REGISTERED COMPANY NUMBER: 02257924 (England and Wales) REGISTERED CHARITY NUMBER: 299411 Re ort of the Trustees and Financial Statements forthe Year Ended 31Au USt 2024 R des Hill School Guildford Bennewith 2018 Limited (Statutory Auditors) Upper Ground Floor 18 Farnham Road Guildford Surrey GU14XA
de5 Hill School Guildford Contents of the Financial Statements for the Year Ended 31 Au st 2024 Page Report of the Trustees Report of the Independent Auditors 8 to 11 Statement of Financial Activities 12 Balance Sheet 13 to 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes to the Financial Statements 17 to 25 Detailed Statement of Financlal Artlvlties 26 to 27
R des Hill School Guildford Re ort of the Trustees forthe Year Ended 31 Au ust 2024 The trustees who are also directors of the charity for the purposes of the Companie5 Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporbng 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 IFRS 1021 (effective I January 20191. GOING CONCERN After reviewing the available budgets and forecasts the Trustees concluded the charity would be unable to continue operating in its current form beyond the financial year ended 3tst August 2025. To ensure the school's operations would not cease, the Trustees assessed opportunities to merge with other education providers. The decision was made to merge with Tormead School. which operates out of the charitable company Tormead Limited (Company number= 00485947, Charity number.. 3120571. The merger would involve all the operations, assets, and liabilities of the charity being transferred to Tormead Limited. After the transfer. the charitable company Rydes Hill School Guildford (Company number= 02257924. Charity number.. 2994111 would no longer be operating and therefore would not be a going cOnrn. At the date of signing the report, the merger deed had been signed and the merger was expected to be completed on 1st September 2025. However, the merger is not guaranteed to proceed until completion has occurred. If the mer8er does not proceed the charity will cease operating on 31st Au8USt 2025. OBJECTIVES AND AcfiviTIES Objects The objects of the Charity (Objectsl are to promote and provide for the advancement of education and in connecknon therewith, to conduct, carry on, or8anise and develop in the United Kingdom any boarding or day school or schools for the education of children of either or both sexes of the Roman Catholic Religion and such children of other denominatlons but so that each such school shall be carried on as an educational charity. Principal Activity and Income Sources Rydes Hill's principal activity continues to be the provision of a Day School for 2-11 year old girls and 2-7 year old boys. For the year ended 31st August 2024, there were 104 pupils1100 in 20221231 in the main School lage 5 111 and 54 pupils in Nursery158 in 20221231. Bursary award5 and discounts ranged from 15% to 100% and represented 4.09% of budgeted fee income from Kindergarten (Reception) to Form One (Year 61. Our one form entry throughout the School ensures that every child 15 given the best start in life. The company's principal source of income is from school fees. Page I
R des Hill School Guildford Re ort of the Trustee5 forthe Year Ended 31 Au ust 2024 OBJECTIVES AND ACTIVITIES Public benefit The Governors recognise the duty imposed upon them by the Charities Act 2011, Section 17 and also the requirement to have due regard to the general guidance provided by the Charity Commission in connection with Public Benefit. Relief to Families It is an important principle for the School that the benefits of a Rydes Hill education should not be restricted solely to th ose who can pay the full cost. During the 2023-2024 academic year, 216 in 2022/231 means-tested bursaries were awarded with grants of beeen 25% and 100% of the school fees. and these together with other discounts such as for a third sibling represented 4.09% of gross fee income. The school is funded entirely by fees and therefore must fill most of its place5 Wlth pupils for whom the full amount is paid. The directors havin8 reviewed the requirements of the Charities Att 2(K)6 s.4 regarding public benefit are of the opinion that the current Bursary Scheme and community links meet those requirements. They will continue to monitor those requirements in the li8ht of future suidance from the Charity Commission. ntribution to the local Comm ni The School was established in 1945 and throughout the School's history it has made its facilities and minibuses available to number of organisations. The School takes a very active role in the local Diocesan group of Schools, which covers state primaries, a state Secondary school, a boys independent school and an independent special school. In the past year we have continued to have strong links with our nei8hbour, St Joseph's School in Guildford. Our Headmistress is a Governor at the School and we hold an annual joint concert with both school choirs and