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2023-07-31-accounts

Charity registration number 299714

Company registration number 02274600 (England and Wales)

SANDS SCHOOL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

SANDS SCHOOL

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8 - 9
Statement of cash flows 10
Notes to the financial statements 11 - 23

SANDS SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms E Daniels Mr D Mackenzie (Appointed 9 February 2023) Ms T Browett (Appointed 9 February 2023) School administrator Mr S Bellamy Charity number 299714 Company number 02274600 Principal address Greylands 48 East Street Ashburton Devon TQ13 7AX Registered office 30 Fore Street Totnes Devon TQ9 5RP Independent examiner Darnells Chartered Accountants Quay House Quay Road Newton Abbot Devon TQ12 2BU Bankers Lloyds Bank 31 Fore Street Totnes Devon TQ9 5HH

SANDS SCHOOL

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their annual report and financial statements for the year ended 31 July 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Memorandum & Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice for charities applying FRS102.

Objectives and activities

The overall objectives and principal activities of the Charity are to promote and provide for the advancement of education of children through the governance of Sands School in the County of Devon.

Sands School is a day school which principally provides education in Ashburton to children from the ages of 11 to 17. Sands is a Democratic School by which we mean a place in which children and staff have the opportunity to be active, voting members, deciding and/or ratifying decisions made by the School meeting and/or other delegated sub-groups. Our intention is thus to help them become contributing members of the wider society, comfortable with their rights and responsibilities.

Our aims for the children's academic development within the School are based on the individual child. We aim to allow the curriculum to be a tool used by the pupil and teacher to make learning rewarding and a good preparation for life beyond school. We offer students the chance to develop an approach to learning that is personalised and encourages critical thinking and creativity. The teaching offers a medium for the development of open-minded and emotionally intelligent children.

Philosophy:

At the heart of our model is the idea that students should help design their place of learning and remain actively involved in the making of its rules and contributing to its philosophy; that students and teachers should be equal partners in the running of the School and that students should map their own route through their school careers with guidance from the adults. The result is a place where play is still important even to 16 year olds, where talking and recreation are valued and students tend to be relaxed, happy and involved in class because they have made a conscious decision to attend.

The average number of pupils in the school for the year was 75 (2022: 75).

Objectives and Strategies for the Year:

We do not have specific objectives in particular years other than to maintain pupil numbers at a level which secures the School's continued viability. Within this objective we endeavour to keep the School as affordable as possible through keeping the fees low, offering means-tested bursaries and securing charitable funding for eligible students.

Every year we promote the advancement of learning through principles of democratic education as the opportunities arise. This includes attending educational events and hosting visitors interested in finding out about democratic education.

SANDS SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

Public Benefit:

Trustees and management are aware of the on-going development regarding public benefit and charitable status of Charities and Independent Schools and the Trustees have had due regard to guidance published by the Charity Commission on public benefit.

The School's principle public benefit is in its function of developing the incorporation of democratic principles in education. The School hosts visits from teachers and school groups from across the world to learn about how students can be actively engaged in all aspects of the provision of their education and see the positive impact that this engagement has across school life.

It is one of the principles of the School that as far as possible access to an education at Sands should not be restricted by the ability to pay. This is achieved through a redistributive bursary system, support in accessing funding from other charitable sources and through the very generous willingness of the staff to offer their services for remuneration well below the normal market rates. As a result the school fees are kept relatively low at £11,762 per year compared with the average day school rate of £16,374 (calculated by the Independent Schools Council).

During this year one quarter of the students received bursaries, mostly equivalent to either one quarter or one third of full fees. Although this is the norm, the School can and does offer assistance above this level. Bursaries given by the School totalled £60,044, a figure equivalent to 7.1 per cent of the total fees due.

Achievements and performance

Operational performance

The objectives of the charity are to provide a democratic education to the pupils at Sands School and to promote the benefits of democratic education.

The School does not believe that aggregate exam results or other outcome statistics are a meaningful measure of its performance. Being a small and genuinely inclusive School, pupils outcomes can only be understood at an individual level.

The School normally hosts a large number of visitors interested in democratic education and this year played host to the Freedom to Learn Forum.

Financial review

Results for the Year:

Total unrestricted net school fees and associated income for the year amounted to £726,209 (2022: £733,484). There was a surplus on ordinary continuing activities for the year of £15,330 (2022 surplus of £21,363).

