Charity Registration No. 307066 Company Registration No. 005442541En8land and Wales) HAMILTON LODGE (BRIGHTON) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 BUSINESS ADVISORS &A¢¢OUNTANYS One Bell Lane Lewes East Sussex BN7 IJU
HAMILTON LODGE IBRIGHTONI CONTENrs Page Company information Trustees, report Statement of Trustees, responsibilities Independent auditor's report 9-11 Statement of financial act7vities 12-13 Balance sheet 14 Statement of cash flows 15 Notes to the financial statements 16-31
HAMILTON LODGE (BRIGHTON LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms K Rowley MrP Newbury Ms G Pilling - Chair Mrm Abbott Mrm Brunet Mr M Redshaw (Appointed 7 January 20251 (Appointed 6 November 20241 Principal Ms L Slee Company Secretary and Business Manager Mr T Taylor Charity number 307066 Company number 00544254 Registered office 9 Walpole Road Brighton East Sussex BN2 OL5 Auditor TCGroup One Bell Lane Lewes East Sussex BN7 IJU Bankers HSBC Bank PIC 153 North Street Brighton East Sussex BNI ISW Barclays Bank PIC North Street Brighton East Sussex BNI ISF National Westminster Bank PLC 8-11 Pavillion Buildings Castle Square Brighton East Sussex BNI IDP
HAMILTON LODGE IBRIGHTON) LEGAL AND ADMINISTRATIVE INFORMATION Solicitors Griffi'th Smith LLP 47 Old Steine Brighton East Sussex BNI INW
HAMILTON LODGE {BRIGHTON) TRusfEES' REPORT (INCLUDING DIREcfoRS' REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report and financial statements for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and 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 and Republic of Ireland (FRS 1021" {effective l January 2019). Objectives and actlvltles The objects of the Charity are to advance the education and development of deaf children and young people. to support their integration into the community and to assist them in growing to full maturity as individuals and members of society. The objects of the Charity are carried out through the activities of Hamilton LcKlge School and College IHLSCI. All the Trustees of Hamilton Lodge (Brightonl are Governors of Harnilton Lodge School and College. The Governing Body is also made up of members of the Leadership Team, staff, parents, ex-learners representative's and others as decided by the Governors. HLSC aims for every child and young person coming to Hamilton Lodge are to: Develop a full language to support memory & learning Achieve their academic and vocational potential Be safe and confident in the modern world Have happy memories of their childhood and lasting friendships Be healthy and resilient both physically and emotionally Our charity has 5UPPOrted Deaf children through the school for over 70 years. In recent years the profile of the child placed with us has changed considerably. All children placed with us now have needs additional to their Deafness that need to be addressed. We also support parents of Deaf children to learn British Sign Language in order to have more Options in communicating with their child and to enable their child to access Deaf peer groups and friendships. This is done both online and in person. We work collaboratively with Local Authorities and families to ensure we can meet the full range of needs as highlighted in each child's Education Hea5th and Care plan. Our class sizes are small, and we teach using a range of communication methods from English to British Sign Language depending on the expressive and receptive communication preferences of each individual child. Learners are supported to learn both English and British Sign Language. We have a team of specialists to support each child, including children with addiknonal special educational needs. There is a Speech and Language Therapist, Audiologist, Occupational Therapist, Physiotherapist and Health Care Practitioner within the staff team to ensure that each child has structured support designed to keep them healthy and able to access their education and their friendships. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The school profi'le sets out how well the School is doing, how its performance compares locally and nationallv and its strengths and plans for improvement.
HAMILTON LODGE (BRIGHTON) TRUSTEES, REPORT (INCWDING DIREcfoRS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Strategic report The description under the headings "Achievements and performance" and 'Financial review" meet the company law requirements for the Trustees to present a strategic report. Achievements and performance Education Ofsted report in July 2019 which judged HLSC to be 'Good'. Ofsted Care Standards report in November 2023 which judged our provision to be 'Good' Our Further Education {FEI Department had a very successful year with learners successfully completing their courses at Brighton MET & Plumpton Agricultural College. Work Experience placements, curtailed during Covid, were recommenced successfully. Our Independent Careers Advisor works with our learners on a weekly basis and her weekly input has provided a consistent pathway for advice. What are we trying to improve? We continue to focus our academic improvement planning on five areas l. Strengthening further our safeguarding culture 2. Outcomes for learners 3. Teaching. Learning Assessment & progress of learners 4. Leadership and Management 5. Improving the estate Learners Accreditations and Achievements Learner's work towards a wide range of Entry Levels, Functional Skills, Unit Award courses, Award Scheme Development and Accreditation Network, Arts Award and BSL Signature's Levels 1-3 qualifications. Learners are expected to achieve appropriate accreditations across all areas of the curriculum commensurate with their abilities.
