Charity Registration No. 307019 Company Registration No. 009242801England and Wales) THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 THE FREWEN EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Governors J Stevenson (Chairman) F Flint D Hensley H Miller V Mills A Moore-Bick G Nash G Peters J Watts Senior Leadership Team Principal N Goodman (until 31108/241 Headmaster M Loveday (f rom 01109124) Deputy Head K Skinner Bursar & Secretsry Y Crundwell Head of Boarding H Lewis Head of Upper School H Mccalvey Head of Lower School S Welch Charity Number 307019 Company Number 00924280 Registered Office & Principal Address Frewen College Brickwall Rye Road Northiam Rye East Sussex TN316NL Auditors TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Bankers HSBC Bank plc 4 Robertson Street Hastings East Sussex TN34 IHW THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) CONTENTS Page Governors, Report Statement of Governors, Responsibilities Report of the Independent Auditors Statement of Financial Activities 12 Balance Sheet 13 Cash Flow Statement 14 Notes to the Financial Statements 15 THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE DIRECTORS REPORT) The Governors presenttheir report and financialstatements forthe year ended 31 August 2024, which complv with the Charitys Memorandum and Articles of Association and with the Companies Att 2()J6 requirement for a Directors Report. The financial ststements have been prepared in accordance with the Companies Act 2(K)6. Charities Act 2011 and Accounting and Reporting by Charities- Statement of Recommended Prattice applicable to chartties preparing their financial statements in accordance with the Financial ReportinE Standard applicable in the UK and Republic of Ireland IFRS 102). Structure, Bovemance and mana8ement The Charity, registration number 307019, is a limited liability company governed by the Memorandum and Articles of Association as amended by special resolution on 4 Ottober 1996. The company is reglstered in England and Wales and numbered (NJ924280. Details of the school's Senior ￿aderShip Team. auditors. bankers, reg￿tered office and Headmaster address can be found on the Legal and Administrative Information page The Governors who are also the directors for the purpose of company law, who served during the year were- 1 Stevenson (Chairman) V Mills A MoartrBick G Nash J Pennock (resigned 28 June 20241 G Peters J Watts H Miller F Flint K Wake (appointed 5 January 2024. resigned 9 May 2024) Govemors are proposed and appointed by current Se￿ing Governors at a full meeting of the members. None of the Governors has any beneficial interest in the company. All of the Governors are members ofthe company and guaranteeto contribute £1 in the event of a winding up. New Governors are usually either well known to existing Governors in a professional capacity or are personally recommended to them by similar connertions. Prospective Governors typically receive an extensive briefing from the Chairman of Governors before visiting the school and having the opportunity to meet with and question the Headmaster and members of the Senior Leadership Team. Enhanced Disclosure and Barring se￿7￿ checks are undertaken for all Governo￿. Governors are selected on the basis of their extensive knowledge and experience in relevant sectors. The Chairman ensures that a broad balance of experience is maintained encompassing the spheres of education. finance, and business, as well as social and moral guidan￿. Governors are encouraged to attend those training courses and conferences which they consider helpful in broadening and deepening their existing knowledge and strengths and as necessary to ensure ongoing compliance, THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE DIREcfoRS REPORT) The school is governed through a Company limited by guarantee, by an independent Board of Direttors which oversees the management and sets the policies for the school. The Board members fulfil the role5 of school Governors and att as Trustees. The Headmaster attends board meetings and is entitled to sit on the Board if he so choose5. The Board meets once a term as a minimum. The Board has also established a Finance and General Purposes Commlttee, a Health and Safety Committee, an Education Committee, a Boarding and Pastoral Committee. and a Marketing Commfttee, each of which meets at least once a term. An Independent visitor attends sch￿1 twice per term and checks aspects of safeguarding including the Single Central Register and checks on the wellbeing of boarders. The executive function is managed and accomplished by a Senior Leadership Team led by the Headmaster. The day-to-day running of the School is delegated to the Senior LeadershipTeam. The school is registered with the Department for Education (DfEI, the Council for the Registration of Schoo15 Teaching Dyslexic Pupi15 ICReSTeDI and UK Visas and Immigration. It is approved by the Independent Schools, Association and the Children's