Registered number: 1013863 Charity number: 309925 SPRArroN HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS For tho Year Ended 31 August 2024 ADX4Q2NU 2510212025 COMPANIES HOUSE A10 Ko
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee CONTENTS Page Reference and Admlnlstratlve Detall8 of the Company, its Govemors and Advl$er8 Governors. R•port Independent Auditorfs Report on the Flnanclal Statements 10-13 Statement of Flnanclal Actlvltles 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Flnancial Statements 17-36
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS For the Year Ended 31 August 2024 Governors T J Blades, Chairman W J Coley, Chaiman {resigned 5 July 2024) R G F Green. Vice Chairman J Belbin A Gough Mrs P Long M P Hampton Mrs N Pert Mrs C Asrf Mr C Ward (appointed 6 November 2023) Company reglstered number 1013863 Charity registered number 309925 Reglstered offlce Spratton Hall School. Smith Street, Northampton, NN8 8HP Company secretary W J Coley (resigned 7 November 2024) The Head S J S Clarke Ind•pend•nt audltor Crowe U.K. LLP, Black Country House, Rounds Green Road, Oldbury. West Midlands, B69 2DG Banker¥ Lloyds TSB Bank Plc, George Row, Northampton, NN1 1DJ Sollcltors Scott Fowler. 23-24 Sandhill Road, Northampton, NNS 5LH The Bursar C Cull Page 1
SPRATTON HALL SCHOOL TRUST UMITED (A Company Limited by Guarantee) GOVERNORS. REPORT For the Year Ended 31 August 2024 The Govemors present their annual report for the year ended 31 August 2024 under the Companies Act 2006 and Charities Act 2011, together wrth the audited financial statements for the year. STRUCTURE. GOVERNANCE AND MANAGEMENT CONSTITUTION Spratton Hall School Trust Limited is a charitable company limited by guarantee and governed by it$ memorandum and articles of association. The members of the charttsble 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 senied during the year are detailed below. WJColey' R G F Green- J Belbin TJBlades'+ AGough"+ PLong N" NPert C Asif CWardA (Chairman) (resigned 5 July 2024) (Vice Chairman) {Chairman) (appointed 6 November 2023) Member of Bursary Committee Member of Fund Raising Committee Member of Education Committee Member of Governance & Nominalions Committee Member of Audit Committee New Governors are elected at a full Governors, meeting by the agreement of all current serving Govemors. Selection is based on eligibility, personal Compelence and specialist skills whilst recognising the value of diversity on Ihe Board. Nominations are widefy sought and are considered by Ihe Nominations Committee (chaired by Mr R Green) which recommends new appointments for consideration by the Governing body as a whole. The 8ur5aries Committee (chaired by Mr A Gough, previously W Coley} oversees the bursary policy adopted by the Governing Body. It reviews means tested grant applirAtions as required. The Audit Committee (chaired by Mr T Blades) reviews the financial management and financial reporting of the School, 11 meets the external auditors at least twice per year and reviews other financial infomation as required. Page 2
SPRAThON HALL SCHOOL TRUST UMITED IA Company Limited by Guarantee) GOVERNORS, REPORT (CONTINUED For th• Year Ended 31 August 2024 POLICIES ADOPTEO FOR THE INDUCTION AND TRAINING OF GOVERNORS The School is a member of the Assoclation 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 AG81S and othor relevant training. Governors receive the AGBIS newsletter with topical informalion. A formal induction programme for newly appointed Govemors is provided through a briefing by the Chaimian 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 detemiine 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 consullalion, both internally and externally where necessary. Additional meetings and sub committees are scheduled as required. The daity 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 developmenl plan is reviewed annually by the Govemors and Senior Strategy Team, which comprises the Head, the Depuly Head, the 01ctor 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 Govemors. 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 perfomance 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 Govemors and Officers from claims arising from negligent acts, errors or omissions occurring whilst on School business. The insurance provides cover up to £1,000,OQO on any one claim and the cost for the year ended 31 August 2024 was £5.928 (2023.. £5,928). Page 3
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee GOVERNORS. REPORT (CONTINUED) For the Year Ended 31 August 2024 08JECTIVES AND ACTMTIES 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 beeen the ages of 4 and 13. In furthering this objective the Governors, as the chanty trustees, have complied with the duty in s.17(5) of the Charrties Act 2011 to have due regard to the Charity Commission's published guidance conceming 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 Ihat they can meet the challenges of12ter years" STRATEGIES FOR ACHIEVING OBJECTIVES School aims.. to provide a challenging, yet caring and Supportive, anvironmenl for18arning in which each pupil is able to develop their personalrty. talents, mental and physical capabilty to achieve the highest standards of which they are capable; to meet the personal and social needs of each individual in a healthy, safe and secure school environment which is dedicated to their care and welfare., to seek partnership and develop a culture of trust, openness and self evaluation so that everyone Can benefit from good relationships betsveen the school, the home, the local community and the wider world,. and to maintain a high level and quality of service in a cost effective manner. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Objectives and significant activities are clearly identified in the School development plan and through the annual self evaluation. All largets identified have designated success criteria. Each is assessed against these criteria to establish the level of success achieved. A final review highlights any largets to be carried forward to the nexl 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 reSee bul 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 limrted 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 inteNiews, 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. Page 4
SPRArroN HALL SCHOOL TRUST LIMITED (A Company Llmited by Guarantee) GOVERNORS. REPORT (CONTINUED For the Year Ended 31 August 2024 Educational opportunities are also extended to a wider population of children from local primary schools through the organisation of regular and stimulating, sporting, musical and other educational events. The Govemors believe that sharing lacililies and creating opportunities for local schools strengthens relalionships and enhances the educalional experience that the school can offer enriching the lives ol rts 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 meetin9 rooms, other accommodation, sports facilities and car parking. Pupils are encouraged to . engage in fund raising events for charities both near and far. There were numerous events held in the year 2023124. including those organised by the Parents Association, which raised signrficant funds for good causes. DEVELOPMENT PLANS The current long term building development plan was established in 2017118 but is regularly updated to address OPF)Ortunities, the needs of the school and the resources available. Working with a detailed master plan prepared by architects working closely wrth the Senior Management team and the Govemorfs Development Committee the first phase of the project, which included building a new changing room block and new hard courts lor tennis and netball, was completed in 2019. New entrance gates and enhanced access to the school grounds followed and a neighbouring property was purchased allowing safe access beeen the new changing room building and Sports courts and the existing school buildings. In May 2024, the next phase of the building development commenced which included a spacious dining room, toilet facilities, medical facilities, an additional classroom plus a new entrance and other modifications for the Art department. Further modernisation of the Art block will follow when funding allows. In June 2024 an opportunity arose to purchase a property adjoining the school. This provided a residential house, paddock and further outbuildings. A new staff car park has been created in a section of these grounds to ease the congestion in the existing car parks, and a safer access to the sports fields and changing rooms has been provided for the children during the ongoing building works. The completion of the Dining hall project is scheduled for May 2025 al which point a new Development plan will be considered. SAFEGUARDING The Governors recognise Ihat $afaguarding of the children al Spratton Hall is of paramount importance. The Governors review and monitor safeguarding procedures regularly and a designated Govemor has lead responsibility for child protection issues, liaising regularly wrth 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 infomied and receive regular training about Safeguarding incorporating all specific forms of abuse, including peer on peer abuse, sexual harassment and violence belMeen children and CSE. All school staff are trained in the new 'Keeping Children Safe in Education (2023) 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 wrth °Safeguarding Children and Safer Recruitment in Education" and the Safeguarding Children Training register is maintained. Page 5
SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limlted by Guarantee) GOVERNORS. REPORT (CONTINUED) For the Year Ended 31 August 2024 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 parenvteacher and parenututor 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 Twtter feeds are regularly updated wilh 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 aNvays available. The School periodically uses online surveys to gamer feedback from parents on current activities and future developments. GOING CONCERN The imposition of VAT on school fees and the loss of Rates relief for educational charities places an additional burden on school financ8s. The finances of the school are, of course, monrtored closely but the school is in the fortunate position of having cash reserves and no borrowings. Pupil numbers have remained encouraging for the year 2023-24 and forecasls show that the School remains in a strong position. After making appropriate enquiries, the Governors therefore consider thal Ihe Company has adequate resources to conlinue in operational existence for the foreseeable future, and it is therefore appropriate to continue lo adopt the going concern basis in preparing the financial statements. KEY FINANCIAL PERFORMANCE INDICATORS The Govemors 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 fi'nancial indicators and parental satisfaction and independent feedback are crucial to the longer temi financial strength. Our financial performance indicators remain good. We continue to be pleased wrth pupil recruitment, particulady when compared to that of our competitor preparatory schools. Annual bud9ets 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 caprtal developments planned by the Governors. Key financial performance indicators include.. 