Charlty Re¥lstratlon Number: 309490 CHARITY COMMISSION copy REPORT OF THE GOVERNORS, STRATEGIC REPORT AND FIt4ANCIAL STATEMENTS FOR THÉ YEAR ENDED 31 AVGVST 2024 FOR SANDROYD SCHOOL TRUST UMITED A COMPANY LIMITED BY GUARANTEE
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANTEE INDEX TO THE FINANCIAL STATEMENTS for the year ended 31 Au8USt 2024 Page Company Informatlon Report of the Governors Ilncludln8 Strateglc Reportl Report of the Audftors Stat•ment of Financlal Actlvltles li Balance Sheet 12 Cash Flow Statement 13 Notes to the Cash Flow Statement 14 Notes to the Fithandal Statements 15
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANfEE COMPANY INFORMATION for the year ended 31 August 2024 GOVERNORS: Rhodri Thomas Slmon Barber Jaideep Barot Paul Bird Peter 8ourke Elizabeth Brierley Charles M¢Velgh Laura Miles Oliver Stanley George Whitefield Fellclty Wllson Phlllppa Zlngg Casidhe Baleri Genevieve Ford Benjamin Vessey Guy Anderson (Chairman) (resigned l December 20231 (resigned l December 20231 (appointed l January 2024) (appointed 16 October 20231 (appointed 19 February 2024) lappolnted 21 June 2024) HEADMASTER: Alastalr Speers SECRETARY: Rupert Burnell-Nu8ent PRINCIPAL ADDRES5: Rushmore Tollard Royal Salisbury SP5 5QD REGISTEREO OFFICE: Wlndover House St Ann Street Sallsbury SPI 2DR REGISTERED NUMBER; 552767 IEngland and Wales) CHARI REGISTRAlloN NUMBER: 309490 AUDITORS.. Fawcetts LLP Chartered Accountants and Statutory Audltors Windover House St Ann Street Salisbury SPI 2DR BANKERS: Lloyds Bank plc 38 Blue Boar Row Sallsbury SPI IDA Page I
SANDROYD SCHOOL TRUST IIMITED A COMPANY LIMITED BY GUARANTEE REPORT OF THE GOVERNORS for the year ended 31 August 20Z4 The Governors present thelr report together, wlth theirstrateglc Report, and the audlted flnancial statements for the year endèd 31 Au8U5t 2024 and conflrm they are In accordance with the Financi31 Reportin8 standard appllcable In the UK and Republic of Ireland IFRS 1021, effectlve from l January 2015 - Charitie5 SORP IFRS 1021. and the Companles Act 2006. STRucfuRE. GOVERNANCE AND MANAGEMETr Prlnclpal Activlty The prlnclpal actlvity ofthe charSty In the year under revlew was that of runnlng an indeperbdent preparatory school, pre-preparatory school and nursery for boys and girls between the ages of 2 and 13 at Tollard Royal, Wlltshlre. Staiu$ and Constltutlon Sandroyd Schoc>l wa5 founded In 1888, incorporated on 30 July 1955 and reglstered a5 a charity on 4 October 1963. The Governln8 Bodv The Artleles of Assoclatlon provlde that there shall be a minlmum of seven and a maximum of flfteen Governors. who also act as trustees of the charlly. Governors 3re oppolnted for a term offive years. but may be re-elected subjectto a maximum of three terms of office. The Governors have identified that, In order to carry out Its dutlès effectively and efflclently, the Board of Governor5 requires a range of skllls and breadth of experlonce. Suitable candidates are Identlfied by the Appolntments Committee from current and past parents of pupils. from old Sandroydians and frorn the business and professional community. The followln8 skllls and experlence amongst other5 are identlfled as belng important and are represented on the present Board of Govemor5;. Education Pastoral Care The Law Flnance and Accountancv Buslness Management and Adminlstration Property Management and Development M3rketlng The Arts At least one parent Governor Is appolnted. Governors, Inductlon and Tralnlns New Governor5 are provided wlth the Sèndroyd Governors, inductlon pack which Includes coples of the Articles of Asso¢iatlon, latest annual report and flnancSal statements, current annual budgel, Strategic plan, rnlnutesof the lastthree Governor5, meeting5, Guidance for Trustees and Governors publlshed by the Charfty Commlsslon and the Independent Schools Councll and copies of the school prospectus and publlcations. New Governors are glven a corbducted InSpecOn of the school's facllllle5 and are Invlted to a meeting wlth the Chalrman of Governors. All Governors are encouraged to attend approprlate extern?1 trainlng semlnars and conferences, Jnd otcaslonal on-slte tralnln8 for Governors is arranged, Oryanlsatlonal Managemenl The Governor5, as trustees of the charity, a legally responslble for the overall management and control of the school and the Board of Governors meets formally at leastonce a term. The workof lrnplementlng most of the Board'5 policles Is delegated to the followlng sub-commlttee5 which generally meet at least once a term, or as necessary.. Flnance and Staffing Committee Academic Comm5ttee Nominatlons Committee (for the Appointment of New Governors) Bursaries and Public Beneflt Committee Compliance and Welfare Commlttee Governors are also represented on the Health and safety Commlttee The day to day running of the school Is delegèted to the Headmaster sUPPOrted by hls Senior managernent tearn. The Headmaster and Bursar attend all meetings of the Board and appropriate rommittees. Contlnued on pa8e 3 Page 2
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUAPATrnEE REPORT OF THE GOVERNORS forthe year ended 31 Au8USt 2024 Contlnued from pa8e 2 Rlsk Management The Board of Governor5 is responsible for management of the risks faced by the school. A system is in place which enables the Governor5 to identify the malor risks,. to foimali5e and record the controls In place to minim15e each ri5k,' and to identify and record the person primarily responsible for controlling each rlsk and for monltorlng the contro5s on a regular basls. All of thls informationls recorded In the school's Rlsk Reglster whlch Ss 3pproved by the Board of Governors. and re8ularly updated. Examples of entries in the rlsk reglster are= We constantly monltor feedback from parents In order to meet their need5 and remain competltive. We closely monltor the wlder economlc and polltlcal envlronment. and plan for varlous scenarlos to ensure the flnanclal stablllty of the school. We monitor cash flow on a monthly basls to ensure that the approprlate level of Ilquldity Is maintalned. Our governlng body regul8dy undertakès a self-assessment exercise to ensu both that the Indlvldual governors have the appropriate knowledge and that the 8overning body 55 operatin8 effectively. We conduct regular malntenance on our IT Infrastructure and run comprehenslve data backup procedures In order to mltlgate a8alnst the rlsk of an IT network fallure. The Governors are Satisfied that, through thi5 risk management system, the major Identified risks have been adequately mltl#ated. However, it15 reco8nised that risk management systems can only provlde reasonable- but not absolute- assurance that the majoT rSsks faclng the school have been, and are beln& adequately rnanaged. OBJECTS, AIMSAND OBJEcfivES Objects and Alms The ¢harlty's objects, as set out In the Artlcles of Asso¢lation, include the carrying on in the Unlted Klngdorn of any boardlng or day school for the education of boys andlor 8ir15, The Governors have revlewed the previou5 Memorandum and Articles of A5soclatlon to reflect the relevant provisions of the Charitie5 Act 2016 and the Companies Act 2006, and to bring thern into line with current standards ol good governance. The revlsed Artl¢les of Association were adopted on 12 March 2010followlng approval by the Charlty Commi5slon. The