Registered number: l)0721476 Charity number: 310876 ST. NICHOLAS SCHOOL (HARLOW) LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ST. NICHOIAS SCHOOL IHARLOW) LIMrfED (A Company Limited by Guarantee) CONTEKrs Page Reference and Administrative Details of the Charity. its Tnstees and ￿vIserS Trustees. Report Trustees. Responsibilities s￿￿ernent Independent ￿ldItorS. Report on the Financial Ststements 8-11 Statement of Financial Actsvitses 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Statements 15-29 ST. NICHoL￿s SCHOOL (HARLOW) LIMrrED (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees R G Ellice. Chair K Hitch J M Templeton-Knight A E Johnson S K Penney J Wadge M WeEby T Haste Company registerod number 00721476 Charity registered number 310876 Registered office H￿lIngdOn House Hobbs Cross Road Old Harlow Essex CM17 ONJ Company secretsry Y Mardel Independent auditors Haslers Chartered Accountants Old Station Road Loughton E￿X IG10 4PL Bankers Barclays Bank PIC Harlow Water Gardens Harlow CM20 1AN Close Brothers Treasury 4th Floor 10 Crown Place London EC2A 4FT COIF Charity Funds Senator House 85 Queen Vidotia Street London EC4V 4Er Page 1 ST. NICHOLAS SCHOOL (HARLOWI LIMITED {A Company Limited by Guarantse) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trusteEb who are also dlreaors of the charty tor the purposes of the Companies Act 2006, present their report with the financial stalements of the charty for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Chartlies: Ststement of Recommended Practice applicable to charities preparing their a￿OUnts in accordanc? with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effectiV8 1 January 2015). In this report the trustees a￿ referred to as the Govemors of the School. OBJECTIVES AND ACTivmES Objectives and aims The objects of the School are the adVanCeM￿t of education by charitable means. The Sthool aims to: provide a safe. happy and secure environment in ￿lch our pupils are able to develop academically, physically and creatively across a broad and balanced curriculum" allenge our pupils to raise their aspirations and to develop the wnfidence and resilience to stretch and reach towards their full potential; promote active and curious Ipatner5 With Ihe skills, knowledge and undeT5tarNling appropriate for leaming, emplo￿nent and aduft life: promote the personal development of pupils. encouraging resilient. COnf￿ent and compassionate young people th a strong sense of right and wrong and a natural respecl for those around them: encourage our pupils to develop an understanding of their social responsibilty arKI a respect for their School surroundings. the local Communty and the wider enwronment: and provide the stability and securtty of cx)ntinuous educ2tion on one site. spanning the age range from 3 months - 16 years. Significant activities At Saint Nicholas School we recognise our resp)nsibility to prepare our pupils for the challenges of the future and aim to provide an education where personal development is prioritised alongside academic success. Pupils work well together and feel supwrted and encouraged by the highly qualified and dedicated teaching faculty. Small classes promote ex￿lIent relats'onships and enable our staff to quickly identify strengths and weaknesses and to get to know their pupils as individuals. Our extensive curriculum and extra-curricular activities ensure that Saint Nicholas pupils are r￿t just numerate. literate, and articulate. but also develop the Ilaborative skills and emotional intelligeno? whith 15 SO itnportant for thelr future success. Parents are given regular infomiation about their children's soaal and academic progress through parent evenings in addition to the traditional end of term and year reports. The Sthool maintains regular Contact with parents throughout the year through the website, VLE and regular new51etters. Saint Nicholas School welcomes pupils from all backgrounds. Formal and informal assessments are undertaken to establish ihat prospective pupils can successfully access an academic ojrriculurn which is challenging and ultimately aimed towards positive GCSE outcomes. An individual pupil's economic status. gender, sexual orientation. ethnicty, ra￿, religi￿. or disabli rty do not form part of the assessment processes. Saint Nicholas School ts an equal opporbjnty organisation and is committed to a working environment that is free from any fomi of discrimination on the grounds of colour. racA. ethnicity, religion. sex, sexual orientation or disability. The School will make reasonable adjustments to meet the needs of staff or pupils wtho have special educational needs or disability. Page 