2024 384 £405K £1,777M 2023 398 £721K £661K Average Pupil Numbers Net Income Cash {oufflow)Igeneration KEY NONFINANCIAL PERFORMANCE INDICATORS These include.. 2024 2023 1000 21 1'.5.9 Year 8 pupils transferring to s¢hool of choice Scholarships won by Year 8 pupils Average Teacher.. Pupil ratio 26 1'.6.1 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 Page 6
SPRATTON HALL SCHOOL TRUST UMITED IA Company Limbted by Guarantee GOVERNORS, REPORT (CONTINUED) For the Year Ended 31 August 2024 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 ACTIVITIESANCOME GENERATION The Charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. CHARITY GOVERNANCE CODE The Governors continue to observe and be guided by the latest iteration of the Charrty Govemance Code. A8 guardians of the Charity the Governors recognLze the importance of ensuring they conlinue 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 activty in goveming the School. FINANCIAL REVIEW The charitable company generated a surplus for the year of £375,722 (2023.. £720.023). Unrestricted funds amounted to £7.315,131 at 31 August 2024 (2023.. £6,939,409} and restricted funds amounted to £6,000 (2023.. £6,000). Cash surpluses are earmarked for the further development of the school to maintain the School's pre- eminence 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 would be a fall in pupil numbers, potentially triggered by the financial challenge of VAT being imposed on school fees in January 2025 and the additional loss of business rate relief . This could result in fees becoming unaffordable. Mitigating against Ihe risk of reduclion in revenue. through maintaining strong pupil numbers across all sections of the school, is key to Ihe long term viability of the School. The School therefore places strong emphasis on academic excellence, supporting affordability and preseprfing its reputation as an outstanding school. Constant monitoring, reviews and suNeys of parents and pupils coupled with high standards in eVehIng that we do, aim to minimise the controllable primary risks identified by the Governors, review process, ensuring ihat our offering is the best it can be and that we continue to be the preominent school of our type in the area. RESERVES POLICY The school senior management team recognise the Importan of balancing the current success with long term prosperity lo sustain outstanding education at the school over both the long and short term. The level of resenies is monitored and reviewed on a termly basis and forecasts updated as required. Reserves are subjected to sound active financial management and are maintained al a level considered by Governors to be appropriate for the school at any particular lime. thus enabling effective management of any unforeseen financial difficulties or uncertainty. ensuring the sustainabilty of the activities of the school and assisting in the strategic and forward financial planning of the Govemors. Page 7
SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limlted by Guarantee) GOVERNORS, REPORT (CONTINUED For the Year Ended 31 August 2024 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 earnaed 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 lo 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 resep4es to finance the next stage of the school'8 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 2024 the charitable company's total reseNes amounted to £7,321,131 (2023.. £8.945,409) and free reseDies available for development of the school amounted to £1,082,454 (2023.. £2,398,255). This is higher than the stated policy to maintain a minimum unrestricted cash reseDie at any time of £500,000 but is currently considered appropriate given the development plans. INVESTMENTS POLICY Cash resetves at the beginning of each terni are held for current use by the charitable company. Treasury management ensures maximum returns for short terni deposits wrthout 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 wrth staff, the Senior Management Team and Director Governors. The overriding aims are.. To continue to provide an all-round excellent education in an inspirational and dynamic environment To continue the support of our pupils to enable them to reach their full potential To continue to set high standards for life and provide our pupils with the quality of character required for them to flourish in their chosen senior school and beyond Environmentally the School has appointed a Head of Sustainability. Under this leadership the School will continue To further develop the school's sustainability building on the current policy of banning all single use plastics To ensure that the new development meets best practice for fuel and water consumption and 'environmental foolprint, To plant more trees to 'capture carbon and enhance the school estate To identify more opportunities to integrate solar panels into school buildings such as those on the roof of the Bickley Building Page 8