charlty alms to provlde and malntaln an Independent, co-educatlonal preparatory and pre-preparatory boardlng and day school and nursery forchlldren between the agès of 2 and 13. It 15 the 5chool'5 policy to provide the hi8hest standard of edutatlon by means of strong academic teaching coupled with the development of wider sportlng, artistlc, cultural and Social 5ki115 in all its pupils. The alm Is to create and malntaln a carlng envlronment In whlch each and every pupll can develop and fulfll thelrf ull potentlal and therebv build self-confidence and contrlbute to the Ilfe of the community. STRATEGIC REPORT Objectlves for the Year 2023124 Key oblectives for 2023124 included: To further enhance the school's reputation a5 a leadlng traditlon31 boardlng pp school. To contlnue to Improve the quality of teaching and learning to ensure thot continual excellent academic progress Is made by all puplls. To malntaln and bulld on the excellent levels of achlevernent rnade by puplls In all extra currlcula attlvltles. To Invest In and deliver contlnued 5t3ff profes51onal development. To 8enerate a flnancial surplus for the year, ensurlnB financlal reslllence and prudent financlal stewardshlp of the School for the long temi. To contlnue to Invest in the school's sports and extra currlcula facllltles. To contlnue to reduce the c8rbon footprlnt and Improve the reslllence of the school. To secure fundlng for transformatlonal bursarfes. Contlnued on page 4 Page 3
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANTEE REPORT OF THE GOVEIINORS for the year ended 31 August 2024 Contlnued from page 3 REVIEW OF PERFORMANCE FOR THE YEAR 2023/24 The school opened the year wlth 172 childn in the prep school, 25 In the pre-prep and 14 In the nursery. The academic year ended with 185 in the prep school. 27 In the pre-prep and 21 In the nursery, with pupil numbers in¢reasing over the course of the academic year. The majority of pupils in the prep school were full boarders. wlth 132 full boarders. which represented 71% of the prep school. International student numbers reprèsented 14% of the prep school, and Included chlldren from Spaln, France, Japan, Chlna and Russla, as well as one Ukralnian chlld who was supported with a bursary. The school contlnued to be full in most year groups and boardln8 houses. In Ilne wlth the school's objectlves, pupils have continued to make excellent academlc progress. Test results have shown that the thlldren continue to exceed the national average. All our Year 8 leavers achleved their first cholce of Senlor school, and io scholar5hlp9 were awarded In a range of subjects, demonstrattnÈ our continued nurturln8 of children's pa551ons and achievements across the currlculurn= l Academlc Scholar5fv1p (Marlboroughl and i Academlc Award Imonktonl l Art 5cholarshlps l Muslc Scholarshlp 4 Performing Arts Scholar5hlps 3 sports Scholarships Our teachers have rontlnued to deliver the extenslve academic currlculum. as well as mentorln8 and coachlng pupils to achleve thelr full potential. All children In the prep school now receive dedicated one-tOne tutor sessions every week, 5ta*F have contlnued wlth ba51s. extenslveformal and infomial professional developrnenti IncludlnB weeklystaff brlefings toshare Ideas and good prartlce on a regular The new Performance Arts Centre has provlded a dedicated hub for teachin8 and rehearslng music and performln8 arts. Puplls have appropr13te 5toraÈe fortheir Instruments, music and equlpment, and are able to acce5S the centre In the early mornln8s and evenln8S for supervlsed practlce sesslons, The school contlnued to develop the extrJ<urricular offering acros5 the Performance Arts dls¢lpllne5, wlth many of these taklng place at break times, lunch time5 and durin8 the evenln8. These Include choral groups, ensembles and bands. Internal Showcases and PerFormance Arts events continue to develop the chlldren's confidence and provide an opportuntty for all pvplls to perform on stagé. The Sandroyd Staff Cholr was launched. wlth sln8ers from across dlfferent departments In thè school. Parents and family members were invlted to a number of performances acros5 the year with each year group having an opportunlty to perform for a large audlence. Thls year we have added an additional event, The House Performance Arts Competition, whlch h35 provlded an addltional performance opportunity for pup115 to perform wlth others from thelr school house and across the dlffeient year groups Indlvidual music lessons, drama and dance lessons continue togofrom Strength to strength with a large numberofpupils undertakln8 lessons from more than one dlscipllne. We had the largest tske up of Performance Arts exams to date In the year. The Sports department contlnue5 to offer a lull sportlng piogramme for all puplls throughout the year. The balanced and varled prov151on Is desl8ned to give all puplls a broad spectrum of sports to experlence and enjoy. Thi5 ultimately gives Sandroyd pupils an understanding how they might contribute to sports and activitle5 in thelr senlor schools. Investment Into the school'5 sportlng facilltles wntSnued with the purchase of new portable tenn15 nets and new football goal5. The School continued in delivering contart rugby for all boys in the school, as well as developln8 more a new program of football fSxtures for both boys and glrls throughout the school. Football was played over both the Autumn and Spring terms. The school's swimrning programme Included weekly team tralning ses51ons and regular competitlve galas wlth othèr Schools thfoughout the year. Continued on page 5 Page 4
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANTEE REPORT OF THE GOVERNORS for the year ended 31 August 2024 Continued from pagè 4 REVIEW OF PERFORMANCE FOR THE YEAR 2023124 contlnued The school contlnLJes to support pupS15 who aspire to county level sport. Two glrls represented Dorset In netball. Six puplls were put forward for county hockey trials, wlth one boy and one glrl from Sandroyd each representin8 Dorset in hockey. Durlng the Spring Term the Boys 1st Vll hockey reached the South West Re8lonal finals. During the summer, twelve pupils took part in the National Athletlcs Flna15; the largestgroup represenllngthe school for many vears. TheYear8 Boys Relay team galned a silver medal. Sandroyd puplls achieved an individual bron2e in the hurdles and a gold In the hlghlump. Two boys were selected to represent the ISFA SoLrth West Reglon In football,. one In the development squad and one in the competltlon team. We have a lar8e number of puplls across the age groups repre5entln8 county crlcket tearns. Three puplls were awarded Sport Scholarship5 to their senlor schools. The school provldes an excellent level of coaching for both glrls and boys, with specl81ist coaches employed across all malor 5POrtS, The 8lrls coachlnB staff has been bolstered by the addltlon of anothertwo full time sports teachers as well as extended worklng hour5 for another parttlme memberof staff. Our ethos of provldlng an opportunStyforzll puplls to play sport and to experience eompetitlve flxtures remains the cornerstone to our Success. Horse rldln8 continues to be extremely popular at Sandroyd. 