2 ST. NICHOLAS SCHOOL (HARLOW) UMrrED (A Cornpany Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Saint Nicholas School is committed to safeguarding and promoting the welfare of the pupils and all staff and volunteers are expected to share this commitment Charitable slatus and Public benefft Saint Nicholas School is a charitable trust which seeks to benefft the public through the pursuit of its stated aims. The School provides up to 504 pupils with an excellent education at no cost to the public purse. In establishing its objectives. the School's Governors have given consideration to the general guidan￿ provided by the Charity Commission and particularly its supplernentary Public Bènefft guidance on advancing education and fee- tharging. The Govemor5 will strive to maintain and improve the financial and administrative efficiency of the School. Tuition fges are set yearly at a level to ensure the financial viability of the School arKJ at a level that 15 consistent with the aim of providing a first-dass education to our pupils. The School provides a wide range of aclivttses which LX)nltibute to wider public benefft. A bursary and community award scheme is in place which affords the opportunty to pupils may otherlvise not be able to access the School. The School has excellent links wtth the local community promoting Ihe use of its facilities and ox)ntributing to cotnmunity lrfe. Many local organisats.ons and sports clubs. charttable and not-for-profft servicè providers, make regular use of our sports hall and fields. tennis courts and theatre out of School hours. at affordable andlor concessionary rales. In tt)is way opportunities are provided to people who would not otherwise access the School or rts facilities. Each year Saint Nicholas pupils organise a Christmas Party for the elderly and the support of local. national and intemational charities is a strong feature at the School. Grantmaking The Govemors of Saint Nicholas School are committed to broadening access to thÈ School by offering. means- tested financial suppo¢ to eligible parentslguardians towards the payment of School fees. The provision, which is means-tested against parenlal income. is inevilabty limlted. as the Sthooi does not possess any endowed funds on which to draw and the only source of incx)me are the fees from other parents. Communty Awards of up to 100% of the SdKKJI fees. are made avaiEable. in a variety of cases of need, financial or otherwise, to pupils who, in the opinion of the Headmaster and the Govemors. may benefit from the education provided by Saint Nicholas and rnake significant contributlon to the Sdiod community. BursarylScholat5hip awards are subject to re[￿t annual testing of parentsl means and may be varied upwards or downwards. depending on indtvidual parents'lguardians, circumstances (e.g. their savings, investments and realisable assets. as well as their income, the size of their family, any other persons dependent upon them and like factors). cotnpassionate or olher pertinent consideraiions. Requests for financial support are usually from existing pupils where a change in parents'l guardians. circumstances has resulted in dFfficulty in meeting tuits'on fees and may result in the child being withdrawn part way through a stage of education. ACHIEVEMENT AND PERFORMANCE The Sthoot roll continues to grow and the number5 in the Sthool CUTrenty stand at 473. The maximurn capacity of the scho￿ is 504. A rnodest fee annual In￿eaSe was approved by the Govemors with the aim of keèping fee levels as affordable as possible whilst ensuring the deveknpment aims for the School can be met. In trte summer of 2024. Year 11 pupils achieved ex￿lIent results in line wth the h￿h expectations we had of this year group. Our pupils who achieved grades 7-9 increased from 25% in 2023 to 400A in 2024. Page 3 ST. NICHOLAS SCHOOL (HARLOW) LIMtrED (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Key Indicators: 409A of all grades achiev8d were grades 7-9 95Q/o of pupils gained at least 5 GCSE passes at 4 or above 89Q/o of pupils gained at least 5 GCSE passes at 4 or above including Maths and Englrsh LanguagelLiteraturÈ. 