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Aldwickbury School Trust Limited (A Company Limited by Guarantee)

Incorporated in England and Wales No. 950339 Registered Charity No. 311059

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS

For the year ended

31 July 2023

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Aldwickbury School Trust Limited CONTENTS for the year ended 31 July 2023

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Governors’ Report 1
Auditors' Report 29
Statement of Financial Activities 33
Balance Sheet 34
Cash Flow Statement 35
Notes to the Financial Statements 36
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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee)

GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

TRUSTEES

The Governors of Aldwickbury School Trust Ltd (the School) are the School's charity trustees under charity law and the directors of the charitable company. The Governing Body members who served in office as Governors during the year are detailed below.

Dr R.L. Axworthy, Ph.D., B.A.

Mr P. Barr, MAB. Ed °

Mr J. G. Bromfield, M.B.E., B.A., P.G.C.E (Chair) ***°

Mr C. Boothby, BSc (Econ) ° Mrs T Chasmawala LLB (Hons) “° MrA.D. Coley ' Mrs R.K. Cooke, B.A.”

Mr C. M. Dinwoodie, L.L.B., M.B.A., A.C.1.1. °°

Mrs C Dugmore, ACA '

Mr J. Hodgson, B.A. Mr G Howe B.Com ° Mr J Lewis B.Ed (Hons) ” Mrs J Lumsden, B.Ed (Hons) P.G.C.E ® Mr Bill Tolman MSc, BA (Hons), FRGS, FRSA °* ,

1 Member of the Finance and General Purposes Committee

2 Member of the Nominations and Governance Committee

3 Member of the Marketing Committee

4 Member of the Remuneration Committee

5 Member of the Education Committee

During the year the activities of the Governing Body were carried out through five committees. The membership of these committees is shown above for each Governor.

OFFICERS

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee)

GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Head:

Mr P J Symes BSc (Hons), P.G.C.E

Bursar and Clerk to the Governors: Major (retd) | S McLaughlin MSc, CMgr FCMI PROFESSIONAL ADVISERS Bankers: Barclays Bank PLC West Hertfordshire Business Banking Team PO Box 87 22-24 Upper Marlborough Road . St Albans Hertfordshire AL1 3HJ

Auditors: Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

The Board of Governors present their Annual Report for the year ended 31 July 2023 under the Companies /ct 2006 and the Charities Act 2011, consisting of the Directors’ Report and Strategic Report under the 200 Act, together with the audited financial statements for the year.

DIRECTORS’ REPORT

CONSTITUTION AND OBJECTS

Aldwickbury School Trust Ltd is a charitable company founded in 1969. Its charity registration number is 311059, and its company registration number is 950339. The liability of its members is limited to a maximum of £1 each by guarantee. The Registered Office and principal address of the Company is Wheathampstead Road, Harpenden, Hertfordshire, ALS 1AD. The Company is governed by its Articles of Association.

The Objects of the Company, in accordance with its Articles of Association, are primarily to carry ona school and other educational activities and to promote the fundamental principles of the Christian Religion. In the furtherance of these Objects, the Directors, as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.

AIMS, OBJECTIVES AND ACTIVITIES Aims

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The School's aims are:

e Tomaintain the School as a day school with casual boarding opportunities in the upper years, in which there are strong and active partnerships between parents and the School and between the local community and the School;
° To offer all pupils a range of opportunities so that they can achieve to the best of their ability within a framework of the shared Aldwickbury Values and Standards;
e To value and nurture pupils as individuals, giving them a sense of their own self-worth and of the value of service to others, thus preparing them for life beyond the School.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

Primary objectives

The primary objectives of the School to fulfil these aims are:

=< =e To provide high standards.of teaching so that all boys achieve their potential;
e To encourage the boys to become independent learners, able to think for themselves;
e To provide a broad and balanced curriculum from which all boys will enjoy and benefit;
e To provide opportunities for the boys to live out the Aldwickbury Values, which are broadly based around the Christian Faith and its values, developing them as their own;
° To encourage the boys to take full advantage of every opportunity presented to them;
e Tocreate an outward-looking community, including boys, staff, parents and governors, where mutual respect is encouraged and expected.

These objectives are set out in the School's Strategic Plan, within six strands as

follows:

Strand 1	Building on current strengths
Strand 2	Promoting outstanding teaching and learning
Strand 3	Promotion ofthe extra-curricular provision and the extended day activities
Strand 4	Using ICT forteaching, learning, administration and communication	:
Strand5	Enhancement ofcommunity links
Strand6	Provide business resilience and continuitythat ensures the School can	operate
			‘
	withoutdisruption

The Governors in partnership with the Head, Senior Management Team (SMT) and the staff, are confident that with strong adherence to these objectives, Aldwickbury will deliver a curriculum that academically challenges the boys at all levels; a school that has a growth mindset to education and is forward thinking in its approach to the future of education/employment. It also aims to provide an environment that will open the boys’ eyes to the wider world outside the Aldwickbury community, a focus on its charitable obligations and an eye on the sector challenges so that it can react appropriately in advance without disruption to education and remain a going concern. 4

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

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Finally, a school that aims to produce ‘good people’.

GOVERNANCE AND MANAGEMENT

Governing Body

The Governors have a range of skills relevant to the governance of the School, including, for example, in education, business, law, finance, property and planning. Some are parents of former pupils. In considering new candidates for appointment to the Board, the Nominations and Governance Committee is mindful of the skills needed to complement existing board members, skills which are subject to a regular review and audit. All candidates meet with the Chair of the Board, then Head and Bursar, and are interviewed by the Nominations and Governance Committee before nomination to the Board. —

Governor training

New Governors are subject to regulated safeguarding checks that include an enhanced disclosure barring service check before a comprehensive induction that covers the workings of the School and of the Company as a registered Charity and our obligations outlined by the Charities Commission, strategy, policies and procedures. This is supplemented by an induction pack that contains a copy of the Terms of Reference and Articles of Association that is used as a reminder of their duties and responsibilities.

All Governors conduct training as required which is identified annually as part of the skills audit or as designated to enhance their role as a Governor within the School. Safeguarding training is _ mandatory for all Governors and conducted on appointment and is refreshed annually. Where specific training is undertaken, it is arranged via seminars and workshops organised externally by specialist providers supported by the School’s membership of the Association of Governing Bodies of Independent Schools (AGBIS). Additional training is also undertaken at the annual Strategy Day where the Chair, in discussion with the Head and the Clerk, designs a day that focuses on Aldwickbury and its priorities for the future. This is supported by strategic speakers and workshops that focus the board on their duties as governors in the context of both the economic environment and the School's aspirations and obligations.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

Organisational Management

The Governors meet regularly as required and formally meet as a Board at least three times a year to determine the general policies of the School and to review its overall management and ~~ gontrol for which they are responsible. Oversight of the School's finances is provided by the Finance and General Purposes Committee, chaired by Dr R.L. Axworthy, which meets four times a year ahead of each meeting of the full Governing Board. The Marketing Committee, chaired by Mr C. Boothby, meets at least three times per year and oversees the strategy of all marketing activities within the School, with the aim of ensuring a coherent and focused whole School Marketing Policy. The Nominations and Governance Committee, chaired by Mrs R Cooke, meets as needed; usually three times a year with the primary purpose of ensuring good governance including succession planning and compliance. The Education Committee, chaired by Mr P Barr, meets three times a year overseeing the educational policy of the School and receives reports on initiatives and developments from relevant members of staff. It also has the responsibility for oversight of the School's safeguarding policies, the importance of which is highlighted by the appointment of a safeguarding governor, Mrs T Chasmawala, who is a member of the committee. The committee also works closely with the Designated Safeguarding Lead and the Head to focus on an independent safeguarding audit annually. ,

The day-to-day management of the School is delegated to the Head and the Bursar, who involve the SMT in delivering the services provided by the School, and together this group comprises the key management personnel. The Head and Bursar attend all Governing Body and Committees meetings as required. Other members of the SMT are invited to specific meetings as required.

