Registered number: 00733644 Charity number: 307328
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
GOVERNORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
## CONTENTS
||Page|
|---|---|
|Reference and Administrative Details of the Company, its Governors and Advisers|1 - 2|
|Governors' Report|3 - 9|
|Statement of Governors' Responsibilities|10|
|Independent Auditor's Report on the Financial Statements|11 - 14|
|Statement of Financial Activities (Incorporating Income and Expenditure Account)|15|
|Balance Sheet|16|
|Statement of Cash Flows|17|
|Notes to the Financial Statements|18 - 32|
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022
|Governors|M G Billington|
|---|---|
||P R Goodfellow, Chair of Governors|
||E E Guest|
||L Jamil|
||C Kean (resigned 8 March 2022)|
||F E Morgan, Chair of Education|
||Rev M R Poole|
||A W Stembridge|
||A P Watson-Lee, Chair of Finance & General Purposes|
||S Willoughby (resigned 8 March 2022)|
|Company registered
number
00733644
Charity registered
number
307328
Registered office
Fernhill Lane
New Milton
Hampshire
BH25 5SU
Company secretary
R Munro
Headmaster
A McCleave
Independent auditor
CLA Evelyn Partners Limited
Chartered Accountants
Statutory Auditor
4th Floor Cumberland House
15-17 Cumberland Place
Southampton
SO15 2BG||
Page 1
BALLARD SCHOOL 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 HSBC 59 Old Christchurch Road Bournemouth BH1 1EH Solicitors Moore Barlow LLP The Oriel Sydenham Road Guildford GU1 3SR Investment Advisors Atomos Investments Limited 24 Monument Street London EC3R 8AJ
Page 2
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
GOVERNORS' REPORT INCORPORATING A STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022
The Board of Governors present their report and audited financial statements for the year ended 31 August 2022.
Objects, aims and activities
## Object
The Charity operates within its Articles of Association dated 28 August 1962 last amended in October 2020. The main object of the School is to provide first class and academically rigorous education for children and young people by offering a broad and balanced curriculum within a positive Christian and family environment. The School welcomes all children and families of every background, culture and faith but continues to be founded on Christian values which will be evident in our pastoral care, our assemblies and our family ethos.
The Governors' Report serves the purpose of both a Governors' Report and a Directors' Report under company law.
## Aims
Our vision statement is to provide a supportive and caring environment for learning, based on Christian values and excellent teaching, designed to ensure all pupils achieve their personal best. High academic standards, together with thorough preparation for future education and the world of work, are underpinned by an ethos of concern for others, unselfish attitudes and an awareness of the rights and duties of a good citizen. The diverse range of activities and broad curriculum nurture the self confidence of all our pupils, and help the development of their personality, engendering also lifelong interests and stimulating a desire to serve the community.
Our aims may be summarised as follows:
- To identify and build on strengths to help each individual pupil reach their potential within a secure, caring community and to equip our young people to be well-behaved, resilient, rounded and resourceful members of society and prepared for their future working lives.
- To aim for academic excellence, so that each individual pupil may achieve his or her personal best. We believe all our pupils are entitled to an education that extends beyond the purely academic. Pupils are actively encouraged to take part in a wide range of artistic, creative, cultural, musical, sporting and other extra-curricular activities.
- To recognise the worth, dignity and contribution of each member of the Ballard Family and to foster self-discipline, self-esteem, mutual respect and co-operation within an atmosphere of friendship and trust promoting an appreciation of the needs and gifts of others.
- To offer scope for spiritual, moral and personal development within a disciplined and mutually supportive environment within a Christian ethos.
- To expect high standards of achievement by developing in pupils the ability to manage change, to think and research independently and communicate confidently and effectively.
- To celebrate our achievements, gifts and diversity irrespective of individual differences.
- To respond to the wider needs of society through community projects, charitable fundraising and outreach and by increasing awareness of local, national and world issues.
We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination or unfair treatment on the basis any of the protected characteristics outlined in the 2010 Equality Act. We will make reasonable adjustments to meet the needs of staff or pupils who are, or become, disabled.
Page 3
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
GOVERNORS' REPORT INCORPORATING A STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Objects, aims and activities (continued)
## Principal activity
The School's principal activity is the provision of day schooling for boys and girls from Nursery to GCSE.
## Strategies for achieving objectives
The School was able to achieve its main objectives by means of strong effective leadership, good financial controls and an excellent standard of teaching and pastoral care.
## Financial reviews
The financial statements show total income for the year on School activities of £7,120,257 _(2021 - £6,744,293)_ . The principal source of income is fees, accounting for 98.2% _(2021 - 98.1%)_ of the School's income. Net income for the year was £303,774 _(2021 - £1,217,084)_ .
