NFWELLS.8CHOOI. TRUST LIMITED (A C.hHritable C'.omp2ny LimiteLI by Cyugrontee) GOVERNORS, REIJORT AND ACCOUNTS YFAR ENDCID 31 JULY 2024 c.ompany niimhcr: 932584 Charity number.. 307038 NEWELLS SCHOOL TRUST LIMITED GOVERNORS Mrs W. Challen Cert. Ed Mrq. F., rknh4on MA, C,IMA Mr A Frtrd RA nT, Mi¥. J. Haiiiblell-jaliii MA QTS Mrs. S. Harris BEd Mr8. J. Rilcy MA QTS Lady S. Soames MA (Oxon) Mr. R. Soni FCA Mr. M. Templeman (Chairnian) HEADMASTER Mr R.C.. Flrown M.A.(Re8igne,d I l Aiigiist ?023) Mr J. Bcsley DA (AppointLd I Soptember 2023) BURSAR AIYD CLERK TO THE GOVERNORS IJ, F. Thomson MA. FCCA REGISTERED OFFICE Llrighion College Eastem Road, Brighton East Sussex UN2 UAL AUDITORS Haysmac LLP Chartered A¢¢ountantS l O Queen Street Place London EC4R IAG DANKIIRS HSBC Bank PLC 38 42 South Stroot Hayivards Heath West Sussex RH16 4LU Baiik of Scotlwid PLC 600 Gorgie Road Edinburgh EHI13XP RF.CISTERED COMPANY LYUMBER.. 932584 REGISTERED CHARITY NUMBER.. 307038 NEWELLS SCHOOL TRUST LIMITED GOVLRNORS, REPORT YEAR ENDED 31 JULY 2024 The Governors present theirannual report and financial st&tcmcnts for the year endcd 31 July 2024. 1'he Governors Confim) Ihat the financiAI statements comply with current statutory requirements, those of the governing documents and th¢ requirements of the Statement of Recommen(kd Practice "Accounting and Reporting by Charities" 2nd Edition, effective l January 2019. STRUCTURQ GOVKRNANCE AND MANAGEMFNT Newells School Trust Limited is a company limited by guaranlc¢ and a regislered charity and is governcd by its Memorandum and Articl¢s of Association. It operates as Handcross Park School. It has lo￿10 ownership of a sub5idiilry'. l.landcro8s Park Commercial Service5 Limited which incorporal¢s all the coinmercial trading activilies of the School and Ihe net surplut+ is Iransferred to the School annually by way of a gift aid donation. Governor8 lThe pres¢nt Governors of the School, who are also the charity Irustees and the directors of the Company for (Aimpanies Act purposes, who served during the year And yince as indicated ￿e. Mrs W. Challen Cert, Ed Mrs. E. Dobson MA. CIMA Mr A. Ford BA QTS Mr¥. J. Hamblett-Jahn MA QTS Mrs. S. Harris BEd Mr8. J, Riley MA QTS Lady S. Soames MA (Oxon) Mr. R. Soni FCA Mr. M. 'fcmpl¢man (Chairmdn) Th¢ Board of(iovernors meets at Icast 3 time8 a yoar and 1.8 joined by the HeNdmaster and Bursar. STATEMENT OF GOVERNORS, RESPONSIBII.ITIES The Govemnrs are responsible for preparing the annual rewrt and the financial statements in accordancc wilh appli¢abl¢ law and United Kingdom Generally Accepted Accounting l¥acticc. Company law requires the tiovernoTS to prepare financial statemenls for Coch flnancial yeur whi¢h give a true and fair view of the statLt of aflairs of the compllny and of the protil or loss of the company for thal period. In preparing those financial sra¢¢ments. the (iovemors are r¢quired to: select suitable accounting poli¢i¢$ and then apply them consistently. make judgements and cstima*N that are reR50nAble and prudent: obserye the methods and principles in the Charities Stalement of Recommended Practice. prepare the financial statements on the going concern basis unless it 18 inappropriate to presume that the company will continue An businesg. 'rh¢ Governor5 are re8ponsAble for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also r¢sponsible for safeguarding the assets. of the company and henc¢ for tskin8 reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Governors i¥ aware at the time the report is approved: Ihere is no relevant audit information of which the company's auditors arg unaware. and the Governors have taken all st¢P5 that they ought to have taken to make themselves aware of any rel¢vant audit infonnation and lo establish that the auditors are aware of that infornlation. NEWELLS SCHOOL TRUST I,IMITED GOVERNORS, REPQRT (Lontlniied) YEAR ENDED 31 JULY 2024 Organlsatlon The day-to-day maiiagemenl of the School iq delegated to the Headmaster, Bursar and the ,Senior Maiiageineni Team: Hettdiiiabler Mr. R. C. Brown MA IHon%) IRe8igned I l A(Igiist 2U21) Mr J. Bcslcy BA (Appoinlcd I Scpteiiibei. 202J) Rur8ar and Company Secretary M%. r. Thoinson MA (Ilon$), FC.C.A S¢T]iur Management 'l'eAm Mr. E. Johnson BA (Hons) QT% {Senior Deputy Heiid) Mi.. R. Clark Bsc (Ilons) Mdip (l)ei)iJly Ilcad A4'.Adc'.IlllL) Mr. A. Lostello Bsc Qpy (t)epiily Flead Pasloral) Mi's. P. Parry 14A o'r8 (Hexd i)f Pre. Prp.p) Mr M ('.hrle,r 14A (Hons) ni% (HL'u¢J <)r Roarding) M.%. M Bliss BA (Hons) Q'l's (Head ol. Teuching & Lcarning) (Resigncd 31 Augu4'12024) Mb. N Hunter BA (I Iviis) Q'l's (H￿￿ of 'l'¢achin% & I,earning) (Appointcd I Scpl¢mb¢r 2024) Remuneration is S¥1 by thL 13oard with the policy obje¢tiv¢ of providiiisi apprvpi'ialL iriL¥iilivLs tu enL()ura¥¢ ¢nhanced perfortnancL aild uf r¢warding) fairly an(1 rvsponsibly individual LVT)tribulionts lu the S¢hvol's success. 'I'hc apprupriatene.8.i and relevuncc ot. the remun¢ration policy is r¢viLwed aniiiJMlly. includin&y rcfcrcnce lo bcnLhmarks produced tor th¢ sector lo ensurc Ihat the SLhi)ol remiins 5cnsilivc lo tl)e br()ad¢i' issues of pay and employineiil conditions c15ewh¢re. -rhe SLhool ainis lo recNil, yubject lo cxpcricnc4 on a salary SLale. providing 5Lope I'or rewarding Lxc¢llenGe. l)elivery ot the School's charitable vlsion and purpose 15 primarily dependenl (In kLy m¢iiia¥cmenl personnel and 8taff Losts are the lurge81 singlc elcmenl of the charitable vxpcnditurc. ¢•'fRA TEGIC REPORT OB.IECTIVTr.S AND ACTIVITIES Handcross Park School is a fLiII and we¢kly boarding and day. ¢l￿edulatiOnal school foi. children uged between 2 13 yedrs, providingy tliein wilh high quality education cnabling them to move on lo & top indep¢ndenl senii)r schi)()I fi)r the ncxt Stage of their cduLation. The School has Continu￿ to oper&t¢ Pr¢paralory. Prc-Prcparalory and Nursery d¢partmenl5. '] lie objectives of the School are lo provid¢ high quality eduLution for childrcn up to the a8¢ of13 years within A friendly. ffuifilling ond caring onvironm¢nt, for Ihc public boncfit aiid al'e spe¥itl¥ally ab follvws.. To provide a wealth or rorward thinking educational opportunili¢s for each individual nieinber of the School • To oslablish opportunities for each child to reach thcir individual acad¢mic polcntial o Icach and en¢ourage kindness and mutual respeLI within Ihc community arbd the widcr world •To cn¢ouroge