Chard School Annual Report and Financial Statements Year Ended 31 August 2024 Charity registration number.. 310219
Chard School Contents Trustee's Report 1 to8 Statement of Trustee's Responsibilities Independent Examinevs Report 10 Statement of Financial Activities Balance Sheet 12 Cash Flow Statement 13 Notes to the Financial Statements 14to26
Chard School Trustee's Report The trustee presents the annual report together with the financial statements of the charity for the year ended 31 August 2024. Objectives and activities Objects and aims The object of the Charity is to provide and run a school in Chard for boys and gids within the local community and surrounding area. The school is a small independent co-educational day school for 4-11 years old, situated in the historic Somerset town of Chard. In setting out its objectives and the planning of activities the sole Trustee. Chard Independent School, has given careful consideration lo the Charity Commission's general guidance on public benefil and in particular to its supplementary public benefit guidance on advancing education and on fee-charging. Public benefit To ensure that Chard School continues to fulfil its charitable obligations to enable access to the school to children from all backgrounds, in addition to the assisted places for lower income families. The Trustee actively seeks ways and means of supporting the school such as offering scholarships and additional bursaries. The school accepts Eady Years vouchers making its high quality early years education more widely accessible. The school opens its facilities to outside groups, for example, science, art, craft and music, ensuring that a range of local children are able to access Chard School. The school regularly engages with local charity and non-profil organisations, such as the Church of the Good Shepherd, taking part in the Chard Town Remembrance Sunday parade and Service at St Mary's Church. A commitment to fundraising for charities, both at home and overseas, educates the children in the needs of others and directly benefits less privileged children. Page 1
Chard School Trustee's Report (continued) Achtevements and performance Achievements The School successfully passed Independent School's Inspectorate's (ISI) Inspection. the team arriving 11 June 2024. The school was the first in the region to be inspected under the new framework. The full report can be viewed here: Chard School - Routine Inspections 2024 The school is actively concemed in raising money for charity, especially local charities and other good causes, through fundraising events such as mufti-days, cake sales, Royal British Legion poppy collections and many others. The funds for the past year were given to the British Legion Poppy Appeal and the Church of the Good Shepherd. The school continues to forge links with other local schools. The sports teams played a number of fixtures both at home and away against both local preparatory school and state schools during the academic year. These fixtures included hockey, football, cross country, tag rugby, athletics, netball, rounders and cricket. This is facilitated by the reinvigorab'on of the membership of the Independent Schools, Association which offers access to a wide range of sporting opportunities for different levels of ability. To expand the leaming experience of all pupils, the school provides a number of popular after-school clubs including craft clubs, sports clubs, outdoor clubs, academic clubs, science clubs, music clubs. Art work of pupils of all ages is regularly exhibited at many local art exhibitions and horticultural shows including the Ilminster Arts Festival. exhibitions at Chard Museum, Chard Library, Berenson's Solicitors, Chard Horticultural Show,Chard Guildhall and the Ilminster Art Centre. Pupils go on school trips and visits to places of local interest and public facilities including Chard Museum. Chard Library. Chard Leisure Cenlre, the Church of the Good Shepherd, Forest School trips to ROAM, the factory of Numatic International, Charmouth Beach, Seaton Wellands and Tramway. The children in years 3, 4 and 5 & 6 children enjoy a school residential trip biannually. These residential trips will be expanded in scale and scope over the forthcoming year. Pupils participate in many challenging stage productions involving drama, music and dance. Productions induding the Pre-prep and Prep Harvest Festival Services, Prep Remembrance Service, Pre-Prep Nativity play, the Christmas Carol seICe, the Easter Musical led by Year 3 & 4 and Cerdic end of year show. Music lessons are popular with pupils studying a wide range of musical instruments including piano, clarinet, flute, violin, recorder, guitar. ukulele, brass, drums as well as singing. The school choir has grown in size and reputation. In 2024 Pupils left for Millfield, Colyton Grammar School, Wellington School, St. John's School in Sidmouth, Queen's College, Woodroffe and Beaminster, Scholarships were awarded including an academic scholarship to Millfield and Wellington School. Page 2
