REGISTERED COMPANY NUMBER: 00624273 (England and Wales} REGISTERED CHARITY NUMBER: 307937 REPORT OF THE GOVERNORS AND FINANCIAL STATEmEs FOR THE YEAR ENDED 31 AUGUST 2024 FOR BETHANY SCHOOL
BETHANY SCHOOL CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Page Report of the Governors Report of the Independent Auditors 8 to 10 statement of Flnancial Activfties Balance Sheet 12 Cash Flow Statgment 13 Notes to the Cash Flow Ststement 14 Notes to the Financial Statemonts 15 to 27
BETHANY SCHOOL REPORT OF ThE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 The govemors who are also directors ofthe ¢harity for the purposes ol the Companies Aci 2006. pre¥ent their report the financial statements of the charity for the year ended 31 August 2024. Tle govemors have adopted the provisions of Accounting and Reporting by Clarities." Statement of RecomffÉnded practi appli42ble to charities preparing their accourtts in accordance with the FinancAal Repoiting Standard appli12ble in Ihe UK and Republic of Ireland (FRS 1021 leffectsve 1 January 2019}. REFERENCE AND ADMINISTrATIVE DETAILS Registered Company number 00624273 (England and INalesl Registered Charlty number 307937 Registsred office Bethany School Curtisden Green Goudhurst CRANBROOK Kent TN17 1L3 Trustees The Governors, who are also the Directors for the purpose of company law, who served during the year were: J M Fenn LLB WSKent K Buckland 8A FCA R C Clark BA MD IEdl N P mber Bsc FCA A Cunningham P B Askew L Roberts E Connell Harman D Shaw G Power A Scott M Kellett P 8ateman - ChaiTman - Vlce Chairman- resigned on 31108124 - Treasutei - Vice Chainnan from 31108124 - reswJned 31fvJS124 - resigned 31J08r24 - resigned 16111f24 - appointed 01112r23 - appointed 16111124 Headmaster F Healy Bsc HDipEd NPQH Bursar and Company Secrelary C Morey BA (Hons) ACA Audstors TC Group Stslulory Audf(ors The Courtyard, Shoreham Road Upper Beeding steynin9 Vvesl SUeX BN44 3TN Page 1
BEfHANY SCHOOL REPORT OF THE GOVERNORS FOR ThE YEAR ENQED 31 AUGUST 2024 REFERENCE AND ADVAINISTRATIVE DETAILS Solicitor¥ Wainets Law LLP 16 South Park senOaks Kent TN13 1AN Inve¥lTrtent Advisors Rathbone Investment Management Limited Port of Liv¢TpooI Buil¢Ying Pier Head Llverpool L3 1NW Banker5 Naticsnal Westminster Bank LongfDrd House 19 Mount Ephraim Tunbridge We118 TN4 8AE STRUCTURE, GOVERWICE AND MANAGEMENT None of the Governors has any beneficial interest in the curnpany. All Governors are membefs of the company and guarantee to contribute £1 in the event of a wnding up_ The Board of Governors meet once per term, with additional meetings when required. The mairl Sub Committee of the Governors is the Executive CornmittèÈ, which fomied foliowng an AGBIS review of Governance and rèplaces the anagement Committee. The Executive Ccnmittee meeLs 0 a moth to discuss the day to day mallers COnmed with the running of the School. DAajor rtems are passed to the Main Boaffi for discussion, wlh the Executive Committee's recnMendaknOns. Cuffenvy J Fenn (chainan}. A Cunningham (VI Chairl, R Clark. K Bud<land and N Kimber sit on this Committee, along with Ihe Headmaster and Bursar. Other pernianent Sub Committees include the Edueation Committee. the Marketing and Development Committe8, ICT Commlttee and Eslates Committee. The follomng School Committees, whhch have Govemor representsti, mel during the year.. Heatth & Safety Cornmitt68 The Day to Day running of the School is deJ8gated to the Senior Management Tearn, the members of which are.. Headmaster, Deputy Head (P8Storall. Deputy Head IAcademic}. Bursar, Director of HR and Director of Markeling & Admissions. The Headmaster and Bursar attend Govemors and EYecutNe Commiitee meetin9s. All the senior manag6ment team attends every fvll board meeting. RECRUITMENT, INDUCTION ANO TRAINING OF GOVERNORS. Appointhienl and re4ppointment of Governor5 The ArtsGles ol Association all¢)w for there to be beeen seven and Nventy appoirrted Governors. There are currently ten governors on Ihe Boaid. Govemors are appoinbl by the existing Board members in the fiTSt instance and they are then formally elect at the next AGM. One-third ofthe Governors a lected each year. Tralnlng During the year. the Gov6mors were trained in safeguarding. Bullying & Harassment and have undertaken online tr8ining using Educare CoUes. All Govemors are rnade ayrare of other btiefing dDcumen15 provided by AGBIS, ISBA and other recognised bodies. Page 2
BETHANY SCHOOL REPORT OF TrIE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 SENIOR MANAGEMEKf PAY POLICY In line with pay for all staff. the Senior Manag&menl pay is detemiined by the Govemors. In dedIng the 18vel of remuneration. the Committee take into account, amongst other things, the Cuent market demand lor teachers, the financial strength of the School, th? ecunomic outbok, the performance of the relevant ' individuals, and the 'going rate lor remunemlion, of senior management in the knc21 wwjependent school matfret. Oetsits of key management personnel are shown in note 10 ofthe accounts. EMPLOYPJIENT POLICY The School is an equal opportunities enployer. Full and fair consideration is given to job applic8tions from disabled persons and due consideration is given to their training artd employment needs. Consuttation with employees h85 Continued at all levels with the aim of lakir)g their v(ews into aGcount when decisions are made that 8re likely to affect their interests. A fttll $taff suroey of their Yiews is conducted annu81.'y and points raed are discussed 2nd where P08sible actioned. CHARrfABLE OBJECTS The objects ofthe School as set Dut in the Ath"des ofAssoc48tion 8re +0 advance the education of boy5 and giHs by the provision of a sd)ool or schools based on a Strong Christian foundation and tolerant of other f8ith5. The Govemors reg8rd the reference to toleration of other faTths as including tolerdtion of no faiths. They also regard the referenc8 to boy5 and girls as extending to all childrèn, however they hlèntrfy themselve5. In setting the Sthool's objecttves the Gov&mors have given carefijl con5ideffation lo the Charity Commission's peneral guidance on public benefit AIMS AND OBJECTIVES The School provldes education to children 8fkd is committed to providirs young peopk with an education for life In a hanging world. 11 our policy for the School to help pup'.Is achieve their highest academi¢ poiential as well as providing an extra-ourricular programme whith aims lo develop [40n9 inlerests and to help build self-confidence and a desire to contribute to the commLnty. The School awns to play ts part in the wider commtsnity induding maklng facilrties available to selected outside bodies. where possible arKI s(¢bjectto any ptanning Coftstrairrts. The School aims to give means-lested finanaal assistan to the parents of some pupits who rnight othemise find the fLfll fee a limiting factor to gending the4r chitdren to the School. In conjunction with this aim. the School continues lo develop its Design*ed Funds. The SGhool aims to buikl relationships wtth educats.onal estsblK%hments in the Maintained Se¢tor. Whilst the physical development of the School is regulated by the Planni 8uthontiès, the School is consciou8 of its imp8Ct on the local community and remains sympathetic to any relevant points made by them. PRINCIPAL ACTIVITIES OF THE YEAR As already stated, fhe School advan the educatrjn of c4)ildren by fhe provision of a school based upon a strong Christian foundation and tolerant of other faiths. Page 3
