufficienl conf￿ency for the Sthwl's fina￿aal futurg. The trustees have a55essed the m*r rlsks lo whlch the Sthcol Is exrM)sèd and are salsfied Ihat syst8ms arè In plac8 to mitigate the adverse effects of SLth risks. HOE BRIDGE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Risk review The main risks lo the Sethool are pu￿1 recruitment aTht reterrtion, (￿￿￿lance within an evor-changing regulatory environment, ma1ntainlng a healthy finanad status. recruiting arKJ retsinlng high callbre leachlng and suprM)rt staff and preserving the ex¢¢lknt reFulat'on of the School. Our plan$ and strategles for managing risk indudg: an annual review of a Risk Register a programme of acuvib'ès promoting the benefits ofthe sch￿ an established organisab'onal slnKture wth dear lines ol repN)rting formal wrlttén pdici￿.Ihat are reviewed and updated reguLgrly annual staff updates of regulatory changes, espe￿￿ty for chiW safeguardirwJ o)mprehensve strategic planning. budgeting arKI management acxJ)untiThJ proactive steps lo address known and anticipated threats clear aulhorisalion and approval levels robust stsff recnthlmgnt procedures beiT¥J fvlly prepared for regulatory inspections delivering (x)nsistent￿ excellent resu￿$ for our puplls maintaining stror¥J links with parerrts. Plans for Future Porfods Futur• D•velopmenl Plan In February 2022. we w&rè delighled lo announce that we wll be launching wo￿ng'S first Independènt Senior School. Recx)gnising tho pwssing need for an independent senlcw sch￿￿ in Woking, we have e51abllshed Hoe Bridge Senhy School. This enSU￿S that children can i￿nefit from our outstsnding education in preparation k)r GCSE and Ihelr choice of furiher education or career within easy reath of our k)cal area. From Sèpl8mb8r 2022, pupils irb or joining Year 6 and below at Hoe Bridge S¢hwl will bè able to slay wth us until Year 11, when GCSES arè tak8n, Further inforrnation on this plan can be fouTrJ on our websiltr at ww*.h￿HlgeSchool.CIj.uk1c￿rTl￿]um1se￿l¢y- school T•aching and Leaming To continue lo keep abr88sI of Natlonal Curriujlum devek)prnits and changes lo Common Entranc8 examination syllabuses. To fvrther improve curricular links betsyeen the P￿p the Pre*rep Schools. To continue to provide a first class all educat￿ for its pupils. To incfease the Lkse of ICT across Ihe curriculum. staff Development To further develop opllmum staffing levels.. and to Lymlinue to plan, deliver, monltor and evaluate professional evelopment for all teaching. non-leaching staff and Goverrvxs. F•¢llltlès To ￿ntinue lo develop and Improve the fatrxic and facilibes ofthe School. To continue investing in it3 rdling replacement and rnobi18 technology programmes to equip classrooms across Pre-Prep and Prep Schools wtth appropriate facilities to enhance their educational èxperience. 8ursaTles To Gontinue to malntaln and d8V8lop the bursary scheme to provide asslstance ￿￿th fees in appropria18 cas8S. HOE BRIDGE SCHOOL LIMITED TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 structure. governance and manag•m•Trt Hoe BNdge S¢hwl Limltsdls a charrtable company (number 020862981 limi18d by guaran188 and has no sh8r8 Caixtal. Th8 School was estabh'shed under a Memorandum and Artiths of AssociatK)n, which established the obiectlves and powers of the School and is govemed under itsArticth ofAsso(iatK)n. Thè School was fomi8d on 30 09ceM￿r 1986 and became a registered cknat5ty, number 295808. on 12 January 1987. The g)veming body Is a board of Govemors whKh must consist of a minimum of thre8 and not more than tsventy on8 mambers. As Ho8 Bridge Schod Limited a Company and a ctharity. Ihe Govemors are also the directors 8nd InJsle6s thereof. The trustèes, who are also the direclofs for the purpose of ￿rnPany law. arwj who seryed durfng Ihg year and up lo the date ol signature of the finan(¥al statements were.. Mrss EAMO MsSEWBaber Mrs F J Bourton Mr R W Ellis MrlPKatte Mrs S J Lacey MrT G Smith Mr G Verity Mr P L Wall(In Mr R J Williams Mr J L Patient MrTGPlpe TSTC￿ke IResigned 21 June 2022) IRe5igned 25 November 20211 {ApKX)inted 21 June 2022) {Appoinled 21 Jun8 2022) (AP￿￿ted 29 November 2022) Reciultment and Tralning of Governors All Govemors ar8 c¢>opled. The Board reviews its ujnstituency a regular basis. analysing the skllls available lo il and identifying any gaps there might be. The Board reC￿lts additN)nal Governors, when required, from parent body, friends of the School, businesses and professions so as to malntain the full range of skills and expertise required to ensure the continuing go¢yJ practice of the Board, and so ts enhance the overall slrategic