REGisfERED COMPANY NUMBER: 00898640 (England and Wales) REGISTERED CHARITY NUMBER: 310871 REPORT OF THE TRusfEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR GOSFIELD SCHOOL LIMITED (A COMPANY LIMITED BY GUARANTEE} LB Group The Octagon Suite E2 Middleborough Colchester Essex COI ITG
GOSFIELD SCHOOL LIMITED CONTENT5 OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 Page Report of the Trurtees Report of the Independent Audltors 9 to 12 Statement of Flnanclal Activities 13 Balance Sheet 14 Cash Flow Statement Notes to the Cash Flow Statement 16 Notes to the Financial Statements 17 to 32 Detalled Statement of Financial Artivlties 33 to 34
GOSFIELD SCHOOL LIMITED (REGISTERED NUMBER: 00898640) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their report with the audited financial statement5 of the Charity for the year ended 31 August 2024. The Trustees have adopted the provisions of the Ststement of Recommended Practice ISORPI Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the Charity. The directors of the Company forthe purposes of the Companie5 Art 2006 a listed on page 7. The governors would like to pay tribute to Peter Sakal who died during the year. Peter was a long-serving Governor of the school and Chair of Governors for over 20 years. Peter was a generous benefactor to the school through his business interests providing financial and non-financial support over many years. The link betsveen the Sakal family and the school will continue through two of Peterfs children who have been elected as Governors and manage the family's business interests, OBJEcfivES AND AcfiviTIES Objectlves and alms Gosfield School is an independent school for boys and girls aged 2-18. The Charity's aims and objectives seek to provide a rich and relevant learning environment in which young people can excel and flourish both academically and socially, and an environment within which all our pupils feel valued and able to achieve personal excellence in all aspects of life. The performance of the Charlty is measured through its annually published attainment results for GCSE and A level results. These are measured against our published targets for future attainment. In addition, Value Added scores are monitored as a further measure of performance. The Charity has a general aim to provide beneflt to the wider community. The Trustees have given due consideration to the 8uidance of the Charity Commission, specifically the detailed guidance for fee-charging charities. Examples of the Charity's work in this area are given in the Public Benefit section of this report. Public benefit The School aims to keep the fees a5 affordable as posslble. whilst maintaining 5tsndafds towards achievement of the stated aims and objertives. The School operates a Bursary scheme to make a Gosfield School education acce55ible to pupils who might otherwise be unable to afford the fees. During the year ended 31 August 2024, the School offered Bursary support to the value of 4.5% 12023 4.5%) of gr055 fee income. demonstrating the commitment to the furtherance of education for the widercommunity. The School's extensive grounds and sports hall facilities are made available to local clubs and community projects within existing planning constraints for a diverse number of events: Local sports groups using the facilities on a regular basis include the Braintree Bowmen, Halstead Ladie5 FC, Ha15tead Cricket Club, badminton, basketball. pickleball, fltness and running club5 and Coggeshall Cricket Club. The School hosts Charityfun runs. The School grounds are made available for local clubs and associations, for races and obstacle course event5. An annual schools, cross-country competition attrarts runners from a number of local maintained schools. including Gosfield Community Primary School. The school frequently offers transport to local schools to facilitate their attendance at these events. Pupils from local maintained schools are invited to participate in enrlchment activities including forest School and sports camps, performing arts 'ma5ter classes, and workshops, again with the School offering transport where required. The school provides a transport Service at cost price for local schools to take them on school trips and events. The school gives the local scout group access to its facilities for their weekly gatherings, at no cost. Holiday clubs are open to local children as well as current pupils, benefitting local working families. Page I
GOSFIELD SCHOOL LIMITED (REGISTERED NUMBER: 00898640) REPORTOFTHE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 OBJECflVES AND ACTIVITIE5 Bursary pollcv The School offers a range of discretionary bursary schemes to families of pupils. Community bursaries of up to 100% are available throughout the School to applicants from the maintained sector who would be considered an asset to the School and whose parents can demonstrate insufficient financial means to educate their children independently. Means-tested bursary applications are considered by the Finance Committee annually and a decision made as to the level and length of time bursary support may be provided. In total, the School supported 3912023'.241 pupils of which 512023: 51 pupi15 received fee remission in excess of 75%. Scholarship Policy The School awarded Scholarship5 to 87 12023: 86} pupils. based on their educational or co-curricular merit and potential, during the year. Volunteers Volunteers contribute to membership of the School'5 Governing Council. Volunteers also assist with the constitution of the standing committees. notably finance. premises, health and safety and strategic plannin& and lend assistance and advice in the preparation of management and statutory accounts, forecasts. minutes and returns. Parent volunteers, including the Gosfield PTA support and assist with School life and fundraise to the benefit of all student5 at the School, Page 2
GOSFIELD SCHOOL LIMITED (REGISTERED NUMBER: 00898640) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Achlevement and performance Charitable artivities Pupils have exlled and flourished academically and socially in line with the Charity's aims. Average student number5 were 335 for the year12023: 3181. Examination Results As a non-academically selective school, we are pleased to help our pupils achieve their full potential. While GCSE and A Level exams are now fully back to normal, the longer-term effects of the Covid educational interruptions continue to be seen. However, students at Gosfield were, as always, supported by excellent members of staff going above and beyond and performed credibly in their examinations. Gosfield students in Year 11 IGCSEI achieved 22% of all grades at 9-712023.. 20%). and 81% of all grades at 9412023.. 81%). 59% of English and Maths grades were at a Grade 4 or above in both English and Mathematics. Value Added, key metric for us, increased from the previous year by 0.5 of a grade, a significant achievement. For Gosfield students in Year 13 {A Level), of all grades awarded, 39% were A•_B12023: 20%), 70% A'_C12023- 39%) and 100% were pass 8rades (2023.. 