WOODFORD GREEN PREPARATORY SCHOOL LIMITED (Company limited by guarant881 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Charity Number: 310930 Company Number: 00621311
Woodford Graen Preparatory School Limited (the "Company" or the"School" or the "Charity") Acting Head's Report For the Year Ended 31st August 2024 Academic and Pastoral Achievements Once again, our pupils have achleved outstanding results in the 11 + entrance assessments. This success was celebrated with offers from some of the leading independent 5eniar schools, including Clty of London Boys,, City of London Girls,. and Westminster. as well as highly selectlve schools in the local area, such a5 8ancroft'5, Forest. and Chlgwell. An increasing proportion of pupils sal for grammar school places, and we gained numerous offer5 from Woodford County High, Ilford County High, Colchester County High, King Edward Vl Grammar School, and Soulhend High School for Boys. These accomplishments underscore the high academic standards and dedication of our students and staff, reflecting our commitment to academic excellence. The staff s dedication ensures that all pupils are provided with optimal academic and pastoral support so that every child reaches their full polential. The excellent results also rellect the many and varied specialisms of staff, Of the 21 scholarships1270/0 of pupils achieving one or more scholarships) awarded, 3 were academic, 8 were in music, 9 in sports, and 1 in drama. Music and Performlng Arts The music department continues to flourish, with regular weekly curriculum lessons complemented by over 200 individual music lessons provided lo pupils from Year 110 6. Over 700/0 of the school population plays one or more instruments. The children showcase their talents by participating regularly in termly tealime concerts, a5 well as performin9 al the annual Sl. Cecilia Concert in the Autumn Term and finishing the year with a Summer Jazz Concert. which was held al the Sir Jame5 Hawkey Hall. Many of our talented musicians have achieved excellent results. with 100 students receiving their Grades 1 5 In ABRSM and TCL music examinations. wllh many gaining distinctions and merits. These results reflect not only their hard work and dedication but also the high standards maintained by aur music department. We are immensely proud of their accomplishments, which highlight the depth of musical talent nurtured within our School community. Al the Stratford Music Festival, we received awards for the choir performances, and the string ensembles were placed first in their class. winning The Orchestra Cup. In the summer term. some of our music scholars attended a maslerclass al Christ's Hospital School. Additionally, three children were successfully awarded a place with the National Youth Children's Choir of Great Britain, and one of our pupils secured a place at the prestigious Junior Guildhall School of Music. Many children participate in Speech and Drama lessons, and over 90 pupils passed LAMDA (London Academy of Music and Drarnatic Art) exams with a high percentage of children achieving dislinclions. Annual whole school in-house competitions such as the Barker Cup, Heaven's Speech, Clemence and Gwynne Cup, class assemblies, and school plays all provide a platform for our students to gain the confidence to perform in front of large audiences. Our pupils exhibit oulslanding communicallon skills. they are highly articulate and express themselves confidently in a range of context5. Self-esteem and confidence are developed through opportunities lo speak publicly lo a range of audiences. Our youngest pupils all perform in their First Nativity, confidently narrating the Christmas story after only attending School lor eight weeks. We see the exceptional progress and confidence the children gain, which was reflecled in the professional performance of Cinderella Rockerfella by the Year 6 pupils al the end of the summer term. Sportlng Success The significant engagement in sports by our pupils highlights the continued growth and success of WGPS sport. with our teams excelling at local competitions, becoming ¢ounty champions. and with pupils competing al the national level. The netball team was proudly selected to represent the Borough
Woodford Green Preparatory School Llmited (the "Company" or the "School" or the "Charlty") of Redbridge at the London Youth Games at the beginning of the season. They then went on to reach the quarter-finals of the Kent College Pembury IAPS netball tournament. Three of our Year 6 pupils played for Essex Open and were part ofthe team that reached the U11 National Finals this year. These achievements speak volumes about the skill development, high expectations sel for our young athletes, and the links we have with loGal and borough development squads. Many of our children are seleGted for Essex Open, and some players this year have been chosen to be a part of the Cambridge County and Woodford Warriors development squads. The boys, U11 cricket team represented Redbridge at the London Youth Games and succeeded in becoming Essex County u11 champions. Cross Country at The Red School has always had high participation, and we were very proud of three of our runners who were placed in the lop three in the Redbridge Cross Country Race. We host the WGPS Cross-counlry race and are proud of our links with local independent and state schools,. this year, we welcomed over ten schools. During the football season, we hosted the WGPS U11 Football Tournament and again invited local stale and independent schools to participate. We continue to maximise the use of local facilities to provide pupils with opportunities lo experience iconic arenas firsthand. as well as inspiring and motivating them to achieve sporting excellence. The annual swimming gala held at the London Aquatics Centre was a fantastic opportunity for pupils from Years 3 to 6 to showcase their swimming prowess, and our annual Sports Day at the Lea Valley Athletics Centre was also a vibrant celebration of athletlC15m and teamwork, where pupils participated in various track and field events, fostering school spirit and friendly competition. Our cornprehensive sports program includes football, hockey, netball, squash, tennis, athletics, and rugby, providing avenues for students to explore and excel in various disciplines, both in terms of individual skill development and team competition. Our sports teams have taken part in over 75 fixtures this year, and we are proud lo conlinLte enriching our curriculum with such diverse sporting experiences. We run Squad training for netball, hockey, football, and cncket before school, and our after-school sports clubs reflect the nch diversity of opportunities available lo our pupils. From traditional sports to individual pursuits such as fencing, ballet, and gymnastics, our clubs cater to a wide range of interests and abilities. Pupil Volc• Pupil voice continues lo permeate and impact the life of the school. and we greatly value the insightful perspectives and suggestions provided by our pupils. In Years 2 - 6, class council represenlalives are selected lo share valuable suggestions at regular School Council Meetings, hosted by the Senior Leadership Team. At the beginning of the academic year, Class Councillors and the Pupil Leadership Team {Head 8oylGirl, Deputy Head BoylGirl) visited Parliament, attending a workshop on democracy as well as touring the Houses of Parliament. All pupils in Year 6 are awarded an ambassador role that reflects their interests or a school value, lor example, Computing Ambassador/Nurture Ambassador, and actively contribute to school life. We are especially pleased that our pupils have the opportunity lo get involved in key developments for the school. Recently, a pupil panel played a pivotal role in the tender process for selecting a new catering company. Their active participation and input directly influenced decision-making, ensuring that the chosen provider aligns with our commitment to healthy eating and overall pupil well-being. We continue to be committed to fostering a Culture of equity, diversity. and inclusion (EDI) in our school, ensuring that every member of our community feels valued and respected. Addilionally, our parent forum remains a vital voice in shaping school development, actively contributing to initiatives that promote inclusivity and support our EDI goals. Through these efforts, we Continue to nurture an environment where diversity is celebrated, and every individual can thrive. School Communlty and Wider Engagement This year, we have continued to SUPPOrt charities chosen by the pupils.. Smiles wlh Grace, Haven House Hospice, and Comic Relief. These charitable efforts not only provided much-needed support to important causes bul also fostered a strong sense of community and Social responsibility among our pupils.
