Charity registration number 297797 Company rggl$trallon numbgr 02161405 (England and Walgs) PARK SCHOOL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
PARK SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION Council of Governance Nathan Gribble Melody Easter Patriaa Gaya Rebecca Giraud Matthew Vvhitton Sarah Veveers (Appointed 18 September 20231 (Appointed 23 December 20231 Charity number 297797 Company numbor 02161405 Registered office and principal address Park Road Dartinglon Hall Tolnes Devon TQ9 6EQ Independent examiner Paul Beard FCA FCCA Darnells Chartered Accounlanls 30 Fore Street Tolnes Devon TQ9 5RP Bankers Cooperative Bank PLC P.0. Box 101 1 Balloon Street Manchester M60 4EP Nalwest Bank PIC 15 Victoria Street Paignlon TQ4 5DE NS&I Glasgow G58 1SB Senlor staff member who has been delegated responsibility of day to day management Laura Hare IHeadleacherl
PARK SCHOOL CONTENTS Page The Council Of Governance's report Independent examinerfs report statement of financial activities Balance sheet 10 Stslemenl of cash flows 11 Notes lo the financial statements 12-24
PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2023 The Counal of Governance present their report and financial statements for the year ended 31 August 2023. The financial slalemenls have been prepared in accordan with the accounting policies sel out in note 1 to the financial slalemenls and comply with the Charity's Memorandum & Articles of Association, the Companies Act 2006 and the Slalemenl of Recommended Practice for charities applying FRS102. Objectives and activities Ob'ecls The Charity's objective is lo promote and provide for the advancement of education and in connection Iherewilh lo conduct, carry on, acquire and develop in the United Kingdom any boarding or day school or schools for the education of children of either sex or both sexes. Aims and ob'eclives These were lo.. Provide a learning environment which addresses the social, emotional, inlelleclual. physical. spiritual and creative needs of each child, helping them lo realize their unique potential. The School welcomes children of all cultural ba¢kgrounds and beliets. Provide Human Scale Education for children aged 3 10 11 years, lo provide an alternative education model and lo promote democratic edLJ¢ation. The School aims lo.. Provide a human scale educaty'on geared to the holistic development of all ils pupils. Create an environment which encourages in children and staff a sense of responsibility and mutual respect through democratic processes. 3. Create an environment where children use the outside spaces to understand how to enjoy and respect nature, and as a basis for environmental education. 4. Create an environment which encourages a strong sense of community amongst staff, children and parents. 5. Create an environment in which children grow to be self-aware, confident individuals. 6. Create an environment where learning is fun, relevant and lifelong. Create a learning environment which means that children meet their academic potential, considering individual developmental maturity. 8. Promote an alternative education model internationally for Human Scale Education. 9. Improve the environmental education offered, by providing shelters and spaces in the school grounds. Ob e¢lives for the ear.. RE-CULTURING vision and valuès Ensure that a shared understanding of the vision and values are enacted through the culture, ethos and pedagogy of the School. RE-SHAPING $trgngthgnlng Igadgrshlp Effective values-led leadership that has clarity of putposè and roles at all levels and puls al ils heart, human relationships and a striving for the best outcomes for children. RE-DESIGNING shaping the learning Ensure that the children experience learning which reflects the vision, values and aims of the School,. that they are involved in creative, enquiry-led learning.
PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 RE-CONNECTING building ourcommunty Linking lo, and informing, the wider communty of parents and connecting and participating with the wider education community. Charitsble educational activities The activity of the Company continued to be the provision of education lo children and 172.5 leaching days took place, all undertaken in the context of fulfilling these objectives. In 2022-2023, the School has provided education for 65 children both in the main School and in our early year's class. The School has been keen to ensure inclusive access lo the education provided. This year the School has provided for the needs of two children with an education care, health plan directly funded by the local authority but moving into 2024 this will increase due lo the appointment of a new full lime Deputy Head with SENDCO responsibilities. PLJblic benefit Trustees and management are aware of the on-gDing development regarding public beneff( and the charitable status of charities and independent schools and have paid due regard to gLJidance issued by the Charity Commission. The Charity's principal public benefit is the provision of a learning environment which addresses the social, emotional, intellectual, physical, spiritual and creative needs of each child, helping them to realise their unique potenb'al. Human Scale Education is modelled through the School which includes democratic principles as well as creative and environmental leaming. Children have a voice in the School which is respected and responded positively to by staff and Trustees. The School provides opportunities for the wider public lo find out about its altemalive educational model through the provision of public talks, placements for students and visits by educators from around the world. The School has provided opportunities for people to do extended volunteer placements to learn more about way of working wth children. The School has hosted several open days for members of the public and prospective parents to view the School and lo learn about human scale education. Additional open days have been held lo support the growth and sustainability of the Earfy Years and parents made contributions lo speaal workshops which were free of charge lo local families. The School endeavours to ensure an education at Park School is not restricted by financial means. Fees are arranged on sliding scale based on family circumstances. A limited number of bursaries are available on application to families whose children are enrolled at the School. The Bursaries awarded have helped lo enable the families to re gain a more secure financial foothold. In 2022-23 no families accessed the exceptional bursary fund.
PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Achievements and performance Although curriculum development progress was halted during 2022, the appointment of an acting deputy head during February 2023 began lo ensure productive progress. A full audit was undertaken which identified a need lo firstly ensure the full planning and assessment cycle was complete. A new staff team from September 2023 has seen an increase in targeted planning to ensure progress for the children in key skills and knowledge development. A solid monitoring and evaluation cyde has been Implemented, learning walks and observations are demonslraling evidence of the Impact. Vvork has continued on the redesign of our curriculum. Building upon the work of the previous leadership team, parents and Council members. Vvorking with from educational consultants from Shaping Learning, who have kindly donated their lime lo support our growth, the School has now evolved ils curriculum intention. We will go forward to secure the unique pillars of our curriculum lo ensure solid plans arè in place lo promote a child cèntred, broad, balanced, and progressive curriculum from foundation stsge lo the end of key stage iwo. We were pleased to be able lo continue dialogue with Schumacher College and lo explore possible ways lo build a partnership with them particularly in this area of how we develop a ¢urri¢ulum model for primary aged children that develops their skills, knowledge and understanding in how lo address the challenges of global sustainability in the 21 st Century. During the summer holiday, Young Dartinglon provide a summer camp in the school grounds open to children from beyond the School. How do we measure the success of children al Park School? We encourage children lo explore and learn at their own pace, they learn about making sensible and responsible choices and self-responsibility., the curriculum gives children the opportunity lo think, explore and discover, lo engage in learning which develops critical thinking and curiosity. The School does not use formal testing to measure the success of children's learning and progress, rather teachers, use a range of formative assessment, identifying children's progress through their engagement with and the outcomes of their leaming. Listening carefully lo the questions that children ask, their responses lo challenges,. their ability lo manage more complex interactions socially and lo lake greater responsibility for themselves and others. The School continues lo explore ways to respect the human scale ethos in the way we assess our children. Athough we have introduced some short activities and quizzes to aid progression with phonics and reading, our focus wll remain on summative methods including sharing, reflecting, presenting with purpose and lebratiNg our learning. Children's progress is tracked against learning progression within five key areas," language, literacy and malheTnalics, environment and sustsinability, understanding the world around us, wellbeing and personal and development, valuing and respecting ourselves and others, and reported on annually lo parents. This wll evolve in line with the development of the curriculum and be in place lo stsrt for the academic year 2024 2025. A key measure of success is the readiness of children to progress lo their next school, lo be confident and to be able to make the transition well. We are proud to say that our children repeatedly make successful transrtions lo a broad range of different schools ranging from those of a similar nature and ethos to Park School, lo those with more academic and traditional approaches.
PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Financial review There was a delicil on unrestricted activrf(ies for the year lo 31 August 2023 of £76,02612022'. surplus of £15,159) and a breakeven12022.' surplus of £4,750) on reslricled funds. Efforts have been made to increase fees lo cover costs bul there has been a significant rise in payroll costs as staff salaries reflect more commercial rates in order to retsin stsff of calibre and support the needs of the children, staff and School. The deficit on unreslricled activities is a consequence of the global cost in living crisis resulting in more families finding il hard to make ends meet resU1ng In our numbers on roll decreasing. The principal funding sources are the parents who sentl their ehildren lo the School. They support the key objective5 of the Charity through their time, effort and money. Parents are an integr81 part of the Sehool community and without their input the School would not exist. Al 31 August 2023 lotsl funds amounted lo £314,330 12022". £390,356) wth restricted funds of £10,00012022". £10,000). Reserves policy Free reserves at 31 August 2023 stand at £260,299. The history of alternative schools has always been insecure,. it is therefore the policy of the School lo ensure adequate reserves to meet the future financial challenges of the School. The Council is satisfied that the reserves are al an appropriate level to be able lo counter the additional financial requirements of the coming years while al the same time make the necessary investments into the School in order to ensure its growth and allow il to prosper so that other children may benefit from the type of education and experience the School offers. Risk Mana ement The School has considered the principal risks lo which il is subject and has taken adequate steps to mitigate those risks. These include an annual review of the financial risks the School may face and the Implementation of salisfaclory procedures to ensure that the School offers a safe and constructive environment for children. Key controls include regular risk assessment checks of all areas and regularly reviewed policies, which are available to parents. the Independent Schools Association and other interested parties. The Council of Governance is always conscious of the need for the School lo operate within ils available financial sOUrceS and to have adequate working capitsl.
PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Plans for future periods Five key development areas have been identified as pivotsl for the academic year 202312024. The five key development areas are as follows. Currlculum development- lo ensure the cyc18 is complel&- improve resources, planning and assessment,. in line with the School's ethos and values. 2. Improving our provision for SEND- embracing neurodiversty- lo ensure children's needs are being mel through provision, environment, stsff knowledge and skills. 3. Healthier and Safer- lo ensure improvements are made in Health and Safety, Safeguarding and Wellbeing of staff, children and community. 4. Our Communlty re-building and strengthening the Park School community, developing increased opportunities for learning together, celebrating and reflecting on learning together and fostering positive and productive partnership. 5. Leadershlp and Management - distribution, delegation and democracy scaffold to ensure progress and sustainability for Park School. implement a productive staffing The priority focus for the year ahead is on equal progress in all these areas as the School recognises it's duly lo it's community and lo a quality education for all ils learners. The School is exploring ways of building stronger connection through the curriculum with nature and sustsinability that wll enable the children lo become ambassadors with the knowledge, skills and understanding needed lo address the global challenges of inequality, climate and environment. The School is continuing to build stronger partnerships with other organisations to support the development of a curriculum and way of teaching that can be a pioneering influence within the educational landscape. Aigned lo this, there are plans for significant staff development including partnership with a local independent company. ThoughlBox Education, and local Pra¢tioners with knowledge and experience lo support neurodiversity and attachment aware schools. The School is improving its extra-curricular opportLJnities and exploring opportunities for before and after school as well as during holidays. The School will continue to educate other organisations about its Human Scale philosophy locally, and globally, by allowing visitors to study the School, as well as updating the website and literature. Further work in partnership with the community will be undertaken to strengthen the School's identify through its clear and defined vision. mission and values. The School plans to launch a new website to market the School effectively in March 2024. The Council acknowledges that 2023124 has been embryonic under new leadership and is committed to supporting the vision and strategic development of the School. structure. governance and management Govemin Document Park School is a company limited by guarantee governed by ils Memorandum and Articles ofAssociation, and was incorporated on 4 September 1987. It is registered as a charity with The Charity Commission. The liability of the Members is limited. In the event of the Company being wound up every Member of the Company undertakes lo contribute such amount as may be required Inol exceeding £11 to the Company's assets. The Counal of Governan, who served during the year and since the year end, were entided lo vole and were all members of the Company were.. Nathan Gribble Melody Easter Dan Janota (Appointed 18 September 20231 (Resigned 18 August 20231
PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Fran Wilby Patricia Gaya Rebecca Giraud Matthew Whitton Sarah Veveers (Resigned 5 December 20221 (Appointed 23 Dember 2023} The members of the Council of Governance entf(led lo vote conslilule the Board of Trustees for the purpose of charity law and the Board of Directors for the purpose of company law. They were all members of the company during their office. Dan Janota and Patricia Gaya were C&Chairs throughout the year until the former's resignation. ointment of Members of the Counryl of Governan The Counryl has the right, al any time, lo appoint any person to be a member of the Council of Governance. Recruitment and induction of Members of the Council of Governance The Council of Governance attracts applicants through annual elections, word of mouth and personal recommendations. 11 may occasionally recruit through advertisement in local papers and other avenues. The Council is comprised of members who bring a range of relevant expertise. Members are co-opted as required lo bring a balance of skills and knowledge to the Council. The Council aims lo have 8 members as a minimum however this number can be exceeded lo ensure the Council has the necessary range of skills and expertise required. An induction programme is in place for new members which includes training in the role of governance of an independent school, safeguarding responsibilities and familiarisalion with the School, including sch¢)ol finance. Or anisalional structure and how decisions are made The structure is that the Counal of Governan has overall responsibility for the School. Other members are experts in their field or bring an interest in human scale education and are co-opted. The Council also has an observer member who is a staff represenlalive, and other members of staff may attend meetings. The Head Teacher is also a non-voling member of the Council. Decisions are normally made by consensus., however, the Council also has the option of going to vole. The Head Teacher, Laura Hare, is responsible for the day-l(daY leadership and management of the School. How staff a isset Park School values staff and the contribution that they make lo both the children's learning and also lo the wider school community. We Choosè lo look lo the minimum wagè sel by the Real Living Vwdge Foundation as a minimum salary level for all staff, we do this because we believe that all staff should be paid at a level which meets every day basi¢ needs. Teaching staff, including the Head Teacher, are paid on an incremental scale which sits within the National Pay Scales for teachers but does not extend ID the full range Df pay awarded to leaching staff wthin the National Pay Scales. Teachers pay is reviewed annually with the DPPOrtunily to make pay progression within an agreed incremental range subject to satisfactory performance review. th all pay levels, the School lakes account of current pay levels locally and nationally for similarjobs and seeks lo draw a balance of valuing staff and reflecting current market pay levels and the budget pressures of being a small school which seeks lo be financially inclusive in enabling a broad range of families to access the School wth their children.
PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 On behalf of the Counal of Governance Matthew Whitton Truste Dated.. ay 7, 2024
PARK SCHOOL INDEPENDENT EXAMINER'S REPORT TO THE COUNCIL OF GOVERNANCE OF PARK SCHOOL I report to the Council of Governance on my examination of the financial statements of Park School (the Charity) for the year ended 31 August 2023. Responslbllltles and basls of report As the Council of Governance of the Charity land also its directors for the purposes of company lawl you are responsible for the preparation of the finanryal statements in accordance with the requirements of the Companies Ad 2006 (the 2006 Acll. Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independènt examination, I report in SpeCt of my examination of the Charity's financial slalemenls carried out under section 145 of the Charities Act 2011 (the 2011 Acll. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confim that l am qualified to undertake the examination because l am a member of Thè Inslilule of Chartered A¢¢ounlanls in England and Wales, which is one of the Iisled bodies. I have completed rny examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act", or the financial stslemenls do not accord with those records., or the financial ststements do not comply with the accounting requirements of section 396 of the 2008 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordan with the methods and principles of the statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination lo whi¢h attention should be drawn in this report in order to enable a proper understanding of the financial statements lo be reached. Paul Beard FCA FCCA Darnells Chartered Accountants 30 Fore Street Totnes Devon TQ9 5RP Dated". 0910512024
