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2023-08-31-accounts

Registered number: 1013863 Charity number: 309925

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

For the Year Ended 31 August 2023

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Governors and Advisers 1
Governors' Report 2 - 9
Independent Auditor's Report on the Financial Statements 10 - 13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 - 34

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS For the Year Ended 31 August 2023

Governors

W J Coley, Chairman R G F Green, Vice Chairman J Belbin A Gough T J Blades Mrs P Long R Outwin-Flinders (resigned 13 June 2023) M P Hampton Mrs N Pert Mrs C Asif

Company registered number

1013863

Charity registered number

309925

Registered office

Spratton Hall School, Smith Street, Northampton, NN6 8HP

Company secretary

W J Coley

The Head

S J S Clarke

Independent auditor

Crowe U.K. LLP, Black Country House, Rounds Green Road, Oldbury, West Midlands, B69 2DG

Bankers

Lloyds TSB Bank Plc, George Row, Northampton, NN1 1DJ

Solicitors

Scott Fowler, 23-24 Sandhill Road, Northampton, NN5 5LH

The Bursar

C Cull

Page 1

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

GOVERNORS' REPORT For the Year Ended 31 August 2023

The Governors present their annual report for the year ended 31 August 2023 under the Companies Act 2006 and Charities Act 2011, together with the audited financial statements for the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

Spratton Hall School Trust Limited is a charitable company limited by guarantee and governed by its memorandum and articles of association. The members of the charitable company are the Governors whose guarantee is limited to an amount not exceeding £1. The registered charity number is 309925 and the registered company number is 1013863.

METHOD OF APPOINTMENT OR ELECTION OF GOVERNORS

The Governors who are also the Charity Trustees and the Directors of the Company, who served during the year are detailed below.

W J Coley * (Chairman) R G F Green~ ** (Vice Chairman) J Belbin ~ T J Blades * + A Gough + P Long N * R Outwin Flinders ^ N Pert ~ ** C Asif ~ **

~ Member of Governance & Nominations Committee + Member of Audit Committee

New Governors are elected at a full Governors’ meeting by the agreement of all current serving Governors. Selection is based on eligibility, personal competence and specialist skills whilst recognising the value of diversity on the Board. Nominations are widely sought and are considered by the Nominations Committee (chaired by Mr R Green) which recommends new appointments for consideration by the Governing body as a whole.

The Bursaries Committee (chaired by Mr W Coley) oversees the bursary policy adopted by the Governing Body. It reviews means tested grant applications as required.

The Audit Committee (chaired by Mr T Blades) reviews the financial management and financial reporting of the School. It meets the external auditors at least twice per year and reviews other financial information as required.

The Development Committee (chaired by Mr W Coley) is instrumental in proposing capital development within the school, reviews development plans and monitors structural work. It reports to the full Governing body at least three times per year.

Page 2

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2023

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF GOVERNORS

The School is a member of the Association of Governing Bodies in Independent Schools (AGBIS). The Association produces a detailed set of guidelines for Governors. All Governors are required to be familiar with the guidelines. Governors are also required to undertake annual safeguarding training commensurate with their duties and responsibilities. Governors are encouraged to attend courses run by AGBIS and other relevant training. Governors receive the AGBIS newsletter with topical information.

A formal induction programme for newly appointed Governors is provided through a briefing by the Chairman of Governors and Head Master, the provision of AGBIS guidelines and encouragement to attend relevant courses. Further information is provided about the School by specific staff presentations at the start of each Governors’ Meeting. All Governors are required to attend child safeguarding training and encouraged to attend regular seminars and training to maintain their understanding of best practice and relevant legislation.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The full body of Governors meets at least 3 times a year to determine the general policy of the charitable company and review its overall management and control for which it is legally responsible. Decisions are made through discussion and consultation, both internally and externally where necessary. Additional meetings and sub committees are scheduled as required.

The daily running of the School is delegated to the Headmaster and the Bursar, as key management personnel, supported by other teaching members of the senior management team.

The School development plan is reviewed annually by the Governors and Senior Strategy Team, which comprises the Head, the Deputy Head, the Director of Studies and the Bursar. Targets are highlighted by staff through discussion and annual departmental development plans.

The Headmaster and Bursar prepare the annual budget, identifying expenditure levels for the next academic year for the consideration, discussion and approval by the Governors.

PAY POLICY FOR SENIOR STAFF

Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel. Staff costs are the largest single element of charitable expenditure. The Governors recognise that the exceptional teacher to pupil ratio and quality of staff is at the heart of the school’s philosophy and its achievements. Independent reviews and staff costs reflect this.

