2024-07-31-accounts

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CANFORD SCHOOL LIMITED (Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Registered Company No: 00190956 Registered Charity No: 306315

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

DIRECTORS AND OFFICERS ..................................................................................................................................................................... 2 NOTICE OF ANNUAL GENERAL MEETING ............................................................................................................................................... 4 DIRECTORS AND TRUSTEES’ REPORT ..................................................................................................................................................... 5 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CANFORD SCHOOL LIMITED .................................................................... 16 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ...................................................................................................................... 19 CONSOLIDATED AND CHARITY BALANCE SHEETS ................................................................................................................................ 20 CONSOLIDATED CASH FLOW STATEMENT ........................................................................................................................................... 21 NOTES TO THE FINANCIAL STATEMENTS ............................................................................................................................................. 22

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

DIRECTORS AND OFFICERS

DIRECTORS

Chair

Lieutenant General Sir Gary Coward KBE CB

Akinbode Michael Oluwatosin Akinfala Teresa Colaianni Nicholas Chetwood Robert Daubeney BA Philippa Dickins MA MBBS DCH DRCOG MRCGP Georgina Fozard MA Cantab MBBS MRCPsych Professor Mark French MA Oxon PhD Nicholas Holloway BA Philippa Howarth Michael Jeffries Dip Arch RIBA FICE FRSA Stephen Le Bas FCA BA Hons William McClaren-Clark Richard Nicholl BA PGCE Professor Jane Portlock Rev John Simmons Annabel Thomas BA

Appointed 23 February 2024 Resigned 1 December 2023

Resigned 29 September 2023

Appointed 4 June 2024 Resigned 1 December 2023 Resigned 1 December 2023

OFFICERS

Headmaster Ben Vessey MA MBA

Bursar David J Brook OBE BSc MA CEng MRAeS

Company Secretary Andy Butterworth Michael Porter

Appointed 27 September 2024 Resigned 27 September 2024

Registered Office The Bursary Canford School Wimborne BH21 3AD

Solicitors Harrison Clark Rickerbys Limited Ellenborough House, Wellington Street Cheltenham GL50 1YD

Steele Raymond LLP Richmond Point, 43 Richmond Hill Bournemouth BH2 6LR

Veale Wasbrough Vizards LLP Narrow Quay House, Narrow Quay Bristol BS1 4QA

Auditors

HaysMac LLP 10 Queen Street Place London EC4R 1AG

CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

Bankers Barclays Bank Plc PO Box 612 Ocean Village Southampton SO14 2ZP Insurance Brokers Marsh Limited Capital House 15 Perrymount Road Haywards Heath RH16 3SY Investment Advisors Rathbone Brothers Plc 8 Finsbury Circus London EC2M 7AZ

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

NOTICE OF ANNUAL GENERAL MEETING

The Annual General Meeting of the company will be held at 12 noon on Thursday 27 March 2025 at Stowe School, Stowe, Buckingham MK18 5EH.

In accordance with the Articles of Association Mr Chetwood, Miss Howarth, Mr McSheehy, Dr Dickins and Dr Akinfala retire by rotation and, being eligible, offer themselves for re-election.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

DIRECTORS AND TRUSTEES’ REPORT

FINANCIAL STATEMENTS

The Governors, who are Directors for the purposes of Company Law and Trustees for the purposes of Charity Law, present their annual report and audited financial statements for the year ended 31 July 2024. The Governors have adopted the provisions of the Charities Statement of Recommended Practice (SORP) (Second Edition, effective 1 January 2019) based on Financial Reporting Standard (FRS) 102, in preparing the annual report and financial statements of the charity.

OBJECTS AND AIMS

Charitable Objects

The Charity’s Object is to advance the education of boys and girls including but not limited to the provision of a senior school in or near Canford, Dorset and/or if thought desirable, in other parts of England or Wales, in accordance with the principles of the Church of England.

Public Benefit Aims and Intended Impact

In furtherance of this Object, Canford School’s public benefit aim is to provide a first-class independent education, through strong academic tuition and through developing wider sporting, artistic, cultural and social skills in all its pupils. This is intended to provide an environment where each pupil can develop and fulfil his or her potential, thus to help build self-confidence and inculcate a desire to contribute to the wider community.

Canford has restricted and unrestricted funds for the development of the School’s facilities as well as for scholarships, prizes and other educational purposes. The School provides bursaries for those without the means to support their child through school.

The Charity also has to maintain its heritage endowment, with its Grade I and II listed buildings and historic park and tree collection, which are all considered of national importance.

Canford views the social responsibilities it carries as an educational institution as being a central feature of our ethos, aims and actions. The ‘ Importance of Community’ is one of our core aims whereby we recognise ‘ The importance of community and the engendering of a deep rooted sense of social responsibility in the context of Canford’s Christian origins and heritage’ alongside ‘respecting the abilities, views and dignity of others throughout the school community and in the wider world’.

This is not just a form of words but articulates an attitude and approach which guides and informs much of what we do within and beyond the school. Aside from activities within the school based educational programme which seek to raise awareness and understanding of issues and problems confronting the wider world, hundreds of our pupils and many of our staff are engaged in active charitable and community partnership work locally, regionally, nationally and internationally. It is beyond the scope of this report to outline all of the detail of this extensive activity, although some more information can be found below. This social engagement and interaction in a meaningful and sustained sense is very much part of the fabric of Canford’s culture.

In the furtherance of these aims the Governors, as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act. In addition, the Governors act to promote the success of the school by: considering the likely consequences of any decision in the long term; looking at the interests of the company’s employees; fostering relationships with pupils, parents, staff, suppliers and others; considering the impact of the Charity’s operations on the community and the environment; by maintaining a reputation for high standards of business conduct; and acting fairly as between members of the company.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The School is a company limited by guarantee and each of its members has undertaken to contribute an amount not exceeding £1 (one pound) towards the assets of the company in the event of the same being wound up and the assets being insufficient to cover the company’s debts and liabilities. The School is a registered charity and is governed by its Articles of Association as most recently amended on 26th September 2013 by Special Resolution. Canford School is a member of the Allied Schools group of independent schools, all of which were founded by the Martyrs’ Memorial and Church of England Trust (MMT). On September 26th 2013 the Allied Schools signed a management Agreement with MMT by which the members of the group agreed to the appointment of the Allied Schools Agency to oversee the performance of the schools and to monitor their adherence to the foundational religious principles on behalf of MMT.

The School has a subsidiary company, Cheneford Limited, which undertakes a range of trading activities including the letting of the School’s sports facilities to the public. We also co-operate with many local charities in our on-going endeavours to widen public

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

access to the schooling we provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive at Canford.

Governing Body

The Governors are responsible for the overall management and control of Canford School and meet at least three times a year. The work of detailed formulation and implementation of most of their policies is carried out by members of the Environment, Social and Governance (ESG) Committee, who usually meet a few weeks in advance of the full Governing Board. The Education Committee and the Resources Committee, responsible for financial performance and the school fabric, perform detailed reviews in their specialist areas.

Governors are elected by the Governing Body, except that two Governors are nominated by the Martyrs Memorial and Church of England Trust if the total does not exceed 12, three if the number exceeds 12 but does not exceed 18, and four if the number exceeds 18. New governors are appointed by existing governors with input from the Headmaster and Bursar and care is taken to ensure that the relevant skills and experience are represented. Each new governor is provided with an information pack (handbook) and meets with key staff as part of an induction process. They are all encouraged to spend time at the School to experience lessons as the pupils do. All governors receive information on governor training update courses.

All governors have access to the meeting papers and minutes for all committee meetings, whether or not they are members of that committee. Meetings may be held in person or virtually. This ensures that they are informed about the issues being addressed by those committees but can also raise queries and monitor progress in a wide range of areas. The chairmen of the sub committees meet regularly with the School’s lead for each committee area, thereby ensuring that they are fully briefed on issues and can provide advice, challenge and support as required.

Organisational Management

The day to day running of the School is delegated to the Headmaster, the Bursar and the Senior Leadership Team (SLT), which comprises the Deputy Head Academic, Deputy Head Pastoral, Deputy Head Co-Curricular and three Assistant Heads (Academic, Pupils and Safeguarding). Strategic matters are discussed with the Senior Management Group (SMG), which comprises the SLT plus the directors of Marketing, Admissions, Development, Human Resources, Finance and Estates, as well as the School Services Manager and Commercial Services Manager. Various educational management groups also operate to progress educational and pastoral matters.

Changes to the remuneration levels of key management personnel are made with reference to industry standards, such as the Baines Cutler benchmark reports. Remuneration changes for specific roles are made with reference to internal performance criteria and external role benchmarks, including salary surveys and use of a benchmarking agency as required, and are reviewed by the Chair of Governors and Chair of the ESG Committee.

The Headmaster and Bursar attend meetings of all the governors’ committees.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

STRATEGIC REPORT AND FUTURE PLANS

Canford’s Governors recognise that the School must remain competitive, relevant and sustainable in a rapidly changing and increasingly uncertain environment in which there is no shortage of local and regional competitor schools. In looking to the future, Canford intends to maintain its profile as a premium independent school. The Governing Body is already implementing strategies that will enable the School to defend and grow its share of the prestige school boarding and day markets. The key to this will be attracting and retaining suitably able pupils by meeting or exceeding their and their parents’ expectations for high academic results, a wide range of high-quality co-curricular facilities and for high-quality, comfortable pupil accommodation. Our plans include a wide array of educational programmes to enhance the learning experience of our pupils and the provision of flexible, adaptable infrastructure, in particular the new sixth form facilities which will unlock additional capacity across the School and allow greater efficiency and effectiveness aimed at ensuring Canford can continue to thrive into our second century. This strategy is subject to regular and ongoing reviews.

Following agreement by Governors to support the next phase of the school strategic plan ‘Canford 2023 and Beyond’, work has commenced on the creation of The College which comprises the College Hub in the old Wimborne/Monteacute building and two single sex residential wings for Upper Sixth boarding pupils. Our aim is for a Sixth Form providing opportunities and structures for pupils to lead their own learning and development in ways which are transformational in the transition from school to life beyond. As part of this development we have started to review our Beyond the Gates provision for Sixth Formers. This year we have introduced a new carousel unit on sexual health. Following pupil voice feedback we have added in year group talks on mental health, financial budgeting and financial investments.

Whilst our destinations data remains very strong we are keen to diversify pupil aspirations, particularly by further supporting applications to International Universities, and are reviewing our Careers provision to ensure pupils receive broad and impartial advice to inform decisions.

