GAYHURST SCHOOL TRUST (A Company Limited by Guarantee and not having a Share Capital) GOVERNORS, REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023 Company Registered Number: 2209385 Charity Registered Number: 298869
GAYHURST SCHOOL TRUST GOVERNORS, REPORT YEAR ENDED 31 AUGUST 2023 Governors Mr R Thompson (Chair until 24.04.23, st¢y)d down 05.07.231 Mr R Skinner ljoined 06.12.22, Chair from 24.04.23 Mrs A Dusek (stood down 05.07.231 Mrs E Halliday Mr5 Z McKinnon Mr S Potts Mr N Garner Mr A Wallace Ms T Hartley Mrs A Borwick Mr G MacPhee (joined 24.11.221 Mrs S Kerr (joined 07.02.231 Mr5 G Fienberg (joined 15.11.221 The Governors are the directors of the company and the charity trustees. Officers and Advisors Headmaster: Mr Gareth R A Davies Bursar and Company Secretary: Mrs Vanessa Lakatos Addres5 and Registered Office Gayhurst School Bull Lane Gerrards Cross Buckinghamshire SL9 8RJ Bankers.. Natlonal Westmlnster Bank PIC Auditors: Haysmacintyre 10 Queen Street Place London Gerrards Cross Buckingham5hire SL9 8EA EC4R 1AG Solicitors.. Moore Barlow LLP Insurance Broker: Hayes Parson5 St Lawrence House The Oriel Sydenham Road, Guildford GU1 35R Bristol Street Bristol B51 2HF All Governors attend the Full Board meetings, the Head and Bursar attend all meetings. The commlttees are.. Admission5 & Marketing - A Du5ek Ichair to 31.03.231, R Skinner Ichair from 01.04.231, N Garner, S Kerr Education - R Thompson (Chair to 24.04.231. A Wallace (Chair from 24.04.231, Z McKinnon, T Hartleyp Fienberg, R Skinner lex-officiol Finance & General Purp05e5 -s Potts (Chairl E Halliday, A Borwick, G MacPhee. R Skinner lex-officiol
GAYHURST SCHOOL TRUST GOVERNORS, REPORT Icontinuedl YEAR ENDED 31 AUGUST 2023 OBJECTS, OBJECTIVES AND ACTIVITIES Overall Objective5 The overall objectives are, as set out in the Metnorandum of Association, to promote and provide for the advancement of the education of children. Gayhurst School aims to enable all pupils to reach their potential and be fully prepared for any secondary school their parents may choose. Gayhurst's highest priority is the safety and welfare of its community, with an unwavering commitment to safeguard it5 pupils in every action and decision made. Gayhurst strlves for all children to reach their highest academic standards while ensuring the development of well-rounded individuals who are confident, independent, and resilient. Pupils are encouraged to take part in a wide range of extracurricular activities to enrich their broader education and personal development. The school aims to widen public access to its educational provision as much as possible within the context of our funding a5 an independent education provider and registered charity. Gayhurst encourages use of the school's facilities for public benefit and interacts positively with the local community, aiming to encourage its pupils to contribute to society. In achieving it5 overall objectives, Gayhurst prepares girls and boys from ages 3 to 11 for their life at secondary school and beyond. Objectives for the Year Over and above the overall objectives noted above, the school had the following specific objectives for the year ended 31 August 2023: To maintain high levels of academic excellence. To prepare pupils for entry into the most appropriate secondary schools commensurate with their skills, abilities and the wishe5 of their parents. To continue to develop sporting, artistic, musical, performance and cultural opportunities. To extend extra-curricular activities and provide a wide, age-appropriate choice for all pupils. To ensure the school is fully prepared for an inspection by ISI To promote the values and benefits of Gayhurst a5 a co-educational school. To continue to increase the number of girls in the school To support recruitment and retention of high-quality staff. To contlnue to market the school actively, both externally and internally. To move forward with plans to enhance sports and performing arts facilities at the school. To work with traffic consultants and the local community to enable better traffic management To appoint new governors as required
GAYHURST SCHOOL TRUST GOVERNORS. REPORT {continuedl YEAR ENDED 31 AUGUST 2023 To continue to Use a System for tracking pupils, development to ensure each child is monitored and 5trategie5 are identified to enhance their learning with suitable challenge or inteNention where required. To review and update School policie5 regularly to ensure compliance and appropriate Implementation In Ilne with Independent School Standard Regulations IISSRI. To review on an ongoing basis public benefit and wider community engagement in line with funding constraints. To monitor and plan for future political and economic challenges The School has met its objectives foi 2022123 a5 Outlined in the review of performance and achievements section of this report. Two governors stepped down from the Board, one because of ill health and another for personal work commitments. Four new governors joined the Board. Publlc Beneflt The governors confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in detertnining the activitie5 undertaken by the charity. The school is committed to the concepts of access and opportunity for public benefit and in the last year the school provided means-tested support for 11 pupils (including 4 who were displaced from Ukraine by warl who otherwise would not have been able to access the school's provision, to the value of £158,000. Beyond the benefit of providing a high-quality education to all the pupils of Gayhurst School, which equips them with ski115 for their future, the school also provided wider public benefit through partner5hip5 Wlth both local state schools and our local community. Gayhurst has enjoyed reinstating events and creating new