REPORT OF THE GOVERNORS AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR HAYFRAN TRUST A COMPANY LIMITED BY GLIARANTEE HAYFRAN TRUST A COMPANY LIMITED BY GUAFiANTEE INDEX TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 Page Company Information Report of the Gtsvtrnors Ilncludlng Strdtegic Report) Report of the Independent Auditors ststèmeni of Flnanclal Actlvltles alan￿ Sheèt io Cash Flow Statement li Notes to the Financial Statements 13 HAYFRAN TRUST A COMPANY LIMITED 8Y GUARANTEE COMPANY INFORMATION for the year ended 31 August 2024 GOVERNORS: P J Humphries-cuff - Chair C 8romfie1d R WHook B H Miller C Kane R S Oliver Treasurer HEADTEACHER: DLee BURSAR.. R Stacey REGISTERED OFFICE.. Haybrook House Marlborough Road Pewsey SN9 5NT REGISTERED NUMBER: 02164880 (England and Walesl REGISTERED CHARITY NUMBER.. 298522 AUDITORS: Faw￿tts LLP Chartered Accountant5 and Statutory Auditors Wlndover House St Ann Street Salisbury SPI 2DR SOLICITORS: Thrings 6 Drakes Meadow Penny Lane Swindon SN3 3LL BANKERS: HSBC Bank plc 8 London Street Basingstoke RG217NU Page I HAYFRAN TRUST A COMPANY LIMITED BY GUAPANTEE REPORT OF THE GOVERNORS for the year ended 31 August 2024 The Governors present their annual report, together with their Strategic Report, and the audited financial statements ol the company lor the year ended 31 August 2024 and conflrm they comply with the Charities Act 2011, the governing document and the Charities SORP 2015 IFRS 1021. The assets ol the School were sold in November 2024 to the InspSred Learning Group IILGI and the operations of the School under Hayfran Trust are no ltsnger contlnuing. The operations of the school are continuing under the new owner on the existing site. PRINCIPALACTIVITY The principal activlty of the Company in the year under revlew was that of the provision of fac111￿e$ lor the education of boys and gir15 through St Francls School, Pewsey. GOVERNING DOCUMENT The School Is a company limited by guarantee and Is governed by its Mernorandum and Artlcles of Association. STRUCTURE. GOVERNANCE AND MANAGEMENT ORGANISATION The Governors, who are 3150 the Charlty Trustees and the Directots of the Company, determine the general policy of the School. The management of the School is delegated to the Headmaster and Bursar. poucy The School's polity is to encoura8e each pupil to reach their potentlal whilst allowing pupils to benefit from our wlde extra currlcular progTamrne. This alms to develop other interests and prepare them for the senior school of their, and thelr parents,, choice. GOVERNORS The Governors of the Company who served during the year ended 31 August 2024 are as shown on page l. The Governors are the members of the Company. The Board of Governor5 15 a Self appolnted body. GOVERNORS. INOUCTIONANDTRAINING New Govemors are provided with the St Francls governors. induction pack which includes copies of the Memorandum and Articles of Association, latest annual report and financial ststements, current annual budget, School development plan. minutes of the last three Governors. meetings, Guidance for Trustees and Governors published by the Charity Comrnission and the Independent Schoo15 Council and copies of the School prospectu5 and publication5. New Governors are given a conducted inspeetion ol the School'5 facilities and meet indlvldually wlth the Chairman of Governor5. All Governor5 are encouraged to attend appropriate extemal tralning seminars and conferences. REVIEW OF ACTIVITIES. DEVELOPMENTS AND ACHIEVEMENTS 2023.2024 St Franci5 School, for pupils between the age5 of O and 13 years, alms to educate and inspire children to become confident. considerate and compassionate young people, who fulfil thelr potential and make a positive contribution to Society. This is achieved by providing a safe and stimulating environment with pupil wellbeing at the centre where they have a breadth and depth of opportunltles to develop their own individual abilities to their fullest extent. There were 216 children (including 74 in the Nursery) on roll at the end of the academic year in July 2024. Continued on page 3 Page 2 HAYFRAN TRUST A COMPANY LIMITED BY GUARANTEE REPORT OF THE GOVERNORS for the year ended 31 August 2024 REVIEW OF ACTIVITIES. DEVELOPMENTS AND ACHIEVEMENTS 2023-2024 contlnued A5 a matter of policy, the school provides financial assistance to broaden access to as wide a customer bèse a5 possible. During 2023-2024 a ttstal of £210,313 was awarded in scholarships and eommunlty bursaries to 37 pupils or 26% of the maln school population. The academic year 2023-2024 saw some key highlights for our pupils across the curriculum ineludin8: 60 candidates passed their LAMOA exams with 54 pupils being awarded a distinction, 85 well as 6 merlts. All of our entrants in individual music exarn5 passed their ABRSM, London Boards and Rock School exams Wlth a number of distinctions. Scholarships.. 6 Scholarships awarded.. Three Il+ Academic Scholarship to Daunt5ey s 13+ Art Scholarship to Marlborough College 13+ Performing Arts to Aoedean School 13+ Music Scholarship to Marlborough College Senior schools.. 