Remuneration is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the School’s success. The appropriateness and relevance of the remuneration policy is reviewed annually, including references to comparisons with other independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

GOVERNORS' INDEMNITIES

In accordance with normal commercial practice the School has purchased insurance to protect Governors and Officers from claims arising from negligent acts, errors or omissions occurring whilst on School business. The insurance provides cover up to £1,000,000 on any one claim and the cost for the year ended 31 August 2023 was £5,928 (2022 £4,583).

Page 3

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2023

OBJECTIVES AND ACTIVITIES

POLICIES AND OBJECTIVES

The objects of the charitable company are the advancement of education and the provision of high quality day schooling for children of both sexes between the ages of 4 and 13. In furthering this objective the Governors, as the charity trustees, have complied with the duty in s.17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s published guidance concerning the operation of the Public Benefit requirement under that Act.

The School’s Mission statement is:

"To educate girls and boys in an inspirational and dynamic, yet caring and supportive coeducational environment. We aim to provide the best experiences, developing the talents of individuals and supporting them so that they can meet the challenges of later years".

STRATEGIES FOR ACHIEVING OBJECTIVES

School aims:

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

Objectives and significant activities are clearly identified in the School development plan and through the annual self evaluation. All targets identified have designated success criteria. Each is assessed against these criteria to establish the level of success achieved. A final review highlights any targets to be carried forward to the next phase of development.

BURSARIES, GRANT MAKING POLICIES AND INVOLVEMENT IN THE WIDER COMMUNITY

The Governors recognise that widening access and schooling pupils from a range of backgrounds enhances the school community and contributes to a vibrant School community. The School does not have significant reserves to enable the establishment of a formal bursary reserve but the Governors are proud that funds are made available annually to allow a number of subsidised places to assist parents that could otherwise not afford the full fees. Such places are limited but these bursaries have been life changing for some of those that the school has been able to help. The Bursaries committee considers all circumstances involved in a grant application, including where appropriate, means testing and interviews, with a view to making grants as fairly and as effectively as possible. Applications are encouraged on an annual basis and all grants are subject to annual review. Additionally, funds are available to make a short term award to support any parent facing temporary financial difficulties.

Educational opportunities are also extended to a wider population of children from local primary schools through the organisation of regular, stimulating sporting, musical and other educational events. The Governors believe

Page 4

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2023

that sharing facilities and creating opportunities for local schools strengthens relationships and enhances the educational experience that the school can offer enriching the lives of its pupils and staff as well as helping the community. The Governors also recognise the value of integrating with the village of Spratton giving assistance to a variety of local charities, societies and community groups through the provision of facilities including meeting rooms, other accommodation, sports facilities and car parking. The pupils are encouraged to engage in fund raising events for charities both near and far. There were numerous events held in the year 2022/23, including those organised by the Parents Association, which raised significant funds for good causes.

DEVELOPMENT PLANS

In continued support of our ongoing objectives of providing a safe and secure environment for pupils, of maintaining and enhancing the school premises and buildings and the quality of the learning environment, long term plans have been drawn up for major building developments within the school. The first phase of the project, which included building a new changing room block and new hard courts for tennis and netball, was completed in 2019. In addition, a number of outbuildings belonging to a neighbouring property were purchased which allow safe access between the new changing room building and sports courts and the existing school buildings. It is intended that subsequent phases, to include a new dining room, toilet facilities, medical facility and two new classrooms together with modernisation of the art block will follow when funding allows. A new detailed master plan has been prepared by architects working closely with the Senior Management team together with the Governor’s Development Committee.

SAFEGUARDING

The Governors recognise that safeguarding of the children at Spratton Hall is of paramount importance. The Governors review and monitor safeguarding procedures regularly and a designated Governor has lead responsibility for child protection issues, liaising regularly with the Designated Safeguarding Lead and Head of Pastoral Care. Reviews are regularly reported and discussed at each full meeting of the Governors. All members of staff are well informed and receive regular training about Safeguarding incorporating all specific forms of abuse, including peer on peer abuse, sexual harassment and violence between children and CSE. All school staff are trained in the new ‘Keeping Children Safe in Education (2022) legislation, and all changes within this new legislation have been implemented. All pastoral staff, the Senior Management team, Designated Safeguarding Lead, Matron and Heads of Year, continue to meet at least on a weekly basis. All staff recruitment continues to adhere to and comply with “Safeguarding Children and Safer Recruitment in Education” and the Safeguarding Children Training register is maintained.

