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2022-08-31-accounts

COMPANY N0: 00900240 CHARITY NUMBER: 309105

HOLME GRANGE LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

HOLME GRANGE LIMITED

CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

Page
Chairman’s Report 1 – 2
Directors’ Annual Report 3 – 13
Statement of Directors’ Responsibilities 14
Independent Auditor’s Report 15 – 18
Statement of Financial Activities 19
Balance Sheet 20
Cash Flow Statement 21
Notes to the Financial Statements 22 – 32

CHAIRMAN’S REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

2021/22 has again been another successful year for Holme Grange.

Pupil numbers increased from 622 in September 2021 to 664 for the start of the 2022/23 academic year. Eaton Grange, the area of the school currently being expanded, had 343 pupils in September 2021. Success in recruitment across the school resulted in another good intake for the school for September 2022.

Scholarships and Awards gained by our pupils continue to demonstrate the high levels of achievement our pupils secure across all areas of the curriculum and university destinations of our 2020 GCSE cohort demonstrates the success our pupils continue to achieve beyond their time at the school. Staff continue to seek opportunities to enhance their skills, we continue to engage pupils in reflection and develop them as learners for life.

We had another very successful set of GCSE results continuing with our positive trajectory over the past five years. Students achieved a 97% pass rate with 64% achieving Grades 7 – 9 (the equivalent of the old A – A*). Our results are most pleasing and we are very proud of our students’ accomplishments.

The curriculum across the school continues to be broad and offers all ages a wide range of opportunities in order for them to thrive. Coming out of the Pandemic, Mental Health and Wellbeing of our pupils and staff continues to be a key focus for the School and our work in this area remains a priority and something we take great pride in being recognised for this being strength of our work. Alongside this, our EDI Lead this year has worked reinforce the School’s inclusive cultures. Holme Grange School is committed to maintaining and achieving a detailed set of long-term EDI goals that are backed up by short and mediumterm actions which are focused on all stakeholder groups within the Holme Grange family.

The school made an operating surplus in the year of £1,569,081. This was particularly creditable, reflecting the tremendous efforts of the Head, the Head of Finance and the School team, to present the benefits of the school to potential parents and manage the school effectively. Enquiries to the school increased. There was, in parallel, a continued tight control on costs and efficiency.

Total unrestricted funds stood at £15,615,370. The value of the school’s land and buildings and other assets is £15,433,352. These are owned by the School subject to a bank loan raised to pay for the construction of the new Kitchen/Dining facility. The balance on this loan as at 31[st] August 2022 was £479,936. An additional bank loan was taken out during the previous academic year to fund the construction of the new Eaton Grange teaching block. The balance on this loan as at 31[st] August 2022 was £3,038,854. Including these loans and excluding designated funds of £159,663, free reserves stood at £3,541,145. The directors have a detailed strategic plan for the School. An operating surplus is, of course, essential to enable the school to develop. A large proportion of this surplus has been spent on capital projects to enhance the school’s facilities. It is felt that cash balances at year end are sufficient to meet the school’s on-going commitments and development plans.

Some of our capital projects have been supported by funds raised by the Parents’ Amenities Association (PAA). A high proportion of the school’s parents support the PAA’s functions which have slowly started to be reintroduced after the Pandemic, but, as always, there is a small committee that works very hard to make things happen. Our sincere thanks go out to them.

Holme Grange strives to develop the whole child, ensuring academic rigour whilst providing opportunities across a vast array of subject areas. All students are encouraged and supported to attain their maximum academic potential whilst also being encouraged to develop sporting, musical, technological, art and drama prowess, both within the curriculum and at an individual level. Holme Grange is particularly focussed on cultivating social skills through communication, support and mentoring, both within and between age groups, to equip pupils for the challenges of the future.

Page 1

CHAIRMAN’S REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

The School Governing Body, alongside the Headteacher and her leadership team, continue to work strategically to secure an excellent education for all pupils attending Holme Grange. Our school has been extremely successful and currently offers a unique educational experience, the quality of which is acknowledged by those who visit and assess the school. The success of the school expansion continues to exceed expectation. Open Morning enquiries and registration for places confirm that the business decision to provide more places at the secondary phase was an accurate one for the longer-term future of the Holme Grange, and affirms the accuracy of the research carried out with regard to the potential demand.

Our Headteacher is outward facing, Chairs committees within the world of education and, alongside the Deputy Head, is also an ISI inspector. This supports the need for us as a school, to learn from, and share best practice which supports the maintenance of the highest of standards across all aspects of school life.

The staffing structure is constantly under review to ensure we meet the demands of a growing school.

None of the school’s success could have been achieved without the huge devotion of the school’s Headteacher and staff – across all roles. Every member of staff at Holme Grange seeks to support and engage with pupils on a daily basis. The Governors join me in giving a huge vote of thanks to all those in the team who have made Holme Grange one of the most sought-after schools in the area.

Susan Northend Chair

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2022

The Board of Directors present their Annual Report for the year ended 31 August 2022 under the Companies Act 2006, thus including the Directors’ Report and Strategic Report under the 2006 Act, and the Charities Act 2011, together with the audited financial statements for the year. The Board confirms that the latter comply with the requirements of the Companies Act 2006, the Company’s Memorandum and Articles of Association and the Charities SORP 2015.

