Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE Company registration number.. 00555144 Charity number.. 307324 GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) MENZIES BRloHTEh IAINKINV
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Admlnlstratlve Detslls of the Company, Its Governors and Advlsers Governors. Report Independent Audltors, Report on the Flnanclal Statements Statement of Financial Adivities 9-12 13 Balance Sheet 14 ststement of Cash Flows 15 Notes to the Financial Statements 16-30 The following pages do not form part of the statutory financial statements.. Charity Detailed Income and Expenditure Account and Summaries
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Govemors Barbara Stanley Wendy Berry Peter Geman Nigel Stoate Madelaine Best Daniel Gowan Rachel Henshilwood (resigned 30 June 20221 Mark Scoggins (resigned 8 December 20221 Barry Bennett David Hertzell Giaharn Tongue Al8St8ir Todd David Walker (appointed 23 March 20221 James Philpott lappoinled 23 March 20221 Company reglstered number 00555144 Charity registered number 307324 Registered office and principal operating office Sl Neots Preparatory School Sl Neots Road Eversley Hook Hampshire RG27 OPN Head Teacher Jonathan Slot (appointed 1 September 20211 Independent auditors Menzies LLP Chartered Accountants Cenlium House 36 St8tion R08d Egham Suirey TW20 9LF Page 1
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Bankers National Westminster Bank PIC 5 Broad Street Wokingham Berkshire RG40 1AU Lloyds Bank PIC 174 Fleet Road Fleet GU514DD Solicitors Field Seyrnour Parkes The Old Coronerfs Court 1 London Street PO BOX 174 Reading Beikshire RG14QW Page 2
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENTS AND PERFORMANCE Academic The teaching and learning at St Neot's continues to go frorn strength to strength. The Prep School Baccalaureate IPSBI is now fully integrated into the Year 7&8 journey and this skills-based approach has been adapted to run throughout the school. This is very much the Cutting edge of Prep School curriculum provision and St Neot's has become well known for ils ex¢ellenoe in this area. We also Continue to enh8n¢e the learning of the children with a wide variety of therne days and school tiips. The co-curiicular programtne continues to add real breadth to the children's learning experience wrth timetabled sport, drama, art, DT, music, PE, swimming, and outdoor learning. The school recorded 12 scholarships to leading senior schools across the year including Wellington College11 academic & 2 dance), Churchers College lacadernicl. Pangbourne Idramal, Farnborough Hill Isportl, Millfield Isportl, Reddam lacademicl and LWC12 x Sport, Drama. and Design & Technology). Despite sorne Covid interference. it was great to have a reasonably norrnal teaching year and we have used this to develop key areas of the teaching provision. A "bring your own device" policy was intrOdUd to Year 7&8. the weekly reporting to paients wa5 impioved. PSB Information booklets were ¢[e8ted for paients, and'life and learning skills" mentoiing sessions were Introduced for year 5-8. The school has also introduced a new set of core values," chosen by the whole school communty. These are Honesty, Happiness, Self-Belief, Respect and Kindness. These are the guidelines for all expectations and behaviours across the school. Sport continues to be a central pillar to life at St Neot's. Alongside world class facilities, we have achieved notable success on the sports pitches. In the Autumn Terrn the U8B & U9B football teams and U8A hockey team had unbeaten seasons while in the Spring Term. U8A and U9B rugby teams and the U1 OA. U11A and U11 B boys, hockey tearns also enjoyed unbeaten seasons. In lolal. the Year 3&4 Junior Boys Hockey Record was Played 25, Won 23, Drew 1, Lost 1. In cricket. having rn8de the extremely positive move lo mixed cricket fixture5 frorn Years >8. the U10A. U9B. U8A. U8B won all their ricket matche5. In total. the Junior cricket teams- Pl8yed 31. Won 25, Lost 6. The U11 Gills also achieved something quite xtraordinary by winning the Plate CoTnpetition at national IAPS competitions for hockey, football and cricket. Thi5 would rank them 9th in the country across 3 sports. There are 162 Prep schools that compete in some of these tournaments and there are only 15 girls in the year group. This is a considerable achievement. The music and drama departments have continued to thrive. With parents back watching plays and recitals, the school has been lifted by the sound of creativity and parents, applause. The drarna department produced two incredible shows.. Peter Pan for Year 3&4 and Mary Poppins for Years &8. Both were a resounding success. Equally successful were the various concerts ranging from Drurn Fest to the Autumn, Spring and Summer concerts. All of them were hugely successful. The 5th001 oontinues to benefit from 8 fun, joyful and uplifting atmosphere, where supportive poients, talented teachers 8nd polite children have bonded to create a powerful cornrnunity 5Pllit. Nutnbers of pupils on roll also continue to grow. Community Putting St Neot's at the heart of the local community continues to be a key strategic aim for the school. For our parents we run tennis, swimming, football and goll events. Our parents are also aayS welcome on site lor events, matches and the fortnightly Heads Coffee morning. We integrate into the broader community in the following ways.. We have continued to develop our partnership with Eversley Tennis Club and provide facilities and coaching to its merrbers. Three local youth soccer Clubs used the astro tscility for mid-week training Six local clubs used the school sports h811 for netball training and matches. Three local cricket clubs used the indoor nets and Finch8nipste8d and Hampshire Cc's have used the School cricket square for Saturday fixture5. Rushmoor Royals and Hart Swimming Clubs trained in the school pool each weekday evening. A local maintained school used our swimming pool during the summer term. A 'Race for Life charity run took place at the school. Over £5,000 was raised lor a variety ol charrties. Page 3