each child tv comniuniLal¥ with confidence and providc Ihcm with opportunitie5 to dev¢lop this i)nfidence To encourage & love of learning lind lo stimulate, slr¢i¢h and challenge the pupils through excellent teaching To tcach cl)ildren Iv r¥spect one anoiher and one another's belongings To fosler a high level of good behaviour and personal mw)n¢r5 To encourage eaLh individual to make the tnost of all the opportuniti¢s on f>ffer ai Handcross PEwk, both in amd out of the claswom To equip ¢ach Child with a sound knowledge of the past and wisdoni for the future To prepare each individual for the next siage in their edLJLatAon 8nd fulure lives Ti> maintain sound finw)cial rnanagement 'rv b¢ d buppurlive 4￿d caring employer NEWELLS SCHOOL TRUST LIMITFI) COVERNORS, REPORT (eontinucd) YF.AR ENDED 31 JULY 2024 HaDdLross Park School believes that above all. a happy child is a productive child and thc School is proud lo be a very friendly, family orieiitated School. 'I'he curriculum is broad and varied in order to give each child tlie opportuiiity to thrive. PUBLIC BENFFIT The Governors have complied with the duly in section 17 ot. the Ll)ariCies Acl 201 I to liave due rcgard to public b¢ncfit guidance published by the Chai'ity Comii)ISSiOTI. Additional opportiinili¥b for public bvnefil have been integrated into the School development plan and successfully implcincnl¢d Ihrouxhout the year. Sp¢biti¢ example.q are reterenLed tliroughout the r¢port and include providing means tested biirsarie.s tu faiiiilics who iiiay otherwise be Ulliible to pay thc School fee8. The School tries lo supporl fainilies ftiGing conlinuing tiiiHnLiul hardship &nd conliniies lo actively support the local Halld¥ross village foodbank. Ttle School providcs Mandarin teachinb7 to thc Incal primary .8chool and allows it to ulilise the school groundb for its spofEing eventB and.9wimining Ic55ons. Use or Tr'8cilitie$ 'I'he School has continued its ¢oii)milincnl lo conlribulv Iv lh¥ Lommunily and pLrmiiS Lxlcnsive use of rhe School'% tacililie8 tu be made by (iul.%id¢ spons club¥ dnd iommunily entities such as Scouts and thc Sainarilans. c.4p¢cially welcoming Ihc local primary schouls to use the swimming pool an(1 the villabye's junioi. football reams lo us¢ our gra$8 pitches every week free of charge. l.oLal I'esideiits Irom ihe community liav¢ beeii ii)vit¢d tu enjoy the School Fireworks ¢v¢nl and lo¥al teams ulilise the All-wealher Pillh for football IrAining. Thc Schc)()I makes availahle ￿11 itg buildings, inLluding the main hous¢ wher¢ Ihc rooms arc Icl out during ihe wcekends und holidays for wcdding receptlon5 dnd ()ther engagcmcnts. In the suminer 2023, autumn 202J half lcrn), Eusler 2024 tlnd suinmer 2U24 holidays a national firm, A¢liv¢ b.duLlltiun Lid, used School faLilities to provide both outdoor and indnor holiday &Ltiviti¥.¥ lo botli pupil.s of Ihc .8chonl aiid childrL'n from elsewherc in Ilie local community. Easl (irin51eud Htsckoy ALademy hd& dlsi) Iised tlie All-wcalhei. PilLh in th¢ p&sl year to Luach local PLipiI.s and two weekly swiinining acadcmics Loachod children it) thc Schoul pool. A numbcr of eduLational projeLt% have becn underlaken lo shure best practice with local schools from both Ihc Sialc and Indep¢ndcni sectvr. 'lTherc has b¢eii bhar¢d educational ¢xp¢rien¢e in particular t)round IC'I. with (ioogle Irainingi seminars iij art iiiiliatives. Cluse links htive been lorn)¢d wilh Hand¢r()s8 Primary School which hab us¢d Ihe 8Lh()i)I pi)(Il lilr swimming lessons, together with the piiche.8 for iheir sw)rt8 days. Thi8 rclalionship will continue and the sharing of resources ¢iirourag¢d. ACHIEVEMENTS AND PERFORMANCE Thc School has continucd to attrnct a strong pupil base from a diverse range of backgrounds, including international famili¢s troni around Ihv world, Thv SULLLYb Df the Google Classroom learning platfonn has Luntinued to ttllTaLt pupils ¢ind Ihe 8¢hool is pi'oud to lead as a Qioogle ReferenLe SLhool. '1l)e School npplics thc latcsl technology, inLluding Chromebooks and othcr IC.T iools, to enhancc the learning eKperienLe of our pupils. The School's reputation remains incredibly slronB- locally, nationally and internationally. Thc School was delighted to be a finalist for BOARDING SCHOOL OF THE YEAR 2025 by boih ihe TES Awards and thc Independent School ut. the Year Awards 2024. 14andcruss Park was also shortlistcd in the Muddy Stilettos Awards for thc MOST PASSIONATE ABOUT SPORT Aword. Previous accolades include finalist for PRb-PREI7 ofr THE YEAR 2024 al the Independent Schools of the Year Awards 2023, PREP SCHOOL OF THE YP.Ali at the Independent Schools ot-the Ycar Awards2019, BEST PREP FOR INNOVATION (2020). BEST PREP FOR PASTORAL CARE (2021) and BEST PREP FOR BOARDINCI (2ll22) by The Week In(lependeni SLhools Guid¥. Thc Head ol. Educational 'fechnology wa8 a finalisl in the Global Ed TeGh Awards 2023 On¢¢ again, the School appears in the prestigious Tatl¢r Schoo15 Guide 2024 and the Good Schools Guide 202412025. NEWELL8.SCHOOL TRUST LIMITED GOVCRNORS, REPORT (L'lllltinued) YEAR F.NDFD 31 JULY 2024 .%Lliool siicLessfiilly mei all YeBiilaiioi)¥ iii IliL ISI L'niiipliiincc Insi)ecti()n iii Ni)vember 2022. lThii was a full in&pe¢lii?ii and as such r¢pcin.% wliLAilicr Ihi. School Iiieets all 118 r¢L?Iilriiory standards incliidiiig the Nutional Miniinum Staii(lards for 13(1Iirdiiig. 'Ili¢ IiidLPCI)dLiiI School% In¥peLlnrdle 8ave Flilll(Icru55 Purk a purfLL'I.seore in Lvcry catss7ory in Iheir In¥pcclion Report. l?i addilii)11 li) mL'Lting every pvini iii Ihe Regiilaiory Lompli4ncc Inspection, the Educational Quality Inspection gave Ine IiiuliL'SI raling ot. I'.A¢elleiil' oil Ilie Iwi) k¢y areas a8scssed - the quality of pupils, achievements and the quality of p¢rs01)al drYL.Ivpiiiviil. 'I'IILi bclii?ol wns dLligliicd iviih the outcoiiie. ALIMlcmically. llll Ilic Year 8 leav¢rs gained pl4¢es at thcir firsl-choiLc s¢nior s¥hools, with 43 % (2023,'320/0) of ihe leavers achleving Scholarships. Handcro8s Park is keen to onsure that all pupils are 'futur¢ ren(ly' and Ilio Schfjol iii¢orpi)I'oles a robusl l¥ad¢rship PIDbYI'aiiiiiiL wiiliiii IIIC LurriLulum that focuses on the skills of cn1141hirdtion, coniiiiunicaiii)ii. LrL'ntlVity, problem solving and teamwork, 'I'h¢ SLhool offers i full fixtur¢5 Pl'Ogl'Ql)IIiIL% iu 011 piipils in years 3 to 8 Hiid 18 fieldiiig 1.5 h(iy.