Charity Registration No. 307043 Company Registration No. 1x1799603 (England and Wales) PENNTHORPE SCHOOL TRUST LIMITED GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
PENNTHORPE SCHOOL TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Governors Mr R Sharkey (Chairman) Mr M Baynham Mr N Creed Mrs D Kay Mr M Proffitt Dr N Roberts Mrs E Harrison Mr A Cutler Mrs S Browne Key Management Personnel Head Deputy Head Bursar & Company Secretary Mr C Murray Mr J Marler Mr P Flowerday Charity Number 307043 Company Number 00799603 Reglstered office & principal address Pennthorpe School Church Street Rudgwick West Sussex RH12 3HJ Auditors TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Bankers 8arclays Bank PLC 90 High Street Crawlev West sussex RHIO IBP
PENNTHORPE SCHOOL TRUST LIMITED CONTENTS Page Governors, Report Statement of Governors, Responsibilities 10 Independent Auditorfs Report li Statement of Financial Activities 16 Balance Sheet 17 Cash Flow Statement 18 Note5 to the Accounts 19
PENNTHORPE SCHOOL TRUST LIMITED GOVERNORS, REPORT The Governors are pleased to present their report and financial statements for the year ended 31 August 2024, which also comply with the Companies Act 2006 requirement for a Directors, Report and Strategic Report. The financial statements have been prepared in accordance with the Companies Art 2006, Charities Act 2011 and Accounting and Reporting for Charities- Ststement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). STRucfuRE. GOVERNANCEAND MANAGEMENT Pennthorpe School Trust Limited ('the School,) was incorporated in 1964 and operates as Pennthorpe School. The School is a company limited by guarantee (company number 007996031, registered with the Charity Commission (charity number 307043) and is governed by its Articles of Association. last amended on 18 September 2021. Recruitment. Induction and Training Governors of the School are elected on the basis of nominations received by the Chair of Govemors, to the Board's specifications concerning eligibility, personal competence. specialist skills and availability. Governors are elected at any meeting of the Board, subject to confirmation of their eligibility to act as a Director and Trustee and setve a term of office of five years. A retiring Governor shall be eligible for re-election for consecutive periods not exceeding two terms in office from the date of his or her original appointment Isave that Governors in post at the time the Article5 of Association were adopted shall serve out the remainder of the five-year period). This may be extended at the discretion of, and subject to any conditions imposed by, the Governors. New Govemors are inducted into the workings of the Charity and the School. They are given copies of various documents including the AGBIS "Guidelines for Governors. manual. the Articles of Association, the latest audited accounts and the most recent School ISI inspection report. They are encouraged to visit the school and given orientation briefings by the Chair of Govemors andlor other Governors, the Head and the Bursar and receive Safeguarding training. Govemors are encouraged to attend external training. courses and conferences designed to keep them informed and updated on current issues and regulations conceming education and governance. Govemors. Dlrectors and Charity Trustees The Governors of Pennthorpe School Trust Limited ('the School" "the Charity" "the Company- or"Pennthorpe"} are the School's charity trustees under charity law and the director5 of the charitable company. The members of the Governing Body who setved in office as Govemors during the year and subsequently are detailed below.. Mrs S Browne . Mr M Baynham Mr N Creed Mr A Cutler Mrs E Harrison Mrs D Kay Mr M Proffitt Dr N Roberts MrTom Scully Mr R Sharkey" appointed 24 June 2024 appointed 17 April 2024 appointed 12th November 2024 Chair of Governors up to 3 7" August 2024 Chair of Governo from 1st September 2024 **
PENNTHORPE SCHOOL TRUST LIMITED GOVERNORS, REPORT The activities of the Governing Body are carried out through 3 sub-committees listed below: 11) Education and Welfare {2} Finance and Estates {3} Governance and Nominations All governors are members of at least one committee. Organisational Management The members of the Goveming Body, as the Charitys trustees. are legally responsible for the overall management and control of the School. Much of the Governing BodYs detailed work is carried out by the three committees listed above, pursuant to terms of reference set by the Governing Body. Meetings of the full Governing Body are held at least once a term. The day-to-day running of the School is delegated to the Head ar)d Bursar. as the key management personnel, who in turn are supported by other members of the Senior Management Team. The Head and Bursar attend all meetings of the full Governing Body and committee meetings. The Governing Body delegates decisions on stsff pay, in accordance with the School's Pay and Conditions Policy, to the Finance and Estates Committee. The committee meets annually to consider the remuneration levels of the Senior Management Team and a review by the Head of all School staff, including key management personnel. All members of staff are required to participate in arrangements made for performance management. The Head reviews progress and sets targets with all members of key management personnel and other staff are reviewed by members of the Senior Management Team,. the review of progress and target setting forthe Head are undertaken by the Governors. Employment policy The School is an equal opportunities employer. Investment powers and policy These are governed by the Memorandum and Articles of Association. which permit surplus funds to be invested in any investments, security or property as may be thought fft and as may be prescribed by law. The School's investment objective is to maximise the retum on its investment funds while maintaining maximum security and a high degree of liquidity. To meet this objective, the School invests in call deposits with a high security rating. OBJECTS. AIMS, OBJECTIVES AND ACTIVITIES Objects The Charity's objects as set out in the Memorandum and Articles of Association. as amended on 18 September 2021, are to acquire and cary on in the United Kingdom any boarding or day school or schools for the education of children and to provide education based on inclusive values. In furtherance of these objetts for the public benefit the School has established and administers bursaries and scholarships, The Board is mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011. Aims At Pennthorpe we aim: Through our innovative curriculum, to inspire creativity and enable every pupil to experience success, be it in academic or co-curricular studies. Our goal is to be a ntre of excellence for teaching and pupil outcomes., to develop a reflective, lifelong leaming ethic in our pupils and challenge children of all abilities to achieve excellence.
