Charity Registration No. 307045 Company Registration No. 00875915 (England and Wales) KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) GOVERNORS, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Governors S M Barnett Bsc ACG (Chairman) P Y Booth BA PGCE (Vice Chairman} P A Kent (FRICS- retired) D Kelsey D E J Kittow LL8 S Mills BS MCIM MMRS MIDM l Rudge (FRICS - retired) RJ Sharp Principal S Bakhtiari MA, BA, QTS General Manager and Company Secretary A B Warner Charity Number 307045 Company Number 875915 Registered Office & Principal Address Shoreham College St Julian's Lane Shoreham-by-sea West Sussex BN43 6YW Auditors TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Bankers Barclays Bank PLC North Street Brighton East Sussex BNI ISF
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) CONTENTS Page Governors, Report {incorporating the Strategic Report) Statement of Govemors, Responsibilities li Independent Auditorfs Report 12 Statement of Financial Activities 17 Balance Sheet 18 Cash Flow Statement 19 Notes to the Accounts 20
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS. REPORT (INCORPORATING THE STRATEGIC REPORT) The Governors present their report and accounts for the year ended 31 August 2024. The accounts comply with the requirements of the Companies Act 2006, the Charities Act 2011, the Memorandum and Article5 of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applitable in the UK and Republic of Ireland IFRS 102} (effettive ljanuarv 20151, STRucfuRE. GOVERNANCE AND MANAGEMENT/LEADERSHIP The Kennedy Independent School Trust is a company limited by guarantee and has no share capital. Every member of the Trust undertakes to contribute to the assets of the Trust in the event of it being wound up while he / she is a member, or within one year after he / she ceases to be a member, such amounts may be required not exceeding £1. Governing Body The Governors, who are also the directors for the purpose of company law. and who served during the year were: S M Barnett BSC, ACG (Chair) P Y Booth BA, PGCE (Vice Chair) D Kelsev P A Kent {FRICS - retired) DEJKittowLLB S R Mills BSC, MCIM, MMRS, MIDM l Rudge IFRICS- retired) RJ Sharp None of the Governors have any beneficial interest in the company. Each Governor makes an annual declaration of any conflict of interest in addition to one for each meeting attended. All of the Governors are members of the cotnpany and guarantee to contribute £1 in the event of a winding up. Governor training and induction All new Governors are invited into the College for an in-depth discussion with the Principal and the General Manager. They are given comprehen5tve information about the charity and their responsibilities. All Governors are expected to spend some time at the College each year to ensure they fully understand the workings of the school and also have tours of the College.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) Each year all Governors are assessed for theirtraining requirements and it 15 the policy of the trust to offertraining courses either internally or externally as deemed appropriate. Last year most Governors attended at least one training course. A log is kept of all training given. Overview The Governors recognise that they have a number of accountabilitie5. These are 5ummarised as follows: Ultimate accountability for directing the affairs of the College. Ensuring the College is solvent and well run. Delivering charitable outcomes for the benefit of the public. Ensuring compliance with charity law and operating within the terms of the Company Memorandum and Articles of Association. Duty of prudence: remain solvent by keeping informed of its, financial position. use of funds within the purpose of the College. avoid undue risk; and take special care when borrowing. Duty of care: reasonable care by meeting regularly to ensure effertive oversight of College activities; use personal knowledge and experience to ensure the College is well run and efficient- and take professional advice on all matters where there is material risk. Define the strategic aims of the College. Ratify the College objectives and directions that deliver the strategic aims of the ColSege. Identify and manage risks ensuring robust systems are in place to monitor all known risks. To ensure that the Council can deliver against these accountabilities and to actively demonstrate effectwe oversight of the College Ft is important that a governance meeting Structure is in place for the Council. Organisation managementlleadership The Council meeting governance structure is represented below:
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) College Council: This is made up of all the Governors of the College and meets once a term. In addition, the Governors also meet for a topic meeting once a temi and for training at least once a year Finance and General Purposes Committee: This is a sub-committee of the College Council that meets twice a term. Education Committee: This is a sub-committee of the College Council that meets once a term. Compliance and Policy Oversight Commtttee: This is a sub-commtttee of the College Council that meets at least once a term. Principal Review Committee: This is a sub-committee of the College Council that meets as and when required. Complaints and Grievance Panel: This is a sub-committee of the College Council that meets as and when required. All Governors are members of at least one committee and all committees report back to the main College Council meetings. The Governors determine the strategic direction and general policy of the School. The day-to-day leadership of the school is delegated to the key management/leadership personnel who are: The Principal The General Manager/Clerk to Governors The Vice Principal The Assistant Principal for Early Years. KSI and KS2 The Assistant Principal - Pastoral The Assistant Principal- Academic (from September 2023, the College has employed a stand along Designated Safeguarding Lead who is also a member of the Senior Leadership Team) The Principal and the General Manager attend most meetings of the Governing Bodvs Committees and the Senior Leadership Team attend the Education Committee meetings or when invited by the Governors. The remuneration of key management/le3dership personnel is set by the Board, with the policy objective of providing appropriate incentive5 to encourage enhanced performance and rewarding them fairly and responsibly for their individual contributions to the College's success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent and maintained schools to ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the College's charitable vision and purpose is primarily dependent on our key management/leadership personnel and staff costs are the largest single element of our charitable expenditure. All staff are paid at least the national living wage.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) GOVERNORS. REPORT (INCORPORATING THE STRATEGIC REPORT) OBJEcfivES AND AcfiviTIES Charitable Objects Challenging, Supporting and Inspiring Giving every child the confidence to succeed and flourish in the wider world. At the heart of our local community, Shoreham College TS a family school in every sense. We value every individual in our communityfor who they are. Understanding that happiness and well-being are essential forachievement and progress, we are ambitious forour pupils within a nurturing community. Our compassionate ethos is at the centre of everything we do. Our pupils benefit from an extensive curriculum and superb facilitie5 and teaching. Small class size5 ensure every child enjoys an education tailored to their needs and an appropriate level of challenge and 5UPPOrt. A genuinely mixed ability school. we are experienced in providing an excellent, personalised education. We are a mainstream school committed to providing a stimulatin8, vibrant education to children across a range of abilities, and to ensuring 311 our pupils achieve their full potentia l. We strive to: provide a welcoming and nurturing environment which supports, celebrates, and knows every pupil a5 an indrvidual: deliver an excellent academic education which develops ambition, resilience, creativity, and confidence; offer exciting opportunities beyond the cla55room- foster a commitment to charitable causes and local community action; encourage all pupils and staff to achieve their full potential within a safe and happy environment; • be inclusive, respectful, and kind, valuing individuals and their families. The College'5 public benefit aim is to provide a good all-round education and for our pupils to benefit from an extensive curriculum and superb facilities and teaching. Playing an active role in our community is important to us. Our children learn to be good citizens whTIst developing crucial social and leadership skills. We work with a Brighton Homeless and Vulnerable Charity- Off the Fence, the Martlets Hospice and community projects with our local Counsellor. In school, we foster a friendly, kind environmentwith our children's well-being paramount. This is all achieved through a competitive fee structure which en5ure5 the College is financially viable in the long term.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS. REPORT (INCORPORATING THE STRATEGIC REPORT) Volunteers Shoreham College Parents, Association and The Old Shorehamers, Association have assisted the College with fundraising and other activities during the year. The Governors would like to take this opportunity to say how much they appreciate their continuing and valuable support of the College. STRATEGIC REPORT Achievements and Perfomiance Shoreham College is a vibrant and successful school as demonstrated by the continued growth in pupil numbers and by the Regulatory Compliance Inspection of January 2018, and the Educational Quality Inspection of 2023. The College has an established role in the local community which clearly enjoys the academic, social and spiritual benefits of it being a broadly inclusive independent co-educational day school and a strong alternative forchildren in an area densely populated by academically selective and boarding schools. The College does not have an academic entrance examination and yet the children perform extremely well in their GCSE examinations- significantly above maintained schools with Similar intakes with 89% of the 2024 cohort achieving five 9-4 grades. Pupils 3150 achieved significant value-added uplift. The College offers one vocational qualification, in H05Pitality and Catering. It remains the College's policy to ensure that pupils are individually challenged to achieve or exceed their potential as expressed in standardised testing academically and in all aspects of school life in a broader co-curricular sense. The wider curriculum is very important to us and this is expressed, for example, in our commitment to the Forest School in ourjuniors and our Leadership and Skills Programme for our seniors. This enables our pupils to experience challenges and achievement through the Bronze and Silver Awards with the Duke of Edinburgh Award Scheme, including- first aid, navigation. community projects, entrepreneurship, sports, leadership and more. It is encouraging to see a particularly wide range of schools on our sports fixture lists, primary and secondary, with plenty of matches with maintsined and independent schools, including football, netball and rugby tournaments for primary and senior aged pupils. We will continue to develop links with other independent and state sector schools in our area, having established links with local schools, with whom we work on joint educational project5, includingteachertraining, work experience for sixth formers and book awards to name but a few. Indeed, our partnership work has been recognised by the Independent Schools Council and celebrated in Parliament. We remair] committed to giving children of all social, cultural and economic backgrounds the opportunityto study at the College. The College has means-tested bursaries available forfamilie5 who would benefit from this support. We continue to be aware of the needs of the wider community, and are committed to social awareness and action. Indeed, we encourage our pupils to develop core values, alongside life skills and academic skills as part of their learning journey. In recent years, the school has raised funds for