The income for 2022 and 2023 reflect a strong increase in the total numbers of students on roll and an increased interest in alternative education.

The principal funding sources of the charity are the parents who send their children to the School.

At 31 July 2023 total funds, which includes buildings and other tangible assets, amounted to £694,380 (2022: £679,050) with restricted funds of £23,000 (2022: 13,000).

Property

The Directors consider that the market value of the land and buildings exceeds the carrying value included in the financial statements by at least £750,000.

SANDS SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

Reserves Policy:

The Charities SORP defines reserves as that part of a charity's funds that is freely available to spend. The Charities SORP also specifically allows funds held as tangible fixed assets for charity use to be excluded from reserves. This recognises that certain assets, like our buildings and equipment and mini-buses are used operationally and their disposal would adversely impact on the School's ability to deliver its aims.

For the purposes of this policy reserves are defined as net financial assets, that is, cash deposits less restricted funds, loans and creditors (net of debtors). At the end of this financial year the balance was £358,636 down from £370,113 in the previous year.

The Trustees have agreed that in future the level of reserves held shall be limited to the amount required to meet all of the conditions set out below with any reserves in excess of this being applied for the charitable purposes of the School:

  1. Cash flow requirement: after allowing for creditors falling due within one year the School should aim to maintain free cash reserves of between £30,000 and £40,000. Of this up to £10,000 should be held for day-to-day operational needs with the remainder being held on short term deposit. Free cash reserves in excess of this should be used to reduce long term borrowings.

  2. Uncertainties: based on past experience the School roll can fall significantly as a result of poor economic conditions and the School needs to be able to survive on a reduced roll for a period of three years without needing to borrow money or cutting costs to a point where the quality of education offered would be significantly diminished. Based on the current operational budget, a fall in roll down to 60 would result in a £100,000 annual loss. However, it is expected that some additional cost reduction would be put in place so a total of £255,000 would be sufficient to cover losses for three years.

  3. Strategic requirement: the School may decide in future to undertake developments which would require significant investment. In this case the Trustees would aim to accumulate additional reserves set aside for these developments.

Review of the School's reserves position at 31 July 2023:

Cash flow:

The School has sufficient funds to meet its cash flow requirements for the coming year. Free cash and bank funds stood at £406,317 with creditors falling due within one year of £99,487.

Uncertainties:

Several major infrastructure projects are on the horizon, with repairs needed to the roof, boilers and the science block.

The School is working to anticipate the impact of a potential imposition of VAT on school fees under a Labour government.

Strategic requirements:

Ideally the School will need to find significant funds for capital investment over the coming years, in particular the replacement of the slate roof on the main building.

Policy for 2023-24

The Governors hope to be closer to breakeven with a continued high roll, and are keen to ensure the implementation of any possible cost savings with the possible VAT introduction on the horizon.

Investment policy:

The Trustees' policy is to invest surplus cash whenever possible on short term deposit. The Trustees are satisfied that the return is commensurate with the objective of minimising risk.

SANDS SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

Risk Management:

The School has considered the principal risks to which it is subject and has taken adequate steps to mitigate those risks. These include an annual review of the financial risks the School may face and the implementation of satisfactory procedures to ensure that the School offers a safe and constructive environment for children.

Key controls include regular risk assessment checks of all areas and regularly reviewed policies, which are available to parents, the Independent Schools Inspectorate and other interested parties.

The Governors are always conscious of the need for the School to operate within its available financial resources and to have adequate working capital.

Plans for future periods

We do not have specific objectives in particular years other than to maintain pupil numbers at a level which secures the School's continued viability. Within this objective we endeavour to keep the School as affordable as possible through keeping the fees low, offering means-tested bursaries and securing charitable funding for eligible students.

Every year we promote the advancement of learning through principles of democratic education as the opportunities arise. This includes attending educational events and hosting visitors interested in finding out about democratic education.

There are currently no plans for significant changes or investments.

Structure, governance and management

Sands School is a company limited by guarantee governed by its Memorandum and Articles of Association, and was incorporated on 6 July 1988. It is registered as a charity with the Charity Commission. The liability of the Members is limited. In the event of the Company being wound up every Member of the Company undertakes to contribute such amount as may be required (not exceeding £1) to the Company's assets.