COMMUNICATION

The School operates an effective management information system which provides feedback to both pupils and parents. This includes electronic reporting to parents via the Parent Portal, ‘Tapestry’ a learning journal for Reception pupils, and face to face feedback through parent/teacher and parent/tutor meetings. These meetings discuss targets, CAT and MidYIS scores, exam results and general progress. Written reports on each child are also sent home at the end of each academic year. This information is also relayed through a tracking system. Weekly information about School events and changes to the calendar are communicated through the weekly Newsletter which is sent electronically via email. Additionally, Facebook and Instagram posts and Twitter feeds are regularly updated with information about events and School successes. Important information for parents is also included in a separate section on the School website where key policies and other useful information is always available.

The School periodically uses online surveys to garner feedback from parents on current activities and future developments.

Page 5

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2023

GOING CONCERN

The School is in the fortunate position of having cash reserves and no borrowings. The finances of the school are, of course, still monitored closely. Capital spending plans had previously been put on hold, but new electronic entrance gates which will enhance the security for the site have recently been installed, and further plans are moving forward for the long awaited new dining room with work due to start at the end of the Spring term. Pupil numbers have remained strong for the year 2022-23. After making appropriate enquiries, the Governors therefore consider that the Company has adequate resources to continue in operational existence for the foreseeable future, and it is therefore appropriate to continue to adopt the going concern basis in preparing the financial statements.

KEY FINANCIAL PERFORMANCE INDICATORS

The Governors assess the financial performance of the Charitable Company, carefully recognising the importance of generating funds to maintain its objectives of high quality education. Pupil numbers, fee levels and cash generation are important financial indicators and parental satisfaction and independent feedback are crucial to the longer term financial strength. Our financial performance indicators remain good. We continue to be pleased with pupil recruitment, particularly when compared to that of our competitor preparatory schools. Annual budgets are realistically set, monitored, and compared to actual expenditure on a termly basis. Any variations are investigated and detailed to Governors at the regular meetings. The cash generated throughout the year ensures that funds are available for the future capital developments planned by the Governors.

Key financial performance indicators include:

Key financial performance indicators include:
2023 2022
Average Pupil Numbers 398 384
Net Income £721K £611K
Cash (outflow)/generation £661K £740K
KEY NONFINANCIAL PERFORMANCE INDICATORS
These include:
2023 2022
Year 8 pupils transferring to school of choice 100% 100%
Scholarships won by Year 8 pupils 21 14
Average Teacher: Pupil ratio 1:8.7
1:8.7

In addition, less easily measured factors in both academic and non academic areas are evaluated by the Governing body. Parental satisfaction, independent feedback, the achievements of former pupils and awards in all areas are considered to be essential measures of the School’s performance in developing talented individuals who are proud to be schooled at Spratton Hall and take their place in the local community and the wider world.

FUNDRAISING ACTIVITIES/INCOME GENERATION

The Charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Page 6

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2023

CHARITY GOVERNANCE CODE

The Governors continue to observe and be guided by the latest iteration of the Charity Governance Code. As guardians of the Charity the Governors recognize the importance of ensuring they continue to address the key areas addressed by the Code. Meetings both formal and informal are guided by observing the key issues raised in the Code namely Organisational Purpose, Leadership, Integrity, Decision making, Board Effectiveness, Diversity and Openness and Accountability. The Trustees view the adoption of matters addressed in the Code as a continuous process and while the majority of the points are already integrated into the way the School is governed the matters raised in the Code will continue to underpin future Trustee activity in governing the School.

FINANCIAL REVIEW

The charitable company generated a surplus for the year of £720,023 (2022: £610,721). Unrestricted funds amounted to £6,939,409 at 31 August 2023 (2022: £6,225,386) and restricted funds amounted to £6,000 (2022: £Nil). Cash surpluses are earmarked for the further development of the school to maintain the School’s preeminence among local Preparatory schools.

PRINCIPAL RISKS AND UNCERTAINTIES

The Governors examine the major risks that the School faces throughout the year. The charitable company has developed systems to manage, control and mitigate these risks so as to manage any future impact they may have on the School. The School’s risk report is a permanent agenda item for meetings of Governors. Action points identified at the time of review are addressed as appropriate. The Governors consider that the risk with the greatest potential effect for the School continues to be a fall in pupil numbers. This might arise through a loss of reputation, fees becoming unaffordable or future Government action penalising independent schools. Mitigating against the risk of reduction in revenue, through maintaining strong pupil numbers across all sections of the school, is key to the long term viability of the School. The School therefore places strong emphasis on academic excellence, supporting affordability and preserving its reputation as an outstanding school.