management of thè School. A lisl of rx)tenlial Govemors Is maintained. Polenlial Govemors are Initially inleNiewed by th8 Chair and the Headmaster and then introduced to the lull Board. All r)ew Governors are issued with the AGBIS 'Guidelines for Gov9ffl0r5" handbook. In a(kJth"on lo briefings trom the Independent Schools Councll, IndePe￿ent Assw81ion of Preparatory S¢hools and the Independent S¢h¢)ols' 8ur5ars Association, Govemors may also attend seminars and workslw organised by professK)nal bcxlies on Iowcs of interest induding the impact of new legislation and rgguL4lion on wJuGatronal charties. The trustees havè considered the guidance issued by the Charity Commission in r8spéct of the Gov8man¢e Code and confirm that the trustee5 are aware of the seven prin￿P￿S set wl within. The trustees conllnue to strive for best practlce and are ensuring the Code is adhered to in the Fdioes and proctrdures impl8menled by the School. The Govemors as Iruslees of the Sch￿1 are legalty TrsrM)nsible for th8 ovorall management and wntrol of the School and meet ft)rmalty three limes a year. The Govemors are resyèsented on functional sukF¢ommlttee5 for Flnance & Bursary and Education & Welfare lo eTrab￿ effective and diligent wvemanrfx. These SUL comrnittees meet once per lenn and report into lh8 lull gov8miTrJ al its subs8qU8nl m881ing. Actlng In accordance with the wishes ofthe Board, Ihe Headmaster has stratwc responsibility for the dir8¢bon ol the School as 3 wh(A8, working th the Head of Ihe Pr￿rep Sch￿)1. assisted by the S8nior Manag8m&nt Tgam and the Bursar. The Headmaster, the Head of Ihe Pre-Prep SchcK)l. the Bursar and the Clerk to the Governors attend all fomial maelings. HOE BRIDGE SCHOOL LIMtrED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 Key manag8ment personnel are considered lo be the GoveTh)rs. who are unpaid in Ihelr rcles as Governors, and the Head, Head of Pre-Prep and the Bursar. Th8 Gov8mors are re5ponslbk ￿ setting remuneration of key management personnel. In setting thwr remuneratirb We have audited the finanual statgmen15 01 Bridge Sch￿￿ Limited {the'Schwl'> for the year ended 31 August 2022 which comprise the stalem8nl of financial acti￿lieS. the balance sheet, the slatemènl ol Cash flows and the notes to the finanual statements, Induding a summary of signrficant accounting poliLies. The financial reporting framework that has been applied In their preparation is applicab￿ law and United Kingdom Accountir)g Standards. including Financial Reporti￿ Standard 102 The Financial Re￿￿ng Standard applicable in the UK and RepublK of Ireland (United ￿'ngdoM Generally A￿pted Accounting Practice). In our oplnlon, tha fina￿la1 statemerts.. give a true and fair view of the state of the tharitable companrfs affairs a5 al 31 Augu512022 and of 115 incomin9 resources and appli￿￿'0n of resthjrces, ftsr the year then ended., have been property prepared in accC￿ance wilh Uniled Kingdom Gènerally Accepted ACCOUn￿n9 Practic8. and have bean prèpared In a￿Ordancè wlth the requirements of the Companles Act 21]06. 8asis for oplnlon We c(w)ducled our audit in aceordancè wth Inlemational Standards on Auditing (UK) IISAS IUK}l and applicable law. Our responslbililies under those standards are further described in the Auditorfs responsibilities for the audit of tho financial statements sectk)n of our report. We are independent of the School In accordance with the ethical r8quirèm@nls that ar8 relevant lo our audll of the llnancxal statements in the UK. including th8 FRC'S Ethical standard, and we have fulfilled our other ethlcal reS￿￿bil￿es in ￿COrdan￿ W[￿ these requirements. We believe that the audit evidence we have obtsirth is suffwil and apwoKYiate to piD￿de 8 basis for our opini(￿. Conrlusions rglatiny lo going concem In auditing the financial statements, wg havo ¢ondudad Ih81 truslee8' use of the golng concem bas18 of accounting in the preparation of the finan(#al statements is appropriate. Based on the work we have performed, we have not Kl8ntifi8d any m8t8rial uncèrtainties relating to events or conditions that, individually or collects"vely, May cast signfficant doubt on the School's ability to conllnue as a going con¢em for a period of at least tsvelve monlhs frorn when *he financial slaterrwts are authortsed for issue. Our responsibilitlés and th& ￿$[￿m$1￿111les of the trustees with respect to going (>)n￿M are described in the relevant sect￿On8 of thls report. oth81 Inforniatlon The other Informati￿ comwises the Informati￿ induded in Ihe annual repcfft other than the finar￿la1 statements and our auditoys report Ihereon. The Iruslees are reSp(￿l￿e