## BEECHWOOD PARK SCHOOL LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2022 Company registered number: 00820476 Charity number: 311068 ## MOORE KINGSTON SMITH LLP 4 Victoria Square St Albans Hertfordshire AL1 3TF ## BEECHWOOD PARK SCHOOL LIMITED ## FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31[ST] AUGUST 2022 ## CONTENTS ||Page| |---|---| |;`^aR_j Z_W`c^ReZ`_|.| |?`gVc_`cdq cVa`ce|/ m ./| |A_UVaV_UV_e RfUZe`cdq cVa`ce|.0 m .3| |KeReV^V_e `W WZ_R_TZR] RTeZgZeZVd|.4| |:R]R_TV dYVVe|.5| |KeReV^V_e `W ;RdY >]`hd|.6| |F`eVd e` eYV WZ_R_TZR] deReV^V_ed|/- m 0.| ## BEECHWOOD PARK SCHOOL LIMITED ## GOVERNORS, OFFICERS AND ADVISERS ## YEAR ENDED 31[ST] AUGUST 2022 ## GOVERNORS, DIRECTORS AND CHARITY TRUSTEES LYV ?`gVc_`cd `W :VVTYh``U HRc\ KTY``] DZ^ZeVU %neYV KTY``]o& RcV eYV KTY``]qd TYRcZej ecfdeVVd f_UVc TYRcZej ]Rh R_U eYV UZcVTe`cd `W eYV TYRcZeRS]V T`^aR_j+ LYV ^V^SVcd `W eYV ?`gVc_Z_X :`Uj hY` dVcgVU Z_ `WWZTV Rd ?`gVc_`cd UfcZ_X eYV jVRc R_U dfSdVbfV_e]j RcV UVeRZ]VU SV]`h7 |||%.&|%.&|%/&|%0&|%1&|%2&|%3&|%4&|%5&|%6&|%.-&|%..&|%./&| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Ec K O :]RT\||||||||r|r|r||||| |Ec 9 E :cZdT`V||||||||r|r|r||||| |Ecd B 9 :c`h_||||||||||||||| |Ecd E ;fddR_d|=]VTeVU 4,6,/-/.||r||||r|r||||||| |Ecd ; = ;fe]Vc %NZTV ;YRZc&|||||||r|r||||||| |Ec ? H >cVV^R_||||||||r|r|r||||r| |Ec B O B ?Z]]VdaZV||||||||||||||| |Ec E O @R^^`_U %;YRZc&||||||||r|||r|||| |Ec B K @`UXd`_||||||||||||||| |Ec ? = ERZcd'||||||||r|||||r|| |%/& 9TRUV^ZT ;`^^ZeeVV
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FVh ]Rae`ad W`c eYV cVV cVdVcgVd) eYRe Zd eY`dV Wf_Ud _`e eZVU fa Z_ WZiVU RddVed) UVdZX_ReVU R_U cVdecZTeVU Wf_Ud) RcV a`dZeZgV R_U T`ccVda`_UZ_X]j eYV KTY``]qd SR]R_TV dYVVe dY`hd _Ve TfccV_e RddVed Re eYV jVRc*V_U+ LYVdV Z_T]fUV l1.3)42- `W cVWf_URS]V aRcV_edq UVa`dZed YV]U Sj eYV dTY``]+ LYV KTY``]qd WfefcV a]R_d hZ]] SV Wf_UVU Sj eYV cV^RZ_Z_X _Ve RddVed+ L`eR] f_cVdecZTeVU cVdVcgVd Re eYV jVRc*V_U R^`f_eVU e` l2)05-)4/0+ LYVdV YRgV SVV_ XV_VcReVU `gVc eYV jVRcd Sj eYV KTY``]) Z_ `cUVc e` ^RZ_eRZ_ SfZ]UZ_Xd R_U deR_URcUd `W VUfTReZ`_+ LYZd dfca]fd T`f]U `_]j SV cVR]ZdVU Sj UZda`dZ_X `W WZiVU RddVed fdVU Z_ eYV cf__Z_X `W eYV KTY``]+ f]] ?`gVc_Z_X :`Uj R__fR]]j cVgZVhd eYV KTY``]qd JZd\ JVXZdeVc+ LYV XV_VcZT T`_ec`]d fdVU Sj eYV KTY``] e` ^Z_Z^ZdV cZd\ Z_T]fUV7 - ! `c^R] hcZeeV_ a`]ZTZVd Z_T]fUZ_X T]VRc RfeY`cZdReZ`_ R_U Raac`gR] ]VgV]d8 R_U - ! KRWVXfRcUZ_X R_U cVTcfZe^V_e ac`TVUfcVd Rd cVbfZcVU Sj ]Rh+ ## Other Significant Risks KZX_ZWZTR_e YZXY ]Z\V]ZY``U cZd\d R_U eYVZc ^ZeZXReZ`_ RcV7 - ! 9 UVTcVRdV Z_ afaZ] c`]] UfV e` YZXY Z_eVcVde cReVd) eYV Z_TcVRdZ_X T`de `W ]ZgZ_X) cVTVddZ`_ R_U a`eV_eZR] a`]ZeZTR] TYR_XVd m R_ Z_eV_dZWjZ_X `W eYV ^Rc\VeZ_X VWW`ce) R_U R cVgZVh `W R]] T`ded+ - ! 9 UVTcVRdV Z_ afaZ] c`]] UfV e` R_`eYVc ^R[`c _ReZ`_R] V^VcXV_Tj dfTY Rd eYV ;`gZU*.6 aR_UV^ZT m ac`gZdZ`_ `W `fedeR_UZ_X cV^`eV ]VRc_Z_X WRTZ]ZeZVd) R_U R T`^acVYV_dZgV ac`TVdd e` dfaa`ce eY`dV aRcV_ed hY` WZ_U eYV^dV]gVd Z_ aRceZTf]Rc WZ_R_TZR] UZWWZTf]ej+ - ! >RZ]fcV e` UVgV]`a R_U ^RZ_eRZ_ Z_WcRdecfTefcV * R__fR] ;9H=P ac`XcR^^V) UVgV]`a^V_e R_U ^RZ_eV_R_TV a]R_d+ - ! @VR]eY R_U KRWVej A_TZUV_ed m VieVc_R] RfUZed) Z_eVc_R] TYVT\d R_U ecRZ_Z_X+ - ! >RZ]fcV e` ReecRTe YZXY bfR]Zej deRWW m dfZeRS]V eVc^d R_U T`_UZeZ`_d R_U dR]RcZVd R_U ac`gZdZ`_ `W YZXY*bfR]Zej cVd`fcTVd+ - ! >fceYVc Z_TcVRdVd Z_ V^a]`jVc T`_ecZSfeZ`_d e` eYV LVRTYVcdq HV_dZ`_ KTYV^V hZ]] dfSdeR_eZR]]j RWWVTe eYV SfUXVe dfca]fd f_]Vdd R dfZeRS]V R]eVc_ReZgV TR_ SV ac`gZUVU+ - ! LYV eYcVRe `W eYV RS`]ZeZ`_ `W :fdZ_Vdd JReVd JV]ZVW R_U `eYVc TYRcZeRS]V eRi cV]ZVWd) ZW Z^a`dVU) hZ]] R]d` dfSdeR_eZR]]j RWWVTe eYV SfUXVe dfca]fd+ LYV ?