Woodford Green Preparatory School Limited {the "Company" or the "School" or the"Charlty"I Our partnership with the Parent-Teacher Association (PTA) contlnues to play an integral role in fostering a supportive and incluslve school environment. This year. the PT A has been instrumental in organising events for the pupils and raising funds through discos. second-hand uniform sales, and Christmas and summer fairs, to name but a few. The PTA held their annual quiz evenin9, which was well attended by not only current parents but also a high number of alumni families. By working together, we have been able to implement various projects that benefit our pupils. We have strengthened our partnership with Tooled Up Education and have hosted parent workshops with its founder, Dr. Kathy Weston. The Girls on Board program has continued to empower our pupils, fostering a supportive environment wherethey can navigate friendships and build self-esteem. We have engaged parents in the approach during evening information sessions. We are proud to have further strengthened the cohort of staff trained in Mental Health First Aid. Ihus extending the breadth of support available to support pupils. mental health effectively. reinforcing our commitment to their well-being. Furthermore, our partnerships wilh local state schools have enriched our educational offerings and fostered a sense of community beyond our own school. One notable example is Orama Day for our Year 5 pupils. This event, in collaboralion with neaTby Stale Schools, provided an opportunity for pupils to come together and experience an array of performing arts skills, such as puppetry and digital animation. Our Governors have actively participated in a variety of school events and meetings, consistently showing their support. The annual Governors, Visilation Day was once again a great success. providing an opportunity for Governors to engage with staff and children across the school. Additionally. we continue to arran9È Vlslts from our alumni. seeking further opportunities to connect our curreni pupils th the lives and experiences of those who have come before them. This year, we launched the Alumni Project 'Once a Fied. Always a Red,. with past pupils highlighting life at senior schools Iwestminster, Haileybury, and City of London School for Girls) and showcasing the secondary school options pupils can enjoy.
Woodford Green Preparatory School Limlted (the 'Company" or the"School" or the "Charlty") Report of the Trustees for the Year Ended 31st August 2024 The trustees of the School (the "Trustees.), (who are also directors of the Company for the purposes of the Companies Act 2006), present their report with the financial statements of the Company for the year ended 31st August 2024. The financial slalements have been prepared in accordance with the 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 IFRS 1021 (Charities SORP 2015 (Second Edition effective 1 January 20191), and the Companies Act 2006. Objects, Aims, Objectives and Principal activities The principal object of the Company is to carry on and conduct a preparatory school for the education of boys and girls in accordance with the principles of the Christian faith but on a non-denominational basis. strateglc Aim and Intended Effgct The School's strategic aim is to reflect its educational aims and the ethos of the School. The School wants to be known as a school where every pupil is nurtured, encouraged to be curious and achieves their very best. Obj8Ctlves for the Year The School's main objective continues lo be to educate all of the School's pupi18 lo the best of their ability, so that they will be able lo derive the greatest benefit from their chosen school for the continualion of their education. The School's strategy for achieving this i¥ to.. Provide a curriculum that is stimulating, skills-based, challenges and prepares all pupils for the future and lifelong learning Promate and enable pupil curi051ty, independence and innovation Embed a culture of ongoing assessment that tracks pupils, progress to reach their very best Ensure that the School is a secure and nurturing environment that provides excellent pastoral support to enable both academic learning and personal developrnent Live out our School values Provide greater engagement wilh leadership opportunities within the staffing community Develop a high quality continuin9 professional development I CPD'I programme, with coaching and mentoring to 8UPPQrt staff development and which connects with the wider educational community Ensure the School remains in strong financial health and has a leading reputation Enhance high quality educational provision through new, flexible resources that support the School's changing pedagogical needs Continue to provide a strong sense of community to pupils, parentslfamilies and 51aff, by actively reaching out and engaging ir) different ways Promote its excellent reputation, in both the local and wider area, with the 'voice' of the School as one of expertige. Principal Actlvlty The School's principal activity conlinues to be the provision of a co-educational day school for pupils aged 3 to 11. During 2023-24 the School was operating with an average of 380 pupils. Ils capacity, known as the DfE Maximurn, was increased in 2020-21 to 400 from 384 pupils reflecting the growing demand for places especially in the Early Years. but for operational rea50n5 11 is currently capped at 388 pupils.
Woodford Green Preparatory School Limiled (the "Company" or the "School" or the "Charity") Report of the Trustees for the Year Ended 31st August 2024 Volunteers The Parent Teacher Association (the "PTA"). an unconneGted Charity. brings considerable benefit5 to Ihe School by organising and sponsoring events for pupils and their families to attend for educalional, recreational and fund-raising purposes, The annual events include, bul are not limited lo Easter Craft Fair and Upper School Wipeout, Quiz Night. School Disco, Lower School Magic Show, Second Hand Uniform Sale and the Summer Fair. The PTA funded the School's annual pantomime performance as well a5 each Spring funding the Baby Chicks project where eggs are placed in an Incubator within the Nursery and the children can observe the chicks as they hatch. The School is very appreciative of parents who give of their time to volunteer for School activities. supporting Staff and pupils. The pupils have traditionally played an active role in supporting other charities. During the pasl year, collections in aid of local and national organisations have taken place. These have usually been connected with either fund raising events within the School or as part of specific national appeals. A fantastic total of £8,169 was raised for charity as a direct result of pupil involvement, including sponsored events (in aid of the Royal British Legion poppy appeal). plus a Christmas Jumper Day and nativities for Smiles with Grace, and Comic Relief. In addition. a Harvest Festival was held in support of a local food bank, and many families generously donated new toys and gifts to a local Charity al Christmas. Flnanclal revlew and results for the year Income for the year, primarily from school fees, Increased by 6.8¢/0 to £5,185,431. Direct expenditure relating to the Company's objectives decreased by 9.40A lo £4.670, 585. 63.70kn of this flgure being in respect of staff costs. After taking account of management and adminislralion expenses of £1.450,460 (2022-23. £1.424,629) and depreciation of £243,370 (2022-23. £753,242). there was a surplus of £514, 846 (2022-23., deficit of £297.6611 for the year. Achlevements Please see page 1 of these accounts (Acting Head'5 Report) for the academic and pastoral achievements. Reserves Policy The Company's policy is that all funds ncl already invested in fixed assets such as land, buildings, fixtures and fittings or for planned capital expenditure cr for designated purposes are available to meet the Company's general purposes or objectives. These funds are spent at the Company's discretion or by delegation to nominated persons. The Trustees intend that the School should continue to operate with a level of free reserves equivalent to a minimum of a terrn's income (fees). Although this Is a relatively low figure, this reflects the reasonable certainty of fee income bein9 received. The School continues to operate al very close to or al full capacity with long waiting lists. The current level of reserves (current net assets less future capital commitmenlsl 15 deemed to be adequate lo rneet any unforeseen trading circumstances which might arise in the future. Assisted Places During the year. the sum of £109,060 (2022-23. £66.8681 was allocated to assisted places from the designated Norah Reed and Means Tested assisted places funds. Further information relating to the designated assisted places funds is reported in the Public Benefit S121emenl. Currently, the designated funds sufficiently cover current commitments lo assisted places, with funds available to offer further places in future.