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 InfrnStmctU and Estates Management The School has continued to focus on enhancement and maintenance of the facilities and grounds. With financial support from Lord Wandsworth College the Pre-Prep department has been refurbished during the summer period. FINANCIAL REVIEW The princip8150urce of fvnding is fee income paid by p8ienls.' 8ddilion81 incorne is derived froTn extr8-curricul8r 8clivilies and the hiring of school ground5 and facilities to local and external agencies. Coming out of Covid and and with growng interest in the facilities within the local community, this continues to thrive. Following the appointment of a new Headmaster, Jonathan Slot, 2021-22 was a very Suc$$fUl year re.. pupil growth with numbers rising from 217 to 266 lover 20/0 increasel. This is significantly above the average sector increase. While a defiat continues to be posted, this trend will lead to posting a surplus in the near future. Overall the school's income for the year amounted to £3.459,14712021.. £3,456,081). with total expenditure of £4,120.526 12021.. £4.126,8391 amounting to a deficit of £661.37912021. £670.7581. The School continue5 to Invest heavily in repair5, rnaintenance and grounds upkeep. Expenditure in this area w8S £194,141. The Pre-Prep department underwent a refurbishment programme during the Summer holiday, with a total cost of £62,587. This was supported by Lord Wandsworth College. RESERVES POLICY The School's unrestricted funds stood at £3,831.075 at the year-end, wholly utilised as part of the School premises and equipment provision. Day-lo-day working capital is met by careful man8gernent of short-term liquid resources in the absence of free reserves. The Governing Board rern8ins mindful of the requiretnenls of SORP 2019 and the need to stipulate a sultable percentage of free reserves. However. this rnu5t be a realistic figure and dovetail practically wrth the need to proactively manage the loan from Loid Wandsworth College to ensure new project5 can be sensibly planned. Given the above, the Governing Board has adopted a policy to achieve a minimum of £500,000 in free reserves, after committed capital repayments, as a suitable general objective. GOING CONCERN Since April 2021, the school has entered into a Collaboration Agreement with Lord Wandsworth College. School bank facilitie5 have been repaid in full and LWC offers financial support where necessary. With the appointment of a new Head from September 2021, pupil nurnbers have continued to rise significantly every term. Robust marketing strategy has supported this and pupil projections for September 2023, indicate numbers of around 300. Along with an Incie8se in the faulities hired, this projection continues to show an improved financial picture. With energy prices stabilising, continued support from LWC and pupil numbers rising, it is predicted that St Neot's will post healthy surpluses moving forward. The LWC collaboration continues to strengthen and brings greater synergies and efficiencies in both schools. Given these improved circumstances, the Governors consider that the charity has sufficient resources to continue in operation for at least twelve months and well beyond this period, from the date of approval of these accounts. PLANS FOR FUTURE PERIODS The collaboration with Lord Wandsworth College has enabled tllany 8ieas of the School to work closely with their departments, ranging Irotn academic, drama, estate and business services. The synergies fortned have provided Inciea5ed opportunities for St Neot's pupils. Page 4
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 RISK MANAGEMENT The Board is responsible for the rnanagement ol risks faced by the School. A Governors, committee regularfy reviews the major risks to which the charity is exposed and has established systems and proTrdures to manage those risks. The major risks identified and monitored are.. (from prev year reporti Inadequate pupil numberslm8rkeling failuie Failure to recruit and ietain top quality staff and failure to develop and support all employees Political Risk IT failure including effect of cyber-attack Breach of H&S, employment law, accounting rules and regulations, safeguarding & data protection laws Major environmental catastrophe Serious health and safety incidents The key controls used to manage risk include.. (from prev yearl Formulation of a new Risk Register rne85ured and monitored by the various governing boards. Terms of Reference for eath Committee and Board Vetting and reporting procedures as required by law for the safeguarding of children Comprehensive budget and tnanagement accounting Regulai review of School poliues Regular review and testing ol the main health and safety risks by an independent consultant It is recognised that these systems can provide reasonable but not absolute assurance that major risks have been adequately managed. The Governors are cognisant of the current uncertain political and economic environment and the possible impact that sudden changes might have on independent schools. This issue is regularfy discussed al Board and Gornmittee meetings. OBJECTIVES AND ACMVITIES Aims of the Charity The Aim of the School is to advance education for children of pre-preparatory and preparatory school age. Scholarships and Bursaries are awarded where appropriate. The Governing Board sets the poliaes to achieve this Aim, and these are reflected in the School's website and prospectus. The School's objectives are achieved as follows.. EduGalion81 Provisio The B08rd sets out to provide independent pieparatory education at Ever51ey foi boys and gills from the 8ges of 2 years to 13 years. To cope with this substantial age groups, the School is divided into four separate sections. Children aged 2 years attend the School's creche (finy Tuskersl before piogressing to the Nursery facility at thè age of 3 years. Subsequendy, children progress through Pre-Prep