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
othe￿iSe 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 rese￿eS 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 eX￿ptIOn
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 instan￿5 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