Charity regTrstration numbef J09096 Company reglstratron number 00677794 {England and Wal•$l UPTON HOUSE SCHOOL LIMITED (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
UPTON HOUSE SCHOOL LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Members Of The Board Mrs V Barker Mrs J Gratton MrKDHill Mrs F R Lloyd Miss S E Mason M$ T Nairloo IAr R D L Srnylh Mi R Thompson Dr P M WaiCker Mrs K L Wooldridge Ijwpointed 10 Nov8mber 20221 (Appointed 10 November 20221 Headmistress Mrs R Thornton Chair Mrs V Bather Finance & General Purpo$e$ Chair Miss S E Mason Charity numbor 30909S Cofflpany nUmr OC677794 Registered offi¢e 115 Sl Leonards Road Winrl$or Berkshi SL4 3DF Audltor Azets Audit Servi$ A$h¢ombe Court Woolsack Woy Godalming Surrey GL17 1LQ 8ankor8 Hande18banken plc Independent House William Streèt Windsor SL4 1BA Solicltor8 Farrer & Co 66 Lincoln's Inn Fi81ds London WC2A 3LH
UPTON HOUSE SCHOOL LIMITED CONTENTS Page Members, rewrt Independent 8udito¢$ report 12-14 Statement of finanual a¢thiilies 15 Balan sheet 16 Ststemenl of cash flows 17 Notes to the finanaal statements 18-32
UPTON HOUSE SCHOOL LIMITED MEMBERS, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2023 The Members of the Board. who are also Directors for the purposes of the Companies Act, present their annual report and financial statements for the year ended 31 August 2023 The financial statements have been pr$pared in accordan with the accounting policie5 Set out in note I lo the financial slalemenls and comply with the charity's Arti¢les ofAssoci81ion, Ihe Companles A¢1 2006 and Accounting and Reporting by Challlies.. Slalemenl ol Reeommended Practice applicable to charit$ pparIng their accounts In accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Iieland IFRS 1021. OBJECTIVES, PUBLIC BENEFIT AIMS AND PRINCIPAL ACTIVITIES The object of the charity, in accordance with ils Aiticks of A550cialion. is lo promote. advance and carry out the education of ¢hildren. In the furtheran of this objective. the Directors. as the charity Members, have complied wth the duty in s.17151 ol the Charities Act 2011 lo have due regard to the Charily Comrnission's published general and relevant sub-sector guidanc8 concerning the operation of the public benefit requirement under thatAct. Strategic arm and intended effect The slralegic alm of Upton House S¢hool, forth8 public bBnefit as a charitable independent School. 1$ to provide the best education possible for each child. through a lively, challenging, and broad-based Curriculum and sound teaching methods, provided in a creative and stimulating environment. The $¢hool aims to develop its pupils as courteous. considerate. and well-mannered chtldren through its ethos, values and cb5e wothing relalion8hF with P8rents and the loc21 ccmnmunity. Objectiv88 for thè year Sptcific objectives for the year, predominandy achieved, were.. To main18in high-qualily staff through i)b $2tBfaclion and recruitment of $tron9 candKlales lo replace natural staff lumover To continue to operate 48-week nursery and holiday ¢lub8 to support the needs of our busy. wothng families To bulld on the suctsss el our Open Morning5 and re¢rultment strategy., keeping the admissKtins pipelirvè robust and the sehDoI full To benefit the wider community.. offerin9 broadcasting facilities and advi*ryJ other schools on their planned broadcasting ambitSons To re¢ruit new Governors To consolidate the financial Stability anrl resilience of the School To prèpare for the héadwinds a thange in govemrnent may brfng To fully ernbed digital operations into the school fabrfc To continue to focus and invest in cyber $e¢urity measures To Upda th8 cmIttee$, tams ol reference Prlncipal activlty The prinpaI activity continues to be the piovision of a day school for both boys girls aged 2-11. At the end of the year IheR were 106 boy5 and 204 girls enrolled at the School. This compares to 100 boys and 204 glrls in 20211 22. Bursaries and Community outreach Th8 school supported 1312022 81 childron with bursaries in the year at a lotsl Cost of £77,42612022 £64,05S1. with need assessed by the Bursary Committeè on a maans tested basis. The school transferred £74,61612022 £72,44311o the bursary fvnd lo mept this comrnitment. with the balance remaining in the fund for luture years. Th8 awards induded 412022- 11100% award5 for 1 temi each. The remaining awards We for betseen 40% and 80%. The school enhances the educational exppryence of its pupils by raising awarene of the wodd around Ihem.. by fundraising for local, national. and inlemats.onal charities with donations totalling £6,23712022- £9,3081 in the year.
UPTON HOUSE SCHOOL LIMITED MEMBERS, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Community b8nefit and charitable giving At Harvest we Collected food for the Slough Fdbank and raised money lor the church. Vve colk¢kd 87 East8r Eggs for the Windsor Food Shar& and ra(sed £197 for the 5arne charity via the Beetle Drive last tem. In Summer Ihe Pedal Push and Pre-Nursery and Nursery Coronation Tea Parties rais8d £3.059 an(1 £41 r8sp8clively for Atexander Devine Chlldren's Hospice. Members of tho SLT hosted a meeting with local iesidents. a local Councillor and PCSO 8ullo¢k to discuss speeding on resldential roads local to the school. Uplon's Eco Team grew and sold flowers lo parents with monies raised donated to ¢harity. Form 6 chIldn made bracele15 and earrings which they sold at the Summer Fair and donated the fvnds to charity. chIre voted for an endangered animal and thought of ways to r81se rncney to support the selected species. We worked in conjunction with local residents on local planning proposals, inviting residents into Upton Iof meetings with lea and cake. Upton chIre and the school SUPPDrted the Windsor community on the sad passiThJ of Queen Elizabeth 11. We gifted our ergo rowing machines to Windsor Boy5, School who were extreme gratefvl. In retum WJBS rowing 18am staff kind offered rowing 5es$ions in the future lor ouryear 8 children. Some member5 of Upton staff are Govemors at local stat8 schools. Community rnarketing Uplon 15 part vf the Windsor S¢hools Flower Show which is a largè event in the local community and Uplon encouraged chIren lo enter Ih8ir floral ¢realions. We supported Savills E31ale Agent5 with a sunflower growlng competition. Pietss of childn.$ ath40rk hav8 been displayed in the Craft Coop in Wndsor. The Head of Music Technology wrote a song for the KiTrJ'5 Coronation which was sung by Wfindsor schools. We have 8 strong presenGe in Windsor and $upport local community events and facilities. for example, Forffl 3 wsits Windsor Library. Our Prep children host a Careers Falr every year. inviting a variety of parent5 who rÈpresent a selection ol exaling profe5sion5. Upton established the inaugur81 010 Debating Cornpetilion and hosted 17 schools. This event wa5 live-streamed tg the D10 school community lor thÈirenjoymenl. REVIEW OF ACHIEVEMENTS AND PERFORMANce FOR THE YEAR Operatlonal Perforrnanco Uplon has d8veloped an approach to Open Mornings. delNering 3 virbJal events per year. The live events include minimum of six live presenters with imrnersive and constantly changing and angaging content." Live singing, live 5POrts Outdoo on the netball court and the all-year-round field. In addition. the event provides examples of school play8. m¥sic technology teaching and othef aspects almost impossible to recreate during an onsite visil for all to see. The approach enables prospective par8n15 te visit the school virtually before deciding to visit in person, redung the impact of travel in temis of time and the environment. It also provides the ability for prospective parents to experience the school beyond the three Open Morning events that we provide. The evenl$ provide enough infomiation for the parents to decide whetsr to mov8 to thè next stage of the process with an in-person tour. W811b8in Upton House has an extrem81y strong, nurturin9 ethos, focusing on the wellb8ing of the whole school ccrnmunity. Our Mindfulness Therapist has led parent wolkshops fcr Pre-Nury and Nurs*ry Pants on separation anxiety and sleep. and a workshop for Fomi 6 p8r8nts to 5UPPOrt exam anxoty, whlch In turn b8n8fits the whole family. Year 6 followed a 12-W8ek mindfulness programme to 5UPPOrt them through their senior school assessments. giving them Slrategles for sleep. emotional regulatiun. and tips for reducing anxiety. All cla558$ have a Week wellbeing 185son whirh give$ every the too15 Ihey need to support thelr emotional wellbeing at the appropriate level. Rtgular INSET $ession$ Cover a wide variety of tOPiCS such as trauma, rnental health and menopause.