92°h of all entries at 4 or above (67°A Natsonal) 770/0 of all entries at 5 or above The residual value added, as calculated by the CAT s(x)res, was a very p)sitive 0.82 The appr¢)ach of the School is to ensure that all pupils take a broad and balanced academic GCSE curriculum. These ex￿lIent resutts are. in what is a broadly noTrselective School, a reflection of a student body who demonstrate a positive work ethic and the desire to achieve their very best. Atl the pupils benefit enomously from the support and guidance from our team of highly qualified and experienced stsff. Recent Developments As part of the Schoofs aitn for continuin9 itnpiovetnenL Ihe Govemors and the Senior Leadership Team have established the short and medium term development targets for the next few years. The School Improvement Plan (SIP) identtfies and sets targets with wnsideration gtven to timescales and financia implications. The School has continued to invest where necessary to ensure that the main buildings and teaching facilities rernain in ex￿lIent condition and also to reftect the protocol estsblished by the Govemors in the schools pandemic risk assessment. This included re-furbishing Mountmatten hall with new serving facilities. wall-art and folding tables and thairs. FINANCIAL REVIEW Principal funding sources Income from tuition fees provides for educational outgoings and forms the source of funds for capitsl expenditure, minor and major. There are no endobvTnents. Funds are fully invested in the fixed asset5 and worknng capital of the School. Hillingdon House and grounds are let to the charity on a long-term lease, at a below market rent. from The Sir John Swire'5 St Nicholas Sthool and Educational TrusL tt is estimated the value of this annual noncash gift is £45.000. which has been accordingty induded in the accounts. Net income for 202&2024 amounted to £239,549 (2023: £571.666). per the staternent of financial activities. In order for us to purdlase The Stable5 the Sth¢x)I now has a mortgage with CAF Bank of £919.955 Full disclosure of all matters relating to fixed assets is set out in the notes to the financial statements. The present level of funding is adequate to support the continuation of the Sthool for the medium term and the Govemors consider the financial position of the charity to be satisfactory. Reserves policy Note 16 shows the split of funds. restricted for specific purpose and generai fund for day to day requirements. Restricted funds are those allocated to fund bursaries arKt specffic developmenL The School needs reserves to fulfil and complete charitable obligations and commitrnents it ente￿ into. Page 4 ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Limited by Guardntee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Govemors polrcy is to build up funds out of annual operating surpluses. subject to prior demands for capital expenditure to provide the School v4ilh faciltbes needed to rnaintsin the standard of education currently provided. The total funds held at the year end amounted to £5.432,734 (2023: £5.193.185). FUTURE DEVELOPMENTS The Governors and Headmaster are committed to ensuring that educational provision at Saint Nicholas is second to none and that we positton ourselves as the leading 'broadly non-seledive independent School, in our area. Achiewng a high stsndard of academic results is a priority, as is the maintenance of a broad and balanced txrriculum. appropriate for our pupils. academic arKI pers￿al d￿eI0pMenL As the School continues to grow. we look forward to improvtng our facilities and uttltsing the additional Spa￿ we have acquired from this pur¢hase. STRUCTURE GOVERNANCE AND MANAGEMENT Governing document The charity is ￿ntrOlled by its governing documenL a deed of trust. and (x)nstrtLrtes a limited company. limff(ed by guarantee, as defined by Ihe Companies Acl 2006. The charity is consthjted as a company limited by guarantee, as defined by the Companies Act 2006. and is govemed by a memorandum and artides of association dated 13th April 1962 and updated this year. Recruitment and training of Governor5 Potential Governors are identified and considered against its specifications contsming eligibilty, Competence. specialist skills and availability- New Govemors are inducted on procedures and policies, and their legal responsibilities under the Companies Act and the Chartties Act by existing members of the Board and by the Bursar. TrainirvJ is regularly offered to all Governo￿. Organisational structure The daily operational management of the Char7ty is delegated to the Headmaster and the Senior Leadership Team, who attend and report to the board of Governors and its su￿rnM1ttees. The Govemors are legally responsible for the overall management and control of the School. The board of Govemors meet at least six times per year. The principle sub (1.206.662) Net current assets 1,143,938 944,300 Total assets less current liabilities 6,371,914 6.751,901 Creditors: amounts falling due after more than one year 14 (939.180) (958.716) Total net assets 5,432,734 5.193, 185 Charity funds Restricted funds Unrestricted funds 16 16 5.432.734 5,193, 185 Total funds 5,432.734 5, 193.185 The Trustees