Registered number: 00893985 Charity number: 307014 MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (FORMERLY VINEHALL SCHOOL LIMITED) (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with Ihe audited financial statements of Vinehall School Limited for the year 1 September 2023 to 31 August 2024. The Annual report setves the purposes of both a Trustees, report and a diredors, report under company law. The Trustees confirm that the Annual report and financial slalements of the charitable company comply with the current slatutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) {effedive 1 January 2019). Companies House convention reqLsires all Trustees at the date of filing to be listed in the accounts- this contains names of Trustees of the merged school (Marlborough House Vinehall School Limited} see Grotjp Structure and Relationships (section el below). Since the group and the School qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Slrategic Report and Directors. Report) Regulations 2013 has been omitted. Objectives and activities a. Objects. Strategic Aim and Intended Effect The Object of the Company, in accordance with its Articles of Association, is the edLtcation of boys and girls. In the furtherance of this Object, the Governors, as the charity trustees, have complied with the duty in s.4 of the Charities Acl 2011 lo 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. The Board's strategic aim, is the attainment of the highest academic levels consistent wrth our admissions policy, helping boys and girls from lower income families who would otheise not be able to afford the fees, to benefit from our fee-based schooling. This will assist the charily in reaching its annual objective for the public benefit as a charitable Independent School. At the same time the Board intends to allow,. all pupils to benefit from the school's extensive extracurricular programme and excellent facilities. This is intended to draw out their abilities and academic potential," awaken and develop wider interests in life for eventual participation in civil society,. and motivate them for a successful outcome at their chosen senior school. b. Objectives for the year The Board's main objectives were.. (i} lo educate all pupils to the high standard necessary to ensure that they will be fully able to benefit from Iheir chosen senior school for the completion of their educalion in due course., lil) to maintain a safe environment for all children,. (iiil to maintain bursary and other funding sources so as to be able to continue to offer places to promising pupils whose families would not olherwise be able to afford the fees., liv} to maintain our extensive and first class facilities in excellent condition,. and {v) to progress collaborative working arrangements with other charities and educational bodies to promote access lo our resources and facilities. Our strategy for achieving this is to maintain high quality teaching staff, together with a high teacher to pupil ratio., to tailor our seNices as appropriate in each case to suit individual needs,. to implement an annual programme of planned maintenance,. and to build up our bLtrsary funds. Page 2
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities (continu8d) c. Prlncipal activity The School's principal activity continues to be the provision of a day and boarding Preparatory school for boys and girls from aged 8 to 13 years old" and a Nursery and Pre-Preparatory day school for boys and girls aged from 2 to 7 years. During the year. an average of 208 pupils attended the school, made up of 104 day pupils and 28 boarders in the Preparatory School and 76 in the Nursery and Pre-Prep. A large number of day children also undertook temporary boarding during the year as pupils from Year 4 upwards were encouraged to experience life in the Boarding House. d. Grant-making policies Having regard to the requirement for public benefft in the Charities Act 2011. the Governors are committed to broadening access to the school by offering eligible parents and guardians means tested financial support with the payment of school fees in the form of bursaries and awards. Such support. vthich depending on the financial, compassionate or other pertinent circUmstanS of applicants, is subject to review of parental means each year. The level of support is assessed by the Bursar in conjunction with the Head and approved by Govemors. During this year we were ab to support 48 pupils through scholarships and bursaries, to a total value of £398,433. This equates to 1211/0 of gros5 fee income. e. Volunteers The Friends of Vinehall continue to assist the school through fundraising for small projects for the school and other local charities. The Board would like to take this opportunty to say how much we appreciale their valuable support and contribution to school lrfe. Achlevements and perfomiance a. Main achlevements of the School As an independent school, Vinehall is inspected on a regular basis by the Independent Schools, Inspectorate. The latest Inspection took place in May 2024 which declared us compliant in all areas, under the new framework for inspections {F23). In addition to the core values of the school and the kind nature of the children being recognised and praised, the academic and personal development of the children was found to be of the very highest of standards. This year's leavers who are continuing their education in the UK went on to an impressive selection of top senior schools. Of these, 8 pupils (33 /ol, won academic, music, sports, drama or art scholarships. The schools making awards included Battle Abbey, Eastbourne, King's Canterbury and Sevenoaks. All other pupils successfully achieved a place in their first<hoice schools, greatly supported by the high quality of teaching staff. To build on these high academic achievements, Vinehall embraces an outward looking, forward thinking programme of study, designed to fully prepare our pupils for the twenty-first century world that awaits them when they leave us. The principal focus is to continue to be innovative in our approach to teaching and learning. Core Skills for each subject help pupils (and their parents) better understand where they are in their leaming, where they are going and how to get there. In each subject, there is a deliberate emphasis on developing higher order thinking skills Creating, evaluating, analysing, applying rather than on memorisation of content, though knowledge and understanding of key ideas and concepts intrinsically remain at the heart of teaching and Page 3