`gVc_`cd RcV R]d` RhRcV `W a`]ZeZTR] R_U V_gZc`_^V_eR] cZd\d R_U aRj UfV cVXRcU e` eYVdV hYV_ cVRTYZ_X UVTZdZ`_d R_U cVgZVhZ_X eYV decfTefcV `W eYV KTY``] WZ_R_TZR]]j R_U `eYVchZdV+ ## Going Concern LYV KTY``] hRd bfZT\ e` Z^a]V^V_e RUUZeZ`_R] WZ_R_TZR] R_U `aVcReZ`_R] dRWVXfRcUd Z_ cVda`_dV e` eYV ;`gZU* .6 aR_UV^ZT) R_U `fc dec`_X cVdVcgVd a`dZeZ`_ R_U ]RT\ `W S`cc`hZ_X XZgVd fd R cVRd`_RS]V a]ReW`c^ e` HRXV .- BEECHWOOD PARK SCHOOL LIMITED ## GOVERNORS’ REPORT ## FOR THE YEAR ENDED 31[ST] AUGUST 2022 hZeYdeR_U eYV TfccV_e V_VcXj T`de Z_TcVRdVd R_U `eYVc a`]ZeZTR] R_U VT`_`^ZT f_TVceRZ_eZVd+ LYV ?`gVc_`cd RcV dReZdWZVU eYRe RUVbfReV cVd`fcTVd hZ]] SV RgRZ]RS]V eYc`fXY WfefcV TRdY W]`hd e` ^VVe ]ZRSZ]ZeZVd Rd eYVj WR]] UfV+ LYV ?`gVc_`cd U` _`e W`cVdVV R_j ^R[`c TYR_XVd Z_ eYV KTY``]$d RTeZgZeZVd+ ;`_dZUVcZ_X eYV RS`gV R_U RWeVc cVgZVhZ_X eYV KTY``]qd W`cVTRded R_U ac`[VTeZ`_d) eYV ?`gVc_`cd YRgV R cVRd`_RS]V ViaVTeReZ`_ eYRe eYV TYRcZej YRd RUVbfReV cVd`fcTVd e` T`_eZ_fV Z_ `aVcReZ`_R] ViZdeV_TV W`c eYV W`cVdVVRS]V WfefcV R_U eYRe Ze Zd eYVcVW`cV Raac`acZReV e` acVaRcV eYV RTT`f_ed `_ R X`Z_X T`_TVc_ SRdZd+ ## Plans for Future Periods LYV ?`gVc_`cd RcV cVTcfZeZ_X R _Vh @VRU e` ]VRU eYV KTY``]) e` dfTTVVU =U :R]W`fc hY` Zd eR\Z_X fa R _Vh a`de Wc`^ BR_fRcj /-/0+ LYV :VVTYh``U HRc\ KTY``] Unrestricted / Restated
Designated Restricted Total Total
Notes funds funds 2022 2021
£ £ £ £
INCOME FROM:
Charitable Activities
School fees 3 8,191,054 - 8,191,054 7,434,202
Other educational income 4 456,918 - 456,918 337,967
Other income
Other trading income 5 29,689 - 29,689 13,521
Investments
Investment Income 6 1,807 - 1,807 337
Voluntary sources
Donations and grants 7 9,204 - 9,204 111,388
Total income and endowments 8,688,672 - 8,688,672 7,897,415
EXPENDITURE ON:
Costs of raising funds
Other trading costs 13,367 - 13,367 8,333
Other non-educational costs - - - 27,975
Charitable activities
Education 8,198,097 - 8,198,097 7,799,094
Total expenditure 8 8,211,464 - 8,211,464 7,835,402
Net income/(expenditure) 477,208 - 477,208 62,013
Restatement of prior year 25 - - - (78,947)
Transfer between funds - - - -
Net movement in funds 477,208 - 477,208 (16,934)
Fund balances brought forward 9,714,428 - 9,714,428 9,731,362
Fund balances carried forward 18, 19 10,191,636 - 10,191,636 9,714,428
**----- End of picture text -----**
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. Page 17 ## Beechwood Park School Limited ## BALANCE SHEET as at 31 August 2022 **----- Start of picture text -----**
Restated
Notes 2022 2021
£ £
FIXED ASSETS
Tangible assets 13 8,577,245 8,555,847
8,577,245 8,555,847
CURRENT ASSETS
Debtors 14 227,958 140,960
Cash at bank and in hand 3,145,377 2,162,428
3,373,335 2,303,388
CREDITORS: Amounts falling due within one year 15 (1,095,716) (529,700)
NET CURRENT ASSETS 2,277,619 1,773,688
TOTAL ASSETS LESS CURRENT LIABILITIES 10,854,864 10,329,535
CREDITORS: Amounts falling due after more than one year 16 (365,750) (373,750)
Provisions 17 (297,478) (241,357)
NET ASSETS 10,191,636 9,714,428
FUNDS
Unrestricted funds – general 18 5,380,723 4,800,843
Unrestricted funds - designated 18 9,000 -
Revaluation reserve 18 4,801,913 4,913,585