acknowledge their responsibilities for comptying with the requirements of the Act wth respect to aCc￿)unting re￿rdS and preparation of financial ststernents. The financial statements were approved and authorised for issue by the Trustees on 04 De￿rnber 2024 and signed on their behalf by. A E Johnson The notes on pages 15 to 29 fom part of these financial statements. Page 13 ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Limited by Guardntee) STATEMENT OF CASH FLOVVS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activiknes Net cash used in operating activttses 723,699 809,691 Cash flows from Investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets n,975 37.951 (219.109) (828,079) Net cash used in investing activities (146.134) (790,128) Cash flows from financing activities Repayments of borrowing (31.810) (30.971) Net cash used in financlng activities (31.810} (30,971) Change in cash and cash equivalents in the year Cash and ￿sh equivalents at the beginning of the year $45,755 (11.408) 2,037,779 2.026.371 Cash and cash equivalents at the end of the year 2,572,126 2,026.371 The notes on pages 15 to 29 form part of these financial statements Page 14 ST. NICHOLAS SCHOOL (HARLOW) LIMITED (A Company Limitpd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Generdl information St Nicholas Sthool (Harfow) Limtted is a charitable company. limited by guarantee. registered in England and Wales. The registered charity number is 310876 and the registered company number is 00721476. The registered address is Hillingdon House. Hobbs Cross Road. Old Hartow, Essex. CM17 ONJ. The principal activity of the charity is pre-primary. primary and secondary ￿uCatiOn. Accounting policies 2.1 Basis of preparation of financial sLitements The financial statements have been prepared in accordan￿ with the Charities SORP {FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance wtlh Ihe Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. SL Nicholas Sch￿[ (Harlow) Limited meets the definition of a public benefft entity under FRS 102. sets and liabilitie5 are inibally recx)gnised at historical cost or transaction value unless othe￿iSe stated in the relevant accounting policy. The financial ststement are p￿sented in Pound Sterfing. the functional currency of thè charity. rounded to the nearest £. 2.2 Income Al income is recognised once the Charity has entitlement to Ihe income. it is probable that the income wlll be received and the amount of in¢x)me receivable can be measured reliably. Grants are included in the Statement of Firk3ncial Activities on a re￿1vable basis. The balance of income re￿iVed for specific purposes bLrt not expended during the period is shown in the relevant fvnds on the Balance SheeL Where income is r￿e1Ved in advance of entitlement of re￿ipt, its recognttton is deferred and induded in creditors as deferred income. Where enb'uement occurs before income is received, the income is accrued. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in setuement and the amount of the obligation can be measured reliabty. Expenditure is dassified by activity. The costs of each activity are made up of the total of direct costs and shared costs. induding support costs involved in undertaking each activity. Direct costs attributable to a single acttvity are allr)cated diredy to that activity. Shared Gosts which contribute to more than one activty and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of reSoUr￿s. Centra staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on Charitable activities is incurred on directly Underta￿ng the activities which fijrther the Charitys objedives, as well as any associated support costs. Page 15 ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Limited by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.3 Expenditure (continued) Grants payable are charged in the yearwhen the offer is made ex￿pt in those cases where the offer is wndtlional, such grants being recognised as expendrture when the ￿nditionS attaGhing are fulfilled. Grants offered subject to conditions which have not been met at the >Ear end are noted as a mmitment, but not accrued as expenditure. Atl expenditure is indusive of irrecoverable VAT. 2.4 Tangible fixed assets and depreciation Tangible fixed assets costing £1.OCKI or more are capitalised and recognised when fvture economic benefits are probable and the cosl or value of the asset can be measured reliably. Tangible fixed assets are initially rp.eA)gnised at cost. After recognition, under the cost model, tangible r￿ed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Al costs incurred to bring a tangible fixed asset into its irrtended worknng