opportunities to work with our neighbouring 5choo15 and communities since the disruption to its partnership work throughout the Covid pandemic. The school, staff and pupi15 continue to work hard to support Lhe local community and charities in several different way5 including.. Partnership5 Wlth local state school5: Gayhurst continues to be used as an exam centre for LAMDA by local chlldren from other schools. The Head Is a governor at a secondary state academy and large prep school The Head is a board member of iTrust, the IAPS charity. The Deputy Head is chair of the governing board at a local state schoollMAT. The Bursar is a governor at a local state school and a board member of ISBA. Gayhurst hosted a local sports partnership cr05s country event for 13 schools across KS2 involving more than 500 children Gayhurst hosted the Maths Challenge Final,18 different schools were involved. Gayhurst collaborated with a local primary school choir to perform at the local feast day celebrations
GAYHURST SCHOOL TRUST GOVERNORS, REPORT Icontinuedl YEAR ENDED 31 AUGUST 2023 Partnerships with the local and wider community: Gayhurst attends and sponsors the Community Feast Day in Gerrards Cross Gayhurst actively promotes events for local churches, groups and schoo15 via our parent communications. Pupils from Gayhurst represent the school annually in the local community remembrance Service. The Metropolitan Police use the school buildings and premises several times each term for training of their dogs. Harvest Festival - Pupils delivered produce collected at the harvest festival to the Foodshare Charity in Slough Gerrards Cross girls cricket team use the school for weekend training Gerrards Cross Tenni5 Club use the site for parking during evenings and weekends Art supplie5 donated to Brooke Infant School. Sponsorship of Beacon5field RFC With the assistance of the Thomas Franks catering team Year 6 leavers cooked meals which were then frozen and donated to their Feeding Communities initiative. Risk Management The governor5 have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The governors a55ess the major risks to which the school is exposed and are Satisfied that system5 are in place to manage exposure to these risks. Risk management is a matter of on-going policy and governors continue to keep the school's exposure to these risks under review. The risk management documentation is reviewed at every committee and updated at least annually. Responsibility for identified risks remains a standing item on appropriate governor subcommittee agendas, thereby ensuring a dedicated focus on risks and controls. The main areas of risk are considered to be.. External factors: the sector, economic and political Financial Health & Safety/Safeguarding: child, member of staff, volunteer or visitor suffering physical or emotional harm Regulatory compliance failure Interruption to business/reputational damage External Factors ~The risks relating to the potential105s of charity tax benefits and VAT on fees are monitored and considered in future planning for the school. The school continues to work with the Independent Schools Council, ISBA and other representative bodies to defend the charitable status of independent education and inform the positive contribution it makes. The economic climate and market competitiveness are monitored by the governors and senior leadership and effects of recession, inflation, increased interest rates and potential drop in
GAYHURST SCHOOL TRUST GOVERNORS, REPORT (continued) YEAR ENDED 31 AUGUST 2023 pupil roll are considered in budgeting and forward planning scenarios. The risk of cyber-attack is addressed through staff tralning and working with IT contractors to minimi5e the likelihood and severity, Flnanclal rlsks -areas of concern include the application of VAT to school fees, high inf lation, high interest rate5 and energy cost5 due to current economic and political factors resulting in fees becoming unaffordable for parents. The subsequent risk to the school is a reduction in pupil numbers and an increase in bad debts. Costs continue to be regularly reviewed and cost pressures arising from external factors are identified at an early stage and managed as far as possible by the preparation and control of school budgets involving budget holders across the school. The school aims to ensLJre timely collection of fee income and management of debtors to minimise losses. The risk of harm - thi5 is addressed through maintaining and implementing robust Safuard1g, child protection, safer recruitment and health and safety policies and practices. A health and safety consultant is engaged to provide professional oversight and guidance. There is a focus on awareness by all, annual training for all staff and regular review meetings of the safeguarding and health and safety team5. Regulatory compliance 15 ensured by review and update of all school policies on a predetermined cycle and checking of implementation by senior staff and governors. Risk of business interruption through critical incidents is managed, where It can be, through health and safety risk assessments. An emergency plan is in place to provide guidance on how to deal with, and minimise, the impact of external critical incidents. Reputational damage is managed through planning Irisk management and the proactive control of event5 a5 they happen to reduce this risk. REVIEW OF ACHIEVEMENTS AND PERFORMANCE 2022-23 The academic year 2022-23 was one of the most successful in the school'5 history with many notable achievement5 to celebrate. The year started with a record school roll of 363 students including four Ukrainian refugee children supported on bursaries. For the first time, girl numbers exceeded 100 with 110 on roll. a positive development and an indication that