GAYHURST SCHOOL TRUST IA Company Limited by Guarantee and not having a Share Capital} GOVERNORS, REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2024 Company Registered Number: 2209385 Charity Registered Number: 298869
GAYHURST SCHOOL TRUST GOVERNORS, REPORT YEAR ENDED 31 AUGUST 2024 Governors Mr R Skinner (Chairl Mrs E Halliday Mr S Potts Mrs S Kerr Ms T Hartley Mr G MacPhee Mrs Z McKinnon (stood down 02.07.24) Mr A Wallace Mr N Garner Mrs A Borwick Mrs G Fienberg The Governor5 are the director5 of the company and the charity trustees. Officers and Advisors Headmaster Mr Gareth R A Davies Bursar and Company Secretary Mrs Vanessa Lakatos Address and RegTStered Office Gayhurst School Bull Lane Gerrards Cross Buckinghamshire SL9 8RJ Bankers National Westminster Bank PIC Gerrards Cross Buckinghamshire SL9 8EA Auditors Haysmac LLP 10 Queen Street Place London EC4R 1AG Solicitors Moore Barlow LLP The Oriel Sydenham Road, Guildford GU1 3SR Insurance Brokers Hayes Parsons St Lawrence House Bristol Street Bristol BS12HF All Governors attend the Full Board meetings, and the committees are: Finance & General Purposes-s Potts (Chairl E Halliday, A Borwick, G MacPhee, R Skinner lex. officiol Admissions & Marketing - R Skinner (Chair until 31.08.24), S Kerr Ichair from 01.09.241, N Garner, Education - A Wallace (Chair), Z McKinnon, T Hartley) G Fienberg, R Skinner lex-officio)
OVERALL OBJECTIVES The overall objectives are, as set out in the Memorandum 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 Tn every action and decision made. Gayhurst strives 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 wlden publlc access to Tts educational provisTon as much as possible within the context of our funding as an Independent education provider and registered charity. Gayhurst encourages use of the School's facilities for public benefit and interacts positTvely with the local community) aiming to encourage its pupils to contribute to society. In achieving its 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 2024: To maintain high levels of academic excellence. To prepare pupils for entry into the most appropriate secondary schools commensurate WTth their skills, abilities and the WT5hes of their parents. To continue to develop sporting J artistic, musical, performance and cultural opportunities. To extend extra-curricular activitie5 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 as a co-educational 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 appoint new governors as required To continue tracking pupils, development to ensure each child TS monitored and strategies are identified to enhance their learning WTth suitable challenge or intervention where required. To review and update School policies regularly to ensure compliance and appropriate implementation in line with Independent Sch1 Standard Regulations (ISSRI. To revTew on an ongoing basTS public benefit and wider community engagement in line with funding constraints. To monitor and plan for future political and economlc challenges.
The school has met its objectives for 2023124 as Outlined Tn the review of performance and achievements section of this report. One governor Stepped down from the Board at the end of their term of office. PUBLIC BENEFIT 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 Comfflis5ion in determining the activities undertaken by the charity. The school is committed to the concepts of access and opportunity for public benefit and in the last year the schcM)I provided means-tested support for 14 pupils (including 4 who were displaced from Ukraine by war) who otherwlse would not have been able to access the school's provision, to the value of £156,000. Beyond the benefit of providing a high-quality education to all the pupils of Gayhurst School, which equips them with skills for their future, the school also provided wider publTC benefit through partnerships with local state schools and our local comtnurbity. Gayhurst has enjoyed creating events and new opportunities to work with our neighbouring schools and communities. The school, staff and pupils continue to work hard to support the local community and charities in many different way5 including: Partnerships with local state schools: Gayhurst continues to be used as an exam centre for LAMDA by local children from other schools. The Head 15 a governor at a secondary state academy and large prep school The Deputy Head is chair of the governTng board at a local state school/MAT. The Bursar is a governor at a local state school and a board member of ISBA. Gayhurst hosted a local sports partnership cross country event for 13 schoo15 acr055 KS2 Gayhurst hosted the Maths Challenge Final,18 different schools were involved. Gayhurst hosted a rugby tournament for schools locally. A local primary school were invited in to participate in our STEAM week and for an Author visit Shared visits to Gayhurst and other local schools as part of Teacher professlonal development Local Community support: Gayhurst attends and sponsors the CommLtnlty Feast Day in Gerrards Cross Gayhurst actively promotes events for local churches, groups and Schools via our parent communications. The Gayhurst community choir performed at the local Feast Day and at a residential home for the elderly. Pupils from Gayhurst represent the school annually in the local community remembrance Service. The Metropolitan