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) charities of pupils choosing, including Off The Fence, Emmaus. Water Aid, Children in Need and Chestnut Tree House. Notably, the pupils have theirown committee, the School Council, in the senior and junior schools, through which they have commltted to support three charities a year: one for young people, one national and one international charity. We also work closely with the community, including the Friends of Stjulian's Church and the EYE {Eco., Young and Engaged) Environmental Project and local food banks, including the Emmaus Community, women's refuge and Off the Fence, of Brighton and Hove. It is very important that we prepare our pupils for the widerworld beyond Shoreham and it is pleasing that working with 20 or more local sixth form providers with whotn we have strong connections, offering a diverse range of further education, we are able to provide our pupils the right pathways for them, whether this be taking up A-levels, apprenticeships or vocational qualifications. We are a learning community and we continue to work in partnership with Brighton University, Chichester University and Sussex University and we offer a range of placements to students studying for qualifications in teaching: School Direct for instance, child care and including the asse55ment only route. We remain committed to offering induction years for Early Career teachers to assist them in obtaining their Qualified Teacher Status. Financial Review Incoming resources for the year totalled £6.318,273 (202213= £5,713,295)- The figures Show an improvement on the previous years which was mainlydue to an increase in pupil numbers and careful financial management, The College at the end of the academic year had 398 pupils compared to 390 at the start of the year. Interest in the College has remained strong despite a turbulent economic time with higher interest rates and rising inflation. The College is seeing a large number of prospective pupils and hasjust had an excellent attendance at an open morning. The continued good exam results have given a clear indication to parents that the College has a quality product to offer at a price. Resources expended rose by approximatety 13.9% from £5,173,188 in 2022/3 to £5,894,165. The College has seen a large rise in costs in a stand-alone Dedicated Safeguarding Lead, Pupil Achievement Coordinator, PSHE Teacher, Exams Officer, Learning Support and Junior Teaching A55iStant5 and an increase in wages. Careful financial controls and management of the budgets remained in place to try to deduce costs where possible. The College 15 committed to providing an inspiring learning environment with teaching by fir5t-rate teachers and facilities. Teaching staff cost5 have once again risen above the national scale and the College has continued to reward the eligible staff with threshold payments and scale improvements. The overall net surplus for the year was £424,108 (2022/3: £540,107). This equates to a net surplus of approximate IIYo12021/22: 13%) of net fees before depreciation is included. This, in the current market where there is a lot of uncertainty by parents with the economy, is still a positive achievement and will assist the College in its capital development and improvement plans for the future.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) Grant-making Policy Over the year the value of mean5 tested bursaries and other awards made to the College's pupils was £268,272 from unrestricted funds (£136,345 representing commercial concessions and £131,927 public benefit concessionsl- This was represented by 192 awards received by 158 pupils. Means- testing takes place on all new bursaries and they are reviewed annually where appropriate. Shoreham College has a policy, in line with other independent schools, to offer open competition from both internal and external candidates for these awards on the basis of relieving hardship where the pupil's education and future prospects would otherwise be at risk. The availability of all such awards for fee assistance, together with the terms and conditions for each kind of award, 15 advertised on our website and newsletters. Plans for Future Periods The College Governors review the Strategic Development Plan on an annual basis forthe whole school which includes both the educational and facilities side of the charity- This document, agreed by Governors in 2021 runs through until 2025 and provides the direction for the Senior Leadership Team. The Governors working with the Principal, General Manager and Senior Leadership Team continue to revise the estates. plans which includes the redevelopment of the music facilities, and our Senior Library. The governing body is aware that the future development of Shoreham College must be focussed on ways which will be of benefit to all pupils. The aim is therefore focused on improving our facilities and continuing to improve the standards of teaching and learning throughout the school. We have seen continued and strong interest in the College at Open events and our parent body is active in their ambassadorial role for the College. Whilst we are pleased with the continued growth in numbers this has to be weighed prudently alongside the recent political change. The