Charity reglstratlon nuwnber 297797 Company registration numbèr 02161405 (England and Wal•sl PARK SCHOOL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 PARK SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION Council of Gov¢manca Nathan Gribble Melody Easter Sarah Veveers Andrea Cates Fiona Woods {Appointed 18 Seplernber 20231 (Appointed 23 December 20231 (Appointed 30 Septetnb&i 20241 (Appointed 30 September 20241 Charfty numb•r 297797 Company number 02161405 Registered office and principal addres$ Park Road Dartington Hall Tolnes Devon TQ9 6EQ Independent examlnèr Jason Milden FCCA Darnells Chartered Accountants 30 Foie Street Totnès Devon TQ9 5RP Bankers Cooperative Bank PLC P.0. Box 101 1 Balloon Street Manchester M80 4EP NatW851 Bank PIC 15 Victori8 Strèet Paignton TQ4 5DE NS&I Glasgow G581S Senior staff member who has been dèlègatèd rèsponsibility of day to day management Laura Haie (Headleacher) PARK SCHOOL CONTENTS Pag• The Counch Of Govemance's report Indfrpgndent examinerfs report Statement of financial activities Balance sheet Statement of cash fiows 10 Notes to the financial statements 11-24 PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The Council of Govemance present Ihebr report and financi￿ statements for the year ended 31 August 2024. As reported last year the School has undergone significant changes to Leadership and Management including the appointment of a new Head teacher, Deputy Head and Chair of Council. The financial 51alements have bèen prepared in accordance with the accounting ptslicies sat out in note 1 to the financial statemen15 and comply with thè Charitys Memorandum & Articles of As50cialion. the Companies Act 2006 and the Statement of Recommended Pra¢ti¢e for charities applying FRS102. Objectives and activitiè$ The Charitls objective is lo promote and provide for the advancernenl of education and in connection theiewilh 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. rnsa b"ectives These were lo.. Provide a leaming environment which addresses the soaal, emotional, intellectual, physical, spiritual and creative needs of each child, helping them lo realize their unlque polenlial. The School welcomes ctrildren of all cultural backgTounds and beliefs. Provide Human Scale Edu¢3lion ft>r children aged 3 to 11 years, to provide an allèrnaliva èducation modèl and to promote democratic education. Park School aims to.. 1. Promde a human scale education geared lo thé holistic development of all ils pupils. 2. Create an environment which encourages in childrèn and stsff a sense of responsibility and rnutual respèct through democratic processes and restorative pra¢licÈ. 3. Create an environmènt whèrè children use the outside spaces and local landscape tts understsnd how to enjoy, re5peGt and ¢aie foi nature, and as a basis for environmental education. 4. Create an environment which encourages a strong sense ot cornmunity amongst stsff, thildren and parents. 5. Create an environment in which children grow Its be self-aware, self-reflective and confident individuals. 6. Crèate an environment where learning is inspiring, relevant, purposeful and lifelong. 7. Create a learning environment where children meet their academic potential. considering individual developmental maturity and nèèds. 8. Prornole an allernalive education modal internabonally for focused education rooted in the walues of Human Scale Education. 9. Improve the environmental education offeied. by prowding shellers and spaces in the school grounds. foi ear. Five key development areas havé been identified as pivotal for the acaderni¢ years 202312024. 202412025 and 202512026. The five key development areas a￿ as follows. Brief detail ha5 been given about the focus points within each area for academic year 202312024. l. Curriculum development - to ensure the cycje is complete improve resources, planning and assessmènt., in line with the Sclvjol's ethos and values. Develop staff understanding of Project Based Learning and cotnplete training to support curriculurn knowledge and development of curriculum intention and policy. Implemenlalion of Assessment for Learning strategie5 and summative 855essmenl for key subject learning. PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 2. Improving our provision for SEND- embracing neurodiversity- Ènsure ¢hildrens' needs are being met through provision, environment. staff knowledge and skills. Staff training in NeurodNersity. Regulation and Trauma Infomed Practice to inform staff knowledge and school policy. SENCO role focused on thorough ILP Ilndividual Leaming Plans) implEmenlation and applications lo support needs via the EHCP process. 3. Healthier and Safer lo ensure improvements are rnade in Health and Safely, Safeguarding and Wellbeing of staff. Childien and community. Strèngthening of the Schools SG team and revisions lo the School's training prograrnrne and Staff Cod? of Conduct. In person Level 2 training from Local Authority for all staff alongside regular and ongoing training via an online platform. Greater collaboralion with Dartinglon E51ale lo improve accesslbllity. site safely and securty. ThrÈÈ ye8rAcces5ibilily Plan in place. 