PENNTHORPE SCHOOL TRUST LIMITED GOVERNORS, REPORT Through our Pennthorpe Purpose and wellbeing curriculum, to promote happiness and fulfilment, inspiring and fostering an inner confidence and mutual spect in pupils. We value each child, identifying and helping to develop each individual's strengths and passions and investing emotionally in each pupil'5 individual journey with a goal for every child to comprehend their place in the local and global community. To build constructive relationships with local and regional communities and aim to give demonstrable public benefit. This includes fostering strong, mutually supportive relationships with our parents, as well as a diverse range of senior schools across the UL Our target is to attract and retain quality staff, who are innovative, passionate and committed to applying their skills to facilitate excellentjourney. To prioritise our pupils in all of our decision making and continually reinvest in our educational provision for their benefit. We also want to reduce the school's carbon footprint and embrace diversity within our community, with a goal to honour, accept and appreciate the uniqueness of everyone. To provide competitively priced. market-leading education for children aged 2 to 13 where children can be happy, confident and capable leamers. prepared for the rigour and opportunities of life in the 21st century, whilst generating surpluses that can be reinvested in the school campu5 to provide facilities that will offer the very best experience for the pupils. Objectives Pennthorpe's principal objertives are set OLrt as follows: A distinrt and attractive market proposition; High achievement through excellent teaching and learning; A curricular and co-curricular provision and pastoral system that enables every pupil to achieve success and positive wellbeing,- Financial strength and sustainability. Effective, motivated and skilled gtaff- A high standard of development and maintenance of the School's assets; Effective governance and leadership; An outstanding reputation across all stakeholder groups. To ensure delivery of these key principal objectives, the Goveming Board meets annually to review its strategic aims and the executive team subsequently produces an annual Implementation Plan which details how they will be delivered and enhanced. Activities The Charity's principal activity, continues to be the provision of day school education to pupils ranging from 2 to 13 years of age. Public Benefit In setting objectives and planning activities the Governors have given careful consideration to the Charity Commission's general guidance on charitable purpose and public benefit, and in particular to it5 supplementary guidance on the advancement of education. Pennthorpe School Trust Limited is a charitable trust which seek5 to benefitthe public through the pursuit of its objects. aims and objective5. Fees are set at a level to ensure the financial viability of the School and at a level that is consistent with the achievement of its aims and objectives. The School's charitable objects are "to provide education" such objects are recognised as benefitting the public when pursued in the context of formal education in a body where all surplus funds are re-invested. The School is a charitable body with no external shareholders and no possibility of making distributions whether in the form of dividends or othemise. All surpluses are re-invested in education.