% Mnd 10 girls leni*s earh lerin. with all pupils able Iu lixliir¢y against l()L&il .scliool i¢illllS 111115t week5. Ther¢ are u number of CouT)ly and RLyional IL¢iln Pl¢lyL￿ in Ilic pupil body iii liioiball, l)i?ck¢y, llihlbliL% Hiid LID¥y rounlry {hoyA an(1 girls). plux yi)In¢ iii(lividuDIs c(xiip¢iillbi al a &iood Icvcl iii ￿(?11., 1411)IL' l¢ni)is and1701s¢ ridiii¥. 'rh¢ Arts ¢onlinue Ip play a major rolc iii lh¢ lite of lh¢ Scliovl, und ¥UfLe&sful draina produclions arc pcrlorined al evcry aLyc group with all children invvlvcd. Di'ailla conlinLlQS lo build In piwulJrily boili with pupilJ and par¢nls who understand il¥ imporl¢lllLQ 1111(I Ihe skills Ihal il hels?Y lo (levelop. 'ri)c appoinlinenl of A Pcrforniin% Arts leaLher lias ¥r¢atly asslsl¢d wilh Ihe iiiiproveinenl of ¢lioi'¢ography Ic)r lh¢ pNyduciioiis. As well Hs Ihe tomly Drama Showcnyc¥ thc yuccessful draiiia pi'odu¥tiiili% JIILIW All PLipil&' lu IdkL part, Hlghllghis lasi year includ¢d the Year 7 pupils perlonning A Christmas Carol, the Middlc School perforniing 'Matilda the Musical, and the Lower School production of the musical 'Joseph and lh¢ Amazing Techni¢olor Dr¥amcoat', all of which were perfornied lo full houses. 'IlJe %chonl now rnn 6 8LP4irftl¢ draina and donL'¢ club5 for pupils trom Year 3 ta Ycar 8 whi¢h includes a Middl¢ School ImprvvisJlion Club. .1 ¢¢h .1 L'uin, %cholar5 Club and Dance. Thcrc ure ¢utrenily 87 pupils participating in LAMDA le8$on5 across the 8Lhool from year 2 to year 8 and last Ye￿ Saw 119 pupils take examinaliuns With a i ono/o pass rate, 920/0 of those being distinctions and the remaining being merits. Last year al80 saw a iiiimber of. Ihcalre trips nniib)hi)ul thc scliool and an iiifurinal IiillSiL coni¢i1 liiippei)¢d evLfy Icrni. Around 42b/o ()1'.s¥1101)I pui?i15 t(Trok peripitleiic IiillSiL IL'5sons, and of Ihose 66 (2023.35) pupils l(iuk Aniism oiid 'l'i iiiily IIlUSiL ixaiii% fi'uin grndes 110 7, willi a I110O/o pu&s rale. The Modern Foreign Languages department continues to flourish and 18 gaining o reputrttion for excellence. Handcross Park is one of v¢ry few schools natl(Trnally 10 teach the lop IhrcL spok¢i) Ittnguagcs in 11)e world - Spanish, Mandarin and Lnbilish. With French and Latin also 4vmiliible. the pupils are being i)rcpared for an incredsiiigly global Society. 'I'hL SLliool b¢nefits Irum Ilic yenerosily of I'ri¢n(15 of i-landcross Park School 111)e Pareill Ayy(Trciaiioii), whicli 1% in(lep¥iidcnily run. and whos¢ conliniiinL7 SUPPUrt we gi'eaily oll)i)rLLiale. 'I'h¢ l."rioiidi' InJin L'veiils ivLrLb Ihc very i)OPLilsir niiual b(Jnfire evLniiig aiid IliL' siinimer luyr¢. 'l-hL' Pi'c l>rci) i)Iipil.% grL'nily eiijoyLd IliL Cl)ri%linas l.uyre iii IhL' aiiluinii ILI'ni wliiLh wms (?I'biaiii¥ed by IliL I,'rlLiid% Associalioii and whicli raised fui)ds for iiic piirLlia%e of I'r¢. l>r¢i) libi'iiry bovk5.1)iirliig the y¢ar the briend% also purchascd a new obslaclc coui*e sldrier kit for the prc prep and the remaining lunds raised are being saved for the purchase of a large value item.. Ek Tcpcc. in the next aGadernic Ye￿.. The School .%hop trade5 Ihrou8h the subsidiary company and continues to ¢nllble Ihe pftwnts to purch8S¢ school unilonn al rea$onNble prices. It has continued to expllnd ils raiigc of ileins on 8ale durinb thL year lo sell the wholc raiig¥ of sch()() NEWELLS SCHOOL TRUST LIIIqITED OVERNORS, REPORT (continued) YEAR ENDED 31 JULY 2024 unifomi and ancillary equipment. Sales havL been fulfilled folloiviiig individual fitting appointments and email orders. The sigiiili¢ant improvkninLnl wnrks l() the Boarding Ilouse over th¢ siii)Iiii¢i' holidtlys I)l¥diil it was Iiot p()sNihlL' LO host a residenlial lei this ye%lr. Hoivevcr ulher sile facility lets siich as the swimining pool liire and facility hire lor holiday day camps reinain strong. 'l-he S¢hool has underiaken extellsiwe repairs and development w()rk8. Wlth continuing invc$tmenl in the laLilities and ii)frastruclure acros.s the whole site. With in the year the School uii(ILfi()i)k C¢tpilal improveineiii wc)rk.% tv returbibh part of IIIL Lxisliiig bDArding l)niise, incliidin&i r¥fui'bi%h in&> Il)L boys bailirooins and to expaiid Ihc bLiardiiig provi%ioii IliriiiiLJh Il)L' unu%cd allic spa¢c, ci'valing ali ad(litioiial 14 bod Lapacily ai)d dll a(Idilii?nal bJill'dinL> Ililur (IcboITiiiioddliiiii wiiliiii Ihc IiLait i)l- IliL' boardii)ki l)ousc. l?I'Oj¢¥l LXIJLndiiiii'L h(15 iiicluded ret-url)isliiiiciil i)I' the niirscry pliy&iroiii)d. e.£sciilial I'vof rL'i>airs, a new ride on InowGr and the refurbishment of Ihe froTJI eiilraiic¢ hall. FINANCIAL REVIEW AND RESULTS FOR THE PERIOD .1 lic Governors rogularly review Ihu fiiiAnces, budget5 and cash llows as part ot the effeclivc qtewardsliip of tlie Schoul. -rhc fiiiunrial results ol. the School for thc year Lnd¢d 31 July 2024 ttl'e showii vn pag¥ 12, and (li&ilose a surplus for Ihc p¢rioil (7t'£529,661 (2023: SLI￿]us of£il15.831) whicli is in liiie wilh (iovcrnors, expe¢tations. Th¢ Curront surplus retl¢cl.s the stroi)g pupil numbers, robust I'eaction lo tinan¥iyl unLertaint)' aiid light cost control following stralcgi¢ de¢isions which includc: expeiisinB sigiiitiLant improvemcnl works in mudernising operational spaces at both the Prep and the l)re- a ¢ominitnienl to balanc¥ the needs tur cxccllcnt ediicalion willi parcnl affiirdability. dnd th¢ iinpact vt uttoriiig tn¥illlS lesled bursarics as a demonstr41ion of the School's regrard lo publiL bcncfit. Doii9 during the year12023'. £1,162,602)., which coinprised of w(Irk in pri)greys for the B(Mrding l.Iou5c refurbisl)Inenl and &tii¥ exlen.8ion. 'I'he (iovernor8 are keen r()r Ihc School to both attracl 411d relain th¥ bcst teaching ond key support staff and set salaries and other remunerAtion in Order to achieve this. .1 erms tor the mL)sl senior management are Lonsidercd by the P'indnLL and Development C()mmittec annually. 