DIRECTORS’ REPORT

REFERENCE & ADMINISTRATIVE INFORMATION

Holme Grange Limited is a charitable company founded in 1967, Charity registration number 309105, Company registration number 900240 with the liability of its members limited to £1 each by guarantee. The registered office and principal address of the company is Holme Grange School, Heathlands Road, Wokingham, Berkshire, RG40 3AL.

Directors

The present Directors of the Company, who are also the Charity Trustees and the Governors of the School, and also any ex-Directors who served during the year as indicated, are:-

Mrs S Northend, Chair 1
Mrs D Lynch, Vice Chair 3
Mr R Blyth 3
Mr S Crew 1, 2
Dr K Gordon 3
Mrs C Lynas 3
Mr R Sims (Appointed 06/06/2022) 1
Mr T Marriott (Resigned, 09/03/2022) 2, 3
Mrs S Rose (Resigned, 09/03/2022) 1, 3
Mr L Clarke 3

1 Member of the Finance, Administration and Estates Committee 2 Member of the Marketing Committee 3 Member of the Education and Welfare Committee

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Key Executives and Professional Advisers

Key Management Personnel: Headteacher: Mrs C L Robinson BA, PGCE, NPQH Deputy Head: Mr M Jelley BA (Hons), MEd, PGCE Head of Finance: Mr A J Cook BA (Hons), MA

Other advisors:

Bankers: National Westminster Bank plc 5 Broad Street Wokingham Berkshire RG40 1AX Solicitors: Clifton Ingram LLP 22 Broad Street Wokingham Berkshire RG40 1AX Auditor: Crowe U.K. LLP Aquis House 49 – 51 Blagrave Street Reading RG1 1PL

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by its Memorandum and Articles of Association, last amended on 24th June 2020.

Governing Body

The Directors, who are also required under the Articles to serve as members of the Company, are elected at the Annual General Meeting of the Company. They may also be appointed at other full meetings of the Directors but only retain office until the next Annual General Meeting when they shall retire but be eligible for re-election. At every Annual General Meeting, one third of the Directors shall retire from office but be eligible for re-election. Those to retire shall be the Directors who have been longest in office since their last election or appointment.

Trustee-training

New Directors are inducted into the workings of the School, and also of the Company as a registered charity, including Board Policy and Procedures. The Board is a member of the Association of Governing Bodies of Independent Schools (AGBIS) and takes advantage of training sessions provided by the organisation when appropriate or of others such as the Independent Association of Preparatory Schools (IAPS) and the Independent Schools Association (ISA).

Organisational Management

The Directors meet as a Board at least three times a year to determine the general policy of the Company and review its overall management and control, for which they are legally responsible. The Head and Head of Finance also attend these meetings together with the meetings of the Finance, Administration and Estates Committee.

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Organisational Management (continued)

The Finance, Administration and Estates Committee (FAEC), chaired by Mr S Crew, meets formally in such a way as to review all financial and business administration aspects of the School, making recommendations to the main Board to consider at their main termly meeting. Individual members take responsibility for specific aspects and less formal meetings take place as the need arises.

The Marketing Committee, chaired by Dr K Gordon meets as required to formulate a publicity and marketing strategy for approval by the Governing Body and to oversee its implementation. Its goal is to maintain pupil recruitment, and to present the image and ethos of Holme Grange School appropriately. This Committee also assists the Head in promoting good relationships with parents and the community.

The Education and Welfare Committee, chaired by Mrs D Lynch, meets as required to approve the school’s curriculum policy and to monitor standards and implementation of changes to the School curriculum. During each meeting, members of the school staff report to the committee on various developments and progress within the school. This Committee considers and advises the Governing Body on standards and other matters relating to the School's curriculum and curricular issues which have implications for finance and personnel decisions. It makes appropriate recommendations to the relevant committees or the Governing Body.

The day-to-day running of the School is delegated to the Head, Deputy Head, Head of Finance as the key management personnel, who in turn are supported by the Senior Management Team comprising the Head of Eaton Grange, Head of Pre-Prep, Head of Prep, Head of Pastoral Care, the Head of Estates and Facilities and the Head of Administration, Communication and Strategy.

The Head and Head of Finance attends all meetings of the Governing Body and the Committees.

The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the Company’s success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

We aim to recruit, subject to experience, at the lower to medium point within a band, providing scope for rewarding excellence. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

Group Structure and Relationships

The Head of Holme Grange is an active member of IAPS whose objectives are the promotion and maintenance of preparatory school standards generally. Since expanding the age range of the school, Holme Grange is also an associate member of ISA.

Holme Grange School continues to be involved in the local community and beyond. Details appear in the “Charitable responsibilities” section of this report.

The School is supported by the Parents' Amenities Association, which plays a key role in involving parents in the ‘Holme Grange family’. It organises regular social events involving all parents, and raises funds for projects chosen in consultation with the Head and Governors.

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

The Object of the Company, in accordance with its Memorandum of Association, is to establish a school or schools for the education of boys and girls, to provide instruction of the highest standard and for the school or schools to be carried on as an educational charity.

Strategic Aim and Intended Effect

The School’s strategy, in pursuit of its object, is the attainment of the highest academic levels in keeping with the ability of each pupil, whilst allowing pupils to benefit from a very full extra-curricular programme, which is available to all. This is intended to challenge and develop their abilities and academic potential, and promote wider interests in life so that they are well motivated and prepared for a successful outcome throughout their educational careers and beyond.

Principal Activity

Holme Grange's principal activity continued to be the provision of a Day School for 3-16 year old boys and girls. The incorporated charity (Charity registration number 309105, Company registration number 900240), is incorporated and domiciled in the UK. The address of the registered office is Holme Grange School, Heathlands Road, Wokingham, Berkshire, RG40 3AL.

