Reglstered number. 00966437 Charty number. 307374 FYSON EDUCATION LIMITED IA Company Limited by Guarant) . TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 1111 A10 3110Y2024 CON*ANIES HOUSE
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FYSON EDUCAnON LIMITED IA Company rnited by Guarantee) CONTENTS Page Trustees, Report Trustees, ReSpOnsitieS Statement Independent ALKlitor'5 Repcrt on the Financial Ststements ststement of FinancialActiwt*s 10-13 14 ststement of Financial Position 1S ststement of Cash Flows 16 Noles to the Financial Statements 17-32
FYSON EDUCATION LIMITED
(A Company Mited by Guardnteel
TRUSfEES' REF()RT IINCLUDING STRATEGIC REPORT)
FOR THE YEAR ENDED 31AUGUST 2023
ANNUAL AND STRATEGIC REPORT
The trust5 present th&r Annual and Strategic Report for the year ended 31 August 2023 under the
Companies Act 2006 and the Charities Act 2011. together wih the audited financ01 ststements for the year.
The trustees also confirm that the Latter comply Kvrilh the requirements of the Companies Act 2006. the
Company's Memorandum & Articles of Assocrabon arKI Accounting arKI Reporting by Chariti* Ststement
of Recommended Practice aPpcable to charities preparing their accounts in accordance with the Financial
Reporting Stsndard applicable in the UK arKI RepubiK of Ireland IFRS 1021 leffectwe l January 20191.
The assets of the School were sold in June 2023 lo the Inspired Learning Group IILGI and the operations of
the School under Fyson Education Limited are no longer continuing.
The OFwalions of the school are continuing under tIE new ¢)wner on the existing site.
In the circumstances UK accounting standards do not permit these financial statements to be prepared
on a going concern basis and therefore the financial staternents have been prepared a basis other than
the going coe basis. This charoe in the basis of accounting has nece5Sitated changes and these have
kxen reflected in the amounts shown in these account&
During the year lo the Fjoint of the sale of tradiNJ operab'ons and assets the ly)ard of trustees assessed
and considered the following..
Strategic Aim and Intended Effect
Situated in the heari of Yateiey arKJ serwing a wide area across the Hampshire/Surrey/8wkshire borders.
The School prides itself pro)itding an outstanding all-round education. enabknng all cljldren to reach
thr maximum academic arKJ xKial perfomwnce. offefing the pupils an insFYrational ar)d exciting
educational journey that WILL give pupils the Loois to build successful independent adult Live& The strategy
for achieving this is through dynamic arld enthusiastic texhing delwered by practitioners who excel in their
specHlities and thrive on teaching pupils of rarying ab1"tIeS In turn. they are supported by resources and
non-teaching stsff that promote this ambition. Spacious grourKJs and speciaknst facililies provide a wealth of
opportunities for learning and cLassrooms are wetl resourced and welcoming. With a full programrne of
activitses which enrich Iheir edUcatnaL experience. children are given the opportunity to develop in a
broad range of areas Nurtuied in a warm. friendly and safe environment. they are given a host of new
experiences to explore. including woodland leaming. bushcraft. drarrka wort
FYSON EDUCATION LIMtTED (A Company Lirroted by (knrantee) TRUSTEES, REPORT IINCLUDING STRATEGIC REPORT) ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 contribute at all levels both internally and inter-schooL Objedwes and principal actiwties The object of the Company. in accordance its Memorandum ofAssociation, is the educalion of children up to the age of 13. In setting our objectives and planning our activit5. governors. who are also charity trustees and company directors. have given careful consideration to the Charity Qfftmis5ion's pUb"C benefit guidance. The objects of the khool are for the publ benefiL Children eligible for admission as Fvpiis of the School fom a public rather than a private group. The objects of the School are open and Inclusive. No r$On in poverty is excluded by 0.ects from ebgiLylity for admission as a pupl ofthe SchooL Specific rt)iecbves for the year ended 31 August 2023 Our objectives are set to reflect our educational aims arKI the ethos of Ihe SchooL The objectives fly the year under review at the start of the financHI year were as follo To ensure the continuation of a qualtty educat*)n promsion that KMII equip pupils with the skills for a successful future. - To secure the long term future of the schcd with a sutsbLe third th3rty. Cpèrati¢)nai wfonrsance of the schcoland public benefit The School takes part in the professior1 development of rwily qualified leachers and has brought a number of graduates into the professi by sUppong them through the graduate teacher programme. Conb'nuous Professional Development Training events are pul on for teachers both in-house and from other schools. including wowding training for IAPS Oistrict 10 $ch¢LS. The Scht)ol supports teaching staff in their roles as extemal examiners and ISI inspector& The aLso offers work expernce to local school children and to dder and mature students foU¢)wng any relevant CoUes. The School achieves standards signrficantly aly)ve the national average in many academic and non- academ areas In Musc a large percentage of Fxjpiis play instruments and the School provides high quality teaching and practice facilities. t)uring the year the School also prowded the use of tts facilities eTther fr of charge or at a reduced cost to local community groups including St. Peter's Church Yateley and Yateley Baplist Church for services and social events a local children's choir to hold chr practices. Yateley Choral &ciety. Yateley Townswomen's lId. open chess competitions, sCl and Cub groups, Yateley Lions. Sarah Newman Music Group. Rushmoor Community FC and Horseshoe Lake Kayak training and Yateley Pre Sch(x)L The School continues to host arvj stx)nsored the &)uth of EngLar)d Chess Championship& Other community organisations which used the School's facilities include the Yateley Silverbacks Basketball rnen's. ladies and youth Teams. Nomads &3dminton Club. Hill Badminton Club, Yaleley Badminton and Social Club. Grarge Badminton. BeFit Carol & rah Aerotrics. Yoga UK, Yateley mriS Men. Hampshire Shotokan Karate. Yaleiey Foottlall Club. Beaulieu Football Club. Sandhurst Cricket Club, Yateley Cricket Club ILadies. Men's & 8oys). Fleet Cticket Club. Hampshire Performance Cricket, Baby & Children's Market. Fleet Morris Ladies. North Hants CrickeL North Hants Girls Crickel. Ace Star Tennis, Diddy Dunkers 8askelball. Flute Salads mUC Group. Fast Track Fitness. Sarah Walters Yoga. Judo SchoDL BLackwater Valley Canoe Club. Lorraine Badminton Club. Our Church. Monika Creswell Yoga Group. Paul Broome 5 a &de Footba Pete Daines 8asketbaiL Carrw LT Dance & Amy Lynch Yoga. The School continues to offer hO.daY clubs for all children of the appropiate age in the local area. These clubs are available to children not attending the khoc Page 2