The School did benefit from a donation of £1,000 _(2021 - £325,107)_ during the year, which has been included in restricted funds. The current year donation was used to support our pupil from Ukraine with 1-1 support to develop his understanding of the English language.
## Reserves
To enable Ballard School to continue operating should any unforeseen circumstance occur such as a fall in income, Ballard School aims to hold sufficient reserves to cover a minimum of two terms’ overheads.
Unrestricted reserves at 31 August 2022 were £8,777,667 _(2021 - £8,243,158)_ of which £2,593,576 _(2021 - £2,734,959)_ was represented by tangible fixed assets, leaving free reserves of £6,184,091 _(2021 - £5,508,199)_ which represents approximately 2.9 terms of expenditure.
## Development and maintenance
The School continues to invest in new equipment and facilities whilst maintaining and improving the School and grounds. Building refurbishment included refurbishment of the Art block, carpet replacement in various areas, conversion of IT labs into classrooms in response to the digital strategy negating the need for IT specific labs, Re-surface of the tennis courts funded by FOBS, Reconfiguration of the compound area with new containers / re-purposed containers, new fencing, new bin store area, purchase of a cardboard compactor to reduce the number of cardboard collections, purchase of an electric buggy, sit on electric lawnmower and other electric hand tools, significant trees works around the site to ensure that there is more light, diseased trees removed and all buildings made safe from overhanging trees, re-decoration of a number of corridors / classrooms to keep standards around the School, new configured pre-prep car park with safe walkways / raised flower beds / allocated parking, replacement of windows in art room, refurbishment of Pre-prep boys toilets.
Expenditure on IT included purchasing of additional interactive whiteboards to ensure all shared spaces have use of a board, purchase of a bank of exam laptops and a bank of Lower Prep laptops. Increased the bandwidth to support our digital strategy. continuation of the rolling replacement of computers around school and 3D printers in the DT department.
Page 4
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
GOVERNORS' REPORT INCORPORATING A STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
## Objects, aims and activities (continued)
## Investment policy and performance
The School had investments held with atomos – Wealth and Financial Wellbeing (previously Sanlam Private Investments (UK) Limited). The funds are invested with a view to receiving an income stream with a reasonable degree of capital growth. The wide portfolio of investment funds is considered to be of medium risk but when combined with the School's other cash deposits the overall risk profile is considered to be low.
During the year investment income of £76,072 _(2021 - £77,866)_ was generated from these investments. Realised and unrealised losses were £402,842 _(2021 – gains of £374,655)_ .
Cash funds are held with a minimum of three financial institutions in interest bearing accounts earning a small return, in the current market conditions, whilst maintaining low exposure to risk. Interest earned from cash funds was £5,703 _(2021 - £2,992)_ .
## Future developments
The Governors' strategic focus for 2023 and beyond is to continue to improve the academic provision and reputation of the School with a real focus on innovative and high-quality teaching and learning with the objective of Ballard becoming the natural choice for a growing number of pupils of all academic abilities. The School will focus on continuing to improve the percentage of pupils gaining 5 or more 9 to 4 grades at GSCE, whilst also maintaining its strong and important co-curricular provision. The Governors and the School are aware of the strong reputation Ballard has for pastoral care and recognise it is imperative that pastoral care remains a real strength whilst continuing to deliver a holistic education. The Governors will focus closely on the future structure and size of the School roll, paying close attention to the School's current accommodation and any future developments required.
Governors intend to continue their current strategy of maintaining the Schools' competitive position, providing a holistic education for all age groups from Nursery to GCSE, whilst focusing on the economics and sustainability of the future of the School. The School will continue to invest and develop its facilities in order to achieve a positive balance between academic achievement, extra curricular activities, pastoral care and a thorough preparation for future education and the workplace.
## Risk management
Governors are responsible for the overseeing of the risks faced by the School. Detailed considerations of risk are delegated to the Senior Management of the School and reviewed by a designated governor. A formal review is undertaken termly under the following headings: aims and objectives, legal and fiscal regulation, governance and management, external, operational, financial, IT, environmental, intellectual property and staff.
Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable, but not absolute assurance, that major risks have been adequately managed.
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BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
GOVERNORS' REPORT INCORPORATING A STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
## Objects, aims and activities (continued)
## Principal risks and uncertainties
The principal risks and uncertainties facing the School are maintenance of pupil numbers, compliance with safeguarding legislation, and the current uncertain political and economic environment.
## Pupil numbers
Our educational activities are carried out through our Senior (years 9 to 11), Upper Prep (years 6 to 8), Lower Prep (years 3 to 5), Pre Prep, Kindergarten and Nursery Schools. Pupil numbers peaked at 470 during the Summer Term. Maintenance of pupil numbers is vital to the long term sustainability of the school and is a significant factor impacting the future financial performance of the School.