Education Advisory Service, and is a member of the Boarding Schools. Association, and a Supporting Corporate Member of the British Dyslexia A550ciation. Rlsk management The Governors are satisfied that syrtems are in place to manage exposure to major risks and that all appropriate step5 have been taken toensurethefuturefinancial stabilityofthe Company.Acontinuingprocess is in place in order to identify, monitor and minimise all significant areas of risk. The principal risks are considered to be: Failure to maintain student numbers at a level to ensure the school remains financially viable; Safeguarding risk; Regulatory risk- Performance risk, whereby the school'5 reputation would suffer if students did not make or exceed the expetted progress. Objertives and activities The prinaple object of the Charty is that of maintaining an independent co£ducational school, known as Frewen College. The aim of the school is to be a centre of excellence for educating children with Specific Learning Difflculties such as Dyslexia, Dyspraxia and closely related difficultie5 including Speech and Language and Sensory Integration problems. The schcK)l includes a junior section known as Frewen Preparatory School, and a Sixth Form, whith together cater for pupils aged 7-19. The Company is established to delwer the following principal objects: . a} to promote the cause of education; b) in furtherance of that objert, to establish and carry on any school or schools. to acquire any school as a going concern subjett to any liabilities thereto; cl to provide for the training and instruction of pupils in any school so acquired or established in every branch of learning and knowledge,. in citizenship, and in arts and crafts of all kinds. and on the basis of broad Christian principles to provide such pupils with spiritual, moral, mental and physical training in a non-denominational environment: d) in furtherance of the foregoing objertsto do all or any of the things laid down in the Memorandum of Association. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE DIREcfoRS REPORT) In pursuit of the school's specialist educational objectNes all appropriate classroom staff including teaching assistants are expected to undertake specialist training. Full time therapists are employed offering speech and language, occupational, and sensory integration. Small class sizes are maintained, and individual provision plans are prepared for each pupil. Additional reading tuition is provided for all pupils in small groups as well as regular intensive numeracy tuition. Guidance is provided to parents seeking Local Authority funding, and a means tested bursary scheme is available to assist parents of limited means who are unable to obtain funding. Services Bursaries are available to assist Service families. During theyear, 5 pupils benefited from bursary support. The school continues to extend its pastoral aCtivit￿S with both boarding and day pupils. Designated staff have time allocated for mentoring activities and have undertaken specialist training. TLrtor time allows tutors to check puplls, welfare throughout the day, along with timetabled PSHEE (Personal Social Health and Economic Education) lessons acr05S the school and SEAL (Social and Emotional Aspect5 of Learning) lessons for KS2 & 3. The PSHEE curriculum has been developed to ensure that we are addressing pupi15' emotional wellbeingi as well as physical wellbeing. Boarding staff regard the social development of their pupils as an integral part of their role. Pupils give enthusiastic support to fundraising activities such as BBC'S Children in Need, Comic Relief, The British Red Cross, Ste15a's Voice. and the Chitiwiri School in Malawi project (which sends out a container of school uniform and trainers to the children). We offer a range of enrichment artivities In our after-school clubs. including archery. fencing, bush craft and garden clubs, modern languages, kayaking, GCSE revision, art and music; and all pupils {boarding and day pupils) are actively encouraged to take part in these attivities. The school remains committed to maintaining small class sizes, thus ensuring that teachers know and understand all their pupils, needs, giving pupils the environment in which they can achieve their potential. Mark Loveday h35 been apprynted as Headmaster from September 2024 following Nlck Goodman's retirement after 10 years. Mark is a Dyslexia and SpLD specialist and is a Board Director for the National SpLD Asse55ment Standard5 Committee (SASCI. He regularfy speaks at conferences both nationally and Internationally, and is a Specialist Leader of Education. as designated by the DfE. The Headmaster was part of the SASC team who launched the new Delphi Study definition of dyslexia at the British Dyslexia A550ciation'5 international conference in the summer of 2024. Achievements and perforniance The school's boarding provision wa5inspected by Ofsted in September2023 and assessed as 'Good'. Boarder5, who