IReception, Years 1 and 21, before joining the Middle School (Years 3 and 41. Thereafter, pupils progress to the Main School (Years 5 to 81, where they continue to follow the Pre-senior Baccalaureate, after which they leave to take up a place in Senior School education. Child Pmtection The School's policy is to develop the varying talents of each child to the best in a friendly. supportive and safe environmenl. This philosophy is taken very seriously, and staff continue to undertake formal child protection training and attend appropri8le briefing sessions. The Board has appointed a Governor with specific Child Protection responsibilities who works conjoinlly with the member of the School's Senior Leadership Team iesponsible for such rnatters. PublNc Benefit The Govemors have taken due account of the ruling from the Upper Tribunal (Tax and Chancery Chamberl dated 14 October 2011 on the Charity Commission guidance on providing public benefit. The Governors are confident that the School provides a high quality education in line with its Charitable Objects and access is widened through the bursaries, discounts and scholarships provision. The Govemors continue to monitor best practice in this area. The School continues lo support local schools and communities including the use of the swimming pool, tennis courts. sports hall and crioket pitches. This has en8bled the School to form a closer relationship with the local cornmunity. Page 5
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 In the last academic year, the School extended the use of the pool facility, free of charge, to another local primary school for the entire academic year. Another local school has also made use of the pool, at no cost, for six weeks over the Summer term. Additionally, St Neot's continue to host, at no charge, the use of the School grounds for an annual cross country event, county cricket matches and also tennis courts for a local state school. The School works in collaboration with Eversley Tennis Club allowing free access to the tennis court5. Community gioups, including local swirnming, nelb811. foolb811 and tennis clubs for both children and adults. make use of the facilities thioughoLJt the yeai. During the holiday period the School offers a holiday club facility via an extemal company for local children as well as St Neot's children. The School also has links with a local care home where the pupils sang Christrnas Carols. lJJfr8StwG1u and Estate Management The Sohool's objective is to rnaintain its facilities in good order and to expand and enhance these as necessary so as to keep them up to d8te and with curient educational requirements. subject to appropriate funding. During the ye8r the intention was to continue to invest in infrastructure, giounds improvernents and general rna1ntenan. STRUCTURE. GOVERNANCE AND MANAGEMENT The Charity is a Company incorporated under the Companies Act 1948. It is limited by guarantee and does not have share capital. Its Memorandum, Artides of Association and Certificate of Incorporation were issued on 27th September 1955. Revised Artides were adopted with effect from 22 September 2016. Following the School's Collaboration with Lord Wandsworth College. the Articles were further revised on 15th April 2021. The Governors who served the Company during the year were as follow5= Barbara S13nley Wendy Berry Peter German Nigel Stoate Madelaine Best Daniel Gowan Rachel Henshilwood Mark Scoggins Barry Bennett David Hertzell Graham Tongue Alastair Todd David Walker James Philpott Ourlng the year the followlng Govemors were appolnted.. Alastair Todd lappointed 2 December 20211 Barry Bennett (appointed 2 December 20211 David Hertzell lappointed on 2 December 20211 Graham Tongue (appointed 2 Dernber 20211 David Walker18ppoinled 23 March 20221 James Philpott18ppoiNted 23 March 20221 During the year the following Governor8 reBigned= Rachel Henshilwood (resigned 30 June 20221 Mark Scoggins Iresigned 8 December 20221 Page 6
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Method ofappointment orelection of Govemors Governors are recommended for appointment to the Board by other Board members or the School Executive Officers. Upon consideration of applicants, experience and after an interview with the Appointments and GovernanTr Committee a decision will be taken by Board members on whether to approve their application. New Governors are briefed on their responsibilities by the Clerk to the Board and receive a copy of The Essential Trustee Guide" issued by the Charities Commission and a copy of Guidance for Governors.. issued by the Association of Governing Bodies of Independent Schools and the Independent Schools, Council. Indeminity insurance is taken out in respect of the Governors. Organisational structure and decision making Board Meetings are held termly, normally three weeks before the end of each term. The meeting receives reports from the Head and Senior Leadership Team covering all School matters including staff and pupil issues, finanaal and infrastructure matters., in addition. reports are received from the chair of cornmitlees for.. Finance and General Purpose.. Education.. Marketing,. Health and Safety.. Appointments and Govemance and Risk Management. An additional meeting is usually held in Septernber. at which the School's Development Plan and any significant future events are formally reviewed. Governing 808rd sponsored policies. such ss Health and Safety and the School's Erneigen¢y Management Plan. are now reviewed by the appropriate Board committee. The Board appoints the Head and retains ultimate responsibility for the approval of all future policies and developments and reviews regularly their impact on the School finances and operations. Within these parameters, all day-to-day operational matters are delegated to the Head, as appropriate, who is responsible for ensuring the School's Aim, as detailed above, is pursued. Remuneration ofKey Management Peone1 The policy for remuneration of Key Management Personnel is that salaries are