STRATEGIC REPORT

Objectives for the Year

The Board's main objective continued to be to educate all the School's pupils to the consistently high standard achieved by the School in previous years, across academic, personal and social development.

STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES

One strategy for achieving the objectives of the school is to maintain a favourable teacher-to-pupil ratio, and structuring the education provided to suit pupils’ individual needs and abilities. We invest heavily in staff development and have a successful school.

The Governing Body agreed that a number of major projects would be considered within the revised strategic plan, subject to available funding. Over the past years, all areas of the school have had some refurbishment to different degrees with the aim of providing outstanding facilities to support teaching and learning at each stage of a child’s development. Governors met with the School Senior Team in the autumn of 2021 to review the strategic direction of the school and set objectives for the next cycle in the School Development Plan.

ACHIEVEMENTS AND PERFORMANCE

Operational performance of the School

Holme Grange was judged to be Excellent in all areas of the school’s operations in the last full ISI Inspection. This achievement has been greatly fostered by the selection, retention and personal commitment of high-quality leadership and staff. In January 2018, the school had a Compliance Inspection and was found to fully meet the relevant compliance standards across the whole school, including the separate Early Years standards.

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Notable Achievements

  1. The School is recognised as a leader in its field and is visited by other schools as an example of best practice and both the head and some staff have been asked to deliver training and speak at conferences.

  2. At Holme Grange all we ask is that pupils be the best version of themselves that they can be but I think it is easy to over focus on being the best, and neglecting the more important element of that which is “being the best version of yourself“

  3. At Holme Grange School there is a commitment to become a greener and more sustainable community

  4. We are the first school to be awarded Gold standard for our work on sustainability and have approaches regularly to ask us to share our practice

  5. Our Sustainability Lead has written a scheme of work for Y9 – the Climate Bravery Course – and we hosted a sustainability conference for state school headteachers where pupils led some of the sessions

  6. Our Mock Cop in October was inspirational and students engaged, in role, taking on the role of representatives from different countries. They showed very mature research skills and communicated their thoughts, argued their case and felt quite passionate about finding solutions and seeking help to do so

  7. We were a finalist in the Muddy Stilettos Awards for the Most innovative Sports Programme, 8. Runners Up for our Excellent Pastoral Care

  8. We were shortlisted for the Independent School of The Year 2022

  9. This year we started the school Parliament with a Learning, Service, Sustainability and Well Being Council coming to Parliament to put forward their proposals to be included in the School Development Plan

  10. Pupils have engaged in wide-ranging dialogue about our values, the individual strengths of our school, and crucially what we should share of each other. As part of these discussions and in their wider engagement, peoples across the school constantly articulate a clear desire to make a positive change

  11. Our School Parliament - is still evolving and will continue to do so, but the key element of this parliament is that it gives pupils a voice in key areas of school life, and their development. It gives them an opportunity to reflect on the core elements of our school and discuss how they would like to see things develop and why.

  12. Turning hopes and aspirations into reality takes time and patience, it also takes a very particular set of skills. Whether it is by encouraging kindness, empathy, debate, oracy, teamwork, or the important placed on our internal democratic processes such as school our school parliament and giving pupils a voice, the behaviours which lead to change can be identified promoted and modelled.

  13. If we can foster and embed these skills, the impact within our school community and on the broader stage later in people’s lives in their own communities and workplaces, this will be transformative. A community of changemakers. That feels a laudable aim for our school

  14. Every child has stood up, addressed their inner fears and presented themselves on stages –

  15. a. From nativities to class assemblies,

  16. b. From Trinity performances to drama competitions.

  17. c. From showcase productions of ‘Snow White and the Seven Jockeys, and the performance of Peter Pan.

  18. d. From instrumental solos to representing their class in the school parliament

  19. e. From grandparent’s day to Harvest Festivals

  20. f. …and so much more .

  21. On the sporting field, children have represented us in sports as diverse as:

  22. a. skiing,

  23. b. hockey,

  24. c. football,

  25. d. swimming,

  26. e. netball,

  27. f. cross country,

  28. g. athletics, judo,

  29. h. rugby,

  30. i. cricket,

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Notable Achievements (continued)

We are proud to have gained regional, county and national recognition in teams and individual sports and we had two pupils travel to the Spain for the Dance World Championship only to be awarded, 2 gold medals, one silver and one bronze as part of the Team England.

We have competed across the country at venues including:

Charitable Responsibilities

In agreeing and setting objectives the Holme Grange School Directors, as charity trustees, have continued to comply with their duty in the Charities Act 2011 to have due regard to the Charity Commission’s published general guidance concerning the operation of the public benefit requirement under that Act.

The Board is now able to support some pupils joining the School from elsewhere through its Bursary Scheme. This provision is available on a needs basis with the Head and the Head of Finance compiling an academic and financial assessment of each case for consideration by the FAEC. As in previous years an appropriate amount has been set aside to support children through means tested bursaries.

The School fulfils its charitable responsibilities.