Chard School Trustee's Report (continued) Summative assessment The summative assessment that takes place at Chard School includes: Reading and Spelling age assessments {September". Year 3 +). The most recent tests show that.. 17 out of 24 pupils are above the national average spelling ability for their age group 18 out of 24 pupils are above the national average for reading ability for their age group GL Assessment progress tests in Maths, English and Science (Year R+) Here is a graph showing the academic achievements of Chard School Pupils in the academic year 2023124 at the end of year 6. Data for this academic year will be collected in the Summer Term 2025. These results, alongside teacher assessment, are used to infomi our decisions when assessing children during and at the end of each year. The results of these summative assessments are tracked and monitored at three separate points during ihe year. where decisions are made about each child's provision. 90 20 ChA(d ional 5(ien<* InB V4nlii18 Maths K4aihS Compari50n of a8ainsr nalional JbYra8e elpptied • Jre•er (Wh Page 3
Chard School Trustee's Report (continued) Financial review Policy on resenos and investments The Trustee aims to maintain sufficient free reserves in unrestricted funds to meet all income and expenditure fluctuations as they arise and. due to the uncertainty of income strearns, to retain sufficient funds to enable the school to operate wilh reduced numbers for a period of at least one year without reducing its ability to accept additional pupils. Reserves are set at a level lo cover fixed costs. At year end, restricted reserves were £nil (2023 - £nil) and pemianent endowment funds were £1.134 (2023 - £3,035}. A description of reseeS is provided in Note 20. The charity does not currently hold any significant investment portfolios and the cash balance is retained to fund the ongoing charitable activities of the school. Of note whilst the period covered by this report shows a lack of Reserves it is worth noting that the increase in pupil recruitment and retention means that the current in year position has recovered significantly, and we sit with Reserves of around £80,000. A much more reassuring postion for the school, leaving it better placed to weather any unforeseen troubles. Plans for future periods Aims and key objectives for future periods Following a period of recovery and stabilisation Chard School is in the first period of growth, having successfully implemented policies to overcome a period of prolonged reduced pupil numbers. During Spring 2024 the school has 47 pupils on-roll. The school has recruited since January 2024 an additional 9 pupils (excluding staff children) this trend is expected to continue and the school is conservatively forecasting to recruit a further 4 pupils per term. This will take the expected pupils on roll to 53 in Summer term 2025. at which point based on the forecasted cost model the school will retum to profilability and replenish cash reseNes. The school has a full Reception class for September 25-26 with a waiting list. we also have 4 children registered for September 2027 already. Longer tem plans see the school expanding fvrther and utilising the VAT risk as a potential opportunity to increase pupil numbers to more than 100 pupils. Discounts on school fees To support the recruitment of new pupils the school has offered the following discounts.. 1. Slaff child incentive. 2. 1 00/0 Old Cerdics, incentive for the whole school period for any direct decedents of the Old Cerdics, Association members. 3. For existing families. the pVIouS discounts remain in place as follows- a. Family discounts are given on second and third children at the rates of 6/0 and 100/0 respectively per lerm. b. Assisted places have been awarded to lower income families. The total discounts and assisted places awarded over the financial year were 4.2°/0 {2023 - 5.1°/0) of the total gross fee income. c. The sch¢1 also accepts Early Years fijnding vouchers. Page 4
Chard School Trustee's Report (continued) The Old Cerdics Association The Old Cerdics Association (former pupils) founded on 1st December 1929 continues to welcome both past and present pupils to its ranks. Staff employed at the school automatically become Honorary Members during their tenure at the school. In furthering its aims and objectives the Association takes an active interest in the school and is represented al all major school events. One of the Trustees is an Old Cerdic. Old Cerdics Association Scholarship Fund The Old Cerdics Scholarship Fund is a charity linked to the school administered separately by Trustees appointed annually by the Association. It continues to support the school financially and during the year made a direct contribution of £2,000 towards scholarships awarded by the school. At the discretion of the Head Teacher the Fund also continued to make temily awards of £100 each in the name of the Old Cerdics Academic Award and the Lawrence Powell Music Award to children in their final year at the school. The estimated value of the fund at 31sl August 2023 stood at £31,866 compared wilh £31.828 for the previous year of which £31,548 (£31,534) was invested in equity linked COIF Charity Funds managed by CCLA Investment Management Limited. The balance was held on deposit with immediate access. As well as donations from The Old Cerdic Association to support refurbishments at the school, individual Old Cerdics have also made generous personal donations to the school in the year. These funds were used towards bursaries and school refurbishments. Structure, governance and management Nature of goveming document Chard School was established under a Trust Deed dated 24 May 1971. and constitutes a unincorporated charily, as defined by Charity Commission scheme. It is a registered charity under the Charity Commission with the registration number 310219. Recruitment and appointment of Dlrectors The sole Trustee of Chard School is Chard Independent School (company registration number 08904859). a registered charity. Its Directors are appointed for a temi of 5 years