benchmarked against comparable national rates and also discretionary awards can be given. based on perforrllance. This procedure is monitored by the Appointments and Governan Committee. STRATEGIC REPORT The company has chosen in accordance with Section 414CI111 of the Companies Act 20CQ Istrategic Report and Directors, Report) Regulations 2013 to set out within the Strategic Report the Company's Strategic report Information required by Schedule 7 of the Large and Mediurn Sized Companies and Groups (Accounts and Reports) Regulations 2008. This indudes information that would have been included in the business review and details of the principal risks and uncertainties. Governors. responsibilities Ststement The Governors (who are also directois of St Neot's IEver51eyl Lirnited for the purpose5 of company lawl ale respon51ble for preparing the Governors Report and financial statements in aecordanee with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Apted Accounting Practice). Company law requires the Governors to prepare finanaal statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and ol the incoming resources and application ol resources, including the incorne and expenditure, of the charitable company for that period. In preparing these financial statements. the Governors are required to Select sui18ble 8¢counling policies and then apply them consistently Observe the rnethods and principles in the Charities SORP Make judgements and accounting estimates that ale reasonable and piudent State whether applicable UK AccoLJnting Standards have been followed, subject to any material departures disclosed and explained in the finance statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation Page 7
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disdose with reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Di¥¢108ure of information to auditor¥ Each of the persons who are Govemors at the time when this Govemors, Report is approved has confirmed that.. So far as that Governor is aware, there is no relevant audit information of which the charitable company auditors are unaware and That Governor has taken all the steps that ought to have been taken as a Govemor in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that inforrnation. Auditors Under section 487121 of the Companies Act 2006, Menzies LLP will be deemed lo have been ieappointed 28 days after these finanaal 5taternent5 were sent to rnernber5 01 28 days after the 18ter date pie5cribed for filing the accounts with the registrar, whichever Is eailiei. Approved by order of the members of the board of Governors and signed on their behalf by". DO¢uSdd by. U77DUrE$g4Y David Hertzell Governor 31-Mar-2023 Page 8
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) MENZIES BRIQHT£R THINKIN INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST NEOTS (EVERSLEY) LIMITED Opinion We h8ve audited the financial statements of St Neot5 IEversleyl Litnited (the 'charitable company'l for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balan Sheet, the Staternent ol Cash Flows and the related notes, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable companys affairs as at 31 August 2022 and of its incoming resources and application of resour5. including its income and expenditure for the year then ended.. have been properfy prepared in accordance wrth United Kingdom Generally ACpted Accounting Piactice,. and have been prepared in accordance with the reqLJirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Finanaal Reporting Council'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 In auditing the financial statements, we have conclLJded that the Governors, use of the going concern basis of accounting in the preparation ol the finanual statements is appropriate. 8ased on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period ol at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Governors with respect to going concem are described in the relevant sections ol this report. Other information The other information comprises the information included in the Annual Report other than the financial slalements and our Auditors, Report thereon. The Governors are responsible for the other information contained within the Annual Report. Our opinion on the financial ststements does not cover the olhei information and, except lo the extent olhetwise explicitly stsled in our report. we do not express any form of assurance condu510n thereon. Our responsibility is to read the other infoirnation and, In doing so, consider whether the other Information Is materially Inconsistent wth the financial statements or our knowledge obtained In the couise of the audit, or othetwise appeals to be materially misstated. If we Identify such material inconsistenaes or apparent material misstatements, we are required to determine whether this gives rise to a material rnisstatemenl 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. Page 9
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST NEOTS (EVERSLEY) LIMITED (CONTINUED) Opinion 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 Govemors, Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial staternents. the Governors, Report and the Strategic Report have been prepa18d in accord8nC8 Wlth applic8ble legal requirements. Matters on whieh w8 are r8quired to report by 8xeeption 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 misststements in the Govemors, Report including the Strategic Report. We have nothing to report in respect of the following matters in relation to which 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 finanrial statements are not in agreement with the accounting records and relums.. or certain disclosuie5 of Governors, rernuneration specified by law are not made., or we have not reIved all the information and explanations we require for our audrft. Responsibilities of truBt•e# As explained more fully in the Governors, Responsibilities Statement, the Govemtsrs (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the finanaal statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is essary to enable the preparation of financial statements that are free from material misstaternent. whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the charitable companys ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going conrn basis of accounting unless the Governors either intend to liquidate the charitable company or to Qease operations. or have no reslistic altern8tive but lo do so. Page 10
