**FINTON HOUSE EDUCATIONAL TRUST GOVERNORS’ REPORT AND AUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2024**
**COMPANY REGISTERED NUMBER: 02119682 REGISTERED CHARITY NUMBER: 296588**
Finton House Educational Trust | Year Ended 31 July 2024
## **Table of Contents**
|1|2023-2024 Overview of School performance ............................................................................................................. 2|
|---|---|
|2|Educational highlights................................................................................................................................................. 2|
|3|Our Charity ................................................................................................................................................................. 6|
|4|Public Benefit & Partnerships ..................................................................................................................................... 7|
|5|Operational & Financial Review .................................................................................................................................. 8|
|6|Plan for the future .................................................................................................................................................... 10|
|7|Governance .............................................................................................................................................................. 10|
|8|Reference & Administrative Details .......................................................................................................................... 12|
|9|Statement of Governors’ Responsibilities ................................................................................................................. 14|
|10|Independent auditor’s report to the members of Finton House Educational Trust ................................................. 15|
|11|Statement of Financial Activities .............................................................................................................................. 18|
|12|Balance Sheet as at 31 July 2024 .............................................................................................................................. 19|
|13|Cashflow Statement for the year ended 31 July 2024 .............................................................................................. 20|
|14|Notes to the Financial Statements ............................................................................................................................ 21|
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## **1 2023-2024 Overview of School performance**
## **Pupil Numbers, fees and market conditions**
Finton House provides day school education in London SW17 to boys and girls from the ages of 4 to 11. It is a charity, founded in 1987 on the principles that there should be no academic selection for entry into Reception and that all the children, including those with special educational needs, should enjoy a completely inclusive, nurturing environment. The impact and success of a Finton education is evident in the number of children waiting for a place to join in Reception or for an occasional vacancy in all Year groups, and the remarkable success of pupils being awarded places and scholarships into a wide range of selective independent senior schools.
The Financial Review below demonstrates that the School is in a sound financial position with a full pupil roll, waiting lists for occasional places in most Year groups and generating a surplus for the 2023-24 academic year. The fees remain very competitive with other similar independent schools in the area, and represent good value for money. The School enjoys an enviable reputation in the local area. This stability is critical as ongoing inflationary pressures, the continued declining birthrate in the local area, and the ongoing impact on customer affordability from the introduction of VAT on school fees, will create financial headwinds that will need to be carefully navigated over the next few years.
Recognising these challenges, the School has been working to ensure the provision and facilities are second to none, and to widen its catchment area. A School bus route began in September 2023. Since its inception, the school bus route has successfully attracted families who might have otherwise chosen schools closer to home. This addition has proven to be a valuable enhancement to our service provision, and as part of our strategic objectives, we are considering the introduction of another route to further expand our reach and support more families.
The School is financially stable and has rebuilt its reserves to an adequate level since they were utilized during the COVID pandemic. The School is in a strong position to navigate the imposition of VAT on private school fees from 1 January 2025 and the upcoming removal of business rates relief and an increase in Employer’s NIC contributions which take effect in April 2025. These risks are set out in more detail below.
## **2 Educational highlights**
## **2.1 Leadership**
The School has in place a strong Senior Leadership Team, which includes the addition of a Head of Human Resources, Tanya Allen. Ben Freeman (Head) and Katie Cousins (Deputy Head Academic) have been at the school for many years and have recently been joined by Nicholas Karelis (Bursar), Catherine Gomez (Deputy Head Pastoral) and Charlotte Griffiths (Head of Marketing, Communications & Admissions). The team have developed a five year strategic plan which is in the process of being implemented.
The Senior Leadership Team are supported by a Junior Leadership Team. To help drive the School’s education strategy, the Junior Leadership Team contains a well-qualified and experienced SENCo, an Assistant Head Curriculum, Assistant Head Teaching & Learning and an Assistant Head Technology & Innovation. Supporting the pastoral ambitions of the school is an Assistant Head Wellbeing and Assistant Head Culture. To help ensure the school stands by its charitable aims, the Head of Marketing, Admissions and Development is supported by an Assistant Head Partnerships.
Recently the school has begun work on a large piece of work identified in the strategic plan, to explicitly develop children’s ‘soft skills’ or competencies in areas such as resilience, problem solving, leadership and teamwork. This has led to the appointment of a lead teacher and the school becoming a member of the Learning Skills Trust and developing their version of the Pre-Senior Baccalaureate (PSB).
To help deliver against the School’s strategy it has also invested in its Administration function by hiring a Head of Human Resources and a Head of Marketing and Development who have both joined the Senior Leadership Team, as well as the addition of a Head of Information Systems to help implement key initiatives. These additions align to the School's overall strategy.
Several governors reached the end of the term and replaced with Governors with expertise in financial matters, IT and safeguarding. The Chair of Governors is due to retire in June 2025 and the nominations committee have completed a recruitment process for her successor. James Vickers joins the Board as Chair elect with the role due to commence in June 2025 on the retirement of our current Chair, Liz Buckley. James is currently the Chairman of a leading International
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Insurance Brokerage, and has also held various Directorship and Chairman roles at several subsidiary companies. He also has extensive practical experience in corporate governance, compliance, risk control and corporate culture development.
## **2.2 Senior School Places**
The 2024 Year 6 leavers of 48 children made 171 applications to 51 senior schools. They received a total of 100 offers with every child receiving at least one. They were also awarded 20 scholarships, 12 academic and 8 for other disciplines. These very pleasing results are testament to the commitment and dedication of the teachers, the bespoke preparation that goes on prior to their exams and the foundations that were built in the preceding years.
## **2.3 Outdoor Learning**
We have continued to embed Outdoor Learning into the curriculum, particularly in the lower years and are continuing to build on opportunities to involve KS2 as well. We have also enjoyed housing an incubator from Tom’s Farm and hatching some rare breed chicks. This included the installation of a ’hatch-cam’ so the children could watch from home or from their classroom.
During Summer 2024, Year 6 pupils went on a five-day residential in France, Year 5 spent five days in North Wales, Year 4 at the Cumulus Outdoor Centre in Dorset and Year 3 stayed at PGL centre Windmill Hill for their residential trips.
We held a highly successful and enjoyable Outdoor Learning Day on 25 March 2024.
## **2.4 Wellbeing**
The wellbeing of the pupils and staff has remained a priority. The Mental Health Support Group, comprising staff from each area of school life, oversees the wellbeing of pupils and staff with a range of existing and new initiatives. Our annual Pupil Attitudes to Self and School (PASS) Survey is conducted in the autumn term with a second survey of any children whose scores were a concern. If these children’s scores remain concerning, additional support is put into place through social groups, one to one sessions with an ELSA (Emotional Literacy Support Assistant) or counselling with one of our two school counsellors. We continue to offer mentor groups for pupils in Year 5 and 6, Mindfulness lessons for Reception, Year 4 and Year 6 children and Mindfulness drop-in sessions open to all pupils. The Secret Garden remains busy and has recently received an overhaul by the outdoor learning team, with great plans to expand and extend its use. An increasing need for a quieter zone in the playground has been addressed by the development of the ‘Calm Corner’ - an area where children can enjoy quiet games or activities if they choose to be away from the busy main playground.
For our staff, we conduct regular wellbeing surveys which inform our decision making and the results and action points are fed back to staff. We offer several staff social events such as the annual staff quiz, a staff choir, weekly Pilates classes and an annual staff rounders and cricket match.
