REGISTERED CHARITY NO: 309910 COMPANY NO: 587874 BEACHBOROUGH SCHOOL TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
BEACHBOROUGH SCHOOL TRUST LIMITED INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Page Reference and Adminislralive Infomialion Providers ol Professional SetViC8S Report ol the Governors Strategic Report 6-12 Statement ol Trustees, Responsibilities 13 Independent Auditor's Report 14-17 Statement of Financial Activities Balance Sheel 19 Cashllow Slalemenl 20 Notes to the Financial Sialemenls
BEACHBOROUGH SCHOOL TRUST LIMITED REFERENCE AND ADMINISTRATIVE INFORMATION REGISTERED COMPANY NUMBER 587874 IEngland and Wales) REGISTERED CHARITY NUMBER 309910 REGISTERED OFFICE Weslbury Manor Brackley Northamptonshire NN13 5LB GOVERNORS: The Governors are the chaiily Iruslees ol Beachborough School Trust Limited and have all served in office throughout the year. except where indicated. Mrs S Barrett (Chair ol Governors) Mrs R Donaldson Mrs G Eilbeck Mr J-M Hodgkin Ivice Chair of Governors) Mrs E Hill Mr N Mullineux Mr R Palmer Mr P Sanderson Mrs S Sowden Mr J Tearte Mrs S Willis Mrs E Wilson Mr B Wood (Resigned 1 Ph June 20221 (Appointed 1 Oth October 20221 (Resigned 22r March 20221 HONORARY OFFICERS: Mr C Prilchard (Headmaster) Mrs C Wallace IBursar, Clerk lo the Governors and Company Secretary) KEY MANAGEMENT PERSONNEL: Mr M Barrett (Deputy Head, Beachboroughl Mr S Preece IDepLrty Head, Beaehboroughl Mr D Gross (Head ol Manor House) Ms C Sharp5 (Head o18oardmanl IResigned 3151 October 20211 (Appointed 1st November 20211 Page 1
BEACHBOROUGH SCHOOL TRUST LIMITED PROVIDERS OF PROFESSIONAL SERVICES Bankers Barclays Bank PIC Brackley Branch North Oxfordshire Group POBox1 Oxon OX16 8PS Insurers Marsh Brokers Limfted Education Practice Capital House 1- 5 Perrymount Fload Haywards Heath W. Sussex RH16 3SY Audllors Crowe UK LLP Aquis House 49 - 51 Blagrave Street Reading Berkshire RG1 1PL Solicllors Veale Wasbrough Vizards Orchard Court Orchard Lane Bristol BS15WS Page 2
BEACHBOROUGH SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 The Governors oflhe School, who are also Directors of the Company and Charity Trustees forlhe purposes ol the Charities Act 2011, present their Annual Report in compliance with both that Act and the Companies Act 2006. The report contains Directors, Report and Strategic Report together with the audited financial slatements lor the year ending 31 August 2022. The format and content ol the report and financial statements comply with the Companies Act 2006, the Charities Act 2011 and the Slalemenl of Recommended Practice.. 'Accounting and Reporting by Charities, ISQRP FRS1021. STRUCTURE. GOVERNANCE AND MANAGEMENT The Beachborough School Trusi Limited (herein 'BeaChrough School") was incorporated on 25 July 1957 as private company limited by guarante& without share capital. The company number is 00587874 and the charity number is 309910. Governlng document The company is controlled by 1ts Memorandum and Articles ol Associalioris. The Articles ol Association were reviewed and updated during the year. The updated articles were adopted by the Trustees on 31, March 2022. Governlng Body The Governors ol the Trust are all Directors ol the Company. Those who held office during the financial year are listed on page 1. Governors are elected by the Board lo lill a vacancy due lo retirement, or lo enhance or add lo the particular skills o18oard. The Directors are elected al a lull Directors meeting on the basis of nominations received from members of the Board or the Head tal(ing into account eligibility, personal competence, specialist skills and local availability. The Trust has no share capital and consequently none of the Governors has any interest in the Trust. The liatilily il the govemors is limited lo the exlenl of £5 each in the event ol the trust being wound up. Recrultment and Training ol Governors Potential governors are identitied by members ol the Governing Body and considered agnsI the Body's specilicalions concerning eligibility, competence, specialist skills and local availability. New Governors receive a thorough induction so Ihey clearly understand the responsibilities ol the role and the workings ol the School. In addition, all GovernDrs are encouraged lo attend relevant training seminars and conferences throughout the year to further their own protessional development. Organlsational Alanagement The members ol the Governing Body are legally responsible lor the overall management and control of the School. The Governing Body meet as a Board al least three limes a year and al other times as required by the School's business. The Governing Body has live sub-committee's to support the running ol the School. Each committee has Governor representation as well as members ol the School Leadership Team. Each sub-committee will also meet three lime a year and feed their termly report and minutes of their meeting to the Full Board ol Governors meeting. The purpose ol the Governing Body meeting is lor the Governors to determine the general policy of the School and review its overall management and control. At the end ol each meeting there is an opportunity for the Governors to have a discussion without staff present if and when the need arises. In addition lo the sub-committees, the Board have appointed a Governor with specific responsibility for Child Protection and Safeguarding, Boarding Provision, SEN, and Parent llaison. The day to day running ol the School is delegated lo Ihe Honorary Officers who are supported by the key managefflenl personnel, the Senior Leadership Group and other stall. Page 3
BEACHBOROUGH SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 The remuneration ol the key management personnel is set by the Board, with the policy objective ol providing appropriate incentives lo encourage enhanced performance and of rewarding them fairly and responsibly lor their individual contributions to the &hool's success. The appropriateness and relevance of the remuneration is reviewed annually, incIling reference to comparisons with other independent schools lo ensure that the School remains sensitive lo the broader issues ol pay and employment conditions elsewhere. We aim ID recruit, subject lo experience, ai the lower lo medium point within a band, prDviding scope for rewarding excellence. Delivery ol the School's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expendilure. Group Stm¢tu The company has no subsidiaries. The School is an active member of-. The Independent Schools Council The Association of Governing Bodies ol Independent Schools The Independent Schools, Bursars Association The Boarding Schools, Association The Headmaster is an active member ol.. The Independent Association ol Preparatory Schools Local Communlty Rel8tlonshlps and Other Charltable Activities The School provides the use ol ils facilities lo local Community groups and to local families on a regular basis etther at low cost or no cost. 11 supports both national and international charities thrDugh a wicle variety ol fund-raising inilialives. The School is committed to setving the b&sl interests ol the local community and regularly meets with the local Parish Council in Drder lo actively contribute, promote arKI improve the local environment. AIMS. OBJECTIVES AND ACTivrriES Prlmary Objecllves The main charitable objectNe of the Trust is lo promote and provide th8 advancement ol education of children within the United Kingdom. The principal current activity ol the Trust is the operation ot an independent preparatory, pre-preparalory and nursery school lor boys and girls from the age ot two and a hall lo thirteen years ot age. The Governors believe that the School pertomis its functions well and regularly monitor the pertormance ol the School and ils leadership. Strategles to Achieve the Primary Objectlves The School's strategic aim is lo providè every child wth an excellent academic, spiritual and mor education in a warrn and SUPFX)rtive environment. The locus is on creating and inspiring a nurturing learning adventure where each and every child can flourish. This is achieved by drawing out the children's individual abilities and academic potential as well as awakening and developing their wider inleresi in life. Page 4