UPTON HOUSE SCHOOL LIMITED MEMBERS, REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 AUGusf 2023 U lon Mind Upton Minds is made up ef the Nead IMHFAI, our Mindfulness Therapist, two level 3 teachers IMHFAI, Head of Learnin9 Support plus three 18aching staff who have done Place2Be training. The aim of the group is to 8UPPOrt the mental health ol the school community, chire. staff and parents. Through our INSET prcgrarTTrme, bmo membeis of th8 team led a staff talk on trauma and expl¢fing adverse ¢hildhood expernces. Quèstions were circulated to each department to reflect and identify how trauma is dealt with through the curriculum aThJ everyday school life. Neurodiversity Week was tsbrated Ihroughovl the school with assemblies and kssons focusing on how brains and ernotions work differently for diffeienl people. Nab"onal Tnenlal health day5 were lebrated throughout the year including # H8lloY8llow day which raed funds for Young Minds. TheArts and S ort Mu$iG plays an important part of everyday life at Upton.The school ha8 four Choi ihat regularly perform. Children Irorn Year 1 to Y8ar 6. the Staff Choir have performed al numerou5 even15 including Harve51, Prep Carol and East8r services. Our boys and girl$ Sn the Pp Dep8rknenl affj keen lo join the ¢hoirs, orchestra and lake up individual instrumpnts. 80% of our children have one-lo-one music lessons wlh experienced peripatetK Tnu51C teachers and perform in musical assemblies and the popular evening soirée5. The House Music Competition led by the Forffl 6 children was a highlight of the year. with an extremely high stsndard of performanrs. The House Song led by the Form 6 He8d of House is an exciting performance bringing all the Prep children together. The Form 1 Grandparents, Tea Party was a wonderful o¢¢asion where grandparents join their grandchildren for a magical porformance and aftemoon t$a. All children from Forn) 1 upwards partake in LAMDA- we have a 100% pass rate and 88% distinction. The academic year culminates with our whole school rnu5ical, drama and diqital extravaganza. Annually our children are awarded a high number ol scholarships from oulstsndin9 Sonior schools including arL drama. music and sport. Our sporting achi8v&ment8 go frorn strength to strength with great success al NPS swimming. netball. judo and chess. No pool, no probleml Our swim squad trains at Eton and St Geofge's Ascot and finished in the lop ten nationally. Connecting Upton F8milies Uplon broadcasts event5 to the wider Uplon farnily ccffjmunity which indude all dass assemblies. Carol ServKe, Harv8St Festival, Grandpants. Tea Party. House Gym Competition. Musical Soirées. Santa's Groito. Summer Pr¢)duction, Priz8 Giving. Leavers. 8vents. and four Sports Days from Nursery to Form 6. Upton House families have connected from 63 countries and the School has delivered over 400 live-streams. The Surnrner Production Df Mary Popptns was watched in 29 cou15 and by 1,700 Uplon House farnily rn8mb8r5. Feedback froFn Upton families in 2022123 includes.. The vKleo has gone all around the globo and hor grandparents have very much enjayed seoing her I the video Lwing so far away in Australia il is wonderful to see IGranddaughterl I've in a school assembly or sport5 carnival etc. Thank you for the shoul-oul lo us ' Granny and Grumps" trom the das5. Please continu? to stream these events we love Ihem as it brings us c105er to our famil5 lifg in the UK. A wonderful facility which provides extended land distantl familles an insight into school activities which greaY valued- many Ihanksl Truly wonderful musical night 188t nightl John w88 able lo watch IDaughterl from the train and [2nd Dèughlerl was singing along with everyone at home. It'5 50 impressive that Uplon offers thi5 and il¥ very much appreoa18d. So enjoyable and exciling to see it live and then to b8 ats lo re-watch. l am so grateful lo Uplon for providing this StamIng to us that do not live"acros$ the pond.. l am In Lake T8hoe, NV and IGranddaughterl and IGrandsonl ao my amazing granElchildrenl .1 have been ludÉy io r8coive a shout-out in the past...Ihat jU8l made my daylwe&klll It is $0 wonderful that Upton indudes those of us not local. you have helped u5 all be a part of our "babies growing upl THANK YOU Upton lor making our live5 a bit better for including us all!
UPTON HOUSE SCHOOL LIMITED MEMBERS. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 eration5 UptDn has Created aniy delivered an approach to online p8renls' evenings. avoiding pitfalls of in-halllonsite paTrnts' evenings and difficulties with online p8renls' evening sy51ern5. When surveyed, th& final year of parents %vho had experienced on8ile and virtual events over4helmingly voted by more than 860A that they wanted lo continue with the Upton virtual approach. Thi5 service reduces the impact of travel, requirernents for ¢hild¢are. difficulties of navigatin9 meeiings and reduces St$$ compared lo other approaches. Staff also appr&ciate the well-Stru¢tured and Controlled events the flexibility lo extend their bme wrth parents zvoiding th8 'rnid-5entence' cut-olf. which 15 very common with other online parent5. evening approache8. The school has fully moved to the cloud. ffjsulling in full adoption of cloud software. crealing efficiencies for 5ts and pupS1s and capital cost sawngs from the removal of all Servers. In addition. the school is able lo a¢css advanced services and softrrfare that woukl have been financAalty out of reach with on-S¢te system$ for the school. adc Uplon has designed and implernentsd a bfoad¢asting curriculum that cornplirnents ¢r055-¢urricular learning, ènhanang other su'eet areas such as drama and English in Sddition lo life skills such as script writing, graphi and presentation Skills. The children are activety involved live-streaming events themselve5 controlliw cameras, audio and performing vision mixing. Th8 thildren devolop advanced and exlenspie green screen skills. In addition. the children use Al 10 create digital bacdrops and produce (Jigilal footage. The children prcéuced the digital backdrops for the Summer Produ¢tson enabling the performance lo have 30 backdrop change5. Uplon House School broadeasiing prowess continue$ lo attracl inleresi Irgm contemporarws in sector-leading Senior S¢hoo18 who seek lo emulate our ground-breaking su¢ce$$. Our hugely over-subscribed broadcastSng club undertook live control ol our Harvest Fe$tlval from the HO Trinity Garriscn Church, live-streamed to a 1.000 in 19 countrvés (including Bulgaria. Finland and Japanl. They also vlsited Pinewood Studios and partiapaled in workshops from Disney. Sony and the Brit15h Filrn Designers. Guild. ic•nc Following Brexit. increasing numbers of school pupils require a visa to study in the UTrQ Upton House School was delighted to be granted a licence pe119 pupils affected to slu with us.
UPTON HOUSE SCHOOL LIMITED MEMBERS. REPORT {INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 ann our ils for the next sla e in their ourne In the summer of 2023, 29 gld5 left the school to move on to senr schools.. 14 scholatships were awarded. and 63 offers were made. Destination of 2022 leaveis Destination of 2023 leavers 2L12) Icfm6f JJ •••••• :.- 41 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The school tnade an operational sUlUS ot £249.668 12022 £252,261) in the year, whlch after acco¢Jnlng for depreciation 8nd unrealised loss on investments, resulted in a net surplus of £66.69112022- £67,151). Capital expenditure during the year was £114.802 12022 £179,747). which included the cOmpletn of the new changing room. replacement and ienewal of equiprnenl in tho classrooms and the kitchen and the initial phase ol a projèct to rèplace Ilghting in the hall for diama productions. Investsnont powers, policy and performance These are governed by the Articles of Associab"on, whith p8rmil funds to be invested In any manner prowded appropriate advi is taken. The Council of Man8gem8nl keep5 under rewew Ihe investsnent ri8k8 and rewards. The only investments cUrrenY held are those of the designated bursary fund. The school's bursary fund is a designated fvjnd and is held in four investment funds managed by the Charitiès Offi¢lal Investment Fund ICOIFI. wlth a balanc8 held on deposit with the sarne organi$ation. The investments Were valued al £70.734 as at 31 August 2023 and yielded an overall return of 1 % in the year. The valu? of the investment in the COIF Charities Property fund at 31 August 2023 was £11.874. Res•rv•s and ffnancral health At the end of the year. the We restricted reserves of £15 12022 £nill. After the transfer of £74,616 to the designated bursary fund, the balance of unrestricied reserves was £3,384.20412022- £3,295,231). These fund5 are inv8Sted in the school's fixed assets and a therefore not expendable as free fesetves. Free reserves are dèfinèd as rèserves which are felY available and exclude restricted fur$. designated lund$. and any fixed assets.