Constant monitoring, reviews and surveys of parents and pupils coupled with high standards in everything that we do, aim to minimise the controllable primary risks identified by the Governors' review process, ensuring that our offering is the best it can be and that we continue to be the pre eminent school of our type in the area.

RESERVES POLICY

The school senior management team recognise the importance of balancing the current success with long term prosperity to sustain outstanding education at the school over both the long and short term. The level of reserves is monitored and reviewed on a termly basis and forecasts updated as required.

Reserves are subjected to sound active financial management and are maintained at a level considered by Governors to be appropriate for the school at any particular time, thus enabling effective management of any unforeseen financial difficulties or uncertainty, ensuring the sustainability of the activities of the school and assisting in the strategic and forward financial planning of the Governors.

Page 7

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) For the Year Ended 31 August 2023

Reserves are held in the form of unrestricted funds, derived from annual surpluses, which are freely available to ensure the ongoing effective operation of the school, thus ensuring overall financial resilience and security for the pupils and staff. Based on projected pupil numbers and anticipated running costs, the Trustees consider that it is prudent to aim to maintain a minimum unrestricted cash reserve of £500,000 above the sums earmarked for development projects. This reserve is designed to cope with unforeseen circumstances and allow time for any necessary operational changes to be implemented. The reserves, which for added security are held across several separate banking organisations, are accumulated in order to provide for future funding requirements and to facilitate reinvestment in the development of the facilities of the school by way of capital projects. It is important that the School budgets to make regular annual surpluses which, over time can be invested in buildings, equipment and infrastructure as well as allowing for unforeseen circumstances.

The current reserves policy is to progressively increase reserves to finance the next stage of the school’s building plan.

The Governors consider that the current level of reserves is adequate to ensure the future financial resilience of the school.

During the year ended 31 August 2023 the charitable company's total reserves amounted to £6,945,409 (2022: £6,225,386) and free reserves available for development of the school amounted to £2,398,255 (2022: £1,752.972). This is higher than the stated policy to maintain a minimum unrestricted cash reserve at any time of £500,000 but is currently considered appropriate given the development plans.

INVESTMENTS POLICY

Cash reserves at the beginning of each term are held for current use by the charitable company. Treasury management ensures maximum returns for short term deposits without taking inappropriate risks.

PLANS FOR FUTURE PERIODS

The strategic targets for the next five years are outlined in the School development plan. Each target is reviewed annually through discussion with staff, the Senior Management Team and Director Governors. The overriding aims are:

The Governors’ development plans for the school estate are:

Environmentally the School has appointed a Head of Sustainability. Under this leadership the School will continue

Page 8

SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee) GOVERNORS. REPORT ICONTINUEDI For the Year Ended 31 August 2023 GOVERNORS, RESPONSIBILITIES STATEMENT The Governors (who are also directors of Sprallon Hall School Trust Limited for the purposes of company lawl are responsible for preparing the Governors, report and the financial stslgments in accord2nce with applicable law and United Kin9dom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. Company law requires the Governors lo prepare financial statements for each financial year. Vnder company law the Governors must not approve the financial s1?lemenls unless they ar& 5alislied that they give a Irue and fair view of the stale ol affairs of the ch8rit3ble company and of the incoming resources and application of resources, including the income and expenditure. of the charitable Company for that period. In preporing these financial statements, the Governors are required lo.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP.. make judgments and accounting eslimales that are reasonable and prudent., prepare the financial statements on the going concern basis unless il Is Inappropriate to presume that the charitable Company will continue in operation. The Governor5 are responsible for keeping adequale accounting records that are suffioienl 19 show and explain the ch8rilable company's Imns8clions and disclose with reasonable accuracy al any time the financial position of the charitable Company and enable thern lo ensure that the lingncial slalemenls comply with the Companies Act 2008. They are also responsible for safeguarding the as5els of the charitable company and hence for taking reasc>nable steps lor the prevention and detection of traud and other irregularities. DISCLOSVRE OF INFORMATION TO AUDITOR Each of the persons who are Governors there Is no relevant audit informalton of which the charitable company's auditor is unaware., and Ihg Governor have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information arid lo establish that the audi(ors are aware of that inlomalion. AUDITOR The auditor, Crowe U.K. LLP. has indicated rts willingness to continue in office. The De$ignat9d Governor5 will propose a motion reappointing the auditor al a meeting of the Governors. Approv8d order of the members of the board of Governors and signed on their behalf by.. WJCO Chairman Date.. 20 Febfil8ry 2024 Page 9

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRATTON HALL SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Spratton Hall School Trust Limited (the 'charitable company') for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 10

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRATTON HALL SCHOOL TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial 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 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Report including the Strategic Report.