Remuneration Policy

Staff remuneration is determined by the Board on the recommendation of the Remuneration Committee (via the Finance and General Purposes Committee). The Remuneration Committee aims to provide an appropriate salary, benchmarked against the sector and is within the spirit of the School Teachers’ Review Body (STRB), is able to reward staff for their contribution, and remains competitive enough to attract the best staff that will inspire the boys and evolve a curriculum. The remuneration of the SMT is agreed by the board based on the recommendation of the Remuneration Committee, which in making its recommendations, takes note of national benchmarks and the responsibilities of each member. The appropriateness and relevance of the remuneration policy is reviewed annually.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

Structure and Relationships

The School does not have any subsidiaries, nor is it a subsidiary of any other entity. The School retains its membership of various sector specialist bodies that support Governance, Education, Boarding and Business decisions along with training, seminars and webinars that enhance the school's skills, knowledge and experience. The Head is a member of the Independent Association of : Prep Schools (IAPS) which exists for the promotion and maintenance of preparatory school standards generally. The School is a member of the Independent Schools’ Bursars Association (ISBA), to support business and administrative functions of the School; the Admissions, Marketing and Communications in Independent Schools (AMCIS), for support and the development of business management; the Association of Governing Bodies of Independent Schools (AGBIS) for the promotion and support of good governance; and the Boarding School Association (BSA) for boarding matters. ;

The School co-operates and works with local charities and educational establishments in its ongoing endeavours to widen public access to the schooling provided, optimise the educational use of sporting facilities, develop access to cultural facilities at the School and awaken its pupils to the opportunities the School offers while giving them an awareness of the wider social context of the education received at the School.

Employment policy

Aldwickbury actively encourages diversity in staff, pupils and in the curriculum. The School is committed to equality, diversity and inclusion as part of the staff recruitment process, which is governed by the Schoo!'s principle of non-discrimination. This process is designed to achieve the best match between knowledge, skills, experience, character and the requirements of the vacant post, while recognising the need for flexibility to respondto changing conditions. Importance is placedon_. the School's values, and all candidates are made aware of the expectations of our staff through the interview process. Internally, this process is managed by the Deputy Bursar in the capacity of Head of Human Resources, and they ensure appropriate steps are followed to ensure that it is fair and transparent. The following criteria are considered in the selection of a candidate:

e The capability of the individual to perform in the position is the major selection criterion but the ability both to work with others and to be trained, coupled with individual potential, is taken into account.
e Applicants are dealt with courteously and as expeditiously as possible.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

e Carefully selected and validated skills which, when required, are measured through a variety of assessments, including ‘in-tray’ exercises, scenario-based questions and, when appropriate, Psychometric tests (administered by a trained tester).
e@ Appointments are confirmed on receipt of satisfactory references, DBS (enhanced) checks (and, where applicable, a check of the prohibition order), evidence of medical fitness and ~ satisfactory completion of a probationary period.
e Recruitment and employment decisions are made based on fair and objective criteria. Selection procedures are carefully documented and are subject to review from time to time to ensure they are appropriate for achieving the school’s objectives and avoiding unlawful discrimination.
e Interviews are conducted objectively; personal, or home commitments do not form the basis of employment decisions. Every effort is made to accommodate each candidate's requirements throughout the process.
e Aldwickbury recognises and encourages all employees’ right to equality of opportunities. Breach of the equal opportunities policy is a serious disciplinary matter and will be dealt with under the School's disciplinary procedure at the most senior level in the first instance. Annual Equality, Diversity and Inclusion training is provided to enable employees to implement and uphold our commitment to equality of opportunity.
e All employees are given their own copy of the staff handbook (either physically or by making it available online), which contains all employment policies, including the School’s Harassment and Bullying, Equality, Diversity and Inclusion, Complaints and Whistleblowing policies. These policies are reviewed annually, and additional employment policies are inserted as required.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS : FOR THE YEAR ENDED 31 JULY 2023

STRATEGIC REPORT

MISSION STATEMENT

The School's principal activity continues to be devoted to its objects as a charitable company for educational purposes by educating boys from 4-13 years of age. The Board’s main objective is to educate all the School's pupils to as high a standard as the individual's potential will allow in both academic and non-academic areas.

STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES

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To achieve the main objective of educating boys to as high a standard as possible, significant investment continues to be made in the School's facilities for education, and in activities that continue to stimulate learning opportunities that benefit the boys in the School.

ACHIEVEMENTS AND PERFORMANCE

Review of achievements and performance for the year

In September 2022, the boys returned to Aldwickbury with the School in a very healthy position. The Sports Hall project was close to completion and the changes implemented in the Headmaster's first year of Headship were apparent. ;

The Headmaster promised a school that respected history and tradition but was forwardthinking in its’ approach. This was none more apparent than the delivery of the Future Thinking Curriculum that runs alongside the more traditional schoo! timetable. Focussing on six key areas, to prepare the boys for the changing world with the skills for their Senior School of choice. From Reception to Year 8, boys took part in the following activities.

e Community
e STEM
e Creative technology
e Outdoor learning
e Communication

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

Led by the Head of Future Thinking and his newly assembled team, the curriculum quickly became a favourite with the boys as they experienced new subjects and activities to develop creativity, collaboration, communication and, critical thinking, the 4 C's of 21st century education skills.

In the main curriculum, the School acted on the recommendations of the May 2022 ISI inspection and sought further ways to deliver a curriculum that stretches and challenges all the boys at all levels. The decision was made to remove the traditional scholarship class from September 2023. Parents were consulted through ‘Coffee and Chat’ events and communication at home, while meetings took place with staff to make sure the curriculum was set up to achieve this objective. With investment in new facilities, it was felt a new dynamic curriculum could stretch and challenge all the boys across all subjects using a combination of mixed ability classes and streaming in their subject areas. The boys had an outstanding year in their co-curricular activities. Drama and Music productions were delivered at the highest level performing to a full Chidell Hall. The boys achieved numerous national titles in both individual and team sporting events. More importantly, sport continues to havea significant positive impact on the mental health of the boys.

In the Summer Term, the school were once again proud of the success of the Year 8 boys. All 33 of them gained entry to their first-choice schools, with over 33% of them being recognised with a scholarship offer. The main destination schools remain St Albans and. Bedford School, and the strong relationships with the schools are highly valued.

Alongside these essential relationships, Aldwickbury continued to build its reputation with other senior schools and supported parents in having a greater understanding of what these schools offer. Registration at schools such as St Margarets, Bushey and St Edmunds, Ware was evidence of this. Parents also continued to look at schools further afield, with places at Marlborough and Charter House taken up by the boys. In the Spring term, The school's firstever Senior School Fare was attended by 18 senior schools, which highlighted the importance of considering schools outside of the local proximity when seeking the ‘best fit’ for their son. The evening was an outstanding success and was also supported by the addition of Senior School Guide which helps families navigate the senior school transition.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

This year, our Year 8 Leavers are heading to the following schools:

e St Albans 17
e Bedford 12
e Haileybury 2
e Marlborough 1
e Charterhouse 1

The School celebrates 13 boys being awarded scholarships:

e 6 Academic Scholarship
e 2 Sport Scholarship
e 2 Drama Scholarship
e 3Art Scholarship

In other year groups, the early entry test results were very pleasing. St Georges, Harpenden, continues to be a destination of choice for leavers at 11+ and other local senior schools were a consideration for parents. The School wished these boys well, with leavers gifts as a show of thanks to those families who have supported the School for seven years. However, while wishing boys well, the aim is to continue strengthening the Year 7 and 8[offering][to][retain] boys at 11+. The School entered the 2023/24 academic Year with 47 boys in Year 7, a record number demonstrating the outstanding educational offer available to the boys at Year 7 and 8.

In the summer term, boarding numbers increased after a lull post-COVID. Boarding continues to be an essential part of school life and significant investment in the summer term in preparation for the new academic year saw the boarding rooms redeveloped, bringing new energy and a family feel in line with the school values.

In line with the school development plan, there was further investment during the summer of 2023 with works planned for Pre-Prep, focusing on the outdoor learning space for Reception and Year 1. It is hoped that investment in this area will further strengthen the School's vision to fully use its beautiful outdoor space while providing teaching facilities all year round.

The most significant investment was to support the Headmaster’s vision for STEM and Science as the School seeks to offer practical science in labs to boys in Years 3 and 4. This interim project was required for the School to review the next significant capital project and

(A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

ALDWICKBURY SCHOOL TRUST LIMITED

undertake an estate master plan while demonstrating the school's future direction. The STEM hub provides home to 2 x Science labs, a new ICT suite, LAMDA,:Drama and a multipurpose space for STEM and creative technology. After an intensive review of the site, the STEM hub will be homed on the school drive and will be in keeping with the schools’ current builds, while respecting the natural landscape. Portakabin-were-awarded the contract and commenced work in July 2023 with a proposed opening date at some point in the Autumn 2023. .

A positive academic year was rounded off with the School being named asa finalist in the Independent School Awards. This acknowledgement is a testament to the hard work and dedication of all the staff responsible for the education and overall running of the School.

