**Registered Company Number: 00569365 (England & Wales) Registered Charity Number: 309648**
# **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL)**
**(A Company Limited by Guarantee)**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
**For the 8 months ended 31 March 2024**
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **Annual Report and Financial Statements For the year ended 31 March 2024**
## **CONTENTS**
||**Pages**|
|---|---|
|Legal and Administrative Information|1 – 2|
|Report of the Trustees|3 – 5|
|Report of the Independent Auditor|6 – 8|
|Statement of Financial Activities|9|
|Comparative Statement of Financial Activities|10|
|Balance Sheet|11|
|Statement of Cash Flows|12|
|Notes forming part of the Financial Statements|13 – 23|
|Trading and Profit and Loss Account|24 – 25|
# **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL)**
**(Registered number: 00569365)**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**As at 31 March 2024**
Rupert House School is a Charitable Company limited by guarantee, incorporated on 24 July 1956 and registered as a charity on 2 January 1964. The Charitable Company was established under a Memorandum of Association which established the objects and powers of the Charitable Company and is governed under its Articles of Association adopted by special resolution on 12 December 2001, which replaced those dated 24 July 1956.
## **TRUSTEES**
The Trustees of the Charity and Directors of the Company, who served during the period, unless otherwise stated were as follows:
Mr C R Lowe Mrs A F Ashby Dr M L Brennan Mr P E Falinski Ms C N M Hassall Mr M G Howat Mrs G E Little Mr J M Phillips Mr N Potter Mr H Wilding
Chairman
**REGISTERED OFFICE AND ADDRESS OF OPERATION** 90 Bell Street, Henley-on-Thames, Oxon, RG9 2BN **REGISTERED COMPANY NUMBER** 00569365 **REGISTERED CHARITY NUMBER** 309648 **SENIOR MANAGEMENT TEAM**
**Head** Mr N A Armitage BA (Hons) UEA, PGCE (Cantab) **Director of Finance and Operations** Mrs W Emslie BA University of Natal, SA, PGCE **Company Secretary** University of Natal, SA, B.Compt. (UNISA) **Deputy Head Pastoral** Mrs S Newman BA (Hons) Dunelm, PGCE University of Reading **Deputy Head Academic** Mrs A Fletcher, BA University of Leeds, PGCE Roehampton University
1
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
**LEGAL AND ADMINISTRATIVE INFORMATION As at 31 March 2024**
## **PROFESSIONAL ADVISORS**
**Bankers** Lloyds TSB Bank Plc 1 Reading Road Henley-on-Thames Oxon RG9 1AE **Solicitors** Blandy & Blandy 1 Friar Street Reading Berks RG1 1DA **Independent Auditor** Wenn Townsend Statutory Auditors Chartered Accountants 30 St Giles Oxford OX1 3LE
2
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL)**
**(Registered number: 00569365)**
## **REPORT OF THE TRUSTEES For the 8 months ended 31 March 2024**
The Trustees present their report together with the audited financial statements of the Charitable Company for the 8 months ended 31 March 2024. The Report of the Governors is also the Directors Report as required by S.417 of the Companies Act 2006 and the Trustees’ Report as required by the Charities Act 2011. The financial statements comply with the requirements of the Companies Act 2006, the Charities Act 2011, the Charitable Company’s Memorandum and Articles of Association and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
## **AIMS AND OBJECTIVES**
Rupert House School was set up by a Trust Deed dated 24 December 1956 and operates as a Charitable Company in accordance with its Memorandum and Articles of Association dated 24 July 1956 and amended by special resolution on 12 December 2001, with the purpose of advancing education by carrying on in Great Britain a school or schools for the education of girls and boys. Rupert House School is a non-selective day school for boys and girls from 3 up to the age of 11.
On 28 March 2024, the Charity sold Rupert House School (including all its fixed assets) to Wishford Education Group, and on 25 April 2024 the Charity changed its name to Henley Acorns Education Limited. It is intended, as soon as is practicable with Charity Commission approval, to amend the Objects of the Company to reflect the changes in the operations of the Charity.
## **GOVERNANCE AND MANAGEMENT OF RUPERT HOUSE SCHOOL**
## **Governors**
From 28 March 2024, when the School was acquired by Wishford Education Group, the Trustees of the Charity were no longer Governors of the School.
Until 28 March 2024, new Governors are selected to ensure there was a mix of knowledge and experience on the range of matters that are likely to come before the Board.