BETHANY SCHOOL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENTS AND PERFORMANCE In thè 2023-24 school year there were af) average o13&1 pupils in ihe school lin 2022-23 there were 3491 of whom 62 were boarder5 lin 2022 there wère 671. There were 71 pupils in the Sixth Fomi. Boarding pupils a primarily British, although there were a number from overseas countries and these Yre largely from EuroFe, Africa and the Far East. It is dear that the school's promolion of wellbeing artd happiness strd(38 a chord w¢lh prospecbve parents, coupled with the last ISI inspection re5UIl in Apnl 2023 where the sdiool was ¥ated as Excellent in both academic and other achievernents as well as pupi15' personal davelopment. The whale Bethany wmmunity was immensely proud ol these achievements. As a result, Year 7 intake has been strong wnpared to other GomFeb"tor SGhools against a challenging dimate for all Independent Schools. ThÈ ratio of boyg lo girls MaInS at 2..1. We were (once again) delighted with this yeafs GCSE and A Level results which were terrific and compared very well to 2019 as national results were also compared against :his benchmark. Grades at both A Lev81 and GCSE were well above nalional norn. despite an ability profile at GCSE in line witr the national average and that at A level below. As usual all Df the pupils who ivished to go lo university gained enty to their preferred aS of study. Gwen the breadth of curriculum that we offer ai A Level, we were iaturdlly delighted that our uealive and artistic pupils were On again able to pursue their tslenls in their chosen destinations. Once again, our GCSE and A lev81 pupils were incredibly well supported by our dedicated staff and th8y also wotked exiremety hard in tsndem with ttle pupils, whith enabl&J such great suesseS lo be oblairled. Bethany has int8ntionally kept its rang8 of GCSE and A Level subjeLts broad. so that we can meet the ngeds uf our creative and artistic pupils. We were pleased that we were able to hold our annual chanty walk in September. with pupils raising a record grand totsl of £6.242 for charities nominated by each year gfoup. We also losted our annual 5POrts aftemoon the same monlh. We had our first Open Moming oflhe year in September whth was very Ell attended. Many of tt)e much4oved school events tQDk place Ihis year, for example the Friends of Bethany School lour own busy pants, assoaationl organised a mtsst suc£essful disco for pupjls in Years 7 to 9 in the Assembly Hall in November and a Comedy night in October as well as SLSPPOt1ing the many school events supplyng drinks and snacks for the attÈndees Both the Christmas Concert and ChrKStmas Carol servi were vftll attended. of our 7 year groups had sch()014ased Chtistmas parties before the end oftemi. The Duke of Edinburgh Award Scheme conb.nued apa with 8 record numbÈr of pupi15 taking part at Bronze, Silver and Gold award 18vels. The ntral Christian ethos of the school wtts maintsined with all of ou-, pupi15 attending weekly cttaF61 semces. The professional developMt of stsff conlinueg, with fijrthef sharing of experbse in tetms of IT and MIOsoft Teams, a5 well as the inLroduction of teachers vtdeoing themselves in lessons so that their practicè could be constructively anatysed by both themselves and t4)Ileague5. It is a coninued desire at Bethany to continually improve and evaluate teachin9 and leaming as this maximises thÈ pupils, leaming experiences al Bethany. Sport continues lo be an important part of school life not onty Greating shared passions but also actively promoting team building 8kills. More than ever we are creattng sporting opportunibes, including matches, coached by experts in their chosen sport, lor as many pupils as possible. Resulb are improving as Bethany grows its name in the school sport arena. As always many axcellerit trips look platè across the year ranging from geography fieldwork lo M8th'g challenges b trlps lo theatres for English, Media, RS and Dan as well as the ski trip to Austria, football lour to Malaga, Enrichmerrt we2k including trip5 to eewl Water, Port Lympne, Leas Castle. Hary Pottef Wodd. Bedgebury and Thotpe Park amongst the hiohlights. Trips GulminatÉd with 8 On in a le lime trip lo Tanzania for 12 pupils who had the DPPOrtunily to aid local harities to support local projects induding a bit of much needed rest and recuperation at the end. Two mernbers of stsff gave up three weeks of their summer holiday to accompany the puw'ls on this trp which created lifelong happy memries. Onr* again Bethany has beèn awarded Micr050ft Sh(awc£se stalus" we remain amongsl a small number of schools who have been successful in the applicatson. Project Based Leaming has now been embedded into the Key Slaoe Three cUrrULum. In these projects, pupils locus on the development of learning skills rather than knowledge, so that they undefstsnd why the knowledge they are leaming Is required ift real lifr situats'ons. Our Year 8s wied out a project tc design and cost a vision of the old swimming pool area which Is now filled in followng the building of ile Pengelty PerfOrmafj Cenire. Page 4
BETHANY SCHOOL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENTS AND PERFORMANCE - contlnued On the pastoral frDnt we were delighted to be -TrA,aed the Wellbeing Award last year. Et reflects the school'5 efforts to Support the pupit5' and staff wellbeing. Congratulation¥ SpecifillY go to our Wellness Cer7tre and pastoral teams induding the Dyslexia Learnin9 Support leam for their exceplionalty hard worf¢ in supporting our pupils and staff. Overseas pupi19 also enjoy support WTth leaming English as an Addibonal Language (EALI to enable them to fvlty engage in ou* varied and full (rriculUm. Finally 8 huge number of talented pupils took lo the stage. for the last time in thè Asstsmbly Hail, to give us the whole school production of D2p.rAng Queen. The pmduction was a great SUC$$ all round with the Headmaster quoting 'ttwas, in my opinion, the best School production everf. not bad after so many years at the school. We very much look foward to the next production taking place irk the new Pengelly performan Centre {or PPC for shortl. FINANCIAL REVIEW Th& School principally rdises its ftds from fees and related 8cINib"es and has not engaged in appeats lor many years until recenuy for the new Pengelly PerforrnanGe Centre. Up until now developments have either been financed from surpluses after ordinary expenditure. or by borroviin9 under strict rules to ensure that even in the fa of a significant nats'onal financial crrsis leaduw to a downtum in PLbpiI numbets. the borrowng could be repaid. The School generated total income of £8.76 million during the ye8r12023= £8.12 millionl, of which £8.56 million was general from school fees12023- £7.75 million). Expenditure totalled £8.93 million12023.' £8.44 million) which, in¢luding losses on investments of £76312023- Ioss of £5Qk}, gave a defiryfr for the year of £173k (2023.. deficit of £367k)- Before depCIatiOn the surplus was £358k 12023." £84kl. Mh of the increased expendrture arose from higher energy costs, having come out of a previously favourable deal. plus other inflation and in- arketing. -reas&s in njnning rosts for transport, IT and Total funds at 31 Augusl 2024 were £16.30 millii)n {2023.. £16.47 million). of which £1.55 million were held in the desunated and restricted fund$ (2023: £2.83 mitlionl. Reserves Pollcy The School holds It)tsl unreslricted reserves of £14.75 milwon (2023: £13.64 million), indude tsngible ed assets of £18.44 million 12023.. £13.85 rnillionl aThJ long-tem bank 103lls of £2.14m 12023.. £610kl. Ftxed assets include resiclenti31 properties and, should it be ne¥sary to call upon these. the houses coubj be sold indwidually without delnrrsenl lo the School's operations. The Governors have agreed lo maintain on8 tem's worlh of working c&FKial wherever possible. Investment Powers. Policy and Perfomianea. The Artic1&5 of Association give the Schooi wide invesbnent powers. The School's investments in quoted shares formed part of the Chri¥topher Jackson Fur.d. Rathbones Investrnerrt Management were appointed to manage Ihis investment portfolio for the School. The investrnent in quoted shares was disposed of in the year ended 31 August 2024 to help fvnd the development of the Perfrjnning Arts Centre. Note 15 provides detail of investsnent movements during the year. Invests1 Performan was in line with the Sthool's objectives. Bursary Policy This ye3r the School awarded scholarships, bursaries and discounts of £871k (2023: £760k) which represented 9.50k of gross fee income12023: 10.60/y). In 8ddition. the school provKled some hardship ftjnding for thos- pupils who are paid for in full as part of an humanitarian need. The Govemor5' poficy, in line wlh that of most other independent schoo15, È5 10 award Scholarships based on abilty and buTraries based on need. All Bur8aries are means teste(l on application by an extemal assessment o)mpany. Asset cover for funds Note 26 sets out an analysis of these assets attrtjutsble to the various funds and a desortptÈon of the trusts. These assets are SUffient to meet School's obligations on a fund by fund basis. Page 5
