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2023-08-31-accounts

BEECHWOOD PARK SCHOOL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] AUGUST 2023

Company registered number: 00820476

Charity number: 311068

MOORE KINGSTON SMITH LLP

4 VICTORIA SQUARE ST ALBANS HERTORDSHIRE AL1 3TF

BEECHWOOD PARK SCHOOL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] AUGUST 2023

CONTENTS

Page
Company information 1
Governors’ report 2 – 12
Independent auditors’ report 13 – 16
Statement of financial activities 17
Balance sheet 18
Statement of Cash Flows 19
Notes to the financial statements 20 – 29

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS, OFFICERS AND ADVISERS

YEAR ENDED 31[ST] AUGUST 2023

GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

The Governors of Beechwood Park School Limited (“the School”) are the School’s charity trustees under charity law and the directors of the charitable company. The members of the Governing Body who served in office as Governors during the year and subsequently are detailed below:

(1) (1) (2) (3) (4) (5) (6) (7) (8) (9)
Mr S W Black Resigned 5/12/2022
Mr A M Briscoe Resigned 3/7/2023
Mrs J A Brown Resigned 3/7/2023
Mrs M Cussans Resigned 5/12/2022
Elected 18/9/2023
Mrs C E Cutler (Vice Chair)
Mr H M Ford Elected 5/12/2022
Mr G P Freeman
Mr J W J Gillespie
Mr M W Hammond (Chair)
Mr J S Hodgson
Prof T S Jacques * Elected 5/12/2022
Mr G E Mairs
Dr R J Maloney
Mr N G Scragg
Ms K E Swaine
Mrs J C Wadham Elected 5/12/2022
(1) Education Committee
(2) Pastoral Care and Welfare Committee
(3) General Purposes Committee
(4) Finance Committee
(5) Building and Estates Committee		 (6) Public Benefit Committee
(7) Health and Safety Committee
(8) Marketing and Admissions Committee
(9) Pensions Sub-Committee

OFFICERS

E W Balfour Head (resigned 31 December 2022) M Cussans Interim Headmistress (1 January 2023 - 31 August 2023) C Pritchard Headmaster (from 1 September 2023) A M C Ridler Bursar/Clerk to the Governing Body

Principal Address and Registered Office

Beechwood Park School, Markyate, St Albans, Herts, AL3 8AW

Auditors

Moore Kingston Smith LLP, 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF

Legal Advisors

Farrer & Co LLP, 66 Lincoln’s Inn Fields, London, WC2A 3LH

Page 1

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

The Governors present their report and the audited financial statements for the year ended 31st August 2023. This report represents a Directors’ report under the Companies Act 2006 and the Trustees’ report under the Charities Act 2011. These financial statements comply with current law and regulatory requirements including the FRS 102 Charities SORP.

REFERENCE AND ADMINISTRATIVE INFORMATION

Beechwood Park School (“the School” or “Beechwood”) was founded in 1964. It is constituted as a company limited by guarantee registered in England, No. 00820476, and is registered with the Charity Commission under Charity No. 311068.

Details of the members of the Governing Body, together with the School’s officers and principal advisers are given on Page 1.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The School is governed by its Articles of Association last amended on 5 July 2021.

Governing Body

The Governing Body is self-appointing. Governors hold office for five years, whereupon they may be reappointed for a further five-year term. The Chair and Vice Chair may serve a further five-year term. There may be no more than 19 and no fewer than 9 Governors.

None of the Governors has any beneficial interest in the company. All of the Governors are members of the company and guarantee to contribute £1 in the event of a winding up.

The School has taken out Directors and Officers liability insurance for the Governors.

Recruitment and training of Governors

The Governing Body, in carrying out its duties, draws on a wide range of different skills and expertise. The recruitment and appointment process for Governors selects candidates from diverse backgrounds and disciplines. The primary focus is on the provision of educational and academic expertise, with some of the Governors being Heads at independent schools. This serves to strengthen the relationship between schools and enables Beechwood to draw on experience from other educational sectors. The School also recruits Governors to provide commercial, legal, estate management, health and safety, marketing or financial expertise. Many Governors are parents of former pupils at Beechwood.