The Trustees, who are also the directors for the purpose of company law, and those who served during the year and up to the date of signature of the financial statements were:

Miss A McCarthy-Sommerville (Resigned 1 May 2023)
Mr E Cohen (Resigned 1 May 2023)
Ms E Daniels
Mrs H Bodiley (Resigned 1 May 2023)
Mr D Mackenzie (Appointed 9 February 2023)
Ms T Browett (Appointed 9 February 2023)

Appointment of Trustees:

Under the Articles of Association subscribers to the Memorandum of Association and such other persons as the Board of Directors shall admit to membership shall be the Members of the Company. The number of Members shall not exceed 50. In the event of the retirement of a Trustee all Members are invited to nominate candidates.

The members of the Board of Trustees should be appointed by the Company in general meeting. The Board has the power to fill a casual vacancy at any time.

SANDS SCHOOL

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

Organisation:

The Board of Trustees (who are also the directors) delegate the management of the affairs of the School to a Board of Governors. The Board of Governors are accountable to the Trustees and are required to operate within the budget and conditions agreed by the Trustees. The power of appointing Governors remains with the Trustees.

In accordance with the Conduct of the School as laid out in its Instrument of Government, School management is effected by discussion and consensus and due regard is taken by the Governors of the views and wishes of the staff and pupils on all matters relating to the management, conduct and underlying philosophy of the School and behaviour in the School. Financial matters and decision making is dealt with separately from the students.

The Governors meet once a term (or more often if necessary) and receive reports from the Administrator, the Bursar and the Student Governors. At these meetings Governors officially confirm staff appointments and approve bursary policy and term budgets, but most of the time is usually taken up with comment and advice. The Governors generally support and advise the Administrator and the School Meeting. The day to day management of the School is the responsibility of the Administrator, Sean Bellamy and the Bursar, Pamela Gallamoy.

Trustee Induction and Training:

New Trustees are already familiar with the practical work of the Charity as they are normally recruited from the governing body of Sands School. They are inducted during the course of a normal business meeting by democratic vote. New Trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the decision making processes, the recent financial performance of the Company and current practice in pursuance of the objects of the Company. Documents made available to them are the Sands School Memorandum and Articles of Association, the Charity Commission's "Welcome" document, the Charity Commission's "CC3 Responsibilities of Charity Trustees" and a Companies House booklet concerned with directors' responsibilities as they relate to Companies House.

The Board remain conscious of the on-going need to make available training (formal or informal) as and when required.

Related Parties:

Sands School is a member of the International Democratic Education Network and co-founder of the European Democratic Education Network.

The Trustees' report was approved by the Board of Trustees.

Trudi Browett

Trudi Browett (Apr 25, 2024 12:34 GMT+1)

Ms T Browett

Trustee Dated: 24 April 2024

SANDS SCHOOL

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SANDS SCHOOL

I report to the Trustees on my examination of the financial statements of Sands School (the charity) for the year ended 31 July 2023.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Lisa Dickinson ACA FCCA Darnells Chartered Accountants Quay House Quay Road Newton Abbot Devon TQ12 2BU

Dated: 25 April 2024

SANDS SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Voluntary income
2
30,098
10,000
Incoming resources
from charitable activities
3
726,209
24,234
Investment income
4
1,899
-
Other income
6
2,154
-
Total income
760,360
34,234
Expenditure on:
Charitable activities
7
755,030
24,234
Net income for the year/
Net movement in funds
5,330
10,000
Fund balances at 1
August 2022
666,050
13,000
Fund balances at 31
July 2023
671,380
23,000		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
40,098
11,040
-
750,443
733,484
79,950
1,899
82
-
2,154
652
-
794,594
745,258
79,950
779,264
714,449
89,396
15,330
30,809
(9,446)
679,050
635,241
22,446
694,380
666,050
13,000		 Total
2022
£
11,040
813,434
82
652
825,208
803,845
21,363
657,687
679,050

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

SANDS SCHOOL

BALANCE SHEET

AS AT 31 JULY 2023

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Provisions for liabilities
17
Net assets
Income funds
Restricted funds
19
Unrestricted funds		 2023
£
79,056
406,317
485,373
(99,487)		 2022
£
£
312,744
95,614
425,148
520,762
(133,399)
385,886
698,630
(4,250)
694,380
23,000
671,380
694,380		 £
295,937
387,363
683,300
(4,250)
679,050
13,000
666,050
679,050

SANDS SCHOOL

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2023

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2023.