Police use the school buildings and site 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 Tennis Club use the car park on evenings, weekends and holiday5 STEAM supplies, tools and computers, donated to Wye Community Farm Sponsorship of Beaconsfield RFC Use of all-weather pitch free of charge to local community netball club The Thomas Franks catering team worked with Year 6 to cook meals which were donated to theTr Feeding Communities initiative. The catering team also created and distributed Christmas meals for the initiative. RISK MANAGEMENT The governors have a duty to identify and review the risks to which the school is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The governors assess the major risk5 to which the school is exposed and are satisfied that systems are in place to manage exposure to these rTsks. Risk management is a matter of on-going polTCy 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. ResponsTbility for identified rTsks remain5 a standing item on approprTate 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 politTcal Financlal Health & Safetylsafeguarding." child, member of staff, volunteer or visitor suffering physical or emotional harm Regulatory compliance failure Interruption to busines51reputational damage External Factors -The risks relating to the imposition of VAT on school fees and loss of charity tax benefits are monitored and considered in future planning for the school. The school continues to work with the Independent Schools CourTrcil, ISBA and other representative bodies in response to the tax changes announced by the new Labour government. The governors and senior leadership monitor the economic climate and market competTtiveness and the effect5 of inflation, Interest rate changes and a potential drop in pupil roll are considered in budgeting and forward plannTng Scenarios. The risk of cyber-attack is addressed through staff training and working with IT contractors to minimise the likelihood and severity. Flnanclal rlsks - areas of concern include the application of VAT to school fees, loss of business rates relief and increased employment costs 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 pres5ure5 arising from external factors are identified at an early stage and managed a5 far a5 possible by the preparation and control of school budgets involving budget holders across the school. The school aims to ensure timely collection of fee income and management of debtors to minimi5e losses. The risk of harm - this is addressed through maintaining and implementing robust safeguarding, child protection, safer recrLlltment and health and safety policies and practices. A health and safety consultant Is engaged to provide professional overslght and guldance.
There is a focus on awareness by all, regular tralning for all staff and regular revlew meetings of the safeguarding and health and safety teams. Regulatory compliance TS 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 Tt can be, through risk assessments and regular preventative health and safety checks. 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 and risk management, and the proactive management of events as they happen to reduce thi5 risk. REVIEW OF ACHIEVEMENTS AND PERFORMANCE The academic year 2023-24 was another successful year for the school with many notable achievements and highlights. The year started with a buoyant school roll of 350 students including four Ukrainian refugee children supported on bursaries and our very first full bursary student to start their journey f rom Reception. Girl number5 continued to rise with 117 on roll equating to 33% and the highest ratio to date since the school admitted girls in 2008. Coeducational opportunities were extended with increased opportunities for co-educational sport ensuring a fully coeducational experience for all pupils. The release of our successful inspection report in September and confirmation of our excellent quality of pupils, personal development and academic and other achievements served to reinforce parental confidence in the school and ensure the school's reputation remained strong. The key highlights over the year included: 16 scholarships for Year 6 children across all aspect5 of school ITfe including Academic, Art, Drama, Design, Engineering & Technology, Music and Sport. The Year 6 cohort of 46 children fed into 16 different schools. A Year 6 team reached the National Finals of the F1 in Schools competition* placing 23147, a notable achievement in the first year of entering this competition. A combined Year 3 to Year 6 team reached the final of the Quiz Club inter-schools general knowledge quiz competition and placed 16, out of 30 nationally. A Year 6 pupil won the Independent Schools Religious Studies Association IISRSA) Essay competition in the Year 6-8 category) and another was highly commended. A Year 6 pupil scored a perfect score in the Bebras challenge. 