When the School identifies a gap in the skills base, or when a resignation takes place, Governors propose suitable candidates. The Chair and the Head follow the School’s Governor Induction Procedure, inviting the candidate to attend a selection process with the Chair. The Chair considers the candidate’s suitability against the standard Role Description for all governors, as well as the description of the vacant role. The Chair circulates the candidate’s qualifications to all other Governors for their approval. If approved, the Chair asks the candidate to attend the next meeting of Governors, and the Governors then formally confirm the appointment.

Most new Governors are already familiar with the School, but will follow a well-established induction programme run by the Chair, Head and Bursar. This incorporates the workings of the Governing Body, its role and its responsibilities. The School also offers new Governors governance training with the Association of Governing Bodies of Independent Schools (AGBIS), or the Independent Schools’ Bursars’ Association (ISBA). As part of their induction, Governors undertake School-specific Child Protection and Safer Recruitment training, as well as receiving regular updates from AGBIS, the IAPS, ISC, BSA and other professional bodies.

Page 2

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

Organisational Management

Members of the Governing Body, as the charity trustees, are legally responsible for the overall management and control of the School. The Governing Body meets termly to consider and ratify School policies and long-term development strategy. The Governors also meet regularly with the Head, Bursar and Senior Leadership Team (SLT) to consider the next stages of the School’s Development Plan.

The following Committees meet at least termly to oversee the leadership and management of the following areas of the School’s provision:

The School is led by the Head with financial and administrative decisions taken in conjunction with the Bursar. They and the two Deputy Heads are the key leadership personnel of the School, supported by a broader Senior Leadership Team.

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

Remuneration

The Governing Body sets remuneration, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual excellence and contributions to the School’s success. The Governors consider the total rewards (salary, employer pension contribution rates and other benefits) for staff taking into consideration expected income and expenditure and external factors including the externally set Teachers Pension Scheme (“TPS”) contribution rate and maintained sector salary levels, usually agreeing an annual percentage salary increase for all staff. The appropriateness and relevance of the remuneration policy is reviewed annually. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of the School’s charitable expenditure.

OBJECTS, AIMS AND OBJECTIVES

Charitable Objects

The School’s Objects, as set out in the Articles of Association, are the advancement of education and other associated activities for the benefit of the community as a whole. In furtherance of these Objects, for public benefit, the School has established and administers bursaries, grants, awards and other benefactions, and acts as the trustee and manager of property, endowments, bequests and gifts given or established in pursuance of these Objects.

Mission

The School’s Mission is to be a leading UK prep school. To fulfil this ambition, with the support of parents, the School:

Values

The School’s sixteen Values, chosen by the pupils and reviewed biennially, lie at the heart of the School community, providing a pastoral framework, which enhances British values and helps all members of our community to live and work together:

APPRECIATION – ASPIRATION – COLLABORATION – COURAGE – CURIOSITY – DIVERSITY – FORGIVENESS – FRIENDSHIP

HUMILITY – INTEGRITY – KINDNESS – PATIENCE – PERSEVERANCE – RESILIENCE – RESPECT – TRUST

Objectives

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

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

community, co-education, respect for one another and good citizenship;

Strategies to achieve primary objectives

Public Benefit

The Governors have considered the Charity Commission guidance on public benefit, including the guidance ‘Public Benefit: Running a Charity (PB2)’. The Public Benefit Committee was set up in January 2017 to develop a strategic plan for the provision and demonstration of public benefit to include but not be limited to:

The Governors are committed to broadening access to the School by offering to eligible parents/guardians means-tested financial support with the payment of school fees. Bursaries may be awarded in the form of a discount of up to 100% of tuition fees payable, depending on the financial, compassionate or other pertinent circumstances of applicants.

During the year, the School provided bursaries totalling £67,583 (2021: £44,246) to support 4 pupils covering between 50% and 100% of their fees. The bursary for one of these pupils covered all boarding fees in addition to day fees. The School is phasing out sibling discounts, in favour of diverting funds to bursary applicants.

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

Two pupils were given free access to the School Counsellor.

Efforts to identify potential pupils who would benefit from the education provided by the School have continued. The School invites parents of leavers to donate all or part of their deposits to the School to provide bursary support.

Teaching staff receive a discount for all children attending.

Charitable donations from the School community amounted to £15,604 during the year. The pupils are actively involved in all fundraising activities throughout the year.

Beechwood Park sponsors Markyate Village School’s membership of Tooled Up Education, which provides evidencebased pastoral resources to parents and teachers on all aspects of parenting, education and family life. The School also provides Markyate Village School with free access to the swimming pool for weekly lessons.

