Charity Regi$tratlon No: 311075 Company No. 00912022 {England and WalK} CHARLOTTE HOUSE SCHOOL LIMITEO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CHARLorrE HOUSE SCHOOL LIIIJITED COMPANY INFORPIATION Tru$t¢es S Reader (Chair of trustees) C Smith P M¢Glone A Haffiejd M P Wilson S Ramroop R Stuttafor C Smethers K McNemey- resigned 31 December 2023 Company Secretary G Chana- appointed on 1 September 2023 Company number 00912022 (England and Wales) Ch•rity numbef 311075 R•gistsr•d offl¢• 88 Th¥ Drive Ri¢kmanswcrt1h Herts VVD3 40U Bank•rs Barclays Bank PLC 22- 24 Upper Marlb￿Ou9h Road St Albans Hertfordshire AL1 3HJ Auditor Hardcaslle Burton LLP Lake House Market Hill Roysto Hertfordshire SG8 9JN CHARLOThE HOUSE SCHOOL LIMITED CONTENTS P•g• Trustees, Report Ststsmènl of Truslees. Rgsponsibdities Independent authlor's report 8-10 Stalemenl of financial aclmlies Balance sheet 12 Staternenl ofeash 13 Notes to the acccunts 14-22 CHARLOTTE HOUSE SCHOOL LIMITED TRUSTEES. REPORT Governing document The Charity is governed by its Mèmorandum and Artiejes OfAsS￿l81l0n dated 31 July 1967. Gov¢ming Body The member5 of the Charity's Goveming body are listed above. S. Star¥ resignad as a Trust88 and Company Seeretary on 31 August 2023. Dr McNemey resigned 88 a Truslee on 31 Deeember 2023. C Smith steppèd down as Chalr of Govemors on 31 August 2023 and S Reader w8s appointed 0$ Chair from 1 September 2023. RecNibnÈnt and Trninlng of Gov•mo The Charity's elected Govemors are appointed al a meeting of the exi8ting Governors on the basi5 of nominations received from existing Governors and the Head to the Board's specificab'ons conceming eligibilty. personal competence. specialist skills and local availabilty. Gov&rnors are in(Jucted Into the workings of the Charity induding Board Policy and Procedures, by initial briefing by Ih& Chair. attending Govèrnors, meetings and being directed lo relèvant guidelines and courses. This 1$ supplemented by personal visit5 to the School to talk to staff, parents, and pupls. Ory•nlsatlonal Man•g¢m•nt The Govemors, as the trustees of the Charity. are legally responsible for the overall managemenl and control of the School. The Board of Govemors me8ts al least threè times a y•ar. In addition to IINS. there are four Committees ofthe Board which deal wfflh spe¢lfic areas of the school's oper81ion.' The Education Committee.. Chaired by Dr McNemey, is responsible f￿ examining trends in education. educational policy and $laff deveh)pmgrrt and the promollon of thg school and its ethos. The Building and Finance Committee.. Chaired by the Treasurer (A Hatfield) and assisted by the Bursar, is responsible for implementing facilities and financial slralegy and the policles of the Board, including the preparation of budgèts. managem9nt a¢oounl$ and forg¢a$ts, and is also responsible for the audit. The Health and Safety Committee.. Chaired by the Bursar {G Chana), oversees all heakh and Safety matters and operational risk management. The Marketing Committee - Chair8d by R StLrttaford, dgvglops mawketing $tralg91gs. ovorse8S the creation of new advertising and websrte material. and exploros Odeas for promoting the sthool. These committees rneel at least once ea¢h lemi. C Smlth Is the govemor responsi￿¢ for Child ProtectKJn, she reports to the Board on all matters pertainin9 to Safèguarding. P Wilson is Ihe Early Years Foundation Stag8 IEYFSI Govemor 8nd Special Edu¢alion Need8 Governor. The day lo day nJnniThJ of Ihe school is delegated to the Head supported by the Bursar and Ihe Senior Managemenl Team. The H•ad and tho Buisar attend ffleetings of the abo￿ Committees and they also attend full