for the other infomiabon cnnlained within the annual report. Our opinion on the financial statements does not cover the other information and, except lo the exlenl olherwlse ex￿￿¢mY ststed In our ￿pOrt. we do not express any fomi of assurance conclusion Ihereon. Our re5POllSitMlity is to read the other iFrforrnatlon and, in doing so, C￿nSIder whelher the other information is materially inconslslent with the ffinanoal stal8men15 or our krN)vAedge obtained in the cyjurse of the audit, or olherwse appears lo be materf811y mlsslaled. If we identsfy such material inconsistendes or apparent material misstatements, we 7&e requirgd lo dèt8nYunè wh8ther Ihis gNes ris6 lo a material misstatement in ihe financAal statements themselve5. 11. basèd on the work we have perf¢)rmed, we L¥)nckNJe that there is a materia misstalemenl of this other infomialion. we are required to reKth Ihal fact. We have nolhlng lo report In Ihls regard. OplnlorvJ on other matters prescrlbed by tho Companlo$ A¢1 2006 In our opinion, based on tho work Ur￿ertaken in the course of our audit.. the infomiation given In th9 tnjslees, reKK)rt for the financial year for which the finarKial slatements are pr8pared, which includ8s thè dir8Ctors' prepared for the purposes of company law, is consislenl with the financial statements- and the directors. report included within Ihe trustees. roport has been prepared in accordance ￿ appM¢able legal requirements. HOE BRIDGE SCHOOL LIMrrED INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF HOE BRIDGE SCHOOL LIMITED Mattgrs on whlch we are r¢qulred to report by exception In the Ilght of knowledge and understsnding of th& School and its en￿ronment obtained in th8 course of the audit. we have not id8nb.fied material rr¥sstatements in directo￿. report irthd8d within the tNgt8es' report. In the Ilghl of the knovAadge and uThJerstandiThJ of the CoMp￿Y * its environrnent oblained in the cours8 of th8 audit, W8 have not identified material rnisstaterrEnts in the trustees, repcrt. We have nolhing to report In respect of the following matters in rel8lK)n to which the Companie5 Act 20(￿ raquires us to report to you if, In our Cfl￿nion.. adequate accounting records have not been kept, or r&tums adequate for our audit have not been received frorn LKanthes not WS51ed by u5: or the finanaa staleffEnls are r￿1 in agreement with the accL)unting rec¢Yds and retum5', or certain disclosures of trusté8s' remunerabon speThfied by law are ra)1 rnage,. LY we have not recesved all th8 infonnation and gxplan*iorts we requlre for our audit., OT R•spoTr$lbllltlo$ of trustoè$ As gxplained more fully in Ihe stat8ment of truslee5' responsibilitses. the trustees, who are also the dlredors of the School for the purwjse of rompany law, are responsib￿ for thè pr8paration of the financial statements and for being satisfied that they give a true and fair view. and f(Y suth inlemal control as the Iruslees delermlne is necessary lo enable the preparallon of financial slalernents that ar9 free material misststèm8nl, whether due lo fraud or error. In weparing the financial statements. the tnJstÈes are respon5ibl8 for assessing the School's abi5ity lo "'¢onlinue as a going concern. disdosing. as aP￿n￿ble. MatteT*Te￿ted lo goiThJ concem and using the going concern basi5 01 accounting un￿sS the trusteès 8ith8r intend io liquklate the tharitable ¢x)mpany or to ceasé operations. or havg w realistic alterntho Lwl to so. Audltorfs r8sponslbllilies for the audit ol the finan¢ial statemènts Our objectwes are to obtain reaSona￿e assuran¢8 atK)ut %th8lher the financial statements as a whole are free from material misstslement, whether due to fr8ud or err¢y: and lo Issiie an audilots report that In￿￿eS our opinion, Reasonable assurance is a high ￿Ve1 of assurance twjl is not a guarantee that an audil (x>nducted in accordance with ISAY IUKI will always detect a material misstatement when it exlsts. Misslaternenls can arise from fraud or error and are considered material If, individually or in the aggregate, they COU￿ reasonably be expected to influence tho economlc dedslon5 of usèrs tsken on tho basls of these financlal statements. A further de5crfptk)n of our responsibilities is avallat4e on the FInarK1￿ Rewting coun￿1.8 wgbsile al.. htw.'Ii www.frc.org.ukJauditorsrewnsibilities. This descriplion li￿ part of our audilorfs report. -10- HOE BRIDGE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HOE BRIDGE SCHOOL LIM￿ED Extent to whlch the audit was ¢on$klered ¢apablp of detect•ng irregularities. Sncluding fraud Irr8gulari1¢8s, including frathl, are Instsnces of non-(XNnFAlanc% Trmlh laws and