by resolution of the Board passed at a special meeting. On completion of a 5 year tem), Directors may be re-appointed for a further 5 year term subject to the approval of the Board. New Directors may be appointed not more than 3 months before the term of an existing Director expires or should a Director resign, with effect from the date of expiry or resignation. The current provision is for a Board ideally consisting of not less than 8 and not more than 12 co-opted Directors. The Board are currently recruiting for addilional members to join the board. Induction and training of the Directors of the Trustee All new Directors of the Trustee charity follow a pre-detemiined induction programme which is based on an adapted form of that used for paid staff. The induction process for newly appointed Directors comprises of an approach from the Chairman of the Board, followed by an offer to attend the next board meeting and a tour of the premises. A welcome pack is then provided including a brief history of the charity, a copy of various documents including latest board minutes, latest available accounts, trust deed (Chard School), memorandum and articles of association (Chard Independent School) and Charity Commissionerfs guidance "The Essential Trustee.. We are members of both AGBIS (The Association of Governing Bodies of Independent Schools) and IAPS (The Independent Association of Prep Schools) which both provide excellent training for our Directors. Page 5
Chard School Trustee's Report (continued) Organisational structure The Trustees take decisions on all aspects of the school's activities. Its board meels regularly, meeting at least three times throughout the year to determine the general policy of the Charity and review its overall management and control. for which it is legally responsible. The work of implementing most of the Trustee's policies is carried out by various committees which meet as and when necessary. The Trustee organises the number of pupils attending the school and the subjects taught. It appoints a head to control the intemal running of the school. including choices of the teaching methods, arrangement of classes, teaching staff, school hours, management and discipline. The Head and Finance Officer act as key management personnel supported by other teaching members of the Senior Management Team. The remuneration of key management personnel is set by the Trustee with due recognition to the financial restrictions within the Charity. Major risks and management of those risks Decline in pupil numbers There has been a 3 fold threat to the survival of Chard School as an independent provider of education. These have been.. The economic climale, commonly referred to as the cost of living crisis. The imposition of VAT on independent school fees The loss of charitable status with regard to business rates discounts. All three of these issues amount to higher outgoings for parents and for the school leaving less money available in Ihe economy and budgets. The school built on the foundation work of the previous year which saw a review of cost control. This work has allowed to school to come unscathed, indeed with opportunity to flourish, over the coming years. An additional factor is the school estate. The 3 x Grade 2" listed buildings on the historic site are in need of restoration to ensure they can be of use for the school over the coming decades. A fundraising committee has been established. And initial funds of £5.425 have been raised by the Old Cerdics Association. Meanwhile work to progress a National Lottery Application is undeNay and various philanthropic and other organisats'ons have been approached with a view to securing funds to maintain the fabric of the estale. Retention. New incentives to retain pupil numbers have been mobilised. Although too numerous to list here the key ones are.. a. Free after-school clubs for volunteer I teacher led activities. b. A focussed 11+ programme to support pupils for Colyton and academic scholarships exams. c. Providing better school meals. The parent task force has reviewed altemative local suppliers and are in the process of switching, this is in response to pupil and parent feedback on current school meals. d. Consideration of expanding the offering up to 13 years (years 7 and 8). This offering is being considered due to demand from parents. It is contrary to the markel trend in the independent sector which sees the school age of prep school's dropping to 11. However at least half of pupils from Chard School go onto State Secondary education. There is a desire from parents to see their children's years 7 and 8 filled wrth quality education rather than waiting 2 years for the GCSE pathway to kick in. The school has bounced back from the brink only to be beset by existential threats of economy and government policy. It has survived these and is now beginning to thrive. Page 6
Chard School Trustee's Report (continued) Reference and Administrative Details Trustee Chard Independent School Directors of Chard Independent Mrs S M Dare (resigned 21 March 20241 School Mr N Mayfield (resigned 9 February 2024) Mr T Moran (resigned 21 March 20241 Mrs A Lighttoot (resigned 11 January 2024) Mrs G L Buckley (appointed 11 January 2024 and resigned 25 January 2025) Mr M A Buckley (appointed 11 January 2024 and resigned 25 January 2025) Mrs A M Dugdale {appointed 1 March 2024 and resigned 25 January 2025) Mr S Hull (appointed 21 September 2023) Ms Z Prien {appointed 23 January 2024 and resigned 10 May 2024) Mr J M Salt (appointed 11 January 2024) Mr M D Sitch (appointed 8 February 2024) Mr T Wootten {appointed 11 January 2024 and resigned 12 June 2024) Rev. D Perreau (resigned 8 February 2024> Mrs A Dugdale (appointed 1 March 2024) Mr P J Higgs (appointed 12 March 2024) Mr D Brown (appointed 5 July 2024) Mrs S Flannery (appointed 12 December 2024} Headteacher Mrs R Pielesz MA.Ed,B.Ed,FCCT,NPQSL,NPQML Page 7
