2024-08-31-accounts

BEECHWOOD PARK SCHOOL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] AUGUST 2024

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 2024

CONTENTS

	Page
Company information	1
Governors’ report	2 – 13
Independent auditors’ report	14 – 17
Statement of financial activities	18
Balance sheet	19
Statement of Cash Flows	20
Notes to the financial statements	21 – 33

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS, OFFICERS AND ADVISERS

YEAR ENDED 31[ST] AUGUST 2024

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)	(2)	(3)	(4)
Mrs M Cussans	Elected 18/9/2023	●
Mrs C E Cutler (Vice Chair)		●		●
Mr H M Ford			●
Mr G P Freeman			●
Mr J W J Gillespie	Resigned 11/7/2024
Mr M W Hammond (Chair)					●
Mr J S Hodgson
Prof T S Jacques				●
Mrs G Mackenzie	Elected 21/02/2024	●
Mr G E Mairs	Resigned 31/8/2024
Dr R J Maloney
Mr E Phillips *	Elected 24/6/2024		●
Mr N G Scragg			●
Mrs P Shah	Elected 12/6/2024	●
Ms K E Swaine			●
Mrs J C Wadham			●		●

(1) Education Committee (3) Health, Safety and Medical Committee (2) Finance & General Purposes Committee (4) Public Benefit Committee

• Parent of pupil at the School

OFFICERS

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 2024

The Governors present their report and the audited financial statements for the year ended 31st August 2024. 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 Park”) 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 Park 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 Park.

When the School identifies a gap in the skills base, or when a resignation takes place, suitable candidates are sought through a variety of means including proposals from Governors and external advertising and search. The Chair and the Headmaster 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, Headmaster 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.

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2024

Organisational Management

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

The structure of the Committees reporting to the Board of Governors was reviewed during the year. For 2024-25, the following Committees will meet at least termly to oversee the leadership and management of the following areas of the School’s provision:

• The Education Committee , chaired by Maureen Cussans, has delegated responsibility to oversee all areas of the School’s educational provision and oversees the work of the following management committees:

• Academic Committee , chaired by the Deputy Head (Academic), which oversees the strategic development of the School’s academic provision.

• Co-Curricular Committee , chaired by the Director Co-Curricular, which oversees the strategic development of the School’s co-curricular provision including sport, music, drama, DT, Forest School, After School Clubs, co-curricular trips and tours.

• IT Committee , chaired by the Director of Digital Learning and supported by Paulomi Shah, which oversees the strategic development of all aspects of the School’s technological development including the School’s digital curriculum and the authorisation for procurement of major items.

• The Education Committee also receives reports from:

  • Clare Cutler, the Governor with specific responsibility for Safeguarding and Child Protection and for Boarding.

  • Genevieve Mackenzie, the Governor with specific responsibility for the Early Years Foundation Stage (EYFS).

• The Finance and General Purposes Committee , chaired by Neil Scragg, has delegated responsibility to oversee the development of all aspects of the School’s strategic operations, including: the School’s finances including the setting of fees and staff remuneration; the maintenance and development of the Beechwood Park estate; and the School’s marketing strategy and pupil roll.

• The Health, Safety and Medical Committee , chaired by Tom Jacques (the governor with specific responsibility for oversight of health and safety), oversees all health, safety and medical issues in the School and ensures that all members of the School receive sufficient information and training to ensure a highly effective health and safety culture.

• The Public Benefit Committee , chaired by Jo Wadham, oversees the School’s public benefit provision including bursary awards.

• Other Committees may be assembled as required to provide oversight of other matters.

The School is led by the Headmaster 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.

Remuneration

The Governing Body sets remuneration, with the policy objective of providing appropriate incentives to encourage

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2024

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.

The Governors consulted with teaching staff who are members of the TPS during summer 2024 and the School will fully transition to a defined contribution scheme over the period to the end of August 2025.

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:

• Nurtures and promotes the happiness, health, safety and emotional well-being of every child, developing in them confidence and independence;

• Engages the intellectual, physical and spiritual potential of every child across a broad range of academic, extracurricular and pastoral activities and experiences;

• Inspires children, inculcating transferable, lifelong skills and values by which to achieve personally and contribute influentially to society;

• Enables inspirational and reflective teachers to provide every pupil with outstanding teaching, delivering the highest levels of educational pace, variety and challenge.