10,191,636 9,714,428
**----- End of picture text -----**
Approved and authorised for issue by the Full Governing Body on 5 December 2022 and signed on their behalf by: Neil Scragg Governor The accompanying notes form part of these financial statements. Company Number: 00820476 Page 18 ## Beechwood Park School Limited ## CASHFLOW STATEMENT for the year ended 31 August 2022 **----- Start of picture text -----**
Restated
CASH FLOW STATEMENT Notes 2022 2021
£ £
Net cash inflow from operating activities 24 1,342,080 (437,686)
Cash flows from investing activities:
Bank interest received 1,807 337
Proceeds from sale of fixed assets - 7,329
Payments to acquire fixed assets (360,938) (243,842)
Net cash outflow from investing activities (359,131) (236,176)
Increase/(decrease) in cash 982,949 (673,862)
Cash and cash equivalents at the
beginning of the reporting period 2,162,428 2,836,290
Cash and cash equivalents at the
end of the reporting period 3,145,377 2,162,428
**----- End of picture text -----**
Page 19 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS ## for the year ended 31 August 2022 - 1 ACCOUNTING POLICIES Beechwood Park School Limited is a company limited by guarantee with registered number 00820476, incorporated and domiciled in England and Wales. Its registered office is Beechwood Park School, Markyate, St Albans, Herts, AL3 8AW. ## 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. These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below. The 2021 figures have been restated to remove the BPSPA Funds where the school acts as custodian of the assets (see note 25). ## 1.2 GOING CONCERN The governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the School to continue as a going concern. The governors have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the governors have considered and challenged the School’s forecasts and projections, including cash flows, pupil projections and the likely impact of pressures on fee income. Whilst the economic outlook remains uncertain which could have an impact on future pupil numbers, after making enquiries the detailed review undertaken by the governors and the ongoing measures they have put in place have led them to conclude that there is a reasonable expectation that the School has adequate resources to continue in operational existence and meet its ongoing liabilities for the foreseeable future. The School therefore continues to adopt the going concern basis in preparing its financial statements. ## 1.3 COMPANY LIMITED BY GUARANTEE The company is limited by guarantee, the guarantors at the present time being the Governors, to the extent of £1 each. 1.4 FEES RECEIVABLE AND SIMILAR INCOME Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school. 1.5 DONATIONS AND FUND ACCOUNTING Donations received for the general purposes of the school are included as unrestricted funds. Donations restricted by the wishes of the donor or the terms of an appeal are taken to restricted funds. Donations required to be retained as capital in accordance with the donor’s wishes are accounted for as endowments – permanent or expendable according to the nature of the restriction. 