## **2.5 More Able Pupils**
We aim to ensure that boys and girls of all abilities, including the most able, are nurtured and challenged to make excellent academic and personal progress as highlighted in the ISI’s inspection report dated May 2023. All children are encouraged to express their opinions, strive for excellence and think ‘out of the box’.
We use a range of strategies to identify more able pupils and plan for their needs. A child is identified as being more able when they achieve, or are believed to be capable of achieving, high levels of attainment across the curriculum, or in particular skills or aspects of subjects. When a child is identified they are included on our More Able Register which is shared with all staff. This list is regularly updated and officially reviewed by all teachers twice a year (October and March). This is overseen by the Academic Team.
A child may be added to the More Able Register based on teacher judgement and discussions with other staff, performance in school exams, CATs tests and other standardised assessments, as well as following observation or reports from previous schools, specialist teachers, and peripatetic teachers either in school or out. We currently have 84 children on our More Able Register, some in more than one subject area/category.
Teachers plan carefully to provide children with opportunities to show what they know, understand and can do through the use of differentiation, open-ended questions, enrichment activities, opportunities for individual progression in their work, educational visits, inter-school events, and national events and competitions. There are a number of music ensembles, creative writing, general knowledge, languages, swimming and art clubs which are well-attended.
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The children have experienced a range of events and competitions in the last year which have provided excellent opportunities for them to nurture and demonstrate their ability. These include:
- National Literacy Champions Book Quiz – first placed primary school, 3[rd] place in London heat.
- Speak Up public speaking competition – winner & runner up both from Finton House
- Primary Maths Challenge – 2 silver and 5 bronze
- 11 children published in book created by YoungArtists
- IAPS swimming finalists at the London Aquatics Centre and English Schools swimming finalists in Sheffield
- 15 children chosen in the RCA annual Art competition
- Primary Translation Bee – finalists Cambridge University
## **2.6 Special Educational Needs (SEN)**
As well as having a large number of children on our More Able register, the school is proud of its broad intake, which includes some children with SEN. According to the government figures for 2023-24, 17.1% of UK school children had SEN (3% Educational Health Care Plan (“EHCP”) and 14% SEN support). At Finton 23% of children had SEN (1% EHCP and 22% SEN support).
Some of these children may not have gained a place in a mainstream setting, but where we believe we can provide for a child with our generous staff ratio and expertise on-site such as an occupational therapist and speech and language therapist, we will do so. This approach was one of the founding principles of the School.
In accordance with the 2010 Equality Act, the School operates a fully integrated admissions policy. Children of all abilities are offered places, including those with known special needs. Children with special needs are assessed before a place is confirmed to ensure the School can reasonably meet their needs. Generally, the School welcomes children whose needs can be met with additional support in the classroom and who do not require significant levels of separate teaching. These needs have included Down's Syndrome, hearing impairment, Autism, ADHD, speech and language difficulties, and educational developmental delay. Children with special educational needs are supported by the Special Educational Needs Coordinator, a team of Special Needs Assistants and in-house therapists. In addition, those mainstream children, who, once in the School are found to have additional learning needs, are supported by the Special Educational Needs Coordinator and, if appropriate, by specialist support. The School is able to provide one-to-one tuition for children with literacy and/or numeracy difficulties, including those with dyslexia, dyspraxia or dyscalculia, as well as specialist support for children with speech and language difficulties or occupational therapy needs. The additional cost of such extra staffing support over and above parent and Local Authority contributions, through EHCPs, is partially borne by the School and by the Special Needs Appeal Fund.
## **2.7 Music**
Approximately 30% of pupils in Year 3 and above learn a musical instrument, while similar musical experiences such as the Y1 Violin group are offered to our younger students. The School has a strong Wind & Brass Band, a Choir and a Violin Ensemble, which perform in concerts within the School as well as the local community. All Upper School pupils perform in a concert each year, while younger students perform for their annual musical. Every class has two music lessons on their timetable, one focusing on singing and basic musicianship, while the other focuses on learning various and diverse musical instruments (recorder, ukulele, keyboard and djembe drumming), music theory and composition. In addition, we have a company, MTech, offering a music composition club after school, which has proved very popular.
A new format of concerts was introduced showcasing not only all the instrumental learners during a two-night Instrumental Festival in the Spring term, but also Coffee morning concerts for Years 3 to 6 featuring the whole class instrumental learning and singing (Year 3 recorders, Year 4 ukuleles, Year 5 djembe drumming and Year 6 music technology) in the Spring and Summer term. Pupils are also given the opportunity to perform in the weekly assemblies.
## **2.8 Drama**
All children had a weekly drama lesson and Years 5 and 6 also had Dance for one term. All children have taken part in a variety of drama performances over the course of the year: Year 2 and Year 6 all performed in their major play production at Trinity Chapel and the Streatham Space Project respectively. Other Year groups have performed in Class plays and assemblies and some in dance workshops. Every child recited a poem to their class and parents during Poetry Week and many children play musical instruments in assemblies, perform readings or make speeches. After school,
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there is an Act Drama & Musical Theatre Club for any children in Years 3 to 6 who wish to pursue this area further.
## **2.9 Sport**
There are four full time members of staff teaching PE with support from many other members of staff who are qualified coaches in various sports. The School uses sports facilities at Trinity Fields, Tooting Hard Courts, Spencer Club, Tooting and Balham leisure centres, and Ernest Bevan School to teach a comprehensive PE curriculum.
All pupils have the opportunity to develop individual and team skills through coaching and fixtures with other schools in football, rugby, cricket, netball, hockey and swimming. We also teach athletics, gymnastics and dance as part of our PE curriculum. There are after school clubs that offer the main sports as well as additional sports such as karate, cheerleading and dodgeball. The scheme of work for sport has been adapted to include more co-ed teaching of cricket and the introduction of a fitness programme to track the improvement in fitness of the children.
The PE Department introduced an inaugural annual Athletics event in the Summer Term 2024 as a partnership with local primary schools. Five local state Schools took part in the all-day event with Finton House staffing and funding the event in its entirety.
## **2.10 Art**
Art is taught to every class in the school by a specialist teacher and teaching assistant, both of whom are artists. There are a variety of art clubs after school and a lunch time club. Scholarship sessions are offered for those older pupils assembling an art portfolio for scholarship entry to senior schools.
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## **3 Our Charity**
Finton House was founded in 1987 as a charitable trust with two principles in mind. Firstly, children joining Reception should not face a competitive entry system. Secondly, providing an inclusive environment where all children, including those with specific needs, have equal opportunities. These principles underpin the educational experience at Finton House.
The School motto "Open Hearts and Guiding Hands" sums up the warm and caring relationships that we aim to promote in order to provide the best education.
Our objects are:
The objects of the School (the “Objects”) are for the public benefit to establish and maintain in London or elsewhere any school or schools to further the education of boys and girls including those with special educational needs.
## At Finton House:
1. Everyone feels safe, happy and valued in a community that promotes lifelong health and wellbeing.
2. Children of all abilities, including the most able and those with special educational needs, are nurtured and challenged to make excellent personal and academic progress.
3. The education is broad, inclusive and inspiring, enhanced by technology as well as making use of the outdoors.
4. Children are prepared for the next stage of their education in a positive and stimulating environment.
5. Children discover their own strengths and passions in order to flourish in a rapidly changing world.
These aims are achieved through:
Developing a culture of responsible, caring and happy people - We protect and enhance the wellbeing of the entire Finton community and beyond, by:
- Embedding the Finton Goals of self-belief, kindness, respect, communication, curiosity, resilience and doing the right thing.