'I'hc total amDunt' ot'remiinerulion, benetils and pcn.8ions paid 10 key munagement was £298,f10, (2023.. £2117,351). New Governors are appointed lo the Roarcl after c(Ircful consideration for the key sk'ills and exp¢rience ihilt they Ldn offcr to the School. Th¥ Chairnian iii conjunction witl) the Nominations aiid GovcmanLe C()min ittv¥ al Brighton Collegc and rhe Hoadmaster consider new appointinei)Is dnd each new Govemor undertakes full SRfcgiiarding Training and a Iliorough induction process inrludiiig site visits And me¢liiigs wilh senior statl". Koy PerfDrminee Indl¢ator8 The key perform&ncc indicato￿ us¢d by the Inana8Lirienl and G(Iverniir% when considering the strategy for IhL School include.. pupil demand,. acAd¢ii)iL and ¢xtra-LurriLtildr success again¥¢ anticipa¢¢d vutcome5' forecast cash flow and facility headroom; and prioritlsed arcas ot %pcnding, The School has prepared a nuTnber of scenerios that consider the School's cash posilion. bDurces ot. income (ind planned expendilure. Thc5c in¢ludo estimates uf possibl¢ impact5 1"claLiiig lo p()liliLiil uncl Lionuinic uncertainty, incrLi)se$ i educational costs and inflationary pressures on operations. Th¥sC.qLenarios Loiisid¢r rediiced pupil numbcrs, delayed fee payinenl, rL.duced foes and potential bad debts a5 well as the iinpact on costs trom the measures t8ken su far. Sensitivity arouTid these assumptions ha5 ELlso beon GonsideTed in the for¢¢asting. Having r¢gurd lo the above, th¢ trustees beli¢vo that the School has advquatc r¢sour¢es to continue its aclivities in the foreseeabl¢ future and l)ave therefoi'e coiisidered it iippropriat¢ to adopt the going conceim basis of accounting in preparing these finanGial stal#ments. NEWKLLS SCHOOL TRUST LIMITED GOVEI RNORS, REIIORT (continucd) YEAR ENDED31 JULY 2024 Bur$Hries The School provided financial assistance tu parents, who would not otherwise have been able to send their childrcn lo the School. amountin£ to £117,750 (2023.. £180.3 86). Total fee rem issioii including sibling discoLlhls and agency fees amounted to £'4¥),)6112U2J'. £)25,U66)- 11 Is the policy ot Lhe School Ihai all new applicaiits tor tiijaiicial a.4sistance are meanS-tcs￿d, and thar existing recipients submit ali application form eacl) y¢ar tor the School io ascertain the level of suppoit available for the eiisuiiig ycar. The SLhLIL)I we.Ii'.omes Plipils Irom all backsroiinds and provideg fina]icial ￿￿81$111￿ce to gifted children Iroin poorer economic backgrounds to allow thciii acc¢55 to tliis excellent ¢duLatioii. Ilorrowjngs Borrowin85 con.qi.8tL'd (If a Ii)aii with I18tl('. fnr Ili¢ piirchase (If slilrr ¢lLCI)iiiniodcltioii iii Oblobei. 2020. '1'1)is loan f Ilic tiist cla95 provi5ivn of technology available at thv School. There 1,% ali oJigoiii8 iiiaiiilciiai)¢c i>lun lli'ound Ilie .8ilc inLliidii)g upgrading site.%ecurily And enhancing playground taiililies. All of the improveineni8 hav¢ been and Lonlinue lo be faLilildl¢d by 11711illlsiiniiig i)upil numbers hnd fce Income enabling greal¢r investineiil in facilitie5. pupil welfare and Ihe hI￿leS1 quality l¢aGliiii¥ sliilT, 'I'lic (invcrii<)rs iiilLiid lo bull(l 01) IIIL. .sii¢¢L%4fiil I'¥l(Ili()Ii%liii?s with local schoolg lo furth¢r widen th¢ contribution to th¢ lociil Loiiiiiiiiiiily. 'I'hi% wlll iiicliid¢ dcvcloi)iiigi i)bw lii)ks will) Ili¢ commiiiiity for thu u.8e uf IliL SLho()I bvroiiiids and lacilliics. A Lonliniiiii¥ rclalioi).¥liii) willi il IuLal iiiii%iiiB lioiiie hJ% iillo%vcd pupily lo devclop so¢ial LOI)Iinunity liiiks and liiiiii'c cYinl¥ lor piipils 10 eiil¢i1ain cl(Icrly rL.8idcnls &i'¥ planiied. The School is alyo pruud to be ii)vi)Iv¢d with the l.Idiidci-vk% Pumlry food bank s¢lieiiic uiid Li)iili1111¢5 lu siipport charity fundraising initiatiVQ8. 'I'lie SLI)i)i)l k¥Lii lil Ilirilier devLliip Iho ci)viroiiineiiliil birLLli a¥enda and to cncourhge both staff and puptl¥ lo du much as pi)s.¥il?le Iv fo.sl¢*r grLCI) crc(Icniiiil.q ji)Lliidii)b 11)L' use cil. green oncrgy, rcfurl)i8h illl(1 bliild iising unly enviroi)Inenl¥lly rriendly l)IiildiiiLi deyi&?ii.s and lo encoiiru¥L' piipll% as P11 rt of th¢ir w wlil) Me. poliLy. "I'IIL. SLlI()ul l)as Lrcal¢d u new piii)il led ' I:co' CvunLiI wh(1 are 51riving with support lo achieve tli¢ Eco- %¢li(iolb Gi'Lcn I;'la¥ award. AUDITORS Haysmac LLP hRv¢ expresscd Iheir willingn¢ss ro continue in office d5 auditors and a resolution proposing their re-appoinlinenl will bc submillLd al the Annual (icnci'ml MeLIiiib. The Governorn, Report incorporating a Sirntegic Report, was approv¢d by the Boord of Govomors at its meeting on 12 NovLmbvr 202rl aii(I signed on its behall. by: M. Templeman Chaimiart Handcross Park SLhool, Hand¢ros5 West Sussex RH176HF INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NF,WF,LLS,SCHOOL TRIIST LIMITF,D Oplnlvn We have audited the financial slalcment¥ of Newell8 School Trust Liniited for the yeAr ended 31 July 2024 which comprise Statement of b.inanci￿1 Aclivilies, the Charity BaluT]ce Shect, the Statement of Cash Flows and note5 to thc linancial statements, including a summary of significanl accounting polilies. The financial reporting framework that has been applicd in their preparation is applicable law and United Kingdom Accounting Siandards, including Findincial Reporting Standard 102 The Financial Reporlin¥Siundard appli¢'able In ihe UK and Rep￿bliC oj Ireland (United Kingdom Gen¢rally A¢¢epled Accounting Practic¢). Iii our opiiiioii, Ilic fiiiiiiiLiuI sl¢ilkTn¥nl&'. giv¢ a true and fair vicw of the state of the charitable company'¥ affairs as at 31 July 2024 and of th¢ ¥harit#ble company's nel movement in funds, inL1I￿1n8 the inknome and expenditure, for the year then ended; have been properly prepar¥d in accordance with United Kingdom Gcnerally Accepted Accounting Pra¢tsc¢' and have been prepared in acLordan¢e with the r¢quiretn¢Jits ol-the C¢Jmpiinie$ Act 2006. BAgiJ for opinion We conducted nur audit in accordance with Intornalional Standards on Auditing (UK) (18As (UK)) ond applicable laiy. Ourresponsibilities under thosc.