BETHANY SCHOOL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Risk Management The Governors are responsible 'Lor the management of the risks faced by the School. Risks are identified, assessed and ontrols established throughout the year. The Board reviews the full Risk Assessmenl annually in March, and Risk 15 a standing ilwn on the agenda for other Board Meeting5 and 311 Executwe Committee meetings. The Govemors consider the major potential nsks to the School to be". Challenging economic and political environments, including the inlroduction ol VAT on private tuition, adversely affecting pupil numbefs, inflationary impacts and fee level& Loan financing challenges. Impact of financial chaltenges on pupil recTuiknent and tention. Inflationary pressures on rtairt costs_ Competition from both independent and state schools for pupils Ensuring Safe4Juarding and Inspection in an bncreasingly regulated environment. Affordabilty of site developments and improvemènts. The key controls used by the School to mitigats rsks vicbjye: Strategic planning and scenario setting. Comprehensive stralegic planning, budgeting arKI management accounting. Fomi31 agenda for Committee and Board activibe& Detailed Temis of referen for all Committee5. Established organisational structure and lines of repting. Fomial written policies Clear authorisation and approval leveS$. Safer recrurtmenl as required by Saw for the prolection of the vulnerable. stsff training, Child Protection and safeguarding. Robust balance sheet asset rich. Through the risk management proGesses establishe(S by the Sthool, the Govemors are s81isfied that the major risks identFfied have beon adequately mitigated where e$Sary. 11 is recogrised that the systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. COMMUNITY LINKS AND ThE PUBLIC BENEFIT The school continued to improve Tts links the local community. Our Friday aftemoon enrichment programme ensured that the oUe of Edinburgh Awa Sclene pupils a5SiSted the local community in a range of services. A vanety of charities benefittec from fundraksing activities of Bethany pupils during the year. Thesè included.. Marden Foodb8nk. Ma(Jnillan. Jessie's Fund, Connie Medical Chair. Tanzania .anties, R8d Nose Day, PorthlwJht and Save thè ChildretL The Charity Walks supported Mind, Brain Tumour Charity. Demelza Hospi care and Stop the Traffik, We were delighted that our arknual sumrner sehools retumed in Juty arHI Au9usL We continue to offer the use of school facilities for many local s¢hools and cxjmmunity clubs both during the day and in the evenings. induding loaning one of our local schools a bus and driver until their replatsment txts aTTived. having had theiT own one writtèn off in an accident. The School offered 9.5% of its lee income in Stholarships. Tsar1e5 and Fees subsidies. Pupils reiVed Means Tested BuarieS ranging fr(wn 10% awarded to a fv51100Yo for our pupils from war tom counlri&s. PLtpil3 reIved a Sibling Discount (100/01. Pupil3 1Ved Sc*o13rships - Academic. Art, Dance. Drdma. Music, Qkarna Sport and Technology which ranged from 10-20% of fees. Pupil received Services or Clergy bursary (IODA). One teacher and one govemor act as governors foi IoGal primary schools. 65 91 Page 6
BEfHANY SCHOOL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2024 DEVELOPMEwf AND FUTURE PLANS Following the 9ranting of planning permission for the Pengelly Perfr)mianrÈ Centre IPPCI in July 2020, a fundraising appeal, which was sel up in January 2021, had an initial fundraising target of £800,000. Thi5 has been stsrpasl and raising over £1 million to help luftd the construction of the PPC. Construxion was largely completed in August 2024 and il will be operation by September 2024. maintenan was carried out to existing buildings. and this iThJuded trrtjt was not lirnited to... Refurbishment of the Mount boarding house bathrooms. a rn¢je1 inside 8nd deGoratton throvghoul. RepEament astro turf surface Reftjrbishmenl of ys, and girts. toilets near the dining room Origoing refurt)ishmenl of the various restdential properties New boilers in various areas of the site Repair and renewal of many doors and window3. Much needed roof repairs, LED lighting and a rEw gazebo for pupli s. ktndty donated by the FTiends of Bethany SGhool. REPORTABLE INCIDENTS During the y68r there have been no inriderrts whK required nottfication to the Charity Commission. STA TEMENT OF GOVERNORS. RESPONSIBILITIES The govemors (who are asso the directors of Bethany School for Ihe purposes of company law) ate responsible for preparing the Report of the Govemots and the finanaal statements in acCOrd8n vAth applicable law and Unitéd Kingdom Accounting Standards Iuniled Ffjngdom GenelY ACpted Accounting Practiol. Company law requires the govemors to prepare financial statements for each finanoal year which give a true and fair view of the state of affairs of the charttsble oynpany and of the incoming resoUrS and application of resourts8, including the income ard expenditure. of the charitable company for fhat period. In prepariTrJ those financial Statents, the govemors are requi to Sele surtable accounting and then apply them consisterrtty: observe the rnethods and principle5 in the Charity SORP." make Igements and estimates that are reasonable and PrleI., prepare the financial st31ements on the going concern basis unless li is inappropriate to presume that the ¢harilable company wlll wntinue in business. The govemors are responsible for keeping proper araxsunting COrdS lch disdose wifh reagonable accur3cy al any lime thg finanGial posits'on Df the tharitsble company and to enale them to ensure that the fin8naal statements oomply with the Compantes Ad 20Cfj. They are also responsible for safeguarding the assets of the charitable company and hence fortsking reasonable Stsps forthe preventton and deteciton of fraud and other iFregularitses. In so far as the govemors are aware: there is no relevant audtt infornation ofwhth It charitable company's auditors are unavrdre,. and the governors have taken all steps that they OUg.t to have taken to make themselves aware of any relevant audit infomalion and to establish that the auditors are awa of that Informaticfft. AUDITORS The auditors, TC Group. will be proposed for re-appointrnenl at the forthcLMniry Annijal General Meeting. Report of the overnors. incorporating 3 strategi¢ .TPLYL approved by order ot Ihe board of govemor5, as the comFÉny directors. on .. %. .-4W.Hek5Gits.' L¥.. and signed on the boord's behalf by.. Page 7
RÉPORT OF THE INOEPENDENT AUDITORS TOTHE MEMBERS QF BETHANY SCHOOL Oplnlon We heve audited the financial statements of Bethany sthl (the 'chattsble company.) for the ye8r ended 31 August 2024 which comprise the Statement of Finanaal Activilies, Ihe Bafjan Sheet, the Cagh Flow Statement and notes to the financial statemen15, induding a summary of significant accounting policies. The financial rewriing tramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United lfjngdom Generalty Accepted Accounting Practi1. In our opinion. the finana81 statements.. give a true and fair view of ihe 5tste of the chfiritable companrfs afPait5 as at 31 August 2024 and of its illCOTlling resOuS and application of resources for the year Ihen ended" • have been propedy prepared ift accordan with United kngdom Generdlly Apted Accountsng Practice.. and have been prepared in aCCoance with the requirements of the Companie3 Aci 2006. Basls for opinlon We conducted our aud¥t in accordance with Inlemational Stsndards on Auditing (UK) IISAS {UlQl and applicable law. Our responsibilit under those standards are rther described in th8 Audilor5' responsibilities for the audti ol the financial statements section of our report. We are independent of the tharitable company in aCCOFdance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard. gnd we have fulfilled OUT Other eknical responsibilili8s in &crdanCe with these requirwnents. We believe that the audit evidence we have obtsined is s¥fficient and appropnate to provide a basis for our opiniim. Conclusions relating to golng conoern In audtung the financial Ststemeits, we have concluded that the govemors. use of the going concem basis of accounting in th& preparation of the financial statements is appropriate. Baged on tre work