Charlty reglstratlon number 299714 Company registration number 02274600 (England and Wales) SANDS SCHOOL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
SANDS SCHOOL CONTENTS Page Trustees, report Indepondenl examinerfs Teport Statement ol financial activi11gS Balance sheet statement of cash flows 10 Notes to the finanaal statements 11-23
SANDS SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION Tru$lg9$ Ms E Daniels Mr D Mackenzie Ms T Browett School administrator Mr S Bellamy Charlty number 299714 Company number 02274600 Prlnclpal address Greylands 48 East Street Ashburton Devc T013 7AX Reglstered office 30 Fore Street Tolnes Devon TQ9 SRP Independent examlner Damells Chartered Accountants Quay House Quay Road Newton Abbot Devo TQ12 2BU Bankers Lloyds Bank 31 Fore Slreèl Totnes Devon TQg SHH
SANDS SCHOOL TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 JULY 2024 The Tluslees prèsènt their annual report atyl finan¢ial slalements for the year ended 31 July 2024. The accounts have been preparfyd In accordance with the accounting policies set wt in note 1 to the accounts and comply wlh the Charity's M8morandum & Arbcies of Association, the Companies Act 2006 and the Slalemenl of Recommended Pracb"ce for charib'es applwng FRS102. Objectives and activities The overall objectives and principal activities of the Charity are lo promote and provide for the advancement of education of ehlldren through the govemance of Sands School in the County of Devon. Sands School is a day schfY)I which Principally provldes education in Ashburton to children from the ages of 11 10 17. Sands is a Democratic School by whl¢h we rnean a place in which Ghildren and staff have the opportunity to be a¢live, voting members, deciding andlor ratrfying decisions made by the School me6ling andlor other delegatèd sutFgroups. Our intention 1$ thus lo help them become Contributing members of the wider soaety, Comfortable with their rights and responsi'llties. Our aims for the children's academic development within the School are based on the individLJ81 ¢hild. We alm to allow the curriculum to be a tool used by the pupil and teacher lo make learning rewarding and geod preparation lor life b¢y¢nd school. We offer students the chance to develop an approach lo learning that 13 personalised and encourages uitical thinknng and creativity. The teaching offers 8 rnedium for the development of open-minded and emotionally intelligent children. PhSlosophy. Al the heart of our m¢del is the idea that $ludgnl$ should help design their place of learning and remain activety involved in the making of its rules and contribuling lo its philosophy,. that studerts and teachers should be equal partners in the running of the Sd)o¢l and that students shtsuld map their own route through their schDoI careers with guidance from the adu115. The result is a place where play is still important even to 16 year olds, where talking and recreatstsn are valued and students tend to b& relaxed. happy and involvad in dass be¢au5e they have made a conscious dea5ion to attend. The average number of pupils in the school for the yearwas 7312023.. 751. obectiveS and Strategies for thè Ye8r'. We do not have specific tsbjÈ¢lives in particular years other than lo maintain pupil numbers 8t a level whieh secures the School's continued viability. Within this objective we endeavour lo ktrgp the School as affordable as posslble through keeping the fe&s low, offering means-tested bursaries and securing charitable lunding for eligible studenls. Every year we promota the advancement of learning through Principles of democratic education a3 the opportunthes arise. This includes attending edLKalional events and hosting visitors inleiesled in finding Jt about democralbc educalKJn.
SANDS SCHOOL TRUSTEES, REPORT ICONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JULY 2024 Public Benefit: Trustees and management are aware of the on-gang development regarding publi¢ benefit and charitable tstus of Charities and Indgpendent Schools and th8 Twslees have had due regaid lo guidance published by the Charity Commission on public benefit. Thè School's principle public bènefit is in ils fvnction of developtng the IncorporaOn of democrat principles in education. The School h051s visits from teachers and school groups from across the world lo 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 acros$ scheol life. 1115 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 lo 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 tr> offer their services for remuneration well below the normal market res. As a result the school fees are kept relively low al £12.e90 per year compared with the av6iage day School rale of £16,656 Icalculaled by thè Independent Schools Coun¢il). During this year one fifth of the students received burs8rie5, m0311y equivalent to either one quarter or one third of full fees. Athough this is the nomi. the School can and does offer assistsnce above this level. Burswies given by the S¢hool lotalled £71.952, a figure equivalent lo 7.7 per cènt of the lolal fees due. Achievements and performance Operational p8rforman¢e The objectives of the charity are to provide a democratic èdu¢ali¢n to the pupils at Sands Sd)ool and to promote the benefits of demou81i¢ education. The School doe$ not believe that aggregate èxam results or other outcomtr sla1151ics are a meanlngful measure of ts performance. Being B small and genuinely indusive sch1. pupils outcomes can only bè understood al an individual level. The School nornially hosts ¥ large number of visitcws interested in democratic educatic*). Flnanclal revlew Results for the Year". Total unrestricted nel school fees and assoaated Income for the year amounted Its £818,23512023'. £728,209). There wa5 a deffirit on ordinary continuing activities for the year of £142.32512023 surplu5 of £15,330). The large deficlt re11ects the cost of replacing a $tion of the roof of the main sthool building in the yr wlth builders costs totalling £181,667. The principal funding sourc&s of the Gharity are the parents WIKJ send their children to the School. Al 31 July 2024 total ILJnds, which includes buildings and other tangible assets, amountéd to £552,05512023'. £e94,3801 with reslrfcled funds of £24,58212023'. 23.000). Propety The Directors consider that ihe market value of the land and buildings exceeds the carying value incliKled in tho financial statements by at least £750,000.