9 children qualified for the Oxford University Computing Challenge. A team won first place in the Y6 Maths competitions at both St Edward's Oxford and at Shiplake College. We held three very successful enrichment weeks, focused on Around the World, Sport and Outdoor Education. We were awarded Green Flag status for our commitment to sustainability, ecological and environmental awareness and actions. The STEAM curriculum was successfully extended and implemented acr055 Key Stage 2, being taught in Years 3 and 4 for the first time. This was a positive development and was very well received by parents and PUPTIS. A Year 6 pupil was recognised as the best speaker in the Youth Speaks competition at St Mary's, commended for his confidence and well-reasoned oracy skills. Children across the school continued to excel in LAMDA exams and were awarded 58 Distinctions and 8 Merits. A Year 3 won the annual Pr05e and Verse competition, and a Year 6 won the Musician of the Year for the second time. This list excludes routine school events such as productions, carol seNices, concerts, orchestra, charity day5, assemblies, World Book Day, book fairs, open days, sports fixture5 and tournament5, all of which create varied opportunitie5, extension and enrichment for our pupils. They really are exposed to a breadth of educational experiences within the school, and
they immerse themselves fully in such opportunities to benefit their academic and personal development. The most exciting highlight of the year, however, wa5 the commencement of our major capital development project to erect a new three court sports hall, larger, comparable changing rooms for boys and girls, an 180 seat auditorium, drama and dance studio, new school office and new staff room. The existing Gibbs Hall was flattened in January, and it has been remarkable how effectively and resiliently the school has adapted around the 1055 of this space. A temporary marquee and staff room ensured that there has been no adverse impact on any of our operation nor the range of activities on offer to our pupils. The progress of the new build has been a source of much interest and enjoyment for all stakeholders and we look forward to using these new spaces soon into the new academic year once they are cornpleted. It is an ambitious and exciting project for the school that will provide modern spaces and enable us to broaden our appeal, increase opportunities for our pupils and increase revenue generation. Pupils were again prepared for a variety of selective grammar, independent and maintained schools with 72% of entrants securing places at the Selective Bucks grammar schools after passing the 11 + transfer test. In total, pupils transferred to 16 different schools. Whi15t our pupils show great resilience at times of challenge, the COVID legacy still has a overhanging impact on many of them. Due to perTods of missed learning arbd social interaction, anxiety can be heightened and as a result, we continued to focus our attention on our pastoral care to prioritise their happiness and wellbeing. Consequently, the school continued to use the services of a coun5ellor and increased the time they spent at school to two days. Once again, charitable days were well supported and saw significant funds and donatTons of food, clothe5 and toy5 for local, national and international charities including the Mbabzi School Partnership, Children in Need, the Royal British Legion, Slough Food Bank, The Great British Bark Off and Macmillan. The Gayhurst Parents Association (GPA) were also well- supported with their charitable efforts, wlth the most noteworthy being the Summer Ball. Whilst half of their funds were donated to local charities, a significant amount of their fundraTsing is beTng kept in reserve to support a larger scale school project. At the end of the academic year, the Chair and committee of the GPA resigned their posts and will be replaced by a new chair and committee for the new academic year. Gayhurst made a notable contribution to community events hosting a large cross-country event and multiple rugby tournaments as well as a maths quiz and competTtion for local schools. External candTdates were able to sit LAMDA exams at the school and police dogs used the school buildings for training purposes. A local football group regularly hire the resources and a local tennis club use the site for parking, A school choir and parental community performed at a local feast day and at a residential home for the elderly. These are just some of the highlight5 that reflect what a successful year it was for the school They demonstrate that the school was committed to delivering on its aims and strategic objectives and ensuring that children's learning is enriched and that their pastoral care and personal and social development is given appropriate attention alongside their academic development. Deserved gratitude is expressed to all the school's staff for theTr admirable effort and commitment, to governors for their advice and oversight and parents for their support. Most importantly* I thank the pupils for their confidence, Tndependence and resilience in embracing the educational opportunities on offer to them so enthusiastically. The next year offers excitement and challenge in equal measure with the completion of our new sports hall and auditorium providing larger, modern facilities that will enable us to enhance the pupil experience in sport and the performing arts and attract continued interest from prospective parents. However, the imposition of VAT on school fees by the new Government will present a fTnancial obstacle for many and thus encourage the school to ensure that it continues to offer a hlgh-quality education that represents good value for money. REVIEW OF FINANCIAL ACTIVITIES