%landards arc further described in th¢ Auditor's respon5ibilitics for the 8udil ofthe fJnanLial statements section ot our report. We arc independent of the Charity in accordance with the ethicRI requirements that are relcvanl to our audit uf the financial statem¢nts in ihe UK, including the fRC'9 EthiLal Stundard, and we have luifilled our other ethical ￿SPOnsIbl1111¥Y in accordance wilh thes¢ r¢quirwnent¥. We bclieve that thv audit evid¢nLe w¥ havc obtained is suffi¢i¢nl and appropriate to provide a basis for our opinion. Concluilonl relitlng to going eoneern In 8uditinB the finanrial statements, we h&ve concluded that thc Iru$l¢¢y' us¢ of th¢ goinby Coll￿￿rn basis of a¢iountin¥ in the preparation vf the tinAnLial statements is appropriate. Based on the work we havc perfornied, w¢ have nol idcntifieil any material uncertaintivB r¢lv4ting to event8 or conditions that, individually or colle¢tively, may cast significant doubt Dn the charitable ¢ompany'¥ ability lo continue as a going concern for a peri{￿ of at least Iwclve months from when the financial slalcment8 ore authoriged for i58UC. Our r¢8ponsibilities and the responsibilities of th¢ trustees with respect to going conGcrn are de8crlbed in the rel¢vanl livn¥ vt'thi5 report. Olh¢r InformAllon The trustee8 are respon8ibl¢ for the uth¢r infornlation. The nther information Comprises the inforniation Included in th¢ Governors, Report. Our opinion on the financial slat¢menls does not cover the olh¢r inforn)alion and, ¢x¢¢pt to th¢ extent otherwise expliGitly slated in our report. w¢ do not express any forni of assurance Conclusion thcr¢on. In Loiiiiection wilh our audit ol'ihe financial st&tem¢nls. nur responsibility 18 lo read the other infornialion and. in doing so, consider whether the other infomiation is materially inconsistent with the fintsn¢ial slat¥m¢nts or our knowledge obiained in the audit oroth¢Fwise appears lo be mttterially misstatcd. If we identlfy such material inconslstencics or apparent rnaterial mis8tatoments, we are required to deternline whether thcrc is A mpdterial misslaiement in the financial statement5 or a material misslalement ot. the other information. If. based on the work wc have perfornied. we conclude that there is a material mi88taiement of thi8 uther inforniation, we are required to report that fact. We have nothing to report in this rebyard. Oplnlons on other matters prescrlbed by the Companles Aet 2(HJ6 In our opinion, bo8cd on Ihc work undcrtokcn in the cour8c of the audit: the inforniation given in the Governors. Report (which includes the dircclors, report prepared for the purposes of company law) for the financial year fur which the financial statemenls are prepar¢d is consiytenl with thc financial slal¢mcnts; and the director8, report included within the Governors. Report have been prepared in accordance with applicable Icgal r¢quircmcnts. Matters on whlch we are requlred to repor¢ by ¢x¢eption In th¢ light of th¢ knowledge &nd under5taTJding of the charitable company and ils ¢nvironm¢nt obtained in the course ol. the audit, w¢ hav¢ not idonlifi¢d mat¢rial mi¥ststemcnts in the Govcrnors, Roport (which incvrporalcs the strategic report and thc director5, report). INDEPENDENT AIIDITOR'.S REPORT TO THE MF.fvIBERS OF NEWELiS.8CHOOL TRUST LIMITCI D {CoThtinued) We have nothing lo report in respect of the following niaiters in relatioii lo ivhicli the Companies Act 2006 requires us to repoi1 to yuu IF, li) oiir opinion.. ad¢qu&te accouiiting reLords have not been kept by tile charitable conipany. or thc charitable Lompany financial 81ateinents are not in agrcement with (he accounting records and returns: or certain disclosurcs of irustees, reiiiiineraiion specified by law are not made. or wv hiive noi received all ihe infoniialion and explanations we require foi. our audit., or the trustees were ilol enlilled to prepare the financial slalements in accordancc with the sillall coinpanies, regirn¢ d tdke advantage of ihe sin&ll coinpani¢s' excmptioiis in preparing Ilie ii'ustee$' repot1 and fTuin Ihe requirement to prepar¥ a strategic report, Rtsponsibillti¢s of tru$tees for the financial statements As cxplaincd more fully in the trustee.s' responsibilities stdlcmL'nt (sct OLII nn pagL 2), the Iruslee5 {wE]o are also Ilie dii'ect()I's of the charilable Loinpaiiy lor thc purp(1ses 1)fcoinpany law) arL responsibl¢ far the prcparaliun olthe fiiianciul stalcmcnls aiid for beiiig salisti¢d Ihu¢ Ihey giive a true and fair vi¢w, and for such iiilernal Lonlr()l the Irustee.4 dclemiine is necessary to en4bl¢ the preparation of financial stateincn15 that are free fvoin Inoterial mi&%tatemeni, whether du¢ to fvaud or error. In preparing thL financial slalbments. the Irusiees are responsible for asy¢5sing the charitable company's ability to contiriue as a goinb) concern. disLlosing, as api)licable, m greiii¥r rL'¥itr(ling ii'rL'EIull￿ rilie% ucliirriiib, du¥ li) fraud r4ilier Ihllii Lrror. as Inu(l involves inieiilioi)al concealment, foi'gcry. wlliision, i)Ini4%i()i? or Ini%rLprLS¥lltaliuii. A fllrthor doscriptivn ()t our rL%ponsil)iliiiiS foi, Ilie iiudil of thu Iiiiancial si#tcin¢nls is IQLUI￿ on Ili¥ FIn￿nclu1 Reporting Coiineil'$ w¢b8lte at: ww..fic.orJ U_kl(iiJQSioisr¢'sp_ontlbilil￿&. Th 15 dL4Lriptioi) foiJ)IS Pdil vfvur 4u¢Jilvr s report. Use of our report I'liis report is mHdL' yolely lo the ¢harilable company'.4 IiiC171bers, as a body. in #ccordance with Chaplcr J uf Part 16 oftlie Companies Acl 20116. Our audit work has b¢cn undLrl21 ken so Ihii we might slalc lu the charliable coiiipdiiy's Inembers Iho%c miittcrs we are required lil sIAl¥ lo Ili¢in in ai) Audii¢?Iq I'¢pDri fti)(I for iio tsiliLf PillVOSL. l li Ilie fullcsl I'.XIL'llI p¢m)ill¢d by Ii?IV. WL d<> ii(Il aLL¢pI or a%yiiiiiL' rL'spc?IlbibiliLy tu anyonL (Iilici. IliJn IliL c17411.iliiblL LI)IilPilny un([ Ihc ¢hnrilalyl¢ coinphn￿8 iiILmbers, d% 81?()dy. for our 1711dil iv()rk. liir Ihi8 1'epi)I'l, iir l¢?T Illi. (11)iiiiiiii% ¥vi l)Hv¢' r()rJnL'd. Steven Harper (Senior Statulorv Auditorl Forand on behRlf ol. Haysmac LLP Sialulory Auditor Date., 0911212024 l O Qu¥on trcLt Place London EC4R IAG NEWELLS SCHOOL TRUST LIMITEI D STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME & EXPENDITURF ACCOUNT YEAR ENDED 31 JULY 2024 Unrestricted Funds General Designated Restrieted TotAI 2024 Tolal 2023 Notey INCOME FROM: Charltable gctivitle5 School fees Extras and disbursements Registration fees Additioiial Grants VoluNtAry Incoiii Development Fund incomc General Don&tion InGom¢ Other trAding ictivltits Other incoine Inter￿t reeelvabl¢ 7,566,110 433,51U 31,130 7,566.110 433.510 31,130 6,761.771 457,585 31,890 3,600 270 1,13J 270 153,938 360 108.188 152,805 18.118 35,724 18.118 35,724 26,384 17,056 Total Income 8,237,397 1,403 8,23 8,800 7.406.834 F,XPENDITURE ON: Charitablo Expenditllre School operatingT cosls Teaching ¢osts Welfare costs Premises costs Support cost5 3.274.420 6131.640 1,836,713 1,877,614 1,403 3,275,823 681,640 1,836,713 1,877,614 3,148,1177 612,845 1,528,185 1,674,109 7,670,387 1.403 7.671,790 6,964.016 Riislng Fundj Other Expenditur¢ Finan¢e ¢osts 37,349 37,349 27,437 Total Expenditure 7,7U7,736 1,403 7,709,139 6,991,453 NET INCOME 529.661 529,661 415,381 Tr￿sfer behveen funds (529,661) 529,661 NET MOVEMENT IN FUIYDS 529,661 529,661 415,381 Balance brou8hi fonvard at l August 2023 4,224,599 4,224,599 3,R09,218 Balance carried forward at 31 July 2024 4,754,260 4,754,260 4.224,599 'I'he notes on pages 15 to 25 forni part ot tliese accounts. 