Charity registratlon number 309914 Company registration number 00414674 (England and Wales) SUNNYLANDS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
SUNNYLANDS LIMITED LEGALAND ADMINISTRATIVE INFORMATION Govemors S Dawson Mrs E S Bell P M Drage J Laskey S D Aldwinckle Charlty number 309914 Company number 00414674 Registered offlce 52 Headlands Kettering Northamptonshire United Kingdom NN15 6DJ Auditor Azets Thorpe House 93 Headlands Kettering Northamptonshire Uniled Kingdom NN15 6BL Solicitors Howes Percival Nene House 4 Rushmills Northampton United Kingdom NN4 7YB
SUNNYLANDS LIMITED CONTENTS Page Council Of Governors report Statement of Council of Govemors responslbllltles Independent audrtorfs report statement of financial activities 10 Balance sheet ststement of cash flows 13 Notes to the financial statements 14-24
SUNNYLANDS LIMITED COUNCIL OF GOVERNORS REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The govemors present their annual report and financial statements for the year ended 31 August 2024. The financial statements have been prepared in accordance with the accounting policies set out In note 1 to the financial statements and comply with the school's governing documerrt, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chariti"e5 preparing their accourrts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}" (effective 1 January 2019). Objectives and activitles The objectives of the School as stated in its Memorandum and Articles of Association are to establish, maintsin. manage. develop and carry on a school for boys andlor girls at 'Sunnylands' in Kettering. In meeting these objectives, St Peter's School's public benefft aim is to provide a first class educats"on. independent of the State system. to pupils between the ages of 3 and 11. based on a sound Christian foundation. It aims to do this through strong academic tuition, and also the development of sporting, artistic, musical and social skills. This is intended to provide an environmerrt where each pupil can develop and fijlfill his or her potential, and to prepare them for a senior school of theirs and their parents, choice. St Peter's School also provides employment for 30 local people, and seeks to source as many of its suppllers and contractors from the Ioc81 area as is economically viable. Public Benefit- Burnaries and dlscounts St Peter's School educates around 100 pupils (average for the year) independently of the State system. The School offers discretionary means tested Bursaries and parents and the public in general are made aware of this either upon enquiry, on the School registration form and also through the School's website. Appllcations are considered by the Finance Committee in accordance with the Bursary Policy, and based upon individual situation and need. Bursaries are intended to provide assistanc8 wh8n possible to benefit parents experlencing financial hardship who wish to enter or remain at the School. Slbllng and staff discounts are also available. The School was able to offer bursaries and discounts to 24 children {25 pupils in 2022123) during the year including those disccunts offered to parents with more than one child at the School. By educating over 80 primary age pupils outside of Ihe state system the school has saved the public purse a sum in the region of £596,800 calculated at £7.460 (2023124) per primary school aged child. Publlc Beneflt- Associated activities for the benefit of the communlty Links are maintained with variou5 nearby statfrmaintsined schools, resutting in the sharing of resources and supporting career development for young people. The School also supports the local Higher Education College and local secondary schools by providing work experience opportunities in several parts of the curriculum and in the preschool. This is a valuable work experience opportunity provided to local students to aid the transition from full time education into Yrk. St Peter's School is also a pariner school with the University of Northamtson providing valuable plamentS and tutoringlmentoring opportunities. St Peter's Staff also volunteer at the unNersity as part of their admissions and teacher recrurtment processes. The Schwl passionately encourages the support of local and national charities and continues to raise money for donation through varied activtties throughout the year. Vve continue to support tharities such as Chldren in Need. Red Nose Day. the Royal British Legion Poppy Appeal and Sport Relief. The School maintains its links with the Goodwill Children's Homes in India but has also forged new links with 8[ care homes. Children have perft)mied for and read with residents and also done seasonal activities. The upper part {KS2) of the school is housed in 'Sunnylands'. This is a Grade 2 listed property which is the fomier home of a locally bom renowned philanthropic national businessman. This maintains and preserves a Grade 2 listed property which was once one of the largest private houses in Kettering. for generations to come. The School is also committed to extending its facilities to the local community wherever possible. A local state school visits weekly to use the Forest School area and also holds its annual sports day in our grounds. The school participates in the Kettering school's sports partnership promoting sport in schools locally across the maintained sector- in Kettering and at County level. St Michael's Church also held its annual away day at St Peter's School.
