COMPANY NUMBER: 00733991 CHARITY NUMBER: 307915 GOVERNORS, REpoirr, STRATEGIC REPORT AND FINANCIAL STATEMENTS FOR BICKLEY PARK SCHOOL LIMITED (UMITED BY GUARANTEE) FOR THE YEAR ENDEO 31 AUGusf 2023 11111 11111 .NIJJ8R. 1fI05f2024 CC•APMIIES HOUSE
BICKLEY PARK SCHOOL LIMITED {LIMITED BY GUARANTEEI CONTENTS PAGE Legal and Administrative Information Governors, Report lincorporating the StrateEiC Report) 2-10 Statement of Governors, Responsibilities li Report of the Independent Auditors 12-15 Statement of Financial Activities 16 Balance Sheet 17 Ca5hflow Ststement 18 Notes to the Financial Statements 19-28
BICKLEY PARK SCHOOL UMITED {UMITED BY GUARANTEEI LEGAL AND ADMINISTRATIVE INFORMATION Go¥emors M Hansra Ichaimianl J Carpenter BA (Deputy Chaimianl P CAlmond B Charles G Nuijens 8A J Priory D Robertson J s riley FCA Headmaster T Quilter Ifr(wn I September 20231 D Godwin Company number 733991 Charlty numb•r 307915 Prfndpal address Bickley Park Sthool 24 Page Heath Lane 8romley Kent BRI 20S Reglstered office The Courtyard Shoreham Road Upper Beeding Steynin8 West Sussex BN44 3TN Auditors TC Group The Courtyard Shoreham Road Upper Beedin8 Steyning West Sussex BN44 3TN Bankers National Westminster Bank plc 143 High Street Bromley Kent BRI IYZ Page I
BICKLEY PARK SCHOOL UMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORn The Governors of Bickley Park School {who are also the Directors of the Company for the purposes of company lawl. present their Annual Report and Accounts for the Year Ended 31 August 2023 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements compfy with the Charities Act 2011. the Companies Act 2CM)6. the Memorandum and Articles of Association. and the Charities Statement of Recommended Practice I'charities SORP") (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK.. FRS 1021 issued in October 2019. STRUCTURE, GOVERNANCE AND MANAGEMENT The company is a charity• governed by its Memorandum and Articles of Association. Membership of the governing body is reviewed regularly and is refreshed by the appointment of new governors. normally comprising ex-parents who are interested in developing the School, together with academics able to offer particular expertise to the School. New governor5 are chosen for their experien in relevant fields and where necessary are given guidance in their duties and responsibilities. The Governing Body meets as a full Board each term and delegate5 particular tasks to a range of committees covering inter alia. Finance, 8uilding and Safety lincluding Safeguarding and Risk Mana8ementl. Development and Strategic planni Marketin& Education and CurriculLSm. The Risk Management Sutrpcommittee regularly assesses and documents key and major risks to which the School may be exposed. The Governors are satisfied that systems and procedures are In place to manage exposure to the major risks. whilst recognising that these can only provide reasonable but not absolute assurance that major risks are being adequately managed. Govemlnz Body Bickley Park School is a charity operated through a company limited by guarantee. Legal and administrative information is set out at the front of these financial statements. Governors, who are also directors for the purpo5e5 Qf company law. and who served during the period were.. M S Hansra (Chairman) J Carpenter BA (Deputy Chairman) J S Tiley FCA P C Almond G Nuijens J Priory B Charles D Percival (Resigned 31 March 20231 D Robertson (Appointed 14 March 2023) Pa8e 2
BICKLEY PARK SCHOOL UMITED (LIMITED BY GUARANTEE} GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) CONTINUED None of the Governors has any beneficial interest in the company. Each Governor makes an annual declaration of any conflirt of interest in addition to one for each Board meeting attended. All Governors are members of the company and guarantee to contribute £1 in the event of a winding up. Governors determine the general policies and strategic direction of the School. The day-to-day management was delegated to the Acting Heads. Mr Sam Patel for Prep and Mr Jonathan Poole for Pre-Prep (both from I September 2022 to end-AuEust 2023). SUPFK)rted by Mr David Faries (Bursar). and the Senior Leadership Team. Investment powers are governed by the Memorandum and Articles of Association. which place no restriction on the nature of investments that may be made. During the period, the School received income of £65,899 from other trading activities lincluding rentl and £8.976 bank interest from cash deposit. totalling £74.875 {2022: £42.076) GovemorTr3ining and Indurtion All individuals considered as potential Governors are invited to the School for a discussion with the Head and the Chairman prior to being proposed at a full Board meeting. They are also gtven comprehensive information about the charity and their responsibilities. In addition to attending governance meetings, all Governors are expected to spend some time at the School each year to ensure they fulty understand the workings of the school. Post-election induction is carried out by the Bursar ond Safe-Guarding training completed on-line. Each year all Governor5 are assessed for their training requirements and it is the policy of the Trust to offer training course5 either internally or externally as deemed appropriate. A log of all training given is maintained by the Bursar. Overview The Governors recognise their accountability across a number of areas. summarised as follows= Ultimate accountability for directing the affairs of the School. Assuring themselves that the School is solvent and well run. Delivering charitable outcomes for the benefit of the public. Assuring themselve5 of compliance with= Charity law- and Operating within the terms of the Company Memorandum and Articles of Association. Duty of prudence: Remain sofvent by keeping informed of the financial position- Use of funds within the purpose of the Sthool- Avoid undue risk,. and Take specbal care when borrowing Page 3