SANDS SCHOOL TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JULY 2024 Reserves Policy.. The Charfties SORP defines reserves as that part of a charity's funds that is freely available to spend. The Charities SORP also specifically 311¢)ws funds held as tangible fixed assets for charity use lo be exduded from reserves. This recognises that certain assets, like our buildings and equipment and mInbuSeS are usod operationally and their disposal would adversely Impa¢X on the Schoofs ability lo dellver Its aims. For the purposes of this policy reserves are defined as nel finanual assets, that is, cash deposf(s less reslricled funds, loans and oredilors Inet of debtors). At the end of this financi81 year the balance was £204,505 down from £358,636 in the previou$ year reflecting fvnds spent replacing part of the roof of the main school building. The Trustees have agreed that in futur¢ the level of reserves held shall be Ilm((ed lo the amount required to meet all of the ¢ondiliortS Set out below with any reserves in excess of this being applied for the charitable purposes of the School.. Cash flow requirement.. after allowing for creditors falling due within one year the School should airn lo malnlain free cash reserves of belween £30,000 aThJ £40.000. Of this up lo £10,000 should be held for day-l(daY operational ne¢ds wlh the remainder being held on short temi deposit. Free cash reserves in excess ofthis should be used to redu long tem borrowings. 2. Uncertainlies.. based on past experience the Sthool roll can fall significandy as a result of poor economic conditions and the School needs to b8 able to survive on a reduced roll for a period of three years without needing lo borrow money or cutting cos15 to a point wher6 th¢ qvalily ol education offered would be signrficantly diminished. Based on the current operational budget, a fall in roll down to 60 would rèsult in a £165.000 annual loss. However, il is expected that sotne additional cost reduction would be put in place 50 a lolal of £255,000 would be sufficient lo cover losses for three years. 3. Strategic r&qu1ment.. the School may dècide in future to undertake developments which would requlre significant investment. In this case the Trvslee5 would aim to ac¢utnulale addib'onal reserves set aside for these developments. Review of the School's reseNes position at 31 July 2024.. Cash flow.. The School has sufficient fiJnd5 to meet ils cash flow requirements for the coming year. Fre& cash and bank lunds stood at £269,048 with creditors fallin9 due wrthin one year of £117,520. UnCertainls.. Several major ir)tr8slructure projects are on th6 horizon, wlh further substantial repairs needed lo the ioof and the sclence block. The School is working lo antiapatè thè impact of the imposition of VAT school fees in January 2025. Strategic requirements.. Ideally the School will need lo find significant fund5 for capital investment over the coming years, in particular for further repair work to the slate roof on the main building. Policy for 202425 The Governors expect lo be closer to breakeven followng stjbslantsal spend this year on thè building. The impact of VAT on scho()I fees presents a considerable stress le the School and we hope that work done lo find cost savings will enable us lo keep the numbers of sludenls eniolled strong. Investment policy.. The Trustees. policy is lo invest surplus rAsh whenever possible on short tsm deposit. The Trustees are satlsfied 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 2024 FSk Management.. The School has considfyred the principal risks to which (( is subject and has taken adequate steps lo mitigate those risks. These inelude an annual review of the financial risks the School may face and the implementation of salislaclory procedures to ensure that the School offeTS a safe and constructive enviionmenl fgr Children. Key controls indude regular risk assessment checks of all areas and regulady reviewed policies. whi¢h g available lo parents. the Independent Schoo15 Inspectorate and other interested parties. The Governors are always conscious oflhe need for th& School to operate wlhin its available financial re$ouices and lo have adequate working capital. Plans for future periods We do not have $p¢¢ific objectives in patlicular years other than to maintain pupil nurnbers al a level which secures the School's continued viability. with this objective we ondeavour lo keep the School as affordable as possible through keeping the fees low, offering means-testsd txjrsaries and securing charitablè funding for eligible students. Every yeai we promote the advancement of leaming through principles of dernocralic education as the opportunities arise. This includes attendlng edu¢alional events and hosting visitors interested in finding out about dernocralic education. The Governors are working to establish a sensible programme of expenditure cn the buildings and grounds lo n$ure the sile fils the needs of the School for years lo come. structure. governancè and management Sands Sthool is a company limited by guarantee govemed by tts Memorandum andArticles ofAssocialion. and wa5 incorporated on 6 July 1988. 