Docusign Envelope ID.. 11CD5658-7F71490&A080-C18864176E29 Company registration number: 00555144 Charity number: 307324 GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) *ADIFU7BD* 2111212024 COMPANIES HOUSE A22 #282 Docusign Envelope ID.. 11CD56S8.7F7149D&ADa(￿C.I8864176E2g ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Company• its Governors and Advisers Govornors. Report Independent Auditors. Report on the Flnanclal Statements Statement of Flnanclal Actlvltles 9-12 13 Balance Sheet 14 Statement of Cash Flows 15 . Notes to the Flnanclal Statements 16-31 The following pages do not form part of the Statutory financi&l slalements.. Charfty Detalled Income and Expendlture Account and Summarles Docusign.Envelope ID.. 11CDS658-7F7149D&AD8￿18864l76E29 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 2024 Govemors Ba￿ara Stanley Wendy Berry Peter German Nigel Stoale (resigned 7 December 20231 "Madelaine Besl Daniel Gowan Bary 8ennett David Hertzell Graham Tongue r Alastair Todd Iresigned 1 July 20241 David Walker James Philpott Company reglstsred numbor 00555144 Ch•flty r•gl$t•r•d number 307324 Reglstered office and prin¢lp•l opgratlng oftlce St Neol$ Preparatory School Sl Neols Road Ever81ey Hook Hampshire RG27 OPN Head Teacher Jonathan Slot Ind•p•ndent audltorn Menzies LLP Chartered A¢counlanl8 Magna House 18-32 London Road Staines-Upon-Thames TW18 48P Page 1 Docusign Envelope10.' 11CO5658-7F7149D5-AD81kC18864176E29 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 2024 Banker• Lloyds Bank PIC 174 Fleet Road Fleet GU514DD 8oll¢ltors Chades Russell Speethlys LLP One London Square Cro$$ Lanes Guildford Surrey GU1 1UN Page 2 Docu$i9n En%*lopg ID.. 11CD5658-7F7149D5-A080-C18864176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENTS AND PERFORMANCE Academlc This has been another very successful year from a teaching and learning perspective. While maintaining our commitment to. the skills based learning programme that is the beatin9 heart of our academic provision. we have wort(ed hard to improve our offering. We have recruited well and have a staff roorn that 18 well qualified and passionate about their leaching. We have also Improved our reporting Sy81em lo parents, reviewed and improved our work around'ski118 based leaming and have a whole school focus on st￿t¢h and challenge for each individual leamer. The academic provision is at the forelronl ol the Prep school world. This year our hard work in. and out ol the dassroom has been recognised in a number of sd)olarships to a range of schools. There were 6 to Lord Wandsworth College {Academic x 2, DT. Dance & Sport), 1 to Leighlon Park (academic), 1 10 Wellinglon College lacademi¢l, 2 to Reddam. House (Art. Sport), 1 to Salesian College IAcademi¢l and 1 to Luckley House {Dramal. Of particular note, is the immense strides we continue to make in our mental health provision for the. children with the introduction of units of work in resilience lor the children in Years 5&6. This is part of our overall Pastoral Care provislon which remains exe•llenl and has benefited from a new House system and a focus on Pupil Voice. Outside of the dassroom. the school continues lo See significant success in the co-currieular department5. Numerous music concerts have provided opportunities for pupils lo perform, wrth the summer concert a significant highlight. We have also pul on highly successful plays. 80th We￿ ambitious. and wonderful opportunities for the children. These whole school events do so much for creating the sense of community acrogs the school. Sport ¢onllnues to be a strength of the School both in'tem8 of sport for all and our facililles which are first class. All children represent the school on match days and we continue lo enjoy significant successes on the regional and national stage. Our U11 Boys were Berkshire Hothey Champions and finished 11th overall in the country while the U11 Girls were Berkshire County Plate champions. We had 3 swimmers ranked in the Top 1 S at the IAPS national finals and on the tennis court, we came 6th in the IAPS national lennis finals. In cricket. we came 3rd Place in the U11 Hampshire Cricket Cup and had 28 pupils selected lor di$.Iricl and county cricket squads. We also had 8 new School ￿COrdS al our superb. Sports Day. The school was inspected in April of last year and received a