BICKLEY PARK SCHOOL LIMITED (LIMITED BY GVARANTEE) GOVERNORS, REPORT IINCORPORATING THE StRATEGIC REPORT) CONTINUED Duty of care: Exercise reasonable care by meetin8 regularly to assure themselves there is effectNe oversight of School activities: Assure themselves that appropriate Steps are being taken as regards the safety and well-being of all Pupils. Staff and Parents, together with others associated with the School. and in particular take all necessary steps to maintain and enforce effective Safeguarding policies and procedures. Use personal knowledge. experience and evidence to assure themselves that the School is well run and efficient: and Take professional advice on all matters where there is material risk. Define the strategic aims of the School. Define lin tandem with the Headl objectives and directions that deliver the strategic aims of the School. Identify and manage risks to assure themselves that robust systerns are in place to monitor all known risks. To be confident that the Goveming Body can deliver against these accountabilities and demonstrate strong oversight of the School. sUPPOrted by an effective governan structure. Organisation and Management The governance structure for the School's Governing Body is represented below (all meetings are chaired by a governor unless declared below): Maln Board: Comprising all the Governors of the School: it meet5 three time5 a year. Finance and General Purpose5 Committee: This key sub-committee of the Main Board meets three times a year and more frequently as necessary. to review and act upon any and all matter5 financial. Marketing Committee: This sub-committee of the Main Board meets three times a vear and is chaired by the Head or the School's Head of Marketin8. Development and Strategic Planning Committee: This sutpcommittee of the Main Board meets three tirnes a year land more frequently if required for specific projects via designated working groups). Education Committee: This sub-committee of the Main Board meets three time5 vear ond is chaired by the Head. Bullding51 Health and Safety Comrnittee: This sub-committee of the Main Board meet5 three times a year land more frequently rf required) and reviews compliance with key policies such as safeguardi Site Safety and Security Compliance. on which it reports to the Board. Rlsk Manazement Commlttee: This sub-committee of the Buildings. Health and Safety Committee meets three times a year land more frequently if required} and is chaired by the Bursar. Page 4
BICKLEY PARK SCHOOL UMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT IINCORPORATING THE STrATEGIC REPORn CONTINUED All Governors attend the Main Board and tIse who are not serving Heads are members of at least one sub-committee. All committees report back formally to the Main 803rd meetings. The Governors determine the general Strategic Policy of the School. which is reviewed at least annually (supported by a strategy working group which is convened more frequently a5 required). The day-tQ-day management and operation of the School is delegated to the Head and the Bursar. supported by the SLT. OBJEcllvES AND AcllviTIES Charltable Objects Bickley Park School is o leading selertNe independent day school whose vision is to deliver a world-class preparatory school education for all pupi15, thereby providing a strong foundation for a successful springboard to future schools. The School's objective. Set out in the Memorandum and Articles of Association. is to promote the cause of education generalty. This is achieved by a well-managed operation of the School in providing education for boys and girls up to the age of 4, and then boys through to the age of 13+, preparing them for examinations to senior independent schools and to gain the highest academic levels. The targets of the S¢hool are achieved within a competitive fee structure that rigorously maintains financial viability- The School ended the academic year with 379 pupils. In meeting these objectives. the School's public benefrt aim 15 to provide a highly regarded education aimed at motivating pupils to achieve. The School delivers a balanced, challenging and high-quality curriculum that amis all pupils with the skills and attributes to thrive in their later lives as individuals and global citizens. The educational experience encompasses academic teaching and development of wider 51)ortin& artiSti¢ and social skills where each pupil can fulfil their potential.. gain the right sort of confidence and the ability to communicate effertively and empathetically with others. In addition. the School'5 policy demand5 c105e attention to pupils, pastoral development throughout their stay at the khool. with an intended aim of sharing common values including Kindness. Honesty. Respect. Integrity and Resilience. The Board of Govemor5. under the dirertion and sUPPOrt of the Head. encourages all staff to achieve their maximum potential. This is done by investing in the staff s future. not only by the means of training and remuneration, but also by promoting their professional development and engagement in the achievement of ex¢ellen¢e in all school activities. Having no outside endowments, the School meets all bursary needs from funds derived from ongoing activities. The Governors have authorised the Head to allocate up to 6% of fee income for deseNing cases which must be validated and approved by the Chair of Governors. The bursarial proportion of fees may be exceeded temporarily Subject to Board approval. The School site is regulady used by a variety of local community organisations either for no charge, or a minimal fee. These include a range of sports clubs. music group5. drama club5 and a local state school who use the swimming pool and are provided with swimming tuition. Bickley Park facilities remain a valuable and much appreciated resource to the local community- Page 5
BICKLEY PARK SCHOOL UMITED (LIMITED BY GUARANTEE) GOVERNORS. REPORT IINCORPORATING THE STRATEGIC REPORT) coMriNUED In the furtherano of these aims. the School's Governors. as the charivs trustees. have considered the Charity Commission's guidance on public benefft. including the guidance 'Public benefit: running a charity (P821'. Inspection The School was subjected to a Compliance and Educational Quality Inspection by ISI121 to 23 March 20231. Inspectors observed lessons, spoke to pupils and examined samples of pupils, work and curriculum documentation. Discussions were held with members of staff and governors (Chair and Safeguarding). Inspectors observed Some extra-curricular artivitie5 and visited facilities for the youngest pupils. togeiher with learning sUPPOrt and educational resource area5. In addition, responses of parents and staff to pre-inspection questions were considered. Bi¢kley Park School'5 Educational Quality (pupils, acadernic and other achievements) and Pupil Personal Development were assessed as Excellent the highest rating. All Reguktory Compliance standards were met. The Governors are pleased with the outcome and are satisfied that artion5 continue to be taken to further increase and improve provision across the entire school. Volunteers Bickley Park School As%)ciation IBPSAI. a committed parents. associatKJn. continue to provide great 5UPPOrt and assistance to the School through fundraising and other activities to the extent of more than 1.000 hours of voluntary service during the year. Significant contributions of funds have been made to school projects and new pledges of support are readi forthcoming for new projects. The Governors would like to take this opportunity to record their appreciation of the BPSA'S continuing and valuable support of the School. STRATEGIC REPORT Achievements and Perfomian¢e A professional and consistent approach, which aims to inspire confidence and en8a8e positively with the parent body and wider community, has been much appreciated. Parental support remained constant and has been invaluable in engendering a close partnership model. The School's commitment to deliver a high-qualtty educational provision. whilst ensurin8 pupil and staff wellbein& remains a prime objective. The School, building on the Strong foundation of recent year5. has enjoyed another successful year. achieving a consistent surplu5 and continues to gain excelnt academic results. The Governors are delighted with the strong results that were achieved at Illp. Il+ and 13+. Su¢¢e5s in exams is a combination of teacher input and pupil commitment. The results evidence the quality of teaching and learning despite a challenging period for schools immediately after the Covid period. Page 6