11 is registered as a charity wlh the Charity Commission. The liabltY of the Members is limited. In the event of the Company being wound up every Member ofthe Company undertakes to contrtbute such amount as may be qUIred Inol exceeding £11 to the Company's assets. The Trustees, who are a150 the directors foi the purpose of company law, 8nd those who served during thè year and up lo the dale of signature of the financial slalernents were.. Ms E Daniels Mr D Mackenzie Ms T Broweti Appoinlrnent of Trustees.. Under the Articles ofAssocialion subscribers to the Memand[vn ofAs50cialion and such ¢)ther persons as Ihe Board of Directors shall admit lo membership sh811 be the Mernbers of the Company. The number of Members shall not exGeed 50. In the event of the reliremenl of a Trustee all Members are Invited lo rvjminate ¢arKlidales. The members ofthe Board of Trustees should be appointed by the Company in general meeting. The Board has the power lo fill a casual vacancy at any t¥n¢. Organisation.. The Board of Trustee5 (who are also the directorsl delegate the management of the affairs of the School to a Board of Govemors. The Board of Govem¢r5 are accountable to the TTUStees and are required to operate wlhin the budget and conditions agreed by the Trustees. The power of appointing Govemors rernains with the Trustees.
SANDS SCHOOL TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JULY 2024 In accord8n¢e wth the Conduct of the School as laid out in its Instrument of Government, Sthwl management is effected by discussion and conssnsu5 and due regard is taken by the Govemors of the views and wishes of the staff and pupils on all matters relatsng to the management, conduct and undedying philosophy of the School and behawour in the School. Financial matters and deasion making is dealt with separately from the students. The Governors meet on¢8 8 lemi lor more often if nece$saryl and Teceive rewls fr¢)m the Admini5tralor, the Bursar and the Sludenl Governors. At these meetings Governors officially confirm stsff appointrnents and approve bursary policy and temi budgets, bul most ol the lime is usually taken up with comment and advice. The Governors generally support and advise theAdministrator and the School Meeting. The day to day management of the School is th& responsibility of the Administrator, Sean Bellamy and the Bursar, Patnela Gallamoy. Trustee Induction and Training.. New Tru51ees are already familiar th the practical work of the Charity 85 they are normally recruited from the governing body of Sands S¢h¢ol. They are inducted during the Gour5e of a normal business meeting by democratic vote. New Trustees are briefed on their legal obligatlons under charity and cornpany law. the content of Ihe Memorandum and Artides ofAssociation. the (Jecbslon making processes, the recent financial performance ofthe Company and current practice in pursuance of the objects ofthe Company. Documents made available to them are the Sands School Memorandum and Artides ofAssociati'on, the Charity Commissi¢n'$"Welcorne" document. the Charity Commission 8 'CC3 Responsibilities of Charlty Trustees. and a Companies House booklet concerned with direGlors' responsibilities as thèy r£lale lo Companie5 House. The Beard remain conscious of the on-yoing nèed to make available training {form4 or informall a5 and when required. Related Parties.. Sands School is a memlxr of the Inlemalional Democrth"c Edu¢8tion Neknrk and co-founder of the European Democratic E¢Jucation Network. The Truste¢$' report was approved by the Board of Trustees. 11 (Jan 29. Lr.-.14 Ms T Browett Trustee Dated. 0112912025
SANDS SCHOOL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SANDS SCHOOL I report to the Trustees on my examination of the financial ststemenls of Sands School (thè ¢h8rityl for the ye8r ended 31 July 2024. Responsibilities and basis of report As the Trustees of the charity land also its dirèctors for the purposes of company law} ygu are responsible for the prepar81ion of the financial statements in accordance wth the requirements of the Companies Act 2006 Ithe 20Cfj Acll. Having satisfied myself that the finan¢i81 slalernents of the charity are not required to be audited under Part 16 of the 2006 Act and are eli9ible for independent examination, I report in respect ol my examination ol the charity's ffinancial slalements carried out under section 145 of the Charities Ad 2011 {the 2011 Act). In carrying out my examination I have followed all the applicatle Dlre¢Uon8 given by the Charity Commisslon under section 145151{bl of the 2011 Act. Independent examlner's statement Since the ¢harity's gros5 income exceeded £250.000 your examiner must bo a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of theAssocialion of Chartered Certified A¢¢ounlanls, which is one of the listed bodies. I have completed my examination. l ¢onfirrn that no matters have come to rny attention in connection