Independent Schools Inspectorate School Inspection

Admission numbers were at a record high, with boys on roll reaching 392 boys. The School operated waiting lists for pupils in Years 3, 4, 5 and 6. Changes to the DfE requirements for registered pupil numbers no longer permit a 10% flexibility. The School was, therefore, required to apply for material change as current numbers were over the 380 listed capacity. An application was made in January 2023 and the inspectors visited in June 2023,granting a new capacity of 450. Inspectors deemed the School compliant in all areas and were complimentary about the school's leadership and strategic vision. While the School has little intention of achieving these numbers in the immediate future, it ensures that the Board can make strategic decisions without the constraint of a further material change application if required.

The key findings of the inspection can be found in the report available via the School website (https://www.aldwickbury.org.uk/about/inspection-reports) or the ISI website (https://www.isi.net/school/aldwickbury-school-6188).

Pupil numbers

The demand for places continues to grow and exceed expectations and most year groups are full. The challenge is to determine the priorities for the School to ensure the School remains attractive to potential parents.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS

_[FOR][THE][YEAR][ENDED][31][JULY][2023]

Numbers

	As at	As at
	July	July
	2023	2022
Pre-Prep (Reception —Yr 2)	106	100
Main School (Yrs 3-8)	286	279
Totalpupils	392	379

Site development

In the first term, we were able to complete the sports hall build finally and we welcomed back our former headmaster to open it. As the academic lessons began, new investment was required to replace the dilapidated equipment and bring in new sporting apparatus that will allow the sports hall to maximise its use and, moreover, expose and inspire the boys to new diverse sports. Essential to this was the investment in indoor cricket, badminton and volleyball nets, and two trampolines. A state-of-the-art scoreboard funded by our families and leavers takes pride of place in the centre of the hall and witha little instruction, allows the sports staff to include all the boys in sporting activities.

In the Autumn and Summer academic terms, we continued investing in the classrooms and upgrading and updating the estate. We finally completed the rollout of interactive white boards providing a learning and a teaching space in every classroom that future proofs Aldwickbury, and we prepared for a strategy that will see the Schoo! move to Bring Your Own Device (BYOD), by September 2024. Modernising and freshening were key to our project priorities and our major projects for the Summer were centred around Pre Prep and providing them with an outdoor learning space all year around.

Away from education, our focus was investment in portable technologies that build on our business resilience and enable staff to work from home when required to ensure continuity of education is maintained, along with sustaining routine maintenance of key facilities. The investment in the swimming poo! cover has madea real difference in the humidity of the pool environment, heat loss from the pool and reduction of energy and running costs.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

PUBLIC BENEFIT

Aldwickbury places great importance on our charitable status and our obligations are a binding principle of what we offer. Significant work has been undertaken in the past two years to widen the opportunities for public benefit and to work with the community. At the heart of our strategic aims is our Christian framework (the School is designated as a Church of England School by the Department for Education), and public benefit allows Aldwickbury to align, our faith, community, charity and public benefit.

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As acharity, all of the School's income must be applied to educational purposes and tax exemptions apply to educational activities provided these are applied for the School's charitable aims. The financial benefits received for these tax exemptions are all applied for educational purposes and indirectly help to maintain bursary policies. However, as an educational charity, VAT input tax on our costs cannot be reclaimed as the School is exempt for VAT purposes. As an employer, tax is also paid through PAYE and national insurance contributions.

The Governors recognise that, under the Charities Act 2011, the School must ensure that its aims are for the public benefit. In determining the School's objectives, the Governors confirm . that, during the year in question, they have fulfilled their legal duty to have due regard to the Charity Commission's published guidance and, in particular, to its supplementary public benefit guidance on advancing education and on fee-charging, both in meeting the public benefit requirement and in discharging their responsibilities as trustees.

Widening access: Bursaries

The School's fees are set at a level agreed by the board in order to facilitate and promote education, invest in state of the art facilities, adopt a continual attitude of improvement in existing infrastructure, continue to widen educational opportunities and attract the best staff that will continue to inspire learning. However, it is important to the School, that the education offered is not restricted only to those who can afford to pay fees, and thus, the School's Bursary Policy contributes to a widening of access to the education the School offers and the facilities available. The Governors continue to review the School's Bursary policy in order to ensure that children are able to accept places offered at the School, even

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

if they are unable to afford the fees. The availability of bursaries is publicised widely in all advertisements on the School website and in other marketing material. The School does not have an endowment fund, so it must also ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices to fund their children's education, and those benefitting from the awards.

All bursary applications are considered through a means-tested report supplied by a thirdparty service provider. The Head and the Bursar consider the report and make recommendations to the Governors to offer support of up to 100% of fees for a limited number of pupils. The School has worked closely with parents and all bursaries are reviewed annually in advance of any further recommendations to the board. During this period, seven grants were in place during the year (three at 100%), to support boys who otherwise could not afford to come to the School, two of which were to continue to assist two boys who have been impacted by the Ukrainian crisis. These boys have been able to integrate into the School fully and have provided cultural enrichment that the entire School has been able to embrace. At the end of this academic year, they will sadly leave but they have been a welcome addition to the School and will be an endearing part of our history in the years to come. (2021/22: five grants of which two at 100%).

The Governors, Head and Bursar are mindful of the continual cost of living crisis and increasing economic challenges and pressures our families face. The Head and the academic team work closely with the Bursar to identify any potential problems, encountered by parents, and through a strong relationship built on trust and understanding, the Bursar and Head are able to work with families to ensure the continuity of the boy’s education, despite any financial difficulties the family may experience. This year the total amount of discounts was £67,854 (2022: £48,398) of which bursaries and hardship assistance accounted for £130,954 (2022: £74,715).

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

Partnership with The Shared Learning Trust

Aldwickbury continues to enjoy a strong relationship with the Vale, Rushmere and Linden Academies based in Bedfordshire, three primary schools which are part of The Shared Learning Trust (TSLT), a multi-academy trust. This is the seventh year, of the partnership and is very much part of the ethos in which Aldwickbury enshrines in the enrichment of the boys lives. TSLT and its pupils have continued to benefit from the opportunities to visit Aldwickbury, interact with the boys, and enjoy the space and facilities offered. The Governors, Head, Staff, and more importantly, the boys feel that this partnership is both mutually beneficial and allows an environment where everyone can learn from each other. it also allows the Head to remind boys how privileged they are to enjoy the amazing opportunities afforded to Aldwickbury Staff and boys. Over the course of the year, the School has collaborated with TSLT in a number of areas to share best practices, including

e Aldwickbury Friends Association and the School have collaborated to donate supermarket vouchers to TSLT families.
e Aldwickbury Friends Association and the School have collaborated to collect Winter clothing and Christmas gifts for children at TSLT. Clothing and Christmas gifts were also donated to St. Matthews and River Banks primary schools in Luton.

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e The school arranged for Imperial College and Oundle school to visit the Vale Academic to give a Maths masterclass.
e All of Year 4, 190 children, visited Aldwickbury for a morning to celebrate languages week.
e The School created a Science Week assembly delivered by Year 8 pupils to . Year 6 pupils at the Linden Academy. An additional science week assembly was delivered to pupils at the Grove School in Harpenden.

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e Pupils from TSLT attended a Keen Writers workshop hosted by the school, which other local schools also attended.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

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e Year 6 pupils from TSLT attended Young Shakespeare Company's production of Hamlet.
e 45 Year 6 TLST pupils attended a STEM workshop run Imperial College and ; Oundle School. The pupils collaborated in mixed groups to design and build rocket cars based on the Blood Hound challenge land speed record. All resources were paid for by the school.
e Specialist sporting events for Tennis, Athletics and Cricket were also offered to primary children across TSLT.
e Specialist introductory fencing coaching was offered to TSLT Year 7 & 8 and pupils from Stockwood Park and Chalk Hill Academies.
° The School’s Head of Individual Development is a Governor of the TSLT’s Primary Community Cluster Board, visiting the schools through the year and offering advice on areas such as sport, well-beingand community links.
e TSLT has offered support to the school for Special Educational needs training for their staff, particularly autism. Along with a member of Aldwickbury staff visiting the TSLT alternative ASD provision at Rushmere Park Academy.
e The School continues to run Maths Challenges for Year 4 & 6 pupils from a range of schools across Hertfordshire.

e Maths challenges run by the School were also held at Bernards Heath School in St. Albans.
e Four members of staff are Governors at maintained schools. The School supports them to attend meetings within the school day.

Other members of Aldwickbury staff offer specialist educational support to the community. Two qualified athletics coaches continue to support a wide range of local children with varied abilities, from beginner level to athletes who compete at national and international levels. The school allows them to attend events during term time. In addition, various

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

members of the Games staff, and our Headmaster, coach local children at cricket, rugby, and football respectively. The school’s grounds and equipment are used for the coaching sessions.