The Head continues to develop the School’s public benefit and encourages all Beechwood staff to implement public benefit activities to the mutual benefit of all parties. The School maintains a register of public benefit provision.

Reserves

The Governors regularly review the School’s funding approach by its strategic and financing policies and aim to maintain cash reserves of between 15% and 25% of income.

----- Start of picture text -----
2022/23 Income £8,895,890
- 15% target £1,334,384
- 25% target £2,223,972
Cash reserves at year end £2,412,804
(excluding fees in advance and deposits)
Total reserves at year end £10,359,026
consisting of:
Designated Funds (BPSPA) £9,000
Restricted Funds – Prize Fund £8,000
Revaluation Reserve £4,690,241
General Funds £5,651,785
----- End of picture text -----

The Governors plan to continually improve the School's financial robustness and invest in capital works in future years. The Governors review the reserves policy on an annual basis.

Investments

The School does not have any investments; reserves are held in the form of cash. The Finance Committee is responsible for the examination and implementation of investment strategies.

Employment

The School is an equal opportunities employer. The School gives full and fair consideration to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. A Staff Wellbeing Committee has been established to improve communication between all staff at the School.

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

The School makes employees aware of the financial and economic performance of the School. Communication with employees continues through normal leadership and management channels in a variety of forms including weekly departmental and whole-staff meetings and also through exceptional channels to apprise staff of current issues.

Staff meet with Governors over supper prior to the Lent Term Full Governing Body meeting.

The Head encourages Governors to make individual visits to the School throughout the year to meet with staff and observe the workings of the School.

STRATEGIC REPORT

Achievements and Performance

The ISI conducted an Educational Quality Inspection of Beechwood in January 2019. The inspection reported the School as fully-compliant in all areas and judged the School as the highest ranking ‘Excellent’ in all areas of its educational provision. The key findings were as follows:

The quality of the pupils’ academic and other achievements is excellent.

The quality of the pupils’ personal development is excellent.

The ISI conducted a Regulatory Compliance Inspection of Beechwood in September 2022. The inspection once again reported the School as fully-compliant in all areas, with no recommendations for improvement.

Admissions

Beechwood had 531 pupils on roll at the end of the academic year. Places at the School continue to be in high demand, with healthy waiting lists for most year groups.

Key admission points for the School are into the Woodlands Nursery, Reception Class and Year 7, which is a popular entry point for pupils wishing to move from maintained primary schools into independent education. The School held its usual Open Mornings each term which attracted interest from many families.

Academic

The School’s four key academic targets through the year were:

  1. Maintain the focus on differentiation and choice in lessons to ensure that all pupils are fully engaged, develop their independence and ability to reflect, maximising progress for each and every pupil. Evidence from learning walks through the school confirmed that differentiation increased through the year and this had a positive impact on pupils’ engagement which reached the highest average on record at the end of the academic year.

  2. Target greater consistency and effectiveness in marking and feedback against the marking guidance in the BPS Academic Handbook. Teachers focussed on what was the most effective feedback which supported pupil progress. In work scrutiny reviews, there was an increase in consistent quality feedback and dialogue.

  3. To implement a trial bring your own device (BYOD) scheme for Year 7, review impact and confirm plans for a further rollout as applicable.

  4. This was successfully rolled out and in the review surveys with staff, pupils and parents, was deemed extremely successful; the feedback will inform our ongoing digital strategy.

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

  1. Academic Compliance against new ISSRs, noting the importance of Relationships Education, RSE and PSHE. This target was achieved through the fully compliant inspection result in September 2022.

Further academic achievements included:

Co-Curricular

The School developed the following co-curricular areas:

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

Pastoral

The Deputy Head (Pastoral) continues to review and develop the school’s pastoral approaches in support of our Mission to Nurture, Engage and Inspire our pupils, reporting termly to the Pastoral Care and Welfare Committee on 18 separate areas of the school’s pastoral provision.

Beechwood’s pastoral provision is based on high expectations of behaviour, and the pastoral system underpins these expectations, offering nurture and care. The school continues to provide targeted support to a few pupils via the counsellor. Staff and Heads of School Department also adapted and planned carefully for specific pupils, such as a Year 7 pupil with specific needs and challenges, and also adapting provision for a pupil in a wheelchair.