UPTON HOUSE SCHOOL LIMITED MEMBERS. REPORT {INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 In common with other independent schools, the Counul of Management have invested substantial sums into the school site in recent years and have a tonts'nuing progr8mrne of refurbishment. development. and inve$lmenl to develop and maintain exrkllenl facAlits"es for our pupils. The Re58rv85 PoIY 15 reeWed on an annual basis with due consideration of ri8k$. EQLIALITY, DIVERSITY AND INCLUSION At Uplon House S¢hi>DI we are c(mmilted lo providing equal opportunity for all pupils and slaff. and to providing working environment which is free froffl discrimination, prgjuoice and harassment. W8 encourage respect and consideration for other5 and recogni5e and value the school as a safe place for lesrning. The Staff al Upton recognise that inequalitE5 exist in all levels of society and beIve that, as educators, we have a ¢ru¢ial role lo play in eliminating ra¢ism, Se$M and all forms of discrimination. We can promote equality by dealing with bullying. r8cial abuse and sexism immediately and by educating tt)e young people in our care wilhoul prejudice. PLANS FOR FUTURE PERIODS Consolidate the financial Stability and resilience of the school Prepare for the headwinds a change in government may brin9 Further enhan our broadcasting prowess and reputstion for &xceSlanc8 Fully embed digital operations into the school fabric Continue to focus and invest in cyber s¢¢urty measu$ Focus resources on achieving effi¢Jen¢y gains and best value from all 5upplvèrs and seCe provlders Update the ¢ommittees' tems of referen The CounrAI of Management will continue lo maintain and update Ihe la¢ilitSes of the school as reqr8d. Any funds surplus to operational requirements. and which are not quIred to update the school's faciliti85, be used to WKlen access to the opportuTrili05 offered by Upton House School, andlor us8d to reduce the 5¢hEK)I's borrowng and build up free reserves. The main cbjeclive of th8 Council of Managemont continues to be tha provBion ef the best education possible for all pupils. allobwng them recefve Indlvldual &ttefttn and ¢onsideralion, thu5 enabllng them lo develop at their own pace The strategy lor doin9 Ihis is to maintain high levels of teaching and pastoral care Standards and to provide the b•5t facilit185 P05sibl8. STRUCTURE, GOVERNANCE AND MANAGEMENT Reference and admInI8trav8 infomiation Upton House School Lirni18d is a charitab18 company foundod In 1938 and incorporat8d as a company firnil8d by guarantee in December 1960. Refvrence and adminislralN8 details ar8 Shown in Ihe L8gal and AdminSstralve Information pag8. Qov•rning documont The Company Ss governed by Ils Articjes olA6s0¢iatson dated 23rd March 2011 {as amendod 10th July 20131.
UPTON HOUSE SCHOOL LIMITED MEMBERS, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 The Member$ Tha Members who served the charity as Trust8es during the poriod were a$ follows.. rs V Barker ID,E,F,SI Mrs J Gratton IF,SI Mr K D Hill IB.H.NI Mrs F R Lloyd ID.H.NI Miss S E Mason 18,F,Sl Ms T Naidoo ID.EI Mr R D L Smylh IB,D.NI Mr R Thompson IF.NI Dr P M Wlarwicker18.D.Hl Mr5 K L Wooldrhjge ID,EI Letters after the names Indicate their servitt on our committees denoted as follows B- 8ursary, D- Development, E - Education and Pa51oral, F - Finantè and General Purposes, H - Health and Safety. N- NominatlOn5. S- Salarie5 Governing body The Council of Management regularly vIewS a skills audit of extsting Councl members. The Chair. assisted by the Headrnistress and the Nominations Committee an¢t other Council members as appropriate, seek5 10 identify P05sitile new Council memkr5 to meet any gap5 Identified. Members are elected as members of the Coun¢il al full meeting of the Council of Management. Members, who ar8 also required lo servÈ as Directors of the company under the ticleS of Association. senfe for a lefm of four years and are eligible to $tand for re-ekction for two further lerrns. or, rn exceptional circumstances only. three additional temis. Indemnty insurance Ind•mnity insuranc8 has been taken out in respect ol the membeis. Member trainlng UP0 election to the Courril of M8nagemenl. new members are given acces5 to the Governors, Handbook containing informati¢n relating to the school and its management, which is updated as QuId. New memb8rs are also invited to Spend time with the Chairs ol the Council and the Finance and General Purposes Committee, with tho Headmistress and with the Bursar for indu¢lion trainin9, prior lo aitending their first full Council meeting. On- going training for rnembers is In the form ol updates al Council Meeting5 and to the Govemors, Handbook. together with the offer to attend $pe¢ific training courses and conferences lor governots wn by the In¢orporal8d Association of Preparatory Schools, the Independent SchLK15' Bursars. Associatn. the Indèpendent Schoo15 CounGiI. the AssoUat0n of Governing Bodie5 of Independent Schools. and similar relevant bodies in tha year. Three member5 r8¢eived training from Cr or rnore of these oryani$ab'ons in Ihe year. Organisational management The Council ol Management rn8ets at least three b'me$ a year to d8t8rmine the general policy of the company and ieview ib overall management and Control. The financial managem8nt of the Company 1$ over$een by the Finance and General Purposes Committee. which meets the time5 a year. pDor to ftjll Coun1 mèetings and reports ils findin9S to the Council. The school's fijture developFnent plan is drafted by the Headrnistress and staff and reviewed annually by the D&velopment Commirtee. which meets in January or February and rEports back to the Counal meeting later that temi. There is also an Educalj'on 8nd Pastoral Committee and a Health and Safety Committea. which both meet termly. a Salailes Committee that meets annually and a Bursary Committee and a Nominations Gornrnittee, which rneet as required. The Committ8es' Terms of Reference are bging updat8d. The ijay-to-day running ol Ihe school is dekgated lo the Headmistress, supported by the finance and administrative teams and ether mernbers of the Senior Leadefship Team ISLTI. Tog8th8r th8 six members of the SLT are the k8y rnanagemenl personnel.
UPTON HOUSE SCHOOL LIMITED MEMBERS. REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Remuneration, including that of key managem8nt personnel, 15 set by thè Council of Management, krya the Finan alld General PUoSe5 Committee and the Salarie5 Comrnittee, with the poIY objects.ve of ensuring appropriate in¢entNes to enGourag8 excellent pErforman¢e and in a lair 2nd responsible manner rewarding individual contribufyons to the company's success. The appropriateness and relevance of the remuneration policy is ieviewed annually including refer$nce to comparisons with other independent schools to ensure that Upton House School remains Sensitive lo the broader issues of pay and ernpbyrnent Condit$ elsewhere. The school aims lo recruil subject to experience, 8t the lower to medium point within the scale. providing scope to r8warded for &xc8llencE. Delivery ofthe S¢hool'$ charitable vision and purpose 1$ primarily d8p&ndÈnt upon key managent personnel. StN¢turè and relationships Upton House School 15 an a¢live member of the 1lependentAsyOciaI1an of Prep Schools IIAPSI for the promotion and Maintenan of preparatory school standards generally, and also sub5crib8s lo a numbgr of other bodies relating to education and indep8nd8nl schools. The school co-operates with other local and national organi5alion5 and charitie5 in its efforts to widen publi¢ a¢¢es$ to the edueAlion il &8n provNle and oplimise the use of its cultural and sporting faalities and to awaken in its pupils an awareness of the wider social context ol Ihe educatr'on they receive here. Principal risks and uncortaIn¢S The Council of Managernent, the Finance and General Purposes Cornmittee. reMew3 the 8¢hool's current arKI planned fuluTr activities in It of any tnajor risks arising from time to time. and the effecb'venes5 of systerns and procedures designed lo managÉ them Our risk fegtslar is regularly updated and considered throughout the year by our ccrnmittees. The Council reg8rd$ the major risk to the schoc4 is falling number5 of pupils on roll. The Council notes there has been signfficant improvement ITr pupil numbers frun 198 pupils on roll in 2Q18119 to 310 pupils at the end of the year. The exp8clatron is *hat from 2023124 onwards the $¢hool will remain at Gqpacity. This pupil nurnb8r incr8as8 is as a direct result ol the Council's $lrategic review of operations,. primarily the extending of our Nursery operab.ons to 48 weeks a year, along with the main school operations lo become a fully ¢o- education21 school for boys and girls 89ed 2 10 11 Al the time of writing the school expects to be full in the Spring T•mi 2024. The annual ¢o$l and income budget is set on 8 conservative basis to ensurt that the school would be atile to continue to operate during any temporary r8duction in pupil number5 or super-inflalionary expenditure. In the event that sueh a lall Sn numbers looked Ikèly to bè sustalned. the Councll would look first to wsl re4u¢tson. ffin The Council also considers that failure to recruit or retain the COr¢t calibre of stsff is 8 potential risk lo the success of the schcol. This is Managed through a comprehensiv¢ recruitment pofi¢y and adherence to the guidelines on safer recruitment. cadidateS fvr all roles a put through a rigorous ass8ssmenl and intèrviewèd by thè Head and at least one member of the SLT. New staff rnernbers a mèntored by a mernber of the SLT and, Should there be any concerns, these a addressed prompfjy. The school maintains a register of reliable, high quality supply staff to Call upon should tt)e need arise. The Coun1 oversees succession planning for the senior operational roles in th8 school and a panel of Council members interviews for the most senior positions. ula More likely than when Ihls was first Conside Ihe introduction of VAT on luitK)n fees and the loss of charitable relief on business rates. We have modelled the impact of these possible change5 in legislation and considered our likely response.
