Charity rpgistration number 307024 Gompany registratlon number l)0543113 (England and Wales) FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED LEGAL AND ADMINISTRATNE INFORMATION Trustees C S Johns N M S G Bartholomew AJ Smith (Appointed 19 November 2024) Charity numbor 307024 Company nurnber 00543113 Registered office and principal address Bolney Court Crossways Bolney Haywards Heath West Sussex RH17 5RD Auditor TC Group The Coutyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Accountant Moore (South) LLP 9 St Johns Place Newport Isle of Wight P030 1LH Bankers Natwest Bank PIC 1 Must8r Grggn Haywards Heath West Sussex RH164AP
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED CONTENTS Page Trustees, report Independent auditorfs report 10-12 Statement of financial activities 13 Balance sheet 14 Statement of cash flows 15 Notes to the financial statements 16-30
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their port and the audited financial statements of the Charity for the year ended 31 August 2024. The TTUStees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS102) in preparing the annual Teport and financial statements of the charity. This report meets the requirements for the Directors and Strategic RetM)rL as required by Company Law. On 25 November 2024, the charitable company changed its name from Famey Close School Limited and at the same time was granted exemption from using the word 'limited" in its name. The financial statem8nts have been prepared in accordance with the accounting policies set out in not8 1 to Ihe financial ststements and comply with the charitys articles of association. srRATEGIC REPORT: OBJECTIVES, AIMS AND ACTivrriES F8mey Close School's aim is to provide educational and social development opportunities for boys and girts aged 9 -18 who, following the introduction of the Children & Families Act 2014, have an Education, Health & Care Plan for Social, Emotional and Mental Health or associated needs. All students who att8nd the school are referred by a range of Local Authorities across the South and Southeast of England. Our key objectives are to.. Provide an academic, vocational, and socsally leaming environment that supports students to achieve economic wellbeing. and to be able to tnake a positive contribution to their family, the local community and to society in general. Pmmote a positive sense of personal wellbeing amongst students. Provide students with a full entitlement to the National Curriculum and a range of examination subjects at levels that match their abilitses and intellectuallcognitive capacity- Provide students with a package of care Ihat suprths and develops their emotional rnaturity and meets their social educational needs. Provide students wtth a range of vocational opportunities to support a successful transition into the work- related environment Maintain the sustsinability of the school through: Positive Inspection and monitoring reports, Managed. responsible fee setting, High qualty resources and accommodation, Regular quality staff training and professional developm&nt opportunilies, Conducting quality assurance exer¢lses and the collection and review of appropriate dats to infomi planning.
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Our Ethos, Strategy and Policles The charity aims to meet its objectives by carrying out its activities In line with the schools, policies end procedures. Antl4liscrimination and Equality Provided they have an Education, Health & Care Plan, Famey Close is open to students who are referred and funded by their Local Authorlty. We are an equal opportunity organisation, committed to a working environment Ihat is free from any fomi of discrimination as identified in the Equality Act 2010. We will make reasonabl8 adjustments to meet the needs of stsff or pupils who are, or may becorne, dlsabled. Since the inception of the Equality Act 2010 the school reviey its Complian in this area of leglslation annually. Public B•nefft In sgtting our objedives and planning our activities, th8 Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to ils supplementsry public benerrt guidance on advancing academic, social educatlon and on fee-charglng.
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Safeguarding The school continues to be commltted to safeguarding and promoting the welfare of ils students. Thls focus is shared by all Trustees and staff. As part of this. the school's Designated Safeguarding Leads undertake regular statutory training to support their duties. All members of staff are trained in the sGhool's Child Protection Procedure. as defined wthin the guidance set by the Local Safeguarding Team, with annual refreshers. A Safeguarding te8m is in place and consists of . Designated Safeguarding Lead (Principal), Two Deputy Designated Safeguarding Leads (Head of Care and the Schools Social Worker). SENCO, Nurse, Vice Principal. Head of Education (also the schools CEOP'S ambassador). RefealS and Inclusion Officer, A Safeguarding Governor representstive (an Ex-Head of Care). Both the Principal and the Schools Social Wother are registered with Social Work England. Th8 School Social Worker works wlth all students that benefit from social work input. The School Nurse and our Referrals and Incluslon Officer support with Safeguardlng related matters surrounding n8w pupils but has a particular focus on assessment of pot8ntial new pupils and ensuring high attendance is maintained. The school o)ntinues to use an embedded process of cording all Safeguarding concems, 81ong vith all incidents, on our Management Information System - CPOMS. This enables us to record. track and reflect on all incidents and dearly recorded the follow up on all recordings. The school continues to operate a behaviour approach in a stNctured mannar with dear boundaries and expectations of behaviour in place. Alongside this. therapy and counsalling play a vital part in th8 work that we do. Our SEND team has inc%eased over the last couple of years and plays a vital part In both the academlc and social progress of all students. The school is on a journey to become a Trauma Informed school wlth tralning having taken place for all staff, two staff memb8rs have completed the Trauma infomied diploma and a review of behavi¢)ur policies havlng taken place as a result of this. We celebrate diversity throughout the year. We have successfully been reissued our Rainbow Flag Award and our Healthy Schools awar(l. We continue to have a Behaviour team that meets biweekly to discuss strategies to support students with their behaviour. This a150 includes amending present practi to support the adulls that Work with our students. Inudents of bullying are kept to a minimum by vigilant staff who intervene when it looks as though incidenls may occur. Any episodes of bullying are recorded. and work is undertaken with these students to help them move forw8rd. Weekly culture iapital days enable us to not only educate our students bLrt to also celebrate different cultures. IncÉdents of studenvs Sexual harassment are recorded, addressed, tracked and action put in place in line with recent Governrnent requirements. As a result of this incidents have signtficantly redud. More generally all behavioural incidents are also logged and tracked to support us in identifying times of the day that individuals or groups find more challenging so we provide extra support to alleviate this. We run a 24-hour currfculum to ensure that our students are educated throughout the day about how to keep themselves safe, both in person and online. This input 15 undertaken through fornial lessons such as PSHE and Humanities as wall as more informally via input from the adults that work with our students during the evening. Various opportunities are offered to our students to ensure that their VOiGe is heard and vieV gathered. For example an annual questionnaire for sttidents and also for Iheir parentslcarers, regular meetings with the students Link Work8r5, in therapy or counselling. iutor time. School Council, annual revipws and House meets'ngs. We ensure that thelr views are hear(1 and responded to.