Our work on Equity, Diversity and Inclusion continues as in previous years. Canford remains committed to ensuring that its pupils and the whole community are fully engaged with the EDI focus and work. Canford has continued to use its EDI charter, a formal document that expresses our understanding and acceptance of difference in all its forms. This charter was signed by the Headmaster and the Heads of School and a copy is on our website and in all classrooms and houses. Canford has marked numerous EDI events over the year: International Men’s Day, International Women’s Day, Pride, Black History Month, Holocaust Memorial Day, World Map Day and Chinese New Year to name a few.

We have continued to host four pupil-led groups who specialise in an area of EDI: the Rainbow Alliance (considering LGBT+ issues), Open-Minded (working on Neurodiversity and hidden disability) and ACMC (African Caribbean Mixed Community) who work to celebrate black and dual heritage pupils and our International Pupil group. These pupil-led groups have met informally throughout the year to give an opportunity to interested pupils to explore common issues and to enable them to raise awareness in the wider Canford community. The focus has always been on supporting individuals and raising awareness with all.

Vision and Mission Statements

Our Vision: ‘Canford: a school community where all are inspired to explore, empowered to express and challenged to excel.’

Our Mission: ‘To build a community of open minded people who are motivated to embrace learning in all its forms, and committed to making a difference to their own lives, and to the lives of others. Our exceptional education grants freedom to grow and creates opportunities for all to explore, to express and to excel.’

Our Values: ‘Develop Purposeful engagement – Building a confident mindset develops positive life-long learning. We inspire members of our community to be curious and determined in pursuit of knowledge and opportunity. Instil a Courageous Attitude – Being principled and strong, yet reflective and tolerant takes courage. We support members of our community to be bold and sensitive in expressing thoughts, words and deeds.

Promote Humble Ambition – Pursuing goals without arrogance or complacency brings meaningful success. We challenge members of our community to be energetic and resilient in pursuit of their goals but honest and grateful for fulfilment of them.

Encourage Gracious Leadership – Fulfilling a duty to guide and support others makes a difference. We urge members of our community to lead graciously and serve willingly for the greater good.’

Achievements and Performance

Our vision and values have played out each and every day over the past year. Canford’s commitment to a high-quality education and to ensuring that all members of its community can flourish is borne out in many ways and is evidenced by the support received from current members of the community and the strong interest in those wishing to join the school from many quarters.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

Academic

Once again, Canford pupils have demonstrated remarkable commitment and dedication this year both inside and outside the classroom, culminating in an impressive set of examination results at A Level and GCSE. There were numerous outstanding individual performances across all levels, with exceptional results among our top achievers. The strength of our academic and pastoral systems, the commitment of our teaching staff, and the resilience and hard work of our pupils have all contributed to these successes.

With 24% of grades awarded at A, 54% at A-A and 81.8% at A*-B, Canford’s A Level results remain well above the national and independent school averages. These results are among the best in our school’s recent history, particularly when ignoring the grade inflation years caused by the Covid pandemic.

Our Fifth Form pupils were not to be outdone. They achieved outstanding GCSE results, with this year’s outcomes ranking among the very best in the school’s history. Notably, 27.3% of grades were awarded at 9 (higher than the old A), and 53.9% at grades 9-8 (A). Impressively, 95.8% of grades were between 9 and 5 (A-B), demonstrating the breadth of excellence across the cohort. This achievement is particularly noteworthy given the challenges faced by this year group, whose foundational years were disrupted by the Covid pandemic. Four pupils achieved straight 9s, and over a fifth of the year group gained at least nine 9-8 (A) grades. Our pupils’ determination to excel, coupled with the collaborative spirit and mutual support within the year group, has been exemplary. This cohort can look forward to a stimulating adventure in the Sixth Form, where they will be joined by 40 new pupils to begin their A Level studies.

As a community, we take pride in fostering an educational environment characterised by high expectations, balanced pressure and significant support, ensuring that our pupils have every opportunity to excel both inside and outside the classroom. So we are proud of what our pupils have accomplished and remain committed to fostering an environment where they can continue to thrive. As we look to the future, we know that maintaining our academic strength is vital for the continued success of Canford. The skills and character virtues developed here – organisation, resilience, planning, determination, critical thinking, and multitasking – are not only pivotal in achieving academic success but will also serve our pupils well in all their future endeavours.

Academic Enrichment

Our extensive academic enrichment programme is designed to help promote intellectual inquiry and stimulate creative independent thinking. In particular, the pupil leadership element of this academic area has been a triumph. Our senior academic pupil leaders have played a major role in helping to shape the academic supra-curricular programme and have given scholarly talks to juniors, breakfast enrichment lectures, keynote speeches in our own Festival of Ideas, as well as running ‘University Challenge’ house competitions, to name but a few examples. It is our pupils, as well as our staff, who are consistently engaging and encouraging the whole Canford community to be open-minded, inquisitive, intellectually curious, interesting and interested people.

Higher Education

Our pupils’ successes have translated into strong onward destinations, with 72% of our Upper Sixth securing places at Russell Group universities and 82% at Russell Group and Sunday Times Top 12 universities. Additionally, seven students have been accepted onto medicine and veterinary science courses, and nine will be attending Oxford or Cambridge. The vast majority of our pupils secured their preferred university placement and this cohort are going on to read a wide range of academic degrees across the spectrum of creative arts, humanities, sciences and languages.

Sport

This was another extremely busy year for Canford sport, with just short of 1,000 fixtures being played across 16 different sports ensuring we give the Canford pupils continued opportunities for them to explore, express and excel and strive to be the best they can be. 95% of pupils represented the school in at least one fixture during the year. 75% of all pupils played in more than five fixtures and we continue to look to create more opportunities for all. Memories were made on tours to Spain for Cricket and France was visited for Real Tennis.

Excellence was again on show with pupils regularly competing strongly against the best in the country across many sports. Cricket continued to grow in strength with both Girls and Boys programmes reaching the last 16 of their National Cups. Our Rowers won bronze medals for the third year running at National Schools Regatta and our U14 Boys Rugby team made both the National Cup Quarter Finals and Day 2 at National Schools 7s. Hockey and Netball both made the latter stages of their respective national competitions and our golfers returned to the National Finals stage.

Individual pupil successes are to be congratulated with appearances for Hampshire Cricket, representing England U19s and calls into the England Lions squad, the Welsh National Squad in Rowing and the National Athletics Championships.

Wellbeing continued as a constant theme as part of the sports programme with pupils embracing this year’s inaugural wellbeing concert. With a growing athletic development programme and physiotherapy service, we continue to aim to reduce injuries.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

With new staff and positions in place and with the ongoing development of programmes, Canford’s sport continues to push itself forward for the benefit of all the pupils. Inspiration has been easy to find over the summer break with the Paris Olympics showing everything that sport can bring and we look forward to another exciting year ahead.

Drama

The Drama department had a full and varied programme with several large-scale productions involving numerous pupils on stage and behind the scenes. As ever we strove for originally, innovation and inclusivity.

The year began with five A-Level and GCSE devising pieces, one L6 production and two 4[th] form productions. In December the first major production of the year was the hit comedy “One Man, Two Guvnor's” and this was followed by the annual Canford pantomime which was staged, written and directed by a 4[th ] former. “Treasure Island"’ again involved pupils from every year group in the school.

The Easter term saw a powerful production of “Amadeus”, which was beautifully staged and costumed contemporarily as well as intimate production “The Chairs” which was performed in the Foyer. Both were enjoyed by excellent audiences. At the end of the summer term, following on from practical exams for our GCSE and A-Level, we staged “Bugsy Malone” which involved over 50 pupils from each year group, on stage, off stage and in the orchestra pit. This was an uplifting end to a busy year and much fun was had by all who took part.

Many pupils (over 140 different ones from every year) were involved in productions last year, as well as Friday Foyers and a number of talks. The Layard was a hub for creativity and a place where everyone was welcome either to contribute or to watch theatre.

Music

Music ensembles and choirs had another packed schedule of concerts and events. In the Christmas Term, the House Music competition showcased some impressive ensemble performances and enthusiastic participation from the whole school. After halfterm, the annual Jazz concert took place in the music school, and acted as a sequel to last year’s popular theme: ‘A Night at the Musicals.’ The term ended with the annual Carol Service, where the Chapel, Cantabile and Chamber choirs performed seasonal repertoire at a full Wimborne Minster. A week earlier, the additional ‘Christmas Concert’ allowed instrumental ensembles a chance to perform some festive music too.

The Spring Term opened with the Chamber choir singing evensong at Winchester Cathedral and closed with our major off-campus concert at St John’s Smith Square, a highlight of the year. The Summer Term was equally busy. Alongside the school’s annual musical, ‘Bugsy Malone,’ the Summer Concert and Leavers’ Concert featured an exceptionally talented Upper 6th.

Concerts were streamed online for a growing audience, while the informal ‘Sounds of Canford’ series provided opportunities for all musicians to perform in house groups. Many pupils earned ABRSM diplomas or Grade 8 with merit or distinction, with strong results also at lower levels. One 5th form student represented Sweden in the Eurovision Young Musician of the Year and reached the UK BBC Young Musician of the Year semi-finals, both exceptional achievements.

CCF

Canford CCF continues to attract great interest from the student body at Canford, due in no small part to the trips on offer throughout the school calendar. Two 24-hour field exercises were held at various locations along the south coast, involving both 4[th] form cadets and 6[th] form NCOs. Over 50 Sixth Form pupils choose it as their enterprise option, allowing them to enhance and demonstrate effective leadership on a weekly basis. Several trips ran during the school holidays, including the highly regarded Norway Cross Country Skiing Expedition. A fantastic week during the February half term allowed many of the cadets a once in a lifetime experience to explore the Norwegian mountains. Ten Tors continues to be a popular competition amongst the cadets with four more teams completing the challenging event. Canford CCF’s reputation continues to extend beyond our region with strong showings in both the Pringle Trophy and Rifles Cup Competition, winning the latter for the second time in three years. The summer also saw four more of our L6th NCOs awarded Army Scholarships. Only 30 to 35 of these awards are handed out annually and to have 7 Canfordians over the last three years receive them is a testament to both their hard work and the support provided to them by the teaching staff and school.