PENNTHORPE SCHOOL TRUST LIMITED GOVERNORS, REPORT The awarding of bursaries for those who could not otherwise afford independent education is a measurable means of providing public benefit. The Governing Body takes the view that bursaries awarded to those who would not otheiSe be able to afford the fees are important. but not to the exclusion of the much wider benefit that the School provides within the community. The School has extended and refined means-testing by introducing a more rigorous and detailed process, including assessment by an indeperKlent specialist company. Those pupils who attend our school and who receive financial support contribute to the School community in a variety of ways, and so the benefit is not purely to those pupils but to the whole School. Included within the total bursaries, discounts and awards are means tested bursaries totalling £126,592 (2023.- £51,282). The school's culture is encapsulated by our motto, 'non nobis solum nati bom not for ourselves alone., which expresses that our reason for being is not selfish, but for the goodness of humanity- We do not exist just to seNe our own intentions, but have a duty to positively contribute to the lives. and benefit. of others. By giving the best of ourselves to the world, we make it a better place. This culture permeates every element of school life, and there are many philanthropic activities undertaken to enable pupils to learn about altruism. and experience the feelings of happines5, Optimism and satisfartion often attributed to selfless acts of kindness. Examples include", our Charity Commission. made up of children in Years 6 - 8, who support local, national and international charities by organising charity days and events at school- participation in Silver Stories, a reading initiative where pupils volunteer to read to elderly listener5 to combat loneliness,. and our Think Tank lessons, where the children think and dream big. using their imagination, knowledge and skills, to plan projects that could change the world for the better. In addition to the charitable activities of the children. the school makes available our sports facilities. either free of charge or at a nominal rate. to local sports clubs in the evenings and weekends when not in use by the pupils at the school and in keeping with planning restrictions imposed by the local residents. We facilitate local charities, use of our minibuses for holiday clubs and day trip ACHIEVEMENTS AND PERFORMANCE Pennthorpe was judged to be Excellent the highest possible grade, in both 'Pupils Academic and other Achievements, and 'Pupils Personal Development, in the last full ISI Inspection. This achievement has been greatly fostered by the selection, retention and personal commitment of high-quality leadership and staff. Common Entrance and Scholarship Resul. 100Yo of Year 8 pupils gained a place at their first choice of senior school. 1C4JYo of pupils achieved A"_ C grades in all Common Entrance Subjects 41% of Year 8 gained A'/A grades in Common Entrance examination5 (up 4% on 2023) 3910 of Year 8 pupils gained senior school scholarships, across a broad range of subjects, including Academic, Art, Drama/Performing Arts. Sport and All Rounder scholarships, including one pupil gaining a full academic scholarship at Brighton College (up 1% on 2023) 50% of pupils from the Academic Scholarship Programme gained an Academic Scholarship to their chosen Senior School
PENNTHORPE SCHOOL TRUST LIMITED GOVERNORS, REPORT Academic Common Entrance Result&" 2024 8Yo 33% 42Yo 17% As a Pre-senior Baccalaureate (PS8) school. Pennthorpe has continued to embed the PSB skills into tts culture via the Pennthorpe Purpose. The skills. together with our core values, form the backbone of daily life. and are deep- seated in everything, from our curriculum, teaching and learning. to being highly visible around the school, and common vocabulary for all in our community. The pioneering Pennthorpe Prodigy Programme was launched this year with current pupils., and has also featured in Independent School Parent as well as schoolstrader.com and we plan to put the Programme forward for the Muddy Stilettos 'Best Experiential learning, Award this year. Sporting Achievements- U11 Boys Hockey Lancing College Cup winner5 2024 U13 Boys Football Lancing College Plate winners 2024 U11 Girls Hockey Pennthorpe Cup winners 2024 U12 Girls Hockey IAPS National Shield winners 2023 Sports Scholarship to Brighton College, Ardingly College, Hurts and Seaford College All pupils in Years 3-8 played a minimum of 20 competitive fixtures for the school in the past academic year Quarter Final of the U13 County Cricket Cup U13 Girls Pennthorpe Football Festival 1st place 7 x pupils represented Sussex at the National Prep School Athletics Finals Competitions and Representstive Players= Pupils selected to represent: Sussex & England Hockey 2024 Sussex Cricket Sussex Hockey- 2 players U12 Boys Prep School Pumas 'A' Squad U13 Boys Prep School Pumas 'A' Squad FINANCIAL REVIEW Results for the year The Charitls net incoming resources were £88.002 (2023: net outgoing resources £185,078). Reserves level and pollcy and financial viability The Governors have established a general reserve policy to afford Some protection to the School and its charitable programme and to provide time to adjust to changing financial circumstsnces.