condition should be induded in the measurement of cosL Depreciation is charged so as to allocate the cosl of tangible fixed assets less their residual value over their estimated usefvl lives. Deprecialion is provided on the following bases: Freehold property straight line Long4emi leasehold property Over the lrfe of the lease Fixtures and Equipment Sthool - 33Yo on reducing balance arKI 100/0 on and Sports reducing balan Fixtures and Equipment House _ 330/0 on reducing balan￿ ar)d 10Yo on & Grounds reducing balance 2.5 Debtors Trade and other debtot5 are recognised at the settlemerrt amount after any trade discount offered. prepa￿nents are valued at the amount prepaid net of any trade discounts due. 2.6 Cash at bank and in hand Cash at bank and in hand indudes cash and short-tetm highly liquid investments with a short maturity of three months or less from Ihe date of acquisition or opening of the deposit or similar accounL Page 16 ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (contlnued) 2.7 Liabilitie5 and provisions LtabilFties are recognised vthen there is an obligatK)n at the Batance Sheet date as a result of a past event. it is probable that a transfer of econornic benefft will be required in settlement. and the amount of the settlement can be estimated reliably. abilities are recognEed at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payTnents for the gc•Jds or services it must provide. Provisions are measured at the best estimate of the arnounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. discounted at the pr&tax dis(x)unt rate that reflects the risks spectfic to the liability- The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.8 Financial instruments The Charity only has financial assets atKI finan(xal liabilit5es of a kind that quality as basic financial instruments. Basic finanoal instruments are initally rewgnised at transaction value and Subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised m51 using the effective interest methcmj. 2.9 Pensions The Charity operates a defined ¢onlribuiion pension scheme and the pension charge represents the amounts payable by the Chaiity to the furml in respect of the year. 2.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and vthich have not been designated for other purposes. Investment income, gains and losses are alloc2ted to Ihe appropriate fund. Page 17 ST. NICHOLAS SCHOOL (HARLOW) LIMITED {A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and legacies Unrestrfcted funds 2024 Total funds 2024 Total fvnds 2023 Grants EYFS Fundir 151.935 151,935 90.993 Subtotal grants Donations Donated ser¥icÈg aNI facilities 151,935 9,627 45,000 151,935 9,627 45.000 90,993 14.801 45,000 Subtotal 54,627 54,627 59.801 206,562 206,562 150.794 Total 2023 150.794 150, 794 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Hire income Tuition and other fees 23,822 7.002,964 23,822 7,002,964 19,678 6.379,756 7,026.786 7.026.786 6. 399.434 Total 2023 6.399.434 6.399.434 Page 18 ST. NICHOLAS SCHOOL (HARLOW) LIMITED (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Interesl receivable 72,975 72.975 37,957 Total 2023 37.951 37.951 Analysis of grants Grants to Indivlduals 2024 Total funds 2024 Total fvnds 2023 Bursartes 138.oc 138.006 103.578 Total 2023 103,578 103.578 Analysis of expenditure by activities Grant fvnding of activities 2024 undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Tuition and other fees Grants 6.668.838 259.930 6,928,768 138.006 5,912,935 103.578 138.oc 6.668,838 138,006 259,930 7,066,774 6.016,513 Total 2023 5,682225 103.578 230. 710 6,016,513 Page 19 ST. NICHOLAS SCHOOL (HARLOW) LIMITED {A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activities (continued) Analysis of direct costs Total funds 2024 Total funds 2Q23 Staff costs Rates and water Insuran Light and heat T￿ePI￿ne Posiage and stationery Advertising Sundries 4,517.485 58.854 77.002 322,054 32,854 6.805 44,507 99,366 262.636 203.393 55.558 3.876,030 17,752 50,936 176,718 31,514 29,511 83.050 256.208 175.406 36, 147 10,934 203.176 134.010 16,358 44,442 (10,071) 405.900 2.865 5,318 1,601 131.385 Outings. lunches, sports etc. Educational books & materials Travel expenses & course fees Sports & swimming expenses Repairs and maintenan Household Cleaning and refuse Subscriptions Computer support costs Bad debts Catering contract Donations & colle¢lions Teachers social Nursery costs Other operating leases 150,414 147,427 10.221 45.793 23.582 446,565 5,068 8,291 1,196 149,767 6,668,838 5,682,225 Page 20 ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2024 Total funds 2023 Depreciation Interest payable Auditorfs remuneration Legal and