Duke of Edinburgh’s Award

With sustained interest in DofE, 36 of this year’s Lower Sixth completed their Expeditions over the summer – whether walking in the Brecon Beacons and mid Wales, sailing on the south coast or canoeing across the wilds of the Cairngorms. There is a large new cohort of 59 Lower Sixth pupils and an increased number of Fourth Form doing Bronze DofE. We have a steady stream of U6 leavers who have completed their Gold Award and are eagerly awaiting their invitations to receive their awards at Buckingham Palace.

5[th] Form Enterprises

The Fifth Form choose their Monday afternoon activities from a diverse range of options, including Global Connections, Sub Aqua Diving, Survival and Mountain Biking. October Whole Day Enterprises gives a longer window for the activity, so for example the survivalists use their skills on an overnight survival exercise, and overall some 115 pupils enjoyed 10 different activities, 5 involving an overnight camp.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

Activities

The activities programme for the Shell and 4th form pupils requires students to opt for at least one of 20 activity choices, including various music ensembles, that take place in the late afternoons. The most popular choices tend to be sporting (e.g. boys' hockey, netball, futsal, rowing and squash) but there are also many students participating in drama rehearsals and debating.

Community Service and Public Benefit

The community service programme is as packed as ever with over 40 activities on offer. A significant number (90+) volunteer offsite each week. The pupils have got better and better by the year, often backed up with very complimentary letters and emails. Whole Day Enterprises continues to be very successful, with schools now contacting us to ask if we can help them out (instead of us going to them).

The Shine programme continues to grow and is now run as a two-term enrichment programme to six schools (instead a of a one term programme to three schools), with the programme in its 14[th] year. The City Reach project continues with visits to Northam by our pupils as well as hosting Northam pupils at Canford and a weekend away to the Isle of Wight. The annual sponsored walk for Northam took place with over 25 pupils and 6 members of staff raising £1,500 which will help City Reach to buy an external spotlight, enabling children to play sports outdoors in the winter. The group is also being sponsored by the Friends of Canford, with our thanks for their generosity.

The Bourne Academy have expanded their ‘Bourne Scholar Programme’, supported by Canford. The programme provides a highly academic and rigorous curriculum that will improve social mobility through increased confidence, high career aspirations and support for entry to top universities. Canford is supporting this programme by delivering sessions including presentation skills, Model United Nations, team building (using the assault course and climbing tower) and the history of Canford. Other support includes University application guidance, attendance at our careers convention and our 6[th] form volunteering to assist their younger pupils on Monday afternoons. There is a twinning programme for year 10 pupils. Supported students from the academy regularly join Canford’s Sixth form each year.

Stakeholder Relationships

Canford exists as a community; our links with current and former pupils, parents and staff, as well as our community partners, are strong. We employ over 470 people in the local community who and have used more than 500 suppliers, all of whom are crucial to our success. This supports our local, regional and national economy. We are grateful to our suppliers for their continued support for Canford.

Employee Engagement and Employment Policy

Governors communicate with employees through a variety of channels. Both governors and employees sit on the Joint Consultative Committee where matters relating to pay, benefits and working conditions are discussed. Governors and employees also sit on the Health and Safety Committee. Governors write to employees to explain the impact of significant decisions, such as pay reviews and the strategic direction of the School. Any significant decisions taken during governors’ meetings are assessed for the impact they will have on staff, with the governors aware that the School cannot be successful without an engaged, motivated staff body. For information on the relationship between governors and management, see section ‘Structure, Governance and Management’.

Canford School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial performance of the school.

Fundraising Performance

Canford undertakes fundraising activity to its supporters via fundraising events, sponsored events, direct mail and email. Canford is registered with the Fundraising Regulator and adheres to the standards of the Fundraising Code of Practice. There were no complaints about fundraising activity during the year. Our fundraising promise, which is available on our website alongside our privacy notice to reassure supporters of our approach, is:

“When you support you can be sure of the following:

We will never sell your contact details to anyone
If you ask us to change how we communicate with you, or stop, we will respect that
We try hard to ensure no one ever feels pressurised to support our work
All our activities are open, fair, honest and legal.”

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

Total fundraising costs during the year including operating budget and salaries were £242K (2023: £191K), to cover programmes including fundraising and a significant amount of engagement work. Where events took place, income (tickets purchased) partially offset some of the costs. Income from fundraising activities totalled £503K (2023: £399K). The Development Programme continues to seek to engage alumni, parents and friends of Canford as School benefactors. This can be through giving of time and expertise through volunteering; the giving of financial donations including one-off gifts, regular giving, or gifts of stocks, shares or art; and securing longer-term legacies.

There are three main areas of activity within the current Development Programme: (1) engaging the Canford Community, (2) encouraging and promoting volunteering, and (3) fundraising to increase access to a Canford education through the provision of pupil bursaries. Secondary fundraising priorities include funding capital and equipment projects.

Engaging the Canford Community involves supporting the many different volunteer-driven groups which themselves aim to benefit Canford, Canfordians and associated partner charities and organisations. The Development team provide support to the Old Canfordian Society (OCS), the Friends of Canford School, the Friends of Canford Music and the Friends of Canford Rowing. Events and monies raised by these groups are returned directly to benefit the education and enrichment of pupils at Canford and the local community. Modernisation of the OCS is ongoing and in November the OCS will vote on the transfer of their funds to the Martin Marriott Foundation. Developments aim to transform connections between OCs and facilitate better communication, knowledge and support of our alumni.

Volunteers to Canford give in a variety of ways. All school governors are volunteers and provide strategic oversight. Many others serve as alumni, sports or committee representatives. Alumni and parents provide careers advice to pupils providing mentoring, work experience or speaking to pupils about their experiences. Other volunteer duties include supporting music at Canford, supporting sport at home and away fixtures and speaking at Canford events. During the year over 170 individuals provided their time and expertise free of charge to Canford. The Governing Body is very appreciative of this invaluable support.

Donations include cash gifts, regular gifts, bequests received and gifts-in-kind. The Development Office also supports the work of the Friends of Canford School (FCS), a parent and friends’ group. The group have again this year focused their support on local external charities through grants for specific projects. This included a grant to a longstanding partnership, the City Reach project in Southampton.

The sixth annual fundraising auction to support the Martin Marriott Foundation raised a significant amount for the Foundation in November 2023. The Case for Support on the website is updated annually to include new testimonies from bursary pupils, state fundraising aims and provide an accessible method for making online donations. The Lady Charlotte’s Walk campaign launched in 2020 inviting alumni and parents to sponsor a stone on the walkway leading to the new library has continued to be well received with over 280 stones now sponsored. The strategic plan is revised annually with an action plan updated to reflect current trends.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Current pupil numbers, and considerable future interest in the School, give us confidence that we will be at full capacity for the foreseeable future, despite the application of VAT to school fees from 1 January 2025. This is a result of our continued resolve to deliver a top-quality education, supported by talented staff in an inspiring environment.

The School’s financial policy is to maintain total fee income at a level sufficient to generate a surplus over time to meet the objectives of the School’s strategic plan, allowing for investment in the school. This will be achieved through both operating cash flow and fundraising. As a charity the parents of our pupils have the assurance that all the income of the school must be applied for educational purposes.

In preparing its budget for this year the School recognised the need to continue to invest in both high quality staff and the School’s fabric, to ensure that both continue to support the educational mission.

----- Start of picture text -----
Financial review summary 2024 2023
School fees receivable £24,193K £22,148K
Fundraising income £834K £399K
All other income £2,751K £2,362K
Provision of education £(23,830)K £(21,439)K
Other costs £(1,451)K £(1,461)K
Net income (before transfers and £2,497K £2,010K
investment gains / losses)
----- End of picture text -----

Operational financial performance was slightly below budget expectations this year, primarily due to depreciation. Pupil numbers remained healthy, with total gross fee income for the year 9.2% higher than last year (2023: 5.5% higher). Fundraising income for bursaries was remained robust, particularly due to the generosity of a number of parents and Old Canfordians. Other income was higher from investment returns and strong trading activity.

Careful cost control was exercised to ensure a focus on pupil outcomes, despite inflationary increases seen particularly in the National Living Wage, salaries and utility prices (especially electricity). Other costs were driven by the higher levels of trading. A gain on investments of £0.8M led to the Statement of Financial Activities showing the School’s Net Income to be £3.3M (2023: gain of £1.8M).

The overall cost of the School’s capital expenditure in this financial year amounted to £3.2M (2023: £5.3M), which included the strategic capital works programme (the new Sixth Form buildings £1.9M, Health Centre / Watermill refurbishment £0.7M). Other capital expenditure included ongoing reinvestment into the fabric of the school and replacement vehicles. Investing in additional flexible capacity and improved core facilities will ensure Canford’s future sustainability and there is a clear imperative to complete the strategic building plans which are essential to support future sustainability and success. All projects will remain subject to the usual governance and approval processes. The second half of the proceeds from the land sale was received during the year. Towards the end of the year a significant number of parents prepaid school fees. In total, this resulted in an increase in cash of £21.2M (2023: increase of £1.3M).

Overall the Governors were satisfied with this financial result. Future plans will require sufficient levels of surplus to provide sufficient income for the School’s strategic plan objectives – a top-quality education, supported by talented staff in an inspiring environment – whilst ensuring that fees including VAT are not at a level that dissuades parents from choosing a Canford education for their children.

Reserves Policy

The beneficiaries of Canford School are its pupils; any reserves held must ultimately be for their benefit. Governors have determined that Canford should not hold excessive reserves, money that could otherwise be used for the benefit of pupils. Equally, insufficient reserves, in the event of a crisis, may mean that pupils experience undue disruption to their education.

Governors have reaffirmed their commitment for pupils to be able to complete the current academic year as a minimum. This strikes a balance between unduly tying up funds and minimising disruption in a crisis such as unplanned closure. To ensure this, the level of general reserves held will be equivalent to the sum of cash liabilities in the longest period in the academic year with no fee income, approximately £6M. This has been tested against several scenarios to confirm this level of reserves.

Whilst restricted funds fall outside the definition of free reserves, some restricted funds are maintained principally for the award of

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

bursaries and the advance payment of school fees. Designated funds are also held, in addition to the reserves above, for the purposes of matching the investment made in the fabric of the school, to fund the school’s partnership activities and to provide bursaries.

At the year end the school held total funds of £58.9M, of which £3.2M was held in restricted funds principally for the award of bursaries. The Governors have designated a further £42.0M for the following purposes:

a) to match the investment it has made over the years in the fabric of the school estate and is not therefore freely available £34.3M b) to set aside funds to support the school’s partnership activities £0.3M; and c) to set aside funds that are invested for the provision of bursary support £7.4M.