PENNTHORPE SCHOOL TRUST LIMITED GOVERNORS, REPORT Uncommitted reserves this year stand at £4,087,684. Of these reserves, a total of £4,520,531 comprise the charity's fixed assets, a significant portion of which is represented by freehold land and buildings. This does not leave any free reseeS available for immediate requirement. The Governing Body has a target of 12 weeks, funding of total expenditure without placing reliance on external funding. The last few years have remained economically challenging for the local and wider region. The Governors continue to assess this aspect closely at their termly meetings, and endeavour to adapt accordingly. It is the policy of the Governing Body to generate annual operating surpluses to enable the bank loan to be repaid and to sustain reserves at the desired level. Procedures are in place to ensure that expenditure stays within the budgets set or, where expenditure in excess of that budgeted is required to be incurred, that corresponding increases in income or savings have been identified prior to incurring the excess expenditure. The Governing Body receives termly management accounts and cash flow forecasts which are linked to the budget in place. PRINCIPAL RISKS AND UNCERTAINTIES The Governors have an established procedure to review key risks on an ongoing basis. The economic environment has not been helpful to independent schools overthe past several years and many have closed as a resul( with those outside the South East bearing the brunt. We have been secure at Pennthorpe throughout this period but we have also been financially prudent Even during this tricky economic climate, we have continued to invest further in the School, and we will continue to improve and enhance the School's facilities as our finances allow. Pennthorpe has a strategic plan in place to grow in numbers, however, we never lose sight of the factthatwithin our resources. we must provide the best possible education and learning environment for our pupils. The Governmenys tax policies contained in their Autumn Budget in October 2024 will have a significant impact on all independent schools throughout the country, including Pennthorpe. The decision by the Government to implement thesechanges mid-academic year means that schools have had littletime in which to make any structural hanges to their provision for the academic year 2024125. The addition of VAT on school fees. the removal of mandatory business rates relief, the increase in employerfs National Insurance and the increase in the National Living Wage will require a high level of rtrbudgeting and forecasting for the academic year 2024/25 and beyond. The risk management process identifies risks. assesses their impact and likelihood, and where necessary, recommends controls to mitigate and monitor those risks assessed as high. The generic controls used to minimise risk include-. A full high level risk register reviewed by the Head, Bursar and Governing Body, Detailed terms of reference together with formal agendas for each committee and full Governing Body meeting- Strategic development planning", Comprehensive budgeting and management accourrting,- Established organisational structures and line of reporting.. Fomal written policies and approval levels., and Vetting procedures as required by law for the protection of the vulnerable.
PENNTHORPE SCHOOL TRUST LIMITED GOVERNORS, REPORT FUNDRAISING PRACTICES The school recognises the contribution made by its supporters. with voluntsry donations being a valuable part of the school's incoming resources. Most fundraising activity is carried out by the Friends of Pennthorpe (FOP) which is led by an elected committee of parents and operates independently of the school. This group raises money for the school through events and activities which are voluntary and advertised in a non-intrusive manner. The school does not utilise the services of ary external commercial fundraisers. Given that the majority of donations are from parents of current pupils, either direct or through the FOP. and only limited fundraising activity takes place, the school does not consider it necessary at this time to subscribe to a fundraising regulator. FUTURE PLANS The School reviews the strategic aims and the operational Implementation Plan annually to continue to ensure the delivery of a first-class education. The key objectives within the current plan are to: Review the school's position within a changing marketplace, with specific consideration of affordability and a competitive package to ensure long-term viability in view of the recent economic and political changes as illustrated in the Autumn Budget 2024 Further develop staff understanding and their contribution to the success of Pennthorpe Continue to implement and develop strategies to drive the quality of teaching and Searning Prioritise the wellbeing of our whole community, ensuring all within our community thrive in terms of mental health and that children continue to progress pastorally, as well as academically Implement an enriching and dynamic initiative in place of the outdated scholarship model. The Prodigy Programme will be more inclusive and celebrate pupil excellence within a wider range of disciplines than previously available. It wil I further prepare children for entry and scholarships to leading senior schools To develop opportunities for all pupils to experience a range industries and careers including, guest speakers, workplace placements. Enrichment Trips and the Pennthorpe Innovation Week To continue the progress we have made in developing our outdoor learning provision which currently runs from Honeypot to Year 4. To develop this provision for pupils by extending on the resources which the children have access to include access to more tools to support the development of the ability to take a risk, demonstrate resilience and collaborate. To consider ways of extending this provision to older year groups, such as by having more Forest School afternoons for pupils in years 5 and above.