4. Our Community- re-building and slrengihening Ihe Park School eommunity, developing increased opportunities for leaming togèther. celebrating and reflecting on learning together and lostering positive and productive partnarship. Increase cornmunication 8nd ¢0113boration through regular meetings for parents as dass communities alongside whole school comrnunity opportunities. Regular fvndraising for the School alongside supporting charities suth as Children in Need. S. Leadership and Management- distribution. delegation and dernocracy- implement a produclwe staffing scaffold to ensure progre55 and sustainability for Park School. Improvements made to staff induction and staff handbook. Middle leadership role established alongside new leadership team and CouncAI mernbers. GieateT forums for communication and collaboration amongst staff and parents established. The Council acknowledges that initiatives introduced last year are part of a 3 year development plan under the new leadership team and is committed lo continuing to find innovative ways in supporting the vision. slralegl¢ development and sustainabilty of the School. cational 8etivi The activity of the Company continued to bè the provision of education to children and 172.5 leaching days look place, all undèrtaken in the context of fulfilling these objectives. In 2023-2024, the School has provided èducation for 48 children both in thè main S¢hool and in our earty year's Class. The School has been keèn to ensure inclusive access to the education provided. This year the School has prowded for the needs of one Child with an EHCP leducatKJn ￿r&, health plan) directly funded by the local authority but moving into 2025 this will increase due to the work of the new Deputy Head with SENDCO responsibilities. Trustees and management are committed lo the on-going developmant iègarding public benefit and the charitable status of charitiès and independent schools and have paid due regard lo guidan￿ issued by the Charity Commission. The Charity's principal public benefit is thè provision of a learning environment which addresses the social, emotitsnal, intellectual, physical, spiritual and creative needs of each child. helping them lo reali5e their unique potential. Our vision of Park School 15 to nurture young people to positively influerhce their world. To be joyful learners, deeply connected to themselves. those around them, and the natural and hurnan ecosystems of which they are part. To develop the skills lo thrive in the wider world. Human Seale Education is modelled through the School which includes democratic principles wth a focus on Piolect Based. Creative and Environmentsl leaming. Children have a voice in the School which is respected and responded posttively lo by staff and Trustees. PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT ICONTINUEDI(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The School provides opportunities for the wider public lo find out about its alternative educational model through an updaled website, the development of multiagency ne￿OrkIng and developbng neiworks with provlders of similar ethos and vislon. The School has provided opportunities for people to do extended volunteer placernents lo learn more about a way of working with children. This ha5 induded those going on lo train in teaching as wall as established teachers obsetmng the unique practice and curriculum. The School has hosted regular, half termly open days for members of the public and prospective parents lo wew the School and to learn about human seale education. Foltowing a review of EYFS the School has deveboped a programme of outdoor education nurtUTe Sessions lo support the growth and sustainability ol the Earty Years. Parents continue lo rnake contributions to special woik5hops and cooking days, non-curriculum weeks, class projects and in maintaining the grounds and environrnenl. The School endèavours to ensure an education at Park School is not restrided by financial means. Feès are arranged on sliding scale based on family Orcumstan￿S. A limited number of bursaries ale available on application to families whose thildien are enrolled al thè School. The 8ursaries awarded in the year and previous year have helped lo enable Ihe familie5 to re gain a rTKbie seevre financrdl foothold. In 202312024 three families We￿ awarded bursaries. Achievements and performance Staff worked as a team alongside parents lo capture the vital aspects of the shared Sthool and Community vision. Prevtous curriculum work, the School's vision and mission and relevant legi51alion and ie5earch were 811 considered. With support and collaboration from curriculum development specialists, Shaping Learning and ThoughlBox Education. the S¢hool's Curriculum intention was established and a plafform for