The School is engaged in a multifaceted partnership with our local state primary schools which includes:

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

The school actively engages in charitable work in the local community (see examples below) which benefit not only the community but those pupils engaged in the work by developing social responsibility:

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

An operating surplus of £1,569,081 was made in the year despite a continuing difficult economic climate. This reflects the achievement of a substantial increase in the school roll as well as prudent financial management throughout the operation. The surplus has allowed the Board to undertake significant capital projects to enhance and maintain the School’s facilities. With the generally held view that growth in the UK economy will continue to be slow for the next year or so, our forecast for 2022/23 indicates that a surplus will be achieved in the current year enabling further development of the school’s facilities and continued preparation for children up to the age of 16. The Board remains optimistic about the medium-term outlook.

Reserves level and policy

Total unrestricted funds stood at £15,615,370. The value of the school’s land and buildings and other assets is £15,433,352. These are owned by the School subject to two bank loans raised to pay for the construction of the new Kitchen/Dining facility and the new Eaton Grange teaching block. The balance on these loans at the 31st August 2022 was £3,518,790. Including these loans and excluding designated funds of £159,663, free reserves stood at £3,541,145.

The Board closely monitors the Company's performance to ensure that free reserves remain adequate to cover the School's working capital requirements and to provide a degree of contingency protection in the event of an unexpected revenue shortfall.

The Governors consider that free reserves of at least £1,500,000 are required in order to cover the risks and uncertainties of operating as an independent educational establishment.

The long term policy is therefore to return to building up reserves out of annual net incoming resources until that level is reached, subject to the prior demands of further capital expenditure to equip the School with the up-to-date facilities needed to maintain the standard of educational services currently provided.

FUTURE PLANS

The Board reviews its Strategic Development Plan annually, prioritising and selecting items to be brought forward as part of the current Action Plan. The key objectives within the current Plan are:

  1. To maintain an outstanding provision for pupils from 3 to 16, to be a leading provider of excellence at all stages of a child’s life in the school, within the Wokingham area up to GCSE.

  2. To formulate strategies to improve the quality of teaching and learning in order to raise achievement across the spectrum of activity. This requires focus on:

  3. a. Developing Intellectual Character

  4. b. Promoting independent learning

  5. c. Developing departmental and school wide strategies for nurturing and stretching the highest achievers

  6. d. Improving the rigour, consistency and effectiveness of assessment , monitoring and tracking procedures and systems to support learning, and the understanding of these procedures on the part of staff, pupils and parents

  7. e. Reviewing the use of effective target setting

  8. f. Ensuring that CPD supports the fulfilment of the school priorities as far as possible

  9. g. Sharing best practice within and between departments through peer observations and liaison with other schools

  10. h. Implementing strategies to ensure that pupils fulfil and go beyond their potential

  11. To develop departmental practice to ensure that all academic departments maximise their aspirations by formulating a clear strategic direction for departmental improvement and development, consistent with whole school priorities.

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

FUTURE PLANS (continued)

  1. To establish a vibrant culture of departmental promotion, to develop existing frameworks for celebrating pupil success both in and out of school and within the wider community, and to promote staff well being.

  2. To continue to strengthen the pastoral systems in place, ensuring staff work together to raise pupils aspirations and achievements, in partnership with parents.

  3. To review the School’s curricular and extra curricular provision, the time allocation for subjects, the structure of the school day, and the extent and breadth of enrichment opportunities with a view to establishing the distinctive nature of the school and its educational proposition.

  4. To support all members of staff and the School community in becoming proficient, confident users of IT so that they can develop the skills, knowledge and understanding which can enable them to use appropriate resources effectively as tools for teaching and learning.

  5. To develop the School curriculum at all stages, and links with other schools and organisations in order to deliver an effective, broad and rich experience for our pupils.

  6. To formulate a coherent, cogent marketing strategy for the school, optimising and developing recruitment and retention strategies, and to devise strategies for attracting pupils to the secondary years and to the Little Grange Nursery at age 3.

  7. To develop and nurture the School’s links with its alumni, with a view to harnessing their expertise, skills and resources for the benefit of the School community.

RISK MANAGEMENT

The executive managers of the School and the Governors through their various committees keep the schools activities under constant review, particularly in relation to any significant risks involved. This process continues to be reviewed through the maintenance of a Risk Register, which is kept by the Head of Finance, reviewed regularly by the appropriate Board committees and overseen by the full Governing body. The committee monitors the effectiveness of the systems of internal controls and other means of mitigation, including insurance cover where appropriate. Formal individual Risk Assessments, including mitigation measures, are carried out for specific activities where appropriate.

The Head is formally designated as the School's Health and Safety Officer, with the support of the Senior Management Team.

For the Year ending 31[st] August 2022 The Head of Pupil Welfare was the appointed Designated Safeguarding Lead (DSL), assisted by four full time members of staff; each has undertaken appropriate training from a registered provider. All staff were trained or updated in their knowledge of Child Protection procedures during the year and this forms part of the school staff induction programme for new staff joining the school.

Many methods are used in the control of risk including:

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Principal risks and uncertainties

The Governors have established a Risk Management Committee to review elements of risk the school is exposed to on a regular basis. This committee seek to identify risks and devise a strategy to deal with them. Having identified the areas of risk, the objective is to:

A process is in place to review risks by the nominated risk management group and articulated via the Risk Management Register. An annual report is made to the Governing Body. However, the review process is ongoing and fluid in nature. This group:

The following risk categories are considered by the Committee, analysed and mitigation measures reviewed. The committee report to the Governing Body on the following categories of potential risk:

The Governing Body is satisfied that major risks are clearly identified and, where possible, systems, action and/or contingency plans exist for avoiding risk and/or mitigating its effect.

It is recognised that systems can provide only reasonable but not absolute assurance that major risks have been managed.