professional fees Bank charges 198.734 27,352 25.179 7,924 741 175,869 28,484 23,493 1.990 874 259.930 230.710 Auditors. remuneration 2024 2023 Fees payable to the Charivs auditor for the audit of the Charivs annual accounts 14.970 14,256 Page 21 ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEtJ 31 AUGUST 2024 Staff costs 2024 2023 Wagos and salaries Social security costs Contribution to defined contrrbulion pension sthemes 3.630.687 351,338 535.460 3,078,410 302, 185 495,435 4,517.485 3.876.030 The average number of persons employed by the Charity during the year was as follows: 2024 2023 School staff 113 100 The number of employees whose employee beneffits (exdudiro ernployer pension costs) exceeded £60,000 was: 2024 2023 In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £90.001- £100.000 10. Trustees, remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2023 - £NIL). During the yEar ended 31 August 2024. Trustee expenses have been incurred (2023 - £NIL). Page 22 ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Limited by Guardntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Tangible fixed assets Long4erni leasehold Office Computsr property equipment equipment Freehold property Total Cost or valuation At 1 September 2023 Additions 2.146.729 13,686 5.071.528 53,132 842,883 142.003 39,794 10,288 8.100,934 219,109 At 31 August 2024 2.160.415 5,124.660 984.886 50,082 8,320.043 Depreciation At 1 September 2023 Charge for the year 130.803 43,071 2.299.438 108.031 438,290 45.170 24,802 2.462 2,893,333 198.734 At 31 August 2024 173.874 2.407.469 483,460 27,264 3,092.067 Net book value At 31 August 2024 1,986.541 2,717.191 501.426 22.818 5,227,976 At 31 August 2023 Z015,926 2 772.090 404.593 14.992 5.207,601 12. Debtors 2024 2023 Due within one year Trade debtors other debtors 32,497 361 17.786 2.759 104,046 Prepayments and accrued income 143.110 175,968 124,591 Page 23 ST. NICHOLAS SCHOOL (HARLOW) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Creditors: Amounts falling due within one year 2024 2023 Bank loans Trade creditors Other L3xation and social seojrity Other credttors Accruals and deferred income 33.430 389,339 80.028 63,263 1,038,096 31,810 368, 724 76.571 60,982 668,575 1,604,156 1.206,662 Deferred income relates to tuition and other fees re￿iVed in advance. 14. Creditors: Amounts falling due after MO￿ than one year 2024 2023 Bank loans 886,615 52.565 920.045 38,671 Other creditors 939,180 958,716 The ￿rnPany has a fixed charge for bank loans which are Secured against the freehold land of the charity. 15. Financial instruments 2024 2023 FFnancial assets Financial assets measured at fair value through income and expenditure 2,5T2,126 2.026.371 Financial assets measured at fair value through incorne and expenditure comprise cash and cash equivalents. Page 24 ST. NICHOLAS SCHOOL (HARLOW) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Statement of fvnds statement of funds - current year Balance at 1 S•pt•mb•r 2023 Balance at 31 August 2024 Income Expenditure Unrestricted funds Generd Funds- all funds 5.193.185 7.306,323 (7,066.774) 5,432,734 StatÈmÈnt of funds - prior year Balance at I September 2022 Balance at 31 August 2023 Income Expenditure Unrestricted funts General Funds - all fuftds 4,621,519 6,588,179 (6,016,513) 5, 193.185 17. Summary offunds Summary of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expenditure General funds 5.193.185 7,306,323 (7,066.774) 5,432,734 Summary of funds - prior year Balance at 1 Septen7ber 2022 Balance at 31 August 2023 Income Expendrture General funds 4.621,519 6,588, 179 (6,076.513) 5,193,185 Page 25 ST. NICHOLAS SCHOOL (HARLOW) UMITED (A Company Limited by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due wilhin one sEar Creditors due in more than one year 5,227,976 5.227.976 2.748,094 2,748,094 (1.604.156) (1,604,156) (939.180) (939,180) Total 5,432,734 S,432,734 Analysis of net assets between funds - prior period Unresbycted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 5,207,601 5,207.601 2,150,962 2. 150.962 (1,206,662J {1.206,662) {958. 716) (958, 716) Total 5.193. 