HAMILTON LODGE (BRIGHTON) TRusfEES' REPORT (INCLUDING DIREcfoRS' REPORT AND STRATEGIC REPORT) (CONTINUEDI FOR THE YEAR ENDED 31 JULY2024 Ensuring individual needs are met. Curriculum development has particularly focused on accreditations which can specifically match the needs of individual learners. We continue to offer our learners a limited range of GCSES and a wider range of Functional Skills, Entry Level and Unit Award courses. We have an established work experience programme which particularly focuses on individual learners having opportunities to build on their independence skills, confidence, and self-esteem. We have also introduced a before and after questionnaire to allow learners to see improvements in confidence and communication whilst on placements. Our learner support team ensures that learners have focussed support including careful deployment of teaching assistants both to individual learners and to particular teaching groups. Teachers are able to access in-service training IINSETI to help them to further develop their teaching skills. Learners have direct access to their individual targets so that they can monitor their progress tlrough discussions with their class tutor. How are we working with parents/carers and the community. Our website and social media platForms are updated regularly with contributions from learners, staff & parents/ carers keeps parents/carers informed of activities within HLSC and individual and group achievements. Parents/carers are able to email or phone into HLSC directly and receive a response the same day. Many parentslcarers have an ongoing dialogue with tutors and keyworkef5 to ensure that we are wothing together to promote individual learner's acadernic and sociallemotional development. This is done through weekly phone calls, emails, video calls and weekly contact. Parents/carers were sent a summary of the topics that learners would be studying within each curriculum area. Annual reviews are held at the school and there are two parent/carer consultation meetings held during the year and additionally there is an annual review meeting for each learner to ensure that we are meeting their needs as specified in their individual education plan. Learners Voice? All learners have the opportunity to be school & college council representatives which meets Week and is also attended by the Head of School & College, Business Manager and Head of Care. Every week HLSC takes xtion to address issues raised at the school councll. Residential learners are consulted on their environment as part of our ongoing redecoration programme.
HAMILTON LODGE {BRIGHTONI TRusfEES' REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 How do we make sure our learners are healthy, safe, and well-supported? Our Care Standards report5 of November 2023 found the provision to be 'Good' across all areas and stated that safeguarding is good. Risk Assessments are carried out prior to any activity that poses a potential risk to health & safety. This applies especially to off site visits. There is always a good exchange of information between parents/carers, tutors, and key workers to ensure that learners are well supported and that we are meeting their social and emotional needs. We have a formally established link with NDCAMHS services providing consukative support for staff, parents/carers, and individual counselling for learners around issues related to social, emotional development and mental health issues. We access a range of services such as Physiotherapy & Occupational Therapy to meet individual needs. We work closely with the school caterers to ensure that healthy food options are available. All learners take part in an active sports programme. Assemblies are also held which address online safety, safeguarding, mental health awareness and the healthy eating and the Food Studies curriculum supports learners to learn how to cook and make healthy food choices. Learner5 take part in a variety of sports activities in the community including competitions and Workshops. Learners are encouraged to develop life skills via an individualised independence program which consists of a series of bespoke targets tailored to ensure learners can achieve to best of their ability. As a whole this program provides learners with a robust measurable document evidencing their progress which they can share with prospective employers. The Secondary Department offer a range of activities to suit individual interests including childcare and work experience, Residential learners can access a range of activities including sports, drama, training courses, cookery, shopping, theatre & cinema including specially signed or subtitled performances. The majority of the secondary phase learner5 Stay on within our FE Department. The majority of learners who left the school in July 2024 progressed to appropriate destinations. Desttlldtim Data. 2U&l- IS. 2a5. LS. LS-A". 2017- L& 2a19- 2?. IJL-22 io Earf:'i L44¥1•r. ' LN,:.r ii 12 13 li 12 12