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Risk management The Board of Trustees has overall re5ponsibilty for overseeing risk management and has a robust mechanism in place, with detailed assessment and management of risk delegated to the Senior Leadership team. The Trustees have a duty to identfy and review the risks to which the charity is exposed and to ensure appropriate controls are in plac8 to provide reasonable assurance against fraud and error. These are identified ID the Board through 8 risk review procedure and by committees. and an annual action plan put in place. The most signrFicant financial risk concems the cost of Providing services nol being fully rnatched by the income from fees. The acadernic year (202112022) saw us open our day provision and take in day students. In September 2023 the DfE approved us to go from 72 students to 100. This has seen a significanl increase in our student numbers and has financially supported Ihe school and enabled us to enhan our offer. The key to meeting the needs of our students is recruiting skilled and empathetic staff, this continues to be a challenge. However, we know that this is not unique to Farney Close School. but a nationwide issue. Nonetheless, the staff tention levels are remarkably stable which brings with it consistency and supports the students to be less testing and as a result they show less Challenging behaviour. The SLT are supported with half tennly visits for our Sthod Improvement Partn8r (SIP) and our National minimum Standards Independent Visitor. Both parties produce reports from their visits with any advisortes so support us moving fornard. The Trustees believe that the school 15 as well plad as any other organisation In our speciallsed section to tackle risk and to continue to thrive. Our reputation as a provider of specialist care for students with the higher range of social, emotional and mental health needs is well known within the local authorities that use us. The school values all Famey Close employees and re¢ognlses the part that each member of staff plays In ensuring that the whole team work together to meet the complex needs of our students. ACHIEVEMENTS AND PERFORMANCE The school has continued its joumey forward. Our last Educational Otsted Inspection was in the Autumn term of 2022 where they provided us with a "GOOD" rating in all areas. In March 2024 Ofsted Social Care carried out their annual inspection wher8 we gained the rating of Outstanding in all areas. In July 2024 we asked West Sussex to cary out a Safeguarding audlt. The results of thls were pleaslng with us achieving the best possible grading. Exam Results 2024 There were 10, year 11 leavers this year. 2 pupils achieved 5 GCSE passes at grade 4-9 1 pupil achieved 2 GCSE passes at grade 4-9 2 pupils achieved a GCSE pass at grade 4-9 All pupils achieved a GCSE grade in every subject tsken 20Yo of pupils achieved 4-9 in Biology 20¥0 of pupils achieved 4-9 in Maths 300kn of pupils achieved 4-9 In Physic5 40% of pupils achieved 4-9 in English Languag8
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW Financial Management and Sustainabllty Income is derived from school fees negotiated with sponsoring local authorities and funding bodies. The sthool's budget is based on the school achieving a set number of students placed by various funding bodies. The result of the operatlng plan for the academic year was a surplus on unrestricted funds of £463,493 (2023: £256.575), with a transfer from restricted funds In respect of the outdoor classroom project of £22.861 (2023.. £nil) taking unrestricted funds to £6,215,566 (2023: £5.729.212). Of the total funds. £4,389,146 (2023: £4.211,572) was in respect of bulldings and fixed assets. Free reserves as the year end (net current assets in unrestrict8d funds less the revaluation reserve) was statad at £1,826.420 (2023: £1,570.575). The restricted funds increased by £32,622 (2023.. £24.266) as a result of pupil premium monies and equipment grants and donations. Reslrsded funds of £85.557 (2023: £52,935) were camed forward for expenditure in future periods. A total of £362,067 (2023: £1,020,607) v5 invested in fixed asseis in the year. on major building vmrf(s and projects, and upgrading of facilities. The school has always had a cautious investment policy, with investments in short term bank deposits. The retum on investments has remained very low in the current financial period wilh inlerest earned on funds of £51,852 (2023.. £24.971). the charity has placed £1.300.000 on longer tem deposits with its bank8rs to improve the Investrnent retum from cash deposits, which are inGluded within current asset investments. The charity needs to maintain reserves to continue to improve the education and care services provided; and at the same time provide a buffer lo cope wlth the increased uncertalnties over student numbers and funding.
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 PLANS FOR FUTURE PERIODS Educalion In Septemb8r 2023 the DofE agreed for u5 to increase our capacity from 72 to 100. This has enabled us to increase our number of Key Stage 2 students as well as facilitating a new Inclusion unit which is now part of our local offer to maintain places of our more Ghallenging students. The upcoming academic year will see us embed this increase in numbers with the support of the Indusion dassroom. To offer a curriculum that provides an education for those students who are Capable of obtsining at least 5 GCSES, whilst also enabling th8 Students, who are18ss able, to athieve. This particularly refers to vocational 8nd employability skills however we are also introducing English Literature at GCSE level and the Double GCSE Science award. Increase the opportunity for outdoor learning with outdoor clawooms and a forest schools, area. We have three staff undertaking their training and a dedicated area on the school site for Forest schools. A new outdoor lassroom was donated to provide further opportunities for outdoor leamlng. We have applied for the "Trauma Informed School Award. which hope to achieve thi8 year (2024125). Following the year end we havè increased our vocational offer and moved the school day from 5 lessons a day to 6 in January 2025, wllh the 6th being a lesson dedicated to life skllls and wellbelng which will be offered to all year groups. We are 3150 looking to relocate our school library to a more accessible location for the students so that we Can further enhance ading across the school. Care We aim to continue to promote the importance of our residential experience in supporting students in leaming through a 24-hour curriculum. Here the focus is on social and independent ski115 to enable the students to b8come adulls that succeed in SOG18ty. Whilst this is a focus for our work with our residential pupils. we also look to offer pastoral c2re to all our day pupils, supporting them in their joumey into adulthood. A new social. emotional and learning recnrd has been launched (Sept 2024) to record all students progress in this area. Premlses Development of the sthool grounds is ongoing and forms part of the five-year maintenance and development plan for the whole site. This will enhance the opportunities for enrt¢hment ond outdoor leaming. whllst it improves the security and safety of the school site. Internal refurb of residential accommodation is taking place to enable us to provide individual bedr00n and create a more homely, modem provision.