The Finance & General Purposes Committee supervises the school's 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 31st August 2024 the fTgure was E300,520 or 6% of fee income down from £790,354 or 15% of fee income in the year to 31, August 2023. The school's banking arrangements continue to operate satisfactorTly. A new loan for £4. 3m was agreed with the school'5 bank to fund the building project. This development was in progress at the 31 st of August 2024 although the school had not yet started to draw down the loan. The 2022 loan will be amalgamated with the new loan once drawdown commences and, in the meantime, repayments continue on schedule. Cash management is good with proactive management of debtors and minimal outstanding fees. Reserve5 and Financial Health The governors, policy is to maintaTn free reserves (funds not designated or tied up in fixed assets) 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 £8,301,872 (2023, £8,001,352). 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 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 values 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 pupils. Sports, creative and performing arts will continue to be valued as key components of the broad education Gayhurst offers and further supported through the completion of the major building project. 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. A major building project including enhanced sports and performing arts facilities, and better provision for staff, is due to be completed in early 2025. New governor5 will be appointed as required. Fundraising Performance The charity has not made any fundraising appeals to the general public during the year to 31 August 2024. There ha5 been no outsourced fundraising via professional fundraisers or other third parties. In view of the creation of the new development office the charity is registered with the fundraising regulator in preparation for fundraising activity in future year5. No fundraising complaints were received during the year. STATEMENT OF GOVERNORS, RESPONSIBILITIES
The governors (who are also dTrectors of Gayhurst 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 UnTted Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards and applicable lawl. Under company law the governors must not approve the financial statement5 unless they are satisfTed that they give a true and fair view of the state of affair5 of the charitable company and of the profit or loss of the charitable company for that period. In preparing these financial statements, the governors are required to: select suitable accounting policies and then apply them con51Stently. observe the methods and principles in the charities SORP. make judgments and accounting estimate5 that are reasonable and prudent. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explaTned in the financial statements. prepare the financial statements on the £oing concern basis unless it is inappropriate to presume that the company WTII contTnue in business. keep adequate accountTng record5 that are sufficient to show and explain the charitable cornpany's transactions and dTsclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financTal statements comply with the Companies Act 2000. safeguard the assets 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 companys 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 re501ution proposing the reappointment of Haysmacintyre as audTtors to the company will be put to the Annual General Meeting. On 18 November 2024 the company's auditor changed it5 name from haysmacintyre LLP to Hay5Mac LLP. On behalf of the Board Mr R Skinner Chair of Governors Date.. 3 December 2024
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, I for the year ended 31 August 2024 which comprise the Statement of Financial ActivitTe5, the Balance Sheet, the Statetnent 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 Reporting Standard applicoble In the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statement5: give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of the charitable company's net movement in fund5, including the income and expenditure. for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice., and have been prepared In accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further descrlbed In the Auditor's responsibilities for the audit of the financlal statements section of our report. We are independent of the charity in accordance wlth the ethlcal 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 wth these requirements. We believe that the audit evidence we have obtained 15 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 basis of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may cast significant doubt on the charitable company s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authori5ed for issue. Our responsTbilities and the responsibilitie5 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 Tnformation. The other information comprise5 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 otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financlal statements, our responsibility Is to read the other information and, in dolng so, consider whether the other informatlon 15 materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determlne whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thls other Informatlon, we are required to report that fact. We have nothing to report in this regard.