- Continuing to enhance our inclusive provision.
- Promoting and embedding diversity across the School.
- Encouraging and modelling behaviours that help protect and sustain the local and global environment.
Creating a dynamic and diverse learning environment - We offer exciting opportunities for learning by:
- Developing use of the latest technology, to enhance teaching and learning and foster creativity.
- Ensuring that the physical environment is designed and maintained to the highest standard.
- Providing access to a range of external facilities and, when and where possible, be involved in their development.
Providing a broad, inclusive and inspiring education - We develop the education we provide by:
- Challenging all pupils to ensure maximum personal and academic progress.
- Providing an exciting, relevant and broad curriculum.
- Offering a varied and stimulating extra-curricular programme.
- Preparing pupils to succeed in a rapidly changing world, whilst nurturing their well-being
Ensuring the longevity of Finton House - As a non-profit making charitable trust, we ensure Finton House remains a first–choice school by:
- Investing in staffing, facilities and resources.
- Controlling our costs to ensure good value for money.
- Seeking alternative sources of income to help mitigate fee increases.
- Ensuring the local community benefits from our charitable aims.
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## **4 Public Benefit & Partnerships**
## **4.1 Development Strategy**
The School is committed to its founding principle of inclusivity and has a dedicated Annual Fund which underwrites its charitable initiatives. Donations to the Annual Fund can be regular (by making the ‘1987’ Pledge, which involves committing to regular donations of either £19.87, £198.70 or £1,987.00) or can be one-off donations.
The School holds several events a year in support of its bursaries and partnerships, including:
- The termly second-hand uniform sale, where parents donate old uniform to be sold and all proceeds donated to the Sally Walker Bursary Fund
- The annual Parent Quiz where all profits go to the Annual Fund
- The annual School fete (‘Finton Fest’) where all profits go to the Annual Fund.
## **4.2 Sally Walker Bursary**
Our means-tested bursaries are central to helping ensure that the education offered by Finton House can be accessed by children from families who would otherwise be unable to afford the fees. When assessing means, all family income, assets and liabilities are reviewed.
Bursaries in 2023/24 amounted to £203k and benefitted 10 students (2022/23 £159k and 8 students). These bursaries are exclusively funded by the Sally Walker Bursary fund (not School Fee income) and the School continues to promote the bursary fund across the local area to increase awareness and participation.
In 2023/24, the School supported a refugee pupil from Ukraine with bursary funding and their sibling has been awarded a bursary for 2024/25.
## **4.3 Partnerships**
The School is keen to ensure that the education offered is not restricted to those who can afford fees. The School's belief is that pupils benefit from learning within a diverse community which includes children with special needs. This integration is central to the ethos and philosophy of the School.
The provision of fee assistance through the bursary scheme, combined with the School's special needs programme and outreach programmes, helps contribute to a widening of access to the education offered and the facilities enjoyed by our pupils.
The School continued to support Trinity Fields Trust (Charity no.1060813) which uses the income from us to enable other young people under the age of 25 in the local Wandsworth and Lambeth communities to use these playing fields. Our 50-year partnership with the Fields is underway. This partnership includes the School paying a 1.4 multiplier on its use expressly to provide Trinity Fields Trust the funds to support youth sport in the community. In the year 2023/24, the School supported several sporting initiatives involving multiple state primary schools in conjunction with Trinity Fields, such as the Trinity Shield cricketing afternoon.
The School has, with the support of Trinity Fields, created ‘The Secret Garden’ as a wellbeing outdoor resource for use by the School and other community groups. The project was funded entirely through parent donations to the Annual Fund. In 2023/24 The Secret Garden was used by local nurseries, access was given to Trinity Road Chapel parishioners and community groups via a gate which was installed, and it was used weekly by the organisation Share.
In addition, the School has engaged in partnerships as follows:
- Tom’s Farm – a partnership based on outdoor learning. Finton House has supported the funding of equipment in 2023/24 which in turn supports Tom Farm’s work with a wide range of local schools.
- Wandsworth Foodbank – appeal for the Harvest Festival.
- Little Village – a local charity which provides local families in need with much-needed baby and toddler care items.
- St George’s Hospital – Finton House has become a ‘champion donor’ to the hospital following various School wide fund raising initiatives during the year, including Carol Singing at Tooting Bec Station.
- Clothing Africa – donated all second hand uniform to a charity in Africa that provides school uniforms for children that need it.
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The Governors have regard to the Charity Commission’s guidance on public benefit in setting its aims and objectives for the School. This includes:
- An Assistant Head role responsible for forming and nurturing partnerships.
- The inclusion of partnership activity within the assessment system for employees, having to demonstrate partnership working as part of the criteria for pay progression.
- An advisory Development Board to aid in the fundraising for partnerships, which will help unlock barriers to entry.
## **5 Operational & Financial Review**
## **5.1 Estates**
The School continues to upgrade and enhance its Estate and facilities. The School aims to maintain investment in infrastructure and ensure that facilities are fit-for-purpose and meet all legislative and regulatory requirements. The Board has allocated funds to renovate and refresh classrooms in a multi-year program that started in Summer 2022 and is due to complete in Summer 2025. A key focus of this investment maximises the positive impact that well-designed facilities can have on teaching in the classroom. The School has also completed projects to lay a new floor in the Hall and Gym, upgrade changing room facilities at Trinity Fields and repointing the external wall so it looks great for years to come.
## **5.2 Human Resources**
2023-24 saw low staff turnover and a healthy focus on continuous professional development. HR policies, new pay structures and employment practices introduced in previous years were embedded in the staff population which give the School a stable structure and mitigate HR risks through good practice and effective procedures
The School’s Human Resources offering has been further enhanced by the hiring of a Head of Human Resources who is leading the School’s focus on employee welfare and wellbeing. The staff Equality, Diversity and Inclusion; Culture; and Mental Health groups are all integral to school life and are a source of various employee-led initiatives to support all staff.
## **5.3 Information Technology**
The School has a good IT infrastructure with effective cyber security measures, network resources and interactive whiteboards in all areas. We have allocated funds to ensure that we can be an exemplar school for the effective use of IT in the classroom. The School has appointed a new Head of Information Systems who will lead the upgrades and investment in IT infrastructure to enable teaching and learning, facilitate good working practices and protect the School’s data and other information resources.
## **5.4 Financial Performance**
The School’s financial performance for the year ending 31 July 2024 met expectations. Despite persistent inflation in the wider economy, student numbers have remained strong, with the Reception year nearly at capacity and the rest of the School exceeding expectations. The School has also felt the impact of higher inflation with increases to the expense of staff costs, utilities, and food.
The School’s net income returned an overall surplus of £904,733 (2023: £603,674) including the effects of investments. Our investments returned a net gain of £81,740 (2023: £6,923).
School Investments and cash reclassified to cash and cash equivalents (including the Sally Walker Bursary & Special Needs Fund) stood at £1,965 017 (2023: £1,664,785) at the year-end after gains and losses on investments, donations and reinvested investment income.
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## **5.4.1 Financial Policies**
Financial Policy & Procedure is delegated to the Finance & General Purposes Committee. The School has an overarching ‘Financial Policies & Procedures Manual’ which brings together all School policies and procedures relating to financial control. This document is reviewed annually and approved by the Chair of the Finance & General Purposes Committee and the Bursar.