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charsty is Controlled by its governing document. the Memorandum and Arbcles of Association, and is constituted as a Ilmited company by guarantee. as deflned by the Companies Act 2006. The Trustees of the Charity meet regularly to ensure that all safeguards and checks are in place to prevent any risks to the Company and to 8nsure that it complles wlth the regulations of the Charlties and the Companies, Acts. The Articles of Association were rewritten and adopted on 25 November 2024. Trustees now agree and accept the accounts and, elect Truslee8 as and wh8n appropriate. When setting school fees, the school accepts its responsibility to WOTk hard and offer value for money for referring Local Authorities. At the same tirne, it also acknowledges ils duty to maintaln an appropTiately balanced provision for the students. The Trustees, who are a15Q the Diredors for the purposes of company law, and who served during the yèar and up to the date of si9nature of the financAal statements were: (Resigned 16 November 2023) (Resigned 31 August 2024) (Resigned 16 November 2023) JEBowry S G Deane M Gibrill C S Johns N M S G Bartholomew AJSmlth (Appointed 19 November 2024) Followlng the year-encl, the followlng changes occurred in the Board of Trustees: K B Larklns and S A Larkins served as trustees from 02 September 2024 to 19 November 2024. RecNitmont and Appolntmant of new Trustees The Trustees have explored the barriers in place locally and nationally on recruitment and retention and looking at gett(ng the right people around the tabk. We have been successful in the recruitment of some new Trustees. Having the right mix of people and sks115 on the board enables the Trust8es to have multiple perspectives, and are able to debate issues robustly. and who then speak with unity of voice and message about the decisions made. On appointment all new Trustees are provided with an induction and infoTmalion pack and meet with the Chair to talk about responslbillties Induction and training of new Trustee5 The Board have access to training vla The Key for GovemoTS and the National Govemance Association. as well as the opportunity ta attend in-house training with the school staff.
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Organlsatlonal structuro The TFWStees meet at least six times a year. The TTUSt Board is responsible for ensuring that hlgh stsnd8rds of corporate governance are maintained. It exerctses its powers in a largely strategic leadership role in the running of the School. The Board: undertakes policy development and strategic planning. ensures sound management and admini5tralion of the academy; ensures th8t managers are equipped with relevant skills and guidance,. ensures compliance with legal requirements- establishes and maintains effective intemal controls" manages the academy's financial, human and other resources (in particular control over the sp8nding identified in the School's development plan); monitors perfomiance and the achievement of objectives, and ensures that plans for improvement are acted upon. provides a framework for the School to be responsive to the needs of parents and the comrnunty: sets the School's standards of conduct and values. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the accLJunts in accordance with applicable law end United Kingdom Generally Accepted Accounting Practice. Company law requires the Trustees to prepare accounts for eath financial year. Under that law the Trustees have elected to prepare the 8ccounts In a¢cord8n¢e with the United Kingdom Generally Accepted Accounting Practice (United Klngdom Ac¢ountlng Standards and applicable law). The accounts are required by law to give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitsble C4)mpany for that period. In preparing those 8ccounts. the TNstees are required to.. select suitable accounting policies and then apply them conslstently., • make judgement5 and estimates that are reasonable and pwdenL state whether applicab18 accounting standaTds have been followed. subject to any material departures di5dosed and explained in the accijunts prepare the accounts on the going (x)ncem basis unless It is inappropriate to presume that the tharitable company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fillanal position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomjation to audltor So far as the trustees are aware. there Is no relevant infomiation of which the charitable companls audltors are unaware. Additionally, the trustees have taken all necessary steps that Ihey ought to have tsken in order to make them selves awar8 of all r818vant audit infomiation. arHJ trj establish that the company's auditors ar8 aware of that infomiation.