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and performance {¢ontinued) learning. In Year 7 and Year 8. the Humanities programme prepares children for the ISEB Project Qualification, developing a wide range of skills which will help them to prepare for the transition to senior schools STEAM is taught as a curriculum subject in Years 5 & 6. The focus of the STEAM programme is encouraging the children to 'think like an engineer, and to develop practical problem-solving skills. Along similar lines, Computing, Art and DT have been linked through project work in order to share common themes and promole shared design and engineering skills. Also to note, the 'Life Skills, programme (PSHEI reflects the breadth and character of the content the children are studying. The content of the Life Skills programme ranges from global citizenship and financial literacy to understanding relationships and mental & physical health and well-being. A full review of the school's activities is included in an annual publication, the Vinehall School magazine. b. Financial review This has been another challenging year. Vinehall is regaining its rightful place in the local independent schools. market due in no small part to the growing confidence of parents resulting from inclusion in the Repton Family of Schools and the opportunity now to merge with Marlborough House. . Going concern After making appropriate enquires and having received legal and professional financial advice, the Governors confirm the reasonable expectation that the school has in place a sufficiently robust financial action plan to ensure the appropriate level of resources are available to meet the Going Concern operating principle. d. Reserves policy Unrestricted funds which have not been designated for other purposes are available for use at the discretion of the Trustees in furtherance of the general objectives of the chanty. The policy is to maintain sufficient cash reserves to cover any unforeseen circumstances and to accumulate surplus funds to underpin any further expansion or improvement of facilities. The level of short-term cash reserves is set at one term's net fee income. Structure, governance and management Governing document Vineh811 School Limited was incorporated in England on 14 December 1966, with the liability of tts members limited to £1 each by guarantee. The Company is governed by ils Articles of AssociatiOT>. It is also a charily regislered with the Charity Commission for England and Wales. Vinehall School Limited Changed its name on 2 January 2025 and is now known as Marlborough House Vinehall School Limited. b. Methods of appointment or election of Trustees The management of the Group and the School is the responsibility of the Tnjstees who are elected and co-opted under the terms of the Memorandum and Articles of Association. Page 4
MARL80ROUGH HOUSE VINEHALL SCHOOL LIMITED {A company limlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management (continued) c. Governlng Body The Trustees {subsequently referred to as Govemors), who are also required under the Articles to serve as members of the Company, are elected at a full Governors, Meeting based on personal recommendations or proposals from existing Governors or the Head bearing in mind certain specifications conceming eligibility. These include, but are not limited to, personal competence, specialist skills and experience and local availabilily. The Governors are aware of the importance of identifying the appropriate mixture of skills and experience needed to manage the muttifaceted affairs of a modern school and aim to achieve a balanced Board with a Core of individuals with educational, legal, financial, business and marketing backgrounds. In addition, at least one Governor is always a parent of children who have been at the school. d. Inductlon and trainlng of Governors New Governors are provided with an information pack on the School, which includes the °Guidelines for Governors. produced by the Association of Governing Bodies of Independent Schools (AGBESI, together with details of AGBIS e-learning Coufses. They are also invited for a familiarisation visit to the school during which they will tour the school and meet key members of staff and receive training on safeguarding and child prote¢tion', and a brief explanation of Board policy and procedures, the Regulatory Requirements laid down by the Independent Schools Inspectorate (ISI) and the Staff Handbook. Governors are encouraged to attend relevant national training events and seminars, especially those organised by AGBIS. e. Pay policy for Senior Staff The Finance and General Purposes Committee review the salaries for senior staff annually in line with the whole school salary budget. They then put their recommendations fOard to the Main Board in the summer term. The Head's appraisal is carried out each year by the Governors supported by an independent consultant once every three years. Other senior management staff are appraised by the Head annually. f. Group structure and relationships Vinehall School is an active member of the Independent Association of Preparatory Schools {IAPS) for the promotion of all-round excellence in preparatory school standards generally. It is also a member ofAGBIS, ISC, the Boarding Schools Association (BSA), and the Independent Schools, Bursars Association (ISBA). On 17 May 2022, Vinehall joined the Repton Family of Schools recognising that there is a shared educational and pastoral ethos beeen Vinehall and Repton, focusing on the development of each child's talents in order to better seNe the community. This exciting partnership helps Vinehall to pre-empt the demands of the ever-more challenging independent