Chard School Trustee's Report (continued) Reference and Administrative Details (continued) Charity Registration Number 310219 Principal Office Chard School Fore Street Chard Somerset TA20 1QA Independent Examiner Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA12PX The annual report was approved by the trustee of the charity on 2. by: and signed on its behalf M Salt Director of Chard Independent School - the Trustee Page 8
Chard School Statement of Trustee's Responsibilities The trustee are responsible for preparing the trustee, report and the financial statements in accordance with the Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulalions. The law applicable lo charities requires the truslee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of Ihe charity for that period. In preparing these financial statements, the trustee are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent.. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concem basis unless It is inappropriate to presume that the charity will continue in business. The trustee are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with Ihe Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustee are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Iruslee are responsible for the maintenance and integrity of the corporate and financial information included on Ihe charitable companYs websile. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Page 9
Chard School Independent Examiner's Report to the trustees of Chard School I report to the trustee on my examination of the accounts of Chard School for the year ended 31 August 2024. Responsibilities and basis of report As the charity trustee of Chard School you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Chard School's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement Since Chard School's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confim that no material matters have come to my attention in connection wtth the examination giving me cause to believe that in any material respect: 1. accounling records were not kept in respect of Chard School as required by section 130 of the 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair vieW which is not a matter considered as part of an independent examinats"on. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Sharon Austen FCCA Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA12PX Date.. EOZS Page 10
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Chard School Balance Sheet 31 August 2024 2024 2023 Note Fixed assets Tangible assets Investments 66.246 49,384 1,203 10 66,246 50,587 Current assets Debtors Cash at bank and in hand 119,320 113,318 142,681 201,665 12 232,638 344,346 Creditors: Amounts falling due within one year 13 80,642 42,468) Net current assets 151,996 301,878 Total assets less current liabilities 218,242 352,465 Creditors: Amounts falling due after more than one year 14 Deferred income (31,126) (34,104) (165,902) 152,459 15 (113,696} Net assets 73,420 Funds of the charity: Endowment 1.134 3,035 Unrestricted income funds Unrestricted 72,286 149,424 Total funds 19 73,420 152,459 The f nancial statements on pages 11 to 26 were approved by the trustee. and authorised for issue on . li /.L./.asand signed on their behalf by.. KS M Salt Director of Chard Independent School - the Trustee The notes on pages 14 to 26 form an integral part of these financial statements. Page 12
Chard School Cash Flow Statement Year Ended 31 August 2024 2024 2023 Note Cash flows from operating activities Net cash expenditure (79,039) (34,463} Adjustments to cash flows from non-cash items Depreciation Investment income Loss on disposal of investments Revaluation of investments 3,165 {41} 1,035 168 2,988 {36} 116 {74,712) {31,395) Working capital adjustments Decreasellincreasel in debtors Increase in creditors Decrease in deferred income 23,361 8,174 152,206} (10,796) 946 16.606) 13 14 Net cash flows from operating activities 195,383) (47,851) Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets 41 {20,027 36 589} Nat cash flows from investing activities {19,986) 553) Cash flows from financing activities Repayment of loans during the period Value of new loans obtained during the period (2,978) 30.000 {5,874} Net cash flows from financing activities 27,022 (5,8741 Net decrease in cash and cash equivalents (88,347) {54,2781 255,943 Cash and cash equivalents at 1 September 201,665 Cash and cash equivalents at 31 August 113,318 201,665 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 14 to 26 fomi an integral part of these financial statements. Page 13