PENNTHORPE SCHOOL TRUST LIMITED STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also the directors of Pennthorpe School Trust Limited for the purposes of company lawl are responsible for preparing the Governors. Annual Report (incorporating the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard in the UK and Republic of Ireland,. Company law requires the G0vem0 to prepare financial statements for each financial year which give a true and fairview of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable compary for that year. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the Charitie5' SORP; make judgements and estimates that are reasonable and prudent and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The Governors are responsible for keeping adequate accounting records that disc105e with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and other irregularities. DISCLOURE OF INFORMATION TO AUDITORS Each of the Governors has confirmed that there is no information of which they are aware that is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have tsken appropriate steps to identify any such relevant information and to establish that the auditor is aware of such information. This report was approved by the Govemors. as Directors of the charitable company, on 28th November 2024 and signed on their behalf by. Mr R Sharf(ey Chair of Governors io
PENNTHORPE SCHOOL TRUST LIMITED REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS We have audited the financial statements of Pennthorpe School Trust Limited (the 'charitable company,) for the year ended 31 August 2024 which compromise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom GenerallyAcceptedAccounting Practice). In our opinion, the financial statements- give 3 true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirementsof the Companies Act 2006. Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and the provisions available for small entities, and we have fulfilled ourethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the governorfs use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events orconditions that, individually or collectively, maycast doubt on the charitable companvs ability to continue a5 a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report. Other information The governors are responsible for the other information. The other information comprises the information included in the governors, report, other than the financial statements and our auditor'5 report thereon. Our opinion on the financial statements does not cover the other information and, exceptto the extentotherwise explicitly stated in our report, we do not express anyform of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whetherthere is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requiredto reportthatfact. li
PENNTHORPE SCHOOL TRUST LIMITED REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the governors, report for the financial year for which the financial statements are prepared is consistent with the financial statements,'and the governors, report has been prepared in accordance with applicable legal requirernents. Matters on whlch we are required to report by eXptIOn In the light of our knowledge and understsnding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the governors, report. We have nothing to report in respect of the following matters in latiOn to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreementwith the accounting records and returns; or certain disclosures of directors. remuneration specified by law are not made- or we have not received all the information and explanations we require; or Responsibillties of the governors As explained more fully in the governors, responsibilities statement, the governors{who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for beingsatisfied that theygive a true and fair view, and forsuch internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud orerror. In preparing the financial statements, the governors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the governor5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatement5 can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instan5 of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Extent to which the audlt was considered capable of deterting irregularities. including fraud The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses,. and to respond appropriatelyto fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. 12
PENNTHORPE SCHOOL TRUST LIMITED REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Our approach was as follows: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience, and through discussion with the Governors, and other management (as required by auditing standards), and discussed with the Governors, and other management the policies and procedures regarding compliance with laws and regulations (see below}. We identified the following areas as those most likely to have such an effect-. health and safety; General Data Protection Regulation (GDPR). fraud; bribery and corruption, School inspections, keeping children safe in education (statutory guidance), DBS checks and employment law. Auditing standards limit the required audit procedures to identify non-complian with these laws and regulations to enquiry of the trustees and other management and inspection of regu13tory and legal correspondence, if any. The identified actual or suspected non-compliance was not sufFiciently significant to our audit to result in our response being identified as a key audit matter. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework IFRS 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 charitable companvs operations, the control environment and financial performance. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-complian throughout the audit. We considered the procedures and controls that the charitable company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Based on thi5 understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we perfomed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation. performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, a5 fraud involves intentional concealment, forgery& ccllusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 13