with the examination giving me cause to believe that in any material respect". accounting records were not kept in re$pecl of the charity as required by Section 386 of the 2006 Act., or the financial statements do not accord with those Tecords,. or the financial statements do not comply with the accounting requirements of section 396 ol the 2006 Act other than any requirement that the accounts give 8 true and fair view which is not a matter considered as part of an independent examinalion., or the financial statements have not been prepared in accordance wrth the methods and principles of the Statement of Recornmended Practice for accounting and reporting by charities applicable to ¢harilia$ preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Iland IFRS 1021. I have no concerns and have come acr055 no other rnatters in connection wlh the examination lo which attention should be drawn in this report in order lo enable a proper undarslanding of the financial siatements to be reached. Lisa Dickinson ACA FCCA Darnells Chartered Accounlanls Quay House Quay Road Newton Abbot Devon TQ12 2BU 2_9 2025
SANDS SCHOOL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestriclad Reslricled funds funds 2023 2023 Total 2024 2023 Notes Income from: Volunl8ry income Incoming iesources from charitable activities Investment n¢¢me other income 4,984 3,072 8,056 30,098 10,000 40,098 818,235 4,597 4.103 11,820 830,055 4,597 4,103 726.209 1.899 2.154 24,234 750,443 1.899 2.154 Total Income 831.919 14,892 846,811 760,360 34.234 794.594 Ex endilure on: charitab activities 975.826 13,310 989.136 755,030 24.234 779.264 N8t lexpendlturelllncome for the yearl Nat movem¢nt In fund5 1143,907) 1,582 1142,3251 5.330 10,000 15,330 Fund balances al 1 August 2023 671,380 23.000 694,380 666,050 13,000 679,050 Fund balances at 31 Juty 2024 527.473 24.582 552,055 871,380 23,000 694,380 The statement of finan¢lal adlvities indudes all gains and losses recogrised in the year. Al income and experKlilure derive from continuing a¢livilies. The statement of financial adivities also complles th the requirements for an Inme and expenditure account under the Companies Act 2006.
SANDS SCHOOL BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Notes Fixed assets Tangible 88sets 13 322.968 312,744 Current assets Debtors Cash al bank and in hand 14 81,809 26g,048 7g,056 406.317 350,857 485,373 CrltOrs. amounts falllng due wlthln one year 15 {117.5201 199,4871 Nel current ass&l$ 233,337 385.886 Totsl a$sets less current Ilabllltles 556,305 698,630 Provisions for Ilabllities 16 14.2501 14,2501 Net assats 552.055 694,380 Income funds Reslricled funds UnreslriGled funds 19 24,582 527,473 23,000 671,380 552,055 694.380
SANDS SCHOOL BALANCE SHEET (CONTINUED) AS AT 31 JULY 2024 The company is enlilled lo the exemption from the audll qUirement contained in section 477 of the Companies Act 2006. for the year ended 31 July 2024. The Trustees, acknedgè 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 tru& and fair view of the stsle of affairs of the company as al the end of the financial year and of ts incoming re59urTrs and application of resources. indudlng its income and expenditure. for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply wth the requirements of the Companies Act 2006 relating lo accounts, 80 far as applicable to thè company. The members have not requlred the cornpany lo obtain an audit of ils financial statemonls for the year in quo$1Son In accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. 0112912025 The finanaal statements were approved by the Trustees on ......................... Ms T Browett Trustee Company reglstration number 02274600
SANDS SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Not¥s Ca$h flows from operatlng actlvlti•$ Cash (absorbed byiigenerated from operations 24 {121,1191 12,519 Investing actlvltles Purchase of tangible fixed assets Loss on disposal of tsngible fixed assets Inleresl reiVed 120,148) {599) 4,597 128,1941 1,956 1.899 N•t ca$h used In Investlng actlvltles (1B,1501 124.3391 Flnanclng actlvltSes Repayment of bank knans 17,011) Net cash used Sn flnanclng activitie5 17.0111 Net drease In cash and cash equlvalents {137.2691 118,8311 Cash and cash equivalents at beginning ¢f year 406.317 425,148 Cash and cash equlvalents at end of year 269,048 406,317 10-