SUNNYLANDS LIMITED COUNCIL OF GOVERNORS REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 In setting objectives and planning activities, the Govemors have given due regard to the public benefit guidance published by the Charities Commission, and in particular to its supplementary public benefit guidance on acfvancing education and on fee charging. The Board considers that through the Bursary Scheme, local employment opportunities and the assistance given to the local community it is fulfilling it5 public benefit responsibilities. The School has not received any approach from local maintained schools as part of the 'Schools Together, programme. The govemors have paid due regard to guidance issued by the Charity Commission in deciding what activities the school should undertake. Achievements and perforniance The Board is pleased to report that it consider5 this to hav8 been a very SUCSSfUl year in terms of progress made for all groups of pupils. It has been another busy year with a packed calendar of events which included= sports days, musical concerts, speech days and clubs. We have also been on school trips and a residential for Year 5 and 6 to Govilon. in Wales. Pupil numbers are steadlly growing, our dasses are slowly expanding. We have 7 classes plus a Preschool class. There is always huge interest in the school arKI social media channels continue to be strong, the website continues to grow and is widely-regarded as one of the best In the area. The Preschool continues to appeal to both prospective pupils of the School and offers an exlIent preschool provision with a predicted waiting list from Easter. Attendance in both school and preschool continues to be above national rates. Preschool has an exlIent local reputatlon and contlnues to offer flexible attendance pattems incorporating the various fundlng sclN8mes available from Govemment via the LEA to support working parents. This year has been marked by remarkable achlevements, from reaching the prestigious Level 4 status wlth the Royal Horticultural Society to an inspiring season of musical successes. Our musical events have drawn impressive audiences, and we're thrilled to see a growing number of children engaging in peripatetic lessons. Music continues to flourish at St. Peter's, with our choirs, orchestras, and ensembles proudly performing at notable events across the county. Several students have even taken part in the county orchestra, showcasing their talent on a broader stage. A highlight of the year was our sell-out performance at the Lighthouse Theat, a testament to our students, dedication and skill. Additionally, Mrs. Palmer, our exceptional Music Teacher, received a nomination for Music Teacher of the Year from Classic FM a well-deserved recognition. Our sporting achievements have been equally impressive. This year, one of our athletes represented the Midlands in a national event, and two runners qualified to represent the district at the county cros&country. underscoring the strength of our sports program. In academics, we continue to refine our curriculum. enhan assessment and reporting, and adopt foTward-thinking pedagogies. Assessment data shows that St. Peter's students consistently perform above age-related expectations in English, Maths, Science, and Spelling, with scores averaging around 10 standardised points higher. SuEFgroups, including SEND, AGT. and EAL, have made excellent progress, highlighting our commitment to inclusive excellence. Most importantly, our students remain joyful and enthusiastic about leamlng. Feedback from parent suNeys and student groups, such as the School Council and Eco Committee, consistently reflects Ihat our children feel SUPFM)rted, eager to attend school, and motivated to learn. This Is especially impre55iV8 given our wonderfully diverse arKI multinational community. Bulldlng and Development The Development Committee remalns commltted to continually assessing and onhancing our facllltles, ensuring resources are strategically allocated to support the school's growth and evolving needs.
SUNNYLANDS LIMITED COUNCIL OF GOVERNORS REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 This year, a major project was the relocation of our Preschool from its outdated 1960s concrete and building. This transformation involved installing new doors and creatively repurposing the canopy, resulting in a vastly improved leaming environment for our youngest students. The move has also optimised energy efficiency, avoiding the rising operational costs of the old building as we approach the winter months. Our program of planned investment in school infrastructure and resour8 continues steadily, with upgrades to equipment, IT, and learning materials across the curriculum. These investments make leaming engaging and dynamic while MaInIng anchored in tim&tested, effective teathing methods. Flnanclal revlew The funds of the Company have been applied in providing a Christian education for the pupils of the School. It is for this purpose that the charity's assets are held. The financial position at the balan sheet date is considered by Governors to be satisfactory for the future of the School, and the Governors and staff continue to seek to attract more pupils to the School. The financial statements show that at the Balance Sheet date the Company had unr8Stricted reserves of £967,324 (2023: £935,168) of which £946,737 {2023'. £931,027) is invested in fixed assets. Note 18 to the account8 shows in detail that designations of £60,000 have been set aside for various purposes. The remaining level of reserves not designated or invested in fix8d assets at the balance sheet date are £587 {2023'. £4,141). The Govemors anticipate that the School will continue to generate sufflclent reserves by means of annual operating surpluses to generate reSoUrS for the Maintenan and development of Ihe School, and that undesignated r8sarves are SLrfficient to give adequate levels of worf<ing capltal to cover unexpected emergencies. The Governors review the reserve levels of the Company annually. This review encompasses the nature of income and expenditure streams, the need to match income with commitrnents and the nature of the reserves. Plans for future periods The Govemors intend to continue their current strategies of maintaining the School's position in a competitive market by investing to provide high quality education for our pupils. achieving high academic results and maintaining the breadth and depth of extra-curricular activities and experiences for our pupils. The Headteacher and senior teachers continue to review the curriculum to ensure that the educational qualifications remain ents'rely appropriate for our pupil's development and inline with statutory requirements. Future development plans are financed primarlly from fee income and reserves. Fixed assets are detailed at note 11 and are depreciated in accordance With the depreciation poliGies, and are invested to protect the balance been a sound infrastructure and financial base for the next generation of pupils. stru¢ture. governance and managemenl The School is registered as a charitable company limited by guarantee and was incorporated on 9th July 1946. The liabilty of its members is limit8d by guarantee as stated in its Memorandum and Artlcles ofAssociation.