PENNTHORPE SCHOOL TRUST LIMITED REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Use of our report This report 15 made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for the no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work. for this report, or for the opinions we have formed. Toqf-4 Mark Cummlns FCCA Senior statutory Auditor for and on behalf of TC Group Statutory Auditors Steyning West Sussex Dated £ qcns 14
PENNTHORPE SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL AcfiviTIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Funds Restrirted Funds Total Funds 2024 Total Funds 2023 Notes INCOME FROM: Donations 18.600 18.600 19,028 Other trading activities 24088 24,888 23,031 Investment5 9,460 6,618 Charitable activities 3,939,242 3.939.242 3,420.031 Other income 1.587 Total income 3.973.590 18.600 3.992,190 3.470,295 EXPENDITURE ON: Raising funds 59.110 59,110 49,665 Charitable actlvltles 3.845,078 3.845.078 3,605,708 Total expenditure io 3.904.188 3,904,188 3,655.373 Net Income/(expenditure) 69.402 18,600 88.fy)2 1185,0781 Transfer between funds zi {18,600) Net movement in funds 88,002 88,002 1185,078} Fund balances brought forward 3,999,682 3,999,682 4,184,760 Fund balances carried fonward 4,087.684 4,087,684 3,999,682 All income and gains for the year are recognised above. All of the school's activities are classified as continuing. The statement of financial activities also cornplies with the requirements for an income and expenditure account under the Companies Act 2006. There are no recognised gains or105ses other than those reported on the Statement of Financial Activities. The notes on pages 18 to 26 form part of these financial statements. 15
PENNTHORPE SCHOOL TRUST LIMITED BALANCE SHEET Company Number: 00799603 AS AT 31 AUGUST 2024 2023 Notes 2024 Fixed a55ets Tangible assets Iz 4.520,531 4,687,590 Current asset5 Stocks Debtors Cash at bank and in hand 28,474 300.583 541.027 29.313 203.245 276,222 870.084 508.780 Creditors: amounts falllng due within one year 15 {784,928) {638,9981 Net current assets l (Ilabilities) 85.156 1130,218) Credltors: amounts falling due after more than one year 16 (518.003) 1557,6901 Net assets 4,087.684 3,999.682 Represented by: Unrestricted funds 20 General school funds 4.087,684 3,999.682 4,087.684 3,999,682 The accounts were approved by the Board of Governors and signed on their behalf by: Mr R 5harkey Governor Mr M Baynham Governor th Date: 28 November 2024 The notes on pages 18 to 26 form part of these financial statements. 16
PENNTHORPE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operating artlvities: Net income/lexpendlture) for the year Adjustments for: Depreciation charge5 Dividends, interest and rent5 from investments Interest payable Loss/lprofit) from sale of tsngible fixed assets {Increasel/decrease in stock Ilncreasel/decrease in debtors Increaselldecreasel in creditors 88.002 (185,0781 12 215.795 (9,460) 35,058 209,543 16.618) 30.939 {1,587) 12,0971 128,926) 1152,4121 839 (97,338) 157.930 14 15 Net cash provided byllused in) operatlng artlvlties 390,826 1136,2361 Cash flows from investing activitles: Dividends, interest and rents from investments Proceeds on sale oftangible fixed assets Purchase of tangible fixed assets 6,618 4,5CQ 1129,8141 12 (48,736) Net cash provided by/(used in) investing artivlties {39.276) 1118,696) Cash flow5 from financing artivitles: Loan repayments Interest payable Net cash provided by/(u5ed in) flnanclng attivitie5 151,687) (35,0581 (52,0421 (30.9391 186.745) 82.9811 Change in cash and cash equlvalents in year 264,805 {337.9131 Cash and cash equlvalents at the beginning of the year 276,222 614,135 Cash and cash equivalents at the end of the year 541.027 276,222 All cash is cash at bank and in hand. Anafysis of changes In net funds Brought forward Cash flows Carrled forward Cash at bank and in hand 276.222 264,805 541.027 Bank loans 1510,6901 51,687 {459.003) (234,468) 316A92 82.024 17
PENNTHORPE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Statutory information Pennthorpe School Trust Limited is a charitable company, limited by guarantee, registered in England and Wales. The charitable companWs registered number and registered office addre55 can be found on the legal and administrative information page. Accounting policles Basis of preparation The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities, Statement of Recommended Practice (SORP (FRS102)) and Financial Reporting Standard 102. The charitable company meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at cost or transartion value unles5 Otherwise stated in the relevant accounting policy. The financial statements are prepared in Sterling and rounded to the nearest £1. After reviewing the charitable company's forecasts and projections, the governors have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements. Estimates and judgements are Continual evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstsnces. In the opinion of the governor5, no assumptions concerning the future or estimation certainty affecting assets and liabilities at the balance sheet date are likely to result in material adjustment to their carrying amounts in the next financial year. Deposits held are repayable when a pupil leaves the school and are included in creditors. with a proportion classified as due after one year as this reflects the true timing of their repayment. Income Fees receivable and charges for services. less any allowances, scholarships and bursaries granted by the school against those fees are accounted for in the period in which the service is provided. Where fees are received for a future service period they are included in deferred income, including those fees received under an advance fee payment scheme. The services provided are currently outside the Scope of VAT. Investment income is accounted for on an accruals basis. Donations, legacies, grants and othervoluntary income are accounted for as and when entitlement arises, the amount can be reliably measured and the economic benefit is considered probable. Where a donor or an appeal has imposed restrictions the income is credited to a restricted fund. Expendrture Expenditure is accounted for on an accruals basis with irrecoverable VAT included with the item to which it relates. 18