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies CharSty Infomiatlon Sands School is a private company limited by guarantee incorporated in England and Wales. The registered oftice is 30 Fore Street, Totn#s, Devon, TQ9 5RP. The Charity's place of business Is Greylands. 48 East street, Ashburton, Devon, TQ13 7AX. 1.1 Accountlng convention These aOuntS hav8 bèen prepared in accord8nce with the Charivs M¢morandurn aThJ Articles of Associab'on. "Accounting and Reporting by Charit1è5.' Statement of Recommended Practice applicable lo charilies preparing their accounts in accordancè with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS1021 leffeclivg 1 January 20191 the Companie5 Act 2006 and UK Generally Accepted Accounting Practice. The charity is a Public Benefrt Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional wrrency of the charity. Mon&lary amounts in these financial statements are rounded lo the nearest £1. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopled are set out below. 1.2 Charltable funds Unrestricted funds a available for use at the dis¢retion of the Trustees in further8nce of their charitab objectivas. Reslricled funds are subject lo specific conditions by lunders as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accoLtnts. 1.3 Incomlng resources Income is recognised when the d)arily is legally enlilled to it after any performance conditions have botrn m< the arnounts can be measured rellably. and il is probable that income will be received. Irme from school fees 18 included in incoming re$our¢es in the period that Ihe student has received luilion from the sd)ool. Cash donations are recognised on receipt. Other donali¢ns are recognised once the charity has been notified of the donalitsn, unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under GiftAid or deeds ol covenant is recognisèd al the lime ol the donation. 1A R•source5 expended Resources expended are included in the statement of financial activities on an accruals basi5, and are recognised when there is a legal or constructiv& obligation to pay for expenditure. Certain expenditure is directly attrlbutable lo specific functional actlvJtles and has been included in those Cost categories. Certain other ¢osts, which are allributable to Tnore than one functional activity. are apporti¢)ned across cost categories on the basis of an estimate of the proportion of time spent by siaff on those aclwilies or based on the eslimaled use of the resource concerned or space occupied. The charity is not registered for VAT. Atl e4)endilure is therefore stated inclusive of VAT where applieable.
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 JULY 2024 Accountlng pollcles Icontlnuèdl 1A TangSble flxed assgts Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impaimient losses. Depreciation is provided to wrfte off the ctr51 or valuation, less any residual value of all fixed assets except freehold land and buildings over their eslimaled usefvl Ilves. 11 is calculated al Ihe following rates'.- Plant and machinery Fixturès. fittings & equipment Motor vehlcle8 over 4 years on a stTalght Ilne basis over 5 years on a straight Ilne basss over 5 years on a straight line basis Freehold land and buildings are not depreciated as in ttr opinion of the Trustees the useful è¢onomi¢ lifo and residual value are such that any depreciation would be in5ignificanl. Impaimient reviews are carried out periodically, and whenever there is evidence that thè value of a tangible asset. or class of asset, may be Impai. The gain or Ic>ss arising on the dispcisal of an asset is determined as the difference beiween the Sale proceeds and th& carrying vdue of the asse( and is reeognised in the statement of finanaal a¢tivib"e5. 1ts Impairment of fixed assets Al each reporting end date, the Charity rpviews the carrying amounts of ils 18ngible and intangible assets to determine whether there is any indication that those assets have suffered an Impairment loss. 11 any such indication exists. the recoveiable amount of the asset is estrmat8<1 in order to detemiine the extsnt of the impairment loss Irf any). Re¢overable amount is the higher of f8lr value less costs to sell and value In use. In assessing value in use. the estimated future cash flows are discounted to their prasenl value using a pre-tax discount rate that reflects current market assessments of the tirne value of money and Ihe risks specific lo the asset for which the estimates of fuiurè cash flows have not been adjusted. If the iecoverable amount of an asset is estimate<l to be less than its carrying amount, the carying amount of the asset Is reduced to its recoverable amount. An impairment loss is recognised immediately in incornel {expenditurel for the year, unless the relevant asset is carried at a revalued amount, in which case the irnpaimient loss is treated as a revaluation decrease. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in haThJ. deposits held al c811 wth banks. other short-tsm liquid investments with original maturities of three months or le8s. and bank overdrafts. Bank overdrafts are sho)wn within borrobwngs in current liabilities. 1.8 Flnanclal In$trum¢nts The charity has elected lo apply the provisions of Section 11 'Baslc Flnan¢ial Instruments, and Section 12 'other Finanaal Inslwrnen15 Issues. of FRS 102 to all of ts financial Inslrumenl5. Flnancial instruments are recognised in the Ch8rty'8 balance sheet when the Charity becomes party lo the contractual provisons of the instrument. Financial assets and Ilabililies are offset, with the nel amounts presented In the financial slaternents. when the is a legally enforceable right lo sel off the recogni58d arnounls and there is an intention to settle on a nèl basis or lo realise the asset and settle the lialx'llty Simultaneously. 12-