Chard School Notes to the Financial Statements Year Ended 31 August 2024 1 Accounting policies Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation Chard School meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevanl note(sl to these accounts. Going concem The Trustee and its directors have considered the funds of the Charity as at 31 August 2024 and at the dale of approval of these financial statements. The senior management team of the school have prepared detailed business and action plans including projections extending beyond 12 months of the date of approval of these financial statements. On the basis of these plans, and having made all necessary inquiries, the Trustee and its directors are satisfied that the going concem basis of accounting remains appropriate. Income and endowments Voluntary income including donations. gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Charity has enlitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability- Fees consist of charges billed for the school year ending 31 August, less bursaries and allowances. Fees received in advance for education lo be provided in future years are carried fotward as deferred income. Donations, grants and legacies Donations, grants and legacies are racognised on a receivable basis when receipt is probable and the amount can be reliably measured. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheel as deferred income to be released. Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Page 14
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) Investment income All investment income is treated as unrestricted even where it has arisen from endowment funds and is included in the stalement of financial activities as soon as it is received by the charity. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with Ihe use of resources, with central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs Ihat can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs These include the costs attributable to the Charity's compliance with constitutional and stalutory requirements. including independent examination. strategic management and Trustee's meetings and reimbursed expenses. Tangible fixed assets Individual fixed assets are initially recorded at Cost, less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value. over their expected useful economic life as follows: Asset class Depreclation method and rate 2 % straight line for assets not fully depreciated 20 /0 Straight line Buildings Office equipment Fixed asset investments Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference beeen sales proceeds and their market value at the start of the year, or their subsequent cost. and are charged or credited to Ihe Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Page 15
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) Fund structure Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity. Financial instruments Classification The charity holds the following f5nancial instruments: Short term trade and other debtors and creditors: and Cash and bank balances. All financial instruments are classified as basic. Recognition and measurement Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or subslanlially all ihe risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the charitys obligations are discharged, expire or are cancelled. Such instruments are initially measured at transaction price. including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impaimient adjustments. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Page 16
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) Key sources of estimation uncertainty In the application of the Charitys accounting policies, the Trustee and tts directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and furture periods in the revision affects both current and furture periods. The key judgement that has a significant impact on the financial statement is in respect of going concern, as described above. It is the view of the Trustee and its directors that there are no significant accounting estimates. 2 Income from donations and legacies Unrestricted funds General Total 2024 Total 2023 Donations and legacies- Donations Grants, including capital grants= Government grants 33,303 33,303 3.987 3.891 3.891 37,194 37,194 3,987 Page 17
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) 3 Income from charitable activities Unrestricted funds General Total 2024 Total 2023 Preparatory school fees Pre-preparatory school fees Other educational charitable activib'es 285,642 159.058 8,873 285,642 159,058 8,873 353,361 161.420 16,567 453,573 453,573 531,348 4 Investment income Unrestricted funds Total 2024 Total 2023 General Interest receivable and similar income- Interest receivable on bank deposits 41 41 36 5 Other income Unrestricted funds Total 2024 Total 2023 General Rentsl income 18.071 18,071 17,685 6 Analysis of governance and support costs Support costs allocated to charitable activities Other support costs Governance Insurance Estsblishment costs costs costs Total 2024 Total 2023 Charity activities 27,993 17,527 14,345 6.822 66,687 46,021 Page 18
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) Governance costs Unrestricted funds General Total 2024 Total 2023 Independent examiner fees Examination of the financial statements Teachers pension review Legal and professional fees Other governance costs 13.141 13.141 4,232 760 1,276 7,659 3,600 11,742 3,600 11,742 28,483 28,483 13,927 7 Trustee remuneration and expenses Neither the Trustee nor any of its directors have received any reimbursed expenses or any other remuneration from the charity during the current or preceding year. Page 19
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) 8 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff costs 385,051 31,407 45,290 947 391,821 32,740 68,058 998 462,695 493,617 The monthly average number of persons (including senior management team) employed by the charity during the year was as follows.. 2024 No 17 2023 Average number of employees during the year 22 The number of employees whose emoluments fell within the following bands was: 2024 No 2023 No £60,001- £70.000 The total employee benefits of the key management personnel of the charity w8r8 £136,618 (2023 £151,100). Page 20