PENNTHORPE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between expenditure categories and departments on a basis designed to reflect the use of the resource. Cost5 relating to a particular activity are allocated directly. Termination payments are recognised immediately as an expense when the charitable company is demcnstrably committed to terminate the employment of an employee or to provide termination benefits. Tang5ble fixed assets and depreciation Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its experted useful life as follows: Freehold land Freehold buildings Fixtures, fittings & equipment Computer equipment Motor vehicles not depreciated 10 years to 100 years straight line IO% straight line 25% straight line 25% reducing balance At each reporting date, the charitable company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment 1055. Any such loss would be recognised immediately as expenditure in that year. Pennthorpe School Trust Limited has a fixed asset capitalisation policy threshold of £1,500. Stock Stock represents school uniform held for resale and is valued at the lower of cost or realisable value. Operating lease commitments Rentals paid under operating leases are charged against income on a straight line basis over the period of the lease. Pensions The charitable company participates In two defined contribution pension schemes, Aviva APTIS for teachers and Standard Life for other staff. Staff are therefore enrolled automatically into the scheme appropriate for their role. Both schemes are regulated by the Pensions regulator. Contributions are recognised in the financial statements as they fall due. Debtors Trade and other debtors are recognised at the settlement amount due. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments. The governors seek to use short and medium term deposits where possible to maximise the return on monies held at the bank and to manage cash flow. 19
PENNTHORPE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf 2024 2.10 Creditors and provlslons Creditors and provisions are recognised where the charitable company has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliablv. 2.11 Loans and borrowings Loans and borrowings are initially recogni5ed at the transaction price including transaction costs. subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. 2.12 Financial instruments The charitable company only has financial assets and liabilities of a kind that qua lify as basic financial instruments which are recognised at transaction value and subsequently at their settlement value. 2.13 Fund accounting Unrestricted funds comprise those funds which can be used in accordance with the charitable objects at the discretion of the governors. Restricted funds are those funds that can only be used for particular restricted purposes in accordance with the wishes of the donor or when funds are raised for particular restricted purposes. Turnover The turnover of the charity is wholly attributable to the objects of the charity as stated in the Governors. Report and is earned entirely within the UK. This is stated after charging: 2024 2023 Operating lease payments Stock recognised as an expense Depreciation IProfitl/loss on disposal of assets Auditors, remuneration- audit services (see note 10) 34,303 21,677 215.795 42,637 16,394 209,543 1,587 9,990 10,800 Taxation The charitable company is registered as a charity and all of its income falls within the exemptions under Part 11 of the Corporation Tax Act 2010. 20
PENNTHORPE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and legacies Unrestricted Restricted Total 2024 Total 2023 Donations 18.600 18,600 19,028 Income from othertrading activities Unrestrirted Restricted Total 2024 Total 2023 Uniform shop 24,888 24,888 23,031 Income from investments Unrestricted Restrlcted Total 2024 Total 2023 Interest receivable 6,618 Income from charitable artivities 2024 2023 Gross school fee5 Less bursaries and allowances Net school fees Add: Registration fees Extras School bus service and minibus hire Flexiday income Premises hire 4,175,758 (417.411) 3,758,347 3,409,920 (175,6151 3,234,305 12,500 3,879 5,032 151.342 8,142 11,750 7,643 4,845 150,118 11,370 3,420,031 3,939,242 Other incame Unrestrirted Restrlrted Total 2024 Total 2023 Profit on disposal of fixed assets 1,587 21
PENNTHORPE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysi5 of expenditure Staff costs Depreciation Other costs T¢xal 2024 Total 2023 Costs of raising funds School uniform shop Finance costs Total costs of raising funds 21,677 37,433 59,110 21,677 37,433 59,110 16,394 33,271 49,665 Charltable activlties Educatlon Teaching Welfare Premises Support and governance Total charitable expenditure 2.005,989 82.913 243,536 365.623 448,767 171,722 1,229,648 2,232.438 365,623 699,940 447,077 3,845,078 2,165,650 350,627 594,046 495,385 3,605,708 118,291 275,355 2.399,635 132,882 215.795 Total expendlture 2.399,635 215,795 1.288.758 3,904,188 3,655,373 Analysls of support and governance costs: 2024 2023 Governance costs: Auditors remuneration for audit services Governors. training Total governance costs 10,800 216 11,016 9,990 210 10,200 Support costs: Legal and professional fees relating to support Support staff wages, national insurance and pension Other support costs 60,492 275,355 111,230 35,170 361,411 88,604 447,077 495,385 11. Staff costs The average monthly number of employees during the year was: 2024 Number 2023 Number Teaching Classroom assistants Administration, premises and other 35 20 18 34 21 13 73 68 22