previously experienced significant difficulties at school. respond to the individualised 5UPPOrt provided and make excellent progress. The School is now inspected bythe Independent Schools In5pectoratewhich in November 2023 found itto be compliant with Its standards in all respects. The most recent CReSTeD report also reportsextremew positively on all aspects of the school. We encourage pupils to sit GCSE exams in as many subjects as we believe they can manage. Those we think cannot cope with GCSE level are entered for the Entry Level qualification appropriate to their ability so that they have a goalto aim forand a rewardfortheirefforts. These other qualifications can also provide a stepping stone to subsequently sitting the appropriate GCSE exam. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT {INCORPORATING THE DIREcfoRS REPORT) Our Sixth Form has been established forover 10 years with our main courses being offered in partnership with Bexhill College. The remainder of the v¥eek is spent at Frewen studying English and Maths and re￿IVing support wlth independent study, as well as lessons in life skills including careers advice. Where required, learners will also receive intervention from our onsite SALT. OT and Specialist teacher teams. Our leavers, destinations include numerou5 universities, apPrenti￿$h1p cour5e5 and work- we keep in touch wsth many students and are de1￿hted in their success. We are in the process of creating an official school Alumni A550ciation. We have a 100% pass rate across all Level 2 and 3 courses, typicallytaken in the Sixth Form. On Level 3 courses, the average points score wa5 94. which is the equivalent of a Merit or C grade at A Level. We saw exception performances from students on extended Diplomas in Sports and Music. On Level 2 courses, average points score was 19. the with an averaEe attainment of a Merit This demonstrates good progress forthese learners allowing them to progress onto Level 3 courses. Many of our learners continue with studies in English and Maths working toward5 the benchmark grade 4. Of those students re-taking GCSE English. we saw progression of 0.89, just below I grade of progress. In GCSE Maths progress of 0,35 grades. The newly formed role of Deputy Head: Academic allows for a more robust tackling of performance in these subjert areas. with acbon plans and work with departments already beginning. Financial review The robust financial management resulted in a surplus of £438.740 {2023: £498.849}. We continued to invest in the school IT facilities replacing a number of laptops and IT equipment. Further Capital expenditure items included upgrading our securtty systems, creation of a new Sixth Form centre, and Drama studio. and the start of the kitchen. servery and dining room extension projett which is due to be completed by October 2025. A5 at the Balance Sheet date, the school had unre5tritted ￿serVeS of £2,040,937 compared to £1,602,197 in 2023. These funds are to be kept at the discretion of the Governors to further any of the Charity's objectives. We also have restrirted reserves of £405,510 relate to a donation re￿IVed in 2023. Fees have been reviewed from September 2024. although Governors recognise the need to maintain affordability of school fees and have continued to restritt the level of fee increase as far as is consistent with financial prudence. The VAT exemption for Independent Schoo15 will be removed by the Government from January 2025; therefore. all fees and additional costs (e.& trips) will be subject to VAT. Remuneration of Senior Management The day-tO*day running of the school is delegated to the Headmaster and Senior Leadershlp Team. The remuneratlon of key management ts set by Governors. with the policy objective of providing appropriate incentwes to encourage enhanced performance and of rewarding them fairly and responsibly for their Individual contributions to the school's success. The appropriateness and relevance of the remuneration policy is reviewed annually. including reference to comparison5 Wlth other independent schools to ensure the school remains sensitive to the broader issues of pay and employment conditions elsewhere. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) GOVERNORS. REPORT (INCORPORATING THE DIREcfoRS REPORT) Delivery of the school's charitable vision and purpose is primarily dependent on key management, and staff Costs are the largest single element of charitable expenditure. Reserves policy It is the policy of the school that its financial affair5 are maintained within a tight budget that is approved by the Governors. The nature of the school's activities determines that the reseNes fund, property and other net assets are held to cover unexpected shortfalls on the Statement of Financial Attivities. In previous years Governors have considered that, in the event of a significant drop in short temi funding, they will be able to continue the school's activities while consideration is given to ways in