BICKLEY PARK SCHOOL LIMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) CONTINUED Eight 13+ Independent Day School scholarships were awarded from a cohort of 25 boys with the majority of leaver5 gaining places at their first-choice senior school= Three Y8 boys achieved academic scholarships to selective schools. One scholarship wa5 awarded ot Il+ and 95% of boys who sat the Kent Grammar tests reached the grammar standard. Sport continues to play an important part in School life, with good achievements for School teams on the rugby. football and cricket field. In addition to the major team sports. boy5 have been involved in cross-country, athletics. fencin& swimmin& golf. ryclin& tennis. hockey, basketball. badminton, squash, table tennis and taekwondo. The School's longstanding association with the local cricket club. and on-51te facilities. provide pupils an environment to explore and extend their sportin& leadership and team working credentials. The School's community engagement. re-established after the necessary pause during Covid. encompasse5 a variety of events and quiz nights. outaCh projects supported gifts being sent to local care homes. donations to food banks and NHS charities, tO8ether with ipads donated to SLSPPOrt a local hospital. The Governors are delighted with the positive and enthuslastic support from the entire staff and School community. The on-going site transfomation programme, which hos a clear mandate from the Board, continues to deliver progressive and much needed change to meet the School'5 Strategic Vision. The Strategic Development Plan, which is revIevd and updated re8ularly, continues to be implemented acr055 a broad range of areas. Developments plans were reviewed in the latter part of the summer term with Tom Quilter, the incoming Head from September 2023. A clear priority was given to essential infrastructure improvements and educational resource5. The Governors continue to encoura8e the balanced and appropriate use. and benefits, of "digital teaching. in the classroom. Flnanclal Review Incomlng resources for the year were £5.575.67712022: £5.349.9911- This increase compared favourably to prior years and is further evidence of encouraging pupil number growth during a period of economic uncertainty. Judicious financial management durin8 the year allowed the School to continue to offer a high-quality independent education and to invest in its strategic development programme. The effects of cost of living pressures and an increasingly competitive environment for independent schools is likely to affect the income/cost rati05 at most prep schools. The governors will seek to maintain an appropriate balance by regularly reviewing all financial and opefational levers in conjunction with the Head and the Bursar. Resources expended in the year increased by less than 1% to £5.191.703 12022.. £5.147.2511. due mainly to prudent cost and contract management. The overall net surplus for the year was £383,974 up by 89%12022: £202,740), due largely to healthier pupil number5 and additional exceptional stsffing costs incurred during the previous year. The total unre5trirted reserves balance carried fonvard at 31 August 2023 was £8,603.898 12022.. £8,219.9241. Page 7
BICKLEY PARK SCHOOL UMITED ILIMITEO BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) CONTINUED Annual financial budgets are monitored regularly throughout the year. In the year under review, the 8enerated net income exceeded budget: a result that the Governors view as satisfartory. 8iven the unexpected challenges faced at the beginning of this period. In the event of a Significant drop in funding the Governors would consider the option5 available to them for raising additional funds= thi5 would include reviewing whether or not any of the School's tangible fixed assets could be disposed of in order to release fvnds. Senior Management Pay Senior mana8ement remuneration is benchmarked against established teacher pay sta$ and is subject to meeting performance criteria Set one year in advance. The remuneration levels for the Head. Bursar and Senior Management are also benchmarked against established criteria. ncluding data from IAPS and AGBIS. Prior to any award being made to the Head or Bursar. the Finance Committee will make a recommendation for main Board approval. Plans for Future Period5 The Head, under the supervision of the Board. will continue to deliver the agreed development plan for the School. targeting delivery of a number of projects over the Course of the next three year5. The aim 15 to create a world<las5 environment that educates and nurture5 pupils through their formative educational years in preparation for entry to senior schools. Following the departure of the previous Head after a Short tenure. the Board invited two very able Deputy Heads. Mr Sam Patel (Prep) and Mrjonathan Poole IPre-Prepl to assume Headship for the year 2022-23. Govemors would like to thank them both for leading the School through such a demandin8 time and doin8 SO with great effect. Mr Tom Quilter will take up his Posltion as Head from I September 2023. The Bursar, Mr David Faries, continued to make a significant contribution to the Schooys transformation whilst fulfilling a valued role as Clerk to the Governors and the senior leadership team before retiring from his position in July 2023. The new Bursar. Miss Diane Godwin, joined the School in January 2024. Development projects. and other key initk?tives. will continue to be supported by the Govemors. who remain fully engaged in the assessment and planning stage5 and are mindlul of retsining a sound financial management eth05. Particular attention continues to be applied to pupil and staff wellbeing and to the provision of a high-quality education. The Governors, being aware that the future development of Bickley Park khool must be of benefit to all pupils, review the Strategic Development Plan regularly. including the educational and supporting facilities of the charity. providing strong support and direction to the Head. the Bursar and Senior Leadership Team. Page 8