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 (which incorporate5 the strategic report and the directors. report) ha5 been prepared in accordance with applicable legal requirements. Matter5 on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitable company and Its envlronment obtained in the course of the audit, we have not identified material mi55tatement5 in the Governors, Report Iwhlch Incorporates the strategic report and the directors, report}. We have nothing to report In respect of the following Matters in relatlon to whlch the Companie5 Act 2006 requires us to report to you if, in our opinion: adequate accounting record5 have not been kept by the charitable company,. or the charitable company financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Governors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the flnanclal statements As explalned more fully in the Governors, responsibilities statement on page 9 the Govemors (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 glve a true and fair view, and for such Internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the flnancial statements, the Governors are responsible for a55essing the charitable company's ability to continue as a going concern, disc105ing* as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate 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 assurance about whether the financTal statements a5 a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable a55urance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indlvidually or in the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. 10
INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF GOVERNORS OF GAYHURST SCHOOL TRUST Contlnued... Irregularities, including fraud, are instances of non-compllance with law5 and regulations. We design procedures in line with our responslbllities, outlined above, to detect material misstatements in respect of irregularities, including fraLJd. The extent to which our procedures are capable of detecting irregularitTes, including fraud is detailed below: Based on our understanding of the charitable company and the environment in which it operates, we identified that the prlncipal dsks of non-compliance with laws and regulations related to ISI regulations, safeguarding 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 statement5. We a150 Considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011. and payroll tax. We evaluated management's incerbtive5 and opportunities for fraudulent manipulatlon of the financial statements (including the risk of override of controlsl and determined that the principal risk5 were related to posting inappropriate journal entrie5 to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and tax authorities. Discussions wlth management including consideration of known or suspected Instances of non- compliance with laws and regulation and fraud. Evaluating management's controls designed to prevent and detect irregularities. Identifying and testlng journals, in particular journal entries posted with unusual account combinatlons, postings by unusual users or with unusual descriptions,. and Challenging assumptions and judgements made by management in their critical accounting estimates. A further description of our responslbilltles for the audit of the financial statements is located on the Financial Reporting Councll's website at: W.frC.Org.uk/aUd7torsre5ponSib71itle$. This description form5 part of our auditor's report. Owing to the inherent (Tmitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the flnancial statements, even though we have properly planned and performed our audit in accordance w?th auditing standards. For example, the further removed non-compliance with laws and regulation5 lirregularitiesl is from the events and transaction5 reflected in the financial statements, 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, mTsrepresentation, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report Is rnade solely to the charitable company's members, as a body> in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this reFX)rt, or for the opinions we have formed. Thomas Wilson Senior Statutory Audltor For and on behoif of Hoysmoc LLP, Statutory Auditors 10 Queen Street Ploce London, EC4R IAG Date..
GAYHURST SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Total 2024 Total Funds 2024 Total Funds 2023 INCOME FROM: Note5 Charltable Actlvltles: Fees receivable Grants and donations Investments Other 5,433,374 1,000 104,367 39,105 5,433,374 1,000 104,367 39,105 5,361,856 20,312 36,966 83, 577 Total 5,577,846 5,577,846 5,502,711 EXPENDITURE ON: Charitable Activity School Operating Costs: Teaching costs Welfare Premi5e5 Support costs of schooling Flnance costs 3,079,250 463,371 1,017,357 656,091 61,257 3,079,250 463,371 1,017,357 656,091 61,257 2,916,833 461,367 704,294 597,032 32,831 Total 5,277,326 5,277,326 4,712,357 Net Income 300,520 300,520 790,354 Transfers between funds Net movement In funds 300,520 300,520 790,354 Balance brought forward 8.001,352 8,001, 352 7,210,998 Balance carrled forward 8,301,872 8,301,872 8,001,352 There were no acquisitions or discontlnued activStles during the year. There were no other recognised gains or losses during the year. The accompanying notes form part of these accounts. 12