orchestras. In the past year we have used our mini buses to transport children from local schools to various events, including the Good Shephard celebration at Worth Abbey and transport for groups of children from St Thomas of Canterbury School to attend swimming lessons each week. Fundraisin within the School The School has a lon8 tradition of charitsble 8ivin8. The School donated money and/or resour$ to Phyliss Tuckwell H05pice, Catholic Children's Society, Macmillan Coffee Mornin& Disability Challengers, Projett 5. CAFOD and the NSPCC this year. For a small school with parents of differing financial means, a respectable sum of £978 was raised. In addition to the above, the School holds termly mufti-days with different themes each term which raises money for the School's chosen charities or for specific 'nice to have, items for the School. The school continues to be very grateful to the very hardworking 'Friends of Rydes Hill Preparatory School, IFRHPSI. They have organiied a very successful Christmas and Summer Fair this year, as well as a pumpkin party, summer dance and a Quiz Night. Page 2
R de5 Hill School Guildford Re ort of the Trustees forthe Year Ended 31 Au ust 2024 STRATEGIC REPORT Achievement and performance The 2023124 academic year was a very successful one. Our internal assessments have demonstrated that children are making good progress. For children who need a little more support, targeted interventions are in pla. These are short and very focused, allowing us to determine their success quickly so that children can move forward. Many of the Senior Schoo15 kept their revised admissions arrangements. with assessments largely taking place prior to Christmas. We had a superb set of offers across a number of schools for our cohort of 15 mixed ability girls: Churcher's College Farnborough Hill Gui5dford High School Kingston Grammar Lady Eleanor Hollis Lord Wandsworth Prior's Field St Catherine's, Bramley St Peter's St Teresa's Surbiton High Tormead Woldinsham l offer l offer. I stholarship 3 offers l offers l offers l offer. I scholarship 3 offers, I scholarship 5 offers, I scholarship l offer l offer 7 offers, 4 scholarships l offer The boys who left us at the end of Year 2 also had superb offers. including RGS Prep, Guildford and Aldro. We continue to take part in the National SATS tests at Year 6. Our results are very cohort driven, and this year our results were well above National Averages in all aa5. K Ob'ective fory r Endin 31stAu To Continue to increase pupil numbers across the School, particularly in Main School with the aim of achievin8 our capacity of 200 registered pupils by 2025 To sustain and further develop the excellence of teaching and leamin8 in all areas of the curriculum To further develop the Nursery and ensure there is space for all who would like to attend To maintain a culture of wellbeing across the School To develop exceptional leaders across the School to ensure sustainable distributed leadership To improve the School's premises and educational facilities within the scope of the School site. Performance a ainst Ob'ectives Pu pil numbers have steadily grown across the year. The number of pupils on role in July exceeded the number of pupils the previous September. Staff meetings took on a differentfocus each term to enable staff to share good practice. as well as to view CPD from external providers. There has been an extensive waiting list for Nursery this year. A decision has been made to expand the Nursery further by addin8 an additional Oaks class13-4 year olds) to be opened in September 2024 Followin8 the explicit teaching of wellbeing in the past, teacher5 are now embedding these skills in everyday classroom practtce The School has made good use of it's facilities. We have introduced regular lettings which have enabled us to increase our income. Page 3
R des Hill School Guildford Re ort of the Trustees for the Year Ended 31 Au st 2024 STRATEGIC REPORT Financial review Financial review and results for the year The School's primary sources of income are of an ongoing and recurring nature and are derived mainly from school fees. Whilst pupil numbers in the main School had plateaued, the Nursery has seen a growth in pupil numbers. The Nursery is well sought after and has been relocated to the Lodge site. The School posted a post depreciation deficit of £74.498 (deficit £262,374 in 202V23). Governance costs have been maintsined at less than 0.5% of School operating costs and the Governors act on a pro bono basis. The school has been operating at a loss for many years, although these accounts indicate that a significant improvement in the school's finance position had been achieved in FY 2023124. The two expansions of the school's nvr5ery facilities have been a huge success and there is the likelihood of further expansion. In contrast. the number of children in the pre-Prep and Prep school has remained reasonably Static. The change of Government in July 2024. the subsequent actions