UPTON HOUSE SCHOOL LIMITED MEMBERS, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 Having b88n independently inspected in 2021122 and meeting all of our regulalw and compliance obligations, we believe that the risk of regulatory failu is low However, thi5 15 carefully managed by taking advantage of all the inforrnalion available to the 5eclDr the form of updates from the various professional bodies of which the scheol has mambership., by en$udng that staff keep up lo dale with the lalesl developmen15 in educational thinking and practice through attending coul885, reading. and neOrng,. and by employing professional advisers whe appropriate. tational The Council of Management is very ¢onscious of ensuring that the school's excellent reputation is Tnainlained at all tines Any reputstional risk managed through up lo date. appropriate policies and through training to ensure staff behaviour both inside and outside school. parliculady in areas such as soal netrworking. 1$ of the high&sl standard. The school ¢omrllunicates COMphen$veIY with parents aj ha5 an open-door policy lo ensure that aY concern8 that may arise a dealt with promptly The Coun¢U of Management re¢o9nises that the risk to the sd)ool's reputation of a breach of saftguarding regulations would be very damaging and ensures that safeguarding matt£r5 are given the hi9hest priority. The Deputy Head is an eXperIend Designated Safeguarding Lead. and hvo further members of the SLT afe atso Iralned de$i9nated safe9uarding people. The Council ha5 appoinled a M£mr to act as the (Je$49naled safeguarding liaison on its behalf. who rneels the safeguarding team 8t least onc8 a leirn. All the above attend regular training lo ensure that the school has the latest guidance on all safeguarding matters and the school's safeguardlng policy is subject lo regular review end update., including review at least onc8 a year by the lull Council of Management. All staff rec*ve s8f8guarding training on joining the school and reces an annual update. FSn The Council view5 the 5chool'5 financial p0Son as stable al that pupil number5 remain strOg 1th interest In school from prospective p#rent5 remaining high. The Council 15 of the opinion that the school 15 rnakiru 51nng cash surpluses lo seNits our small loan commitment. taken out as a cushion against unfDreseen Covid-related shocks, to invest in our facilities and estate. to continue lo support our bursary programm& and to bts1 a reserve for fvwr? pupils Investment opportunlties for cash surplus to requirements are being investigated. Upton House school Financial Outturn s,o.(X)0 100,ODO 4.500.CQO So,) 3.500,I¥JO 3.GOO.( ISOO,IMM) 150,CrfXII 2.000.(0) 1,500.(KO iioo.0001 i.c.0 1150,0001 5CO.( 1200.0001 2016119 20191?0 2020121 2021122 2022123 In¢ome E.Ypend11ure AIIIIISt¥fl eosts 8orrowing$ remain low, th8 school receNed a low interest governrnent guarantoèd recovery bounce back loan lotalling £80,000 reIved in 2021. with a 6-yeai repayment tsmi which started in May 2022.
UPTON HOUSE SCHOOL LIMITED MEMBERS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 All data and applKations al Upton Hrxjse have b88n rnigraled to the doud lo enable increased security of our network and the school is Insured against a cyber attack. Backups are running in the doud and no longer onsite which cr8ale a fflo re$llnt environrnent and means turn to operation alter an onsite catsstrophe will be much quicker. We believe the weakest point remains the end user and we continue lo undertake regular training of all ernployees. Specrfically. end users are made aware of to remain 8rt lo phishing emails and whal lo do rf they have any concem$'. no matter how slight. We translate our safeguarding mantra th81 if it feels strange il may well be stronge. We also ensure that slaff are trained in dealing with potential phon8, email antt cyber-fraud. Statement of Members. responsibilities The Members of the Board, who are also the dirKtors of Upton House School Limited for the purpose of company law, are responsible for preparing the Members, Report and the finanoal slalements in accordance with applicable law and United Kingdom Accounting Stsnd8rds (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Members of the Board to prepare financial stalernenls for eaeh financial year which give a true and fair view of the state of affairs of the charity and of the in¢oming r880urces and application ol resources, in¢lucling the Income and expenditure, of the charitable Gompany for that year. In preparing these finanaal statements. the Members ofthè ecard are requid to.. sekct suitable accounting policies and then apply them consistsnlly.. - obs•rvo tho m8lhod5 and prin¢ipks in the Charits'es SORP," - make judgements and estimates that are 8$Onabl8 and prudent., and ppare the flnancial statements on the goiw ¢oncBrn basis unle55 1115 apprOPriate to presume that the charity will continue in operation. The Members of the Board are responsible lor keeplng adequate accounting records that disclose with reasonable ac¢ura¢y al any tsme the financial position ol the charity and enab18 them lo ensure that the financial sla18menl$ comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the chaiity and hencè for taking reasonable steps for the prevention and detecllon of fraud and other irregularities. Audltor Azets Audit SeNices were appoinl8d as audknr to the cornpany and a resolution proposing thai they be re- appointed will be put at a General Meeting. 10
UPTON HOUSE SCHOOL LIMITED MEMBERS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Dl$¢lo$ure ol inlomiation to auditor Each of tha M8fflber5 of the Board hav• confinned that there is no inforrnation of which they are aware which relevant to the aud. but of which the auditor is unawa. They have further conllmied that they have lak6n appropriate steps lo hlentify such levant information and to e5tabli$h that the auditor is aware of such inforrnation The Members, report was approved by the Counol of Management. Mrs V 8arker Chair
UPTON HOUSE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPTON HOUSE SCHOOL LIMITED Opinion We have audited the finanGal stat8rnents ol Upton Hj98 School Limited (the '¢harity'l for the year ended 31 August 2023 which MPrIse the 51alement of financial activitie5, the balance she81, the slalement of cash flows and neles to the financial statements. including 5ignrficant a¢¢ounling policies. Th8 finanGial rep¢rting frarnerk that has been applied in their pparatiOn is applicab(e law and United Kingdorn Accounting Standards, induding Financial Reporting Standard 102 The Finantral Reporting Slendard appli¢oble in thè UK and R8publiG of Ire18nd Iunited Kingdorn Generally Accepted Accounting Praclicel. In our opinion. the financial $tatements'. give a tswe and fair view of th8 state of the Charitable Company's affair5 as al 31 August 2023 and of its incoming resourcas and application of resources. including [15 iome and expenditure, for the year then ended., have been property prepared in acxordance with United lfjngdom Ganerally Accepted Accounting Practicg, and have been prePad in &COrdan with the reqU1ments of the Companie5 Act 201A. Basis for opinitsn We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our re5pon5ibilities under thcse stsndard3 are further described in the Audiloffs r95ponsibilities for fh8 audit ol the finanu81 sl8temenls $8elion of our report. We are independent of the charity In accordance with the ethical requirements that arg rdevant to our audit of the fin8nCl statements in the UK including the FRC'S Ethical Standard. and we have fvlfilled our other ethical respon51bilitie$ In accordance with the% requirements. We believe that the audit evKlence we have obtained is sulficient and appropriate to pro¥e a basis for our opinion. ¢on¢lu$lons relating to golng concern In audjting the financial slatemenls, we have Conduded that the Members. use of the going concem basi$ of accounting in the preparation of the financial ststemenls is appropriatè. Bas8d on the woth we have perfonned. we have not Idanlified any material uncertainties relating to events or ndil'ons that, individu8lly or collethvely, may cast Significant doubt on the charity's ability to Gonts"n as a going ncem for a period of at least twglve months frorn when the finanrial slalemenls are authorised for issue. Our Rsponsibilities and the re¥ponsibililks of the Members of the Board with re$poct to going concem are described in th¢ relevant sections of this report. Other Information The other InfoaDn comprises the infoTmaiion Irluded in Ihe annual report ¢th¢r than the financial statements and our audito¢s report thereon. The Members of the Board are respons5ble for the other information wnlain£d within the annual r8POrt. Our opinion on the financial slatarnents does not cover the other information and, except to the extent otherwise explialty Stated in our r&port, we do not express any lorni of assurance Conclusion Ihereon. Our responsibility is lo read the other infofmaticn and. in doing so, consider whether the other inforrnation matellally inconsist8nt with the financial sta18rnenis or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we K1entify such matèrlal inconsistencies or appaient material mEsstatemenls. we a required to detetmine whether this gNes rise to a material misstatement in the financial statem8nls Ihernselv85. If, bas on the work we have perfonr*d, we conclude that the is o material misststemenl of this other infomation, we a reqvired to report that fact, We have nothing to report in thls regard. Oplnlon$ on other mattgrs proscribed by Companies Act 2006 ln our opinion. based on the work undertaken in the course of our audit.. the information given in the Members. report for the financial year for which the financial statsmants are prapared, which includès the directors, report prepared for the purposes of cornpany law. is consislenl with the financial statements., and the diTectors' report induded wthin the Memb8rs' rèport has prepar8d in ac(x)rdan¢8 With applicable 18gal requirements. 12