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST NEOTS (EVERSLEY) LIMITED (CONTINUED) Auditors. 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 lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS 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 ieasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design protsdures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below.. The Charity is subject to laws and regulations that directly affect the financial statements induding financial reporting legislation. We determined that the following laws and regulations were most significant including the Charities Act 2011, Safeguarding Vulnerable Groups Act 2006 and employment law. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Charity is complying with those leg81 and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes. The engagetnent Partner 8sse55ed wh8ther the engagement team collectively had the appropriate competence and capabilities to identify or iecognise non-complianee with law5 and iegulation5. The a5sesstnent did not identify any issues in this area. We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas., posting of fraudulent journal entries, authorisation, processing. and payment of fraudulent expenses and timing of revenue recognition. Audit procedures performed by the engagement team included.. Idèntifying and assessing thè design effectiveness of controls management has in pla to prèvent and detect fraud", Understanding how those charged with goverrnan considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process", Challenging assumptions and judgments made by management in its significant accounting estimates,. and identifying and testing journal entries, in particular any joumal entries posted with unusual account combinations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material rnisstatement in the financial staternents or non-cornpliance with regul8tion. This risk increases the more that cornpli8nce with 8 law or regulation 15 rernoved from the events and transactions reflected in the financial slalemenls, as we will be less likely to beme aware of instances of non-cornpliance. The risk is also greater regarding iriegul8rities occurring due to fi8ud rather than eiror, 85 fraud involves intention81 concealTnent. forgery, collusion, ornission or tllisrepresent8tion. A further description of our responsibilities lor the audit of the financial staternents 15 located on the Fin8nci81 Reportin9 Council's website at." www.frc.o .uklauditorsres onsibilities. This description forms part ol our Audittsrs, Report. Page 11
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST NEOTS (EVERSLEY) LIMITED (CONTINUED) Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we Might state to the charitable companls members those matters we are required to state lo them in an Auditors. Report and for no other purpose. To the fullest extent perrnitted by law, we do not acpt or assume responsibility to anyone other than the charitable company and its merllbers. as a body, for our audit work, for this ieport, or for the opinions we have formed. Do¢uSnId by.. 634F240E92A4471 Janice Matthews FCA (Senior Ststutory Auditor) for and on behalf of M8nzias LLP Chartered Accountants Statutory Auditor Centrum House 3e station Road Egharn Surrey TW20 9LF Date.. 31-Mar-2023 Page 12
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total fuftds 2021 Note Ineom8 from.. Donations and legacies Charitable activities Investments lQ,262 3,394.280 51,539 3,366,940 92,207 3,366,940 92,207 Total incornè 3,459.147 3,459.147 3,456,081 Expenditure on.. Charitable activities 4,120,526 4,120,S26 4, 126,839 Totsl expenditure 4,120,526 4,120.526 4, 126,839 Net movement in funds 1661,3791 1661.3791 (670, 7581 Reconciliation of fund5: Total funds brought foNard Net movement in funds 4,492,454 1661,3791 1,000 4,493,454 1661,3791 5, 164.212 (670, 758) Total funds earrièd forward 15 3,831.075 1.000 3,832.075 4,493,454 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 30 form part of these financial statements. Page 13
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER. 00555144 BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Not* Fixed assets Tangible assets 7,662,230 7, 789,909 7,662,230 7, 789,909 Current assets Debtors Cash at bank and in hand 12 141,096 544,145 113.666 259,535 685,241 373,201 Creditors.. amounts f811ing due wrthin one year 13 11.459,0811 11,396,977) Net current liabilities 1773,8401 (1,023, 7701 Total assets less current liabilities 6,888,390 6, 766, 139 Creditors.. amounts falling due after more than one year 14 13,056.3151 (2,272,6851 Totsl net asset8 3,832.075 4,493.454 Charity funds Restricted funds 15 1,000 Unrestricted funds Gener81 funds Revaluation reserve 15 3,S18,638 312,437 4, 176,271 316, 183 Total unrestricted funds 15 3,831.075 4,492,454 Total funds 3,832.075 4,493,454 The Governors acknow18dg8 th81r responsibilities for cotnplying with the r8quif8Tnents of the Act wth 185pect to accounting records and preparation of finanual statements. The financial statements were approved and authorised for issue by the Govemors and signed on their behalf by". Date.. 31-Mar-2023 The notes on pages 16 to 30 form part of these financial statements. Page 14