BEACHBOROUGH SCHOOL TRUST LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 PriTn¢iple Actlvlty The School's policy is lo provide a high quality education lor ils pupils. The majority ol pupils enter senior independent schools either via the common entrance exam or public school scholarship. The Prep school includes boarding as well as day facilities lor children between the ages ol seven and thirteen. The Pre- prep and Nursery provides education for children between the ages of and a ham and seven on a day basis. Obiedlves for Iho Year The Board's main objective continues lo be lo deliver the highest possible standard ol education lo all pupils and to ensure that the school continues lo oller a broad and balanced programme ol leaming that enhances and develops the children's skill sel, as well as their academics. The school also continues lo improve the facilities within the school lo ensure the children have the resources and facilities to learn in creative and imaginative ways. An experienced, dedicated and well qualrfied team of stall support the children academically and spiritually. The school encourages all staff and pupils to positively contribute to the life of the school and the wider community, thus helping the pupils lo prepare lor their next school and the opportunities. responsibilities and experiences ol adult life. Strategles lo A¢hleve Ihe Year's Objectlves Our strategy lo achieve our objectives lor the year has been lo continue lo strive lor a successful and prosperous school, so that our objective ol providing generous resources can be fulfilled. Our objective ol providing the best possible staff has been achieved by maintaining a most thorough and demanding recruitment process. Volunteers The School is immensely grateful lo be supported by volunteer parents. The Beachborough Friends Association is made up of parent volunteers and they meet regularly throughout the academic year. They continue to help rith the School's lundraising and cultural activities during the year and are an invaluaUe Support for the day-lo-day operation ol the School. Beachborough Schoo5 benefits from the generosity of a thriving network ol current and former parenis and pupils whose close support is greatly appreciated and acknowledged. Fundralslng Actlvltles Beachborough School does not engage in large scal& fundraising activities like mass mailings, telephone lundraising or door-lo-doDr campaigns. The School does not employ a separate fundraising team or third party organisalion to help raise funds. Any small level fundraising activities locus on the current parents and other individuals or organisations connected with the School rather than the wider community. During the financial year, the School did not receive any fundraising cc>mplaints requiring action by the Fundraising Regulator. Page 5
BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 ACHIEVEMENTS AND PERFORMANCE Academic Excellence The School and Governors congratulate each and every pupil in Form Vlll (Year 81 as all 34 pupils al the end ol the academic year gained enlry into their school ol Choice. An outstanding 27 awards, scholarships and exhibits were achieved by the Form Vlll's in csisciplines such as Art, MLJSIC, Drama, Sport, Design & Technology and Academic from Akeley Wood, Bloxham, Repton, Rugby, Shrewsbury, Sibtord, Milllield, Slowe. We consider this lo be an exceptional achievement as Beachborough is a non-selective school. The School continuos lo enhance ils reputation lor academ excellence producing another impressive year ol scholarshi$, exhibits and awards. Throughout each year group formative and summative assessment remains rigorous enough to place children Tmlhin the correct environment to maximise their learning,. allowing scholarship PDtenlial and leaming support lo be recognised earlier than ever. Future schools continue to ackllowledge Beachborough's ability to work with each individual child arKI lo help them meet the entry requirements of their senior school. Sportlng Perfomiance Sport has continued to play a prominent part in the life of our pupils al Beachborough School throughout the past academic year. Underpinning everything we do here al the School is the notion of "Sport for All" W& r&cognise that inclusivity is a key part ol our fabric as a school and ensure that we consistently hit a 100°/o participation rale in team sports. In addition. we have also run school teams in other sporting areas. namely alhlelics, cross country, equestrian, gymnastics. swimming, tennis arKI triathlon with the breadth of the programme enatIng our pupils lo experience competition and enjoyment in equal measure. Highlights of the year included competing at the National Preparatory Schools Cross Country Championships and winning the under 11 s ra, and placing third as a team. Six Beachburians also qualrfied for the IAPS National Swirnming Championships, giving them the opportunity lo compete at the iconic London Aquatics Centre in the Olyfftpic Park whilsi three others had the opportunity lo compete at the National Prep Schools Alhlelie Championships. Music Our music department continues lo grow and develop. This year music scholarships and exhibitions were awarded to St Edwards and Bloxham. In addition io curriculum lesstsns, over 160 children attend one lo one instrumental and singing lessons, with 17 music groups, including three choirs, available lor children to join. Most of the children are working towards sitting public exams. with some students working towards Grade 6 and above and the school was Ihrilled with the 100 /0 success ralo with scholarships and awards lo Senior Schools. Music Technology continues lo play a crucial role in our curriculum, and over the summer work will be competed in creating a Digital Music Suite allowing the children lo explore the nature of and composition musical sound using the latest technology, Technology Technology, Engineering and Design has yel again grown and flourished. Building on being named Best Prep School lor STEM in the UK by The Week Independent School Guide in 2022, the Department strives lo ¢onlinue delivering STEM in the best way imaginable across the school. The scholarship programme wilhin technology continues lo flourish, and we are proud that four children received technology and design scholarships, and one an exhibition, from Senior Schools. These all provKled the children with the pertect oFportunily to showcase the skills they had developed whilst al Beachborough. We were very pleased to be able lo invite three local s¢hools to join our Creative Technologists, Innovation ICTII event. In total 120 form Vl children had an action packed day with this year'5 theme ol Pedal Power. Bike Engineering and Innovation. The annual event is laniastic way to bring children together and the camaraderie between the children from all schools present was oulslanding. Page 6
BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Ove the year we have also welcomed SLime wonderful 9uesl speakers as per ol our brand new TED Talks program. The children have been excited to hear about all the grealjobs in design, technology and industry that they could go on lo do. From flying in the Red Arrows to working in Formula 1 and running your own Greenpower race team- the children have enjoyed and taken inspiration from all ol our speakers. ACHIEVEMENT IN RELATION TO LAST YEARS FirfuRE PLANS: The developmgnt of our senior curriculum In Form$ Vll and Vlll - Wort has continued in this area and we have now developed and launched our new and exciting CEL Programme (Character, Elhi¢s and Leadership) lor pupils in Years Seven and Eight. The revlew and development of the school's Misslon, Vsslon and Core Values- The school has reviewed ils Mission. Vision and Core Values in linè wth the school's charitabl& aims and objectives and all stakeholders in the school have contributed to this exciting piece ol work. Development of charity inltlatlves and relatlonships wlth the local communlty- Relationships with the local community continue lo be developed and the school is hosting and offering many more opportunities lor the local community lo connect wlh the sch¢x)l including hosting a communty picnic and pufflpkin hunt, aiongside various Christmas events PUBLIC BENEFIT Whilst the principal IneficiarIeS ol the Charity are the pupils aged between two and a hall and thirteen years ol age there are also a number ol organisations in the local community who benefit through the use of the School facilities or equipment. The School's sports facilities are regularly used by the local community, including the local badminton, football and cricket clubs. Local primary schools are regularly invited to use the School's facilities, inclLKling the annual Creative Technologist, Innovation Programme. Links with local primary schools enabled a number of sporting loumaments to be arranged, providing wider access lo our playing fields and all weather pitches, most notably the Primary Schools Cross Country Race. Hosting ol the lermly Early Years Founc5alion Stage Network Meetings, which bring together leacherg from local state schools and nurseries. Through this group, the School is exploring ways in which Beachborough School can further support local schools and nurseries on an ongoing basis The School and the children have worked Closely with the local community, supporting Remembrance Day, providing concerts and events and through outreach and Charity work. Highlights included a Halloween event lor local families and Christmas carolling for senior members ol the community The Trustees confim that they have complied with the duty in Section 17151 ol the Charili8s Act 2011, to have due regard lo the guidance issues by the Charity Commission on public b8nelil. Grant-making The School aims to widen access to its education on offer by continuing to provide a means tested bursary scheme to a51ow parents who would otherwise be unable lo alford the lees, to send their children lo the School. Bursaries are also ollered to existing parents encountering unforeseen hardship through no laull ol their own. The Finance Committee has an established Bursary policy that has been endorsed by the Full Board ol Governors. With its own sel of aims and objectives, a formal application is made which is 'means-tested' against the asset value ol the parents. Page 7
BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Fundralslng ft>r Ch8rltle& Fundraising for charitable purposes is a fundamental part ol Beachborough School life. The Sehool encourages children lo lundraise lor particular areas of interest as part ol their social reswnsibility. There is not a month that goes by when we are not congralulaling, celebrating. and being inspired by the outstanding fundraising al Beachborough. Our fundraising helps local, national and international char(ries, and this year the Beachborough Community raised over £30,000. Charities benelitling from this included The British Legion, Young Minds, The Brackley Food Bank, Children in Need, Sing2Sign, Brain Tumour Research, Children's Ambulance. Lumos Ukraine Emergency Appeal and Restless Development. The School's nominated charity was Mary's Meals and £12,000 was presented to the charity. which was enough to feed every pupil in our sponsored school in Malawi, for a year. The School had no fundraising activities requiring disclosure under S162A ol the Charities Act 2011. Page 8
BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 FINANCIAL REVIEW Results for the year The school's finances remain healthy, with total income of £6,152,673 (2021.- £5, 724,476),. net surplus ol £571,010 12021.. suplus £499,22n', cash and cash equivalents of £2,352,850 (2021.. £1,855, 7911,. and total reserves 01 £6,549,92912021.. £5,978,919) after making Caprtal additions of £48,41312021.' £44,93J. The suplus achieved was in excess ol the budget and the Governors are satisfied with the School's financial performance, following on from a year which had been signilicanlly impacted by COVID-19. The School aims to achieve a sufficient level of nel incoming resources lo finance ongoing capital expenditure required to keep the School's facilities and infrastructure at a level which may be expected ol an independent preparatory and to allow lor unforeseen, bLrt essential, expenditure. Reserves level andpolicy The School's unrestricted funds stood at £6.549,929 at th& year end. After deducting the carrying value ol tangible fixed a55els held lor the School's own use. free reserves were £2,187,025 01 which £100,000 has been designated to a bursary tund. The School does not have any bank loans or borrowings. 11 is the Governors. policy lo maintain Iree reseNes equivalent lo l O /0 of turnover to cover the immediate needs lor essential operating expenditure and any unexpected financial event. The School further plans to build up free reserves out ol annual operating surpluses lo develop a Capital Projects Reserve to lund future projects and maintain uplo-dale facilities needed lo maintain the standard ol educational serwces lo attract provide benefit to future pupils. Teachers. Penslon Scheme (TPS) Throughout 2021122, the School participated in the Teachers, Pension Scheme I'lhe TPS I for ils teaching staff throughout the academic year. The pension charge lor the year includes contributions payable lo the TPS of £439,720 12021.. £434,20a and at the year-end £Nil 12021.. £Nil) was accrued in respect of contributions lo this scheffle. The TPS is an unlurided multi-employer defined beneftts pension scheme. Members contribute on a'pay as you go" basis with contributions from members and the employer being credited lo the Exchequgr. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rale is set by the Secretary ot Slatè, and in September 2019, the rale was increased from 16.48Q/LTr lo 23.68 /. (which includes a scheme adminislralion levy of 0.08.1.1. In light ol the level ol employer contributions and potential future increases which may be imFJ)sed, the Governing Body entered into a formal consullalion with members of TPS. 11 was proposed that the School withdraw from the TPS due lo the lack ol control over ILrture contributions which impacted the ongoing stability ol the schoo5. Following the end ol the consullalion, the Trustees agreed that withdrawing from the TPS was in the best interest ol the school and they would withdraw trom the scheme on the 31sI August 2022. A repla¢emenl pension scheme with a new provider (Aegonl, wll be ollered to all staff from the 1 sl September 2022. RISK MANAGEAIENT The Board continues to keep the School's activities under review, particularly with regard to any major risks that may arise from time lo time, and lo monitor the effectiveness ol the syslern of internal controls and other viable means. including insurance cover where awropriate, by which those risks already identified by the Governors can best be miligated. Page 9
BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Goveming Body is responsible for the management ol these risks. The School has a comprehensive risk management Irameworf( which ilUdeS a details risk register. Considèration of risk are assessed wrf(hin the sub-cornmillees and the Goveming Body. Risks are identified and assessed and controls established throughout the year. Key controls used in the management of risk include.. Fomial agenda for Governing Body and Committee meetings Strategic planning. budgeting and management accounting Established reporting lines Fomial written policies Authorisation and approval levels Vetting procedures as required by law lor the protection of the vulnerable Through this established risk management process, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary and practicable. It is recognised that these systems can only provide reasonable, and not absolute, assurance thai the m4or risks have been adequately managed. Health and Safety is always a significant area lor risk management. The risks range from lire and infrastructure to personal risks. The breadth of activities al the School is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment. The School will continue lo work with their appointed Health and Safely Consultant lo ensure that risks are identified and managed appropriately. Page 10
BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 PRINCIPAL RISKS AND UNCERTAINTIES Events Impacting on-slte attendance This year the school children were able to rèceive on-site education throughout the academic year, which had not been possible lor the prior two years due lo Ihe GOVID-19 pandemic. The schools priority this year was lo support the well-being and mental health children, stall and wider school community after such a turbulent period. Helping ihe children to adjust back inio lull school life has been a priority, with extensive pastoral support provided. The impact of the reduced social inleraclion lor the children during the pandemic, and in particular how this has impacted our younger learners is recognised and strategies have been pul place to support their social, emotional and academic support. The school remains ready to deal with any potential pandemic or event which may impad the School's ability lo welcome pupils in -srte. The School's remote learning model will allow the school to instantly provide meet our moral and contractual responsibility lo provide an educational service lo the children al Beachborough School. The School Leadership Team are confident that the School will be able to deliver a high standard ol education should the School have to close, having built and improved on the models previously. The Trustees believe that this is key in ensuring pupil retention during these diff icult times. Polilical and economiTC uncertainties though Beaehborough has record numbers on role, the Governors are conscious of the economic and lilical climate and the challenging ol chafilable slalus ol independent school has given rise lo potential risks which may affect the School's cost base. The rerlloval ol mandatory busiriess rates relief and potential VAT on school lees are an example ol the wlenlial changes recently raised by political parties. Strategies around how this could be managed within the school have been explored by the Goveming Body, with conlingen¢y plans being explored. One ol the larger uncertainties laced by the SchDoI was the uncontrollable cost of TPS conlribulions. The Trustees have taken action on this and wthdrawing from TPS allows the Trustees lo control pension cost which as51Sts with long term financial planning. The Governing Bodyconsider the affordability ol a private school education lo be one ol the most significant risks lacing the School, and hence the Governing Body carelullyconsider the annual fee increase lo ensure value lor money. Hoallh and Safety Health and Safely is always a significant area lor risk management. The risks range from lire and inlraslructure lo personal risk. The breadth ol activities at Scholl is Impressive and the risk associate with all activities are minimised by thorough p5anning and risk assessment. The school will continue lo work with their appointed Health arKI Sa181y Consultant lo ensure that risks are identrfied and managed appropriately. The generic controls used by the school to minimise risk include.. Detailed terms of reference together with formal agendas for Committee and Board activity,. Strategic development planning, reviewed annually by the Chair of Governors and the Leadership Team., Comprehensive budgeting and manageThent accounting., Established organisational structures and lines ol reporting-, Formal written policies including clear authorisalion and awroval level; Vetting procedures as required by law lor the protection ol the vulnerable. The Governors regularly review the effectiveness of the current tAans and strategies tor managing all identifi'ed major risks lor the School. Page11
BEACHBOROUGH SCHOOL TRUST LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2022 HS2 The Trustees are monitoring the impact of the construction ol the HS2 high speed railway project, with work commencing in the local area. Work in the local vicinity has been underway for the last two years and has had very little impaet on the school lo dale. There is a concern that any luturg temporary road closures may deter parents from choosing to send their children lo BeachborDugh as travel limes to the sile may increase. However, lo dale this has not been the case wrth pupil numbers remaining buoyant. The School continues lo monitor the Situation and investigate ways to minimise any potential impact. FUTURE PLANS Fleview and redevelop the structure and layout of the school day, with a view to updating the end of day and after school care provision Continue the development ol our senior years skills ICELI curriculum lo further enhance links with businesses and the local community The continued development ol Beachborough's digital curriculum to enhance leaching and learning Completion ol an eslales plan lor the lulure development of the school svce and its resources Further enhance Beachborough's CTI Programme (Creative Technology Innovalionl which helps and supports local primary schools with IT and thnOlOgY inilialives, taking the project and opportunity to pupils in Year 5 as well as Year 6 Redesign the outdoor playground areas and spaces and install new play equipment PROVISION OF INFORMATION TO AUDITORS Each of the persons who are Governors al the lime when this Governors Report is approved has confirmed that.. so far as that Governor is aware, there is no relevant audit information of which the School's auditors are unaware., and that Governor has taken all steps that ought lo have been taken as a Governor in order lo be aware of any relevant audit information needed by the School's auditors in connection with preparing their report and lo establish that the School's audttors are aware ol that information. AUDITORS In accordance wrth Section 485 of the Companies Act 2006, a resolution proposing the rtrappointment of Crowe U.K LLP as auditors lo the COTnpany will be put lo the Annual General Meeting. This Annual Report, prepared under the Charities Act 2011 and the Companiès Act 2006, was approved by the Goveming 8ody ol Beachborough Sch1 Trust Limited on including in their capacity as company directors approving the Strategic Report cont&ned therein, and is signed as authorised on ils behalf by.. Sue Barrett Chair of Governors Page 12