GAYHURST SCHOOL TRUST BALANCE SHEET AT 31 AUGUST Z024 2024 2023 Note5 FIXED ASSETS Tangible asset5 8,338,354 5,764,374 CURRENT ASSETS Debtors - fees Other debtors Prepayments and accrued income 23,616 7,682 56,379 7,137 44,981 Total debtors 87,667 5Z,118 Cash at bank and in hand 5,720,437 3,975,110 5,808,114 4,027,228 CURRENT LIABILITIES CREDITORS: due within one year 12,836,216 11,137,255) NET CURRENT ASSETS 2,971,898 1,889,973 TOTAL ASSETS LESS CURRENT LIABILITIES 11,310,252 8,654,347 CREDITORS: due after more than one year 13,008,380) 652,9951 NET ASSETS 8,301,872 8,001,352 FUNDS Unrestricted funds 8,301,872 8,001,352 8,301,872 8,001,352 The financial Statements were approved and authorised for issue by the Governor5 on 3 December 2024 and were signed ow on their behalf by.. Mr R Skinner I GOVERNORS Mr S Potts The accompanying notes form part of these financial statements. 13
GAYHURST SCHOOL TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 20Z4 2024 2023 Cash flows from operating actlvltles: Net cash provided by operatins activitie5 994,401 957,724 Cash flow5 from Investlng actlvltles: Interest received Payments for tangible fixed assets Proceeds from sale of fixed assets 104,367 {2.899,3341 36,956 1441,1421 7,215 Net cash used in investins activities 12,794,967) 1396,9711 Cash flow from financing activitie5 Loan drawn down Interest paid Repayment of long term loan New composition fee5 161.257} 117,7191 3,624,880 129,4681 187,1881 Net cash used by flnanclng actlvltles 3,545,894 1116,6561 Change Tn cash and cash equfjvalents In the reporting period Cash and cash equivalents at the beginning of the reporting perlod 1,745,326 444,096 3,975,110 3,531,015 Cash and cash equivalents at the end of the reportTng period 5,720,437 3,975,110 Reconclliatlon of net movements in fund5 to net cash flow from operatlng actlvltles 2024 2023 Net movement in funds for the reporting perlod (as per the statement of financial activities) Adjustment5 for: Depreciation charges Interest received Interest paid Ilncreasel/decrease in debtors (Decreasellincrease in creditors IGainllLoss on disposal of fixed assets 300,520 790,354 230,400 1104,3671 61,257 135,5491 447,197 94,943 199,036 136,9561 29,468 154,158 1175,8361 12, 5001 Net cash provided by operating activities 994.401 957,724 Analy51s of cash and cash equlvalents 2024 2023 Cash at bank and in hand 5,720,437 3,975,110 Total cash and cash equivalents 5,720,437 3,975.110 14
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (Charities SORP 2015 (Second Edition, effective 1 January 201911, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The functional currency of the school is considered to be GBP because that 15 the currency of the primary economic environment in which the school operates. The school is a Public Benefit Entity reg7Stered as a charity in England and Wales and a company limited by guarantee Icompany number: 2Z09385 and charity number.. 2988691. Basis of Preparatlon The accounts are prepared under the historical cost convention. bl Golng concern Having reviewed the funding facilities avallable to the school together with the expected ongoing demand for places and the school's future projected cash flows, the Governors have an expectation that the school has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the school's financial viability. Accord1ngly, they also continue to adopt the going concern basis in preparing the financial statements a5 Outlined in the Statement of Accounting and Reporting Responsibilities on page 10. Critlcal accountlng Judgements and key 50urce5 of estimation uncertainty In the application of the accounting policies, Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent frotn 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 estimates. The estimates and underlying a55umptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised 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 periods if the revision affecled current and future periods. Judgements made by the Governors, in the application of these accounting policies that have significant effect on the financial Statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fTxed assets and are discussed below. In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilitfeg at the balance sheet date are likely to result in a materlal adjustment to their carrying amounts in the next financial year.