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

Page 11

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRATTON HALL SCHOOL TRUST LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Governors' Responsibilities Statement, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors 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 Governors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Page 12

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRATTON HALL 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 noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Kerry Brown (Senior Statutory Auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

Date: 26 February 2024

Page 13

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) For the Year Ended 31 August 2023

Note
Income from:
Donations and legacies
4
Charitable activities:
School fees receivable
Ancillary trading income
Investments
7
Total income
Expenditure on:
Financing costs
8
Charitable activities
9
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
-
5,575,057
348,003
63,382
5,986,442
1,298
5,271,121
5,272,419
714,023
6,225,386
714,023
6,939,409		 Restricted
funds
2023
£
6,000
-
-
-
6,000
-
-
-
6,000
-
6,000
6,000		 Total
funds
2023
£
6,000
5,575,057
348,003
63,382
5,992,442
1,298
5,271,121
5,272,419
720,023
6,225,386
720,023
6,945,409		 Total
funds
2022
£
5,062
5,112,502
307,033
5,656
5,430,253
1,439
4,818,093
4,819,532
610,721
5,614,665
610,721
6,225,386

The notes on pages 17 to 34 form part of these financial statements.

Page 14

SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee) Registered number.. 1013863 BALANCE SHEET As at 31 August 2023 2023 2022 Note Fixed asset$ Tangibla assets Current ass9ts 13 4.541,164 4,472.414 Stocks Deblois Cash al bank and in hand 14 62,960 213,360 2,969,013 54,453 148,089 2, 307,855 15 3,245.333 2,570,397 Creditors.. amounts falling due within one year 16 1739,5891 (650, 748) Net current assets 2,SOS,744 1,859, 649 Total assets less current Ilabllitles 7,046,898 6.332,063 Creditors.. amounts falling due after more than one year 17 1101,4891 (106.6TTJ Total net as$ets 6,945,409 6,225.386 Charlty funds RestTlCted funds Unreslricled fund5 19 19 6,000 6,939,409 6,225,386 Total funds 6,945,409 6,225.386 The Governois acknowledgo their responsibilities lor complying wilh the requirements of the Act with respect lo acGounling records and preparation ol financial 5talerllents. The financial slalements were approved and authorised for issue by the Governors and signed on their beh?If by W J Coley Chairman Dale." 20 February 2024 The notes on pages 17 to 34 form part of these financial slalemenls. Page 15

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS For the Year Ended 31 August 2023

Note
Cash flows from operating activities
Net cash used in operating activities
21
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
22
The notes on pages 17 to 34 form part of these financial statements		 2023
£
869,023
63,382
(271,247)
(207,865)
661,158
2,307,855
2,969,013		 2022
£
785,291
5,656
(50,866)
(45,210)
740,081
1,567,774
2,307,855

Page 16

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

1. General information

Spratton Hall School Trust is a Company Limited by Guarantee (registered number 1013863), incorporated and registered in England. It's charity registration number is 309925. The registered office and principal place of business is Spratton Hall School, Smith Street, Northampton, NN6 8HP. The members of the company are the Governors named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

Its principal activities are the advancement of education and the provision of day schooling for children of both sexes between the ages of 4 and 13.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Spratton Hall School Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The School is in the fortunate position of having cash reserves and no borrowings. The finances of the school are, of course, still monitored closely. Capital spending plans had previously been put on hold, but new electronic entrance gates which will enhance the security for the site have recently been installed, and further plans are moving forward for the long awaited new dining room with work due to start at the end of the Spring term. Pupil numbers have remained strong for the year 2022-23.

After making appropriate enquiries, the Governors therefore consider that the Company has adequate resources to continue in operational existence for the foreseeable future, and it is therefore appropriate to continue to adopt the going concern basis in preparing the financial statements.

2.3 Fund accounting

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

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

Page 17

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is not charged on freehold land.

Depreciation is provided on the following bases:

Freehold property - 2% straight line
Property improvements - 10% straight line
Plant and machinery - 20-33.3% straight line
Motor vehicles - 25% straight line
Fixtures and fittings - 20-33.3% straight line

As permitted by the transitional provisions of FRS 102, the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 12 December 1998, as deemed cost and will not update that valuation.