the School'5 long term planning overview was devised_ A cuiiiculum for tomorrow. rooted in nature and how the seasons change and impact us, is being built project by project lo ensure learning is relevant, purposeful and meaningful. The ¢urriculum focus is lo develop a successful scaffold for a ProJe¢t 8ased Curriwlum which ensures g broad and b8lan¢ed, holistic and regenerative curriculurn. A new staff team fiom Sèptèmber 2023 has seen an increase in targeted planning to ensure progress for the children in key 5ki115 and knowledge development. A solid monitoring and evaluation cycle has been implemented, leaming walks and obseNalion5 are demonslraling evidence of the impact. During thè summer holiday. Young Dartington provide a summer camp in the 5th001 grounds opèn lo children from beyond the School. The School invites local businesses to work with the School via fundraising events and through curriculum experiences. We encourage children to explore and leam at their own pace, they learn about making sensible and responsible choices 8nd seK-responsibility', the curriculum gives children the opportunity lo think, explore and discover. lo engage in learning which develop5 Clitical thinking and curiosity. The School does not use formal le51ing lo measure the success of Chlldren's leaming and prog￿$S, rather teachers, use a range of fomiative assessment, identifying children's progress through their èngagement with and the outcomes of their learning. Listening carefully to the questions that children 8sk. their responses lo challenge5." their ability lo manage mo(a complex int6ractions socially and lo take greater responsibility for themselves and others. PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT n Sarah Veveers Andrea Cates Fiona Woods (Appointed 18 September 2023) (Resigned 30 April 20241 (Resigned 9 December 20241 (Resigned 18 Decerllber 20241 (Appointed 23 December 20231 (Appointèd 30 September 20241 (Appointed 30 September 20241 The members of the Counal of Governan￿ enlilled lo vole constitute the Board of Trustees for the purpose of charity law and thè Board of Directors for the purpose of company law. They were all members tsf the company during their office. PARK SCHOOL THE COUNCIL OF GOVERNANCE'S REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The Council has the right. al any lime, to appoint any person lo be a member of the Council of Governance. It has undergone a strategic review of skills in old81 to increase its effectiveness. manc The Council of Governance attract5 applicants through annual elections, word of mouth and personal recommendations. It may occasionally recruit through advertlsemenl in local papers and other avenue5. The CouncAI is comprised of members who bring a range of relevant expert15e. Mernbers are co-opted as required to bring a balance of skills and knowledge lo the Council. The Council 8im5 to have six members as a minimum however thi5 number can be exceeded lo ensure the Counal has the necessary range of ski115 and expertise rèquired. An Induction programme is in place for new members which includes training in the rol& of 9ovefnance of an independent school, safeguarding responsibilities and famlliarisalion with the School. including school finan￿. Every Council rnember is registered wilh the independent school support asso¢ialion-AGBIS. isalional stnjcturè sions ar The structure 1$ that the Council of Govern8n¢e has overall responsibility for the School. Other members are experts in their field or bring an intarèsl in human scale education and are c(popled. Each Counal member has a key focus linked both to the strategic developrnent of the School for example, EYFS or fulfilling stalulory dutie5 including He8Jth and Safety. The Council also has an observer member who is a staff representatsve. and other mernber5 of staff may attend rlleelings. The Head Teacher and Deputy are also non-voting members oflhe Council. Decisions afe nomially made by consensLts,' however, the Gouncil also has the optson of going to vote. The Head Teachef, Laura Hare, is responsible for the day-lo-day leadership and management of the Scho￿. H<)w staff Park School values stsff and the contribution that they make lo both the children's leamlng and also to the wider school community. We th005e lo look to the minimum wage sel by the Real Liwng Wage Foundation as a minimum salary level for all staff. we (lo this bec8U5e we believe that all staff should be paid at a level which meets every day basic needs. Teaching staff. induding the Head Teacher. are paid on an in¢rementsl scale which srts within thè National Pay Scales for teachers but does not extend to the full range of pay awarded lo teaching staff within the National Pay Scales. Teachers pay is ￿vieWed annually with the opportunity to make pay pio9ression within an agreed incremental range subject to satisfactory perfoimance ieview. th 811 pay levels, the School lakes a¢counl of current pay levels locally and nationally