100% ol entrants accepted to Dauntsey's and other schools Includlng 5 places at Marlborough College. South West Regional Blathlon Year 5 Boys- Silver 12 Distinctions and 8 Outstandings at Devizes Eisteddfod including winning the Senlor Art Cup Wiltshire Jiu Jitsu Championships gold medalist Pupils galning places in the Wiltshire county teams for Cricket, Hockey and Tenni5 National Prep 5choo15 Cross Country Championships, 2nd place for the U13 girls. Pupils qualified for the GB Natlonal Fencing finals in Sheffield and many medals were achieved in re8ional COMpe￿tIOnS by school pupils. Year 5 and 6 pupils all recelved a Merit or Distinction at the Mld-somerset festival in LAMDA with winners and runThe￿ up also secured. In Outdoor learnln& over the course of the year a large number of day and residential trip5 took place Including.. September 2023.. Seniors trlp to Plas Pencelli, Wale5 September 2023.. Year 4 trip to Roman Baths, Bath October 2023.. Year 5 residential history trip to Hooke Court November 2023.. Year 3 trip to Stonehenge Novetnber 2023.. Year S trip to Earth and Space Museum Year 5 trlp to Warminster for the annual'bloodhound, race Year 2 Busman's trip Year 3 trip to Marlborough College 8io108y Labgratory Year 6 Viking Trip to Oxenwood Year 6 RS trip to St john's the Baptist Church. Pewsev Year 3 trip to Roman 8aths, Bath Year 4 trip to Ufton Court Year 4 residential trip to MS11 on the 8rue Reception trip to Horton Family Farm Year 5 trfp to Wexcombe Farm Year 6 trip on the Jolle Brise Year 6 resldential to Swanage Year 3 residentlal trip to Braeside Seniorfs residential watersports trip to Cornwall Year l and Year 2 trip to Pewsey Fire Ststion Reception. Year l and Year 2 trip to Cotswold Wildlife Park November 2023.. January 2024.. February 2024: February 2024-. March 2024.. March 2024.. March 2024.. April 2024: May 2024- May 2024.. May 2024.. May 2024.. June 2024.. June 2024.. June 2024: June 2024: Continued on page 4 Page 3 HAYFRAN TRUST A COMPANY LIMITED BY GUARANTEE REPORT OF THE GOVERNORS for the year ended 31 August 2024 REVIEW OF ACTIVITIES, DEVELOPMENTS AND ACHIEVEMENTS 2023- 2024 tontlnued Within the arts, our Seniors class perforrned Yhe Play Gone Wrong,. We also held numerous LAMDA and music showcases per year group, where over 60 tsf our pupils performed and the Year 6 musical production ol 'The Jungle Book,, atcompanied by Year 5 was a resounding success. Events in music intluded a whole school Last Cholr Standing competition, Individual Music Festival Final and we were pleased to host 250 puplls from 10 local Schools at our Marlborough & Pewsey Music Cluster Celebration. Spotts Days for Nursery, Pre-school. Pre-Prep and Prep all took place and a great time was had by all. As well as Its USU31 on-going fundraising for a range of charities involving pupil partlcipation (including the Trussell Trust Devizes Food Bank,. Children in Need and Restless Development), the school provided local and Internationa1 sUPPOrt by sponsoring the Marlborough Literature FestlV31 and St Michael's Girls, School in Busembati, Uganda. through fundin8 their Llbrarlan. Community events and fundralsing activitie5 included the Bonfire and Fireworks Evening, annual Christmas Fair and Quiz Night and many others such as whole school breakfast. Many of these also raised a significant sum for the school and all helped to foster communitv Spirit and connection. Despite è great year a degree of volatS1ity and uncertainty was evident with thethreat of VAT being imposed onto school fees a notable challenge, alongside other economic threat5 and rising costs. Severzl key targets were achieved Sn the School development plan including embedding a new reading and phonics scheme in the preschool and pre prep, implementatitsn of Junior Duke across additional year 8roups. the development of Inclusive teaching and assessment practlces, as well a5 enhancements to the curriculum. Importantly* word of mouth feedback amongst staff, parents and the community about St Francis school remalned overwhelmingly positive. THE FINANCIAL RESULTS The financial statements fortheyearshow net outgoing resources of £1,451,419 compared with net out8olng resource5 of £137.890 last year. INVESTMENT POWERS These are govemed bythe Memorandum and Articles whlch permit surplusfunds to be invested in any lawful enterprise that is approved by the Charity Commissloners. RESERVE5 POLICY The school does not cary free funds. It 15 the policy of the governors to apply any operating surplus to the development and improvement of the fabric and facilities of the school. FUTURE PLANS The a55et5 of the School were sold in November 2024 to the InspSred Learning Group IILGI and the operations of the School under Hayfran Trust are no longer contlnuin8. Continued on page 5 Page 4 POST BALANCE SHEET EVENTS The entire fixed assets of the School were disposed of with the charity assets in the Sale