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {contlnued} FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Icontinuedl d) Fees and Slmllar Income Fees and charges receivable are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances and other remissions allowed by the school. Other fees consist of extras and disbursements charged to pupils. Investment Income Investment income from bank balances and fixed interest securitTes is accounted for on an accnjals basis. f) Donatlons, legacles, grants and other voluntary Income Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable. 8) Expendlture Expenditure TS accounted for on an accruals basis and are allocated to expense headings on a direct cost basis. The irrecoverable VAT is included with the item of expense to which it relates. Governance costs comprlse costs incurred in meeting statutory and constitutional requirements of the School, h) Assets Fixed assets are shown on the balance sheet at cost less 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. Depreclation Depreciat?on is provided on fixed assets to write off their cost over their estimated useful lives at the following rates: Buildings Furniture. Fittings and EquTpment Short Leasehold Property (Bollers) All Weather Pitches Grounds Works MinTbu5e5 & Motorised Equipment IT EquTpment 2% on cost 10% on c05t 10% on cost 10% on cost 10% on cost - 20% on cost - 25% on cost J) Penslon contrlbutlon5 The company contributes to a deflned contributTon scheme. The pension cost charge represents the amount of the contributlons payable to the scheme in respect of the year. The company also contributes to personal pension schemes for non-teaching staff and these contributlons are charged to the profit and loss account in the year in which they are incurred. 16
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Icontinuedl k) Operatlng 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 furtherance of the objects of the charity. Designated funds are unrestricted funds that have been set aside by the governors for a particular purpose. ml Restrlcted Funds The restricted fund represents donation5 received for specific projects. Flnanclal In5trumentS Baslc flnanclal Instruments are Inltially recognlsed at transaction value and subsequently measured at amortlsed with the exception of investments which are held at fair value. Financial assets held atnortlsed cost cofflpiise cash at bank and in hand, together with trade and other debtors. A specific provision 15 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 accounts and used as working capital. Flnanclal liabilities held at amortised cost comprlse all credltors except soclal securlty and other taxes and provisions. Debtors Trade and other debtors are recognised at the settlement amount due after any trade 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. q) Credltors and provlslons 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 amount 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. 17
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnued) FOR THE YEAR ENDED 31 AUGUST 2024 FEES RECEIVABLE Unrestrlcted funds 2024 Unrestrlcted fund5 2023 Gross fees Less.. bursaries and discounts 5,697,333 1391,4511 5, 590,485 1346,6031 Fees Inetl 5,305,882 5,243,882 Extras and dlsbursements 116.494 707,774 5,422,376 5,351,656 Registration fees 10,998 10,200 5,433,374 5,361,856 ANALYSIS OF TOTAL RESOURCES EXPENDED 2024 Staff costs Other Depreclatlon Total Charitable Activity.. School operating costs: Teaching costs Welfare Premises Support and governance costs Finance costs 2,734,104 345,146 463,371 683,453 308,471 61,257 3,079,250 463,371 1,017, 357 656,091 61,257 103,504 347,620 Z30,400 3,185,228 1,861,698 230,400 5,277,326 2023 Staff cost5 Other Depreciation Total Charltable Actlvlty: School operating costs: Teaching costs Welfare Premises Support and governance cost5 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 18
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS {contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF TOTAL RESOURCES EXPENDED Icontlnuedl 2024 2023 Expenditure includes Audltors, remuneration Audit lexcl VATI Other non-audit services Operating lease rentals - Plant and machlnery Other A55ets 15,21X) 1,280 147,763 84,974 13,248 1,860 14,962 85,000 STAFF COSTS 2024 2023 Salaries and wages Social security costs Pension c05t5 2,689,854 268,585 226,789 2, 530,683 250,965 215,823 3,185,228 2,997,471 2024 2023 Aggregate employee benefits of key management personnel 346,988 327,315 The number of employees whose emolument5 exceeded C60,000 were No No £60,000 - £70,0(K) £70,000 - £80,000 £110,001 £120,000 £130,000 - £140,000 From 1st September 2020 all retirement benefits to these employees were accrued under a Defined Contribution Pension Scheme. In the current year £13.94812023.'5,6851 was pald on behalf of these employees to the scheme. The average number of employee5 during the year was made up as follows.. Teaching Premises Support 53 53 64 63 19