90%). All Year 13 leavers seeking to enter higher education achieved an offer of a place at an institution of their choosing. Enrlchment/Extra<urrlcular The school provides a full range of after-school activities, trips and other opportunities. The school held a full Activitles Week in the summer of 2024 with residential trip5 both within the UK and to France. The home programme in school involved a high standard of on- and off-site activities including trips to London Bushcraft, Snow Centre, Harry Potter World. Thorpe Park, Adventure Island in Southend, ten pin bowling and Go Ape. In school, students took part in one-day film school. an on-site camp experience and the Prep School participated in "The Greatest Show" including circus. drama. dance and circus skills. Throughout the year, there was the usual selection of day trips and other experiences including Duke of Edinburgh's Awards expeditions. The total number of trips in 2023124 was 59, which represents a year-on-year increase of 22% on the previous academic year. The school operates an extensive activity programme. largely after school but also at lunchtime. Artivities are provided for all interests and reviewed each year with input from students. The programme includes sports {e.g. tennis, netball, football. rugby etc.). Duke of Edinburgh award, art. performing arts, languages, craft, board and card games. Assembly Inltiatlves Topic5 cOVed included Employablllty. Talents Showcase. Random Acts of Kindness, Safer internet, Empathy Week, Science Week. Children's Mental Health Awarene55 Weel Healthy Mind5 - Healthy Body, resilience. world religion, aspirations, green team, carer5 a55embly. Children's Society - drugs and alcohol, growth mind5et/ resilience, World Day for Cultural Diversity, Black History month. International Woman's Day, Movember, the Oddballs Charity, anti-bullyin& Essex Police- drink and drugs, and career diversity. House artivities A wide variety of activities took place in the year including diversity celebration, allsort5 LGBTQ Youth Charity, Comic Relief fundraising event, mental health awarene55, Spelling beel grammar. and sport celebration events. The pupil parliament is also a confident and active part of the School. Sport An increased programme of competitive and friendly matche5 Wlth other independent and maintained schools. for both Prep and Senior pupils took Pla across the year. These included regular fixtures in netball, hockey, rugby. cricket and football. In cricket, our U155 won the Independent Schools Association (ISAI national competition for the second time in a row and our U13s, U14s and U15s reached the finals of the Essex County Cup in their age divisions again. It has been exciting to see the many year5 of hard work invested in our cricket academy reach such positive fruition. Page 3
GOSFIELD SCHOOL LIMITED (REGISTERED NUMBER: 00898640) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The whole school show. 'High School Musical, was a highly successful produrtion which included children from across the range of Prep and Senior. Two Sixth Form produrtions-'Adult ChildlDead Child. and 'The woman who cooked her husbandl, the first for many years, were a feature of the performing arts programme. One of our sixth form actors won the prestigious National Schools Theatre Awards for Best Actor in a Play for Adult Child/Dead Child. Two of our Year 8 girls achieved a highly credible second place in the Key Stage 3 section of the Independent Schools Association Musical Theatre competition. Fundraising activities The charities are chosen by the Pupil Parliament and through a wide variety of artivities we raised the following totals.. Children in Need: £1,082.89 Save the Children: £123.70 RNLI/RSPCA/Reach'. £163 (split between the three charities) Red Nose Day: £649.19 Young Minds: £685.94 Braintree Food Bank: £400 in food Flnanclal review FSnanclal posltlon The School's financial performance in the current year is In line with expectations. The School reported a net surplus of £163,62312023- surplus of £180,656). Principal fundln8 sources The principal funding source for the Charity Is through school fees, which are used entirely to support the aims and objertives of the Charity. Income from school fees InCaSed to £4.852,024 in 2024 from £4.252,446 in 2023. Investment pollcy and objertlves Except for rental income from lettings. the School does not currently have an investment poliry as all of the Charity'5 funds are used directly to achieve its aims and objertives. Reserves pollcy The directors keep the secured bank overdraft facility under review to ensure that it remains adequate to cover the School's working capital requirements. The School's total reserves at the year end amounted to £15,958,069 12023: £15,794,446), which includes a revaluation reserve of £15,696,64112023: £15,696,641). The directors aim to ensure that the balance on the reserves 15 always in excess of one term's expenditure. Golng concern The Governors and Trustees have examined the School's future financial performance through forec35ting and scenario planning. Key assumptions in the forecast modelling include pupil numbers, staffing levels, inflation and property maintenance requirements. For these reasons, and the continued support of GFM Holdings Ltd, the Trustees believe there are sufficient funds available within the School to continue to operate as a going concern and the financial statement5 have been prepared on this basi5. No material uncertainties exist. Pa8e 4
GOSFIELD SCHOOL UMITED {REGISTERED NUMBER: 00898640) REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Principal risk5 and uncertalntie5 The Board of Governors is responsible for the management of risks faced by the School. Each year the Senior Leadership Team and the Board identify and a55ess rlsks and implement controls to mitigate against these. In addition, each year a formal review of the risk management process is undertaken. The key controls implemented by the School are as follows: Formal agendas for all Board and Committee activities Strategic planning, budgeting and management accounting Established organisational structure and understood line of reporting Formal written policies Clear, authoritative and agreed approval levels; and Appropriate training for Governors and staff The Governors keep under review a risk management strategy relating to: Financial risks to the Charity, including the risk resulting from Increasing pupil numbers Future economic and political risks Risks associated with the daily health and safety of the staff, pupils and visitors Risks associated with any off-site artivities undertaken by staff and pupils The necessary level of income and reserves required to support and maintain the viability of the School,. and The burden of meeting conformity and regulatory issues. Flnan¢lal and risk management objertlves and pollcles For the year ended Au8USt 2024, the key financial risks identlfied were the cost-of-living crisis, the increase in contribution rate for the Teachers, Pension Scheme, financial pressure on the demographic of parents that make up our current market, competition from competitor schools and retainin8 hlgh levels of service and parent satisfaction. Through the established systems for managing risk, the Governors are satisfied that all foreseeable, major risks have been identified and managed appropriately where possible. It is, of course. recognised by the Governors that systems can provide reasonable but not absolute assurance that major risks have been adequately managed. STRucfuRE. GOVERNANCE AND MANAGEMENT Governing document The Charity is controlled by its governing document. a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Gosfield School Limited is a company limited by guarantee (registered number 8986401 and a registered Charity (Charity number 3108711 governed by its memorandum and Articles of Association (revised and adopted on I February 2006). Charity constitutlon The School's five Trustees (First Governors) are recruited annually from Members of the school's Governing Council. Recruitment and appointment of new Trustees Membership of the Governing Council of Gosfield School is governed by the School's Memorandum and Articles of Association. In order to maintain a balanced Governing Council, no more than 50% of the membership may be drawn from parents of current pupils of the School. The membership term 15 four year5 or tenure in the case of employees, and four year5 for elerted representatives of the parent body and teaching staff. Members may re-apply at the end of their tenure. From time to time the Governing Council may invite guest5 to join its meeting Sn advlsory but non-voting capacity. Meetings are held once perterm. Page 5