of the trading operations subsequent to year end. Having taken professional advice, the governors believe that the consideration received substantlally equ31s the recoverable value of the assets. The carrying value of the assets has been written down to recoverable value accordinglv. The Board of Governor5 identlfied increasing concerns regardlng the long-term vlablllty of the school, princlpally due to the anticipated impact of VAT and buslness rate liabilities on the affordability ol fee5, and the requirement for further capltal investment to sustain the quality of educational provision and infrastructure. In response, the Board initiated 8 strategic review to asse5S the mostappropriate course of action for securing the school's future. This included consideration of whether to continue operating as a standalone preparatory school lor pupils aged (￿13, to seek third-party investment while Maintaining operational independence. or to pursue a full sale of the school's operatior15 and associated assets. To support this process, the Board commissioned an independent valuation report from a qualifled expert with specific expertise in the educatlon sector. Thi5 report, alongside en8agement with a range ol potential partners across the Charitable, private. and investrnent sectors, informed the Board's deliberations. Following careful evaluation, the Board resolved to proceed wlth a sale of the tradingoperations and assets to the Inspired Learning Group IILGI. In the view of the Directors, this transaction represented the most effective means of safeguarding the value of the school's assets and ensuring the continuity of educational provision in the best intere5t5 of pupils, staff, and the wider community. The transaction was completed in December 2024. The most significant impact of the transaction on these financi31 statements is the revaluation ol land and buildings held by the Company at the year end. The transaction also included an overage agreement as part of the contractual arrangements. The school continue5 to operate under the ownership of ILG. The Hayfran Trust wlll continue to operate, providing 5UPPOrt for pupils and education at St Francis School. Continued on page 6 Page 5 HAYFIiAN TRUST A COMPANY LIMITED BY GUARANTEE REPORT OFTHE GOVERNORS for the year ended 31 August 2024 STATEMENT OF GOVERNORS, RESPONSIBILITIE5 The Governors (who are also directors of the company for the purposes of company law and trustees of the charity for the purposes of charity lawl are responsible for preparing the Report of the Governors (including the Strategic Report) and the financlal statements in accordance wlth appllcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to Prepa￿ flnanclal statements for each financial year, which give a true and fair view ol the state of affairs of the charitable company ènd of the incorning resource5 and application of resources, including the income and expenditure, of the charitable company for that perlod. In preparing those financial staternents, the Governors are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP 2015 IFRS 1021., make judgements and accounting estimates that are reasonable and prudent,. stste whether applicable UK Accounting Standards have been followed, subject to any material departu￿$ disclosed and explain&d in the financial statements., prepafe the flnancial st3tements on the going Concern basis unless it 15 inappropriate to presume that the charitable company will continue in operation The Governors are responsible for k&eping adequate aecounting records which disd05e with reasonable accuracy at any time the financial position of the eharitable company and to enable them to ensure that the financial statements comply with the CompaniesAct 2(KJ6. They are also responsiblefor safegijardingthe assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So lar a5 the Govemors are aware, there is no relevant audlt information la5 defined by section 418 of the Companies Art 20061 of which the company's auditors are unaware. and each Governor has taken all the steps that he or she ou8ht to have taken as a Governor in order to make himself of herself aware of any relevant Information 3nd to establish that the company's auditors are aware of that information. AUDITORS The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meetin8. ON BEHALF OF THE BOARD OF GOVERNORS.. The governors (ln their capacity as directors of the company and trustee5 of the eharltyl approve the Report of the Governors and the Strategic Report for the year ended 31 August 2024. ON BEHALF OF THE GOVERNORS: P Hump ies-Cuff- ir of Governors Dated a ? Page 6 HAYFRAN TRUST A COMPANY LIMITED BY GUAFiANTEE REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HAYFRAN TRUST Oplnlon We have audlted the financlal statements ol HayFran Trust (the 'charitable company'l lor the year ended 31 August 2024 which comprise the Statementof Financial Actlvities,the Balance Sheet, the Ststement olcash Flows and notestothe financlal