PENNTHORPE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Stsff costs Iconvd) The aggregate payroll costs for the year were as follows- 2024 2023 Wages and salaries Social security costs Pension costs Employee benefits Agency staff & sports coaches 1,959,063 183,723 215,606 19,159 22.084 1,878,149 180,676 209,761 24,665 2,900 2,399,635 2,296,151 None of the governors received any remuneration, reimbursed expenses orother benefits from the school or any connected body (2023: none). There were no ex-gratia payments in the year (2023: none). Staff with emolument5 in excess of £60,000 per annum in the following bands are: 2024 Number 2023 Number £70,000- £79,999 £90,000- £99,999 Of the employees whose emoluments exceed £60,000. none {2023: none) ha5 benefits accruing under a defined benefit scheme. The key management personnel of the school are detailed in the Governors. Report and Legal and Administrative Information. In 2024: 3 staff (2023: 3 staff). 2024 2023 Aggregate employee benefits of key management personnel Ilncluding employer national insurance and pension contributions) 202,982 198,676 23
PENNTHORPE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Tanglble fixed assets Freehold Land and Buildings Fixtures. Fittlngs & Equipment Computer Equipment Motor Vehicles Total Cost At I September 2023 Additions 6,039,288 662,413 295,917 39,358 7,036,976 48,736 45,621 3,115 At 31 August 2024 Depreclation At I September 2023 Charge for the year 6.039,288 708,034 299.032 39.358 7,085,712 1,725,034 132,882 395,236 41,025 216,672 35,160 12,444 6,728 2,349,386 215,795 At 31 August 2024 1.857.916 436.261 251.832 19.172 2,565,181 Net book value At 31 August 2024 4,181,372 271,773 47.200 20,186 4,520,531 At 31 August 2023 4,314,254 267,177 79,245 26,914 4.687,590 13. Stock 2024 2023 Stock of uniform 28,474 29,313 14. Debtors 2024 2023 Fee debtors Prepayments and accrued incorne Other debtors 226.173 58,174 16,236 300,583 87.281 102,299 13,665 203,245 15. Creditors." amounts falllng due withln one year 2024 2023 Bank loan (secured- see note 17) Trade creditors Accrua15 and deferred income Other creditors Fees in advance Deposit5 Other taxes and social security 52,000 46,548 45,540 61,212 521,179 17,000 41,449 784,928 54,500 159,437 35,190 33,865 284,283 18,500 53,223 638,998 Fee5 in advance represent fees received for autumn term 2024. 24
PENNTHORPE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Creditors: amounts falling due after one year 2024 2023 Bank loan (secured- see note 17) Deposits 407,003 iii,000 518,003 456,190 101,500 557,690 17. Analysls of secured debts The bank loan is wholly repayable in instalments as follows: 2024 2023 In less than one year In more than one year but less than fprfe years In more than five years 52,000 208,000 199.003 54,500 218,000 238,190 459,003 510,690 The bank loan is secured by legal charges over the freehold land and buildings and by a debenture in favour of Barclays Bank plc. The bank loan was formalised with Barclays Bank plc on 10 April 2018 for a 13 year term at a variable interest rate of 2% above base rate. 18. Commitments under operating leases At 31 August 2024 the company had total commitments under non-cancellable operating leases which are payable as follow5: 2024 2023 Within one year Between one and five years 28.848 36,970 28,848 65,818 28,848 19. Pension commitments The pension charge for the year includes employer contributions payable to Aviva APTIS la defined contribution Scheme for teachers) of £192,297 {2023: £186,698) and at the yearend £24,713 {2023'. £25,026) was accrued in respect of contributions due to the scheme. The school also contributes to a Standard Life defined contribution scheme on behalf of its other staff, Employer contributions payable to that scheme were £23,30912023: £23,063) and at the year-end £6,25512023: £3,330) was accrued in respect of contributions due to the scheme. 25
PENNTHORPE SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Analysls of net assets between funds Unrestrirted funds Restricted funds Total Fund balances at 31 August 2024 are represented by: Tangible fixed assets Current asset5 Creditors: amounts falling due within one year Creditors: amounts falling due after one year 4.520,531 870,084 (784,928) (518,003) 4,520,531 870,084 (784,928) (518,0031 4,087,684 4,087,684 Unrestricted Funds Restricted funds Total Comparative Fund balances at 31 August 2023 are represented by: Tangible fixed assets Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year 4,687,590 508,780 (638,9981 (557,690) 4,687,590 508,780 (638,998) (557,690 3,999.682 3.999,682 21. Restricted funds During the year, Friends of Pennthorpe made a donation of £500 to the school to support our leavers, graduation event. They also donated £18,000 to fund some new high jump mats and lighting equipment purchased in the year. All donations received in the year were fully spent at the year end. A further donation of £100 was made during the year by a private individual, for use of the school minibus. 22. Share capital and control The company is limited by guarantee and does not have a share capital. In the eventof a winding up. each member guarantees to contribute an amount of no more than £1. 23. Related party transartions There were no transactions with related party transactions during the current year (2023: None). 26