PARK SCHOOL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notes Income and endowments from: Donations and lega¢ies Charitable activities Investments Other income 305 476,613 1,554 11,201 305 525,892 1,554 11,201 5,000 49,335 5,000 490,338 95 7,159 49,279 441,003 95 7,159 Total income 489,673 49,279 538,952 448,257 54,335 502,592 Expendlture on: Raising funds Charitable activities 590 432,508 590 482,093 565,699 49,279 614,978 49,585 Totsl expenditure 565.699 49,279 614,978 433.098 49,585 482,683 Net incomellexpenditurel and movement in funds 176,0261 176,0261 15,159 4,750 19,909 Rgconclllatlon of funds.. Fund balances al 1 September 2022 380,356 10,000 390,358 365,197 5,250 370,447 Fund balances at 31 August 2023 304.330 10,000 314,330 380.356 10,000 390,356 The stslemenl of financial a¢livilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
PARK SCHOOL BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Notes Fixed assets Tangible assets Investments 12 13 24,310 19,721 26,483 19,545 44,031 48,028 Current assets Stocks Debtors Cash at bank and in hand 495 11,737 336,413 445 5,9S6 421,134 14 348,645 427,545 Creditors.. amounts falling due within one year 15 78,346 83,217 Net current assets 270,299 344,328 Total assets less current Ilabllltles 314,330 390,356 The funds ofthe Charlty Restricted income funds Unrestricted funds 17 10,000 304,330 10,000 380,356 314,330 390,356 The company is enlilled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023. The Council of Governance acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the slate of affairs of the company as al the end of the financial year and of ils incoming resources and application of resources, including ils Income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply wf(h the requirements of the Companies Act 2006 relating lo accounts, so far as applicable lo the company. The members have not required the company to obtsin an audit of its financial statements for the year in question in accordan rith section 476. These financial statements have been prepared in accordance wth the provisions applicable lo Companies subject lo the small companies regime. The financial statements were approved by the Counal of Governan on May.7: 2024 Matthew VlttOn Trustee Company registration number 02161405 (England and Wales) 10-
PARK SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Notes Cash flows from operating activities Cash labsDrbed byllgeneraled from operations 23 181,5261 71,551 Investlng actlvltles Purchase of tangible fixed assets Purchase of investments Investment income received 14,5731 11761 1,554 {7,6311 191 95 Net cash used in investing activities {3,1951 {7,5451 N91 cash used In flnanclng a¢tlvlllgs Net {decreasellincrease in cash and cash equivalents 184,7211 64,006 Cash and cash equivalents al beginning of year 421,134 357,128 Cash and cash equivalents at end of year 336,413 421,134
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Charlty Infomiatlon Park School is a private company limited by guarantee incorporated in England and Wales. The registered office is Park Road, Dartington Hall, Totnes, Devon, TQ9 8EQ. 1.1 Accountlng conventlon These accounts have been prepared in accordance ¥Mth FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland l FRS 102.1, 'A¢¢ounling and Reporting by Charities. the ststemenl of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Ac¢epled A¢counting Practice as it applies from 1 January 2019. The Charity is a Public Benefit Enlily as defined by FRS 102. The accounts are prepared in steding, which is the functional currency of the Charilycharity. Monetary amounts in these financial 5talemenls arè iounded lo the nearèst £1. The financial slalemenls have been prepared under the historical cost convention. The principal accounting policies adopted are set out belDW. 1.2 Charltsble funds Unrestricted funds are available for use al the discretion of the Council of Governance in furtheran of their charitable objedives. Restricted funds are subject to specific Conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted ftjnds are sel out in the notes to the financial statements. 