UPTON HOUSE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE MEMBERS OF UPTON HOUSE SCHOOL LIMITED IAatters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit. we have nct identified material misstatements in the directors, report included within the Members, report. We have nothing to report in respect ol the following matters in relation to whi¢h the Companies Act 2006 requires us lo report lo you if. in our opinion.. adequate accountin9 records have not been kept. or returns adequate for our audrt have not been received from brancho5 not visited by us,. or Ihe financial slalements are not in agr8emenl with the accounting records and returns., or certain disc105ures of trustees, muneratIon specified by law are not made., or we have not received all tt)e information and explanations we require for our audit.. or the Mernbers of the Board were not entitled lo prepare the financial statements in accordan¢e with the small companies regime and take advantage of the small cornpanie5' exemptions in preparing the M&rnber5' report and frorn the requlrement lo pr8pare a strategic roport. R05ponstbilities of Member5 of the Board As explained more fully in the slalement of Members, responsibilities, the MemrS of the Board, who are also the directors of the charity for the purposÈ of cornpany law. a responsible for the preparation of the financial statements and for b8ing satisfied that they give a true and fair view, and for such internal ¢onlrol a8 thè Members of the Board determine is necessary lo enable Ihe prtparation of financial statements that are free from rnaterial mi551alement, whether due to fraud or error In pTrparing the financial $tatement5, Ihe Member5 of the 8oard a responsible for 9558S5ing the charity's ability lo continue as a going concern. disd05ing, as appli¢able, matter5 related lo going concem and using the going concern ba515 Ot accounting unless the Member5 of the Board either intend to liquidate the chaiilable company or lo cease operation5, or have no all$tiC altemalive bul lo do 50. Auditorfs responsiblliti88 forthe audlt ot the flnan¢lal $tat•ments Our objectlV8s are to obtain reasonable assuran about whether the financial statements as a whole afe free from material misstatemtnt. whether due lo fraud or error, and to issue an auditors report that Includes our opinion. Reasonable assurance 15 a h¥h level of assurance bul is not a guarantee that an audit conducted in accordance th ISA5 IUKI will alw?y$ delect a material mi$stalement when li exk81s. Misslatemenls can ansg fr ffftud or effof and are considered mai&rial if, individually or in the aggregate, they could reasonably be expected to influence the economi¢ decisions of users taken on the basks of the58 finanoal 51aternenl5. A further description of our responsibiliti8s is availab on the Financi81 Reporting Council s website at.. http$Jl www.frGory.uklauditor5tesponsibililies. This description forrns part of ourauditors pOrt. 13-
UPTON HOUSE SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED} TO THE MEMBERS OF UPTON HOUSE SCHOOL LIMITED Extent to which the audit was considered capable of det¢¢tlrty Irreyularities. including fraud Irregularities. including fraud. a instances of non4ompliance with law5 and regulation5. We design procedu$ in line with our r8sponsibililes. outlined above and on the Financial Reporting Council's websita, to detect matsrial misstatements in respect of irre9ularplS, including fraud. We obtain and update our understanding of the eniity. fts a¢b"vilies. ils Control environment, and likety futu developments. induding irt 12lalion lo the legal and regulatory framework applicable and how the entity is compIng with that framework. Based on this understancling, we identify and assess the ri5k5 of malerlal misstatement of the finanal statements, whether due to fr8ud or error, design and perfom) audit procedu$ responsive to those rks, and obtain audit evidence that IS sufficient arid appropriate to provide a basis for our opinion. ThK5 includes consideration of the risk of a¢ts by the entity that were contrary lo applicabk? laws and regulation5. induding fraud. In response to the risk of irregularities and non-cornpliano with laws and regulations, including fraud, we de5rgned procedures which included.. Enquiry of managernent and those charged with governano aroun¢J adual and potential lilig81ln and claims as well as aGtual. suspe¢ied and alleged fraud.. Reviewing minutes of meetirys of those charged govemance., A55e55ing the extent of cornpliance wlh Ihe laws and regulation$ Consered lo have a direct material effe¢l the financial staternenls or the operations of the &nlity through enquiry and inspection,. Reviewing financial slalement dL8closiJres and lest(ng to 5UPPOrting doeurnentation to assess CA)mplance with applicable laws and regulations., Pertorming audit work cvei the rfsk of management bias and override of contro15. including tesb.ng of journal entries and other adjustments for appropriateness, evaluating the business rationa of significant transactions outside the norrnal course of business and reviewing a¢¢ounlin9 eslimates for indicators of potential bias. Because of the inherent limbi tions of an audiT, there is a risk that we wll not deteGI all imgularities. inGluding those leading to a mat8rial misstalemenl in Ihe financial ststements or non-compliance with regulation. Thi5 rtsk increases the more that compliance with a law or regulation is removed from the events and transactions rtfle¢led in the financial statements, as we will be less likety lo become aware of instances of nOnMpIr8n¢e The risk of not detecting a material misstatèment re5ulling frorn fraud is highor than for one resulting from erioi, as fiaud may involve collusion. forgery. intentional omissions, misrepresentations, er the overTide of internal control. Use of our report This report is rnade solely to the ¢harilabl8 company's rnemb8rs, as a body, in attordan¢e with Chapter 3 of Part 16 ol the Companiès Act 2006. Our audit woth has been undertaken so that we might sl¥te lo the charitable companys members those matters we are requirtd lo state lo them in an auditorfs report and for no other purp05e. Te the fullest extent permitted by law. wo do not accept or 855ume r8spon5ibility to anyone other than the rbarilable company and the charitable company's mèmbers as a body, lor our audit work, lor this report. or for the opinion5 We have formed. D•bio Saund•rs Bse FCA Isenior StatOry Audltorl for and on behalf of Alets Audit Services 2 April 2024 Cb8rter¢d A¢¢ountants statutory Auditor Ash¢ombe Court Woolsa¢k Way Godalming Surrey United Kirydorn GU7 1LQ 14.
UPTON HOUSE SCHOOL LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 Unrostricted Restricted funds fund$ 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Totsl 2023 2022 Notes ome and endowments from.. Donations and le9acies Charitable activib8$ Inve5ttnenl income Othpr income 2,550 4,283,027 1.481 10,878 754 3,304 4,283.027 1.481 10,878 5.656 3,806.663 618 1.269 1.478 7,134 3.808.663 618 1.269 Total income 4.297.936 754 4,298,890 3,814,206 1,478 3,815.684 enditure on.. Charitable actiwt 4.203.166 739 4,203,905 3,725,372 1,478 3,726,850 Finance costs 12 27.126 27,12fj 18,198 18.198 Total expendilur• 4,230.292 739 4.231.031 3,743,570 1,478 3,745.048 Nel galnslllosstsl on investments 19681 19681 13,4851 13.4851 Net movement In fund$ 66.676 15 66,691 67,151 67.151 Fund balances at 1 Seplernb8r 2022 3.393,015 3,393,015 3.325,864 3,325.864 Fund balan¢e$ at 31 August 2023 3,4$9,691 15 3.459,706 3,393,015 3,393.015 The Ststement of Finan¢ialActiwties indudes all gain6 and losses re¢ogni8ed in Ihe year. All In¢orne and expenditure derive frorn continuing activlles. Th• statement of financial actiwties aLBc complies With the requirements lor an inceme and expendlture a¢¢ount under thè Cornpani85 Act2W6. 15
UPTON HOUSE SCHOOL LIMITED BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 as restatsd Notes Flxed a$8ets Tangible assets Investsnenls 14 15 3,758.408 70.734 3.825.615 71.116 3.829,142 3,896,731 Current assets Stocks Debtors Cash at bank and in hand 26 957,754 380.015 16 978,295 600.908 1.577,203 1.337,795 reditors: amounts falling du¢ wlthln on* year 17 11.783,7021 11.668,0421 Nei curn1 liabilit$ 1206.4991 1330.2471 Totsl as$ots l•$$ ¢urront liabillttes 3,622.643 3,566.484 Creditors- amounts falling due aft•r more than one year 18 1162.9371 1173.4691 Net assets 3.459.706 3.393.015 Incorne funds RestCted funds nrestricted fun Designated funds General unr8Stricted funds 22 15 23 95,487 3,364,204 97,784 3.295,231 3.459,691 3.353.015 3,459.706 3,393.015 The finanaal Statements were approved by the Members OfThe Beard on ... ... .. Mrs V Barker Chalr Company re9btratlon number 00677794 16-
UPTON HOUSE SCHOOL LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Not•s ash flows from operating activities Cash generated from operations 29 342.722 363,7 Investlng actlvlll¢$ Purchase of tangible fL%ed assets Investment income received 1114.8021 1,481 1179,7471 882 N•t cash used in investing activities 1113.3211 1178.8651 Financing activities Repayment of bank loan5 18.8081 143,4561 Net cash used In financlng a£vItIes 18,5081 143,4561 Net increase In cash and ¢a$h •qylvalents 220.893 141,469 Cash and cash equivalents at beginning ofyear 380.015 238.548 Cash at)d cash equivalents at¢nd of year 600,908 380.015 The note5 on pages 18 10 32 form part ol these fInal81 statements.