GOSFIELD SCHOOL LIMITED (REGISTERED NUMBER: 00898640) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Or8anisational strurture The senior staff member to whom day to day management of the Charity is delegated by the Trustees and Governing Council is Mr R Jackson. the Principal of the School. The day to day runnlng of the School is undertaken by employed staff on the Senior Leadership Team, comprising the Principal, Head of Prep, Deputy Head of Prep. Head of EYFS, Vice Principal, Assistant Principal SENCO. Assistant Principal Pastoral Care/DSL. the Assistant Principal Academic. the Head of Finance and the Head of Operations. Decision maklng The Board of Governors administers the Charity. It meets at least three times a year as a full Board and there are sub-committees for Education, Finance, Health & Safety and Strategy, all of which meet formally at least once each term with additional meetings as required. Other working Eroups of Governors and senior staff convene when necessary to evaluate, oversee, andlor rnonitor specific projects or issues. The Principal is responsible for all educational matters and for the day-to-day management of the School. He heads the School's Senior Leadership Team and reports to the Board at each meeting. The Principal and Chair meet regularly. The School Development Plan is the working tool used by all parties and is regularly reviewed by the Governors. During the year, the Board and Senior Leadership Team progressed with the objectives set out in the School Development Plan. The Head of Operations and Finance is responsible for the management of non-teaching staff and for compliance and regulatory matters affecting the School. They report directly to the Principal and to the Board at each Governors meeting. The Governors are mindful of their regulatory responsibilities. Indurtion and tralnlng of newTrustees Members of the Governing Council who are eligible to become Trustees, by virtue of being First Governors are expected to undertake a Governor's induction Training Course which includes the obligations of Trustees. REFERENCE AND ADMlhllSTRATIVE DETAILS Registered Company number 00898640 (England and Wales) Reglstered Charity number 310871 Reglstered office Cut Hedge Park Halstead Road G05field Halstead Essex C09 IPF Page 6
GOSFIELD SCHOOL LIMrrED (REGISTERED NUMBER: 00898640) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST2024 Trustees Mr Peter Andrew Sakal (deceased 3ty5120241 Mr Maxwell Ford Mr Jonathan Corrall Mr Roderick Jack50n Mrs Deborah Came (resigned 514120241 Mrs Emma Larcombe Mr Rex Smith Mrs Felicia Springett (appointed 71512024. resigned 6 April 20251 Mr Philip Davie5 {appointed 7110120241 Mrs Katherine Makaroff (appointed 7110120241 Mr Daniel Sakal lappointed 711012024) Mr Jeremy Graves (appointed 711012024) Mr David Foster (appointed 7110120241 Mr Rick Cranfield lappointed 7110120241 Mrs Deia Sakal (appointed 7110120241 Mr Christopher Brown (appointed 7110/20241 Dlrectors Mr Peter Andrew Sakal (resigned 3115/20241 Mr Roderick Jackson Mr5 Deborah Came {resigned 514/20241 Mr Christopher Brown Mrs Katherine Makaroff {appointed 711012024} Auditors LB Group The Octagon Suite E2 Middleborough Colche5ter Essex COI ITG Sollcitors Ellisons Headgate Court Headgate Colchester COI INP Bankers Natwest Bank PLC 47 Hi8h Street Braintree Essex CM7 IJT Page 7
GOSFIELD SCHOOL LIMITED (REG15fERED NUMBER: 00898640) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF TRUSTEES, RESPONSIBILrriE5 The Trusteeslsome of who are a150 the directors of G05field School Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financSal year which give a true and fair view of the state of affairs of the charitsble company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently: obseNe the methods and principles in the Charity SORP; make judgements and estimate5 that are reasonable and prudent,. state whether applicable accounting standards have been followed. subjert to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charitable company will continue In busine5S. The Trustees are responslble for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitsble company and to enable them to ensure that the flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities. In so far a5 the Trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware: and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditors are aware of that information. AUDITORS The auditors, LB Group. wlll be proposed for re-appointment atthe forthcoming Annual General Meeting. Report of the trustees. incorporating a strategic report, approved by order of the board of trustees. as the company dirertors. on .. and signed on the board'5 behalf by,. Mrs Katherine Makaroff - Trustee Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GOSFIELD SCHOOL LIMITED (REGISTERED NUMBER: 008986401 Oplnlon We have audited the financial statements of G05field School Limited (the 'charitable company'l for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financlal statements. including a summary of significant accounting policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state 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. Basis for opinlon We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKI} and applicable law. Our responsibilities under those standards are further described In the Auditors, 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 UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to goin8 concern In auditing the financial statements, we have concluded that the trustees, use of the going conrn basts of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to 80in8 concern are described in the relevant sections of this report. Other informatlon The trustee5 are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information 15 materially inconsistent with the financial 5tatement5 or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon515tencie5 or apparent material misstatements, we are required to determine whether this give5 rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the Course of the audit- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements: and the Report of the Trustee5 has been ppared in accordance with applicable legal requlrements. Page 9
REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF GOSFIELD SCHOOL UMITED (REGISTERED NUMBER: 00898640) Matters on which we are required to report by exception In the light of the knowledge and understsnding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements In the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Art 2006 requires us to report to vou if, in our opinion: adequate accounting records have not been kept or return5 adequate ft)r 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 returns. or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responslbilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basss of accounting unless the trustees either intend to liquidate the charltable company or to cease operations, or have no realistic alternative but to do so. Page 10
REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF GOSFIELD SCHOOL LIMITED (REGISTERED NUMBER: 008986401 Our responsibilities for the audft of the financial statements Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to whSch our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to Identlfylng and a55essing the rlsks of material mlsstatement In respect of Irregularlties, includlng fraud and non-compliance wlth laws and regulatlons, was as follows: The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skllls to identify or recognise non-compliance with applicable laws and regulations: We identified the laws and regulations applicable to the company through discussions with trustees and other management, and from our commercial knowled8e and experience of the education sector. We focused on specific laws and regulations which we considered may have a dirert material effect on the financial statements or the operations of the company, including the Companies Act 2006. taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and Identified laws and regulations were communlcated within the audit team regularly and the team remained alert to instsnces of non-compliance throughout the audit. We assessed the susceptlbility of the company's fjnanelal statements to materlal mlsstatement, includlng obtainlng an understanding of how fraud might occur. bv: Making enquiries of management as to where they considered the was susceptibility to fraud. their knowledge of attual. suspected and alleged fraud: and Considering the internal controls in place to mltigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management blas and overrlde of tontrols. we: Performed analytical procedures to identify any unusual or unexpected relationships; Tested journal entries to identify unusual transactions: Reviewed the internal controls in place. specifically around payroll and bank transactions,. and Assessed whether judgements and assumptions made in determining the accounting estimates around depreciation were indicative of potential bias. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it 15 that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulation5 to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence. if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our re5pon5ibilities for the audit of the financial statements Is located on the Financial Reporting Council'5 website at www.frc.org.uVauditorsresponsibillties. This description forms part of our Report of the Independent Auditors. Page 11
REPORT OFTHE INDEPENDENT AUDITORSTO THE MEMBERS OF GOSFIELD SCHOOL UMITEO {REGISTERED NUMBER: 00898640) Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Oliver Jame5 White {Senior Statutory Auditor) for and on behalf of LB Group The Octagon Suite E2 Middleborough Colchester Essex COI ITG Date: . Page 12
GOSFIELD SCHOOL UMITED STATEMENT OF FINANCIAL ACTivmES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST2024 2024 Total funds 2023 Total funds Unrestricted funds Restrirted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 106.353 292,489 398,842 315,668 Charitable artivities School Fees Other ancilliary trading income 4,852,024 444,140 4,852,024 444,140 4,252,446 395,054 Investment income 35,199 35,199 16,034 Total 5,437.716 292,489 5,730,205 4,979,202 EXPENDITURE ON Raising funds 86.023 86,023 76,554 Charltable artlvitles School Fees Teaching costs Welfare costs Premises Management and admlnlstration 15,000 2.954,141 421,005 496.439 835,407 3.386,023 450.313 421,621 1,096.964 3.386,023 450,313 512,169 1,132,054 90.548 35,090 Total 5,440,944 125.638 5,566,582 4,798.546 NEf INCOME/(EXPENDITURE) Other recognised galn$l(losses) Gains on revaluation of fixed assets 13,228} 166.851 163,623 180,656 14,567,495 Net movement In funds 13.2281 166,851 163.623 14,748,151 RECONCILIATION OF FUND5 Total funds brought forward 15,270,074 524.372 15,794,446 1,046,295 TOTAL FUNDS CARRIED FORWARD 15,266,846 691.223 15,958,069 15,794,446 The notes form part of these financial statements Page 13
GOSFIELD SCHOOL LIMITED (REGisfERED NUMBER.. OD898640) BALANCE SHEET 31 AUGUST 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fund Notes FIXED ASSETS Tangible assets 12 19,942,492 524,372 20.466.864 20,401,227 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 13 14 63,155 810,016 1,730,650 63,155 976.867 1,730,650 60,161 958,199 4.436 166,851 2,603,821 166,851 2,770.672 1,022,796 CREDITOR5 Amounts falling due within one year 15 16,329,280} (6,329,280) 14.866.312) NEf CURRENT ASSErs (3,725,459) 166,851 13,558,608) 13,843,516) TOTAL ASSETS LESS CURRENT UABILITIES 16,217,033 691,223 16.908.256 16,557,711 CREDITORS Amounts falling due after more than one year 16 1950,1871 1950,1871 1763,2651 NEf ASSETS 15,266,846 691,223 15,958,069 15,794,446 FUNDS Unrestrirted funds: General fund Revaluation reserve 19 1429,7951 15.696,641 1426,5671 15.696.641 15,266,846 15,270,074 Restricted funds: School developmentfund 691.223 524,372 TOTAL FUNDS 15.958.069 15.794.446 The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. Mrs Katherine Makaroff -Trustee The notes form part of these financial statements Page 14
GOSFIELD SCHOOL LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operatlng artlvitles Cash generated from operations Interest paid 2.288,039 {86,0231 216.371 176,5541 Net cash provided by operating activities 2,202,016 139,817 Cash flows from investlng actlvitle$ Purchase of tangible fixed assets Interest received 1157,8161 10.743 1673.5681 Net cash used in investing activities 1147,0731 1673,5681 Cash flows from finan¢in8 artlvttles Loan repayments Finance lease capital repayrnents New finance lease agreements Movement in amounts to GFM Holdings Ltd 1132,3551 118.0671 1134,0591 (17.405) 31,371 322,595 50,8691 Net cash {u5ed inl/provided by financing artivSties 1201.2911 202.502 Change In cash and cash equivalents In the reportin8 period Cash and cash equivalents at the beginnln8 of the reporting perlod 1,853,652 1331,2491 1123,0021 208,247 Cash and cash equlvalents at the end of the reporting period 1,730.650 1123,002) The notes form part of these financial statements Page 15
GOSFIELD SCHOOL LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING AcllvtriES 2024 2023 Net income for the reportlng perlod (as per the Statement of Financial Artivltles} Adjustments for: Depreciation charges Interest received Interest paid Increase in stocks Increase in debtor5 Increase in creditors 163,623 180,656 92,180 110,743) 86,023 (2.9941 118,668) 1,978.618 90,463 76.554 14,7561 1283,8241 157,278 Net cash provlded by operatlons 2,288,039 216.371 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand Notice deposit5 (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 1,030.650 700,000 4.436 1127.4381 Total cash and cash equivalents 1,730,650 1123,0021 ANALYSIS OF CHANGE5 IN NET {DEBniFUNDS At 119123 Cash flow At 3118/24 Net cash Cash at bank and in hand Bank overdraft 4,436 127,4381 1,726,214 127.438 1,730,650 1123,0021 1.853,652 1,730,650 Debt Finance leases Debts falling due within l year Debts falling due after l year 144,0251 1192.3831 1737,3061 18.067 1540.584} 672,939 125.958} 1732,967) {64,3671 1973,7141 150,422 1823.292) Total 11.096.716) 2,004,074 907.358 The notes form part of these financial statements Page 16