BEACHBOROUGH SCHOOL TRUST LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees are responsible lor preparing this rep)rt and the financial statements in accordance with applicable law and United Kingdom Accounting standards Iunited Kingdom Generally Accepted Accounting Praclicel. Company law requires the Iruslees lo prepare financial statements lor each financial year which give a true and lair view ol the slate of allairs ol the charitabl& company and ol the incoming resources and application of resources, including the income and expenditure, of the charitable company lor that period. In preparing those linancial statements, the Trustees are required to select suitable accounting policies and then apply them consistently; obsetve the methods and priNciples in the Charity SORP., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate lo presume Ihal the charitable company wll continue in business. The Trustees are responsible lor keeng proper accounting records, which discltrse wth reasonable accuracy al any time the financial position ol the charitable company and to enable them to ensure that Ihe financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence lor taking reasonable steps lor the prevention and detection of fraud and other irregularities. Page 13
Crowe Crowe U.K. LLP Ch8rteredAccounfrants Membpr ol Crowe Global Aquis House 49-51 Bl8grave Street ReadirF9 BeYkshiiÈ RG1 1PL. UK Tpl 44101118 959 7222 Fax 444101118 958 4640 ¥vw¥v.crowe.co.uk INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BEACHBOROUGH SCHOOL TRUST LIMITED Oplnlon We have audited the financial statements of Beachlxjrough School Trust Limited for the year ended 31 August 2022 which comprise the Sial&menl ol Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes, including a summary ol 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 Flepublic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and lair view ot the state ol the charitable company's affairs as al 31 August 2022 and ol its incoming resources and aFpli¢alion ol resources lor the year then ended., have been propedy prepared in accordance wfch United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements ol the Companies Act 2006. Bas1$ tor oplnlon We conducted our audit in accordance with Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit ol the financial 51alements section ol our report. We are independent ol the charilable company in accordance with the ethica5 requirements that are relevant lo our audit ol the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have lullillgd 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 lor our opinion. Concluslon9 relallng to golng concem We have nothing lo report in respect of the following matters in relatson to whtch the ISAS IUKI require us lo rewrt lo you where.. the trustees, use ot the going COnM basis of accounting in the preparation of the financial slalemenls is not appropriate., or the Iruslees have not disclosed in the financial statements any identified material uncertainties that may cast signrficant doubt about the charitable company's abililyto continue lo adopt the going concern basis ol accounting lor a period ot al least twelve months from the dale when the financial slalemenls are aulhorised lor issue. CrtWrl,'.K ixlllin¢d lbIlitY1PIc1Lt Tr rry15futdnffe Itx 55 LvdyEtHill. N(E¢4?Jw AlOf thr l.LP'% AW4il&bk ai iÈsl%lera 4 by All 1thYPjrtThvr5Jfft finn UK hy C'rnwvli K. LLP Isa TrwnknofLiOwe(JhJ1. ubwilVe[cJn E*rriofcrwrGk7b Ll leBbltAY UK Page 14
Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BEACHBOROUGH SCHOOL TRUST LIMITED (CONTINUED) Oihw Information The Iruslees are responsible lor the other information. The other inlomialion comprises the information included in the annual report, other than the financial slalements and our auditor's report Ihereon. Our opinion on the financial slalements does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any tomi of assurance conclusion thereon. In connection with our audit ol the financial slalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsis18nl with the financial statements or our knowledge Dblained in the audit or otherwise appears to be materially misstated. 11 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial slalemenls or a material misstatement ol the other information. 11, based on the work we have performed, we conclude that there is a material misslalement ol this other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on other malters pre$crlbed by the Companies Act 2006 In our OnIOn based on the work undertaken in the course of our audit the information given in the trustees, report, which includes the directors, report and the strategic report prepared lor the purposes ol company law, lor the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic roport and the directors, report incSuded within the Iruslees, report have been prepared in accordan¢e with applicable legal requirements. Matters on whloh we are roquired to roport by exceptlon In light ol the knowledge and understanding ol the charitable company and ils environment obtained in the course of the audit, we have not identified material misslalements in the strategic report or the directors, report included within the trustees, report. We have nothing lo report in respect ol the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate aceounling records have noi been kept., or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees. remuneration specrfied by law are not made- or we have not received all the information and explanations we require for our audit Responslbllltles of trustees As explained more lully in the Iruslees. responsibilities statement set out on page 14, the trustees Iwho are also the directors ol the Charitable company for the purposes ol company lawl are responsible lor the preparation ol the financial slatemenls and tor being satisfied that they give a true and lair view, and lor such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misslatemenl, whether due lo fraud or error. Page 15
Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BEACHBOROUGH SCHOOL TRUST LIMITED (CONTINUED) In preparing the financial slatemenls, the Iruslees are reswnsible lor assessing the charitable company's ability to conlinlte as a going concern, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic allernalive but to do so. Audltorfs re$ponsibSlltles for the audlt of the financlal statements Our objectives are to obtain reasonable assurance aut whether the financial statements as a whole are free from material misslalement, whelherdue io Iraud or error, and to issue an auditoff s reFx)rt that includes our opinion. Reasonable assuran is a high level ol assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslatemenl when it exists. Misstatements can ariso from fraud or error and are considered material if, individually or in the aggregate they could reasonably b& expected lo influence the economic decisions ol users taken on the basis of these financial slalements. A further description ol our responsibilities tor the audit ol the financial slalemenls is located on the Financial Reporting Council's website al.. bwww.Irc.or .ukJaiJditDrsres part of our auditor'5 report. onsibililies. This description forms Extent to which Ihe audlt was consldered capable of detectlng Irregularltles, Including fraud Irregularities, including fraud, are instances ol non-compliance with laws and regulations. We identified and assessed the risks of material misslalemenl ol the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and approwiate lo provide a basis for our opinion. We obtained an understanding DI the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct ellecl on the delerminalion of material amounts and disclosures in the financial slalemenls, The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial slalemenl items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial stal&ments bul compliance with which might be lundamenlal lo the charitable company's ability lo operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company lor fraud. The laws and regulations we Considered in this context lor the School were school inspoction regulations, Health and Sately, General Data Protection Regulations and Safeguarding. Auditing standards limit the required audit proce(Jures lo identify non-¢ompliance wlh these laws and regulations lo enquiry of the Governors and other management and inspection ol regulatory and legal corresponden¢e, rf any. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations lo enquiry ol the Trustees and other management and Inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be within the override ol controls by management. Our audit procedures lo respond to these risks included enquiries ol management and the Finance Committee about their own idÈntrficalion and assessment ol the risks ol irregularities, sample lesling on the posting ol journals, reviewing accounting estimates for biases, reviewng regulatory correspondence with the Charity Commission, Independent Schwls Inspectorate and Olsted and reading minutes ol meetings ol those charged with governance. Page 16
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BEACHBOROUGH SCHOOL TRUST LIMITED (CONTINUED)
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Janette Joyce
Senior Statutory Auditor For and on behalf of
Crowe U.K. LLP
Statutory Auditor Reading
5 December 2022
Page 17
BEACHBOROUGH SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORA TING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Total 2022 Tolal 2021 Notes INCOME FROM: Charltable actlvlties.. School lees receivable Other income Other trading actlvllles: Lellings and shop income Investments Investment income Donations and legacles Donations Government CJRS gr8nt 4a 4b 5,727.349 348,99) 5,292,074 249, 795 70.483 79,469 5.851 1,468 7.111 Total 572447 EXPENDITURE ON". Charftable acllvltleg: School operating costs Ralsing funds: Financing costs Marketing and advertising 5,498,165 5, 168,583 1,474 1,378 Total 5 581 663 5 225 249 NET INCOME AND MOVEME ON FUNDS 571,010 499,227 FUNDS BROUGHT FORWARD AT 1 SEPTEMBER 2021 5 978 919 692 FUNOS CARRIED FORWARD AT 31 AUGUST 2022 There were no gains or losses arising during the current or preceding year otherthan those reported above. All income and operating surplus arise Irom continuing aclivilies. The notes on pages 2110 31 form part of these financial slalements Page 18
BEACHBOROUGH SCHOOL TRUST LIMITED (COMPANY NUMBER 587874) BALANCE SHEET
31 AUGUST 2022
| Notes FIXED ASSETS Tangible assets 9 CURRENT ASSETS Stocks 10 Debtors 11 Short term investments 12 Cash at bank and in hand CREDITORS: Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT UABIUTIES NET ASSETS FINANCED BY: Unrestricted funds - General 14 Unrestricted funds - Designated 14 Restricted funds 14 15 |
2022 £ £ 4,362,904 57,628 187,099 1,014,066 2,352,850 3,611,643 (1,424,618) 2,187,025 6,549,929 6.549,929 6,449,929 100,000 6.549,929 |
2021 £ 4,490,97 41,516 149,062 508,021 1,855.91 2,554,390 (,066, 3) 1,87,947 5,97,919 5,97.919 5,87,919 100,000 5,97,919 |
|---|---|---|
Approved and authorised for issue by the Board of Governors on 30 November 2022
The notes on pages 21 to 31 form part of these financial statements
Page 19
BEACHBOROUGH SCHOOL TRUST LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Ca$h Ilow$ from opwallng actlvltles Net movement in funds Oepreciation Ilncreasellclecrease in debtors De¢rease in stock (Decreasellincreasel in er&Jitors Investment income sn,010 176,481 (38,037) 116.112) 358,175 51 499,227 184,343 (29,633) 2,368 (336,018) Nol cash provlded by operatlng acllvltles 31 Cash Ilows Irom Investing activltlè8 Paymenls lo acquire tangible fixed asseis Movemenl in short lerm investments Imiestmènt iome {48,413) 1506,045) (112,523) (1,289) Ngt ¢a$h luaed In) Invegting acllvllles 112 Chonge In ¢•$h and ¢ash equlvalents In the reportlng 497,059 206,475 Cash and cash equival8nls al the beginnirKJ ol the year Totsl c•$h ond cash equlvalents at the end ol the yr 85 Analysls of changm In net debt At I September 2021 Cash flow At 31 August 2022 Cash Short term investments 1,855, 791 497,059 506 045 2,352.850 1014066 The notes on pages 2110 31 form pan ol these financial stalemenls Page 20
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 CHARITY INFORMATION The School principally operates an independent preparatory, pre-preparalory and nursery school. The incorpc>rated charity Iregislered charity no.. 309910, company no.. 5878741, is incorporated and domiciled in the UK. The address ol the registered ollice is Westbury, 8rackley, Northamptonshire. NN13 5LB. ACCOUNTING POLICIES Basls of preparation The financial slalements have been prepared in a¢¢ordance with Accounting and Reporting by Charities.. Statement of RecommerKJed Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Companies Act 2006. Beachborough School meets the definition of a put1¢ benefit enlily under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy rM)telsl. b) Golng cOnM Demand lor school places at Beachborough remains strong. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves ol the charity are adequate lo meet the charity's obligations as they fall due. The charity currently holds adequate cash balances, which could be supplemented by liquidating short term invesimenls il required. Accordingly, the Governors believe the School's financial resources are sufficient lo ensure the School will Continue as a goin9 concern for the foreseeable future, being at least 12 months from the date of approval of the financial slalements and have therefore prepared the financial slatemenls on a going concern basis. Tangible flxed asset$ and depreclation Tangible fixed assets are stated al historical cost less depreciation. Depreciation is provided al rates that reflect the anticipated useful lives ol the asse15 and their estimated residual values. 1-10 /0 Straight line Over 3-5 years straight line Land and buildings Fixttjres and fittings Individual items costing less than £1,000 are wrillen off as expenses when acquired. dl Stocks Stocks are valued ai the lower ol Cost and eslimaled nel realisable value, after making due allowance lor obsolete and slow rnoving Items. P9nsion costs The charitable company operates a delined contribution pension scheme. Contributions payable to the charilable company's pension scheme are charged to the Slalement ol Financial Activities in the period to which they relate. The School contributes to the Teachers, Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised lo the Board by the Scheme Administrator. The scheme is a mulli- employer pension scheme and is not possible lo identify the assets and liabilities ol the scheme, which are attributable to the School. In accordance with FRS 102 Iherelofe, the scheme is accounted lor as a defined contribution scheme. Page 21