HAMILTON LODGE (BRIGHTON) TRUSTEES, REPORT (INCWDING DIREcfoRS' REPORT AND STRATEGIC REPORll ICONTINUED) FOR THE YEAR ENDED 31 JULY2024 Financial revlew The main bulk of the Charity's income and expenditure arises from the provision of educational services for Hamilton Lodge School and College. The principal funding sources are fee income from Local Authorities, The Education and Skills Funding Agency plus grants from the Department for Education. We set the 2023-24 budget with a £{386,3561 deficit. This reflected a continuing decline in placements from local authorities. There were adequate reserves to cover this and during the year the Trust underto)k a review of operations to consider how to ensure that the objects of the company can be achieved in a fÉnancelly sustainable way in future years. By year end accounts showed a deficit of £1253,427). The Principal. who had been leading the work on strateEiC long-term vIeW, resigned in June 2024 to pursue a career elsewhere. Events after the end of the year. Trustees appointed an interirn Principal and undertook a wide consultation with stakeholders considering whether to adopt an alternative strategy for delivering the objectives of the charitable company. It became clear that the work of the school was highly appreciated by all stakeholders. Trustees considered options for the future of the school and concluded in January 2025 that a school with a structure designed for a smaller number of students than hitherto could be made to be financially sustainable. Work has been undertaken since then to achieve that restructure and confirmed placements for september 2025 indicae that this strategy will be successful. Definition of Reserves The Trustee5 endorse the Charity Commission's definition: 'Reserves" are the resources the charity has or can make available to spend, for any or all of t1 charity's purposes once it has met its commitments and covered its planned expenditure., And more specifically'income which becomes available to the charity and is to be spent at the trustees, discretion in furtherance of any of the charity's objects (sometimes referred to as "general purpose" income); but which is not yet spent, ff)mmitted, or designated (i.e., is "free")., Stated Reserves Policy and Review The Trustees have reviewed the charity's needs for reserves in line with the guidance issued by Charity Commission and have set aside income to develop the reserves of the Charity. The reserves will be used to: a. Safeguard the Charity's service commitment in the event of delays in receipt of fee income or hIgr than expetted running costs. b. Build funds ft)r future development projects. c. Fund short term budget defi'cits while any required restructure is undertaken. d. To fund any restructure required. Support the long-term sustainability of the charity. The Trustees will review the level of reserves on an annual basis and decide the amount of retained income for the forthcoming financial year. They will ensure that reserve levels remain realistic to the requiranents of (a) (bl Icl and Idl. The Trustees feel that there are adequate free reserves to fund the above eventualities.
HAMILTON LODGE IBRIGHTON) TRusfEES' REPORT (INCLUDING DIREcfoRS' REPORT AND sfRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Investment of reserves Policy During the year the Charity has continued with the policy of investing in cash deposits and cash investments, to meet the requirements of the resenies policy. This policy requires that such investments can be made available at short notice if required. Investments are held to obtain the best financial return for the charity, given the above constrants. The returns achieved during the year are in line with this low-risk policy. Risk Management The Board of Trustees has assessed the major risks facing the Charity and considers that there are sufficient control measures in place to mitigate exposure. The Trustees have produced a Charity Risk Assessment document which contains details of these risks and the control measu5 in place. Contained within each risk area is an analysis of the likelihood and severity of the event happening. There is an overall assessment of whether the risk is low, medium, or high to the Charity. From this assessment the Trustees plan whatattion to take. The Board of Trustees considers this an ongoing process, and they review this document on an annual basis or when any factor changes significantly. Any new risks that are highlighted during the year are built into the review process and document. The Trustees work with the Principal and Business Manager to produce tkE risk assessment document. Strurturep governance and management The Charity's governing documents are its Memorandum and Articles of Association. The Trustees, who are also the directors for the purpose of company law, and who served during theyear and up to the date of signature of the financial statements were= Ms K Rowley MrP Newbury Ms G Pilling - Chair Mrm Abbott Ms K Love Mr M Brunet Mr M Redshaw (Resigned 9 May 2024) (Appointed 7 January 2025) (Appointed 6 November 2024) Trustees retire and a eligible for re-election by rotation after three years. The election and rotation of Trustees takes place in the Autumn Trustees, meeting. Trustees are recruited to fill any vacancy as it arises in accordance with the requirements of the Articles of Association of the Charity. This is either by a(kertising and search or by individual selection where there is a need for a Trustee with a particular area of expertise. The Chair, Principal and Business Manager a51 contribute to the induction of new Trustees. Potential Trustees are invited as obseNers to Trustees meetings. They are required to spend time with the Principal Business Manager to ascertain the nature of the Charity and the responsibilities of a Trustee. Regular trainwig events are held to update Trustees on relevant company and charity developments.