regulations. We design procedures in lirke with our responsibilities, outlined above and on the FinanLial Reportw Council's websile. to detect mat8rial misstatements in resp8cI of irr8gularitiÈs, in¢￿￿1ng fraud. We obtain and update OUT underslanding of tho entity. Its acaivities. its control environrn8nl, and likely futur developments, indudiThJ in relation to the legal and regulatory framework applicable and how the entity is complying th that framework Based on this undefstandlng, we Kjenlrfy and assess risks of material misstatement of the financial slalernents, whether due to fraud Dr èrror. dèswJn and perform audll Prc￿￿re$ responslve to those risks, and obtain audit eMderKe that is sufficienl and apwopriate lo provide a basis Icy our opinion. This inchjdes consideration of the risk of acts by Ihe entity that wefe contrary lo 8pplicabl8 laws and regulalions, including fraud, In response to the rlsk ol irTegulaTities and no[￿coMpl￿Ance I￿1h ￿w$ and regulations, includlng fraud, we designed procedures whlch Includ￿. EnquSry of management and those charged vAlh govemance arouThJ actual and polerrtlal 1ltlgat1o￿ and clalms as well as actLEal. suspected and alleged fraud", Revtewng fflinute5 of meetings of those charged wtth govemance., Asséssing the exlenl of compliance wth the laws and regulalions c¥nsidered lo have a dlrect malerlal effect on the finandal slalemenls or the operations of the enlity through 8nquiry and insp8ction,' Rèvièwing financial stalèmenl disclosures and testing to supporting documenlatr)n lo assess compllan¢e with applicabl8 laws and regulatths.. Perfom7ing audlc Wofk over thg risk of managemerjt bias and override of controls, including 18sting ol Journal enthes and other adjustmènls for appropriateness, evaluating the business rationale of significaDI transaclKJns outside the nonnal 1x>u￿e of bU￿nesS and reviewing accounliThJ eslimales for indicators ol potential bias. Because of the Inherent Imitations of an audit. Ihere Is a rfsk Ih81 we will not detect all irreguLgrtiie5, including those leading lo a material misstatement in the fina￿￿31 statèments or non-complian(* with regulation. Thls risk Increases the more that Corn￿1an￿ with a law or regulatM)n is renM)ved from the events and transactions reflected In the flnanclal stslemenls, as we wll be less likew to bewie aware of inslanGe5 of non-cornplian￿. The ri8k of not detecting a malerlal misslalemenl resutting from fraud is hwJh8r than for one resulb'ng from 8rror, as fraud may Involvè collusion, forgèry, int￿110nal Ornis￿Ons. misrepresenlath)ns. Dr the overtNJe of inlemal control. Use of our report This report is made solety to the charitable CoMpan￿S members, as a LKxly. In accorrlance wlth Chapter 3 of Part 16 of the Companles Acl 2(YJ6. Our audit work has been undertaken $0 that wa M￿h1 stst8 to th& ¢h8fTtable companI8 members those matters we are requlred lo stale to them in an auditors, ￿port and for no other purpose. To the 11gst gxlent pemiitted by law, we do not accept or assume responsibility lo anyone other than the charitsble mpany and the ¢hathatAe company's ￿￿rnberS as a body. for our audr( work, for this r8POrt, (K for th8 oplnions wa have fom)gd. li zek A.Ai- Robert Southey (Senior Statutory Auditor) for and on ￿hall of kets Audil Services Chart•réd Accountallt$ statutory Audltor 25 April 2023 A5hcombe Court Woolsa(* Way Godalming Surrey Unlled Klngdom GU7 1LQ 11 HOE BRIDGE SCHOOL LIMrrED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 Unrestrl¢ted Unrestrfcted funds funds 2022 2021 Notes com? and e Grants Income from charitable activities Qlhgr income dowments from. 57,229 64,558 5,832,012 5.572,616 518,972 276.118 Total Income 6,408,213 5,913,292 Ex enditur• on.. Analysls of expendlture on charitabl• activities 6,240,651 5.843,282 Net in¢omlng resour¢•s 167,562 70,010 other re¢ognlsed galns and195S•$ Revaluation of tangible fixed assets 10 1,254,270 N•t movemont In tunds 167,562 1.324,280 FuThJ balances at 1 September 2021 8,967.273 7,642,993 Fund balancfrs at 31 August 2022 9,134,835 8,967,273 The $ts18ment ol finandal a¢livities include5 811 galns and losses rec￿nISed in the year. All income and 8xperNJilure derive from continuing activit￿. The statement of financial adi￿lIeS al80 cunpl'es wtth the reqUIren￿lts for an income and expendrture account under the Companles Act 20[￿. 