statements. includine a summary of significant accounting policies. The flnancièl reportingframework that has been applied in their prep8ratlon is applicable law and Unlted Kingdorn Accountlng Standards, intludlng Financia1 Reporting Standard 102 he Financlal Reporting Standard applicable in the UK and Republic of Ireland~ Iunlted Kin8dom Generally Accepted Accounting Practice). In our opinion the flnancial statements.. glve 3 true and lèirvlew of the state of the charitable company's affalrs as at 31 August 2024 and of ks Incoming re50ur¢es and appllcation of resour¢es for the year then ended,. have been properfy prepared In accordance with United Klngdom Generally Accept&d Accounting Practice., and have been prepared in accorcknce with the requlrements of the COM￿nIeS Act 20(kq. Basis for tsplnlon We conducted our 3udlt In accordance with Internatlonal Standards on Audltlng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audlt of the financial st3tements settion of ourreport. WÈ are Independent of the charltable company in atcordancewith the ethical requlrements that are relevant to our audit of the financlal statement5 in the UK, Includlng the FRCS Ethical Standard and we have fulfilled ourotherethic41 re5ponsibllitle5 in accordantèwlth these requlrernents. We belleveth3t the audlt evldencewe have obtsined 15 5uffi¢ient 8nd appropriate to provlde a basi5 for our oplnlon. Emphasls of matter- not a golng concern We draw attention to note l Going Concern of the financial 5tatÈments which explalns that the flnancial 5taternents have not been PrePa￿d on a golng Con￿[￿ basis for the reason set out in that note. Our opinion Is not modified in respect of this matter. other inforrnatlon The other Inforrnation comprfses the inforTfatlon included In the Report of the Governors. (including 5trateglc Report), other th8n the linancial statements and our Report of the Audltors thereon. The Governors 8re responsible for the other information. Our opinlon on the financial statements does not cover the other information and, except to the extent otherwlse explicitly5tated in our report. we do not express anyform ol assurance conclusion thereon. In connection wf(h our audit of the fin3nclèl statements, our responsibility is to read the other information and, dolng so, consider whether the other Information is materially incon515tent with the financial statements orour knowledge obtained In the auditorotherwise appears to be materially mlsstated. If we identify such material inconslstencles or apparent rnaterlal mlsst3tements, we are required to determine whetherthere Is a material rnisst2tement In the financial 5tatÈments or a material mi5Statement of the other Information. If, based on the work we have performed, we conclude that there 15 a rnatÈrlal mlsstatement ol this other information, we a￿ requlred to report thatfact. We have nothlngto report in this regard. Oplnlons on other matters prescrlbed bythe Companles Act 2006 In our opinion. based on the work undertaken in the course of the audlt.. the information given in the Report of the Governors, which intludes the Report of the Dlrertors and the Strategic Report prepared for the purposes of comwny law, for the financial year for which the financial 5taternents ère prepared Is consistent wlth the financial Statements; and the Strategic Report ènd the Report tsf the Dlrectors Included withln the Report of the Governors have been prepared in accordance with appllcable legal requlrements Continued on page 8 Page 7 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HAYFFiAN TRUST Contlnued trom page 6 Matter5 on which we are re4ulred to report by exception In light of the knowledge and understandlng of the company and fcs environment obtained in the course ol the audit. we have not idèntlfled materi31 misstatements in the StratÈglc Report orthe Report of the Director5 intluded wlthln the Report of the Governor5. We have nothlng to report in respect of the followlng matters In relation to which the Companies Att 2006 requlres us to report to you if, in our opinlon.. adequate accounting records have not been kept. or returns adequate for ouraudlt have not been recelved from branche5 not visited by us.. or the financial statements are not In agreernent with the accountlng records 8nd returns,. or certaln disclosures of Governors, remuneration specified by law are not made., or we have not recelved all the inforrnatlgn and exp13natlons we require for our audit. Responsibilities of Goyemors As explained more fully in the Statement of Governors, Re5ponsibilitie5 set out on page fSve. the Governor5 Iwho are also directors of the charitable company for the purposes of cornpany18w and trustees of the ch4rity for the purposes of ch3rlty lawl are responsible foi the pr@paratlon of the financial Statements and for being satlsfled thatthey give a true and lairview, and for suth Internal control asthe Governors determlne is necessary to enable the p￿paratIon of flnanclal statements that arefree from materlal