12 NEWELLS SLHUOL TRUST LIMITED COMPANY NUMBER: 932584 BALANCE SHEET AS AT 31 JULY 2024 31 July 2024 Notes 31 Jvly 2023 INVESTMENTS 100 loo TANGIBLE FIXLD ASSI'rs 6,011,969 4,762,739 CURRENf A.S,SB,T.S t)ehtnr8 Cash at baiik and in hand 494,54.f 3,978,693 407,1 SU 1,597,789 4,473,238 2,004,939 CREDITORS- du¢ withln one ye•r NET CURRENT ASSETS (4,784,607) (1,629.778) (311,369) 375,161 5.700,700 5,138,000 CRFDITORS- due after more th4n one yeir NET ASSETS (946,440) (913.401) 4,754,260 4,224.599 RESTRICTED FUND UNRESTRICTED FUND Deslgiialed - General Fund 10 10 4,7.54,260 4,224,599 TOTAL FUNDS 10 4,754,260 4,224,-$99 Approved and aulh0ri5ed for issue by th¢ Board of Governors at its Ihe¢ting on 12 November 2024 and signed on its behalf by: M, Templeman E. Dobson The note5 on pages 15 to 25 forni part of these accounts 13 NEWELLS SCHOOL TRUST LIMITF.D CASHFLOW STATEMENT AS AT 31 JULY 2024 Not¢ 2024 21123 Net cash inllow from oper*ting aetivlties 12 1.459,547 824.444 C4sh flows from investing activities Interest r¥ceived Purchase of tangible fixed assets Investment in Subsidiary Loss oil disposal of tangible fixed assets 35.724 {1.584,569) 17.056 (1.162,602) Net ¢wshflow from investing aetlvltles (1,548.845) (1,145,546) Flnanelng Repaymcnt of loans Interest paid (23.2431 (14.J44) {22,781) (12.443) Net eashflow from fjnanelng A¢tivitie• {37,787) {35.224) Composition lees scheme N¥w composition f¢LB AmounL8 Utilised 2,968,709 (460,720) 242,421 (21111,423) 2,507,989 (46.002) {Deerea$e)Ilnerease In cABh 2,380,904 (402.328) Cash and ￿sh equivalcnt at the beginning of th¢ pcriod 1,597.789 2,000.117 Cash and cash equivalen¢ at the end of thc period 3,978,693 ,597.789 Reeon¢lllatlon of net debt 0110812023 C8shtlows on-CB$hflows 3110712024 C8sh at bank and irL hand Composition fees schemc Loan8 due less than l yexr Loans duc more than l year 1,597,789 (88,93.5) (27.938) {184,485) 2,380,904 (2.507.989) 23,243 3,978,693 (2,596,924) (27.9)8) (161,242) (23,243) 23,243 1.296,431 (103.842) 1,192,589 'rho noles on pages 15 to 25 forni part of these accounts 14 NEWELLS SCHOOL TRUST LIMITED ACCOUNTING POLICIES YEAR FNDF,D31 JULY 2024 I'he financial siatements have beeii prepared iii accord1nce wilh the Financial Eieporting 81iindard applicable in the IIK and Republic of Ireland (F'KS 1021, Ihc CoinpaniL'S Act 2006 atbd Ilic Statement ot kecnmTn¥n(l¥d PrtiLtice applicable to charities preparingj their ac¢ouiil$ in accordance with the Financial Reporting Standard applicable iii the UK and Republi¢ ol Ir¥l%iiid (F'RS 102). I'lie luiiulioii&l LurrenLy ol- Ihtt School is considered lo be GBP because Ihal is the Gurrency of die primary ¢¢onomic cnvironment in i'¥hicli tlie Scliool OPkni'alL&. Ai tl)e liine of approval of thc annlial report, tlicre lir¢ eLonomic pressui'es fr(Iin the inlroduclion of v Al. on School fees froni January 202.5, the jobs uf Business Rales Relicf and the incrLasL iii Employers National Insuranb¢ from April 2025 ctnd the long-lcrm impact on thv charity is unknown. ThB tiuvcmors ve review¥d the posilion carefully with a VILW Io LiINiiriiigy the onguiiib pi'(ii'i%i(111 of %Lliuolin¥ li)r the pupils as well as vmpluyiiiLiil ()I'.%l£ill'. The charity Liiri'Liiily li(Ilil %i&iniliGanl cash l)al(IIICLS .4115)pILmeiileil, if nLL(I be. by an overdraft tacility. IILiii¥iiid lor SLliool pl(IGes at11411)dL'rD%% Pill'k Schoul rttiiiaills 8lrniig,, with histi)ric.ally hi£h niin)l)e.rs enrolled fur the academic year 20241?.%. Qon¥¢rvutlV¢ C¥ish floiv Inodp.Iline with .4p.nsilivity nnaly5ii indiculcs ihui ihe casli reseriieb of Ilio chdl'ity ui'e udequalL to i)ieoi ille ¢liiirily' obligations as they fall due. Aciordiiigly, th# (yovernors believc tlie ,8chonl's financial resoLLrees are sutfiLienl l(> ensure the SLlii)iil will c(>nliniic as u guing? collLern foi. the forcseeuhle tiiturc, being at least 12 n)onihs frum IhL. dale of approval ol'the financial tstaicinenls and have tlicrefoi'e prLparLd the linanLial slatcinents oil a goi118 ¥oiicerii basis. I'hL' School is a PubliL tJ¢n¢lit E,:niity RcgistLfLd ils a Clidrity in E'nslaiid and WalLS and a Lompuny limiityd by guarantee. 11. was inLorporaied on 23 May I I)68 (L(Impony nuinber 001)32584) and rogistcred &lS it cliarity riii S June 1969 (Cliority numb¥i'.Ii)'Iii.i¥). A8 al 31 JiiSy 2024 the School hiid Dn¢ wl)ully owned 5ubsidiiry, Flaiidcro8s l>ark Loniniei'cial Scrvic¢s l.imiled wl)ich traded during the year. Cnii80lid¢ilioii 1% preparc(l al J higher Icvcl wiihiii BriEht()n C.i)Ile8e and tlierclnre, Ili¢ S('.li(bi)l (l()¢,% iiol prepare Colibolidated aLL()IlTII.4. CrltleAI Hccounting judicments And key sourLe5 of e.¥tim8tlon uncertalnty In the upplicatiurt of thL aLcounting policies. (ioverncjrs are requircd lo mak¢ judgeincnl, e5timatc.g, and assumpli()ns about Ihc Lffjll'lyillbl valuL of i15Sets aiid liabililiL'.% Ih£it ai'L Iii>l I'cn(lily iipparLiiI froin c)Iliei' qourLe%. Tlie e%liiii¢lte.4 ¢hnd Iinderlyii)b 855uiiipliun.5 111'L' l?u%ed nn hi.slurical LxpLrienLe ¢ll)(l oll)L'r facli)I'> tlinl arc ¥niisidered lo bL' rcleviiiil. Actual results ii)Ay differ trom thLse esliinates. The estimates and Iinderlying as8uinplion¥ 4r¢ reviewed on an nngoing ha815, Rcvi5ions lo accounlinb> estimates are rccogniscd in the period iii whiLh lh¥ ¥blitnale is rcviscd if Ihc rcvi8ion afleits only that periud, or in Ihc period vl. the revision aiid future p¥riods if the revi&ion uffcctcd curr¢nt and future p¢riods. In the. view of the Governors, no assiimplionb concerning the futur¢ or esliinalion uncertainty ufforiing n5sets or liubilitics ai the balanc¢ sheet date are likely to r¢sult in a matcrial adjustment lu their canyii)g ainouiils iii Ili¢ Ii¢xl Iinancial year. Basis of Accountln¥ Thc &ccounts' have been preparcd undLr the histvrical Lu81 cDnvLnlioii. Income Fees receivablc and charbtes for services and use ot the premises. less any all()wanccs, scholar4hipg, bursnri gronted by the School (tg>din8t Ih08e tee5, but including contrihutiuns received froin restriclcd funds, are account¢d for in the periud in wh ich thc service is provided. Inve%tment incnme is accounted for on an accruals basis. Rental income (including incentives receivrd or paid) for operaling l¢ases are rccognised in profit or loss oil a straight line basis over tho lease temi. Voluntary incoiiiiiig resDuro¢s aTe a¢counled for and when enlitlemcnt arisc5 and the amount Ciin be reliably quantified. 