1.3 Incoming resources Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and il is piobable that Income wll be reived. Income from h0o1 fees Is recognised in incoming resources in the period that the sludenl has received tuition from the School. Cash donations are recognised on rèceipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions rèquire deferral of the amount. Intangible income is not included unless il represents goods or services which would have otherwise bèen purchased. Gifts in kind are valued and brought in as income as appropriate according lo their Class. Donations receivable for the general purposes of the Charity are credited lo Unrestricted Funds. Donations for purposes reslricled by the wishes of the donor are tsken to Restricted Funds where these wishes are legally binding on the Trustees. Other than deducting bursaries from gross school fees, none of the incoming resources have been included nel of expenditure. Income is deferred only when the Charity has lo fulfil conditions before becoming entitled to it or where the donor has specified that the income is lo be expended in a future period. Deposits and school fees paid in advance for future periods are deferred. 12-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies (Continued) 1.4 Resources expended ReSoUrS expended are induded in the slalemenl of financial activities on an accruals basis, and are recognised when there is a legal or constructive obligation to pay for expenditure. Certain expenditure is directly attributable lo specific functional activities and has been included in those cost categories. Certain other costs, which are attributable lo more than one functional activity, are apportioned across cost categories on the basis of an estimate of the proportion of lime spent by staff on those activities or based on the esb"mated use of the resource ConMed or spats occupied. The Charity is not registered for VAT. All expenditure is therefore slated inclusive of VAT where applicable. 1.5 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depre¢ialion and any impairment losses. Depreciation is provided at rates calculated to write off the cost of all fixed assets, less their estimated residual value, over their expected useful economic lives on the following basis.. Leasehold property Computer equipment Furniture and equipment 20Qh per annum - reducing balance 33 /0 per annum - reducing balance 20 % per annum - reducing balance Assets within leasehold property that could not be moved lo a new sile are written off over the term of the lease. The gain or loss arising on the disposal of an asset is delemiined as the difference belween the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpendilurel for the year. 1.6 Flx&d asset Investments Fixed asset investments are initially measured at transaction price excluding transadion Costs, and are subsequently measured at fair valLJe al each reporting dale. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.7 Impairment of fixed assets At each reporting end dale, the Charity reviews the carrying amounts of ils tsngible and intsngible assets to delerrnine whelhei there is any indication that those assets have suffered an impaitmenl loss. If any such indication exists, the recoverable amount of the asset is eslimaled in ordei to determine the exlenl of the impairment loss lif any). Recoverable amount is the higher of fair value less costs lo sell and value in use. In assessing value in use, thè estimated future Cash flows are discounted lo their present value using a pre-tax discount rate that ieflects current market assessments of the time value of money and the risks speafic to the asset for which the eslimales of futur& cash flows have not been adjustèd. If the recoverable amount of an asset is eslimaled lo be less than its carrying amount, the carrying amount of the asset is reduced lo ils recoverable amount. An impairment loss is recognised immediately in incomel lexpendilurel for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is Irealed as a revaluation decrease. 1.8 stocks Stocks are slated al the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. 13-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies (Continued) 1.9 Cash and cash equivalents Cash and cash equivalents Include cash in hand, deposits held al call wth banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowngs in eurrenl Iiabililies. 1.10 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Inslrument5' and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the finanual slalemenls, when there is a legally enfoiceable right lo sel off the recognised amounts and thère is an intention to settle on a nel bssis or to realise the asset and settlè the liability simultanèously. Basic financial assets Basic financial assets, which include investments, debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequenuy carried al amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction Is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable wf(hin one year are not amortised. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the assets expire or are settled or when the Charity transfers the financial assets and subslanlially all the risks and rewards of ownership to another enlily. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial Iiabililies classified as payable within one year are not amortised. Debt Instruments are subsequenuy carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired In the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.11 Retirement benefits The Charity contributes to the Teachers, Pensions Scheme (England and Walesl at rates sel by the Scheme Actuary and advised lo Council by the Scheme Administrator. The Charity also conlribules lo a defined contribution scheme for non•leaching staff al 6% of basic pay. 1.12 Leases Rentals payable under operating leases where substantially all of the benefits and risks of ownership remain with the lessor, are charged lo the Statement of Finanaal Activities on a straight line basis over the term of the relevant lease. 14-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies (Continued) 1.13 Support costs Support costs include expenses which enable charitable activities and fund generating to be undertaken. These costs include finance and human resources and are allocated on a basis consistent with the use of the resource. 1.14 Governance cost5 Governance costs comprise the costs of running the Charity, including strategic planning for ils future development, any legal advice for the Trustees. and all the costs of complying with constilulional and slalulory requirements, such as the costs of Board and Commrttee meetings and of preparing statutory accounts and satisfying public accounlabilily. 1.15 Employee benefits Termination benefits are recognised as an expense when the Charity is demonstrably committed to temiinate the employment of an employee or to provide termination benefits. Income from donations and legacies Unrostrlcted ReStrId funds funds 2023 2023 Totsl Unrestrlctgd Restrlctgd funds funds 2022 2022 Totsl 2023 2022 Donations and gifts 305 305 5,000 5,000 Donations and gifts Frederick Mulder Foundation for curriculum development Other 5,000 5,000 305 305 305 305 5,000 5,000 15-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Charitable activities 2023 2022 School fees Less bursaries 525,892 500,121 19,7831 525,892 490,338 Analysis by fund Unrestricted funds Restricted funds 476,613 49,279 525,892 For the year ended 31 August 2022 Unreslricled funds Restricted funds 441,003 49,335 490,338 Income from Investments Unrestricted Unrestricted funds funds 2023 2022 Interest receivable 1,554 95 Other Income 2023 2022 Registration fees School trips and plays Other income 550 3,580 7,071 550 3,782 2,847 11,201 7,159 16-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Raising funds 2023 2022 Costs of ener2tin volunts Other fundraising costs income 590 590 Charitable activities 2023 2022 Staff costs Depreciation and impairment School trips Additional leaching and training Books and teaching supplies Milk and food Rent and rates Cleaning and waste Collection Repairs and mainlenan Computer maintenance Insurance 407,312 8,746 6,140 19,647 10,281 1,702 36,216 17,546 6,392 5,231 8,785 13,089 317,599 8,747 120 17,332 10,832 3,724 38,077 15,487 8,315 5,252 7,555 3,680 539,087 434,720 Share of support costs Isee note 81 Share of governance costs (see note 81 54,923 20,968 34,278 13,095 614,978 482,093 Analysls by fund Unrestricted funds Restricted funds 565,699 49,279 614,978 For the year ended 31 August 2022 Unreslricled funds Restricted funds 432,508 49,585 482,093 17-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Support costs Support Governance costs costs 2023 2022 Staff costs Staff rectuitment costs Phone postage slal'nery Photocopier leasing Sundries 47,927 1,713 3,236 1,028 1,019 5,325 53,252 1,713 3,236 1,028 1,019 33,003 1,195 1,352 1,920 108 Legal and professional Independent examiner's fee Regulatory fees Consultsncy costs Sundries 5,846 6,918 2,490 384 205 5,646 6,918 2,490 1,155 4,040 3,232 590 778 205 54,923 20,968 75,891 47,373 Analysed bebNeen Charitable activities 54,923 20,968 75,891 47,373 Governance costs includes payments to the independent examiner of £2,76012022.' £2,760) for independent examination fees and £4,158 {2022'. £1,280) for other services. CounGII Of Governance None of the Trustees {or any persons connected with them) received any remuneration 12022.. £nill or expenses during the year12022.. £nill for their serVIS as Trustees. 18-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 10 Employees Numberofemployees The average monlhly number of employees during the year was.. 2023 Number 2022 Number Teaching Adminislralion 15 14 17 Employmgnt ¢o$ts 2023 2022 Wages and salaries Social security costs Other pension costs 378,823 26,798 54,943 289,934 19,566 41,102 460,564 350,602 The lolal employee benefits of the charity's key management personnel for the year were £67,40912022'. £62,855). There was one employee whose annual remuneration was £60,000 or more12022'. one). 11 Taxation The charity is exempl from taxation on ils activities because all ils income is applied for charitsble purposes. 