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 Charit￿5 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
I￿02￿03
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
un￿striCted
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 reSoUr￿S
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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