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:

• A stimulating learning environment in which pupils can develop their academic potential to the full;

• A happy and secure pastoral environment in which pupils can learn to live together and thus foster a sense of community, co-education, respect for one another and good citizenship;

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2024

• Pupils with the opportunity to take advantage of a breadth of co-curricular activities in order to develop broader skills;

• Pupils with the opportunity to take decisions based on their own judgement and to communicate those decisions appropriately and effectively;

• Financial support to enable children whose parents are unable to afford the full fees to benefit from the School’s educational provision;

• A clear, simple and effective management structure capable of making timely decisions and allocating necessary resources appropriately, and

• The necessary administrative and logistic framework to meet the needs of members of staff and pupils alike.

Strategies to achieve primary objectives

• The School continuously reviews and develops teaching and learning methods and assessment processes and forensically audits all aspects of its educational provision;

• The School continues to invest in staff training and development and to foster staff wellbeing. The School is refreshing its Human Resources provision, including reviewing the professional development review process;

• The School continues to invest in its facilities, including this year the refurbishment of the Dining Rooms, the Sports Hall changing rooms along with numerous classrooms and dormitories, replacing boilers, enhancing security systems, and renovating and improving the grounds;

• The School’s IT provision is enhanced regularly with new equipment and infrastructure, which this year included a WiFi upgrade, new interactive boards, and server upgrades;

• The School manages its performance through a series of both financial and non-financial key performance indicators. 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 and develop the School’s educational provision. The non-financial measures exist to monitor the academic and pastoral outcomes of the School and to ensure that the School meets its educational 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:

• Bursary provision

• Charitable giving

• Local community links and partnerships

• Provision of facilities and services

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 £84,921 (2023: £67,583) to support 5 pupils covering between 75% 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 2024

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 £7,885 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 Headmaster continues to develop the School’s public benefit and encourages all Beechwood Park 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.

2023/24 Income	£9,273,926
- 15% target	£1,391,089
- 25% target	£2,318,482
Cash and investments atyear end	£2,084,919
(excludingfees in advance and deposits)
Total reserves atyear end	£10,417,895
consistingof:
Designated Funds(BPSPA)	£9,000
Restricted Funds – Prize Fund	£8,000
Revaluation Reserve	£4,578,569
General Funds	£5,822,326

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 other than fixed term treasury deposits; these are held in the form of cash. The Finance and General Purposes 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

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2024

all staff at the School.

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 Board of Governors meeting.

The Headmaster 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 Park 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.

• Pupils achieve because the school nurtures, engages and inspires them to succeed, in line with its Mission.

• Pupils show rapid development of skills and knowledge because of the excellent attitudes to learning and strong personal skills, which allow them to be engaged learners.

• Pupils are confident and articulate communicators.

The quality of the pupils’ personal development is excellent.

• Pupils have excellent levels of self-knowledge and strong resilience.

• Pupils are exceptional collaborators.

• Pupils’ behaviour is exemplary.

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

Admissions

Key admission points for the School are into the Woodlands Nursery, Reception 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 were very well attended. Beechwood Park had 511 pupils on roll at the end of the academic year.

Academic

Through the 2023 – 2024 academic year, the School’s four key academic targets were:

1. Embed the school philosophy of challenging pupils to be the best versions of themselves through best effort, best attitude and best presentation in their learning, which prompted new specific praise postcards, key prompts and reminders through lessons, resulting in improved application in these areas.

2. Following the successful handwriting focus in previous years, to develop stamina in longer handwritten answers, improving the quality and depth of longer written answers. Academic departments balanced the use of online platforms with development of longer written answers to develop pupils’ written answers. With Year 8 gaining the highest overall exam average in written papers at the end of the Summer Term, this was a successful focus.

3. Following last year’s focus on differentiation, to target the most able through extension activities to foster their curiosity and love of learning, to ensure they are making excellent progress. Learning walks through the year showed evidence of this stretch for the most able and enthusiasm in learning.

4. Embed and develop new and existing online learning platforms so that they are used most productively. We reviewed and streamlined our online provision to focus on quality which enhances pupils’ progress. This more

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2024

strategic approach has helped consistency of tracking through the school and well as a positive ‘spring clean’ on online learning platforms.

Further academic achievements included:

• Year 8 (Top Form) completed their academic journey at Beechwood Park superbly achieving the highest year group average through their Beechwood Park Finals and greatest progress through the year; they also achieved 7 academic scholarship awards: one to Oundle, two to St Albans School, one to Merchant Taylors’ School, one to Haileybury, one to St Columba’s and one to St Francis, Letchworth.