we have perfomied, we have not identified any material uncertainties relating to events or conditions that. individually or collectivety.. may cast signifiGant doubt on the charitablg company's ability to continue as a going Goncem frjr a period of at least Iwelve months frc#n when the financial stalements are authorised for issue. Our responsibilibes and the responsibilities of the govemor5 With respec to going rnM are descrlbed in the relevant sections of this report. Other Inforn)ation The governors are SPor¥bIe for the other infomation. The olher information ts)mprises the infomiatyon included in Ihe Annual Report. other than the finanaal statements and our Report of the Independent Aud(tors thereon. Our opinion on the financial statements does not cover the olher infomation and, expt to the extent otheNise expliciuy staled in our report, we do nol express any form of assurance condusion thefeon. In conneth.on with our alit of1he financial statèmen15, responsibilrty is to read the other information and, in doing so, nShIer whether the other Infomation is materially inconsistent with the finanaal Statements or our knomdedge obtained in the audit or othemse appe3rs lo be MateallY misstated. If we idenb.fy such materid inGonsist8noes or apparent material misstatemènts, we are required lo detemiine whether this gives rise lo a material misstatement in the finanGiaS statements themselv. If. based on Ihe work we have pertom)ed. we conclude that there is a material misslatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies Act 2006 In our opinion, based on the woth undertaken in the course of the audil". the information given in Ihe Report of the Govemors for the finatKial year for which the financial statements are prepared 1$ consisnl with the financial st8ternents' and Ihe Report ofthe Governors has been prepared in aCrnrdan wilh apwlicable legal wuirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the thdritable C4)mpany and its environment obtained in the course of the audit, we have nol identified material misstatements in the Report ofthe Govemofs. We have nothing lo pOrt in resFeCt ofthe following matters where the Companies Aci 2006 requires us to report lo you if, in our opinion.. equate aoxunting recurds have not been kept or returns adequate lor our audit have not been received from branches not visited by us., or the f nandal statemanls ale not in aoreement with the acrnunting records 8nd returns., or c2rtain disclosures of govemors. remuneration s*cified Dy law are not made", or we have not received all the information and explan81ion5 we require for our audiL Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BETHANY SCHOOL Responsibilities of govemor5 As explained more fully in the Statement of Govemors. Responsibilities. the gDvemor5 (who gre also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financlal ststements and for being satisfipd that they give a true and fair view. a1 for such intemal control as the govemors detemiine is nesary lo enable the preparation of finanGal statements that are free frrKn material misstatemen( whether due to fraud or error. In preparing the finan81 statements. the govemors are respon¥ibte for assesslng the charitable company's ability to continue as a going ¢onrrn, disclosing, as aFpli(zble, matters related to gging concern and using the going Concem basis tsf accounling unless the governors either intend th liquidate the charitable company or to se operations, or hav& no realistic altemafive but to do so. Our responsibillties for the audit of the financial statements Our objectives are to obtsin reasonable assu-. a.ice about whether the financial statements a5 a whole are free from material misstatement, whether due lo fraud or efrer, and to Tssue a Report of the Independent Auditors thal indudes our opinion. Reasonable assuran¢e is a hKJh ievel of assurance. but is nol 8 guarantee that an audit conductèd in accordance wth ISAS {UKI will always detect a material misststemenl when ri exists. Misst8tem8nts can arise from fraud or evor and are considered material rf. indNidually or in the aggregate, they could reasonably be expected to Influance the economic deoisions of users taken on the basis of these finanal sta%ements. The extent to whith our procedures are Capab of detecting irregularities, induding fraud is detailed below. The objoctives of our audrt. in respect to fraud, are= to identify and asse5S the rtsks Df material misstement of the financi31 statements due to fraud., lo obtsin Sufficient appropriate audit emdence regardin9 the assessed risks of mater81 missiaternenl due to fraud. through designing anrl irnplemer.ling appropriate SponseS,. and lo rospond appropriately lo fraud or 5U5pected fraud ideytified during the aJd However. the primary responsibilty for the prevention and detectio offraud rests Mrith both those charged wth govemance of tbe entity and tts management Our approach was as follows." - We identifièd aa8 of laws Ènd regulatioA5 that could reasonably be expected to have a material effect on the financial statemen15 from our generel comFr.ercial and sector experience. and through discussion wtth the governors and other man8gement las required by auditing standards), and discussed wth the governors and other management the polic4es and proeedures regarding compliance wth18ws and regulations", - We identified the follown9 areas as those most like to have such an effecL. health and safety. General Data Protection Regulation IGDPRI,. frayd., bribery and corL'ption, sthojl in$peclions, keeping childff n safé in education (statutory gUIdan), DBS checks. employrnent law and Kping Chiklren Safe in Education under section 175 of the EdtiOn Act 2002. Auditing standards linit the required audtt prOdUreS to identfy non-compliance with these la8 and regulations to enquiry of the 9ovemors and other management and inspection of regulatory and legal correspondenr2, ir any. The identffjied actual or suspected non-complian was not sufficienly significant to o(tr audit lo result in OLir response being identified as a key audit matter. - We considered the le9al end regulatory framewoths directty applir2ble to the finanaal statements pOrting frarneworf( IFRS 102 and the Companies Act 2006 and the Charilies Act 20111 and the relevant tax Comprian regutations in the - We considered the nature of the charitable ctmpany's operations. the control environment and business performan. We ¢ommunicated identified laws and regulati¢M fhroughout our tsam and remained alért to any indications of non-compliance throughout the audit-, We considered the procedures and controls that the charitsble company has esfabltshed to address risks identilied, or thal otherwise prevent. deter and deteet fraud," an(J how senior management monitors those programmes and controls. B88ed on this understsnding we desi9ned our audit proceduS to identify non-ccfftp11an wrth such laws and regulations. Where the risk was consioered io be hwJher, we perfomied audit procedures to address each identified fraud risk. These prOdre$ induded= tesb.ng manual joumals- revIen9 the financial statement disdosures and testing to supporting documenlation" perfoming analytical procèdures.. ana enquiring of manag)ert and were deslgned to provide reason2ble as$uran¢e that the financial statements were free frotr. traud or ertor. Qwing to the inherent lirnitsb.ons of an aLFdiL there is 8n unavoidable risk that we may not have detected some material misslaternents in the financi81 stalernenls, even though we have proyerfy planned and performed our audit in accordan wfih auditing standards. For examFle, the hjrther Rmoved non-compliance with law5 and regulations {irregularities1 is from the events and tr8nsa*ions reflected in the fir.8ncial ststefflents. the less likely the inherenuy limit prOdre5 required by auditing standards would identify it. The risk is also greater r8garding irregalarities occurring due to fraud ralhef than 8rror, as fraud involv&s intentional concealment. forgery, collusion. omission or MisrepeIatl0ll. We are not responsible for preventing non-wnpliance and cannot be expected to detect non-complian with all laws and regulallons. A further descriptlon of our responÈibililies for the audit of the finanal ststements is located on the Financial Reporting Counal's website at wm.frc.org.uklaudltore5p0n$j1lItieS. This description fomis part of our Report of the Independent Auditors. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ETHANY SCHOOL Use of our report This report is made solely to the charrtable cxpanY'S members. as a body. in accordan ¥th Chapter 3 of Part 16 of the Companles A¢t 20¢. Our audil work ftas been undertaken so that we Tlli9hl state to the charitable company's members those m311ers we are required to stste lo them in an auditors, report and for no other purpose. To the fullest exienl pemiitted by law, we do not accept or assume responsibility to anyone olher than th.e charitsbÈ ¢ornpany and the charftable compan*s members as a body, for our audit worK for this feport, or for the opinions we have fofmed. Mark Cummins FCCA (Senior Slatutory Auditor) for and on behalf ofTC Group Statutory Audilo The Courtyard. Shoreham Road Upper Beeding Steyning Wesl Sussex BN44 3TN Page 10