After these designations, and the value of fixed assets not represented by the property fund, free reserves are £13.7M (2023: £9.2M) which the Governors consider exceed the reserves policy objective. This excess will be used for capital projects for the charity’s beneficiaries, with around £12M committed at the balance sheet date. Most of these projects have commenced. Governors monitor reserve levels on a regular basis, considering the working capital management of the school and the desire to continually improve facilities.

Investment Policy and Objectives

Canford School holds investments in two portfolios with the prime objective to preserve and grow the capital value of funds, whilst generating sufficient income to meet current commitments. This is achieved through a balanced approach to income and asset growth and appropriate risk diversification. The policy recognises that there will be differing investment styles required for some of the restricted funds. The company’s Articles of Association empower it to invest the monies of the company not immediately required, as it thinks fit.

The school uses external professional discretionary fund managers to achieve the investment objectives, which may be a single firm or several firms. The performance of these managers is reviewed regularly by the Investment Sub-committee of the Resources Committee as is the overall allocation of assets by type and manager. During the year, Rathbone Brothers PLC managed the investment portfolio and have discretionary management powers. In 2024 a gain of 11.7% (2023: 0.9% gain) was seen across the funds. Governors were satisfied with this result given the context of the external environment.

The largest portfolio comprises the Assyrian Fund and Canford Partnership Fund. The investment policy is to maximise long-term total return in such a way as to permit the regular award of scholarships and bursaries while maintaining or increasing the value of the fund in real terms. The second portfolio comprises various funds restricted by the donors for the provision of scholarships, bursaries, prizes and activities.

Grant Making Policy

This year, the value of scholarships, grants, prizes and other awards made to the School’s pupils was £685K (2023: £758K). The Governors’ policy is to make these awards based on the individual’s educational potential, subject to the particular conditions imposed by the original donor where an award is made from restricted funds. In addition, means-tested bursary awards totalling £2,270K (2023: £2,006K) were provided. Funding from investments contributed £400K (2023: £360K) to this, with the remainder funded from fees income. The policy for awarding bursaries is to broaden access to the school for prospective pupils and to relieve hardship where a current pupil’s education and future prospects would otherwise be at risk. Awards representing 90% or more of the fees went to 31 pupils (2023: 23). The availability of all such awards for fee assistance, together with the terms and conditions for each kind of award, is advertised on our website. In the year the Governors reaffirmed their plan to increase means tested fee assistance through fundraising.

Energy and Carbon Performance

Energy and carbon performance is an area which receives an ever-increasing focus in the School. The Governors Environmental, Social and Governance Committee are responsible for the strategy to reduce the School’s environmental impact and to monitor the implementation of the strategy. During the year, several steps were taken to improve environmental performance including an ongoing focus on monitoring and adjusting heating and hot water provision. Whilst gas usage rose, adjusting for the temperature difference over the two years shows that gas is being used increasingly efficiently. The roll out of LED lighting continued. These measures resulted in the level of CO2e per pupil increasing by 2.7% in 2024 (2023: 17% reduction).

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

----- Start of picture text -----
2024 2023
Energy type CO2 kg CO2 kg Notes
Scope 1 Transport - diesel 56,303 56,424 Fuel for minibuses, vans and cars
emissions Transport - unleaded 4,104 4,237
Scope 2 Electricity * 382,275 385,093 All School buildings
emissions Gas 850,628 794,209
Total 1,293,310 1,239,963
kg CO2e per pupil 1,960 1,908
----- End of picture text -----

Note that electricity emissions have been determined using the UK Government’s standard conversion factors. However, the School’s electricity is sourced through a renewable energy contract so this element of our emissions is essentially carbon neutral.

For all capital projects, consideration is given to the full range of heat generation options. Each is evaluated on its likely reduction of carbon emissions, along with the practicalities of the location, likely impact on the setting and surrounding grounds, along with technical and cost considerations. New buildings have building management systems to optimise hot water heating efficiencies and ventilation is either natural or makes use of high efficiency plate heat exchangers, where required. All lighting is based on low energy LED technology, with daylight and motion sensors. Almost all the school’s electricity is from renewable sources and some equipment in the kitchens has been switched to electricity from gas to take advantage of this. Ground source boreholes will provide heat for the new Sixth Form buildings, which will also be equipped with solar panels. Significant further work is planned for three solar panel installations which will be onstream by autumn 2025. Other options to reduce carbon emissions are being investigated.

To determine the School’s CO2 emissions, we have followed the 2019 HM Government Environmental Reporting Guidelines, used the GHG Reporting Protocol – Corporate Standard and the 2024 UK Government's Conversion Factors for Company Reporting.

Risk Management

The Board of Governors is responsible for the management of risks faced by the School. Risks are identified and reviewed by the School’s leadership team and split into functional risk areas. The Governors’ functional sub-committees review their risk areas on a termly basis, implementing appropriate mitigation measures. The most significant risks are reviewed by the Governing Body each term. Through this process, the Governors are satisfied that the major risks to the School have been identified and reasonably mitigated with key controls.

The Governors consider the major risks to the School to be:

The political opposition to independent schools threatening the viability of the business model and legality of the sector, including the imposition of VAT on school fees and the withdrawal of charitable business rate relief for independent schools.
Competition from other schools could adversely affect pupil numbers.
Penalties or restrictions following regulatory inspections.
Significant disruption to school activities from power outages, fire or the failure of key computer hardware or software.
• Pupils significantly underachieve their potential.
A challenging economic or political outlook and / or a rising cost base could affect the affordability of Canford’s fees, exacerbated by the imposition of VAT on school fees.
A lack of readily available financial reserves might limit the School’s ability to respond to unexpected catastrophic events.
Staff costs rise at unsustainable levels, given the increasing level of employer pension contributions, National Living Wage and inflationary challenges.
A road traffic accident or similar incident leads to injury or death, on or off school premises.

The key controls include:

Strategic risk assessments and risk assessments for individual activities and departments.
Planning, budgeting and management accounting, focussing funds on critical areas of infrastructure with clear communication to parents on effects of VAT on school fees.
Clear Terms of Reference for all Committees and appropriate membership, ensuring oversight of high educational standards, relations with feeder schools, all aspects of health and safety, the financial position of the school and IT systems.
Formal written policies.
Vetting procedures as required by law for the protection of vulnerable people.
Clear organisational structure, lines of reporting and authority limits.
Formal agenda and minutes to support decisions of all Committee and Governing Body activities.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Governors, who are Directors for the purposes of Company Law, are responsible for preparing the Directors and Trustees’ Report, incorporating the strategic report, and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors 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 the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Directors is aware at the time the report is approved:

there is no relevant audit information of which the charitable company and group's auditors are unaware; and
the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

HaysMac LLP have expressed their willingness to continue as auditors to Canford School Limited.

This report was approved by the Board on 29 November 2024 and signed on its behalf by:

Sir Gary Coward Director/Trustee

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CANFORD SCHOOL LIMITED

Opinion

We have audited the financial statements of Canford School Limited for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Cash flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 July 2024 and of the group’s and parent charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Directors and Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors and Trustees’ Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report included within the Directors and Trustees’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors and Trustees’ Report (which incorporates the strategic report and the directors’ report).

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 17, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of noncompliance with laws and regulations related to the regulatory requirements of the Charity Commission and the Independent Schools Inspectorate, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and consider other factors such as payroll tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in making accounting estimates. Audit procedures performed by the engagement team included:

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Review of Governor’s meeting minutes during the year;
Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
Challenging assumptions and judgements made by management in their accounting estimates

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

On 18th November 2024, haysmacintyre LLP changed its name to HaysMac LLP.

Richard Weaver (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

6 December 2024 Date:

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating an Income and Expenditure account)