introduction of VAT on school fees from January 2025, the removal of rate lief from April 2025 and the recent significant increase in Teachers, Pension employer contributions will all create significant challenges for the College. The College will continue to enhance the excellent links already gained with other local independent and state schools through our Sharing Shoreham initiative. In addition, it will further widen the access to the community through the provision of means-tested bursaries. It has also expanded its work with local primaries such as the Glebe, Swiss Gardens, and Shoreham Beach Primary Schools. Current collaborations include sports festivals, football. netball and rugby tournaments, STEM and Art projects. So far this year we have held two very successful Sharing Shoreham events, one for pre- school children in our forest school and one STEM workshop for Year 5 pupils from local primary schools. We are proud to be a school which serves the local community for our pupils and for local children who attend our popular events.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS. REPORT (INCORPORATING THE STRATEGIC REPORT) Princlpal Risks and Uncertainties The Governors are responsible for the management of the risks faced by the College. Risks are identified, assessed and controls established throughout the year. A formal review of the charitvs risk management processes is undertaken on an annual basis or more regularly if required. The key controls used by the charity include: formal agendas for all Committee and Council activity- detailed terms of referen for all Committees,. comprehensive strategic pSanning, budgeting and management accounting; established organisational structure and line5 of reporting; formal written policies," clear authorisation and approval levels, and vetting procedures as required by law for the protection of the vulnerable. Through the risk management processes established for the College, the Governors are satisfied that the major risk5 identified have been adequately mitigated where necessary. It is recogni5ed that Systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The risk register headings are as follows: Objects/Mission Charity Law & Other Regulation Governance & Management Vulnerability to External Influences Operational Processes Failure to comply with operational regulation5 Personnel Environmental Technological Educational Financial Investment Purchasing Payroll Major Projects From these headings. the College management/leadership and Govemors have identified potential risks and has strategies in place to mitigate these risks. These are regularly monitored to ensure their effectivenes5. Significant risk areas include-
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) GOVERNORS, REPORT {INCORPORATING THE STRATEGIC REPORT) The challenging economic conditions that are faced by the College and its parental body during the current higher inflationary period. In addition, it is noted that the College operates in a highly competitive market and we have to ensure that educational standards remain our highest priority- The requirement for all pupils and staff to be educated and work in a safe and supportive environment, with policies and procedure5 in place to ensure that the College meets the needs of its staff and is able to attract high quality recruits. The need to attract experienced Governors is a150 of high importance. The national issues facing the sector as a whole with financial and political pressures such as the addition of VAT on school fees, the removal of charitable business rate relief, additional National Insurance contributions and the rise in the Teachers, Pension employer contribution rate. RESERVES POLICY The Charity's reserve policy is to ensure that its financial affairs are maintained within a tight budget that is approved by the Trustees. The nature of the Charit5 activities determines that reserves fund the property and other net assets and are held to cover unexpected shortfalls on the Statement of Financial Activities. The Trustees consider that, in the event of a significant drop in short-term funding, they will be able to continue the Chariws activitie5 while consideration is given to ways in which additional funds may be raised. The charity has a designated fund that is used to fund significant capital expenditure as and when the trustees feel appropriate. The fund is reviewed annually. The Trustees of the Charity are governed by the Trustee Act 20W which sets out the general power of investment. The Charity seeks to produce the best financial return within an acceptable level of risk. A proportion of the assets are expected to be spentoverthe nextfewyear5 and capital preservation isof paramount importance. The investment objective forthe reserves is to preserve the capital value with a minimum level of risk. Assets should be readily available to meet unanticipated cash flow requirements. The Charity holds assets to fund planned capital expenditure over the next few years. As such capital volatility cannot be tolerated and assets should be invested to minimise risk. The Charity's assets should be held in cash or near cash investments denominated in sterling. The Charity's cash balances are deposited with institutions with a minimum long-term rating of A- or invested in a diversified money market fund, The Charity will monitor the rating of the institutions where the assets are deposited on an annual basis. The Charity will draw down the cash as required and will continue to trade to meet future capital projects. The Charity manages its own cash deposits and has nominated a list of authorised signatories, two of which are required to sign instructions to the deposit taking institution. The General Manager monitors the cash p051tion and prospective cash flow schedule and reports this to the Board of Trustees at each termly meeting.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS 'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS. REPORT (INCORPORATING THE STRATEGIC REPORT) ASSET COVER FOR FUNDS Note 14 sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the charity's obligations on a fund by fund basis. DISCLOSURE OF INFORMATION TO AUDITORS Each of the Governors ha5 confirmed that there is no information relevant to the audit of which they are aware, but of which the auditors are unaware. They have further confirtned that they have taken appropriate steps to identify such information and to establish that the auditors are aware of it. AUDITORS A re501ution proposing that TC Group be reappointed as auditors of the company will be put to the Annual General Meeting. On behalf of the board of Governo S M Barnett Bsc, ACG (Chair) Dated: 21 November 2024 io