1.6 EXPENDITURE Expenditure is allocated to expense headings, which aggregate all costs relating to the category either on a direct cost basis, or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates. All costs associated with the provision of education are allocated to Charitable Expenditure. Only the costs directly associated with, or incurred solely in, Raising Funds are allocated to this category. Governance Costs comprise the costs of running the charity, including strategic planning for future developments, external audit, legal advice and a proportion of staff costs relating to compliance with constitutional and statutory requirements, such as the costs of Governors meetings. ## 1.7 TEACHING COSTS Supplies of games equipment, books, stationery and sundry materials are written off when the expenditure is incurred. 1.8 FIXED ASSETS AND DEPRECIATION All fixed assets are used in direct furtherance of the school’s objectives. Fixed assets are included in these financial statements at their original cost less depreciation and accumulated impairment losses provided to date. Assets that cost less than £1,000 are not capitalised and are written off in the year of purchase. 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: Freehold buildings and improvements -50 years Fixtures and fittings -3 - 10 years Vehicles -5 years Computers -3 years Page 20 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS ## for the year ended 31 August 2022 ## 1.9 PENSIONS Full-time and part-time teaching staff employed under a contract of service are eligible to contribute to the Teachers’ Pension Scheme (TPS). The TPS, a statutory, contributory, final salary scheme is administered by Capita Teachers’ Pensions on behalf of the Department for Education. The school also pays contributions into a Occupational Personal Pension Scheme for Support staff with The Pensions Trust. The Scheme is a defined contribution pension scheme. In addition the school is a member of The Pension Trust defined benefit scheme, which is closed to new members. Any payments to the scheme represent contributions towards the deficit for existing members remaining in the scheme. The assets of the Scheme are held separately from those of the School in an independently administered fund. The Pension Scheme charge represents contributions payable by the school in accordance with the rules of the Scheme. ## 1.10 LEASES AND HIRE PURCHASE CONTRACTS Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease. ## 1.11 CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. ## 1.12 FINANCIAL INSTRUMENTS The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 14, 15 and 16 for the debtor and creditor notes. ## 1.13 TAXATION The company is a registered charity and is exempt from taxation as afforded by Section 505 ICTA 1988. 1.14 EMPLOYEE BENEFITS The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## 1.15 FUNDS Unresticted funds are available for general use of the school. Where fixed assets are donated to the School they are allocated to a restricted reserve at their value at the time of the gift. The reserve is then released to general funds over the asset's useful economic life. - 2 KEY ESTIMATES & JUDGEMENTS In the application of the company's accounting policies, the governing body is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an 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 affects both current and future periods. In the opinion of the Governors, the estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. ## 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 lives 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. ## Pension Schemes The School contributes to the Teacher's Pension Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The School also contributes to a defined contribution scheme for non-teaching staff at a minimum of 5% of annual basic pay. Contributions to both schemes are charged in the SOFA as they become payable in accordance with the rules of the scheme. Page 21 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 |3 FEE INCOME