affecting private schools, both directly (VAT on fees and the removal of 80% business rate reliefj and indirectly (lowering of the starting level for National Insurance payments and an increase in Nl rates), and the reduction in the school's reseNes has made it impossible for the school to continue to plan to operate at a loss. Principal risks and Uncertaintie5 The Governors have not considered future risks as the school will either be the direct responsibility of Tormead School or will have closed by I September 2025. In past years, the summary of risks included risks and uncertainties related to changes in government poliLry, economic uncertainty, and loss of fee income. Unfortunately, the combination of several of these risks being realised and the weakened reserves position, meant it wasn't possible to mitigate them sufficiently to keep the school operating in its current form. Future plans The Governors have discussed the future with Tormead School and are pleased that there are significant and wide-spread changes planned. Whilst the Prep School (Years 3 to 61 will close at the end of the academic year 2024125, it is Tormead's ambition to re-establish the Prep School. as a COTheducational school, opening one additional year group per year until the first co-ed Year 6 starts in September 2030. STRUCTURE, GOVERNANCEAND MANAGEMEKr Governing document The Company is 8overned by its Memorandum and Articles of Association, last amended on 6 December 2019. Recruitment and training of new Trustees New members ofthe Governing Body are elerted on the basis ofnorninationsfrom the Governors. Executive Officers and/or Auditors. New Governors are inducted into the workings of the School through an induction process organised for them by the Clerk to the Governors. New Governors are also invited to attend specialist external Courses on the role and responsibilities of charity trustees. Members of the Governing Body attend external and internal trustee training and information courses to keep them informed and updated on current issues in the sector and regulatory requirements. Page 4
R des Hill School Guildford Re ort of the Trustees for the Year Ended 31 Au ust 2024 STRucfuRE, GOVERNANCE AND MANAGEMEh Organisational management The members of the Governing Body. as the charity trustees, are legally responsible for the overall management and control of the Charity- They meet three times a year (Autumn. Spring and Summer terms). The work of implementing their policies is carried out by the seven sub-committees-. The Finance Committee scrutlnises revenue, the budget. capital expenditure, risk, levels of remuneration, projects and other matters relating to the general running of the School. The Committee also supervises and finalises the audited financia I statements and annual report for approval by the Governing Body. The Committee meets four times per year and reports to the Governing Body. The Committee was chaired by Mr M Kearney until November 2023 and then by Mr C Bentley- Mawer. 'The Academiccommittee considers educational and pastoral policies and makes recommendations to the Governin8 Body in how best to implement. It also advises the Governing Body on its statutory responsibilities regarding regulation5 relating to standards in independent schools. The Committee meets three times per year and reports to the Governing Body. The Committee 15 chaired by Mr B Marknn. The Marketin8 Committee meets at least termly and often twice termly. It prepares the marketin8 Strategy, annual marketing calendar and marketin8 budget for approval by the Governing Body, via the Finance Committee. The Committee 15 chaired by Mrs K Cardona. The Strategy Group considers the Strategic Plan and matters arising from it. This Committee meets as frequently as required and reports to the Governing Body. The Committee was chaired by Mr M Kearney untll November 2023 and then by Mrs Katie Cardona. ' The Nominations Committee considersgovernorsuccession and is responsiblefor identifying and selettin8 new Governors and for ensuring the governance arrangements of the School comply with legal requirements and best practice. The Committee meets as required and reports to the Governing Body. The Committee is chaired by Mrs K Cardona. The Health and Safety Committee has a monitorin8 and advisory role relating to the school's health and safety arrangement5, its buildings, plant and vehicles, grounds. gardens. roadways, and security. The Committee includes at least one Governor which for the accounting period was Mr C Houston and Mrs M Adams. Other Committee members are the Headmistress, Site Manager and Deputy Bursar. The Headmistress is the Chair of the Committee. ' The Remuneration Sub-committee reviews the perf0rrnan of the Head and the Bursar and makes recommendations to the Governing Body on the level of remuneration in the next academic year. In addition. the Remuneration Committee agrees any additional sum that can be distributed to teaching / non-teaching stsff at the discretion of the Head l Bursar based on performance and affordability. The Committee meet twice a year; once in the spring term to advise the Bursar, in conjunction with the Finance Committee. of the salary provision that should be included in the draft annual budget across all salary related budget lines. The second meeting is in the summer term. prior to the Goveming Body agreeing the budget forthe next academicyear. The Committee is chaired by Mrs M Adams. Mr D Munro is currently the Govemor for responsibility for Safeguarding. Mr B Martin is responsible for Early Years and for the School's Inclusion provision. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02257924 (England and Wales) Registered Charity number 299411 Page 5
R des Hill School Guildford Re ort of the Trustees for the Year Ended 31 Au ust 2024 Registered office Rydes Hill School Aldershot Road Guildford GU2 8BP Trustees The Governors of Rydes Hill School Guildford I'the Charity") are the Charity's trustees under charity law and the direrto of the charitable company. The members of the Governing Body who served in office as Governors during the year and subsequently are detailed below: Mrs M Adams (Chairl Mr C Bentley Mawer (Deputy Chairl Mrs K M Cardona Ms L Edwards Mr C Houston Mr M Kearney Mr B Martin Mr D Munro Resigned Aug. 2024 Resigned Nov. 2023 Resigned Jan. 2024 Finance Committee Academic Committee Marketin8 Committee Finance Work Group Health & Safety Nominations Remuneration Headmistress Mrss Norville Auditors Bennewith 2018 Limited1Statutory Auditors) Upper Ground Floor 18 Farnham Road Guildford Surrey GU14XA Bankers Royal Bank of Scotland 10 North Street Guildford Surrey GUI 4AF Page 6
R des Hill School Guildtord Re ort of the Trustees for the Year Ended 31 Au ust 2024 REFERENCE AND ADMINISTRATIVE DETAILS Solicitors Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GUI 3SR STATEMENT OF TRUSTEES, RESPONSIBIUTIES The trustees Iwho are also the directors of Rydes Hill School Guildford for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pratticel- Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incomin8 resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustee5 are required to selert suitable accounting policies and then apply them consistently: observe the methods and principles in the Charity SORP: make judgement5 and estimates that are reasonable and prudent; prepare the financial statements on the 8oin8 concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial pcsition of the charitable company and to enable them to ensure that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ou8ht to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditors are aware of that information. AUDITORS The auditors, Bennewith 2018 Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors. on . 'Iq /4>S / Lo..l5 and signed on the board's behalf by= s M Adams-Trustee Page 7
Re ort ot the Inde endent Auditors to the Trustee5 of R des Hill School Guildford Opinion We have audited the financial statements of Rydes Hill School Guildford (the 'charitable company'l for the year ended 31 August 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and note5 to the financial statements, including a summary of significant accounting policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prattice; and have been prepared in accordan with the requirements of the Companies Art 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditlng IUKI IISAS {UKII and applicable law. Our responsibilities under those 5tand3rd5 are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable Company 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. Conclusions relating to going concern Emphasis of matter We draw attention to Note 19 to the financial statements which explains that the Trustees do not intend for the charity to continue operating in its current form after the financial year ended 31 Au8USt 2025. Therefore they do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordin8ly the financial statements have been prepared on a basis other than going concern as described in Note 20. Our opinion is not modified in respect of this matter. Other informatlon The trustees are responsible for the other infom)ation. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditor5 thereon. 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 condusion thereon. In connection with our audit of the financial ststements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconslStencie5 or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that the is a material misstatement ofthis other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or the charitable company has not kept adequate accounting COrd5- or the financial statements are not in a8reement with the accountin8 records and return5: or we have not received all the information and explanations we require for our audit. Page 8