12- HOE BRIDGE SCHOOL LIMITED BALANCE SHEET ASAT31AUGUST2022 2022 2021 Notes Fixed assets Tanglble assets 11 11.772.157 11,606,319 Current ass•ls Debtors Cosh al b8nk and in hand 12 1.402.748 42,627 1,390,466 1.445,375 1,391.427 Cr•dllors'. amounts lalling du• wlthln one year 13 12,771.1581 {2.639.4471 Net current liabilities {1,32S.783} 11,248,020) Total assets less current Ilabllltles 10.446.374 10,358,299 Cr•dltors: amounts falllng duo aft¢r mor• than on• y•ar Is 11.311.539) 11,391,0261 Not a$sots 9.134,835 8,967,273 Income fund$ Unrestricted funds- eneral General unrestricted funds RevaluatiDn Teserve 7.880.565 1.254.270 7.713,(￿3 1,254,270 9,134,835 8.967,273 9,134,835 8,967,273 The fin ncial slalemenls were approved by the Truslegs On ... ..... £0 Tr Company Reglstration No. 02086298 13- HOE BRIDGE SCHOOL LIMrrED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Not•$ Cash flows from operating a¢tlvltles Cash generated from operations 23 743.889 346,356 Inv051ing a¢tlvltles Purchase ol tangible flxed assets 1444.3021 1285,203) Net cash uts•d In Investing aclivities 1444.3021 (285,203) Financing activi150$ Repayrnent of bank knans (79.48n 179,487) Net cash used In finan¢lng actlvStl•s 179,4871 179,487) Net Increa$￿{decrea5e) in ¢ash and ¢a$h oqulval•nts 220,100 118,334 Cash ant1 cash equlvalents at beginning of year 1177,473) 1159,139 Cash and cash equivalml$ at end of year 42.627 1177,4731 Relollng to: Cash at bank and in hand Bank overdrafts induded in creditors payable within one year 42.627 961 1178,4341 14- HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policles The significant accounting policies applied In the proparAtion of Iheso finanThal statements ar8 $91 out below. These rM)licies have been consislenly applied to 811 years presenled unless othemlse stated, Charlty Infarniatlan Hoe Bridge School Limitsd is a charitablg company Inwted by guaranlea Incorptrral￿ In England with company registration number 02086298 and Charity number 295808.The reglstered offico Is H￿ Place, Old Woking. w0km￿. Surrey, GU22 8JE, Unikny Kirythi. 1.1 A¢wuntlng conv*ntion The financial slalemenls have been prepared in ac¢Ndan¢8 with the Schoofs Articles of Asg)eiatlon, the Companies Act 2006 and 'Accounling and R8Fthing by Chanties.. Siaiemenl r)f Reo)mmended Practice applicable lo tharities preparirKJ thelr accounts in aCwr(lafi￿ ￿th the Financial Reporlng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The SGhool Is a Public Benefit Entity as defined by FRS 102. The financial stalem8nts ar8 pr8pared in ste￿Ing, whlch is the funclional currency of the Schth)l. Monètsry amounts in these finarKial statements are rovnded to the nearest £. 12 Golng eoncern After reviewng the School's forecasts and proiecb'ons, the trustees have a reasonable expectation that the School has adequate resources to continue in operation for the foreseeabl8 fvlure. Tho School Ih8refore conb'nues to adopt Ihe going concem basis in prèparing its financial statèments. However, not all future avents OT conditions can be pred￿ted and the trustees address speafKally any rfsks to the Schwl's financlal future in the Financial Review section of their annual report. 1.3 Charitablg fvnds Unreslrided fijnds are aVaIlab￿ fv use at the dis(xebon of the tsuslees in furtherance of their charftable objectives. 1.4 Income Fees receivakle are accounted for in the wiod in whth service is provided. Fees receivable are staled after deducting alknvances schjlarships and other remi￿OnS by the SchcKJl from its unrestrict8d fiJnds. Grants arè incl￿ed In the Slalemenl of Financial Aclivilies on a receivatrAes basis. The balance of incorne received for spe¢lflc purposes i%rt not expended during the pencé is showm in the relevant fvnds on the Balan¢8 St*01. Wher8 income is f￿1ved ift advarKe of entit￿ment of receipt its recognilK)n is deferred and includèd in cr8dilors as deferred in(x)me. Where enttuement occurs befo￿ income is received, the income is accrued. Govemmenl Grants Coronavirus Job R&tention Scheme and other govemment grants are included in the Stslemenl of Financial Activities on a r￿￿1vable basls. The income received and related expenditure are included as unrestricted funds. 