Community Access to the Facilities

In recent years, Aldwickbury has continued to widen access to its grounds and facilities for the enjoyment and benefit of the local community and the Head ensures that the boys and staff are reminded of the enrichment our School grounds can offer others from the local area. Aldwickbury recognise how fortunate it is to have great facilities, and the staff and boys fully understand the engagement of the School with our community.

We have explored additional ways to combine the use of our facilities with the needs of our community and to offer opportunities for our local residents and neighbours to peer beyond the gates. Our relationship with the TSLT enables relationships with Schools beyond our immediate area and where possible, we utilise the facilities, including the outdoor spaces to inspire their visits. We have placed importance on strengthening our links to the community which has included the following:

e This year we have also extended the offer to use our pool to a further local school, totalling four, and allowing them to teach a key skill to their pupils as part of their curriculum each week.
e Support for Redbourn Cricket Club continues and the club uses the grounds and nets.
e Wheathampstead Cricket Club also utilise our grounds for their teams with many of our staff both supporting the session and playing as members of their teams.
e The School's swimming pool has now been opened to two local swim schools which offers swimming lessons of various ages to the community six days of the week.
e Routinely, the community has access to the sports hall and with the installation ofa new climbing wall later this year, there is an aspiration to open it to local groups.
e From time to time, access to the all weather playing field is made available for a

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

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local community children’s Rugby club which it is hoped that we can strengthen our links further in the coming years.

Charitable Giving

Charity is at the centre of Aldwickbury’s ethos, the importance of which is not lost on boys and staff. The boys in the School learn about the role charity plays in the local community through the future thinking curriculum, and the School recognises the value that this brings to the boys and the opportunity to demonstrate the Christian values and community bonding that are so important to Aldwickbury. Significant charitable fundraising is at the heart of school life and the boys are always excited to look at ways to support worthy charities, fully engaging with both local and national charities along with humanitarian relief needs around the world. From September 2022 the boys began work that raised awareness of the work and support the local food bank provides to people and families in most need. This has grown significantly, with the support of the Parents and Staff, food collections are collected on a termly basis. Additionally, this localised support extends to the collection of clothes and winter coats that are distributed to local charities that support families and children from a low socio-economic background and who are struggling during the economic uncertainty of the energy and cost of living crisis. . The Boys’ Council (involving pupils from each year group) recommends the School's main charity and, supported by the staff, plans fundraising activities within the School. This year the boys supported Jeans for Genes, Turkey/Syria disaster appeal as well as the annual support of the Royal British Legion Poppy Appeal. This year raised over £1,252 (2022; £2,185).

Aldwickbury Friends Association (AFA)’s bazaar wasa highlight of the School calendar. Taking advantage of the popularity of a summer event last year, the decision was taken to make this a permanent feature of the late spring calendar and one where, AFA parents, staff and the boys, all took part in the popular event. The warm spring day helped to bring the entire community into the School so that they could enjoy the day and help raise money for The Hospice of St Francis.

VOLUNTEERS

Links with our parents have continued to strengthen over this year, and AFA make a

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

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significant contribution to the events at the School, hosting a number of School events, contributing to School life and where possible, contributing to activities that are not directly related to the education provision.

This year, AFA has continued to develop and host weekend events for the boys including survival, Lego engineering and a night camping out. AFA’s fundraising activities has been significant in supporting classroom learning and wider curriculum activities.

FINANCIAL REVIEW

Results for the Year

Total income and operational expenditure for the year were largely on budget, resulting in an overall net surplus of £19,519 (2022: £364,389) as reported in the Statement of Financial Activities on page 18. In setting the budget, the Governors take into account the School's strategic direction, which is centred on its ability to continue to attract new pupils but additionally, in our ability to maximise commercial activity without disruption to the delivery of education. This requires investment in the estate and infrastructure, predicated on the School maintaining a pre-depreciation surplus of approximately 10%.

Going Concern

The Governors recognise the importance of their responsibility for business resilience that will prevent disruption to education and ensure that the School can operate as a going concern. This is achieved through a number of financial strategies delegated by the board to . the Finance and General Purpose Committee to monitor and report to the board. This includes, but not limited to; continual assessment of budgets, analysing the sector to understand the threats, weaknesses, opportunities and risks, setting a basis of solid and measurable Key Performance Indicators (KPIs), scrutiny of the management accounts, understanding the need for capital projects, identifying the income streams (specifically the forecast of pupil numbers), effective forecasting and scenario planning including realistic cashflow projections, fixed and variable assets, the School's liabilities and debt servicing and loan covenants along with the reserves position and fundamentally, the assessment of the School's obligation to maintain its position as a charity.

In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year, nor will they affect the School's ability to meet its ongoing obligations for the following twelve months from the date

ALDWICKBURY SCHOOL TRUST LIMITED ; (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

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these financial statements have been signed. The Governors have reviewed the budgets and forecasts for the upcoming period and are satisfied that the School is a going concern.

Assets and Obligations

Tangible Fixed Assets are shown at a net book value of £12,559,925 (2022; £12,262,242) in note 13 of the financial statements. These include the first contractor's valuation for which a depreciation charge has not been made. Assets under construction include professional fees incurred in planning the new Sports Hall plus the first payment to the contractor.

The School has continued to invest in developing its site during the year, as outlined in the Site Development section of this report above. As a result, total capital expenditure during the year ended 31 July 2023 was £715,585 (2022: £326,428), all of which was funded from the School's cash flow.

Reserves Policy

The free reserves of the School, as defined by the Charities SORP (FRS 102), are those reserves which have not been spent, committed or designated. They, therefore, exclude all restricted funds, designated funds and unrestricted fixed assets and represent the funds which are freely available to the School to spend as the Governors see fit on charitable activities. Under this definition, the School’s total funds are £9,681,702 (2022; £9,662,180) all of which are unrestricted and are tied up in its land and buildings.

Each year a detailed budget is produced for the following year and period performance is monitored against those figures. In setting the budget, the Governors’ policy is to generate sufficient reserves each year to enable the School to invest in its facilities and fulfil its objectives, support and service its borrowings, and provide working capital. The School utilises all of its reserves in meeting these aims and does not expect to generate free reserves over and above the level required to meet them.

Investment Policy and Objectives

The School has absolute power to invest in its corporate reserves. The funds at the yearend, together with future surpluses, will be used to repay the balances on the outstanding loans, maintain and upgrade the existing estate and invest in the School's major project the Sports Hall. This is balanced against the forecasting of future threats to the cash flow to

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ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

ensure the School can react effectively to financial threats andremain a going concern.

FUTURE PLANS

The Governors are cognisant of the challenges that families continue to face in the continued cost of living crisis and are mindful of the aspirations they and the Head have for the School, its curriculum and the boys, balanced against the potential of the sector and political challenges ahead. They also recognise the need for future plans to be supported by a strong financial structure, an ability to react when required, along with consistent growth in pupil numbers and a supportive parent body. With this in mind, they have commissioned a full review of the estate and a study into what the future needs of education may be in years to come. Meetings have already taken place with the Head, Bursar and major stakeholders in School to understand the restrictions of the current and existing estate and where new projects could benefit the curriculum and opportunities. At its core, this will provide a blueprint for all major development and upgrade decisions in the future.

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The Sports Hall is already providing space for boys to develop sporting academia beyond traditional sports, and the focus has now turned to creating an asset for future investment through commercial activity. The School is committed to ensuring that this also meets and supports our charitable aims through a wider community offering, something that is felt has helped in the Schools ambition to become one of the leading Pre-Preparatory and Preparatory Schools in the county.

As stated previously, the temporary STEM hub which will provide a space that doesn't currently exist for the Future Thinking curriculum. This required the installation of prefabricated portacabins consisting of two state of the art science labs, a new space for the delivery of IT, and a dedicated space for LAMDA/Drama and the core of our future thinking skills vision (robotics, engineering, podcasts, etc). This hub is vital to the pathway we envisage our boys so that they can develop skills as employees and industry leaders of the future. It is anticipated that within five years we will give this vision a permanent home and provide a central focus that will promote the School and make it the Prep School of choice for parents who feel this is important for their boys.

As the school looks to the future of learning, the delivery of one-to-one digitisation

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 z

(inculcating a laptop in our upper years as part of their stationary), in September 2024 is a key part of our short-term plans and investment. This is an ambitious endeavour that will ensure that technology is embedded in learning for Aldwickbury and one where the introduction of the right technology leads to boys who leave at year 8 with skills that will support a seamless transition into senior schools and better prepared for the world of work.