the school's co-educational offering wa5 becoming increasingly popular. Such growth in pupil numbers was testimony that parental confidence in the school was high and its reputation strong. This was very much attributed to the emphasis placed on pupils, character development and enrichment as well a5 high academic standards which combine to provide an attractive and compelling educational offer. During the year, a legacy of the pandemic contlnued to affect chlldren's mental health, anxiety and attendance. The School therefore prioritised emotional and pastoral support to focus on pupil happiness and wellbeing from all members of staff. The school continued to use the services of a counsellor on a weekly basis and a member of staff also developed skills in this area to broaden the expertise and support available internally. Sotne Year 6 pupils also trained as peer mentors in associatThon with BckInghamshlre Mind so that they could support younger pupils acr055 the school. New developments sought to broaden the currlculum and extend facillties to support educational provision and increase extracurricular opportunities. Spanish was introduced to Nursery for the first time, dance and outdoor learning sessions were offered f rom Nursery to Year 2 and STEAM extended to Year 5 following its introduction to Year 6 previously. Swimrning provision was also extended to include all children acr055 the School except those in Nursery. New facilities included a new putting green in the heart of the school to amuse and engage
GAYHURST SCHOOL TRUST GOVERNORS, REPORT (continued) YEAR ENDED 31 AUGUST 2023 children during break times, a dedicated garden studio for LAMDA tuition, a revamp of the junior library and erection of a new boot-room, which also increased playground space for the younger children and improved the aesthetic appearance of the site. We were delighted to receive planning approval for a major capital development of a new sports hall and changing rooms, large auditorium and new staff room building from the local authority and we hope to begin construction early into the new academic year. Pupils were appropriately prepared for a variety of Selective grammar, independent and maintained schools with 66% of entrants securing places at the selective Bucks grammar schools after passing the 11 + transfer test. In total, pupils transferred to 24 different schools. It was an excellent year for scholarships, with 15 awarded at 11 different schools. Sport and academic Scholarships were prominent, whilst the creative and performing arts were also recognised. Two pupils each won multiple scholarships at different schools. In all, 5 sport scholarships were offered, 4 academic, 2 art, 2 drama and 2 mu55c. Thi5 reflects the school's commitment to offering a broad and balanced education and demonstrates how the school both supports and extends the more talented pupi15. A newly appointed SENDCO ensured that appropriate support and individual education plans were in place for children with special educational need5 and disabilities including the two children on roll with an Educational Health and Care Plan IEHCPI. A slight increase in learning assistants ensured that support could be offered within class and to small groups where required. Extracurricular and enrichment opportunities were once again prevalent and widely taken up by the pupi15. Academic competitions included debating, maths, computing, prose and poetry recital, RS essay writing and music, whilst qulz teams also participated in inter-school competitions for general knowledge, maths and science. Themed enrichment weeks saw a focus on sustainability and water themed activities and residential week provided varied educational experiences at school, in Devon and Bilbao. World Book Day focused on bedtime Stories and two author visits enthused the children about creative writing. 95% of pupils achieved a di5tThnction in their LAAIDA exams and one pupil achieved success in an IAP5 gymnastics competition on the first time that the school had entered the competition. School productions included The Puzzled Penguin, Porridge and Star Warts, whilst competitive sport against other schools wa5 also a regular occurrence. Charitable days were well supported and saw significant funds and donation5 of food, clothes and toys for local, national and international charities including the Rainbow Trust and Helen and Douglas House, Children in Need, the Royal British Legion, Slough Food Bank and Macmillan. The Gayhurst Parents Association {GPAI were also well-supported, and this enabled them to donate an outdoor classroom, a laser cutter, two 3D printers, a Lego technology kit, blazepod reaction resources and a video camera to the school, all of which were gratefully received and allow the furtherance of different educational activities. Involvement in community events included the hosting of a large cr05s-country event and multiple rugby tournaments as well as a maths quiz and competition for local schools. External candidates were able to sit LhMDA exams at the school and police dogs used the school buildings for training purposes. A local football group rULarlY hire the resources and a local tenni5 club use the site for parking. A school choir and parental community performed at a local feast day, which the school also sponsored. A local rugby club was also sponsored by the school. Additionally, the school continues to promote workshops and events to its comtnunity for a local church and various other local groups. The school's caterers oversaw efforts from our Year 6 children to create meals which were portioned and frozen as part of the Feeding Communities initiative and engaged in a surplus to purpose Service which used excess produce that would otherwise have been destined for waste.