Re ort of the Inde endent Auditors to the TrustÈes of R des Hill School Guildford Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities. the trustees (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 trustees determine is necessary to enable the preparation of financial statements that are free from material misststement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosin& as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 9
Re ort of the Inde endent Auditors to the Trustees of R des Hill School Guildford Our responsibilitiès for the audrt of the financial ststements We have been appointed as auditors under Secknon 144 of the Charitie5 Att 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance 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. Mi55tatements 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 basis of these finanaal statements. The extent to which our procedures are capable of detectlng irregularities. including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined the most Sl8nifTcant are those that relate to FRS 102 Section L4, pension laws and regulations and safeguarding regulations. We assessed the risk5 of material mi55tstement in respert of fraud a5 follows: Enquiries made of management and those charged with governance as well as the service or8anisation in relation to payroll services - Analytical procedures were used to identify if there were any unusual or unexpected relationships Discussions with management to identify any fraud risk factors of related party relationships and transactions Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Enquirie5 were made of management and those charged with 8overnance. We corroborated our enquiries through the review of Board minutes anci other papers provided. There was no contradictory evidence. We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We tested year end journals as well as journal entries throughout the year. There were no transattions identified outside the normal course of busine55. Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We incorporated an element of unpredictability in the selection of the nature, timing, and extent of audit procedures. Where transaction meeting risk criteria were identified, we carried out further work such as additional testing to source information. A further description of our responsibilitses 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 Report of the Independent Auditors. Page 10
Re ort of the Inde endent Auditors to the Trustees of R des Hill School Guildford Use of our report This report Is made solely to the tharitsble company's trustees. as a body. in actordante with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been Ltndertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fu15est extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body. for our audit worl for this report. or for the opinions we have formed. Bennewith 2018 Limited (Statutory Auditors) Eligible to act a5 an auditor in tems of Section 1212 of the Companies Act 2006 Upper Ground Floor 18 Farnham Road Guildford Surrey GU14XA Date-.... Page 11
R des Hill School Guildford Statement of Financial Activtties for the Year Ended 31 Au st 2024 31.8.24 Total funds 31.8.23 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 13,051 13,051 20,759 Charitable activities Education 1,982.939 1.982.939 1,655,006 Investment income Other income 58,662 8,660 58,662 8,660 24,590 18,351 Total 2.063.312 2,063.312 1,718,706 EXPENDITURE ON Charitable actTVities Education 2.137,810 2.137,810 1.981,080 NET INCOME/IEXPENDITURE) 174.4981 174.4981 1262,3741 RECONCILIATION OF FUNDS Total funds brought forward 1,158,658 1,158,658 1,421,032 TOTAL FUNDS CARRIED FORWARD 1,084,160 1,084,160 1,158,658 The notes form part of these financial ststements Page 12
R des Hill School Guildford Balance Sheet 31Au ust 2024 31.8.24 Totsl funds 31.8.23 Total funds Unrestrirted funds Restricted funds Notes FIXED ASSETS Tangible assets li 1.029.512 1,029.512 1,045,505 CURRENT ASSETS Debtors Cash at bank 12 20.483 504,473 20,483 504,473 33,984 535,706 524,956 524,956 569,690 CREDITORS Amounts falling due within one year 13 1470.3081 1470,3081 1293,3541 NET CURRENT ASSETS 54,648 54,648 276,336 TOTAL ASSETS LESS CURRENT UABILITIE5 1,084,160 1,084,160 1.321,841 CREDITORS Amounts falling due after more than one year 14 1163,1831 ASSErs 1,084,160 1,084,160 1,158,658 FUNDS Unrestricted funds 16 1,084.160 1.158,658 TOTAL FUNDS 1.084.160 1,158,658 The charitable company is entitled to exemption from audit underSection477 ofthecompanies Art 2006 forthe yearended 31 August 2024. The members have not deposited notice, pursuant to Sethon 476 of the Companies Act 2006 requiring an audit of these financial statements. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sethon5 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. Ibl These financial statements have been audited underthe requirements of Section 145 ofthe Charitie5 Act 2011. The notes form part of these financial Statements Page 13 continued...