73 chIldn took rfdlng lesson5 durlng the year and 17 ponles are now Ilvin8 on 51te at the school. The school's ¢ompetltSon rlders had many team and Individual successes during the ye?r. At the regional Natlonal Schools Eque5trlanAs50clatlon INSEAI Qualiflers at Moreton, the Sandroyd rldlngteam plared Sn the top 3 of thecompetltlon and quolrfied for the Natlcnals, along wlth Individual placin8 wlthin the top S. More recently, the rldlni team has quallfled for the Addington Charnplonships. Sandroyd Pony Club centre Is thrivlngi where members work towards there Pony Club tests, Members vlslted a thoroughbred stud farm, where they were able to see the youn8 foals and Bain an understsndlng of breeding horse5. The Sandroyd Rldlng Department received a glowing annual license in5pectlon, wlth partlcL4lar mentlon 8lven to how well the ponles were looked after, and that the vard was run to a hlgh standard. Sub5tantlal Investment in the buildin6s and grounds contlnued throu8hout the year. The school's Malntenance Departrnent reconfl8ured the boardin8 houses to create two fully refurbished senior boardlng houses, Ineluding new commons rooms and kitchen5 for the pupils. A new Health Centre was developed In the heart of the school, incorporatlng a new sur8ery* sick bays and Staff accommodatlon. The school developed a Wellbeln8 Hub In the heart of the teachin8 area of the s¢hool. crÈ?ting a dedicated calming space for puplls to access. The continued Investment In the fabrlc of the school demonstrates the commitment that the Governors have to the long- term future of Sandroyd. Envlronmental sustainablllty ¢ontlnues to be a priority for the school. A slgnificant proportlon of the School's heat and light now comes from renewable. The school has continued to reduce its energy wnsumption where posslble. Twoexlstin8 solararrays provide around 20% Df the sthool's electricity and are helplng to reduce our dependence on electricity from the natlonal grld. The school Intends to Invest in a number of projects that will reduce our carbon footprint further over the comln8 years. Wlth regard to pvbllc benefit, the Governors have complied wlth thelr dutyi as trustees of the charlty, to have due regard to the guidance on publlc bÈnefit pub115hed by the Charity Commlssion. The Governors have for many years pursued a pollcy of Setting aside a proportion of fee Income to provide for the award of bur5arlesfor those less èble to afford the full fees orfor ex15ting parents who have fallen on hard times. Durfng the past year a total of £249,857 was rebated In the form of bursaries. Over the last year, three chlldren were In recelpt of 100% bur5arie5. A number of additlonal children recelved financlal help In order to continue to attend Sandroyd. None of these chlldren would have been able to attend Sandroyd had it not been for such flnancial help. Contlnued on paBe 6 Page 5
SANDROYD SCHOOL TRUST UMITED ACOMPANY LIMITED BY GUARANTEE REPORT OF THE GOVERNORS for the year ended 31 Au8Y5t 2024 Contlnued from page 5 REVIEW OF PERFORMANCE FOR THE YEAR 2023124 co1ned Sandroyd Is commltted to sharlng Its skllls and assets wlth less advantaged Indlvlduals and groups and, In addltlon to the provlslon of bursaries. provldes the followln8 beneflts wlthln Its educational objettives: We have e5tabli5hed informal partnerships With several local state PTimary schoo15. as part of the government's 5choo15 Together Inltiative. These partnerships are developing well, and there are already clear benefits emerging for the schools concerned. Sandroyd Is able to help both schools In a number of crltlcal areas: Wè offer Irhvltatlons to attènd academlc and extra-tLJrrl¢ular sesslons for pupils. We offer Invltatlons to altend tralnln8 days for teachlng stsff. We gularty loan our minibuses to local schools. We offer local 5choo15 the use of our facilities, such a5 the swimming pool. theatre, 5PQrt5 Plt¢he5 and grounds. We educate 185 pupi15 in the prep school and 27 In the pre-prep, at no cost to the tsx-payer. thereby savlng the exchequer In excess of El mllllon per year. OBJEcfivE5 FOR THE YEAR 2024IZ5 In setting objertives and planning activities for the coming year and beyond, the Governors have had regard to the school's Strategic Plan. The Strate8lc Plan Is a rolllns plan, updaled annually. Key objectives for the year 202412025 include.. To further enhance the sch¢)01'5 reputatlon as a leadSng tradltlon31 boardlnB prep school, To continue to Imprgve the quallty of teaching and learning t¢ ensure that continual excellent academic progress Is madè by all puplls. To mzintain and build on the excellent levels of achievement rnade by pupils in all extra curricula activities. To invest In znd deliver continued staff professional development. To generate sustainable financial returns, ensuring financial resilience and prudent financial Stewardship of the School for the lon8 term. To malntaln pupll numbers at a sustalnable level In the prep school. To contlnue to Invest In the school's sports and extra currlcula faclllt1es. To contlnue to redute the carbon foolprlnt and Improve the reslllence of the school. To secure fundlng for transformailonal bursarles. FINANCIAL REVIEW The results for the year and the finoncial PQ5Ttion of the charity are a5 shown in the annexed financlal statements. The flnanclal statements for the year show a net Increase In funds of £1,035 compared wlth a net Increase In funds of É28,799 last ye?r. This represent5 another su¢cessfvl year which allowed the school to increase investment of the modest annual 5urplu5 into the infrastructure of the School. Total net assets at 31 August 2023 were £4,200,739 cornpared with £4,199,704 for the prevlous year. Contlnued on page 7 Page 6
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANTEE REPORT OF THE GOVERNORS forthe year ended 31 August 2024 Contlnued from pa¥e 6 RESERVES POLICY The school doÈs not tarry free reserves. It Is the pollcy of the Governors to apply any operating surplus to the development and improvement of the fabrlc and facllltles of the school, andlor to the repayrnent of bank borrowing. The GoveTnor5' policy with re8ard to bankloarts is to Ilmit any such borrowlng to a level whlch can be comfort3bly secured aBalnst the value of the school's freehold property and Serviced from the financial operatlng surplus in accordance wlth prudent long-term flnanclal forecasts. The school ch005es to draw part of its bank borrowlng In the form of overdrafL In addltlon to a term loan, in order to take advantage of the substantlal 53vlngs in Interest pald which results frorn being able to offset posltlve cash balances le,g. from the receipt of fees payable In advance at the beglnnlng of each term) agalnst the arnount of the outstandln8 overdraft. INVESTMENT POWER5 The Governors are empowered to invest the monies of the charity not immediately requlred for Its purpose In such investments, securltle5 or property as may be thought flt sublect tothe dlrectlon of the Charity Commi55ion orthe seCtary of State for Education. It is the Governors, current pollcy to Invèst any such monles Sn cash on deposlt. STATEMEfrif OF GOVERNORS. RESPONSIBILITIES Law applicable to incorporated charities in England and Wales requlres the Governors Iwho are also the directors of the company and trustees of the chaTltyl to prepare financial statement5 for each financial year whlch 8lve a true and falr vlew of the state of affairs of the ¢ompany and of Its flnandal actlvltle5 for that