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 A¢¢ountlng policles Icontlnuedl Bas5c flnanclal assets Basic ffinancial assets, which include Snveslments. debt¢xs arKI rash and bank balances, ar¢ initially measured al transaction price including transaction ¢osls and are subsequently carried at amortised cost using the effective interest method unless the arran9emènl ¢onstilutes a finanang transacb"on. where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Derecognltlon of tinanclal assets Financial assets are d&recognised only when the conlraclual rights to the cash flows from the assets expire or are settled or when the Charity transfers the financial assets and substsnlially all the risks and rewards of ownership lo another entity. Bas5c financlal Ilabllltlas Basic financial liabilities. including creditors and bank loans are inilialty recognised al Iransacbtsn pricè unless the 8rrangemenl constitutes a financing transaction. where the debt instrument is measured 8t the present value of the future payments discounted al a market rate of interest. Financial liabilities clas&fied as payable thin one year are not amortised. Debt instruments a subgequenlly carried at amortised Cost. using the effective interest Tale rnelhod. Trade creditors are tsbligations to pay for 9oods or services that have been acquirèd In the ordinary course of operalSons from suppliers. Amounts payable are classified as current liabilities If prnent is due wthin one year or less. If not, they are presented as non-currenl liabilities. Trade ¢reditors are recognised initially al transaction prf¢e and subsequently meaSUd at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liaimlilies are derecognised whèn the Charity's cortraclual obllgaflons exrAre or are discharged or cancelled. 1.9 Provlslons Provisions are recognised when the ¢harity has a legal or cotrUCtIve present obligatson as a result of a past event, it is probable that the ¢harity will be required to setde that ¢bligalion and a reliable estimatè can bg made of the amount ofthè otAigation. The amount recognised as a provlsion is the best esllrrale of the consideration required to settle the present obligation at the reporting end date. taknng into account the risks and uncertaintiès surrounding the obligation. Vvhere the effed of the time value of money is material, the amount exp8cled lo be required to settle the obllgalion is recognised at present value. When a provision is measured al Present value, the unwinding of the discount is recognisèd as a finance c051 in net incomel{gxp&nditurel in the period in which it arises. 1.10 P4n$lons The Charity conlribules lo the Teachers, Pension Scheme (England and Wales) at rates set by the Scherne A¢tu¥ry and advised lo Council by th6 SchemeAdminislralor. The Charity also ntrIbut&S lo a defined contribution scheme for staff not within the Teachers, Pension Scheme. 1.11 Leases Rentals payable under operating leases, where substsntially all of the benefits and risks of ownership remain with the lessor, are charged to income on a straight line basis over the l¢rm of the relevant lease. Assets held under hire purchase agreements are capilalised and disdosed undertsngible fixed a55els at their fair value. The capital element of the ftrture payments 15 treated as a liability and the interest is charged to the staternent of financial aciivities 8 3traight line basis. 13-
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accountlng policies Icontlnuedl 1.12 Supportcosts Support costs include expenses which enable charitable activities and fund generating to be undertaken. These ¢0s15 indude finare and human res0ceS and are allocale(l on a basi5 con5islenl with the use of the resource. 1.13 Governance costs Govein8nce costs comprise Ihe costs of running the charfty. includbng 51rategic planning for its future development, any legal adwce for the Trustees, and all the cost5 ¢f complying with constitutional and slatulory requirements. such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountabllty. 1.14 Employe• bèneflt$ The costs of short-temi employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of str>ck or fixed assets. Temiination benefits are recognised immediately as an expense en the rornpany is dernonslrably committed to teminale the employment or to providè lemiination benefiis. Voluntsry Income unrestricted Restrlcted fund5 funds Total Unresiricled Rèstricted funds funds Total 2024 2024 2024 2023 2023 2023 Donations and glfts 4.984 3,072 8,056 30,098 10,000 40,098 Donatlons and gtfts Climbing wall refurbishment Music department facilities CAF- bursaries for students in n¢od Donation of deposrts Other 1,490 1,490 1,582 1,582 10,000 10.000 30.098 2,500 2.484 2,500 2,484 30,098 4,984 3,072 8,058 30,098 10,000 40.098 14-