glowing report from the Independent Schools Inspectorate. The school also received a very rare 'significanl strenglh. for the behaviouf of our pupils. Communlty Puttlng Sl Neot'g 8t the heart of the local community continues to be a key strategic aim for the school. For our parents wè hold lenni$, swimming. football and golf events. Our parents a￿ also atways welcome on sile for events, mat¢he$ and the fortnfjhlly Heads Coffee moming. We inlegrale into the broader community in the followin9 ways.. We have continued lo develop our partnership with Eversley Tennis Club and provide facilities and coaching to its members. Three loc41 youth soccér clubs uséd the astro facility for mid-week. training .Sjx local clubs used the school sports hall for netball training and matches. Th￿e local cricket clubs used the indoor nets and Finchampstead and Hampshi￿ Cc's have used the school cricket square for Saturday fixtures. Rushmoor Royals and Hart Swimming Clubs trained in the School pool each weekday evening. A lo¢al maintained school used our swimming pool during the summer lem. A Race lor Lile" charity run took place al the school. Over £S.000 was raised lor a vanety ol charities. Page 3 Docusign Envelope10". 11C05658-7F7149D5-A080C18864176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Infra•twcturn ond Estste• Man¥g•m•nt The School has continued lo focu$ on enhan￿rnent and Maintenan￿ of the facilities and grounds wth support from Lord Wandsworth Colle9e. FINANCIAL REVIEW The principal 80urce ol funding is fee income paid by parents., additional income 1$ derfved from exlra-curncular activities and the hiring of school grounds and facilities lo local and exlemal agencAes. Interest in the facilities continues to grow . wlhin the local community. This year 2023-24 ha$ continued lo see an increase in pupil gro￿. with number8 rising Irom 312 10 325 {a 4.2% Increase). Following the signifi¢anl increase in the previous year. St Neot's Continues to see pupil increases significantly above the average sector increase. The school has seen a retum to accounting surplus, and ¢urrent' forecasts suggest that this trend will continue. The full merge with Lord Wandsworth College is planned for September 2025. Overall the school's income for the year amounted to £5,207,245 (2023.. £4,255,480). with total expenditure of £5,138,079 12023,: £4.370.5341 amounting to a surplus of £71.16612023'. deficrt of £115,054). The School continues to invest significantly in buildlng improvement and 9round8 upkéep. Expandrture in this ar•a was £457,682 RE3ERVE5 POLICY The School's unrestricted funds stood at £3,788,187 at the.year*nd, wholy utilised as part of the School premises and equipment provision. Day-104Jay working capital is Met by careful management of short-lemi liquid r¢¥ouree$ in the absence of free reserves. The Governing Board remains mindful ol the requirements of SORP 2019 and the need to stipulate a suitable perrAntage of free reserves. However, this musl be a realistic figure and dovetail practically with the need to p.roactively manage the loan from Lord Wandsworth College lo ensure new projects can be sensibly planned. Given the above, the Governing Board has adopted a policy lo achieve a minimum of £500,POO in free reser4e5, after wmmitted capital repayments, as a suitable general objective. which will be achieved over lime. GOING CONceRN ' Since April 2021, the school has éntered into a Collaboratlon Agreernenl with Lord Wandsworth College. The Head continues to have a positive impact on the school and within the local community. These combinations have led to a $ignifi¢anl nse in pupil numbers. Robust marketing strategy has supported this and pupil projections for September 2025, Indicate numbers of over 330. Along with an increase in the facililieg hired. this projection conlinu8s lo show an improved financial picture: The School has made its first accounting surplus sin¢e 2016 in the year ending accounts and there is not reason to 5ugge$t this will not continue. Wrth energy prices stabilising, conllnued support from LWC and pupll numbers rising. it is predicted that St Neol's will post healthy surpluses moving forward. The LWC collaboration continue5 10 strengthen and brings greater synergies and efficiencies in both schools. The plan rem'ains for St Neot's to merge fully with Lord Wandsworth