perlod. In preparin8 those financlal $tstements, the Governors are required to: Selert sultable accounting policies and then apply them consistentlv; Make Judgement5 and estimates that are reasonable pnd prudent,. State whether applicable accountlng stsndards have been followed, Subject to any materlal departures dlsclosed and explained in the financial 5tatements,' Preparethe fin?nci315t?ternent5 On the goin8 concern basi5 unle55 It is Inapproprlate to presumethatthe company will contlnue In operatlon. The Governors are responsible for keeping proper acwunting record5 whlch dlsclose wlth reasonable accuracy at any time thè flnanclal posltlon of the company and to enable thern to ensure th£t the financlal statements comply wlth the Companies A¢t 2006. They are olso responsible for 5afeguardln8 the assets of the company and hence for taking reasonable step5 for the prevent5on and detection of fraud and other Irregularltles. STATEMENT ASTO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Governors are aware, there Is no relevant audlt Informatlon la5 defined by Section 418 of the Companles Act 20061 of which the companvs audltors are unaware, and each Govemor has taken all the steps that he or she ou8ht to have taken a$ Governor Sn order to make himself of herself aware of any relev?nt information and to establlsh that the company's auditors are aware of that informatlon. AUDITORS The audltors, Fawcetts LLP, wlll be proposed for re.appointment at the forthcoming Annual General Meetln8. ON BEHALF OF THE BOARD: urnell-Nugent Dated.. Page 7
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMrfED BY GUARANTEE REPORTOFTHE INDEPENDEPAUDIToRSToTHE MEMBERS OF SANDROYD SCHOOL TRUST LIMITED Oplnlon We have audited the financlal statements of Sandroyd School Trust Limited Ithe'charitable tompany'l for the year ended 31 August 2024 which comprlse the Statement of Flnanclal Attivities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, includlng a summary of slgnlflcanr accountlng pollcies. The financial reporting framework that has been applled In their preparation 15 applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 Yhe Financial Reportin8 Standard applicable in the UK and Republlc of Ireland" Iunlted Kingdom Generally Accepted Accounting Pratticel. In our opinion the flnanclal statements.. give a true and fair view of the state of the charltable company's affairs as at 31 Au8USt 2024 and of its incomlng resources and appllcation of resour5 for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice; and have been prepared in accordance wlth the reqU1MentS of the Companies Act 2006. BJsls far oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and applicable law. Our responslbllltles under those standards are further descrlbed in the Audltorfs responslbllltles for the audit of the financlal statement5 section of our report. We are Independent of the charitable tompany in attordance wlth the ethical requirements that are relevant to our audit of the financial statements in the UK, In¢ludln8 the Fflcs Ethlcal Standard and we have fulfllled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evldence we have obtalned Is sufflclent and appropriate to provide a basis for our opinion. Conclusions relatlnl to 8olng ¢on¢ern We have nothlng to report In respect of the followlng matters In relation to which the ISAS IUKI requlre us to report to you where: the Governors, use of the going concern basls of accounting in the preparation of the financial statements Is not appropriate; or the Governors have not disc105ed in the financial 5taternents any identified material uncertalntles that may cast significant doubt about the charitable company'5 ability to continue to adopt the golng concern basis of accounting for a period of at least twelve months from the date when the flnanclal 5tatement5 are authori5ed for l$sue. Other Informatlon The other informatlon comprlses the Informatlon included In the Report of the Governors, lincluding Strategic Report), other than the financial statements and our Report of the Auditors thereon. The Governors are respDnsible for the other informatlon. Our opinion on the financial statements does not cover the other information and, except to the extent otherw15e explicitly stated in our report, we do not expre55 any form of a55urance conclusion thereon. In connection wlth our audlt of the financial statements, our responsibility is to read the other information and. In dolng so, conslder whether the other information is materially inconsistent wlth the flnanclal statements or our knowledge obtained in the audit or otherwlse appears to be materially mlsstated. If we Identify such material inconsistencies or apparent material m155tatement5, we are required to determlne whether there 15 a material mi5StatemÉnt in the financlal statements or a material mi5Staternent of the other Information. If, based on the work we have performed, we conclude that there is a material mi55tatement of thls other Information. we are required to report that fact. We have nothing to report In thls regard. Oplnlons on other matters pre5crlbed by the CoMnIeS Act 2006 In our opinion. based on the work undertaken in the course of the audit: the information glven in the Report of the Governor5, which includes the Report of the Directors and the Strategic Report prepared for the purposes of company law, for the financlal year for which the financial statements are prepared is C0115iStent with the financial stateTnents- and the Strategic Report and thÉ Rèport of the Dlrectors Included within the Report of the Governors have been prepared in accordance with applicable legal requirement5 Continued on page 9 Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SANDROYD SCHOOL TRUST LIMITED Continued from page 8 Matters on whlth we are requlred to report by exceptlon In Ilght of the knowledge and understandlnE of the company and its environment obtain@d in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Dlrector5 included within the Report of the Governors. We have nothing to report in respect of the followlng matters In relatlon to which the Companies Act 2006 requlres us to report to you rf, in our opinion,. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branchés not visited by us,. or the financial statements are not in agreement with the accounting records and returns; or certain disclosure5 of Governors, remuneration specified by law are not made; or we have not received all the informatlon and explanatlons we requlre for our audit. Re5ponslbllltles of Governors As explained more fully in the Statement of Governor5, Re5ponslbilltle5 set out on page 51x. the Governor5 Iwho are ?Iso directors of the charitable company for the purposes of company law and trustees of the charity for the purposes of charity lawl are responslble for the preparatlon of the financial statements and for being satisfied that they give a true and falr vlew, and for such Internal control as the Governors determine is necessary to enable thé preparatlon of financial statements that are free from materlal mlsstatement, whether due to fraud or error. In prep3rin8 the financial statements, the Governors are respon51ble for as5e551ng the charltable company'5 ablllty to continue as a going concern, disclosing, as applicable, matters related to golng concern and uslng the golng concern basis of accountin8 unless the Governor5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor$' responslbllltles for the audlt of the flnanclal stalemenis Our objectlve5 are to obtaln reasonable assurance about whether the flnanclal statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to Issue a Report of the Auditors that Includes our oplnlon. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audlt conducted in accordance wlth ISAS IUKI wlll always detect a materlal mlsstatement when It exlsts. Mlsstatements Can arise from fraud or error and are consldered materlal If, individually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basis of these financial Statements. Identlfylng and a55e55ing potential risks related to Irregularltles Irre%ularities. including fraud, are non-compliance with 13Ws and re8ulations. We de518n procedure5, in line with our responsibilities, as set out in the auditor's responsibilities for the audit of the financial statements section, to detett m aterial mlsstatements In respect of Irregularltles, Includlng fraud. The extent to whlch are procedures are capable of detecting Irregularltles, Includlng fraud, are detalled below. In identifying and a55e5sin8 risks of material misstatement In respert of irregularitles, includlng fraud and non-compliance with laws and regulations we consider the following.. the nature of the charity sector, control environment and financial performance,, results of our enquiries of management about thelr own Identification and assessment of the risks of Irregularitles; any matters wè identifi8d having obtained and reviewed the charity'5 documentation of their policies and procedures relating to: Identlfylng, evaluatlng and ¢omplylng wlth laws and regulatlons and whether they were aware of any instan¢es of non- compllance- detecting and responding to the risks of fraud and whether they have knowledge of any actual, su5perted or alleged fraud,. the internal contro15 established to mitigate ri5k5 of fraud or non-COTnpliance with law5 and regulation5 the matters discussed among the audit engagement team regardinB how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures. we consldered the opportunities and incentives that may exist within the organlsation for fraud and Identifled the greatest potentlal for fraud in the following area.. revenue and resource recognition. In common with all audits under1SA5 IUKI, we are a150 required to perform specific procedures to respond to the risk of management override. Continued on page 10 Page 9
REPORT OFTrIE INDEPENDENT AUDITORSTQ THE MEMBERS OF SANDROYD SCHOOL TRUST LIMITED Continued from page 9 We have also obtalned an understanding of the legal and regulatory framÈworks that the comp3ny operatès in. focuslng on provislon5 Qf th05e lav45 and regulatlons that had a direct effect on the determination of material amounts and disc105ure5 in the financial Statements. The key lows and regulatlons we consldered In this context Included the UK Companles Art and tax legislation. Audlt responge to rlsks Identlfled As a result of performlng the above, we Identlfied revenue and profit reeoBnition a key audit matter related to the potentlal rlsk of fraud. Our procedures to respond to rlsks identified Included the followlng: reviewing the financial statement dlsclosures and testlfig to supporting documentatlon to assess compllance with provi5ion5 of relevant laws and regulatlon5 de5crlbed a5 havlng a dlrect effect on the flnanclal 5tatements,' enqulring of management concernlng actual and potentlal litigation and claims,. performlng analytlcal procedures to Identify any unusual or unexpected relation5hlpsthat may Indlcate rlsks of materlal misstatement due to fraud,, reading minutes of meetlngs of those charged wlth governance; In addresslng the rlsk of fraud through managèment override of controls, testing the appropriateness of journal entrles and other adlustments,. assessin8 whether the judgements made in making accounting estimates are indicatlve of a potential bias; and evaluating the busine55 ratlonale of any s18nlflcant transactlon5 that are unusual or outside the normal course of business. We also communlcated relevant Identlfled laws and regulatlons and potentlal fraud rlsks to all engagement team members and remained alert to any indic?tion5 Of fraud or non-compllance wlth laws and regulatlons throughout the audlt. 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 wlth auditing standards. For example, the further removed non-compllan¢e wlth laws and regulatlons Ilrregularltlesl Isfrom the events and transactlons reflected In the financlal statements, the less likely the Inherently Ilmlted procedures requlred by auditing stèndards would Identlfy It. In addltlon, a5 wlth any audit, there remalned a hlgher rlsk of non4etection of Irregularities, as these may Involve colluslon, forgery, Intentlonal omissions, misrepresentatlons, or the overrlde of Internal controls. We are not responslble for preventlng non-compllance and cannot be expected to detect non-comp11an wlth all laws and regulatlons. A further description of our responsibilities for the audit of the flnanclal statements is located on the Financial Reporting Councll's webslte at www.frc.org.uVaudltorsresponslbllStles. Thls des¢rlptlon forms part of our Report of the Audltors. Use of our report Thls report Is made solely to the charltable Company's members, as a body, in aceofdance wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we mlght state to the charitsble company's members those matters we are requlred to state to them In a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charltable company and the charitable company's members as a bodyi for our audit work, for this report, or for the opinions we have formed. Slmon Elllngham FCA DChA (Senlor Statutory Audltorl for and on behalf of Fawcetts LLP Chartered Accountants and Statutory Auditors Windover House. St Ann Street Salisbury SPI 20R Dated: Page 10
SANDROYD SCHIXIL TRUST LIMrrED A COMPANY UMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES {incorporatlng an Income and expenditure account for the year ended 31 August 2024 Unrestrlcted Restrfcted funds funds Total 2024 Total 2023 Notes INCOME AND ENDOWMENT5 FROM: Income from: Charitable activities Fees receivable Other income 5,290,671 183,781 5.290,671 183,781 5,158,994 147,208 Donations and legacies 2,904 48,521 51,425 61,439 Total Income and endowments 5,477,356 48,521 5,525,877 5,367,641 EXPENDITURÉ Expendlture on: Charitable artlvltles: School operating costs 5,501,557 23,285 5,524,842 5,338,842 Total expendlture 5,501,557 23,285 5,524,842 5,338,842 hlET INCOMEI(EXPENDITUREI 124,2011 25,236 1,035 28,799 Fund balances at I September 2023 3,661,290 538,414 4,199,704 4,170,905 TOTAL FUNDS CARRIED FORWARD AT 31 AUGUST 2024 3,637,089 563,650 4.200.739 4.199,704 CONTINUING OPERATION5 None of the company's actlvltles was acquired or discontinued dur1ng the current and prevlous years. The notes form part of these financl21 statements Page 11