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Incomlng resources from charltable actlvltles Net school Nel school fees and fees and associated income assoclatèd income 2024 2023 Nel school feès and associated income 830,055 750.443 An81ysis by fund Unreslri¢led funds Restricted funds 818,235 11,820 726,209 24,234 830.05S 750.443 Income from Investmènis Unre$trlcted Unrestrlcted funds funds 2024 2023 Interest receivable 4,597 1.899 Breakdown of In¢omlng resources 2024 2023 Fees Receivable Lunches Busesl Tripsl Camps Bursarltrs given Discounts given Staff discount LEA funding 938.076 14.509 46.963 171,9521 180,9211 128,4401 11,820 847,618 14,727 19.620 160,0441 179,2281 118,4841 24,234 830,055 750,443 15-
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Other Income Unrestricted Unrestricted fund5 funds 2024 2023 Other income 4,103 2.154 harStable actlvltles Costs of Costs of operatlon of 0ratIon of school school 2024 2023 staff costs Depreciation and irnpairment Supply tèachers and cooking contractors CounselliThJ costs Books. leaching supplies and ¢xam fees Food arhd retreshments Camp, Irlp and educallonal vbsit costs IProfitllLoss on disposal of assets Rent and rates Repairs and Gleanir Insurances Light and heat 435,885 9,923 432,485 9,431 565 2,395 37.849 13,048 13,1fj6 1.956 4,899 30,680 10.426 12.543 1,464 34.127 13.346 26.324 15991 5.276 233.942 11.275 7.520 778.483 569,443 sha of support costs (see rbote 8) Share of governance costs (see note 81 186,274 22,379 189,893 19,928 989,136 779,264 Anatysls by fund Unrestricted funds Restricted ftÈnds 975,826 13,210 755,030 24,234 989.136 779,264 16-
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 JULY 2024 Support costs Support Governance costs costs 2024 2023 Basis of allocatlon Staff costs Motor running and travellin9 Bad debts Advertising and publicity Recruilmenl. training and workshops Printing. postage and slalionory Telephone and Communication Equipment rental Bank charges Interest payable PAndries 149,476 10,337 3.690 310 10.963 3,004 5,301 1,376 1.342 149,476 10.337 3,690 310 10,963 3,004 5,301 1,376 1,342 145.843 Time spent 8,287 Direct 1 S,320 DSie¢t 350 Direci 6,961 Direct 5,938 Direct 2,261 Direct 2,725 Dired 977 Direct 324 D1ct 907 Dired 2,475 2,475 Independent #xaminerfs fees- extemal scrutiny Independent examlnerf8 fees- Other services Legal, professional and ¢onsuttancy fees Sundry govemance costs Govemance 2,280 2,280 2,280 Goveman 9,184 9,184 8,687 Governance 10.619 296 10,619 296 8,641 320 Govemance 188,274 22,379 210,653 209.821 Anaty5ed ben Charitable activities 188,274 22.379 210,653 209,821 Governance costs includes payments to the Independent examiner of £2,280 12023.. £2.2801 for independent examination fees and £9,184 {2023'. £8.6871 othw servIs. Net movemènt in funds 2024 2023 The nel movement in funds is slated after chargingllcreditingl.. Depreciation of owned tsngible fixed assets 9,923 9.431 10 Trvstees None of thg Trustees lor any persons connected with them) recVed any remuneratlon durlng the year12023'. £nill and no Trustees were reimbursed •xpan$es12023: £nill. 17-
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 11 Employees The average rnonlhly number of employees during the year wss.. 2024 Number 2023 Nmber Teaching Administration Maintenance Counselling Cooking 18 18 Total 25 25 Employment costs 2024 2023 Wages and salaries Social security costs other pension costs 499.429 33.741 52,191 501,212 33.873 43,243 585,361 578,328 The number of employee3 during the year equated lo full time equivalents of 12.4 for teaching, 2.6 lor administration, 1 for maintenanTr, 0.2 for counsellirvJ and 0.35 for cooklng. No redundancy costs were paid In the year12023.' £2,000 was pald to one member ol staff). There were employees whose annual remuneiation wa5 rn0re than £80.000. 12 Taxatla The charity is exempt from lax on income and gains falling within section 505 ol the Taxes Act 1988 or section 252 of the Taxation of Chargeable GainsAct 1992 to the extent that these ore applled lo 115 charitable objects. 18-
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 13 Tanglble fixèd asset5 Land and buildings Plant and machinery Fixtures. Motor vehieles fittlngs & equipment Total Cost At 1 August 2023 Additions Disposals 277.865 56,180 2,659 {228} 103,186 17,489 11.7001 36,303 473,534 20.148 114.7681 112,840} At 31 July 2024 277,865 58,611 118.975 23,463 478,914 Deprèciation and impalrmènt At 1 August 2023 Depreciation charged in the year Eliminaled in respect of disposals 41.453 5.759 1228) 102,024 1,898 {1,700} 17,313 2,266 {12,8391 160,790 9,923 114.7671 At 31 July 2024 46,984 102,222 6,740 155,946 Carrying amount At 31 July 2024 277,865 11,627 18.753 16.723 322,968 Al 31 July 2023 277,865 14,727 1.162 18.990 312,744 Based on an assessment of the value ol the propety wwlh local eslale agents and developers the directors are of the opinion that at 31 Juty 2024 the market v9e of land and buildings exceed8 the carrying value by at least £750,000. In th9 opinion of the directors, Ihe nel bwk value of ThJTrdepre¢iable assets Snduded above is in the 910n of £400.000. 14 Dèbtors 2024 2023 Amounts falllng due wlthln one year: Fee debtors Prepayments and accrued income 67,467 14,342 65.310 13.746 81,809 79.056 19-