FYSON EDUCATION LIMITED (A cry)any Limited by CJaranteel TRuEES. REPORT (INCLUDING STRATEGIC REPORT) ICONnNUEDI FOR THE YEAR ENDED 31 AUGUST 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The governing document of the Charty is the memoralum a1 Articles of Association adopted on 18 November 1969 as amended by Speckal Resolution passed 2 July 1989. as amended 7 December 1997. Further ametylments were passed 15 February 2023 and 27 February 2023. Q)veming bo(ty The fomEr Govemors. who are also Trustees for the FxJrtx)ses of charity Law arnj directors for the purposes of company law. are responstble for the overau managernent and control of tt Charitable Company and met four times a year. New Trustee5 are elected by the board on the ba9s of their eligibib"ty. personal competence. specialist skills and local availability. The comFM)Sition of the b(Nard is kept under constsnt revw and proper consderation is given to Succession planning. All Trustees give thar time freely without reMurneratn. No Trustee or person connected wth a Trustee received any benefit from wther means tested bu¥saries or holarShipS awarded to our puyls Fyson Education Limited Fws a whouy oTed n0rkcrrtobie subsidiary. FyS Educatk)n (Leisurel Limited. The school also has an active Parent Teacher Organisation called Friends of Yateley Manor IFYMSI which is very supFx)rtive of the SchwL 0vidIng a network for parents. a conduil for parent volunteers and in fundraising. The Charitable coMnY does not employ professi)nal fundraisers and has not recewed any complaints in respect of ils fundraisng activities The Charitable Company dS not con%der it necessary to take any steps to protect vulnerable people and members of the public from its fundraisng actiwb'es due to the very limited nature of these activitie former Governc¥s have attended training njn by IAPS. AGBIS. Wilsons the Schools legal dvisers and other provKlers. Key management persn¢l The former Governors considered Ihat they. together with the Head. the Bursar and the Senior Leadership Team ISLTI comprised the key management personnel. The pay and remuneration of the Headmaster was set by the former Govemors The Headmaster set the pay arKI remuneration of the Bursar. SLT and remainder of the staff. A number of criteria wds used in selting pay. . competitor satarEs in the region experience of the post holder . nature of the role and resp)nsibilities . the sector average salary for conwarable p)sItnS . trends In pay . affordabilily Page 3
FYSON EDUCATION LIMtTED (A Company Limited by crantee) TRUSTEES. REPORT IINCLUDING STRATEGIC REPORT) ICONnNUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Organisational management The former Governors determined ihe general pobcy of the sch The day lo day running of tF)e School was delegated to the Headmaster and Buisar. suprx)rted by the SLT. The Headmaster undÈrtix)k the key leadership role overseeing educalional. pastoral and èdministralive functions in consultation vAlh the 8ufsar and SLT. The day to day administration of the SchoDI was undertaken within the policies and procedures approved by Ihe former lknvernors which prowde fow ggnificanl expenditure decisions and major capitsl projects to be referred to the govemors for prmy approvaL Plans for the future pericés and objectives for the coming year The assets of the khool were sold in June 2023 to the Inwred LeamirrfJ Group IILGI and the operations of the h0o1 under Fyson Educatw Mted are no I(ger contsnvrng. At Ihe start of the academic year ended 31 August 2023 the long-tem aim was for the num1 of PLJpils to be between 350 and 400. acknowledging that in the current econornic C"mate numiws are likely to remain tower than tlws.. and for facilities to be upgraded and extended. At that point. the board's main objective was to improve upon the already high standards of educalion achieved by the School in previous years offerir¥3 Ihe PUFJL% an inspirational educational joumey that will prepare ctrM"Idren for thr chosen senior sch aThJ gve wpiis the tools to build successful u[t bves The strategy for achieving this was thrwgh dynarrC and enlhusosk teaching delivered by practitioners who excel in their speciallies and thrive on teaching wpiis of wide ranging abilities supported in tum by resources thal match thr ambition. Principalactivity The School's principal activity during the academic year ccrtinued lo be the wovision of a day school for children from 2- 13 years ofage. The SchcK)I had 340 pulS on the register at the start of the 2023 financial year atmy had an encouraging year vjith good academic swrting achievement& Grant making Schokrships were offered lo attract talented children who Wld benefit from the School's activities and facilitie& The purp of our scholarship awards was to recognise high academic potential or the ability to excel in our co-curricuiar activities. Our scholarships were awarded on the basis of the individual's academic potential or evidence of exptjrI abI"lLeS which wll contribule to our co-curricutar activities Where further assistan was required. scFK)Larship awards we supplemented by a means tested txJr5ary. As part of our emthasi5 on attracting and retaining hwJh cabbre staff. we offered a discount scheme for staff membeis who choose to educate their children at oui khocL Page 4
FYSON EDUCATION LIMITED IA COrraTrY Limited by Cthranleel TRUSTEES, REPORT (INCLUDING STRATEGIC REPORTr IcoMnNUED) FOR THE YEAR ENDED 31 AUGUST 2023 Volunteers The PTA IFYMS) is very actNe in atranging fund raising events and organising social events for parents and children. Where the value of this substantial supw)rt can readily ouanb.fied Ihen it has been included in the financial statements. Additionally. a large number of parents volunteer to assist in various activities around the School. e.g.in the prfrprep garden. heip'ng in ciawwm& etc. FSnanclal revlew Results for the year The nel result for the year was a deftil of £L812.456 Q022- £3.899.4631. Financial Key Perfomnce Indicators The principal finala[ Key Perfomwnce Indicators IKPis) were.. surpLus being not less than budget cashflow over the year (excluding capital e4)endtturel 'ng F)glive. Pupil roil conlinuing to build year on year. The financial performance of the School in 2022/23 was noi as benefickgl to the school as expected. With income lower than expected this led to a greater forecasted los& This meant cash reserves of the School were depleted further. FinarLes The principal source of income was fees which accounted for 96% of toial income. The Trustees continued thar strategy of depLowng all net incoming Tèyxjrces to investing In the edL4calional purposes and fabric of our SchooL As a charity tP parents of our pupils have the assurarKe ihat ail the inc* of ihe School musi applied for educational purpose& As an educational charity we enjoytax exemption on our educational activrties. Reserves policy and financial Ialth The governcys regularly reviewed the finances. budgets and spend against budget together with a temly cash flow analysis as part of the effective stewardship of the SchooL At the statement of financial F¥)sib"on date. totsl reserves stoc¥J at É149.62212022 - £1.962.0781. The general funds remaining will be used by the charrtable company lo advance the education of children by providing and asssting with the prowsion of educatiorwl resources and facilities and proffiding fuing for financial assistance for pupils and prospective wpiis of Yateley Manor h0 Page 5