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounllng poli¢lo$ harity information Upton House School Limitsd is a privato company limited by guarantee incorporated in England and VVale$. The registered office is 115 St Leonards Road. Wndsor. Berkshire, SL4 3DF. United Kingdom. 1.1 A¢¢ounting convention The financial statements have be8n prepared in accordance with the charity's Articles of Assoaation. the Companie5 Act 2006, FRS 102 "The Financi Reporng Standard applicabl8 in the UK and Republi¢ or Iland. C'FRS 102.1 and the ChaDb'e$ SORP 'Accounting and Reporting by CharitEs. Slatem8nl of Recommended Pra¢iice applicable lo charities preparing their accoun15 in accor(lance with the Finanal Reporting Standard applicable in thè UK and RepublSc of Ireland IFRS 1021 The charty is a Public Benefit Entity a$ defined by FRS 102. The finanual statements ar8 prePad In sterling, which is Iha hjncttonal currency of th8 charity. Monetary amount$ in tt)e$e financial statements are rounded to the nearest £. The financial statements have been prepad uncler Ihe historKal cost ojnvenlion. The principal ac¢ounting policie$ adopted are set out below. 1.2 Going ¢on¢or During the year the charitable company made a sUlUS of E66.691 (2022 £67.1511 and had net assets of £3,459,70612022 £3,393.0151 at the balance Sheet date. The Tiustees have as8essed whether th8 use of the going concern bas5 is approprk?le and have considered possible event5 or condition5 that mYJhl cast significant doubt On the ability ol the charitable cornpany lo continue a5 a going conM. The Schoof5 activities, together with the factors likely to affect its future development. performance and position are set out in the Report of the Council of Managern8nt. Pupil number5 remain strong and inler&sl in the School from pr¢$pective f?milies r8main5 hiJh with 84 enquire$ over tt)e last S months and 38 tours of th& school both in petson and virtualty. The School ha$ pwducod fore¢851s and projectlons lor at least 12 months from the date of approval of thèse financial slalernents and these Show that the School has a strong cash flow. After making approprfate enquiries, the Council of Management has concluded that Ihorg Is reasonable 8xpectstion thal the tharitable entity remains financially viable in the long-lerni and il will have adequate r8source$ lo continue in operatn81 8X15tence Icr thè forFseeable future and it 1$ therefore appropriate to prepare thé financial statèments oll Ihe goSng concern basis. On thi$ basis the Council ol Management have conduded that the School 1$ a going concern and Continues te adopt the 90ing COnM basis in preparing Iht finanual statarn•nts. The financial statements do not include any adju5tmenis Ihatwould result frem the School not being able to meet its liabilitses as they fall due. 1.3 charitable fund8 Fees receniable and charges for s8rvice5 and use of premises are a¢¢ounted for in the perd in which the service is prowded. Fee5 recep1ab are stated after deducting allowances, scholarship5 and other MissionS granted by the School. School fee5 re¢elved in advance are tecorded as liabilit18s in the balance shaet and a rtleas¢d to the Statement ef FinancialAclivities in the y88r lo which they r81at8. 18-
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies IContHiuÈdl 1.4 Donatlons and lund accounting Donaiions received for the general purposes DI the School are included as n81cled funds. Donations reslricled by the wish of the donor or the term$ of an app&al are taken to reslricled funds Oonatrons required to be retained as copilal in a¢¢ordance with the dono¢s wishe5 are accounted for as Endowmeftis peimanenl or expendable acwrding lo the nature of the re51riction. Voluntary income received by way of grants 15 included In full in the Statement of Financil A¢livilies when r&c&ivable. Grants. where enlillement is not gjnditional on the delivery of a specific servi¢9, are recognised when the charitable company be¢omes unconditionally entitled lo the grant. Income 15 deferred when the donor attaches conditions outside thè ¢haritable cornpany's control or 5P8crfies that the resource5 a to used a futtjre accountiThJ peried. 1.6 Expenditure Expenditure is allocated lo expense heading8, which aggr8gate all c051s relating to the calegory erther on a direct cost b85is, or apportioned according to lime spent. The irrecoverable element of VAT is included with the item of Èxpens8 to which il r8lates. All costs associated with the provision of education are allocated to Charitable Expenditu. Onty the costs dire¢lly asso¢iated with, or incurr8d 50ky in. Raising Fvnds a allocated to this category. Govemance co$15 compr15e the ¢o$ls of running Ike School. induding strategic planning for its future development, external audit. and all other costs of complying with constitutional and 51atulory requirements. Teachin9 costs such as supJie$ ol gwnes equipmen¢ books, stationery and sundry materials are wntten off when the expendiWr8 18 incurred. No netknng off of exp8n5es and incorne tske5 place within the accounts Un$8 the School has received income from and inCUrd expenses on special fundraising events or activities. Under these orcumstsnces il rnay indude only the net figure in the Stal8menl cf FinancialActwith"es. 1.6 Fund accountln9 All unrestrted funds which are avaiL4ble for use at the di$cretion of the members in furtherance ol the general objectives of the charitable Company, Dèsignated funds ar8 unr8Stricted lund5 8amark•d by the Council of Management for particular purposes. Re$tri¢ted funds are subjected lo resth¢tion on their exFÉnditure inposed by the doncr. 1.7 Tangible red assets Tangible fixad assets are initkqlly [raSUred at cost and subsequently measured at cost or valuation, nel of depTeciation and any inpairment losses. Depreaation is rècognised 50 as to writa eff tha cost or valuation of assets less tpr residual volu9$ ?ver Ihelr useful lives on the following bases.. Freehold land and buildings Plant and Equipment Fixtures and fiitings Motor vehicles 50 years 5% on Cost 15% on c05t 15% on cost The gain or loss arising on the disposal of an as5el is determined as the differen between the sale proceeds and the carrying value of the asset, afid is recegntsed in the statement ol flnanual activities. 19
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounllng poll¢los (Continued) 1.8 Flxed a$$ot Invostmonts Fixed asset inve5trnents are inits.ally measured at transaction price excluding transaction ¢osl$, and are subsequently measu at Yair value al each reporting date using the c1051ng quoted martet prrcè. Chan9e5 in fair value are recognised in nel incomellexpenditurel for the year Transaction costs are expensed as incurr8d. 1.9 sto¢k$ Stock5 are staled al the lower ol cost and estimated selling price less costs to Complete and Sell. Cost comprises direct materials and, Whe applic2ble. direct labour costs and those overheads that have been incurred in bringing the Stocks to their pres8nl location and condS1ion. Items held for distribut at no or nominal consideration are measured the lower ef reprnent cost and cost. Net realable value is the esllmaled 88lling pre kss all 8slirnatod eosts of compleu.on and costs to b8 incurred in marf(etin9. sellin9 and dislribulion. 1.10 Cash and ¢08h equfjvalents Cash 8nd cash equivalents Include cash in hand, deposJ15 held al call with banks, other shOrt-le IKiuid investrnenls with original maturili85 of three months or less. and bank overdrafts. 