## Bursary and scholarship policies
The Board of Governors views our bursary and scholarship awards as important in helping to ensure children from families who would otherwise not be able to afford the fees to access the education we offer. Our School does not have any endowments and, in funding our awards, we have to be mindful that we must ensure a balance between fee paying parents, many of whom make considerable personal sacrifices to fund their child's education, and those benefiting from the awards.
Our bursary awards are available to all who meet our general entry requirements and are made on the basis of parental means or to relieve hardship, where a pupil's education and future prospects would otherwise be at risk. The success of our bursary scheme is explained in our public benefit section of this report.
This year, the School was able to offer a 100%+ bursary to a young boy living in our local community whose family have been displaced by the war in Ukraine. The School will continue to financially support a fully funded place for him whilst the family are unable to return to Ukraine.
Our scholarships are awarded on the basis of the individual's educational and extra curricular merit or potential. New scholarships are awarded up to 10% of fees for entry into Years 3, 7 and 9. Scholarships may be supplemented by a bursary. The School is in the process of altering the scholarship offer to enable pupils who are awarded a scholarship to participate in an exclusive Scholars’ Programme. A small percentage discount on fees will be offered in conjunction with this programme.
## Family discounts policy
With pupils ranging in age from 2 to 16 years we are very much a family School and to assist families we offer discounts where parents have more than one child at the School. To help us attract and retain high quality staff we offer staff a discount scheme where they choose to educate their children at our school.
Page 6
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
GOVERNORS' REPORT INCORPORATING A STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Objects, aims and activities (continued)
## Academic results
We were delighted to report another successful year of GCSE results, with the majority of pupils achieving at least five GCSE passes graded 9-4 (including Maths and English). 92% of grades 9-4, and 40.3% of results being grade 9-7, an increase since the pre-covid years. Every department witnessed success ranging from 100% or very high pass rates to excellent levels of value added.
Art, Biology, Chemistry, Dance, Drama, DT, English Language, Food Technology, German, Maths (Higher Tier), Music, Physics, RS & PE all achieved 100% pass rates. Significant improvement was witnessed in History, PE and French and extremely high value added occurred in Food Technology Music, PE, Geography and German.
Significant pupil success stories include three pupils achieving sets of results that were predominately grade 9 with many individuals that overcame personal difficulties that resulted in them gaining excellent results based on their initially projected grades.
This year included the introduction of Advanced Information and adaptation of the GCSE syllabus; consideration given to missed teaching time (due to Covid) for this cohort when they were in Years 9 & 10. It was a challenge for all pupils due to the delay in this information being released and department having to second guess what information/course content may be omitted or modified.
Our pupils have achieved a set of well deserved and hard earned grades, they have developed character, skills and subject knowledge that will serve them well as they leave Ballard. They were the first GCSE cohort to acquire our new academic guiding principles:
'Every pupil harnesses their talent, has pride in their work and excels in all that they set out to accomplish.’
Our aim is that each child achieves their academic excellence.
## Public benefit
The Governors have given due consideration to the Charity Commission’s published guidance concerning the provision of Public Benefit.
The School is committed to providing Public Benefit in a variety of ways including:
- the provision of means-tested bursaries;
- free use of our sports facilities to local children’s sports clubs and primary schools;
- holding of sporting festivals with other local schools free or subsidised use of our Performing Arts Centre for charitable fundraising events; and
- teacher training and placements as well as work experience for potential teachers.
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BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
GOVERNORS' REPORT INCORPORATING A STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
## Objects, aims and activities (continued)
## Bursaries and scholarships
This year the value of means tested bursaries totalled £77,549 _(2021 - £61,453)_ and represented 1% of gross fees _(2021 - 1%)_ and provided assistance to 17 _(2021 - 20)_ of our pupils/families. Scholarships were awarded to 73 _(2021 - 68)_ pupils, based on their educational merit and potential, totalling £131,595 _(2021 - £141,134)_ and representing 1.8% of gross fees _(2020 - 2.6%)_ . Two pupils _(2021 - one pupil)_ received a bursary in excess of 50%. In addition, family discounts amounting to £184,961 _(2021 - £145,889)_ were provided.
Information about fee assistance in the form of bursaries and scholarships is provided to all those applying to the School.
## Community links
The Charity provided sports facilities free of charge to local children's football teams, New Forest Volleyball, and a netball team. The School has close links and shares facilities with Bashley Cricket Club, New Milton Cricket Club and New Milton Girl's Cricket Club. The School provided reduced letting cost for hire of the swimming pool to 2 local schools including transportation and reduced price hire of the PAC on a Sunday, for a period of time, when a local church were unable to use their facilities.