SUNNYLANDS LIMITED COUNCIL OF GOVERNORS REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The management of the School is the responsibility of the Govemors whose appointment is governed by the Memorandum and Artlcles of Association. The terms Director and Gov8mor are interchangeable. The Board of Govemors consists of seven persons. The day to day running of the School is delegated to the Headteacher and Bursar. The members of the Council who have s8rved during the year are listed below.. T Fray {resigned 0911212024) S Dawson Mrs E S Bell P M Drage J Laskey S D Aldwinckle Th8 School is committed to ensuring the Govemors play an active role in the govemance of the school and that the members of the board provide a wide and varied skill set to support and enhan the strategic development of the Scl)ool. New Governors are recruited with consideratlon glven to the mix of skills on the l)oard and at new skills are required to enhance the skill set of the whole board. It is the School's aim for Governors to have sufficient knovAedge of charity, educational, site management, legal and financial matters. The School is committed to ensuring the Governors play an active role in the governance of the school and that the members of the board provide a wide and varied skill set to support and enhance the strategic development of the Schod. New Governors are recruited with consideration given to the mix of skills on the board and what new skills are required to enhance the skill set of the whole board. It is the School's alm for Governors to h8ve sufficient knowledge of charity, educational, sit8 management, legal and financial matters. Appointment of Governors is carried out either by direct approach to suitable candidates or by Sn approach being made from 8 member of the public, or a person already connected to the School. The Board maintains a thorough and detailed interview and selection process for potential govemors which includes discussion about the role and expectatrons. A recommendatlon Is then made to the full board about the suitability of the candidate and an offer to join the board is made rf deemed suitable. All Governors are subject to a check by the Disclosure and Barring Servlce and sn s128 Prohibition from Management check (th8 Chairman is DBS checked by the Secretary of Stste for Education). Upon appointment, Governors receive a comprehensive induction pack whlch includes documents outlining their responsiblllties as Directors, Govemors and Trustees of the charity. Each Govemor signs a declaration as to their willingness to serve the school, and undertake a DBS check and an s128 prohibition from management check. Govemors are welcomed and encouraged to visit the school regu18rly and the Bursar provides legislative and regulation updates to the board. The School endeavours to maintain regular communications with all govemors who can form links to various specific ar8as of interest within the school to build an iTrdepth understanding of how the school runs to report back to the Full Board. The Board of Govemors meet five times a year, Flnance Committee and Education & Safeguarding meets four times a year. Other Sut>Committees consist of Personnel, Development and Strateglc Unrfomi meets twice 8 year. The meeting schedule is timetabled at the beginning of each year and 8rranged such that the minutes and contents of sub-committee m8etings are made available to each Board meeting. The Headteacher prepares a briefiro report for review and discusslon at each Board meeting, and the Bursar prepares briefing reports for the Finance Committee, Personnel Committee and Development Committee meetings. The Headteach8r and Chairman attend both maln commlttee meetings. Sub Committees report into the main two commtttees. All meetings are run to a pr circulated agenda, and minutes are published. All Govemors are entrtled to attend any committee meeting on an ex officio basis. Governors are appointed as link Governors with special responsibillty for Child Protection and Safeguarding (Mrs Bell) and Health and Safety (Mr Fray).