8EYHAP4Y SCHOC srATEMENTOF RNANC1ALACTmES IINcOIRPOFWs AN INCOAIE A14D ExpeNOITUREACCOUN FQR ThEYeAR ErtDED 31 AUGUST2024 TO INCOmEANDW1Tg1tsFRcII 02nakn ar41e9ti Gift 116Mi4 842& 8.421.34 36M7 7PO.704 161.7 Td a757 .1171# ElTURE0 8gR$37 l.N7 8.84160 3.512 To &011537 8m3.ZJ7 ts 1JS 150.1ur) 11SSJ15J 72rn {IR 27 I12581) i.Kq246 u2753) rth7.311 Totallwts brDuthtforw4rd 14fj41,819 Il47ty158 1IBST.467 TOTALFUNLtsa4RREO FORWA) CONMNUING OPERAnONS Al Irtce loi thÈ otrsodgrfr re9)Eed Ni clthtr(7ThpaWs*AAknp6 are c4sgTtyJ Tr51ateI oFfirnnr41 wlhtr P8Q8 11
BETHANY SCHOOL BALANCE SHEET 31 AUGUST 2024 2024 2023 Noles FIXED ASSETS Intangible assets Tangible assets Investments InvestmEnt property 13 14 15 16 36,219 18,443,091 33,570 13,852,061 1,250,872 650,000 650,000 19.129.310 15.786,503 CURRENT ASSETS Stocks Deblors Cash at bank 24.473 2,816,890 5,055 248 13,750 2,199,387 3.897 829 18 7,896.611 6,110,966 CREDITORS Amounts falling due within one year 20 (6,351,444) 14,997,482) NET CURRENT ASSETS 1,545 187 1 113,484 TQTAL ASSETS LESS CURRENT LIABILITIES 20.674,477 16.899,987 CREDrroRS Amounts falling due after more than one year 22 14,376.916) 1429,8341 NET ASSETS 16 297.561 16470153 FUNDS UnreslriGted funds Designatsd funds EndowmEnt funds 14.745.075 1,551,139 13.641,829 2.826,977 28 TOTAL FUNDS 16,297 561 16,470,153 The financial stalements w2re approved by ttE Board of Govemors and authoii&ed for issue on . and were signed on its behall ty.. M Fenn,- Govemor Reglstered Company number 00624273 IEng18nd and Wales) The notes fonn part ofthese financial statements Page 12
BETHANY SCHOOL CASH FLOW STATEF4EENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flow¥ from operating actTVities Cash generated from operations 3.446,419 373,244 Net Gash provided by operaling activities 3.446.419 373.244 Cash flows from investing activtties Purchase of intan9ible fixed assets Purchase of langii18 fixed a$5et5 Oisposal of tangible fixed assets Sale of fixed asset investments Interest r1Ved Dividends received 16,6601 15,261,038) 139,184 1,250.108 51,803 9.478 {33,5701 {1,656,8491 9,750 2,479 49,365 Net cash used in Investing 8clivityes 3,817.125) 1,594 1371 Cash flows from financlng Actsvlties New loans in year Loan repayments in year Income attributable to endowment Expenditure attributable to endowment 2.137,958 I609.3) (175.020) 22.844 22.136 Nel cash providèd byl(used in) financing athities 1.528.125 174,312 Change in cash and ¢ash equivalènts in the reporting period Cash and cash equivalents at the beginning of the rèporling period 1,157.419 11,395.205) 3,897.829 5.293.034 Cash and cash equivalents at the end of the reporting perlod 5.055.248 3 897,829 The notes fom part ofthe5e finanryal ststements Page 13
BETHANY SCHOOL NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NET EXPENDMJRE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expendlturg for the reporting perlod las per the State¥nent of Flnancial Activities) Adjustments for Depreuation ChaeS Losses on investhents Lossllprofill on disposal of fixed assets Interest renIed Dividends received Income attributable to endowment Expenditure attributsble lo endoNwnent Increase in stocks Increase in debtors Increase in creditofs 1172,5921 1367,3141 531435 763 3,400 151,8031 {9,4781 451,415 49,971 (9.750} (49.3651 {34,68BI 122.8441 22,136 {10,723) {617,503) 3,772 920 11,929.6341 2.263,318 Net cash provided by operallon8 ANALYSIS OF CHANGES IN NET FUNDS At 1.9.23 Cash flow At 31.8.24 Net cash Cash at bank 1 157.479 S,0,248 3 897 829 1.157419 5 055 248 The notes fom part of these fmancial 6tat8ments Page 14
BETHANY SCPIOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CHARITY INFORf41ATION Bethany School is a charitable company limited by guarantee inrporated in England (charity number 307937, company number CMJ6242731 and operats fram its registèred t)ffic Curtisden Green, Goudhursl. Kent TN17 1LB. ACCOUNTtNG POUCIES Basis of preparing the financlal statements The ffinancial statemenls of the charrtable fipany. which is a public benefit entty under FRS 102. have been prepared in accordanGe with the Charities SORP (FRS 102) 'AMunting and Reporting by Chaitttes.. Slatemant of Recommended Pracbte applicAble lo charibes preparing their aetounls in accordanee with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191,. Finan¢ial Reporting Stsada-.d 102 The Financial Reptsrting Standard applicable in the UK and Republic of Ireland, and the Companies Act 20a6. The financial slalements have been prepared under the hisloucal cost convention. wth the exception of investrnents which afe induded at marft value. as modikd by tFE valUation of certasn assets. Preparation of the accounts on a golng concem basis The Govemors consider that there are no material uncertainties alxjut the School's ablllty to continue as 3 going ¢oncem. Statement of cash flows The School's cashtloiv statement reflects the preserrtatson requirements of FR5102. In addition, the cash flow statement reconciles cash and cash eouivaknts whereas under previous UK GAAP the statement reconc41ed to ash. Income All income is recognised in the Statement of FinanGial Acttvities onc8 the school has entitlemenl to the funds, il is probable that Ihe Incon will received and the amount can be n*asured reliably. School fee income is accounied for on a receivable basis and wnsi5ts of charges billed for the school year ended 31 August 2024, less bursaries and allowan$. Fees reiVed for education to be provided in futur8 years are c8rried foM7rd as deferred income. Donations are accounted for On the school has entitlement to the gift, rt is probable that the ino)me wll be received and the amount can be measured reliably. Investrnent Inco Ès aLrlInl forwfrEn it is re1vable and the amount rAn be measured reliably. There are no restrictions on the incoming resou$ ofthe endowment fijnd. Expendire and irrecoverdble value added tax (vat) Liabilities are recosnised as expenditure as soon as there b a I?1 or construclive obligotion committtng the sthool to that expenditure, it is probable that 8 transfer of eo)nomic beneffts wll be required in settlemenl and the amount of the obligation can be measured reliably. ExperKIrf(ure is aecovnled for on an ac£ruals b8sTs and has been classlfied under headings that a9greg8te all Gost related to the e8tegory. Where costs cannot be diredy attributed to particular headings they have b&en allocated lo adwibes on a b3515 consistent the use of resou$. The irrets)verable elanent of value added tax is included wth the item of expense to which it relates. Support costs are allwated lo the cost of raising funds and charitable acb'vilies on the basis of an appropriate apportionment of resour and actsvrties. Governan costs have been allocated in line wth administrab'on Gosts and include those costs a550ciated wlh meeting the constitiJtsonal and statutory requirements of Ihe chatity and include audit fess and costs linked to the strategic management of the School. Tanglble fixed assets and depreciation Tangft)le frAed assets other than freehold land a stateA at cost tess depciali0n. Depreciation 15 provided al rates c8lculale(I lo wrte off the L¥)St less ests"mated rEdUal value of each 88set over ti8 expected usefvl lif8, as follows.. Freehold land is not depciated_ Assets under construction are not depr8ciated until they are avaHable for use. Page 15 conbnu8d...