The principal risks and uncertainties currently facing the Company are considered to be the financial impact of the ongoing COVID-19 pandemic on the School and wider economy, the possible impact on pupil numbers as maintained schools in the area convert to Academy status, price competition from rival independent schools investing heavily in state-of-the-art technology and sports facilities, the increasing competition for high-quality teaching and support staff and its effect on succession-planning and severe reputational damage in the unlikely event of a high profile legal action alleging lack of due care over our pupils as vulnerable beneficiaries.

Our plans and strategies for managing risk include maintaining effective internal controls, risk registers, incident-reporting and monitoring systems and insurance cover wherever appropriate.

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HOLME GRANGE LIMITED REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Fundraising

In the past year, the School has not actively engaged in fundraising for the School and has no immediate plans to do so.

A separate charity – The Holme Grange Parents Amenities Association (PAA) which is operated by parents of the school raises funds towards facilities and equipment for the school by running social events during the year. In the year 2021/22 the PAA donated £19,356 to the school following these events.

Fundraising for charitable purposes is a fundamental part of life at Holme Grange School and this year pupils and staff have organised events to raise money for Our Lady of Nazareth School in Nairobi where we sponsor three children to attend school for four years, The Poppy Appeal, Movember, Alexander Devine Childrens Hospice, The Ukraine Appeal, and WADE. In the past year we raised a total of £20,173.

No other fundraising activities are undertaken

No complaints relating to fundraising activities have been received by the School during this financial period.

The School does not currently subscribe to any specific fundraising standards or schemes for fundraising regulation.

PROVISION OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Report of Directors is approved has confirmed that:

AUDITORS

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the reappointment of Crowe U.K. LLP as auditors to the Company will be put to the Annual General Meeting.

This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Holme Grange Limited on 17 November 2022, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

S Northend

Chair

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HOLME GRANGE LIMITED STATEMENT OF DIRECTORS’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2022

The Directors are responsible for preparing the Report of the Directors’ and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Directors to prepare financial statements for each financial year. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Crowe U.K. LLP

Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOLME GRANGE LIMITED

Opinion

We have audited the financial statements of Holme Grange Limited, the charitable company, for the year ended 31[st] August 2022, which comprise of a Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOLME GRANGE LIMITED (CONTINUED)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Page 16

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOLME GRANGE LIMITED (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Director’s responsibilities statement set out on page 14 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding, Food standards and Hygiene.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

Page 17

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HOLME GRANGE LIMITED (CONTINUED)

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to risk of non-fee income recognition included selecting a sample of income during the year, agreeing back to the relevant documentation and ensuring it has been recognised correctly. Our audit procedures to respond to the risk of management override included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce

Senior Statutory Auditor For and on behalf of

Crowe U.K. LLP

Statutory Auditor

Aquis House

49-51 Blagrave Street

Reading

RG1 1PL

Page 18

HOLME GRANGE LIMITED STATEMENT OF FINANCIAL ACTIVITES

(INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022

Unrestricted
Funds
Restricted
Funds
Notes
£
£
INCOME FROM:
Voluntary Sources
Donations
7,500
19,356
Government CJRS income
-
-
Charitable activities:
School fees receivable
3a
9,673,129
-
Other income
3b
443,265
-
Other trading activities:
Rent and other income
31,618
-
Investment income
4,613
-
Total
10,160,125
19,356
EXPENDITURE ON:
Charitable activities:
School operating costs
8,482,435
11,599
Raising funds:
Fundraising costs
9,573
-
Financing costs
106,793
-
Total
5a
8,598,801
11,599
NET INCOME BEFORE TRANSFERS
1,561,324
7,757
Transfer between funds
-
-
NET MOVEMENTS IN FUNDS
1,561,324
7,757
Funds brought forward 1 September 2021
14,054,046
5,989
Funds carried forward at 31 August 2022
15,615,370
13,746		 Total
2022
£
26,856
-
9,673,129
443,265
31,618
4,613
10,179,481
8,494,034
9,573
106,793
8,610,400
1,569,081
-
1,569,081
14,060,035
15,629,116		 Total
2021
£
14,522
16,081
8,489,190
299,350
54,693
1,092
8,874,928
7,681,981
35,983
99,847
7,817,811
1,057,117
-
1,057,117
13,002,918
14,060,035

All incoming resources and resources expended are derived from continuing operations.

The notes on pages 22 to 32 form part of these financial statements

Page 19

HOLME GRANGE LIMITED REGISTERED NUMBER: 900240 BALANCE SHEET 31 AUGUST 2022

Notes
FIXED ASSETS
Tangible assets
6
CURRENT ASSETS
Stocks
Debtors
7
Cash
CREDITORS: Amounts falling due within one year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: Amounts falling due after more than one year
9
TOTAL NET ASSETS
Restricted funds
11
Unrestricted funds
12
TOTAL FUNDS
13		 2022
£
15,433,352
1,525
397,371
5,146,982
5,545,878
(2,125,501)
3,420,377
18,853,729
(3,224,613)
15,629,116
13,746
15,615,370
15,629,116		 2021
£
15,555,608
1,420
309,353
3,800,335
4,111,108
(2,089,152)
2,021,956
17,577,564
(3,517,529)
14,060,035
5,989
14,054,046
14,060,035

These financial statements were approved and authorised for issue by the Board and were signed on its behalf on