Governing Board meetings. The school is represented on a number of relevant organisations, indvdiny thè Independent Assoaation of Prepwalory Schools IIAPSI. the Independent Schools, Bursars, Association IISBA} and the Association of Gov&rning Bodies of Ind¢pgndent S¢hool$ IAGBISI. CHARLOThE HOUSE SCHOOL LIMITED TRUSTEES. REPORT ICONTINUED} Rbk Manag•m• Thè BoaTd of Govèrnors 18 rasponsible for managemen¢ of thg ￿sIr*S5 risks trdcod by ts $chool. A Risk Register is Maintained and rewiewed by the board, and this Intludes the management of actions in mibgation ol bu5in8ss risks ￿*nt￿e0. Heallh and Safety R&sks ara identrfied, controlled, and managed ty the Health and Safety Commrtiee whith is ch•ir8d by Ihe Bursar wilh members drawn from acro8$ Ihe staff of Ihe School. A Govemors, representat￿? aLso sits on the Health and Safety Ccthmittee, and minut85, inspoGlion repots an(1 other relevant inf0m￿tIOn arg reviewed by the Board. The key conlroLs used by the Charity fn¢lude'. Forni￿ agenda$ and mifiutes for all Committee and Boar¢ activity Detai*d tem)$ ol TrferenrR for all Committees Comprehensive stsategic pknnlng, tMJdgellng, 10Tr9 torn1 planned M￿r￿n￿¢4. and management accounts"ng. Formal wntt6n policies Clear 8ulhoiisalion and appr¢val levels Vètting procodure$ as required by law lorthe prctsctDn ol the vuherable Through tho risk managgmgnt prwgs$9$ 88t8￿&S￿ed for the School, the Govemots ar• satisfied that the major risks identrfi¢d havè been adequatety mib'gated where necessary. tt 1$ recognised that th• sy6tsm$ onty prowde reasonable bul not absolute a$surance that majorrisks have been adequately managed. objectiv￿ and a¢tivitles ¢harf¢able Objects The objed of Charity in accordanc8 With its Mernorandum of Asso¢iallon is t¢ provide educat*Jn through the operal*Jn of # Preparatory School. Charlotte Hous¢ School is a fee-paying schoc4 fcr girts aged three Ip eleveTr. In lutheran￿ of this object, the Governo￿ as lh¥ Charity trustees have coMpl￿d with the thty under S.4 of the Charrtie5 Act 2006 to have due ￿98rd to the Charity Commission's publ￿he￿ gèneral and rdevant su￿￿￿¢tOr gU￿an￿ conceming the op8Trlon of the Publi¢ Be￿fit reqi¥romont undor thatAct. Ath)8 and Intended Impact The yeai en(Jed 31 August 2023 ha$ seen ¢onlinued progress In accordance wlth the school's èthos and $lratsgic amns. Chart)tle House h88 8 strong acadern￿ tradition based on the phibsophy of edu¢8tion dèveloped by Charbtta Mason. the founder of the Parents, N￿￿'0￿al Ed￿Ca￿"¢n Unlon, who believed thal parents aNJ the home were at the heart of dev8￿pinll children spiritualty, phy5icalty. gnd m8Dtalty and that children shoulj be respected as indiwduals and nurbjred lo develop IheiT unique tslents. The GOv￿Or8 Stsff arè tommltsd lo m&ntainirvJ Ihl$ tradib"¢n. 11 ts the poll¢y of Chadotte H￿se School that pup¢ls, indLxling tho$• in the EYFS, receive a broad and b￿anted lul tim8 Supgrwsed curriculum, which delivers an ¢du￿tIon $uitsd to all pupiLs acros5 tho full age and 8bilty fange. pupil$ have opportunity to leam and make progress and are prepared for the opportunitkgs, re5ponsibilrt￿, and experi8nc•s of lrfe in Britsh society. The curriculum is desvJned to engender a love and eX￿l&ment of leaming. WThll$t with u$. we see all pupi15 fu￿11 their indwidual acadprnic and creatwe potential. explore their tal•nt$ to Ihe full. and appreciate through $luOy, the w8allh of human achieve￿￿t. PwgressKJn is atthe core of the curriculurn. CHARLOTfE HOUSE SCHOOL LIMITED TRUSTEES, REPORT {¢ONTINUEDI wsthSn 8 framoworf% based on Christs'8n valu05, we prowd8 a stwnulating 8nvironment in whKh chI￿ren are happy, successfrjl, and ke8n to 