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 This report was approved by the Board of Trustees. In approving the Tnjstees Annual Report. the Trustees also approve the Strategic Report induded therein. in our GapaGity as Company Dir8Ctors. CSJ Trustee Dated., 24 March 2025
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARNEY EDUCATIONAL TRUST Oplnlon We have audited the financial statements of Famey Close School Limited for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheeL the statement of cash flows and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framewo that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. inGluding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK 8nd Republic of Ireland (United Kingdom Generally Accepted Accounting Practlce). In our opinion, the financial statements: give a true and fair view of the state of the chaiitable company's affairs as at 31 August 2024 and of its incoming resoUe$ and appllcation of resources for the year then ended: have been properly prepared in accordance vath United Kingdom Generalty Accepted Accounting Practice; and have been prepareil in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our r8sponsibilities und8r those standards ar8 further dèscribed in th8 Auditols responsibilities for the audit of the financial statsments section of our report. We are independent of the diarity in accordance wilh the ethical requirements that ara relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and w8 hav8 fulfi118d our oth8r 8thical 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. Conduslons rnlallng to golng concom We have nothing to report in respect of the following matters in re18tion to which the ISAS (UK) require us to report to you where: Ihe trustees, use of the going concem basis of accounting in the preparation of the financial statements is not appropriate. or the Trustees have not disclosed in the finanrAal statements any identified material uncertainties that may cast significant doubt about the charitls ability to continue to adopt the going conrn basis of accounting for period of at least twelve months from the date when the financial statements are authorised for Issue. Other Inforniatlon Th8 Other information comprises th8 information included in the annual reporL including the trustees, report, other than thè financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial slatements does not cover the other infomiation and. eXpt to the extent otherwise explicitty stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to re8d the other infomiatlon and. in doing so. consider whether the other information is materially inconsistent with the financlal statements or our knowledge obtained in the audit or othefwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether the is a material misstatement in the financial Statements or a material misstatement of Ihe other infofftiation. If. based on the work we have perfomied, we ¢on¢lude that there Is a materi81 misststement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other mattèrs prescrfb8d by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audiL' the information given in the trustses, report for the financial year for which the financial slatements are prepared, whlch Includes the dlrectors. report and the strategic report prepared for the purposes of company law. is consistent with Ihe financial stat8ments' and the strategic report and the directors, report included within the trustees, report have been prepared in axordance wth applicable legal requirements. 10-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF FARNEY EDUCATIONAL TRUST Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in th8 course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the trustees. 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 2nd proper accounting records have nol been kept, (or returns adequate for our audit have not been received from brdnch8S not visitsd by us)- OT the financial statemenls are not in agreement with the accounting records and retum5,' 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., the Trustee5 were not entitled to prepare the financtal statements in accordan with the small companies regime and take advantage of the small companies. exemptions in preparing the trustees. report and from tt)e requirement to prgpare a strategic report. Extent to whlch the audit was consldered capable of detecling irrogularltlos. Includlng fraud The obje¢tlves of our audit, in respect to fraud. are: to idenlrfy and assess the risks of material misstatement of the financial statements due lo fraud. to obtaln sufficient appropriate audit evidence regarding Ihe assessed risks of material misstatement due to fraud, through designing and implementing appropriate responsès. and to respond approprialely to fraud or suspected fraud identified during the audit. However, the primary responsibility for the preventlon 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 reguletions that could reasonably be expected to have 8 malerial effect on the financial slatements from our general sector experience, and through discussion with the trustees and other management (as required by auditing standards), and discussed with the trustees and other managem8nt the policies and proc8dures regarding cornpliancg Wlth laws and regulations {s88 b81ow); We identified the following ar6as as those most likely to have such an effect: health and safety., General Data Protection Regulation IGDPR). fraud. bribery and corTuption', and employment law. Auditing standards limit the requirèd 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. The identified actual or suspected non-compii8nce wa5 not sufficiently significant to our audit to result in our response being identified as a key audit matter. We considered the leg81 and regulatory frameworks directty applicable to the financlal ststements reporting framework (FRS 102. the Companies Act 2006 and the Charities Act 2011) and the relevant tax compliance regulations in the UK. We considered the nature of the charitrfs operations, the control environment and financial perfomiance. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit- We nSidered the procedures and controls that the charity has estsblished to address risks identified. or that otherwise 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 b8 higher, we performed audit proCedUS to address each identified fraud risk. These procedures included.. testing manual journals., reviewing the financial statement disclosures and testing to supporting documentation,. performing analytical prOdUres,. and enquirtng of management. and were designed to provide reasonable assurance that the finan(aal slatemenls were free from fraud or error. 11