SUNNYLANDS LIMITED COUNCIL OF GOVERNORS REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Internal Control The School's financial controls are reviewed in conjunction with the audit of the year end financial statements. The School's Internal Control Framework supports the delivery of its strategy and compliance wrth its regulatory objectives. The objedives are to.. manage risks which impact the achievement of the objectives., ensure that liabilits.es are recorded and managed effectively,. prevent and detect corruption, fraud, bribery and other IegularitIes. The Board is responsible for determining and monitoring the adequacy of the system of intemal control. It delegates authority to the Bursar Office and receives regular updates from them throughout the year. Any areas of COnM are fully disclosed and brought to the attention of the Auditor. The Head of the Finance Committee (or their elected representstive) me8ts once a month to perform a review into different aspects of financial risk and control conducted by the Bursar's office and track progress on improvement actions. The role of the Bursar's Office is to assure the Board that the systems in place are robust taken on the over811 adequacy and effectlvene&% of the Schools framework of governance, risk management arKI control. Persons wlth Slgnlflcant Control The Board knows or has rèasonable cause to believe that there is no registrable person or entlty vi relation to the School who has significant control. Rl$k Management The Govemors are responsibl8 for dealing with the risks faced by the Schchjl. The Board of Goveinors has considered the major risks to which the School is exposed, and is satisfied that systems have been established to lessen those risks. It is recognised that this system can only provide reasonable, but not absolute assuran, that the major risks have bn adequately managed. Governors use the following key controls in order to manage the risks faced and any matters of concem regarding them are reported and discussed at the Board meetings. Fomal agendas for all Board and Committee activity with published minutes. Detailed terms of reference for all Sub Committees porting into the Board. Comprehensive strategic budgeting, planning and management accounts.ng processes Formal written policies (with regular review) in accordance with the Independent Schools Inspectorate on behalf of the DIE. Clear pre authorisation and approval systems for all expenditure. Vetting prOdureS as required by law for the protection of the vulnerable. Adequate and appropriate training for Governors as necessary, and key staff. Dl8closure of Infomiatlon to audltor Each of the govemors has confirmed th8t there is no information of which they are ayra which is relevant to the audit, but of which the auditor is unaware. They have further confimied that they have taken appropriate steps to identify such rdevant information and to estsblish that the auditor is aware of such Infomiation. The Council of Govemors report was approved by the Board of Governors. S Dawson Chalr of Governors Date:...
SUNNYLANDS LIMITED STATEMENT OF COUNCIL OF GOVERNORS RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The governors, who are also the directors of SunnylarKJs Limited for the purpose of company law, are responsible for preparing the Council Of Govemors 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 govemors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the school and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the govemors are required to: select suitable accounting policies and then appty them consistently,. - obseprfe the methods and principles in the Charities SORP. - make judgements and estimates that are reasonable and prudent. and ppare the financial staternents on the going conrn basis unless it is inappropriate to presume that the school will continue in operation. The govemors a responsible for keeping adequate accounting records that disclose with reasonable accuracy at. any time the financial posib'on of the school and enable them to ensure that the financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the school and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The governors are responsible for the maintenance and integrity of the charity and financial information included on the school's website. Legislation in the United Kingdom governing the preparatlon and dissemination of financial statements may differ from legislation in otherjurisdictions.
SUNNYLANDS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF SUNNYLANDS LIMITED Opinion We have audited the financial statements of Sunnylands Limited (the 'school') for the year ended 31 August 2024 vthich comprise the ststement of financial activities. the balance sheet, the statement of cash flows and notes to the financial ststements, induding signfficant 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 Aland (Untted Kingdom Generally Accepted Accounting practi>. In our opinion, the financial statements: give a true and fair view of the stste of the charFtable CoMpanS affairs as at 31 August 2024 anj of its incoming resour$ and application of resour$, for the year then ended,. have been properly prepared in accordance with United lQ'ngdom Generally Accepted Accounting Practi. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon Vve conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditoffs responsibilities for the audit the financial slatements section of our report. We are independent of the school 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 accordan with the58 requirements. We believe that the audit eVIden we have obtained is SLrfficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have conduded that the Council of Governors use of the going concem basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have perfonned, we have not Identiried any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the sthool's ability to continue as a going concern for a period of at least bNelve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibilities of the govemors with respect to going concern are thscribed in the relevant sections of thi8 report. Other Inforniallon The other information comprises the information included in the annual report other than the finartial statements and our auditor's report thereon. The governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does rK)t cover the other information and we th not express any fonn of assurance conclusion thereon. Our responsibility is to read the other infomiation and, n doing so, consider whether the other information is rnaterially inconsistent with the financial statements or our knowledge obtsined in the course of the audi( or otheise 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 mi5Statement in the financial statements themselves. If, based on the work vrfe have performed. we conclude that there is a material misstatement of this other information. we are required to report that fact. Ve have nothing to report in this regard. Matters on whlch we are required to report by exceptlon Vve have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion= the infomiation given in the financial statements is Inconsistent in any material respect with the Council of Govemors report., or sufficient accounting records have not been kept: or the financial statements are not in agreement with the accountlng records; or we have not received all the information and explanations we require for our audiL
SUNNYLANDS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF SUNNYLANDS LIMITED Responsibilities of governors As explained more fully in the statement of Council of Govemors responsibilities, the governors, who are also the directors of the school for the purpose 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 intemal control as the goverrrors 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 govemors are responsible for assessing the sch(K)I's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going COnM basis of accounting unless the governors either intend to liquidate the charitabie company or to cease operations. or have no realistic altemative but to do so. Auditotrs responsibilltles for the audlt of the financial statements have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan with the Act and relevant regulations made or having effect theunder. Our objectives are to obtain reasonable assuranc8 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 rf, Individually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's webslte at.. https.'Il w.frc.org.uklaudttorsresponsibilities. This description forms part of our auditor's report. Extent to which the audlt was consid•red capable of detectlng irregularltles, Includlng fraud Irregularltles, Includlng fraud, are instances of non-compliance with laws and regulations. We design prccedures in line with our responsibilities, outlined above and on the Fin8n¢ial Reporting Council's website, to detect material misstatements in respect of irregularities. including fraud. Vve obtain and update our understsnding of the entity, its activities, its control environment, and likely future devdopments. including in relatlon to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding. we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfonn audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes conslderatlon of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud. we desrgned procedures which induded.. Enquiry of management and those charged with governance around actual and potential litigation and claims as Y11 as actual. suspected and alleged fraud., Revieviing minutes of meetings of those charged Ifvith govemance" Assessing the extent of Complian ryth the laws and regulations considered to have a dired material effect on the financial statements or the operations of the entity through enquiry and inspection. Reviewing financial statement disclosures and testing to supporting d(UmentatiOn to assess compliance with applicable laws and regulations,. Perfom)ing audit work over the risk of management bias and override of controls, including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transaction5 outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there 18 a risk that we will not detect all irregularities, induding those leading to a material misstatement in the financial statements or non<ompliance with regulation. This risk increases the more that compliance with a 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 noTr¢ompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may invofve collusion, forgery, intentlonal omissions. misrepresentations, or th8 override of intemal control.
SUNNYLANDS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF SUNNYLANDS LIMITED Use of our report This report is made solely to the charity's trustees, as a body, in accordan with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitys trustees those matters we are required to state to them in an auditorfs 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Richard Monkhouse (Senlor Statutory Audltor) for and on behalf of Azets t4- Chartered Accountants statutory Auditor Thorpe House 93 Headlands Kettering Northamptonshire United Kingdom NN15 68L
SUNNYLANDS LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted Unrgstrlcted funds funds 2024 2023 Notes Charltable actlvitles Investments 1,191,262 4.593 1,037,860 3,520 Total Income 1,195,855 1,041,380 Ralslng funds 1,724 2.370 Charitable activities 1,161.975 1,099,685 Total expendlture 1,163,699 1,102.055 Net Incomel(expendlture) for the yearl Net movement In funds 32,156 (60,875) Fund balanos at 1 September 2023 975,168 1.035,843 Fund balances at 31 August 2024 1.007,324 975,168 The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing actlvltles. The statement of financlal activities also complies with the requirements for an income and expenditure account under the CompaniesAct 2006. 10-