The Performing Arts Centre and other School buildings are used at a discounted rate, by the local drama group the New Forest Players, who normally perform four productions a year. The School invited children from the surrounding area (picking up children and staff in the School minibuses where necessary) to a matinee performance and workshop of Jungle Book.
The School carol sang at Chewton Glen to raise money for Oakhaven Hospice. Our Minibuses are lent to various local schools and charities for educational trips / residentials. We hosted a Lecture Series in conjunction with 3 other local schools where parents and pupils joined us for presentations. As a part of the Duke of Edinburgh Scheme, 69 of our students are involved in volunteering in the local area.
The School was a drop off point for donations for Ukraine and transported donations to the main collection point in the School minibuses. Our staff were actively involved in assisting a number of local schools: with a member of staff at the time with a governor position at local maintained school. Year 6 completed a beach clean at Barton -on-Sea as part of our Eco drive.
Fundraising events and activities raised funds of £279.59 _(2021 - £261)_ through the sale of poppies for the Royal British Legion, £50 for RNCF, £1006 for Oakhaven Hospice, £1763.46 for Fairshare. We have also been involved in food collections for the New Forest Basics Food Bank.
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BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
GOVERNORS' REPORT INCORPORATING A STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
## STRUCTURE, GOVERNANCE AND MANAGEMENT
The Governors are the charity trustees and also directors of the limited company. They are responsible for the overall management and control of Ballard School including the setting of aims and objectives, strategy, setting of policies, reviewing performance, budgeting and compliance. The Board of Governors meet no less than three times a year and the Headmaster and Bursar attend all meetings.
The work of implementing policies is carried out by the members of the Education Committee and the Finance & General Purposes Committee which meet at least once a term. The Bursar is responsible for co ordinating the work of the Board of Governors and its Committees, preparation of papers, management accounts and the review of matters arising.
All trustees give of their time freely and no remuneration was paid in the year but travel and training costs are reimbursed. No Governor or person connected with a Governor received any benefit from either means tested bursaries or scholarships awarded to our pupils.
The general day to day management of the School is delegated to the Headmaster and Bursar who ensure that the policies as set by the Board of Governors are adhered to.
## Governor recruitment and training
Two governors retired from the board in the academic year 2021/22. Any Governor can nominate appointees, but appointments can only take place via a majority vote. New Governors are inducted into the workings of the Charity and the School, including policies and procedures. Training needs are assessed and provided as necessary. The School is currently advertising for new Governors to join the Board.
## FUNDRAISING
The School is not reliant on fundraising activity for its operation and does not undertake fundraising (other than through events and activities carried out in aid of third-party organisations).
## Auditor
The auditors, CLA Evelyn Partners Limited, have indicated their willingness to continue in office. The designated Governors will propose a motion reappointing the auditor at a meeting of the Governors.
Approved by order of the members of the board of Governors and signed on their behalf by:
## prgoodfellow
prgoodfellow (May 11, 2023 12:25 GMT+1)
P R Goodfellow Governor
> Date: 11/05/2023
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BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
## STATEMENT OF GOVERNORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2022
The Governors (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Governors' Report incorporating a Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Governors to prepare financial statements for each financial. 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## Disclosure of information to auditor
Each of the persons who are Governors at the time when this Governors' Report is approved has been confirmed that:
- so far as that Governor is aware, there is no relevant audit information of which the charity's auditor is unaware; and
- that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
Approved by order of the members of the board of Governors and signed on its behalf by:
## prgoodfellow
prgoodfellow (May 11, 2023 12:25 GMT+1)
P R Goodfellow (Chair of Trustees)
> Date: 11/05/2023
Page 10
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
## INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF BALLARD SCHOOL LIMITED
## Opinion
We have audited the financial statements of Ballard School Limited (the 'Charitable Company') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of 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 Company's affairs as at 31 August 2022 and of its result for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and 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 concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company’s ability to continue as a going concern for a period of 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 concern are described in the relevant sections of this report.
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BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
## INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF BALLARD SCHOOL LIMITED (CONTINUED)
## Other information
The other information comprises the information included in the Governors' Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The Governors' are responsible for the other information contained within the Governors' Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Governors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Governors’ Report has been prepared in accordance with applicable legal requirements.
## Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Governors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## Responsibilities of governors
As explained more fully in the Statement of Governors' Responsibilities set out on page 10, the governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Governors' are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors' either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.
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BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF BALLARD SCHOOL LIMITED (CONTINUED)
## Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained a general understanding of the Charitable Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims.
We understand that the Charitable Company complies with the framework through:
- Outsourcing accounts preparation to external experts.
- Subscribing to relevant updates from external experts and attendance of external training events or sector updates
- Updating operating procedures, manuals and internal controls as legal and regulatory requirements change.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Charitable Company’s ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties.