Whilst the School continues to look at improving and maintaining the existing estate, which is part of our regular maintenance routine, the Estate Master Plan will drive all major capital projects from 2024 and beyond. It is hoped that this will provide a coherent road map for Aldwickbury and all its future plans. _

RISK MANAGEMENT

The Board places great importance on risk management and the School's ability to work within acceptable tolerance as a high priority. The Governors delegate decisions related to School operations to the Head and the Bursar. However, the Board maintain an overview through regular visits and communication at board level. The Board’s oversight includes both academic and business activities, including the safeguarding of pupils, financial | activity and reputational and non-reputational risks that may unnecessarily expose the School to litigation and criticism.

Aldwickbury follows a holistic approach to risk and mitigating for all routine activities on a day to day basis in providing a safe curriculum. We follow the fundamental principle that ensures risk is both articulated and mitigated to As Low As Reasonably Possible (ALARP). This approach is integral in how the School provides a responsible learning environment where boys can grow and learn and is part of our culture. Risk assessments for all major trips are agreed by the Head, and the Bursar ensures that the academic and environmental _ fisk is regularly reviewed, monitored and discussed.

The increasing political and sector threat that will have a profound impact on the business, focuses a risk strategy that concentrates on threats such as the increasing number of Schools experiencing Cyber hacks and denial of access, the food, energy and the wider costs of living crisis, the threat that mental health poses to staff and internal threats that are

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

often unforeseen such as staff shortages. The Board, wherever possible also tries to predict risks that the School may face in order to react appropriately should the need arise. The Board keeps a watchful eye on the political narrative toward independent education. They place importance within the current risk profile on the impact that VAT on fees may cause along with the impact of the loss of rates relief.

The School maintains a full Risk Register which is regularly reviewed at the Governing committee. The Board satisfies itself that systems are in place to mitigate those risks so far as is reasonably possible. The Bursar articulates new risks and new assessments to the | appropriate committee after review, with all top risks being made available for full board assessment. The Board places emphasis on areas that place the School at the most risk and directs the Head and the Bursar to review areas if the economic, political or sector demands. Of note, the following are areas that demand close observation:

e The School continues to provide a safe environment; -
e Effectiveness of governance and management, including compliance with changing regulations as setout by the Charities Commission and the Department for Education;
e Effectiveness of operations, to include non-COVID related environmental considerations, such astraffic movements on site, waste management and essential plant services;
e Effectiveness of safeguarding procedures;
e Ensuring the financial health and stability of the School, including the retention of pupils, and the ability to cope with the rise in energy costs, a continuing threat from the cost of living crisis, including the parent's ability to meet fee demands;
e The threat posed by a cyber breach and a denial of access through ransomware

Risk management procedures include the following:

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

e The School has a Risk Assessment Policy and all risk assessments are reviews regularly.

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e All members of staff receive induction training in risk assessments tailored to their specific areas.
e The School's policy is not to carry out any activity where the residual risk following the implementation ofall reasonable control measures remains unacceptable. Activities involving boys are normally low risk. The School follows supervision
. ratios in order to mitigate medium-risk activities with pupils, such as swimming and pond dipping. Staff and pupils are always given a safety briefing before participating in medium-risk activities and are expected to follow instructions.
e The school's pastoral policy focuses on ensuring that every pupil leaves as a
. confident, articulate young person capable of keeping himself safe at school, in the home, and in all situations. PHSCEE programmes, IT lessons, and assemblies help towards promoting an increasing understanding as the pupil develops, of the risks that exist in both the real and the digital worlds, and sensible precautions that should be taken. Science lessons encourage pupils to conduct their own safety-related research into the potential hazards of chemicals, gas, electricity, and flammable materials.
e All members of staff are given induction training into the School’s arrangements for risk assessments and health and safety, followed by ongoing training and updates as required. The Health & Safety Committee, whose membership consists of both teaching and support staff drawn from all key areas of the school, meets twice a term to review all aspects of Health & Safety.
e External financial factors which are outside of the School's control but have the potential to cause financial difficulties for the School, such as the impact of the energy and cost of living crisis, wider economic decline, further changes in the Teachers’ Pensions Scheme (TPS), taxation legislation and Brexit, are regularly monitored by Governors and the School’s Senior Management Team.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

HEALTH AND SAFETY

The Governors prioritise safe working practices at School and maintain full responsibility for - all Health and Safety related matters. However the management of Health and Safety is delegated, and any breach of regulations or injuries where the School can be seen as culpable, are discussed ifimediately with the Chair of the Board and the Chair of the Finance and General Purposes Committee. Health and Safety and matters of the Estate are discussed as required at the Finance and General Purposes Meetings and all policy documents are regularly reviewed. Aldwickbury has a service agreement with Peninsula Business Safe and Health Assured, a qualified and dedicated service which provides an online resource with policies that are up-to-date and compliant with the latest Health and Safety Executive (HSE) requirements. They will provide training and carry out annual assessments and inspections, and provide a one-to-one mediation and advice servicefor any reputational threat caused by a breach in policy and/or HSE legislation. The local fire brigade carry out fire inspections and fire safety checks.

The Bursar chairs the Health and Safety Committee and all relevant issues are discussed and the minutes are presented to the full Board for review and comment. Aldwickbury is committed to the requirements of Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR) and follows the guidance of HSE. The School is a member of the Consortium of Local Education Authorities for the Provision of Science Equipment (CLEAPS), and the Head of Science provides specific input to Health and Safety Committee. Aldwickbury regularly carries out fire alarm tests (weekly) and completes a full evacuation test at least once during a term. Aldwickbury also works closely with the local health authority, covering food safety, food hygiene, and the kitchen's management.

This year’s main focus has been to remain vigilant and reactive to the requirements of COVID-19 and Aldwickbury has established a good relationship with the local health authority. The School ensures all staff are regularly aware of the environmental changes and have the ability to manage their classroom environment as well as their own health appropriately through briefings, guidance and adherence to Government guidance and internal monitoring.

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The members of the Governing Body (who are also the directors of Aldwickbury School Trust Limited for thepurposes of company law and Trustees for the purposes of charity law) are responsible for preparing the Annual Report and the financial statements with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the Governing Body members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governing Body members are required to:

° select the most appropriate accounting policies and then apply them consistently;
e observe the methods and principles in the Charities SORP;
e make judgments and accounting estimates that are reasonable and prudent;
e state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial
; statements; and

e prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The members of the Governing Body are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable

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ALOWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and otherirregularities.

Relevant Audit Information

In so far as each of the Directors, as members of the Governing Body, at the date of approval of this report is aware, there is no relevant audit information (information needed by the Company's auditor in connection withpreparing the audit report) of which the Company's auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body to make himself or herself aware of the relevant audit information and establish that the Company's auditor is aware of that information.

Approved by the Governing Body of Aldwickbury School Trust Limited on, including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by:

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Signature: bel YY om
OT
Position Chair of Governors - J Bromfield
Date: 15! May 2024
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STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the year ended 31 July 2023

				Unrestricted /	Unrestricted /
					Designated		Total	Total
	Notes				funds		2023	2022
					£		£	£
INCOME FROM:
Charitable Activities School fees Othereducational income	2 3				6,250,382 685,667		6,250,382 685,667	5,740,981 588,648
Other income					i				:
Othertrading income	4				37,604		37,604	-
Investments
Investment Income	5				24,174		24,174	2,289
Voluntary sources Grants and donations	5	.			32,365		32,365	799
Total income andendowments					7,030,192		7,030,192	6,332,717
EXPENDITURE ON:
Costs of raising funds Interest and othercosts					183,462		183,462	34,152
Charitable activities
Education	6				6,827,208		6,827,208	5,934,176
Total expenditure	6				7,010,670		7,010,670	5,968,328
Netoperating income/(expenditure)					19,522		19,522	364,389
Other Profit orLosson sale ofassets/property			;	.	:		.	25
Net income/(expenditure)	11				19,522		19,522	364,414
Netmovement in funds					19,522	:	19,522	364,414
Fund balances brought forward	16				9,662,180		9,662,180	9,297,766
Fundbalancescarriedforward	17				9,681,702		9,681,702	9,662,180

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these financial statements.

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Aldwickbury School Trust Limited

BALANCE SHEET as at 31 July 2023.