HAMILTON LOI)GE IBRIGHTONI TRUSTEE5' REPORT (INCLUDING DIREcfoRS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR niE YEAR ENDED 31 JULY2024 The Charity ts organised through a Board of Trustees. The Trustees meet as a Board at least three tlmes a year to determine the general policy of the Charity and review its overall managernent and control, for which they are legally re5pon5ible. The Tnjstees ha overall responsibility for the management and financial control of the Charity and Companv which owns the sthool and college. The Board will make deci5i0ns over finance, premise5, Staffing and the strategic aims of the Charity. DaY.tdaY managernent of the school and ccsllege is delegated to the Leadership Team ILTI, Principal, Business Manager, Head of School & College, and Head of Care. The Board of Trustees have delegated responsibility for the delivery of education and care within the school to the Board of Governors. The Board of Governors is made up of all members of the Board of Trustees, members of the Leadership Team and representatives from parent5/carers, ex-leamers. staff. and others as decided by the Governors, Trustees and Governors are linked to different are35 of the school and college to provide greater oversight. Funds held as curtodran trustee There are no arrangements where the Charity or the Trustees are acting as Custodians. Audttor In accordan with the Company's artscles, a resolution proposlng that TC Group be reappolnted as auditor of the company will be put at a General Meeting. Dixlosure of Infom)ation to auditor Each of the Trustees has confimied that there is no information of which they are aware whith is levartt to the atsdit. but of whieh the auditor is unaware. They have further conftrmed that they have taken apyopriate steps to identify such relevant informarion and to establish that the auditor is aware of such infomiaiion. The Trustees. report. including the strategic report, was approved by the Board of Trustees. G Pillin8- Ch#lr Dated.l.i.l.*..L2.5....
HAMILTON LODGE IBRIGHTON) STATEMENT OF TRusfEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY2024 The Trustees, who are also the directors of Hamitton Lodge (Brightonl for the purpose of company law, are responsible for preparing the Trustees, Report, including the Strategic report, and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice}, Company Law requires the Trustees to prepare financial statements for each financial year which ge a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the incorne and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; obsenie the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departure5 disclosed and explained in the financial statement5; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charttable company and enable them to ensure that the financrdl statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irgUIarltie5. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of fi'nancial statements may differ from legislation in otherjurisdictions.
HAMILTON LODGE (BRIGHTON) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAMILTON LODGE (BRIGHTON) Oplnlon We have audited the financial statements of Hamilton Lodge (Brlghtonl {the 'charitable companl) for the year ended 31 July 2024 which comprise the statement of financial activities, the balance sheet. the statement of cash flows and the notes to the financial statements, including a summary of significant accounting polioes. 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 ond Republic of Ireland (United Kingdom Generdlly Accepted Accounting Practice). In our opinion. the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 July 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 Pract[. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKI) and applicable law. Our SponsIbl11ties 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 charstable 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 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) rquire us to report to you where: the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or the Trustees has not disclosed in the financial statements any identified material uncertaintie5 that may cast significant doubt about the charitable compan(s ability to continue to adopt the going concern ba56 of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other infomiation The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other informatDn and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially rnisstated. If we identify such material inconsisteFKies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
HAMILTON LODGE {BRIGHTON) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HAMILTON LODGE IBRIGHTON) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit". the information given in the Trustees, report for the financial year for which the financial statements are prepared, which includes the directors, report and the strategic rep)rt prepared for the purposes of company law, is consistent with the financial statements; and the strategic report and the directors, report included within the Trustees, report have been prepared in accordance with applicable legal qU1MentS. Matters on which we a required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstaternents in the strategic report or the directors, report included within the Trustees, report. We have nothing to report in respett of the following matters in relation to which the Companies kt 2tK)6 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 agreement with the accounting CordS and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statement5 and for being Satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee5 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 Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit confkncted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements arise from fraud or error and are considered material if, individually or in the aggregate, they could reonablY be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at: httPS:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 10-