SPRATTON HALL SCHOOL TRUST LIMITED (A Company Llmfted by Guarantm) GOVERNORS. REPORT (CONTINUED) For the Year Ended 31 August 2024 GOVERNORS. RESPONSIBILITIES STATEMENT The Govemors {who ara also directors of Spratton Hall School Trust Limited for the purposes of company law) are responsibl8 for preparing the Govemors, report and the financi81 statements in acrdanCe with applicable law and United Kingdom Accounting Slandards {United Kingdom Generally Accepted Accounting PractiC8). Company law requires Ihe Governors to prepare financial statements for each financial yeaf. Under company law the Governors must not approve the financlal statements unless thoy are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and applicats'on of resources, induding the income and expenditure, of the charitsble cornpany for that period. In preparing these financial statoments. the Governors are required lo: s•lect suilable accountlng policles and Ihen apply them consistently: obseNe Ihe methods and principles in the Charftles SORP.. make judgments and accounting estimates Ihat are reasonable and prudent: Prepare the financial statements on the golng concem basis unles5 It is inapprowiato lo presume that the charitable company wlll continue In operation. The Govemors are responslble for keeplng adequate accountlng rOrdS that are sufflcient to show and explaln the charitable Company's transaclions and disclose with reasonable accuracy at any time Ihe financial position of the charltable company 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 charitable company and hence for laklng reasonable steps for the prevents'on and detection of fraud and other Irregularilies. DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Governors ther8 is no relevant audit infonnation of which the charilable companys audilor is unaware; and the Governor have taken all steps that they ought to have taken to make themselves aware of any relevant audit infom)at4on and lo establish that the auditors are 8ware of that information. AUDITOR The audltOT. Crowe U.K. LLP. ha8 Indlcated Its willingness to continue In offlce. The Designated Governors wlll propose a motion reappointing the auditor at a meeting of the Govemors. Approved by order of the members of the board cf Governors and signed an their behalf by: T J Blad•s Chairman Dat8: AGough Page 9
SPRATTON HALL SCHOOL TRUST LIMITED IA 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 2024 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 Iheir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. 8asl$ for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and appliuble law. Our responsibilities under those standards are further described in the Auditorfs 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 sponsibilities in accordance wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Governors. use of the going concern basis of accountin9 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 companys ability to continue as a going concern for a period of at least hvelve months from when the financial statements are authorised for issue. Our Tesponsibilities and Ihe responsibilities of the Govemors with respect to going concern are described in the relevant sections of this report. Page 10
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRArroN HALL SCHOOL TRUST LIMITED (CONTINUED Other infomiation The other information comprises the information included in the Annual Report other than the financial stalements and our Auditor's Report thereon. The Governors are responsible for the other infomiation contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, excepi to the extent otherwise explicitly stated in our report, we do not express any fonn 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 tha 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 prescrlbed by the Companies Act 2006 In our opinion, based on the Work undertaken in the course of the audit- the infomiation given in the Govemors, Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Governors, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requSred to report by exceptlon In the lighl 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.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of Governors. remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audrt. Page11
SPRAThON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRArroN 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 Ihe charitable company for the purposes of company lawl are responsible for the preparation of the financial stalements and for being satisfied that they give a true and fair view, and for such intemal control as the Governors delemine 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 charitsble companls ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Govemors either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditorfs responslbllltles for the audlt of the financlal statements Our objectives are lo obtain reasonable as8uran¢e aboul whether the financial statement8 as a whole are free from material misstatement, whether due to fraud or error. and to issue an Auditorfs 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. Misslatements can arise from fraud or error and are considered rnaterial 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 non4ompliance with laws and regulations. We design procedures in line wilh our responsibilities, outlined above. to detect material misslatements 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 charrtable 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 contexl were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulation5 as part of our audit procedures on Ihe related financial statement rtems. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statemenls but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penaty. We also considered the opportunities and incentives that may exist within the chartsble company for fraud. The laws and regulations we considered in this context for the UK operation$ were The Education (Independent School Standards) Regulations 2014, General Data Protection Regulation (GDPR), Health and safety legislation, and Employment legislalion. Auditing standards limit the required audit procedures to identify non4ompliance 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 irregulartties, 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 irregularrties, 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 UMITEO IA Company Llmited by Guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF SPRAThON HALL SCHOOL TRUST LIMITED (CONTINUED) Owing to the inherent limitations of an audrt, 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<ompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial Statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities. as these may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations. 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.or .ukJau onsibilitie This description forms part of our Auditorfs Report. Uso of our report This report 1$ 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 stale to the charitable coMpanS members 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 Ihan the charitable company and rts members. as a body, for our audil work, for this report, or for the opinions we have fomied. Helen Blundell LLB FCA FCIE DChA (Senior Statutory Audltor) for and on behalf of Crowe U.K. LLP Statutory Audrtor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date.. 17 February 2025 Page 13
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOMÉ AND EXPENDITURE ACCOUNT) For the Year Ended 31 August 2024 Unrestricted funds 2024 Restrlcted funds 2024 Total funds 2024 Total funds 2023 Notè Income from: Donations and legacies Charitable adivities.. School fees receivable Ancillary trading income Investments 500 967 1,467 5,745,217 366,212 116,944 6,745,217 366,212 116,944 5,575,057 348,003 63.382 Total Income 6,228,873 967 6,229,840 5, 992,442 Expendlture on: Financing costs Charitable activities 1,413 5.851,738 1,413 5,852,705 1,298 5,271,121 967 Totsl expendbture 5,853,1 $1 967 5,854,118 5,272.419 Net movement in funds 37S,722 375,722 720, 023 Reconclllation of funds.. Total funds brought fop4vard Net movement in funds 6,939,409 375,722 6,000 6,945,409 375,722 6, 225,386 720.023 Total funds carried forward 7,316,131 6,000 7,321,131 6,945, 409 The notes on pages 17 to 36 form part of these financial statements. Page 14
SPRATTON HALL SCHOOL TRUST LIMITED (A Cornpany Llmltod by Guarantee) Reglstered number: 1013863 BALANCE SHEET A• at 31 August 2024 2024 2023 Not• Flx•d a88Ot8 Tangible assets Current assets 13 6,232.677 4,541.154 Stocks Debtors Cash at bank and In hand 14 15 55,834 271,354 4.746,486 62.960 213,360 2.969,013 5.073.674 3,245,333 Credilors,. amounts falling due wlthin one year 16 (3,742.780) (739,589) N•t curront assets 1,330.894 2,505. 744 Totsl ass•ts less current Ilabllltle8 7.563,571 7,046.898 Creditors: amounts falling due after more Ihan one year 17 (242,440) (101,489) Total n•1 assets 7,321,131 6.945,409 Charity funds Restricled funds Unrestricted funds 19 19 6,000 7.315,131 6,000 6,939,409 Total funds 7.321,131 6, 945.409 The Govemors acknowledge their responsibilities for complying with the tequiremonts of the Act with resp8ct to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Govemors and signed by.. r behalf T J Blades Chairman Date: A Gough notes on pages 17 to 36 form part of these financial stalements. Page 15
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee) STATEMENT OF CASH FLOWS For the Year Ended 31 August 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 21 3,259,672 869.023 Cash flows from Investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets 116,944 {1.599,143) 63,382 (271,247) Net cash used In Investlng actlvltles (1,482,199I 1207,865) Change In cash and cash oquivalènts In the year Cash and cash equivalents at the beginning of the year 1,777.473 2,969,013 661,158 2,307,855 Cash and cash equlvalents at the end of the year 22 4,746,486 2,969.013 The notes on pa9es 17 to 36 fomi part of these financial slalements Page 16