Woodford Green Preparatory School Llmited {the "Company" or the "School" or the "Charity") Report of the Trustees for the Year Ended 31st August 2024 Investment Policy The Company has absolute powers of investment of its corporate reserves. However, a low risk policy is followed so that available retained funds. other than those required for day to day cash management. are placed wth the School's bankers or other financial institutions on deposits maturing within approximately 12 months or less, and only with financial institut10115 which have independently verified secure credit ratings. Princlpal Risk5 and Uncertaintles The Company has eslablished a Risk Management Committee which meets on a termly basis to review the principal risks and uncertainties facing the School from strategic. financial and operational perspectives. Risks are graded High, Medium or Low and mitigation factors and controls are considered where appropriate. The great majority of risks are graded as Medium or Low, and emerging risks are idenlified as and when they arise. The School has identified the following as the principal risks it faces.. The potential redevelopment of the adjacent land by the council in order lo fulfil the need for additional housing in the borough, including affordable homes andlor the sale or demolition of the Sir James Hawkey Hall. The impact of the imposition of VAT on school fees with effect from 1 January 2025 and Ihe loss of business rates relief and the increase in employer National Insurance Contributions fro April 2025.. The rating of those risks is High. In particular there is a High risk of parents not being able lo afford school fees. The financial, operational and reputational risks posed by increased cost of living, including energy prices and interest rates, which wll affect the affordability for parents of School fees in general. The rating of those risks has now been raised Irom Medium to High given the current economic downturn. The unquantified financial impact of withdrawing from the TPT pension scheme. The anlicipaled cost of installing a new substation, generator or other source of additional electric power. The anticipated cost of replacing Ihe current boilers. Future plans Continuing inveslment will be made to improve the fabric of existing buildings and replace old furniture, fixtures and fittings and improve energy efficiency. A new ball court was installed in July 2024, new cooling and heating units have been installed in classrooms and the main hall and toilets have been refurbished during the year. In addition to its short-term objectives. the School is considering the longer-term development of.. 1. building provision, in line with the findings of a feasibilily study and the demand for places at the 3+ entry point., its SU5tainability programme aimed at derarbonizing the school estate and net zero compliance in so far as possible.
Woodford Green Preparatory School Limlted (the "Company" or the "School" or the "Charity") Report of the Trustees for the Year Ended 31st August 2024 ongoing staff development and training built on the CPD programme. and its ongoin9 commitment to demonstrating high quality in teaching and learning and regulatory compliance, whilst ensuring high quality pastoral provision.
Woodford Green Preparatory School Limited (the "Company" or the School" or the "Charlty") Report of the Trustees for the Year Ended 31st August 2024 Structure, governance and management Governing Document The Company is governed by its articles of association as amended on 24 August 2017. Governing Body The Trustees, who are directors of the Company, are also mernbers oflhe Company. The directors and members are selected and appointed on the basi5 of such matters as personal competence, specialist skills and availability. The bases of appointment are sel out in the Company's articles of association. Directors are required to resign and can offer themselves for re-election after every three years in office. Organlsatlonal Management The directors meet as a full board five times a year lo determine and review the policies of the Company for which they are responsible. Additional board meetings are held for specific purposes as required. The day-to-day running of the School is delegated lo the Head and Bursar supported by other teaching members of the Senior Leadership Team. The board of directors has sel up sub-committees of the board to consider (and report back onl specif1c aspects of governance,. namely Finance and General Purposes, Curriculum and Safeguarding, Risk Management and Estates (Development and Sustainability), and Appointments. A Steering Committee was established lo oversee a significant capi131 project but has now completed its wcrk. A Pensions Review Commitlee was also set up and has also recently completed its remit. The Estates Committee was set up in May 2023 with special regard for sustainability carbon zero goal. The board has also nominated a director to serve as a representative on the School's Health and Safety Committee which is chaired by the 8ur5ar. The remuneration of key management personnel is determined by the Trustees on an annual basis by reference to anonymised benchmarks and other data in the public domain. Trugteo Inductlon and Tralning New directors receive various pieces of written information regarding the workings of the School and of the Company a5 3 corporate entity and as a registered Charity. All directors are a150 encouraged to attend seminars organised by various professional firms and independent school umbrella bodies which deal with the responsibilities of Trustees in relation ta the Companies Act, Charity Law and the Department for Education requirements. Structure and Relatlonships The Company has no trading subsidiaries. all activities being carried out by the Company itself. The School's Head is an active mernber of the Independent Association of Preparatory Schools {IAPS) for the promotion and maintenance of preparatory School Standards generally and also take5 part in several independent School discussion groups where matters of a common interest are discussed. The School is a member of the Independent Schools Council IISCI and the Association of Governing Bodies of Independent Schools (AGBIS), the Head is an inspector for the Independent Schools Inspectorate (ISI), and the Bursar is an active mernber of the Independent Schools Bursars Association IISBA).
Woodford Green Preparatory School Limited (the "Company" or the "School" or the "Charity") Report of the Trustees for the Year Ended 31st August 2024 Reference and adminlstratlve details Registered Company number 00621311 Reglstered Charlty number 310930 Reglstered office Glengall Road Woodford Green Essex IG8 OBZ Trustees Mrs G Haddon (Chair) Mr C Barratt Mrs C Bentley Mrs G Chahal Mr P Kempe (Deputy Chairman) Mr5 L Kennedy Mr C Parkinson Mrs J Peddy Mr J Preston Mrs A Quaife-O'Donnell (resigned 11 June 2024) Mr P Seehra Mrs L Shamrakov Mr M Townsend Mrs J Venditti Company Secrelary Mrs N 8hangu Audltors Haysmac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG
Woodford Green Preparatory School Limited (the "Company" or the "School" or the'charity") Report of the Trustees for the Year Ended 31st August 2024 Reference and adminlstrative details (continued) Key Executives and Professional Advisors Head.. Miss L McDonald, LLB (Hons), PGCE (1 September 2023 to 22 June 2024) Acting Head.. Ms R Chere (23 June 2024 onwards) Bursar & Company Secretary.. Mrs N Bhangu FCMA, Bsc Honours Bankers.. Virgin Money UK pl¢, 5 Lockey House, 1 Sl Peter's St, St Albans AL1 3LP Insurance Brokers.. Hettle Andrews, Eleven Brindleyplace, 2 Brunswick Square, Birmingham B12LP Woodford Green Preparatory School Limited is a Company limited by guarantee incorporated in 1959 under Company registralion number 00621311 and registered as a Charity in 1963 under Charity registration number 310930. The liability of ils members is limited to £5 each by guarantee. The registered office and principal address of the Company is at Glengall Road, Woodford Green, Essex IG8 OBZ. 10
Woodford Green Preparatory School Limited {the "Company" or the "School" or the "Charity") Report of the Trustees for the Year Ended 31st August 2024 Statement of ublic benefit A. THE PURPOSE OF THIS STATEMENT This statement is prepared to accompany the annual Trustees, Report, and reports on the activitie5 of the School for the year September 2023 to August 2024. KEY DETAILS ABOUT THE CHARITY Charity Règistratlon Detalls The School was founded in 1932 as a privately-owned School, was incorporated in 1959 and was registered as a Charity in 1963. Location and oparatlon The School operated by the charity is in Woodford Green within the London Borough of Redbridge and provides an education for day pupils. Puplls The School has capacity for 400 pupils on Its roll aged 3-11 years, currently capped al 388 pupils for operational reasons. Admlsslons pollcy The majority of pupils join the School in the September following their third birthday although there are often opportunities for pupils lo Join the School at any age up to 11 years. A number of places are available for "7+" entrants in September each year for which assessments are held between the previous November and February. Al this time, the School invites applications for means lesled assisted places. Currlculum The School educates children in accordance with, and beyond the requirements laid down in the Early Years Foundation Stage and Key Stages l & 2 of the National Curriculum. Opportunities to boneflt for those unable to afford fees: Means tested assistance (assisted places) A fund has been established to provide means tested assistance with fees for pupils attending the School from the September following their 7th birthday. Applications are invited prior to the entrance assessment held in February or early March. An award can be of any value LJP to 1 OO0k of the full fees and would normally be awarded for the duration of the lime that the pupil attends the School, subject to eligibility based upon an annual means lest review.