18am, thus helping them lo grow Into young peopk who are fulflkd. rtSPQGtfL* and able tts make a posrtive ¢ontrtbuts"on to sodoty. Th• school is cornrnitted to equal opportunibes lor an. thlklreTr, and staff allka. and prevKlè$ a wKl• programme of 6POrtirvJ, dramal¢, arb"$ti¢ and eXtr&￿rricuI8ra¢tlv1t￿$. Publlc Ber￿f The total numter of pupils at the school by the end of Ihe year was 103. of whlch Six held part*1 bursar*s. The Govemors, policy is. within the rea$onab* means ol the sthotrl, to maintsin our bursary proVis￿n lo help èxisting por*nts in time of hardsh￿ and to give chibjren, who woukl otherwi$e be unable to. the (pportwlty to be educated priv*ty. The school ha5 sought partnerships with local state sthooL8. including offering tree pla￿S on our training days to their stsff and hopes to devek)p these lurther. Wo glso inirite children from state schods to partiClDale in events such as Languages Day. Fund Ralslng The school Is Ihe prinupal bèntfieiary of the Parent Teacher Association IPTAI. a separate ¢h8rity cal￿ Ihe Charlotte House Prep School PTA Iregl$tered nurnber 11065041, through which lundrai&iThJ for comrnunity projecls, bulldlng pfolects and seMol ¢qu¥￿ent is conducted. Tho PTA continuès to support the school a5 enthusiastically 88 8ver and has hosted a varrety of events Intludln9 8 summer fair, a movie night, and 8 comedy evenln9. It purchased rnore Lego robotic kts, library book5 and Some gymnast￿$ equipmentforthe school. Strntegic report The following $e¢th)￿ form thè stratogi¢ r•portof th8 charfty. Achlgv¢rn•nts and Perfom)on¢e Thts year again Sow the Cont￿U8n¢* ol hvJh standard5 set ￿ prevh?us years In al aspects of th8 School's a¢lwitios. The girts bonofit trorn EFrfialv8t tea¢her$ acm$8 the ¢urri¢ulum. and we endeavor to provide them witt) a wealth of experlences and opportuniues. We ensured that planning wa$ accurate and appropriate for the needs Df the ¢hifdren, $h¢Jwlng dear prOgress￿n and ccn%slery. The girts lake horne all their books once every haw tenn to promote our hcmelschool partnership. As a dyslexk4 friendty school and a reccgnised nghts Tespe¢tin9 school, we contsnue to ensure thot the $¢hool is a v8ry happy en￿ronment where all girf$ Can flourish, ffind thoirvoic• and achieve Iheir goals. Throughout Ihe school year diagno$ti¢. $vmmative and fom)ative a5sessment5 are used to ensure each child is perforning to the best of their abilty and Is al least reachlng age expected level&. Assessments used range from monrtoringlmarking of Schoo￿vOrk to ASPECTS. INCAS. and PIPS. This was a year of outstanding academic perforn)ance with Qur assg$$ments $howin9 an oxcelbnl lovel of progress for 811 classes trad(ing gits throughout their Ume with us shows ¢on$iderabk8 'value-added'. In KS2, 100% of gid$ were working al national average or higher wlth the majority achieving consKJerably h￿har than natK)nal average. Girt$ w+r• very $uc¢es$ful In Irèn8ferring to IhÈ secondary Schoo￿ of Ih8ir thoice. They accepted places at both State and private schoo15 and W8[8 ottew four a¢adwni¢ $¢hokrships. CHARLOThE HOUSE SCHOOL LIMITED TRUSTEES. REPORT ICONTINUED S¢hool Off•rs Gi￿￿ orrers Attspled Scholarshipsl Awards AbbDfs Hll Berkhamsted Dr Challonèrs. Haberdash8rs' Northwood Col rs Comer Ro al Mason1¢ Scottish State school St Clement Dane5' stAban's Hi h School f¢r Gi St Helen's St Mar arets Stma The Reach Free SchorA" Watford Grammar S¢hod' Other statè s¢hools TOTAL 13 52 18 'mainlained $8Ctor This is, as akway5, a vital and Important Pr￿e$S and we devote much care and attention to $upporbrvJ both the girfs and th8iF parents, and ITr devebping and malnlainiry $trong links with al