schools, sector and defend against the political and economic factors beyond our control. Vinehall continues as an outstanding day and boarding coeducational prep school, secure in a bright and exciting future and will continue to provide the exemplary educational vision and pastoral care for which it has such a strong reputation. Vinehall's pupils benefit from collaboration with specialists within The Repton Family of Schools, broadening horizons both academically and in co<urricular activities. Enhanced training and development opportunities help to maintain the qualty of the staff body, and shared resources promote operational efficiencies. Above all, offering outstanding educational opportunities remains our core purpose. Vinehall is part of a family that values each individual, nurturing talent to develop happy, resilient, self-motivated and confident young people. We firmly believe that this is a forward-thinking, and in many ways a ground- breaking partnership. Page 5
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management (continued} At 31 August 2024, work was in hand for the mergef of Marlborough House School in Hawkhurst and Vinehall and for a new school (Marlborough House Vinehalll to be located on the current Vinehall site. On 2 January 2025, 'Vinehall School Limited. was re-titled 'Marlborough House Vinehall School Limited, with Companies House and the Charily Commission - this wi15 be the first step towards the merged h0O15 on a single site on 1 September 2025. This very exciting enterprise is being led by Repton and more than ever means sharing an outward-looking, forward-thinking philosophy that is all about giving children the very best chances in our rapidly changing worfd. The Vinehall School Foundation, established in 2007, has a range of objectives including sustaining and building a tradition of benefaction that will be central to Vinehall's development over future years. Vinehall Education Centre Limited, also established in 2007, is a wholly owned trading subsidiary, the profits of which are gift-aided to the school. Since Covid-19, no significant trading has been undertaken and again this year, the account is 'dormant'. As a result of the merger, along with the impending imposition of VAT on school fees, both the Foundation and the Education Centra accounts have served their purpose and it 15 anticipated that they will be disestablished next year. The Vinehall School Music Society, a non profil making organisation now in its 35th season, continues to organise concerts, which provide a series of opportunities throughout the year for local people lo experience perfomiances by musicians of national and international standard. Ticket prices are delibeiately as low as possible and there are a range of concessions lo enable access and encourage attendance_ Despite its rural location, Vinehall is very committed to developing and sustaining links with local maintained schools in an ongoing endeavour to widen public access to the schooling we provide., to optimise the educational use of our cultural and sporting facilities,. and to create an awareness in our pupils of the social context of the education they receive at the school. Pupils are made aware of their citizenship responsibilities through the personal, social, health and economic education of the pupils. A stLtdent Charity Committee operates to help choose a number of charitable causes to support each year_ The parents, staff and children raised £2,400 towards local, national and intemational charities. The school also raised £250 for the annual Royal Brrtish Legion Poppy Appeal. g. Organisational management The Governors meet as a Board at least Ihree times a year to determine the general policy of the Company and review its overall management and control. for which they are legally responsible. Business is conducted in accordance with the Guidelines for Governors, a joint publication of AGBIS and the Independent Schools Council {Isc). The work of implementing many of the Board's fiscal responsibilities is carried out by the Finance and General Purposes Committee which meets two or three weeks before each meeting of the full Governing Board, specifically to review the budget, the management and annual accounts and reports. and to review the progress of high value and capital projects. It maintains the School Risk Register and monitors the effectiveness of the system of intemal controls and other viable means. including insurance cover where appropriate. by which those risks already identified can best be managed and mitigated. It ensures that the Board maintains a continuous review of activities, particularly regarding health and safety issues, secunty and any major risks that may arise from time to time. Page 6
MARL8OROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limlted by guarantee) TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management (continued) The Academic and Pastoral Committee also meets three times a year and is principally responsible, on behalf of the Governing Body, for monrtoring compliance with the Educational and Regulatory Requirements laid down by ISI and for monitoring the school's policies and evaluating their effectiveness. One nominated Govemor reports termly to the Board on Safeguardin9 and Child Protection issues and developments. Other Committees, such as the Nominations, Remuneration and Bursary Sub-committee are convened and meet according to need. The day-to-day running of the school is delegated to the Head and the Bursar, supported by members of the Senior Management Team. h. Risk Management The Board continues to keep the School's activities under review, particulady wtth regard to health and safety issues, security and to any major risks that may arise from time to timer. They maintain the School Risk Register and monitor the effe¢tiveness of the System of internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified can best be managed and mitigated. It also monitors compliance wrth the Regulatory Requirements laid down by ISI and the School's policies and evaluating their effectiveness. Plans for future periods Our