Woodford Green Preparatory School Llmited (the 'Company" or thè "School" or the 'Charity") Report of the Trustees for the Year Ended 31st August 2024 Statement of ubllc benefit contlnued The Norah Read Assisted Places Fund (established in memory of the School's founder) exists to provide means tested assistance lo parents of pupils in Years 5 and 6 already attending the School who experience a change in their financial circumstances. Non-means tested asslstanca None. Other opportunltles to benefit provlded by thè School The School hosts sporting events lo which pupi15 from other local Schools are invited. The School's SENDCO is also a governor offering special needs advice to a maintained School and the School's esafety safeguarding lead mentored another member of staff in a maintained School. One ol the School's Year 51Year 6 leacher5 is also a governor at a maintained School. The School hosts a number of pupils from local state Schoo15 W15hing to gain work experience and puts on a programme lo support them during their visits, which are typically held in the Spring or Summer temi. Local nursery children and their staff have enjoyed c105e links with the School and it has been able to invite them to enjoy memorable performances of plays and activities. The School ha5 provided mental health 5UPPOrt and training to staff from other Schools. C. THE AIMS OF THE CHARITY The Objects and Powers. of the Charity include the following.. lo carry on and conduct a preparatory school for the education of boys and girls in accordance with the principles of the Christian faith but on a nondenominational basis., lo provide general instruction and education together with physical and moral training, and provide for the delivery and holding of lectures, exhibition5, public meetings, cla55es and debates and directly or indirectly to advance the cause of education whether general, professional or technical., to organise sports and other recreations and lo acquire any site or premises which may be deemed suitable for the purpose., lo provide for the training of Students and student teacher5 in the theory and practice of education., and to do such other things as are incidental or the Company may think conducive to the attainment of its Objects or any of them. as set out in the articles of association as adopted on 24 August 2017. 12
Woodford Green Preparatory School Llmlted (the "Company" or the "School" or the "Charlty") Report of the Trustees for the Year Ended 31st August 2024 Statement of ublic beneflt continued D. OEMONSTRATING PUBLIC BENEFIT The primary benefit of the School Is the provision of education which by legal definition (under the Charity law5 of England and Wales) is Charitable. It is the desire of the Trustee5 to continue to demonstrate the School's "public benefit" and to this end they have adopted the guidance principles published by the Charity Commission.. Principle 1.. There must be an identifiable benefit or benefits. Principle 2.. Benefit musl be to Ihe public, or a section of the public. Sections D1 and D2. below, sel out the School's aims and achievemen15 relating to principle 1. Sections 03 - D6, below, set out the School's aims and achievements relating to principle 2. Sectlon D1 Sub-princlple la - It must be clear what the benefits are Sub-prlnclple 1b - the beneflts musl be relatad to the aims The School's primary benefit is the provision of education lo the pupils al the School. Beyond the standard curriculum offered by the School, benefits to the pupils also flow from the following activities An extensive range of extra-curricular activilies. some of which are run as after school clubs. including many sporting opportunities, musical and drama opportunities, and various other activities. School trips to Ihealres, education centres, places of worship of different faiths, activity centres and residential educational trips for Years 4, 5 and 6. Vislts to the School by theatre companies. authors, and special interest education groups. Involvement in support of charib'es. including specialist Charity days, collections at school concerts and events, and performances by the choir at a local day centre for the elderly. In the year 2023-24 a total of £8.169 was raised by the pupils for various charities. In addition, educational benefits for pupils, other children and the wider community arise from the following examples,. The School allows its facilities to be used by a number of groups and associations including football training sessions for children, and hosls professional teaGhing network opportunities. In some cases a nominal Charge is made for use of the facilities which is well below local commercial rates but in other cases there Is no charge made at all. 13
Woodford Green Preparatory School Limited (the 'Company" or the "School" or the "Charlty") Report of the Trustees for the Year Ended 31st August 2024 Statement of ublic benefit contlnued The School runs a leatime club on each school day io allow parents who work, to ¢ollecl their children up to 6.00pm, A breakfast club is also operated, starting at 7. 30am, lo offer further assistance to working parent5. Both are well-attended and appreciated by parenls. The School hosts sports matches and competitions in which pupils from olher schools participate. The School supports local senior school pupils in work experience placements to ils site. Local nursery children have attended events such as plays and performances. Financial support is provided through giving to, lor example, the Royal British Legion, RSPCA, Comic Relief and various other charities. Section D2 Sub.prlnclplè 1c- boneflts must be balanced agalnst any detrlment or harm The Trustees take care to ensure that no detriment or harm arises from the activities of the Charily. In May 2023 the School undeent a Focused Regulatory Compliance and Educational Quality Inspection conducted by the Independent Schools Inspectorate which found that the School was rated Excellent in all areas and met all of the requirements in each of the eight sections of the Education Ilndependenl School Slandardsl Regulations 2014, including the welfare, health and safety of pupils. Sectlon D3 3ub.prln¢lple 2a . the beneficiarSes must be approprlate to the alms The main beneficiaries are children attending the School who are aged between 3 and 11. Children from other schools of similar and other age groups also benefit. Adult members of the wider community also benefit through use of the school facilities and as beneficiaries of concert5, events, meetings, public meetings elc. held at the School in accordance with item 5{c) of the Objects" listed in the Company's articles of association. Other charities also benefit both directly through money raised by the pupils at the School and indirectly through the use of the School's premises and facilities in accordance with item 610) ol the "Powers" listed in the Company's articles of association. 14