The election of new Governors took place, following appropriate declarations and checks, at a Board of Governors’ meeting and the appointments were ratified at the following Annual General Meeting of the Charitable Company.
In accordance with the Articles of Association, Mrs A Ashby, Mrs C Hassall, Mr M Howatt and Mr H Wilding will retire at the forthcoming Annual General Meeting.
## **Governance**
Until 28 March 2024, the School was managed by the Board of Governors which met termly or more often as required. In consultation with the Head and Senior Management Team, the Governors set the strategic direction and approved the policies for the School which provide the framework for its activities and future development.
The Board of Governors delegated certain of its powers to committees consisting of Governors with relevant expertise and experience.
3
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **REPORT OF THE TRUSTEES For the 8 months ended 31 March 2024**
## **REVIEW OF PERFORMANCE for 8 months**
## **Financial Results**
As a result of the change in the accounting year end in 2024, from 31 July to 31 March, the current reporting period is 8 months, and therefore prior year figures are not directly comparable as they are reporting a 12-month period.
On 28 March 2024, the Charity sold Rupert House School which generated a profit on disposal of £1,723,845. As a result, mainly of this disposal, the accounts show a surplus of £1,339,823 (2022-23 deficit of £112,472). Total income from operations for the 8 months was £1,880,057, with fee income of £1,736,688, following an 8% increase in termly fees in September 2023.
Included in expenditure for the 8 months are professional expenses incurred in the sale of the School which amounted to £198,018 (2022-23 £153,176).
At 31 March 2024, the overall reserves stood at £2,781,701 (31 July 2023 £1,441,878) and the net cash balances stood at £253,099 (31 July 2023 £546,300). These reserves, which are all free reserves (as defined by the Charity Commission), ensure that the Charity can fulfil and complete the charitable obligations and commitments into which it enters.
## **Reserves Policy**
The Trustees’ policy is to maintain and establish sufficient funds and facilities (including debt financing if necessary) to finance the operations of the Charity.
## **Going concern**
Budgets and cashflow forecasts for a minimum of up to 12 months ahead are regularly reviewed by the Board to ensure that sufficient funds are available.
The Trustees are of the opinion that the Charity has sufficient cash and reserves to operate in accordance with its objectives.
## **PLANS FOR THE CHARITY**
Subject to approval by the Charity Commission, it is the intention of the Charity to retain the proceeds from the sale of Rupert House School and utilise its cash reserves to generate an income which will be used for the advancement of education and the benefit of young people in Henley and the surrounding areas.
The Charity will continue to liaise with the School to provide advice if requested.
4
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL)**
**(Registered number: 00569365)**
## **REPORT OF THE TRUSTEES For the 8 months ended 31 March 2024**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Trustees (who are also Directors of Rupert House School for the purposes of Company Law) are responsible for preparing the Report of the Trustees (including the Strategic Report) and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial period that give a true and fair view of the charitable company’s state of affairs and of its incoming resources and application of resources, including income and expenditure, for the financial period. In preparing these financial statements, the Trustees are required to:
- Select suitable accounting policies and apply them consistently.
- Observe the methods and principles in the Charities SORP.
- Make judgments and estimates that are reasonable and prudent.
- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the Financial Statements comply with the companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees confirm that they have complied with the duty in section 17 (5) of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The Trustees have referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing the School’s aims and objectives and in planning the School’s future activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives they have set.
The Trustees confirm that so far as they are aware, there is no relevant audit information of which the charitable company’s auditor is unaware. They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.
Approved by the Board of Trustees on 12 December 2024 and signed on their behalf by:
……………………………………………...
**C R Lowe** Chairman
5
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **Report of the Independent Auditor**
## **Opinion**
We have audited the financial statements of Henley Acorns Education Limited (formerly Rupert House School (the ‘charitable company’) for the 8 months ended 31 March 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and notes to the financial statements, including a summary of 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the 8 months then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 Trustees’ 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.
## **Other information**
The other information comprises the information included in the Trustees’ report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Trustees’ report. 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.
6
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL)**
**(Registered number: 00569365)**
## **Report of the Independent Auditor**
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 this gives rise to a material misstatement in the financial statements themselves. 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ report (incorporating the strategic report and the directors’ report) for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ 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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 5, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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.