FYSON EDUCAMON UMITED IA Compary Limited by Guarantee) TRu¥fEES' REPORT (INCLUDING STRATEGIC REPORn ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Financial rewew (conued) Future opeTrtions ofthe Schcoi The board of governors had been engaged in a project to secure the school's future within the existing structure of the company. With the financial challenges that the School was faciry coupled with the challenges on the horizon thal had a direct impact on to the on-going viaiy'lity of the school, namely through increased pension contributK)ns. potential for VAT costs arvj the need to invest in the school. the board considered whether the School should remain a self-contained and suffrient 2-13 year schooL look for external investment to help develop the Tr)01 whilst remaining self contained or seek new external furvjing thrryjgh a sale of the oFerations and asse After considering options with a variety of organisations from the charity sector, private ownership and private investment rims. the charity agreed to sell the trading operations arvj charity assets to the Inspired Leaming GrJp IILGI. The sale was completed in June 2023. The School's activities have continued under its new owners- ILG. As a result of this sale. Ihe subsidiary company Fy5( Educati ILei9Jrel Limited will be wcxjnd up in the future. The trading operations of the khooi. for prOn of edUCatn. is registered to Yateley Manor School London Limited. registwed numter I49033. The Fyson Education Limited company arKI registered charity Kyrill continue as an operational charity and company in line wth ils governin9 documentatiorL Market value of Land and buildings The entlre tand arbd buildings were disposed of with the charity assets in the sale of tradiro operations bef¢ye the year end. The sale was compteted al a ccrfNderatKJn of £3.800.000. Principal risks and uncertainties and risk ernet During the year to the FX)int of the sale of the trading operations and assets the trx)ard of governors assessed arKI congdered the following.. The l>)ard of governors is respOne the management of the risks faced by the Charitable Company. The major risks faced by the Sch(K)l. including strategic and financial risks. were reviewed by &)vernoYs annually followng a review by Ihe Headmaster. Bursar and Senk?r Leadership Team. The govemors. through their various committees. kept the Schcx)I's acts"wties urKJer constant review. particularly in relation to any significant risks involved. Thts process has formalised by compib'ng a Risk Regislei. maintained by the Scho(A Bursar. The key controls used by the SchcKA were.. . Formal and regular OVerght by the CnIr0 BcKly its Committees . Twms of reference for Committees . Formal agendas for atl Committee and board meelings . Minutes of meetings with follow up action wnts . Established ryganisalional structure and b.nes of repjting . One governor with oversight of risk management . All governors haviThJ at least one area of oversighl . Comprehensive systeyn of strategic planning. budgeting. management accounting and variance analysis Page 6
FYSON EDUCATION UMITED (A Company rnited by Guaranteel TRUSTEES. REPORT IINCLUDING STRATEGIC REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Financial rewew Icontinuedl . Cleai authorisation and approval leveLs . Formal Written policies . Continuous remew of internal controLs . Vetting and safeguarding procedures as required ty law for Ihe protection of children . Pre-assessments for specffic activitEs Reference and administrative detsiLs of the Ccmpany. ts tnjstees and advisers Fyson Education Umited is a CharItae company founded on 18th November 1969, charity iegistration nurnber 307374. company registration number 00966437. with the liability of its members limited to £1 each by guarantee. The ftegistered Office arKI address of the Company is at 51 Reading Road. Yateley. Hampshire GU46 7UQ. The website is wvM.yateleymanor.com. Directorsnrustees J S Ashworth. Chairman (Resigned 21 March 20241 P T Cootes (Resigned 2J March 2024) C R Gocd IResigned 21 March 20241 J IrkpatrICk (Resigned 21 March 20241 S 8arton (Apwnted 22 December 20231 N Radia (Appointed 22 December 20231 S Shah IApwinted 22 t)ecember 20231 Company registered rmber 00966437 Charity registered number 30T374 Registered off Yateley Manor &hoc 51 Reading R(kid Yaleley Hampshire GU46 7ua Company secretary JAKLee Indèpendènt auditor CLA Evelyn Partners timited Chartered Accountants ststut(ry AuditLY Onslow H¢)use Onslow Street Guildford GUI 4TL Page 7
FYSON EOUCAMON LIMITED (A Company mited by Cknranteel TRusfEES' REPORT (INCLUDING STRATEGIC REPORT) ICONTINUEDI FOR THE YEAR ENDED 31AUGUST 2023 Senior Leadership team Rotrrt Upton- Headteacher (ReSned - April 20241 Laura Ball - Acb'ng Headteacher (Appointed April 20241 Laura 8all- Head of Learning Support Jamie Lee- Bursar & clerk to goverrK¥S Jamie L- Company secretary Clare TIK)mpson - Assistant head upw school Carty Skillelt- Assistant head LOW schod Simon Head- Stsff development manager IResgned- July 20231 Simon Head- Deputy Head (Resgned - July 20231 Bankers Lloyds Bèr 25 Gresham Street London EC2V 8HN Soticitors Cripps Number 22. Mount Ephraim Tunbridge Weus TN48AS Disclosure of information to aLKlitor Each of the persons VA are Twsiees at the trme when this Trusiees, Report is approved has confiimed that". so far as that Trustee is aware. there is relevant audit informalion of which the charity's auditor is unaware. and that Trustee has taken aLL the steps that ought to have tr1 taken as a Trustee in order to be aware of any relevant audit infoimation arK4 to estsblish that the charity's auditor is aware of that inforrnati)rn Approved by order of the members of ihe board ofTrustees signed on their behalf by. S Barton Date 3010512024 Page 8