Woodford Green Preparatory School Llmited (the Company" or the"School" or the "Charity") Report of the Trustees for the Year Ended 31st August 2024 ststement of ublic beneflt continued Sectlon D4 Suts-princlple 2b where benefit is to a section of the public, the opportunity to benefit must not be unreasonably restricted (other than restrictions arising as a result of the fees charged which is dealt with in Seclion D5) Geographal restrictions.. There is no geographical reslriclion in the staled Objects applied to the opportunity to benefit, although admissions priority is given lo local families residing within the locality of the School. In practice, the majority of pupi15 at the School are drawn from a radius of 10 miles. Age restnclions: There are no age reslriclions specified in the stated Objects and neither do the objects exclude adults as beneficiaries as well as children. In practice, the main beneficiaries are the pupils al the School aged 3to 11 Academic strictl0ns'. There is no requirement in the governing document for the children to meet specific academic standards as a condition of entry at 3+ Nolwithslanding this. children ioinirsg the School at 4+ or later, are assessed prior lo entry lo ensure that they are of an academic standard which will enable them to fil in well with the other children already in the School. Ilt would not be In a child's best interest lo enter school where he or she felt unable lo cope with the standard of work). Aside from 3+ entry, the next main entry point to the School remains at 7+ where places are awarded lo those children who, in the view of the head teacher, would benefit most from becoming a pupil al the School. The School accepts children from within a wide range of academic ability. Religious res¢rictions.' The governing document makes it clear that whilst children are educated 'in accordance with the principles of the Christian faith" this is on a non-denominational basis, In practice the pupils are drawn frorn a wide range of faiths, and of no faith, which is viewed as bringing a positive breadth of culture to the School community. 15
Woodford Green Preparatory School Limited {the "Company" or the "School" or the 'Charity") Report of the Trustees for the Year Ended 31st August 2024 Statement of ublic beneflt contlnued Section D5 Sub-princlple 2b - the opportunlty to beneflt must not bo unreasonably restrlcted by the ability to pay any fees charged Sub.princlple 2c - people In poverty must not be excluded from the opportunlty to beneflt Despite being located within Greater London, where rnany ca51s (especially teacher's salaries) are higher than elsewhere in the country, the School is pleased that its fees are highly competitive when measured against all IAPS Ilndependent Association of Preparatory Schools) Schools within the United Kingdom. The Trustees strive lo keep cost5 as low as possible without detrimental effect upon the high standards that the School is renowned for, The School does not have endowment5 or large reserves and therefore the main source of income is from school fees. The Trustees are mindful of the fact that any increase in fees lo help fund assisted places would have a negative effect in narrowing the number of parents who can afford lo pay the fees. The a5515ted places funds are derived from any trading surplus Made as a result of careful management of budgets and bank deposit interest received, 11 has been possible to accrue a designated Means Tesled Assisted Places Fund which is added to each year to fund an increased number of assisted places. As only nominal charges (to cover costs) are made for using the School's premises and facilities, there is no restriction placed upon community users who are unable lo pay commercial rental fees. During the year 2023-24, 2 pupils benefited from 100% assistance with School fees and g pupils received partial assistance from the Means Tested Assisted Places Fund and 1 Norah Read Assisted Place Fund lo a total value of £109,080 12022-23.. £66,868), The School is committed to financially supporting Assisted Places for a continuing period. Sgctlon D6 Sub-prlnclple 2d - any prlvate beneflts must bo colncldental Discounts for children of slaff.. All member5 of staff are offered discounts against fees for their Ghildren. Pupils whose parents are staff members who have completed at least one full year of service are eligible for the discount scheme. C017flicts of interest.. The Trustees comply with their obligations under the Companie5 Acts regarding conflicts of interest. Each Trustee declares any potential conflicts on appointment and has a continuing duty to do so. E. SUMMARY The TNstee$ are satisfied that the Charity is doing as much as it possibly can to demonstrate its public benefil. Statement of TfUStees' responsibilitie5 The Trustees (who are also the directors of Woodford Green Preparatory School Limited for the purposes of Company lawl are responsible for preparing the Report of the Trustees and the financial 16
Woodford Green Preparatory School Llmited Ith8 "Company" or the "School" or the "Charity") Report of the Trustees for the Year Ended 31st August 2024 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the income and expenditure. of the Company for that period. In preparing those financial statements, the Trustees are required lo select suitable acGounting policies and then apply them consistently, observe the methods and principles in the Charity SORP, make judgernents and estimates that are reasonable and prudent, slate whether applicable UK Accounling standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Company will continLte in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time. the financial position of the Company and lo enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees have assessed the major risks lo which the Company is exposed, in particular those related lo the operations and financps of the Company. After appropriate consideration of risks as part of ils normal risk management proGesses and mitigating actions both already taken and available lo be taken. the Trustees consider it appropriate for the going concern basis lo be adopted for these accounts. In so far ay the Trustees are aware.. there is no relevant audit information of which the 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 Information and to establish that the auditors are aware of that information. Approved by order of the board of directors (Trustees) on 2éNovember 2024 and signed on behalf of the Trustees by. Mrs addon, Director 17
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODFORD GREEN PREPARATORY SCHOOL LIMITED FOR THE YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financial statements of Wo¢dford Green Preparatory School for the year ended 31 August 2024 which comprise the Statement of Financial Activities. the Balance Sheets, the Cash Flow Statement and notes to the financial statemen15, including a summary of significant accounting policie5. The financlal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the Company's affairs as at 31 August 2024 and of the Company's net movement in funds, including the income and expenditure, for the year then ended,. and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Acl 2006. Basls for opinlon We conducted our audil in accordance with International Standards on Auditing IUKI IISAS {UK)l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibililies for the audit of the financial statements section of our report. We are independent of the 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 elhical 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. Conclusions relatlng to golng concern In auditing the financial statement5, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate, Based on the work we have performed, we have not identified any malerial uncertainties relating to events or Conditions that, individually or collectively, may cast significant doubl on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Other Information The Trustee5 are responsible for the other information. The other information comprises the information included in the Trustees, Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not expre55 any fomi of assurance conclusion thereon. In connection with our audit of the f1nancial statements, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement ofthe other information. If, based on the work we have pertormed, 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. 18