College on 1 September 2025. At Ihis point the trdo schools will become one enlrty Given these improved ¢I￿UM$tances. the Governors consider that the school has suffiuent resources to corilinue in operation. for at least Iwelve months and well beyond this period, frcrfn th8 dale of approval of these accounts. Page 4 Docuslgn Enb*loy ID... 11CD5658-7F714905-AD80-C18864176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 RISK MANAGEMENT The Board. is responsible for the. managefflenl of risks fa￿d by the School. A Govemors, commirtee regularly revrews the major risks to wthich the charily is exposed and has established $yslems and procedures to manage those risks. The malor risks ￿entifIed and monitored are: A serious safeguarding event Political Risk, which could affect laxation on school andlor parenls Changes in pupil demographlcs Inadequate pupil numberslmarkeling failure, thi$ could be driven my competitor $chools andlor cost of living Failure to recruit and ￿taIn lop quality staff, this includes development of Current staff IT failure including effect of cyber-atta¢k Breach of H&S, employment law. accounting rules and regulations. safeguarding & data protection laws Major environmental ¢ala$lrophe or pandemic Serious heallh and safely incidents Major infraslruclure failures. which cost Slgnificant costs to rectify The key controls used lo manage risk include.. Formulation of a robust Risk Register measured and regularly monitored by the various governing boords A new strategy which addresses the tensions within the sector Terms ol Reference for each Committee and Board Vetting and reporting procedures as required by law lor the safeguarding of children Comprehenslve budget and management accounting Re9ular review of School policies Regular review and testing of the main health and safety risks by an independent consultant Strong ma￿etIng plan which is regulady reviewed and benchmarted 11 is recognised that these sy,8lems can Provide reasonable bul nol absolute assuranc￿ that major rl8ks have been adequately managed. The Govemors are cognisanl. 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 Committee meetings. OBJECTIVES AND ACTIVITIES Alms of the Charlty The Aim of the School is to 'provide an inspiring and joyful education that will be remembered for a lifetime and which empowers our children with the confidenc4, knowledge, skills, and character lo thrive. We are shaping brighter futures for our children,. The Governing Board sets Ihe policies to achieve this Aim, and Ihe$e are reflected in the School's website and. prospectus. The School'• obJ•ctlves •rn achleved •• follow•: Educallonal Provlslon The Board sets out to provide independent preparatory education at Eversley for boys and girls from the ages 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 (Tiny Tuskersl before progressing tg the Nursery.facilily at the age of 3 years. Subsequently, children progress through Pre-P￿p (Reception, Years 1 and 21, before joining the Middle School (Years 3 and 41. Thereafter, pupils progress lo the Main School {Years 5 to 81, Whe￿ they continue to follow the Pre-senior Baccalaureate. after which they. leave to take up a place in Senior School education. Page 5 Oocusign Envelope ID.. 11CO5658-7F7149D>AD80-C18864176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS: REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Chlld Protsctlon The School's policy is to "develop the varying talents of each child to the besl in a friendly,,supportive and safe environment. This philosophy is taken very seriously. and staff continue lo undertake formal child protection training and attend appropriate briefing sessions. The Board has appointed a Governor with specific Child Protection responsibilities who works ¢onjoinlly with the member'of the School's Senior Leadership Team responsible for such matters. Publlc Ben•fft The Govemors have taken due account of the ruling from the Upper Tribunal (Tax and ChanrEry Chamberl dated 14 October 2011 on the Charity Commission guid8ft￿ on providing public benefit. The Govemors are confident that the School. provides a high quality education in line with ils Charitable Objects and acc*ss 1$ wdened through. the bur8aries. di8count8 and scholarships provision. The Govemors continue lo monitor best practice in this area. The School conlinue8.to 