GAYHURST SCHOOL TRUST GOVERNORS, REPORT {continuedl YEAR ENDED 31 AUGUST 2023 The year ended with a long overdue, focused compliance and educational quality inspection by the Independent Schools Inspectorate (ISI). The school was found to be fully compliant with excellent judgements for pupils, academlc and other achievements and for pupils. personal developments. The report was effusive in its praise of the school and recognised many of the school's strengths. The sole recommendation was to extend and deepen pupils, understanding, awareness and leadership in responding to environmental challenges, which the school had already identified as a Strategic objective. It 7s evident that the school had a very successful year, meeting its aims and strategic objectives. l am thankful to all the staff for their noble efforts, to governors for their advice and oversight and parents for their support. Most importantly, l applaud the pupils for their confidence, independence and resilience in embrac7ng the educational opportunities on offer to them so fully, making the school such a positive and worthwhile environment. The prospect of a major capital developrllent on the horizon is exciting and we are committed to building on what we have achieved over this academic year. We will do so with renewed energy and commitment to offer the best educational experience that we are well-reputed for. REVIEW OF FINANCIAL ACTIVITIES The Finance & General Purposes Committee 5upervi5es the school'5 financial affairs and meets at least once each term. The committee liaises closely with the school's Bursar who is responsible for the day-to-day management of the school's finances. A target for financial performance has been set for net incoming resources {excluding donations) to be in the range of 4% to 8% of total annual fee income. In the year ended 31 st August 2023 the figure was £790, 353 15% of fee income up frorn £586,054 in 2021 or 12.5% of fee income in the year to 31" August 2022. The school's banking arrangements continue to operate satisfactorily. The 2008 development loan wa5 cleared during the year ahead of the repaytnent schedule, the repayments for the new loan frorn 2022 continue on schedule. Cash management is good with proactive management of debtors and miniTnal outstanding fees. Reserves and Financial Health The governors, pollcy is to malntain free reserves Ifunds not deslgnated or tled up In flxed a55etsl through annual Surpluses to Support the development of the school and its charitable purpose. Reserves may be used to fund specific projects alongside an appropriate and prudent level of borrowings if necessary. The school currently has total unrestricted funds (excluding designated funds) of £8,001,352 12022: E7,210,9981. After deducting the carrying value of the tangible fixed assets of £5,764,373 12022.. £5, 526,9041 held for the schcM)I's own use, the freely available reserves were £2.24m 12022.. E1.68ml which is considered sufficient for operational needs.
GAYHURST SCHOOL TRUST GOVERNORS. REPORT Icontinuedl YEAR ENDED 31 AUGUST 2023 FUTURE PLANS The governing board will support the Head, the senior leadership team and the staff in delivering the school's aims and updated strategic objectives offering a broad, high quality education to children in school years Nursery to Year 6. The school will continue to promote the values and benefits of co-education for primary aged pupils. Pupils will continue to benefit from enriched learning to develop confidence, independence and resilience as core value5 that are promoted in all aspects of the education at Gayhurst. The enrichment programme will continue to offer wide and varied opportunities to cater for the learning needs, interests and skill development of all pupi15. Sports, creative and performing arts will continue to be valued and supported as key components of the broad education Gayhurst offers. The wellbeing of pupils will continue to be promoted, taught, and embedded into the comprehensive pastoral support provided. School policies and all other documentation will continue to be reviewed by the Head, the senior leadership team, and governors to ensure ongoing compliance and implementation. The governors and senior leadership are planning a programme for facility improvement, especially with regards to enhancing sports and performing arts facilities, and provision for staff, for which planning approval has been received. New governors will be appointed as required. Fundraising Performance The charity ha5 not made any fundraTsing appeals to the general public during the year. There has been no outsourced fundraising via professional fundraisers or other third parties. As a result, the charity is not registered with the fundraising regulator and did not receive any fundraising complaint5 in the year. STATEMENT OF GOVERNORS, RESPONSIBILITIES The governors (who are also directors of Gayhur5t School Trust for the purposes of company lawl are responsible for preparing the governors, report and the financial Statements in accordance with applicable law and regulations. Company law requires the governors to prepare financial statements for each financial year. Under that law the governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practlce {United Kingdom Accounting Standards and applicable lawl. Under company law the governors must not approve the financial statements unless they are sat15fied that they give a true and fair view of the state of affairs of the charitable company and of the profit or 105s of the charitable company for that period. In preparing these financial statements, the governors are required to.. select suitable accounting policie5 and then apply them consistently. observe the methods and principles in the charities SORP. make judgments and accounting estimates that are reasonable and prudent, State whether applicable UK accountlng standards have been followed, subject to any material departures disclosed and explained in the financial statements.