GOSFIELD SCHOOL UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES Basis of preparing the financial staternents The financial statements of the individual charitable company, which is a public benefit entity under FRS 102 incorporated in England, have been prepared in accordance with the Charities SORP IFRS 1021 '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 1021 {effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The flnancial statements have been prepared under the historical cost convention, modified for the valuation of the charitable company's freehold land and building5. The charitable company has revised its format of financial activities to include headings which are relevant to its activities thus enabling it to show a true and fair view. The accounts have been prepared in Sterling which is the functional currency of the Charity. Going Concern The Charity meets its day to day working capital requirements through an overdraft facility and the continuing support of individual Trustees. The pupil numbers have recovered well in the post covid-19 period and notwithstanding the current inflationary pressure on costs, the Governors consider the Charity has adequate resource5 to continue in operation for at least 12 months from the date of approval of the financial statements and it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would su1t from a withdrawal of the overdraft facility by the Charity's bankers and support of individual Trustees. Accounting Judgements and key sources of estlmatlon uncertalnty In the application of the accounting policies. the Governors are required to make judgements. estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying a55umptions are based on hlstorical experience and other fartors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recogni5ed in the period in which the estimate is revised if the revision afferts only that period, or in the period of the revision and future periods if the revision affects current and future periods. Crltlcal Judgements The e5timate5 and assumptions whlch have a Significant risk of causlng a material adjustment to the carrying value of assets and liabilities are outlined below: Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated usefvl economic lives and residual values of the a55ets. Useful economic lives and residual value5 are reviewed annually and reassessed where necessary to better reflert the actual usage of the assets involved. - Recoverablllty of fee debtors The Governors consider whether fee debts are recoverable. Where there is an indlcation that recovery 15 unlikely. the amounts involved are recognised as a provision for bad debts. This assessment requires an estimation of future likely receipts in order to calculate the appropriate arnount of any provision, The Governors do not consider there to be any significant sources of estimation UnrtaInty giving significant risk of causing a material adjustment to these financial statements. Page 17 continued...
GOSFIELD SCHOOL UMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES- continued Income Income from charitable activities School fee5 consist of charges for the academic year and are accounted for on an accruals basis. Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances. scholarships and other remissions granted by the school from its unrestricted funds. Sundry Sncome consists of income arising from school activities, exam5, fee protection and other ancillary income. This is accounted for in the period in which it arises and relates. Donations and legacles For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this reqLtires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Expenditure All expenditure is accounted for on an accruals basls and has been classified under the headings that aggregate all costs related to that category. Raislng funds Donations received for the general purposes of the Charity are included as unrestricted funds. Donations for activities restricted by the wishes of the donor are taken to 'restricted funds" where these wishes are legally binding on the Governors. Governanee costs Governance costs are the costs associated with the governance arrangements of the Charlty which relate to the general running of the Charity as opposed to those costs associated with fundraisin8 or charitable activity. This includes costs associated with the strategic as opposed to day-to-day management of the Charity's artivities, external audit. and any legal advice for the Governors and all the costs of complying with constitutional and statutory requirements. Allocatlon and apportionment of costs Expenditure has been classified under funrtional headings that aggregate all cost lated to the category. Where costs cannot be dirertly attributed to particular headings they have been allocated to activities on a basis conslstent with the use of resources. The irrecoverable element of VAT is included with the item of expense to which is relates. Where costs cannot be directly apportioned to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Tangible fixed asset5 are stated in the balance sheet at cost less depreciation which is provided at the followin8 annual rates in order to write off the cost le55 estimated SidUal value of each asset over its estimated useful life. Freehold land and buildings Fixtures and fittings Motor vehicles Not depreciated 20% per annum 20% per annum Freehold land and buildings have been revalued to represent their fair value u5in8 the RICS Depreciated Replacement Cost method of valuation. Page 18 continued.
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIE5- continued Tanglble fixed assets The Governors consider that the depreclation charge and accumulated depreciation on freehold property is immaterial due to the extended useful economic life of these assets. Following the revaluation of the freehold land and buildings as at 31 August 2023. the Governors will review the depreciation policy for these a55ets in next year's accounts with effect from I September 2023. These a55ets are subjert to an annual impairment review by the school Governors. Stoeks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stocks are valued on a first in first out basls. Taxatlon The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Art 2011 and is considered to pass the test set out in paragraph I Schedule 6 Finance Att 2010 and therefore it meets the definition of charitable company for UK corporation tax purposes. Fund accountln8 Unrestricted funds can be used in accordance with the charitable objectives at the dlscretion of the tU5tee5. Restrirted funds can only be used for particular restricted purposes within the objerts of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial ststements Donations received for the general purposes of the Charity are included a5 unrestrirted funds. Donations for activitie5 restricted by the wishes of the donor are taken to 'restricted funds" where these wishes are legally binding on the Governors. Development costs Development costs incurred for the purpose of expansion of the school premises are recorded as additions under assets in the course of construction. Upon completion, these costs are transferred to freehold property and included within the valuation of the school as a whole. The reasons for capitalising and the period over which these assets are written off, is in lie with the Tangible fixed asset5 policy. Government grants Government grants have been received to help aid the business. These are free of obligation, however must be used to support charitable activity. Lease assets Where asset5 are financed by leasing agreements that 8ive rights approximatin8 to ownership ('finance leases'l, the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as amounts payable to the lessor. Oepreclation on the relevant asset5 Is charged to the statement of financial activities. Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the statement of financial activities over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor. Page 19 continued.