19-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 12 Tangible fixed assets Leasehold property Computsr Furnlture and equlpment equlpment Totsl Cost At 1 September 2022 Additions 121,365 18,740 4,273 21,282 300 161,387 4,573 At 31 August 2023 121,365 23,013 21,582 165,980 Depreclatlon and Impalm)ent At 1 September 2022 Depreciation charged in the year 108,297 2,613 11,418 2,885 15,189 1,248 134,904 6,746 At 31 August 2023 110,910 14,303 16,437 141,650 Carrylng amount At 31 August 2023 10,455 8,710 5,145 24,310 At 31 August 2022 13,068 7,322 6,093 26,483 13 Flxed asset Investments Unllsted Investments Cost or valuation At 1 September 2022 Additions 19,545 177 At 31 August 2023 19,722 Carrying amount At 31 August 2023 19,722 At 31 August 2022 19,545 Fixed asset investments comprise UK bank bonds and capital reserves. -20-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 14 Debtors 2023 2022 Amounts falling due within one year: Fee debtors Other debtors 9,150 2,587 4,415 1,551 11,737 5,986 1 S Creditors: amounts falling dua within one year 2023 2022 other taxation and social security Trade creditors Other creditors Fees received in advance 8,001 12,302 6,389 51,654 6,912 33,400 42,905 78,346 83,217 16 Retirement benefit schernes The School's employees belong to two principal pension schemes.. the Teachers, Pension Scheme England and Vvales ITPSI for academic and related staff., and the NEST pension scheme for it's non teaching stsff. Contributlons of £6,389 were payable at 31 August 202312022.. £nill. lal Teachers. Penslon Scheme Introductlon The TPS is an unfunded mulli-employer defined benefits pension scheme govemed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members Contribute on a 'pay as you go. basis with contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was based upon 2020 data. The outcome confirms a need to increase the employer contribution rale by 5 percentage points from 1 April 2024 to ensure that the Scheme continues to meet present and future obligations. The Department of Education appreciated that the result means Independent Schools that participate in the Scheme will be faced with additional costs that aren't funded. It's hoped that the information shared. previously will have helped in planning for the change, The employers pension costs paid lo the TPS in the period amounted lo £46,48412022'. £32,914). Ib} NEST pension scheme The School also run5 a defined contribution scheme for ils non leaching staff. The employer's contribution was £8,45912022". £8,188) for the year. 21
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 17 Restricted funds The income funds of the Charity include restricted funds mprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement in funds Incomlng Resources Balance at 31 resources expended August 2023 Balance at 1 September 2022 EHCP funding Frederick Mulder Foundation 49,279 149,2791 10,000 10,000 10,000 49,279 149,2791 10,000 The ECHP funding was for PLJpils to attend the School. The Frederick Mulder Foundation funding was for curriculum development. 18 Unrestrictsd funds The movement of funds for the year ended 31 August 2023 were as follows.. Movement In funds Incoming Resources resourcas expended Balance at 1 September 2022 Tran$f9rs Balance at 31 August 2023 Designated ftjnd - bursary Capital ftjnd Designated fund - In extremis fund General unrestricted funds 19,545 163,200 197,611 177 {32,7001 32,523 19,722 130,500 154,108 489,873 565,699 380,356 489,873 565.699 304,330 The Council has designated certain parts of the unrestricted funds as detailed above. The designated funds above all represent balances at bank of which £19,722 is held in investments in a capital bank reserve. The Trustees have built up the bursary capital ftjnd to enable future bursaries to be offered and a further transfer of £177 from unrestricted general funds for this purpose was made in the year. The Trustees transferred £32,700 from the Extremis fund in the year so the fund balance represents a realistic assessment of financial commitments in these circumstances. -22-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 19 Analysis of net assets between funds Unrestricted funds 2023 Restricted funds 2023 Total 2023 Fund balances at 31 August 2023 are represented by: Tangible assets Investments Current assetsllliabililiesl 24,310 19,721 260,299 24,310 19,721 270,299 10,000 304,330 10,000 314,330 Unr9Stricted funds 2022 R9Strl¢ted funds 2022 Totsl 2022 Fund balances at 31 August 2022 are reprgsented by: Tangible assets Investments Current assetsllliabililiesl 26,483 19,545 334,328 26,483 19,545 344,328 10,000 380,356 10,000 390,356 20 Oporatlng lease commllments At the reporting end dale the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases for land and buildings due in under one year of £32,02812022'. £32,028) and for equipment due beeen two and five years of £4,01512022.' £7751. 21 Related party transactions There were no disdosable related party transactions in the year {2022'. £nill. 22 Share Capital The company is limited by guarantee having no share capitsl. In the event of a wnding up each member agrees to contribute a sum not exceeding £1. -23-
PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 23 Cash generated from operations 2023 2022 (Deficitllsurpus for the year 178,0261 19,909 Adjustments for.. Investment income recognised in slalement of financial activities Depreciation and impairment of tangible fixed assets 11,5541 6,746 1951 8,747 Movements in working capital.. Ilncreasel in stocks Ilncreaselldecrease in debtors IDe¢reasellincrease in creditors {501 15,7711 14,8711 11201 17,978 27,132 Cash (absorbed byllgenerated from operations 181,5261 71,551 -24-