secondary 5choo15 in the area. Charfotte House girfs benefit from the sew-assurance and academic attainment developed durin9 their lime at lh8 school, which enables Ihem to transfer to one of their chosen secondary xhools wilh ease, bakng 6uifi¢i8nUy matur¢ to deal with the change5. ExtM£unl¢ular Actlvltlos The followlng edu¢8tional trips took placè.. Nursery & Reception vlslted Bekonscot Model Villag6 arnl Odds Fami,. Form l & 11 went lo Bhaktivedanta Manor, Discover Bucks Museum and The Look Out Di8covery Centrè." Fom 111 went to Hazard Ajtey, Celtic Hamony and a team buikling day,. Forn Thl went to Fleld stud￿ Centre and Gurtt*ara (Slkh T8mplel' Fonn V went to Paccar Scout Camp". Form Vl went lo LOngr￿ge Activty Centre and Sky Studios. Fomis V aThJ Vl took part in the Young Voi¢e$ Concert at Ihe OVOArona, 1￿M￿￿Y. Physical education and 8POrt are key Components ol the s¢hoc4. AJI girfs ar8 actiV8ty invDfved in variovi sp¢Jrtlng actiwl•s. taktng part In nelball matches, swimming galas. ¢ridf atrtsuAting th ￿ePari1V￿ Ihe ffinancial $tatements. Chariiabh Funds Unrestricted funds are 8V8ilable ftrr usè at the dlscretfon of the tTtJst8es in lurthèrance of thoSr charitable objectlves unless the funds have been deslgnate(I for other purposes. Reslricted funds are subject 10 5pecffK condillons by donors as to how they may be used. The ￿￿oSe$ and uses of Ih8 r85trict•d fund$ ar• $•t out In the notes to th8 financsal ststernents. In¢om? Incryne is reco9nised when the charity 15 ￿9411Y entIt￿ to it after any Ferformance conditions have been met, Ihe amounls &qn b8 measured r•liabty. artd ot is probable that incarna will be re￿￿d. Cash don8tion$ 8re recogni58d on receipt. Othei donatK)n$ a￿ rewni$gJ oncè Ihè tharity ha$ been nob.fied of th? donation un￿sS Ferfomanr* ￿n(lI￿OI￿ require deferral of lh8 amount. Income lax r•¢ovorable In relats.on lo donatio￿ recsived under Gift or deed$ of ¢wenant 1$ recognised at the time of the donation. Lega￿ are ￿COgnISed on recglpt or OtherW￿e rftt* charity has l)8en rK*tMed of an inpendiThJ thstril￿t￿>Tr. Ihe amount ts known, and receipt 8XP8Cted. 11 Ihe amount 16 not krvJwTh, the 18gacy is Irè8tsd as a eonts'ngent asset. Assets It* distribution a￿ recognised onty when distribut￿. A55ets given for use by Ihe chaiity are r8cognknd when re￿Nab￿. S¢ock$ of undi8tiibut8d donated goLxls are n¢+t valued for baknc4 sheet purpDses. Gov8mment gran15 fEl8ting to wenue a￿ ￿COgnIs•d in ints)me M a systematic basls over the pèriods in which th8 entity recognise$ the related ¢o$ts for whKh the grant is intended to compensats. Turnover 15 méasured at the fair valu¢ of the consideration received e* r￿fvable and represents amounts rec8ivabfe for goods and services provided in the norrnal Cou￿• of buslness, ot Iti$counts, VAT and other sakn related tsxes. 14 CHARLorrE HOUSE SCHOOL LWITED NOTES TO THE FINANCIAL STATEMENTS ICOMTINUEDI A￿oUn￿n9 pollcl8S Icontinuedl Expendlturo Expenditure is recognised on an accruals basis 45 a liabilty k% incurred. Expenditure Indudes anyVAT which ¢annot be recovered, and Y6 da5sified uThJ8r headngs of the statement of financi818¢twtrs to which it r•lale$'. • 8xpgnditUf8 on r8i5ing funds includes the costs olail f￿￿raISing acl'vitse$, 8v•nts, n0￿char￿abl• trading actiwt￿8. aftd the sale of donatsd goodB. • eX￿ndItUre on ¢haritabl• actlvltw Indu#es all costs incurr8d by a charity in undertaklng a¢tiwlles tha¢ further its tharitablè aims for tha bonerrt of fts ben&ftiar*$, induding those support Costs and ¢08ts ￿laIng to Ihe gov8mance of the charlty 8ppoithoned to charitable athibes. other eynditure indudes all expendilure that is r*fthtr related to r8ising fvnd5 