GAYHURST SCHOOL TRUST GOVERNORS, REPORT {continuedl YEAR ENDED 31 AUGUST 2023 prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the company will continue in business. keep adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any tirne the financial P051tion of the company and enable them to ensure that the financial statements comply with the Companies Act 2000. safeguard the asset5 of the charitable company and hence take reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the governors is aware at the time the report is approved.. There is no relevant audit information of which the charitable company's auditors are unaware. and The governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS In accordance with Section 495 of the Companies Act 2006, a resolution proposing the reappointment of Haysmacintyre as auditors to the company will be put to the Annual General Meeting. On behalf of the Board Mr R Skinner Chair of Governors
INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF GOVERNORS OF GAYHURST SCHOOL TRUST We have audited the financial Statements of Gayhurst School Trust I'the charitable company'l for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and note5 to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reportifjg Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial 5tatements.' give a trLJe and fair view of the state of the charitable cotnpany's affairs as at 31 August 2023 and of the charitable ctsmpany's nel movement in funds, including the income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared In accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's re5ponsibilitie5 for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial Statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern ba51S of accounting in the preparation of the financial Statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signlflcant doubt on the charitable company's abllity to continue as a going concern for a period of at least twelve tnonths from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Governors, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otheThvi5e explicitly Stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the aLJdit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a mateiial misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other Information, we are required to report that fact. We have nothing to report in this regard. 10
INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF GOVERNORS OF GAYHURST SCHOOL TRUST Continued... Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Governors, Report (which incorporates the strategic report and the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Governors, Report Iwhlch incorporates the strateglc report and the dlrectors, report) has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and Trts environment obtained in the course of the audit, we have not identified material misstatement5 in the Governors, Report (which incorporates the strategic report and the directors. report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2(K)6 requires u5 to report to you if, in our opinion.. adequate accDunting records have nDt been kept by the charitable company. or the charitable company finanaal statements are not in agreement with the accounting records and returns. or certain disclosure5 of Governors. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. ResponsibTlitie5 of trustees for the financial staternents As explained more fully in the Governors, responsibilities Statement on page 9 the Governors (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial 5tatetnent5 that are free from material mi55tatement, whether due to fraud or error. In preparing the finanaal statements, the Govemors are responsible for assessing the charitable company's ability to continue as a going concern, disclosingj as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either Intend to liquldate the charltable company or to cease operation5, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable a55urance about whether the financial statetnent5 a5 a whole are free from material mi55tatement, whether due to fraud or error, and to issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance but is nol a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material flli55tatement when It exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the ba515 of these financial Statements.
INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF GOVERNORS OF GAYHURST SCHOOL TRUST Continued... Irregularities, including fraud, are instance5 of non-cotnpliance with laws and regulations. We design procedures in line with our re5ponsibilitie5, Outlined above, to detect material misstatement5 in respect of irregularilies, including fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud is detailed below- Based on our understanding of the charitable company and the environment In whlch It operate5. we identifled that the principal risks of non-compliance with laws and regulations related to ISI regulations. safe4uarding regulations, health and safety law, GDPR and employment law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also consldered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2(X)6, the Charities Act 2011, and payroll tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statement5 (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included.. Inspectlng correspondence with regulator5 and tax authorities; Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud,. Evaluating management's contro15 designed to prevent and detect irregularities. Identifwng and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions. and Challenging