for similarjobs and seeks lo draw 3 balance of valuing staff and reflecting current markèt pay levels and the budget pressures of being a small school which seeks to be financially indusive in enabling a broad range of families lo access the School with their children. On behalf of the Council of Governan¢e Nathan Gribble Trvslee Dated-. PARK SCHOOL INDEPENDENT EXAMINER'S REPORT TO THE COUNCIL OF GOVERNANCE OF PARK SCHOOL I report lo the Coundl of Governance on my examination of the financial slalements of Park School (the Charilyl for the year erKled 31 August 2024. Responslbllltles and basis of report As the Counal of Governance of the Charily18nd also Ils directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordan￿ with the requirements of the Companies Act 200S Ithe 2008Actl. Having satisfied myself that the financial s18lements of tha Charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Chariti8s Act 2011 (the 2011 Act). In carrying out rlly examination I have followed all the applicable Directions given by the Charity Commission under Section 14515llbl of thè 2011 Act. Independent examinerfs statement Since the Charity's gros5 incotve ex¢eeded £2SO,000 your examiner rnusl be a member ol a body listed in section 145 ol the 2011 Act. I confirm that l arn quzlified to undertake the examination because l am a member of the Association ol Chartered Certified Accountants, whith is one of the lisled bodies. I have completed my examination. I confirm that no Matters have come lo Thy attention in connection with the examination giving me Cause to 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 statements do not accord with those records,, or the financial statements do not cornply with the accoLSnting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair wew which is nol a matter considered a5 part of an independent examination., or the financial statements have not been prepared in accordanc6 with the methods and principles of the Statemenl of Recommended Practice for accounting and ￿pOrting by charities applicable to chaiilies preparing their accounts in accordanTr with the Financial Reporting Standard applicable in the UK and Republic of Irgland {FRS 1021. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financAal statements lo be reached. Jason Milden FCCA Oarnells Chartered Accountants 30 Fore Street Tothes Devon TQ9 SRP Dated.. ..4.. A PARK SCHOOL STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrgstri¢t¢d Restricted funds funds 2024 2024 Total Unrestricted Restrietèd funds funds 2023 2023 Totsl 2024 2023 Notes Income and endowmènts fEQm: Donations and legacies Charitable actlvilies Investments other income 24,407 436,633 2,106 10,704 24.407 464.272 2,106 10,704 305 476,613 1,554 11,201 305 S25.892 1.554 11.201 27,639 49.279 Totsl ineome 473.850 27.639 501,489 489,673 49.279 538,952 Expenditure on.. Raising fund5 Charitable a¢tiMlies 334 S99,392 334 627.031 27,639 565,699 49,279 614,978 Totsl expenditure 599.726 27,639 27,365 565,699 49,279 614,978 Net expenditure and movement In fund$ 1125.876) 1125,8761 r16,0261 (78,0261 Rèeoncilration of funds: Fund balances al 1 September 2023 304.330 10,000 314,330 380,356 10,000 390.356 Fund balances at 31 AugUSt 2024 178,454 10.(X)O 188,454 304,330 10.OL>J 314,330 The statement of finanryal activities includgs all gains losses recognised in Ihè year. All income and expenditure derive from continuing ath'vilies. PARK SCHOOL BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes Fixed assets Tangible assets Inveslments 13 14 19,341 24,310 19,721 19.341 44.031 Current assets Stock5 Deblois Cash at bank and in hand 506 7,485 227,972 495 11,737 336,413 15 235,963 348.845 redittsTS: amounts falllng due wlthln one year 16 66,850 78.346 Nel current assets 169,113 270,299 Total assets less current liabilities 188,454 314,330 The funds ofthe Charity Restricted income funds Uniestiicted funds 18 10,000 178,454 10,000 304,330 188,454 314.330 The company is entstled lo the exemption from the audit rèquirement contained in section 477 of the Companies Act 2006. for the year ended 31 August 2024. The Counol of Govemance acknow18d9è thair responsibilit￿S for ensuring that the charity keeps accounting records which comply with section 386 of the A¢t and for preparing accounts which give a true and fair view of the state ol affairs of the company as al the end of the financial year and of its incoming resources and application of rè50urcès, induding its income and expenditure, for the financial yèar in accordance with the requirements ol sections 394 and 395 and which othe￿iSe comply with the requiiements of th$ Companies Act 2006 relating to accoun15. so far as applicable lo the company. The members have not required the company lo obtsin an aud￿ of its financial statements for the year in question in a¢cordan¢e with section 476. These finanaal statements have been prepared in accordance with the provision5 applicai4e lo companie5 subject to the Small companies regime. The Inan¢ial statements were approved by the Council of G0Veman￿ on ..........