lor the charity nor part of its èxp&nditure on charitab16 actlwlies. I costs are alocated to exppndrture catggorio5 ro11octin9 Ihe uso of the reswfce. Thr9¢1 ¢o$ts attributablo to a singk activty are allocated directy to that actlvity. Shared ¢osts are apportloned be￿Sen th8 aC￿'VitIeS they contribute to on a reasonab￿. Justnlable, and censistent basls. Tanglble flxed assets Tangible fixed assets are 1nfft.aly measured al cost gThY subsequanty measured at C05t, net of deP￿cIatIOn aThJ any impairm•nl k)ss•s. D8proclatlon is ￿Cognised $0 a$ to wrfte off Ihg ¢ost of asse1$ I•s$ t￿1￿ rèsidual values over thelr useful live5 on the fellowlng bases.. Bulldings Fixture5, flttings & quipment Motor vehicle 2% on cost reduang balan 10 years Straight line The gain or loss aiising on the di$posal of an asset is d8t8rmined a5 the diff8rence beknn tha $al8 proceeds 8n¢ the Carrying value of tha asset and is recognKsed in the 5tatementof finan¢lal aclivthes. Impaimi•nt ofllx•d I$￿ts At each rEporbng end date. the Charity revivws the carrying amounts of its trngib￿ assets to dettmiine whether there 15 any iTrliCal￿Jn thal Ihos• assets have 5uHeod an impèim)eTht Ioss. W 8ny suth indication exi8ts. the recover&1￿ amount of the asset i¥ estimated in order to detemine Ihe extant of the impsi￿nI loss Ilf 8nyl. Ca$h and cash equlvalents Cash and cash equivaleThl$ in¢lutle ¢a$h in hand. deposit5 held at call with baftks. other $hort-l¢rm liquid fftvestments with orwjinal Mat￿￿t￿$ of Ihree moThth8 or less, and bank overdrafts. Flnancial Instrumonts The tharity has elected to appty the p[D￿sens of 11 BasK Financ￿1 Inslrum8nts' and Section 12 'Other Fin8nci81 Instrurnents Issue5. of FRS 102 to all its fjnancial instruments. Financlal Sn$truments aro rwnisgd in the ¢harity'8 balance she8t when lh8 chanty b&￿Me$ party lo thg Contrac￿81 provL8lon6 of the Inslnjment. Financial a$set$ and liabilfties a￿ offset, wilh the net amounts presented in th8 financial 51aiements. when there is 8 legally enforceab￿ right to set off the ￿cogniSed amount5 and Ihere Is an intention to Strtt￿ on t ba$1$ orto rgalise asset and settb the lablity ￿mUNa￿Ou￿y. 15 CHARLOTTE HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI A¢¢ountlng poll¢hs IContinu•dl Basic financial assets Bas* fin8ntial a8sets. whi¢h indude dèbiors and cash and bank b818nces. are initially m8sumd at Iran$adion price In¢luding transaction costs and are 5ubsequenlly carried at amort￿ed cost using the effective interest mèthod unl8S$ the arrangernenl ccnsbtutes a financing Iransatlh)n. Whe￿ Ihe trarsaction is mèasur•d at thè pwsenl valu? of the future r8c8ipts dlscounted at a matk•t rat• of intswt Finanual ass8ts dass+f￿d as recéfvab￿ within ¢ne year8re not amorbsed. knpalmi•nt of flnanclal assets Fin&ntial a$s•ts, other than Ihose hold at fair value Ihrough income and expenditu￿. are assessed for indica¢ors of impaimRnt at each reporting date. Flnancial 8$sels are impaired where there 1$ objective idence that, as a r8sutt of one or more events that o¢caJrred after Ihè Inltd of tho financk71 ossel, the estimated flrture c8sh flows hawe been affected. Ir an 8sset is impaired, Ihe Impalnr*nt lo$$ 1$ the drff•rèn¢t bots￿0n th• carrylng amount and the present value of Ihe e5timaled cash flows dls¢ounte¢J at orkJinal effective interest rate. The impatrmenl 1058 18 recognised in net income1lexpendilu￿I fer the year. If therts Is a decrease In thg Impaim*nt loss arising from ari event oeLurring after Ihe impairm•ni was reccgnised, the irnpaim)ent Is reversed. The reversal v8 such that tho ¢ufTenl camiing amount does not exceed what the Earrylng amount wovkj have been, had the