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIE5- continued Lease assets All other leases are treated as an operatlng lease. Their annual rentals are charged to the income and expenditure account on a straight line basis over the term of the lease. Penslon costs and other post4etlrement benefits The Charity contributes to the Teachers, Pension Scheme for its teaching staff which is a defined benefits pension scheme with rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. Contributions are Charged in the period in which the salaries to which they relate are payable. The scheme is a multi-employer pension scheme and it is not P055ible to identify the assets and liabilities of the scheme on a constant basis and therefore, as reqUId by FR5102, the Charity accounts for the 5d)eme as if it were defined contribution scheme. The charitable company also operates two defined contribution penslon schemes. Contributions for non-teaching staff and for teachers who have opted out of the charitable company's defined contribution pension schemes are charged to the Statement of Financial Activitie5 in the period to which they relate. Donatlons In kind Where non monetary donations a received these are recorded in the accounts at the best estimate of fair value of the goods or service donated. The donations are shown under Incomlng resources from generated funds on the Ststement of Financial Artivate5. The costs related to such donations are dealt with within resources expended. Flnan¢lal instruments Financial assets and financial liabllities are recognised when the Charlty becomes a party to the contrartual provisions of the instrument. The Charity only have financial assets and liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at a transartion value and subsequently measured at their settlement value. Trade Debtors Debtors include amounts owed to the Charity for the provision of goods and sev4ices or amounts the Charity has paid in advance for the goods and services it will receive. Trade Credltors Creditors are the amounts owing by the Charity to creditors whlch a due to be paid withln their respective time frames from the balance sheet date. Cash at bank and Sn hand Cash at bank and In hand is held to meet short-term cash commitment5 as they fall due rather than for investment. Page 20 continued...
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGU5T2024 DONATIONS AND LEGACIES 2024 Total funds 2023 Total fund5 Unrestricted funds Restritted funds Donations Donated services and facilities 45,739 60.614 292,489 338,228 60.614 254.505 61,163 106,353 292,489 398,842 315.668 INVESTMENT INCOME 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Rents received Deposit account interest Interest receivable - trading 24,456 4,159 6,584 24,456 4.159 6,584 16,034 35.199 35.199 16.034 INCOME FROM CHARITABLE AcfiviTIES 2024 2023 Activity School Fees School Fees Other ancilliary trading income Other ancilliary trading income Other ancilliary trading income Gross fees Total bursaries and allowances Minibus income Income from school shops Sundry income 5,870,915 11,018,891) 284.658 40,021 119.461 5.206,548 1954,1021 275,412 43,840 75,802 5,296,164 4,647.500 RAISING FUNDS Investment management costs 2024 Total funds 2023 Total funds Unrestricted fund5 Restricted funds Interest payable and similar charges 86,023 86.023 76,554 Page 21 continued..
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST2024 CHARITABLE A1VITIEs COSTS Support costs (see note 7) Direct Costs Totals Teaching costs Welfare c05tS Premises Management and administration 3,386,023 450.313 512,169 1,121.554 3,386,023 450,313 512,169 1,132,054 10,500 5,470,059 10,500 5.480,559 SUPPORT COSTS 2024 2023 Governance costs Governance costs Management and administration 12.380 8,507 NET INCOME/(EXPENDITURE) Net income/{expenditurel is stated after chargingl{creditin8): 2024 2023 Auditor5, remuneration Depreciation- owned assets Other operating leases 10.500 92,179 768 8.507 90,463 836 TRusfEES' REMUNERATION AND BENEFITS The Principal, who is also a trustee, received remuneratlon totalling £174,43012023: £99,750) and employer pension contributions of £27,369 12023: £23,621). The Principal's remuneration in the year included bonu5 payments for 2022 and 202312023: £NILI. The Head of Operation5 and Finance. who was also a trustee during a part of the year, received remuneration totalling £55.614 {2023= £63,000) and employer pension contributions of £1,66812023: £1,890). The Finance Manager, who was also a trustee durin8 part of the year. received remuneration totalling £19,813 12023: £NIL) and employer pension contributions of £5361£2023 '.£NILI. No other trustees received any remuneration from the Charity during the year12023: £NILI. The Charity's governing document expressly permits remuneration to any trustee in return for services rendered to the Company. Page 22 continued...
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2024 TRUSTEES, REMUNERATION AND BENEFrrs- contlnued Trustees. expenses Trustees expenses totalling £45012023: £4201 were paid regarding mileage claims by 3 single trustee during the year. io. STAFF COSTS 2024 2023 Wages and Salaries Social security costs Other pension costs 3,092,308 297.834 488,533 2,790,810 265,429 399,621 3,878.675 3,455,860 The average monthly number of employees during the year was as follows.. 20Z4 47 12 17 2023 46 12 17 Teachers Administration Learning support Catering Domestic and Laundry Maintenance and groundsmen Drivers Nursery assistants 102 loo The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2024 2023 £60,001- £70,000 £70,001- £80,000 £80.001- £90,000 E90,001- £100.000 £170,001- £180,000 Total remuneration paid to key management personnel amounts to £577,61712023.. £508,814). Page 23 continued...
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 ii. COMPARATIVE5 FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted funds Restritted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 61,165 254,503 315,668 Charitable activities School Fees Other ancilliary trading income 4,252,446 395.054 4.252,446 395,054 Investment income 16,034 16,034 Total 4,724.699 254,503 4,979,202 EXPENDITURE ON Raising funds 76,554 76,554 Charitable èrtlvltles School Fees Teaching costs Welfare costs Premises Management and administration 15.000 2.954,141 421.005 446,500 802.439 15,000 2,954,141 421,005 496.439 835,407 49,939 32.968 Total 4,715,639 82.907 4,798.546 NET INCOME Other recognised gainsl(lossesl Gains on revaluation of fixed assets 9,060 171,596 180.656 14,567,495 14,567.495 Net movement In funds 14,576,555 171.596 14,748,151 RECONCILIATION OF FUNDS Total funds brought forward 693.519 352,776 1,046.295 TOTAL FUNDS CARRIED FORWARD 15.270.074 524,372 15,794,446 Page 24 continued...