We identified the following laws and regulations as being of significance in the context of the Charitable Company:
- The Companies Act 2006, the Charities SORP 2019 and FRS 102 in respect of the preparation and presentation of the financial statements.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:
- Manipulation of the financial statements, especially income, via fraudulent journal entries.
- Manipulation of accounting estimates by using inappropriate assumptions.
These areas were communicated to the other members of the engagement team not present at the discussion.
The procedures we carried out to gain evidence in the above areas included:
- Challenging management regarding the assumptions used in the estimates.
- Substantive work on material areas affecting income and expenditure.
- Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times.
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BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
## INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF BALLARD SCHOOL LIMITED (CONTINUED)
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## 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 Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## CLA Evelyn Partners LimitedCLA Evelyn Partners Limited (May 11, 2023 13:57 GMT+1)
Julie Mutton (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited
Chartered Accountants Statutory Auditor 4th Floor Cumberland House 15-17 Cumberland Place Southampton SO15 2BG Date: 11/05/2023
Page 14
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022
|Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Costs of raising funds: Investment
management fees
Charitable activities
8
Total expenditure
Net (losses)/gains on investments
Transfers between funds
Net movement in funds and net
income/(expenditure) for the year
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward|Unrestricted
funds
2022
£
-
6,992,429
23,188
81,775
21,865
7,119,257
13,268
6,168,638
6,181,906
(402,842)
-
534,509
8,243,158
534,509
8,777,667|Restricted
funds
2022
£
1,000
-
-
-
-
1,000
-
231,735
231,735
-
-
(230,735)
324,988
(230,735)
94,253|Total
funds
2022
£
1,000
6,992,429
23,188
81,775
21,865
7,120,257
13,268
6,400,373
6,413,641
(402,842)
-
303,774
8,568,146
303,774
8,871,920|_Total_
_funds_
_2021_
_£_
_325,107_
_6,197,157_
_23,751_
_80,858_
_117,420_|
|---|---|---|---|---|
|||||_6,744,293_|
|||||_12,753_
_5,889,111_|
|||||_5,901,864_|
|||||_374,655_
_-_|
|||||_1,217,084_|
|||||_7,351,062_
_1,217,084_|
|||||_8,568,146_|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 32 form part of these financial statements.
Page 15
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 00733644
## BALANCE SHEET AS AT 31 AUGUST 2022
|Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
18
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds|5,861
282,495
3,935,441
4,223,797
(1,718,407)|2022
£
2,593,576
3,772,954
6,366,530
2,505,390
8,871,920
94,253
8,777,667
8,871,920|_9,322_
_154,579_
_3,139,231_
_3,303,132_
_(1,582,947)_|_2021_
_£_
_2,734,959_
_4,113,002_|
|---|---|---|---|---|
|||||_6,847,961_
_1,720,185_|
||||||
|||||_8,568,146_|
|||||_324,988_
_8,243,158_|
||||||
|||||_8,568,146_|
The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:
## prgoodfellow
prgoodfellow (May 11, 2023 12:25 GMT+1)
## **P R Goodfellow**
Governor
## Date: 11/05/2023
The notes on pages 18 to 32 form part of these financial statements.
Page 16
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022
|Note
Cash flows from operating activities
Net cash used in operating activities
17
Cash flows from investing activities
Dividends and interest income from investments
6
Purchase of tangible fixed assets
12
Additions to investments
Proceeds on disposal of investments
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
18|2022
£
823,157
76,072
(45,928)
(1,268,718)
1,205,924
5,703
(26,947)
796,210
3,139,231
3,935,441|_2021_
_£_
_1,095,968_|
|---|---|---|
|||_77,866_
_(153,730)_
_(3,395,848)_
_3,330,735_
_2,992_|
|||(137,985)|
|||957,983
_2,181,248_|
||||
|||_3,139,231_|
The notes on pages 18 to 32 form part of these financial statements
Page 17
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 1. Accounting policies
## 1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Ballard School 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 stated in the relevant accounting policy.
The Charitable Company's functional and presentational currency is GBP.
## 1.2 Going concern
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.
## 1.3 Income
All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Fees receivable 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, scholarships and other remissions granted by the School.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 18
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 1. Accounting policies (continued)
## 1.4 Expenditure
Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year. In the current year, support costs in respect of raising funds are considered to be immaterial and so 100% of the support costs has been allocated to charitable activities.
Governance costs comprise external audit, any costs of meetings of the trustees and all the costs of complying with constitutional and statutory requirements. These are included within support costs.
All expenditure is inclusive of irrecoverable VAT.
## 1.5 Expenditure on raising funds
These are costs not directly linked to charitable purposes. Such costs, shown in the Statement of Financial Activities, comprise investment management fees.