## **5.4.2 Investments & Reserves**
The School has full powers of investment over its surplus funds and the funds of the Special Needs Appeal and Sally Walker Bursary funds which are managed by a professional fund manager. Short term surplus cash balances are placed in high interest bank deposit accounts.
The School’s Investment & Reserves Policy is contained with the Financial Policies & Procedures Manual.
The School takes a longer-term view on investments seeking to grow the capital balance and manage risk, and expects them to fluctuate over time.
The School maintains free reserves in order to meet its charitable obligations in the eventuality of an unexpected shortfall in revenue. The Charity Commission defines free reserves as unrestricted funds available to spend on the general purposes of the School and therefore, excludes those designated for other specific purposes and those already utilised in purchasing tangible assets.
The reserves of the School are represented by the funds as shown in note 14.17. The year-end reserves position was £9.587m (2023: £8.683m) of which £7.842m (2023: £6.992m) was held in unrestricted funds. The majority of these unrestricted funds relate to the accounting value of the School’s freehold property £5.208m (2023: £5.410m)
The Governors believe that the level of resources freely available for its general purpose should be sufficient to secure the future of the School in line with development plans. The Governors have determined that the appropriate level of free (liquid) resources should be one term’s expenditure (i.e. approximately £2.15 million) and current year free reserves are at £2.63 million which is around the minimum required level.
## **5.4.3 Risk Management**
The School maintains an active risk register, reviewed annually in full by the Finance & General Purposes Committee. Material areas of concern are highlighted below.
## **Competition and the quality of Teaching & Learning**
The School is alert to the potential threat of competition from neighbouring schools or the impact on student numbers of a decline in academic standards. Local schools are monitored closely to ensure that the offering to parents is competitive in terms of teaching & learning, entrance policies, academic results, special needs provision, clubs, sports, music, trips, after-school provision and fee levels. The quality of teaching & learning in the classroom is strengthened through recruitment practices, professional development, mentoring and training programmes for staff as well as ongoing focus on the school development plan. The performance appraisal cycle is used by the Head and Senior Leadership Team to continually monitor and improve teaching & learning.
## **Safeguarding, Health & Safety and Compliance**
The welfare and wellbeing of the School’s students and staff is of critical importance. Significant work is undertaken to ensure compliance with applicable Health & Safety, Employment, Charities Commission guidelines and other legislation. Efforts in this area include staff awareness and training and the use of external consultants to perform periodic audits.
## **VAT on school fees and other political influences**
The Government has introduced VAT on private school fees from 1 January 2025. The School became registered for VAT on 1 January 2025. This new policy has been complicated to implement and has resulted in higher school fees, partially offset by recoverable VAT on non-staff operating expenses.
The Government has removed business rate relief from Charities from April 2025 onwards and the School is factoring this into its forecast models. The Government has also introduced a 1% increase in Employer National Insurance Contributions that takes effect from April 2025.
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Parents will clearly be affected by the imposition of VAT on School fees and persistent inflation in the wider economy that could make school fees less affordable. The true impact of this change may not be known for some time. Inflation also impacts our staff body with a resultant upward pressure on salaries and increased competition for the best staff. The School is attentive to the impact of fee increases on parents and strives to remain competitive with staff salaries.
## **Changing Demographics**
Birth rates have been dropping consistently in Wandsworth, and London as a whole, for over ten years. In Wandsworth the 2022 birth rate is now 74% of the figure from 2013 . This will already be having an impact on the size of the School’s market and Finton has done well to maintain pupil numbers in this context through its ongoing efforts to be the school of choice in the local area as well as initiatives such as increasing its catchment area through the new School bus route. The new route will also help support the School’s environmental aims by helping to reduce the number of cars on local roads. The full impact of the reduction in the birth rate are still to be experienced, and the School remains mindful of this risk.
## **Cyber Security**
The School takes the risk of data breaches, phishing attacks, ransomware and other security or information technology failures very seriously. The School has appointed a Head of Information Systems who is responsible for implementing mitigation strategies to help ensure that systems are secure, backed up, passwords are used and changed regularly, acceptable use policies are reviewed and signed by children, staff and parents. The School also provides IT, fraud and safeguarding training where needed and consults on the matter proactively with advisers and insurers.
## **5.4.4 Going Concern**
The Finance & General Purposes Committee reviews the School’s cash flow forecast on an annual basis with regards to the charity remaining a going concern. This was formally completed in December 2024, with the governors concluding the School remains a going concern. The School has created financial models projecting its income and expenditure over the medium term and applied several stress scenarios revolving around drops in pupil numbers and potential changes in key drivers.
## **6 Plans for the future**
By its fortieth anniversary in 2027, Finton House will have strengthened further its reputation for nurturing mixed ability cohorts of children with a joy of learning and the development of skills and knowledge to be prepared personally for a rapidly changing and technological environment and achieve entry into their first-choice secondary school.
Parents recognise that the happy atmosphere, small class sizes and high teacher to pupil ratio that Finton House offers, along with its child centered and holistic education, gives their child the best start to their academic and personal development. The diverse environment, including children with Special Educational Needs and Disability, helps develop the tolerance, respect and understanding that they will require to be successful global citizens of the future. Pupil numbers will be maintained through this strong reputation, fees remaining extremely competitive and the expanding catchment area, achieved through daily bus routes.
## **7 Governance**
The Governors, who are also directors for the purposes of the Companies Act 2006 and trustees for the purposes of the Charities Act 2011, present their report with the financial statements of the School for the year ended 31 July 2024. The financial statements have been prepared in accordance with the Statement of Recommended Practice for charities (SORP 2015) (second Edition, effective 1 January 2019); Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The Report of the Governors includes a Strategic Report for the purposes of the Companies Act 2006.
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## **7.1 Governing Document**
The School is controlled by its governing document, the Memorandum and Articles of Association, and is constituted as a company limited by guarantee, as defined by the Companies Act 2006.
## **7.2 Governing Body**
The Charity's governing body is the Board of Governors ("the Board"), the members of which are listed in these accounts.
## **7.3 Organisation Structure**
The Governors, as the Charity Trustees and Directors, are legally responsible for the overall management and control of the School and meet at least three times a year. In addition, the Finance & General Purposes Sub-Committee meet at least every term to review the School's finances in general and to approve and monitor budgets, the audited accounts and the annual report prior to presentation to the Board.
There are also further sub-groups as follows:
- Formal Committees (meeting termly)
- Finance & General Purposes
- Education
- Pastoral
- Marketing, Admissions & Development
- Nominations
- Additional Committees meet if and when required, such as an audit committee.
- It is the responsibility of the Senior Leadership Team of the School to implement the policies of the Board. The day-to-day running of the School is delegated to the Head supported by the Bursar. The Head and Bursar attend all meetings of the Board.
The School is an active member of IAPS for the promotion and maintenance of preparatory school standards, and is inspected regularly by the Independent Schools Inspectorate, an affiliated body of Ofsted.
The pay of key personnel is set by the Governing Body, reviewed annually. The School participates in the annual Baines Cutler Financial Benchmarking Survey for staff and commissions a custom report to benchmark key personnel salaries against local comparators as required.
## **7.4 Recruitment & Appointment of New Governors**
The Charity's elected Governors are appointed by the Board of Governors on the basis of nominations received from the Nominations Committee who conduct a process of interviews and selection to ensure the person meets the Board's requirements concerning eligibility, personal competence, specialist skills and availability. New Governors are inducted into the workings of the School, including Board Policy and Procedures by the Head and Bursar.
At least one parent Governor is normally appointed to sit on the Board at any one time.