Susan Northend Chairman

The notes on pages 22 to 32 form part of these financial statements

Page 20

HOLME GRANGE LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022

Cash Flows from Operating Activities
Net movement in funds
Depreciation
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
(Increase)/decrease in stocks
Bank interest paid
Interest on finance lease
Interest received
Loss on sale of fixed assets
Net cash provided by operating activities
Cash flows from investing activities
Interest received
Proceeds from sale of fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Loan (repayments)/ drawdown
Finance lease repayments
Finance lease interest
Loan interest paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the
Year		 2022
£
1,569,081
502,298
(88,018)
48,639
(105)
92,430
-
(4,613)
605
2,120,317
4,613
1,000
(381,647)
(376,034)
(301,257)
(3,949)
-
(92,430)
(397,636)
1,346,647
3,800,335
5,146,982		 2021
£
1,057,117
479,769
(127,876)
383,492
(252)
87,456
1,389
(1,092)
-
1,880,003
1,092
-
(334,229)
(333,137)
(225,982)
(7,673)
(1,389)
(87,456)
(322,500)
1,224,366
2,575,969
£3,800,335

The notes on pages 22 to 32 form part of these financial statements

Page 21

HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. CHARITY INFORMATION

The principal current activity of the Charity is the operation of an independent school. The incorporated charity (charity number 309105, company number 00900240), is domiciled in the UK. The address of the registered office is Holme Grange Limited, Heathlands Road, Wokingham, Berkshire, RG40 3AL.

2. ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Holme Grange meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Going concern

As part of their normal risk management process, the Governors have examined the major risks to the School and the mitigating actions both taken and available to be taken. The Governors consider there are no material uncertainties relating to going concern and that the School has adequate resources to continue its activities for at least the twelve months through to 31 December 2023. Accordingly, they continue to operate the going concern basis in preparing the financial statements.

c)

Company status

The Charity is a Company limited by guarantee. The members of the Company are the Directors named on page 3. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

d)

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

e)

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Fees consist of charges for the School year ending 31 August 2022.

Page 22

HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

f) CJRS grant income

Grants are accounted for under the performance model as permitted by the Charity SORP. CJRS grant income is therefore recognised on a straight line basis over the furlough period for each relevant employee.

g)

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The irrecoverable element of VAT is included with the item of expense to which it relates. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Expenditure in respect of the Governance of the Charity includes Governors’ expenses, audit and certain legal costs.

h)

Tangible fixed assets

Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:-

Freehold buildings - 2% per annum (straight line)
Fixtures, fittings and equipment - 10% per annum (straight line)
Motor vehicles - 25% per annum (straight line)
Computer equipment - 25% per annum (straight line)

Assets under £5,000 are not capitalised.

From 1 September 2015 the School has applied the ‘deemed cost’ provisions of FRS102 in that valuations of previously revalued land and buildings will no longer be renewed. Depreciation is charged for a full year on acquisition, rather than on a pro-rata basis.

i) Stock

Food is valued at cost. Stocks are valued at the lower of cost and estimated net realisable value.

j) Pupil Fee Deposits

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at the year end have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.

k) Assets held under finance lease and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 23

HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

l) Pension costs

The School operates a defined contribution group personal pension scheme for all staff with Scottish Widows. For auto enrolment purposes the School uses the NEST pension scheme.

m)

Financial instruments

Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 19 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to cash debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income and social security and other taxes.

n) Significant judgements and estimates

In the application of the charity’s accounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

Fees Nursery
Fee Pre-prep
Fees Prep
Eaton Grange fees
Schools After Care
Learning support fees
Music tuition
Gross Fees receivable
Less: Bursaries, scholarships and allowances
Net Fees receivable
THER INCOME
Trip income
Registration fees
School bus income
After school activities
Summer camp income
Sundry income		 2022
£
297,836
1,154,848
3,205,089
5,120,653
39,215
363,627
166,225
10,347,493
(674,364)
9,673,129
160,464
34,400
74,831
23,667
56,918
92,985
443,265		 2021
£
228,187
1,057,598
3,060,027
4,149,788
14,004
473,913
159,057
9,142,574
(653,384)

8,489,190
13,832
32,000
45,330
12,791
116,314
79,083
299,350

3b. OTHER INCOME

Page 24

HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

4. STAFF COSTS

Wages and salaries
Social security costs
Pension contributions
he average number of employees in the year was:-
Teaching
Domestic
Administration		 2022
£
4,697,787
428,699
579,756
5,706,242
No.
134
7
15
156		 2021
£
4,449,271
338,736
552,901
5,385,908

No.
129
7
15
151

The average number of employees in the year was:-

The number of employees whose remuneration exceeded £60,000 was:-

Between £60,000 - £70,000
Between £70,000 - £80,000
Between £110,000 - £120,000		 No.
-
1
1		 No.
1
1
1

Retirement benefits are accruing for the 3 (2021: three) higher paid employees. Contributions in the year totalled £35,051 (2021: £33,086) .

None of the Governors, or any person connected with them, received any remuneration during the year ( 2021: £Nil) . During the year no Governors were reimbursed travelling expenses (2021: £Nil).

The Trustees and Senior Management Team listed on page 3 are the key management personnel of the School. Their aggregate remuneration (including employer’s pension and employer’s NI) was £311,346 (2021: £305,791) .

No severance payments are included within wages and salaries costs in the year ( 2021: £Nil) .