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 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 lo £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. Accounting policles 2.1 Basls of preparatlon of financlal statem•nts The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Praclice 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 inrtially recognised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy. 2.2 Golng concern The imposilion of VAT on school fees and the loss of Rates relief lor educational charities places an additional burden on school finances. The finances of the school are, of course, monitored closely but the school is in the fortunate position of having cash reserves and no borrowings. Pupil numbers have remained encouraging for the year 2023-24 and forecasts show that the School remains in a strong position. After making appropriate enquiries, the Governors therefore consider that the Company has adequate resources lo 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 adminislering 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 IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 Accounting pollcles (continued 2.4 Tanglble fixed assots and depreclatlon 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 al cost less accumulated depreciation and any accumulated impaiment losses. All costs incurred to bring a tsngible fixed asset into its intended working condition should be included in the measurement of cost. Assets in tha course of construction are included at costs incurred to date. Depreciation on these assets Is not charged unlil 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 propety Property improvements Plant and machinery Motor vehicles Fixtures and fittings 2./0 Straight line 1 OOA straight line 20.33.30/0 Straight line 25°/0 Straight line 20-33.30A straight line As pemiitted by the Iransitional 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 Operatlng leases Rentals paid under opérating leases are charged to the Statement of Financial Activitiés 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 deblors are recognised at the settlement amount after any trade discount offered. Prepayments a valued at the amount prepa net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-tem 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 IA Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 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 Ihat a transfer of economic benefrt 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 fate 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 Flnanclal 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 endin9 31 August, less bursaries and allowances. Fees received for education to be provided in future years a carried forward as deferred income. 2.12 Investment income Investment income, including associated income tsx recoveries. is recognised when receNable. 2.13 Donatlons 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 wh8n received. 2.14 Government grants Government grants are credited to the Statement of Financial Activities as the related expenditure is incurred. Page 19
SPRAThON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 Accounting policies (contlnued) 2.15 Expendlture Expenditure is incurred when there is a legal Of con$tructive obligation commrtting 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 relales. Charitable expenditure represenls the dired 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, rt is probable Ihat 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 cost5 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 allocaled 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 Penslons 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*mployer pension schemes and it is not possible to identify the assets and liabilities of each Scheme which are attributable lo the Charfy. 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 UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 Avgust 2024 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. Crrtical 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 Ihal have a significant risk of causing a material adjuslment to the carrying amounts of assets and liabilities wrthin the next financial year. Income from donatlons and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donation$ 500 967 1,467 Restricted funds 2023 Total funds 2023 Donations School fees receivable 2024 2023 Gross fees Less.. Total scholarships. bursaries and awards 5,949,463 5, 755, 888 (204.2461 (180, 831) 5.745,217 5,575,057 In 2024 and 2023 all of the total income from school fees was to unrestricted funds. Scholarships, bursaries and awards were paid for a total of 56 pupils (2023.. 58). Wrthin this bursaries totalling £81,279 were paid to 12 pupils (2023.. £69, 707 to 12 pupils). Page 21
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 Ancillary trading income 2024 2023 Entrance and registration fees Music tuition fees School fee protection School shop sales Excursions Facilities hire Other income 2.700 82,021 374 70,263 185,301 3, 150 76.240 421 57,843 184,449 25,553 25,400 366,212 348,003 In 2024 and 2023 all of the total income from ancilliary trading was to unrestricted funds. Inva$tment income Unrestrfcted funds 2024 Total funds 2024 Bank interest received 116,944 116,944 Unrestncted funds 2023 Total funds 2023 Bank interest received 63, 382 63, 382 Page 22
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Llmited by Guarantee NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 Flnanclng costs Unrestricted funds 2024 Total funds 2024 Bank Charges 1,413 1,413 Unrestncled fvnds 2023 Total funds 2023 Bank Charges 1,298 1,298 Analys18 of expenditure on charitable actlvlties Summary by fund type Unrestrlcted Re$trlct•d funds funds 2024 2024 Total 2024 Teaching costs Welfare costs Premises Support costs and govemance 3,770,167 440,445 771,067 870,059 3,770,167 440,445 772,034 870,059 967 5,851.738 967 5,852,705 Page 23
SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 Analysis of axpenditure on charltable activities (continued) Summary by fund type Icontlnued) Unrestricted fvnds 2023 Total 2023 Teaching costs Welfare costs Premises Support costs and governance 3.460,007 412,086 643,229 755, 799 3,460,007 412,086 643, 229 755, 799 5,271. 121 5,271, 121 Summary by expendlture typo Staff costs Depreclatlon Other costs 2024 2024 2024 Total 2024 Teaching costs Welfare costs Premises Support costs and govemance 3,441,182 227,391 86.069 578,650 329,005 213,054 429.999 291,409 3,770,167 440,445 772,034 870,059 255,966 4,333.272 255,8 1,263,487 6,852.705 Support costs include finance and marketing costs, general expenses and goveman¢e costs of £18.663 (2023.. £19, 572) which relate lo audrtors fees. Staff costs Depreciation Other costs 2023 2023 2023 Total 2023 Teaching costs Welfare costs Premises Support costs and govemance 3, 146,459 202, 784 97,929 542,556 313,548 209,302 342, 793 213,243 3.460,007 412,086 643,229 755, 799 202, 507 3, 989, 728 202, 507 1,078,886 5.271, 121 Page 24
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 10. Auditor's ramuneration 2024 2023 Fees payable to the Companls auditor for the audit of the Company's annual accounts 12,500 11.500 Fees payable to the Companls auditor in respecl of.. All non-audit Se1¢e5 not included above 2,000 1.850 11. Staff costs 2024 2023 Wages and salaries Social security co$tS Pension costs 3,386,350 331,330 615,S92 3,166.951 302, 860 519,917 4,333,272 3,989, 728 Included in wages and salaries is £86,385 (2023." £80,204) of non-payroll staff costs. The average number of persons employed by the Company during the year was as follows.. 2024 No. 2023 No. Teaching Welfare and premises Support, management and administration 63 20 17 67 19 18 100 104 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £120,001- £130,000 The total employee remuneration and benefits of the senior management team was £742,482 (2023.. £686, 100). Page 25
SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 12. Governors, remuneration and expenses During the year, no Governors received any remuneration or other benefits (2023 - £NIL). During the year ended 31 August 2024, expenses totalling £1,249 were reimbursed or paid directly to 2 Governors (2023 - £207 to l Governor). The Governors reimbursement of expenses related to travel. Page 26
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 13. Tangible fixed assets Freehold Plant land and and Motor property machlnery vehicles Flxtures Property Assets and improve under rittings ments construetion Total Cost or valuation At 1 September 2023 6,503,663 Additions 877,588 Disposals Transfers beeen classes 702,299 50,428 66,303 220.961 3,161,643 41,724 112,631 16,756) 195,123 9,849,982 871,874 1,954,245 16,756) 139,889 (139,889) At 31 August 2024 6,381,251 752,727 108,027 220,951 3,407,407 927,108 11,797,471 D•preclatlon At 1 September 2023 1,435,483 Charge for the year 116,473 605,420 66,486 62,553 202,879 3,002,493 11,681 6,607 66,719 5,308,828 265,966 At 31 August 2024 1,S51,956 670,906 74,234 208,486 3,059,212 5,564,794 Net book value At 31 August 2024 4,829,295 81,821 33,793 12,466 348,195 927,108 6,232,677 Al 31 August 2023 4,068. 180 96,879 3, 750 78,072 159, 150 195, 123 4,541, 154 Included in land and buildings is freehold land at a cost of £556,834 (2023.. £556,834) which is not depreciated. The net book amount of tangible fixed assets at 31 August 2024 and August 2023 represents fixed assets used solely for direct charitable purposes. Page 27
SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Y•ar Ended 31 August 2024 14. Stocks 2024 2023 Finished goods and goods for resale 55,834 62,960 Slock recognised as an expense in the Statement of Financial activities during the year was £53,999 (2023.. £31,461). 15. Debtors 2024 2023 Due wilhln one year Trade debtors 86,914 796 183,644 22, 143 856 190,361 Other debtors Prepayments and accrued income 271,354 213,360 Page 28
SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 16. Creditors: Amounts falling due wlthln one year 2024 2023 Trade creditors Other taxation and social security Pension scheme deficit funding liability Advance fees Fee deposits - see note 18 Accruals and deferred income 421,455 74,025 4,656 3,165,738 16.750 60,156 94,528 72, 184 4,520 497, 024 21,625 49, 708 3,742,780 739. 589 Included in accruals are amounts owing to the Teachers Pension Scheme of £Nil {2023.- £Nil) and other pension creditor of £Nil (2023.. £Nil). Deferred income relates mainly to income received in advance for future trips. The movement in the year is as follows.. Deferred Incomo Deferred income at 1 September 2023 Resources deferred during Ihe year Amounts released from previous years 17.715 33,790 {17,715) Deferr•d income at 31 August 2024 33,790 Page 29
SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 17. Creditors: Amounts falllng due after more than one year 2024 2023 Advance fees Pension scheme deficit funding liability Fee deposits 138,146 29,171 75,123 30,616 70,873 242,440 101,489 The aggregate amount of liabilrties payable or repayable wholly or in part more than five years after the reporting dale is.. 2024 2023 Payable Or repayable by instalments 43,110 37.389 43,110 37,389 Page 30