The School’s activities are carried out within the UK.
The school's fee income comprised:
Gross fees
Less: Discounts
Less: Covid discounts
Less: Scholarships and bursaries
4 OTHER EDUCATIONAL INCOME
Income derived from other school activities
Registration fees
Fees in lieu of notice
Minibus income
5 OTHER TRADING INCOME
Rent and lettings
6 INVESTMENT INCOME
Interest received
7 DONATIONS AND GRANTS
Donations and gifts
Government grants|2022
£
8,503,448
(268,148)
-
(44,246)
8,191,054
2022
£
367,863
10,000
2,500
76,555
456,918
2022
£
29,689
29,689
2022
£
1,807
1,807
2022
£
9,204
-
9,204|2021
£
7,978,181
(283,470)
(182,720)
(77,789)
7,434,202
2021
£
279,212
9,200
6,000
43,555
337,967
2021
£
13,521
13,521
2021
£
337
337
2021
£
35,730
75,658
111,388| |---|---|---| Included within the above is an amount of £nil (2021: £nil) which relates to restricted income. Page 22 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 |8 EXPENDITURE
(a)
Costs of Raising Funds
Trading costs
Other non-education costs
Total Costs of Raising Funds
Charitable expenditure
Teaching
Welfare
Premises and Estates
Finance and Administration
Governance
Total Charitable Expenditure
Total Expended|£
-
-
-
£
4,440,751
148,510
341,144
598,391
-
5,528,796
5,528,796
Staff costs
(note 9)
Staff costs
(note 9)|Other
£
13,367
-
13,367
Other
£
474,839
646,671
796,833
381,107
31,344
2,330,794
2,344,161|Depreciation
£
-
-
-
Depreciation
£
-
-
338,507
-
-
338,507
338,507|Total
2022
£
13,367
-
13,367
Total
2022
£
4,915,590
795,181
1,476,484
979,498
31,344
8,198,097
8,211,464| |---|---|---|---|---| Included within £8,211,464 is an amount of £nil (2021: £nil) relating to restricted expenditure. |Costs of Raising Funds
Trading costs
Other non-education costs
Total Costs of Raising Funds
Charitable expenditure
Teaching
Welfare
Premises and Estates
Finance and Administration
Governance
Total Charitable Expenditure
Total Expended
(b)
Other Governance Costs include:
Auditors' remuneration
- Audit Fees
- under provision from previous year
- Accountancy Fees
- Other Auditors remuneration
Governors' Training|£
-
-
-
£
4,297,860
70,731
341,738
585,308
7,432
5,303,069
5,303,069
Staff costs
(note 9)
Staff costs
(note 9)|Other
£
8,333
27,975
36,308
Other
£
190,615
561,850
1,076,861
298,329
18,987
2,146,642
2,182,950|Depreciation
£
-
-
-
Depreciation
£
-
-
349,383
-
-
349,383
349,383
2022
£
15,320
4,664
2,290
-
9,070|Total
2021
£
8,333
27,975
36,308
Total
2021
£
4,488,475
632,581
1,767,982
883,637
26,419
7,799,094
7,835,402
2021
£
14,640
426
2,376
1,332
213| |---|---|---|---|---| Page 23 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 |9 STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
Other staff costs
Movement in pension provision
The average monthly number of employees during the year was as follows:
Teaching
Non-teaching
The number of employees whose emoluments amounted to over
£60,000 in the year was as follows:
£60,000 - £70,000
£70,000 - £80,000
£80,001 - £90,000
£110,001 - £120,000|2022
£
4,257,609
436,904
757,127