## 1.6 Government grants
Government grants are recognised in the Statement of Financial Activities (Incorporating Income and Expenditure Account) in the period when the performance criteria is met. If performance criteria is not met, the government grant will be recorded in deferred income in the balance sheet.
Grants receivable relating to furlough income are recognised in the Statement of Financial Activities in the same period as the related wages expenditure.
## 1.7 Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities (Incorporating Income and Expenditure Account) on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.
Page 19
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 1. Accounting policies (continued)
## 1.8 Tangible fixed assets and depreciation
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.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
- Freehold buildings and 2% - 10% straight-line improvements - Furniture, fittings & equipment 20% straight-line - Computers & equipment 20% or 25% straight-line
Fixed assets are included in the accounts at historical cost.
## 1.9 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities (Incorporating Income and Expenditure Account).
## 1.10 Stocks
Stocks are valued at the lower of cost and net realisable value.
## 1.11 Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
## 1.12 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 20
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
1. Accounting policies (continued)
## 1.13 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 estimated reliably.
Provisions are measured at the best estimate of the amounts required to settle the obligation. 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 discount is recognised in the Statement of Financial Activities (Incorporating Income and Expenditure Account) as a finance cost.
## 1.14 Financial instruments
The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## 1.15 Pensions
The Charity withdrew from the Teachers' Pension Scheme (England and Wales) ("the TPS"), on the 31 August 2021. Up to this date, the teaching staff were included in this scheme. This is a multi-employer defined benefit pension scheme and it is not possible or appropriate to consistently identify the liabilities of the TPS which are attributable to the School. As required by FRS 102, the School accounted for this scheme as if it were a defined contribution scheme.
The Charity also contributes to a defined contribution occupational pension scheme for nonteaching staff. From the 1 September 2021, teaching staff have joined an alternative defined contribution occupational pension scheme.
Contributions to both schemes are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the schemes.
Page 21
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 1. Accounting policies (continued)
## 1.16 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes.
Restricted funds comprise of funds received with restrictions imposed by the funder.
Investment income, gains and losses are allocated to the appropriate fund.
## 2. Critical accounting estimates and areas of judgement
In the application of the Charitable Company's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Critical accounting estimates and assumptions:
The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The Governors consider that there are no material areas of judgement or estimation uncertainty.
## 3. Income from donations and legacies
||Restricted|Total|_Total_|
|---|---|---|---|
||funds|funds|_funds_|
||2022|2022|_2021_|
||£|£|_£_|
|Donations|1,000|1,000|_325,107_|
Donations are to be spent as approved by the donor.
Donations of £325,107 for the year ended 31 August 2021 were restricted.
Page 22
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 4. Income from charitable activities
|School fees
Extras
Entrance fees
Less scholarships, bursaries and other allocations|Unrestricted
funds
2022
£
7,422,463
120,798
14,623
(565,455)
6,992,429|Total
funds
2022
£
7,422,463
120,798
14,623
(565,455)
6,992,429|_Total_
_funds_
_2021_
_£_
_6,633,886_
_81,962_
_18,218_|
|---|---|---|---|
||||_(536,909_|
||||_6,197,157_|
|5.|Income from other trading activities|
|---|---|
||Income from fundraising events|
|Holiday and other lettings
Insurance income|Unrestricted
funds
2022
£
22,906
282
23,188|Total
funds
2022
£
22,906
282
23,188|_Total_
_funds_
_2021_
_£_
_23,428_
_323_|
|---|---|---|---|
||||_23,751_|
Page 23
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 6. Income from investments and interest
|Interest receivable
Investment income
Other incoming resources
Other income
Furlough income|Unrestricted
funds
2022
£
5,703
76,072
81,775
Unrestricted
funds
2022
£
21,865
-
21,865|Total
funds
2022
£
5,703
76,072
81,775
Total
funds
2022
£
21,865
-
21,865|_Total_
_funds_
_2021_
_£_
_2,992_
_77,866_|
|---|---|---|---|
||||_80,858_|
||||_Total_
_funds_
_2021_
_£_
_66,768_
_50,652_|
||||_117,420_|
7. Other incoming resources
Page 24
(A Company Limited by Guarantee)
## BALLARD SCHOOL LIMITED
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
|8.
Analysis of total resources expenditure
Staff costs
£
(a) Charitable expenditure
Education
3,722,022
Housekeeping
267,721
Establishment
258,865
Finance costs (8c)
-
Support costs (8b)
522,399
4,771,007
_2021_
_Education_
_3,616,945_
_Housekeeping_
_215,279_
_Establishment_
_218,640_
_Finance costs (8c)_
_-_
_Support costs (8b)_
_440,656_
_4,491,520_
(b) Support costs
Wages and salaries
Marketing
Legal and professional
IT
Insurance
Other office costs
Depreciation
Governance costs (8d)
(c) Finance costs
Finance charges
(d) Governance costs
Audit fee
Governance support costs|8.