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF FARNEY EDUCATIONAL TRUST Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatements In the financial statements, even though we have properly planned and performed our audit in 8Gwrdanc8 with auditing Standards. For example. the further removed non-compliance with laws and regulations (irregularitles) is from the events and transactions reflected in the financial ststements, the less likely the inherentty limited procedures required by audidng standards would identify It. The risk Is also greatér regarding iegular1t[eS occurring due to fraud rather than error, as fraud involves intentional GOnalMent. forgery, collusion, omission or misrepresentation. We are not resp)nsib18 for preventing non-complianc8 and cannot be 8xpected to detect non- compliance wtth all laws and regulatlons. Responslbilities of Truste8S As explain8d more fvlly in th8 Statement of trustees. responsibilities. the trustees, who are also thè directors of the chartty for the puw of company law, are responsible for the preparation of the financial ststements and for being satisfied that they give a tnie and fair view. and for such intemal control as the trustees detemiine is necessary to enable th8 preparation of financial statèments that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the twstees are responsible for assessing the chaiivs ability to Continue as a going concern, disclosin9. as applicable. matters related to going concem and using the going concern basis of accountlng. unless the trustees elther intend to liquldate the chaiitable compary or to cease operations. or have no realistlc altemative but to do so. Audltorfs re$pon$lbilltles for the audil of the financlal statements Our objectives are to obtain rèasonable assuranc8 about whether the financial statements as a wholè are free from rnaterial misstatement. whether due to fraud or error, and to issue an auditorfs report that indudes our opinion. Reasonable assurano is a hlgh level of assurance bul is not a guarantee that an audit conducted in aOrdanCe with ISAS (UK) will always detect a material misstatement when it exlsts. Misststements can arise from fraud or error and are considered material if, individualty or in the aggregate, they could reasonably be expected to influence the econornic decisions of users taken on the basls of these financial statements. A further description of our responsibilities is available on the Flnanual Reporting Council's webslte at: https:11 www.frc.org.uklaudlt0rsSpOnSlbI1lties. This description foms part of our audltorfs report. Use of our report This report is made solety to tha charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has b8en undertaken so that we might stste to th8 charitable ¢ompanYs members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and the charitable company's members as a body, for our audlt worl for this report, or for the opinions W8 hav8 formed. Mr Mark Cummins (Senior Statutory Audltor) for and on behalf of TC Group statutory Auditor The Coutyard Shoreham Road Upp8r Beeding Steyning West Sussex BN44 3TN 12-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted Rèstrlcted funds fvnd$ 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Totsl 2024 2023 Notss Income from: Donafjons and legacies Charitable activities Investments Other income 2,550 5,005,973 51,852 136 24.861 27,411 55.376 5.061,349 51,852 136 1,184 4,234,473 24,971 (596) 11,066 12,250 31.722 4.266,195 24,971 (596) Total Income 5,060,511 80,237 5,140,748 4,280,032 42,788 4,302.820 Expendlture on: Charitable adivities Other expenditure 4.592,444 4,574 24.754 4,617,198 4,574 4,003,457 18,522 4,021,979 11 Total resources expended 4,597,018 24.754 4,621,772 4,003,457 18,522 4,021,979 Net Incomlng resources before transfers 463,493 55,483 518,976 256,575 24.266 280.841 Gross transfers belween funds 21 22.861 (22.861) Net income for the yearl Net movement in funds 486,354 32,622 518,976 256.575 24,266 280,841 R8conclllatlon of funds: Fund balances at 1 September 2023 5.729,212 52,935 5.782.147 5,472,637 28,669 5,501,306 Fund balances at 31 August 2024 23 6.215.566 85,557 6.301.123 5,729,212 52,935 5,782,147 The statement of financial activities indudes all gains and loss8s recognised in the year. All income and expenditure derive from continuing activities. The allocation of the comparative figurers beeen funds is explained in the notes to these accounts. The statement of financial activities also complies with the requirements for an income and 8XP8nditure account under the Compani88 Act 2006. The notes on pages 16 to 30 form part of Ihese financial ststements. 13-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED BALANCE SHEET ASAT31 AUGUST 2024 2024 2023 Note5 Fixed assets Tangible assets 14 4,389,146 4.211.572 Current assets Debtors Investments Cash at bank and in hand 17 16 1,490,716 1.300,000 913,547 245.018 2,882,891 3.704,263 3,127,909 Credltorg: amounts falllng due within one year 18 (1.765.439) (1,505.874) Net current assets 1,938,824 1.622,035 Total assets less cuThent liabilities 6,327.970 5,833,607 Creditors: amounts falling due after more than one year 19 (26.847) (51,460) Net assets 6,301,123 5,782,147 The funds of the charlty Restrlcted income funds Unrestricted funds 21 22 85.557 6,215,566 52,935 5.729,212 6,301.123 5,782,147 The notes on pages 16 to 30 forni part of these financial statements. The financial s18t8m8nts were approved by the Trustees on 24 March 2025 CSJO Trustee ns Company registration number 00543113 (England and Wales) 14-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operating activities Cash (absorbed byygenerated from operations 28 (359.429) 477,354 Inv•sllng activities Purchase of tangible fixed assels PrOedS from disposal of tangible fixed assets Purchase of current asset investments Interest reiVed 14 <362,067) (1,020,607) 300 <1.300.000) 51,852 4.960 15 24,971 Net cash used In Invosllng actlvltig9 (1,609,915) (990,676) Net decrease in ca$h and cash equivalents (1.969,344) (513,322) Cash and cash equivalents at beginning of year 2,882,891 3,396,213 Cash and cash èqulvalènts at ond of year 913,547 2,882.891 The notes on pages 16 to 30 form part of these financial statements. The charity had no debt during the year 15-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Critl¢al a¢¢ountlng estimates and Judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the Carylng amount of assets and liabilities that are not readily apparent from other sources. The estimates and associaled assumptions are based on historlcal exp6rience and other factors that are considered to b8 relevant. Actual results may differ from these estimates. The estlmates 8nd underfying assumptions are revlewed on an ongoing basis. Revisions to accounling estimates are reco3nised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fijture periods where the revislon affects both current and future periods. Accounting pollcle8 Charlty Infomiation Famey Educational Trust Is a private company limited by guarantee incorporated in England and Wales. The registered office is Bolney Court. Crossways, Bolney, Haywards Heath, West Sussex, RH17 5RD. 2.1 Accounting conventlon The financial statements have been prepared in accordancE with the charivs articles. the Companies Act 2006 and thé Charities ACÉ 2011 and °Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable In the UK and Republic of Ireland (FRS 102)° issued in October 2019. The charity is a Public Benefit Entlty as defined by FRS 102. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are round8d lo the n8arest £1. The flnancial ststements have been prepared under the hlstorical cost convention. 2.2 Going concern At the time of approving the financial statements. the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational exist8nc8 for the foreseeable fvtur8. Thus th8 Trustees continue to adopt the golng concern basis of aco)unllng In preparing the financlal statements. 2.3 Charltable funds Unrestrlcted funds are available for use at the dlscretlon of the Trustees in furtherance of thelr charitable objectives. Restricted funds are subject to specific condbtions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 2.4 Incoming resources Income is recognised when the charty is legalty entitled to it after any perforniance condltions havè been met, the amounts can be measured reliably, and it is probable that income will be received. School fe85 are recx)gnised over th8 academic year to which the fees apply. on a tern by terrn basis. Cash donations are re¢ognised on re¢elpL Other donations are recoJnlsed once the charity has been notified of th8 don8tion. unless performance condltlons require deferral of the amount. IncLtme tax recoverable in relatlon to donatlons r8ceived under Glft Aid or deeds of covenant recognised at the time of the donalion. 16-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcies (Contlnued) Donated facilities and donated professional services are recognised in income at their fair value when their enomiC benefit is probable. it can be measured reliably and the Gharity has control over the item. Fair value is determined on Ihe basis of the value of the gift to the tharity. For example the 8mount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. 2.5 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequenlly measured at cost or valuation. net of depreciation and any impairment losses. Addittons of individual items in excess of £1.000 including Irrecoverdble VAT are capitslised. Depreciatlon is recognised so as to vKite off the cost or valuation of assets le5S their resldual values ov8r their US8ful lives on th8 following bases: Freehold buildings Plant and aquipment Fixtures and fittings Motor vehicles 2-10Vo per annum 20.10 on cost 20-33% on cost 20°h on cost The gain or loss arising on the dlsposal of an assèt is detemiined as the difference betsveen the sale prOed$ and the carrying value of th8 asset, and is rgcogniséd in the statement of financial activities. 2.6 Impairnient of fixed assets At each reporting end date, the charity revlews the carying amounts of its tangible assets to detemiine whether there is any indicatlon that those assets have suffered an impainnent loss. If any such indication exists. the recoverable amount of the asset Is estimated in order to detemiine the extant of the impairfflent loss (if any). 2.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid inv85tments with original matutities of three months or less. Also induded is a 2 year bond. 2.8 Financial instnjments The charity has elected to apply the provisions of Section 11 'BasiG Financ1 Instrumerts, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its finanaal instruments. Financial instruments are re(x)gnised in the charitys balance sheet vthen the charity becomes paty to the Gontractual provisiorTS of the instrument. Financial assets and liabilities are offset, with the net amounts pr8sented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to setue on a net basis or to realise the asset and settle the liability simultaneously. Basic finan¢lal assets Baslc financlal assets. whlch include debtors and cash and bank balances, are Initially measured at transaction price induding transaction costs and ar8 subsequent5y carried at amortised cost using the effective interest method unless the arrangèment constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financlal assets classified as re1vable within one year are not amortised. 17-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcies (Continued) Baslc flnanelal Ilabllltles Bas1¢ financial liabilities. including creditors and bank loans are initially recognised at transactlon price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments dls¢ounted at a market ratè of interesL Financial liabllltles classlfied as payable thin one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classrfied as cuent liabilities rf payment is due within one year or less. If noL they are presented as non-current liabilities. Trade creditors are recognised Initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 2.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are reived. Terrnination benefits are recognised immediately as an expens8 when th8 tharity is demonstrably committed to tenninate the employment of an employee or to provide tennination benefits. 2.10 Retlremont beneflts R8tir8ment ben8frts to employees of th8 school are provid8d by th8 Teach8rs' Pension Scheme (TPS,) and a further defined contiibution scheme for non teaching staff. The teachers, pension scheme is a defined benefit scheme and the assets of both are held separatety from those of the school. The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions ovèr employees, worf(ing lives with the school in such a way that the pension cost is a substantlally level percentage of cuent and future pensionable payroll. The contributions are detemilned by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. As stat8d in Not& 26, th8 TPS is a multi-employeT scherne and the school is unable to identify its share of the undertying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is IheTefore treatéd as a defined contribution scheme and the contribufjons are re¢ognlsed as they ere p81d each year. The school also operales a defined OtrIbUtion stheme in respèct of thè care and administration staff, which is an autonenrolment scheme. The contributions are met from th8 employers and employees cnntributions and the assets are held extemally to the company. The school also has an unfunded defined b8n8fft nstructive obligation to provide benefit arrangements frjr two fomer members of staff whereby the school has committed to make pension payments and makè healthcarè provision in the fiJtur8. 2.11 Taxation The charity is an exempt charity within the meaning of sthedule 3 of the Charities Act 2011 and is considered to pass tho tests set out In Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporat6on tax purposes. The school also provides education services which are classified as exempt for VAT purposes, so the Charity cannot register for VAT. All costs are shown gross. as VAT incurred is irrecoverable. 