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS. RESPONSIBILITIES The Governors, who are also the Directors of Kennedy Independent School Trust Limited for the purpose of company law, are responsible for preparing the Governors, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare accounts for each financial year which give a true and fair view of the state of affalfs of the charity and of the incoming resources and application of resource5, including the income and expenditure, of the charitable company for that year. In preparing these accounts, the Governors are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Governors are responsTble for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are atso responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregula rities. li
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED We have audited the financial statements of Kennedy Independent School Trust Limited (the 'charitable company'l 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 (United Kingdom GenerallyAccepted Accounting Practice}. In our opinion, the financial 5tatements.' give a 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 accordancewith the requirements of the Companies Act 2006. Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK> {ISAs (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 fulfil led our eth ical responsibilities in accordance with these requirernents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the governor's use of the going concern basis of accountin8 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 or conditions that, individually or collectively, may cast doubt on the charitable companVs ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorized for issue. Our responsibilities and the responsibilities of the governorfs with respect to going concern are described in the relevant sections of this report. 12
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED Other information The other information comprises the information included in the annual report, including the governorfs report, other than the financial statements and our auditor's report thereon. The governors are responsible forthe other information. Our opinion on the financial statements does not cover the other information and, except to the extentotherwise explicitlystated in our report, we do not express anyform of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements ora material misstatementof 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 required to reportthat fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the governors, report (incorporating the strategic report and the directors report) for the financial year for which the financial Statements are prepared is consistent with the financial statements.and the strategic report and the directors. report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been 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 rnade,. or we have not received all the information and explanations we require; or the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the governors. report and from the requirement to prepare a strategic report. 13
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED Responsibilities of governors As explained more fully in the governors, responsibilities statement, the governors(who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being sat15fied that they gNe a true and fair view, and for such internal control as thegovernors determine is necessaryto enable the preparation of financial statements that are free from material misstatement, whether due to fraud orerror. In preparing the financial statements, the governors are 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 orto cease operations, or have no realistic alternative to do so. Auditor's responsibilities for the audit of the financial staternents 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 with1SAs {UK) will always detect a material mi55tatement when it exists. Misstatements 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 instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detetting irregularities, including fraud. is detailed below. Extent to which the audit 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 appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and tts management. Our approach was as follows: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial Statements from our general 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)- 14