185 5,193, 185 Page 26 ST. NICHOLAS SCHOOL (HARLOW) LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Reconciliation of net movement in funds to net flow from operating activities 2024 2023 Net income for the peri¢)d (as per State￿￿nt of Financial Activities) 239,549 571,666 Adjustments for. Depreciation charges Dividends, interests and rents from investments Decreasel(increase) in debtors Increase in credtiors 198,734 (72,975) (51,377) 409.768 175.869 (37.951) 28.370 71.737 Net cash provided by operating activities 723,699 809,691 20. Analysis of and cash equivalents 2024 2023 Cash in hand 2,ST2.126 2.026.371 Totsl cash and cash equivalents 2.572.126 2,026.371 21. Analysis of changes in net debt September At31 2023 Cash flows August 2024 Ca3h at bank and in hand 2,026.371 {31.810} {920.04n S45.7SS (1.620) 33.430 2,572,126 (33,430} (886.617) Debt due vathin 1 ypar Debt due after 1 year 1,074,514 577.565 1,652,079 Page 27 ST. NICHOLAS SCHOOL (HARLOW) LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Capital commitments 2024 2023 Contracted for but not provided in these financial statements Purchase, construction or development of investment propety 60.384 23. Pension commitments The charitys emplosEes belong to the Teachers. Pension Scheme for England and Wales (rps), a mulllple￿emp1oYer defined benefit scheme. The last acluarial valuation of the TPS related to the period 31 March 2016. Contributions arnounting to £46,655 were payable to the schemes at 31 August 2024 (2023: £51.396) and are It￿luded in (Teditors. Teachers. Pension Scheme The Teachers, Pension Scheme ffPS) is a statLrtory, contributory, defined benefit scheme, governed by the Teachers. Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in schools and, from 1 January 2007, aLrtomatic for teachers in part-time employment following appointment or a change of contract. although they are able to opt OUL The TPS is an unfunded scheme and members contribute on a 'pay as you go. basis - these contributions along wtth those made by emplosers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. Valuation of the Teachers. Pension Scheme The Govemment Actuary, using normal actuarial prinoples. conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 sears. The aim of the review is to SFecify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuab'on of the TPS was carried out as at 31 March 2016. The valuation report was published by the Departsnent for Education on 5 March 2019. The key elements of the Yaluation aTMI subsequent cc*)sultation a￿. ' employer contribution rates set at 23.68% of pensionable pay {induding a 0.080A administration levy) total scheme Kabilities (pensions currenty in payment and the estimated cost of future benefits) for Servi￿ to the effective date of £218,100 million aThJ notional assets (estimated future contributions t￿Jether with Ihe notional investrnents held at the valuation date) of £196,100 million, giving a notional past service deficit of £22.000 million . the SCAPE rate. set by HMT. is used to determine the notional investment retum. The Current SCAPE rate is 2.40/0 above the rate of CPI. assumed real rate of retum is 2.4Yo in excess of prices and 2Yo in excess of eamings. The rate of real eamings growth is assumed to be 2.2%. The assumed nominal rate of relmm including eamings growth is 4.45%. The next valuation result is due to be implemented from 1 April 2023. Page 28 ST. NICHOIAS SCHOOL (HARLOW) UMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Pension commitments (continued) The ernployerfs pension (x)sts paid to TPS in the year amunted lo £488.058 (2023: £460.869). A copy of the valuation report and sup￿]ng documentation ts on the Teachers, Pensions website. Under the definitions set out in FRS 102, the TPS is an unfunded rnulti-employer pension scheme. The charity has accounted for its contributions to the scherne as rf it were a defined contribution xheme. The charity has set out above the infonytation available on the scheme. The charity also operates a defined contribution scheme vthose assets are held independently and administered separately from those of the chartty. During the year, the cost was £47.402 (2023: £34,566). Contributions totalling £16,60812023.' £9.346) were payable to the fund at the balance sheet date and are induded in ¢red¥tors. 24. Operating lease commitments At 31 August 2024 the Charity had commitments to make fuiure minimum lease payments under non- Can￿lIable oper*"ng leases as follows: 2024 2023 Not later than 1 JEar Later than 1 year and not later than 5 JEars Later Ihan 5 years 41.981 127,460 150,598 28,397 68.525 135.603 320.039 232,525 25. Members. liability Eath member of the charitable company undertakes to cy)ntribute to the assets of the company in the event of it being wound up while helshe is a member, or wtthin one year afler he/she ￿aSeS to be a member, such amount as may be required. not exceeding £1 for the debts and liabilities conlra¢ted befor8 helshe ceases to be a member. 26. Related party transactions The Charity has not entered into any related paty transaction during the year, nor are there any outstanding balances owiny beiween related parties and the Charity at 31 August 2024. Page 29