which additional funds may be raised. There is no reason to change this view- however. to ensure the ongoing sustainability of the school Governors have determined that an annual surplus 15 e$5ential to build reserves for capital investment in the school. Thi5 is consistent with other independent schools- an annual target of IO% of income has been agreed, although it Is recognised that this cannot be achieved immediately whilst still maintaining affordability of fees. Funding Sources and how expenditure meets objectives School fees continue to represent the great majority of income, with additional income Eenerated from grants and donation5, and a small amount of rental income. The school's Grade I listed building and grounds is also a wedding venue which is used during the school holidays. This raises much needed additional income to support the charitable objertives. The school is also reviewing and developing other potential sources of income including the creation of an Advisory Support service, offering external diagnostic a55e5sments for dyslexia, the widening of the Prep School remit, and training and development packages. All expendff(ure is directly related to the salaries of classroom and support Staff. the delivery of the school curriculum, and the upkeep of the School's premises, fixtures, frttings and equipment. The school continues to operate a robust means tested bursary Scheme to as5iSt parent5 Wlth school fee5. Additional discounts and bursaries are available to children from SeNice families. and sibling discounts are provided. The Governors have agreed a limit on the maximum bursary commitments permissible, as a proportion of total fee income. The Trust has wide investment powers, but any monies subject to the jurisdiction of the Charity Commission for England and Wale5 or the Secretary of State for Education or representing property 50 subject shall be invested only upon such investments and with such santtion (if any) as may forthe time being be required by law. Public Benefit In setting the school's objective5 and planning attivities the Governor5 have given careful consideration to the Charity Commlssion's general guidance on public benefit. The school's specialist role. with a consequent high proportion of Local Authority funded placements, sets It apart from the majority ofthe Independentsector. The means tested bursary scheme. and the guidance given to parents seeking funding underpin the school's convictlon that access to specialist educatlon should be available to the broadest Possible spectrum of pupils in terms of their social and economic background. In addition, a number of the school's facilities are made available to the public. in particular Northiam primary school adjacent to the school. the local village cricket club and hosting a cross-country cluster event for local schools. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE DIREcfoRS REPORT) Brickwall Music and Arts Society, a long-established charity 5tage5 regular music concert5 in the school's historic Drawing Room, and we hosted the annual village bonfire and firework display in October on behalf of Northiam Bonfire Society, a registered charity. Asset cover for funds The assets are sufficient to meet the charty's obligations. Plansforthefuture Cost controls continue to be developed to ensure a sound financial operating basis for the future, Including adequate provision to secure the appropriate maintenance and future development of the premises. As our pupil roll is growing andthe year groups go through the school, we anticipatethat overthe next 5 years we will need to expand ourteaching spaces and otherfacilities toaccommodate a school of a maximum of 180 pupils. The governors have appointed Ptolemy Dean Architects to conduct a feasibility study for the planned new build and expansion of our catering facilities. Disclosure of information to auditors Each of the direttors has confirmed that there is no infomiation of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information. Audltors A resolution proposing that TC Group be reappointed as auditors of the company will be put to the Annual General Meeting. On behalf of the Board of Governors J Stevenson (Chairman) Date 7th February 2025 THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors, who are also the direttor5 for the purposes of company law for the purpose of company law. are responsible for preparing the Governors, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare accounts foreach financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, includingthe income and expenditure, of the charitsble company forthat year. In preparing these accounts, the Governors are required to- 5elett suitable accounting poliaes and then apply them con5iStently; observe the meth(Kls and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent; and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial p051tion of the charity and enable them to ensure that the accounts comply with the Companies Act 21x16. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FREWEN EDUCATIONAL TRUST LIMITED We have audited the financial statements of The Frewen Educational Trust Limited Limited {the 'charitable company,) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and notes to the financial statements. The financial reporting framework that ha5 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 (United Kingdom GenerallyAccepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company'5 affairs a5 at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis of opinion We conducted our audit in accordance with International Standard5 on Auditing (UK) IISAS IUKII 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethlcal Standard, and the provisions available for small entities, and we have fulfilled our 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 concem In auditing the financial statements, we have concluded that the governor's 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 identifled any material uncertainties relating to events or conditions that, individually or collectively, may cast doubt on the 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 governorfs with respect to going concern are described in the relevant sections of this report. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FREWEN EDUCATIONAL TRUST UMITED Other Infonnation The other information comprises the information included in the annual report, including the governorfs report, other than the financial statements and our auditor's report thereon. The governor5 are responsible for the other information. Our oplnion on the financial statements does not cover the other information and, except to the extent otherwise explicitlystated in our report, we do not express anyform 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 wlth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsi5tencie5 or apparent material misstatements, we are required to determine whether there is a material misstatement in the financi31 statements or a material misstatement of the other information. If, based on the work we have performed. we conclude thatthere is a material misstatementof thisother information, we are required to reportthatfact. 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 governors, report {incorporating the strategic report and the dirertors report) for the financial year for which the financial statements are prepared is consistent with the financial st3tements-and the strategic report and the directors. report have been prepared in accordance with applicable legal requirements. Matter5 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 strategic report and the directors, report. 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, or returns adequate for our audit have not been recewed from branches notvisited by us: or the financial statements are not in agreementwith the accounting records and returns- or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the information and explanations we require,. or the directors were not entitled to prepare the financial statements in accordance with the small cornpanies regime and take advantage of the small companies. exemptions in preparing the governorg report and from the requirement to prepare a strategic report. THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE FREWEN EDUCATIONAL TRUST UMITED Responsibilities of governors As explained more fully in the governors, responsibilities statement, the governors (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 governors determine is necessaryto enable the preparation of financial statements that are free from material misstatement, whether due to fraud orerror. In preparing the financial statements, the governors are resp)nsible for asse55ing the charitable company's ability to continue as a going COn￿rn, dtsclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. Auditoes responsibilities for the audit of the financial statements Our objectwes 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 assura nce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUK} will alway5 detect a material misstatement when it exists, Misstaternents can arise from fraud or error and are considered materral rf, individually or In the aggregate, theycould reasonably beexpettedto influence the economic decisions of users taken on the basis of thesefinancial statements. Irregularwties, including fraud, are instances of non-compliance with laws and regulations. The extent to which ou r procedures are capable of detecting irregularitie5, including fraud. is deta iled below. Extent to whlch the audit was considered capable of detecting irre8ularities, including fraud The objectives of our audit, in respect to fraud, are: to identify 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 appropriate responses- and to respond appropriatety to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entty 