HAMILTON LODGE (BRIGHTON) INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF HAMILTON LODGE (BRIGHTON) Use of our report This report is made solely to the charitable company's members, as a body, in accordance with ChaOer 3 of Part 16 of the Companies Act 2016. Our audit work has been undertaken so that we might state to the charitable company's members those matters which we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions that we have formed. David Martin FCA (Senior Statutory Auditor) for and on behalf of TC Group Statutory Auditor Office. Lewes 11
HAMILTON LODGE (BRIGHTON) STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2024 Current financial year Unrestricted Unrestricted fvnds funds general designated 2024 2024 Restricted funds Total Total 2024 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income 13,959 2,840.578 45,107 2,014 13,959 2,840,578 45,107 2,014 1,357 3,207,348 19,111 2,544 Total income 2,901,658 2.901,658 3,230,360 Expenditure on: Raising funds Charitable activities 455 3.147,630 455 3,154,630 9,557 3,081,120 7,000 Total expenditure 3, 148.085 7,000 3,155,085 3,090,677 Net income/(expenditure) and movement in funds {246,4271 {7,0001 {253,427) 139,683 Reconciliation of funds: Fund balances at l August 2023 5,384,736 616,000 4,092 6,CKM,828 5,865,145 Fund balances at 31 July 2024 5,138,309 609,0(M) 4,092 5,751,401 6,LMM,828 The statement of financial activities includes all gains and losses recognised in the year, All income and expenditure derive from continuing activities. 12-
HAMILTON LODGE {BRIGHTON) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2024 Prior flnancial year Unrestricted Unrestrlcted funds funds general designated 2023 2023 Restricted funds Total 2023 2023 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income 1,357 3.207.348 19,111 2,544 1,357 3,207,348 19,111 2,544 Total income 3,230,360 3,230,360 Expenditure on: Raising funds Charitable activities 9,557 3,074,120 9.557 3,081.120 7,000 Total expenditure 3,083.677 7,000 3,090,677 Net incomel(expenditure) and movement in funds 146,683 17,0001 139,683 Reconciliation of funds: Fund balances at l August 2022 5,238,053 623,0 4,092 5,865,145 Fund balances at 31 July 2023 5,384,736 616,0(K) 4,092 6,(X)4,828 13-
HAMILTON LODGE (BRIGHTON) BALANCE SHEET ASAT31 JULY2024 2024 2023 Notes Fixed assets Tangible assets 14 3.449,299 3,570.5 Current assets Debtgrs Cash at bank and in hand 15 123,134 2,294,604 65.054 2,540,467 2,417.738 2,605.521 Creditors: amounts fallln8 due wlthln one year 16 1115,6361 1171.1931 Net current assets 2,302,102 2,434,328 Total assets less eurrent Ilabllltle$ 5,7SI,401 6,1))4,828 The lunds of the charltable ¢ompany Restricted income funds Unrestricted funds- general Unrestricted funds. designated 19 4.092 5.138.309 609.1WO 4.092 5,384,736 616,CrfXI 18 5.751,401 6,fJJ4,828 The financial staternent5 were approved by the Trustees on ..17/.Lk.1.2a2S G Pilling Trustee Company registration number 00544254 IEnEland and Wales) 14
HAMILTON LODGE (BRIGHTON) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Notes Cash flows from operatin8 activities Cash (absorbed byl/generated from operations 22 (290,970} 465,547 Investing activities Purchase of tangible fixed assets Investment income received (128,6801 19,111 45,107 Net cash generated from/(used in) investing activities 45,107 1109,5691 Net cash used in financing activities Net (decrease)/incase in cash and cash equivalents (245,8631 355,978 Cash and cash equivalents at beginning of year 2,540,467 2,184,489 Cash and cash equivalerrts at end of year 2,294,604 2,540,467 15-
HAMILTON LODGE (BRIGHTONI NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 JULY2024 Accountlng policies Charity inforniatlon HamiEton Lodge (Brighton) is a private company limited by guarantee incorporated in England and Wales. The registered office is 9 Walpole Road, Brighton. East Sussex, BN2 OLS. 1.1 Accounting convention The accounts have been prepared in accordance with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland {FRS 1021" (effective l January 20191. The charitable company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statement5 are rounded to the nearest £. The financial statement5 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going Concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable fijture. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the fi'nancial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of theircharitable objettives unless the funds have been designated for other purposes. Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and It is probable that income will be received. Cash donation5 are recognised on receipt. Other donations are recognised once the charitable coMpV has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