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flow8 from operating activities Net cash used in operating activities (Note 171 131,2431 (426.3561 Cash flows from investing activities Purchase of tangible fixed 8ss8ts 1109,1471 (71, 7211 Net cash used in investing activities 1109,1471 171,7211 Cash flows from financing aetivitiès Cash inflows from new borrowing Repayments of borrowing Interest paid 425,000 2,236.QQO (594,953) (1,8911 Net ¢a¥h provided by finan¢ing a¢tivitie¥ 425,000 1,639.156 Change in ¢a¥h and ¢a¥h equivalents in the year Cash and cash equivalents at the beginning of the year 284,610 1,141.079 259,S35 (881,544) Cash and cash èquivalènts at tha ènd of tho yèar INotos 18 & 191 544,145 259,535 The notes on pages 16 to 30 form part of these financial statements Page 15
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 General Informatlon St Neot's (Eversleyl Limited is a private company limited by guarantee incorporated in England and Wales, registered number 00555144. Details of the registered office and principal activities can be found on page 1. Accounting policies 2.1 Basis af prèparation of finaneial statsmènts The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Report4ng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20C6. St Neots (Eversleyl Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Going concern Following the fortnal collaboration agreernent with Lord Wandsworth College and the ensuing repayment of all bank boirowings and provision ol working capital, the Governors are confident that the School is a Going Concem for at least twelve months from the date of signing the accounts and for the foreseeable future. The accounts are accordingly prepared on the Going Concem basis. 2.3 Income Fees receivable, grants and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances. and other remissions allowed by the Schools. but are stated before bursaries awarded. Bursaries are shown as a cost in the period in which they 8re utilised to pay school fees. Grants are included in the Statement of Fin8nci81 Activities on 8 receivable basis. The b818nce of income received for specific purpose5 but not expended during the period Is shown in the relevant fund5 on the Balan Sheet. Where income is received in advance of entitlement of receipt, Its recognition is deferred and included in credittsrs as defeired income. Where entitlement occurs before income is received, the income is accrued. 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the arnounl of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are rnade up of the total of direct costs and shared costs. induding support costs involved in undertaking each activity. Direct costs altribulable to a single activity are allocated directly lo that activity. Shared costs which contiibule to more than one activity and support costs which are not attributable lo a single 8divity are 8pportioned between those 8Ctivities on a basis consistent with the use of resources. Cential staff costs are 8llocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities whith further the Companls objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 16
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollcles Icontlnuedl 2.5 Government grants Government grants received as a result of the Coronavirus Job Retention scheme are recognised as income when the charity is entitled lo the rnoney. 2.6 Tangible fixed assets and depreciation Tangible fixed 8$sets costing £500 or more are capfcalised and recognised when future economic benefit5 are probabl& and th8 Cost or value of the 8SS8t can be rn8asured reliably. Assets held at September 1996 are shown at deeTned c05t. Other tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreaation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreaation is provided on the following bases.. Freehold buildings Sports Complex Motor vehi¢le5 Fixtuies and lrttings CompLrter equipment 1 /¢ Straight Line 1.33°/ty- 1001¢ Slraighl Line 25°/o Sliaight Line 10Q/o Stiaight Line 20¢10 Stiaight Line 2.7 Cash at bank and in hand Cash at bank and in hand indudes cash and short-tem highly liquid investments with a short maturity of three months or less from the date ol acquisition or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estim8ted reli8bly. Liabilities are recognised al the arnounl that the Gotnpany anlicip8les il will pay to settle the debt or the amount it has received as advanced payments for the goods or service5 It must provide. Provisions are measured at the best e5titnate of the amounts required to setue the obligatitsn. Where the effect of the time value of money Is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the dint is recognised in the Statement of Financial Activities as a finance cost. 2.9 Operatlng leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease terrn. Page 17
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollcles Icontlnuedl 2.10 Pensions The Cornpany operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year. 2.11 Fund accounting General funds are unre5tri¢ted funds which are available for use * the discretion of the Governors in furtherance of th& g8ner81 obj8ctives of th8 Company and which h8V8 not b8en designat8d for other purpos8S. Restricted funds are funds which are to be used In accordance with specific restriction5 imposed by donors or which have been raised by the Company for partiCLJlar purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fLJnd is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Unrestricted funds 2022 Totsl fundB 2022 Tol81 fvnds 2021 Government grants to,262 Tot812021 10,262 10,262 Government grants received in 2021 were in relation to the Coronavirus Job Retention Scheme. Other forms of government assistance were used during 2021 as a result of the coronavirus pandemic, induding the deferral of employment taxes and social security payments. Page 18
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Income from charitable activities Unrestricted funds 2022 Total funds 2022 Tol81 funds 2027 F8es 3.239,102 127.838 3.239,102 127,838 3,332, 757 67.523 Other 3,366,940 3.366,940 3,394,280 Total 2021 3,394,280 3,394,280 Investment income Unrestricted funds 2022 Totsl fund 2022 Tol81 funds 2021 Incorne from PToperty rental 92,207 92,207 51,539 Total 2021 51,539 51.539 Page 19