FYSON EDUCATION LIMITED (A Company Limited by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILrrrES FOR ThE YEAR ENDED 31 AUGUST 2023 The Trustees (who are also the directOTS ofthe Company fty the wrposes of company Lawl are responsible foi prepaiing the Trustees. Rewt the financial statements in accordance with appCable Law and Un¢ted lth"ngdom Acc%JJnts"ng Standards (United lQ"ngdom Generally Accepted Accounting Practs'cel. Company law requires the Trustees to prepare financial statements for each financwl year. Under COrnny Law, the Trustees must not approve Ihe financial stètements unless they are salisfied that they give è true and fair view of the slate of affairs of the Company and of its incoming resources and appCatiOn of resources, including its income and exFendilure. for that perKa. In weparing these fInarla1 statemenis, the Trustees are required to". select suitalAe accounting po[leS and then apply them tongstently. obseNe the meth(Kls and Pnncles of the Charilies SORP IFRS 1021". make judgments arKI cOuntIng estimates that are reas0Th3ble and prudent", state whether appts"cable UK Accounting StaThlards IFRS 1021 have b&n followed. subject lo any material departures disclosed and explained in the finar81 statement prepare the financial statements on the g(xng concern basis unless rt is inapproyiate to presume that the Company will continue in Lugness. The Trusiees are responsible for keeyng adequate accounting records that are sufficient to show and expLain the Company's transactions and disclose th reasonable accuracy at any time the financial sition of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsble for feguardIng the assets of the Company and hence for taking rea5ae steps for ihe prevenlion and detection of fraud and (rther irreguiarrties. As explained in note 2.2 to the finanual statements. the trustees do rx)t cowder the going coreM basis to be appropriate and these financial statements have therefce rKJt been prepared on that bags. Page9
FYSON EDUCATION UMITED (A Crynpary Mited by Guarantee) INDEPENDENT AUDITOWS REPORT TO THE MEMBERS AND TRUSTEES OF FYSON EDUCATION UMITED Opinion We have audited the financkil statements of Fyson Educalion Limited (the 'charity'l for year ended 31 August 2023 which compri the Statement of Firkqncial ActiviiEs. the Statement of Financial Position. the statement of Cash Flows arKI the notes to the finala1 statements. including significant accounling cies. The financial repjrting frameworf( that has bn applied in their preparation is applicable (aw and United lfjngdom Accounting Standards. including FRS 102 The Financial Reporting Standard applicable in the UK and RepUt"C of Ireland. (United Kingdom GeneTally Accepted Accounting Practice). In our opIn)n the financkil statements give a true and fair Mew of the state of the charitys affairs as at 31 August 2023 a1 of its income and expenditure for Ihe year ihen erKled.. have been property prepared in accordan wth United Kingdom Generally Accepted Act¢)unting Practice". and have been prepared in accordance Charities Acl 2011. Basis for ¢Jpinion We coThlucted audit in accordance th Intemational StarKlards on Auditing IUKI IISAS IUKII and applicable law. CJr responsibilities under those starvjards are further descnbed in the Auditor's responsibilities for the audit of the financial stslements section of r reFYYt. We a independent of the charity in accordance with the ethical requirements that are relevant to wr audrt of the financial ststemenls in the UK. IlUdIng the FRC'S Ethical Standard. and we have fulfilled our other ethical respon5ibililies in accordance with these requirement& We believe that the audit evKJence we have obtained is sufficient and appropriate to promde a bags for r opinion. Emphasis of matter- not a going conrn We draw attention to note 2.2 Going concern of the firkRnck31 stalements vjhich explains that the financial ststements have not been prepared on a going concern bashs for the reasons set out in that note. Our opinion is not modified in respect of thi8 matter. Other infomiation The other information comprises Ihe information included in TruStS, Report and Financial Stalements. other than the financkil statements and our auditor's reFy)rt thereon. The trustees are responsible for the other informaknon contained wthin the Trustees. rewrt and Financial Siatements. Our OFinion on the financial statemenls not cover the other informab.on arKI we do not express any fomi of assurance conclusion Ihereon. Our responsibiij.ty is to read the other infonnation and. in doing so. consider whether the othw information is materkAlly inconsistent with ihe finartial statements or our knowledge obtained in the course of the audit. or otheNAse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalements. we are required to delermine whether this gives rise to a material misstatement in the financial statements themselve& If. based on the work we have performed. we conclude that there is a material misstatement of this other informab'on. we are required to report that facL We have rK)thing to rewrt in this regard. Page 10
FYSON EDUCAMON UMITED IA coMnY Limited by Guèranteel INDEPENOENT AUDITOR'S REPORTTO THE MEMBERS OF FYSON EDUCAMON LIMITED ICONTINUEDI Matters on vthich we a required to reKK¥t by exceptN)n Matters on which we are required to ret by exception We have nothing lo reFX)rt in respect of the follov/ing matters Trn retstion to which the Charities IAccounts and Reports) Regulations 2008 require us to report to you if. in our oF4nion'. Sufflent accounting records have not been kept" or the information given in the financial ststements is inconsistent in any materkal respect wlh the Trustees. Annual Report.. or the finarKial statements are not in agieement wilh the accounting records.. or we have not reIVed aLi the inforrnath)n ar expLanab"ons we require for our audit. Responsibilities of trustees As explained more fvlly in the Statement of Trustees, Re¥t•nsibiiities set out on page 9. the trustees are re¥onsitAe for the preparation of the financial statetrts and for being satisfied that they give a true and fair wew, and for such intemal conirol as the trustees detemine is necessary to enatAe the preparation of finarfial ststements that are free from material misstaternent. vhEther due to fraud or error. In preparing the finala1 statements. the trust*s are Te¥N)ngble for assessing the charily's alj'lity to continue as a going concern. disclo%ng, as applicable. matters related to going concern and using the going concwn t>asis of accounting unless the trustees either intend to liquidate the charity or to cease operations or have no rea'stIC alternative to do so. Auditor's reswnsibiiibes for the audit of the finanoaistatements We have tten aw?inted as auditor under section 144 of the Charities Act 2011 and report in acCOrdae with the Act and relevant regulations made or FNaving effect Ihereunder. Our objectives are lo obtain reasonable assurance atxNJt whether ihe financial statements as a whole are free from material misstalement. vjhethw due to fraud error. and to issue an auditor's reF)Ort that Includ our OFinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUK) will always detecl a materk31 misstatement when it exists. Misslalements can arise frorr) fraud or error and are considered material if. individually or in the aggregale. they could reasonably be expected to influence the economic decisions of users iaken on the basis of these financial stalements. Irregularities. ir)cluding fraud, are instances of non-c(yry)b"ance with lav and rulatiOns. We design procedures in line Kyrith our responsibilities. ¢xJtiined above. to detecl materFal misstatemenls in respect of irregularities, includirE fraud. The extent to which our predUreS are capable of detecting irregularities. including fraud. is detailed below. We obtsined a general understalIng of the Charitable Companys legal and regulatory framework through enquiry of management conceming. their understarKling of relevant laws and regulations,. the entity s wb'cies and pr(cedures iegarding compliance". arxl how they identify. evalLJate and account for litigation claims. We aLw drew on our existing UlerStandIrQ nf tho Chariiablc C(x-npaiiys illLlustry and rgguiation. Page 11
