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 se￿ICe, 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 rese￿eS 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 p￿VIouS 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

o) (o
T5 ¥J
Lf* fo Ln
o * (*)
'Ii Iii'll
¢SJ CO
zj (o
c¥J to

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 be￿een 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