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 1S Croditors: amounts falllng dua within one year 2024 2023 Other laxallon and social security Trade creditors Other creditors Deposits helds Accruals and dgferred income 7,268 25,721 20 47,461 37,050 1,212 30,038 20 48.761 19,456 117,520 99.487 16 Provisions for liabllltSes 2024 2023 Brazel judgement- provision for holiday pay for support staff 4,250 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 lo Gonlribule a sum not exceeding £1. The members ot the Company are the School governors and indude the directors named on page 4. There were six meMrS 3131 July 2024. -20-
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2024 18 Rètirement beneflt schèm&s Deflned contrlbutlon Schemes The School's employees belong 10 principal pension schemes.. the Teachers, Pènsi¢)n Scherne England and Wales (TPSI for academic and related staff., and th& NEST pertsic scheme for il's nc>n leaching staff. Contributions of £7,268 were payable al 31 July 202412023.. £1.2121. lal Teachèrs. Pension Scheme Introduction The TPS is an unfunded mLJlli-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 {as amended) and The Teachers. Pension Scheme Regul8llons 2014 las amended). Members contribute on a'pay as you go. basis with contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public fttnds provided by Parfiament. The employer ¢ontribulion rale is sel by the Secretary of Stale followng s(*)eme valuations undertaken by the Govemmenl Actuary's Department. The [1$1 recent actuarial valuation of the TPS was prepa as at 31 March 2020 and the Valuation Report, which was published in OctC>ber 2023. Following the Mccloud judgement, the remedy proposed that when benefits Lwome payable, eligible members can select lo receive them from either the refomed or legacy schemes for the penod 1 April 201 S 10 31 March 2022. The actuarie5 have assumed that members are likely lo choose the opb.on that provides them th the greater benefits, and in preparing the 2020 valuation have valued the 'grealer value. benefits for groups of relevant members. The valuation confirmed that the employer contribution rate for the TPS would increase from 23.60h to 28.6• from 1 April 2024. Employers also required lo pay a scheme administration levy of 0.08% giving a lolal èmployer contribution rate of 28.68%. The employers pension wsts paid lo the TPS in the périod amounted to £46,44712023." £38,673}. Ibl NEST penslon schème The School also runs a defined contribution scheme for Ils non leaching staff. Th& employerfs eontribulion was £S.74412023.' £4.5701 for the year. 21
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 19 Restrictèd funds The income fvnds ofthe charity for the year inchjded the followng restricted funds.. Movement In funds Incomlng Resources Balancè at 31 resources expended July 2024 Balance at 1 August 2023 Learning support Meadowbrook Bursaries for students in need Climbing wall relurbishmenl Music department facilities 11,820 {11.8201 13.000 10.000 13,000 10,000 1,490 1,582 (1,490) 1.582 23,000 14,892 113,3101 24.582 The restricted funds arise as follows.. Leaming $upport- fvnds receivg(J stslely lo assist speafic pupils. MeadowbTook- fvnding re1Ve trom the Meadowbrook Trust lo be used to impiove the sports court. Bursaries for students in need- lo ensure an educatit al Sands SclY)ol not rèstridive. Climbing wall refurbishmanl- fvnds recetved for Iglurbishmenl. Music departmènt fa¢ililies- funds re1Ve lo improve the music department. 20 Anatysls of ngt a$5ets between funds Unrestricted fund$ 2024 Restrictod funds 2024 Total 2024 At 31 Jvty 2024- Tangible assets Current assetsllliabililies} Provisbons 322,968 208.755 14.2501 322,968 233,337 14,2501 24,582 527,473 24.582 552.055
SANDS SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 JULY 2024 20 Analysls of net assèts between funds Icontlnuedl Unrestricted funds 2023 Restrict•d funds 2023 Total 2023 At 31 July 2023: Tangible assets Current asselsloiabililies) Provisions 312,744 362,886 14,2501 312,744 385,886 14,2501 23,000 671.380 23,000 894.380 21 Events after thè rèporting date The new Labour Government has Confirmed that the standard 20% VAT rate wll be added lo independent sch1 fees with effect from 1 January 2025. 22 Related party tYan$adlon$ During the year the charity entered into no transactions with related parties12023.' none). 23 Analysis of changes In notfunds Th& charity had no material debt during the year. 24 Cash generated from operations 2024 2023 <Deficitll$urplus for the year 1142,325) 15,330 A(Iluslments for.. Investment Inwme recognised in statement of financral adivthes Gain on disposal of tsngible fixed assets Depreciation and impairrnenl of tangible ffixed assgls (4.5971 599 9.923 11,8991 9.431 Movements in working capital.. Ilncreaselldecrease in debtors Increase/{decreasel in CTedilors 12.7521 18.033 16,558 126,9011 Cash {absorbed byVg•n•rated from operatlons 1121.1191 12,519 -23-