The DSL maintained child protection as a top priority implementing the changes from Keeping Children Safe in Education 2022, training staff and reporting back all concerns to the Head, the SLT and the Child Protection Governor. The DSL introduced CPOMS in April 2022 to manage Child Protection and other pastoral matters. The DSL can analyse the data to understand trends and pick up pupils of concerns.

The entire SLT undertook their biennial Child Protection Level 3 in October 2022.

The boarding team, led by the Acting Head of Boarding in the Michaelmas term, ran an excellent programme for boarders and continued to develop the boarding facilities. The new Head of Boarding started in January 2023 and continued the development of boarding, maintaining a full boarding House.

Year 8 pupils continue to seek the opinions of younger pupils and communicate their views through the Food Committee and the School Forum.

The Catering Manager continues to deliver outstanding catering provision, taking into consideration the pupils’ views.

Technology

The School continued to develop its technological infrastructure and curriculum in the following ways:

Buildings and Estates

The School continued to develop its buildings and estates so as to provide the very best environment to deliver the School’s Mission. Projects for the 2022-23 year included: substantial refurbishment of the Sports hall changing rooms and Dining Rooms; refurbishing several classrooms, corridors and offices; planting a new hedge along the entire western boundary; replacing boilers; enhancing security systems, and various other refurbishment and repair projects essential

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

to the smooth operation of the School.

Financial Review

The School’s net income for the year from operations amounted to £167,390 (2022: £477,208). The Governors are pleased to have generated a surplus in a challenging economic environment during the year.

The policy of spending the surplus generated on refurbishment and development of facilities has continued and the School’s capital expenditure for the year was £516,178 (2022: £360,938).

The School's balance sheet as detailed on page 18 shows a satisfactory position at the year end.

The results for the year are shown in the statement of financial activities on page 17.

Total unrestricted reserves at the year-end amounted to £5,651,785 (2022: £5,380,723). These have been generated over the years by the School, in order to maintain buildings and standards of education. This surplus could only be realised by disposing of fixed assets £4,044,847 (2022: £3,775,332) (i.e. buildings and contents) used in the running of the School. Free reserves, i.e. those funds not tied up in fixed assets or provisions are £1,606,938 (2022: £1,605,391).

Designated funds are created by the Governors by setting aside or "earmarking" funds out of the unrestricted funds for the specific purposes. Designated and restricted funds, are positive and correspondingly the School’s balance sheet shows net current assets at the year-end. These include £424,750 of refundable parents’ deposits held by the School. The School’s future plans will be funded by the remaining net assets.

None of the various funds were in deficit at the year-end or at any time during the year.

Key Performance Indicators

The School manages its performance through a series of key performance indicators that are both financial and nonfinancial in nature. The financial measures exist to ensure that the School continues to be able to meet its commitments and to be able to fund the facilities and resources required to run the School. The non-financial measures exist to monitor the educational outcomes of the School and to ensure that the School meets its educational objectives. The results for the year are:

2023 2022
Ratio of Expenditure to Income 98.1% 94.1%
Ratio of Expenditure to Income before depreciation 94.0% 90.3%
Cash reserves as % of income 27.12% 27.08%
% of pupils passing entrance examinations to first choice school 100% 100%
Number of scholarships at either 11+ or 13+ 12 11

PRINCIPAL RISKS AND UNCERTAINTIES

The Full Governing Body annually reviews the School’s Risk Register. The generic controls used by the School to minimise risk include:

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

Other Significant Risks

Significant high likelihood risks and their mitigation are:

The Governors are aware of other political and environmental risks and pay due regard to these when reaching decisions and reviewing the structure of the School financially and otherwise.

Going Concern

Our reserves position and lack of borrowing gives the School a reasonable platform to withstand the current cost increases and political and economic uncertainties, by implementing additional financial and operational safeguards. The Governors are satisfied that adequate resources will be available through future cash flows to meet liabilities as they fall due. The Governors do not foresee any major changes in the School's activities. Considering the above and after reviewing the School’s forecasts and projections, the Governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and that it is therefore appropriate to prepare the accounts on a going concern basis.

Plans for Future Periods

The Governors are pleased to welcome Christian Pritchard to lead the School as Headmaster from 1 September 2023.