BICKLEY PARK SCHOOL LIMITED IUMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORn CONTINUED The School continued to develop its business policies during 2022-23 through its Finance and General Purposes sub-committee. with Changes endorsed at 8oard level. The necessary business protedion, human resources and financial policies continue to be in place land are regularly reviewed and updated as required). as are the Schooys Safeguarding policies. RESERVES POIICY It is the policy of the School that its finanual affairs are managed soundly and wlthin the conflnes of a budget that is approved by the Govemor5. The nature of the School's actrvities detem?ines that reserve5 fund the property and other t)et a55ets. and are held to tover unexpetted shortfalls in income. The Governors consider that. in the event of a signtficant drop in short-term fundin& they will be able to continue the School's activities while consideration is given to way5 in which additional funds may be raised andlor costs reduced. AUDITORS A resolution prop05in8 that TC Group be reappointed as auditors of the company will be put to the Annual General Meeting. DISCLOSURE OF INFORMATION TO AUDITOAS Each of the Governors has confimed that there is no information relevant to the audit of which they are aware, but of which the auditors are unaware. They have further confim)ed that they have taken appropriate steps to identtfy such information and to establish that the auditors are aware of it. On behalf of the B rnors M S Hansra (Chairmanl Chair of Governors Dated IE /q_A SoA4L Page 10
BICKLEY PARK SCHOOL LIMITED (LIMITED BY GUARANTEE) GOVERNOR5, REPORT (INCORPORATING THE sfRATEGIC REPORn CONTINUED Improvements in marketing and engagement. with a strong parent contin8ent who promote the School. has resulted in significant interest from parents wishin8 to visit and enrol. Govemor5 continue to see consistent reliable evidence of healthy and sustainable pupil numbers. secured via the "bottom-up approach~ That said. the adverse impact of economic ond political headwinds remains a worrying prospect. particularly evident in declining pupil numbers across the sector. The School intends to continue to enhance the excellent links already gained with other local independent and state schools. In addition, access to the community will be maintained through the provision of means-tested bursaries and the offer of the use of the Sth001'5 facilitie5 for educational and recreational purposes. Prlncipal Risks and Uncertaintles The Governors are responsible for the management of the risks faced by the School. Risk5 are identified. assessed regularly and controls established throughout the year (the Risk Sub- Committee meets each term), and a formal review of the charl5 risk management processes is undertaken on an annual basi5. The key controls used by the charity include: Formal agendas for all Committee and School artivity- Detailed terms of reference for all Committees- Comprehensive strateEiC planning. budgetirbg and financial management." Established organisational strurture and lines of reportin& Formal written policies: Clear authorisation and approval levels. and Vettin8 procedures as required by law for the protection of the vulnerable. Risks are fully documented in the khool's Risk Register. Through the risk management processes established for the School. the Governors are satisfied that any major operational risks identified have been adequatety mitigated where necessary. It is reco8nised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The Govemors and the School's management team have implemented Strategies and controls to monitor and manage the risks identified. Risk Management The School maintains a comprehensive operational risk register. which identifies the principal risks, together with the steps to be taken to manage them. Each risk is cate8orised as Financial. Health and Safety. Compliance, Operational or Buildings- the key strateEiC risk ts non-compliance or breach of legallstatutory responsibilitie5 leading to lo55 of confidence in the school and risk to investment. The key operational risk 15 the1055 Of key re50urces. both staff and financial. During the reporting period. there were no fundamental i55ue5 raised as a result of reviewing and operating this risk register. Governors formally review the risk register each temi, with key risks assessed each terrn at the relevant committees. Page 9
BICKLEY PARK SCHOOL LIMrrED {LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS, RESPONSIBIUTIES The Governors. who are also the directors for the purposes of company law. are responsible for preparing the Governors, Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kin8dom Accounting Standards Iunited Kin8dom Generally Accepted Accounting Practicel, including Financial Reporting Standard IOZ'The Financial Reporting Standard in the UK and Republic of Ireland,. Company law requires the governors to prepare financial Statements for each financial year whith give a true and fair view of the affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for that vear. In preparing these financial statements the govemofs are required to: select 5Ultable accounting policies and apply them consistently: observe the methods and principles of the Charities. SORP- make judgements and estimates that are reasonable and prudent: and prepare the financial statementson the going concem ba515 unle55 it is inappropriate to presume that the charitable company will not continue in operation. The Governor5 are responsible for keeping adequate occounting records that disc105e with reasonable accuracy at any time the financial posltion of the charitable company and enable them to ensL4re that the accounts comply with the Companies Act 21))6. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 11
BICKLEY PARK SCHOOL UMITED IUMITED BY GUARANTEEI REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS We have audsted the financial statements of Park School Limited Ithe'charitable company'l for the vear ended 31 August 2023 which cornpromise the Statement of Financial Artivities, the Balartce Sheet. the Cashflow Staiement and leS to the financial siatements. The financial pOrting framework that ha5 been applied in their pparat)n is applKable law and United Kingdom Accounting Standard5. including Financial Reporting Standard 102 The Financial Reporting Standard applKable in the UK and Republic of Ireland (United Kingdorn Generally Accepted Accounting Practice). In our opinion thefinancial siatements= 8ive a true and fair view of the state of the charitsble ctsrnpanrfs affalts as at 31 AUg[t 2023 and of its intoming resources and aptyication of re50urce5. induding its irKome and expenditu. for the year then ended: have been properly pPared in accordance with United Kin8ik)m Generally Accepted Accountire Praalce. and have been prepared in accordaKewith the