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Llmiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 Fee deposlts Fee deposits are returned via the offset of final disbursement charges on leaving and are therefore expected to be applied as follows.. 2024 2023 In one year or less Beeen one and two years Between two and five years Over five years 16,750 8,000 33,123 34,000 21,625 5,250 39,373 26,250 91,873 92. 498 Movements of feo deposits 2024 2023 8alance at 1 September New deposits received Deposits utilised 92,498 20,250 120,875) 93,375 33, 748 (34,625) Balance at 31 August 91,873 92.498 Page 31
SPRATTON HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 19. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expendlture Unrnstrlcled funds General Funds - all funds 6,939,409 6,228,873 (5,853,151) 7,315,131 Restrlct•d funds SHSPA donation for a shelter Parents Association donation for play equipment 6,000 6,000 967 (9671 6,000 967 (967) 6,000 Total of funds 6,945,409 6,229,840 (5,854,118) 7,321,131 Statement of funds- prlor year Balance al I September 2022 Balance at 31 August 2023 Income Expenditu Unrestrfcled funds General Funds- all funds 6,225,386 5, 986.442 (5,272,419) 6, 939, 409 SHSPA donation for a shelter 6.000 Total of funds 6,225,386 5, 992, 442 (5,272,419) 6, 945,409 Page 32
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 20. Anatysls of net assets between funds Analysls of net assets between funds - current perlod Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditor$ due in more than one year 6,232,677 5,067,674 (3,742,780) (242,440) 6,232,677 5,073,674 (3,742,780) 1242,440) 6,000 Total 7,315,131 6,000 7,321,131 Analysis of net assets between funds - prlor period UnstriCted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 4,541, 154 3,239, 333 (739, 589) (101,489) 4,54t, 154 3,245,333 (739, 589) (101,489) 6,000 Total 6,939, 409 6,000 6,945, 409 Page 33
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limited by Guarantoe) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 21. Reconciliation of net movement in funds to net cash flow from operating actlvities 2024 2023 Net income for the period {as per Stalement of Financial Activities) 375,722 720,023 Depreciation charges Dividends, interests and rents from investments Decreasel(increase> in stocks Increase in debtors Increase in creditors Decrease in pension deficit funding liability 255,966 1116.944 7,126 157,994) 2,797,105 11,309) 202. 507 (63, 382) (8, 507) (65,271) 88, 583 (4.930) Net cash provlded by operatlng actlvltles 3,259,672 869,023 22. Analy31s of cash and cash equlvalents 2024 2023 Cash in hand 4,746,486 2,969,013 Total cash and cash equivalents 4,746,486 2,969.013 23. Analysls of changes In net debt At1 September 2023 Cash flows At31 August 2024 Cash at bank and in hand 2.969,013 1.777,473 4.746,486 2,969,013 1,777,473 4,746,486 Page 34
sPRAoN HALL SCHOOL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 24. Capltal commltments 2024 2023 Contracted for but not provlded In these flnanclal statements Contracted for but not provided in these financial statements 1,597.055 87,362 25. Pens5on 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 wth auto enrolment requirements. Teachors. P•n•lon Schomo 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 £565,073 (2023.. £476,467) and at the year4nd £Nil (2023 - £Nil) was accrued in respect of contributions to this scheme, The TPS is an unfunded multi4mployer 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 wilh 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 benelits become payable. eligib18 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 employer contribution rate for the TPS is 28.60/0, and employers are also required to pay a scheme administration levy of 0.080/0 giving a total employer contribution rate of 28.680 Other Schemes The School is a member of The Independent Schools, Pension Scheme ("the Scheme") which is a defined benefrt 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 rf 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. Page 35
SPRATTON HALL SCHOOL TRUST LIMITED IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 August 2024 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 empbyer 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 30A is required. Spratton Hall School's share of these deficrt contributions from September 2022 was £4,846 per annum, increasing each year by 3°/0 as required. The total ol deficit payments paid in the year was £4,520 (2023., £4, 389). The contributions payable to the Schema during the year were £8,982 (2023,. £8,473). The contributions payable to other schemes during the year were £41,537 (2023.. £33,423). 26. Operatlng lèase ¢ommltmonts Al 31 August 2024 the Company had commitments to make future minimum lease payments under non- ancellable operaling leases as follows: 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 2,6S8 5,915 1, 773 4,591 8,573 6, 364 The following lease payments have been recognised as an expense in the Statement of Financial Activities.. 2024 2023 Operating lease rentals 2,215 1,539 27. Relat•d party transactlons Excluding Ihe reimbursement of Govemor expenses as reported in Note 12, there have been no related paty transactions during the period. Page 36