R de5 Hill School Guildford Balance Sheet- continued 31Au st 2024 2fl 1()S IL()IS The financial statements were approved by the Board ofTrustees and authorised for issue on............................................. and were signed on its behalf by: s M Adams- Trustee The notes form part ofthese financial statements Page 14
R de5 Hill School Guildford Cash Flow Statement forthe Year Ended 31 Au ust 2024 31.8.24 31.8.23 Notes Cash flows from operating attivities Cash generated from operations Interest paid 42.413 (8.4911 1181,5521 111,1601 Net cash provided by/lused inl operating activities 33,922 1192.712} Cash flows from investing artivities Purchase of tangible fixed assets Sale of tangible fixed assets Interest received 167,1751 229 23.824 130,9091 10,765 Net cash used in investin8 activities 143.1221 120,1441 Cash flows frorn financing activiiies Loan repayments in year 122,0331 121,5041 Net cash used in tinancin8 activities 122,0331 121,5041 Change in cash and Cash equivalents in the reporting period Cash and cash equivalents atthe beginning of the reporting period 131,2331 1234,3601 535.706 770,066 Cash and cash equivalents at the end of the reporting period 504,473 535,706 The notes form part of these finanaal ststements Page 15
R des Hill School Guildford Note5 to the Cash Flow Statement for the Year Ended 31 Au st 2024 RECONCIUATION OF NEf EXPENDITURE TO CASH FLOW FROM OPERATING ACTIVITIES 31.8.24 31.8.23 Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Interest paid Decreasellincreasel in debtors Increase/ldecreasel in creditors 174.4981 1262,3741 82,939 123,8241 8,491 13.500 35.805 88.704 110,7651 11.160 17.2121 11,0651 Net cash provided by/(used inl operations 42,413 1181,5521 ANALYSIS OF CHANGES IN FUNDS At 1.9.23 Cash flow At 31.8.24 Net cash Cash at bank 535,706 131.2331 504,473 535,706 131,2331 504,473 Debt Debts falling due within l year Debts fallin8 due after l year 121,9191 186,2391 164.2051 86,239 186,1241 1108.1581 22,034 186,1241 Total 427.548 19,1991 418,349 The notes form part of these financial statements Page 16
des Hill School Guildford Notes to the Financial Statements forthe Year Ended 31 Au ust 2024 ACCOUNTING POLICIES Basis of preparing the financial staternents The financial ststements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporknng by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordan with the Financial Reporknng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffettive l January 20191,. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Att 2006. The frnancial statements have been prepared under the historical cost convention. The accounts have not been prepared on a going conrn basis. The alternative basis of preparation is outlined in Note 20. Charity status The organisation is a charitable company limited by guarantee. registered as a company in the UK (company number.. 0225792411 and as a charity with The Charity Commission for England and Wales Icharity number- 2994111. The registered office address of the organisation is: Rydes Hill House, Aldershot Road, Guildford, Surrey, GU2 8BP Income All income is recogni5ed in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there 15 a legal or constructive obligation committin8 the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that a8gre8ate all cost re13ted to the category. Where costs cannot be directly attributed to particular headin85 they have been allocated to activitfes on a basis consistent with the use of resources. Investment income Interest is included when re1vable by the charity. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold building & improvements - 2% on cost and Straight line over 10 years Freehold land - Not provided Equipment & Website - straight line over 5 years. Straight line over 10 years, and Straight line over 15 years Motor vehicles - Straight line over 4 years Taxation The charity is exempt from corporation tsx on its charitable activities. Fund accounting Unrestricted fund5 are donations, fees receivable and other incoming resource5 received or generated for expenditure on the general objectives of the charity. Restricted funds are subject to speafic trusts. Expenditure which meets these criteria is charged to the fund. Page 17 continued...