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 Iz. TANGIBLE FIXED ASSETS Freehold land and buildings Fixtures and fittings Motor vehicles Totsls COST OR VALUATION At I September 2023 Additions 20,126.325 24,932 1,139,948 127.064 71,065 5.820 21.337.338 157,816 At 31 August 2024 20.151,257 1.267,012 76,885 21,495.154 DEPRECIATION At I September 2023 Charge foryear 878,995 86.054 57,116 6,125 936,111 92,179 At 31 August 2024 965,049 63.241 1.028.290 NET BOOKVALUE At 31 August 2024 20.151,257 301,963 13.644 20,466.864 At 31 August 2023 20,126.325 260,953 13,949 20.401.227 C05t or valuation at 31 August 2024 15 represented by: Freehold land and buildings Fixtures and fittings Motor vehicles Totals Valuation in 2009 Valuation in 2013 Valuation in 2016 Valuation in 2019 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 1,278,246 793,508 1,199,843 1,203,403 216.742 {865.0101 16,299,593 24.932 85,092 157.558 360,417 251,938 7,160 163,044 114.739 127,064 19,2¢)0 25,640 1,382.538 976.706 1,560.260 1,456,046 235,242 1687,7861 16,414,332 157,816 705 11.340 14.180 5.820 20,151,257 1.267,012 76,885 21,495.154 The fixed assets are held for charitsble purposes. Freehold properties were revalued in February 2024 with regard to the RICS Depreciated Replacement Cost Method of Valuation by Lambert Smith Hampton. Any increase in Freehold Property value since then is as a result of additions to the Property. The historic c05t of the freehold property is £4,454,61612023: £4,429,684). The Governors consider that the depreciation charge and accumulated depreciation on freehold property is immaterial due to the extended useful economic life of these assets. These assets are subject to an annual impairment review by the School Governors and no depreciation is charged on freehold property. Page 25 continued...
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 13. STOCKS 2024 2023 Finished goods 63,155 60,161 The amount of stock recognised as an expense in the year was £130.94812023: £128,426). 14. DEBTORS: AMourS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments and accrued income 823.146 16,147 137.574 848.653 4,179 105.367 976,867 958,199 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 171 Hire purchase (see note 18) Trade creditors Social security and other taxe5 Other creditors Accruals and deferred income 732,967 13.197 172,553 98,431 2,470,236 2.841,896 319,821 18,066 112,297 57,139 2,540.079 1.818,910 6,329,280 4,866.312 Included within other creditors is an amount of £1.895.33712023- £1,946,206) owed to GFM Holdings Ltd. a related party. Income relating to the 2024-25 academic year has been deferred to the following year. 16. CREDITOR5: AMOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR 2024 2023 Bank loan5 (see note 171 Hire purchaselsee note 181 Accrua15 and deferred income 64,367 12,761 873.059 737,306 25,959 950,187 763,265 Deferred income relates to income for academic years beyond 2024-25. Page 26 continued...
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST2024 17. LOANS An analysis of the maturity of loan5 is given below: 2024 2023 Amounts falling due within one year on demand: Bank overdrafts Bank loans 127.438 192,383 732,967 732.967 319,821 Amounts falling between one and two years.. Bank loans - 1-2 years 64.367 192.383 Amounts falling due between two and five years.. Bank loans - 2-5 years 339,721 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 205,202 The bank loans and overdrafts are secured by a debenture and legal mortgage over all assets of the company. The company has 2 separate loans with Natwest Bank. The first loan has an interest rate of 1.3% per annum above the Natwest base rate. The second loan ha5 an interest rate of 1.92% per annum above the Natwest base rate. LEASING AGREEMENTS Minimum lease payments fall due as follows: Hlre purchase contracts 2024 2023 Gross obligations repayable: Within one year Between one and five years 15.826 16,231 21,334 32,058 32,057 53,392 Finance charges repayable: Within one year Between one and five years 2,629 3,470 3,268 6,099 6,099 9,367 Net obllgations repayable: Within one year Between one and five years 13,197 12.761 18,066 25,959 25,958 44,025 Page 27 cofitinued...
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST2024 LEASING AGREEMENT5- contlnued Where assets are financed by leasing agreements that 8ive rights approximating to ownership I'finance leases'l. the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant asset5 is charged to the income and expenditu account. Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the income and expenditure account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor. The net bookvalue of assets subjert to finance leasing arrangements is £48.00712023.' £64,797). All other leases are treated as an operating lease. Their annual rentals are charged to the income and expenditure account on a straight line basis over the term of the lease. Non-cancellable operating leases 2024 2023 Within one year Between one and five years 109.279 187,669 100.759 108,528 296.948 209,287 19. MOVEMENT IN FUNDS Net movement in funds At 3118124 At 119123 Unrestricted funds General fund Revaluation resenie 1426.5671 15.696,641 {3,2281 1429,7951 15,696,641 15.270.074 13.2281 15,266,846 Restrlcted fund5 School development fund 524,372 166.851 691,223 TOTAL FUND5 15,794,446 163,623 15,958,069 Page 28 continued...
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 AUGUST 2024 19. MOVEMENT IN FUNDS- continued Net movement In funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrirted funds General fund 5.437,716 (5,440.944} 13,2281 Restricted funds School development fund 292.489 1125,638) 166,851 TOTAL FUNDS 5,730,205 15.566,5821 163,623 Comparatives for movement in funds Net movement in funds At 3118/23 At 119122 Unrestrlrted funds General fund Revaluation reserve 1435.6271 1,129.146 9,060 14,567,495 1426.5671 15,696.641 693,519 14,576.555 15,270,074 Restrlcted fund5 School development fund 352,776 171,596 524,372 TOTAL FUNDS 1.046,295 14.748.151 15,794.446 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and 105ses Movement in funds Unrestricted funds General fund Revaluation reserve 4.724.699 {4,715,6391 9.060 14,567,495 14.567,495 4,724,699 14,715,639) 14,567.495 14,576.555 Re5trirted funds School development fund 254,503 {82,9071 171,596 TOTAL FUNDS 4,979,202 14,798,546) 14,567.495 14,748,151 Page 29 continued.