requirements of theCornpan*sAct 2(Q6. BasSsof opiNon We conducted our audit in accordance with IntematKJnal Standards on Atsditi IUKI (lS IUKII and applicable law. Ovr responsibilities undef those standards are further desuibed in the Auditor's spofisibilities for the audit of the financial statement5 Section of our report. We are indepeF¥Jent of the charitable company in atcordance with the ethKal requirements that are rele¥7nt to our audit of the financial staternent5 in the UK, including the FRC'S Ethical Standard. and the provision5 available for small entities. and we have fulfilled our ethical responsibilities in acuJrdarKe wr(h these reqU1mentS. We believe that the audit evidence we have obtained is sufficient and appropriate to prode a basis forouropinion. Con¢lusloAS rela11 to8¢1 ¢¢n¢em In auditing the financial Statements. we have concluded that the govemots. use of the going ctsrKèrn basis of accounting in the weparation of thefinancial statements is appropriate. Based on the work we have perfornied. we have not iderfrfied any material uncertainties relaiing to even or conditions that, individual or collettivety. may cast thiubt on the charitae companrfs abiltty to continue as a goin8 concern for a perw)d of at least twelve months fram when the finartial statements are aLrtts)iized for issue. Our reSPsIbIlitieS ané the responsibilities of the £o¥ernorf with respett to going concern are described in the relevant sections of this rewrt. Otherlnformatlan The other information comprises the infomation induded in the annual port irKIlIng the 8ovemors' report. other than the financial statements and our auditor'5 report thereon. The governors are responsible for the other information. Ouro&Knion on the financial statements thjes not coverthe other information and. except to the extent OtheISe explicitly stated in our report. we do ¢xpre$5 any form of a5surarKe conclusion thereon. In connection with our audil of the financial statements. our resNJnsibility is to 8 the other infonnation and, in doin8 so. consider whether the othef information 15 materially irKonsistent th the finarla1 statements or our krnowltdge tsbtained in the audit or otherwise appears to be rnaterially misstated. If we identify such rnaterial inconsistencies or appafent maierial misstatements. we are required to deterrnine whether there is a rnatsrial misstatement in the financial statements or a material misstaternenr of the other information. ff, based on the work we have performed. we tontlude that there is a material miSateMent of this other information. we are required to report that fact. We have mhIngtO pOrt in this regwd. Page 12
BICKLEY PARK SCHOOL LIMITED (LIMITED OY GUARANfEEI REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Oplnlons on other malters pres¢rib¢d by the CtynpaniesArt 2(M)6 In our opinion. based on the work undertaken in the course of the audit: the infomiation given in the governors, report linccffporating the strategic report and the directors, report) for the financial year for which the financial statements are prepared is ¢on51Stent wtth the financial statements,. and the strategic report and the director5, report have been prepared in xcordarbce with applicable legal requirements. M*ters on whith WÈ are required to report by exception In the light of our knowledge and understandin8 of the charitable company and its environment obtained in the Course of the audit, we have not identified material misstatements in the 5trate8ic report and the directors, report. We have nothing to feport in respect of the flDn£ matters in relation to which tk Companie5 Act 2006 requires us to pOr( to you if. in wr opinion= adequate ac¢ounting records have not been kept. or returns adequate our audit have not been recelved frcm branche5 not visited by us,. or the financial statements are not in a8reement with the accounting record5 and returns,. or certain disc105ure5 of diTector5' remunerat1 5pecrfied by law are not made. or we have not recèived all the infom)ab"on and explanations we require for our audit. Responsibilitles of go¥emors As explained more fully in the governors. responsibilities Statement. the governors (who are also the directors of the charitable company for the purposes of company lawl arè responsible for the preparation of the financial statements and for being satisfied that they gNe a true and fair vTrew, and for such intemal Control as the governors determiAe is necessary to enable the Preparati of financial statements that are free from material mis5tstement, whether due to fraud or error. In preparing the financial ststements, the g(wemors are responsible for assessing the charitable company's ability to continue as a going concern. disclosing. as applicable. matters related to 8oin8 concern and using the going concern basis of accounting unless the governors either intend to liquidate the charitable companv or to cease operations. or have no realistic altemative to do so. Auditor's responsibilities for the audit •f the financial statements Our objettive5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to frnud or error, arbd to issue an audttor's report that inclutles our opinion. Reasonable a55urance is a hi8h level of assurance, but 15 not a guarantee that an audit condurted in accordance with ISAS IUKI will always detert a material mi55tstement when it exists. Mi55tatements can arise from fraud or error and are considered material rf. individually or in the a88regate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. The extent to which our prc(edures are capable of detecting irregularit¢es, induding fraud, is detailed below. Page 13
BICKLEY PARK SCHOOL UMITED {LIMITED BY GUARANTEEI REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Extent io whlth the audlt was consldered capabl¢ of detecbng irrelarIties, IndudinK fraud The objertives of our audtt, in rèspe¢t to fraud, are.. to identify and assess the risks of material misstatement of the financial 5tstements due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misststement due to fraud, through designlng and implementsng appropriate responses.. and to respond appropriately to fraud or suspected fraud identrfied during the audit. Howèver. the primary responsibility for the prevention atyj detection of fraud rests with both those tharged wth governan of the entity and its mana8ement. Our approach wa5 as follow5.. We identified area5 of laws and re8ylations that could reasonably be expected to have a material effect on the financial statements from our general sector experience, and through discussion with the govemors and other management la5 required by auditing stsndardsl. and discussed wth the 8overnors and other management the policies and procedures regarding compliance with laws and regulations (see below). We identified the fdlowng areas as those most likely to have such an effect: heafv and safety.. General Data Protection Regulation IGDPRI. fraud- bribery and corruption. school inspections. DBS ¢he¢ks. and employment law. Auditing standards Itmit the reouired audit procedures to identify non-compliance with these laws and regulations to enquiry of the 8ovemors and other management and inspection of regulatory and legal correspondence. rf any. The identtfied artual or 5pected non<omplian¢e was not sufficient sIEnificant io our audit to resutt Trn our response being identJ"f*d as a key audit matter. We considered the le831 and regulatory frameworks dirertty applicable to the finanual ststements reporting framework IFRS 102, the Companies Art 2006 and the Charitbes Art 20111 and the relevant tax compliance règulations in the UK. We Considered the nature of the charitable companV5 operations, the control environment and financial performance. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We considered the procedijres and controls that the charitable compar)y has established to address risks identrfied, OT that otherwise prevenL deter and detect fraud.. and how senior management monitors those programmes and controls. Based on this understanding we designed our audr( procedures to identrfy non-compliance with such laws and regulations. Where the risk was considered to be higher. we performed audit procedures to address each identified fraud risk. These procedures included= testing manual joumals.. reviewing the finantial statement disclosures and testing to supporting documentation. performing analytlcal procedures- and enquiring of management. and were designed to provide reasonable assuran¢e that the financial statemenrs were free from fraud or error. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have dete¢ted some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance th auditing standards. For example, the further removed non- compliance wtth laws and regulations lirregularitiesl is from the events and transactions refiected in the financial statements. the less likely the inherently limited prtxedures required by auditing standards would identify it. The risk is also 8reater regarding IrguI3r1tles occuThing due to fraud rather than error, as fraud involves intentional concealment. forgery. collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-complian with all laws and regulations. Page 14
BICKLEY PARK SCHOOL LIMITED (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Use of our report This report is made solely to the charitable companrfs members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Art 2C#J6. Our audit work has been undertaken so that we might state to the charitsble company's members those matters we are required to state to them in an auditors, report and for the 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 rnembers. as a body. for our audit work, or for the opinion5 we have formed. Mark Cummins FCCA (Senior Statutory Auditor) foi and on behalf of TC Group Statutory Auditors Office: Steynin& West Sussex Date: Is 2•2* Page 15
BICKLEY PARK SCHOOL LIMITED (LIMITED BY GUAIiANTEEI STATEMENT OF FINANCIAL AcfiviTIES IINCLiIDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGusf 2023 No Total 2023 Total 2022 INCOME FROM: Other trading activities Investments Charitable activities Totsl income 65.899 8.976 5.500.802 5.575.677 41,796 280 5.307.915 5.349.991 EXPENDtruRE ON: Raising fund5 Charitable actryities Total expendTture 16.821 5,174.882 5.191.703 20,284 5,126,967 5,147,251 Wet Income 383,974 202,740 Fund balances brought forward 8.219.924 8,017,184 Fund balances cartted foTh¥ard 8.603.898 8,219,924 All income and gains for the year are rec(*nised above. All of the school's activitie5 are classed as continuing. The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2(K16. All of the school's fund5 are unrestricted. Pa8e 16
81CKLEY PARK SCHOOL LIMITED IUMITED 8Y GUARAMTEE) BALANCE SPIEEr AS AT 31 AUGusf 2023 Cornpany Number 00733991 Notes 2023 2022 FIXED Assrrs Tangible fixed ossetS Investments li 7248,266 725,(KX) 7.973.266 7.204.018 725,000 7.929,018 CURRENf ASSErs D*biors Cash at bank and irt hand 1,551.621 1.738.389 3.2.010 116.398 1.829,517 1,945.915 CURRENT UA81LITIES Creditors due within one year {2.659,3781 11.515.0991 IIEf CURRENT ASSEf5 630,632 430.816 TOTAL ASSETS LESS CURRENT UABILMES 8.603.898 8,359,834 LQNG TERM UABILITIES Creditors due after one year 14 1139,9101 NET ASSErs 8.603,898 8,219.924 REPRESENTED BY: Unrestricted general funds 8.603.898 8.219.924 8.603.898 ,219,924 The accounts.wÈ bythe thjard and signed on their behalf b M S Hansra lthalmianl Date.. Page 17
BICKLEY PARK SCHOOL LIMITED (LIMITED BY GUARANTEE) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUSf2023 202Y 2022 Cash flows from operatin8 artivities: Net Sncome for the year Adjustments for: Depreoation charges Dividends. interest and rents from investments Loss from sale of tart8ible red assets Iinueaselldecrease in debtors Increasellderrea5el in creditors Net ¢•sh provided byllused in) ow*lrt8 a<iiwities 383.974 202,740 li 21,794 (8.9761 7,795 11.435,2231 1,196,936 23,930 12801 405 148,6061 33,493 166.3CKI 211.682 Cash flows from inve5¢in8 artivities: Oividends, interest and rents from investments Purchase of tangible fixed assets Net cash wowded byl{used in) Investlng artl¥itles 8.976 173.8371 280 {25,2961 li 164,8611 125,0161 Cash flows from fSnancing arti¥ities: Repayments of borrowing Net cash prowded byllused In) ftnandng actlvltles 1192.5671 {48,4251 1192.5671 148,4251 Change In cash and ush equl¥alents in the year 191,1281 138,241 Cash and cash equl¥alents at the be8lnnin8 of the ye¥ 1,829,517 1,691,276 Cash and cash equlvalents at the end of the year 1.738,389 1,829,517 Analysls of cash ar cash equlvalents Cash at bank and in hand Notice deposits Iless than 30 days) Notice deposits (more than 30 days) Total cash and cash egui¥alents 8.472 1,678,305 51,612 1.738.389 1,252,369 516,227 60,921 1,829.517 Page 18