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2022 Totsl 2022 Tol81 2027 Teaching Weware Bursaries Premises 2,530,943 569.741 181,879 837,963 2.530,943 569,741 181,879 837,963 2,629,685 513.289 195,856 788,(9 4,120,526 4.120,526 4, 126,839 Total 2021 4, 126,839 4. 126,839 Analysls of expendlture by actSvltles Activities undertaken directly 2022 Support Costs 2022 Total funds 2022 Tol81 funds 2027 Te8ching WeKare Bursaries 2,098,705 459.005 161.249 698,981 432,238 110.736 20,630 138,982 2.530,943 569,741 181,879 837,963 2,629,685 513.289 195,856 788,009 Premises 3,417,940 702,586 4.120,526 4, 126,839 Total 2021 3.411. 129 715. 710 4. 126.839 Page 20
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysls of expendlture by actlvltles Icontlnuedl Analysis of direct costs Total funds 2022 Total funds 2027 Teaching 2022 Welfare 2022 Bursaries 2022 Premises 2022 Staff costs 1,952,965 30.275 58.771 209,850 45,529 151,276 2,042,011 209,850 45,529 151,276 2, 187.090 202,096 37, 727 93,573 Depreciation Rent & Rates Light & Heat Repairs & Maintenan 104,330 104,330 107, 164 Establishment expenses Garden & Giounds 428,730 39,414 89,811 468,144 89,811 386,497 82,565 Te8ching Expens8S Bursaries 145,740 145,740 161,249 125,615 189.402 161.249 2,098,705 459,005 161,249 898,981 3.417,940 3,47 1, 129 Tot812021 2, 780,S23 427,371 t89,402 620,OS3 3,411.129 Page 21
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysls of expendlture by actlvltles Icontlnuedl Analysis of support costs Total funds 2022 Total funds 2027 Teaching 2022 Welfare 2022 Bursaries 2022 Premises 2022 Staff costs 214,084 90.106 90.106 26,976 394,296 26,976 61,841 341.857 3Q,271 44,220 Depreciation Telephone & IT Legal & Professional fees 61,841 14,999 19,734 10,942 38,050 9.025 17,665 20,630 6,755 18,513 14,999 19,734 10,942 38,050 9,025 17,665 83,790 6,755 18,513 71,860 28,181 6,602 44,942 4.812 43,608 71,603 6,643 27,711 Motor & Travel Advertising Office expens85 Sundry expenses Bad Debts Finance costs Life Insuran fees Governance costs 20,630 20,630 21,900 432,238 110,736 20.630 138,982 702,586 715. 710 Total 2021 449.362 97,918 6.454 167.976 715.710 Page 22
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Auditors. remuneration 2022 2027 Fees payable to the Companrfs auditor for the audit of the Company's annual accounts 14,160 t2,900 Fees pay8ble lo the Companys auditor in respect of.. All non-audit services not induded above 4,290 3.900 Staff costs 2022 2021 Wages and $8laries Social security costs Defined contribution pension costs 2,023,684 175,396 237,227 2,083.533 187,572 257,842 2.436,307 2,528,947 Induded in wages and salaries were redundancy payments of £43,91812021 £Nill. The average number of persons employed by the Company during the year was as follows.. 2022 No. 2027 No. Academic Staff 57 60 Non-Acadetnic St8ff 12 68 72 The nurnb8r of employe85 wh058 employ88 b8n&fits lexclLJding ernploy8f P8nsion costs) exce8ded £60,000 was.. 2022 2027 In the band £70,001- £80,000 In the band £80,001 £90,000 In the band 290,001 - £100,000 The remuneration of key management personnel was £306,206 (2021.. £421,370) Page 23
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 10. Governors, remuneratlon and expenses During the year, no Governors received any remuneration or other benefits (2021- £NIL). During the year ended 31 August 2022, no Govemor expenses have been incurred (2Q21- £NIL). 11. Tangible fixed assets Freehold property Sports complex Motor Flxtures and vehicles fittings Computer equipment Total Cost or valuation At 1 September 2021 Additions 5,475,694 3,642,672 62,587 23,129 912,468 32,369 485,959 14,191 1354.5871 10,539,922 109,147 13S4,5871 Disposals At 31 August 2022 5.538,281 3.642,672 23,129 944,837 145.563 10,294.482 Depreciation At 1 September 2021 Charge for the year On disposals 954,121 51,565 580,039 114,605 23,129 749,129 43,680 443,595 26,976 1354,5871 2,750,013 236,826 1354,5871 At 31 August 2022 1,005,686 694,644 23,129 792,809 115,984 2,632,252 Net book value At 31 August 2022 4,532,595 2,948,028 152,028 29,579 7,662,230 At 31 August 2021 4,521.573 3,062,633 763,339 42.364 7, 789,9L)9 In Septernber 1996, the Governors valued the freehold land and buildings at £1,000,000 and furniture, fittings and equipment at £110,000. The company has taken advantage of the transitional rules allowed by Financial Reporting Standard 102 and have retained the valuation ol land and buildings as a deemed cost. It has not been practicable from the cornpany's records lo differentiate the 1996 valuation of freehold land and buildings respectively bul depreciation has been charged on 1 Tr/¢ of 213rd of the valuation as in the opinion of the Governors this will provide an 8ccept8ble estirnate of depie¢i8lion. Subsequent additions lo bLJildings 8re shown 8t cost and depreciation is charged on its value. The rryIng arnount under the cost model of the assets which have been revalued would have been £388.008 12021- £397,801?. The Govemors are of the opinion that the current m8rket value of the Sthool's land and building is substantially in excess of the figure shown in the accounts. However, It is not possible to quantify the rnaiket Value without Carrying out a costly revaluation of the School's pioperty. The School's bLJildings are cuiiently insuied at a value of £14,531,336. Page 24
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. Tanglble fSxed assets Icontlnuedl Induded in land and buildings is freehold land at a valuation of £319,047 (2021 £319,047) which is not depreaated. Assets with a net book value of £7,423,56912021 £7,584,206) are held as security for liabilities 12. Debtors 2022 2027 Due within onè yèar Tiade debtois 75,491 21,701 43,904 65,358 26. 767 21,541 Other debtors Prepayments and accrued incorne 141,096 It3,666 13. Creditors- Amounts falling due within one year 2022 2027 Other loans Trade creditors Other taxation and soaal sècurity Other cieditors Accruals and deferred income 136,000 88,638 46,376 69,162 1,118,905 136,000 61,282 308,337 74,421 81Q.931 1,459,081 1,396,971 Monies received in Tespect of future year's fees are as follows.'_ 2022 2027 Deferred income at 1 September 2021 Resources deferred during the year Atnounts released fiotn previous periods 853,260 1.295,497 1768,9251 921,499 679,397 (693,6361 1,379,832 853.260 Deferred income indudes £336,910 (2021 - £84,335? induded in Cieditors". Amounts falling due after more than one year (Note 141. Deferred income relates to money received for school fees in advance of future tems and activities. Page 25