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 19. MOVEMEpif IN FUNDS- contlnued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 3V8124 At 119122 Unrestricted funds General fund Revaluation reserve 1435,6271 1,129.146 5,832 14,567,495 1429,7951 15,696,641 693,519 14,573,327 15.266.846 Restrlcted funds School development fund 352,776 338.447 691.223 TOTAL FUND5 1,046,295 14,911.774 15,958.069 A current year IZ months and prior year 12 months combined net movement in funds. included Sn the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrirted fund$ General fund Revaluation reserve 10.162.415 110.156,583) 5.832 14,567,495 14,567,495 10,162,415 110,156.583) 14,567,495 14,573,327 Restrirted rtd5 School development fund 546.992 1208,545} 338,447 TOTAL FUNDS 10.709.407 110,365.128) 14.567,495 14,911,774 The general fund represents the unrestrirted funds which the Governors are free to use in accordance with the charities objertive5. The School development fund is funded via a payment made by parents. The funds assists the school to continue to invest in ongoing developments to ensure that the very best learning environment is provided to the pupils. During the year the income received from the school development fund has been used in the general maintenance of the school facilities and the development of the Performing Arts Centre. Page 30 continued...
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 20. EMPLOYEE BENEFIT OBLIGATIONS Teachers, Penslon Scheme The school participates in the Teachers, Pension Scheme I'the TPS") for its teaching staff. The TPS 15 an unfunded multi-employer defined benefits pension scheme governed by the Teachers, Pensions Regulations 2010 and, from l April 2014, by the Teachers, Pension Scheme Regulations 2014. Members contribute on "pay as you go basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliarnent. The employer contribution rate is set following scheme valuations undertaken by the Government Actuary's Department. The latest actuarial valuation report in respert of the TPS related to the period ended 31 March 2020. This set the contribution rate at 28.68% of contributory pay with effect from l April 2024. This rate includes the adminlstrative levy of 0.08%. The previous contribution rate with effect from I September 2019 to 31 March 2024 was 23.68% of contributory pay, including the administrative levy of 0.08%. The pension charge for the year includes contributions payable to the TPS of £466,29812023: £377,532) and at the year end £59.22812023'. £38.2941 was accrued in respert of contributions to this scheme, A copy of the valuation report and supporting documentation is available from the Teachers, Pension website: vNiw.teacherspensions.co.uklnews/employers120231101valuation-result.aspx. Actuarial valuations are updated every four years. The next valuation is expected to be implemented with effett from I September 2027. Defined Contribution Schemes For non-teaching staff and teachers who have opted out of the TPS, the school operates two defined contribution schemes. The cost to the Charity of contributions to these schemes during the year was £22,235 12023: £22,089} and at the year end £4.75312023.' £5.4141 was accrued in respert of contribution5. 21. CAPITAL COMMITMENTS 2024 2023 Contrarted but not provided for in the financial statements 69,784 22. RELATED PARTY DISCLOSURES During the year GFM Holding5 Limited, a company in which a Governor is a director. provided interest free loan finance to enable the Company to meet its day to day financial requirements. The loan balan as at 31 August 24 amounted to £1,895.33712023- £1,946,206). There 15 no fixed repayment schedule. GFM Holdings Limited provided services to the school without char8e. These services had an estimated rnonetary value of £60,61412023- £61,163) and relate to financial management. l.T. service5, and design and marketing support. During the year. two trustees each had one child studying at the school. During the year. the School purchased sportswear and sport equipment from Pitch Int Limited, a company in which a Governor is a dirertor, with a total value of £9,94312023: £2,967). Page 31 continued...
GOSFIELD SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENT5- contlnued FOR THE YEAR ENDED 31 AUGUST2024 23. ULTIMATE CONTROLLING PARTY Throughout the year. the company was controlled bythe Governors. 24. MEMBERS GUARANTEE Gosfield School Limited is a charitable company limited by guarantee. The guarantee of each member (Director) is limited to £1. Page 32
GOSFIELD SCHOOL UMITED DETAILED STATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Donated services and facilities 338.228 60,614 254,505 61.163 398.842 315,668 Investment income Rents received Deposlt account interest Interest receivable tradlng 24,456 4,159 6,584 16,034 35,199 16.034 Charltable artlvltles Gross fees Totsl bursaries and allowances Minibus income Income from school shops Sundry income 5.870,915 11.018,8911 284,658 40,021 119.461 5,206,548 1954,1021 275.412 43.840 75.802 5,296.164 4,647.500 Total incomln8 resources 5,730,205 4.979,202 EXPENDITURE Investment management costs Bank interest and charges Mortgage interest Other Inte$t 7.522 62,196 16.305 21.491 51,748 3.315 86,023 76,554 Charltable artlvltle$ Staff costs Social security Pensions Other operating leases Rates and water 3.092,308 297,834 488.533 2,790,810 265,429 399.621 836 17,594 30,317 F 11 Insurance Light and heat Telephone Postage and stationery Advertising Carried forward 59.884 136,846 1.777 32,892 60.280 4,201,439 55,484 213,062 1,608 26,600 57,320 3,828,364 This page does not form part of the statutoryfinancial statements Page 33
GOSFIELD SCHOOL UMITED DETAILED STATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR ENDED 31 AUGUST2024 2024 2023 Charltable artivitles Brought forward Sundries Teaching resource5 Purchases Staff and Governor training Maintenance and repairs Motor expenses 4,201,439 8,292 233,979 133.942 11.745 165,237 139.428 3,828,364 4.587 167,125 133,182 5.920 96,533 145,081 E 11 Subscriptions Legal fees Professional fees Lease costs Bad debts Computer expenses Finance, IT and design services Depreciation: Fixtures and fittings Depreciation: Motor vehicles 47,144 12,759 123,957 56,438 147,815 35,090 60.614 86,055 6,125 23,235 2,653 61,242 45.969 15,000 32,968 61,163 85.223 5,240 5,470,059 4.713.485 Support costs Governance costs Auditors, remuneration 10,500 8,507 Total resources expended 5,566,582 4,798,546 Net Income 163,623 180,656 This page does not form part of the statutoryfinancial statements Page 34