8UPPOrt local $chools and communities including the use of the swimming pool, tennis courts, sports hall and cricket pitches. This has enabled th• School lo fomi a ¢108ef relallonship wlth the local community. In the last academic year, the School extended the use of the pool facility, free ol Charge, to another local primary school for the enllre academic year.'Anolher local school has also made use of the pool. al no cost, for slx weeks over the Summer term.. Additionally, Sl Neol's continue lo host, al no Charge, the use of the School grounds for.an annual cross country event, county. cnckel matches and also tennis Courts for a local slate school. The School works in collaboration .wilh Eversley Tennis Club allowing free ac￿$$ lo Ihe tennis courts. Community groups, including lo￿1 swimming, nelball, lootball and tennis dubs for both chlldren and adults, make use of the fa￿lItIeS throughout the year. During the hollday period the School offers a holiday club facllity via an extemal company for local children as well as Sl Neol's children. The School al80 has links with.a local care home where the pupils Sang Chrl8lma$ Carols and a loul food bank where donations of food look place during the Harvest festival. Infrastructure and Estate Man•gament The School's objective is lo maintain ils facllllies In good order and lo expand and enhance these as necessary $0 as lo keep them up to date and wrth current educational requirements. subject to appropriate funding. During the year the inlenlion was to continue to invest in infraslruclure, grounds improvements and general maintenance. Page 6 Oocu$ign Envelope ID.. 11C05658.7F714905-AD8fyC18864176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is a Company Incorporated under th• Companies Act 1948. 1118 limited by guarante• an¢J doo$ not have share caprtal.. Ils Memorandum. Articles of Assooalion and Certificate of Incorporation were issued on 27th September 1955. Revised Articles were adopted with effect from 22 September 2016. Following the School's Collaboration wlh Lord Wandyworth College. the Articles We￿ further revised on 15th April 2021. The Governors who Sefved Ihe Company during the year were as follows.. Barbara Stanley Wendy Bery Peter Gemian Nigel. Sloale - reslgned December 2023 Madelaine Best Daniel Gowan Bary Bennett Davld Hertzell Graham Tongue Alastair Todd - res19r￿d July 2024 David Walker James Philpott No appointments look pla￿ in 2023-24. Method of appolnlment or election of Govemors Governors are recommended for appointment to the Board by other Board menibets or the School Executive Officers Upon consideration of applic8nts' expefience and after 8n interview with the Appointments and Governance Committee a deasion will be taken by Board members on whether to approve their application. New Govemors a￿ bnefed on Ihelr responsibilitie5 by Ihe Clerk lo the Board and ieceive a copy of "The Essential Trustee Guide.. issued by the. Charities Commission and a copy of "Guidance for Govemors., issued by the Association of Governing Bodies of Independent Schools and the Independenl Schools, Council. Organlsatlonal 8tru¢tur¢ and declslon maklng Board Meetings are held termly. nornally three weeks before the end of each term. The meeting receives reports from the Head and Senior Leadership'Team ¢overing all School matters induding staff and pupil issues, financial and infraslruclure matters,. in addllion, reports are recelved from the chair of committees for.. Finan&8 and Gener81 Purpose. Edvcalion, Marketing.. Safely & Wellbeing and Governance & Nominations. An additional meeting is usually held in Septembef. al which the School's Development Plan and any significant future evenls are fomially reviewed. Goveming Board sponsored policies. such as'Heallh and Safety and the School's Emergency Management Plan, are now reviewed by the appropriate Board commillee. The Board appoint$ the He8d and retains ultimate responsibility for the approval of all fvlure policies and developments and reviews ￿guladY their impact on the School finances and operations. Within these parameters. all day-to-day operational matters are delegaled lo the Head. as appropriale, who is responsible for ensuring the School's Aim, as delailed above, is pursued. Romuner•llon of K•y Managèment Pergonnèl Thè policy for remuneration of Key Management Personnel"is Ihal salaries are benchmarked against comparable national rates and also discretionary awards Can be given, based on perfomance. This procedure is monitored by the Appointments and Governance.Committee. Page 7 Docusign Envelo￿10.. 