• A phenomenal array of learning opportunities outside the classroom, including a few particular highlights: Year 1’s new ‘wheels, wings and other things,’ including the visiting ATV (enjoyed by everyone passing it on the drive); Year 2’s Great Fire of London Day; an all school ‘bubbles’ day, Pi day and other activities during Science Week; Latin Plays performed exuberantly and with particularly impressive diction; Year 5 performing their ‘Cafe du Lion’ to Years 3 and 4 on a perfect summer’s day and the Senior Department pupils performing in French in ‘on s’amuse’; enthralling poetry recitals; visits from Vikings; geographical exploits on the Norfolk coast; trips to Bletchley Park and Sky Studios; an etymology quest to Waitrose; ‘Heroes and Villains’ of World Book day and Sam Sedgman inspiring us; Year 6 Macbeth workshops; visits to Kew, the STEM Discovery Centre; the British Museum, the Globe Theatre, and North Watford Mosque.

• Hosting the inaugural Beechwood Park Speaking competition with one of the winners coming from Beechwood Park.

• New written reports addressed to parents, rather than pupils, which include topic overviews, comment on engagement and achievement, next steps, engagement grades and new Beechwood Park levels of attainment.

• Following the full parent and staff survey, a timetable working party analysed feedback and drafted a new period structure and curriculum allocations.

• To ensure increased consistency we developed a new focused structure for department and year group handbooks and curriculum plans which focus on pupils, their progress and how this is achieved.

• We have reviewed our use of the school’s management information system and implemented steps to maximise use of and the accuracy of information it provides.

Co-Curricular

The Co-Curricular Objectives for 2023 – 2024 were to:

1. Provide an environment for everyone to be the best versions of themselves.

2. Use every opportunity to market and share our departments.

3. Expect best effort, best attitude, best presentation from pupils and staff.

Pupils were awarded the following scholarships:

• 11+: five Sport , three Drama.

• 13+: one Music, two Sports, one Art.

The School ran day trips for all pupils in Woodlands to Year 8, and residential trips for all pupils in Years 3 to 8. 50 pupils participated in a Ski Trip to Austria.

Co-Curricular Colours were successfully launched and awarded at the end of each term to pupils in Years 6 – 8:

• Half colours are awarded to pupils for commendable achievement and consistently good performances in the relevant co-curricular subject. Pupils need to have shown much progress in that subject and demonstrated high levels of engagement and attitude consistently over time.

• Full colours are awarded to pupils who consistently perform at the highest standard in the relevant cocurricular subject. They will have made an outstanding contribution to that department and demonstrated an excellent attitude at all times. They are role models in all that they do within the department; motivating others, showing exemplary team spirit as well as excellent work ethic and behaviour. This is the highest accolade that can be awarded for the co-curricular subjects.

The school developed the following co-curricular areas:

• Music:

• 272 timetabled lessons a week, with 100 pupils passing music exams.

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2024

  - Michaelmas Term (best ABRSM and Trinity exam results): Pass x6, Merit x22, Distinction x21

  - Summer Term: Pass x21, Merit x21, Distinction x9

• Formal end of term Music reports from Individual Music Teachers, were replaced with ongoing, quality feedback in notebooks for every lesson. Parents are actively encouraged to observe lessons.

• Performances: Harvest, Anniversary and Armistice services, Senior Department Advent Service, Chamber Choir sang Advent Evensong at St Leonard’s, Middle and Senior Department Carol Services, St Ceclia’s Concert, Summer Concert, Year 3&4 Choir Performance, Junior Department End of Year Celebration, Speech Day and Leavers assemblies.

• House Music Instrumental Competition – 214 entries from Year 3 to Year 8. An external adjudicator chose one overall winner from the 12 finalists. There were also 4 semi-finalists, and 38 performances which were Highly Commended.

• Drama:

• 79 pupils took LAMDA exams (27 merits and 52 distinctions).

• Performances: Woodlands, Year 1 and 2 Christmas Productions, Year 3 & 4 Christmas Cracker, Matilda Jr, Year 3 & 4 Group Verse Speaking, Year 5 Fairy-Tale Rap plays, Junior Department End of Year Celebration and Speech Day.

• Two popular, optional theatre trips: Years 7 & 8 to Life of Pi at MK Theatre, and Years 5 & 6 to see Peter Pan goes Wrong at Aylesbury theatre.

• Three Inspirational workshops with David Birch, former cast member from Matilda. Our cast were thrilled to learn some of the original West End choreography.