7
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **Report of the Independent Auditor**
## **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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
- We enquire of management and those charged with governance around actual and potential litigation and claims;
- We enquire of staff to identify any instances of non-compliance with laws and regulations;
- We review the minutes of meetings of those charged with governance;
- We review the financial statement disclosures and test to supporting documentation to assess compliance with applicable laws and regulations;
- We perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
## **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.
**Andrew Rodzynski FCA (Senior Statutory Auditor) For and on behalf of Wenn Townsend Chartered Accountants and Statutory Auditor 30 St Giles Oxford OX1 3LE Date 16 December 2024**
8
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income & Expenditure Account) For the 8 months ended 31 March 2024**
|**Notes**
**INCOME**
Income from charitable activities
School fees receivable
4
Ancillary income
5
Investment income
6
**Total income**
**EXPENDITURE**
Charitable activities
**Total expenditure**
7
**Net income/(expenditure) and**
**Net movement of funds in the**
**period**
Gain on disposal of School
operations
22
Funds brought fwd at 1 August
2023
**Funds carried fwd at 31 March**
**2024**
16/17|**Total**
**Total**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2024**
**12 months**
**to**
**31 July**
**2023**
**£**
**£**
**£**
**£**
1,736,688
-
1,736,688
2,675,575
136,400
-
136,400
178,041
6,969
-
6,969
5,345|
|---|---|
||1,880,057
-
1,880,057
2,858,961|
||2,264,079
-
2,264,079
2,971,433|
||2,264,079
-
2,264,079
2,971,433|
||(384,022)
-
(384,022)
(112,472)
1,723,845
-
1,723,845
-|
||1,339,823
-
1,339,823
(112,472)
1,431,748
10,130
1,441,878
1,554,350|
||2,771,571
10,130
2,781,701
1,441,878|
All the amounts derive from continuing activities.
The Statement of Financial Activities includes all gains and losses recognised in the period.
The notes on pages 13 to 23 form part of these Financial Statements.
9
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **STATEMENT OF FINANCIAL ACTIVITIES – PREVIOUS YEAR (incorporating an Income & Expenditure Account) For the year ended 31 July 2023**
|**Notes**
**INCOME**
Income from charitable activities
School fees receivable
4
Ancillary income
5
Investment income
6
**Total income**
**EXPENDITURE**
Charitable activities
**Total expenditure**
7
**Net income/(expenditure) and**
**Net movement of funds in the**
**period**
Funds brought fwd at 1 August
2022
**Funds carried fwd at 31 July**
**2023**
16/17|**Total**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**2023**
**£**
**£**
**£**
2,675,575
-
2,675,575
178,041
-
178,041
5,345
-
5,345|
|---|---|
||2,858,961
-
2,858,961|
||2,969,561
1,872
2,971,433|
||2,969,561
1,872
2,971,433|
||(110,600)
(1,872)
(112,472)
1,542,348
12,002
1,554,350|
||1,431,748
10,130
1,441,878|
All the amounts derive from continuing activities.
The Statement of Financial Activities includes all gains and losses recognised in the period.
10
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **BALANCE SHEET As at 31 March 2024**
|
**Notes**
**FIXED ASSETS**
Tangible Fixed Assets
**10**
**CURRENT ASSETS**
Debtors
**11**
Cash at Bank and in Hand
**Creditors**
Amounts falling due within one year
**12**
**Net Current Assets**
**Total Assets less Current Liabilities**
**Creditors**
Amounts falling due after more than one
year
**13**
**NET ASSETS**
**15**
**FUNDS**
**Restricted Funds**
**16**
**Unrestricted Funds**
General Fund
**17**|**2024**
**£**
**£**
-
2,678,081
253,099
2,931,180
(137,812)
2,793,368
2,793,368
(11,667)
2,781,701
10,130
2,771,571
2,781,701|**2024**
**£**
**£**
-
2,678,081
253,099
2,931,180
(137,812)
2,793,368
2,793,368
(11,667)
2,781,701
10,130
2,771,571
2,781,701|**31 July 2023**
**£**
**£**
1,407,408
97,387
546,300
643,688
(392,612)
251,076
1,658,484
(216,606)
1,441,878
10,130
1,431,748
1,441,878|**31 July 2023**
**£**
**£**
1,407,408
97,387
546,300
643,688
(392,612)
251,076
1,658,484
(216,606)
1,441,878
10,130
1,431,748
1,441,878|
|---|---|---|---|---|
||2,931,180
(137,812)||643,688
(392,612)||
||||||
|||2,793,368
(11,667)||1,658,484
(216,606)|
|||2,781,701||1,441,878|
|||10,130
2,771,571||10,130
1,431,748|
|||2,781,701||1,441,878|
The Financial Statements were approved and authorised for issue by the Board of Governors on 12 December 2024 and are signed on its behalf by:
……………………………………………………… ……………………………………………. **C R Lowe – Governor P E Falinski – Governor**
The notes on pages 13 to 23 form part of these Financial Statements.