The Beechwood Park School Development Plan, which covers the facilities available for teaching as well as the teaching and support staff, continues to be reviewed by the new Headmaster, the SLT and Governing Body. This plan has the objective of continuing improvement in the education of children at the School. There is an ongoing prioritisation process which allows the School continually to invest when cash reserves/budgets allow. There is also to be a particular focus on cost reduction, increased revenue from non-educational activities and funding for bursaries. A major initiative on sustainability is planned.

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governors are also the directors under company law.

The Governors are required under company law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements the Governors are required to:

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2023

The Governors are also responsible for:

Statement of disclosure to the auditor

Insofar as each of the Governors, as directors of the charitable company, 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 with preparing 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 in order to make himself or herself aware of the relevant audit information and to establish that the company’s auditor is aware of that information.

This Annual Report was approved by the Governing Body of the School on 4 December 2023 including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by:

..................................... Neil Scragg Governor

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BEECHWOOD PARK SCHOOL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEECHWOOD PARK SCHOOL

FOR THE YEAR ENDED 31[ST] AUGUST 2023

Opinion

We have audited the financial statements of Beechwood Park School Limited (‘the company’) for the year ended 31 August 2023 which comprise the Statement of Financial Activities, 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:

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

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BEECHWOOD PARK SCHOOL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEECHWOOD PARK SCHOOL

FOR THE YEAR ENDED 31[ST] AUGUST 2023

statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, 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:

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BEECHWOOD PARK SCHOOL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEECHWOOD PARK SCHOOL

FOR THE YEAR ENDED 31[ST] AUGUST 2023

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:

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BEECHWOOD PARK SCHOOL LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BEECHWOOD PARK SCHOOL

FOR THE YEAR ENDED 31[ST] AUGUST 2023

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material 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.

19 December 2023

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

4 Victoria Square St Albans Hertfordshire AL1 3TF

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Beechwood Park School Limited

STATEMENT OF FINANCIAL ACTIVITIES

(including the income and expenditure statement)

for the year ended 31 August 2023

----- Start of picture text -----
Unrestricted /
Designated Restricted Total Total
Notes funds funds 2023 2022
£ £ £ £
INCOME FROM:
Charitable Activities
School fees 3 8,321,530 - 8,321,530 8,191,054
Other educational income 4 472,070 - 472,070 456,918
Other income
Other trading income 5 43,906 - 43,906 29,689
Other activities 8,330 - 8,330 -
Investments
Investment Income 6 40,248 - 40,248 1,807
Voluntary sources
Donations and grants 7 1,806 8,000 9,806 9,204
Total income and endowments 8,887,890 8,000 8,895,890 8,688,672
EXPENDITURE ON:
Costs of raising funds
Other trading costs 12,150 - 12,150 13,367
Other non-educational costs - - - -
Charitable activities
Education 8,716,350 - 8,716,350 8,198,097
Total expenditure 8 8,728,500 - 8,728,500 8,211,464
Net income/(expenditure) 159,390 8,000 167,390 477,208
Transfer between funds - - - -
Net movement in funds 159,390 8,000 167,390 477,208
Fund balances brought forward 10,191,636 - 10,191,636 9,714,428
Fund balances carried forward 18, 19 10,351,026 8,000 10,359,026 10,191,636
----- 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.

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Beechwood Park School Limited

BALANCE SHEET

as at 31 August 2023

Notes
FIXED ASSETS
13
14
15
16
17
18
18
18
18
Tangible assets
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS: Amounts falling due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS:Amounts falling due after more than one year
Provisions
NET ASSETS
FUNDS
Restricted funds
Unrestricted funds – general
Unrestricted funds - designated
Revaluation reserve		 2023
£
8,735,088
8,735,088
363,844
3,339,104
3,702,948
(1,434,131)
2,268,817
11,003,905
(384,000)
(260,879)
10,359,026
8,000
5,651,785
9,000
4,690,241
10,359,026		 2022
£
8,577,245
8,577,245
227,958
3,145,377
3,373,335
(1,095,716)
2,277,619
10,854,864
(365,750)
(297,478)
10,191,636
-
5,380,723
9,000
4,801,913
10,191,636

Approved and authorised for issue by the Full Governing Body on 4 December 2023 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 2023

CASH FLOW STATEMENT
Notes
Net cash inflow from operating activities
24
Cash flows from investing activities:
Bank interest received
Proceeds from sale of fixed assets
Payments to acquire fixed assets
Net cash outflow from investing activities
Increase/(decrease) in cash
beginning of the reporting period
end of the reporting period
Cash and cash equivalents at the
Cash and cash equivalents at the		 2023
£
669,657
40,248
-
(516,178)
(475,930)
193,727
3,145,377
3,339,104		 2022
£
1,342,080
1,807
-
(360,938)
(359,131)
982,949
2,162,428
3,145,377

Page 19

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

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.