The Trustees' acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 24 April 2024

Trudi Browett

Trudi Browett (Apr 25, 2024 12:34 GMT+1)

Ms T Browett Trustee

Company registration number 02274600

SANDS SCHOOL

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
22
Investing activities
Purchase of tangible fixed assets
Loss on disposal of tangible fixed assets
Interest received
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(28,194)
1,956
1,899
(7,011)		 £
12,519
(24,339)
(7,011)
(18,831)
425,148
406,317		 2022
£
(15,036)
1
82
(9,171)		 £
(7,823)
(14,953)
(9,171)
(31,947)
457,095
425,148

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

Charity information

Sands School is a private company limited by guarantee incorporated in England and Wales. The registered office is 30 Fore Street, Totnes, Devon, TQ9 5RP. The Charity's place of business is Greylands, 48 East Street, Ashburton, Devon, TQ13 7AX.

1.1 Accounting convention

These accounts have been prepared in accordance with the Charity's Memorandum and Articles of Association, “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 (FRS102) (effective 1 January 2019)", the Companies Act 2006 and UK Generally Accepted Accounting Practice. The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by funders as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.3 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income from school fees is included in incoming resources in the period that the student has received tuition from the school.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.4 Resources expended

Resources expended are included in the statement of financial activities on an accruals basis, and are recognised when there is a legal or constructive obligation to pay for expenditure.

Certain expenditure is directly attributable to specific functional activities and has been included in those cost categories. Certain other costs, which are attributable to more than one functional activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities or based on the estimated use of the resource concerned or space occupied.

The charity is not registered for VAT. All expenditure is therefore stated inclusive of VAT where applicable.

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is provided to write off the cost or valuation, less any residual value of all fixed assets except freehold land and buildings over their estimated useful lives. It is calculated at the following rates:-

Plant and machinery over 4 years on a straight line basis Fixtures, fittings & equipment over 5 years on a straight line basis Motor vehicles over 5 years on a straight line basis

Freehold land and buildings are not depreciated as in the opinion of the Trustees the useful economic life and residual value are such that any depreciation would be insignificant. Impairment reviews are carried out periodically, and whenever there is evidence that the value of a tangible asset, or class of asset, may be impaired.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.6 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include investments, debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the assets expire or are settled or when the Charity transfers the financial assets and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.9 Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.10 Pensions

The Charity contributes to the Teachers' Pension Scheme (England and Wales) at rates set by the Scheme Actuary and advised to Council by the Scheme Administrator.

The Charity also contributes to a defined contribution scheme for staff not within the Teachers' Pension Scheme.

1.11 Leases

Rentals payable under operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to income on a straight line basis over the term of the relevant lease.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the statement of financial activities on a straight line basis.

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

1.12 Support costs

Support costs include expenses which enable charitable activities and fund generating to be undertaken. These costs include finance and human resources and are allocated on a basis consistent with the use of the resource.

1.13 Governance costs

Governance costs comprise the costs of running the charity, including strategic planning for its future development, any legal advice for the Trustees, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

1.14 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment or to provide termination benefits.

2 Voluntary income

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
30,098
10,000
Donations and gifts
Leonard Stocks Trust
-
-
CAF - bursaries for students in need
-
10,000
Donations of deposits
30,098
-
30,098
10,000		 Total
Unrestricted
funds
2023
2022
£
£
40,098
11,040
-
11,040
10,000
-
30,098
-
40,098
11,040		 Total
Unrestricted
funds
2023
2022
£
£
40,098
11,040
-
11,040
10,000
-
30,098
-
40,098
11,040
11,040
-
-
11,040

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

3 Incoming resources from charitable activities

Net school Net school fees and
fees and associated income
associated
income
2023 2022
£ £
Net school fees and associated income 750,443 813,434
Analysis by fund
Unrestricted funds 726,209 733,484
Restricted funds 24,234 79,950
750,443 813,434

4 Investment income

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Interest receivable 1,899 82

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

5 Breakdown of Incoming resources

Fees Receivable
Lunches
Buses/ Trips/ Camps
Bursaries given
Discounts given
Staff discount
LEA funding
Europaisher grant		 2023
£
847,618
14,727
19,620
(60,044)
(79,228)
(16,484)
24,234
-
750,443		 2022
£
829,843
14,008
18,672
(52,470)
(68,002)
(7,567)
73,575
5,375
813,434