11
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **CASH FLOW STATEMENT As at 31 March 2024**
|**Note**
**Operating Activities**
Cash used in operations
**22**
**Investing Activities**
Interest received
Purchase of tangible fixed assets
**Net cash used in Investing Activities**
**Financing Activities**
Disposal of assets
Loan repayments
Interest paid
**Net cash used in Financing Activities**
Net movement in cash and cash equivalents
Cash and cash equivalents at the beginning of the
year
**Cash and cash equivalents at the end of the**
**year**|**2024**
**31 July 2023**
**£**
**£**
(3,318,694)
67,927|
|---|---|
||6,969
5,345
(23,159)
(76,607)|
||(16,190)
(71,262)|
||3,067,000
-
(21,809)
(40,110)
(3,508)
(5,366)|
||3,041,683
(45,476)|
||(293,201)
(48,811)
546,300
595,111|
||253,099
546,300|
These notes on pages 13 to 23 form part of these Financial Statements.
12
# **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL)**
**(Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS**
## **For the 8 months ended 31 March 2024**
## 1 **GENERAL INFORMATION**
Henley Acorns Education Limited (formerly Rupert House School) (“the Company”) is a Charitable Company limited by guarantee, domiciled and incorporated in England. The address of the Company’s registered office and principal place of business is 90 Bell Street, Henley-on-Thames, Oxfordshire, RG9 2BN.
## 2 **STATEMENT OF ACCOUNTING POLICIES**
A summary of the more important accounting policies including those affecting the most significant items in the Financial Statements is set out below:
## **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 issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.
The financial statements are prepared on a going concern basis.
Assets and liabilities are initially recognised at historic or transaction value unless otherwise stated.
The financial statements are prepared in sterling (£) and are rounded to the nearest £1.
## **Going concern**
The Charity had net current assets of £2,793,368 (2023: £251,076) and net cash balances of £253,099 (2023: £546,300) at the balance sheet date.
The Trustees are of the opinion that the Charity has sufficient cash and reserves to continue as a going concern.
## **Fund accounting**
General funds are unrestricted funds that are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and have not been designated for other purposes.
Designated fund comprises funds that have been set aside by the Governors out of unrestricted general funds for specific purposes.
Restricted funds are funds that can only be used for specific restricted purposes as laid down by the donor or the terms of the appeal.
## **Income**
All income is included in the Statement of Financial Activities when the Charitable Company is legally entitled to the income and the amount can be measured reliably.
## **Fees and similar income**
Fees receivable are accounted for in the period in which the service is provided. Fees receivable are stated net of bursaries and discounts allowed. Fees received for education to be provided in future years are carried forward as fees received in advance. These fees are released to the Statement of Financial Activities over the period in which the School provides services in future years.
13
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL)**
**(Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the 8 months ended 31 March 2024 (Cont’d)**
## **Income from pupil extras and events**
Charges are made to pupils to cover the cost of ‘Extras’ such as milk, exam fees, insurance, clubs, trips and outings. In some cases the costs slightly exceed the charges made and in others there is a small surplus remaining. The intention is for pupils to pay for these costs but not to achieve a profit on recharging.
## **Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Certain expenditure is apportioned to categories based on the estimated amount attributable to that activity in the period. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Governance costs comprise the costs of running the charitable company, such as preparing statutory accounts and satisfying public accountability.
## **Tangible fixed assets**
Tangible fixed assets are recorded at their historical cost to the Charitable Company. Depreciation is provided on all tangible assets, except freehold land, in order to write off their cost less residual value of their estimated useful lives at the following annual rates:
|Freehold property|2% on cost|
|---|---|
|Improvements to property|10% on cost|
|Plant and machinery|10% on cost|
|Fixtures and fittings|25% on reducing balance|
|Computer equipment|rates of 25% and 33.33% on cost, according to asset type|
|Motor vehicles|25% on reducing balance.|
In general, individual assets costing below £500 are not capitalised. This also applies to donated assets.
## **Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **Financial instruments**
The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **Pension schemes**
The Charitable Company contributes to a defined contribution scheme with Aviva Group Personal Pensions.
## **Operating leases**
Rentals applicable to operating leases are charged to the Statement of Financial Activities over the period in which the cost is incurred on a straight-line basis.