HAMILTON LODGE (BRIGHTONI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Accountlng policies Icontinuedl Legacles are recognised on receipt or otherwise rf the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Fees receivable and charges for seNices and use of premises are accounted for in the period to which the service is provided. Income fmm grants received is set aside in accordance with the terms of the issuing organisation. 1.5 Expenditu Expenditure is recognised once there is a legal or constructive obligation to transfer economic befit to a third party, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each attivity- Direct costs attributaFJe to a single attivity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of timespent, and depreciation charges are allocated on the portion of the a55et's use. Expenditure is accounted for on an accruals basis and is analysed below: Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities include expenditure associated with school services and include both the direct costs and support Costs relating to these activities. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements, including audttors remuneration. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources e.g. allocating property costs by floor area, staff costs by time spent and other costs by their usage. The irrecoverable element of VAT is included with the item of expense to which it relates. 17-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Accountlng policies (Continued} 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairrnent losses. Tangible fixed assets 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 expected useful life, as follows: Freehold land is not depreciated Freehold buildings Leasehold property Leasehold property improvements Furniture & Equipment Fixtures, fittings & equipment Motor vehicles 2% & IO% strnight line over the remaining term of the lease 2% straight line IO% straight line 33 113% straight line 20% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of linancial activtties. All furniture and equipment items with a cost greater than £5,000 have been capitalised. 1.7 Impalrment of fixed assets At each reporting end date, the charitable company reviews the carrying amounts of its tan8ible assets to determine whether there is any indication that those assets have suffered an impairment Ios5. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pr&tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset br which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carryng amount of the asset is reduced to its recoverable amount. An impairment105s is recognised immediately in income/ {expenditure for the year, unless the relevant asset Is carried at a revalued amount, in which case the impairment105S 15 treated as a revaluation decrease. Recognised impairment10sses are reversed if, and only if, the reasons for the impairment loss ha ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying arnount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unle$5 the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 18-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL ¥fATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policles Icontlnued) 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other shorbterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recogni5ed in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recogni5ed amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basicfinancial assets Basic financial assets, which include debtors and cash and bank balances, are inttially measured transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Firnncial assets classified as receivable within one year are not amortised. Bosicfinancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, Whe the debt instrument is measured at the psent value of the future payrnents discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less, If not, they are presented as nonpcurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecoqnition offinanclol Ilabllltles Financial liabilities are derecognised when the charitable companvs contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 19-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Accounting policies (Continued) 1.11 Retirement benefits Teachers are members of the teachers superannuation scheme administered by the Teachers Pension Agency. The Charitable company operates a defined contribution scheme for some other employees whereby the assets of the scheme are held separately from those of the Charitable company in an independentw administered fund. Contributions to both schemes are charged to the statement of finarcial activities as they fall due. Critical accounting estimates and judgements In the application of the charitable company's accounting policies, the Trustee5 are required to make judgement5, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other fartors that are considered to be relevant. Actual results may differ from the estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects cmly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty Depreciation The charity exercises judgement to determine useful lives and residual values of property, plant and equipment. The assets are depreciated down to their residual values over their estimated useful lives. Inme from donations and legacies Unrestrirted funds 2024 untricted funds 2023 Donations and gifts 13,959 1,357