The term of the current Chair of Governors – Liz Buckley – ends in June 2025.
11
Finton House Educational Trust | Year Ended 31 July 2024
## **8 Reference & Administrative Details**
|**Registered Company Number**|02119682|
|---|---|
|**Registered Charity Number**|296588|
|**Registered Office**|Finton House School
171 Trinity Road
London SW17 7HL|
## **Governors (as at January 2025)**
|**Name**|**Date of Election**|**Role/Committee**|
|---|---|---|
||||
|Andrew Cattle|Elected June 2022
Retires June 2026|Finance and General Purposes
Marketing,Admissions and Development|
|Annabel Tuckey|Elected November 2019
Retires November 2027|Education|
|Annie Thackray|Elected June 2023
Retires June 2027|Education, Nominations|
|Ben Freeman|Elected November 2017|Head|
|Daniel Graham Skirton|Elected June 2023
Retires June 2027|Education|
|Harriet Turnbull|Elected June 2022
Retires June 2026|Pastoral
Nominations
Marketing,Admissions and Development|
|Julian Walker|Elected March 2022
Retires March 2026|Finance and General Purposes
Marketing, Admissions and Development
Health & Safety|
|Elizabeth M Buckley|Elected January 2018
Retires June 2025|Chair (outgoing)|
|Lucy Myres|Elected March 2022
Retires March 2026|Finance and General Purposes|
|Matthew Falconer|Elected June 2022
Retires June 2026|Finance and General Purposes, Nominations|
|Natalie Trumper|Elected March 2022
Retires March 2026|Pastoral|
|Nathalie Hart|Elected November 2019
Retired September 2024|Pastoral|
|Paul Mehta|Elected June 2022
Retires June 2026|Finance and General Purposes|
|James Bashford|Elected June 2024
Retires June 2028|Marketing, Admissions and Development|
|Flora Ellison|Elected June 2024
Retires June 2028|Pastoral|
|Michael Prince|Elected June 2024
Retires June 2028|Finance and General Purposes|
|James Vickers|Elected January 2025
Retires January2029|Chair (incoming)|
|Elizabeth Sieczko|Elected December 2024
Retires December 2028|Education|
|Saroop Purewal|Elected March 2022
Retired June 2024|Pastoral|
|Nick Addyman|Elected November 2016
Retired June 2024|Vice Chair
Finance and General Purposes
Marketing,Admissions and Development|
|Clare King|Elected February 2015
Retired June 2024|Education|
12
Finton House Educational Trust | Year Ended 31 July 2024
## **Head**
Ben Freeman
## **Company Secretary & Bursar**
Mustafa Davies - appointed on an interim contract from April 2023 to February 2024 Nicholas Karelis - appointed January 2024
## **Auditors**
HaysMac LLP, 10 Queen Street Place, London, EC4R 1AG
On 19 November 2024 the company’s auditor changed its name from Haysmacintyre LLP to HaysMac LLP
13
Finton House Educational Trust | Year Ended 31 July 2024
## **9 Statement of Governors’ Responsibilities**
The Governors (who are also the directors of Finton House Educational Trust for the purposes of company law and Trustees for the purposes of charity law) are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the School and of the incoming resources and application of resources, including the income and expenditure, of the School for that period. In preparing those financial statements, the Governors are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the School will continue in business.
The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Governors are aware:
- there is no relevant audit information of which the School's auditors are unaware; and
- the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Report of the Governors, incorporating a strategic report, approved by order of the Board of Governors, as the company directors, on and signed on the board's behalf by:
|Name|Role|
|---|---|
|L Buckley|Chair of Governors|
|Signed|Date|
||10th April 2025|
14
Finton House Educational Trust | Year Ended 31 July 2024
## **10 Independent auditor’s report to the members of Finton House Educational Trust**
## **10.1 Opinion**
We have audited the financial statements of Finton House Educational Trust for the year ended 31 July 2024 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 July 2024 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **10.2 Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **10.3 Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.
## **10.4 Other information**
The governors are responsible for the other information. The other information comprises the information included in the Report of the Governors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
15
Finton House Educational Trust | Year Ended 31 July 2024
## **10.5 Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Governors (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors’ report included within the Report of the Governors have been prepared in accordance with applicable legal requirements.
## **10.6 Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Governors (which incorporates the strategic report and the directors’ report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charitable company; or
- the charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of governors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **10.7 Responsibilities of trustees for the financial statements**
As explained more fully in the governors’ responsibilities statement set out on page 14, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **10.8 Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting
16
Finton House Educational Trust | Year Ended 31 July 2024
inappropriate journal entries and management bias in making accounting estimates. Audit procedures performed by the engagement team included:
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted at the year-end; and
- Challenging assumptions and judgements made by management in their accounting estimates
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **10.9 Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Lee Stokes (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditors
10 Queen Street Place London, EC4R 1AG
> Date: 10 April 2025
17
Finton House Educational Trust | Year Ended 31 July 2024
## **11 Statement of Financial Activities**
## **(Incorporating Income & Expenditure Account) for the year ended 31 July 2024**
|**Notes**
**INCOME FROM**
Grants and donations
14.2
Charitable activities
14.3
Sundry other income
Investment income
Total
**EXPENDITURE ON**
Raising funds
14.4
Charitable activities
14.5
Total
**NET INCOME BEFORE GAINS ON INVESTMENTS**
Net gains on investments
14.12
**NET INCOME BEFORE TRANSFERS**
Transfers between funds
14.17
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**Funds**
**£**
131,828
7,194,206
26,449
188,702
7,541,185
(26,324)
(6,664,851)
(6,691,175)
850,010
-
850,010
-
850,010
6,992,173
7,842,183|**Restricted**
**Funds**
**£**
47,531
-
-
147,334
194,865
(18,955)
(202,927)
(221,882)
(27,017)
81,740
54,723
-
54,723
1,690,746
1,745,469|**2024**
**Total funds**
**£**
179,359
7,194,206
26,449
336,036
7,736,050
(45,279)
(6,867,778)
(6,913,057)
822,993
81,740
904,733
-
904,733
8,682,919
9,587,652|**2023**
**Total funds**
**£**
383,682
6,542,374
19,277
111,389|
|---|---|---|---|---|
|||||7,056,722|
|||||(27,983)
(6,431,988)|
|||||(6,459,971)|
|||||596,751
6,923|
|||||603,674
-|
|||||603,674|
|||||8,079,245|
|||||8,682,919|
## **CONTINUING OPERATIONS**
All income and expenditure arose from continuing activities. The notes on pages 21 to 31 form part of these financial statements.