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 and political 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 2023

1.9 PENSIONS

Teaching staff employed under a contract of service starting before 31 August 2022 are eligible for membership of the Teachers’ Pension Scheme (TPS). The TPS is a contributory defined benefit scheme. The Department for Education is the responsible authority for the TPS and sets the contribution rates for employers and employees in the scheme. Beechwood Park School entered phased withdrawal from the TPS on 1 September 2022.

Teaching staff employed under a contract of service since 1 September 2022 are eligible for membership of the Aviva Pension Trust for Independent Schools (APTIS). APTIS is a defined contribution scheme. It is an authorised Master Trust and is subject to the ongoing supervision of The Pensions Regulator. The School sets the contribution rates for the scheme.

Support staff employed under a contract of service are eligible for membership of the Independent Schools’ Pension Scheme (ISPS), an occupational personal pension scheme administered by TPT Retirement Solutions. The scheme is a defined contribution scheme. In addition, the School was previously a member of the ISPS defined benefit scheme. Current payments to the ISPS defined benefit scheme represent contributions towards the deficit for existing members remaining in the scheme, in accordance with the rules of the scheme. The assets of the scheme are held separately from those of the School in an independently administered fund.

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.

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 TPS at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The School contributes to defined contribution schemes: APTIS and ISPS, at rates set by the board of governors and at not less than 5% of annual basic pay. Contributions to all pension schemes are charged in the SOFA as they become payable in accordance with the rules of each scheme.

Page 21

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

3 FEE INCOME
The School’s activities are carried out within the UK.
The school's fee income comprised:
Gross fees
Less: 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
Other income
6 INVESTMENT INCOME
Interest received
7 DONATIONS AND GRANTS
Donations and gifts		 2023
£
8,660,808
(271,695)
(67,583)
8,321,530
2023
£
381,264
9,900
3,829
77,077
472,070
2023
£
43,906
8,330
52,236
2023
£
40,248
40,248
2023
£
9,806
9,806		 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

Included within the above is an amount of £8,000 (2022: £nil) which relates to restricted income.

Page 22

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

8 EXPENDITURE
(a)
Costs of Raising Funds
£
Trading costs
-
Total Costs of Raising Funds
-
Charitable expenditure
£
Teaching
4,733,929
Welfare
113,140
Premises and Estates
365,812
Finance and Administration
633,399
Governance
-
Total Charitable Expenditure
5,846,280
Total Expended
5,846,280
Costs of Raising Funds
£
Trading costs
-
Other non-education costs
-
Total Costs of Raising Funds
-
Charitable expenditure
£
Teaching
4,440,751
Welfare
148,510
Premises and Estates
341,144
Finance and Administration
598,391
Governance
-
Total Charitable Expenditure
5,528,796
Total Expended
5,528,796
(b)
Other Governance Costs include:
Auditors' remuneration
- Audit Fees
-
- under provision from previous year
- Accountancy Fees
Governors' Training
Staff costs (note 9)
Staff costs (note 9)
Staff costs (note 9)
Staff costs (note 9)
Included within £8,728,500 is an amount of £nil (2022: £nil) relating to restricted expenditure.		 Other
£
12,150
12,150
Other
£
465,635
674,432
961,218
381,302
29,148
2,511,735
2,523,885
Other
£
13,367
-
13,367
Other
£
474,839
646,671
796,833
381,107
31,344
2,330,794
2,344,161		 Depreciation
£
-
-
Depreciation
£
-
-
358,335
-
-
358,335
358,335
Depreciation
£
-
-
-
Depreciation
£
-
-
338,507
-
-
338,507
338,507
2023
£
16,950
3,635
2,535
6,028		 Total
2023
£
12,150
12,150
Total
2023
£
5,199,564
787,572
1,685,365
1,014,701
29,148
8,716,350
8,728,500
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
2022
£
15,320
4,664
2,290
9,070

Page 23

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

9 STAFF COSTS
Wages and salaries
Redundancy and settlement costs
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
£90,001 - £100,000
£110,001 - £120,000
Pension contributions for the year amounted to £63,410 (2022: £84,206) for the above employees.		 2023
£
4,568,857
25,204
468,995
771,158
-
12,066
5,846,280
2023
No.
100
41
141
2023
No.
2
1
2
1
-
6		 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

The School considers its key management personnel as the Head, Bursar and two Deputies. The total employment benefits including employer pension contributions of the key management personnel were £448,305 (2022: £549,789).