• Art:

• Successful implementation of Artist in Residence position supporting Art and DT.

• New press bought by BPSPA, facilitating Drypoint printing with Year 8 for the first time.

• Hairy and Hex (Keech sculptures) involving a large number of pupils’ work from all year groups from Woodlands to Year 8 displayed publicly and now in school.

• New House banners installed in the Great Hall, completed by more able artists in specialist Art after school activity.

• Artist Darrell Wakelam’s two day visit was a huge success, with all pupils from Years 5 and 7 benefiting from high quality workshops. The resulting work is fantastic and is displayed around school.

• DT:

• LEGO engineering competition: Innovation Project regional winners, narrowly missed out on progressing to nationals.

• Alumna and DT scholar was awarded the prestigious Arkwright Engineering Scholarship.

• Successfully introduced Lego Robotics into Year 3 lessons with Lego kits bought by BPSPA.

• Video call assembly with International Space Station and provided teachers with various Space related teaching content in preparation.

• 3D printing for parents' session.

• Forest School:

• New Parent and Pre-schooler event was well-attended. Event in Summer term had record numbers - 86 adults and children attended.

• Transition sessions for new classes run for all Junior Department pupils.

• Years 5 to 8 had Forest School sessions every term linked to the curriculum or wellbeing.

• Sport:

• Changing rooms renovation completed.

• Tournaments hosted: Cross Country for U9 – U13, U11 Netball, U11 Rugby.

• Special achievements: three pupils selected for England Schools’ Ski Association training squad and invited to an international training camp; Colts A qualified ISFA National Finals; U11 hockey qualified for East Region Hockey Finals; IAPS Fencing medalists.

• New look Sport for All programme successfully run in the Summer Term.

• The Assistant Director of Sport ran the marathon and inspired staff and pupils alike.

Pastoral

The Deputy Head (Pastoral) continues to review and develop the school’s pastoral approaches, reporting termly to the Safeguarding Governor and Education Committee.

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2024

Beechwood Park’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 Form Teachers and the counsellor. Staff and Heads of School Department also adapted and planned carefully for specific pupils, such as a Year 6 pupil with specific needs and challenges allowing him to access all aspects of the curriculum, and school life, including boarding, in a wheelchair. The Pupil Conduct Policy is currently under review.

The DSL maintained child protection as a top priority implementing the changes from Keeping Children Safe in Education 2024, training staff and reporting back all concerns to the Headmaster, the SLT and the Safeguarding Governor. All staff undertook their three-yearly safeguarding and child protection training course in April 2024.

The Head of PSHE consulted with parents on the curriculum and presented resources and examples of PSE work. She also made it clear which lessons parents are not allowed to opt their children out of.

The Heads of PSHE and HR have successfully relaunched the EDI committee, with further development planned for the rest of this academic year

The Head of PSHE and the Deputy Head Pastoral have focused on pupils’ mental health, developing daily strategies, focused days for all children and specific training for Year 4 pupils. The Tea and Talk and the Walk and Talk initiatives have been successful and more pupils have felt able to talk to staff about their concerns.

The boarding team ran an excellent programme for boarders and continued to develop the boarding facilities.

Year 8 pupils continue to seek the opinions of younger pupils and communicate their views through the Food Committee and the Link Monitor system. We continue to develop Pupil Voice throughout the school.

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:

• Upgrading to Windows 11;

• Extending the use of Microsoft 365 and training staff accordingly;

• New laptops for the Learning Support Department;

• New interactive boards for Years 3 and 4;

• Server upgrades, including the firewall and Windows Deployment Services.

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 2023-24 year included: external refurbishment of the Junior Department; interior refurbishment of the Reception classrooms; replacement of the Middle Department bathrooms; updating the grounds maintenance equipment, and various other refurbishment and repair projects essential to the smooth operation of the School.

Financial Review

The School’s net income for the year from operations amounted to £58,869 (2023: £167,390). The Governors are pleased to have generated a small surplus in a challenging economic environment during the year.

The School received payments of £1,474,096 to its Fees in Advance scheme from current parents during the year. These funds have since been invested in fixed term cash deposit accounts.

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 £459,363 (2023: £516,178).

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BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2024

The School's balance sheet as detailed on page 19 shows a satisfactory position at the year end.

The results for the year are shown in the statement of financial activities on page 18.

Total unrestricted reserves at the year-end amounted to £5,822,326 (2023: £5,651,785). 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 £4,196,239 (2023: £4,044,847) (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 £1,626,087 (2023: £1,606,938).