assumptions and Judgements made by management in thelr crltical accounting estlmates. A further description of our responsibilities for the audit of the financial Statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Owing to the inherent limitations of an audit, there Is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitie51 is from the events and transaction5 reflected in the financial statement5, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with an audit, there remained a higher risk of non- detection of irregularities, as these may involve collusion, forgery> intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing n(8)- compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely lo the charitable companls members, as a body, in accordance with Chapter 3 of Part 16 of the Cotnpanie5 Act 2006. Our audit work ha5 been undertaken $0 that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do nol accept or a55ume responsibility to anyone other than the charitable company and the charitable companls members as a bodyj for our audlt work, for this report, or for the oplnions we have formed. Thomas Wilson Senior Statutory Auditor For ond on l)ehalf of Haysmacintyre LLP, Stotutory Auditors 10 Queen Strpet Place London, EC4R IAG Dote.'.l.1.1.1212.3............ 12
GAYHURST SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted Tc>tal 2023 Total Funds 2023 Total Fund5 2022 INCOME FROM: Notes Charltable Actlvltles.. Fee5 receivable Grants and donations Investments Other 5, 361,856 20,312 36,966 83,577 5,361,856 20,312 36,966 83,577 4,786,571 12,007 6,498 93,437 Total 5,502,711 5,502,711 4,898,513 EXPENDITURE ON: Charitable Activity School Operating Costs: Teaching costs Welfare Premi5e5 Support costs of Schooling Finance cost5 2,916,833 461,367 704,294 597,032 32,831 2,916,833 461,367 704,294 597,032 32,831 2,695,980 379,181 678,657 552,686 5,955 Total 4,712,357 4,712,357 4,312,459 Net Income 790,354 790,354 586,054 Transfers between funds Net movement in funds 790,354 790,354 586,054 Balance brought forward 7,210,998 7,210,998 6,624,944 Balance carried forward 8,001,352 8,001,352 7,210,998 There were no acquisition5 or discontinued activitie5 during the year. There were no other recogni5ed gain5 or losses during the year. The accompanying notes form part of these accounts. 13
GAYHURST SCHOOL TRUST BALANCE SHEET AT 31 AUGUST 2023 2023 2022 Notes FIXED ASSETS Tangible assets 5.764,374 5,526,904 CURRENT ASSETS Debtors - fees other debtors Prepayments and accrued income 7,137 44,981 48,158 158,118 Total debtors 52,118 206.276 Cash at bank and in hand 3,975,110 3,531,095 4,027,228 3,737,371 CURRENT LIABILITIES Creditors and accruals Bank loan 11,120,059) 117,1961 11,295,895) 192,3821 11,137,255) 11,458,2771 NET CURRENT ASSETS 2,889,973 2,349,094 TOTAL ASSETS LESS CURRENT LIABILITIES 8,654,347 7,875,998 CREDITORS: due after more than one year 1652,9951 1665,000 Nrf ASSETS 8,001,352 7,210,998 FUNDS Unrestricted funds 8,001.352 7,210,998 8,001,352 7,210,998 The financial statements were approved and authorised for issue by the Govemors on 5th December 2023 and were signed belo on their behalf by.. Mr R Sklnner I GOVERNORS Mr S Potts The accompanwng notes form part of these financial statements. 14
GAYHURST SCHOOL TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Cash flows from operatlng actlvltles: Net cash provided by operatiTrs activities 957,724 852,566 Cash flows from Investing activities: Interest received Payments for tangible fixed assets Proceeds from sale of fixed assets 36,956 1441,1421 7,215 6,498 11,509,096) Net cash used in investing actiwties 1396,9711 11,502,598) Cash flow from flnanclng actlvltles Loan drawn down Interest paid Repayment of long term loan 700,000 129,4681 187,1881 1143,0041 Net cash used by financing activitie5 1116,6561 556,996 Change in cash and cash equivalent5 in the reporting period Cash and cash equivalents at the beginning of the reporting period 444,096 193,0361 3,531,015 3,624,131 Cash and cash equivalents at the end of the reporting period 3,975,110 3,531,095 Reconciliation of net movements in fund5 to net cash flow from operating activities 2023 2022 Net movement in fund5 for the reporting perTod {as per the statement of financial activities) Adjustments for: Depreciation charges Interest received Interest paid Ilncreaselldecrease in debtors IDecreasel/increase in creditors IGainllLoss on disposal of fixed assets 790,354 586,054 199,036 136,9561 29,468 154,158 1175,8361 12,5WI. 220,705 16,4981 1148,6561 193,392 7,569 Net cash provided by operating activitie5 957,724 852,566 B. Analysis of cash and cash equivalents 2023 2022 Cash at bank and in hand 3,975,110 3,531,095 Total cash and cash equivalents 3,975,110 3,531,095 15
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES The financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 Icharities SORP 2015 Isecond Edition, effective 1 January 201911, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companie5 Act 2006. The functional currency of the school is considered to be GBP because that Is the currency of the primary economlc environment in which the school operates. The school is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee (company nutnber- 2209385 and charity number: 2988691. Basis of Preparation The account5 are prepared under the historical cost convention. b) Going concern Having revlewed the funding facilitie5 available to the schwl together Mth the expected ongoing demand for places and the school's future projected cash flows, the Governors have an expectation that the schoDI has adequate resources to continue it5 activities for the foreseeable future and consider that there were no material