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 14. Credltors: Amounts falllng due after more than one year 2022 2021 Olher198ns 2,633,336 86,069 336,910 2, 10Q.QQO 88.350 84,335 Other creditors Accruals and deferred income 3,056,315 2,272,685 The other loans are secured by a first legal charge over the freehold land dated 19 April 2021. 15. ststement of funds ststement of funds- ¢urrent year Balance at 1 Septemb8r 2021 Balance at 31 Expanditur& August 2022 Incom• Unrestricted funds Reserves Revaluation reserve 4,176,271 316,183 3,459,147 14,116,780) 13,7461 3,S18,638 312.437 4,492,454 3,459,147 14,120,526) 3,831,075 Restricted funds St Neofs Uniform Club 1,000 1.000 Total of funds 4,493,454 3,459.147 14,120,526) 3,832,075 Page 26
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. Statement of funds Icontlnuedl Statement of funds- prior year Balance at I Seplember 2020 Balan at 31 August 2027 Incon Expendilut Unrestricted funds Reserves 4,847,029 316, 183 3,456,081 14, 126,839) 4, 176,271 316,183 Revaluation reserve 5, t63,212 3,456,081 14, 126,839) 4,492,454 R•$trict•d funds Sl Neot's Uniform Club 1,000 Totsl of fund8 5, 764,212 3,456,081 {4, 126,839) 4,493,454 16. Analysis of net assets between funds Analysi$ of net assets between funds- current year Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditois due within one year Creditors due in more than one year 7,862,230 684,241 11.459,0811 13.056.315) 7,662,230 685.241 11,459.0811 13,056.3151 1,000 Total 3,831,075 1,000 3,832.075 Page 27
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 16. Analysls of net assets between funds Icontlnuedl Analysis of net assets beeen funds- prior year unstricted funds 2027 Restricted funds 2021 Total funds 2027 Tangible fixed assets Current assets 7, 789,909 372.201 (1,396,971) (2,272,685) 7, 789,909 373.201 (1,396,971) (2,272,685) 1,000 Creditors due within one year Creditors due in more than one year Total 4,492,454 1,000 4,493,454 17. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles 2022 2021 Net expenditure for the y88118s p8r Statem8nt of Financial Activities) 1661,3791 (670, 758) Adjustments for.. Depreciation charges Decreasellincreasel in debtors Increaselldecreasel in creditors Interest charge 236,826 127,4301 338,219 82,521 232,367 64,441 (80, 112) 21, 706 Net cash used in operating activities 131,2431 (426.3561 18. Analysls of cash and Cash equlvalents 2022 2021 Cash in hand 544,145 259,535 Total cash and cash equivalents 544,145 259.535 Page 28
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 19. Analysls of changes In net debt At1 September 2021 Other non- cash At 31 August changes 2022 Cash flows Cash at bank and in hand 259,53S 1136,0001 12.100,0001 284,610 544,145 1136.0001 12,633.3361 Debt due within 1 year Debt du8 after 1 y88r 1425.0001 1108,3361 11,978,465) 1140,3901 1108,3361 12,225,191) 20. Pension commitments Teaching staff are members of a defined contribution scheme operated by Legal & General. The School oonlribules 16°/o 8nd the employees conliibules between 4Tr/o-8'h. Eligible non-teaching staff are members ol a defined contribution scheme operated by the Pension Trust. The school contributes 9¢/D and the employees contribute between 6Q/o-10¢/0. Under auto enrolment all employees not currently under a pension scheme and who qualify are now members of the government National Employment Savings Trust,. the School contributes 3 /0 and the employees contribute 5°/,. 21. Operating lease Gommitments At 31 August 2022 the Company had commitments to make future minimurn le8se payrnents under non-cancellable operating leases as follows.. 2022 2021 Within 1 year Beeen 1 and 5 years 65,999 79,019 106,441 145,016 145,018 251,457 The following lease payments have been recognised as an expense in the Statement of Financial Activities.. 2022 2021 Operating le8se rertsls 106,441 134.624 Page 29
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 22. Related party transactlons The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 August 2022. 23. Controlling party The School is under the control of the Govemors who are the Trustees under Charty law and Directors under Company law. Page 30
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2022 2021 2021 Income Tuition fees Other income Letting fees Furfough income 3,239,102 127,838 92,207 3.332.757 61,523 51,539 10,262 3,459.147 3,456,081 Gross income in the reporting period 3,459,147 3,456,081 Les8'. DI¢1 charitsble expenditure Wages & salaries National insurance 1,669,166 159,343 213,502 145,740 468,144 151,276 104,330 209,850 161,249 135,340 1,864, 197 759, 183 229,143 125.615 347.377 93,573 107, 164 202,096 189,402 93,379 Pen510n costs Teaching expenses Establishment costs Light & Heat Repairs & maintenance Depreaation Bursaries Othei direct costs 3,417,940 3,411. 729 Page 31
Docusign En¥ÈlopÈ ID." FSC23EF4-AF52-4DDC-BDD&94279482A9CE ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 2022 2022 2021 2021 Support costs Wages & 5al8ries National Insurance Pension costs Bad Debts Depreaation Audrft & accountancy Offic8 costs 338,464 32,108 23,724 17,665 26,976 18,513 115,671 14,999 83,790 19,734 10,942 284.769 28,389 28,699 43,608 50,271 21,117 100,617 71,860 71,603 28, 187 6,602 Legal & professional Bank charges & interest Motor expenses Marketing 702.586 715, 710 Total expenditure 4,120,526 4,126,839 N•t *xpanditur8 for th8 rèporting rI0 1661.3791 1670.7581 D•fieit for th• rèporting pèriod 1661.3791 (670, 7581 The notes on pages 16 to 30 form part of these financial statements. Page 32