15- HOE BRIDGE SCHOOL LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Accounting poll¢les Iconllnuedl 1.5 Expondlture Expendrture is recLvJnSsed once there is a legal or constructNe obllgation lo transfer economic benefit lo third party, it is probable that a transfer of economic beneffls will bè r8quired in settlement, and the Bmounl of the ob&gath)n can be measured reli8bty- Expenditure is dasstfied by ￿ll￿ty. The costs of eath actiwty arè made up of the total of direct CA)sts and shared costs, including support costs invofved in undertaklng each activity. Direct costs attribLrtable to a single activity ar8 allocated diredy lo that activty. Shared costs vthi¢h contribute lo more than one activity and support costs which are not attributable to a Sing￿ acliwty arè 8PPOrtioned belweell those actsvltie5 on a ba81s consistent wlth the use of res(￿rceS. Central staff costs are allocated on thè basis ol lime spent. and deprerjation ch8rg¢s are allocated on the [￿rtion of th& asseys use. All 9xpendI￿rÈ is ￿￿ntad for on an acc￿￿lS basi5. Al expenditure is dassifi&Y urKler actrvity headlngs that aggregate all costs related to the category. Charitable costs Include the c¥)sl of runnlng the sch￿1. tea¢hirKJ staff ￿$tr and olher educa￿onal sts necessary to fijrther the pUT￿Se$ of th& Sthctyjl,. Governan￿ costs represent the casts of the managemènt of tho SchcM)l and of c4)mplying with eMslSlutional and statul(ry requirgrnents. The irracoverable VAT is charged agalnsl the category of resources expended for which It was Incurred. All expenditure is rewgn15ed once there islggal or constructive Obligat￿ lo make a payment lo a third paty. 1.6 Tanglble fix•d assets Tangible fixed assets are initialty measured at cost and subsequ8nlJy measured al u)st or valuation, nèl of depreciallon and any impaimient h)sses. Depredatlon is reccgnised $0 as to writs off the (x)st or valuation of assets less their residual valu8s ovor Ihelr useful lives on the following bases= Frèehold twildiws IT equipment Fixlures. fittings & 8quipm8nt Sports equlpmant Plant & machinery (fv8r 50 years 25% straight line 20% redu￿￿9 balance I0¥¢ reduung balance 15% redwThJ balane Assets In the course of constsucilon 8r8 not depreciated. Th8 gain or loss arising on the disposal of an asset is delemin8d as the differen￿ beNveen the sale proceeds and the carrying value of th8 ass&t, and is recognised In the statement of financial activities, 1.7 Cash and cash equivalents Cash and cash equSvalenls include cash In hand, deposits hekl at call wlh banks, Other short-lerm liquid investments ￿th ￿lgInal maturities of three months or less, aN1 bank overdrafts. Bank ovordrafts are shtswn within borro￿￿8 in current liabilili8s. 16- HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 A¢¢ountlng poll¢F•s IContlnued} 1.8 Flnan¢ial instmments Flnanual instruments are recxxJrMsed in Ihe Schwl's balance sheet vtsn th8 SdKX)I becomes paty to the conlrafjtu81 provlsions of the instnjmenl. Baslc finan¢tal instruments are inthalty recL¥nised al th8 transactK)n pr￿e. unkn the arrangement constitu189 a finan￿r¥3 transaction, whèrè it is re¢¢gnised at Ihe present value of Ihe fvlure payments discounted al a mathel rale of interest for similar debt Instrument. Debt instwments are subs8qu8nUy measured al arnortised cost. Financial assets that are measured at cost or 8nvJ*"sed are revwied lor ¢kniedNe 8vblence of impairment al th8 end of 8ach reporting dalè. 11 thÈTr is 014ectNe evidence of impair￿￿n( an impairment k)ss is recognised in profrt or loss immediately. 1.9 Employe• bonoflts Until 31 August 2021 teaching slaff empkjyed by the Sc#)ool were eligible for membership of the Teachers Pensv)n Scheme, which is a national. slatutory r£>ntrbLEI(Ky, unfunded defined bènefft schÉm8 admlnisl8red by the Teachers Pension Agency, an exeeutive agenw of the Department of Education and Employment. Pension cos15 are assessed in accordance wth the a(Jvicg of thg Governfflenl Actuary. From 31 August 2021 the schod exiled the Teachers PensKJn sche￿ in fav￿1 of ts Aviva Pension Trust for Ind8pendenl Schoc4s IAPTIS) scheme. The SthcN)I has arranged a defined contribution p8nsKyn stheme for those meM￿rS who are not &ligIb￿ lo joln APTIS Schwnè, Penslon cost5 charged in the Stslement of Financial Activities represent the contributions payaNe by the School in the year. 17- HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Critical ac￿l￿tIng •stimate5 and judyom¢nts The preparation of the financial statements requires management to make jud9emenls, eslimales and assumptions that affect the amounts reported. Th859 estimales and judgements are continually reviewed and are based on experience and other factors, ￿nd￿JIng 8Xpeda1￿)nS of future events that arè believed to be roasonawe under thè f#rcumstances. Accounting eslimates and assurnplions are madè uN)ceming the futur8 and, by their naturè, will rarely equal the related actu81 outcome. The key assumpti(ms and other sources of estimation uncertainty that have a 5ignlflcant risk of causlng a material adjustment to the caryw amounts ol assets and liabililies within the next financial year are as follows.. Crltkal ludg•m•nts {1) us￿Ul •conornlc liYe$ of tanglble fixed ￿ets The annual depreiyation charge Is sensttive lo charKJes in the