misstatement. whether due to fraud or error. In preparlng the financial 5tatÈments, the Governors are responslble for assessing the charitable company's ability to Continue 3$ a golng concern. disc105in8, as applicable. matters related to going concern and using the golng concern basis of accounting unlessthe Governors either intend to liouidatÈthe ch8rltable companyorto ceaseoperations, or have no re811stlc alternative but to do so. Audltorfs responslbillties for the audit of thÈfinanclal statements Our objectives are to obtain reasonable assurance about whetherthe financlal statements as a whole are free from materlal misstatement, whether due to fraud or error. and to issue a Report of the Auditors that includes our oplnlon. Reasonable assurance 15 a high level of assurance, but is ntst a guarantee that an audit conducted in accordance with ISAS IUKI wi11 always detect a rnaterial mlsst8tement when it exist5. Mi55tatements can arlse from fraud or error and are tonsidered mater181 if, indlvldually or In the aggreEate, they could rezsonably be expected to influence the economic decisionsof user5taken on the basis ol these flnanclal statements. Identlfylng and a5ses$ln8 potentlal rlsks related to irregularltles IrrÈgularitles, Including fraud, are non-compllènce with law5 and regulations. We deslgn procedure5, in line with our responsibllitlÈs. as set out Sn the audltor's responslblllties forthe audit of the flnancial statements section, to detect material misstatements in respect of Irregularitie5. including fraud. The extent to which our procedures are capable of detectlng Irregularltles, Includlngfraud, are detalled below. In Sdentifyin8 and assesslng r1$￿ of material rnisstatement In respect of irregularitie5, including fraud and non-compllance wlth laws and regulations we conslder the following.. the nature ol the charity sèctor, control environmerrt and flnanclal performance,. results of our enqulries of management about theSr own identification and assessment of the rlsks of irregularities,. any matters we Identified having obtsined 8nd revlewed the charity'5 docurnentation of thelr policies and procedures relating to.. identifylnE, evaluatlng and cornplying with laws and regulations and whetherthey were aware of 8ny Instan￿5 of non- compllance., detectlng and responding to the rlsks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the intemal wntrols establlshed to mitiKdte risks of fraud or nonle activities School operating costs Impaim)ent of taTigible fixed assets Trading expenses 2,458,160 1,364,774 5.037 2.463,197 1,364.774 2,470,579 1,655 Total expenditure 3,822,934 5,037 3,827,971 2.472.234 NET IEXPENDITUREIIINCOME 11,447,476) 1,094 15,0371 11,451,4191 1137,8901 Fund balances at I September 2023 1,731,693 92.225 110,220 1,934,138 2,072,028 TOTAL FUNDS CARRIED FORWARD AT31 AUGUST 2024 284,217 93,319 105,203 482,719 1,934,138 CONTINUING OPERATIONS The activities of the charitable companls have been discontinued post year end. The notes form part of these financial ststements Page 10 HAYFRAN TRUST A COMPANY LIMITED BY GUAFiANTEE IA COMPANY LIMITED BY GUARANTEE-COMPANY NUMBER 21648801 BALANCE SHEET 31 August 2024 2024 2023 Notes FIXED ASSETS: Tangible assets 1,687,098 CURRENT ASSETS: Debtors Assets held for sale Cash at bank and in hand 176,200 191.258 1,377,971 118,102 1,075,116 1,745,429 1,193,218 CREDITORS: Amounts falllng due withln one year 1,262,710 695,220 NET CURRENT ASSETS: 482,719 497,998 TOTAL ASSETS LESS CURRENT LIABIUTIES: 482,719 2.185.096 CREDITORS: Amount5 falling due after more than one year 1250,9581 482.719 1,934,138 FUNDS: Unrestricted funds Restricted fund 377,516 105,203 1,823,918 110,220 15 16 482,719 1,934,138 These accounts were approved and authorised for issue by the Governor5 on their behalf by.. and were signed on PHU Chalr- Governor liver-Treasurer- Governor The notes form part of these financial statements Page 11 HAYFPAN YRUST A COMPANY LIMITED BY GUARANTEE CASH FLOW STATEMENT for the Yèai Ended 31 August 2024 2024 2023 Notes Net cash provlded bv operatlng activities 372,576 1142,5211 Cash flows from Investing activitles: Purchase of tangible assets 113,1811 134.3931 Net cash Iu5ed inl Snve5ting activities 113.1811 134,3931 Cash flow5 from flnanclng activitles.. Loan repayments 156,5401 150.3071 Net cash lused inl flnancing activities 156.5401 150.307 Change in cash and cash equlvalents In the year 302,855 1227,2211 Cash and cash equivalents at I September 2023 1,075,116 1,302,337 Cash and cash equivalents at 31 August 2024 1,377,971 1,075,116 The note5 form part of these financial statements Page 12 HAYFRAN TRUST A COMPANY LIMITED BY GUARANTEE NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 August 2024 RECONCILIATION OF NET INCOMEIEXPENDITURE TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2024 2023 Net loutgoingllincoming resources Depreciation charge5 Impairment ol tangible fixed assets Decrease in stock Decreasellincreasel in debtors IDecreasel/lncrea5e In creditors 11,451.3701 