2024 General Funds Designated Funds Restricted Funds Total 2024 £ £ £ £ 24,193,282 0 0 24,193,282 519,848 0 0 519,848 167,864 0 167,864 24,880,994 0 0 24,880,994 130,058 0 372,936 502,994 1,107,003 0 0 1,107,003 460,236 0 0 460,236 218,112 187,827 75,277 481,216 14,520 0 0 14,520 26,810,923 187,827 448,213 27,446,963 1,465,638 30,343 (44,637) 1,451,344 23,475,954 0 354,234 23,830,188 24,941,592 30,343 309,597 25,281,532 1,869,331 157,484 138,616 2,165,431	2024 General Funds Designated Funds Restricted Funds Total 2024 £ £ £ £ 24,193,282 0 0 24,193,282 519,848 0 0 519,848 167,864 0 167,864 24,880,994 0 0 24,880,994 130,058 0 372,936 502,994 1,107,003 0 0 1,107,003 460,236 0 0 460,236 218,112 187,827 75,277 481,216 14,520 0 0 14,520 26,810,923 187,827 448,213 27,446,963 1,465,638 30,343 (44,637) 1,451,344 23,475,954 0 354,234 23,830,188 24,941,592 30,343 309,597 25,281,532 1,869,331 157,484 138,616 2,165,431	2024 General Funds Designated Funds Restricted Funds Total 2024 £ £ £ £ 24,193,282 0 0 24,193,282 519,848 0 0 519,848 167,864 0 167,864 24,880,994 0 0 24,880,994 130,058 0 372,936 502,994 1,107,003 0 0 1,107,003 460,236 0 0 460,236 218,112 187,827 75,277 481,216 14,520 0 0 14,520 26,810,923 187,827 448,213 27,446,963 1,465,638 30,343 (44,637) 1,451,344 23,475,954 0 354,234 23,830,188 24,941,592 30,343 309,597 25,281,532 1,869,331 157,484 138,616 2,165,431	2024 General Funds Designated Funds Restricted Funds Total 2024 £ £ £ £ 24,193,282 0 0 24,193,282 519,848 0 0 519,848 167,864 0 167,864 24,880,994 0 0 24,880,994 130,058 0 372,936 502,994 1,107,003 0 0 1,107,003 460,236 0 0 460,236 218,112 187,827 75,277 481,216 14,520 0 0 14,520 26,810,923 187,827 448,213 27,446,963 1,465,638 30,343 (44,637) 1,451,344 23,475,954 0 354,234 23,830,188 24,941,592 30,343 309,597 25,281,532 1,869,331 157,484 138,616 2,165,431	2023 General Funds Designated Funds Restricted Funds Total 2023 £ £ £ £ 22,148,298 0 0 22,148,298 467,365 0 0 467,365 161,692 0 0 161,692 22,777,355 0 0 22,777,355 47,376 0 351,829 399,205 1,001,869 0 0 1,001,869 402,087 0 0 402,087 111,960 162,154 80,425 354,539 (25,074) 0 0 (25,074) 24,315,573 162,154 432,254 24,909,981 1,254,504 28,333 178,258 1,461,095 21,274,899 5,000 158,799 21,438,698 22,529,403 33,333 337,057 22,899,793 1,786,170 128,821 95,197 2,010,188	2023 General Funds Designated Funds Restricted Funds Total 2023 £ £ £ £ 22,148,298 0 0 22,148,298 467,365 0 0 467,365 161,692 0 0 161,692 22,777,355 0 0 22,777,355 47,376 0 351,829 399,205 1,001,869 0 0 1,001,869 402,087 0 0 402,087 111,960 162,154 80,425 354,539 (25,074) 0 0 (25,074) 24,315,573 162,154 432,254 24,909,981 1,254,504 28,333 178,258 1,461,095 21,274,899 5,000 158,799 21,438,698 22,529,403 33,333 337,057 22,899,793 1,786,170 128,821 95,197 2,010,188	2023 General Funds Designated Funds Restricted Funds Total 2023 £ £ £ £ 22,148,298 0 0 22,148,298 467,365 0 0 467,365 161,692 0 0 161,692 22,777,355 0 0 22,777,355 47,376 0 351,829 399,205 1,001,869 0 0 1,001,869 402,087 0 0 402,087 111,960 162,154 80,425 354,539 (25,074) 0 0 (25,074) 24,315,573 162,154 432,254 24,909,981 1,254,504 28,333 178,258 1,461,095 21,274,899 5,000 158,799 21,438,698 22,529,403 33,333 337,057 22,899,793 1,786,170 128,821 95,197 2,010,188	2023 General Funds Designated Funds Restricted Funds Total 2023 £ £ £ £ 22,148,298 0 0 22,148,298 467,365 0 0 467,365 161,692 0 0 161,692 22,777,355 0 0 22,777,355 47,376 0 351,829 399,205 1,001,869 0 0 1,001,869 402,087 0 0 402,087 111,960 162,154 80,425 354,539 (25,074) 0 0 (25,074) 24,315,573 162,154 432,254 24,909,981 1,254,504 28,333 178,258 1,461,095 21,274,899 5,000 158,799 21,438,698 22,529,403 33,333 337,057 22,899,793 1,786,170 128,821 95,197 2,010,188
	Designated Funds £ 0 0 0 0 0 0 187,827 0 187,827 30,343 0 30,343 157,484	Restricted Funds £ 0 0 0 0 372,936 0 0 75,277 0 448,213 (44,637) 354,234 309,597 138,616	Total 2024 £ 24,193,282 519,848 167,864 24,880,994 502,994 1,107,003 460,236 481,216 14,520 27,446,963 1,451,344 23,830,188 25,281,532 2,165,431	General Funds £ 22,148,298 467,365 161,692 22,777,355 47,376 1,001,869 402,087 111,960 (25,074) 24,315,573 1,254,504 21,274,899 22,529,403 1,786,170	Designated Funds £ 0 0 0 0 0 0 0 162,154 0 162,154 28,333 5,000 33,333 128,821	Restricted Funds £ 0 0 0 0 351,829 0 0 80,425 0 432,254 178,258 158,799 337,057 95,197
1,739,273 0 130,058	157,484 547,233 0	(234,320) 242,676 372,936	1,662,437 789,909 502,994	1,738,794 0 47,376	128,821 (112,510) 0	(256,632) (53,677) 351,829	1,610,983 (166,187) 399,205
1,869,331	704,717	381,292	2,955,340	1,786,170	16,311	41,520	1,844,001
2,591,636 2,591,636	(2,435,658) (2,435,658)	(286,185) (286,185)	(130,207) (130,207)	(3,780,502) (3,780,502)	3,780,502 3,780,502	(210,477) (210,477)	0 (210,477) (210,477)
4,460,967 9,221,062 13,682,029	(1,730,941) 43,704,205 41,973,264	95,107 3,111,574 3,206,681	2,825,133 56,036,841 58,861,974	(1,994,332) 11,215,394 9,221,062	3,796,813 39,907,392 43,704,205	(168,957) 3,280,531 3,111,574	1,633,524 54,403,317 56,036,841

All operations of the group continued throughout both years and no operations were acquired or discontinued in either year. The group had no recognised gains or losses in the year other than those above.

The statement of financial activities includes the income and expenditure account.

The notes on pages 22 to 35 form an integral part of these financial statements.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

CONSOLIDATED AND CHARITY BALANCE SHEETS

CANFORD SCHOOL LIMITED AS AT 31 JULY 2024

COMPANY REGISTERED NO: 190956

		Group		Charity
	Notes	July	July	July	July
		2024	2023	2024	2023
		£	£	£	£
FIXED ASSETS
Cost		63,851,304	60,717,678	63,662,568	60,528,942
Depreciation		(20,257,871)	(17,593,309)	(20,107,045)	(17,450,006)
Tangible Fixed Assets	8	43,593,433	43,124,369	43,555,523	43,078,936
INVESTMENTS
Investment in subsidiary undertaking	9	0	0	100	100
Investment for composition fees	10	0	0	0	0
Restricted investments	11	3,152,118	2,869,975	3,152,118	2,869,975
Other investments	11	7,661,075	6,956,358	7,661,075	6,956,358
		10,813,193	9,826,333	10,813,293	9,826,433
CURRENT ASSETS
Stocks	12	165,047	138,224	19,773	23,551
Debtors	13	1,261,443	4,081,631	1,795,298	4,406,753
Cash at bank and in hand		27,027,250	5,855,971	26,670,767	5,636,612
		28,453,740	10,075,826	28,485,838	10,066,916
CREDITORS: amounts falling due
within one year	14	(14,101,121)	(6,873,953)	(14,152,953)	(6,828,174)
NET CURRENT ASSETS		14,352,619	3,201,873	14,332,885	3,238,742

TOTAL ASSETS LESS CURRENT LIABILITIES		68,759,245	56,152,575	68,701,701	56,144,111
CREDITORS: amounts falling due
after more than one year	15	(9,897,271)	(115,734)	(9,897,271)	(115,735)
NET ASSETS		58,861,974	56,036,841	58,804,430	56,028,376
UNRESTRICTED FUNDS
General fund		13,682,029	9,221,062	13,624,485	9,212,597
Designated funds:
Property fund		34,320,939	36,756,597	34,320,939	36,756,597
Assyrian Fund		7,356,156	6,679,501	7,356,156	6,679,501
Canford Partnership fund		296,169	268,107	296,169	268,107
RESTRICTED FUNDS		3,206,681	3,111,574	3,206,681	3,111,574
TOTAL FUNDS	17	58,861,974	56,036,841	58,804,430	56,028,376

The surplus of the parent charitable company before consolidation was £1,869,331 (2023: £1,786,170).

The financial statements were approved and authorised for issue by the Board of Directors on 29 November 2024 were signed on its behalf by:

Sir Gary Coward Rev John Simmons Chair Chair of Resources Committee

The notes on pages 22 to 35 form an integral part of these financial statements.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2024

Net movement in funds
Investment income receivable
(Gains)\losses on investments
Operating surplus for the year
Depreciation
(Profit)\loss on disposal of fixed assets
Amortisation of lease granted over land
Discount given on Composition fees
Decrease \ (increase) in stocks
(Increase)\decrease in debtors
(Decrease)\increase in creditors
Net cash inflow from operating activities
Investing
Investment income received
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed assets
Net Sale(Purchase) of investments
Net movement in composition fee investments
Net cashflow from capital expenditure and
financial investments
Net cash inflow/(outflow) before financing
Financing
Composition fees received
Composition fee payments and transfers
Lessee's payments for the reduction of the outstanding
liability relating to a finance lease
Net cashflow from financing
Increase in cash in the year
Note 22
Cash and cash equivalents at the start of the
year
Cash and cash equivalents at the end of the
year

2024
2023
£
£
2,825,133
1,633,524
(481,216)
(354,539)
(789,909)
166,188
1,554,008
1,445,173
2,689,949
1,793,115
(3,827)
37,400
(7,666)
(7,666)
(57,455)
3,246
(26,823)
(21,412)
5,726,158
(150,017)
17,164,296
(473,105)
27,038,640
2,626,734
481,216
354,539
(3,192,576)
(4,642,929)
(2,902,143)
2,853,564
(196,951)
(85,342)
0
499,340
(5,810,454)
(1,020,828)
21,228,186
1,605,906
0
0
(37,038)
(286,585)
(19,869)
0
(56,907)
(286,585)
21,171,279
1,319,321
5,855,971
4,536,650
27,027,250
5,855,971

The notes on pages 22 to 35 form an integral part of these financial statements.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES

a) General information

The Charity is a private company limited by guarantee, incorporated in England and Wales (company number 190956) and a charity registered in England and Wales (charity number 306315). The Charity’s registered office address is The Bursary, Canford School, Wimborne, Dorset BH21 3AD.

b)

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition, effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Canford School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Financial statements are prepared in pounds sterling rounded to the nearest pound.

These financial statements consolidate the results of the charity and its wholly owned subsidiary Cheneford Limited. In accordance with Section 408 of the Companies Act 2006, no separate Statement of Financial Activities is presented for Canford School Limited.

The Trustees have reviewed the appropriateness of adopting the going concern basis of accounting in preparing the annual financial statements to assess whether the charity was viable in accordance with the new requirement of the UK Corporate Governance Code. The assessment included a review of the budget and principal risks facing the charity, their potential impact, how they were being managed and a review as to the appropriate period for the assessment. The Governors are confident that there is a reasonable expectation that the charity will be able to continue in operation and meet its liabilities as they fall due over the one-year period of the assessment and there are no material uncertainties in making this assessment.

c) Significant judgements and sources estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Charity’s accounting policies. The key judgements that have been applied by management relate to:

Items covered above in Basis of accounting, such as determining the charity is a going concern, and
Estimates regarding pensions liabilities have been made and are covered in Note 21.

d)

Income and expenditure

School fees and operating expenses are included in the financial statements on the accruals basis. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school. Entrance and registration fees are credited to income in the year in which they are received. All income and expenditure included in the financial statements is from continuing operations.

Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to the management estimates of time spent or space occupied, as appropriate. VAT is included with the item of expenditure to which it relates. Governance costs comprise the cost of running the company, including strategic planning for its future development, external audit, and all the costs of complying with constitutional and statutory requirements, such as the cost of governor and committee meetings and preparing financial statements.

e)

Termination payments

Termination payments are accounted for in the year in which the commitment is made. This applies to pay in lieu of notice, redundancy payments and payments under compromise agreements.

f)

Donations

Donations of tangible fixed assets are capitalised, and a matching gift in kind is accounted for as a donation within the Statement of Financial Activities. Other donations are accounted for within the Statement of Financial Activities and are recognised when the school is entitled to the receipt.

g)

Repairs and maintenance

Repairs and maintenance expenditure is charged as an operating expense in the year in which it is incurred net of any grants

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

receivable.

h) Investments

The investments are stated at market value, less any provision for permanent diminution in value. It is the company’s policy to keep valuation up to date such that when investments are sold there is no gain or loss arising. As a result, the Statement of Financial Activities only includes those unrealised gains or losses arising from the revaluation of the investment portfolio throughout the year. The school also holds an investment at cost in its subsidiary, Cheneford Limited, shown in Note 9.

i) Tangible fixed assets and depreciation

Freehold land and buildings

Expenditure relating to the acquisition of and extensions to freehold land and buildings together with the initial equipping thereof is capitalised and is stated in the financial statements at cost less depreciation and any provision for impairment. No depreciation is charged on freehold land. Leases granted over land are amortised over the term of the lease. Land and buildings are reviewed annually for impairment in accordance with FRS 102.

Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Donations of tangible fixed assets are capitalised at their cash value or at estimated cash value if received in kind. Depreciation is provided on tangible fixed assets so as to write off their cost, less estimated residual value, by equal instalments over the expected useful lives of the assets concerned. Assets with a cost of more than £5,000 are capitalised. The estimated useful lives are considered to be as follows:

Freehold buildings	-	Up to 50 years
Property improvements	-	5 – 25 years
Plant and equipment	-	3 – 20 years
Computer equipment	-	4 – 7 years
Furniture, fixtures and fittings	-	10 – 20 years
Motor vehicles	-	4 Years

j) Composition fees

Composition fees represent payments in advance in a restricted fund in respect of school fees for current and future pupils. During 2022 the Composition Fund investment account was closed, with the funds held as cash to match future liabilities and the investment gain returned to the General Fund.

k) Stocks

Stocks are stated at the lower of cost and net realisable value.

l) Assets acquired under finance leases

Assets acquired under finance leases, which confer rights and obligations similar to those attached to owned assets are capitalised and included under tangible fixed assets in the balance sheet and are depreciated over the shorter of the lease term and their useful lives.

The capital elements of finance lease obligations are recorded as liabilities while the interest elements are charged to the Statement of Finance Activities over the primary lease period, to produce a constant rate of charge on the balance of capital repayments outstanding.

m)

Operating leases

Assets used by the school under operating leases are not capitalised. The costs associated with their rental are charged on a straight-line basis over the lease term, even if the payments are not made on such basis.

n)

Pensions

The School’s professional teaching staff are members of a Superannuation Scheme operated by the Department for Education and Skills. This is a multi-employer defined benefits scheme and individual schools are not able to identify their share of the underlying assets and liabilities of the scheme. The results for the year are stated after charging the relevant employer’s contributions to this scheme. Other staff are members of a defined contribution scheme. Further information and the basis of accounting is given in Note 21.

o)

Taxation

The School is considered to pass the tests set out in paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the School is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

p) Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

2. FEES

Gross School Fees Less: scholarships, bursaries, grants and allowances Add: scholarships funded from Assyrian Fund and from Scholarship Bursary and Prize Fund	2024 2023 £ £ 27,304,809 24,997,510 (3,511,419) (3,209,212)
	23,793,390 21,788,298 399,892 360,000
	24,193,282 22,148,298

3. INCOME FROM SUBSIDIARY’S TRADING ACTIVITIES

The company owns 100% of the issued share capital of Cheneford Limited, a company registered in England, after one share was transferred back to the company during the year (company number: 2694274). The company leases the Sports Centre and lets the facilities of the school, including a golf course, for use by the public and various organisations. The subsidiary’s net profit is paid to Canford under a Deed of Covenant.

The subsidiary’s trading results for the year, as extracted from the audited financial statements, are summarised below:

Turnover Cost of Sales Gross Profit Administration expenses Other operating income Operating profit Interest receivable Interest payable Net profit	2024 2023 £ £ 1,781,687 1,637,384 (1,374,932) (1,322,819)
	406,755 314,565 (185,571) (182,908) 0 0
	221,184 131,657 7,386 3,226 (66) 0
	228,504 134,883

Turnover includes £674,684 (2023: £635,515) supplied to the School. Costs include contributions to the overheads of the School totalling £207,706 (2023: £163,548). These intercompany transactions are excluded from the consolidated figures shown on the SOFA and in note 6.

At 31 July 2024 there was a balance of £566,374 (2023: £357,405) owed by Cheneford to Canford School Limited and £251,463 (2023: £134,886) owed by Canford School Limited to Cheneford Limited.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

The subsidiary's balance sheet as at 31 July 2024 as extracted from the audited financial statements is summarised below:

Fixed assets Current assets Less current liabilities Long term liabilities Net Assets Called up share capital Profit and loss account	2024 Restated 2023 £ £ 37,910 45,432 785,745 501,201 (766,011) (488,989) 0 0 57,644 57,644
	100 100 57,544 57,544 57,644 57,644

4. OTHER INCOME

Other educational charitable activities Fee income for extra subjects Entrance and registration fees Courses and sub lettings Other ancillary trading income Ancillary income Insurance commission Other income Gain / (Loss) on Sales of Fixed Assets Other operational income Amortisation of lease granted over land	2024 2023 £ £ 368,846 340,330 116,970 91,261 34,032 35,774
	519,848 467,365
	167,864 161,692 0 0
	167,864 161,692
	3,827 (37,400) 3,027 4,660 7,666 7,666
	14,520 (25,074)

5. INVESTMENT INCOME

Investment income Interest received	General Funds Restricted Funds 2024 Total General Funds Restricted Funds 2023 Total £ £ £ £ £ £ 187,827 75,277 263,104 162,154 80,425 242,579 218,112 0 218,112 111,960 0 111,960
	405,939 75,277 481,216 274,114 80,425 354,539

6. ANALYSIS OF TOTAL EXPENDITURE

YEAR ENDED 31 JULY 2024

CANFORD SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS

	Staff costs	Other costs	Depreciation	2024 Total	Staff costs	Other costs	Depreciation	2023 Total
	£	£	£	£	£	£	£	£
Costs of generating funds:
Fundraising	139,185	102,425	0	241,610	114,143	76,748	0	190,891
Trading costs of subsidiary	685,166	438,294	7,523	1,130,983	599,680	546,754	5,979	1,152,413
Finance costs	0	78,751	0	78,751	0	117,791	0	117,791
	824,351	619,470	7,523	1,451,344	713,823	741,293	5,979	1,461,095
Charitable Activities
Provision of education
-Teaching	8,628,090	269,566	0	8,897,656	7,892,155	337,218	0	8,229,373
-Welfare	3,708,716	1,154,423	0	4,863,139	3,488,382	1,218,353	0	4,706,735
-Premises	1,122,724	2,744,603	2,682,426	6,549,753	1,067,725	2,714,174	1,787,136	5,569,035
-Support costs	2,057,176	1,020,291	0	3,077,467	1,818,475	870,304	0	2,688,779
Governance	0	80,253	0	80,253	0	69,662	0	69,662
	15,516,706	5,269,136	2,682,426	23,468,268	14,266,737	5,209,711	1,787,136	21,263,584
Grants, awards and prizes	0	361,920	0	361,920	0	175,114	0	175,114
	15,516,706	5,631,056	2,682,426	23,830,188	14,266,737	5,384,825	1,787,136	21,438,698
Total Expenditure	16,341,057	6,250,526	2,689,949	25,281,532	14,980,560	6,126,118	1,793,115	22,899,793

All support costs relate to the provision of education. Support staff costs include the salaries of the Headmaster, Finance, Human Resources, IT, Marketing and Admissions. Other support costs include computer equipment, photocopying equipment, software licences professional fees and the apprenticeship levy.

7. STAFF COSTS Charitable activities include: Depreciation on owned assets Operating leases Finance costs include Bad debts expense Governance costs include Auditors remuneration for Audit services Other service Total staff costs were as follows: Wages and salaries Social security costs Pension contributions	Group Charity 2024 2023 2024 2023 £ £ £ £ 2,689,949 1,793,115 2,682,426 1,787,136 40,280 78,022 40,280 78,022 68,743 84,118 84,912 67,161 29,271 31,120 24,594 28,020 1,560 450 1,560 450	Group Charity 2024 2023 2024 2023 £ £ £ £ 2,689,949 1,793,115 2,682,426 1,787,136 40,280 78,022 40,280 78,022 68,743 84,118 84,912 67,161 29,271 31,120 24,594 28,020 1,560 450 1,560 450
		2024 2023 £ £ 12,964,671 11,977,024 1,255,987 1,149,827 2,120,399 1,853,709 16,341,057 14,980,560

The governors received no remuneration during the year (2023: £nil). An aggregate amount of £514 was reimbursed to 4 governors during the year, in respect of travel expenses (2023: £843 to 5 governors). One Governor has a child in the school paid at

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

standard rates. Two Governors have a child / grandchild who receive merit-based scholarships. The related Governors were not involved in the decisions to make these awards.

Related party transactions

No related party transactions occurred during the year (2023: one transaction for £76,251.66).

	2024	2023
	No.	No.
Staff numbers
The number of employees in the year were:	488	449
The number of employees whose emoluments exceeded £60,000 were
£60,001 to £70,000	41	32
£70,001 to £80,000	13	8
£80,001 to £90,000	2	4
£90,001 to £100,000	4	0
£110,001 to £120,000	0	1
£120,001 to £130,000	1	0
£130,001 to £140,000	1	0
£240,001 to £250,000	0	1
£250,001 to £260,000	1	0

There are a number of key management personnel in the School including the Senior Management Team and the Support Staff Senior Management Team. The total amount of remuneration, benefits and pensions paid to this group of individuals was £1,986,086 (2023: £1,827,070).

In addition to the above payments and those contained in the bandings above, the School provides fee remission to teaching and some senior staff typical for the independent school sector and accommodation (or reimbursement for own accommodation) to staff who are entitled to accommodation by virtue of their role.