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODFORD GREEN PREPARATORY SCHOOL LIMITED FOR THE YEAR ENDED 31 AUGUST 2024 Opinions on other matters prescribed by the Companles Act 2006 In our Oplnlon. based on the work undertaken in the course of the audit.. the information glven In the Trustees, Report (which includes the Directors, report prepared for the purposes of Company law) for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Directors. report included wilhin the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report (which Incorporates the Directors, report). We have nothing to report in respect of the following rnalters in relation to which the Companles Act 2006 requires us to report lo you if. in our opinion.. adequate accounting records have not been kept by the Company., ar the Company 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 far our audit., or the Twstees were not entitled lo prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustee5' report and from the requirement to prepare a strategic report. Responsibllitie5 of Trugtees for the financial statements As explained more fully in the Statement of Tru51ees' Responsibilities slalemenl sel out on page5 13 and 14 the Trustees (who are also the Directors of the Company for the purposes of Company law) 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 lo enable the preparation of financial statements thal are free from material misslalement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Company or lo ease operations, or have no realistic alternative but to do so. Audltor's responslbilltles for the audit of the flnanclal statements Qur objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influen¢e the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our respon5ibililie5, Outlined above, lo delecl material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of dele¢ting irregularities, including fraud is detailed below". 19
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODFORO GREEN PREPARATORY SCHOOL LIMITED FOR THE YEAR ENOED 31 AUGUST 2024 Based on our understanding af the Company and the environment in which it operates, we identified that the principal risks of non-cornpliance with laws and regulations related to the independent school regulations, safeguarding, employment and health and safety regulations and Charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as include the Companies Act 2006 and the Charities Act 2011, and considered other factors such as income tax, payroll tax and sale5 tax. We evaluated management's incentive5 and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedure5 performed by the engagement team included: Inspecting correspondence with regulators and tax aulhorilies., Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud; Evaluating management's controls designed to prevent and detect irregularities; Identifying and testing journals., and Challenging assumptions and judgements made by management in their accounting estimates 8ecause of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstalemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the event5 and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance, The risk is also greater regarding irregularitie5 occurring due to fraud rather than error, as fraud involve5 intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or -uklaudi rsres onsibilities. This description forn15 part of our auditor's report. Use of our report This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might stale lo the Company's members those matters we are required to state lo them in an Auditor's 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 Cornpany and the Company's members as a body, f¢r our audit work, for this report, or for the opinions we have formed. Lee Stokes Senior Statutory Auditor For and on behalf of Hay5Mac LLP, Statutory Auditors Date.. 10 Queen Slreel Place London EC4R 1AG 20
WOODFORD GREEN PREPARATORY SCHOOL LIMITED STATEMENT OF FINANCIAL ACTIVITIES {SOFA: Incorporating an Income and Expendlture accounti FOR THE YEAR ENDED 31 AUGUST 2024 Total Unre5trlcled Funds 2024 Total UnrBstricted Funds 2023 Notes INCOME FROM.. Charltable Activltles Sthool fees receivable 4,819.190 4,446,264 Registration fees and other Income 285.476 303,091 Donatlons and Grants 4.316 3.306 Oihor tradlng actlvltles Rental income 1,974 5,966 Investments 74.475 97.844 Total Income 5 185431 4 856 471 EXPENDITURE ON.. Charltable Actlvltles School'5 operatrons 4.670.585 5,154,132 Total oxpendlture 4 670,58S 5.154.132 NET INCOMEIIEXPENDITUREI FOR THE YEAR AND MOVEMENT IN FUNOS 514,84e 1297,6611 Fund b¥lances 411 September 2023 4,893.088 5,190.749 FUND BALANCES at 31 Augusl 2024 5 407 934 4 893 088 There were no acquisition5 or discontinued activities during Ihe year. There were no olher re¢ognis8d gains or lo$$es during the year. There was no re51ricled Income or expenditure In 2023 or 2024 The accompanying notes forrn part ol these financial slalemenls. 21
WOODFORD GREEN PREPARATORY SCHOOL LIMITED BALANCE SHEET Company Registratlon No. 00621311 AT 31 AUGUST 2024 Notes 2024 2023 FIXED ASSETS Tangible assets 2.823,494 2.817,008 CURRENT ASSETS Debtors Cash al bank and in hand 92,570 4.447,620 70.352 3 424.440 4.540,190 3,494,792 CREOITORS.. Arnounts falllng due wlthln one year 10 1,724.550 1,166,812 NET CURRENT ASSETS 2,815.640 2,327,980 TOTAL ASSETS LESS CURRENT LIABILITIES 5,639,134 5,144,988 CREDITORS.. Amounts falllng due fier morè than oni yèar 11 1231.200} 1251,9001 NET ASSETS 5 407 934 4.893 088 The funds of the ch8rlly are represented by. UnrestrlGt•d funds.. General lunds Oesignaled funds 12 2,535,934 2,872,000 4,475.088 418.000 5 407 934 4 893 088 The accounts were issued and approved by the board of Trustees on 26November 2024 and slgned on their all by MrsGHa Director Mr P Kemp8 Director The accompanying notes form part of these financial statements 22
WOODFORO GREEN PREPARATORY SCHOOL LIMITED CAspf FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Net cash Inflow from operatlons Nel cash provided by operating aclivilies 1,198.551 311.618 Cash flows from Investing activitles.. Payments lor tangible fixed assets Investment income {249.8561 74,475 1310.7231 97,844 Net cash used In Inv?stlng a¢tlvltl•s 1175,3811 1212.879 Change in ¢a5h and ¢8sh equivalents In the reporting period 1,023.180 98,739 Cash and cash equivalents al Ihe beginning of the period 3,424.440 3.325,701 Cash and cash equivalents al the end of Ihe reporting period 4,447,620 3.424,440 111 RECONCILIATION OF NET MOVEMENT IN FUND5 TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nel movement In fund5 Depreaalion charges Ilncreaselldecrease In debtors Increaselldecrea$el In eredilors Inveslmenl Income 514 846 243 370 122 2181 537 038 174.4751 1297.6611 753.242 112,054 11S8 1731 197,8441 Net Cash Inflow from operatlng actlvltle5 1,198.561 311.618 1111 Analygls of cash and cash gqulvalents 2024 2023 Cash 4.447.620 3,424,440 Tolal ¢a5h and cash equlvalents 4.447,820 3 424 440 23