BICKLEY PARK SCHOOL UMITED {UMITED BY GUAFIANTEE) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2023 I STATUTORY INFORMATION The charity is a tharitable c¢Mnpany. limited by guarantee, re8lStered in England and Wales. The registered office, company number and charity number are detailed in the Legal and Administrative Information. 2 ACCOUNT]NG POLICIES 2.1 Basls of preparatlon The financial statements have been prepared under the Companies Act 2)6 and in accordartce with the Charities, Statement of Recommended Practice ISORP IFR510211 and Financial Reporting Standard 102. The charitable Company meets the definition of a public benefrt entity under FRS102. Assets and liabilities are initially recognised at cost ortransattim value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in sterlin& which is the funttional currency of the tharity. Monetary rn¢ntS in these financial statements are rnded to the ne3$t £. After reviewing the charity's forecasts arKI projections. the governors have a reasonable expettation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the 8Oln8 concern basis in preparing its financial statements. 2.2 In¢ome Fees receivable and tharges for services, less any allowances. scholarships and bursarie5 granted by the school against those fees are accounted for in the period in which the senrice is provided. Where fees are received for a future service period they are induded in (Jeferred income, induding those fees received under an advance fee payment scheme. Investment income is accounted for on an accrua15 basis. Donations, legacies, grants and other voluntary income are xcounted for as and when entitlement arises, the amount can be reliably measured and the economic benefit is considered probable. Where a donor or an appeal has imposed restrictions the income is credited to a restricted fund. 2.3 Expenditure Expenditure is accounted for on an accruals basis with irrecoverable VAT included with the item to vthich It relate5. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between expenditure cate8LYies and departments on a basis designed to reflert the use of the resource. Costs relating to a particular aCtIty are allocated directly. Pa8e 19
BICKLEY PARK SCHOOL UMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 2.4 Tangible fixed assets and depredatoon Tangible fixed assets other than freehold larKI are stated at cost less depreciation. Oepreciation is provided at rates calculated to write off the c05t less estimated residual value of each asset over its expected useful life as follows- Freehold land is not depre¢iated Freehold buildings Freehold imporvements Fixtures, fittings and equipment Motor vehicles Portable buildings over 7 years otherwise not depreciated 5% reducing balance 15% & 30% reducing balance 20% rÈducini balance Depreciation rs provided on freehold properties b35ed on the difference betsyeen book value and estimated residual value charged over the useful life of the properties. The Govefnofs are of the opinion that, havin8 règard to èstimatèd residual values, based on prices prevailing at the dates of acqui51tion and the estimated useful lives, any depreciation involved. whether annual or cumulative would rnt be material. 2.5 Leasing and hire purchase cornmltments Rentals paid under operating leases are charged against income on a straight line basis over the period of the lease. 2.6 Pensions M05t teaching stsff are members of the Teachers, Pension Scheme ITPSI, a defined benefit scheme administered by the Teachers, Pension Agency. Contributions to the scheme are charged to the Statèment of Financial A¢tivitie5 35 they fall due. The TPS is an unfunded scheme. Contributions on a 'pay as you go, ba51S are credited to the exchequer under arrangements governed by the Superannuation Act 1972. Actuarial valuations are carried out on a notional set of investments. Under the definitions set out in FRS 102 the TPS is a multi-employer pension scheme. The charity is unable to identify its share of the underlying Inotionall assets and liabilities of the scheme. A¢¢ordingly. under FRS 102 the xheme 15 accounted for a5 if it were a defined contribution scheme. The charity also contributes to personal pension schemes for its non-tea¢hing staff and forteachers who have opted out of the Teachers. Pension Scheme. Page 20
BICKLEY PARK SCHOOL UMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANaAL sfATEME14TS FOR THE YEAR ENDED 31 AUGUST2023 2.7 Debtors Trade and other debtor5 are recogni5ed at the settlement •nount due after any trade discount offered. Prepayments are valued at the amount prepaid net of •rty trade dis¢ounts due. 2.8 Cash at bank and In hand Cash at bank and in h•nd includes cash and short temi highly liquid investments. The governors seek to use short and medium temi deposits Whe possible to maximise the retum on monies held at the bank and to manage cash flow. 2.9 Creditors and provisions Creditors and provisions are recognised Whe the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amovnt due to settle the obligation can be measured or estimated reliab. 2.10 Fund arrountlng Unrestricted funds ¢omprise those funds which tan be used Ni attordancè wtth the charitable objects at the discretion of the Bovernors. 3 TURNOVER The turnover of the charity is wholty attributable to the objert5 of the charity as ststed in the Governors, Report and is earned entirely within the UK. 4 14ET INCOMEIEXPENOITURE This is stated after charging: 2023 2022 Operating lease payments Depreciaiion Auditors, remuneration- audit seNicès Auditors, Temuneratbon- non-audit ser¥ices 52,155 21,794 13.020 10.122 82,101 23,930 11.820 10.350 Page 21
BICKLEY PARK SCHOOL LIMITED (LIMITED 8Y GUAIiANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 AUGUST2023 s rAXATION The charitable company is registered as a tharity and all of tts Iorne falls within the exefflptions under Part 11 ofthe Corporation Tax Art 2010. 6 INCOME FROM OTHER TRADING AcnviTIES TOTAL 2023 TOTAL 2022 Rental income 65.899 41,796 7 INCOME FROM INVESTMENTS TOTAL 2023 TOTAL 2022 Interest 8.976 280 INCOME FROM CHARITABLE ACTMTIES TOTAL 2023 TOTAL 2022 Gross school fees less bursaries and allowances Net School fee5 Add.. Re8isiration fees Extras income Belore/after sthool care Donation5 5.572.550 (265.0811 5307.469 5.466,114 1287.5501 5,178.564 7,alO 31.075 86.139 68.809 5500.802 12.800 29.967 75,334 11,250 5.307,915 Pa8e 22
BICKLEY PARK SCHOOL LIMITED (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2023 9 ANALys OF EXPENDITURE Totsl 2023 Total 2022 Cost of raising funds: Other tradin8 aciiwties Financin8 costs Total c05t ol rai5iry fvnd5 3,662 13.159 16.821 3h62 13.159 16A21 .251 8.033 20.284 Charftable eMpendStwe Educatlon Teaching Welfare PmiseS Supwrt and governance Totsl charitsble expen(liture 3,025,259 94.328 74.098 503,643 3.697.328 21.235 249,288 419.644 548.77S 238,053 1.455.760 3.295.n2 513.9n 623A32 74Jh% 5.174A82 3.385.031 487.610 529,927 724,399 5.126.967 559 21.794 Total expenditure 3.697.328 21.794 1.472.581 5.191.703 5.147.251 Analysis of supportand governan (05ts: 2022 Governance costs". Auditors remuneration for audtt 5ervite5 Total Rovefnance costs 13.020 13.020 13.020 13,020 Support cost5.. Auditors, remvneration for non audit service5 Legal and professional fee5 rdatingto supp)rt Support staff wa£es, naiional insurance and pension Other supporr costs 10.tsl 12.150 77.385 444,916 176.926 503.643 148.211 74L696 724.397 Page 23