R de5 Hill School Guildford Notes to the Financial Statements - continued forthe Year Ended 31 Au st 2024 ACCOUNTING POUCIES- continued Going concern The accounts have not been pPared on a going concern basis. The details that led to this decision are outlined in Note 19. With the basis of preparation outlined in Note 20. DONATIONS AND LEGACIES 31.8.24 31.8.23 Donations Grants 9,349 3,702 15.276 5,483 13.051 20,759 Grants received. included in the above, are as follows: 31.8.24 31.8.23 Other grant income 3,702 5,483 INVESTMENT INCOME 31.8.24 31.8.23 Rents received Interest received 34,838 23.824 13,825 10.765 58,662 24,590 INCOME FROM CHARITABLE ACTivmES 31.8.24 31.8.23 Activity Education Education Education Education Education School Nursery Extras / Extra lessons Meals Bursaries and discounts 1,402.991 525,146 51.371 112,597 1109,1661 1,162,750 487,496 21,416 93,794 1110,4501 1,982,939 1,655,006 Page 18 continued...
de5 Hill School Guildford Notes to the Financial Ststements - continued for the Year Ended 31 A st 2024 CHARITABLE AcfiviTIES COSTS Support costs (see note 61 Direct Costs Totals Education 2,127,610 10.200 2,137,810 SUPPORT COSTS Governance costs Education 10,200 NET INCOME/IEXPENDITURE) Net income/lexpenditurÈl is stated after chargingjlcredilingl: 31.8.24 31.8.23 Auditors, remltneration Auditors, remuneration for non audit work Depreciation- owned assets 7.800 2,400 82,939 6,160 2,000 88,704 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. Tru5tees' expenses There were no trustees, expenses paid for the year ended 31 August 2024 norfor the year ended 31 August 2023. The charity pays a total premium of £7,71012022-23-. £6.317) for professional indemnity cover. The poliLry includes indemnity insurance for theTrustees and Governors. Page 19 continued...
R des Hill School Guildford Notes to the Financial Statements- continued for the Year Ended 31 Au ust 2024 STAFF COSTS 31.8.24 31.8.23 Wages and salaries Social security costs Other pension costs 1,233,370 87,107 132,312 1,131,976 79,674 129,456 1.452,789 1,341,106 The average monthly numberof employees during the year was as follows- 31.8.24 37 Teaching Administration Domestic 31.8.23 39 51 54 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 31.8.24 31.8.23 £80,001- £90,000 The total amount of employee benefits reiVed by key management personnel was £164,106. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES io. unstriCted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 20,759 20.759 Charitable activities Education 1,655,006 1,655,006 Investment income Other income 24,590 18.351 24,590 18,351 Total 1,718,706 1,718,706 EXPENDITURE ON Charitable activitie5 Education 1.981,080 1,981,080 NET INCOMEI{EXPENDITURE) 1262,374) 1262,3741 Page 20 continued...
R des Hill School Guildford Notesto the Financial Statements- continued forthe Year Ended 31 Au ust 2024 io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcnviTIES- continued Unrestricted funds Restricted funds Total funds RECONCILIATION OF FUNDS Total funds brOUghtfoard 1.421,032 1.421,032 TOTAL FUNDS CARRIED FORWARD 1.158,658 1.158,658 ii. TANGIBLE FIXED ASSErs Freehold building & improvements Freehold land Equipment & Website Motor vehicles Tota15 COST At I September 2023 Additions Disposa15 1,158.619 27,0(h) 300,000 344,674 40,175 113,4671 52,482 1,855,775 67,175 113,4671 At 31 Au8USt 2024 1,185,619 300,000 371,382 52,482 1.909,483 DEPRECIATION At I September 2023 Charge foryear Eliminated on disposal 489.442 52.721 268,346 30,218 13.2381 52,482 810,270 82,939 113,2381 At 31 August 2024 542,163 285,326 52,482 879,971 NET BOOK VALUE At 31 Au8USt 2024 643,456 300.000 86,056 1,029,512 At 31 August 2023 669.Ir/ 300,000 76,328 1,045,505 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 Fees receivable Prepayments Other debtors 11.015 9.443 25 22.129 11.630 225 20,483 33,984 Page 21 continued...