144,248 1.364,744 1137,8901 143,783 158,0981 373,052 160,545 1308.9591 Net Cash lused inllprovlded by operating actlvlties 372,576 1142,5211 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and in hand 1.377,971 1,075,116 1,377,971 1,075.116 Page 13 HAYFPAN TRUST A COMPANY LIMITED BY GUARANTEE NOTE5 TO THE FINANCIAL5TAYEMENTS for the year ended 31 August 2024 ACCOUNTING POLICIES The prtncipal accounting policies adopted. judgement5 and key sources of estimation uncertainty in the preparation of the financial Statements are as follows.. General information and basls of preparatlon Hayfran Trust is a company limited by guarantee incorporated and registered In England and Wales. The school constitutes a Public Benefit Entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 leffective l January 20151- Icharitles SORP 2015 IFRS 10211, the Chèritles Act 2011 and the Companies Act 2006. The financial statements are prepared in Sterling IE) which 15 the functional currency of the charltable comparny. Going concern The buslness and assets of the School have been sold and tTan5ferred post year end15ee note 191. TheTefore, the bus5ness and operations of the School under Hayfran Trust are no1onger continuing. The operation5 of the school are continuing under the new owneron the existin8Slte. Hayfran Trust will no longer be running St Francis but will continue to operate. supporting pupi15 and educatltsn at St Francis School. The Significant accountln8 policies applied in the prep8ration of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Funds The School's funds consist of unrestrlcted and restricted amounts. The School may use unrestricted amount5 at its discretion. Designated funds comprise unrestricted funds that have been Set aside for particular purpose5. Restricted funds can only be used for a particular purpose as specif￿ed by the donor. Fees and slmilar income Fees receivable and charges forsetvlces and use of premises are accounted for in the period in which the Service is provided. Fees receivable are stated after deducting allowance5, scholarships and other remissions allowed by the school. Donations, legacies and fund accountlng Donations and legac￿eS received lor the general purposes of the school are included as unrestricted funds. Donations and legacies for activities restricted by the wishes of the donor are taken to'restricted funds" where these wishes are legally blndlng on the Govemors. Expendlture All expenditure is included on an accruals basis and is recognised when there is 3 leg81 obligation to pay for expenditure. All costs have been directly attributed to one of the lunctlonal categorles ol resources expended in the SOFA. The irrecoverable element of VAT is included with the item of expense to which It relates. Tangible Ilxed a55ets Expendlture on fixed assets is capitalised except for expenditure incurred on the feplacement ol assets of low value with a short life. Repair, renovation and replacement expenditure is written off a5 expenditure in the statement of financial activities. The cost of fixed assets is their purchase cost, together with any incidental costs of acqulsltion. Depreciation i5calculated towiite off the c05t of tangiblefixed assets, lesstheirestlmated residual values, over the expected useful live5 of the assets concerned. The principal annual rate5 Used for this purpose are.. Page 14 HAYFRAN TRUST A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Au8USt 2024 ACCOUNTING POLICIES continued Tan8lble fixèd asset5 continued Freehold property - 2% on cost Property improvement5 - at varying rates between 2.5 and 14.33% on cost Plant and equipment - at varying rates between IO% and 33.33% on cost Motor vehicles - 25% on cost Nursery unit at varying rates between 4% and 33.33% on cost Impairment of r￿ed assets At each reporting end date, the charity revlews the carrying amounts of its tangible asset5 to determine whetherthere is any indication that those assets have suffered an impaim)ent loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment Ioss lif any). Penslons The school operates a defined contributlon group personal pension scheme for teachers and other employees. Debtors Debtor5 are measured at their recoverable amount. Credllor5 and provlsions Creditors and provisions are recognised where the charity has a present obligatlon resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligatlon can be measured or estimated reliably. Creditors and provisions are normally reco8nised at theirsettlementamount fter allowing for any trade discounts due. Taxation The company is a registered charity and. as such, is not liable to corporation tax. Financial Instruments The School only has financia5 assets and financlal liabilities of a klnd that qualify as basic financial 5nstruments. 