11CD5658-7F714905-A080-C18B64176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT The company ho9 chosen in accordane* with Section 414C(111 of the Companies Act 2006 Islralegic Report and Directors, Report) Regulations 2013 lo Sel out within the Slralegi¢ Report the Company's Strategic ￿pOrt Infomation required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008.. Thi5 includes information that would have been included in th¢ business rev¢ew and details of the principal risks and un￿rtaInlIeS. .Gov•movs' re6ponslbllltles slat•ment The Govemors {who ar• al80 dlreclors of St Neol's (Eversley) Llmited for the purposes of Mmpany law) are respon81ble for preparing the Govemors Report and financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pr8cti¢el. Company law ￿QUi￿$ the Govemors to prepare financial statements for each financial year, Uthder company law the Governors must not approve th.e financial stalemenls unless they are satisfied Ihal they give a true and fair view of.the state of affalrs of the Charitable company and of the incomlng re$oufe*s and application of resources, including the income and exp•ndltula. of th8 chanlable company for that p•rlod, In preparin9 these financlal statemonls, the Governors are reqUI￿d to Select suitable accounting policie$ and then apply them consistently Obserwe the methods and pnnciples in the Charities SORP Make judgernenls and accounting eslimales that are reasonable and prudent Slate whether applicable UK Accounting Standards have been follo**d, subject to any material departurès, di$¢lo$ed and explained in.the finance $latement$ Prepare the financial statements on the going conc4m ba$1$ unlegs it is inapproprlale to presume that the charitable company will continue in operation The Govemors are responsible lor keeping adequate accounting records thal are sufficient lo show and explain the charitable ￿MpanY'S transactions and disclose with reasonable ac¢ura¢y al any time the financial position of the charitable company and enable them lo ensure that the ffinancial slalemenls comply wrth the Companies Act 2006, They are also responsible for safeguarding the 8ssels of Ihe charitable company and hence for taking rea80nable steps for the prevention and detection of fraud and other irre9ulanties. Dl•¢looure of Infomiatlon to audltor• Each of the persons vtho are Governors at the lime when this Govemors, Report Is approved has confirnied that". So far as that Govemor is aware. there is no rnlevanl audit information of which thé charitable company au¢illor8 are unaware and That Govemor has taken all Ihe Steps that ought lo have been taken as a Governor in order to be aware of any, relevanl audit information arid to eslablish that the charitable company's auditors are aware of that infomalion. Auditors Under section 487121 of the Companies Act 2006, Menzies. LLP will be deemed to have been reAppointed 28 days after. Ihese finan¢ial slalements were sent to members or 28 days after the later date prescribed for filin9 the accounts with the registrar. whichevei is eartiei. Approved"by order of the members of the board of Èovemors and signed on their behalf by.. $IyD•4by.' Davld Hertzell Governor Page 8 Docusign Envelope ID.. 11CD565&7F7149D&A()80-C18884176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) MENZIES eRIGHTER THINKIN INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST NEOTS (EVERSLEY) LIMITED Oplnlon We have audrted the finanaal statements of St Neols (Eversley) Limited {Ihe 'chariiable Company.) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Ihe.Stalemenl of Cash Flows and the related notes. including a summary of significant accounting policies. The financial feporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reportln9 Standard gpplicable in the UK and Republic of Ireland. (United Kingdom Generally AC￿pIed Accounting Practice}. In our oplnlon tha financial 818lem&nt8'. give a true and fair view of the Slate of the charitable company's affairs as at 31 August, 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended.. have been properly prepared In accordan￿ with United Kingdom Generally Accèpted Accounting Practice", and have been prepared in accordance with the requirements of the Companies Act 2006. Ba818 for.opinlon We conducted our audit in accordan&* with International Standards on Auditlng (UK) (ISA8 (UK)) and applicable law. Our responsibilities und&r Ihose standards are lurther described in the Audilor8' responsibilities for the audit of the financial slalemenls section ol our report. We are independent of Ihe ¢harilable company in a¢¢ordan¢e with the elhical requirements that are relevant to our audit of the financial statements in the United Kingdom, including Ihe'Financial Reporting Council's Elhical Standard. and VR have fvlfilled our other ethical responsibilities in aCCordan￿.WIth these reqU1￿mentS. We believe that the audit evidence we have obtained is sufficient. and appropriate lo provide a basis for our opinion. Empha8ls of matter. financlal statements prepared on a bag18 other than going con¢eM We draw your attention lo Note 2.2 of the financial Slalemenls which explains Ihe ¢harity's intonlion to merye with Lord 'Wandswolh College within the next 12 months resulting in the legal entity cèasing lo exist. Accordlngly, Ihe financial"slatemenls have been prepared on a basis other than going concem as described In note 2.1.. Our opinion is not modified in respect of this matter. Our responsibilities and the responsibilities of the board members with respect lo going conckm are described In the.relevant sections of the audit report. Olher Infomiatlon The other infomialion compnsts the infomiation included in the Annual Report other Ihan the 'financial statements and our Auditors, Report Ihereon. The Govemors are responsible for the other information contained within the Annual Report. Our opinion on the financial slatemenls does nol cover the other information and, excLpl to the extent othe￿1$e explicitly slated ' in our report. we do not express any fonn of assuran￿ conclusion thereon. OUT ￿SPonsIbl1￿ is to read the other infomation and. in doing so. Consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the course of the audit, or othe￿Ise appears to be materially misslated. If we identify such material inconsistencies or apparent rnalerial misslalements, we are required lo detennine whether this gives rise lo a material misslalemenl in Ihe financial statements themselves. 11, based on the work we have performed, we conclude that Ihefe is a malenal misstatement of this other information. v* are required lo report that fact. We have nothing lo report in this regard. Page 9 Docusryn Envelope ID". 11CDS658-7F7149D&A08CkC18864176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST NEOTS (EVERSLEY) LIMITED (CONTINUED) OplnSon on othèr matters pr•$¢ribed by the Companies Act 2006 In our opinlon, based on thè work undertakèn In the coursé of thè audlt., the information given in the Govemors, Report including the Strategic Report for the financial year for which the financial slalemenls a￿ pftpared is consistent with the financial stalemenls. the Governors, Report and the Strategic Report have been prepared in accordance with applicable legal fequlrements. Mattern on whleh we are requlrnd to report by exceptlon In the light of our knowledge and understanding of the charilable company and its environment obtained in the course of the audit, VE have not identified material misslalemenls in Ille Govemors, Report including Ihe'Strale9i¢ Report. We have nothlng to report in fespe¢l of the following matters in relatlon lo which Companies Act 2006 requires us lo report. lo you if, in our opinion.. adequate accounting recor(i8 have not been kept, or returns adequate for our audit have not been ￿ceiVed from. branches not visited by us,, or the finanual 31al8ment8 are not In agreement with the a¢￿untIng ￿COrdS and returns; or . certain disclosures of Govemors, remuneration specified by law are not made.. or V•* have not received 811 the'infomalion and explanations we ￿qUIre for our audit. R•$pon8lbllltl•• ol tru8t• As explained more fully in the Govemors, Responsibilities Sialement. the Govemors (who are also the directors of the charitable company for the purposes of company lawl are ￿sPOnsible for the preparation of the financial slalemenls and for bein9 Satisfied that they give a true and fair view. and for such internal control as Ihe