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 sertor experience, and through discussion wrth the governors and other management (as required by auditing standard5}, and discussed with the governors and other management the policies and procedures regardin8 compliance with laws and regulations (see below); We identified the following areas as those mst likely to have such an effect: health and safety: General Data Protection Regulation (GDPRI; fraud: bribery and corruption, school inspections, Keeping Children Safe in Education, DBS checks, and employment law. Auditing Standards lirnit the required audit procedures to identify non {15,987) At 31 August 2024 668.524 316,545 35,986 1,021,055 Net Book Value At 31 August 2024 218,375 1,393248 144,546 24,395 1,780,564 At 31 August 2023 128,144 1.419,095 170,859 34,012 1.752.110 14. Debtors 20Z4 2023 Fee debtors 945.661 1,164,480 Other debtors 17.993 17,993 Prepayments and accrued income 47A17 48.240 I￿11,071 1,230,713 24 THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 A UGUST 2024 15. Creditors: due wlthln one year 2024 2023 Trade Creditors 51,956 109,029 Other creditors 49,795 51,437 Accruals 40,362 101,327 Deferred Income- Wedding5 20.750 Fees in advance 1,651,756 1,538,224 Pupil dep05rts 128.250 147,325 Other taxes and social security 51,n6 54,166 1,973,855 2,022,258 Fees in advance represent fees due for the Autumn term 2024. 16. Commitments under operating leases At 31 August 2024 the company had total commitrnents under non-cancellable operating leases payable as follows: Other 2024 2023 Within one year Between one and five years 30.000 17.933 47,933 20,208 27.112 47,320 Lease payments recognised as an expense in the year amount to £32,49812023: £28,164}. 25 THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 17. Pension commitments The School participates in the Teachers, Pension Scheme 1.the TPV} for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £292,96012023- £281,227) and at the year-end £26,662 12023: £32.099) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teacherg Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 la5 amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and othdy pension benefkts 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 Attuarfs Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement. the remedy proposed that when benefrts become payable, eligible members can select to receive them from either the reformed or legaci schemes for the period l April 2015 to 31 March 2022. The actuaries have 255umed that member5 are likely to choose the option that provides them with the greater benefrts, and in preparing the 2020 valuation hasvalued the'greatervalue. benefitsfor groups of relevant members. The employer contribution rate for the TPS is 28.6%. and employers are also required to pay a scheme adminlstration levy of 0.08% giving a total employer contribution rate of 28.68%. The school a150 contributes to defined contribution schemes on behalf of its other staff. Employer contributions payable to these schemes were £63,074 {2023: £57.693) and at the year end £5,96012023: £8,688) was accrued in respect of contributions due to these schemes. 18. Share capital and control The charity is limited by guarantee and does not have a share capital. In the event of a winding up each member guarantees to contribute an amount of no more than £1. 26 THE FREWEN EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 19. Summary of fund movements Balance at I September 2023 Balan￿ at 31 August 2024 Incoming Resource5 Resources Expended Transfer5 Unrestrlcted funds General reserves 1.602,197 4,696,385 (4.257.645) 2,040,937 Restrirted funds Performance arts space 405,510 405,510 Total funds 2,007,707 4.696,385 (4,257.645) 2,446,447 Unrestricted funds: These are funds to be spent or applied at the discretion of the Governors to further any of the Charity's objectives. Restricted funds: Donation was received from Stanbridge Earls School Trust for the Charty to use towards the equipping the performance arts space. As at the year end, no equipment has been purchased by the school yet. It is the intention of the school to begin utilsing this funding during 2025. 20. Analysi5 of net assets between funds Unrestrirted Funds 2024 Re5trirted Funds 2024 Total 2024 Fund balances at 31 August 2024 are represented by: Tangible fixed assets Current assets Creditors: le5S than one year 1,780,WI 2,234.228 (1,973,855) 2.040.937 1,780.564 2,639,738 (1,973,855) 2,446.447 405,510 405,510 Unrestricted Funds 2023 Restrlcted Fund5 2023 Total 2023 Comparative Fund balances at 31 AuEUSt 2023: Tangible fixed assets Current assets Creditors: less than one year 1,752,110 1,872,345 {2,022.258) 1,602,197 1,752,110 2,277,855 (2,022,258) 2,007,707 405.510 405,510 21. Related partie5 During the yeargovernors were reimbursed travel expenses totalling £42312023: £3381. There were no other related party transactions duringthe year (2023: none). 27