18
Finton House Educational Trust | Year Ended 31 July 2024
## **12 Balance Sheet as at 31 July 2024**
|**12 Balance Sheet as at 31 July 2024**||**Company number: 02119682**
**2024**
**2023**
**2023**
**£**
**£**
**£**
5,536,285
5,657,911
1,713,878
1,656,585
7,250,163
7,314,496
252,698
2,909,234
3,161,932
(933,412)
3,262,944
2,228,520
10,513,107
9,543,016
(925,455)
(860,097)
9,587,652
8,682,919
1,582,452
5,409,721
7,842,183
6,992,173
1,532,481
158,265
1,745,469
1,690,746
9,587,652
8,682,919|**Company number: 02119682**
**2024**
**2023**
**2023**
**£**
**£**
**£**
5,536,285
5,657,911
1,713,878
1,656,585
7,250,163
7,314,496
252,698
2,909,234
3,161,932
(933,412)
3,262,944
2,228,520
10,513,107
9,543,016
(925,455)
(860,097)
9,587,652
8,682,919
1,582,452
5,409,721
7,842,183
6,992,173
1,532,481
158,265
1,745,469
1,690,746
9,587,652
8,682,919|**Company number: 02119682**
**2024**
**2023**
**2023**
**£**
**£**
**£**
5,536,285
5,657,911
1,713,878
1,656,585
7,250,163
7,314,496
252,698
2,909,234
3,161,932
(933,412)
3,262,944
2,228,520
10,513,107
9,543,016
(925,455)
(860,097)
9,587,652
8,682,919
1,582,452
5,409,721
7,842,183
6,992,173
1,532,481
158,265
1,745,469
1,690,746
9,587,652
8,682,919|
|---|---|---|---|---|
|**Notes**
**FIXED ASSETS**
Tangible Assets
14.11
Investments
14.12
**CURRENT ASSETS**
Debtors
14.13
Cash at Bank
**CREDITORS**
Amounts falling due within one year
14.14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
14.15
**NET ASSETS**
**FUNDS**
14.17
**Unrestricted funds:**
General fund
Building fund
**Restricted funds**:
Sally Walker Bursary
Special Needs Appeal
**TOTAL FUNDS**|**2024**
**£**
133,864
3,995,519
4,129,383
(866,439)
2,633,744
5,208,439
1,569,235
176,234|**2024**
**£**
5,536,285
1,713,878
7,250,163
3,262,944
10,513,107
(925,455)
9,587,652
7,842,183
1,745,469
9,587,652|**2023**
**£**
252,698
2,909,234
3,161,932
(933,412)
1,582,452
5,409,721
1,532,481
158,265||
|||||7,314,496|
|||||2,228,520|
|||||9,543,016|
|||||(860,097)|
|||||8,682,919|
||||||
|||||6,992,173|
|||||1,690,746|
|||||8,682,919|
The financial statements were approved by the Board of Governors on 08 April 2025 and were signed on its behalf by:
|Name|Role|
|---|---|
|L Buckley|Chair of Governors|
|Signed|Date|
||10th April 2025|
19
Finton House Educational Trust | Year Ended 31 July 2024
## **13 Cashflow Statement for the year ended 31 July 2024**
|Note
**2024**
**£**
**Cash flows from operating activities:**
Cash generated from operations
A
943,777
**Cash flows from investing activities:**
Purchase of tangible fixed assets
(217,975)
Purchase of investments
(1,848,178)
Proceeds from disposal of investments
1,872,625
Investment income
336,036
Net cash provided by (used in) investing activities
142,508
**Change in cash and cash equivalents in the reporting period**
1,086,285
Cash and cash equivalents at the beginning of the reporting
period
2,909,234
**Cash and cash equivalents at the end of the reporting period**
B
3,995,519
he accompanying notes on the following pages form an integral part of these financial statements.
**: RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
**2024**
**£**
**Net income for the reporting period (as per the statement of financial activities)**
904,733
Adjustments for:
Depreciation charge
339,601
Gains on investments
(81,740)
Investment income
(336,036)
(Increase)/decrease in debtors
118,834
Increase in creditors
(1,615)
Net cash provided by operating activities
943,777||**2023**
**£**
963,209
(289,593)
(362,018)
303,236
111,389
(236,986)
726,223
2,183,011
2,909,234
**2023**
**£**
603,674
346,238
(6,923)
(111,389)
(6,783)
138,392|
|---|---|---|
||||
||||
||||
||||
|||963,209|
The accompanying notes on the following pages form an integral part of these financial statements.
## **A: RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
## **B: ANALYSIS OF CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD**
|Cash at bank and in hand
Cash held by investment managers
all cash and equivalents|**2024**
**£**
3,744,380
251,139
3,995,519|**2023**
**£**
2,901,034
8,200|
|---|---|---|
|||2,909,234|
20
Finton House Educational Trust | Year Ended 31 July 2024
## **14 Notes to the Financial Statements**
## **14.1 Accounting Policies**
## **14.1.1 General information and basis of preparing the financial statements**
Finton House Education Trust is a Charitable Company limited by guarantee (without share capital) in the United Kingdom. The address of the registered office and principal place of business is given in the charity information in section 7. The nature of the charity’s operations and principal activities is the day schooling for children of both sexes between the ages of 4 and 11.
The financial statements of the School, which is a public benefit entity under FRS 102, have been prepared in accordance with the Statement of Recommended Practice for charities (SORP 2015) (second Edition, effective 1 January 2019); Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
## **14.1.2 Going Concern**
The financial statements have been prepared on the going concern basis as the Governors believe that no material uncertainties exist. The Governors have considered the level of funds held and the expected level of income and expenditure for twelve months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the School to be able to continue as a going concern.
## **14.1.3 Income**
All income is recognised in the Statement of Financial Activities once the School has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably. Income is deferred when the fees or donations are received in advance of the academic year or event to which they relate.
## **Donations and other voluntary income**
Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund.
Donations receivable for the general purposes of the School are credited to Unrestricted Funds. Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable. Voluntary income for the School’s general purposes is accounted for as unrestricted and it’s credited to the General Reserve.
## **School fees and similar earned income**
Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees, but including contributions received from restricted funds are accounted for in the period in which the services are provided.
## **Investment income**
Investment income including income from dividends is accounted for on an accruals basis.
## **14.1.4 Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the School to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Supplies of games equipment, books, stationary and sundry materials are written off when the expenditure is incurred.
21
Finton House Educational Trust | Year Ended 31 July 2024
Governance costs, included within support costs, comprise the costs of external audit and legal and professional expenses in order to comply with constitutional and statutory requirements, and school inspection costs.
Grants awarded are expensed as soon as they become legal or operational commitments.
## **14.1.5 Taxation**
The School, as a registered Charity, is exempt from corporation tax on its charitable activities.
## **14.1.6 Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Governors.
Restricted funds can only be used for particular restricted purposes within the objects of the School. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Designated funds can be set aside by the Governors out of unrestricted general funds for specific future purposes or projects.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **14.1.7 Tangible fixed assets**
All fixed assets are initially recorded at cost.
Depreciation is provided on all tangible fixed assets retained for use by the School, other than freehold land, at rates calculated to spread each asset’s cost less estimated residual value based on current market prices, evenly over its expected useful economic life, which for each class of asset is assessed as averaging:
|Category|Depreciation Period|
|---|---|
|Buildings(Major)|40 Years|
|Buildings(Minor)|20 Years|
|Fixtures,Fittings & Equipment(Major)|10 Years|
|Fixtures,Fittings & Equipment(Minor)|5 Years|
|Information Technology (Equipment)|3 Years|
|Information Technology (Infrastructure)|7 Years|
Items costing less than £500 are written off to expense as acquired.
## **14.1.8 Debtors and creditors**
Short term debtors and creditors are measured at transaction price, less any impairment. Long term creditors are measured at their settlement amount due.
## **14.1.9 Investments**
Investments are valued at their market value at year end. Any gains or losses or investments throughout the year are recorded in the Statement Of Financial Activities.
## **14.1.10 Operating leases**
Rentals payable under operating leases are charged on a straight-line basis over the lease term.
## **14.1.11 Pension schemes**
The School contributes to a defined contribution pension scheme for all staff (teaching and non-teaching staff).