SUNNYLANDS LIMITED BALANCE SHEEr ASAT31 AUGUST2024 2024 2023 Notes Flxed assets Tangible assets 12 946.737 931,027 Current assets Stocks Debtor8 Cash at bank and in hand 13 14 27,771 241,534 432,774 25,247 230,372 289,041 702,079 544.660 Credltors: amounts falling due within one year 15 {512.042) (371,069) Net current assets 190,037 173.591 Total assets less current Ilabllltles 1.136,774 1.104,618 Credltors.. amounts falling due after morn than one yoar 16 (129,450) {129,450) Net assets 1.CrtJ7,324 975,168 Income funds Unrestricted fund Designated funds G8neral unrestricted funds 19 60,000 947,324 40,000 935,168 1,007,324 975,168 1,007.324 975,168 11
SUNNYLANDS LIMITED BALANCE SHEET (CONTINUED) AS AT31 AUGUST 2024 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 wlth respect to accounting records and the preparation of financial ststements. The members have not required the company to obtsin an audit of its financlal statements under the requirements of the Companies Act 2006, for the year in question in accordan with section 476. These financial statements have been prepared in accordan with the provisions applicable to companles subject to the small companies regime. The financial statements were approved by the Governors on .... S Dawson Trustee Company reglstratlon number 00414674 12-
SUNNYLANDS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows frorn operating actlvltles Cash generated froml(absorbed by) operations 21 172,179 (T5.383) Investing activities Purchase of tsngible fixed assets Investment income received (33,039) 4,593 (54,941) 3.520 Net cash used in investlng actlvllles (28,446) (51,421) Net cash used in financing actlvltles Net Increasel(decrease) In cash and cash equivalents 143,733 (126,804) Cash arKI cash equlvalents at beginning of year 289,041 415,845 Cash and cash equivalents at end of year 432,774 289,041 13-
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles Charity inforniation Sunnylands Limited is a private company limited by guarantee incorporated in England and Wales. TP registered Offi is 52 Headlands. Kettering, Northamptonshire, NN15 6DJ, United Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordance viith the school's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their account5 in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effedive 1 January 2019)". The sthool is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterfing, which is the functional currency of the schoc4. Monetary amounts in these financial ststements are rounded to the n8arest £. Th8 financial statements have been prepared under the historical cost convention. The principal accounting pollcles adopted are set out below. 1.2 Golng concern At the time of approvlng the financial statements, the governors have a reasonable expectation that the school has adequat8 resources to continue in operational existence for the foreseeable future. Thus the govemors contlnue to adopt the going concem basis of accounting in preparing th8 financial ststements. 1.3 Charltable funds Unrestricted funds are available for use at th8 discretion of the governors in furtherance of their ch8ritabl8 objectives. Designated funds comprise funds which have been set aside at the discretion of the govemors for specffic purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the school is legally entitled to tt after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the school has been notified of the donation, unless performan conditions require deferral of the amount. Income tsx recoverable in relation to donations reiVed under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the school has been notified of an impending distribution. the amount is known, and rlpt is expected. If the amount is not known. the legacy is treated as a contingent asset. IrKome from grants is recognised when there is eviden of entitlement, receipt is probably and its amount can be measured reliably. Coronavirus Job R8tention Scheme grants are normally recognised as income in the period in which the salary expense was Incurred and all condition of the furlough scheme have been met. Fee income is the tot81 amount receivable by the company in the accounting perlod for seNices provided in teaching children, and for services anclllary to their education. School fees are stated after deductlng bursaries and discounts. 14-
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting polici88 (Contlnu•d) 1.5 Expenditure Expenditure which is charged on an accruals basis and includes irrecoverable value added tax. is analysed beeen. expenditure on charitable activities which is expenditure incurred directly to the fuifillment of the charities objectives., costs of raising funds which is expenditure incurred direct in the effort to raise income,. Support costs are tose functions that assist the work of the school but do not directly undertake charitable activities. Support costs include office costs, personnel and governance costs which support the School's activities. These costs have been allocated to expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 7. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaiment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Not depreciated Temporary classrooms, tennis courts and hard 7 years straight line playing area Equipment, fixtures & fittings Motor vehicles 1- 7 years straight line 5 years straight line The galn or loss arising on the disposal of Sn asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognlsed in the statement of financial activities. No depreciation is provided on freehold land and buildings as it is the charitable company's policy to maintain these assets in a continual state of sound repair and to extend and make improvements to them from time to time. The useful economic lives of these assets are thus so long and residual values so high that any depreciation would not be material. Provision is made for any permanent diminution in value. Any expenditure in respect of building and infrastructure maintenance and improvement is written off in the year of expenditure. 1.7 Impalrment of fixed assets At each reporting end date, the school revIeV the carrying amounts of its tangible assets to detemiine whether there is any indication that those assets have suffered an impairment loss. If any such indication eSIs. the recoverable amount of the asset is estimated in order to detemiine the extent of the impairment loss (rf any). 1.8 stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value Is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 15-