Termination payments totalling £25,204 were paid to 2 employees.

10 GOVERNORS REMUNERATION AND BENEFITS

There were £1,827 (2022: £9,070) of expenses relating to training, meetings and other costs reimbursed to Governors' during the year.

11 PENSIONS

Teachers' Pension Scheme

The School participates in the Teachers' Pension Scheme ('the TPS') for its teaching staff who commenced their employment up until 31 August 2022. The pension charge for the year includes contributions payable to the TPS of £576,554 (2022: £654,583) and at the year end £63,241 (2022: £71,555) 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 employer contribution rate has increased substantially over recent valuations, from 14.1% in 2007, to 16.48% in 2015, to 23.68% in 2019. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members. The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Page 24

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

TPT Retirement Solutions - Independent Schools' Pension Scheme

The company participates in the scheme, a multi-employer scheme which provides benefits to some 61 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
Income and Expenditure Impact
Interest expense
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the contribution schedule		 31 August 2023
(£s)
260,879		 31 August 2022
(£s)
297,478
Period Ending
31 August 2023
(£s)
297,478
12,066
(32,584)
(16,081)
-
260,879
Period Ending
31 August 2023
(£s)
12,066
(16,081)
-		 31 August 2021
(£s)
241,357
Period Ending
31 August 2022
(£s)
241,357
2,489
(26,011)
(49,383)
129,026
297,478
Period Ending
31 August 2022
(£s)
2,489
(49,383)
129,026		 31 August 2020
(£s)
266,349

*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.

Page 25

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

11 PENSIONS (continued)
Assumptions
Rate of discount
Deficits Contributions Schedule
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
12
NET INCOME FOR THE YEAR
Net income is stated after charging:
Depreciation of tangible fixed assets
Operating lease rentals
13
TANGIBLE FIXED ASSETS
Cost:
At 1 September 2022
Additions
Disposals
At 31 August 2023
Depreciation:
At 1 September 2022
Charge for year
Disposals
At 31 August 2023
Net book value:
At 31 August 2023
At 1 September 2022
The discount rates shown above are the equivalent single discount rates which, when use
using a full AA corporate bond yield curve to discount the same recovery plan contributio		 31 August 2023
% per annum
5.79
31 August 2023
(£s)
33,561
34,568
35,605
36,673
37,774
38,907
40,074
41,276
35,429
-
Freehold
Property
£
9,545,796
304,688
-
9,850,484
1,446,239
238,356
-
1,684,595
8,165,889
8,099,557
d to discount the futur
ns.		 31 August 2022
% per annum
4.31
31 August 2022
(£s)
32,584
33,561
34,568
35,605
36,673
37,774
38,907
40,074
41,276
35,429
Fixtures
&
Fittings
£
1,458,514
208,652
(3,384)
1,663,782
1,012,771
114,163
(3,384)
1,123,550
540,232
445,743
e recovery plan contr		 31 August 2021
31 August 2020
% per annum
% per annum
1.09
0.90
31 August 2021
31 August 2020
(£s)
(£s)
26,011
25,253
26,791
26,011
27,595
26,791
28,423
27,595
29,275
28,423
30,154
29,275
31,058
30,154
31,990
31,058
21,967
31,990
-
21,967
2023
2022
£
£
358,335
338,507
27,634
27,877
Motor
Vehicles
Total
£
£
41,204
11,045,514
2,838
516,178
-
(3,384)
44,042
11,558,308
9,259
2,468,269
5,816
358,335
-
(3,384)
15,075
2,823,220
28,967
8,735,088
31,945
8,577,245
ibutions due, would give the same results as		 31 August 2021
31 August 2020
% per annum
% per annum
1.09
0.90
31 August 2021
31 August 2020
(£s)
(£s)
26,011
25,253
26,791
26,011
27,595
26,791
28,423
27,595
29,275
28,423
30,154
29,275
31,058
30,154
31,990
31,058
21,967
31,990
-
21,967
2023
2022
£
£
358,335
338,507
27,634
27,877
Motor
Vehicles
Total
£
£
41,204
11,045,514
2,838
516,178
-
(3,384)
44,042
11,558,308
9,259
2,468,269
5,816
358,335
-
(3,384)
15,075
2,823,220
28,967
8,735,088
31,945
8,577,245
ibutions due, would give the same results as
338,507
27,877
Total
£
11,045,514
516,178
(3,384)
11,558,308
2,468,269
358,335
(3,384)
2,823,220
8,735,088
8,577,245