22
Finton House Educational Trust | Year Ended 31 July 2024
## **14.1.12 Judgements and key sources of estimation uncertainty**
Accounting estimate and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The School makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
## **14.1.13 Useful economic lives of tangible assets:**
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See section 14.11 for the carrying amount of the property, plant and equipment, and section 14.1.7 ‘tangible fixed assets’ for the useful economic lives for each class of assets.
## **14.2 Income from Grants and Donations**
|**14.2 Income from Grants and Donations**||||
|---|---|---|---|
|Donations and forfeited deposits
**14.3 Income from Charitable Activities**|**2024**
**£**
179,359
**179,359**||**2023**
**£**
383,682
**383,682**|
|||||
|||||
|Gross fees
Staff discounts & Bursaries
Registration fees
Other fees incl. school clubs
Total Fees
Add Back Fees for Bursary Students funded by Restricted Funds|**2024**
**£**
6,751,794
(306,505)
22,307
523,683
6,991,279
202,927
7,194,206||**2023**
**£**
6,171,334
(265,960)
23,140
454,437
6,382,951
159,423
6,542,374|
|**14.4 Raising Funds Expenditure**|||
|---|---|---|
|Fundraising and publicity
Finance and other costs|**2024**
**£**
24,236
21,043
45,279|**2023**
**£**
22,031
5,952
27,983|
23
Finton House Educational Trust | Year Ended 31 July 2024
## **14.5 Charitable Expenditure**
|**Charitable expenditure - 2024**
Teaching Costs
Welfare
Premises
Support Costs – see 14.6
**Charitable expenditure – 2023**
Teaching Costs
Welfare
Premises
Support Costs – see 14.6|**Staff Costs**
**£**
3,792,454
56,493
-
672,044
4,520,991
**Staff Costs**
**£**
3,377,873
31,708
-
661,148
4,070,729|**Depreciation**
**£**
-
-
339,601
-
339,601
**Depreciation**
**£**
-
-
346,238
-
346,238|**Other**
**£**
272,629
424,339
366,504
943,714
2,007,186
**Other**
**£**
244,657
410,650
357,446
1,002,268
2,015,021|**Total 2024**
**£**
4,065,083
480,832
706,105
1,615,758|
|---|---|---|---|---|
|||||6,867,778|
|||||**Total**
**2023**
**£**
3,622,530
442,358
703,684
1,663,416|
|||||6,431,988|
## **14.6 Support Costs**
|Salaries, Pensions & Social Security
Transport
Information Technology
Sundry Extras
Governance Costs
**Governance costs**
Auditors’ remuneration
Auditors’ remuneration for non-audit work
Legal and professional fees|**2024**
**£**
672,044
49,541
19,100
738,839
136,234
1,615,758
18,900
3,600
113,734
136,234|**2023**
**£**
661,148
60,864
16,219
752,795
172,390|
|---|---|---|
|||1,663,416|
|||17,280
3,120
151,990|
|||172,390|
24
Finton House Educational Trust | Year Ended 31 July 2024
## **14.7 Net Income**
|**Net Income charged after charging**|**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Auditors’ remuneration (ex VAT)|15,900|17,280|
|Auditors’ remuneration – Prior year additional fees (ex VAT)|-|3,000|
|Auditors’ remuneration for non-audit work (ex VAT)|3,000|2,600|
|Depreciation – owned assets|339,601|346,238|
|Operating Lease Rental|24,374|55,493|
## **14.8 Governors’ Remuneration & Benefits**
No Governor received remuneration during this year (2023: none). No Governor received reimbursement of expenses during the year (2023: none).
## **14.9 Staff Costs**
|Salaries & wages
Social security costs
Pensions
Life and health insurance
Other staff costs|**2024**
**£**
3,552,126
320,036
471,069
5,158
172,602
4,520,991|**2023**
**£**
3,144,900
335,635
418,117
4,878
167,199|
|---|---|---|
|||4,070,729|
|**The average number of employees in the year was:**
Teachers
Teaching Assistants
Administration Staff|**2024**
40
31
15
86|**2023**
38
28
14|
|---|---|---|
|||80|
Employee time has been allocated to direct and support costs allocated on a percentage basis over all the costs.
The number of employees whose emoluments exceeded £60,000 were:
||**2024**|**2023**|
|---|---|---|
|£60,000 - £70,000|6|3|
|£70,000 - £80,000|2|2|
|£120,000 - £130,000|1|1|
The key management personnel comprise the Head, Deputy Head Academic, Deputy Head Pastoral and the Bursar. The aggregate benefits of key management personnel amounted to £397,871 (2023: £416,899).
25
Finton House Educational Trust | Year Ended 31 July 2024
## **14.10 Comparatives for the Statement of Financial Activities**
|Notes
**INCOME FROM**
Grants and donations
14.2
Charitable activities
14.3
Sundry other income
Investment income
Total
**EXPENDITURE ON**
Raising funds
14.4
**Charitable activities**
Charitable activities
14.5
**Total**
**NET INCOME BEFORE GAINS ON**
**INVESTMENTS**
Net gains on investments
14.12
**NET INCOME BEFORE TRANSFERS**
Transfers between funds
14.17
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
(Restated)
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**Funds**
**£**
138,230
6,542,374
19,277
74,040
6,773,921
22,031
6,272,565
6,294,596
479,325
-
479,325
-
479,325
6,512,848
6,992,173|**Restricted**
**Funds**
**£**
245,452
-
-
37,349
282,801
5,952
159,423
165,375
117,426
6,923
124,349
-
124,349
1,566,397
1,690,746|**2023**
**Total funds**
**£**
383,682
6,542,374
19,277
111,389|
|---|---|---|---|
||||7,056,722|
||||27,983
6,431,988|
||||6,459,971|
||||596,751
6,923|
||||603,674
-|
||||603,674|
||||8,079,245|
||||8,682,919|
26
Finton House Educational Trust | Year Ended 31 July 2024
## **14.11 Tangible Fixed Assets**
|COST
At 1 August 2023
Additions
**At 31 July 2024**
DEPRECIATON
At 1 August 2023
Charge for year
**At 31 July 2024**
**NET BOOK VALUE**
**At 31 July 2024**
**At 31 July 2023**|**Freehold &**
**Buildings**
**£**
8,626,472
40,100
8,666,572
3,216,751
241,382
3,458,133
5,208,439
5,409,721|**Fixtures &**
**Equip**
**£**
226,566
122,400
348,966
47,899
40,391
88,290
260,676
178,667|**Information**
**Technology**
**£**
1,094,547
55,475
1,150,022
1,025,024
57,828
1,082,852
67,170
69,523|**Totals**
**£**
9,947,585
217,975
10,165,560
4,289,674
339,601
4,629,275|
|---|---|---|---|---|
|||||5,536,285
5,657,911|
## **14.12 Fixed Asset Investments**
|**4.12 Fixed Asset Investments**|||
|---|---|---|
|
**MARKET VALUE**
Listed investments at 1 August 2023
Additions
Disposals
Net gains/(losses) on investments
Listed investments at 31 July 2024
Cash balances held at fund manager:
Total
Cost basis of listed portfolio|**2024**
**£**
1,656,585
1,848,178
(1,872,625)
81,740
1,713,878
251,139
1,965,017
1,789,350|**2023**
**£**
1,590,880
362,018
(303,236)
6,923|
|||1,656,585
8,200|
|||1,664,785|
||||
|||1,357,242|
## **14.13 Debtors: Amounts Falling Due Within One Year**
|
Fee debtors
Other debtors|**2024**
**£**
17,676
116,188
133,864|**2023**
**£**
65,225
187,473|
|---|---|---|
|||252,698|
27
Finton House Educational Trust | Year Ended 31 July 2024
## **14.14 Creditors: Amounts Falling Due Within One Year**
|Trade creditors
Social security and other taxes
Other creditors
Deposits and fees receive in advance
Accrued expenses and deferred income|**2024**
**£**
174,759
118,592
89,768
426,934
56,386
866,439|**2023**
**£**
185,423
127,987
96,863
239,221
283,918
933,412|
|---|---|---|
## **14.15 Creditors: Amounts Falling Due After More Than One Year**
|Deposits|**2023**
**£**
925,455
925,455|**2023**
**£**
860,097|
|---|---|---|
|||860,097|
## **14.16 Operating Lease Commitments**
|Amounts falling due:
Within one year
Between one and five years
**14.17 Movement in Funds – Current Year**|Amounts falling due:
Within one year
Between one and five years
**14.17 Movement in Funds – Current Year**|||**2024**
**£**
22,218
5,468
27,686||**2023**
**£**
24,374
22,908
47,282
**At 31/7/24**
**£**
2,633,744
5,208,439|
|---|---|---|---|---|---|---|
||||||||
||||||||
|**Unrestricted funds**
General fund
Building fund
**Restricted funds**
Sally Walker Bursary Fund
Special Needs Appeal Fund
**Total Funds**|**At 1/8/23**
**£**
1,582,452
5,409,721
6,992,173
1,532,481
158,265
1,690,746
**8,682,919**|**Net**
**Movement in**
**Funds**
**£**
1,091,392
(241,382)
850,010
36,754
17,969
54,723
**904,733**||**Transfer**
**Between**
**Funds**
**£**
(40,100)
40,100|||
|||||-
-
-||7,842,183
1,569,235
176,234|
|||||-||1,745,469|
|||||**-**||**9,587,652**|
The building fund was created to hold the net book value of the school’s freehold properly separately to other unrestricted funds.