14
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL)**
**(Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the 8 months ended 31 March 2024 (Cont’d)**
## 3 **SIGNIFICANT JUDGEMENTS AND ESTIMATES**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Significant estimates included the financial statements includes provision for fee debtors, which require a judgement by management regarding the likelihood of recovery. Management review and assess fee debtors on an individual basis and provide for fee debtors as appropriate. Depreciation is another key estimate in the accounts which requires management judgement over the useful economic life of the assets. The policy is set out in the notes above.
## 4 **FEES RECEIVABLE**
|**12**
**2024 31**
**£**
Fees receivable consist of:
Gross fees
1,848,203
Less: Total bursaries and discounts given
(111,515)
________
1,736,688
5
**ANCILLARY INCOME**
**Unrestricted**
**Funds**
**Restricted**
**Total**
**School**
**Designated**
**Funds**
**2024**
**£**
**£**
**£**
**£**
Registration fees
3,750
**-**
**-**
3,750
Other
132,650
-
-
132,650
136,400
-
-
136,400
6
**INVESTMENT INCOME**
**Unrestricted**
**Funds**
**Restricted**
**Total**
**School**
**Designated**
**Funds**
**2024**
**£**
**£**
**£**
**£**
Bank interest
receivable
6,969
-
-
6,969|**12**
**2024 31**
**£**
Fees receivable consist of:
Gross fees
1,848,203
Less: Total bursaries and discounts given
(111,515)
________
1,736,688
5
**ANCILLARY INCOME**
**Unrestricted**
**Funds**
**Restricted**
**Total**
**School**
**Designated**
**Funds**
**2024**
**£**
**£**
**£**
**£**
Registration fees
3,750
**-**
**-**
3,750
Other
132,650
-
-
132,650
136,400
-
-
136,400
6
**INVESTMENT INCOME**
**Unrestricted**
**Funds**
**Restricted**
**Total**
**School**
**Designated**
**Funds**
**2024**
**£**
**£**
**£**
**£**
Bank interest
receivable
6,969
-
-
6,969|**months to**
**July 2023**
**£**
2,839,566
(163,991)
________
2,675,575
**Total**
**12**
**months**
**to 31 July**
**2023**
**£**
5,625
172,416
178,041|
|---|---|---|
||136,400
-
-
136,400||
|||**Total**
**12**
**months**
**to 31 July**
**2023**
**£**
5,345|
15
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the 8 months ended 31 March 2024 (Cont’d)**
## **7 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITES**
||**Staff**|||**Total**|**Total**|
|---|---|---|---|---|---|
||**Costs**|**Other**|**Depreciation**|**2024**|**12 months to**|
||||||**31 July 2023**|
|**Charitable activities**|**£**|**£**|**£**|**£**|**£**|
|School operating costs||||||
|Teaching|897,744|239,904|21,069|1,158,718|1,682,750|
|Welfare|73,803|187,324|14,793|275,919|388,090|
|Premises|-|253,520|47,041|300,561|336,461|
|Support costs|183,780|293,788|4,511|482,079|525,748|
|Governance costs|-|39,772|-|39,772|21,648|
|Bank charges and interest|-|3,508|-|3,508|5,366|
|Bad debts|-|3,522|-|3,522|11,370|
|Total Expenditure|1,155,327|1,021,338|87,414|2,264,079|2,971,433|
|**NET EXPENDITURE FOR**|**THE PERIOD**|||||
||||||**12 months**|
|||||**2024**|**to 31 July**|
||||||**2023**|
|||||**£**|**£**|
|Net incoming funds is stated after charging||||||
|Depreciation and loss on disposal||||87,414|133,156|
|Auditors’ remuneration for:||||||
|External work||||26,200|8,600|
|Other work||||5,000|1,000|
## **8 NET EXPENDITURE FOR THE PERIOD**
## **9 STAFF COSTS**
|Wages and salaries
Social security costs
Pension contributions
Employee benefits accrual|**2024**
**12 months**
**to 31 July**
**2023**
**£**
**£**
959,159
1,336,667
90,529
127,838
105,639
157,351
-
128,138
1,155,327
1,749,993|
|---|---|
**16**
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the 8 months ended 31 March 2024 (Cont’d)**
## **9 STAFF COSTS (continued)**
|The average number of employees during the period were:
Teaching
Teachers’ assistants
Administration
Domestic|**2024**
**2023**
**No.**
**No.**
27
27
13
12
7
7
4
4
51
50|
|---|---|
The number of employees whose emoluments (excluding pension contributions) amounted to over £60,000 in the period were as follows:
|over £60,000 in the period were as follows:||
|---|---|
|£80,001 – 90,000
£60,001 – 70,000
Total cost of employer’s pension contributions to the individuals above in
the period|**2024**
**2023**
**No.**
**No.**
-
1
1
1|
||**2024**
**2023**
**£**
**£**
8,544
19,966|
The total of employee benefits paid to the senior management team, as disclosed on page 1, in the period totalled £178,941 (2022-23: £254,446). During the period no emoluments were paid to the Trustees or persons connected with them (2023: £Nil).