Page 26

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

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
Deferred income relates to schools fees received in advance for the following term.
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 2022
(Decrease)/Increase in provision
At 31 August 2023		 2023
£
57,977
22,054
283,813
363,844
2023
£
345,014
113,931
40,750
501,550
155,047
277,839
1,434,131
2023
£
422,362
(422,362)
501,550
501,550
2023
£
384,000
384,000
2023
£
297,478
(36,599)
260,879		 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
2022
£
365,750
365,750
2022
£
241,357
56,121
297,478

The school recognises £260,879 (31 August 2022 £297,478) of pension provision on its Balance Sheet, in relation to the closed pension scheme. The provision is attributatble to TPT Retirement Solutions.

Page 27

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

18 STATEMENT OF FUNDS

Unrestricted funds:
General reserve
Designated fund:
BPSPA
Revaluation reserve
-
Restricted funds:
Prize Fund
Total restricted
Total funds
Unrestricted funds:
General reserve
Designated fund:
BPSPA
Revaluation reserve
Total funds		 £
5,380,723
9,000
4,801,913
10,191,636
-
-
10,191,636
£
4,800,843
-
4,913,585
9,714,428
9,714,428
At 1 September
2021
At 1 September
2022		 Income
£
8,887,890
-
-
8,887,890
8,000
8,000
8,895,890
Income
£
8,679,672
9,000
-
8,688,672
8,688,672		 Expenditure
£
(8,728,500)
-
-
(8,728,500)
-
-
(8,728,500)
Expenditure
£
(8,211,464)
-
-
(8,211,464)
(8,211,464)		 Transfer
Between
Funds
£
111,672
-
(111,672)
-
-
-
-
Transfer
Between
Funds
£
111,672
-
(111,672)
-
-		 £
5,651,785
9,000
4,690,241
10,351,026
8,000
8,000
10,359,026
£
5,380,723
9,000
4,801,913
10,191,636
10,191,636
At 31 August 2022
At 31 August 2023

The designated funds relate to donations made to the school or deposit donations which the school will use on development in future years.

The restricted prize fund relates to a donation received to award a prize at the annual Speech Day, in memory of a former pupil.

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Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2023

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
£
4,044,847
3,685,948
(1,434,131)
(644,879)
5,651,785
Unrestricted
funds
£
3,775,332
3,364,335
(1,095,716)
(663,228)
5,380,723		 Designated
funds
£
-
9,000
-
-
9,000
Designated
funds
£
-
9,000
-
-
9,000		 Restricted
funds
£
-
8,000
-
-
8,000
Restricted
funds
£
-
-
-
-
-		 Revaluation
reserve
£
4,690,241
-
-
-
4,690,241
Revaluation
reserve
£
4,801,913
-
-
-
4,801,913		 2023
Total
£
8,735,088
3,702,948
(1,434,131)
(644,879)
10,359,026
2022
Total
£
8,577,245
3,373,335
(1,095,716)
(663,228)
10,191,636

20 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2023, 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		 2023
44,487
48,283
92,770		 2022
37,609
58,867
96,476

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 2023, there was a capital commitment of £Nil relating to ongoing building works (2022: £Nil).

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		 2023
£
167,390
358,335
(40,248)
-
320,066
(135,886)
669,657		 2022
£
477,208
338,507
(1,807)
1,033
614,137
(86,998)
1,342,080

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 BPSPA will continue to support the school through donations in the forthcoming years and in 2023 made donations totalling £nil (2022: £9,000), but made a commitment of £21,000 towards future projects once fully specified.

Page 29