18-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Donatlons and legacles Unrestricted Restrieted fvnds funds Totsl Unrestrictsd Restricted funds fvnds Totsl 2024 2024 2024 2023 2023 2023 Donations and gifts 2,550 24,861 27,411 1,184 11.066 12,250 Chgrltable activltles 2024 2023 School fees within Gharitsble activities Pupil Premium 5,005,973 55.376 4.234,473 31.722 5.061.349 4.266,195 Analysis by fund Unrestricted funds Restricted funds 5,005,973 55.376 5,061,349 For thg year ended 31 August 2023 Unrestricted funds Restricted funds 4.234,473 31,722 4,266,195 Investments Unrestrlcled Unrestrl¢ted funds funds 2024 2023 Interest receiv8ble 51.852 24,971 19-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 other income Unrestricted UnTrstrieted funds funds 2024 2023 Net gain on disposal of langible fixed assets Miscellaneous in¢ome (817} 221 136 136 (596} Charitable activities 2024 2023 Staff costs Establishment School expenses 14.252 890.752 2,878.698 737,683 2.648.237 3,783.702 3.385,920 Share of support costs (see note 10) Share of goveTnance Gosts (see note 10) 765,277 68,219 591,705 44,354 4.617.198 4,021,979 Analysis by fund Unrestricted funds Restiicted funds 4.592,444 24,754 4,617.198 For the year ended 31 August 2023 Unrestricted funds Restrlcted funds 4,003,457 18,522 4,021,979 Net movèment in funds 2024 2023 The net movement in fund5 is stated after thargingl(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets 19,860 179.620 4.574 14.720 125.602 817 -20-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Trustses During the year fve Irustees claimed £5,255 (2023: six truste8s £2.713) of expenses which relate to training. travel Costs and trustee meetings. 10 Support costs Support Govarnance costs costs 2024 2023 Depreciation Salaries Staff training Sundry Telephone Office costs Motor expenses Computer expenses PayToII Prof8ssional fees Bank charges Audit fees Accountancy Legal and professional 179,620 445.924 9,590 4,801 16,844 14,803 18.783 50.360 4,707 18.635 1,211 179,620 445,924 9,590 10,466 16,844 14,803 18,783 50,360 4,707 18,635 1.211 19,860 18,170 24,523 125,602 355,232 11,980 7,430 6,722 8,467 16.983 46,949 4,515 9,809 1.235 14,720 18,679 7.736 5,665 19,860 18,170 24,523 765.278 68,218 833,496 636,059 Auditorfs remuneration in relation to audit seNices was £15.600 {2023- £17,820) induding VAT. 11 Other expenditure Unrestricted Unrestricted funds funds 2024 2023 Net loss on disposal of tangible fixed assets 4,574 -21
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 Employees Number of employees The average monthly number of employees during the year was: 2024 Numbar 2023 Number School Estsblishment Administration 58 12 57 11 78 74 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs Benefits in kind- healthcare Change in present value for pension obligation 2,683.736 263.909 268.422 18.625 (14,907) 2,435,388 236,711 213,004 22,573 (13,377} 3,219,785 2,894,299 The number of employees whose annual remuneration was £60,000 or more were: 2024 Number 2023 Number £60.000 - £69,999 £70,000 - £79,999 £90,000 - £99.999 The total employer pension contributions paid in respect of these employees was £42,197 (prior year.. £20.434). The key management personnel of the charity cnmprise the Trust88s and the senior management team, which comprised 4 roles (2023 - 4 roles). the Principal, Vice-Principal, Head of Education and Head of Care. The total amount of employee benefits (including employer Nl and pension Gontributions) received by key management personnel for their serrfices to the trust was £357,452 (2023 - £314.757). 13 Taxatlon The Charity is exempt from taxation on its activities because all ts incom8 is applled for ch8rltable purposes. -22-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 14 Tangible fixed assets Frnehold bulldlng8 Planl and Flxturos and •qulpment fittings Motor vehicles Totsl Cost At 1 September 2023 Additions Disposals 6,371,989 225,102 230.981 1,178 (15,297) 305,024 119,888 (48,111) 49.677 6.957,652 15,900 362.067 (9,500) (72,908) At 31 August 2024 6,597,091 216.842 376,801 56.077 7,246,811 Depreclatlon and Impalmient At 1 September 2023 Depreciation charged in the year Eliminated in respect of dlsposals 2.333,272 120,810 207.106 171.772 7,636 45,384 (14,059) (44,475) 33.929 2,746,079 5,790 179,620 {9,500) (68,034) At 31 August 2024 2,454,082 200,683 172.681 30.219 2,857.665 Carylng amount At 31 August 2024 4.143.009 16,159 204,120 25,858 4,389,146 At 31 August 2023 4.038.717 23,855 133,252 15,748 4,211,572 15 Financial instruments 2024 2023 Carylng amount of financial assets Instruments measured at fair value through profit or loss 1,300.000 16 Current asset investments 2024 2023 Short term deposits 1,300,000 17 Debtors 2024 2023 Amounts falllng due within one year: School fees receivable Other debtors Prepayments and accrued income 1.416,955 44,272 29,489 221.807 23.211 1.490,716 245,018 -23-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18 Creditor8: amounts falling due withln one year 2024 2023 Fees in advance (see note 19) Trad8 creditors other creditors Accruals and deferred income 1,613,411 78.187 50.690 23,151 1,315,503 92.842 40.090 57.439 1,765,439 1.505,874 19 Creditors: amounts falling due after more than one year 2024 2023 Future liabililies in respect of fomier staff obligations (s8e note 26) 26,847 51,460 20 Fees in advance Fees in advance relate to the school fees invoiced in r@SP8Ct of the Autumn tenn, but which are due only on the start of the next academlc year from 1 September. and represent income for the following autumn temi: 2024 2023 Fees in advance at 1 September 2023 Recognlsed as income in 2023-24 year Fees invoiced prior to 31 August 2024. and carried fonNard to 2024-25. 1,315,503 1,327,785 (1.315,503) (1,327,785) 1.613.411 1.315,503 Fees in advan at 31 August 2024 1.613,411 1,315,503 -24-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 21 Re8trlcted funds The restricted funds of the charity comprise the unexpended balan(xs of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Incomlng Resources resources expended Transfer8 At 31 August 2024 September 2023 Pupil Premium Vocational building & equipment Media suite Fair Fax & Morrisons Vaccination funding Outd¢Y)r classroom 40.109 55,376 (24,754) 70.731 8.453 105 3,228 1,040 2,000 10.453 105 3,228 1.040 22,861 (22.861) 52,935 80,237 (24.754) (22.861) 85,557 Prèvlous year: Incomlng resources Resources expended Transfers At 31 August 2023 Septembor 2022 Pupil Premium Vocational building & equipmenl Media suite Education and childcare Fair Fax & Morrisons Vaccination funding Coronation grant 11,859 35.011 (6.761) 40,109 6,487 105 7,277 (5.311) 8,453 105 150) (6,000) 9,128 1.040 100 3,228 1.040 400 (400) 28,669 42.788 18,522 52.935 Th8 restrict8d funds include Pupil Premium monles provided for enrichment by local authorities. Other grants included as Wocatkon81 building and equipment", 'Media suite., 'Education and childcare" and 'Fair Fax and Morrisons. represented grants to 5UPPOrt the purchase of equipment in support of studenvs