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (Contlnued) 1.9 Cash and ¢ash èqulvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tenn liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shomm wlthln borrowlngs in current Ilabilities. 1.10 Financial instruments The school has elected to apply the provlsions of Section 11 '8asic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its finanGial instruments. Financial instruments are recognised in the school's balance sheet en the school becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financi81 statements, when there is a legally enforceable right to set off the recognised amounts and there is an inlention to settle on a net basis or to r8ali88 th8 asset and settle the liabilty simultaneously. Ba$ie financial assets Basic financi81 assets, which indude d8btors and cash and bank balances, are initially measured at transaction price including transadlon costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transactlon, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Finandal assets classffied as receivable within one year are not amortised. Baslc flnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognlsed at transaction price unless the arrangement constitutes a financing transaction, vthere the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective Interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current li8bilities if paymenl is due wlthin one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost Using the effective interest method. Derecognition of financial Ilabllltles Financial liabilities are derecognised when the school's contractual obligations expire or are discharged or cancelled. 1.11 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in whlch the employ88'8 services are received. Termination benefits are recognised immediately as an exp8n88 when the school is demonstrably committed to terminate the employment of an employee or to provlde temilnatlon benefits. 1.12 R•tiramant benefits The School makes contributions for its academic and related staff to a deflned contribution scheme designed for independent schools. The school also contributes to a defined contribution scheme for its non-teaching staff. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall 18-
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Critical accountlng estimates and judgements In the application of the school's accounting policies, the governors are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revlsions to accounting estimates are recognised in the period in which the estlmate is revised where the revision affects cmly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Charltsble actlvltles Operatlon of Operation of school school 2024 2023 Tuition and related fees Dinners Grants Music and uniforms Late club Clubs and outings Other incom8 881,948 87,012 103,102 54,663 21,675 39,427 3,435 789.041 75.807 75.724 37.370 21.154 37,371 1.393 1.191,262 1,037,860 Investments Unrestrfcted Unrestrictèd funds funds 2024 2023 Interest receivable 4,593 3,520 17-
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Raislng funds Unrestricted Unrestricted funds funds 2024 2023 undraisin Membership schemes and social lotteries staglng fundraising events 1,104 820 1,941 429 Fundraising and publicty 1.724 2,370 1,724 2,370 Charltable activltles Operatlon of Operation of school school 2024 2023 Teachers salaries Catering, unifonn & text books Premises costs School materials 569,005 81,303 115,790 95,546 592,310 48.487 114.631 77,956 861,644 831,384 Share of support costs (see note 7) Share of governance costs (see note 7) 290,191 10,140 261,401 8,900 1,161,975 1,099,685 18-
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Staff costs Depreciatlon other costs 224,262 17,329 48,600 224.262 17,329 48,600 203,078 12,790 45.533 203,078 12,790 45.533 Audit fees Accountsncy 6,480 3,660 6,480 3,660 5,250 1,650 5,250 1,650 290,191 10,140 300,331 261,401 6,900 268,301 Analysed between Charitable activities 290,191 10,140 300,331 261,401 6.900 268,301 Governance costs includes payments to the auditors of £6,480 (202& £5,250) for audit fee8. Governors None of the govemors (or any persons connected with them) received any remuneration or benefits from the school during the year. No expenses were reimbursed to the govemors during the year or previous period. Employees The average monthty number of employees during the ye8r was: 2024 Number 2023 Number Teaching staff Teaching support and nursery Catering and domestic staff Administration 12 11 Total 30 30 Employment costs 2024 2023 Wages and salaries Social security costs Oth8r pension costs 675,628 49,811 67,828 675,664 48,558 71,186 793.267 795,388 The total number of full-time equivalent employees during the year was 26 (2023.. 23). 19-
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Employees {Continued) The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £60,000- £70,000 10 Saverance Payments The school made 1 severance payment in the year, disdosed in the following bands: £0-£25.000 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 12 Tangible fixed assets Freehold land Temporary Equlpment, Motor vehi¢1g8 and buildings clas$room$, flxtur•$ & tennis coutts fittings and hard playlng arèa Total Cost At 1 September 2023 Additions 873,869 54,806 177,949 33,039 36,509 1.143,133 33,039 At 31 August 2024 873,869 54,806 210,988 36,509 1,176.172 Depreclatlon and impairment At 1 September 2023 Depreciation charged in the year 5.094 54,806 147,338 11,001 4,868 6,328 212,106 17.329 At 31 August 2024 5.094 54.806 158,339 11.196 229.435 Carying amount At 31 August 2024 868,775 52,649 25,313 946,737 At 31 August 2023 868,775 30,611 31,641 931,027 Al fixed assets are used for charitable purFX)se. The governors consider the market value of the freehold land and buildings to exceed their book value but have not ndUcted a recent valuation.