Aldwickbury School Trust Limited BALANCE SHEET at 31 July 2023.2023.
	Notes		2023	2022
			£	£
FIXED ASSETS
Tangibleassets	12		12,559,925	12,262,242
			12,559,925	12,262,242
CURRENT ASSETS
Debtors Cash at bank and in hand	13	_	473,977 1,735,550	231,974 1,710,342
			2,209,527	1,942,316
CREDITORS: Amounts fallingduewithin one year	14		(4,453,393)	(3,952,771)
NET CURRENT ASSETS			(2,243,866)	(2,010,455)
TOTAL ASSETS LESS CURRENT LIABILITIES			10,316,059	10,251,787
CREDITORS: Amounts fallingdue aftermorethanoneyear	15		(634,357)	(589,607)
NETASSETS			9,681,702	9,662,180
FUNDS Unrestricted funds—general	16		9,681,702	9,662,180
			9,681,702	9,662,180

Approved and authorised for issue by the Board of Govemors on sececeesenl ot May 2024 and signed on their behalf by:

J.Bromfie! Chairman of the Board of Governors

The accompanying notes form part of these financial statements. Company Number: 950339 ‘

CASHFLOW STATEMENT

for the year ended 31 July 2023

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||||||||| |---|---|---|---|---|---|---|---| |CASH|FLOW STATEMENT|Notes|;|2023|2022| |£|£| |Net cash|inflow|from|operating|activities|21|900,084|3,242,241| |Cash|flows|from|investing|activities:|:| |Bank|interest|received|24,171|2,289| |Proceeds|from|sale|of|fixed|assets|.|-| |Payments|to acquire|fixed|assets|(715,585)|(3,405,315)| |Net cash|outflow from|investing|activities|(691,414)|(3,403,026)| |Financing:| |Loans|repaid|-|-| |Interest|paid|(183,462)|(52,744)| |Net cash|outflow|from|financing|activities|(183,462)|(52,744)| |Increase/(decrease)|in|cash|25,208|(213,529)| |Cash|and|cash|equivalents|at|the| |beginning|of the|reporting|period|1,710,342|1,923,871| |Cash|and|cash|equivalents|at|the| |end|of the|reporting|period|1,735,550|1,710,342|

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Aldwickbury° School Trust Limited8 . ‘ NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023 1 ACCOUNTING POLICIES Aldwickbury School Trust Limited is a company limited by guarantee with registered number 950339, incorporated and domiciled in England and Wales. Its registered office is Aldwickbury School, Wheathampstead Road, Harpenden, AL5 1AD. 1.1 BASIS OF PREPARATION The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. Going Concern and significant estimates and judgements In recognising their duties under the terms of SORP para 1.23 and para 3.38 the Governors understand that they must continue to assess the school as a going concern and where there are uncertainties, they must provide their explanation. In achieving this the Governors now mandate that they will discuss the school as a going concern as each finance and general purpose meeting and make recommendations to the full board accordingly. In assessing the going concern assumptions the Governors take into account all available information about the future that will affect the way in which the schoo! will be able to maintain its level of income and its operational capability whilst remaining competitive against its peers. This includes but is not limited to; . + Reviewing the cash flow projection of a rolling 18 month period from the date of the finance and general purpose meeting, * Review of pupil numbers and future forecasts, + Staffing review to meet pupil numbers, , « Review of the spending strategy and budget setting, + Assess the pandemic challenges and future areas of concern that may impact the school’s operational ability, (financially and academically), The Governors continually review the school’s ability to meet its fixed costs and have periodically formed working groups such as the Pensions Working Group, to assess and analyse specific topics such as the Teachers Pension Scheme affordability. Where pupil numbers fall, the Governors expect and allow the headmaster to make staffing adjustments accordingly. Throughout the COVID-19 pandemic, Aldwickbury have actively chosen not to recruit into vacant posts and make restructuring decisions to maximise on the potential savings whilst maintaining the academic output. Finally, in recognising the requirement to make smarter spending decisions, the Governors have allowed management decisions that offer greater flexibility in the financial commitments the school makes. This has been demonstrated in the decision to bring catering back ‘in-house’, which has ensured that the school is able to meet the pace of the catering restrictions in re-opening the school. ; In the view of the Governors, no assumptions conceming the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year, nor will it affect the Schoot!'s ability to meet its ongoing obligations for the following 12 months from the date these accounts have been signed. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School's financial statements. 4.2 COMPANY LIMITED BY GUARANTEE The School is a Public Benefit Entity registered as a charity in England and Wales (charity number: 311059) and a company limited by guarantee (company number: 950339). 1.3 FIXED ASSETS Depreciation Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be: Assets costing in excess of £1,000 are capitalised. Freehold buildings and : 50 years Furniture, fixtures and equipment : 5 years Computer equipment . 3 years Finance Costs Finance Costs incurred which are directly attributable to the construction of fixed assets are capitalised over the period of construction and depreciated in the Statement of Financial Activities over the useful life of the asset. 36 ,

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Aldwickburye School Trust Limitedes e NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023 1.4 VALUE ADDED TAX Value added tax is not recoverable and is therefore included in the expenses to which it relates. 1.5 DONATIONS Donations received for the general purpose of the school are credited to the school’s general fund. Donations subject to specific wishes of the Donors are carried to a relevant restricted fund. 1.6 INCOMING RESOURCES All incoming resources are included in the Statement of Financial Activities (SOFA) when the school is legally entitled to the income and the amount can be quantified with reasonable accuracy. School Fees that have been received prior to the year end, and which relate to activities in subsequent years, are treated as deferred income in the year of receipt and are released in the relevant period thereafter.

1.7 RESOURCES EXPENDED

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||||||||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |All|expenditure|is|accounted|for on|an|accruals|basis|and|has|been|classified|under|headings|that|aggregate|all|costs|related|to|the|category.|Where|costs| |cannot|be|directly|attributed|to|particular headings|they|have|been|allocated|to|activities|on|a|percentage|basis|consistent with|use|of the|resources.| |Costs|of|raising|funds|are|those|incurred|in seeking|voluntary contributions|and|do|not|include|the costs|of disseminating|information|in|support of the| |charitable|activities.|Direct|costs|relate|to|staff costs and|are|attributable to|specific|activities.|Support costs|are|those|costs|incurred|in|support|of| |expenditure|on the|objects|of the|school.|Governance|costs are|those|incurred|in connection with governing|of the|school|and compliance|with|constitutional| |and|statutory|requirements.| |1.8|FINANCIAL|INSTRUMENTS| |Basic|financial|instruments|are|initially|recognised|at|transaction|value|and|subsequently|measured|at|amortised|with|the|exception|of|investments|which|are| |held|at|fair|value.|Financial|assets|held|at|amortised|cost|comprise|cash|at|bank|and|in|hand,|together|with|trade|and|other|debtors.|Cash|at|bank|and|in| |hand|is|defined|as|all|cash|held|in|instant|access|bank|accounts|and|used|as|working|capital.|Financial|tiabilities|held|at|amortised|cost|comprise|all|creditors| |except|social|security|and|other|taxes|and|provisions.|Assets|and|liabilities|held|in|foreign|currency|are|translated|to GBP|at|the|balance|sheet|date|at|an| |appropriate|year end|exchange|rate.| |1.9|PENSION|COSTS| |The|school|contributed|to|the|Teachers’|Pension|Scheme|on|behalf|of|eligible|teaching|staff|during|the|year|under|review.|The|school|exited|the|scheme|in| |January|2023.|The|schoo! contributes|towards|a|group|personal|pension scheme|for the other|eligible|employees.|The amount charged|to the|Statement of| |Financial|Activities|for|all|schemes|is|the|contributions|payable|in|the|year.| |1.40|OPERATING|LEASES| |Annual|rentals|are|charged|to|the|Statement|of|Financial|Activities|on|a|straight|line|basis|over|the|lease|term.| |1.11|FUND|ACCOUNTING| |Where|the|school|receives|funds|which|are|restricted|in|their|usage,|they|are|disclosed|as|restricted|funds.|The|school|also|earmarks|all|funds|for|set| |purposes|and|these|are|classed|as|designated|funds.| |1.12|CHARITABLE|STATUS| |The Company|is|registered|as|a|charity,|registration|number 311059,|and|in|consequence|is exempt|from|taxation|on|income|arising|from|and|expended|on| |its|charitable|activities.| |1.13|ACCOUNTING|ESTIMATES AND|JUDGEMENTS| |In|the|application|of the|accounting|policies,|Governors|are|required|to|make judgement,|estimates,|and|assumptions|about|the|carrying|value|of|assets|and| |liabilities|that|are|not|readily|apparent|from|other|sources.|The|estimates|and|underlying|assumptions|are|based|on|historical|experience|and|other factors| |that|are|considered|to|be|relevant.|Actual|results|may|differ|from|these|estimates.| |The|estimates|and|underlying|assumptions|are|reviewed|on|an|on-going|basis.|Revisions|to|accounting|estimates|are|recognised|in|the|period|in|which|the| |estimate|is|revised|if the|revision|affects|only|that|period,|or|in|the|period|of|the|revision|and|future|periods|if the|revision|affected|current and|future|periods.| |Critical|judgements|;| |Useful economic|lives|:| |The|annual|depreciation|charge|for|property,|plant|and|equipment|is|sensitive|to|changes|in|the|estimated|useful|economic|lives|and|residual|values|of the| |assets.|The|useful|economic|fives|and|residual|values|are|re-assessed|annually.|They|are|amended|when|necessary|to|reflect|current|estimates,|based|on| |technological|advancement,|future|investments,|economic|utilisation|and|the|physical|condition|of|the|assets.|See|note|12|for|the|carrying|amount|of|the| |property,|plant and|equipment and|note|1|.3|for the|useful economic|lives|for each|class of asset.|