estimated useful economic lives and resldual values of the ass8ts. The useful economic lives and ￿dUal valuas are re-assessed annually. Tl8y are _ arnende(I where necessary lo refl8cI current estimates based on technologic81 advancement, fLrtur8 investments, e￿noMiC ulilisation, and the physical cc￿d[li0n of a￿ts. See Note 11 for the carying amounts of tangible fixed assets. (11} Impainnent ol ass•ts Non-current assèts including fixture5 and ffttings. plant arKI equipment and motor vehicles are reviewed for impairment If events or changes in orcumstances indKale that the carrying amount may not be re¢overablè. Where such an event or change of Circumstances takes pl8cg, then additii)nal Impaim*nl rnay be requSred for future periods. Grants Unrestricted Unrestricted funds funds general general 2022 2021 Govemment grants 57,229 64,558 Grants re¢￿Vable for core activiti Educatlon, Health & Care Plan {EHCP) fundiThJ Coronawrus Job Retention Sch8rne funding 57.229 43,301 21,257 57.229 64,558 18- HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 I￿¢m• from ¢harltable a¢ti¥ltle$ 2022 2021 Gr055 fees Lgss burs8rfes, scholarships and discounts other income 6,088,631 5,855,064 1269,5941 1289,6481 12.975 7.2LKI 5.832,012 5,572,616 oth•r Incomo Unrestrlcted Unrestricted funds funds general gener81 2022 2021 Hollday camp After-school dubs Treetops after schwl (zre Trips and other incDme 173,748 166,558 107.517 71,149 114,490 60,985 60,519 40,124 518,972 276,118 19- * <0 u>in r (rs f (5> Oe4W• 00 ro v) 5sail 11 HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 Supp¢rt ¢osts Support Govornan¢¢ 2022 Supkx>rt costs Govem8nce costs 2021 Stsff costs Flnance cos15 Markellng costs other staff costs 238,904 91.888 28,T75 41,896 238, 91,888 28.775 41,896 189.655 189,655 90,536 13,963 21,325 13,963 21.325 Audll fees Accounlancy 10.725 5,135 10.725 5,13S 9,750 3,723 9,750 3,723 401,463 15.860 417,323 315.479 13,473 328,952 Anatysed between Chadtable acliviligs 401,463 15.860 417.323 315.479 13,473 328,952 Govemance costs includes payments lo Ihe auditcrfs of£10.725 (2021 - £9.7501 for audrt fees. Trustees None of ihe trustees lor any persons cOn￿ded wth them) I￿1Ve￿ any remunorafjon during the year. Thère wère no Iruslee$' expenses paid for Ihe year end¢d 31 Aug￿￿ 2022 nor for the yaar ended 31 August 2021. 21 HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 Employees Number of ￿plOyeeS The average monthly numberof amph)yaès duriThJ the year vrds: 2022 Number 2021 Number T9achlng staff Support staff Facilities and admin 56 40 13 53 12 109 101 Employment costs 2022 2021 Wages and salaries Soclal security cos Employers, pen&on costs 3,400,036 337,851 339.560 3,226,982 300,742 576,138 4.077.447 4,103,862 In additk)n lo the above are staff costs in respecl of Treetops. After SclKx)I Clubs and Summer Camp totalling £155,06812021 - £112.871). The number of employegs whose annual remuneration was £60.OC¥) or more wer6= 2022 NuM￿r 2021 Number £60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 £11)0,000 - £109,999 £110,000 - £119.999 10 Revaluation of fix•d assets Total Unreslrfctèd funds general 2021 2022 Revaluation of tang￿le fixed a88ets 11,254,270 17> ¢5) (N o rfj ¢Y) IP tl) r 47J r * ¢v WJ *LY *•¥E 41 00 Lri ai HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 11 Tangibl• Ilxed a$s•ts (Contlnu•dl Thé carrying value of land Included in larKI and iwildings ¢￿F￿￿eS.. 2022 2021 Fr88hold 4,249,OCKJ 4,249.000 Land and buildings with a carrying amount of £11.164,fX)O were revalued at 31 August 2021 by Gerald Eve, Independent Yaluers not connected wth the Schwl on the basFS of rnarket value. The valuation conforwns to Inlemalional Valuab'on Stsndards and was based ￿ depreciated replae8ment cost lor specialised propèrties. The InJs198s have Cons￿ored the valuation as al 31 ALWJUSt 2022 and have concluded that it is not malerialty different lo carrying valuè of the land and buikjings. Al 31 August 2022, had the revalued assets been carried at historic cost less aC￿mUlated depr8d8tty)n and accumulated Impair￿n1 losses, carryirrfJ amunt w¢)ukl have been approximately £11.392,72812021- £11,241,471). The revaluation surphjs arising In 20211$ disclose Fr8ehold18nd and buildings ￿th a Car￿n9 amount of £11.257,751 (2021- £11,164,000) have been pledged to se¢ure bomwirKJs of the Sc￿￿. The sch(￿1 is not alh)wed to Flodge these assels as s8oJrity for ottr￿r rrowings or to sell them lo another enb"ty. 12 D•btOfS 2022 2021 Amounts falllng du• wlthin on• y•ar'. Trade debtors Othor debtors Prepayments and accrued income 1.308,849 15,523 78,376 1,313,599 347 76,520 1,402,748 