key objectives for the future are to ensure that we remain a highly reputed and financially affordable Prep, Pre-Prep and Nursery school in the area. As a result, there will continue to be significant investment in the recruitment and retention of high-quality staff, resulting in a first class education that is supported by an enviable array of outstanding facilslies and our beautifully kept grounds. The Foundation appeal for a new cricket pavilion to be named in honour of Ryan Mitchell, a much-loved member of Vinehall staff who sadly passed away in 2016 has closed and the funds raised have been utilised to build a replacement for the existing pavilion named in his memory which opened in May 2024. The re¢ent cost of living crisis and the threat of VAT on independent school fees has affected the affordability of independent school for many parents. In response to this changing environment the school continues to draw upon the benefits of being part of the Repton Family of Schoo15 through a range of strengthened financial, academic and governance arrangements. As reported previously and following a comprehensive staff consuftation. Vinehall has now closed membership of the Teachers, Pension Scheme to new joiners. Post Balance Sheet Event In September 2024, it was announced publicly that Vinehall School and Marlborough House School would merge effective from September 2025. The new School will be kn¢)wn as Marlborough House Vinehall and will operate from the existing Vinehall site. Vinehall School Changed its name to Marlborough House Vinehall School Limited on 2 January 2025. Page 7
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Disclosure of infomiation to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that.. so far as that Governor aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that infofmation. Auditors The auditors, TC Group, have indicated willingness lo continue in office. In accordance with Section 385 of the Companies Act 2006, a resolution proposing the reappointment of the auditors will be put to a meeting of the Governors. Approved by order ofthe members of the board of Trustees on 20 May 2025 and signed on their behalf by". D Lewis Chair of Governors Page 8
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees (who are also the directors of the School for the purposes of company law) are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for oach financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the School and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial stalements, the Twstees are required to= seled suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP {FRS 102)", make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) 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 Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the School's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the School 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 Group and the School and hence for taking reasonable steps for the prevention and detedion of fraud and other irregularities. Page 9
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED Opinion We have audited the financial statements of Marlborough House Vinehall Schi)ol Limited (the 'parent charitable company'j and its subsidiaries {the 'group') for the year ended 31 August 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the School balance sheet, Ihe Consolidated statement of Cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin9 Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (Unrted 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 August 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended-, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Ad 2006 and the Charities Act2011. Basis for opinion We conducted our audit in accordance WEth International Standards on Auditing (UK} (ISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the finar)cial 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 United Kingdom, including the Financial Reporting Council'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 appropTiate to provide a basis for our opinion. Conclusions relating to going ¢on¢ern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the Pfeparation 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 or the parent charitable company'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. Page10
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (CONTINUED) Other information The other infomation comprises the information included in the Annual report other than the financial statements and our Auditors, report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statemenls 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. 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 Course of 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 this gives rise to a material misstatement in the financial statements themsefves. 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 fad. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomiation given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the Charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accountin9 records, or retLsrns adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and retums.. 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., or the Trustees Vre not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Page11