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) 9 Tangible fixed assets Land and buildings Computer equipment Total Cost At 1 September 2023 Additions 115.843 8,308 20.027 124,151 20,027 At 31 August 2024 115.843 28,335 144,178 Depreciation At 1 September 2023 Charge for the year 67.522 1,697 7,245 1,468 74,767 3,165 At 31 August 2024 69,219 8,713 77,932 Net book value At 31 August 2024 46,624 19,622 66,246 At 31 August 2023 48,321 1,063 49,384 Land and buildings consist of property improvements and other assets constructed on land adjacent to the properties. The school land and buildings were originally gifted to the school for educational use and have no original cost. The market value of these assets is not rellected in the accounts, since tt is not easily determined, due to the location and nature of these historic buildings. The most recent insurance value of the buildings, at 1 February 2018. including the science lab was £8.284,056. As the fair value of the buildings is not available, the Trustee also considers that there would be no benefit to the Charity to include the property at market valuation. Since the charity is responsible for keeping the original buildings in fit and useful condition in perpetuity, the costs of doing so are written off as and when incurred. Page 21
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) 10 Fixed asset investments Listed investments Total Valuation At 1 September 2023 Disposals 1,203 (1,203) 1,203 1,203 At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 1,203 1,203 The original cost of the investments held at the balance sheet date was £nil {2023- £1,570). 11 Debtors 2024 2023 Trade debtors Other debtors Prepayments 97,547 6,254 15.519 122,710 9.815 10,156 119.320 142,681 12 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 444 201,221 113,310 113,318 201,665 Page 22
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) 13 Creditors". amounts falling due within one year 2024 2023 Trade creditors Other loans Other taxation and social security Other creditors Accruals 21,792 36,031 5,478 13.487 3.854 3,548 6,031 7,262 18.102 7,525 80,642 42,468 14 Creditors: amounts falling due after one year 2024 2023 other loans 31.126 34,104 15 Deferred income 2024 2023 Deferred income at 1 September 2023 Resources deferred in the period Amounts released from previous periods 165.902 113,696 165,902 172,508 165,902 172,508 Deferred income at 31 August 2024 113,696 165,902 Page 23
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) 16 Pension and other schemes Defined contribution pension scheme Until 31 March 2024 the charitys teaching staff belonged to the Teachers. Pension Scheme, after this date and for non-teaching staff, the charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the schemes and amounted to £68,058 {2023 - £64.194). A copy of the valuation report and supporting documentation is on the Teacherfs Pension website. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charily has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Charity has set out above the information available on the scheme. 17 Commitments Capital commitments The total amount contracted for but not provided in the financial statements in respect of non-cancellable operating leases was £184 (2023 - £924). 18 Related party transactions There were no related party transactions in the year {2023 - none). Page 24
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) 19 Funds Balance at 1 September 2023 Other Incoming Resources recognised resources expended gainsl{losses) Balance at 31 August 2024 Unrestricted funds General 149.424 484,428 (561,398) {1681 72,286 Endowment funds Permanent 3.035 {1,901) (563.299) 1,134 Total funds 152,459 484.428 (168) 73,420 Balance at 1 September 2022 Other Incoming Resources recognised resources expended gainsl{losses} Balance at 31 August 2023 Unrestricted funds General 178,811 552.992 (582,263) (116) 149,424 Endowment funds Pemianent 8,111 (5.076) 3,035 Total funds 186.922 552,992 (587,339) (116) 152,459 The specific purposes for which the funds are to be applied are as follows: Endowment Fund In the year ended 31 August 2015, an endovlment was received from a former pupil of the school. It was the wish of this pupil that the income from the fund be used to further encourage and reward good citizenship, sportsmanship and character, as determined by the goveming body of the school, hence it is treated as an endowment fund. It is expected these funds will be used up over a period of several years. Page 25
Chard School Notes to the Financial Statements Year Ended 31 August 2024 (continued) 20 Analysis of net assets between funds Fund balances at 31 August 2024 are represented by: Unrestricted Endowment funds funds General funds Pennanent funds Totsl funds Tangible fixed assets Fixed asset investments 66.246 66,246 Current assets 231,504 (80.642) (31,126) (113.696) 72,286 1,134 232,638 (80,642) (31,126) {113.696) 73,420 Current liabilities Non-current liabilities Deferred income Total net assets 1,134 Fund balances at 31 August 2023 are represented by.. Unrestricted Endowment funds funds General funds Pernianent funds Total funds Tangible fixed assets Fixed asset investments 49,384 1,203 341,311 (42,468) {34.104) (165,902> 149,424 49,384 1.203 344,346 (42,468) (34,104) (165,9021 152,459 Current assets 3.035 Current liabilities Non-current liabilties Deferred income Total net assets 3,035 Page 26