1,390,466 13 Crndllors: amounts falllng dua wlthin on• year 2022 2Q21 Not•s B8nk loans arvj overdrafts oth8r taxation and social security Dèferred inc(Nre Trade creditors Other creditors Accruals ar￿ deferred in￿rne 14 79,487 106.136 2,009.696 98,524 431,529 45,786 257,921 83,555 1,795,840 83,553 382.028 36,550 16 2.771,158 2,639,447 Included within other creditors are fee deposits lotalling £332,75012021- £289,250). -24- HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 14 Loans and overdrafts 2022 2021 Bank overdrafts Bank loans 178,434 1,470,513 1,391,026 1.391,026 1.648,947 Payable wilhin year Payable after one year 79,487 1,311,539 257.921 1,391.026 Amounts included above whK* fall due after five years.. Payable by in5talments Payabk other Ihan by instslments 39,744 1,033,333 1,073,Q77 The long-lerrn loans are secured by fixed charg8s as foll(yws.' On the 14 October 2014 National Westrrmnster Bank PLC Ixeatsd 8 debenture over all assets of Hoe Bddge School Llmiled, th15 5ecurtiy is not limited. On the 26 July 2016 National We5tsninsler Bank PLC created a kgal charge over Hoe Place, 224 Old Woking Road. GU22 WE, IhK8 se￿rity is not limited. 15 Credltors: amounts falllng aft•r more than ¢no y•ar 2022 2021 Nolès Bank loans 14 1,311,539 1,391,026 -25- HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 16 Deferred Income 2022 2021 Arlslng from fees recelved in athan 2.009,698 1.795,840 08lerred Income is Included in the ffinawal statements as follow8.. 2022 2021 Deferred income is included within.. Current liabilitifjs 2,009,696 1,795,840 Movements in the ygar.. Deferrèd income al 1 September 2021 R8le8sed frorn wevicxjs pefiods R8sDufG83-deferTed in'the year 1,795.840 1,743,n9 {1.795.8401 11,743,739 ,009,696-4-.795,840 D8f8ffed Income al 31 August 2022 2.009,696 1,795,840 17 R•tir•ment benefit s¢hom¢s Dofin•d contsibution schemes On 31 August 2021, the Sthod withdrow from the Teachers. P&n5K)n Scheme, replaclng il with the Aviva Penslon TNst fty IndeperKlent Schwts IAPTISI scheme. Th8 School also administers a defined contribution scheme for support staff. The cost for the year 8ndèd 31 August 2022 of the School's ¢￿tributionS to tlis Scherne Wds £339,560. In the previous year, Ihe ￿h0o1 contributed £576,138 In total lo p￿slon sch6mes= £45,029 to d8fined wilribution schemes and £531,109 to th8 Teachers, Pension S(*eme. PénsSon C￿tribUtIOnS of £54,24412021- £71.0001 were (yjtstanding 81 th& year end. 18 Analysis of n•t assets between funds Unrestrictsd Unrèstrict8d funds funds 2022 2021 Fund balances al 31 August 2022 are represent8(I by: Tangible assets Current liabilities Long tsm liatAlitiès 11,772,157 11,606,319 11,325,783) 11,248,020) 11,311,539) 11,391,026) 9,134,835 8,*7,273 HOE BRIDGE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2022 19 Financlal commltment$* guarnntse$ and contingent liabilities Thé school has paid a first deposlt for the acquisilon of land adIa￿nI to the current site. Subject to planning pennlsslon belng granted. a Se￿nd deposit and final balance lotalling £643,500 will fall du?. The timing of this liability is dependent on planniTrJ pemiission ￿e1Trg granled. 20 Operatlng lease comfflitments Al the reporting dale the Schod had outstanding commitments for futurè minimum1gas8 payments under non-cancellable operallng leases. which fall due as follows: 2022 2021 Within one y8ar Between two and fNe year5 In ov8r fiv& years 48.132 166.917 3,046 42,913 157,618 31,335 218.095 231,86S Lease payments recognised as an expense duriThJ th8 year total￿ £65,32212021- £45,9661. 21 Capllal ¢ommltm•nt$ 2022 2021 Contracted for but not Provided in the financ4al statsments: A(4UiSition of propety, plant and w4uipmenl 43.032 82,000 43.032 82,000 22 Related party transactlons R¢muneratlon of koy management personnel The r8muneration of key management personnel Is as folkjws. 2022 2021 Aggregate compensati 338,779 322,906 -27- HOE BRIDGE SCHOOL LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 RelatÈd party transa¢tlons {Contlnued) Trans¥etlons wlth fftlated partles t)urtng th8 year the sch￿ entered into th8 fdlcming transactM)ns with rdatad parties.. School fees Provlslon of professional $ervic•s 2022 2022 2021 2021 Mr P Wa5ton Mrs S Amold Other related parties 17.846 20,210 15.859 15,552 4,535 6,934 38,056 31,411 4,535 6,934 Included in trade debtors al year is a total anwnt of £5.804 {2021 - £5.9731 du8 from the trustees in fespect.of.th8.transa13tion&noled.atrK)v•-. The trustee Mr P Walton is a partner of Penningtons Manthes LLP, transaC￿on$ with whom 8re disclosed undèr other related parties. Included in tra