FYSON EDUCATION LIMITED (A Cryany knmited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FYSON EDUCATION UMITED ICONTINUEDI We understand that the Charitable Company complies )vith the framework through.. - Outsourcing financial ststement preparation to extemal experts". Updating operating procedures. manuals and intemal controls as legal and rutOry requirements change, and - Management's oversight through regular meeb"ng& In the context of the audrt. we considered those laws and reguLations which determine the form and content of the fir)ancial stèlements. which are central to the ChaTltable Company's ability to conduct ils business. and where there is a risk that failure to comply could resuti in materk31 Fxnaltie5. We identified the following laws and regulations as ba.ng of sgnificarte in the context of the CtNaritable Company's actlV1ties The Companies Act 2006 and FRS 102 in rewt of the preparati( and presentation of the financk21 statements.. and The Charities Acl 2011. Based on our understar)ding we perfomed the following specific procedures to gain evidence aboul compliance with the significant L4ws and regulations above.. We identified the laws ar)d reguLaiions applicable lo the charity through discusgons th management, and from our commercial knowledge and exrErpnce of the sector. Making enquiries of managemenl and those charged with govemance to understsnd Iheir awareness of any non-complj'ance of laws and regulations Reviewing minutes of meetings of those charged wlh governance lo identify any instances of non- compliance. The senKJr ststutw audilor Led a discussion Kmth ali members of the engagernent team regarding the susceptibility of the entity s financial statements to material misstalemenL incLuding how fraL rnighl occur. The aa5 identrfied in this discussK)n were: Manipulation of the finataL statements via fraudulenliournal entrEs The procedures we carried out to gain e)ridence in the above areas included.. Testing journal entries. f(tusing rts'CuLarlY on postings to Une¥ted or unusual accounts and those wth unusual or no description& A further descriplK)n of our respongbilities for the audit of the financial slatemenls is localed on the Financial ReFY)rting Council's website at.. This description foms part offxjr Auditorfs RepJt Page 12
FYSON EDUCATION LIMrrED IA Company knmited by C4Jaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FYSON EDUCATION LIMITED ICONTINUEDI Use of our reKKXt This report is made xAely to the charity's trusiees as a bc#dy. in acc(ydance with Part 4 of the Charities (Accounts arKI Reports) Regulatn$ 2008. Our audit work has been undertaken so that we might state to the charity s trustees those matters we are required to state to them in an auditor's retx)rt and for no oth purpose. To the fullest extent pemitted by law. we do not accept or assume responsikn'lity to anyone other than the charity and the charity s truslees as a bcKly. for our audit worK for this rep)rt. or for the opinn5 we have formed. LledlMryJO.1014WJIGUT+L CLA EveLyn Partners knmited Chartered Accountants statutory Auditor Onslow House Onslow Street Guildford GUI 4TL Date.. 3010512024 Page 13
FYSON EDUCAnON UMITED (A cpanY Limited by Guarantee) STAWENT OF FINANCIAL ACTNITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT. FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted funds 2023 Total funds 2023 Total funds a)22 Note Income from: Donations and legacies Charitable activities Investments Other income 15.259 3.409.461 7.693 15.259 3.409,461 7,693 848 4.335.093 2.887 In5 Total income 3.432.413 3.432.413 4.340.543 Expenditure on.. Charitable activities Impairment of tsrKJible fixed assets 5.244,869 5.244.869 4.652,906 3.587.100 T¢)tal expenditure 5.244.869 5.244,869 8.240.006 Net movement in funds 11.812.456) (1.812.456) (3.899.463) Recorcibation offunds.. Total funds brought forward Net movement in funds L962.078 L812.4561 1.962,078 11,812.4561 5,861.541 (3.899.463) Total functs carried forward 149.622 149.622 1,962.078 The Ststement of Financkil Activities indudes ail gains and losses recognised in the year. The notes on pages 17 to 32 form part of these finartial statennIS Page 14
FYSON EDUCATION LIMITED (A Company Limited by Cth3ranteel REGISTERED NUMBER.. 00966437 STATEMENT OF FINANCIAL sl0N AS AT 31 AUGUST 2023 2023 2022 Note Fixed assets Intangible assets Tangible assets Investments 2.541 3.800.000 13 14 3.802.543 Current assets Debtors 15 58,424 303,376 356.728 693.248 Cash at bank and in hand 361800 1.049.976 credit amounts falling due within one year 16 I2.)) (2.890.441J Net current assets/liiabiiites) 149.620 (1.840.465) Total net assets 149.622 1.962.078 Charityfunds Unrestricted funds 149.622 1.962.078 Total fvnds 149.622 1.962.078 The entity was entitled to exempti from audit under section 477 of the Companies Act 2006. The members have not required the entity to obiain an audit for the year in question in accordance vAih section 476 of the Companies Act 2006. However. an audit is required in accordarce with section 144 of the CharitEs Act 2011. The Trustees acknowledge their responsibl""ÈS for complying with the requirements of the Act with respect to accounting records and preparatbon of financkil statements.The financial statements have been prepared in accordance wth the provisions appkn'cable to enb'lies subject to the smal( companies regime. The financol staternents were apF*oved and authorised for issue by the Trustees and signed on their behalf by S Barton Date 3010512024 The notes on pages 17 10 32 form part of tW financol statements Page 15