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TOTHE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED 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. DBS checks, and employment law. Auditing standards limitthe required audwt procedures to identify non-compliance with these laws and regulations to enquiry of the governors and other management and inspection of regulatory and legal correspondence, if any. The identified actual or susperted 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 {FRS 102, the Companies Act 2006 and the Charities Act 20111 and the relevant tax compliance regulations in the UK. We considered the nature of the charitable compan$ operations, the control environment and financial performance. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance 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 this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher. we performed audit procedures to address each identified fraud risk. These procedures included." testing manual journals; reviewing the financial statement disclosure5 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, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 15
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED Use of our report Thi5 report is made solelyto 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 50 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, or for the opinions we have formed. -toqr Mark Cummins FCCA (Senior Sta for and on behalf of TC Group Statutory Audf£ors Office: Steyning, West Sussex ry Auditor) Dated. 1 def ?ots 16
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST2024 Unrestricted Funds Designated Funds Total 2024 Total 2023 Notes Incomin from,. Incoming resources from generated funds Donations 1,061 1,061 4,945 1,184 6,649 Lettings income 4.945 ank interest 133,529 133.529 59,571 Charitable activities 6,178,738 6,178,738 5,645,891 Total income 6.318.273 6.318.273 5.713,295 Ex enditure on: Charitable activities Education 5,894.165 5.894.165 5.173,188 Total expenditure 5,894,165 5,894,165 5,173,188 Net income 424,108 424.108 540.107 Transfer between funds 13 {225.000) 225,000 Net movement in fund5 199.108 225,000 424,108 540,107 Fund balances at I September 2023 8.383.448 1.775.000 10,158,448 9,618.341 Fund balances at 31 August 20Z4 14 8,582,556 2,000,000 10.582,556 10,158,448 All income and gains for the period are recognised above. All of the company's activities are classified as continuing. The statement of financial activities also complies with the requirements for an Income and Expenditure Account under the Companies Act 2006. There are no recognised gains or losses other than those reported on the Statement of Financial Activities. 17
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Fixed assets Notes Tangible assets 5,137,993 5,207,621 Current assets Stocks Debtors 17.982 1,585,550 26,638 1,626,402 Cash at bank and in hand 6,832.682 5.788,181 8N36,214 7,441,221 Creditors: amounts falling due within one year (2.743.704) {2,490.3941 Net current assets 5.692,510 4,950,827 Total assets less current liabilities 10,830,503 10,158,448 Creditors.. amounts falling due after more than one year io (247,947) Net assets 10,582,556 10,158,448 Income funds 14 Unrestricted funds: Designated funds 13 2.000.000 1,775,000 Other charitable funds .582.556 8,383,448 10,582,556 10,158,448 The accounts were approved by the Board on .................... Barnett BSC ACG (Chairman} Governor Company Registration No. 00875915 18
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, {LIMITED BY GUARANTEE) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST2024 Notes 2024 2023 Cash flows from operating activities 15 1,045.259 832,495 Cash flows from Investing activities Purchase of tangible fixed assets {134.287) 1110.833) Interest received 133,529 59.571 Plet cash from Investing activities 1758) (51,2621 Increase in cash and cash equivalents IW.501 781.233 Cash and cash equlvalents at start of year 5,788,181 5,006,948 Cash and cash equivalents at end of year 6,832.682 5,788,181 All cash is cash at bank and in hand. 19
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS 'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 Statutory information Kennedy Independent School Trust is a charitable company, limited by guarantee, registered in England and Wales. The charitable compan¢s registered number and registered office address can be found on the legal and administrative information page. Accounting policles 2.1 Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK IFRS102> (effective l January 2015) Charities SORP (FRS1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) and the Companies Act 2006. Kennedy Independent School Trust meets the definition of a public benefit entity under FRS102. Assets and Liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note{sl. There are no material uncertainties about Kennedy Independent School Trusys ability to continue as a going concern. 2.2 Income School fee income is accounted for on a receivable basis and consists of charges billed for the school year ended 31 August 2024, less bursaries and allowances. Fees received for education to be provided in future years are carried fopward as deferred income. Donations are accounted for as received by the school. Grant income and investment income is accounted for in the period in which the school is entitled to receipt. 2.3 Expenditure Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to a particular functional activity are included within support costs. The irrecoverable element of VAT is included with the item of expenses to which it relates. Governance costs comprise the cost5 of running the charity, including strategic planning for its future development, also internal and external audit, any legal advice for the Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meeting5 and of preparing statutory accounts and satisfying public accountability. 20