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (CONTINUED) Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, 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 Ihey give a true and faif view, and for such internal control as the TrLEStees 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 fof 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 charrtable company or to cease operations, or have no realistic alternative but to do so. Auditors. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, 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 atways 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, ale 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 lo which our procedures are capable of detecting irregulaflties, including fraud is detailed below-. Extent to which the audit was considered capable of detecting irregularities, including fraud The objectives of our audit, in respect to fraud, are.. to idenlify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropfiate responses", and to respond appropriately to fraud or suspected fraud identified during the audrt. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. Our approach was as follows.. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We identified the following areas as those most likely to have such an effect.. health and safety; General Data Protection Regulation (GDPRI,. fraud,. bribery and corruption and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework IFRS 102 and the Companies Act 2006 and the Charrties Act 20111 and the relevant tax compliance regulation5 in the UK., Page 12
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company Ilmited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (CONTINUED) We considered the nature of the group's operations, the control environment and business performan, including the key drivers for managemenfs remuneration., We communicated idents'fied laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit., We considered the procedures and controls that the group has established to address risks identified, or that otheiSe prevent, deter and detect fraud., and how senior management monitors those programmes and controls. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included.. testing manual journals., reviewing the financial statement disclosures and testing to supporting documentation; performing analykn'cal procedures" and enquiring of management, and were designed to provide reasonable assuran that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstaternents in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactsons reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-complian and cannot be expected to detect non-compliance with all laws and regulations. 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.or .ukJauditorsres onsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charitable companrfs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Tc David Martin FCA (Senior statutory auditor) for and on behalf of TC Group Statutory Auditor Office: Lewes 22 May 2025 Page 13
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Charitable activities Other trading acb'vities Investments 3.358,325 141,559 38,689 3,358,325 141.559 38,689 2.912,499 91,322 22,572 Total income 3,538.573 3,538,573 3,026,393 Expenditure on: Raising funds Charitable activities other expenditure 51,493 4.401,903 51,493 4,401,903 50,747 4,119,281 23 Total expenditure 4,453,396 4,453.396 4, 170,051 Net expenditure Transfers between funds (914,823) 62,715 1914,823) (1, 143,658) 18 {62,715} Net movement in funds (852,108 (62,715) (914,823) (1, 143,658) Reconciliation of funds: Total funds brought forward Net movement in funds 2,070.434 1852,108) 106,338 162.715 2,176,772 3,320,430 1914,823) (1, 143,658) Total funds carried fOard 1,218,326 43,623 1,261,949 2, 176, 772 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 19 to 37 form part of these financial statements. Page 14
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00893985 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxed assets Tangible assets Current assets 12 278,855 145,507 Stocks Debtors Cash at bank and in hand 14 15 513 321,388 1,848,168 513 211,632 2, 691, 706 2,170.069 2,903, 851 Creditors.. amounts falling due within one year 16 (996,749 (688, 992) Net current assets 1.173,320 2,214,859 Total assets less current liabilities 1,452,175 2,360,366 Credttors.. amounts falling due after more than one year 17 1190,226) (183,594) Total net assets 1,261,949 2, 176, 772 Charity funds Restricted funds Unrestricted funds 18 18 43,623 1.218,326 106,338 2,070,434 Total funds 1.261,949 2, 176, 772 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the TNstees on 20 May 2025 and signed on their behatf by: D J Lewis Chair of Governors The notes on pages 19 to 37 fomi part of these financial statements. Page 15
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee REGISTERED NUMBER: 00893985 SCHOOL BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets Investments 12 13 278,855 100 145. 506 100 278,955 145, 606 Current assets stocks Debtors Cash at bank and in hand 14 513 321,388 1,848.068 513 15 211,632 2,691,606 2,169,969 2, 903, 751 Creditors.. amounts falling due within one year 16 {996.749) (688, 991) Net current assets 1.173,220 2,214, 760 Total assets les5 current liabilities 1.452,175 2, 360, 366 Creditors.. amounts falling due after more than one year 17 (190.226) (183,594) Total net assets 1,261,949 2, 176, 772 Charity funds Restricted funds Unrestricted funds 18 18 106.338 1,155,611 706,338 2,070,434 Total funds 1,261,949 2, 176, 772 The Trustees acknowledge their responsibilities for complying Wlth the requirements of Ihe Act with respect to accounting records and preparation of financial stalements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 20 May 2025 and signed on their behalf by.. D J Lewis Chairof Governors Page 16
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limlted by guarantee) REGISTERED NUMBER: 00893985 SCHOOL BALANCE SHEET {CONTINUED) AS AT 31 AUGUST 2024 The notes on pages 19 to 37 form part of these financial statements. Page 17
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating a¢tivities Net cash used in operating activities 1728,915} (1.098,811) Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets 38,689 22,572 {153.3121 (127, 618) Net cash used in investing activities 1114,6231 1105,0461 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1843,538) {1,203,8571 2,691,706 3, 895,563 Cash and cash equivalents at the end of the year 1.848,168 2,691, 706 The notes on pages 19 to 37 fonn part of these financial statements Page18