2.5 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.6 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 18

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.10 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Fees

Fees receivable consist of charges billed for the School Year ending 31 August, less bursaries and allowances. Fees received for education to be provided in future years are carried forward as deferred income.

2.12 Investment income

Investment income, including associated income tax recoveries, is recognised when receivable.

2.13 Donations

Donations subject to specific wishes of donors are carried to the relevant restricted fund. Any donations received for general purposes are credited to the unrestricted fund. Donations are accounted for when received.

2.14 Government grants

Government grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

Page 19

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

2. Accounting policies (continued)

2.15 Expenditure

Expenditure is incurred when there is a legal or constructive obligation committing the school to the expenditure.

Expenditure is summarised under functional headings either on a direct cost basis or, for overhead costs, apportioned according to management estimates of staff time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

Charitable expenditure represents the direct costs, accommodation costs and depreciation incurred in the pursuance of the charitable objectives as stated in the Governors' report.

Governance costs comprise the costs of running the school, including strategic planning for its future development, also internal and external audit, any legal advice and the costs of complying with constitutional and statutory requirements.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

2.16 Pensions

The School contributes to the Teachers' Pension Defined Benefits Scheme and to The Independent Schools' Pension Scheme at rates set by the Scheme Actuaries and advised to the Board by the Scheme Administrators. The Schemes are multi-employer pension schemes and it is not possible to identify the assets and liabilities of each Scheme which are attributable to the Charity. In accordance with FRS 102 the schemes are accounted for as defined contribution schemes and contributions are accounted for when advised as due by the Scheme Administrators.

The School also pays pension contributions into defined contribution personal pension plans of certain employees.

Pension costs are recognised in the statement of financial activities in the accounting period in which contributions are payable.

Page 20

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. Income from donations and legacies

Unrestricted
funds
2023
£
Donations
-
Donations		 Restricted
funds
2023
£
6,000
Unrestricted
funds
2022
£
5,062		 Total
funds
2023
£
6,000
Total
funds
2022
£
5,062

5. School fees receivable

Gross fees
Less: Total scholarships, bursaries and awards		 2023
£
5,755,888
(180,831)
5,575,057		 2022
£
5,272,622
(160,120)
5,112,502

In 2023 and 2022 all of the total income from school fees was to unrestricted funds.

Scholarships, bursaries and awards were paid for a total of 58 pupils (2022: 62) . Within this bursaries totalling £69,707 were paid to 12 pupils (2022: £40,125 to 9 pupils) .

Page 21

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

6. Ancillary trading income

Entrance and registration fees
Music tuition fees
School fee protection
School shop sales
Excursions
Facilities hire
Other income		 2023
£
3,150
76,240
421
57,843
184,449
500
25,400
348,003		 2022
£
4,200
60,086
7,756
79,779
123,166
1,000
31,046
307,033

In 2023 and 2022 all of the total income from ancilliary trading was to unrestricted funds.

7. Investment income

Unrestricted
funds
2023
£
Bank interest received
63,382
Unrestricted
funds
2022
£
Bank interest received
5,656		 Total
funds
2023
£
63,382
Total
funds
2022
£
5,656

Page 22

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

8. Financing costs

Unrestricted
funds
2023
£
Bank charges
1,298
Unrestricted
funds
2022
£
Bank charges
1,439		 Total
funds
2023
£
1,298
Total
funds
2022
£
1,439

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Teaching costs
3,460,007
Welfare costs
412,086
Premises
643,229
Support costs and governance
755,799
5,271,121		 Total
2023
£
3,460,007
412,086
643,229
755,799
5,271,121

Page 23

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

9. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Teaching costs
Welfare costs
Premises
Support costs and governance		 Unrestricted
funds
2022
£
3,299,518
365,023
434,100
719,452
4,818,093		 Total
2022
£
3,299,518
365,023
434,100
719,452
4,818,093

Summary by expenditure type

Teaching costs
Welfare costs
Premises
Support costs and governance		 Staff costs
2023
Depreciation
2023
£
£
3,146,459
-
202,784
-
97,929
202,507
542,556
-
3,989,728
202,507		 Other costs
2023
£
313,548
209,302
342,793
213,243
1,078,886		 Total
2023
£
3,460,007
412,086
643,229
755,799
5,271,121

Support costs include finance and marketing costs, general expenses and governance costs of £19,572 (2022: £11,100) which relate to auditors fees.