Page 25

HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

5a. EXPENDITURE – Analysis of total resources expended

Charitable
activities:
Teaching costs
Welfare costs
Premises costs
Support costs
Cost of generating
funds:
Fund raising costs
Bank charges
Bank interest
Finance lease interest
Fees protection premium
TOTAL RESOURCES
EXPENDED		 Staff
costs
£
4,985,016
104,367
219,267
397,592
5,706,242
-
-
-
-
-
5,706,242		 Other
£
906,795
414,301
809,281
155,117
2,285,494
9,573
4,841
92,430
-
9,522
2,401,860		 Depreciation
£
215,457
22,628
264,213
-
502,298
-
-
-
-
-
502,298		 2022
£
6,107,268
541,296
1,292,761
552,709
8,494,034
9,573
4,841
92,430
-
-
8,610,400		 2021
£
5,603,170
410,115
1,266,369
502,327
7,681,981
35,983
1,004
87,456
1,389
9,998
7,817,811

Included within support costs are governance costs of £24,363 (2021: £15,186).

Comparative analysis of total resources expended – 2021

Charitable
activities:
Teaching costs
Welfare costs
Premises costs
Support costs
Cost of generating
funds:
Fund raising costs
Bank charges
Bank interest
Finance lease interest
Fees protection premium
TOTAL RESOURCES
EXPENDED		 Staff costs
£
4,683,926
87,449
221,109
393,424
5,385,908
-
-
-
-
-
5,385,908		 Other
£
616,915
303,937
786,549
108,903
1,816,304
35,983
1,004
87,456
1,389
9,998
1,952,134		 Depreciation
£
202,329
18,729
258,711
-
479,769
-
-
-
-
-
479,769		 2021
£
5,603,170
410,115
1,266,369
502,327
7,681,981
35,983
1,004
87,456
1,389
9,998
7,817,811		 2020
£
4,916,937
327,099
1,234,350
471,703
6,950,089
11,291
1,221
95,033
1,389
8,887
7,067,910

Page 26

HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

5b. NET INCOMING RESOURCES

These are stated after charging:
Auditors’ remuneration
audit fees
Depreciation on tangible fixed assets
owned assets
financed assets		 2022
£
14,350
502,298
-		 2021
£
13,275
472,202
7,567

6. TANGIBLE FIXED ASSETS

Deemed cost
1 September 2021
Additions
Transfers
Disposals
31 August 2022
Depreciation
1 September 2021
Charge for the year
Disposals
31 August 2022
Net book values
31 August 2022
31 August 2021		 Freehold
land &
buildings
Assets
under the
course of
construction
£
£
15,796,867
166,043
183,244
29,985
11,724
(166,043)
-
-
15,991,835
29,985
1,275,647
-
264,213
-
-
-
1,539,860
-
14,451,975
29,985
14,521,220
166,043		 Furniture
&
equipment
£
1,411,702
145,846
154,319
(68,101)
1,643,766
680,479
155766
(66,496)
769,749
874,017
731,223		 Computer
equipment
£
269,623
6,978
-
-

276,601
165,368
59,692
-

225,060
51,541
104,225		 Motor
vehicles
£
140,279
15,594
-
(25,812)
130,061
107,412
22,627
(25,812)
104,227
25,834
32,867		 Total
£
17,784,514
381,647
-
(93,913)

18,072,248
2,228,906
502,298
(92,308)

2,638,896
15,433,352
15,555,608

If freehold land and buildings had not been revalued in the past, they would have been included at the following amounts:-

Cost
Aggregate depreciation
Net book value		 2022
£
7,973,583

(1,379,766)

6,593,817
 2021
£
7,778,615
(1,220,294)

6,558,321

All assets are used for direct charitable purposes.

At 31 August 2022 the net book value of computer equipment includes an amount of £Nil in respect of an asset held under finance lease ( 2021: £Nil) . The depreciation charge for the year on this asset was £Nil ( 2021: £7,567 ).

Page 27

HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

7.
DEBTORS
Fees and disbursements
Other debtors
Prepayments
8.
CREDITORS:Amounts falling due within one year
Bank loan (see note 9b)
Trade creditors
Other taxes and social security
Other creditors
Deposits
Accruals
Fees in advance (see note 9a)
HP and finance leases
9.
CREDITORS:Amounts falling due after more than one year
Bank loan (see note 9b)
HP and finance leases
9a.
DEFERRED INCOME
Deferred income at 1 September 2021
Resources deferred in the year
Amounts released from previous years
Deferred income at 31 August 2022
Deferred income relates to school fees paid in advance
9b.
BANK LOANS
The bank loans are repayable as follows:-
Within one year
Between one and two years
Between two and five years
Over five years		 2022
£
108,378
16,307
272,686
397,371
2022
£
294,177
399,173
112,975
154,768
193,850
154,572
815,986
-
2,125,501
2022
£
3,224,613
-
3,224,613
2022
£
692,826
815,986
(692,826)
815,986
2022
£
294,177
304,521
903,359
2,016,733
3,518,790		 2021
£
122,488
23,125
163,740
309,353
2021
£
302,518
569,208
99,060
113,738
189,950
117,903
692,826
3,949
2,089,152
2021
£
3,517,529
-
3,517,529
2021
£
587,510
692,826
(587,510)
692,826
2021
£
302,518
309,802
975,104
2,232,623
3,820,047



Page 28

HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

9b. BANK LOANS (CONTINUED)

The School took out a new loan during 2019. It now has two loans with NatWest, both of which are secured by a legal charge over the School’s property, with details as follows:

10. ANALYSIS OF MOVEMENT IN NET (DEBT)/FUNDS

Cash at bank and in hand
Bank loan
Finance lease
Closing net debt		 At 1 September
2021
£
3,800,335
(3,820,047)
(3,949)
(23,661)		 Cashflow
£
1,346,647
301,257
3,949
1,651,853		 At 31 August
2022
£
5,146,982
(3,518,790)
-
1,628,192

11 RESTRICTED FUNDS

Fund name
The Arts Fund
Parent Amenities Association
Total		 At 1
September
2021
£
2,162
3,827
5,989		 Incoming
Resources
£
-
19,356
19,356		 Resources
expended
£
-
(11,599)
(11,599)		 Transfer of
funds
£
-
-
-		 At
31 August
2022
£
2,162
11,584
13,746

COMPARATIVE RESTRICTED FUNDS

Fund name
The Arts Fund
Parent Amenities Association
Total		 At 1
September
2020
£
2,162
-
2,162		 Incoming
Resources
£
-
3,827
3,827		 Resources
expended
£

-
-
-		 Transfer of
funds
£
-
-
-		 At
31 August
2021
£
2,162
3,827

5,989

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HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

12. UNRESTRICTED FUNDS

Fund name
Unrestricted – general
Designated funds:
Bursary fund
Minibus replacement fund
IT replacement fund
Total		 At 1
September
2021
£
13,903,793
95,927
30,000
24,996
14.054,046		 Incoming
Resources
£
10,160,125
-
-
-
10,160,125		 Resources
expended
Transfer of
funds
£
(8,583,207)
(25,004)
-
-
(15,594)
15,000
-
10,004
(8,598,801)
-		 At
31 August
2022
£
15,455,707
95,257
29,406
35,000

15,615,370

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Net current assets
Long term liabilities
Total		 Unrestricted
funds
£
15,433,352
3,406,631
(3,224,613)
15,615,370		 Restricted
funds
£
-
13,746
-
13,746		 Total funds
£
15,433,352
3,420,377
(3,224,613)
15,629,116

COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Net current assets
Long term liabilities
Total		 Unrestricted
funds
£
15,555,608
2,015,967
(3,517,529)
14,054,046		 Restricted
funds
£
-
5,989
-
5,989		 Total funds
£
15,555,608
2,021,956
(3,517,529)
14,060,035

14. COMMITMENTS

At the year end, the school had a contracted capital commitment of £Nil ( 2021: £32,485).

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HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

15. OPERATING LEASES

At 31 August 2022 the School had annual commitments under non-cancellable operating leases as follows:

EXPIRY DATE:
Less than one year
Between one and five years		 2022
£
43,098
90,845
133,943		 2021
13,900
60,235
74,135

16. PENSION SCHEME

The School runs a defined contribution scheme for Support staff which teachers joined from 1 January 2020. The cost for the year represents the school’s contributions to the scheme of £579,756 ( 2021: £552,901 )

There were £ 2,260 unpaid contributions (2021: £Nil) at the year end.

17. RELATED PARTY TRANSACTIONS

£Nil (2021: £2,611) was paid for professional services to Clifton Ingram where S A Rose was a partner during the year ended 31 August 2022. £Nil (2021: £Nil) was outstanding at the year end.

Close members of the SMT's family are paid a total salary of £17,128 (2021: £16,791). All close relatives who are or have been employed by the School have a standard contract of employment, have been through a thorough interview process and their salaries are determined as part of a full staff salary review which is approved by the Governors.

18. POST BALANCE SHEET EVENTS

In October 2022 the school agreed a price to purchase a local nursery, Holly Cottage, for £2.75m. The acquisition is expected to be completed in January 2023.

19. FINANCIAL INSTRUMENTS

2022 2021
£ £
Financial assets measured at amortised cost 5,271,667 3,945,948
Financial liabilities measured at amortised cost (5,237,139) 5,507,621

The school’s income, expense, gains and losses in respect of financial instruments are summarised below:

2022 2021
£ £
Interest income and expense:
Total interest income for financial assets held at amortised cost 4,613 1,092
Total interest expense for financial liabilities held at amortised cost 92,430 88,845

Included within financial assets held at amortised cost are trade debtors, other debtors and cash at bank. Included within financial liabilities held at amortised cost are bank loans, finance leases, trade creditors, other creditors and accruals excluding deferred income.

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HOLME GRANGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

19. Comparative Statement of Financial Activities

Unrestricted
Funds
Restricted
Funds
£
£
INCOME FROM:
Voluntary Sources
Donations
10,695
3,827
Government CJRS income
16,081
-
Charitable activities:
School fees receivable
8,489,190
-
Other income
299,350
-
Other trading activities:
Rent and other income
54,693
-
Investment income
1,092
-
Total
8,871,101
3,827
EXPENDITURE ON:
Charitable activities:
School operating costs
7,681,981
-
Raising funds:
Fundraising costs
35,983
-
Financing costs
99,847
-
Total
7,817,811
-
NET INCOME BEFORE TRANSFERS
1,053,290
3,827
Transfer between funds
-
-
NET MOVEMENTS IN FUNDS
1,053,290
3,827
Funds brought forward 1 September 2020
13,000,756
2,162
Funds carried forward at 31 August 2021
14,054,046
5,989
 Total
2021
£
14,522
16,081
8,489,190
299,350
54,693
1,092
8,874,928
7,681,981
35,983
99,847
7,817,811
1,057,117
-
1,057,117
13,002,918
14,060,035

Page 32