MARLBOROUGH HOUSE VINEHALL SCHOOL UMITED IA company Ilmlted by guarants8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General informatlon The school is a company limited by guarantee. The registered office is Vinehall Road. Robertsbridge, East Sussex, TN32 5JL. The members of the company are the govemors named on page 1. In the event of the school being wound up, the liability in respect of the guarantee is limited to £1 per member of the school. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) 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) (effective 1 January 2019) and the Companies Act 20[. Marlborough House Vinehall School Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNiise stated in the relevant accounting policy. The financial statements are presented in sterling (£) and rounded to the nearest £. The Consolidated ststement of financial activities {SOFA> and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Group has taken advanlage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 2.2 Going con¢ern The Govemors assess whether the use of going concern is appropriate 1.8. whether there are any material uncertainties related to events or condrtions that may cast significant doubt on the abilty of the school to continue as a going concern. The Govemors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial slatements have concluded that the school has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the school's ability to continue as a going concern, thus they continue to adopt the going concem basis of accounting in preparing the financial statements. Page 19
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.3 Income All income is recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation_ Income tax recoverable in relation to investment income is recognised at the time the investment income is re1Vable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of Ihe service. 2.4 Expenditure Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating infotmation in support of the charitable activities_ Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management. Governance costs are Ihose incurred in connection with administration of the school and compliance with constitutional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds_ Charitable activities and Governance costs are costs incurred on the school's educational operations, including support costs and costs relating to the governance of the school apportioned to charitable activities. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and nonHcharitable Irading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT which is included in the item of expense to which it relates. Page 20
MARLBOROUGH HOUSE VINEHALL SCHOOL UMITED (A company limited by guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.5 Tangible fixed assets and depreciation Tangible fixed assets costing £3,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into rt5 intended working condition should be included in the measurement of cost. At each reporting date the School assesses whether there is any indication of impaimient. If such indication exists, the reCoveble amount of the asset is detemiined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the Carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives using the straight-line method. Depreciation is provided on the following bases.. Buildings Assets under construction Motor vehicles Fixtures and fittings Office equipment Straight line over 20 years Not depreciated until ready for use Straight line over 5 years Straight line over 15 years Straight line over 5 years Gains and losses on disposals are detemiined by Comparing the proceeds wtth the caTrying amount and are recognised in the Consolidated statement of financial activities. 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.7 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 21
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-tenn highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recognised when there is ar7 obligation at the Balance Sheet date as a result of a past event, il is probable that a transfer of economic benefft will be required in settlement, and the amount of the settlement can be eslimated reliably. Liabililies are recognised at the amount that the School anticipates it will pay to settle the debt or the amount tt has received as advanced payments for the goods or sesvices it must provide. Provisions are measured at the best eslimate of the amounts reqltired to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwiriding of the discount is recognised in the Consolidated statement of financial activilies as a finance cost. 2.11 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Operating leases Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term. 2.13 Pensions The school operates a defined contribution pension scheme and the pension charge represents the amounts payable by the school lo the fund in respect of the year. The school operates a defined benefits pension scheme. The scheme is a multi employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS 102,, the school accounts for this scheme as if it was a defined contribulion scheme. The amount charged lo the statement of financial activities represents contributions payable to the scheme in respect of the accounting period. Page 22
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (contlnued) 2.14 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular Purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from charitable activities Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 School fees receivable Extra School services 3,119,412 238,913 3.119,412 238,913 2, 680, 883 231.616 Totsl 2024 3,358,325 3,358,325 2,912,499 Total 2023 2,910,131 2,368 2,912,499 Page 23
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Total funds 2023 Letting income Sundry sales Music Society 83,291 7,977 50,291 83,291 7,977 50,291 51,421 8, 866 31,035 141,559 141.559 91,322 Total 2023 91,322 91,322 Investment income Unrestricted funds 2024 Total funds 2024 Tolal funds 2023 Bank interest receivable 38,689 38,689 22,572 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Education 4,401,903 4,401,903 4,119,281 Total 2023 4, 118,781 500 4, 119,281 Page 24