Analysis of total resources expenditure
Staff costs
£
(a) Charitable expenditure
Education
3,722,022
Housekeeping
267,721
Establishment
258,865
Finance costs (8c)
-
Support costs (8b)
522,399
4,771,007
_2021_
_Education_
_3,616,945_
_Housekeeping_
_215,279_
_Establishment_
_218,640_
_Finance costs (8c)_
_-_
_Support costs (8b)_
_440,656_
_4,491,520_
(b) Support costs
Wages and salaries
Marketing
Legal and professional
IT
Insurance
Other office costs
Depreciation
Governance costs (8d)
(c) Finance costs
Finance charges
(d) Governance costs
Audit fee
Governance support costs|Depreciation
£
59,548
20,409
103,977
-
3,377
187,311|Other
£
319,571
351,338
460,956
2,472
307,718
1,442,055|
|Total 2022
£
_Total 2021_
_£_
4,101,141
_3,903,352_
639,468
_497,028_
823,798
_813,605_
2,472
_3,965_
833,494
_671,161_
6,400,373
_5,889,111_|
|---|---|---|---|---|---|
|||||||
||_3,616,945_
_215,279_
_218,640_
_-_
_440,656_
_4,491,520_|_81,170_
_13,812_
_127,465_
_-_
_7,058_
_229,505_|_205,237_
_267,937_
_467,500_
_3,965_
_223,447_
_1,168,086_||_Total 2021_
_Total 2020_
_3,903,352_
_3,911,754_
_497,028_
_384,891_
_813,605_
_641,386_
_3,965_
_3,562_
_671,161 664,315_
_5,889,111_
_5,605,908_|
|||||||
||||||2022
£
_2021_
_£_
522,399
_440,656_
69,641
_52,192_
59,395
_27,514_
81,743
_57,799_
49,247
_43,769_
33,665
_30,951_
3,377
_7,058_
14,027
_11,222_
833,494
_671,161_|
||||||2022
£
_2021_
_£_
2,472
_3,965_
2022
£
_2021_
_£_
13,674
_10,900_
353
_322_
14,027
_11,222_|
Page 25
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 9. Auditor's remuneration
|Auditor's remuneration - audit
Auditor's remuneration - other services|2022
£
13,674
1,005
14,679|_2021_
_£_
_10,900_
_775_|
|---|---|---|
|||_11,675_|
## 10. Staff costs
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Compensation costs|2022
£
3,888,208
365,635
510,685
6,479
4,771,007|_2021_
_£_
_3,530,102_
_336,847_
_618,765_
_5,806_|
|---|---|---|
||||
|||_4,491,520_|
The average head count during the period was 145 _(2021 - 141)_
The average full time equivalent number of persons employed by the Company during the year was as follows:
|Administration
Educational
Establishment
Housekeeping|2022
No.
14
72
10
10
106|_2021_
_No._
_12_
_70_
_9_
_9_|
|---|---|---|
||||
|||_100_|
Page 26
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 10. Staff costs (continued)
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
||2022|_2021_|
|---|---|---|
||No.|_No._|
|In the band £60,001 - £70,000|2|_1_|
|In the band £70,001 - £80,000|-|_1_|
|In the band £80,001 - £90,000|1|_-_|
|In the band £100,001 - £110,000|-|_1_|
|In the band £120,001 - £130,000|1|_-_|
During the year a total of £158 was paid to one governor in respect of reimbursed travel costs _(2021 - £322 paid to two governors)_ . No governors received any remuneration or benefits from the School.
The total of key management personnel remuneration (those persons having authority and responsibility for planning, directing and controlling the activities of the Charity who are reportable to the governors) was £432,935 _(2021 - £439,457)._
## 11. Taxation
The Charitable Company is registered with the Charity Commission as an educational charity and, in accordance with Section 505 of the Income and Corporation Taxes Act 1988, and Section 256 of the Taxation of Chargeable Gains Act 1992, is exempt from taxation insofar as income and gains is applied to charitable purposes only.
Page 27
(A Company Limited by Guarantee)
## BALLARD SCHOOL LIMITED
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 12. Tangible fixed assets
|Cost
At 1 September 2021
Additions
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
At 31 August 2022
Net book value
At 31 August 2022
_At 31 August 2021_|Freehold
buildings and
improvements
£
5,402,433
-
5,402,433
2,914,154
95,231
3,009,385
2,393,048
_2,488,279_|Furniture,
fittings &
equipment
£
451,214
34,044
485,258
269,543
58,311
327,854
157,404
_181,671_|Computers
& equipment
£
430,015
11,884
441,899
365,006
33,769
398,775
43,124
_65,009_|Total
£
6,283,662
45,928|
|---|---|---|---|---|
|||||6,329,590|
|||||3,548,703
187,311|
|||||3,736,014|
|||||2,593,576|
|||||_2,734,959_|
Page 28
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
13. Fixed asset investments
|Valuation at 1 September 2021
Additions
Disposals
Revaluations
Valuation at 31 August 2022
Net book value
At 31 August 2022
_At 31 August 2021_
14.