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 £423,750 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:

he year are:
	2024	2023
Ratio of Expenditure to Income	99.3%	98.1%
Ratio of Expenditure to Income before depreciation	94.9%	94.0%
Cash reserves as % of income	22.48%	27.12%
% of pupils passing entrance examinations to first choice school	100%	100%
Number of scholarships at either 11+ or 13+	20	12

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:

• Strategic development planning, reviewed annually;

• Comprehensive budgeting and management accounting;

• Established organisational structures and lines of reporting;

• Formal written policies including clear authorisation and approval levels;

• Detailed terms of reference together with formal agendas for Committee and Board activity; and

• Safeguarding and recruitment procedures as required by law;

Other Significant Risks

Significant high likelihood risks and their mitigation are:

• The further increase in employer contributions to the Teachers’ Pension Scheme (TPS) will substantially affect the budget surplus from April 2024 until December 2024. The Governors consulted with members of the Scheme during summer 2024 and this risk has now been mitigated by providing an alternative defined contribution scheme, which most TPS members will transfer to in January 2025, with the remainder following by the end of August 2025.

• The abolition of Business Rates Relief will also substantially affect the budget surplus – the School is actively planning for this change, including cost reviews and fee setting.

• The imposition of VAT on school fees will substantially change the School’s financial model – the School is

Page 11

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 31[ST] AUGUST 2024

actively planning for this change and has communicated to parents accordingly.

• A decrease in pupil roll due to high interest rates, the increasing cost of living, recession, the imposition of VAT and other potential political changes – an intensifying of the marketing effort, and a review of all costs.

• A decrease in pupil roll due to another major national emergency such as the Covid-19 pandemic – provision of outstanding remote learning facilities, and a comprehensive process to support those parents who find themselves in particular financial difficulty.

• Failure to develop and maintain infrastructure - annual capital expenditure programme, development and maintenance plans.

• Health and Safety Incidents – external audits, internal checks, staff training, and active review by the Health and Safety Management Committee and the Governors’ Health, Safety and Medical Committee.

• Failure to attract high quality staff – suitable terms and conditions and salaries and provision of high-quality resources.

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. 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 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 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 sustainability, cost reduction, increased revenue from non-educational activities, and increased marketing effort.

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:

• select suitable accounting policies and apply them consistently;

• observe the methods and principles in the Charities SORP;

• make reasonable and prudent judgements and estimates;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The Governors are also responsible for:

• keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable the Governors to ensure that the financial statements comply with the Companies Act 2006 and Charities Act 2011;

Page 12

BEECHWOOD PARK SCHOOL LIMITED

GOVERNORS’ REPORT

FOR THE YEAR ENDED 315" AUGUST 2024

e safeguarding the company’s assets; and e taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 9 December 2024 including, in their capacity as company directors, approving the Directors’ and Strategic Reports contained therein, and signed on its behalf by:

Neil Scragg Governor

Page 13

BEECHWOOD PARK SCHOOL LIMITED

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

FOR THE YEAR ENDED 31[ST] AUGUST 2024

Opinion

We have audited the financial statements of Beechwood Park School Limited (‘the company’) for the year ended 31 August 2024 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:

• give a true and fair view of the state of the charitable company’s affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

Page 14

BEECHWOOD PARK SCHOOL LIMITED

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

FOR THE YEAR ENDED 31[ST] AUGUST 2024

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:

• the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• trustees’ annual report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 12, 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:

Page 15

BEECHWOOD PARK SCHOOL LIMITED

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

FOR THE YEAR ENDED 31[ST] AUGUST 2024

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

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

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

• We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

Page 16

BEECHWOOD PARK SCHOOL LIMITED

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

FOR THE YEAR ENDED 31[ST] AUGUST 2024

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become 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.