8aslc financial instrument5 are inltially recognised at transaction value and subsequently rreasured at thelr settlement value. Crltical zccountlng estimates and areas of judgement The preparation ol financial Statement in conformity wlth generally accepted accounting practice requires rnanagement to make estimates and judgments that affect the reported amounts of assets and liabllities as well as the disclosure of contingent assets and liabilities at th& staternent of financial p051tlon date and the reported amounts of revenues and expense5 dur4n8 the reporting period. Crltical accountlng estimates and a55umptlons Flxed Assets-The fixed assets are held at fairvalue as at 31 August 2024. This was estimated by the Governors based on the post year end sales price and third party professional valuations for the property and it5 fixtures and equipment. The valuation inherently includes a degree of judgement to reflect the nature and condition of the property as well as the timing of the sale. FEES 2024 2023 Fees receivable consist ol= Gross fees Less-. Total bursarie5, grants and allowances 2,686,349 423,1671 2,263,182 2,566,156 296,459 2,269,697 Page 15 HAYFRAN TRUST A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIALSTATEMENTS for thè year ended 31 August 2024 SUNDRY AND OTHER INCOME 2024 2023 Sundry iThtome 41,674 40,329 41,674 40,329 STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 1,498,QK12 117,433 128,991 1,490,527 118,299 132,722 1,744,426 1,741.548 The average monthly number of employees durlng the year was as follows.. 2024 2023 52 16 Teaching Non teaching 16 64 68 During the year there were termlnation payments made which amounted to £Nil12023- £Nill. The key personnel of the school compTise the GoveTnoTS. the Head and the Bursar. The total remuneratlon of the key management personnel was £146.09512023- £141,830). None of the Governors nor persons connected with them received any remulleratlon, expenses or other material benefits from the School or any connected organisation12023- £Nill. 2024 2023 No The number of employees whose emoluments exceeded £60,000 was.. £70,001- £80,000 Page 16 HAYFRAN TRUST A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 ANALYSIS OF TOTAL RESOURCES EXPENDED Support costs 2024 Total 2023 Total Staff costs Depreciatlon Charitsblè attlvltles: School operating costs.. Teaching costs 1.353,308 Welfare 90,641 Premises 98,852 Management and adminlstration 201,625 116.579 124,376 201,658 118,083 17,811 1,487,698 215,017 418,041 328,614 1,422.308 199,504 461,794 363,014 117,531 8,906 1.744,426 560.696 144,248 2,449,370 2,446,620 Impairment of fixed assets Governance costs 1,364.774 1,364,774 402 402 10.200 Cost5 of gènèratln8 fvnds.. Finance and othei costs 13.425 13,425 13,759 1,744,426 574.523 1,509,022 3,827,971 2,470,579 Trading tosts 1,655 Total resources expended 1,744,426 574,523 1.509.022 3,827,971 2,472,234 TANGIBLE FIXED ASSETS Improvements to property Freehold propertv Plant and machinery Nursery Unit Totals COST At I September 2023 Additfions Disposals Transfer to assets held for sale 489,602 2,174,064 1,764 518,383 11,417 124,5591 1505.2411 610,727 3.792.776 13,181 124,5591 610,7271 13.781.398) 1489,6021 12,175,828) At 31 August 2024 DEPRECIATION At I September 2023 Charge for year Eliminated on disposal Transfer to assets held for sale 305.051 9,792 1,173,509 79,936 456,307 26,906 124.5591 1458,6541 170,811 27,613 2,105,678 144,247 124,5591 2,225,366) 1314,8431 11,253.4451 1198,4241 At 31 August 2024 NETBOOKVALUE At 31 Au8USt 2024 At 31 August 2023 184,551 I,O(YJ,555 62,076 439,916 1.687.098 Pa8e 17 HAYFRAN TRUST ACOMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIALSTATEMENTS for the year endèd 31 August 2024 Durlne the year, as part of the long term strategy ol the school the Governors discussed the possibility of putting the school up for sale. The assets and the business operations of the school were sold in December 2024. Therefore the carrying value of the assets as at 31 August 2024 has been transferred from fixed assets to assets held for sale. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepaymerits and accrued income 115.048 9.450 51,702 51.346 9,450 57,306 176.200 118,102 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONEYEAR 2024 2023 Bank loans and overdrafts (see note 141 Trade treditor5 Social security and other taxes Other creditors Oeferred income Accrued expenses 160.023 37,461 27,788 109,564 881,864 46.010 45.090 55,900 27,301 34,881 480,082 51,966 1,262.710 695,220 CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans Fee deposits Isee note 141 167.608 83,350 250,958 10. NET OUTGOING RESOURCES Net outgoing resource5 are ststed after charging.. 2024 2023 Deprecia￿On- owned assets Impairment- owned assets Operatlng lease rentals Auditors, remuneration - audlt other servlces 144,248 1.364.744 20,611 9,600 I,ioo 143,783 20,611 9.100 900 li. OPERATING LEASE COMMITMENT The total future MIn￿muM payments due on leases eKplrlng'. 