Governors determine is necessary lo enable the preparation of financial statements thal are free from material misstatement. whethei due to fraud or error. In preparing the financial. slalements, the Governor8 .am responsible for assessing the charitable company's ability to continue as a going concern. disclosing. as applicable, matters related to going conc£rn and using the 90ing concern basis of accounting unless the Governors'eilher intend to liquidate the charitable Company or to cease operations. or have no realistic alternative bul lo do 50. Page 10 Docusign Enveltipe10: 11CD5658-7F7149D&A080-C18864176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST NEOTS (EVERSLEY) LIMITED (CONTINUED) Auditors. responslbllllles for thè audit of the fln•n¢lal slatsments Our objective8 8re lo obtain reasonable assurance about whether the financial 81alements as a whole are free Irom'malerial 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. bul is not a guarantee that an audit conducted in accordance wth ISAS IUKI will alway$ detect a material misslalement when it exists. Misslatements Can arise from fraud or error and are considered mal8rial if, individually or in the aggregate. they could reasonably be expected lo influence the economic docisions of users takèn on the b8S18 ol these financial statements. Irragularilies, including fraud, are instances of non-compliance with laws and regulations. We design Èroodures In line with our responsibilities. outlined above, to delect material misstalementg in respect of irregularities. including fraud. The extent lo which our prO￿dureS are capable of dele¢ling irregularities, including fraud is detailed balow.. The Charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulatlon$ were most significant in¢ludln9. the Charities Act, 2011, Saf8guardlng Vulnerable Group5 Act 2006 and employment law. We assessed the extent of compliance with these laws and regulations as part of our procedures on Ihe related financial statement items. We understood how the Charity is complying wrth those legal and ￿gUlatOry Irameworks by making inquiries lo management and.Ihose responsible for legal and compliance pro¢edure$. We coffoboraled our inquiries through our review ol board minutes. The engagement partner assessed whether the engagement team collectively had the appropriate compelenL% and capabilities lo identify.or recognise non-￿MplIanfA with laws and regulations. The assessment did nol identify any issues in this area. We assessed the sU￿Ptibl1itY of the Chartty's financial statements lo malerlal misstatement, includlng how fraud might occur. We considered the opportunities and incentives that may exist wthin the organisation for fraud and identified the greatest potential for fraud in the 'following areas,. posting of fraudulent joumal entries, authorisalion. processing, and paymanl ol Iraudulènl expenses and liming of ravenue recognition. Audit procedures perfornied by the engagemenl leam included.. Identifying and assessing the design effectiveness of controls management has in pla￿ lo prevent and detect fraud., Understanding how those charged with govemance considered and addressed the potential for override of controls or other inappropriate influence over the financial ￿PortIng process., Challenging assumptions and judgments made by managemenl in its Signifi￿nI accounting eslimales: and identifying and testin9 journal anlries. in particular any journal entries posted with unusual account combinations.. Because ol the inherent limitalions of an audit, there is a risk that we will not delect all irregularities. including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that complianc% with a law or regulation is removed from the events and transactions reflected in the financial 51alemenls. as we will be lesg likely lo become aware of instances of non0￿$19n Envelope10.' 11CD5658-7F7149D5-A080-C18884176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Crodllors: Amounts.falllng due wlthln one year (contlnued) 2024 2023 The other loan3 are so￿red by a first legal'chaTge over the froehold land dated 19 April 2021. Monies received In respect of fvture yearfs fees are as follow$'.- 2024 2073 Deferred income at 1 September 2023 Resour￿$ deferred during the year Amounts released from previous periods 969.962 . 