28
Finton House Educational Trust | Year Ended 31 July 2024
Net movement in funds, included in the table on the previous page are as follows:
|**Unrestricted funds**
General fund
Building fund
**Restricted funds**
Sally Walker Bursary
Fund
Special Needs Appeal
Fund
**Total Funds**|**Income**
**£**
7,541,185
-
7,541,185
189,305
5,560
194,865
7,736,050|**Expenditure**
**£**
(6,449,793)
(241,382)
(6,691,175)
(220,119)
(1,763)
(221,882)
(6,913,057)|**Gains and**
**Losses**
**£**
-
-
-
67,568
14,172
81,740
81,740|**Movement in**
**Funds**
**£**
1,091,392
(241,382)
850,010
36,754
17,969
54,723
904,733|
|---|---|---|---|---|
The Special Needs Appeal Fund was established with the objective to raise funds to help cover the staffing costs of the School Special Needs Department.
For the Sally Walker Bursary Fund, donations of £47,531 (2023: £279,511) from various donors were received. Bursaries totalling £202,927 (2023: £159,423) were partly financed from the income received and assets from this Fund.
The School Building Fund represents designated fund retained to finance School freehold property. The balance of corporate reserves represents free reserves to cover normal fluctuations in working capital and further investment in School facilities.
## **14.18 Movement in Funds – Prior Year**
|**Unrestricted funds**
General fund
Building fund
**Restricted funds**
Sally Walker Bursary Fund
Special Needs Appeal Fund
**Total Funds**|**At**
**1/8/22**
**£**
1,061,251
5,451,597|**Net**
**Movement in**
**Funds**
**£**
714,001
(234,676)
479,325
119,085
5,264
124,349
603,674|**Transfers**
**Between**
**Funds**
**£**
(192,800)
192,800
-
-
-
-
-|**At 31/7/23**
**£**
1,582,452
5,409,721|
|---|---|---|---|---|
||6,512,848
1,413,396
153,001|||6,992,173
1,532,481
158,265|
||1,566,397|||1,690,746|
||8,079,245|||8,682,919|
29
Finton House Educational Trust | Year Ended 31 July 2024
Net movement in funds, included in the table on the previous page are as follows:
|**Unrestricted funds**
General fund
Building fund
**Restricted funds**
Sally Walker Bursary Fund
Special Needs Appeal Fund
**Total Funds**|**Income**
**£**
6,773,921
-
6,773,921
279,511
3,290
282,801
7,056,722|**Expenditure**
**£**
(6,059,920)
(234,676)
(6,294,596)
(164,740)
(635)
(165,375)
(6,459,971)|**Gains and**
**Losses**
**£**
-
-
-
4,314
2,609
6,923
6,923|**Movement in**
**Funds**
**£**
714,001
(234,676)|
|---|---|---|---|---|
|||||479,325
119,085
5,264|
|||||124,349|
|||||603,674|
## **14.19 Net Assets by Fund**
|Tangible fixed assets
Investments
Current assets
Current liabilities
Non-current liabilities
**TOTAL FUNDS**
Tangible fixed assets
Investments
Current assets
Current liabilities
Non-current liabilities
**TOTAL FUNDS**|**Unrestricted**
**Funds**
**£**
5,536,285
-
4,097,792
(866,439)
(925,455)
7,842,183
**Unrestricted**
**Funds**
**£**
5,657,911
-
3,127,771
(933,412)
(860,097)
6,992,173|**Restricted**
**Funds**
**£**
-
1,713,878
31,591
-
1,745,469
**Restricted**
**Funds**
**£**
-
1,656,585
34,161
-
-
1,690,746|**2024**
**Total funds**
**£**
5,536,285
1,713,878
4,129,383
(866,439)
(925,455)|
|---|---|---|---|
||||9,587,652|
||||**2023**
**Total funds**
**£**
5,657,911
1,656,585
3,161,932
(933,412)
(860,097)|
||||8,682,919|
30
Finton House Educational Trust | Year Ended 31 July 2024
## **14.20 Contingent Liabilities & Capital Commitments**
The School is the guarantor of the Head Lease of the fields, that is between the field’s owner (‘The Trustees of Sir Walter St John’s Educational Charity’) and operator/tenant (‘Trinity Fields Trust’), that is a typical guarantee over a commercial lease. The effect of the guarantee is that Finton agrees to pay the rent of £75,000/year (incl. VAT) and various other costs if unpaid by the tenant. The agreement is from August 2017 to 2067 (50 years) with an RPI-linked rent review from August 2037.
The School did not have any capital commitments at year end (2023: Nil).
## **14.21 Related Third Party Disclosures**
The Governors donated a cumulative amount of £9,825 (2023: £6,000) in the year.
During the year the School paid sports pitches hiring costs to Trinity Field Trust a related party to the School where pupils perform their PE Lessons and plays matches against other schools. The total hiring costs paid were £225,341 (2023: £212,199). The School is also a guarantor to Trinity Field Trust as noted on note 14:20.
## **14.22 Pension Schemes**
## **Defined Contribution Scheme**
The School operates a defined contribution pension scheme with Aptis (for teachers), Standard Life and Scottish Widows, the assets for which are held separately from those of the School in an independently administered fund. Net contributions payable by the School amounted to £471,069 (2023: £418,117). Contributions by the employer are 7.5% (Standard Life and Scottish Widows), and 18% (Aptis). All contributions due were paid in the year. All eligible staff are automatically enrolled into this scheme when joining the School.
## **14.23 Liability of Members**
The School is a company limited by guarantee and the liability of members is limited to £1 in the event of a winding up.
31