17
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the 8 months ended 31 March 2024 (Cont’d)**
## **10 TANGIBLE FIXED ASSETS**
|**Cost**
At 1 August 2023
Additions
Disposals
At 31 March 2024
**Depreciation**
At 1 August 2023
Charge for the year
On disposals
At 31 March 2024
**Net Book Value**
At 31 March 2024
At 31 July 2023|**Freehold**
**Property**
**Improvements**
**To Property**
**Plant &**
**Machinery**
**Fixtures &**
**Fitting**
**Computer**
**Equipment**
**Motor**
**Vehicles**
**Total**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
1,834,444
1,414,323
239,091
310,610
439,212
30,310
4,267,990
-
8,998
3,700
3,657
6,804
-
23,159
(1,834,444)
(1,423,321)
(242,791)
(314,267)
(446,016)
(30,310)
(4,291,149)|
|---|---|
||-
-
-
-
-
-
-|
||709,456
1,270,179
219,636
265,957
367,123
28,231
2,860,582
22,636
24,405
2,275
12,090
25,927
347
87,680
(732,092)
(1,294,584)
(221,911)
(278,047)
(393,050)
(28,578)
(2,948,262)|
||-
-
-
-
-
-
-|
||-
-
-
-
-
-
-
1,124,988
144,144
19,455
44,653
72,089
2,079
1,407,408|
Included in cost of land and buildings is freehold land of £nil (31 July 2023: £136,683) which is not depreciated.
18
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the 8 months ended 31 March 2024 (Cont’d)**
|**11 DEBTORS**
Trade debtors
Prepayments
Other debtors
**12 CREDITORS**
**Amounts falling due within one year**
Loans
Trade creditors
Finance lease
Fees paid in advance
Deposits
Taxation and social security
Accruals
Other creditors
**13 CREDITORS**
**Amounts falling due after more than**
**one year**
Fees paid in advance
Finance lease
Loans
Deposits|**2024**
**31 July 2023**
**£**
**£**
52,338
24,482
-
57,224
2,625,743
15,681
2,678,081
97,387|
|---|---|
||**2024**
**31 July 2023**
**£**
**£**
10,000
10,000
12,130
75,475
5,671
20,814
-
98,204
-
13,200
-
28,490
87,801
143,486
22,211
2,943
137,813
392,612|
||**2024**
**31 July 2023**
**£**
**£**
-
71,813
-
-
11,667
18,333
-
126,460|
||11,667
216,606|
The loan is from Lloyds Bank under the Government’s Bounce Back Loan Scheme. Repayment commenced in June 2021 over 60 months with interest charged at 2.5%. Final repayment with be in May 2026.
19
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the 8 months ended 31 March 2024 (Cont’d)**
## **14 OPERATING LEASE COMMITMENT**
The following is the total of future minimum lease payments under non-cancellable operating leases payable in each of the following periods:
|Amounts due within one year
Amounts due within two to five years|**2024**
**31 July**
**2023**
**£**
**£**
-
-
-
-|
|---|---|
The amount of operating lease to be recognised as an expense during the period was £nil (2023: £nil).