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (coriNuED) FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Icontlnued} Penslon costs Icontinued) The School also operates defined contribution schemes for non-l&aching staff, including an auto enrolment arrangement. Contributions lo the schemes are chargecl in the SOFA as they become payable, in accordance with the rules ol the schemes. f) F88$ recelvable School lees income comprises the value ol amounts invoiced for tuition fees Charg in respect ol pupils. Thoy are slated after deducting any remissions granted by the School in respect ol bursaries arf allowances. Fees received lor education lo b& provided in future years are carried forward as deferred income. g) Government grants Grants are accounied lor under the perfomiance model as permitted by the Charity SORP. CJRS grant income is thereloro recognised on a slraighl line basis over the furtough period lor each relevant employee. h) Other Income Other income comprises the value ol amounts in respect ol related services charged in respect ol the pupils, including registration lees. Lettlng Income Lelling income comprises the value ol arnounls invoiced in respect ol facilrty and premises hire charges. Donations Donations receivable lor the general purposes of the School are recorded separately and any wishes ol the donorlsl taken into account whenever and wherever practical. Where donations are made under certain lemis and conditions, the Board will consider such conditions before accepting the donation. Donations in kind are included in the Statement ol Financial Actimlies al a reasonable estimate ol their open market value. k) Expenditure Expenditure is arUed as soon as a liabilyty is considered probable, discounted lo present value lor longer term liabilities. Costs have been directly attributed to one ol the funclic>nal categories ol resources expended in the Statement ol Financial Activfties. The school is not registered lor VAT and accordingly experKliture is shown gross ol irrecoverthe VAT. Expenditure in respect ol the other support costs ol the Schwl includes school trips expenditure, recruitfflenl costs, general office costs and governance costs. Governance costs comprise the cost ol running the School, including external audit, Governors, legal advice, and constrf(utional and slalulory compliance costs. Bursarles Bursaries are charged in thè year when the offer is conveyed to the recipient except in those cases where the oller is conditional. Such Bursaries are recognised as expenditure when the conditions attaching are fulfilled. Page 22
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Operating leases Rentals payable under operating leases are charged lo the Statement of Financial Actiwlies on a straight line basis over the lease term. Fund accounting unstriCted lunds Unreslricled funds are nel incoming resources generated lor expenditure on the general objectives ol the charity. Within unreslncted funds some funds may be designated by the Trustees lo be used lor particular purposes. Restricted funds Reslricled funds are those which rnusl be applied in accordance with the purpose specrtied by the donor. Expenditure relating to these purposes is charged directly lo the fund. Flnanclal Instruments Basic financial instruments include debtors and creditors. Debtors and creditors are inrtially recognised at transaction value and subsequently measured at amortised cost. pl Cash and cash equlvalents Cash is represented by cash in hand and deposits with financial institutions repayable wilhoul penalty on notice ol not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months Ircim the dale ol acquisition and that are readily convertible to known amounts ol cash wtth insignificant risk ol chan9e in value. q) Short tern) IDV&Stments Short lerm investments represent cash deposited in notice accounts which are not accessible within 90 days. Parents, deposlls The Governors have reviewed the contract terms under which Pupi5 lee deposits are held by the School. Although under normal circumstances these will be repaid over lulure years when the pupils complete their education at the school, pupils can leave at earlier date5. The School does not therefore have an unconditional nght lo relain the individual deposits lor al least 12 months alter the balan sheet dale and, in line with the requirements in FRS 102, the balance ol the deposits held al the year end have been included within current liabilities. Page 23
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application ol the School's accounting policies, which are described in nol8 2, Governors are required lo make judgements, estimates and assumptions about the carrying values ol assets and liabilities that are not readily awarent from other sources. The estimates and underlying assumptions are based on historical experience and other laclors that are considered lo be relevant. Actual results may diller from these e51imates. The eslimates and underlying assumpb'ons are reviewed on an on-going basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised il the revision allecls only that period or in tho period ol the revision and future periods il the revision attecls the current and future periods. The Governors consider that there are no materi& judgements in applying accounting policies or key sources ol eslimalion uncertainty. INCOME- CHARITABLE AcTIVlEs SCHOOL FEES The School's lee income comprised.. 2022 2021 Gross fees Less.. Bursaries and allowances 5,824,441 5,438,760 146 92 b} OTHER INCOME 2022 2021 Charg&able 8xtras- incorne Registration lees Flexible boarding fees Event income 202.935 13,617 131,238 199,259 17,704 32.832 Page 24
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 TOTAL RESOURCES EXPENDED 2022 Slatt costs Depreciation Other Total 2022 Total 2021 CharStsble activities School operating costs- Teaching costs Welfare costs Premises costs Support costs ol schooling Hardship Fund 2,985,002 410,953 188,038 535,807 277,963 275,045 379,362 269,514 3262,965 685,998 743,881 805,321 3, 165,599 638, 114 609,866 750,471 176.481 4119800 176481 1 201 884 Ralslng funds Financing costs Marketing and advertising 1,474 1,474 1,378 498 TOTAL RESOURCES EXPENDED Included in supry)rt costs are governance costs of £19,16212021.' £15,857?- Staff costs Depwiation 2021 Other Total 2021 Charitable aclivities School operating costs.. Teaching costs Welfare costs Premises costs Support costs of schooling Hardship Funé 2,969,482 395,091 176,442 512,265 196,117 243,023 249,081 238,206 3, 165,599 638, 114 609,866 750,471 184,343 A2ising funds Financing costs Marketing and advertising 1,378 1,378 56 666 TOTAL RESOURCES EXPENDED Page 25
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 INCOME 2022 2021 Net income is slated after charging.. Depreciation of tangible fixed assets Operating lease expense Auditors. remuneration (excluding irrecoverable VAT} audit lees lax advisory other serVIS 176,481 12,489 184,343 4,420 14,900 11,925 550 EMPLOYEES The average number ol employees in the pgriod was.. 2022 No. 2021 No. Teaching Support Premises and Welfare 11 36 b> Staff costs 2022 2021 Wages and salaries Social security costs Pension costs 3.314,127 313,889 3,260, 149 303.880 489251 Total The number of employees whose emoluments exceeded £60:000 were.. 2022 No. 2021 No. £60,000 - £69,999 £70,000 - £79,999 £80,000 . £89,999 £90,000 - £99,999 Of the above 1 slatf member (2021.. 2) have benefits accruing under the defined benefit Teachers, Pènsion Scheme and 1 staff member12021.' 11 under a personal pension scheme. Contributions in the year totalled £30,854 (2021.. £38,284). Key management p2rsonnel consisting ol the governors, officers and key rnanagement listed on page 1, received aggregate remuneration (including employers Nl and employers pension contributions) 01 £460,297 {2021.' £436,747). Termination payments in the period lotalled £Nil 12021.- £Nil). No remuneration (2021.- £NilJ was paid lo members ol the Board ol Governors and £460 (2027.. £206) expenses were reimbursed lo two Governors (2021.. Iwo Governors) lor travel. There was a balance of £Nil (2021.. £Nil) oulslanding to Governors at the year end. Mrs Z Prilchard, the Headmaster's wrfe and Mrs S Gross. the wile ot the Head of Manor House, are employed al the SchoDI under standard contracts ol employment and under the appointment of the Governors. Page 26