Pension contributions and commitments

Teaching staff are eligible to contribute to the Teachers' Pension Scheme. Support staff are eligible to contribute to a personal pension plan, which is a defined contribution scheme administered by Scottish Widows. All schemes permit staff to make additional voluntary contributions.

Further details relating to these pension schemes are set out in note 21.

Pension contributions Total employer contributions incurred during the year were: Teaching staff Support staff Redundancy & Termination Payments made in the year totalled	2024 2023 £ £ 1,375,061 1,216,261 745,338 637,448
	2,120,399 1,853,709
	2024 2023 £ £ 52,000 11,384

8. TANGIBLE FIXED ASSETS – GROUP

CANFORD SCHOOL LIMITED

YEAR ENDED 31 JULY 2024

REPORT AND FINANCIAL STATEMENTS

	Freehold	Plant &	Computer	Furniture,	Motor	Total
	property	equipment	equipment	fixtures &	vehicles
				fitings
	£	£	£	£	£	£
Historic cost
Opening - 1st August	47,829,164	6,666,556	1,582,244	4,241,078	398,636	60,717,678
Transfers	(4,125,255)	1,425,164	733,466	1,966,624	0	(1)
Additions	2,757,501	139,496	52,280	64,898	147,376	3,161,551
Disposals	0	(2,537)	0	0	(25,387)	(27,924)
Closing - 31st July	46,461,410	8,228,679	2,367,990	6,272,600	520,625	63,851,304
Depreciation
Opening - 1st August	11,050,424	3,443,690	1,351,237	1,453,060	294,898	17,593,309
Transfers	0	0	0	0	0	0
Charge in year	1,090,046	707,935	309,558	514,418	67,992	2,689,949
Disposals	0	0	0	0	(25,387)	(25,387)
Closing - 31st July	12,140,470	4,151,625	1,660,795	1,967,478	337,503	20,257,871
Net Book Value
Opening - 1st August	36,778,740	3,222,866	231,007	2,788,018	103,738	43,124,369
Closing - 31st July	34,320,940	4,077,054	707,195	4,305,122	183,122	43,593,433

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

8. TANGIBLE FIXED ASSETS – CHARITY

	Freehold	Plant &	Computer	Furniture,	Motor	Total
	property	equipment	equipment	fixtures &	vehicles
				fitings
	£	£	£	£	£	£
Historic cost
Opening - 1st August	47,829,164	6,488,909	1,571,155	4,241,078	398,636	60,528,942
Transfers	(4,125,255)	1,425,164	733,466	1,966,624	0	(1)
Additions	2,757,501	139,496	52,280	64,898	147,376	3,161,551
Disposals	0	(2,537)	0	0	(25,387)	(27,924)
Closing - 31st July	46,461,410	8,051,032	2,356,901	6,272,600	520,625	63,662,568
Depreciation
Opening - 1st August	11,050,425	3,311,475	1,340,148	1,453,060	294,898	17,450,006
Transfers	0	0	0	0	0	0
Charge in year	1,090,045	700,413	309,558	514,418	67,992	2,682,426
Disposals	0	0	0	0	(25,387)	(25,387)
Closing - 31st July	12,140,470	4,011,888	1,649,706	1,967,478	337,503	20,107,045
Net Book Value
Opening - 1st August	36,778,739	3,177,434	231,007	2,788,018	103,738	43,078,936
Closing - 31st July	34,320,940	4,039,144	707,195	4,305,122	183,122	43,555,523

9. INVESTMENTS

		Group		Charity	Charity
	2024	2023		2024	2023
	£		£	£	£
Investment in subsidiary undertaking	-		-	100	100

10. COMPOSITION FEES

The investments are managed by Rathbone Brothers PLC in accordance with an investment policy established by the school as a trustee. The surplus of funds invested over liabilities has been recognised and is shown as a restricted reserve. This scheme was closed to new entrants in October 2020 and the investment fund was closed in May 2023.

At 1 August 2023 Composition fees received Income arising from investments Management fees and similar charges Payments Cash transferred Net Movement in the year	2024 2023 £ £ 105,415 525,442 0 0 0 (16,452) 0 (1,558) 0 (289,987) 0 (217,445)
	0 (525,442)

YEAR ENDED 31 JULY 2024

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

Total liability as at 31 July 2024	37,038	105,415
Unrealised gain/(loss)on investments	0	0
At 31 July 2024	37,038	105,415
Represented by:
Investment with Rathbones	0	0
Cash at bank	37,038	105,415
Interest Receivable	0 37,038	0 105,415

11. OTHER INVESTMENTS

1. OTHER INVESTMENTS
a) Assyrian Fund Cost of assets representing School Funds Market value of assets representing School Funds The funds are invested by Rathbones.	2024 2023 £ £ 7,060,809 6,718,763
	7,652,325 6,947,608

UK equities Overseas equities Index linked Other Cash and commitments Reconciliation of Movement in Fund B/Fwd Additions Disposals Profit /(Loss) on Disposals Unrealised Gains/(Losses) Cash Movements C/Fwd b) Other Assets held as Investments Market value of assets representing School Funds Total Other Investments	2024 Total 2023 Total £ £ 1,774,619 1,589,324 2,774,940 1,995,428 139,038 355,020 2,920,523 2,896,970 43,205 110,866
	7,652,325 6,947,608
	2024 £ 6,947,608 1,594,626 (1,369,602) 184,562 362,671 (67,540) 7,652,325 8,750 8,750 7,661,075 6,956,358

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

	2024	2023
	£	£
c) Restricted Funds - Scholarship, Bursaries and	Prize Fund
Investments representing restricted funds at cost	2,886,412	2,727,879
Market value of assets representing restricted funds	3,152,118	2,869,975
The funds are invested by Rathbones
	2024	2023
	Total	Total
	£	£
UK equities	871,612	722,466
Overseas equities	1,451,819	1,101,379
Index linked	76,927	102,735
Other	739,206	885,608
Cash and commitments	12,554 3,152,118	57,787 2,869,975
	2024
	£
Reconciliation of Movement in Fund
B/Fwd	2,869,974
Additions	780,042
Disposals	(695,631)
Profit /(Loss) on Disposals	119,066
Unrealised Gains/(Losses)	123,610
Cash Movements	(44,944)
C/Fwd	3,152,118

The investments are managed by Rathbones Investment Management Ltd in accordance with an investment policy established by the School as trustee. Notes 17 and 18 show the funds to which these investments relate.

12. STOCKS

12. STOCKS
	Group		Charity
	2024	2023	2024	2023
	£	£	£	£
Goods for resale	165,047	138,224	19,773	23,551

The replacement cost of stocks is not considered to be materially different from their historical costs.

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

CANFORD SCHOOL LIMITED

13. DEBTORS

13. DEBTORS
	Group		Charity
	2024	2023	2024	2023
	£	£	£	£
Debtors in respect of school fee account	447,088	522,776	447,088	522,776
Amounts owed by subsidiary undertaking	0	0	566,374	357,405
Other debtors	44,098	2,940,195	16,348	2,914,140
Prepayments and accrued income	770,257	618,660	765,488	612,432
	1,261,443	4,081,631	1,795,298	4,406,753

Other Debtors 2023 includes half of the proceeds of land sale, paid in April 2024.

14. CREDITORS: amounts falling due within one year

School fees paid on account Composition fees (see note 10) Trade creditors Amounts owed to subsidiary undertaking Other creditors Taxation & social security Finance lease obligations Accruals and deferred income	Group Charity 2024 2023 2024 2023 £ £ £ £ 10,745,884 3,743,217 10,745,884 3,743,217 0 0 0 0 742,106 554,494 737,446 543,105 0 0 251,469 134,886 647,369 612,478 605,541 562,108 321,544 301,229 292,198 273,851 (4,775) 0 (4,775) 0 1,648,993 1,662,535 1,525,190 1,571,007
	14,101,121 6,873,953 14,152,953 6,828,174

15. CREDITORS: amounts falling due after more than one year

Composition fees due 2 - 5 years (see note 10) Composition fees due more than 5 years (see note 10) Prepaid fees due 2 - 5 years Prepaid fees due more than 5 years Deferred Income due 2 - 5 years Deferred Income more than 5 years Finance lease obligations due 2 - 5 years Finance lease obligations more than 5 years Pension Scheme Deficit 2 - 5 years (see note 21) Pension Scheme Deficit more than 5 years (see note 21)	Group Charity 2024 2023 2024 2023 £ £ £ £ 0 0 0 0 0 0 0 0 9,805,042 0 9,805,042 0 0 0 0 0 30,664 30,664 30,664 30,664 76,659 84,325 76,659 84,325 (15,094) 0 (15,094) 0 0 0 0 0 0 745 0 746 0 0 0 0
	9,897,271 115,734 9,897,271 115,735

Composition fees due 2 - 5 years (see note 10)
Composition fees due more than 5 years (see note 10)
Prepaid fees due 2 - 5 years
Prepaid fees due more than 5 years
Deferred Income due 2 - 5 years
Deferred Income more than 5 years
Finance lease obligations due 2 - 5 years
Finance lease obligations more than 5 years
Pension Scheme Deficit 2 - 5 years (see note 21)
Pension Scheme Deficit more than 5 years (see note 21)

Group
Charity
2024
2023
2024
2023
£
£
£
£
0
0
0
0
0
0
0
0
9,805,042
0
9,805,042
0
0
0
0
0
30,664
30,664
30,664
30,664
76,659
84,325
76,659
84,325
(15,094)
0
(15,094)
0
0
0
0
0
0
745
0
746
0
0
0
0

9,897,271
115,734
9,897,271
115,735

The Deferred Income relates to a lease granted over land and is amortised over the life of the lease.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