uncertainties over the school'5 financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statetnent5 as outlined in the Statement of Accounting and Reporting Re5ponsibilltles on page 10. Crltlcal accounting judgements and key sources of estlmatlon uncertalnty In the application of the accounting policie5, Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilitie5 that are not readily apparent from other Sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimate5. The estlmateg and underlwng assumptions are reviewed on an ongoTrng basis. Revisions to accounting estimate5 are recogni5ed in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period5 if the revision affected current and future periods. Judgements made by the Governors, in the application of these accounting policies that have significant effect on the financial statement5 and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rate5 of tangible fixed asset5 and are discussed below. In the view of the Governors, no assumptions concernins the future or estirnation uncertainty affecting assets or liabilitie5 at the balance Sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 10
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {contlnued FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES Icontinuedl d) Fees and Similar Income Fees and charges receivable are accounted for in the period in which the service is provided. Fee5 receivable are stated after deducting allowances and other remi5sion5 allowed by the school. Other fees consist of extras and disbursement5 charged to pup51s. Investment income Investment income from bank balances and fixed interest securities 15 accounted for on an accruals basis. fl Donation5, legacie5, grants and other Yoluntary income Voluntary income is accounted for a5 and when entitlement ari5e5, the amount can be reliably quantified and the economic benefit to the School is considered probable. g) Expenditure Expendlture Is accounted for on an accruals basls and are allocated to expense headlngs on a dlrect cost basis. The irrecoverable VAT is included with the item of expense to which it relates. Governance costs comprise costs incurred in meeting statutory and constitutional requirements of the School. h) Assets Fixed assets are Shown on the balance sheet at cost les5 accumulative depreciation. Current assets are shown at the lower of cost and net realisable value. Assets under £1,000 are written off in the year of purchase. Depreclatlon Depreciation is provided on fixed assets to write off their cost over their estimated useful lives at the following rates: Buildings Furniture, Fittings and Equipment Short Leasehold Property (Boilers) All Weather Pitche5 Grounds Works MTnibu5e5 & Motorised Equipment IT Equipment 2% on cost 10% - 20% pa on cost 2%- 12.5%on c05t 15% on cost 15% on cost 20% on cost 25% on cost Penslon contrlbutions The company contributes to a defined contribution scheme. The pension cost charge represent5 the amount of the contributions payable to the scheme in respect of the year. The company also contributes to personal pension schemes for non-teaching staff and these contributions are charged to the profit and 1055 account in the year in which they are incurred. 17
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES (continued) kl Operating Lease Rentals Rentals paid in respect of assets held under operating leases are charged against income on a straight line basis over the lease term. Unrestricted Funds General funds are unrestricted funds expendable at the discretion of the Governors in furlherance of the objects of the charity. Designated funds are unrestricted funds that have been set aside by the governors for a particular purpose. rnl Restrlcted Funds The restricted fund represents donations received for specific projecls. Financial instrument5 Basic financial instrument5 are initially recognised at transaction value and subsequently measured at amort15ed with the exception of investments which are held at fair value. Financial asset5 held amortised cost cornprise cash at bank and in hand, together with trade and other debtor5. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined a5 all cash held in instant access bank account5 and used as working capital. Financial liabilities held at amort15ed cost comprise all creditors except social security and other taxes and provisions. Debtors Trade and other debtor5 are recognised at the settlement amount due after any traée discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. pl Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments. ql Creditors and provisions Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the arnount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST Z023 FEES RECEIVABLE Unrestricted Unrestricted funds funds 2023 2022 Gr05s fees Less: bursaries and discounts 5,590,485 1346,6031 4,941.321 1255,1601 Fees Inetl 5,243,882 4,686,161 Extras and disbursements 107,774 91,410 5,351,656 4,777,571 Registration fees 10,2(H) 9,000 5,361,856 4,786,571 ANALYSIS OF TOTAL RESOURCES EXPENDED 2023 staff costs Other Depreclatlon Total Charitable Activity: School operating costs: Teaching costs Welfare Premises Support and govemance costs Finance costs 2,573,664 343,169 461,367 412,001 266,480 32,831 2,916,833 461,367 704,294 597,032 32,831 93,255 330,552 199,038 2,997,471 1,515,848 199,038 4,712,357 20Z2 Staff costs Other Depreclatlon Total Charitable Activity: School operating cost5: Teaching costs Welfare Premises Support and governance costs Finance costs 2,411,085 284,895 379,181 383,325 263,789 5,955 2,695,980 379,181 678,657 552,686 5,955 74,627 288,897 220,705 2,774,609 1,317,145 220,705 £4,312,459 19