## **15 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**2024**
**Restricted Funds**
**Unrestricted Funds**
General Reserves
**2023**
**Restricted Funds**
**Unrestricted Funds**
General Reserves|**Fixed**
**Net Current**
**Long Term**
**Assets**
**Assets**
**Liabilities**
**Total**
**£**
**£**
**£**
**£**
-
10,130
-
10,130
-
2,783,237
(11,667)
2,771,571|
|---|---|
||-
2,793,367
(11,667)
2,781,701|
||**Fixed**
**Net Current**
**Long Term**
**Assets**
**Assets**
**Liabilities**
**Total**
**£**
**£**
**£**
**£**
9,127
1,003
-
10,130
1,398,281
250,073
(216,606)
1,431,748|
||1,407,408
251,076
(216,606)
1,441,878|
20
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the 8 months ended 31 March 2024 (Cont’d)**
## **16 RESTRICTED FUNDS**
|**2023**
Fixed assets fund
Parental donations
Kirkham prize fund
Pre-prep Creative Arts Prize
**2023**
Fixed assets fund
Parental donations
Kirkham prize fund
Pre-prep Creative Arts Prize|**Balance**
**Balance**
**1 August**
**31 March**
**2023**
**Income**
**Expenditure**
**Transfers**
**2024**
**£**
**£**
**£**
**£**
**£**
9,127
-
-
-
9,127
323
-
-
-
323
600
-
-
-
600
80
-
-
-
80|
|---|---|
||10,130
-
-
-
10,130|
||**Balance**
**Balance**
**1 August**
**31 July**
**2022**
**Income**
**Expenditure**
**Transfers**
**2023**
**£**
**£**
**£**
**£**
**£**
10,999
-
(1,872)
-
9,127
323
-
-
-
323
600
-
-
-
600
80
-
-
-
80
12,002
-
(1,872)
-
10,130|
The restricted funds relate to donations given for specific projects, viz the purchase of fixed assets for use by the School, parental donations for the assistance of pupils and the payment of specific school expenses.
## Fixed assets fund
These were donations that the school received that were used to purchase the property known as Courtneys. The annual movement represents depreciation in line with the property depreciation as a whole.
## Parental donations
This was a donation received from an individual to assist with ‘financially strained pupils’.
## Kirkham prize fund
This was a grant received from the Hon Mrs Kirkham to set up a prize fund to be called ‘The William Kirkham Prize’, for a boy who has persevered with his handwriting in year 2’.
## Pre-prep Creative Arts Prize
This was an amount donated by a teacher who is no longer employed at Rupert House School to provide prizes in future years.
21
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the 8 months ended 31 March 2024 (Cont’d)**
## **17 UNRESTRICTED FUNDS**
||**2024**|**Balance**|||||**Balance**|
|---|---|---|---|---|---|---|---|
|||**1 August**|||||**31 March**|
|||**2023**|**Income**|**Expenditure**|**Transfers**||**2024**|
||**General funds**|1,429,238|3,603,902|(2,264,079)||-|2,769,061|
||**Designated fund –**|||||||
||**Bursary**|2,510|-|-||-|2,510|
|||1,431,748|3,603,902|(2,264,079)||-|2,771,571|
||**2023**|**Balance**|||||**Balance**|
|||**1 August**|||||**31 July**|
|||**2022**|**Income**|**Expenditure**|**Transfers**||**2023**|
||**General funds**|1,539,838|2,858,961|(2,969,561)||-|1,429,238|
||**Designated fund -**|||||||
||**Bursary**|2,510|-|-||-|2,510|
|||1,542,348|2,858,961|(2,969,561)||-|1,431,748|
|**18**|**CAPITAL COMMITMENTS**|||||||
||||||**2024**||**31 July**|
||||||||**2023**|
||||||**£**||**£**|
||Contracted but not provided for in the financial statements|||||||
|||||||-|-|
## **19 TAXATION**
The Charitable Company is a registered charity and as such is entitled to tax exemptions on income and gains, properly applied for its charitable purposes.
## **20 PENSIONS**
## **Defined contribution scheme**
The Charity made contributions to an Aviva Group Personal Pension Scheme, which is a defined contribution scheme, for both teaching and non-teaching staff. Employers’ contributions totalling £105,639 (12 months to 31 July 2023: £157,351) were payable to the scheme for the period. At the period-end £20,705 (2023: £11,409) was accrued in respect of contributions to this scheme.