74,667
2,489
5,528,796
2022
No.
109
35
144
2022
No.
2
1
1
1
5|2021
£
4,141,606
399,088
760,101
-
2,274
5,303,069
2021
No.
105
39
144
2021
No.
2
1
1
1
5| |---|---|---| Pension contributions for the year amounted to £84,206 (2021: £81,480) for the above employees. The School considers its key management personnel as the Head, Bursar and three Deputies. The total employment benefits including employer pension contributions of the key management personnel were £549,789 (2021: £525,598). ## 10 GOVERNORS REMUNERATION AND BENEFITS There were £9,070 (2021: £213) of expenses relating to training, meetings and other costs reimbursed to Governors' during the year. Page 24 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 ## 11 PENSIONS ## Teachers' Pension The School participates in the Teachers' Pension Scheme ('the TPS') for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £654,583 (2021: £639,748) and at the year end £71,555 (2021: £73,060) 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. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable. 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 a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, 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 have since been 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 confirmed 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 support staff are members of The Pension Trust Scheme which is a defined contribution scheme; the school contributes between 5% and 24.2% dependent on the position of the employee in the school and the employees contribute between 3% and 6%. The pension charge for the year includes contributions payable of £102,544 (2021: £120,353) and at the year end £6,094 (2021: £nil) was included in creditors. Page 25 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 - 11 PENSIONS (continued) ## TPT Retirement Solutions - Independent Schools' Pension Scheme The company participates in the scheme, a multi-employer scheme which provides benefits to some 66 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows: Deficit contributions From 1 September 2022 to 30 June 2032: £ 2,687,000 per annum (payable monthly and increasing by 3% on each 1st September) Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows: Deficit contributions From 1 September 2019 to 30 April 2030: £ 2,387,537 per annum (payable monthly and increasing by 3% on each 1st September) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. |Present Values of Provision
Present value of provision
Reconciliation of opening and closing provisions
Provision at start of period
Unwinding of the discount factor (interest expense)
Deficit contribution paid
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the contribution schedule
Provision at end of period|31 August 2022
(£s)
297,478|31 August 2021
(£s)
241,357
Period Ending
31 August 2022
(£s)
241,357
2,489
(26,011)
(49,383)
129,026
297,478|31 August 2020
(£s)
266,349
Period Ending
31 August 2021
(£s)
266,349
2,274
(25,253)
(2,013)
-
241,357|31 August 2019
(£s)