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMfTED BY GUARANTEE (REGISTERED NUMBER: 5527671 BALANCE SHEE[ 31 Au8USt 2024 2024 2023 Notes FIXED ASSETS: Tangible assets 6.572,547 6,687,412 CURRENT ASSErs.. Stocks Debtors Cash at bank and in hand 73,125 1.048,760 120,940 io 75,477 1,259,266 1,442 1,242,825 1,336,185 CREDITORS: Amounts fallln8 due wlthln one year li 2,298,675 2,541,365 NETCURRENT UABILITIES {1,055,8501 {1,205,1801 TOTAL ASSETS LESS CURRENT LIABILITIES., 5,516,697 5,482,232 CREDITORS: Due after more thèn one year 12 (1,315,958) 11,282,528) £4,200,739 £4.199,704 RESERVES: Restrlcted fund5 Unrestricted funds 20 563,650 3,637,089 538,414 3,661,290 £4,200,739 £4,199,704 ON BEHA THE BO RD: Rhodrl Thomas-chairman Approved by the Board on .,......-............ The notes form part of these financial statements Page 12
5ANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANTEE CASH FLOW STATEMENT for the Year Ended 31 August 2024 2024 2023 Notes Net cash provlded by operatin8 actlvltles 768.579 498,856 Cash flows from Investlng actlvltles: Purchase of tangible assets Proceeds of disposals 1149.291) 1,500 1580,3901 Net cash used In Investlng activities 147,7911 580,3901 Cash flows from flnanclng actlvltle5: Loan repayments Capltal repayments In the year 1158,9241 15,5891 1152,0471 15,5901 Net cash used In by flnanclng actlvltles 1164,5131 1157,6371 Change In cash and cash equivalents in the year 456,275 1239,1711 Cash and cash equNalent5 at I September 2023 1335,3351 196,1641 Cash and cash equivalents at 31 August 2024 120,940 1335,3351 The notes form part of these financial statements Page 13
5ANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 August 2024 RECONCILIATION OF NET IfrICOMEIEXPENDITURE TO NEf CASH INFLOW FROM OPERATING AcfiviTIES 2024 2023 Net Incomlng resource5 Depreciation charges (Profltl/Loss on dlsposal De¢rease/llncreasel in Stocks Decrea5elllncreasel In debtors {Decrea5el/lncrease in credltor5 1,035 264,133 11,4771 2,352 210,506 292.030 28,799 267,798 402 21,732 232,550 {52,425) Net cash provided by operatln8 a¢tlvltles 768,579 498,856 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and In hand Overdraft fa¢llEty repayable on demand 120,940 1,442 1336 777 120,940 1335,3351 The notes form part of these financial statements Page 14
SANDROYD SCHOOL TrUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENT5 for the year ended 31 August 2024 ACCOUNTING POLICIES General Informatlon and basls of preparatlon Sandroyd School Trust Llmlted Is a company Ilmlted by guarantee incorporated and reglstered In England and Wales. The School constitutes a Public Benef it Entity a5 defined by FRS 102. The financial Statements have been prepared In accordance wlth A¢countlng and Reportlng by Charities: Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reportin8 Standard applicable in the United Kin8dom and Republic of Ireland IFRS 1021 leffectlve l January 2020}- {Charlties SORP 2020 IFRS 10211, the Charitles Act 2011 and the Companles Act 2006. The company meets Its day to day worklng capital requirements through loan and overdraft faclllties of whlch the overdraft Ss repayable on demand. The company is operating within its agreed facility and in view of thelr relationshlp with the company's bankers, the governors conslder It reasonable to rely on the contlnuatlon of the overdraft facility. The financial statements have therefore been prepared on a going concern basis and do not contain any adjustments that might be necessary if the overdraft faclllty were not renewed at an appropriate level. The significant accounting policie5 applied in the preparation of these financial statements are set out below. These policles have been conslstently applled to all years presented unless otherwlse stated. Fund5 Unrestrlcted funds are avallable for use at the dlscretlon of the Governors In furtherance of the general objectives of the School and which have not been designated for other purposes. Restrlcted funds are funds which are to be used In accordance with specific restrictlons 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 f inancial statements. Incomlng resource5 All incoming resources are Included In the statement of FlnancSal Actlvltles ISOFAI when the School Is legally entltled to the Income after any performance conditions have been met, the amount can be measured reliably and It Is probable that the Income wlll be re¢elved. The Income and net In¢omlng resources are attrlbutable to the one principal activity of the charitable company. Fees and slmllar Income Fees receivable and charges foT services and use of premises are accounted for in the period in which the servlce Is provided. Fees recelvable are stated after deductlng allowances, scholarshlps and other remlsslons allowed by the School. Re50urce5 expended All expendlture Is accounted for on an accrua15 basls and ha5 been classlfled under headlngs that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to thlrd parties, It is probable that the settlement wlll be requlred and the amount of the obligation can be measured rellably. The irrecoverable element of VAT is included with the item of expense to which it relates. Page 15
SANDROYD SCHOOL TRUST LIMITED A COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 ACCOUNTING POLICIES contlnued Tanglble Ilxed assets Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value wlth a short Itfe. Repalr. renovatlon and replacement expenditure Is wrltten off as expenditure in the statement of financial activities. The c05t of fixed assets Is thelr purchase cost, together with any incidental costs of acquisitlan. Depreciatlon Is calculated to wrlte off the cost of tanglble flxed assets, less their estimated residual values, over the expected useful lives of the a55ets concerned. The principal annual rates used for thls purpose are: Land Is not depreclated. Buildings and improvements Sports pitches Furniture and equipment Motor vehlcles - 2%13%110% per annum on cost - 5% per annum on cost - 38%110% per annum on reducing balance - 38% per annum on reducing balance Operating lease commitment5 Rentals applicable to operatlll8 lease5 where substantlally all of the benefits and risks of ownership rema5n wlth the lessor are charged to the SOFA on a 5traight-Ilne basls over the perlod of the lease, Any Incentlves related to the lease have been spread over the lease term. Hlre purchase and leasin8 eommltments Assets obtalned under hlre purchase contracts or finance leases are capltallsed In the balance sheet. Those held under hire purchase contracts are depreciated overtheir estimated useful lives. Those held under flnance leases are depreclated over thelr estimated useful Ilves or the lease term, whlchever is the shorter. The interest element of these oblSgatSons Is charged to the income and expendlture account over the relevant perlod. The Capital eSement of the future payment$ IS treated as a liability. Forel8n currencles Assets and Ilabllitles In forelgn currencles are translated Into sterlln8 at the rates of exchan8e ruling at the balance sheet date, Transaction5 in foreign currencies are translated into Sterling at the rate of exchange rulln8 at the date of transaction, Exchange differences are taken Into account in arrivln8 at the operatln8 result. Stocks Stock is valued at the lower of c05t and net realisable value, after making due allowance for obsolete and slow moving item5. Pensions The school operates a defined contrlbution group personal penslon scheme for teachers and other employees. Donation5 and lund accountin Donatlons recelved for the general purposes of the school are Included as unrestricted fund5. Donations for actlvlties restricted by the wishes of the donor are taken to "restrlcted funds" where these wlshes are legally bindin8 on the Governors. Debtors Debtors are measured at their recoverable amount, Cr@dltors and provlslons Creditors and provisions are recognised where the charity has a present obligatlon resultlng from a past event that will probably result In the transfer of funds to a thlrd party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognlsed at their settlement amount after allowlng for any trade dlscounts due. Page 16
SANOROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 ACCOUNTING POUCIE5 contlnued Taxatlon The company is a registered charity and, as such. Is not Ilable to corporation tax. Flnanclal Instruments Basic financial instruments are Inltially rewgnised at transaction value and subsequently measured at amortised cost wlth the exception of investments which are held at falr value. Flnancial a55ets held at amort15ed cost comprise cash at bank and In hand, together with trade and other debtors, A Specific provision is made for debts for whlch recoverablllty Is In doubt. Cash at bank and in hand is defined as all cash held In Instant access bank ccounts and used a5 working capltal. Flnanclal Ilablllties held at amortised cost comprise all creditors except social 5ecurlty and other taxes and provisions, Assets and liabilitles held In forelgn currency are translated to sterling (£1 at the balance sheet date at the year-end exchange rate. Crltl¢al a¢¢ountln8 judgements and key sources of estlmatlon uncertalnty In the applicatlon of the accounting policie5, the Governor5 are required to make judgement estimate5 and assumptlons about the carrying value of assets and liabilities that are not readlly apparent from other sources. The estimates and underlylng assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may dlffer from these estimates. Judgements made by the Governors, in the appllcatlon of these accountlng pollcies that have significant effect on the flnanclal statements and estlmates with a slgnlflcant rlsk of materlal adjustment In the next year are deemed to be In relation to the depreciation rates of tan8lble fixed assets, and the provision for bad and doubtful debts whlch are dlscussed above. The accounting policies have been applied consistently in dealing with items which are considered material in relation to the School's flnanclal statements. INCOME 2024 2023 Fees recelvable conslst of: Gross fee5 Less.. Total bursarles, grants, allowances and staff discounts 6,075,909 1785.2381 5,930,002 1771,0081 5.290,671 5,158,994 SUNDRY AND OTHER INCOME 2024 2023 Use of facllltles Sundry Income 107,307 76,474 98,759 48,449 183,781 147,208 STAFF COSTS 2024 2023 Wages and salaries Social security COStS Other pension costs 2,961,617 263,708 565.126 2,840,264 248,328 478,185 3,790,451 3,566,777 Page 17
SANDROYD SCHOOL TRUST LIMITED A COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENT5 for the year ended 31 August 2024 STAFF COSTS contlnued The average monthly number of employees during the year was as follows.. 2024 70 69 2023 63 65 Teachers Others 139 128 The number of employees whose emoluments exceeded £60,ryJO was: 2024 2023 £60,001- £70,000 £70.C(11- £80,000 £I20,l- £130,IYJO Durlng the year there were termination payments made whl¢h amounted to £40,00012023 - £4,000). Durlng the year no Governors received travellin8 expenses12023- £NIII. The key personnel of the school Comprlse the Governors, the Head and the 8ursar. The total remuneratlon of the key management personnel was £250,83612023 - £250,062). With the exception of the above none of the Governors nor persons connected wlth them received any remuneratlon or other materlal beneflts from the association or any connected organisation. EXPENDITURE Expenditure includes.. 2024 2023 Depreciation - owned assets Depreclatlon - assets on hlre purchase contracts Operating lease rentals Audltors, remuneratlon - audlt accountancv 259,189 4,944 15,617 8.678 6.000 262,854 4,944 14,448 io.ioo 6,000 ANALYSIS OF TOTAL RESOURCES EXPEfrJDED 2024 Total 2023 Total Staff costs Other Depreclation Charltable actl¥ltles'. School operating costs: Teachin8 Costs 2,616,216 Welfare 567,604 Premises 209,436 Management and administration 397,195 186,667 344,327 514,454 341,944 13,388 34,267 208,793 7,685 2,816,271 946,198 932,683 746,824 2,647,533 943,737 884,013 742,720 3,790,451 1,387,392 14,678 264,133 5,441,976 14,678 5,218,003 Governance costs 16,100 Costs of 8eneratln8 funds: Finance and other c05ts 68,188 68,188 104,739 Total resources expended 3,790,451 1,470,258 264,133 5,524,842 5,338,842 Page 18
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 STATEMENT OF FINANCIAL ACTIVITIES- compardtive balances Unreslrlcted nds Restrl(ted fund5 Total 2023 INCOME AND ENDOWMENTS FROM.. Income from: Charltable actlvltles Fees recelvable Other Income Donatlons and legacles 5,158,994 147,208 3,649 5.158,994 147,208 61,439 57,790 Tolal Income and endowmenls 5,309,851 57,790 5,367,641 EXPENDITURE Expendlture on: Charltable activlties: School operatlng costs 5,315,097 23,745 5,338,842 Tgt•l eMpondltur& 5,31S,097 23.745 5,338,842 NEfiNCOME 15,2461 34,045 28.799 Fund balances at I September 2022 3,666,536 504,369 4,170,905 TOTAL FUNDS CARRIED FORWARD AT31 AUGUST Z023 3,661,290 538,414 4,199,704 TANGIBLE FIXED ASSETS Freehold land and bulldlnBs Furniture and ulpment Motor vehlcles Totals COST: At I September 2023 Addltlons Disposals 9.106,870 32,870 805,757 116,421 7,2221 70,277 9,982,904 149,291 17,2221 At 31 August 2024 9,139,740 914,956 70,277 10,124,973 DEPRECIATION: At I September 2023 Charge for year Ellmlnated on dlsposal 2,641.208 204,152 595,725 55,529 17,1991 58,559 4,452 3,295,492 264,133 7,1991 At 31 August 2024 2,845,360 644,055 63,011 3.552,426 NET BOOKVALUE: At 31 August 2024 6.294,380 270,901 7,266 6,572,547 At 31 August 2023 6,465,662 210,032 11,718 6,687,412 The cost of freehold land and bulldlngs Includes land of £2,000 whlch Is not being depreciated. Includèd In the net book value of furniture and equipment are assets to the value of £22,86612023- £27,810) held under hire purchase contracts. Page 19
SANDROYO SCHOOL TRUST LIMITED A COMPANY UMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 STOCKS 2024 2023 Raw materials and consumables Goods for resale 39,362 33,763 46,788 28,689 73,125 75,477 io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments 972,814 4,943 71,003 1,097,559 70,840 90,867 1,048,760 1,259,266 ii. CREDITORS: AMOUNTS FAILING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdraft (note 161 Hlre purchase agreements (note 13) Trade creditors Other credltors Taxation and social security Accruals Entry deposlts repayable Deferred Income (fee5 paid in advance) Autumn 2024fees Annual Paymènts Advance fees scheme (note 151 168,996 5,589 38,960 21,314 49,768 47,982 128,505 498,926 5,589 48,236 21,613 58,636 40.835 119,S07 1,368,830 139,406 329.325 1,577,199 170,824 2.298,675 2,541,365 12. CREDITORS.. AMOUNTS FALLING DUE AER MORE THAN ONE YEAR 2024 2023 Bank loans Inote 161 Hire purchase agreement5 (note 13} Deferred income Inote 151 Entry deposits repayable 570,455 4,436 473,835 267.232 736,226 10,025 312,109 224,168 1,315,958 1,282,528 Page 20