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Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2023

2	FEE INCOME The School's activities are carried outwithin the UK.		2023		2022
	The school's fee income comprised:		£		£
	Gross fees		6,449,190		5,864,094
	Less: Discounts		(198,808)		(123,113)
			6,250,382		5,740,981
3	OTHER EDUCATIONAL INCOME			‘
			2023		2022
			£		£
		,
	Extra curricular lessons & wraparound care		621,435		553,995
	Registration fees Sundryfees		9,525 54,707		10,161 24,492
			685,667		588,648
4	OTHER TRADING INCOME
			2023		2022
			£		£
	Rent and lettings		«		“
	Other income		37,604		:
			37,604		-
5	INVESTMENT INCOME
			2023		2022
			£		£
	Interest received		24,174		2,289
			24,174		2,289
6	DONATIONS AND GRANTS
			2023		2022
			€		£
	Donations and gifts		32,365		799
			32,365		799

_ Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS “ for the year ended 31 July 2023

	7	EXPENDITURE
(b)		OtherGovernance Costs	include:						2023	_ 2022
									£	£
		- Auditors’ remuneration							22,466	19,200
		- OtherAuditors remuneration			;				4,581	Sette oeBBS
		Legal and Professional Fees							-	-
									2023	2022
(c)		Administration Costs							£	£
		Salaries National Insurance							1,416,035 82,736	441,628 38,237
		Pension Costs							359,251	32,231
		StaffTraining							17,347	14,173
		Other Staff Related Costs							9,592	9,205
		Subscriptions							53,677	10,959
		Staff travel							19,462	18,401
		Operating Leases							24,417	21,148
		IT support							92,987	60,716
		Postage and stationery							29,904	30,578
		Telephones							20,081	18,026
		Marketing and advertising							71,268	91,344
		Miscellaneous - Administration							20,877	14,902
		Legal and Professional Fees							32,393	42,087
		Other Administration Costs					.		54,499	122,276
									2,304,526	965,911
	8	STAFF COSTS							2023	2022
									£	£
			;
		Wages and salaries		:					3,798,586	3,194,955
		Social security costs							82,736	288,695
		Other pension costs							804,618	552,289
									4,685,940	4,035,939
		Theaverage monthly number		of employees during the yearwas as follows:
									2023	2022
						,			No.	No.
		Academic Non-Academic						,	79 40	71 39
									119	110
					.
		The number ofemployees whose emoluments amounted to
		£60,000 in the yearwas as	follows:						2023	2022
									No.	No.
		£60,000 - £70,000							-	1
		£70,001 - £80,000							2: .	1
		£90,001 - £100,000							1	:
		£100,001 - £110,00							:	1
									——eee	ee

Pension contributions for the year amounted to £27,012 (2022: £31,234) for the above employees.

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

	EXPENDITURE
(a)	CostsofRaisingFunds			Staffcosts (note 9)	Other	Depreciation	Total 2023
				£	£	£	£
	Financing costs			-	183,462	:	183,462
	TotalCosts ofRaising Funds			:	183,462	:	183,462
	Charitable expenditure	;		Staffcosts (note 9)	Other	Depreciation	Total 2023
				£	£	£	£
	Teaching Welfare Premisesand Estates Administration Governance			3,417,598 376,827 282,544 608,971 :	354,485 211,326 644,981 446,504 66,237	- : 417,735 - :	3,772,083 588,153 1,345,260 1,055,475 66,237
	Total Charitable Expenditure			4,685,940	1,723,533	417,735	6,827,208
	Total Expended			4,685,940	1,906,995	417,735	7,010,670
	Costs ofRaising Funds		:	Staff costs (note 9) £	Other £	Depreciation £	Total 2022 £
	Financing costs			:	34,152	-	34,152
	Total Costs of Raising Funds			:	34,152	:	34,152
	Charitableexpenditure			Staffcosts (note 9)	Other	Depreciation	Total 2022
				“ £	e	£	£
	Teaching Welfare Premisesand Estates Administration Governance			3,005,810 320,833 197,200 512,096 :	317,048 169,392 539,401 453,815 27,155	- - 391,426 - :	3,322,858 490,225 1,128,027 965,911 27,155
	Total Charitable Expenditure			4,035,939	1,506,811	391,426	5,934,176
	TotalExpended			4,035,939	1,540,963	391,426	5,968,328

AldwickburyPy School Trust Limited2 e NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

12 TANGIBLE FIXED ASSETS

				Plant		Fixtures
		Freehold	Assets under	&		&	Motor
		Property £	Construction £	Equipment £		Fittings £	Vehicles £	Total £
	Cost: At 1 August 2022 Additions Disposais Transfer	10,932,670 - - 4,536,449	3,947,709 588,740 : (4,536,449)	100,736 - - oe		1,866,988 126,845 (1,265) -	54,441 - - -	16,902,544 715,585 (1,265) :
	At 31 July2023	15,469,119	-	100,736		1,992,568	54,441	17,616,864
	Depreciation: At 1 August2022 Charge foryear Disposals Transfer	2,851,452 278,639 : :	- - - :	84,823 10,597 - +	;	1,651,624 126,628 (1,265) -	52,404 2,037 - :	4,640,303 417,901 (1,265) .
	At 31 July2023	3,130,091	:	95,420		1,776,987	54,441	5,056,939
	Net book value: At31 July2023	12,339,028	:	5,316		215,581	-	12,559,925
	At 1 August2022	8,081,219	3,947,709	15,913		215,364	2,037	12,262,242
13	DEBTORS
							2023	2022
							£	£
	Fees and extras						112,666	117,032
	Prepayments and accrued income						361,311	114,942
							473,977	231,974
14	CREDITORS
	Amounts fallingdue withinone year:						2023 £	2022 £
	Loans						3,099,000	2,124,606
	Trade creditors						119,605	446,092
	Taxation and social securitycosts Fees inadvanceand fee deposits						92,507 473,400	76,103 384,716
	Othercreditors						41,909	68,805
	Accruals						626,972	852,449
							4,453,393	3,952,774
	Deferred income:						2023	2022
							£	€
	Broughtforwards Released in year Received inyear						384,716 (384,716) 473,400	354,759 (354,759) 384,716
	Carried forwards						473,400	384,716
	Deferredincomerelatestoschoolsfeesand	tripsreceivedin	advanceforthefollowing	term.

Aldwickburys School Trust Limiteds s NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

9 GOVERNORS REMUNERATION AND BENEFITS : There were no Governors’ remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022. Travel and training expenses of £325 (2022: £228) for 11 governors were paid by the charity during the year. Key management personnel include the Govenors and the senior executives which are made up of the Headmaster, Bursary and four additional members of the Senior Management Team. The total pay and benefits received by key management personnel were £559,460 (2022: £536,883 ). 40 PENSIONS The Schoo! participated in the Teachers’ Pension Scheme (‘the TPS’) for its teaching staff during the year under review. The School exited the scheme in January 2023 The pension charge for the year includes contributions payable to the TPS of £445,367 (2022: £480,747) and at the year end Enil (2022: £58,517) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and following a public consultation in 2021 the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations. The 2016 cost control valuations were completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has indicated that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024. Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements. The Schoo! participates in a Standard Life Group Personal Pension Scheme for its eligible non-teaching staff. The pension charge for the year includes contributions payable to Standard Life of £82,736 (2022: £71,542) and at the year-end Enil (2022 - Enil) was accrued in respect of contributions to this scheme.