-.............. Nathan Gribble Trustèè Company registration number 02161405 (England and Wales) PARK SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operating actlvltl•s Cash absorbed by operalv)ns 24 {130.120) 181,526) Inv¢$tlng activities Purchase of tanglble fixed assets Proceeds from disposal of tsngible fixed assets Purchase of investments Proceeds from disposal ol investments Investment ineome received 12091 (4,5731 61 12401 19,961 2,1C 1186) 10 1,554 Net cash generated Iromllu$ed inl investing activities 21,679 13.1951 Net cash usèd in financing actlvltlas Net decrease in cash and ¢4sh equivalents 1108,441} 184.7211 Cash and cash equiv8lenl$ at beginning of year 336,413 421,134 Cash and ea$h equivalents at ènd of year 227,972 336.413 10 PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 A¢¢ountlng pollcles Charity information Park School 15 a private cornpany limited by guarantee incorporated in England and Wales. The reglSte¥ed office is Park Road, Dartington Hall, Tolnes, Devon, TQ9 6EQ. 1.1 Ac¢ountin9 convention These accounts have been prepared in accoidance with FRS 102 'The Financial Reporting Standard 8pplic3ble in the UK and Republic of Ireland. I'FRS 102,). -Accounting and Reporting by Charities. Ihe Slalemenl of Re¢ommended Practi￿ for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as il applies from 1 January 2019. The Charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the fijnctional currency of the Chanty. Monetary amounts in these finanaal ststements are rounded to the nearest £1. The financial 5talernen15 have been preparèd under the historical c05t convention. The prinapal 8Lxounling policies adopted are set out below. 1.2 Charitable lunds Unrestricted funds are available for use at the discretion of the Counal of Governance in furtherance of their charitable objeelives. Reslticled funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the fa)an(ial ststèmènts. 1.3 Incoming resourcès Income Is re¢ognised when Ihe Charity is legally enlilled lo il after any perf0rnan￿ conditions have been mel. the amounts can be measured reliably, and il is probable that Income will be re￿ived. Income from school fees 15 rewgnisod in incoming resources in the period that the student has received tuition from the School. Cash donations are recogni5ed on receipt. Olh8r donations are recognised once the Charity has been notified of Ihe donation. unless perf0rrnan￿ conditions ￿qUIre deferral of the amount. Intangible incomè is not induded unless il represents good5 or serwcès which would have othe￿iSe been purchased. Gifts in kind are valued and brought in as income as appropriate according to thèir class. Donations receivable for the genèral purposes of the Charity are credited lo Unresliicted Funds. Donations for purposes restricted by the wishes of the donor are taken tts Restricted Funds where these wishe5 are legaly binding on the TTUStees. Other than deduding bursaries from gr03s school fees, none of the incoming resources have been included nel of expenditure. Income is deferred only when the Charity has to fulfil conditions before becoming entitled lo it or where the donor has specified that the irjcome is lo be expended in a future period. Oeposits and school fees paid in advance for future pertods are deferred. PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policles (Continued) 1A Resources •xp¢nded Resources expended are induded in the statement of financial adivities on an accruals basis, and are recognised when IheTe is a legal or constructive obligation to pay frir expenditure. Certain expenditure is directly attributsble lo specific functional activities and has been includ6d in those cost ealegorie5. Certain other costs, which are attributable to more than one lunctional actiwty, are apportioned acToss cost categories on the basis of an estimate of the proportion of lirne spent by staff on Ih05e activities or based on the estimated use of the resource concerned or space occupied. The Charity is not registered for VAT. All expenditure is therefore stated indusive of VAT where appl'cable. 1.5 Tanyible fixed assèts Tangible fixed assels are initially measured al cost and subsequently mèasured at cost or valuatson. nel of depreciation and any impairmènl105ses. Depreciation is promded al r*es calculated to wrlle off the cost of all fixed assels. less their estimated residual value, over their expected useful economic lives on the following basis.. Leasehold property Computer èquipment Furniture and equSpmenl 20% per annum- reduiing balance 33D/o per annum- reduang balanee 200h per annum- reducAng balan¢e Assets within leasehold property that could not be move(1 lo a new sile are writtèn off over the term of the lease. The gain or loss arising on the disposal ol an asset is delerrnined as the diffeience be￿een the sale procèèds and the carrying value of thè asset. and is recognised in net ineomel{expendilurel for the year. 1.6 Flxèd assèt investments Fixed asset investments are initially measured at transadion price excluding transactioft ¢0$1s, and are subsequently measured al fair value at each reporting date. Changes in fair value are recojnised in net incomellexpendilurel for the year. Transaction costs are expensed as incurred. 