15 NEWELLS SCHOOL TRUST LIMITED ACCOUNTING POLICIES (eontinued) YEAR ENDED 31 JULY 2024 Expendlture Expenditure is accounled f()r on an accruals basis. Certain expenditur¢ 1$ directly attribulabl¢ to speLifiL activities and has be¢n includod in those c05t categories. Central costs whicli cannoi be directly allocated are apportioncd across cost categories on the basis of an cstimate of th¢ proportion of time spent by slaff on those activities. Employment benefits, AnLluding holiday PPAY, are rerognised in ihc period in which they are earncd. Tcrniination benefits are recognised in the period in which the decision is made and comrnunica*d lo the relevant employee(s). Governance cost¥ compris¢ th¢ costs of running th¢ chariiy, including stTategic planning for its luture development, external audit, any l¢gal advice tor the SLhool's Governor¥, lind all thc costs of complying with conslitutiunal and slatutory requirements, such as the Costs of Board and Committce meetings and ofpreparing stalulory accounts and satisfying publir accountability. Flxed gMets and depreclallon Tangible tixcd assets are capitalised and includcd at cost, including any inLidenlal expenses of acquisition. D¢preciation iy provid¢d on fJx¢d assets to write their cost over cytimatcd u.g¢ful liv¢s at the following rAtes'. Freehuld buildings Silo Fa¢ilitie8 New buildings. fixtures & fittings Motor vehicl¢$ 2¥• on cosi per annum 50/0 on cvst per annum 80/1 on cost annum 20% on cost per annum Fundi Unre.YlrlclL.&, thv5e are funds which cun be used in ll¢Gordoncc with Ihc charitable objccts ut tho discrction of ihe trustees. Designal¢d'. these ar¢ fund5 sel aside by the trustees out ot unrcgtrictcd gencral funds for specific purposes or projocts. Reslricted: these are fund8 that can only be used for particular rcstricted purposes within the objects of the charity, P¢n•lon Sch¢m The School operatos two pension 8¢hemes. Contrlbutions to the sch¢m¢s are Charged to the income and expenditure account as they &re Incurred. Further d￿all5 are given in note 16. Unless teaching staff elect to opt out, Ihey join the'feachers Pension scheme administered by the Teachers. Pension Agency. The 8chome is a mulli employer pension scheme and it is not PO88ible to identify the gssets and liabilities of the ScheJn¢ which are attributable to the School. In a¢cordance with FRS 102 therefor¢, the S¢h¢me is accounted for as a defined contribution scheme, The School operates a defined contribution pension schetne for I¢￿h1ng and non-teaching personn¢l whereby the assets of the schemes are held separately from those of the School in an ind¢pendcntly administercd fund. The School'8 ¢0ntributions, ar¢ ¢harged in thc period whirh th¢ Salari￿ io which they relate are payable. Operating Lea8e Renllls Rentals paid in respcct of assets held under operating IcaKs ar¢ charged to the statement of finan¢ial activities as they fall due. 16 NEWELLS SCHOOL TRUST LIMITED ACCOUNTING POLICIES (Continued) aiid NOTF.S TO ACCOUNTS YEAR ENDED 31 JULY 2024 'inancial inslruments Basic finaiicial inslruinenlb are initially recognised atts'ansaclioii value and %ubsequeiitly amortis¥d. Financial assets held at ainortised Cost comprise. cash ul bank wid in hand. tugciher with tradi and other debtors. specific provisio iiiad¥ for debts for whiLh recoverability is in doubÉ. Cash ai bank and in hAnd is defined as all cash held in insiant atsCCSS bank a¢counls and u4ed a% w()rking c.Hpil#l FinaiiL.ial liabilities held at amortised cost compris¢ illl crcditors except SOLial security 2nd nther IAxe.s and proviqions. 'll)e School hAS an advanee fL'es scheme whercb), parents and others may rnake advance payinenls which pruvide tor & sel contribution each tem toivards ih¢ piipils, fees. The C¢ipiliil portion oulsianding is ￿e0gnised as a liability and the amount of any discount crystsllised in th¢ year is iiiclii(led li) th¢ bl&tLIl)liiil ut b'iiillnLi41 ALlii'ilies. N()'I'I.:% 'I'Q AC'C.'()IINI'.% SCHOOL Tr'EES 2024 21b23 Gross f¥¢s receivablc L¢ss sibling discounts. s¥liolarships and biir8aries l.ess aEency conimission 8,0.51,671 (448,695) (J6.866) 7,28CI,837 (473,119) {51,947) N¥1 fcc8 receivabl¢ 7,.566,1 l 6,7()1,771 OPERATING EXPENDITURE 2024 2023 Lhorilablc expenditurc includes: Auditnr'.q remiin¢rAlion Operating Icascg Dcpreciation 13.ORO 30,443 310,913 33.456 335,339 ANALYSIS OF TOTAL EXPENDITURF, 2024 Total 2023 Total Stnff Costs Otlier Depre¢latlon Charltable activlties Teaching costs Welfare Prcmises Support Costs 2,8.$1,275 51,495 451,047 1,265,216 424,548 630,145 1,050,327 612,398 3,275,823 681,640 1,836,713 1,877,614 3,148,877 612,845 1,528,185 1,674,109 335,339 4,619,033 2,717,418 33.5,339 7,671,790 6,964,016 Raislng Funds i)ther expenditure Finance cosls 37.349 37,349 27,437 4.619.033 2.754,767 335.339 7,709.139 6,991,453 Financ¢ costs include inleresl payable on loans of £14,544 (2()23'. £12.443). Three (2023: One) Governor was r¢inibursed travel expenses of £891 (2023.. £208). 17 NEWELLS SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (continued) YEAR ENDED 31 JULY 2024 ANALYSIS OF TOTAL EXPE]YDITURE (Lontinued) 2023 Total 2022 Total Staff Costs Other Depreei4tion Chlrltftble ietivitiei Teaching costs Welfare Premises Support co$t5 2,652,284 49,824 416.389 .2U9,105 496,593 563,021 800,883 465,004 3,148,1177 612,845 1,528,185 1.674,109 2,802,370 572,905 1,429,443 1,588.349 310,913 4,327,602 2,323,501 310.913 6,964.016 6,393,067 RAJ8lAz Fundg Other expenditur¢ Finance eo$tS 360 21.645 27,437 27,437 4,327,602 2,352,938 310,913 6,991,453 6,415,072 Support Costs comprlie: 2024 2023 Staff c08ts II. co8t$ Motor Vehlcle costs Marketing costs Govemance ¢08ts Other costs ,265.216 124.523 51,308 74.135 14,511 347.921 1,209,105 127,432 45,189 65,164 13,288 213,931 1,877,614 1,674,109 EMPLOYEE INFORMATION 2024 2023 Staff c05ts'. Salaries and wages Social security costj Pension contributions 3,626,705 353,139 639,189 3,424,216 341,722 561,664 4,619,033 4.327,602 Remuneration of k¢y mRnagem¢nt per80nnel was £298,510 {2023: £287,351). 