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GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 AUGUST 2024 CREDITORS: Due within one year 2024 2023 Deferred income - fees in advance Taxation and social security DeposTts refLJndable and other creditors Trade creditors and accruals Pension Bank loan Composltlon fees 495,722 89,293 429,653 508,035 44,552 18,968 1,249,993 599,019 64,511 309,176 119,003 28,350 17,196 2,836,216 1,137,255 All brought forward deferred Income was released during the year. CREDITORS: due after more than one year 2024 2023 Composltion fees Bank loan (note 81 2, 374,887 633,493 652,995 3,008,380 652,995 Composition Fees Parents may enter into a contract to pay the schts)l up to the equivalent of 5 years, tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term notice. Assuming pupils will remain in the school. fees will be applied as follows: 2024 2023 Amounts falling due: Within one year Within two to five years 1,249,993 2,374,887 3,624,880 The balance represents the accrued liability under contracts. The movements during the year were: Brought forward Additions in year Amounts utilised in the year 3,624,880 Carried foNard 3,624,880
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (Contlnuedl FOR THE YEAR ENDED 31 AUGUST 2024 BANK LOAN 2024 2023 Amounts falling due between one and two year5 between two and flve years after more than flve years 26,621 98,918 507,954 20,069 68,969 563,958 633,493 65Z,995 Within one year - bank loan 18.968 17,196 652,461 670,191 On 10 March 2022 the school entered into a loan agreement for the amount of E700,000. The loan was formally drawn down on 23 August 2022 and is being repaid in monthly instalments with Interest being charged at 1.95% above the bank base rate. On 2 July 2024 the school entered into a new loan which will amalgarnate with the balance of the existing loan, creatin8 a total loan amount of E4,3CK),000. This loan will start to be drawn down in October 2024 and will be repaid over a period of 20 years with Interest being charged at 1.95% above bank base rate. The loan Is secured over the freehold sltes of Little Chantry and Mevora, and the associated a55et5 of Gayhurst School. TAXATION The company is a registered charity. and no taxation Is payable on its income. 10. FUNDS UnrestrTCted Restricted Funds Funds Total Funds Balance at 1 September 2023 Net income 8,(X)1,352 300,520 8,001,352 300,520 Balance carried forward at 31 August 2024 8,301,872 8,301,872 PRIOR YEAR COMPARATIVE OF FUNDS Unrestricted Restricted Funds Funds Total Fund5 Balance at 1 September 2023 Net income 7,210,998 790,354 7,210,998 790,354 Balance carrled fOard at 31 August 2023 8,001,352 8,001,352 22
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 11. OPERATING LEASES At 31 August 2024 the charity had annual commitments under non-cancellable operating leases for as follows.. Other operating leases 2024 2023 Expiry date Within one year Within two to five years 86,879 33,015 14,963 75,875 119,894 85,441 12. RELATED PARTY TRANSACTIONS No travel and accommodation expenses were reimbursed to governors 12023: £NIII. There were no other related party transactions during the year. 13. CAPITAL COMMITMENTS The Governors have authorlsed expenditure of £3,982,000 for the year 2025 relating to the construction of new facilities12024: £nill. 23
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnued) FOR THE YEAR ENDED 31 AUGUST 2024 13. PENSION COSTS The School participates in the Aviva Pension Trust for Independent Schools IAPTIS} for its teaching staff. The Pension charge for the year include5 contributions payable to APTIS of £190,679 12023.. £181,873). At the year-end £44,552 was accrued In respect of contribution5 to this scheme. The School partlcipated in the Aviva Pension Scheme for it5 SUPPOrt Staff. The pension charge for the year includes contributions payable to the of £25,486 12023: £33,951). At the year-end £10,623 12023.. £8,887) was payable. 14. NET DEBT RECONCILIATION At1 Sept'23 Cashflows Other non- cash changes At31 Aug'24 Cash at bank and In hand Secured bank loan and composition fees falling due within 1 year Secured bank loan and composition fees falling in more than 1 year 3,975,110 117,1961 1,745,327 17.729 5,7ZO,437 119,501) 11,268,961) 1652,995} 19,501 13,008,380) Totals 3,304,919 1,763,056 1,443,096 NET DEBT RECONCILIATION 2023 At1 Sept'22 Cashflows Other non- cash changes At31 Aug'23 Cash at bank and in hand Secured bank loan falling due within 1 year Secured bank loan falllng 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 Totals 2,773,713 531,206 3.304,919 24
GAYHURST SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 17. COMPARATIVE PERIOD STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Total 2023 Total Funds 2023 INCOME FROM: Notes Charitable Activities: Fees receivable Grants and donatlons Investments Other 5,361,856 20,312 36,966 83,577 5,361,856 20,312 36,966 83.577 Total 5,502,711 5,502,711 EXPENDITURE ON: Charltable Actlvlty School Operating Cost5: Teaching costs Welfare Premlses Support costs of schoollng Finance costs 2,916,833 461,367 704,Z94 597,032 32,831 2,916,833 461,367 704,294 597,032 32,831 Total 4,712,357 4,712,357 Net Income 790.354 790,354 Transfers between funds Net movement in funds 790,354 790,354 Balance brought forward 7,210.998 7.210,998 Balance carried forward 8,001,352 8,001,352 25