Stocks
Consumables
15.
Debtors
Trade debtors
Other debtors
Prepayments and accrued income|2022
£
5,861
2022
£
132,468
18,809
131,218
282,495|Listed and
other
investments
£
4,113,002
1,268,718
(1,205,924)
(402,842)|
|---|---|---|
|||3,772,954|
|||3,772,954|
|||_4,113,002_|
|||_2021_
_£_
_9,322_
_2021_
_£_
_71,525_
_10,984_
_72,070_
_154,579_|
Page 29
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 16. Creditors: Amounts falling due within one year
|Fees received in advance
Trade creditors
Other taxation and social security
Other creditors
Deposits received in advance
Accruals and deferred income|2022
£
1,101,806
122,943
91,724
42,901
218,425
140,608
1,718,407|_2021_
_£_
_915,394_
_117,287_
_14_
_33,198_
_201,500_
_315,554_|
|---|---|---|
||||
|||_1,582,947_|
Fees received in advance of £915,394 as at 31 August 2021 were released to income in the current year. The 31 August 2022 fees received in advance balance of £1,101,806 will be released to income in the year ending 31 August 2023 as these relate to school fees for the Autumn term.
## 17. Reconciliation of net movement in funds to net cash flow from operating activities
|Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation of tangible assets
Interest received and investment income
Decrease/(increase) in stocks
Increase in debtors
Increase in creditors
Net fair value losses/(gains) recognised in P&L
Net cash provided by operating activities
18.
Analysis of cash and cash equivalents
Cash in hand|2022
£
303,774
187,311
(81,775)
3,461
(127,916)
135,460
402,842
823,157
2022
£
3,935,441|_2021_
_£_
_1,217,084_|
|---|---|---|
|||_229,505_
_(80,858)_
_(3,594)_
_(24,795)_
_133,281_
_(374,655)_|
||||
|||_1,095,968_|
|||_2021_
_£_
_3,139,231_|
Page 30
BALLARD SCHOOL LIMITED
(A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
19. Analysis of changes in net funds
||At 1|||
|---|---|---|---|
||September||At 31 August|
||2021|Cash flows|2022|
||£|£|£|
|Cash at bank and in hand|3,139,231|796,210|3,935,441|
20. Pension scheme arrangements
Teachers' Pension Scheme
The School previously participated in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff. The School exited the TPS as from 31 August 2021. Contributions paid into the scheme were £nil _(2021 - £523,897)_ .
The TPS is an unfunded multi-employer defined benefit pension scheme governed by the Teachers’ Pension Scheme Regulations 2014. Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
Pension Scheme arrangements from 31 August 2022
Contributions for non-teaching staff are to a defined contribution Occupational Pension Scheme. For the period from March 2007 to April 2014 the Charity contributed to a defined contribution Group Personal Pension Scheme. The assets of both schemes are held independently from those of the Charity in independently administered funds.
Contributions for teaching staff are to a defined contribution Occupational Pension Scheme as from 1 September 2021.
Contributions to these schemes are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.
Page 31
BALLARD SCHOOL LIMITED (A Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
## 21. Operating lease commitments
At 31 August 2022 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|2022
£
76,663
46,899
123,562|_2021_
_£_
_74,466_
_113,081_|
|---|---|---|
||||
|||_187,547_|
Operating lease rentals of £76,663 _(2021 - £78,526)_ were paid in the year.
## 22. Constitution of the Charitable Company
The School is a registered charity and a private company limited by guarantee incorporated in England and Wales. The members of the Charitable Company are the Board of Governors named on page 1. The registered office is Fernhill Lane, New Milton, Hampshire, BH25 5SU. In the event of the Charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charitable Company.
## 23. Related party transactions
Governors' reimbursed expenses are disclosed in note 10. There were no other related party transactions in the year _(2021 - none)_ .
## 24. Controlling party
The Charitable Company is controlled by the Board of Governors.
## 25. Analysis of net assets between funds
At the year end the restricted fund balance of £94,253 was represented by cash at bank and in hand. All other assets and liabilities represent unrestricted reserves. The restricted fund arises from donations received which the donor has specified can be spent on the Lower Prep Activity project, the School's digital strategy project, the scholars programme, sports coaches and the Art Scholars project.
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