22
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL) (Registered number: 00569365)**
## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the 8 months ended 31 March 2024 (Cont’d)**
## **21 RECONCILIATION OF NET INCOME TO NET CASH GENERATED FROM OPERATIONS**
|Net movement in funds
Adjustments for:
Depreciation of tangible assets
Interest receivable
Interest payable
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors|**2024**
**12 months**
**to 31 July**
**2023**
**£**
**£**
(384,022)
(112,472)
87,414
33,156
(6,969)
(5,345)
3,508
5,366
(2,580,693)
(6,923)
(437,932)
54,145
(3,318,694)
67,927|
|---|---|
## **22 GAIN FROM THE DISPOSAL OF SCHOOL OPERATIONS**
On 28 March 2024, the Charity sold Rupert House School’s operations and associated assets and liabilities to Wishford Education Group for total proceeds of £3,065,000. A summary of the assets sold by the Charity and their carrying values in the financial records at the date of disposal are shown below:
|Fixed assets
Proceeds
Gain on disposal|**£**
1,341,155
3,065,000|
|---|---|
||1,723,845|
23
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL)**
## **INCOME AND EXPENDITURE ACCOUNT For the 8 months ended 31 March 2024**
|
**INCOME**
**Fee Income**
Tuition fees
Activities, trips and outings
Registration fees
Deposits retained
Sundry income
**Other Income**
Interest receivable
**Total Income for the Year**
**Less: Expenditure for the Year**
**Surplus for the Year**|
**£**
1,736,688
119,140
3,750
-
13,510|**2024 12 months to 31 July 2023**
**£**
**£**
**£**
2,675,575
133,480
5,625
-
38,936
1,873,088
2,853,616
5,345
6,969
5,345
1,880,057
2,858,961
(2,264,079)
(2,971,433)
(384,022)
(112,472)|**2024 12 months to 31 July 2023**
**£**
**£**
**£**
2,675,575
133,480
5,625
-
38,936
1,873,088
2,853,616
5,345
6,969
5,345
1,880,057
2,858,961
(2,264,079)
(2,971,433)
(384,022)
(112,472)|
|---|---|---|---|
||6,969||5,345|
|||||
|||1,880,057
(2,264,079)
(384,022)||
This page does not form part of the statutory Financial Statements
24
## **HENLEY ACORNS EDUCATION LIMITED (Formerly RUPERT HOUSE SCHOOL)**
## **INCOME AND EXPENDITURE ACCOUNT For the 8 months ended 31 March 2024**
|
**EXPENDITURE**
**Educational**
Salary costs
Teaching material
Direct costs
Courses/Inset
Depreciation
**Welfare**
Salary costs
Provisions and housekeeping
Laundry and cleaning
Depreciation
**Premises**
Rates and water
Insurance
Light and heat
Repairs
Depreciation
**Support**
Salary costs
Insurance
Telephone and internet charges
IT expenses
Postage and stationery
Advertising and recruitment
SD Worx – Payroll Bureau
Marketing
Bursary costs
Legal and professional charges
Auditors’ remuneration
Depreciation
**Finance costs**
Bank charges
Loan interest
Lease interest
Bad debts
**Total Expenditure for the Year**|
**2024**
**£**
**£**
897,744
92,083
3,864
143,958
21,069
1,158,718
73,803
140,460
46,863
14,793
275,919
6,962
14,845
163,386
68,327
47,041
300,561
183,780
8,572
10,133
47,376
5,467
2,639
4,337
10,643
44
213,149
31,200
4,511
521,851
625
426
2,457
3,522
7,030
2,264,079|
**2024**
**£**
**£**
897,744
92,083
3,864
143,958
21,069
1,158,718
73,803
140,460
46,863
14,793
275,919
6,962
14,845
163,386
68,327
47,041
300,561
183,780
8,572
10,133
47,376
5,467
2,639
4,337
10,643
44
213,149
31,200
4,511
521,851
625
426
2,457
3,522
7,030
2,264,079|**12 months to**
**31 July 2023**
**£**
**£**
1,376,659
110,865
3,952
160,547
30,727
1,682,750
103,776
206,475
56,533
21,306
388,090
9,474
15,308
156,168
80,885
74,626
336,461
269,558
12,048
8,696
31,952
1,891
7,866
5,542
16,073
409
177,264
9,600
6,497
547,396
829
846
3,691
11,370
16,736
2,971,433|**12 months to**
**31 July 2023**
**£**
**£**
1,376,659
110,865
3,952
160,547
30,727
1,682,750
103,776
206,475
56,533
21,306
388,090
9,474
15,308
156,168
80,885
74,626
336,461
269,558
12,048
8,696
31,952
1,891
7,866
5,542
16,073
409
177,264
9,600
6,497
547,396
829
846
3,691
11,370
16,736
2,971,433|
|---|---|---|---|---|
||73,803
140,460
46,863
14,793||103,776
206,475
56,533
21,306||
||6,962
14,845
163,386
68,327
47,041||9,474
15,308
156,168
80,885
74,626||
||183,780
8,572
10,133
47,376
5,467
2,639
4,337
10,643
44
213,149
31,200
4,511||269,558
12,048
8,696
31,952
1,891
7,866
5,542
16,073
409
177,264
9,600
6,497||
||625
426
2,457
3,522||829
846
3,691
11,370||
||||||
|||2,264,079||2,971,433|
This page does not form part of the statutory Financial Statements
25