(Voom Kingston Swit LUP

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

4 February 2025

4 Victoria Square St Albans Hertfordshire AL1 3TF

Page 17

Beechwood Park School Limited

STATEMENT OF FINANCIAL ACTIVITIES

(including the income and expenditure statement)

for the year ended 31 August 2024

----- Start of picture text -----
Unrestricted /
Designated Restricted Total Total
Notes funds funds 2024 2023
£ £ £ £
INCOME FROM:
Charitable Activities
School fees 3 8,602,474 - 8,602,474 8,321,530
Other educational income 4 523,324 - 523,324 472,070
Other income
Other trading income 5 36,238 - 36,238 43,906
Other activities - - - 8,330
Investments
Investment Income 6 102,890 - 102,890 40,248
Voluntary sources
Donations and grants 7 9,000 - 9,000 9,806
Total income and endowments 9,273,926 - 9,273,926 8,895,890
EXPENDITURE ON:
Costs of raising funds
Other trading costs 11,593 - 11,593 12,150
Other non-educational costs - - - -
Charitable activities
Education 9,203,464 - 9,203,464 8,716,350
Total expenditure 8 9,215,057 - 9,215,057 8,728,500
Net income/(expenditure) 58,869 - 58,869 167,390
Transfer between funds - - - -
Net movement in funds 58,869 - 58,869 167,390
Fund balances brought forward 10,351,026 8,000 10,359,026 10,191,636
Fund balances carried forward 18, 19 10,409,895 8,000 10,417,895 10,359,026
----- 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 18

Beechwood Park School Limited

BALANCE SHEET as at 31 August 2024

at 31 August 2024
				Restated
	:	Notes	2024	2023
			£	£
FIXED ASSETS
Tangible assets		13	8,774,808	8,735,088
			8,774,808	8,735,088
CURRENT ASSETS
Debtors Investments Cash at bank and in hand		14	279,874 1,035,000 3,701,044	363,844 730,000 2,589,104
			5,015,918	3,702,948
CREDITORS: Amounts falling due within one year		15	(2,061,693)	(1,434,131)
NET CURRENTASSETS			2,954,225	2,268,817
TOTAL ASSETS LESS CURRENT LIABILITIES			11,729,033	11,003,905
CREDITORS: Amounts falling due after more than one year		16	(1,059,983)	(384,000)
Provisions		17	(251,155)	(260,879)
NETASSETS			10,417,895	10,359,026
FUNDS
Restricted funds		18	8,000	8,000
Unrestricted funds - general		18	5,822,326	5,651,785
Unrestricted funds - designated		18	9,000	9,000
Revaluation reserve		18	4,578,569	4,690,241
			10,417,895	10,359,026

Approved and authorised for issue by the Full Governing Body on 9 December 2024 and signed on their behalf by:

Neil Scragg Governor

The accompanying notes form part of these financial statements. Company Number: 00820476

Page 19

Beechwood Park School Limited

CASHFLOW STATEMENT

for the year ended 31 August 2024

----- Start of picture text -----
Restated
CASH FLOW STATEMENT Notes 2024 2023
£ £
Net cash inflow from operating activities 24 1,061,355 669,657
Cash flows from investing activities:
Bank interest received 102,890 40,248
Proceeds from sale of fixed assets 9,950 -
Payments to acquire fixed assets (459,363) (516,178)
Net cash outflow from investing activities (346,523) (475,930)
Financing:
Proceeds from fees in advance 682,108 -
Payments to acquire short term investments (285,000) (750,000)
Net cash outflow from financing activities 397,108 (750,000)
Increase/(decrease) in cash 1,111,940 (556,273)
Cash and cash equivalents at the
beginning of the reporting period 2,589,104 3,145,377
Cash and cash equivalents at the
end of the reporting period 3,701,044 2,589,104
----- End of picture text -----

Page 20

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

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.

Cash balances on deposits held with a maturity date of more than 3 months have been reclassified from cash to current asset investments. The prior year figures have been adjusted accordingly.

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. The imposition of VAT on school fees will substantially change the School’s financial model – the School is actively planning for this change and has communicated to parents accordingly. 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 12 months after the financial statements have been signed.

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.

Page 21

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

• 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

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 benefits scheme. The Department of 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.The Governors consulted with teaching staff who are members of the TPS during summer 2024 and the School will fully transition to a defined contribution scheme over the period to the end of August 2025.

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 scheme administered by TPT Retirement Solutions. The scheme is a defined contribution scheme. In addition, the School previously enrolled staff in an 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.

The current asset investments are cash deposits held with a maturity date of more than three months.

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.

Page 22

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

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 23

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

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	2024 £ 8,940,283 (252,888) (84,921) 8,602,474 2024 £ 398,896 8,500 7,000 108,928 523,324 2024 £ 36,238 - 36,238 2024 £ 102,890 102,890 2024 £ 9,000 9,000	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

Included within the above is an amount of £nil (2023: £8,000) which relates to restricted income.