6 Other income

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Other income 2,154 652

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

7 Charitable activities

Costs of
Costs of
operation of
operation of
school school
2023 2022
£ £
Staff costs 432,485 461,165
Depreciation and impairment 9,431 6,901
Supply teachers and cooking contractors 565 22,712
Counselling costs 2,395 3,955
Books, teaching supplies and exam fees 37,849 36,535
Food and refreshments 13,048 11,654
Camp, trip and educational visit costs 13,166 23,366
(Profit)/Loss on disposal of assets 1,956 1
Rent and rates 4,899 5,422
Repairs and cleaning 30,680 50,156
Insurances 10,426 8,953
Light and heat 12,543 10,167
569,443 640,987
Share of support costs (see note 8) 189,893 144,523
Share of governance costs (see note 8) 19,928 18,335
779,264 803,845
Analysis by fund
Unrestricted funds 755,030 714,449
Restricted funds 24,234 89,396
779,264 803,845

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

8 Support costs

Staff costs
Motor running and travelling
Bad debts
Advertising and publicity
Recruitment, training and workshops
Printing, postage and stationery
Telephone and communication
Equipment rental
Bank charges
Interest payable
Sundries
Independent examiner's fees - external
scrutiny
Independent examiner's fees - other
services
Legal, professional and consultancy
fees
Sundry governance costs
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
145,843
-
8,287
-
15,320
-
350
-
6,961
-
5,938
-
2,261
-
2,725
-
977
-
324
-
907
-
-
2,280
-
8,687
-
8,641
-
320
189,893
19,928
189,893
19,928		 2023
£
145,843
8,287
15,320
350
6,961
5,938
2,261
2,725
977
324
907
2,280
8,687
8,641
320
209,821
209,821		 2022 Basis of
allocation
£
110,358 Time spent
6,837 Direct
7,120 Direct
250 Direct
4,068 Direct
7,187 Direct
1,798 Direct
3,884 Direct
1,120 Direct
685 Direct
1,216 Direct
2,280
Governance
7,396
Governance
8,659
Governance
- Governance
162,858
162,858

Governance costs includes payments to the independent examiner of £2,280 (2022: £2,280) for independent examination fees and £8,687 (2022: £7,396) for other services.

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year (2022: £nil) and no Trustees were reimbursed expenses (2022: £nil).

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

10 Employees

The average monthly number of employees during the year was:

Teaching
Administration
Maintenance
Counselling
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
19
4
1
1
25
2023
£
501,212
33,873
43,243
578,328		 2022
Number
21
4
1
1
27
2022
£
498,010
33,163
40,350
571,523

Redundancy costs of £2,000 were paid to one member of staff in the year (2022: £3,685 was paid to three members of staff).

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

12 Tangible fixed assets

Cost
At 1 August 2022
Additions
Disposals
At 31 July 2023
Depreciation and impairment
At 1 August 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 July 2023
Carrying amount
At 31 July 2023
At 31 July 2022		 Land and
buildings
Plant and
machinery
Fixtures,
fittings &
equipment
Motor vehicles
£
£
£
£
277,865
55,946
113,728
20,823
-
12,163
551
15,480
-
(11,929)
(11,093)
-
277,865
56,180
103,186
36,303
-
44,666
112,712
15,047
-
6,770
395
2,266
-
(9,983)
(11,083)
-
-
41,453
102,024
17,313
277,865
14,727
1,162
18,990
277,865
11,280
1,016
5,776		 Total
£
468,362
28,194
(23,022
473,534
172,425
9,431
(21,066
160,790
312,744
295,937

Based on an assessment of the value of the property with local estate agents and developers the directors are of the opinion that at 31 July 2023 the market value of land and buildings exceeds the carrying value by at least £750,000.

In the opinion of the directors, the net book value of non-depreciable assets included above is in the region of £400,000.

13 Debtors

Amounts falling due within one year:
Fee debtors
Other debtors
Prepayments and accrued income
14
Loans and overdrafts		 2023
£
65,310
-
13,746
79,056		 2022
£
79,145
5,375
11,094
95,614
Bank loans
Payable within one year		 2023
£
-
-		 2022
£
7,011
7,011

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

14 Loans and overdrafts

(Continued)

The bank loan was secured by a fixed and floating charge over the company's freehold property and was repayable by instalments over a period of 20 years commencing 2 April 2003 at a fixed rate of interest of 7.01493%.