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS 'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 2.4 Tangible fixed assets and depreciation All assets costing more than £l.000 are looked at on an individual basis and capitalised if appropriate. 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 expetted useful life. as follows: Freehold land and assets under construction are not depreciated Freehold buildings 2% Straight line Fixtures, fittings & equipment 25Yo Reducing balance and 3 years straight line Motorvehicles 25% Reducing balance 2.5 Leasing and hire purchase commitments Assets obtained under hire purchase contracts and finance leases are capitalised as tangible asset5 and depreciated over the shorter of the lease term and their useful live5. Obligation5 under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals paid under operating leases are charged to income as incurred. 2.6 Stock Stock is valued at the lower of cost and net realisable value. 2.7 Pensions Teaching staff are members of the Teachers, Pension Scheme ITPS}, a defined benefit scheme administered by the Teachers, Pension Agency. The Teachers, Pension Scheme is an unfunded scheme. Contribution5 on a 'pay as you go" basis are credited to the Exchequer under arrangements governed by the Superannuation Act 1972. Actuarial valuations are carried out on a notional set of investments. Underthe definitions set out in Financial Reporting Standard 17 Retirement Benefits, Teachers, Pension Scheme is a multi-employer pension scheme. The school is unable to identify its share of the underlying (notional) assets and l labilities of the scheme. Accordirbgly. under Financial Reporting Standard 17 Retirement Benefits the scheme is accounted for as if it were a defined contribution5 scheme. Non-teaching staff are eligible to join a defined contributions scheme. A charge is made against expenditure for the amounts payable to the scheme in respect of the accounting period. The College also contributes to defined contribution pension schemes for non-teaching staff. Pension costs are charged to the Statement of Financial Activities when they become due. 21
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 2.8 Accumulated funds Unrestricted funds these are funds which can be used in accordance with the charitable objects at the discretion of the governors. Designated funds these are funds set aside by the governors out of unrestricted general funds for specific future purposes or projects. Further explanations of the nature and purpose of each fund are included in the notes to the accounts. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments. The Trustees seekto use short and medium term depositswhere possible to maximise the return on monies held at the bank and to manage cash flow. 2.10 CredFtors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. 2.11 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 22
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, {LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable activities 2024 2023 Gr05s school fees 6,246,147 5,703,254 Bursaries, scholarships and discounts (268,272> 1220,6581 Net school fees 5,977,875 5,482,596 Minibus income 150.590 125.815 Extras 26,570 36,790 Sundry Income 23,703 690 Net school fees 6.178.738 5,645,891 4. Total expenditure Staff costs Depreciation Other Costs Total 2024 Total 2023 Charitable activities Education Teaching costs Welfare costs Premises costs Support costs 3.612.368 55,759 123,049 507,019 378.179 244,940 3.791.176 507.019 880,831 731,825 3,268,958 493,835 758.434 651,961 354,496 470,199 148,156 Total charltable artivities 4,437,063 203,915 1,253.187 5,894,165 5,173,188 Total expenditure 4,437,063 203,915 1,253,187 5,894,165 5,173,188 Support costs include governance costs, of which payments to the auditors of £14,40012023: £13,596) for audit fees and £9,6CMJ12023: £8,190) for other services were made. Net incoming resources are stated after charging £49,827 (2023: £57.961) to operating lease rentals included in Welfare Costs. 23
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 Governors None of the governors (or any persons connected with them) received any remuneration during the year. There were expenses reimbursed to the Governors during the year totalling £772 {2023: £855). Employees Number of employees The average monthly headcount was 100 (2023: 97 staff) and the average monthly number of full time equivalent employees during the year was: 2024 2023 Number Number Teaching 45 42 Non-teaching 37 34 Total 82 76 Employment costs 2024 2023 Wages and Salaries 3,472.791 3,004,017 Social security costs 353,454 301,914 Other pension costs 610,818 499.376 4,437,063 3.805.307 During the yearthe school made settlement payments totalling £23,745. No amounts were due in relation to settlements at the balance sheet date. 24
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 6. Employees (continued) The number of employees whose annual remuneration was £60,000 or more were: 2024 Number 2023 Number £60,OCMJ- £69,999 £80,000 - £89,999 £90,000 - £99,999 £100,000 - £109,999 £IIo,C(10- £119.999 Contributions totalling £102,140 {2023: £78,008) were made to pension schemes on behalf of employees whose emoluments exceeded £60,000. The total employee benefits of key management personnel of the school during the year were £580,955 (2023: £612,158). Key management during the year comprised the Princip31, General Manager, Vice Principal and three Assistant Heads {2023: Principal, General Manager, Vice Principal and three Assistant Heads). Tangible fixed assets Land and building5 Fixtures. fittings & equipment Cost Total At I September 2023 7,517,714 743,969 8,261,683 Additions 97,160 37,127 134,287 At 31 August 2024 7,614,874 781,096 8.395,970 Depreciation At I September 2023 2,437.239 616,823 3.054,062 Charge for the year 148,156 55,759 203,915 At 31 August 2024 Net book value At 31 August 2024 2.585.395 672,582 3.257.977 5.029A79 108.514 5,137,993 At 31 August 2023 5,080,475 127,146 5,207,621 Included in Land and buildings is an amount of £125,CX)0 {2023: £125,000) relating to land which is not depreciated. In the opinion of the governors the market value of both land and building5 is in excess of the net book value above. However, a revaluation policy has not been adopted as no real economic benefit would be achieved in implementing this. 25