Page 24

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

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	£ - - - £ 4,913,145 73,323 402,461 679,473 - 6,068,402 6,068,402 Staff costs (note 9) Staff costs (note 9)	Other £ 11,593 - 11,593 Other £ 450,038 804,017 958,825 475,400 32,089 2,720,369 2,731,962	Depreciation £ - - - Depreciation £ - - 414,693 - - 414,693 414,693	Total 2024 £ 11,593 - 11,593 Total 2024 £ 5,363,183 877,340 1,775,979 1,154,873 32,089 9,203,464 9,215,057

Included within £9,215,057 is an amount of £nil (2023: £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 Governors' Training	£ - - - £ 4,733,929 113,140 365,812 633,399 - 5,846,280 5,846,280 Staff costs (note 9) Staff costs (note 9)	Other £ 12,150 - 12,150 Other £ 465,635 674,432 961,218 381,302 29,148 2,511,735 2,523,885	Depreciation £ - - - Depreciation £ - - 358,335 - - 358,335 358,335 2024 £	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 2023 £ 16,950 3,635 2,535 6,028
			19,141 2,662 2,670 7,616

Page 25

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

----- Start of picture text -----
9 STAFF COSTS 2024 2023
£ £
Wages and salaries 4,701,266 4,568,857
Redundancy and settlement costs - 25,204
Social security costs 481,257 468,995
Other pension costs 871,818 771,158
Movement in pension provision 14,061 12,066
6,068,402 5,846,280
The average monthly number of employees during the year was as follows:
2024 2023
No. No.
Teaching 107 100
Non-teaching 34 41
141 141
The number of employees whose emoluments amounted to over
£60,000 in the year was as follows: 2024 2023
No. No.
£60,000 - £70,000 2 2
£70,000 - £80,000 2 1
£80,001 - £90,000 - 2
£90,001 - £100,000 1 1
£110,001 - £120,000 1 -
6 6
----- End of picture text -----

Pension contributions for the year amounted to £127,784 (2023: £63,410) for the above employees.

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 £502,225 (2023: £448,305).

No Termination payments were paid to employees in 2024 (2023: £25,204, to 2 employees).

10 GOVERNORS REMUNERATION AND BENEFITS

There were £1,973 (2023:£1,827) of expenses relating to training, meetings and other costs reimbursed to Governors' during the year.

Page 26

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024

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 £548,998 (2023: £576,554) and at the year end £64,049 (2023 - £63,241) 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 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 has valued the ‘greater value’ benefits for groups of relevant members

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

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:

Page 27

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

11 PENSIONS (continued)

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 2024 (£s)	31 August 2023 (£s) 260,879 Period Ending 31 August 2024 (£s)	31 August 2022 (£s) 297,478 Period Ending 31 August 2023 (£s) 297,478 12,066 (32,584) (16,081) - 260,879	31 August 2021 (£s) 241,357
	251,155
		260,879 14,061 (33,561) 9,776
		-
		251,155

Page 28

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

11 PENSIONS (continued)

Income and Expenditure Impact

Period Ending Period Ending
31 August 2024 31 August 2023
(£s) (£s)
Interest expense 14,061 12,066 Remeasurements - impact of any change in assumptions 9,776 (16,081) Remeasurements - amendments to the contribution schedule - -

*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

Assumptions
	31 August 2024 31 August 2023 31 August 2022	31 August 2021
	% per annum % per annum % per annum	% per annum
Rate of discount	4.68 5.79 4.31	1.09

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

Deficits Contributions Schedule
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11	31 August 2024 (£s)	31 August 2023 (£s) 33,561 34,568 35,605 36,673 37,774 38,907 40,074 41,276 35,429 - -	31 August 2022 (£s) 32,584 33,561 34,568 35,605 36,673 37,774 38,907 40,074 41,276 35,429 -	31 August 2021 (£s) 26,011 26,791 27,595 28,423 29,275 30,154 31,058 31,990 21,967 - -
	34,568 35,605 36,673 37,774 38,907 40,074 41,276 35,429 - - -

12 NET INCOME FOR THE YEAR

NET INCOME FOR THE YEAR
2024	2023
£	£
Net income is stated after charging: Depreciation of tangible fixed assets 414,693	358,335
Operating lease rentals 27,634	27,634