‘ , 41 NETINCOME FORTHE YEAR) 2023 2022 £ £ Net income is stated after charging: Depreciation of tangible fixed assets 417,735 391,426 Operating lease rentals — other 24,417 21,148

Aldwickbury School Trust Limited

Aldwickbury School Trust Limited
NOTESTO THE FINANCIALSTATEMENTS	:		,
for theyearended 31 July2023
15 CREDITORS DUE AFTERONE YEAR
'			2023		2022
			£		£
Amounts falling due aftermore than one year: Bank andotherloan School fee deposits .			249,857 384,500	.	249,857 339,750
			634,357		589,607
			2023		2022
			£		£
Movement on loans inoneyearorless			2,124,606	2,124,606
Between one and two years Between two and five years s			- 249,857		- 249,857
		,	2,374,463	2,374,463
The School's loan balances as at 31 July 2023 consist of:
£1,209,640 Barclays PLC loandrawndown in 2007 tofinance theredevelopmentofthe Dining Halland Kitchen, ofwhich reporting date is £nil, (2022: £86,098). Thisloan is secured on achargeoverthe school'sassets and undertakings, charged at0.95% over Bank ofEngland base rate. Theamount is being repaid overfifteen years.		which the remaining balance atthe including freehold property. Interest is
Asubsequent loan of£761,250drawndownfrom Barclays PLC in2013 tofinance the Chidell Halldevelopment, ofwhich the remaining balance atthe report date is Eni! (2022: £52,508). This loan is similarly secured, with a fixed rate of interest at 5%, to be repaid overten years.
A subsequent loan of£1,986,000drawdown from Barclays PLC in December2021 tofinance theGym/Sports Hall		build, ofwhich the remaining balance at
the reporting date is Enil. (2022: £1,986,000) This loan is similany secured.						4
There is a chargeoutstanding overthe buildings ofthe School in relation tothese loans.
Asubsequent loan of£3,300,000drawdown from BarclaysPLC in 2023 tofinance theGym/Sports Hall build, ofwhich the			remainingbalance atthe		:
reportingdateis£3,099,000.Thisloanissimilarlysecured.

for the year ended 31 July 2023

There is a charge outstanding over the buildings of the School in relation to these loans. An unsecured loan facility from a private individual of £249,857 was drawn down in 2015 in order to fund the tennis court and cricket net refurbishment. The capital is to be repaid at the end of a 10 year period, together with the interest, which accrues on a straight line basis at 2%. The total amount outstanding at the year end, including accrued interest is £249,857 (2022: £249,857).

Aldwickbury2 School Trust Limited® « NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

;

16 STATEMENT OF FUNDS

;		amee	ee £	income £	Expenditure £	Transfer Between Funds £	Gains/ (losses) £	At31 July2023 . £
	Unrestricted funds: General reserve	9,662,180		7,030,192	(7,010,670)	#	a	9,681,702
	Total funds	9,662,180		7,030,192	(7,010,670)	5	-	9,681,702
		——————	OSSOOS	OOS		=———————aSS=S_C_—OlOOeeee————————————		————————————
		1 =	ao £	Income £	Expenditure £	Transfer Between Funds £	Gains/ (losses) £	At31 July2022 £
	Unrestricted funds: General reserve	9,297,766		6,332,742	(5,968,328)	-	-	9,662,180
	Total funds	9,297,766		6,332,742	(5,968,328)	-	-	9,662,180
		————————— SSS		OSS		—— SS	OONESE—E———EeSST
17	ANALYSIS OF NET ASSETS BETWEEN FUNDS
							Unrestricted	2023
							funds	Total
							£	£
	Tangible fixed assets Current assets						12,559,925 2,209,527	12,559,925 2,209,527
	Current liabilities Longterm liabilities						(4,453,393) (634,357)	(4,453,393) (634,357)
	Total net assets			;			9,681,702	9,681,702
							Unrestricted	- 2022
							funds	Total
					.		£	£
	Tangiblefixed assets Currentassets Current liabilities Longterm liabilities						12,262,242 1,942,316 (3,952,771) (589,607)	:12,262,242 1,942,316 (3,952,771) (589,607)
	Totalnetassets						9,662,180	9,662,180

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

18 COMMITMENTS UNDER OPERATING LEASES

COMMITMENTS UNDER OPERATING LEASES			:
At31 July2023, thecompanyhad outstanding commitments	forfuture minimumtease payments under		non-cancellable	operating leases, which	falldueas
follows:
		2023	2023	2022	2022
		Plant& Machinery	Office equipment	Plant& Machinery	Office equipment
Duewithin oneyear Duebetween two and fiveyears Due aftermorethan five years	j	164,320 164,320 492,960	63,036 63,036 151,873	- - .	26,901 21,427 47,502
‘		821,600	277,945	-	95,830

At 31 July 2023, the company had outstanding commitments for future minimum tease payments under non-cancellable operating leases, which fall due as follows:

19 RELATED PARTIES

;

Ainsley & Partners The partnership, of which one governor is a managing partner, was retained to provide surveying and project management services in relation to the : planning application and project management for the new sports hall and maintenance facilities. Fees totalling £9,486 including VAT have been paid to the company (2022: £42,000), with £nil outstanding at the year-end (2022: £3,000). All transactions were done so at arm's length.

20 CAPITAL COMMITMENTS

At the year end, there was a commitment of £97,500 (2022: £514,000), relating to planning building works to the school.

NOTES TO THE CASHFLOW STATEMENT		2023	2022
Reconciliationofoperating resultto netcash inflowfrom	:	_ £	Cd
operating activities
Net movement infunds Depreciation Bank interestreceived Interest payable Increase/(Decrease) increditors (Increase)/Decrease in debtors		19,522 417,735 (24,174) 183,462 545,542 (242,003)	364,414 391,425 (2,289) $2,745 2,430,206 5,740
		900,084	3,242,241

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ALDWICKBURY SCHOOL TRUST LIMITED |

Opinion

We have audited the financial statements of Aldwickbury School Trust Limited (‘the company’) for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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: :

e give a true and fair view of the state of the charitable company’s affairs as at 31 July 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, 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 material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

2 29

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

e the information given in the trustees’ annual report for the financial year for which the financial ~-statements‘are prepared is consistent with the financial statements; and
e the strategic report and the trustees’ annua! report have been prepared in accordance with applicable legal requirements.

Matters on which we are required 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’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
e the financial statements are not in agreement with the accounting records and returns; or e certain disclosures of trustees’ remuneration specified by law are not made; e wehave not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (who are also the directors of the charitable 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 to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 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 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

e Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.
e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
e Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
e Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

e We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
e We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
e Weassessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
e We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
e Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of

;

management and those charged with governance and obtaining additional corroborative - evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become __ andawaretransactionsof instancesreflectedof non-compliancein the financialwith lawsstatements.and regulationsAlso, thethatriskare ofnotnotcloselydetectingrelatedatomaterialevents misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

(Vloo re K Wy Shon Smed, Lup Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

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Date: 13 May 2024
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9 Appold St London EC2A 2AP

2023-07-31-accounts

Aldwickbury School Trust Limited (A Company Limited by Guarantee)

Incorporated in England and Wales No. 950339 Registered Charity No. 311059

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS

Aldwickbury School Trust Limited CONTENTS for the year ended 31 July 2023

TRUSTEES

OFFICERS

Head:

Mr P J Symes BSc (Hons), P.G.C.E

DIRECTORS’ REPORT

CONSTITUTION AND OBJECTS

AIMS, OBJECTIVES AND ACTIVITIES Aims

p

Primary objectives

GOVERNANCE AND MANAGEMENT

Governing Body

Governor training

Organisational Management

Remuneration Policy

Structure and Relationships

Employment policy

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

STRATEGIC REPORT

MISSION STATEMENT

STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES

ACHIEVEMENTS AND PERFORMANCE

Review of achievements and performance for the year

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

ALDWICKBURY SCHOOL TRUST LIMITED

Independent Schools Inspectorate School Inspection

Pupil numbers

Numbers

Site development

PUBLIC BENEFIT

Widening access: Bursaries

Partnership with The Shared Learning Trust

Community Access to the Facilities

Charitable Giving

VOLUNTEERS

FINANCIAL REVIEW

Results for the Year

Going Concern

Assets and Obligations

Reserves Policy

Investment Policy and Objectives

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

FUTURE PLANS

RISK MANAGEMENT

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

HEALTH AND SAFETY

ALDWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

ALOWICKBURY SCHOOL TRUST LIMITED (A Charitable Company Limited by Guarantee) ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023

Relevant Audit Information

Aldwickbury School Trust Limited

CASHFLOW STATEMENT

for the year ended 31 July 2023

1.7 RESOURCES EXPENDED

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

AldwickburyPy School Trust Limited2 e NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

12 TANGIBLE FIXED ASSETS

Aldwickburys School Trust Limiteds s NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

Aldwickbury School Trust Limited

Aldwickbury2 School Trust Limited® « NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

16 STATEMENT OF FUNDS

17 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Aldwickbury School Trust Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2023

18 COMMITMENTS UNDER OPERATING LEASES

19 RELATED PARTIES

20 CAPITAL COMMITMENTS

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s Responsibilities for the audit of the financial statements