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Other expenditure Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Loss on disposal of fixed assets 23 Analysis of expenditure by activitles Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Education 2,908,980 1,492,923 4,401.903 4, 119,281 Total 2023 2, 686, 839 1,432,442 4,119,281 Analysis of direct costs Total funds 2024 Total funds 2023 Staff costs Other costs Awards and bursaries Govemance costs 1,852.377 1,043.400 1,695,968 977,650 13,203 12.721 2,908,980 2, 686, 839 Page 25
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activities (continued) Analysis of support Costs Total funds 2024 Total funds 2023 Staff costs Depreciation Other costs Governance costs 766,515 19,964 687.247 19,197 724,819 4,402 676.409 26,812 1,492,923 1, 432,442 Auditors. remuneration 2024 2023 Fees payable to the School's audrtor for the audit of the School's annual accounts 17,050 15,500 Fees payable to the School's auditor in respect of.. All assurance setvices not included above 925 924 10. Staff costs Group 2024 Gmup 2023 School 2024 School 2023 Wages and salaries Social security costs Pension costs 2,147,407 186,220 298,468 1,985,816 165,035 282, 657 2,147,407 186,220 298,468 1,985,816 165, 035 282, 657 2,632,095 2,433, 508 2,632.095 2,433,508 Page 26
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED IA company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Staff costs (continued) The average number of persons employed by the School during the year wa$ as follows: Group 2024 Group 2023 Teaching - full time Teaching - part time Welfare Premises Support 19 28 19 27 16 14 13 14 85 81 The number of employees whose employee benefrts (excluding employer pension costs) exceeded £60,000 was: Group 2024 Group 2023 In the band £60.001- £70,000 In the band £70.001- £80,000 In the band £80,001- £90,000 In the band £90,001- £100,000 In the band £100.001- £110,000 Key management personnel were paid remuneration of £230,745 during the year (2023 - £198,496). Pension costs above includes £12.618 (2023 - £11,715) in respect of pensions paid to former employees. Governor5 indemnity insurance costs estimated at £1,102 (2023 - £910) were incurred during the year. Page 27
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 August 2024, expenses totalling £402 were reimbursed or paid directly to Trustee (2023- £1551. 12. Tangible fixed assets Group and School Assets under con- struction Motor Fixtures Office vehicles and fittings equipment Buildings Total Cost or valuation At 1 September 2023 Additions Transfers bebmeen classes 72,691 142,881 6,620 6,600 68,001 3,831 370.174 517,486 153,312 215.572 (215.5721 At 31 August 2024 215.572 13.220 71,832 370,174 670.798 Depreciation At 1 September 2023 Charge for the year 6,620 1,100 12,795 3.683 352,564 4,402 371.979 19,964 10,779 At 31 August 2024 10.779 7,720 16,478 356,966 391,943 Net book value At 31 August 2024 204,793 5.500 55,354 13,208 278.855 At 37 August 2023 72,691 55, 206 17,610 145,507 Page 28
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limrted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Fixed asset Investments Investments In subsidiary companies School Cost or valuation At 1 September 2023 100 At 31 August 2024 100 Net book value At 31 August 2024 100 At 31 August 2023 100 14. Stocks Group 2024 Group 2023 School 2024 School 2023 Consumables, books and provisions 513 513 513 513 15. Debtors Group 2024 Group 2023 School 2024 School 2023 Due within one year Fees Other debtors Prepayments and accrued income 256,889 4,595 59.904 153, 095 54, 082 4,455 256,889 4,595 59,904 153, 095 54,082 4,455 321,388 211,632 321,388 271,632 Page 29
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Creditors: Amounts falling due within one year Group 2024 Group 2023 School 2024 School 2023 Fees received in advance Trade creditors Other taxation and social security Other creditors Accruals and deferred income 540,597 38.137 39,461 76,892 301,662 248,010 160, 380 38,366 67,251 174,985 540,597 38,137 39.461 76,892 301,662 248.010 760,380 38, 366 67,251 174,984 996.749 688,992 996,749 688,991 17. Creditors: Amounts falling due after more than one year Group 2024 Group 2023 School 2024 School 2023 Pupil deposits 190,226 183,594 190,226 183,594 Page 30
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expenditure Unrestricted funds General Funds 2,070,434 3,538,573 14,453,396) 62,715 1,218,326 Restricted funds Foundation Fund Pavilion Fund Year 8 leaving fund Hardship Fund 22,011 62,715 1,128 20,484 22,011 162,715) 1,128 20,484 106,338 162,715) 43.623 Total of funds 2,176,772 3,538,573 (4,453,396) 1,261,949 Page 31
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds (continued) ststement of funds- prior year Balance at I September 2022 Balance at 31 Augusl 2023 Income Expenditure Unrestricted funds General Funds 3,215,960 3, 024,025 (4, 769, 551) 2,070,434 Restricted funds Foundation Fund Pavilion Fund Year 8 leaving fund Hardship Fund 20, 143 62,715 1, 128 20,484 2,368 (500) 22,011 62.715 1,128 20,484 104,470 2, 368 (500) 106,338 Total of funds 3, 320, 430 3, 026, 393 (4, 170, 051) 2, 176, 772 The Foundation Fund represents funds set aside to provide bursary awards to students and capital projects. The Pavilion Fund represents funds received in relation to the new proposed cricket pavilion building. Year 8 leaving fund represents funds received from year 8 leavers lo be used for the recreation room in the school. Hardship Fund represents several very generou5 parents donated to a Covid Hardship fund to support other families financially disadvantaged by the Pandemic and the resulting lockdown. Page 32
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Analysls of net assets between funds Analysis of net assets between funds - current period Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 278,855 2,126,446 (996,749) (190,226) 278,855 2,170,069 1996,7491 {190,226) 43,623 Total 1,218,326 43,623 1.261,949 Analysis of net assets between funds - prior period Unrestricted funds 2023 Restncted funds 2023 Total fvnds 2023 Tangible fixed assets Current assets CdItorS due within one year Creditors due in more than one year 82, 792 2, 860,228 (688, 992) (183, 594) 62,715 43, 623 145,507 2, 903,851 (688.992) (183,594) Total 2, 070,434 106,338 2, 176, 772 Page 33