2024 2023 Equlpment and motor vehicles.. Within one year Between one and five years 20,044 16,4 20,239 36,444 36,444 56.683 Page 18 HAYFRAN TRUST A COMPANY LIMITED BY GUARANTEE INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2024 12. PENSION COMMITMENTS Due to the large increase in contribution rates with effect from I September 2019, the Governors, in consultation with the teachers. agreed to exit the Teachers, Pension Scheme with effect from 31 December 2021 and revert to personal pension plans, on a defined contribution basis. with effect from l January 2022. For other employees, the School contributes to personal pension plans and these are deflned Contribution Schemes. The total penslon cost for the school was £128,99112023- £132,722). There were outstsnding contribution5 at the balance Sheet date of £24812023- £2381 in respect of contributlons due for the month ol Au8ust paid over to the pension schemes. administrator5 in September. 13. LOANS AND OVERORAFTS An analysis of the maturlty ol loans is given below.. 2024 2023 Amounts falling due within one year.. Bank loan 160,023 45,090 Amount5 lalllng due between one and two years.. Bank loan- 1-2 years 45,090 Amounts falling due between two and five years.. Bank loan- 2-5 years 122,518 Amounts falllng due over flve years.. Bank loan- over 5 years One bank loan is repayable by instalment5 over 10 years at an interest rate of 2.5% above base rate. The School also has a loan facility under the UK Governmenvs Coronavirus Busine55 Interruption Loan Scheme. Inte￿$t is payable on the loan at a fixed rate of 2.5%. In advance of the sale of the school , both of the above loans were repaid in November 2024. As these loans have been fully repaid subsequent to the year end, the full amounts outstanding at 31 August 2024 have been included wlthin creditors due within one year. 14. SECURED DEBTS Subsequent to the year-end the first charge over the freehold property of the School was released when the loans were repaid. Page 19 HAYFRAN TRUST A COMPANY LIMITED 8Y GUARANTEE INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2024 15. RESTRICTED FUND Analysi5 of movement in restricted funds.. Balance at I September 2023 Balance at 31 August 2024 IncomSng resources Resourtes expended Flxed asset fund Prism Foundation grant 79,030 31,190 14,3471 16701 74,683 30,520 110,220 5,0171 105,203 Flxed asset fund Income In the Restricted Fund represent5 donations received forthe purchase of specificfixed assets. Expenditure charged against the ftynd represents depreciation on the corresponding value of flxed assets that have been funded. Prisrn Foundatlon grant To run swimming lessons and first aid courses for our younger puplls. 16. ALLOCATION OF THE CHARITY NEY ASSETS The net assets are held for the variou5 funds as follows.. Net current asset5 Credito due after more than one year Flxed assets Total Unrestricted funds Restricted fund 377.516 105,203 377,516 105,203 482,719 482,719 Current assets allocated to unrestricted funds include de51gnated amounts totalling £NII12023- £Nill 17. COMPANY STATUS The Company Is limited byguarantee and does not have a share capital. The liabllity of the Member5 in the event of a winding up Ss Ilmited by guarantee to an amount not exceeding £10 per mernbèr. At the balance sheet date there were 6 members12023- 61. Page 20 HAYFRAN TRUST A COMPANY LIMITED 8Y GUARANTEE INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2024 18. IMPAIRMENTS As detailed in note 19, on 2 December 2024 the assets of the school were disposed of at an agreed value. Given the subsequent disposal, the value of such assets are included in the financial Statements at an impaired value as at 31 August 2024. The resulting impairment losses, which are considered exceptional. are included in the Statement of Financial Activities for the year ended 31 August 2024, within expenditure on charitable activities, a5 follows 2024 2023 In respect of .. Property, plant and equipment 1364 774 19. POST BALANCE SHEET EVENTS After the year end, the Governors 501d the business and asset5 of the school. Prior to the sale in December the external loans were repaid in full. These accounts reflect the agreed sale5 price where appropriate. The Hayfran Trust will continue to operate providing SLJPPOrt to pupils and education at St Francls School. Page 21 HAYFRAN TRUST A COMPANY LIMITED BY GUARANTEE INCOME AND EXPENDITURE ACCOUNT for the year ended 31 August 2024 20. PRIOR YEAR COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrèstrlcted fund School Other Restrirted fund Total Notes INCOMEAND ENDOWMENTS FROM: Charltable actlvltles Fees receivable 2,269.697 2.269,697 Other income 40,329 40,329 DonatSons and legacies 23,090 23,090 Trading activities 1,228 1.228 Totsl Income 2,333,116 1,228 2,334,344 EXPENDITURE ON Charltable activities School operating costs 2,465,467 5,112 2,470.579 Trading expenses 1,655 1,655 Total expendlturè 2,465.467 1,655 5,112 2,472,234 NET IEXPENDITUREIIINCOME 1132,3511 14271 15,1121 1137,8901 Fund balances at 15eptember 2022 1.864.044 92,652 115.332 2,072,028 TOTAL FUNDS CARRIED FORWARD AT31AUGUST2023 1,731,693 92,225 110,220 1,934,138 This page does not form part of the statutory financial statements Page 22