WOODFORD GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 1. ACCOUNTING POLICIES The principal accounling policies, all of which have been applied consislenlly throughout the year and in the preceding year are. al Basls of accountlng The linancial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accoun15 In accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS1021 IChaTilies SORP Second Edition, effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The School meets the definition of a public benefit entity under Financi81 Reporting Stsndard IFRSI 102. Assets and liabilities are initially recognised 81 historical cost or transaction value unless otherwise slated in the levant accounting policy notes. bl Crltlcal accountlng ludgemgnts and key sources of estlmatlon uncertalnty In the application of the aecounling policies. Truslees are required lo make judgement, estimales. and assumptions about the carrying value ol assets and liabilities that are not readily app8renl from other sources. The eslimaleg and underlying assumptions are based on historical experience and olher factors that are considered lo be leVant. Actual results may differ The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting esllmales art recognised in the period in which the eslimale Is revised il the revision aflecls only that period, or in the period of the revision and future peTiod$ il the revi510n aff&cled current and futu periods. In the view of the Trustees, no assumptions concerning future or e8tirnats.on uncertainly affe¢ling as$¢l$ or liabilities al the balance sheet dale are likely lo 61¢ in a material adjuslmenl ol their carrying amounts in Iho next financial ye8r. The following accounting pollcie5 have been applied consislenlly in dealing with items which are considered materi81 in relation lo the School's financial slalemenls, excepl lor the lacl that it is no longer considered appropriate lo accrue lor teachers, holiday pay or lo COgnIse a5 a prepayment any lime le¥chers have 5penl in preparing for the following academic year. cl Golng concern The accounts have been prepared on a going Concern basis. The Trustees Teview the financial information ltsr the School and consider whether the School Is 8 going concern for a period of al least 12 months from the dale of approval ol the accounts. The Trustees have assessed the major risks lo which the School is exposed, in particular those related lo the operations and finances ol the School. In particular. the Trustees have con51dered the impa¢l ol the imposition of VAT on school fees. the removal of Business Rale5 relief, the increase in Employerfs National Insurance eonlribulions and the reduction in pupil numbers. However, through appropriate consideration of ri¥ks as part of its normal risk management processes antJ miligaling actions both already taken and available lo be taken, the Tru$lees are satisfied thal systems afe in place lo manage the exp08ure lo the major risks and consider il appropriate for the going coneem basis lo be adopted for the$e account5. dl SGhool fees recelvable and slmllar Income Fees receivable and other fees are accounted lor in the year in which the setvice is provided. Fees receivable represent fees less bursaries and allowance5 and other income deiived from Ihe School's continuing aclivilies. el Investment Income Investment income from bank balances and fixed intere51 securities is accounted for on an accrua13 basis. Q Voluntary sources, grants and donatlons Volunlaiy income is accounted for as and when entillemenl arises, the amount can be reliably quantified and the economic bènefit lo the School Is considered probable. gl Expendlture Expenditu is accrued a5 500n as there is a ¢onlraclual obligation or a liability is considered probable, discounted lo present value for longer term liabilities. Expenditure 15 allocated lo expense heading5 either on a direct cost basis or apportioned according lo time spent. The irrecoverable element of VAT is included with Ihe ilem of expense to which il relates. 8ad debts a provided for in accordance with the School's bad debt policv. 24
WOODFORD GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 1. ACCOUNTING POLICIES Icontlnued} h) Penslon costs During the year. the School participated in three separate pension schemes including the Teachers. Pension Scheme I"TPS"I which is an unfunded government scheme. which provides benelils based on final pensionable pay, The TPS is a mulli employer scheme and the funds of TPS are sèparate Irom the ochool. The School withdrew from TPS with effect from 1 Seplember 2024. I teachers in TPS joined the School's APTIS pension gcheme which is a defined contributions scheme adminisl6red by Aviva. The School also partitypaled In both defined benelils and delined contribution8 schemes administered by TPT Reiirèmenl Solutions Limited ("TPT"I. All members of Ihe TPT schemes {non leaching siafn have now 0160 moved lo APTIS. The 1$ an exil charge payable in connection with Ihe TPT defined benefits scheme. The School Is wailing for TPT'S actuaries Il Tanglble fixed asset• and depreclatlon Depreciation Is provided al rates calculated lo wrile off the cost, less eslimaled residual value of each as$ei based on ¢urrenl market price5. over ils expected useful life. as follows.. Freehold buildings 2Vo slr8ighl line basis Improvement lo propertie5 . 1 00 slraighl line basis Computer equipment- 25% slraighl line bas15 Fixtures and Iillings - 10% slraighl line basis Motor vehicle . 25% reducing balance basis Il Flnanclal Instruments The School only has Iin8ncial assets and financial Iiabililies ol a kind Ihal qualify a5 ba51c financial Instruments Basic financial nslrumenls are Inilially recognised al transaction value and subsequenuy measured al their selllemenl value, kl Debtors Trade and alher deblofs are recognised al the selllemenl amount due after any Ir4de discount offered, Prepayments are valued al the amount prepaid nel ol any trade discounts due. 11 Cash at bank and In hand Cash 81 bank 8nd cash in hand Includes cash and short term highly liquid Inveslmenls. ml Leaslng commllments Assets held under finance leases and hire purchase conlracl$ aig capilalised In the balance shegl and are dapr&cial8d ovor their useful lives or the period of the lease whichever is the shorter. The Interest element of the obligations Is charged lo the SOFA over the period of the lease Rentals applicable lo operating leases where subslanlially all ol the ben&lils and risks of ownership remain with the lessof are charged lo the SOFA on a slrai9hl line basis over the lease term. Lease Incentives are aecounled lor n) Cr•dltors Credilots and provisions are recognisod where the School has a present obligation resulting from a pa$1 event thai will probably result In the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or eslimale¢J reliably. Creditors and provisions are normally recognised al their selllemenl amount afler allowing lor any trade diseounls due. ol Fund Account8 Unreslricled fund5 are availablp lor use al the discretion of the Truslees in furtherance of the general objectives of the Company and have not been designated lor olher purposes. Designated lunds are sel aside by the Trustees for their specific purposes. p} Taxatlon The Company is a registered charity and as such is exempt from income lax and corporation tsx under Ihe provisions of seclion 478 01 the Corporation Tax Act 2010. There Is a similar exemption lor VAT. which Is Included in expenditure or in Ihe cosl of 25
WOODFORD GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 2 FEES RECEIVABLE Total 2024 Total 2023 Fees receivable consists ol Gross fees Less.. Assisted places and staff concessions 4,994,601 1175.411} 4,557,643 1111,3791 4,819,190 4,446,264 Note 3 REGISTRATION FEE AND OTHER INCOME Total 2024 Total 2023 Registration and other lees including initial deposits forfelled Sundry income Clubs Incom8 93,049 34.845 1 $7,582 285,476 132,784 24,912 145,395 303,091 Note 4 INVESTMENTS. BANK AND OTHER INTEREST Total 2024 Total 2023 Bank interest Interest on late fees 73,312 1,163 97,844 74,475 97,844 26