HAMILTON LODGE (BRIGHTONI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Income from charitable activities Unrestrlcted funds 2024 UnStriCted funds 2023 Gross fees charged 2,840,578 3,207,348 Charitable trading income Income for school fees comprise of £2,840,57812023 - £3,207,348) unrestricted income and £nil {2023 £nil) restricted income. Income from investments Unrestricted Unrestricted funds funds 2024 2023 Rental income Interest receivable 1,282 17,829 45,107 45,107 19.111 Other income Unrestricted Unrestricted funds funds 2024 2023 Other income 2,014 2,544 21
HAMILTON LODGE IBRIGHTON) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Expenditure on raising funds Unrestrirted Unrestrirted funds funds 2024 2023 School financing Costs Other fundraising costs 455 9,557 Charitable activities Teachin8 costs Welfare costs Premises costs Support costs Totsl 2024 Total 2023 2024 2024 2024 2024 Staff costs Depreciation and impairment Other costs 1,306,389 550,533 82,045 398,920 2.337,887 2,219,873 33,179 52,324 345 142,451 87,677 228,367 121,201 670,663 117,810 722,783 247,521 1,391,892 693,329 398.089 646,441 3.129,751 3,060,466 Share of support costs {5ee note 9} Share of governance costs (see note 91 1,516 1,516 1,087 23,363 23,363 19,567 1,391,892 693,329 398,089 671,320 3,154,630 3,081,120 Analysis by fund Unrestricted funds - general Unrestricted funds- 1,391.892 693,329 391,089 671,320 3,147,630 3,074,120 7,000 7,000 1,391,892 693,329 398,089 671,320 3,154,630 3,081,120 22-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Charitable activlties (Continuedl Forthe year ended 31 July 2023 Teaching costs Welfare costs Premises costs Support costs Total 2023 Staff costs Depreciation and impairment Other costs 1,302,640 30,873 41.930 521,455 345 211,509 73,661 86,592 237,854 322,117 2,219,873 117.810 722,783 231,490 1,375.443 733.309 398,107 553,607 3,060,466 Share of support costs (see note 9) Share of governance costs (see note 91 1,087 19,567 1,087 19,567 1,375,443 733,309 398,107 574,261 3,081,120 Analysis by fund Unrestricted funds- general Unrestricted funds- 1,375,443 733,309 391,107 574,261 3,074.120 7,000 1,375,443 733,309 398,107 574,261 3,081,120 Support costs allocated to artivities 2024 2023 Bank charges Governance cost5 1,516 23,363 1,087 19,567 24,879 20,654 Analysed between: Charitable activities 24,879 20,654 -23-
HAMILTON LODGE (BRIGHTONI NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Support costs allocated to activities Icontinued) 2024 2023 Governance costs comprise: Audit fees Governance 19,825 3,538 18,206 1,361 23.363 19.567 Governance costs includes payments to the auditors of £8,17012023 - £4,646) in respett of non-audit services. 10 Net movement in funds 2024 2023 The net movement in funds is stated after charging/(crediting)- Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 19,825 121,201 18,206 117,810 11 Trustees None of the Trustees {or any persons connected with them) received any remuneration during the year, but one of them were reimbursed a total of £475 travelling expenses12023- were reimbursed £8121. Trustees liability insurance expenditure amounted to £1,73212023 - £1,755) in the year. 12 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Teaching and learning Residential care Administration Maintenance, cleaning and catering 37 18 46 18 li 13 Total 73 -24-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL sfATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY2024 12 Employees Icontfnued) Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 1,954,038 188,133 195,716 1,859,410 178.045 182,418 2,337,887 2,219.873 The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £60,000 to £70,000 £70.1])O to £80.000 £90.000+ Of the employees whose emoluments exceed £60,000, 312023 - 41 have retirement benefits accruing under defined benefit pension schemes. The pension contributions in respect of the individua15 totalled £42.287 (2023 - £48,748). Remuneration of key management personnel The remuneration of key management personnel is as follows: 2024 2023 Aggregate compensation 346,871 394,928 13 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are appli to tts charitable objects. -25-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 14 Tangible fixed assets FrtÈh(>ld Land & Leasèhold Lond ulldln8S & &ulldln6$ Fumlture & Motor¥ehkles Equlpment Cost At l August 2023 3,843,030 991,811 363,840 100,723 5,299,404 At 31 July 2024 3,843.030 991.811 363,840 100,723 5,299,404 Oepreciatlon and impairment At l August 2023 Depreciation charged in the year 1,301,207 73,599 146,346 8,170 203,857 33,179 77,494 6,253 1,728,904 121,201 At 31 July 2024 1,374,806 154,516 237,036 83,747 1,850,105 Carrying amount At 31 July 2024 2,468,224 837,295 126.804 16,976 3,449,299 At 31 July 2023 2,541,823 845,465 159,983 23,229 3,570,500 The carrying value of land and buildings comprises: 2024 2023 Freehold Long leasehold Short leasehold 2,468,224 649,458 187.836 2,541.823 656,803 188,661 3,305,518 3.387,287 Freehold land & buildings includes land included at cost of £184,625 which is not depreciated. The freehold land & buildings are valued, for insurance purposes, at £11.4m. 15 Debto 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 62,818 5,937 54,379 2,733 62,321 123,134 65,054 -26-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 16 Creditors: amounts falling due wlthln one year 2024 2023 Othertaxation and social security Trade creditors Other creditors Accruals and deferred income 39,944 33,974 24,774 16,944 42,388 88,492 23,669 16,644 115,636 171,193 17 Retirement benefit schemes Defined contribution schemes The assets of the scheme are held separately from those of the School in an independently administered fund. Contributions to the scheme are charged to the Statement of Financial Activities as they fall due. Contributions payable by the company in the year amounted to £44,87812023- £41,262). £7,79712023 - £6.463) was outstanding at the balance sheet date. -27-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 17 Retirement benefit schemes (Continued) Defined benefit schemes Teachers, Pension Scheme The Teachers, Pension Scheme {TPSI is a statutory, contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for teachers in schools. All teachers have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pensDn benefits a paid by public funds provided by Parliament. Valuation of the Teachers, Pension Scheme The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 publshed by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and maEed appropriately and the review specifies the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design L benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023. with the SCAPE rate. set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome a. Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy}. This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed. Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation datel of £222,200 rnillion, giving a notional past service deficit of £39.800 million The result of this valuation will be implemented from l April 2024. The next valuation sUIt is due to be implemented from l April 2028. The employer's pension costs paid to TPS in the period amounted to £150,838 (2023- £141,1551. A copy of the valuation report and supporting documentation is on the Teachers, Pensions websÉte. Under the definitiofts set out in FRS 102. the TPS is an unfunded multi-employer pension scheme. The school is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the school has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The school has set out abo, the information available on the scheme. -28-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 18 Unrestrirted funds- designated These are unrestricted funds which are material to the charitable company's activities. At l Augurt 2023 ResourcesAt 31 July 2024 expended 34 Walpole Road 616,OCM) {7,0> 609,000 Previous year: At l August 2022 ResourcesAt 31 July 2023 expended 34 Walpole Road 623,000 17,000) 616.000 34 Walpole Road the school entered into a sale and leaseback arrangement in the 2011112 frnancia year. In order to more appropriately show the unrestricted general funds available to the school the net 0k value of the leasehold has been reflected as a designated fund. The resources expended in the year relates to the depreciation charge. -29-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY2024 19 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Mo¥emènt In fLtnds Bz13nce at l August 2022 Mo4prnent in funds Incomln8 Resources Balan at I August 2023 Incomln8 Rèsourtes galance at JI July 2024 Pedal to the Pebbles Bike Ride J Sirnister 3.840 252 3,840 252 3,840 252 4,092 4,092 4,092 Pedal to the Pebbles Bike Ride- donations towards the sensory room and new bikes. J Simister-donations towards the purchase of new bike5. 20 Analysis of net assets between funds un$tried Unrestrirted funds funds general designated 2024 2024 Restricted funds Total 2024 2024 At 31 July 2024: Tangible assets Current assets/{liabilitiesl 2,840,299 2,298,010 609,000 3,449,299 2,302.102 4,092 5,138,309 609,OC(I 4,092 5,751,401 Unrestricted Unrestricted funds funds general designated 2023 2023 Restricted funds Total 2023 2023 At 31 July 2023: Tangible assets Current assets/lliabiltknes) 2,954,500 2,430,236 616,000 3,570,5 2,434,328 4,092 5,384,736 616,000 4,092 6,004,828 21 Related party transactions 30-
HAMILTON LODGE (BRIGHTON) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 21 Related party transacilons {Contlnued) M Abbott, who was appointed as a trustee on 2 July 2019, provides building project management and property sUeYing seniices to the charity under a service level agreement dated 20 June 2017 which was entered in to before his appointment. The Chair of Trustees and the Business Manager review the terms of the agreement each year to ensure that it continues to represent fair value and is in line with marlet rates. Dr Kate Rowley, who was appointed as a Trustee on 19 October 2022 provides training to the school around language and cognitive development of deaf children. 22 Cash generated from operations 2024 2023 IDefrcitl1surpus for the year 1253.4271 139.683 Adjustments for: Investment income recognised in statement of financial aciivtties Depreciation and impairment of tangible fixed assets (45,1071 121,201 119.1111 117,810 Movements in working capital: Ilncreaselldecrease in debtors (Decrease) in creditors (Decrease) in deferred income (58,080} {55,557) 266,076 {10,455} 128,456} Cash (absorbed byl/generated from operations {290,9701 465.547 23 Analysis of changes in net funds The charitable company had no material debt during the year. 31