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Au8ust 2024 13. OBUGATIONS UNDER HIRE PURCHASE CONTRACTS 2024 2023 Net obll8ations repayable: Within one year Between one and five years 5,589 4,436 5.589 10,025 10,025 15,614 14. SECURED DEBTS The following secured debts are included wlthSn creditors: 2024 2023 Bank overdraft Bank loan 336,777 898,375 739,451 739,451 1,235,152 The bank loan is secured by a flrst charge over the freehold property of the School. 15. ADVANCE FEE PAYMENTS Assuming puplls w511 remaSn In the school, advance fees wlll be applied as follows: 2024 2023 Wlthin 2 to 5 years Over 5 years 473,835 312,109 473,835 329,325 312,109 170,824 Withln l year lincluded in deferred Income) 803,160 482,933 Balance at I September 2023 Advance5 in the year Amounts Utillsed In payment of fees 482,933 503,785 {183,5581 403,711 300,125 1220,9031 Balance at 31 August 2024 803,160 482,933 Page 21
SANOROYD SCHOOL TRUST LIMITED A COMPANY LIMrrED BY GUARANTEE OTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 16. LOANS AND OVERDRAFrs An analysis of the maturlty of loans and overdrafts 1$ glven below: 2024 2023 Amounts falling due within one year or on demand: Bank overdraft Bank loan 336,777 162,149 168,996 168,996 498,926 Amounts falling due between one and two years: Bank loan- 1-2 years 171,969 168,996 Amounts falling due between two and five years: Bank loan - 2-5 years 398,486 426.980 Amounts falling due over flve years: Bank loan- over 5 years 140,250 The bank loan Is spllt into three elements one being £593,111 repayable over 14 years at a fixed interest rate of 5.74% the second element of £139,245 belng varlable at 2% over base per annum. The third element of £166,019 Is repayable over 10 years at a fixed interest rate of 3.76%, OBLIGATIONS UNDER LEASING AGREEMENTS 17. The tot81 future mlnlmum payment5 due on leases expirin8: 2024 2023 Equlpment Expiring.. Within one year 8etween one and flve years 9,446 17,318 13,452 26,765 18. PENSION COMMITMENTS The total pension cost for the school was £565,12612023 - £478,185>. There were outstanding contributlons at the balance sheet date of £8,28212023 - £8,017) in respect of contributions due for the month of August paid over to the pension Schemes, administrators in September, Page 22
SANDROYD SCHOOL TRUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Au8ust 2024 19. ALLOCAT1014 OF THE CHARifi NET ASSETS Fixed assets Net current as5et51 Iliabllities) Long term Total Restricted funds Unrestricted funds 501,070 6,071,477 62.580 11,118,430) 563,650 3,637,089 {1,315,958} 6,572,547 11.055,850} 11,315,958) 4,200,739 Allocatlon of the charlty net a5set$- comparatlve flgures Flxed assets Net current assetsl Illabilities) Long term Total Restricted funds Unrestrlcted funds 513,890 6,173,522 24,524 11.229,704 538,414 3,661,290 11,282,528) 6,687.412 1,205,180) 11,282,528) 4,199,704 20. RESTRicfED FUNDS Balance at I September 2023 Movement in funds Incoming Outgoing resources resources Balance at 31 August 2024 Glft fund 2006 Appeal fund Cloisters, Studlo and Sports Pavllion Chisuma Project Fire Suppression System Solar Panels fund Pre-Prep Fund IPrevlou51y Wolled Gordenl Friends of Sandroyd Borehole fund Club 1888 Capltal Projects 19,062 241,015 198,955 161 2,197 25,447 2,341 3.334 45,601 301 19,062 233,943 194,208 161 2,053 25,592 2,071 1,931 43,202 23,047 18,380 17.0721 (4,747} 11441 18621 11,428) 16,6331 {2,3991 1.007 1,158 5,230 22,746 18,380 538,414 48,521 123,2851 563,650 Glft fund The gift fund include5 cash donations to be applied at the headmaster's dlscretion. 2006Appeal fund The fund was launched to raise funds toward5 the cost of a new hall. The funds raised were invested in full In the construction of the sports hall. Thls fund Is beinE released to the general reserve fund (unrestricted funds) over a period equivalent to the estimated useful life of the asset. Page 23
SANDROYD SCHOOL TRUST LIMrrEO A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 20. RESTRicfED FUNDS continued Clolsters, Studio and Sports Pavlllon The fund was launched to ralse funds for future projects specifically for the Memorlal CIoi5ters. Sandroyd Studio and a Sports Pavilion. The funds ralsed were invested In full in the development of a dance studio. Thls fund Is belng released to the general reserve fund (unrestricted funds) over a period equlvalent to the estimated useful life of the asset, Chlsuma Prolect The project was set up to raise money to furnish a classroorn at a primary school in Zimbabwe. Flre Suppresslon System Followln8 a recent Insurance rlsk survey, the school Insurance company IQBEI offered to pay up to £3,000 for a flre suppression system to be installed in the school kltchen. Following a tender process, a suitable system was identlfled and Installed in December 2018. The f inal cost came to £2,865, which Is being released to the general reserve fund lunrestrlcted fund51 over a period equlvalent to the estimated useful life of the asset. Solar Panel fund Thi5 fund relates to donations received from parent5 to fund the installation of solar panels on the school swlmming pool and changln8 room roofs. Pre-Prep Fund (Previously named Walled Garden fund) These are funds raised by various sponsored events and donatlon5 to pay for new outslde equipment for the Walled Garden pre-prep. Frlends of Sandroyd These are funds raised by a parent group that hold fundrai51rtz events throu8hout the year and then donate the funds to external charltles. Borehol• Fund Thls fund relates to donatlons received to fund the construction of a borehole at the school, The funds raised were Invested in full in the Installation of the borehole. Thls fund is being released to the general reserve fund (unrestricted fund51 over a period equlvalent to the estimated useful life of the asset. Club 1888 This fund relates to donations received from Sandroydlans to fund transformatlonal bursarles. Capital Projects This fund was set up to fund capital projects in the future. Page 24
SANDROYD SCHOOL TrUST LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 20. RESTRicfED FUND5 contlnued Restrkted fvnds - comparatlve 118ures Balance at I September 2022 Movement in funds Incoming Outgoing resources resources Balance at 31 August 2023 Glftfund 2006 Appeal fund Clolsters. Studio and Sports Pavlllon Chisuma Project Flre Suppression System Solar Panels fund Walled Garden fund Friends of S3ndroyd Borehole fund Club 1888 Car Club 19.062 248.087 203.703 2,252 2,340 25,322 2,133 1,470 19,062 241,015 198,955 161 2,197 2S,447 2,341 3,334 45,601 301 {7,0721 14.7481 12.0911 11431 18631 1188) {5,0061 12,399) 988 396 6,870 48,000 301 1,235 {12351 504,369 57,790 (23,7451 538,414 21. RELATED PARTY TRANSACTIONS Fellclty Wilson, a governor was paid £3,22312023- £2,590) during the year for dance tultlon provided to pupils. Thls was paid at the same hourly rate as other dance teachers. This transaction was conducted at arm'5 length. There were no additional related party transactions In the year under review requiring dlsclosure. 22. STATUS OF COMPANY The company is a registered charity limited by 8uarantee. The Ilabllity of members in the event of a windlng up Is limited by 8uaTantee to an amount not exceedlng £1 per member. At the balance sheet date there were 14 members12023- 131. 23. CAPITAL COMMITMEpirs 2024 2023 Authorised but not contracted for Pagè 25