FYSON EDUCATION UMITED (A C(mpany knmrted by flrantee> STATEMENT OF G4SH FLOWS FOR THE Y&4R ENDED 31 AUGUST 2023 2023 2022 Cash flows from erating activities Net cash used in operatirg aetivitEs 12.756,5301 119.965) Cash flows from investing actiwt Interest received Proceeds from the sale of tangible fixed assets Purchase of taryible fixed assets 7.693 3,800.000 128.610) 2.887 3.422 (291.6541 Net cash provided by/(used inl investing actrvities 3.779.083 1285.3451 Cash flows from financing activitses Loan repayment Interest patd 11.325.699) 186.7261 185,9501 (40,6111 Net cash used in financirvJ actiwties 11.412.425) (126.56U Change in cash arKJ cash equivalents in the year Cash and cash equivalents al the beginAng of the year 1389,872) 1431,8n) 693.248 1.125.119 Cash arKI tssh equivaLents at the end of the year 303.376 693.248 The notes on pages 17 to 32 fomi part ofthese financkal statements Page 16
FYSON EDUCATION LIMITED IA Conwany knmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 General information Fyson Education knmited is a CharitatrAe COManY. limited by guarantee. domiciled and incorporated in England arKI Wales Iregistered number. 00966437). The registered office address is Yateley Manor School. 51 Reading Road. Yateley. Hampshire. GU46 7UO. The Charitable comFJanls fultiOnal and wesentatKJnal currency is GBP. counting FcleS 2.1 Bass of preparati[ of financial statements The financial statements have been prepared in aCcOrdae with the Charities SORP IFRS 1021- Accounting arKI Rewrting by Charitie5". Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Flepublic of Ireland IFRS 1021 leffecbve l January 20191, the Financial Reporting Standard appLicable in the UK and Repubbc of Irdand IFRS 1021 and the Companies Act 2006. Fyson Education Limited meets the definition of a public benefit enbly under FRS 102. Assets and lia11t1es are initially recognised at histo01 cost or transaction value unless othepmse stated in the ielevant accounting poLJ"cy. Fyson EducatKJn ILe¢gJrel Limited is the gJby"diary company of Fy%)n EdatIOn Limited. Section 405 of CA06 permits a subsidiary company to be excluded from consotidation where its Inclusion is not Material for the purposes of giwng a true and fair v. This is deemed to apply to the Letsure subsidiary which has therefore not been consolidated into these financial ststements. These financkil statements are for the results of the parent entity only. 22 Going concern The busness and assels of the School were sold during the year. Therefore the business and operations of the Sch(yJl under Fyson Educalion Limited are no longer continuing. The operations of the schcxA are continuing under the new owner on the existing site. In these circumstances. UK accounting standards do not perm¥t these financial statarents to be prepared on a going concem basis and therefore the financial statements have been prepared on a bèys other than the going c(xKern ba9& 2.3 Income ALL income. including income from donalK)ns. is included in the Statement of Financk31 Actiwties when the Charitable company is legally entitled to the income. it is wobabie that the morn wll te received and the amount can be quanlified rith reasoroble accuracy. Donaled gifts are only induded in the financial stslements when rt is practical to value that gi Page 17
FYSON EDUCATION LIMITED (A Conwany Limi by GuaranteÈl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting pokncies Icontinued) 2.4 Fee income Fee income represents fees. extras and dislxjrsements. received for the education of the pu&ils attending the school and the provision of coach iransporL less discountg Income received frorn the rendering of tuibon services is recconL%ed over the TiOd the savice is provided. 2 5 Expendlture Expenditure is rec(wised on an accruals bags as a liability is incurred. Expenditure includes any VAT which eanrK)t fully recovered arvj is reted as part of the expendrture to which it relates. Éxpenditure on raising fu5 includes all expenditure incurred by the Charitable company to raise funds for ils chariiable purposes includes costs of all fundraisiw activilies events and non-charitable trading. CharitstrAe expenditure comprises those costs incurred by the CharitaEAe company in the delivery of its ackn"Mlies and seNices for its beneflarieS It includes.both costs that can be allocated directly to such actiwties and those costs of an indirect nature necessary to support 2.6 Government grarrts Grants of a revenue nature are recogThsed in profrt loss in the same period as the ielated expenditure. 2.7 Taxation The Chariiatle company is cowdered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 arKI therefore it meets the definib.on of a Charitable company for UK corporation lax purposes Accordingly. the Charttable company is potenbally exempt from taxation in re$cl of income or capital gains received wlhin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Acl 1992. to the extent thal such income or gains are appb.ed exclusively to clN3ritable purposes 2.8 Intangib assets and amtss)tion Intangible assets are initially rec(yJnised at tosL After recognition. under the cost nh)del. inlangible assets are measured at cost less any accumulated amortisation and any accumuLated impairment losse& All intangible assets are considered to have a finite useful life. whh must be reviewed at each reporting date. If a reliable eslimate of the useful life cannot be made. it is presumed to be rK) more than ten year& Amortisation is PTovided on intaroibie assets at rates calculated to vrrite off Ihe cosl of each asset on a straighl-line basis over its expected useful b'fe. Page 18
FYSON EDUCAnON UMITED IA Company rnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31AUGUST 2023 ACC(nting policies Icontwiued) 2.8 Intaryibie assets and amorbsation Icontinued) Amortisation is provided on the followirwJ bas& Software Licence 25 % stTaKJht-kn 2.9 TarYJible fixed assets TangitrAe fixed assets are initially recognised at cost After recognition. urKler the cost model, taroibLe f1xed assets are measured at cosl less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset inlo its intended working coThJition should be inctuded in the measurement of cost At each reporting date the Charitable c¢)mpany assesses Kthether there is any indication of impairment If such indication exists. the recoveratrAe amount of the awt is determined to be the higheT of its fair value less costs lo sell and its value in use. An impairment loss is recognised where the carryng amount exceeds the recovwatAe amount Depreciation is chaiged so as to allocate the cost of tangible fixed assets less thr residual value over their estimated useful lives . DepreciatK)n is prwded on the fdLoKMng basis.. Frhold buildings PLant including vehicles Fixtur. fittirys arKI equipment Computer equiwnent 2% stiaight line 25% reducing balarce IO°A strnight-line 25% straight-line Assets wth a cost of less than £2.000 are not capIta"sed unless they are part of a Larger project. The assets. residual value5. useful lives and deweciètion methods are remewed, and adjusted prospectively if arvowate. or if there is an indica1K of a significant change since the lasl reporting date. Gains and losse5 on disposals are detemined by comparing the proceeds Wlth the carrying amount arKI are recognised in the Slalement of FinarKial Actiwties. 2.10 Investments Investments in subsidkities are valued at cosi less provision for impainY)enL Page 19