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE. (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Debtors 2024 2023 Trade debtors I0203 1,582,793 Prepayments and accrued income 83,147 43,609 1,585.550 1,626,402 Creditors: amounts falling due within one year 2024 2023 Trade creditors Taxes and social security costs Fees in advance Advanced payment scheme {see note 101 Fee deposits Other creditors 120,425 90,285 1,742,936 574.889 109,650 105,519 114,422 79,533 2,059,677 116,800 119,962 2,743,704 2,490,394 Fees in advance represent fees due for the Michaelmas term 2024. Fee deposits may be returned upon giving one term's notice of the parents, intention to remove the child from the school. 10. Creditors: amounts falling due after one year 2024 2023 Advanced payment scheme 247,947 Advanced payment scheme Parents may enter into a contract to pay to the school tuition fees in advance. The money may be returned subject to specific conditions upon the receipt of one term's notice. A55uming pupils will remain in the school, advance fees will be applied as below. 2024 2023 Amounls due within one year Amounts due over one year 574.889 247,947 822.836 The balance represents the accrued liability under the contracts. The entire balance above wa5 received during the year ended 31 August 2024. 26
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 11. Pension commitments The School participates in the Teachers, Pension Scheme (-the TPS") for its teaching staff. The pension charge fortheyear includes contributions payable tothe TPS of £548,222 (2023- £442,904) and at the year- end £65.75712023'. £48,934) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefrts pension scheme governed by The Teachers, Pensions Regulation5 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 {as amended). Members contribute on a "pay as you Eo- basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefrts are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuation5 undertaken by the Government Actuarfs Department. The most recent actuarial valuation of the TPS wa5 prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement. the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the 'greater value, benefits for groups of relevant members. The employer contribution rate forthe TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. The School also contribute5 to defined contribution schemes on behalf of its other staff. Employer contributions payable to those schemes were £62,596 (2023: £40,224) and at the year end £nil12023: £4,373) was accrued in respect of contributions due to those schemes. 27
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 12. Share capitsl and control The company is limited by guarantee and has no share capital. In the event of a winding up, each of the governors undertakes to contribute to the assets of the trust such amounts as may be required, not exceeding £1. No one party has overall control of the charity. 13, Designated funds The income funds include the following designated funds which have been Set aside out of unrestricted funds by the Governors for specific purposes: Movement in Funds Balance at I September 2023 Balance at 31 August 2024 Incoming Resources Resources Expended Transfer5 Capital Development Fund 1,775,0 225,000 2,000.000 1,775.OCM) 225,000 2,000,000 The fund was created for the purpose of improvements to the College including majorcapital projects. The Governors have reviewed the development plans and, in light of the recent political change le.g. removal of business rates relief and the introduction of VATon school fees), they are taking a cautious approach to larger projects until a clearer understanding of the financial impact on the College is known. However, there are a number of smaller projects that are being planned for the coming year. During the year a further £225,000 wa5 transferred into the fund. 28
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 14. Analysis of net assets between funds Unrestricted funds Designated funds Total Fund balances at 31 August 2024 are represented by: Tangible fixed a55ets Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year 5,137,993 6,436,214 {2,743,7041 1247,9471 5,137,993 8,436.214 {2.743,704) (247.947) 2,(K)O,000 8.582.556 2,000,000 10,582,556 unstriCted Funds Designated funds Total Comparative Fund balances at 31 August 2023 are represented bv: Tangible fixed assets Current assets Creditor5: amounts falling due within one year 5,207,621 5,666.221 12,490,394) 5,207,621 7.441,221 [2,490,394) 1,775.000 8,383,448 1,775,000 10,158,448 15. Net cash Inflow/(outflow) from operating activities 2024 2023 Reconciliation to changes in reSoUrS Net income Interest received Depreciation of tangible fixed assets Decrease in stocks {Increasel/decrease in debtors Increase in creditors 424,108 1133,529) 203.915 8,656 40.852 501,257 540,107 159,571) 182,530 2,646 {173,163} 339,946 1,045.259 832,495 29
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Reconciliation of net cash flow to movement in net funds 2024 2023 Movement in net funds Net funds at I September 2023 Net funds at 31 August 2024 1.044.501 5,788,181 781,233 5,006,948 6,832,682 5,788,181 17. Analysis of net cash Atl September 2023 Non-cash changes Cash flow At 31 August 2024 Cash at bank and in hand 5,788,181 1,044,501 6,832,682 6.832,682 5,788,181 1,044,501 18. Commitments under operating leases At 31 August 2024 the company had total commitments under non-cancellable operating leases as follows: 2024 2023 Expiry date- Withln one year Between two and five year5 6.396 9,060 26,508 15,456 19. Related party transattions There were no related party transactions during the year (2023: None). Details on governorfs expense reimbursements is included in note 5. 30
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