Teaching costs
Welfare costs
Premises
Support costs and governance		 Staff costs
2022
£
2,989,030
199,037
76,113
474,687
3,738,867		 Depreciation
2022
£
65,470
-
139,438
-
204,908		 Other costs
2022
£
245,018
165,986
218,549
244,765
874,318		 Total
2022
£
3,299,518
365,023
434,100
719,452
4,818,093

Page 24

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

10. Auditor's remuneration

2023 2022
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 11,500 10,450
Fees payable to the Company's auditor in respect of:
All non-audit services not included above 1,850 1,700

11. Staff costs

Wages and salaries
Social security costs
Pension costs		 2023
£
3,166,951
302,860
519,917
3,989,728		 2022
£
2,962,336
290,102
486,429
3,738,867

Included in wages and salaries is £80,204 (2022: £68,797) of non-payroll staff costs.

The average number of persons employed by the Company during the year was as follows:

Teaching
Welfare and premises
Support, management and administration		 2023
No.
67
19
18
104		 2022
No.
65
18
18
101

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 1 1
In the band £70,001 - £80,000 1 1
In the band £110,001 - £120,000 - 1
In the band £120,001 - £130,000 1 -

The total employee remuneration and benefits of the senior management team was £686,100 (2022: £662,001) .

Page 25

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

12. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 August 2023, expenses totalling £ 207 were reimbursed or paid directly to 1 Governor (2022 - £NIL to Governor) . The Governors reimbursement of expenses related to travel.

13. Tangible fixed assets

Cost or valuation
At 1 September 2022
Additions
Disposals
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
On disposals
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 Freehold
land and
property
Plant and
machinery

£
£
5,503,663
676,890
-
80,400
-
(54,991)
5,503,663
702,299
1,336,553
601,949
98,930
58,462
-
(54,991)
1,435,483
605,420
4,068,180
96,879
4,167,110
74,941		 Motor
vehicles
Fixtures
and
fittings
£
£
64,293
230,464
5,000
9,855
(2,990) (19,368)
66,303
220,951
64,293
216,436
1,250
5,811
(2,990) (19,368)
62,553
202,879
3,750
18,072
-
14,028		 Property
improve
ments
£
3,161,643
-
-
3,161,643
2,964,439
38,054
-
3,002,493
159,150
197,204		 Assets
under
constructi
on
£
19,131
175,992
-
195,123
-
-
-
-
195,123
19,131		 Total
£
9,656,084
271,247
(77,349)
9,849,982
5,183,670
202,507
(77,349)
5,308,828
4,541,154
4,472,414

Included in land and buildings is freehold land at a cost of £556,834 (2022: £556,834) which is not depreciated.

The net book amount of tangible fixed assets at 31 August 2023 and August 2022 represents fixed assets used solely for direct charitable purposes.

Page 26

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

14. Stocks

2023 2022
£ £
Finished goods and goods for resale 62,960 54,453

Stock recognised as an expense in the Statement of Financial activities during the year was £31,461 (2022: £48,690) .

15. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
22,143
856
190,361
213,360		 2022
£
54,084
916
93,089
148,089

Page 27

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Pension scheme deficit funding liability
Advance fees
Fee deposits - see note 19
Accruals and deferred income		 2023
£
94,528
72,184
4,520
497,024
21,625
49,708
739,589		 2022
£
38,882
70,458
4,389
463,030
22,375
51,614
650,748

Included in accruals are amounts owing to the Teachers Pension Scheme of £Nil (2022: £Nil) and other pension creditor of £Nil (2022: £Nil) .

Deferred income relates mainly to income received in advance for future trips. The movement in the year is as follows:

Deferred income
Deferred income at 1 September 2022
Resources deferred during the year
Amounts released from previous years
Deferred income at 31 August 2023		 £
28,282
17,715
(28,282)
17,715

Page 28

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

17. Creditors: Amounts falling due after more than one year

Pension scheme deficit funding liability
Fee deposits		 2023
£
30,616
70,873
101,489		 2022
£
35,677
71,000
106,677

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable by instalments 2023
£
37,389
37,389		 2022
£
44,767
44,767

18. Fee deposits

Fee deposits are returned via the offset of final disbursement charges on leaving and are therefore expected to be applied as follows:

In one year or less
Between one and two years
Between two and five years
Over five years		 2023
£
21,625
5,250
39,373
26,250
92,498		 2022
£
22,375
7,875
35,125
28,000
93,375

Movements of fee deposits

Balance at 1 September
New deposits received
Deposits utilised
Balance at 31 August		 2023
£
93,375
33,748
(34,625)
92,498		 2022
£
81,500
35,375
(23,500)
93,375