1,379,832 1,421,321 635, 134 1918,3861 (1,045,004) 1,472,897 969, 962 Deferred income includes £540.006 (2023 - £51,576) included In Creditors.. Amounts falling due after more than one year (Note 131. Deferred income relates lo m¢)ney received for school fees in advan￿ of f￿Ure terms and activities. 14. Creditors: Amounts falllng due after more than one year 2024 2023 Other loans Other creditors Accrua15 and deferred income 3,023, 159 100,650 51.576 115,787 540,006 665,773 3, 175,385 The other loans a￿ SecU￿d by a first legal charge over the freehold land dated 19 April 2021. Page 26 DocuskJn En¥elope ID.. 11C05658-7F714905-AD80-C18864176E29 ST NEOTS (EVERSLEY) LIMITED (A Company. Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds ststem•nt of fund• - ¢urr•nt y•ar Balance at 1 Septernber 2023 Balance at 31 In¢omo Exp•ndltur• Augu•12024 Unrestrlcted lunds General Funds Revaluation reserve 3,408,330 308,691 6,181,844 (5,107,112) 13,7931 3,483,062 304,898 3,717,021 5,181,844 16,110,905) 3,787,960 RestrScted fund8 . Earfy years funding Enjoy benefit Vnrversily of Readin9 Speech and Lanuage Therapy 7,691 1,200 7.000 ' 6,376 7,691 400 .4.301 (8001 12.699 15,376 21,267 18,876) 12,392 Tolal of fund• 3,717,021 6,203,111 (5,119,780} 3,800,362 Page 27 Docu5vJn Envelope ID: 11CD5658-7F7149D5-AD80-C18864176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Statement of funds Icontlnu•d St•lement of fund• - prlor year 8alance at 1 Seplemb8r 2022 8alan¢e at 31 August 2023 Income Expenditure Unrèstrictsd ftsnds General Funds Revaluation reserve 3,518,638 312,437 4.255,480 (4,365, 788) {3, 746) 3,408,330 308,691 3,831,075 4,255,480 (4,369,534) 3.717,021 Re•trlct•d lund• Early years funding 1,000 (1,000) Totsl of funds 3.832.075 4, 255,480 (4.370, 534) 3,717,021 16. Analysls of net ais•ts b•lw•en fundi Analy•l* ol n•1 a•••ts b•tw••n fundi . eurr•nt perlod Unrestrlcted funds 2024 Restricted funds 2024 Totsl funds 2024 Tangible r￿ed assets Current assets Creditors due within one year reditors due in more than one year 7,,552,332 1,284,458 14,393,057 1655,7731 7.552,332 1,296,850 14,393,067) (655,7731 12,392 Total 3,787,960 12,392 3,800,362 Page 28 Docustgn Envelgpe ID.. 11CD5658-7F71490&A080-C18864176E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Anal￿￿8 of not assets b•tweon funds {contlnu•d Analysis of n•t assets betwèon lunds . prior p•rlod Unrestricl&d funds 2023 To181 funds 2023 Tangible fixed a$$etg Current assets Creditors due within one year Creditors due in more than one year 7.512,IOT 7,512. 107 542,490 542,490 (1, 162, 191) (1, 162, 191) (3, 1 T5,385) (3, 175,385) Total 3,717,021 3,717,021 17. Re¢on¢lllallon of n•1 movement In fund• to net cash flow from oporatlng •¢tlvltlo8 2024 2023 Net incomelèxpenditur• lor the pariod188 per Sialem•nl of Fln8ncial Activiliesl 83,331 (115.054) Adluslmonts for: Depreciation charges In¢rea$e in debtors Increaselldecrease) in credilors Interest charge 243,027 18,138) 593,377 101,678 223,550 (42.845) (461,643) 89.823 Net cash provlded byllu8ed In) operatlng actlvltles .1.015.175 (306, 169) 18. Analysis of cash and cash" equlvalents 2024 2023 Cash in hand 1,090,472 358,549 Total ¢ash and eash equlv4l•nts 1 1,090,472 358,549 Page 29 Docu4n Envelope ID'..11CD5658-7F7149DS-AD80-C18864178E29 ST NEOTS (EVERSLEY) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS. FOR THE YEAR ENDED 31 AUGUST 2024 19. Analysls of changes In net debt At1 8eptembor 2023 oth¢r non- cash At 31 August ' ¢hanges 2024 Cash flow• Cash at bank and in hand Debt due within 1 year Debt due after 1 year 368,649 731,923 1,090.472 {3,124,737) (3,124,7371 3,023,159 13,023,16•) 12,664,610) 731,923 1101,678) {2.034.266 20. Pen8lon commltments Teaching staff are members of a deflned conlrSbution 8cheme operated by Legal & Ganeral. The School contributes 16°/0 and the employees conlribules belffien 4D/•-8tr/0. Eligible non-leaching staff are members of a defined contribution scheme operated by the Pension Trust. The School contributes 9 /0 and the employees contnbule betsveen 6tr10-10tsh. Under auto enrolmenl all employees not currently under a pension scheme and who qualify a￿ now members of the govemment National Employment Savings Trust; the School contributes 30/0 and the employees contribute 50A. 21. Operallng lease commltments At 31 August 2024 the Company had commitments lo make luture minimum lease paymants under non