1.7 Impalmi&nt of fixed assets At each reporting end dale. the Charity reviews the carrying amounts of ils tangible and intangible assets lo determine whether there is any indication that those assets have suffered an impaiiment loss. If any such indication exists. the recoverable amount of the 8ssel is eslimaled in order to dele¥mine the extent of the Impalrment1055 (if any). Rec(>verable amount is the higher of fair value less costs lo sell aThJ valuè in uso. In assessing value in use, the e51irnaled future cash flows are disctsunted lo their present value using a pre-tsx discount rate that reflects current market assessments of the lime value of money and the risks specific lo the assel f￿ which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is eslimaled lo be less ihan its carrying amount, the carrying amount of the asset is reduced to ils re¢overable amount. An irnpairment loss is fecogni5ed irnrnedialely in incornel lexpendilurel for the year, unle55 the relevanl asset is carried al a revalued amount, in which case the irnpairment loss is treated as a revaluation decrease. 1.8 Stocks Slocks are staled al the lower of cost and nel reallsable value after rnaking due allowance lor obsolete and sltsw mowng items. 12- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Accounting poli¢le¥ (Continuèd) 1.9 Cash and cash equivalents Cash and cash equivalen15 include cash in hand, deposits held at call with banks, other short-lerm liquid investments wslh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The Charity has elected to apply the provisions of Section 11 '8a5ic Finan¢ial Instruments, and Section 12 'Oiher Finanaal Inslrumernls Issues, ol FRS 102 to all of its fina￿la1 instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party lo the contraetual provisions of the instrument. Financial assets and liabilities are offset, with the nel amoun15 presented in the financial statemenis, when there is a legally enft>rGe3ble right lo sel off the recognised amounts and Iheie 1$ an intention to sèttle on a nel basis or lo reali5e the asset and settl8 the liability simultaneously. Ba$lc ftnanclal assets Basic financial assets, which include inve51menls, debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangernenl constrtutes a financing transaction, where the IransaGtiofi is measured at th6 present value ol the future receipts discounted al a mark*t rata of intèrèst. Financial asset5 classified as receivable within one year are not amortised. Derecognition of financial assets Financial assets are derecognised only when the conlraclual rights to the cash flows fiom the assets expire or are settled or when the Charity iransfers the financial 8ssels and substantially all the risks and rewards of ownership to anothèr entity. Basic financial liabilitie Basic financial liabilities. including ereditors and bank loans are initially iecognised 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 8 market rate of interest. Finanaal liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised ctssl, using the effecti￿ interesl rate method. Trade credrtors are obligations to pay for goods or serwces that have been acquired in the ordinary course of operations from supplieT5. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented a5 non-curient liabilities. Trade creditors are recognised initially al transaction price and subsequently measured al amort15ed cost using the eflective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expirè or are discharged or cancelled. 1.11 Retlrèmènt benefits The Charity contributes lo the Teachers, Pensions S¢heme (England and Wales) at rates set by the Scheme Actuary and advised to Council by the Scherne Adrnini51rattsr. The Charity also ¢ontribules to a dèfined contribution scheme for non-leaGhing staff al 6°A of basic pay. 1.12 Leases Rentals payable under operating le85es where substantially all of the benefits and risks of ownership rernain with the lessor. are charged to the Slalemenl of FinancialA¢tivities on a straighl line basis over Ihe term of the relevant lèasè. 13- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policies (Continued) 1.13 Supportcosts Support costs indudè expenses which en8ble charitable activities and fund generating lo be undertakèn. These costs indude finance and human rèsources and are allocated on a basis c4)nsislenl with the us& of the resource. 1.14 Governance costs Govemance costs comprisè the costs of running the Ch8rity, induding strale9ic planning for Tts future developtnenl, any legal adw¢e for the Trustees, and all the costs of complying with conslilutional and stalulory requirements, such as the costs of Board and Commrttee rneetings and of preparing stalulory accounts and sa115fying public aecounlabilty. 