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 ANALYSIS OF TOTAL RESOURCES EXPENDED (continued) 2023 2022 Expenditure includes Auditors, remuneration ALJdit lincluding VATI Other non-audit setvices Operating lease rentals - Plant and machinery Other Assets 16,560 1,860 14,962 85,000 14,005 15,135 74,585 STAFF COSTS 2023 2022 Salaries and wages Social security costs Pension costs 2,530,683 250,965 215,823 2,323,996 231,200 219,413 2,997,471 2,774,609 2023 2022 Aggregate employee benefits of key management personnel 327.315 306,668 The number of etnployee5 whose emoluments exceeded £60,000 were.. £60,000 - E70,000 E110,001 £120,000 FroTn 1" September 2020 all retirement benefit5 to these employees were accrued under a Defined Contribution Pension Scheme. The average number of employees during the year was made up as follow5- Teaching Premises Support 53 49 63 59 20
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GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2023 CREDITORS: Due within one year 2023 2022 Deferred income - fee5 in advance Taxation and social security Deposits refundable and other creditors Trade creditors and accruals Pension 599,019 64,511 309,176 119,003 28,350 662,940 67,635 333,895 201,187 30,238 1.120,059 Efj.295,895 All brought forward deferred income was released during the year. CREDITORS: due after more than one year 2023 2022 Bank loan (note 8} 652,995 665,000 652,995 665,000 Composltlon Fees Parents may enter into a contract to pay the school up to the equivalent of 8 years, tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one terms notice. Assuming pupils will remain in the school, fees will be applied as follows: 2023 2022 Amounts falling due: Wlthin one year The balance represent5 the accrued liability under contracts. The movements during the year were.. Brought forward Additions in year Amounts utilised in the year Carried forward 22
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 AUGUST 2023 BANK LOAN 2023 2022 Amounts falling due between one and two years between two and five years after more than five year5 20,069 68,969 563,958 17,198 41,532 596,270 652,995 665,(M)O Within one year - bank loan 17,196 92,382 670,191 757,382 On 10 March 2022 the school entered Into a new loan agreement, the loan was formally drawn down on 23 August 2022. The total loan amount 15 E700,000 to be repaid in monthly instalment5 over 20 years with interest being charged at 1.95% above the bank base rate. The loan is secured over the freehold site of Little Chantry, Chalfont St Peter. TAXATION The company is a registered charity and no taxation is payable on Its Income. 10. FUNDS Unrestricted RestrTCted Funds Funds Total Funds Balance at 1 September 2022 Net income 7,210,998 790,354 7,210,998 790,354 Balance carried forward at 31 August 2023 8,001,352 8,001,352 PRIOR YEAR COMPARATIVE OF FUNDS Unrestricted Restricted Funds Funds Total Funds Balance at 1 Seplwiber 2021 Net Income 6,624,944 586,054 6,624,944 586,054 Balance carried forward at 31 August 2022 7,210,998 7,210,998 23
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2023 OPERATING LEASES At 31 August 2023 the charity had annual commitments under non-cancellable operating leases for a5 follows- Land and buildings 2023 2022 Expiry date Within one year Within two to five years 9,566 75,875 70,000 210,000 85,441 280,0(XJ 2023 2022 Operating leases Expiry date Within one year 5,397 3,980 5,397 3,980 12. RELATED PARTY TRANSACTIONS No travel and accommodation expenses were reimbursed to governors12022: £Nill. There were no other related party transactions during the year. CAPITAL COMMITMENTS The Governors have authorised expenditure in 2023 £nil 12022 in respect of £36,495 relating to a new minibu51. 24
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS lcontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 PENSION COSTS The School participates ln the Aviva Pension Trust for Independent Schools IAPTISI for it5 teaching staff. The Pension charge for the year include5 contributions payable to APTIS of £181,873 12022.. E194,4081. At the year-end Enil was accrued in respect of contributions to this scheme. The School participated in the Aviva Pension Scheme for its Support staff. The pension charge for the year includes contributions payable to the of £33,951 12022: £24,950>. At the year-end £8,88712022.' C4,0641 was payable. 14. NET DEBT RECONCILIATION Atl Sept'22 Ca5hflows Other non- cash change5 At31 Aug'23 Cash at bank and in hand Secured bank loan falling due within 1 year Secured bank loan falling in more than 1 year 3,531,095 192,3821 444,015 87.191 3,975,110 117,1961 112,0051 1665,0001 12,005 1652,9951 NET DEBT RECONCILIATION 2022 At I Sept'21 Ca5hf lows Other non- cash changes At31 Aug'22 Cash at bank and in hand Secured bank loan falling due within 1 year Secured bank loan falling in more than 1 year 3,624,131 1131,087 193,0361 108,004 3,531,095 192,3821 169,299 {69,299} 1665,0001 69,299 1665,0001 25
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 AUGUST 2023 17. COMPARATIVE PERIOD STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Total 2022 Total Fund5 2022 INCOME FROM: Note5 Charitable Activities: Fees recelvable Grants and donation5 Investments Other 4,786,571 12,007 6,498 93,437 4.786,571 12,007 6,498 93,437 Total 4,898,513 4,898,513 EXPENDITURE ON: Charitable Activity School Operating Costs: Teaching costs Welfare Premises Support costs of schooling Finance cost5 2,695,980 371,181 678,657 552,686 5,955 2,695,980 371,181 678,657 552,686 5,955 Total 4,312,459 4,312,459 Net Income 586.054 586,054 Transfers between fund5 Net movement in funds 586,054 586,054 Balance brought forward 6,624.944 6,624,944 Balance carrled forward 7,210,998 7,210,998 26