BETHANY SCHOOL NOTES TO THE FINANCIAL STATEMENTS . contlnued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES - continued Tangible fixed a55ets and depre¢lation Land and buildings Fixtures, ffiltings & eqUipMt Motor vehides 2°h- 4% on cost 20Vfi on st 20% on cost It is the School's polity to eapilalise all items of a pital nature over £5.000. Inv8stmer Fixed asset investments a stated at fair value. Realised and unrealised 9ains and losses are dealt Wtth through the Ststement of Finaneial Activities. Investment property is included at fair valL. Gains anc£ losses a reeognised through Ihe Stalemenl of Financial Activlties. Stoek Stocks are valued at the lower of c1 and net realisable value. after making alkjwance for obsolete and 81ow moving items. Fund accounting Unrestricted SJnds are general funds which ate available for use at the discretion ol th8 Governors in furtherance of the geneTal objedives of the School and which have not been designated for other Pufposes. Designated, Restricted and Endowment lunds can only be used ior partlGular restricted purposes within the objects of the charty. Restridbons arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature artd purpose of each fijnd is induded in the notes to the financial statements. Foreign exchange Assets and liabiliknes in foreign currenGie5 are translated into slerfing at the rates of exchange ruling at the balance sheet ctate. Transactsons in foreign currencies aR Iran51ated into sterling at Ihe rate of exchange ruling at the date of the transaclh)n. Exchange drfferen are deatt with through the Slament of Finanaal Activib"es. Pension costs and other post-rellrement banftfits During Ihe year, most of Ihe teaching stsff were members of the Teathers, Pension Scheme ITPSI, a defined benefit stheme administerèd by the Teachers. Pension Agency. The Teachers, Pension Scheme is a mulli4rnployer pension scheme [ch is u.ifufided. Actuarial va'.uation5 are Carried out on a notional set Df investments. The School left the Teach&r8' Pension sche on 31 March 2024. The School is unable to idenhfy tts share of the underfying Inolionall assets and liabilities of the schem8. Accordingly, under FRS102, the $ce is accounted for as if it were a defined contribubons scheme. The School's contribLrtions, which are in ac(L)rdan with the reryJrnmendations of the Govemment Actuary, are harged to the Stalemenl of Financial Advilies in the period in whith Ihe salaries to whi¢h they relate are payable. The School also conknbules lo personal Fension schemes for other teachers and non-teaching staff. These schemes are defined o)nlribution schemes. The asse'.s of the sctr.ernes are hèld separately from these of the School in independelldy admÈnistered funds. Contributions payable for the year are ¢harged lo the Statement of Finanaal Activtiies. The School h8s no other liabilrtie5 under these schne$. Employee benefits Short temi ernployee benefits including holiday pay a recognised in Ihe Stslement of Financial Activities in the period in which the serwce 15 dered. Termination benefits are aLxounted for on an Accrual basis and in accordance with FRS102. DonaUons ot goods, $ervice¥ and facilities Donated goods, professional se15 and faalities are recc*Jnised as income when the School has control over the item or has received the servi, any COndonS associated the donation have been met, the receipt of the economic benefit from th& us8 01 an iiem by the sthool 18 probable. and that economic benefit can be measured reliably. Page 16 continued...
BETHANY SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTFNG POUCIES - ¢ontlnued Donations of goods, servicEs and facilities On rerAipt. donated goods, professional ServIS and faalrbes are recognised on the basis of the value of the gift lo the Sthool whitri is the amount the Sthool would have been willing to pay to obtain the go¢xls, servi$ or lacililies on the Tjpen marter., a corresponding amount ts then recognised in the expenditure in the period of rsceipt Goods donated for on-going use by the Sthwl in carying out Ils day to day activities a recognised as tangible fixed assets. Operating leases RentsLs payable under operating leases are charged to th& Slatement of Financial Activities on a 8tralght Ilne basis over the period ofthe lease. Debtors Trade and other debtors are recognised at the settlement amount due. Prep3yn*nts a velued 8t Ihe amount prepaid net of any trade disctunls due. Cash at bank avKI in hand Cash at bank and in hand indudes cash and short temi highly liqtjid investments with 8 short maturity of three months or less from the date of acquisition gr opening of the deposit or similararUl Credltors and provisions Credltor5 and proirysions a recognised when the Sthool has a pre9ent obligatvjn resulting from a past event that will probabfy rUll in the transfer of fjjnds to a third paty and trie amount due tts settte the obligation can be measured or estimated rdiably. Creditors and provisions are normally rwnised at their setdemenl amoLtnt after allowng for any trade dismunts due. Flnancial Instruments The School only has financial assets ancf financial ¥billI1eS of a kind that qualify as basic finanGial instwments unclgr FRS102. 88sic )Inancial insinJments are inttsally recognised at transaction value and 5Ltbsequenly measured at their settlernen.. value with the eXption of bank b)ans which are subsequently measured 31 amorh'sed cost using the effective interest method. Critical accounting estirnates and judgements In the appli¢xtion of the School's accounting policies. the Govemors a required lo make judgemenls, esbm8tes and 8ssump110115 about the carrying amount of assets and liabilities that tre not 2llY apparent from other sour. The estimates and a550ciated assumptions a based on histori¢31 experi8nce and other faorS that are considered to be relevant Actual resutts may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estim8te5 are reCognid in the peritsj in which 'the estimate is revised. The Govemor5 do not ojnsider that there are any crttical estimates Of areas of Judgement that need lo be brought to the atterrtion of the readers of the financial statements. DONATIONS ANO LEGACIES Un$t¢t& Jnds Designated fvnds EndovAnent funds Total 2024 Total 2023 Donations 116.824 116.824 255 116.824 116.824 255.274 P8ge17 continued...
BETHANY SCHOOL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 CHARITABLE ACTIVITIES Unrestricted fiJnds C13nated fun(ts Endowment funds Total 2024 Total 2023 School fees Registration fees Bursaries and 5chol?tships Hardship discount Transport income 9,125.757 11.548 9,125,757 11.548 8.241,285 15,184 (870,7201 {123.8321 283,909 217 {5.5391 {870,5031 1129,31 11 283 909 1760,3591 1116.471} 8.426,662 8.421 340 7 588,704 OTHER TRADING ACTIVITIE8 Unrestr,cted funds Designated frjnos Endowment funds Total 2024 Total 2023 Rental income 136 867 136,867 161,755 136.867 136,867 161 755 INVESTMENT INCOME UnrestriL#ed Destgnated nds funds Endowment funds Total 2024 Total 2023 Income from listed inVestsents Interest reiVed 9,478 9,478 51,803 34.688 51.803 51.803 9.478 61.281 Page 18 continued...