Page 29

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

13 TANGIBLE FIXED ASSETS

Cost: At 1 September 2023 Additions Disposals Transfer At 31 August 2024 Depreciation: At 1 September 2023 Charge for year Disposals At 31 August 2024 Net book value: At 31 August 2024 At 1 September 2023 14 DEBTORS Fees and extras Less provision for doubtful debts 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 £ 9,850,484 253,938 - - 10,104,422 1,684,595 273,408 - 1,958,003 8,146,419 8,165,889	Fixtures & Fittings £ 1,663,782 172,649 (36,961) - 1,799,470 1,123,550 133,363 (38,428) 1,218,485 580,985 540,232	Motor Vehicles £ 44,042 32,776 (7,500) - 69,318 15,075 7,922 (1,083) 21,914 47,404 28,967 2024 £ 145,515 (70,503) 28,132 176,730 279,874 2024 £ 139,107 96,675 45,875 1,545,267 132,059 102,710 2,061,693 2024 £ 501,550 (501,550) 1,545,267 1,545,267	Total £ 11,558,308 459,363 (44,461) - 11,973,210 2,823,220 414,693 (39,511) 3,198,402 8,774,808 8,735,088 2023 £ 99,934 (41,957) 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

Deferred income relates to schools fees received in advance for the following term and beyond.

Page 30

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

16 CREDITORS DUE AFTER ONE YEAR

----- Start of picture text -----
2024 2023
£ £
Amounts falling due after more than one year:
School fee deposits 377,875 384,000
Fees in advance 682,108 -
1,059,983 384,000
17 [PROVISIONS FOR LIABILITIES]
2024 2023
£ £
Pension provision
At 1 September 2023 260,879 297,478
(Decrease)/Increase in provision (9,724) (36,599)
At 31 August 2024 251,155 260,879
----- End of picture text -----

The school recognises £251,155 (31 August 2023 £260,879) of pension provision on its Balance Sheet, in relation to the closed pension scheme. The provision is attributable to the Independent Schools’ Pension Scheme.

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 Restricted funds: Prize fund Total restricted Total funds	£ At 1 September 2023	Income £ 9,273,926 - - 9,273,926 - - 9,273,926 Income £ 8,887,890 - - 8,887,890 8,000 8,000 8,895,890	Expenditure £ (9,215,057) - - (9,215,057) - - (9,215,057) Expenditure £ (8,728,500) - - (8,728,500) - - (8,728,500)	Transfer Between Funds £ 111,672 (111,672) - - - - Transfer Between Funds £ 111,672 - (111,672) - - - -	£ 5,822,326 9,000 4,578,569 10,409,895 8,000 8,000 10,417,895 £ 5,651,785 9,000 4,690,241 10,351,026 8,000 8,000 10,359,026 At 31 August 2024 At 31 August 2023
	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 1 September 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 31

Beechwood Park School Limited NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

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 £	Designated funds £ - 9,000 - - 9,000 Designated funds £ - 9,000 - - 9,000	Restricted funds £ - 8,000 - - 8,000 Restricted funds £ - 8,000 - - 8,000	Revaluation reserve £ 4,578,569 - - - 4,578,569 Revaluation reserve £ 4,690,241 - - - 4,690,241	2024 Total £ 8,774,808 5,015,918 (2,061,693) (1,311,138) 10,417,895 2023 Total £ 8,735,088 3,702,948 (1,434,131) (644,879) 10,359,026
	4,196,239 4,998,918 (2,061,693) (1,311,138) 5,822,326
	Unrestricted funds £ 4,044,847 3,685,948 (1,434,131) (644,879) 5,651,785

20 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2024, 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	2024	2023 44,487 48,283 92,770
	43,660 22,476
	66,136

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 2024, there was a capital commitment of £Nil relating to ongoing building works (2023: £Nil).

Page 32

Beechwood Park School Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2024

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	2024 £ 58,869 414,693 (102,890) (5,000) 611,713 83,970 1,061,355	Restated 2023 £ 167,390 358,335 (40,248) - 320,066 (135,886) 669,657

Cash balances on deposits held with a maturity date of more than 3 months have been reclassified from cash to current asset investments. The prior year figures have been adjusted accordingly.

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.

26 NON ADJUSTING POST BALANCE SHEET EVENT

On 11 December 2024 TPT Retirement Solutions issued an update on the actuarial valuation of the Independent Schools' Pension Scheme as at 30 September 2023 which indicated a slight decrease in the overall fund deficit. They have confirmed the deficit recovery plan will be extended from 30 June 2032 to 31 January 2034, and that each employer's scheme deficit contributions will increase with effect from 1 September 2025. A full FRS102 report identifying the schools' share of the revised deficit was not available at the time these accounts were signed.

Page 33