leaming and enrichment in the areas listed above. Vaccinatlon funding was a specific granL The grants received in respect of providing an outdoor dassroom have been used to fund outdoor equipment which has been capitallsed. As such there is a transfer to dose Ihe restrlcted fund. The Coronation Grant enabled celebration activities. -25-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted funds The unrestrided funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they m8y be used. These include designated funds which have been set aside OLrt of unreslricted funds by the trustees for specsfic purposes. At1 September 2023 Incoming Resources resources expended Transfers At 31 August 2024 General funds 5,729,212 5,060.511 (4.597.018) 22,861 6,215,566 Previous year: Incomlng resources Resources expended Transfers At 31 August 2023 September 2022 G8neral fijnds 5.472,637 4,260,032 (4.003,4571 5,729,212 23 Analysls of net assets between funds Unr•strfct¢d funds 2024 Re$trl¢t funds 2024 Totsl 2024 Fund balances at 31 August 2024 ar• r8pres8nt8d by: Tangible assets Current assets Long tenn liabilities 4.389,146 1.853,267 <26,847) 4,389,146 1,938,824 (26.847) 85.557 6,215,566 85,557 6,301,123 Unrestricted fund3 2023 Restrlcted funds 2023 Total 2023 Fund balances at 31 August 2023 are represented by: Tangible assets Currenl assets Long temi liabililles 4.211.572 1.569.100 (51,460) 4.211,572 1.622,035 (51.460) 52,935 5.729.212 52,935 5,782,147 24 Capltal commltments At th8 year end the Charity had no material commitments for capltal addltlons at the school (2023:£Nil). -26-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 25 Operatlng lease commltment8 At th8 reporting end date the charity had outstanding commitments for future minimum lease payments und8r non-cancellable operating leases. which fall due as follows". 2024 2023 Wlthln one year Betsveen and five years 7,008 2,664 9.048 9,672 9,672 18,720 -27-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 26 Related party transactlons Transaclions with relatsd parties Durlng the ye8r the charity entered into the following transactions with related partles: Retnuneration totslling £149.676 (2023 - £110,868) was paid to ftve {2023 - four) related parties connected as lose family members to either Trust88s or S8nior Management P8T50nnel at any point during the year. All were employed at the School on standard employment temis. 27 Pension costs Pension arrangements The school participate5 in the Teachers. Pension Scheme England and Wales (TPS) for academic and related stsff. The TPS is a defined-benefil sc*erne. The pension costs are &essed in accordance with the advice of an independ8nt qualifi8d actuary. The latest actuarial valuation of the TPS related to the period ended 31 March 2016. The pension Cost charge for the year ended 31 August 2024 was £207.714 (2023: £169.670). Conlributions amounting to £22,089 (2023: £22,089) were payable to the scheme at the year end. The school also operated a defined contribution scheme from July 2014, to meet the requlrements of auto enrolment. The assets of this scheme are held separately from those of the company in an independently adrninistered fund. The pension cost charge for the year ended 31 August 2024 was £45,429 (2023: £43,334). An amount of £62 {2023.' £8.152) was due to this scheme at the yèar end. The school has an unfunded constructive obligation to provide a defined bènèfit arrangement for one fomer member of staff whereby the school has committed to provide b8n8fits. The provision is reGognis6d using discounted cash flow methods, to provide a present value for the future beneffts payable by the company. the commitrnent in respect of one fornier employee aSeS in the next financial year. The key financial estimates and assumptions are that the benefits will continue until the former employee reaches the age of 89. increase at 2.75Y. per annum, and to reflect fair value. are discounted at 2.7°kn per annum. The total obligation at the year end was £36,183 (2023: £57,146). £4,000 is due wtthin one year and the balance of £32,183 tn more than one year. TeaGher8' Pgnslon S¢heme Introduction The Teachers, Pension Scheme (rps) is a statutory, contributory, defined benefit scheme, govemed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for teachers in academy trusts. All teachers have the option to opt out of the TPS following enrolment. -28-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 27 Pension costs (Contlnued) The TPS is an unfttnded scheme to whlch both the member and employer makès wntributions. as a percentage of salary. These contributions are credited to the Exchequer. Retirement and other pension benefits are paid by publi¢ funds provided by ParliamenL Valuation of the Teachers, Penslon Scheme The Government Actuary, using normal actuarial principles, conducts a fornial actuarial revlew of the TPS In accordance With the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of beneffts and many other factors. The latest acluarial valuation of the TPS was Carried out as at 1 April 2024, with the previous figures as at 31 March 2016. The valuation report was published by the Department for Education on 21 November 2023. The key elements of th6 valuation and subsequent consultation are: employer ¢ontrfbutlon r8tes sel at 28.68% (prevlously 23.68Yo) of pensionable pay {Includlng a 0.08Yo employer administration charge) - total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for Servi to the effective date of £262 billion (previously £218 billion). and notional assets (estimated future contributions together with the notional investments held at the valuation datel of £222.2 billion ( previously £196 billion giving a notional past service deficit of £39.8 billion (previously £22billion). -the SCAPE rate, set by HMT, is used to deterniine the notional investment return. The current SCAPE rate is 1.70h (previously 2.4%) above the rate of CPI. The employetrs pension costs paid to the TPS in the period amounted to £285,038 {2023.' £238,991) A copy of the valuation r8POrt and supporknng documentation is on the Teach8rs' P8nsions website. Under the definitions set out in FRS 102, thè TPS is an unfund8d multl-8mployer pension schem8. The Academy Trust has accounted for Its contributions to the scheme as If It were a deltned contrlbutlon scheme. The Academy Trust has set out above the infonnalion available on the scheme. -29-
FARNEY EDUCATIONAL TRUST FORMERLY FARNEY CLOSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 28 Cash generated from operations 2024 2023 Surplus for the year 518.976 280,841 Adjustments for. Investment income recognised in statement of financial activities Loss on disposal of langible fixed assets Depreciation and impairment of tangible fixed assets (51.852) 4.574 179,620 (24,971) 817 125,602 Movements in working capital.. (Increaseyd8cr8as8 in debtors IncreaseJ(decrease) in creditors (1,245.698) 234.951 449,000 (353,935) Cash {abs0rt)ed by)Igenerated from operatlons (359,429) 477,354