BETHANY SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continuèd FOR THE YEAR ENDED 31 AUGUST 2024 EXPENDITURE Stsff Costs Depreciation Other Costs Totsl 2024 Totsl 2023 Ralsing funds Investment rnanagement fees 1.047 1.047 2.512 Total costs of raising funds 1,047 1,04Y 2.512 Charitable activitles Education Teaching costs Welfare costs PremL%8s costs Support costs Finance costs GovernanGe costs (ProfilllLoss on disposal of tangible fixed asset Total charitable activities 2,888.868 247.502 789,527 1,150.651 19,623 401.912 746,559 1,510,240 576,316 63,044 22.706 3.400 3.310,403 994.061 2,811,579 1.726,967 63,044 22.706 3,400 3.153.445 892,011 2,762,011 1,572,000 36.616 26,311 (9.750) 511.812 5.076.548 531,435 3.324.177 8,932,160 8,432,644 Totsl expenditure 5.076.548 3 325 224 8,933 207 8.435,156 G0veMan costs include payments of £16,500 (2023: £15.OCIO) for audit fees and payments of £1.350 12023: £9901 br other nonvaudil servi*s. Net income is ststed after charging £81,090 {2023.' £57,265) to operating lease rentsls included wthin premises costs, f24,218 <2023,. £53,889} to operating lease rentals included within teathing and support costs 8nd Nleregt charged on bank loans of £59,045 (2023.. £28,871) incIjed wtthin finan costs. Of costs relating lo faising fvnds, £1,Q47 {2023.' £2.512} lateS to the d&signatèd ftjnd. Of costs relating to Charitab activthes, £19.62312023'. £19,623) relale5 to the designated fund. SUPPORT COSTS 2024 2023 SuppDrt stsff costs Marketing costs Computer costs Post & stationery Staff welfare & other staff costs Staff recruttmeftt Telephone Overseas recruitrnenl & commission Professional fee5 Travel & subsislence Subscriptions Mis118e0uS wsts 1.150,651 106,387 25.010 40,8Crf) 72.81 g 6.445 16.698 90,246 109,530 3.476 882,816 109,316 96,018 28,541 103,906 68.022 16.315 96,597 14,330 4.495 11 39,033 65,872 32.140 119,504 1726 9S7 1,572,000 P89e 19 continued...
BETHANY SCHOOL NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 GOVERNORS, REMUNERATION AND BENEFITS None of the Governors {or any perSOr Gonnected with th? r1ved any remuneration during this year Dr Ihe PriOT year. Governors. expenses No Govemors were reimbursed for expenses in this financtal pemd (2023" one wa5 reimbursed a total of £121 for travelling expenses). No amounts were due io or from Govemors al Ihe balance sheet date12023". £nill. 10. STAFF COSTS 2024 2023 Wages and salar5 Social security costs Other pen51on costs 3.942,247 381.546 752 755 3.661,203 346.210 599.019 5,076 548 4 606,432 The 8ver8ge monlhly nnber of employees during the yearwas as follows: 2024 43 57 50 2023 43 47 44 Te8ching Administration Welfare and premises 150 134 The number of employees whose employee kenefits lexduding employer pension costs} exceeded £60,000 was.. 2024 2023 £60,001-£70,000 £70,001-£80.000 £80.001- £90.000 £120,001- £130,0 £130,001- £140,000 Contributions totalllng £100.269 {2023= £75.236) We made during the year to pension schemes on behalf of employees whose employee benefits exrj £60,C(Q. The key management personnel of the sdkool are the headmaster. the bursar. the HR manager. the deputy head academic, the pastoral deputy and the director of marketing & admissions. The director of marketing & admlssion$ 18 a new pc6ition in the year ended 31 August 2024. The total ernployee benefits Includlng pension contributions for the key management personnel were £650,11812023-. £552,06SI. Page 20 cor¢tinued...
BETHANY SCHOOL NOTES TO THE FINANCiAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 11. COMPAILITIVES FOR THE STATEMENT OF FINANCIAL AcnvmES FOR THE YEAR ENDED 31 AUGUST 2023 Unre5tnrted fund Designated fund Restrit#ed fiJnd Endowment funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Gift Ald Charilable activities Olher trading acty"vit'"e5 Investment income 216.878 28,027 255.274 28,027 7.588,704 161,755 7.717.020 161.755 49.365 {128,316) Totsl 7,966,536 (93.628) 244.905 8,117,813 EXPENDITURE ON Raising funds Charitable activities 2.512 19,623 2,512 8.432,644 8.413,021 Total 8,413.021 22.135 8,435,156 Net gain5 Qn investments 49,971 NET INCOMEIIEXPENDtTUREI 165.734 244.9D5 367,314 Transfer beeen funds 718.495 1718,495) RECONCILNTION OF FUNDS Totsl funds brought fomard 13,369.819 2.992.711 473.590 1.347 16,837,467 TOTAL FUNDS CARRIED FQRWARI) 13,641,829 2.826.977 1,347 16,470,153 12. TAXATION The school is a Registered Charlty (number 3079371. All activibes are undertaken to fvlfil the primary objeclives of the charty and a Iherefore exempt under Part 11 oflhe Corporation Tax Act 2010. 13. INTAMGIBLE FIXED ASSETS Website COST Al 1 September2023 Additions 33,570 6.660 At 31 August 2024 AMORTISATION Al 1 September 2023 Charge for year 4.011 At 31 August 2024 NET BOOK VALUE At 31 August 2024 36,219 Al 31 August 2023 Page 21 Gontrnued...
BETHANY SCHOOL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 13. IN7ANGIBLE FIXED ASSETS - continued Intangible assets relaie to website development 14. TANGIBLE FIXED ASSETS Fixtures and fittings Assets under nstrucbon Land aThl buitdings Motor vehides Totals COST Al 1 September 2023 Additions Disposals Redassffication 16.516.045 815.989 466.195 176,033 63,200 (27,0001 1,955,575 4,731,643 1119,1841 19,463.642 5,261,038 1146.1841 At 31 August 2024 23,084.079 1.282.184 212.233 24 578 4&S DEPRECiATION At 1 September 2023 Charge for year Eliminated on dpOSaL 4.976.576 342,g27 578.374 143.219 56.631 41,278 S,611,581 527,424 Al 31 August 2024 5,319.503 721,593 94 309 6135405 NET BOOK VALUE At 31 August 2024 17,764.576 560.591 18,443,091 At 31 August 2023 11,539 469 237.615 119402 1,955.575 13 852 061 Inoluded wrthin land ané buildintss is freehold land of £1,700.855 {2023.. £1.591.1761 which 15 not depre¢iakd. 15. FIXED ASSET INVESTMENTS Managed investsnants MARKET VALUE At 1 September 2023 Disposals Revaluations Fees deducted 1,250,872 11,249,062) 17631 At 3q August 2024 NET BOOK VALUE Al 31 August 2024 At 31 August 2023 1250.S72 Hislorical cost.. Al 31 August 2(T24 At 31 August 2023 1,203,027 The loss on investments shovm wthin the Statement of Finanaal Activities of £763 12023.. £49.9711 cx)mprises a reali5ed gain of£76312023.' gain of £1361 on investrnents sold during the year. and an unrealised loss of £nil12023: £50.107) on investments held al the year end. The Sch¢)ol disposed of the Rathbones investment portfolio on 1 December 2023 for proceeds of £1,258.561. The proceeds from sale have been used to fijnd the Perfoffnin9 Arts Centre project Page 22 continued..