15 Creditors: amounts falling due within one year

Notes
Bank loans
14
Other taxation and social security
Trade creditors
Other creditors
Deposits helds
Accruals and deferred income
16
Provisions for liabilities
Brazel judgement - provision for holiday pay for support staff		 2023
£
-
1,212
30,038
20
48,761
19,456
99,487
2023
£
4,250		 2022
£
7,011
2,466
21,398
87
74,251
28,186
133,399
2022
£
4,250

17 Legal status

The Charity is a company limited by guarantee having no share capital. In the event of the winding up, each member agrees to contribute a sum not exceeding £1. The members of the Company are the School governors and include the directors named on page 4. There were five members at 31 July 2023.

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

18 Retirement benefit schemes

Defined contribution schemes

The School's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the NEST pension scheme for it's non teaching staff.

Contributions of £1,212 were payable at 31 July 2023 (2022: £2,466).

(a) Teachers' Pension Scheme

Introduction

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was based upon 2020 data. The outcome confirms a need to increase the employer contribution rate by 5 percentage points from 1 April 2024 to ensure that the Scheme continues to meet present and future obligations. The Department of Education appreciated that the result means Independent Schools that participate in the Scheme will be faced with additional costs that aren't funded. It's hoped that the information shared, previously will have helped in planning for the change,

The employers pension costs paid to the TPS in the period amounted to £38,673 (2022: £34,282).

(b) NEST pension scheme

The School also runs a defined contribution scheme for its non teaching staff. The employer's contribution was £4,570 (2022: £6,068) for the year.

19 Restricted funds

The income funds of the charity for the year included the following restricted funds:

Movement in funds
Balance at 1 Incoming Resources Balance at 31
August 2022 resources expended July 2023
£ £ £ £
Learning support - 24,234 (24,234) -
Meadowbrook 13,000 - - 13,000
Bursaries for students in need - 10,000 - 10,000
13,000 34,234 (24,234) 23,000

The restricted funds arise as follows:

Learning support - funds received solely to assist specific pupils.

Meadowbrook - funding received from the Meadowbrook Trust to be used to improve the sports court.

Bursaries for students in need - to ensure an education at Sands School not restrictive.

SANDS SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
July 2023 are
represented by:
Tangible assets
312,744
-
Current assets/(liabilities)
362,886
23,000
Provisions
(4,250)
-
671,380
23,000		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
312,744
295,937
-
385,886
374,363
13,000
(4,250)
(4,250)
-
694,380
666,050
13,000		 Total
2022
£
295,937
387,363
(4,250)
679,050

21 Related party transactions

During the year the charity entered into no transactions with related parties (2022: none).

22
Cash generated from operations
2023
£
Surplus for the year
15,330
Adjustments for:
Investment income recognised in statement of financial activities
(1,899)
Depreciation and impairment of tangible fixed assets
9,431
Movements in working capital:
Decrease/(increase) in debtors
16,558
(Decrease) in creditors
(26,901)
(Decrease) in provisions
-
Cash generated from/(absorbed by) operations
12,519
23
Analysis of changes in net funds
At 1 August 2022
Cash flows
At 31
£
£
Cash at bank and in hand
425,148
(18,831)
Loans falling due within one year
(7,011)
7,011
418,137
(11,820)		 2022
£
21,363
(82)
6,901
(27,293)
(12,962)
4,250
(7,823)
July 2023
£
406,317
-
406,317

2023 Final Accounts for Signature - Sands School

Final Audit Report

2024-04-25

Created: 2024-04-25 By: Emilie Feaver (emilie.feaver@darnells.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAX5CmUsV4_dtfW3gEur8XOWBBrL3snPD8

"2023 Final Accounts for Signature - Sands School" History

2024-04-25 - 11:18:39 AM GMT- IP address: 81.133.168.32

Document emailed to trudi.browett@sands-school.co.uk for signature

2024-04-25 - 11:19:46 AM GMT

Email viewed by trudi.browett@sands-school.co.uk

2024-04-25 - 11:30:37 AM GMT- IP address: 66.249.93.69

Signature Date: 2024-04-25 - 11:34:38 AM GMT - Time Source: server- IP address: 2.28.72.245

Agreement completed.

2024-04-25 - 11:34:38 AM GMT