1.11 Flnancial lTrstrum6nts The charity has elected to apply Ihe provision5 of Section 11 'Basi¢ Financial Instrvm8nts' and Section 12 'other Financial Inslrurnants Is5U&5' of FRS 102 to all of its financial instruments. Financial instruments are recogt)ised ift Ihe chafity's balan Sheet when the charity becomes party to the contractual provisions of the in51ruThenl. Financial assets and liabile$ are offse¢ with the net amounts presented in ¢he finanoal statements, when there is a legally enforceable right lo sel off the cognised amoun¢s and ther8 is an intention to 50tt1• on a net basis or to realise the asset and Settle the liability simultaneously. Bask flnanclal assets Basic financial assets. which includ8 debtor5 and cash and bank balans, are inilia15y measured at Iransaeiion price induding transaction costs and are subsequently c8rri8d at amortisEd cosi using the effective interest method unless the arrangement constilules 8 financing transactien. where the Iransaclion is measurecl at the prosent value of Ihe future receipts discounted at a markèi rate of interest. Financial a55ets Classified as receivable thin one year are not amortised. Ba$le financlalllabllltlos Basic finanoal liabilities. including creditors and bank Poans are initially recognised at transaction pri¢9 unle5S the arrangemellt Constitutes a financing transaction, where the debt instrument is measured at Ihe pre58nt value of the future payments discounted at a market rate of Interest Financi81 liabilities ¢I85sifi as payable within one year are not amorfised. Debt instruments are subsequentty carried al amortised cost. using the effectwe interest rale method. Trade creditors 8r6 obligations to pay for goods or servic8s Ihst have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as Cunt liabilities if payment 1$ due wilhin one year or less. 11 not, they are presented as ron-current li8bilitiè5. Trndo ¢dItOrS are re¢ognised initially at transaction price and subsequently measured at amortiseit cost using the effective interest melhod. Derecognlllon of financ181 Ilaknlffltles Financial liabilities ale deCOgnised when Ihe charity's contractual obllqati0 expire or are di5tharged or cancelled. -20-
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Accounting pollcles l¢ontinuedl 1.12 Employee bonefits The cost of any unused hoSKlay enbtlement is recognised in the period in which the plOYee'S 5ervKes are received. Termination benefits are recogni5ed irnmedi8tely as an expense when the charity is demonstrably committed to terrninale the employment of an ernployee or lo provid8 terrnination benefits. 1.13 Retirement bnfts From 1 September 2022 all teaching staff employed under a contract of service are elvJible lo conlibute lo the Aviva Pension Trust for Independent Schools IAPTISI. The 5cherne is 3 iJefine¢J contribution pen$k)n Scheme. The school also pay5 contributions Into a Group Personal Pension Scheme for Support s18ff. The Scheme is a defined contribution pension s¢heme The assets of the Scherne are held separately from those of the School n an independendy administered fund. The Pension Schefne ¢hargB ffjpresents ¢ontribulion$ payable by tha School in accordance with the rules of the Scheme. 1.14 Lg0s•$ RÈnlal$ payablo under operating lease5. induding any lease tncentives ¢eNed, ate charged as an expense on a straight Ilne basis over the lerrn of the relevant lease. Critical accountiny estimat•$ andludg8ments In the application of the Charitsble company's accountirs policies, the Council is requitsd lo mal(e udgement5, estimates and assurnplions about Ihe carrying Hrnounl of assets and liabilrties that afe not readily apparent frotn other 50urce5. The e51iTDatg$ and a$socialed a8sumptions are based on historical experience and other factors that are considered to be relevant. Actual results may diff8rfrom ffte5e estimales. The eststnates and und8rfying assurnptions are reviewed on an on-going basis. Revisions lo accounting estimates are re¢o9nised in the period in which the estimate is revisad, if the reslo affects only thgt period, or in the period of revision and future periods if the revision alfect5 both current and future periods. In the opinion of the Coun¢S1 ef Managemen¢ the estirnat88 and assumptions which have a signiffcant risk ol causing a material adjustsnent to the carrying amount of asset5 and liabili118s are outlined below. Crftl¢al judgements Us•lul •¢onoml¢ live$ The annual depreciation charge for tangible fixed assets B Sensilnie to changes in the estimated u5efvl economic live5 and residual values of the assets The useful economic lives and residual value5 ara ro- 88sessed annually. They are amended wh8n nec&ssary lo reflect current estimates, based on technological advancement. fulure investments, econornic uts'li5ation and the physical condition of the assets. See nots 14 for the carrying amount of the property, plant and equipment and note 1 7 for the useful economic lives f¢x each c5ass of asset -21-
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Donation5 and legacies Unre$trlcted Restsicted fund$ funds Total Unrestricted Restricted funds lunds Total 2023 2023 2023 2022 2022 2022 Other grants Dtsnations and gifts 754 754 2,550 1,478 1.478 5.656 2.550 5,656 Charltable a¢tivitie$ 2023 2022 Gross fees Less bursari8s, scholarships and discounts Other educational income 4,100,845 3.639,410 1279,6121 1222.0101 461.794 389.263 4.283,027 3,806.863 Other In¢om• Unrtstrieted Unrestricted lunds funds 2023 2022 Rent and lettings 10.878 1.269 Investment incorne Unrestrictsd Unro¥tri¢ted funds funds 1023 2022 DivKJend incorne Inter8St receivable 562 56 895 1,481 618 22-
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Charitable activities Teaching Welfare Pr¢mlses AdmiTr costs Gov9rnan¢• and Estatss 2023 Total 2023 2023 2023 2023 2023 Staff costs Dèpreciation Other 2.371.725 128,633 95.170 253,233 256.917 86.839 214,833 2,755,275 182,009 1,266,621 486,057 289.016 23.482 2.857,782 289.016 475,036 558,589 23.482 4,203,905 Analy818 by fund Unostri¢ted funds Restrided funds 2,857.782 289,016 475,036 557,850 739 23,482 4.203,168 739 2,857,782 289,016 475.036 558.589 23.482 4,203.905 Tta¢hing Welfare Premise$ Admln costs Governance and Estates 2022 Total 2022 2022 2022 2022 2022 Staff costs Depreciation Other 2.132.929 25,594 84,251 93.914 197.455 166.518 87.711 279,731 2,409.292 181,62S 23,020 1,135.933 389.049 246,678 2,521,978 272.272 375,820 533,960 23.020 3,726,850 Anatysis by fund Unr&5tricled fvnds Restricted funds 2.521,978 272,272 375.620 532.482 1,478 23.020 3.725,372 1.478 2.521.978 272.272 375,620 533.960 23.020 3,726,850 Governance costs 2023 2022 Audit of th8 annual accounts Accountancy fees Auditors, remuneratign in relation to prfor perfods 15,000 2,760 5,722 20.230 2.790 23,482 23.020 23-
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 Members Of Th8 Board None of the Members of the Board lor any persons connected with tmI recewed any remuneration or benefit$ from the charity during the year. Details of other transa¢lion$ with Member5 can be found in Note 27. 10 Employ••s The average Fnonthly numb8r of employees during the year was. 2023 Number 2022 NuMr Teaching Premises Support 73 Total 88 78 Employrnent costs 2023 Z022 Wages and salari8S Social security costs Other pension costs 2,292,661 198,689 263.925 2,001,380 162,320 225.592 2.755,275 2,409,292 Key managalnent personnel Include the H88drnislress, Deputy Head, Br$ar and Heads of Departrnents. The total number of key management personnel reIving pay and benefi15 is 812022 81. The lolal pay and benefits received by key management personnel was £425,49412022- £409,800) including pension eontributions. The staft full ltine equivalents in the yearwere 7412022.. 701. The number of employees whose annual r8rnuneration was rnore Ihan £60,000 is a$ follows.. 2023 Nvrnber 2022 Number £60,000- £70,000 £70.001 _ £80,000 £100,001- £110,000 £110,001- £120,(K>O -24-
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 11 Pensivn$ The Schoofs teaching stsff were moved to the Awva Pension Trust for Independenl S¢hooL8 IAPTISI from 1st September 2021. Th& pension charg& for the year includes conlribulion5 payable to APTIS of £184,07412022 £157.9221 and the total pension contribub'ons which We still oulstsnding as al the year end were £23.600 12022 £21.7781. The School additionally operates 8 money purchase Group Personal Pension Schemè. Conlribulion5 on behalf of stsff wlhin this scheme are made to the Legal and General Group plc. The pension charge for the year includes contributions payable lo the Personal Pension Scheme of £79.851 12022 £67.6701. The tot81 pension contributions whKh were still outstanding as al the y8ar end wore £9.16012022- £8,589). Contributions to these 8cheme5 are charg& 10 the Ststernent of FinancialActivilies a$ they fall due. 12 Finance costs Urbrestrided Unr¢stri¢ted fund$ funds 2023 2022 Bank Charges and interest 8ank loan inlertrst Other finance costs 1,202 2.141 23.783 948 826 16,424 27.126 18.198 13 Taxation Th8 charity is ex8mptfrom tax on income and gains falling within section $05 of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable Gams Act 1992 to the extent that these are applied lo its charitable objects. 25-