285,279| |---|---|---|---|---| Page 26 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 ## 11 PENSIONS (continued) |Income and Expenditure Impact|||| |---|---|---|---| ||Period Ending|Period Ending|| ||31 August 2022|31 August|2021| ||(£s)|(£s)|| |Interest expense|2,489||2,274| |Remeasurements - impact of any change in assumptions|(49,383)|(2,013)|| |Remeasurements - amendments to the contribution schedule|129,026||-| *includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. ## Assumptions |||31 August 2022|31 August 2021|31 August 2020|31 August 2019| |---|---|---|---|---|---| |||% per annum|% per annum|% per annum|% per annum| |Rate|of discount|4.31|1.09|0.90|1.10| The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. |Deficits Contributions Schedule||||| |---|---|---|---|---| ||31 August 2022|31 August 2021|31 August 2020|31 August 2019| ||(£s)|(£s)|(£s)|(£s)| |Year 1|32,584|26,011|25,253|24,518| |Year 2|33,561|26,791|26,011|25,253| |Year 3|34,568|27,595|26,791|26,011| |Year 4|35,605|28,423|27,595|26,791| |Year 5|36,673|29,275|28,423|27,595| |Year 6|37,774|30,154|29,275|28,423| |Year 7|38,907|31,058|30,154|29,275| |Year 8|40,074|31,990|31,058|30,154| |Year 9|41,276|21,967|31,990|31,058| |Year 10|35,429|-|21,967|31,990| |Year 11|-|-|-|21,967| ## 12 NET INCOME FOR THE YEAR Net income is stated after charging: Depreciation of tangible fixed assets Operating lease rentals |2022|2021| |---|---| |£|£| |338,507|349,383| |27,877|14,142| Page 27 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 ## 13 TANGIBLE FIXED ASSETS |Cost:
At 1 September 2021
Additions
Disposals
Transfer
At 31 August 2022
Depreciation:
At 1 September 2021
Charge for year
Disposals
At 31 August 2022
Net book value:
At 31 August 2022
At 1 September 2021
14 DEBTORS
Fees and extras
Other debtors
Prepayments and accrued income
15 CREDITORS
Amounts falling due within one year:
Trade creditors
Taxation and social security costs
Fee Deposits
Fees in advance
Other creditors
Accruals
Deferred income:
Brought forwards
Released in year
Received in year
Carried forwards|Freehold
Property
£
9,455,070
90,726
-
-
9,545,796
1,215,322
230,917
-
1,446,239
8,099,557
8,239,748|Fixtures
&
Fittings
£
1,198,610
261,452
(1,548)
-
1,458,514
910,463
102,823
(515)
1,012,771
445,743
288,147|Motor
Vehicles
£
32,444
8,760
-
-
41,204
4,492
4,767
-
9,259
31,945
27,952
2022
£
23,456
18,971
185,531
227,958
2022
£
215,119
113,651
51,000
422,362
84,769
208,815
1,095,716
2022
£
24,619
(24,619)
422,362
422,362|Total
£
10,686,124
360,938
(1,548)
-
11,045,514
2,130,277
338,507
(515)
2,468,269
8,577,245
8,555,847
Restated
2021
£
23,878
19,291
97,791
140,960
Restated
2021
£
164,789
117,335
38,750
24,619
69,971
114,236
529,700
2021
£
931,157
(931,157)
24,619
24,619| |---|---|---|---|---| Deferred income relates to schools fees received in advance for the following term. Page 28 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 ## 16 CREDITORS DUE AFTER ONE YEAR |Amounts falling due after more than one year:
School fee deposits
17 PROVISIONS FOR LIABILITIES
Pension provision
At 1 September 2021
Increase in provision
At 31 August 2022|2022
£
365,750
365,750
2022
£
241,357
56,121
297,478|2021
£
373,750
373,750
2021
£
266,349
(24,992)
241,357| |---|---|---| The school recognises £297,478 (31 August 2021 £241,357) of pension provision on its Balance Sheet, in relation to the closed pension scheme. The provision is attributatble to TPT Retirement Solutions. ## 18 STATEMENT OF FUNDS |Unrestricted funds:
General reserve
Designated fund:
BPSPA
Revaluation reserve
Total funds
Unrestricted funds:
General reserve
Designated fund:
BPSPA
Restatement of BPSPA Fund
Note 25
Revaluation reserve
Total funds|£
4,800,843
-
4,913,585
9,714,428
9,714,428
£
4,588,285
117,820
-
5,025,257
9,731,362
9,731,362
At 1 September