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 Stocks 2024 2023 Raw materials and consumables 27.771 25.247 14 Debtors 2024 2023 Amounts falling due wllhln one year: Trade debtors Prepayments and accrued income 216,320 25.214 221,918 8,454 241,534 230,372 15 Credltors.. amounts falling due within on8 year 2024 2023 Notes Other tsxation and social security Deferred income Trade credltors Other creditors Accruals 13,557 395.897 66,133 10,330 26.125 18 317,845 21.674 16.437 15,113 512,042 371.069 16 Credltors: amounts falling due after more than one year 2024 2023 Borrowings 129,450 129.450 Sunnylands Trust is a registered charity, the charitae obj'ects of which generally benefit the School and its pupils in the form of funding for the School and bursaries for pupils. J E Lamb, a governor (rets'red 13 Dember 2022), is also a trustee of Sunnylands Trust. A loan of £129,450 is secured on the freehold property and is repayable in full in the event of ttE cessation of the charitable company's activltles or the breach of certain covenants attached to the loan. Interest payable at bank base rate has been waived by the trustees of Sunnylands Trust. 17 Retirement beneflt schemes Defined contribution schemes The school operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the school in an Independently administered fund. The tharge to profit or loss in respect of defined contribution schemes was £67,828 (2023 - £71,166). 21
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18 Deferred Income 2024 2023 Other deferred income 395,897 317.845 2024 2023 Deferred income is included within: Current li8bilities 395,897 317.845 Movements in the year.. Deferred income at 1 September 2023 Relea88d from previous periods Resources deferred in the year 317,845 (317,845) 395,897 321,988 (321,986) 317.845 Deferred income at 31 August 2024 395,897 317.845 Deferred income represents schc(Jl fees invoiced in advance. 19 Deslgnated funds The income funds of the charity include the following designated funds which have been set aside out of UnStriCted funds by the trustees for specific purposes: Balance al 1 September 2022 Rgsources Transfern t BalanGe at Tran5fev9 tol expended from 1 So&*0mr unrnstri¢tod 2023 unrestricted funds fvnd Balance at 31 AUgt 2024 Development fund General reserve Minibus reserve 50,000 25,000 50,000 (10.000} (25.000) (13,491) 40,000 20,000 80.000 (36,509) 125,000 (36,509) (48.491) 40,000 20.000 60,000 The Council of Govemors h8ve set aside funds as follows.. Development fund of £60,000 represents earmarked funds for the development of the school site.
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 20 Operatlng lease commilments At the reporting end date the school had outstsnding commitmerrts for future minimum lease payments under non-cancellable operating leases, vthich fall due as follows.. 2024 2023 Within one year Between two and fve years 1.775 3,502 5,277 21 Cash generated from operatlons 2024 2023 Surplusl{deficit) for Ihe year 32,156 (60,675) Adjustments for: Investment income recognised in ststemerrt of financial activities Depreciation and impairment of tangible fixed assets (4,593) 17,329 (3,520) 12,790 Movements In working capital: {Increase) in stocks (Increase) in debtors Increase in credltors Increasel(decrease) in deferred income (2,524) (11,1621 62,921 78,052 (5,162) (17.801) 3,126 (4.141) Cash generated fromllabsorbed by) operations 172,179 (75,383) 22 Analysis of changes In net funds At 1 September 2023 Cash flow8 At 31 August 2024 Cash at bank and in hand 289,041 143,733 432,774 Loans falling due aft8r more than one year (129,450> (129.450) 159,591 143,733 303,324 23-
SUNNYLANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 23 Rolated party transactlons Remuneration of key managom8nt personnel The school considers that its key mansgement personnel comprise the govemors and the headteactrEr. The total amount of employee benefits (including employer pension and national insuranc8 contributions) received by key management personnel was.. 2024 2023 Aggregate compensation 74,235 76,577 Transactions wlth related parties During the year the school entered Into the following transacaions viith rel8t8d parties: S Dawson, a Govemor of the School, has an interest in R B Travel, a fim which provides services to the Sthool. The value of servlces provided during the year was £10,150 (2023 - £6,400). J Laskey, a Govemor of the School, has an interest in Howes Percival Solicitors, a firm which provides Services to the School. The value of services provided during the ye8r was £2,140 (2023 - £108). S Aldwinckle, a Governor of the School, has an Interest in Nineteen Accountants, a fimi whlch pro¥ides services to the School. The value of services provided during the year was £47 (2023 - £nil). -24-