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (coNfiNUED) FOR THE YEAR ENDED 31 AUGUST 2022 TAXATION Beachborough School Trust Limited is a charity and is enlilled lor the current and prior year lo the exemptions provided by Section 505 Income and Corporation Taxes Act 1988. TANGIBLE ASSETS Fixtures and Flttings Freehold Property Total COST At 1 September 2021 Additions Disposals 5,142,653 401,058 48,413 5.543,711 48,413 Al 31 August 2022 514265 471 5592 124 DEPRECIATION At 1 September 2021 Charge lor the year Disposals 798,177 86,627 254,562 89,854 1,052.739 176.481 At 31 August 2022 04 344 416 1 229 220 NET BOOK VALUE At 31 August 2022 Al 31 August 2021 10. STOCK 2022 2021 Stock 11. DEBTORS 2022 2021 Trade debtors Other debtors Prepayments 127,850 11,227 101,705 16,654 Page 27
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 11 SHORT TERM INVESTMENTS 2022 2021 Temi detx)sfis 14 066 02/ Short term investments represent term deposits invested on 95-day terms. 13. CREDITORS: Amounts falling due wV(hin one year 2022 2021 Trade creditors Accruals and deferred income Parents, deposits 26.617 1,243,538 63,323 875,712 127 408 Included within accruals and deferred income a payments lor tuition lees received in advance for future terms. 14. FUNDS 2022 Atl September 2027 Incoming resources Resources expended Transfer beiween funds Balance at 31 August 2022 Unrestrlcted funds General Designated - bursary 5,878,919 iooooo 6,152,673 15,581,663) 6.449,929 Dè$lgnated fund- bursary The Governors have designated £100,000 of the 2021 surplus lo a designated fund to be able to provide bursaries in th8 lulure. Page 28
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 14. FUNDS Icontlnuedl 2021 All September 2020 lftwming resources Resources expended Transfer between funds Balance al 31 August 2027 Unrestricted lunds General Desionaled- bursary 5,467,791 5,724,476 (5,213,348) (700,000) loo 000 5,878,919 Total 572447 5978919 Resiricted funds Hardship fund TOTAL FUNDS Hardship fund The hardship lurKI relates lo income received lo specifically help those parents impacted by COVID- 19. The fund is restricted lo only help those parents who apply lor financial help and upon successful application are eligible to ulilise the funds lo pay school fees. 15. ALLOCATION OF NET ASss BETWEEN FUNDS 2022 Restricted Funds Unrestrlcled Total Funds Funds Tangible fixed assets Current assets Current liabilities 4,362,904 3,611,643 1424 618 4,362.904 3.611.643 2021 Reslricied Funds Unrestricted Funds Tol81 Funds Tangible fixed assets Current assels Current liabilities 4,490,972 2.554,390 1066 443 4,490,972 2,554,390 1066 443 16. CAPITAL COMmITMErS There were £Nil capital commitments at the year end12021.- £NilJ- Page 29
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {cobrriNUED) FOR THE YEAR ENDED 31 AUGUST 2022 17. OPERATING LEASE COMMITMENTS Al 31 August 2020 the School had lulure minimum lease paym&nls under non-cancellable operating leases as lollows:. 2022 2021 Within l year 2-5 years 12.580 11,481 17 788 71 18. PENSION COSTS Teachers, Penslons The Schoc)I participates in the Teachers, Pension Scheme I'lhe TPS'I for ils leaching staff. The pension charge for the year includes contributions payable tts the TPS of £439,720 (2021.. £434,202) and al the yearend eNil (2021.. £NilJ was accrued in respect ot contributions lo this scheme. The School lefl the Teachers, Pension Scheme on 31 August 2022. The TPS is an unlunded mults'.employer defined benefits pension scheme governed by The Teachers, Pensions Flegulations 2010 las amendedl and The Teachers, Pension Scheme Flegulalions 2014 las amended). Members contribute on a.pay as you go" basis with contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Se¢relary ol Slate following scheme valuations undertaken by the Government Actuary s Department. The most recent actuarial valuation Df the TPS was prepared as at 31 March 2016 and the Valuatitsn Report, which was published in March 2019, conlirffled that the employer contribution rate lor the TPS would increase from 16.4.10 10 23.6 /. from 1 September 2019. Em0yerS are also required lo pay a scheme adminislralion levy of 0.0/ giving a total employer contribution rate o123.68QA. The 31 March 2016 Valuation Report was prepared in accordan with the benefits set out in the scheme regulations and under the aFproach specified in the Directions, as they applied al 5 March 2019. However, the assumptions were considered and sel by the Department for EdLJcats'on prior lo the ruling in the 'McCIDudlSargeant case,. This case has required the courts lo consider cases regarding the implemenlalic>n of the 2015 reforms lo Public Service Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transitional provisions introduced lo the reformed pension schemes in 2015 gave rise lo unlawtul age discrimination. The government is respecting the CDUrt's decision and has said il will engage lully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government annoLtnced on 4 February 2021 that il intends to proceed wf(h a deferred choice underpin under which members will be able lo choose either legacy or reformed scheme benefits in respect ol their service during the pgriod between 1 April 2015 and 31 March 2022 al the point they become payable. Page 30
BEACHBOROUGH SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 18. PENSION COSTS (continued) The TPS is subject to a cost cap mechanism which was pul in place lo protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary lo the Treasury, having in 2018 announced that there would be a review ol this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court ol Appeal's ruling in the McGloucVSargeanl case and until there is certainty about the value cif pensions lo employees from April 2015 onwards. The pause was lilled in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Ftsllowing a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming lo implement these changes in lime for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes lo benefits or member contributions reqLJired. The results ol the cost cap valuation are not used lo sel the employer conlribution rate, and HM Treasury has confirmed that any changes lo the employer contribution rale resulting from the 2020 valuations will take effect in April 2024. Until the 2020 valuation is Completed it is not possible to conclude on any Ilnancial impact or lulure hanges lo the Contribution rates tsl the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial stalemenls. Other Pensions The School also makes contributions lor non-leaching staff. This is a separately administered defined contribution scheme or an auto enrolmenl arrangement with NOW and Aviva. Employers contributions lor NOW lotalling £44,144 12021.. £47,549) and lor Aviva totalling £7.920 (2021.- £7,500) were payable lo the defined conlribub'on fund lor the year. Total oulslanding contributions lor these schemes at the year-end were £7,504 (2021.. £7,454). Page 31