2024 No. 2023 The avera8e number of employees during the year was made up as follows: Tea¢hin8 Tea¢hin8 a681Stants and spvrts Gor4¢hes Administrative, wclfare and premises support 48 41 46 48 45 46 135 139 18 NEWELLS SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (eontlfiued) YEAR ENDED 31 JULY 2024 MVLOYLL INFORMATION (Contlnued) 2024 2023 The number of ￿ll-time equivalent employce5 durin8 the year wa5 made up a8 follows: I'¢achin8 T¢a¢hlng assistants and 8portS Loache$ Adiiiiiiisli'ativ¢, wcifai'e ttiid pi¥miges Suppori 42 27 33 41 29 32 102 102 The numb¢r of hi￿er paid employees was: £60,000-£70,000 £80,000-£90,000 £90,000-£ I no,(ion £iOO,000-£l iO.OOQ £130,000-£140.000 The number with retlrernent benefits a¢cruing in defined ¢ontributlon schemes was l (2023: 1) and defincd boneflt sch¢mes was 5 (2023: 1). INVESTMKIYTS Inveitment In iubildlAry Company Cost N•¢ BookV4lue 1131 July 2024 Joo The followln8 Wag a subsidiary undertaklng of the chariiable ¢ompany'. Country of Incorporatlon CIAJS of sh4re eAPit41 Prlnclpl# actlvlty Holdln8 Handcross Park Commercial Services Limited England & Wale8 Ordinary i ooo/ Faciliti¢8 hire Th¢ 8ummary flnAnelil performonc¢ of the subsldlgry1$: 2024 2023 Turnover Cost of saleJ ￿)d adiiiiiiists'alive costs 302.269 (150,614) 262,140 (J71.815) Net Profit Profit retained from 2023 Amount Gift aided to the charity 151.655 90,325 609 <90,934> (151,655) Retained in the subsidiary 19 NEWELLS SCHOOL TRUST LIMITED NOTES TO ACCOUN'TS (continued) YEAR F.NDED 31 JULY 2024 INVKSTMEIYTS (Continued) 2024 2023 The assets and liabilities of the subsidiary were.. Fixed assety Current assets Cuttent liabilities 149.576 (149.476) 113,426 (113,326) Totsl iiel assets 100 100 Cllpital and Reservo8 100 100 TANCIBLF FIXED ASSETS Furnltur flttings equlprnent ind Cumput¥r Freehold land nd buildings Motor Vehielei Tot91 COST At l Augu&+t 2023 Additions 7,642,412 1,539,533 323.863 45,036 66,025 8,032,300 1,584,569 At 31 July 2024 9,181,945 368,899 66.025 9,616,869 DEPRECIATION At l August 2023 Charge for the year 2,998,751 303.243 2011,659 28,520 62,151 3,576 3.269,561 33S,339 At 31 July 2024 3,301,994 237,179 65,727 3,604,900 NET BOOK VALUE At 31 July 2024 5,879,951 131,720 298 6,011,969 At 31 July 2023 4,643,661 115,204 3,874 4,762,739 Th¢ Additions in the year include £1,146,994 ofwork In progress costs for the r¢￿rb]shrnent and extension of the Boarding Hou¥e. This wu5 under ronstruGtion at the year end and completed September 2024. No d¥preL'iation was charged in th¢ year. DEBTORS 2024 2023 Fees and extras in arrears Intercompany amounts due from subsidiary undertakirjg Other d¢btors and prepayments 133,610 130,544 230.391 181,164 77.818 148.168 494,545 407,150 20 NEWELiS SCHOOL TRUST LIMITFD NOTES TO ACCOUNTS (continued) YEAR ENDED31 JULY 2024 CREDITORS: . due wlthln ont ye*r 2024 2023 Bank loan8 Trud¥ ¥redilur Atnount du¢ to Llrigliton Lolleg¢ Other creditor8 Accruals Composition fees paid in advance 27,938 298,153 93,634 1,398.? J8 369,720 2,596,924 27,938 356,107 44.291 691,766 420,741 88.935 4,784.607 1.629,778 Cornpojltlon Feel Paronts may pay a lump sum towards the payment ol. tutur¢ School tuition tees. The mon¢y may be returned on th¢ receipt of notice and will be applied against fu¢ure school tuition invoiccs a& they arise. No dis¢ountin8 is otfered on these advan¢¢ paym¢nt5. CREDITORS: . due After more than one yeir 2024 2023 Bank104R Amounts du¢ after five years Amounts falllng duc wlthln five years Less amounts fallin8 due within one year 49.492 139.688 (27,938) 72,735 139,688 (27,938) 161,242 184,485 A••wunl% rfme ¢0 Brlghlon Collele Amounts fallin8 due within fivo years Less amounts falling due within on¢ year 93,634 (93,634) 44.291 (44,291) Pmpll 4¢poil 785,198 721.916 Totsl creditors due after mor¢ than one year 946,440 913,401 Bank lodn The bank loan with HSBC for th¢ purchase of staff accommodation is secured by a ¢har8¢ on that freohold property, repayable over a t¢n y¢ar peri4)d to 20 Ortob¢r 2030. 21 NFWELLS SCHOOL TRUST LIMITED NOI'LS'fo ACCOUNTS (continued) YF.AR F,NDED 31 JIILY 2024 l(b. RESERVES Blfwd 01 August 2023 1￿come Expenditure Transfers C/fwd 31 July 2024 Restrlcted Funds l)evelopment Appeal General Fund 270 1.133 (270) (1,133) De.8ignated Funds 4,224,.fj99 .529,661 4,754,260 Unrestrlcted Fund$ 8,237,397 (7,707,736) (529,661) 4 224 599 8 238 800 7 709 139 4 754 260 Donation$ and ollier inLoine rcl&ting to the CJ¢n¥ral School nppeals &ro added to th¢ Dcvelopm¢ni Fund. Some Donors 4upport fee,% for thoye who would Struggle io affor(I th¢m and Ihcse are 8ra*fvlly receSved. Donations rcceived from the Friends Asso¢iAtion to purchase sp¢cifi¢ items are added to the General Fund, At the date o*'the Balance Sheet, designaied funds wer¥ whally represented by the Charity'& fixed ussets with tho charity opcrating with negative free reserv¢4, In so tur as de8ignJled fund$ were to bc liquid, they miist be applied for the charity's objecls. ThL movemenl in the prior yeftr individual funds c4m bc found within the 2023 FIn￿n¢1￿1 .Sta*menl.9 and the total level of income und expenditure hy fund 18 shown in the Cornparativc Statement of Financial Activities in Note 20. AiYAI.VSIS OF NF.T ASSETS BETWEEN FUNDS 2024 Credltor5 due after more than one year Inve8tm¥n¢¥ & fixed Iyet current Asitts 21J24 Total Desigiiated lunds 6.012,069 (311,369) (946,440) 4,754,260 6,012,069 {311,369) (946.440) 4,754,260 ANALYSIS OF NF,T ASSF.TS BFTWF.EN FUNDS 2f123 Crcdltor5 due gIter more than one year Inveslments & rixed llssets Net current Assets 2023 'I'ot21 Designated funds 4,762,839 37.f,161 (913,401) 4,224.$99 4.762,839 375.161 (913,401) 4,224,599 22 NEWELLS SCHOOI, TRUST LIMITED LYOTES TO ACCOUNTS (contiiiued) YEAR EIYI)ED 31 JULY 2024 12. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPERATIiYG ACTIVITIES 2024 21123 Net movement in fiinds Depreciation Iiiiei'esi r¢Lcivablo Interest payable Incre&qe in dehtnr. Increase in creditors 529,661 335,331) (J 5,724) 14,.f 44 (87.395} 703.122 415.3¥1 310.913 12,44.1 (88.559) 191,32? Nei cash inflow from opei'aiiiig aciivities 1,459,547 IJ. REI LAI'LD PARI'Y 'I'RAN5ACTIONS Neillier IhL Gi)v¢riiors nL)r p¢rsuris ¢oi)i)e¢lLd with tlieiii received aiiy remuiierÉltion ur othei. reluted party traTisacliuii from thc School. 'I'lie School has ol?tained tiovern(Irs indvmnity insuruncc cover within thc Ilrightoii C.olle8e Group Policy. At the balance sheet dale an anlVLinl of£93.634 (2023- £44 ?91) was owcd to Brighton Collcgc by the ,%chool, being thL. Grvup I,und Luntribuli