WOODFORD GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 5 ANALYSIS OF EXPENDITURE al Total expenditure Staff eo$ Inole 61 Depreciation Inole 81 Other Costs Total 2024 Charitablè expendlture Teaching Welfare Premises Proie¢l R.Ed School admini51raknon and governance 2.369.856 50,178 101,350 868,777 377,697 34.694 3,238.633 427,875 379,414 243.370 455,371 169.292 624.663 Total expendlturè 2,976.755 243,370 1,450,480 4,670,585 Support costs, ineluded within Other costs. are allocated on the basis ol slafl headcounl. bl Governon¢e Includod In sUPPOrt costs 2024 2023 Remuneration paid lo auditor for audit services lex¢luding VATI Remuneration paid lo auLlilor for non_audil services (excluding VATI 15,300 1,900 13,900 1.725 15.625 PRIOR YEAR Other Costs Total 2023 Slafl costs Doprecialion Charltable expendlture Teaching Welfare Premises Project R.Ed School admin151ration and governance 2.369.463 50 170 101,333 853,304 370.971 34.075 3.222 767 421.141 338.721 549.929 621,574 203,313 549.929 455.295 166,279 Total expendlture 2,976,261 753,242 1,424,629 5,154,132 27
WOODFORO GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 6 STAFF COSTS 2024 2023 The gggregatè payroll costs for the year were.. Wages and salaries Social security costs Pension costs 2,339,144 247.777 389,834 2,354,019 246,986 375,256 2,976,755 2,976,261 2024 2023 Total amount ol employee benelils (including employer pension ¢onlTibulionsl of key mana9emenl personnel.. 303.916 228,170 The number of higher paid employees whose annual emoluments were £60,000 or more was 2024 No 2023 No £70.001- £80.000 £90,001- £110.000 The average number ol employees during the yaar were., 2024 No 2023 No Teaching Office and non-leaching slalf 53 53 62 64 Note 7 TRUSTees None of the Trustee5 lor any persong Connected with them) received any remuneration during the current or prèceding year, 28
WOODFORD GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 8 TANG18LE FIXED ASSETS Freehold land and Property bulldlngs Improvements Flxture and fittlngg Computer equlpment Total Cost Al 1 September 2023 Additions 4.266,456 1.012.774 1 $2.256 811,850 22.174 596.382 75.426 6,687.462 24g.8S6 AI 31 August 2024 4 266.456 1.165.030 834 024 671,808 6.937,318 Depre¢latlon Al 1 September 2023 Charge for the year 2.201.407 85,664 505.244 82,176 603,727 31,708 560,078 43,822 3,870.454 243,370 Ai 31 August 2024 2,287,071 587 420 635.435 603,898 4.113.824 Net Book Value Al 31 August 2024 1,979.385 577.610 198.589 67,910 2.823,494 Al 31 Augusl 2023 2.065.049 507,530 208,123 36.306 2,817.008 29
WOODFORD GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 9 DEBTORS 2024 2023 Fees receivable Prepayments and acwed income Other debtors 24,969 67,801 1,326 29,779 39,247 92,570 70,352 Note 10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2D23 Fees In advance and Depos11$ Trade creditors Accruals Other lax and social security Other Creditors 1,587,079 8,536 41,381 56.595 50.959 1,724.550 1,069.914 22,194 25,933 48,771 1.166,612 Note 11 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Deposits 231,200 251,900 231,200 251,900 30
WOODFORO GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 12 TOTAL UNRESTRICTED FUNDS Balance 1 September 2023 Transfer$ between funds 8alanco 31 August 2024 Income Expendlture General fund Unresliicled General fund 4.475.088 5.185.431 4 366.638 2.757.S47 2,53S,934 Deslgnatgd funds Norah K Read Assisted Places Fund Means Tested Assisted Places Fund Eslale Development Fund Suslainabilily Fund Parent (VAT Support) Fund Hawkey Hall Contingency Fund Powei Upgrade Fund Pension Exil Fee Fund 18000 113,6351 13.635 18,000 150.000 250.000 195,4451 1194,8671 95.445 434,867 480,000 2SO,000 1,000,000 264,000 220,000 2,757.947 150,000 490,000 480,000 250,000 1,000,000 264,000 220,000 2.872,000 418.000 303,947 4,893,088 5.185,43 4 670 585 5 407 934 TOTAL UNRESTRICTED FUNDS (PRIOR YEAR) Balance 1 Saptgmber 2022 Transfers between funds Balance 31 August 2023 Income Expèndlture General lund Unreslncled - General lund 3.772,749 4.856,471 4 281423 127.291 4,475 088 Deslgnalod lunds Norah K Read A$$1518d Places Fund Means Tesle(J Assisted Places Fund Development Fvnd Project R.Ed Fund 18.000 18.000 150000 250.000 1.000.000 1418.000 166 8681 1255 9121 549 929 872 709 66.868 255912 450 071 127291 150,000 250,000 418,000 5 190 749 4856471 5 154 132 4 893 088 The Norah Read Assisted Places Fund leslablished In memory ol the School'5 founder) exists lo provide means lesled assistance lo parents ol pupils already attending the School who experience a change In their financial circumstances, The Means Tested Assisted Places Fund was established lo provide means lesled assistance wilh fees lor pupils allending the School from the September following their 7th birthday. The Estate Development Fund has been established In order lo allocate financial resources lo medium term property Improvernen15 Including Iixlures and fitting5. The Suslainabilily Fund w05 established lo covei the anliapaled costs of the School's planned nel 2ero policy. The Parent IVAT Support) Fund wa5 established lo try Io Teduce Ihe impacl of the Imposilion of VAT on school fees from 1 January 2025. The Hawkey Hall Contingency Fund was established lo cover a potential acquisition of land on the Sir James Hawkey Hall sile. 31
WOODFORD GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 12 TOTAL UNRESTRICTED FUNDS {contlnuedl The Power Upgrade Fund was established in order lo cover the cost of a new generaior or power Slalion lor olher P¢)wer source) needed lo meet Ihe School's power supply reqU1mentS. The Pension Exit Fee Fund was established to eover the anticipated e1 fee on leaving the TPT Scheme. Project R.Ed is no longer being considered by Governors and therefore all costs a880cialed with this Project were wrillen off during 2022123. There will be no fund$ allocated lo this project for future years. 32
WOOOFORD GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNT5 FOR THE YEAR ENDED 31 AUGUST 2024 Note 13 FINANCIAL COMMITMENTS Al 31 August 2024 the charity had lolal eommilmenls under non-cancellable operating leases for plant and equipment a5 follows 2024 2023 Operating lease expenditure falling due. Within one year Beeen one and five year5 22,023 27,400 16,060 23,581 49,423 39,641 Note 14 ANALYSIS OF NET ASSETS BETWEEN FUNDS Tanglblg Ilxed assets Not current assets Long-lerm credltors Total 2024 General funds Designated lunds 2.823,494 156,3601 2.872,000 1231,2001 2,535,934 2,872,000 Total funds 2,823,494 2,815,640 231,200 5,407,934 ANALYSIS OF NET ASSETS 8ETweEN FUNDS. PRIOR YEAR Tanglble Ilxed a88gts Net current 4¥8el8 Long-term redltors Total 2023 General funds Designated funds 2.817,008 1,909.980 418 000 1251.9001 4 475.088 418,000 Tol81 lunds 2.817 008 2.327.980 251 900 4 893 088 Note 15 ReLATED PAR TY TRANSACTIONS During the year Tru51ees Incurred travel expense5 Of £13312023. £191. There were no olher related party transactions in the current or preceding year. 33
WOODFORO GREEN PREPARATORY SCHOOL LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Note 16 PENSION COMMITMENTS During the year, the School participated in Ihree 5eparale pension sehemes including the Tea¢hers' Pension Scheme I'TPS I lor ils leaching staff. The pension charge lor the year includes pension conlribulions payable lo the TPS of £340,76412023- £373,054). There are land were In 20231 na year end charges. The TPS is an unlunded government scheme. which provides benefits based on final pensionable pay. The TPS is a mulli employer scheme and the funds of TPS are separate from the School. The School withdrew from TPS with effect Irom 1 September 2024, All teachers in TPS joined the School's APTIS pension scheme which is a defined contributions scheme administered by Aviva, The School also p8rticipaled in both defined benefi15 and Lsefined ¢onlributs'ons schemes administered by TPT Retirement Solutions Limiled I'TPT'I, All members ol the TPT schemes (non teaching slaffl have now also moved lo APTIS. There is an axil charge payable in connection with the TPT delined benefits s¢heme, The School is wailing for TPT'S actuarie5 to determine the charge bul il is eslimaled lo be in excess 01 £200.000. The School has created a designaled fund lo cover the anticipaled charge. 34