16. MOVEMENT IN TOTAL DEFERRED INCOME

17. FUNDS As at 1st August New Deferred Income Released to SOFA As at 31st July Unrestricted Funds Assyrian Fund Canford Partnership Fund Designated Property Fund General Fund Total Unrestricted School Funds Restricted Funds Composition Fees Fund Scholarship Bursary and Prize Fund Total Restricted School Funds Total Charity Funds Subsidiary Reserves	Group Charity 2024 2023 2024 2023 £ £ £ £ 329,242 314,985 264,722 247,488 208,638 113,678 135,873 49,158 (305,474) (99,421) (240,954) (31,924) 232,406 329,242 159,641 264,722 1 August 2022 Income Expenditure Gain(Loss) on Investment Assets Transfer Between Funds 1 August 2023 Income Expenditure Gain(Loss) on Investment Assets Transfer Between Funds 31 July 2024 £ £ £ £ £ £ £ £ £ £ £ 6,659,027 155,784 (27,220) (108,090) 0 6,679,501 180,325 (29,127) 534,645 (9,188) 7,356,156 272,270 6,370 (6,113) (4,420) 0 268,107 7,502 (1,216) 12,588 9,188 296,169 32,976,095 0 0 0 3,780,502 36,756,597 0 0 0 (2,435,658) 34,320,939
	39,907,392 162,154 (33,333) (112,510) 3,780,502 43,704,205 187,827 (30,343) 547,233 (2,435,658) 41,973,264 11,206,929 23,608,909 (21,822,739) (3,780,502) 9,212,597 26,083,665 (24,107,435) 2,435,658 13,624,485 51,114,321 23,771,063 (21,856,072) (112,510) 0 52,916,802 26,271,492 (24,137,778) 547,233 0 55,597,749 238,857 9,680 107,075 (26,132) (224,065) 105,415 0 0 0 (68,377) 37,038 3,041,674 422,573 (701,543) (27,545) 271,000 3,006,159 406,519 (367,052) 242,676 (118,659) 3,169,643 3,280,531 432,253 (594,468) (53,677) 46,935 3,111,574 406,519 (367,052) 242,676 (187,036) 3,206,681 54,394,852 24,203,316 (22,450,540) (166,187) 46,935 56,028,376 26,678,011 (24,504,830) 789,909 (187,036) 58,804,430 57,544 1,485,255 (1,485,255) 0 0 57,544 1,603,343 (1,603,343) 0 0 57,544
	54,452,396 25,688,571 (23,935,795) (166,187) 46,935 56,085,920 28,281,354 (26,108,173) 789,909 (187,036) 58,861,974

17. FUNDS
As at 1st August
New Deferred Income
Released to SOFA
As at 31st July
Unrestricted Funds
Assyrian Fund
Canford Partnership Fund
Designated Property Fund
General Fund
Total Unrestricted School Funds
Restricted Funds
Composition Fees Fund
Scholarship Bursary and Prize Fund
Total Restricted School Funds
Total Charity Funds
Subsidiary Reserves

Group
Charity
2024
2023
2024
2023
£
£
£
£
329,242
314,985
264,722
247,488
208,638
113,678
135,873
49,158
(305,474)
(99,421)
(240,954)
(31,924)
232,406
329,242
159,641
264,722
1 August
2022
Income
Expenditure
Gain(Loss) on
Investment
Assets
Transfer
Between
Funds
1 August
2023
Income
Expenditure
Gain(Loss)
on
Investment
Assets
Transfer
Between
Funds
31 July
2024
£
£
£
£
£
£
£
£
£
£
£
6,659,027
155,784
(27,220)
(108,090)
0
6,679,501
180,325
(29,127)
534,645
(9,188)
7,356,156
272,270
6,370
(6,113)
(4,420)
0
268,107
7,502
(1,216)
12,588
9,188
296,169
32,976,095
0
0
0
3,780,502
36,756,597
0
0
0
(2,435,658) 34,320,939

39,907,392
162,154
(33,333)
(112,510)
3,780,502
43,704,205
187,827
(30,343)
547,233
(2,435,658) 41,973,264
11,206,929
23,608,909
(21,822,739)
(3,780,502)
9,212,597
26,083,665
(24,107,435)
2,435,658
13,624,485
51,114,321
23,771,063
(21,856,072)
(112,510)
0
52,916,802
26,271,492
(24,137,778)
547,233
0
55,597,749
238,857
9,680
107,075
(26,132)
(224,065)
105,415
0
0
0
(68,377)
37,038
3,041,674
422,573
(701,543)
(27,545)
271,000
3,006,159
406,519
(367,052)
242,676
(118,659)
3,169,643
3,280,531
432,253
(594,468)
(53,677)
46,935
3,111,574
406,519
(367,052)
242,676
(187,036)
3,206,681
54,394,852
24,203,316
(22,450,540)
(166,187)
46,935
56,028,376
26,678,011
(24,504,830)
789,909
(187,036) 58,804,430
57,544
1,485,255
(1,485,255)
0
0
57,544
1,603,343
(1,603,343)
0
0
57,544

54,452,396
25,688,571
(23,935,795)
(166,187)
46,935
56,085,920
28,281,354
(26,108,173)
789,909
(187,036) 58,861,974

17. FUNDS

The total of the Income and Expenditure in each year above matches the Net Income before transfers and investments gains/(losses) on the SOFA.

The cost of scholarships in the year from the Assyrian Fund and the Scholarship, Bursary and Prize Funds are included within the total for "scholarships, bursaries, grants and allowances" in note 2.

Purpose of funds

Unrestricted Funds

Assyrian Fund This is designated for annual scholarship and bursary awards to pupils. Canford Partnership Fund

This is designated for work carried out by pupils on trips to orphanages in countries such as Argentina, Ghana and India.

Designated Property Fund This is designated to match the value of the investment made over the years in the fabric of School buildings.

General Fund General reserves are available to the group. Governors monitor this fund on a regular basis, considering the working capital management of the School and the desire to continually improve facilities.

Restricted Funds

Composition Fees Fund This is restricted to the advance payment of fees, and represents funds received in respect of school fees for current and future pupils. This scheme was close to new entrants in October 2020. Scholarship Bursary and Prize Fund This is restricted to terms set out by donors for the provision of scholarships, bursaries, prizes and activities.

Transfers between funds

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

£2,435,658 was transferred from the designated property fund to the general fund to match the movement in net book value of freehold land and buildings.

18. ALLOCATION OF NET ASSETS TO FUNDS

	Fixed assets	Investments	Other net assets/ (liabilities)	Long term liabilities	2024 Total	Fixed assets	Investments	Other net assets/ (liabilities)	Long term liabilities	2023 Total
	£	£	£	£	£
Unrestricted General Fund	9,272,494	8,750	14,298,056	(9,897,271)	13,682,029	6,367,772	8,750	2,960,274	(115,734)	9,221,062
Unrestricted School Funds
Assyrian Fund	0	7,356,156	0	0	7,356,156	0	6,679,501	0	0	6,679,501
Canford Partnership Fund	0	296,169	0	0	296,169	0	268,107	0	0	268,107
Designated Property Fund	34,320,939	0	0	0	34,320,939	36,756,597	0	0	0	36,756,597
	34,320,939	7,652,325	0	0	41,973,264	36,756,597	6,947,608	0	0	43,704,205
Restricted Funds
Composition Fees Fund	0	0	37,038	0	37,038	0	0	109,937	0	109,937
Scholarship Bursary and Prize Fund	0	3,152,118	17,525	0	3,169,643	0	2,869,975	131,662	0	3,001,637
	0	3,152,118	54,563	0	3,206,681	0	2,869,975	241,599	0	3,111,574
	43,593,433	10,813,193	14,352,619	(9,897,271)	58,861,974	43,124,369	9,826,333	3,201,873	(115,734)	56,036,841

19. OPERATING LEASE COMMITMENTS

At 31 July 2024 the company's future minimum operating lease payments are as follows:

	Group	Group	Charity	Charity
	2024	2023	2024	2023
	£	£	£	£
Within one year	45,133	80,269	43,354	75,886
Between 1 and 5 years	39,434	58,916	38,100	55,804

At 31 July 2024 the company's future minimum operating lease income is as follows:

Within one year Between 1 and 5 years Over 5 years	Group Charity 2024 2023 2024 2023 £ £ £ £ 7,666 7,666 7,666 7,666 30,664 30,664 30,664 30,664 90,076 97,743 90,076 97,743

20. CAPITAL COMMITMENTS

Capital expenditure authorised and contracted for at the balance sheet date amounted to £12,414,064 (2023: £866,753)

21. PENSIONS

The Group operates two pension schemes: Teachers are enrolled in the Teachers’ Pension Scheme and Support Staff are offered a Scottish Widows Group Personal Pension Plan. Staff who do not elect to join one of two schemes offered are swept up into the Scottish Widows scheme under auto-enrolment rules.

There are a small number of Support Staff who are active members of a legacy pension scheme, which is no longer offered to new members; The Pensions Trust Growth Plan. The School was also responsible for paying a share of the pension costs for employees of the Allied School Agency Limited which provides company secretarial and other services to the School. During the year the Allied School Agency gave notice to withdraw from the Pensions Trust Scheme. The School’s share of the deficit withdrawal liability of £15K was paid during the year.

CANFORD SCHOOL LIMITED

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2024

Teachers Pensions

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,379,273 (2023: £1,212,591) and at the year end £173,770 (2023: £140,483) was accrued in respect of contributions to this scheme.

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 prepared as at 31 March 202020 and the Valuation Report, which was published in March 2020.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

22. ANALYSIS OF CHANGES IN NET DEBT

Cash Composition fees	1 August 2023 Cashflows 31 July 2024 5,855,971 21,171,279 27,027,250 (286,585) 286,585 0
	5,569,386 21,457,864 27,047,119

CANFORD SCHOOL LIMITED (Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS

CONTENTS

DIRECTORS AND OFFICERS

DIRECTORS

OFFICERS

Auditors

NOTICE OF ANNUAL GENERAL MEETING

DIRECTORS AND TRUSTEES’ REPORT

FINANCIAL STATEMENTS

OBJECTS AND AIMS

Charitable Objects

Public Benefit Aims and Intended Impact

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Body

Organisational Management

STRATEGIC REPORT AND FUTURE PLANS

Vision and Mission Statements

Achievements and Performance

Academic

Academic Enrichment

Higher Education

Sport

Drama

Music

CCF

Duke of Edinburgh’s Award

5[th] Form Enterprises

Activities

Community Service and Public Benefit

Stakeholder Relationships

Employee Engagement and Employment Policy

Fundraising Performance

“When you support you can be sure of the following:

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Reserves Policy

Investment Policy and Objectives

Grant Making Policy

Energy and Carbon Performance

Risk Management

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

AUDITORS

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF CANFORD SCHOOL LIMITED

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees for the financial statements

Auditor’s responsibilities for the audit of the financial statements

Use of our report

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

CONSOLIDATED AND CHARITY BALANCE SHEETS

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2024

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES

a) General information

b)

Basis of accounting

c) Significant judgements and sources estimation uncertainty

d)

Income and expenditure

e)

Termination payments

f)

Donations

g)

Repairs and maintenance

h) Investments

i) Tangible fixed assets and depreciation

Freehold land and buildings

Depreciation

j) Composition fees

k) Stocks

l) Assets acquired under finance leases

m)