2020
At 1 September
2021|Income
£
8,679,672
9,000
-
8,688,672
8,688,672
Income
£
7,880,852
16,563
-
-
7,897,415
7,897,415|Expenditure
£
(8,211,464)
-
-
(8,211,464)
(8,211,464)
Expenditure
£
(7,807,427)
(27,975)
-
-
(7,835,402)
(7,835,402)|Transfer
Between
Funds
£
111,672
-
(111,672)
-
-
Transfer
Between
Funds
£
139,133
(27,461)
-
(111,672)
-
-|£
5,380,723
9,000
4,801,913
10,191,636
10,191,636
Restated
£
4,800,843
78,947
(78,947)
4,913,585
9,714,428
9,714,428
At 31 August 2021
At 31 August 2022| |---|---|---|---|---|---| The designated funds relate to donations made to the school or deposit donations which the school will use on development in future years. Page 29 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 ## 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS |Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Total net assets|Unrestricted
funds
£
3,775,332
3,364,335
(1,095,716)
(663,228)
5,380,723
Unrestricted
funds
£
3,642,262
2,303,388
(529,700)
(615,107)
4,800,843|Designated
funds
£
-
9,000
-
-
9,000
Designated
funds
£
-
-
-
-
-|Restricted
funds
£
-
-
-
-
-
Restricted
funds
£
-
-
-
-
-|Revaluation
reserve
£
4,801,913
-
-
-
4,801,913
Revaluation
reserve
£
4,913,585
-
-
-
4,913,585|2022
Total
£
8,577,245
3,373,335
(1,095,716)
(663,228)
10,191,636
Restated
2021
Total
£
8,555,847
2,303,388
(529,700)
(615,107)
9,714,428| |---|---|---|---|---|---| ## 20 COMMITMENTS UNDER OPERATING LEASES At 31 August 2022, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: |Due within one year
Due between two and five years|2022
37,609
58,867
96,476|2021
14,142
17,120
31,262| |---|---|---| ## 21 RELATED PARTIES Governors' liability insurance premium costs were incurred by the Company. The premium is included within the total cost of insurance and is not separately identifiable. ## 22 CONTROL The school is under the control of the Governors who are the trustees under Charity Law and directors under Company Law. ## 23 CAPITAL COMMITMENTS At the year end 31 August 2022, there was a capital commitment of £Nil relating to ongoing building works (2021: £Nil). Page 30 ## Beechwood Park School Limited ## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 |24 NOTES TO THE CASHFLOW STATEMENT
Reconciliation of operating result to net cash inflow from
operating activities
Net movement in funds
Depreciation
Bank interest received
Profit/(Loss) on sale of Fixed Assets
Increase/(Decrease) in creditors
(Increase)/Decrease in debtors|2022
£
477,208
338,507
(1,807)
1,033
614,137
(86,998)
1,342,080|Restated
2021
£
(16,934)
349,383
(337)
368,399
(1,179,653)
41,456
(437,686)| |---|---|---| ## 25 CUSTODIAN FUNDS The school acts as custodian trustee to the BPSPA where it holds the bank accounts on their behalf. The school has no ownership or control over the accounts and simply manages the accounting transactions on behalf of the BPSPA committee. As a result the transactions relating to the BPSPA accounts do not form part of the School’s assets, income or expenditure in the reporting period. The comparative figures have been restated to reflect the removal of BPSPA Funds where the school acts as custodian of the assets. The 2021 funds were £9,793,375, the restatement of funds totals £78,947 leaving the total restated funds at 31 August 2021 is £9,714,428. The BPSPA will continue to support the school through donations in the forthcoming years and in 2022 made donations totalling £9,000. Page 31