FYSON EDUCATION LIMITED (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies leontinue(D 2.11 Financial instruments FinarKial assets and firiancial Ik4tx"lrties are recognised in the Statement of Financk41 Position when the Charitable company tcomes a party to tF contractual promsions ofthe instrument Trade a£ other debtors and creditors are classified as ba financkil instruments and measured C initial recognition at transaction pnce. Debtofs ar creditors are subsequently measured at amortised cost Ljsing the effectnie interest rate method. A provision is established when there is objective evidence that the Charitable company will not be able to collect all amounts due. Cash and cash equivalents are classified as bagc financial instruments and comprise cash in hand and at bank short-term bank deF¥Jsiis wilh an oiiginal maturily of three months or less and bank overdrafts which are an integral part of the Chariiable company's cash managemenL Interest bearing bank loans. overdrafts atyl otw loans which meet the criteria to LE classified as basc financol instrumenls are initially recorded al Ihe present value of cash payable to the bank. which is ordinarily equal to the woceeds received net of direct issue costs These b"abilities ale subsequenuy measured at amorbsed cost. U9ng the effective interest rale method. 2.12 Operating Leases Rentats paid under OKwating leases are charged to the Statement of Financk31 Activilies on a stroight-line basis over the lease temi. 2.13 Pensions The Charitable company participated in Ihe Teachers. PenOn Scherne, a defined benefit pension scheme. Until April 2015 the Chariiable CoMnY participated in a stakeholder pension scheme as well. &"nce Ihen the Charitable company has compLEd wth the auto enrolment regulab'ons and transferred slaff who are not ir) the Teachws, Pengon kheme lo the AEGON Group Personal Penson kheme. The Flan charge represents the amounts payable by the Charitable company to the schemes in respect of the year. 2.14 Fund aceounti General funds are unrestrtled funds whh are available for use at the discretion of the Trustees in furtherarKe of the general objectwes of the Chariiable company and whrh have not been designated for other F)urpo Page 20
FYSON EDUCATION LIMITED (A Compww Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31AUGusf 2023 Critical accwntiry estimates arèas ofjudgment The preparation of financial ststements in conformity with generally accepled accounting practice requires management to make estimates and judgements Ihat affect the reported amounts of assets and liaiThlities as weLI as the disclosure of conbngent assets and tsa'11t1 at the stslement of financial position date and the rewrted amounts of revenues and exFenses during the repong pertod. The trustees consider that ro key estimate5 judgements are required in the preparation of these financial statement& Inccme from donations and legacies Unresiricted funds 2023 Total funds 2023 Totol funds 2022 Donations 15.25g 15.259 848 15.25g 15.259 Income from charitsble actsvities Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 Yateley Manor School fees Pre-prep School fS Exiras recoverable Discounts allowed 2.636.085 2,636,085 1,114.986 1.114.986 53.483 53,483 1395.093) 3630.013 l.J13.463 52.370 (460.753J 1395.0931 3.409.461 3.409.461 4.335.093 All fee income in both years was Unre5trted. Page 21
FYSON EDUCATION UMITED (A Company knmited by Crantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Investment income Unrestricted fur)ds 2023 Total funds 2023 Total funds 2022 Interest recwvatAe 7.693 7.693 2,887 Oiher innIng re50urces Total funds 2023 To¢ol funds 2022 fund5 2023 GoVernnt grants- Coronawitss Job Reiention Scheme 1.715 Analysis of expenditure on eharitsbie actmties Unrestricied furKts 2023 Total funds 2023 Total funds 2022 Staff costs Stsff training Direct cosis 2.109.505 2.109.505 6,749 6.749 739.361 739,361 2.468.324 12.204 739.480 42.866 Depreciation Bad debts Bursary cost 1r0 activities SupF)Ort costs (see note gi 103.866 791000 L494.389 103.866 79LOOO L494.389 55.250 1.334.782 5,244.870 5.244.870 4.652.906 Page 22
FYSON EDUCATION LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENCÉD 31 AUGUST 2023 Supp¢yt costs C05t of charitsble activites 2023 Total funds 2023 Total funds 2022 Staff costs 537.026 96.420 308.751 537.026 96,420 308.751 618,084 130.677 283.938 IT/.524 38.433 43.904 341 Administrative costs Premises costs Depieciats'on Profesgonal costs Governance costs Bank charges Amortisation 2L858 411.178 1.279 21,858 411.178 L279 1.270 Loss on disposal of intangible assets Loss on disposal of tarKJible assets Interest payable 2.541 28.610 86.r26 2.541 28.610 86.726 40,611 Totsl 2023 1.494,389 1.494.389 1.334.782 10. Net movement in funds This is stated after charging.. 2023 2022 Depreciat*)n of property. plant and equipmenl Impairment charge Amortisalion of intsngible assets Auditor's remuneralKJn'. - statutory aLKlit - taxab'on services 220.389 3,587,100 1.270 29,144 29.616 2.575 29.144 3.840.950 Page 23
FYSON EDUCATION LIMFTED (A CnpanY Mited by Guarantee) NOTES TO THE FINANCLAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Staff costs 2023 a)22 Wages and saianes Social secLJrity costs Conliibution lo defined cOntn'bub' schemes 2.057.205 197.475 367.2n 2.404.176 233.012 430.519 2.621951 3.067.707 Within the peon Contrition exSe is £66.705 12022 - £77.1661 relating to the school's defined contribution pension scheme. The Temainder reLates to the Teachers. Penyon Scheme (see note 221. NO of the trusiees (who are also directors) or any persons C¢Jnnected wth them received any remuneratk)n during the year. No tnjstee received reimlxjrsed expenses during the year (2022 - nonel. No amounts were paid on behalf of tnjstees (2022- none). The average number of person5 employed by the Company during the year was as follows.. 2023 No. 2022 Teachers Maintenance Administration 56 14 io 65 19 li 95 The numtrw o( employees Kth)se employee Lw*fits lexcludirYJ employer pension costs) exceeded £60.000 was: 2023 Nuntsr 2022 Number In the band £60.000 - £69.gg9 In the band £70.000- £79,999 In the band £80.001- £90.000 In the band £90.000- £99.999 The Charily's key management per$cne1 comprise the trusiees. Ihe headteacher and the rest of the senior leadership team. Total remunerats.on paKI to key management personnel was £426,548 12022 £502.8031. Page 24
FYSON Et)UCATION LIMED (A Cc¥npany knmited by C*Arantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Intangible assets Software cence At I September 2022 Oi¥y)sals 6.352 16,3521 At 31 August 2023 At I September 2022 On dispyjsals 3,811 13.811) At 31 August 2023 Net b( value At 31 August 2023 At 31 August 2022 2.541 Page 25