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Reconciliation of net movement in funds lo net cash flow from operating activities Group 2024 Group 2023 Net expenditure for the period las per Statement of Financial Activities) (914,823) (1, 143, 658) Adjustments for: Depreciation charges Dividends, interests and rents from investments Increase in debtors Increase in creditors Increase in long term creditors 19,964 (38,689 (109,756) 307,757 6,632 4.402 (22,572) (97.390) 142,141 18,266 Net cash used in operating activities (728.9151 {1.098,811) 21. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 1,848,168 2,691, 706 Total cash and cash equivalents 1,848.168 2,691, 706 22. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash al bank and in hand 2.691,706 1843,538) 1,848,168 2,691,706 {843.538) 1,848,168 Page 34
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company Ilmlted by guarante6) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Penslon Commitments The School operates two pension schemes for the benefit of employees. The Teachers, Pension Scheme (TPS), a defined benefit scheme, is available to all teachers. All other staff can enter a defined contribution scheffle. Defined contrlbution The assets of the scheme are held separately from those of the School in an Independent administered fund. Contributions to the scheme are charged to the Statement of Financial Adivities as they fall due. Contributions payable by the company in the year amounted to £134,461 (2023 £93,838). £Nil (2023 - £Nil) was outstanding at the balance sheet date. Teachers, Pension Scheme The Teachers, Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for full time teachers in schools and, from l January 2007, automatic for teachers in part time employment following appointment or a change of contract, although they are able to opt out. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefrts are paid by public funds provided by Parliament. Valuation of the Teachers. Pension S¢heme The Government Actuary, using nomial actuarial principles, conducts a fomial actuarial review of the TPS in accordance with the Public Service Pensions Ivaluations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT. applying a notional investment return based on 1.70/0 above the rate of CPI. The key elements of the valuation outcome are.. Employer contribution rates set at 28.680A of pensionable pay (including a 0.08 /¢ administration levy). This is an increase of 50A in employer contributions and the cost control result is such that no change in member benefits is needed. Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222.200 million, giving a notional past service deficit of £39,800 million. The result of this valuation will be implernented from 1 April 2024. The next valuation result is due to be implemented from 1 April 2028. The employerfs pension costs paid to TPS in the period amounted to £152.424 (2023 - £185,627). A copy of the valuation report and supporting documentation is on the Teachers, Pensions website. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The school is unable to identify its share of the underlying assets and liabilities of the plan. Page 35
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Pension commitments lcontinued) Accordingly, the school has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The school has set out above, the information available on the scheme. 24. Operating lease commitments At 31 August 2024 the Group and the School had commitments to make future minimum lease payments under non-cancellable operating leases as follows". Group 2024 Group 2023 School 2024 School 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 89,539 354,378 1,526,860 93,001 355, 921 1,615, 101 89,539 354.378 1,526,860 93,001 355,921 1,615,101 1.970,777 2, 064, 023 1,970.777 2,064,023 The premises was subject to a sale and leaseback agreement with the title being transferred on 23 May 2022_ The lease runs for a term of 25 years from and including 2022. Rent is charged at £100,000 per annum subject to a rent review in 2027 and every fifth anniversary. The rent is subject to a 3 year rent free period. 25. Related party transactions Latham Education Limited, a company under the Control of L Wu, a trustee has a lease agreement with Marlborough House Vinehall School Limited for tenancy of the school premises. The property has been leased to the School over a period of 25 years starting 23 May 2022, the first 3 years being on a rent free basis. Rental expenditure of £88,000 (2023 £88,000) has been recognised within support costs. The outstanding liability recognised at the year end was £201,79712023 - £113.797). No other related part transactions took place in the period of account, other than certain trustees, expenses already disclosed in note 11. 26. Post balance sheet events In September 2024, it was announced publicly that Vinehall School and Marlborough House School would merge effective from September 2025. The new School will be known as Marlborough House Vinehall and will operate from the existing Vinehall sile. Vinehall School changed its name to Marlborough House Vinehall School Limited on 2 January 2025. Page 36
MARLBOROUGH HOUSE VINEHALL SCHOOL LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 27. Controlling party The charitable company is controlled by the Board of Governors, who are the trustees and directors under company law. 28. Princlpal subsidiaries The following was a subsidiary undertaking of the School.. Name Company number Registered office or principal Class of Holding place of business shares Vinehall Education Centre Limited 06629667 Vinehall Road, Robertsbridge. East Sussex, TN32 5JL Ordinary 1000 The financial results of the subsidiary for the year were-. Name Net assets Vinehall Education Centre Limited 100 The trading subsidiary was dormant during the year and there was no income or expenditure for the year. Page 37