BETHANY SCHOOL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 16. INVESTMENT PROPERTY FAIR VALUE At 1 September 2023 and 31 August 2024 650,000 NET BOOK VALUE At 31 Au9USt 2024 650,000 At 31 August 2023 650,000 17. STOCKS 2024 2023 stocks 24,473 13.750 18. DEBTORS: AMourS FALLING DUE VVITHN QNE YEAR 2024 2023 Trade debtors Other debtors Accrued income Prepayments 2.510,472 89,931 24.875 191.612 1,941,352 34,645 129.850 93,540 2 816.890 2,199,387 19. CASH AT BANK 2024 Total funds 2023 Totsl funds Unrestri¢tgJ fvnd Designated funds Endowment funds Operational cash TrAanaged investment cash 4,250,823 803,078 1.347 5,055,248 3.888,430 9,399 Tot81 4.250.823 803.078 1.347 5 055,248 3.897,829 20. CREDITORS: Amoumfs FALLING DUE WttHIN ONE YEAR 2024 2023 Bank loans 8nd overdrafts (see note 24) Trade creditors Social security aTrJ other laxes Deferred income- fees paid in advall of Autumn temi Deferred income- fees paid in advan under Advan Fee Scheme Accrued expenses 50,140 298,311 87,702 745.480 4,492,064 677.747 180,000 656,267 87.018 2.910.995 183,627 979,575 6.351.444 4 997 482 Defeffed income represents fees in advan for future academlc terns or ye8rs. Wherp these fees have been settled under a forrnal fees in advance scheme, these are shown separately frcffi any ripts for AutUTnn tem fees paid in 2023-24 ahead ofthe start of term in 2024-25. Page 23 contirtued...
BEThANY SCHOOL NOTES TO THE FINANCIAL STATEMENTS . continued FOR TrIE YEAR ENDED 31 AUGUST 2024 21. FEES IN ADVANCE BalanrA at 1 September 2023 3.094,622 Fees Teleased during the year 13.094,6221 Fees defenEd during the year 7 526,642 BalancA al 31 August 2024 7 526,642 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Deferred income (see note 23) Bank loans (sea note 241 2,289,Dg8 2,087,818 429,834 4.376,916 429,834 23. DEFERRED INCOME An analysis of the maturity of deferd Income is given belovr. 2024 2023 Amounts relating to tsmis within on& year: DefetTed income 3 094 622 Amounts relating to term5 been one and ivK) years". Deferr8d income - 1-2 years 1 036".71 Amounts rela1tng lo temis between tsvo and five years: Deferred ino)me - 2-5 years 1,184.887 Amounts r8lating to teryns in more than five yeaT5: Deferred income- over 5 years Total- Deterred Income 7 526,642 3.094.622 24. LOANS An analysis ol the maturity of loans is given be14)W- 2024 2023 Amounts falling due wilhln one year on demand: Bank loans 50.140 180,OC)J Amounts f811ing belween one and years: Bank loans - 1-2 years 150.420 180.000 Amounts frdlling due been and five years.. ank loans - 2-5 years 451,260 249 834 Amounts falling due in more Ih4n five year¥.. Bank loans- over 5 years 1.486 138 Tolal: Bank loans 2.137 958 609,834 Page 24
BETHANY SCHOOL NOTES TO THE FINANCIAL STA TEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 24. LOANS- continued The SchoDI was provided with 8 new loan during Ihe year to assist with the development of the premises and, In particular, tre Performing Arts Centre. The totsl loan amount agreed Is £3,610.OW to be drawn dovm in stages. As at the ye%gr end. the total amount drawn down amounts to ,137.958. The bank loans are secur?d by a fixed charge over certain freehold properties. Delails of the bank loans are as follows". Loan- £2,137.958 - interest tharged at 1.50A above base. repayable by 31J03149. 25. LEASING AGREEMENTS Minimum lease payments under nonthcaneellatle ¢Jperaling leases Pdll due as follows.. 2024 2023 Wrthin one year Beeen one and two ye8TS Beeen two and live yea 125,535 109,552 135,325 100.319 85.640 26. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted fvnd Designated fijnd Restricted fvnd Fixed assets Investments Current assets Cuffent liabilities Long term liabilities 17,731.249 650,000 7.02,186 (6,351.4441 4.376.916 748.061 803.078 14.745.075 1.5S1.139 2024 Total fvnds 2023 Tots funds Endowment fund FiY8d assets Investrnents Currenl assets Currerrt liabilitie5 Long lem) liabilibes 18.479,310 650.000 7,896,611 le,351,444} 4,376,916> 13,885,631 1,900,872 6,110.966 (4,997,482) 1,347 1.347 16 297.561 16.470.153 Page 25
8ETHANY SCHOOL NUTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024 27. DESIGNATED FUNDS The income funds ofthe charity include Y)e follomng designated fvnds which have been set aside out of unrestricted funds by the Governots foi spec,fic purFoses.' Balance at 1 Seplember 2023 Income Expenditure Transfer beeen fundg Balance at 31 August 2024 Special projects Hardship fund Christopher Jackson fund 150.000 5,539 2.671 438 150,000 15.5391 9.695 21.433) 1,258,561 1401 139 2.826,977 21,433 1258,561 1,551,139 Designated furKls psent amounls set aside for spaaal proje(ts at the discretion of Ihe Governors. The GDV?rnDrs' agreed lo set aside a hardship fund ID the year ended 31 August 2020. The purpose of this nd as to promde additional fee assSstance to parents were adversely affected by CovKI-19 and it has now beon fijlly utilised. The income in the Christopher Jacson fund iepresenl$ the school's dividend and interest incorne of £9,478 12023.. £34.6881 for investments held as part of the endowment fijnd, bursaries and scholat5hips of £21812023.. 1£11.8441}. The expendlture In the fund compri5e5 £1,047 12023.. £2.512) of investrnent management féÈs. £nil (2023.. £nill of property cos15 and £19.62312023. £19,623} of depreciabon. The Governors, agreed a transfer of ftinds from the enated fijnd to the general fund at 31 August 2024 equIVanI lo the proceeds frorn the sale of the Ralhboftes investhent portfolio. Th15 amounts lo £1,258,561 and il was aged th8t these fvnds would be used for the Perfoming Arts Cenlre. 28. ENDOWMENT FUNDS The income funds o.. the charity ineludè the followng end05nent funds which h3ve been sel aside out of unfeslricted funds by the Govemors for specific PUOSeS.. Balan al 1 September 2023 Income EXpeIlbJ Balance al 31 August 2024 Pernanent endowments Jane Tomkinson Expendable endowmants 1.347 1,347 1.347 Th8 pemianent endowment fuThls comgrise the Jane Tomkinson Art Bursary. 29. EMPLOYEE BENEFIT OBLIGATIONS The Sthool pacipated in the Teathers. Pension Scheme ('Ihe TPS") for its teaching staff. The pension Ehar9e for the year inctudes contribuiions payablè lo the TPS of £290,457 12023". £455,0951 and al the ye8rnd £nil {2023'. £52.893) was accrued in Spect of ntributiO1)S to this scheme. The School left the Tether8, Pension Scheme on 31 March 2024 and now hokls a defined contribution scheme whh RDyal London. 30. CAPITAL COMMITMENTS At the balance sheet date, the school had ¢apital commitments In resped of the Perfomiing Arts Centre lolalling £384.000. Page 26
BETHANY SCHOOL NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 AUGUST 2024 31. RELATED PARTY DISCLOSURES Totsl donations reoived from related parties during the year enderj 31 August 2024 amounted to £8,52412023.' £1,350). During the year under review. £nil 12023". £33,800) Was paid to Looknng Glass Marketing Limtted in respeGt of marketing services. Mr D Shaw. a govemor ?f the School. hold5 shares in Lookin9 Glass Marf(eting Limited. As al 31 August 2024, the Sohool owed the (x)rnpary £nil (2023.. £nill. There werè no further related party transaction5 during the year other than those wth Govemors as detailed in note 9. 32. ULTIMATE CONTROLLING PARTY The Gompany, which is registered in En9 and & Wales. is limited by guarantee and has no Sha caprtal. In the event of the charity being wound up and unable to meet its liabilTbes, each of the Governors undert3ke5 to contribute such amounts as may be required up to a maximum of£1. No Dn¢ party has overdl control ofthe sthool. Page 27