R des Hill School Guildford Notes to the Financial Statements- continued forthe Year Ended 31 Au ust 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 Bank loans (see note 151 Social security and other taxes Other creditors Accruals and deferred income 86,124 20,853 192,987 170.344 21,919 18,905 88,268 164,262 470.308 293.354 14. CREDITORS". AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 31.8.24 31.8.23 Bank loans Isee note 151 Deposits 86,239 76,944 163,183 15. LOANS An analysis of the maturity of loans is given below: 31.8.24 31.8.23 Amounts fallin8 due within one year on demand: Bank loans 86,124 21,919 Amounts falling between one and two years: Bank loans - 1-2 years 21,919 Amounts falling due betsveen two and five years: Bank loans - 2-5 years 64,320 16. MOVEMENT IN FUNDS Net movement in funds At 31.8.24 At 1.9.23 Unrestricted funds General fund 1.158.658 {74,4981 1.084,160 TOTAL FUNDS 1,158.658 (74,4981 1.084,160 Page 22 continued...
des Hill School Guildford Notes to the Financial Statements- continued for the Year Ended 31 Au 5t 2024 16. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 2,063,312 12,137,810) 174,4981 TOTAL FUNDS 2.063,312 12,137,8101 174,4981 Comparatlves for movement in funds Net movement in f unds At 31.8.23 At 1.9.22 Unrestrirted funds General fund 1,421,032 1262,374) 1,158,658 TOTAL FUNDS 1,421,032 1262.3741 1,158,658 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,718.706 11.981.080) 1262,3741 TOTAL FUND5 1.718.706 11.981.080) 1262,3741 A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.8.24 At 1.9.22 Unrestricted funds General fund 1,421.032 1336,8721 1,084,160 TOTAL FUNDS 1,421.032 1336.8721 1,084,160 Page 23 continued...
R des Hill School Guildford Notesto the Financial Statements- continued for the Year Ended 31 Au st 2024 16. MOVEMENT IN FUNDS- continued A current year 12 months and prior year 12 months combined net movement in funds. included in the above are a5 follows: Incoming resources Resources expended Movement in funds Unrestrirted funds General fund 3,782.018 14,118,890) 1336.872} TOTAL FUNDS 3.782,018 14,118,890) 1336,8721 17. RELATED PARTY DISCLOSURES There were no Lated party transactions for the year ended 31 Au8USt 2024. 18. DEFERRED INCOME The charity's deferred income relates to school fees for the school year starting in September 2024, paid in advance, The movement in deferred income during the year was as follows: The totsl deferred income brought forward of £151.517 wa5 fully released during the year. Atotal of £161.242 ofAutumn term 2o24feeSwe deferred durin8theyearand carried forward tothe next period. This amount is shown as part of the 'Accruals and deferred income, figures in Note 14. 19. GOING CONCERN POSITION After reviewing the available budgets and forecasts theTrustees concluded the charitywould be unableto continue operating in its current form beyond the financial year ended 31st August 2025. To ensure the school's operations would not cease. the Trustees assessed opportunitie5 to merge with other education providers. The decision was made to merge with Tormead School. which operates out of the charitable company Tormead Limited (Company number: 00485947. Charity number: 3120571. The rnerger would involve all the operations, assets, and liabilities of the charity being transferred to Tormead Limited. After the transfer, the charitable company Rydes Hill School Guildford Icompany number: 02257924, Charity number.. 2994111 would no lon8er be operating and therefore would not be a going concern. At the date of signing the report. the merger deed has been signed and the merger expected to be completed on 1st September 2025. With the mer8er being announced by both parties. However. the merger is not guaranteed to proceed until completion has occurred. Ifthe merger does not proceed the charity will ase operating on 31st August 2025. Page 24 continued...
R de5 Hill School Guildford Notes to the Financial Statements - continued for the Year Ended 31 Au ust 2024 20. NON-GOING CONCERN 8ASIS OF PREPARATION As discussed in Note 19. it wasnt deemed appropriate to prepare the accounts on a going concern basis. As it was deemed probable that the merger would proceed as planned, the accounts have been prepared on the basis it will occur. Therefore, the only significant change to the basis of the preparation of the accounts was to reclassify 'cdItorS falling due after one yearf as 'creditors falling due within one yearf. It wasn't considered necessary to write down assets to their recoverable amounts as they would transfer as part of the merger and continue in their current Use. Additionally, no provision was made for possible onerous Contracts, as the contrartual obligations would transfer as part of the merger. Page 25