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 14 Tangible fixed assets Freehold land and bldIngs Plant and Flxtures and Motorv•hl¢lps equlpment fJWngs T¢)tsl Cost At 1 September 2022 Additions 4,695.705 62,737 409,809 1,149.444 52.065 49,175 6.303,933 114.802 Ai 31 August 2023 4.758.442 409,609 1,201,509 49,175 6,418.735 Depreciation and Impalmient At 1 Sepiember 2022 Depreciabon charged in the year 1,313,958 95.170 192,428 20,480 926.149 62,967 45,783 3.392 2.478,318 182,009 At 31 August 2023 1,409.128 212.908 989,116 49,175 2,660.327 Carrying amount At 31 August 2023 3.349.314 196.701 212,393 3,758.408 At 31 August 2022 3.381,747 217,181 223.295 3.392 3,825,615 15 Flxed asset Investments Li$ted InV•sents Cost or valuatlon At 1 Septembèr 2022 Addition5 Valuation chang85 71.116 586 19681 At 31 August 2023 70,734 Carrying amourtt At 31 August 2023 70.734 At 31 August 2022 71.118 18 O¢btors 2023 2022 as restated Amounts falllng due within ort• year.. Fees and extras Prepayments and accrued income 945.691 30.604 917,378 40,376 976,295 957,754
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 17 Credltors: amounts folllng due within one year 2023 2022 as restated Note$ 8ank loans Other laxalion and Social Sewr Fees In advance Fee deposits Trade ¢reditor5 Other creditors Accruals 10.648 47.739 1,359.279 8.900 74.243 95,001 187,892 10,648 42.793 1,273.835 10,100 164,805 89,903 75.958 20 1,783,702 1.668.042 18 Credttors: amouThts falling due aft•r more than one year 2023 2022 Noies Bank loan$ Fee deposits 19 27.295 135.642 35,803 137,666 162.937 173,469 19 Loans and overdrafts 2023 2022 Bank loans 37,943 46.451 Payable within one year Payable aftor one year 10.848 27.296 10.648 35,803 The Sthcol took out a bounce baG* loan with HSBC in Apri5 2022 for £50,QW. The loan tèmi 15 6 ar$ and r•payrnents started in May 2022. The first year of the loan was interest free, thereafter the Inte$1 is charged at 2.5¢A. -27-
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 20 D¢l¢rred In¢om¢ 2023 2022 as r8stst8d Arising from fees in advance 1,359.279 1,273.835 Deferred income is induded in the finan¢ial stslements as follcw5'. 2023 2022 Deferred income is included within.. Fees in advance 1,359.279 1.273,835 Movements In the year". Deferred iD¢orne al 1 September 2022 Released from previous Perd5 Resources deferred in the year 1.273,8 1,170.146 11,273,835) 11,170,146) 1,359.279 1,273,835 D$fvrred incorn8 al 31 August 2023 1.359.279 1,273,835 Deferred in¢ome lateS ¢0 sthool fe&s received in advance for the Autumn lern. 21 Operatlng l•a$• ¢ommllments At the reporting end dale the charity had outstanding commitments for future minirnum lease paym8nts uniler non-cancellable operating leas8s, which fall due as follows.. 2023 2022 Within one year Behveen two and fiv8 year5 18.884 8.186 21,057 20.785 26,870 41,842 -28-
UPTON HOUSE SCHOOL LIAqITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 22 Restricted funds The income fun¢$ of the Charity indude rèstricted funds comprising Ihe folhjwing unexpended balanS of donations and grants held on tru51 for 5pecffi¢ purposes.. Movement in Incomlng resources Movemont in lunds In¢omlng Resources ro8ouwes expended Re50uwce5 expended 18epternbpr 202Z balance at 31 August 2023 Reslricl8d fund 1.478 11,4781 754 1729) 15 The Restricted fund represent$ nursery education funding which was spent on resources and training in relation to early year pupils.
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UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 2$ Capltsl commllments 2023 2022 At 31 August 2023 the charity had capital commilments as follow5". Conlracied for bul not provided in the financial stat8mgnts'. A¢quisiti¢n of property, planl and 8qulpment 52.752 26 Guarantees and ¢ommlbnents The School'5 bank. Handelsbanken pk, holds a fix8d and floatiTrg ¢harye over the undertaking and tll prOrtIeS and assets ot the School. 27 Rglatsd party tran$actlon8 lring the year, parties related lo Iru51ees and senior management personnel were employed by the school to the value of £92,08812022 - £115.9901. During the year the school solicited seNi¢es trom companies controlled by the spouse of a mernber of Ihe senior management team. These services are broken down as follows (further deiails ¢an be found on pages 3 and 4 of Ihk5 report) ital Curriculum £20 374 2022- £3 905 Upton House school delivers Broadcasting as part of the curriculum. the children activety produGe content for other projeGts and activities. Many of the puplls speclallse further as part of the two after school clubs Provided. The children are trained in many aspeGt5 of broadcasting, and they Vlise these skills to run most of the school 5 Iwe stream events, they a responsible for vision mixing, camera control. aud and directing during these events Outside of live events Ihe chIkJ n actively produce content for olher project5 2nd actiwlies including thè sthnmer production. sottware, hardware. mobik devtces, print services. and cloud sorvices. ital O erations £8 295 2022- £10 572 SetViCe5 related to spe(iali$t proj8cts such as the very popular online parents evenings 4s well as otherdvJitsl proje¢l5. Infornialion T8chnolo £23 2022- £32 9 Management and oversight of IT including softrware, hardware. mobile devic85, print seNlces. cloud services as well as the management of 1st through 3rd line outsourced IT serwees. Management of multiple vendors including escalations. Suppcrt to the Senior adership team for any projects that require support from an IT perspective. tal Markelin 2022- £6 Upton House school live streams most ev8nls to families and extsnd famIleS across the UK and th8 globe. To date. extended family members have watched events from over 83 countrEs and the school hes streamed over 400 events. Thest span from dass assemblies lo 18rnly Music Solrtes. Prize Giving. leavers events and the full dJital 5umm8r produ¢tion. In addition. Uplon live strearns from fabulou8 locations around Windsor such as th8 Carol Service and the Harvest Festival from the Garrison church and SpDrts Day8, keeping our families connected to the h0O1. Produ¢liDn and delivery of thrte live virtual Open Momings per year. These events are delivered live with imrnersive content induding live singing and Ilve sports. Prospective panIS are able lo hear dire¢lly from the Senior leadarship taam and there 15 an opportunity for question5 and answers. The content of the event talloied lo flect the season which influences the sports dlsplayed. the sing¢ng and the drama and Mus perlortnances. Other dKJital content 1$ ¢reatsd tc promots Iht school Including Worfd Book day and Jubilee schools. 31
UPTON HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 28 Prioryear restslement The comparative figu$ for lees and extras, recognised in debtors, and fees received in advanTr. reeognised in CditorS due withln one year, have increased by £888.704 as ol the cornparalive year end dale of 31 August 2022. The ojrrenl year equivalent value5 as of 31 August 2023 are £856.839 The prfor year financial statements offset thes8 amounts lo exclude any afflounts latT9 ro the Autumn lerni. However. the year end fees and extras balance Should be reflected on the basi5 01 the Invoice date and the amounts owing at the year end date, gardI¢s$ of the lem) the invoices relate lo, in order lo meet relevant occounting standards. Therefore. the grossing up ol the associated debtor and creditor values are deemed a MO suitable refleolion of the nature of the debtor and creditor balances at the year end. This $tement has had no impact on the comparative Statement of Financial Activities or NetAs$ets. 29 Cash g8n8rated from opgratyons 2023 2022 Surplus for the year 66.691 67,151 Adjuslmenls for.. Investrnenl Incolne Loan interest payable Fair value gain5 and f055e5 on investments DepciatiOn of tangible fixed assets 11.4811 15861 968 182.009 16181 18261 3,485 181.625 Movem&n15 in working capital= Decrease in stocks Increase in debtors Increas8 in cradilors Increase in detsrred inn 26 118,$411 28,192 85,444 1159.1891 168,473 103,689 Cash gen¢rated from 342.722 363,7 30 Anaty818 of ehanges in net funds At I S•ptomb¥r 2022 a8h flows At 31 August 202) Cash al bank and in hand 380.015 220,893 600,908 Loans falling due wthin one year Loans falling due after more than one year 110,6481 135,8031 11Q,6481 127,2951 8,508 333,564 229,401 562.985 -32-