1.15 Employee bèn•fits Termination benefts are recognised as an èxpense when the Charity is demonslrabty committed to terminate the employment of an employee or to provide lerminalion benefits. Ineomè from donations and lègacies Unrèstri¢tsd funds 2024 Unrestricted funds 2023 Donations and gifts 24.407 305 Donatlon$ and gifts Donations ol deposits Other 24,407 30S 24.407 305 14- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Charitsble actlvltles 2024 2023 School lèes Less bursaries 465,988 11,7161 525.892 464,272 525,892 Anaty5is by fund Unrestricted funds Restricted funds 436,633 27,639 464,272 For the year ended 31 August 2023 Unreslricted funds Restricted fvnds 476,613 49.279 525,892 Income from investments Unrèstricted Unrestricted funds funds 2024 2023 Interest Teceivable 2,1C6 1,554 Other Incomè 2024 2023 Registration lees School trips and plays Other incorne 800 4,813 5,091 550 3.580 7.071 10,704 11,201 15- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Ralslng fund$ 2024 2023 Cos lun Other fundraising costs 334 334 Charitable aetivities 2024 2023 Stsff c051s Depreuation and impairnent School trips Additional leachrng and training Book5 and leaching supplies Milk and food Loss on disposal of assets Rent and rates Cleaning and waste collection Repairs and maintenance Computer maintenance Insurance 428,847 5,117 2.281 15,895 8,611 32 61 36,578 19,978 7,333 8,603 7.842 12.197 407,312 6,746 6,140 19,647 10,281 1,702 36,216 17.546 6.392 5,231 8.785 13,089 5S3,375 539,087 Share of support coslslsee note 81 Share of govemance ¢osls Isee note 8) 54.015 19,641 54.923 20,968 627.031 614,978 Analysis by fund Unreslricled funds Restiicled funds 599,392 27,639 627,031 For the year ended 31 AugU¥t 2023 Unrestrictèd funds Restricted lunds 565.699 49.279 614,978 16- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support ¢o$ts Support Governance o$ts costs 2024 2023 Staff costs Bad debts Staff iecruilmènt costs Phone postage siat'nery Pholocopier leasing Sundries 46,938 782 1,794 2.110 1,071 1,320 5,215 52,153 782 1,794 2,110 1,071 1,320 53,252 1,713 3,236 1,028 1,019 Legal and professional Independent examinerf5 fee Regulalory fees Consultancy costs Sundries 4,342 5,462 3.783 619 220 4,342 5,462 3,783 619 220 5,646 6,918 2.490 384 205 54,015 19.641 73,656 75,891 Analysèd bètween Charitable activiiies 54.015 19.641 73,656 75,891 Governance costs includes payments to the independent examiner of £2,94012023.' £2,760) for independent examination fees and £2.52212023." £4,158) ¢or other services. Net movement In funds 2024 2023 The net movement in fvnds is Staled after chargingllcreditingl.. Depreciation of ownèd tangible fyxed assets 5.117 6.746 10 Council Of Governan¢e None of the Trustees (or any persons connected with them) received any remuneration 12023.. £nill or expenses during the year12023'. £n1￿ for their swices as Tru51ees. 17- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Employees Number of employees The average monthly number of employèe5 during the year was.. 2024 Number 2023 Nurnber Teaching Administration 17 15 19 17 Employment Costs 2024 2023 W8ge5 and salaries Social security ¢0sls Other pension costs 406.341 27,864 46,795 378,823 26,798 54,943 481.000 460.564 The lolal employee benefits of the ¢harty's key management personnel for the year were £74.105 {2023.' £67,409). There wa5 one employee whose annual remuneration was £60,000 or more {2023.' one). 12 Taxation Thè charity 1$ exempl from taKalion on Its activitie5 LEcau5e all ils incom¢ is applied for charitable purposes. 18- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 Tanglble fixed assets Leasehold property Computer Fumlture and equipment equlpmgllt Total Cost Al 1 September 2023 Additions Disposals 121,365 23,013 21,582 209 {4,246} 165.960 209 {4.2461 At 31 August 2024 121.365 23,013 17,545 161,923 Depreciation and impairment Al 1 September 2023 Depreaation charged in the year Eliminated in respect of disposals 110.910 2.091 14,303 2.036 16,437 990 14,185) 141.650 5,117 14.1851 Al 31 August 2024 113,LYJ1 16,339 13.242 142,582 Carrying amount At 31 August 2024 8,364 6.674 4.303 19,341 At 31 ALtgust 2023 10.455 8,710 5.145 24,310 14 Fixed )$$et Investments Unlisted Invèstmènts Cost or valuation At 1 September 2023 Additions Disposals 19,721 241 {19.%21 At 31 August 2024 Carrying amount Al 31 August 2024 Al 31 August 2023 19,721 Fixed asset investments comprised UK bank bond5 and capital rèserves. 19- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 15 Debtors 2024 2023 Amounts falling due withln onè year. Fee debtors Other debtors 3.026 4,459 9.150 2,587 7,485 11,737 16 Creditors: amounts falling du• wlthln one year 2024 2023 other taxation and social securily Tiade creditors Other creditors Fees received in advance 6,532 24,371 6,389 29.558 8,001 12,302 58,043 66,850 78,346 -20- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 17 Retirement benefit schemes Thè School's employees belong to tr40 principal pension schemes.. the Teachers, Pension Scheme England and Wales ITPSI for 8¢ademic and related staff., and the NEST pension scheme for it's non lea¢hing staff. Contribub'ons of £5,993 were payabfe 8131 August 2024 {2023'. £6,389). {al Teachers. Pènsion Sch•m• Introduction The TPS is an unfunded mulli-employer defined benefrts pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Tea¢hers' Pension Scheme Regulations 2014 (as amended}. Members contribute on a'pay as you go" basis Mlh contrrbutions from members and the employer being credited to the Exchequer. Retirement and other pension benefrts 8re paid by public funds provided by Parliament. The employer ctsnlribvlTon rate is sel by the Secretary of State following scheme valuation5 undertaken by the Government Actuary's Department. The most re¢ent actuarial valuation of the TPS was prepared as al 31 March 2020 and the Valuation Report, which was pub115hed in October 2023. Following the M¢Cloud judgement, the remedy Proposed that when benefits become payable, eligible members can Select lo receive them from either the relormed or legacy schernes for the period 1 April 2015 10 31 March 2022. The actuaries have assumed that mèmbers are likely lo choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater vaSue' benefits for groups of relevant members. The valualioTr confirmed that the ernployèr contribution rale lor the TPS would Increase from 23.6°/o lo 28.6? from 1 April 2024. Employers are also required to pay a scherne administration levy of 0.08.￿ givsng a lolal employer contribution rate of 28.68°k. The employers pension costs paid lo the TPS in the period amounted lo £39,34012023'. £46,484). {bl NEST pension scheme The School also runs a defined contribution scheme for ils non teaching staff. The employerfs contribution was £7,45512023.' £8,459) for the year. 21 PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18 Restrleted funds The income funds of th* Charity include restricted funds comprising the followlng unexpended balances ol donations and grants held on trust for specrfic purp05es'. Movement In fund$ Balancè at 1 Incoming Resources Balance at 31 S•pt•mber resources expended August 2024 2023 EHCP (undlng Frederick Mulder Foundation 27.839 127,6391 10.CX)O 10.iJ)O 10.000 27,639 127.639) 10,000 The ECHP fvnding was for one pupil to attend the Sthool. The F￿derick Mulder Foundation funding was for currieulum development. 19 Unrestricted funds The movement offunds for the year endod 31 August 2024 werè as follows.. Movement In funds Incominy Resources resourc9$ expended Balance at 1 September 2023 Transfers Balance at 31 August 2024 Designated fund- bursary ¢apilal fund Designated fund- In extremis fund General unrestricted lunds 19,722 130,500 154,108 {19,7221 14,4001 24.122 126,100 52,354 473,850 1599.7261 304,330 473,850 1599.726} 178,454 The Council ha5 designated certain parts of the unreslricted fijnds as delalled above. The designated funds above all represent balances at bank. Funds within the designatgd bursary capital fund were redesignaled in the year as general unresliicled funds. The Trustee transferred £4,400 from the In exlremls lund in the year so the fvnd balance represents a realistic assessment of the financial commitments in these circumstances. 22- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 20 Analysis of net assets between lund$ Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 August 2024: Tangible asse15 Current assetsllliabiliti8sl 19.341 159,113 19.341 169,113 10,000 178.454 10,000 188,454 Unrestricted funds 2023 Rèstrictèd funds 2023 Total 2023 At 31 August 2023: Tangible assets Investmènts Cuirent assetsllliabilitiesl 24,31D 19,721 260,299 24,310 19,721 270,299 10,000 304.330 10.000 314,330 21 Operating lease commStments Al the reportin9 end date Ihe charity had oulslanding comrniltnenls for future minimum lease payrnenls under non-cancellabl8 op&rating leases for land and buildings due in under onè year of £32,98812023.' £32,028> and for equipment due beiween two and five years of £3,12312023: 4,015)- 22 Related party tran$a¢llon$ There were no disclosable related party transactions Sn the year12023'. £niD. 23 Sharè Capital The company is limited by guaranto¢ having no share capital. In the event of a winding up èach meni)er agrees to contribute a Sum not eX￿eding £1. -23- PARK SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 24 Cash generatèd from operations 2024 2023 Deficit for the year 1125.876) 176,0261 Adju51menls for.. Investment in¢ome recognised ni slalemenl of financial a¢ll￿tIeS Depreciation and Impairment of tangible Ilxed assets 12,1061 5.117 {1,554) 6,746 Movements In worknng capital.. {Increasel in stocks Decreasellincreasel in debtors (Decrease) in creditors {11} 4,252 111,4961 {501 15.7711 {4,8711 Cash absorbgd by operations 1130,1201 {81,5261 -24-