FYSON EDUCAMON LIMITED (A Company Limited by Guarantèe) NOTES TO TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 13. TatYJibie fixed assets Freeh¢Ad land and buildings Plant Ftures, including fittings and Computer vehicles equiw)ent eqUlFXt Total At I Septemtw 2022 Additions Disposals 10.386,160 22.692 ao.408,85a 435.057 1.116 1436.173) 248,502 IL078,283 4.802 28.610 (253.3041 (11,106,893) 18.5641 At 31 August 2023 At I September 2022 On disposèis 6.586,160 16,586.1601 435.057 1435.05T) 248,502 7.278.283 1248.5021 17.278.283) 18.564) At 31 August 2023 Net book value At 31 August 2023 At 31 August2022 3.800.000 3,800.000 Page 26
FYSON EDUCAMON UMITÉD (A Cor7wany Limited by C)Jarantee) NOTES TO THE ANANCiAL STATEmEs FOR THE YEAR ENDED 31 AUGUST 2023 14. Fixed asset inve5trnents Investments in subsidiary companies Cost or valuation At I September 2022 At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 Principal subsidiaries The folloKYrirrfJ was a subsidkary undertalong of the Cany. Name Registered office or wncipal plats of PrirIpaI acbmty Class of shares Holding Fyson Education (Lsurel Reading Road, Yateley. Limited Hampshire. GU46 7UQ Exploiting the Scho(A's facilities and the running of the School Shop Ordinary Icx)% ProfiVILossl Net assets/ for the year liiatmtitiesl Fyson Education ILeisuTel Linited 14.9621 1102.8531 Page 27
FYSON EDUCATION LIMITED (A Company rnited by (knranteel NOTES TO THE FINANCLAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Debtors 2023 2022 Due within one year Tiade debtors Amounts owed by group uTrJertakings Other debtors 136.583 127.300 92.845 58,424 58,424 356.728 16. Creditors.. Amounts faLbrrfJ due wthin one 2023 2022 8ank loans Tlade creditois Other tsxatK)n and Sockal security other crediL(YS Accruals and deferred incorne 1.325,699 74.463 62.176 175.586 1.252.517 1.470 118.276 92.434 212.180 2.890,441 2023 2022 Deferred income Deferred income at I SeptemlH 2022 Reswrces deferred during Ihe year Amounts released fr¢)m previous rK15 L175.376 1.223.036 1,175.376 11,175.3761 (1,223.0361 Deferred income at 31 August 2023 1,175.376 Page 28
FYSON EDUCAMON LIMED (A ConN)any Limited by Cthranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. mrnary of funds Balance at I September 2022 Balance at 31 August 2023 Income Expenditure General funds 1.962.078 3.432.413 15,244,869) 149.622 The general funds remaining will used by the chaTiiable company to advance the education of children by providing arKI assisting wth the prowsion of educational resources arKt facilities and providing funding for financh31 assistance for pU[S and wospective of YateLey Manor Schod. 18. Analysis of net assets ben fvn¢ts Analysis of net assets between fiJnds- current year Unrestiided funds 2023 Total funds 2023 Fixed asset investments Cuffent assets Creditors due within one year 361,800 (212.1801 361,8¢)0 (212.1801 Total 149.622 149,622 AnaLysis of net assets between funds. prior year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Intangible fixed assets Fixed asset investments Currenl assets Creditors due wthin one year 3.8(.000 3.800.000 2.541 2.541 1.049.976 1,049,976 12.890,44W 12.890.441) Total 1.962.078 1.962,078 Page 29
FYSON EDUCATION UMITED IA cnY MIted by (knrantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 19. Reconciiiatson of net movement in funds to net cash flow from operating activities 2023 a)22 Net exrtnditure for year las w Ststement of Financk41 Acts"vrtiesl 11.812.456) 13.899.463J Adjustments for DeprecialK)n charges AM0SaIlon charges Impairment charge Loss on the sale of fixed assets Loss on the sale of lntangite assets Decrease in deblors IDecreasel/increasè in creditors Interest received 220.389 1.270 3,587,1(X) 28.610 2,541 298.304 11.352,562) 17.6931 86,726 n.883 (38.868) <2.887) 40.611 Interest paid Net cash used in operating activities 12.756,5301 119.965) 20. Analysis of cash and cash equNaients 2023 2022 Cash in hand 303.376 693.248 Toial cash and cash equivalents 303,376 693.248 21 Analysis of charges n net debt Ati September 2022 Cash tlows At 31 August 2023 Cash at bank and in hand 693.248 1389,87J IL325.6991 1.325.699 303.376 Debt due within l year 1632.45D 935.827 303,376 Page 30
FYSON EDUCATION UMrrED (A Company Limited by i)Jaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 22. Pension commitments Up to the date of sale the School participated in the Teachers, Pension Scheme I'the TPS") for its teaching siaff. The pension charge for the year included CtributionS payable to the TPS of £300.720 12022 - E353.5001 ar¥J at the year-end ENIL 12022 - £41.4351 was èccrLJed in respect of contribulions lo this scheme. The TPS is an unfunded multi-employer defined benefits pengon scheme governed by The Teachers. Pensions Regulations 2010 las amended) and The Teachers. Pension Scheme Regulations 2014 las amendedl. Members contribute on "pay as you go" basis wilh contributions from members and the ernployer bn9 credrted to the Exchequer. Retirement and other pension benefits are paid by public funds Fyovided by ParbamenL The employer Ccxntrlbutln rate is set by the Secretary of State follov/ing scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 the Valuation RerK)rt. whh was published in March 2019, confirmed that the employer cOntribub" rate for the TPE wwld increase from 16.4% to 23.6°A from I September 2019. Employers are also required to pay a scheme admirnistratn levy of 0.08% giving a total employer contriExJtion rale 23.68 Ouring the year. the staff of the Sch1 were transferred under a TUPE arrangement across to the purchaser ofthe SctKd's asset 23. Operating lease commitments At 31 August 2023 the Compary had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. 2023 2022 Not18ter than l year Later than l year and not ialer than S years 57.991 113.609 In600 The followng lease payments have been recogrmsed as an expense in the Ststement of Financial Activities.. 2023 2022 Cwating lease rentals 56.265 53,826 Page 31
FYSON EDUCATION UMITED (A Company Mited by Guarantee) NOTES TO THE FINANCW STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 24. Related party translI¢)n$ During the year the School recharged expenses relating to payroll and othw costs to Fyson Education ILeisurel mIted. the subsidiary compary Fyson Education Limited. lotslling £89.061 022 - £111.5161. During the year the School transferred cash of £216.36112022 - £120.0001 to Fyson EducatK)n {LSurel Limited. At the year end £103.41112022 - E230,411) vrds owed to the school by Fyson Education ILeisurel Limited. vANch has been compleiely provided for al ihe year end as the amount is deemed unrecoverable. The Bursar. received the same temis as other n-rnanagement employees of the school. on Iransactions with the schooL 25. Controlng party The trustees do not consider thefe to be an ults.mate control"9 party. Page 32