Page 29

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

19.
Statement of funds
Statement of funds - current year
Unrestricted funds
General Funds - all funds
Restricted funds
SHSPA donation for a shelter
Total of funds
Statement of funds - prior year
Unrestricted funds
General Funds - all funds		 Balance at 1
September
2022
£
6,225,386
-
6,225,386
Balance at
1 September
2021
£
5,614,665		 Income
£
5,986,442
6,000
5,992,442
Income
£
5,430,253		 Expenditure
£
(5,272,419)
-
(5,272,419)
Expenditure
£
(4,819,532)		 Balance at
31 August
2023
£
6,939,409
6,000
6,945,409
Balance at
31 August
2022
£
6,225,386

Page 30

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
4,541,154
Current assets
3,239,333
Creditors due within one year
(739,589)
Creditors due in more than one year
(101,489)
Total
6,939,409		 Restricted
funds
2023
£
-
6,000
-
-
6,000		 Total
funds
2023
£
4,541,154
3,245,333
(739,589)
(101,489)
6,945,409

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2022
£
4,472,414
2,510,397
(650,748)
(106,677)
6,225,386		 Total
funds
2022
£
4,472,414
2,510,397
(650,748)
(106,677)
6,225,386

Page 31

SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Depreciation charges
Dividends, interests and rents from investments
Increase in stocks
(Increase) / Decrease in debtors
Increase / (Decrease) in creditors
Increase / (Decrease) in pension deficit funding liability
Net cash provided by operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
At 1
September
2022
£
Cash at bank and in hand
2,307,855
2,307,855		 2023
£
720,023
202,507
(63,382)
(8,507)
(65,271)
88,583
(4,930)
869,023
2023
£
2,969,013
2,969,013
Cash flows
£
661,158
661,158		 2022
£
610,721
204,906
(5,656)
(753)
(33,180)
30,847
(21,594)
785,291
2022
£
2,307,855
2,307,855
At 31
August
2023
£
2,969,013
2,969,013

Page 32

SPRATTON HALL SCHOOL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

24. Capital commitments

2023 2022
£ £
Contracted for but not provided in these financial statements
Contracted for but not provided in these financial statements 87,362 -

25. Pension commitments

The School's employees belong to four pension schemes: The Teachers' Pension Scheme (England and Wales) for academic and related staff, the Incorporated Association of Preparatory Schools Group Personal Pension Plan for support staff and the Independent Schools Pension Scheme for a member of administration staff. In addition a defined contribution scheme has been implemented to comply with auto enrolment requirements.

Teachers' Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £476,467 (2022: £436,704) and at the year-end £Nil (2022 - £Nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Other Schemes

The School is a member of The Independent Schools' Pension Scheme ("the Scheme") which is a defined benefit pension scheme provided by The Pensions Trust. Because the Charity is one of several contributors to this scheme, and is unable to identify its share of the scheme assets and liabilities on a consistent and reasonable basis, as required by FRS 102, the scheme has been accounted for in these financial statements as if the scheme were a defined contribution scheme. As a result, the amount charged to the SOFA represents the contributions payable to the scheme in respect of the accounting period.

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SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2023

25. Pension commitments (continued)

A formal valuation of the scheme was performed at 30 September 2020 by a professionally qualified actuary using the “projected unit” method. The market value of the Scheme’s assets at the valuation date was £201.1 million. The valuation revealed a shortfall of assets compared with the value of liabilities of £55.2 million.

The School has been notified by The Pensions Trust of the estimated employer debt on withdrawal from the Plan based on the financial position of the Plan as at 30 September 2020. As of this date the estimated employer debt for Spratton Hall School Trust Limited was £213,185.

It was agreed that from 1 September 2013, additional annual contributions towards the scheme's deficit of £1,448 for the next 13 years, would be payable by Spratton Hall School. This plan has, however, been superseded by a revised deficit repayment plan commencing 1 September 2022 covering the period to 30 June 2032. A total of £2,687,000 per annum, increasing each year by 3% is required. Spratton Hall School's share of these deficit contributions from September 2022 was £4,846 per annum, increasing each year by 3% as required. The total of deficit payments paid in the year was £4,389 (2022: £4,102).

The contributions payable to the Scheme during the year were £8,473 (2022: £8,147).

The contributions payable to other schemes during the year were £33,423 (2022: £31,330).

26. Operating lease commitments

At 31 August 2023 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
1,773
4,591
6,364		 2022
£
524
1,049
1,573

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2023 2022
£ £
Operating lease rentals 1,539 1,231

27. Related party transactions

Excluding the reimbursement of Governor expenses as reported in Note 12, there have been no related party transactions during the period.

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