BICKLEY PARK SCHOOL LIMITED (LIMITED 8Y GUARANTEE) NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 AUGUST 2023 10 srAFF COSTS The average monthly number of employees during the yearwas.. 2023 Number 2022 r4umber Teachin8 Welfare and premises Administration 61 14 14 The aggregate payroll Costs for the year were as follow5: 2023 2022 WaBes and salaries Social security costs Pension Ct5 2.93 292,419 408,016 3,697.328 3.032,195 293.599 405.764 3,731,558 None of the governors re¢eived any remuneration or other benefits from the Khool or any connected body. No Governors12022= nil) had expeft reimbursed in the amounts detailed in the expenditufe note above. Staff earning in exces5 of£60.(M)O per annum in the followng band5 are- 2023 Number 2022 Number £60.000- £69,999 £70.000- £79,999 £80.000 £89.999 £90,000- £99,000 Of the employees whose emoluments exteed £60,C¥JO, 412022.. 41 have rètirèment benefits accruin8 under defined benefits schemes. Contributions in ihe year for ihose employees arnounted 10 £47,41512022- £35,0601. The key mana8ement personnel of the School comprise the senior leadership team. 2023 2022 Aggregate employee benefit5 Of k* management per50nnel (including pension contributions) 422.542 651,584 The above prior year costs indude settlement amounts to fomier employees. the terms of whi¢h are confidential. Page 24
BICKLEY PARK SCHOOL UMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11 TANGIBLE FIXED ASSETS Freehold Property Fixtures & Fittin Motor Vehicle5 Total Cost At I September 2022 7,245,205 749.073 31,464 8,025,742 Additions 20.569 17.634 35.634 73.837 Disp05als {4.8951 176.1971 181,0921 At 31 August 2023 7.260.879 690.510 67,098 8.018.487 Depreciation At I September 2022 155.428 657.309 8,987 821.724 Charge for year 559 14.670 6.565 21,794 Disp05als 173.2971 173.2971 At 31 August 2023 155,987 598,682 15,552 770,221 Net Book Value At 31 August 2023 7.104.892 91.828 51,546 7,248,266 At 31 August 2022 7.089.777 91.764 22.477 7.204,018 Page 25
BICKLEY PARK SCHOOL LIMITED (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2023 12 DEBTORS 2023 2022 Fee debtors Prepayments and accrued income 1.419,229 132,392 1,551,621 106,643 9,755 116,398 13 CREOITORS." due within ODe year 2023 2022 Bank loans and overdraft5 Trade creditors Other creditors Accruals Fees in Advance Deposits Other taxes and social security 52,657 45,602 77,972 187,890 271,274 806,738 72.966 1,515,099 189,505 71,858 41.456 1,663.540 616,172 76.847 2,659,378 Fees in advance repsent fees recewed for the Autumn temi 2023. 14 CREDITORS: due after one year 2023 2022 Bank loans 139,910 139,910 IS BANK LOAN SECURITY AND MATURITY 2023 2022 Bank loans are wholly repayable in instalments as follows: Less than one year In more than one year but less than two years In more than two years but less than fNe years In more than fwe years 52,657 52,657 87.253 192,567 The bank loan was repaid by the school durirTr8 the year. Page 26
BICKLEY PARK SCHOOL UMITED (LIMITED BY GUARANTEE) 14OTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2023 16 COMMITMENTS UNDER OPERATING LEASES AND CAPITAL COMMITMENTS At 31 Au8u5t 2023 the Company had total commitments under non-cancellable operating lease5 payable as follows: iarKI and Buildlngs 2023 2022 2023 2022 Within one year Between one and five years 0r fivè years 39,61XI 39,6CKJ 158.400 158.400 39.600 I98.0 237.600 26,147 16.808 42,501 62.954 42.955 105.455 The school lease for the playing field ends in 2028. 17 PENSION COMMITMENTS The School participate5 in the Teachers, Pension kheme I'the TPS'I for most of its teaching staff. The pension charge for the year includes contributions payable to the TPS of £305,16112022.. £338,463) and at the year end £Nil12022.. £Nill wa5 accrued in respert of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teacher5. Pension Stheme Re8ulation5 2014 la5 amended). Membèrs tontributè on a -pay as you 80- basis wÈth contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contributton rate is set by the Secretary of State followin8 scheme valuations undertaken by the Government Attu3rfs Oepartment. The most retent aduarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Repoo which was published in March 2019, Confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from I September 2019. Employers are also required to pay a scheme administration levy ¢f 0.08% giving a total employer ¢ontribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Direttions. as they applied at 5 March 2019. However, the a5sumption5 were Considered and set by the Department for Education prior to the ruling in the 'McCloudlSargeant case,. This case has requtred the courts to consider cases re8ardin8 the implèmèntation of the 2015 reforms to Publi¢ Servi¢e Pensions including the Teachers. Pensions. The TPS is subject to a cost cap mechanism which was put in pla¢e to protect taxpayer$ against unft>re5een chan8es in scheme costs. The Chief Secretary to theTreasury. having in 2018 announced that there would be a review of this cost cap mechanism. in January 2019 announced a pause to the cost cap mechanism followin8 the Court of Appeal's ruling in the Mcaoudlsargeant case and until there is certalnty about the value of pensions to employees from April 2015 onward5. The pause was lifted in July 2020. and following a public consultation in 2021 the Government have accepted three key proposals recommertded by the Government Artuary. and are aimin8 to implement these changes in time for the 2020 valuations. Page 27
BICKLEY PARK SCHOOL LIMITED {LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17 PE14510N COMMtfMÉNTS ICOPMNUÉDI The 2016 cost control valuations have Sin been completed in January 2022, and the results indicated that ihere would be no changes to benefits or member Contributions required. The results of the cost cap valuation are not used to set employer contribulion rate. and HM Treasury has confimled that any thange5 to the employer contribution rate from the 2020 valuations will take Pla in April 2024. Until the 2020 valuation is completed it is not possible to conclude on any finanual impact or future changes to the corttribution rates of the TPS. Accordingly. no provision for any additional past benefit pension costs is included in these financial statements. The school also contributes to defined contribution schemes on behalf of non teaching staff and some teachin8 staff (who have opted out of the Teathers, Pension Sthernel. Employer contributions payable to these scheme5 were £102.85512022= £67,30118nd at the year end £Nil12022= £Nill was accrued in respect of contributions due to these schemes. 18 SHARE CAPITALAND CONTROL The School is lirnited by guarantee and does not have a share capital. In the event of a windin8 up each member guarantees to contribute an amount of no more than £1. The board of govemors control the school. 19 INVESTMENTS 2023 2022 At the be8inning of year and end of year 725.OtXI 725,000 The above rÈlates to a freehold property owned by the school, which is let at a commercial Tate. The GoveTnor5 estimated its market value at the year end w3$ not materially different from the previous year. 20 RELATEO PARTIES There were no related party transactions during the year12022: None). Page 28