impainrÉnt not previousty been re¢ognl$ed. The inpairnent revarsal 1$ r8¢ognlsed Sn net incomellexpendilurel for Ihe year. Dèrecognmon offinan¢lal 0$$¢¢$ Fin8nual assets arè dow¢o9nk$8d only whgn tho contracbjal rbahts to the eash fijws frcffl tho wet expire or re setded, or whon the ¢harity transfers the financial 888et and sub5tantlally all the rfsks and rewards of ownership to another entity, or if some 5ignrficant risks ond ￿WardS of ownership are rètalned but conbDI of the assgt has trans18rr8d to anothor party that is able to sell the a$set in it8 entirety to an vNelat&l third party. 8è8lc flnanctal Ilabllltkns Basic financial liabilitie5, including creditorn and bank loan& are inilialty rètsjgnlsèd at transactbn p￿¢8 unless Ihe arrangement constitutes a financing transactlon. where the deb¢ inslrurnent i¥ measurtd at the present value of th6 lulU￿ payments discounted at a rnaVKel ralo of intWo$1. Finanual liabili￿.85 cla5sifRd as payable wfthSn one year are not amorU&ed. Debt instruments are subsequenty tarried at amorti8ed c05t using the effecti¥e Interest rats methoj. Trade ¢reditors are obligab"on$ to pay for good5 or s8rvicè5 that have been acquired In the ordinary covrs• ol operat￿n5 suppliers. Amounts payabb are dassrfied as curr8nt liabilibtss rf payment 1$ du¢ within onè year or ￿5. If not. they a￿ presented as non-current liabilities. TradB creditors art rewni5gd initlalty at Ir8ns8ction pric8 subwuènlly measure¢l at amorbsed cost using the effecbve interest method. D￿cOgnItIon of flnanclal Ilabllliles Financial liablliks are dereco9nised whgn the ¢haritys contractual obligaliofis expire or are discharged or cance18d. 1.10 Employw bonofils The cost ol any unusod holiday gnts"tkment is recognised In the period in whkh Iho •mployee's servic85 are rèceNed. Terniinat￿n benefits are recognised immEdiatdy as an expense when the tharity is demon$￿tIY commrtted to tem)inat¢ tho omploymenl ol an empbyee orio provido tenninalion benefits. 16 CHARLOTTE HOUSE SCHOOL UMITED NOTES TO THE FINANCIAL STATEMENTS ICONTIMUEDI A¢¢L)untlng poll¢les Icontlnuedl 1.11 Retlr8m8nl t4nefi Payments to defjngd ¢ontribu*w retirèmènt ￿n0frf( $¢heme8 are charged a8 an expense 8s Ih8y fall due. The school contributts towards th• Tea(*ots' Pen$lon Schwne I'TPS'I wh￿h Is a defined teneffitscherne. The TPS an unfvndtd 5cherne and ¢onlrlbution$ a￿ (•l¢u*tsd lo spread the cost ol pen&iDns over empbytes, wolThe average monthly number of employees during the year was:
Teaching staff
Domestic staff
Administration staff
Assistant staff
Kitchen staff
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2023**
**Number**
14
1
5
6
3
29
**2023**
**£**
821,414
75,887
137,026
1,034,327|**2022**
**Number**
15
1
4
7
3| |---|---|---| |||30| |||**2022**
**£**
825,225
76,756
140,135| |||1,042,116| The number of employees whose annal remuneration was £60,000 or more were: |||**2023**|**2022**| |---|---|---|---| |||**Number**|**Number**| |£70,000|- £80,000|1|1| 19 CHARLOTTE HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Tangits￿ fix•d assets Buildings Ftttures. rittin9s & equipment motorV•h￿1e Total Cost Al 1 September 2022 Addition5 2,122.388 839.649 30,820 2,792,855 At 31 August 2023 2,122,388 639.648 30,820 2,792.855 Oepreclatbon At 1 September 2022 Ogpreaabon char in the year At 31 August 2023 903.075 32,116 337,322 30.233 11.301 3,082 1,251,698 65,431 935.191 367,555 14,383 1,317,129 Carrylng amount At 31 August 2023 1,187,195 272.094 16,437 1.475,726 At 31 ￿¥$1 2022 1.219.311 302,327 19,519 1,541,157 Oebtors Amount$ faltng due wtthln one ywr.. 2023 2022 Trad¢ dèbtors other debtors Prepiymènts and acuuod incomo 2,371 710 13,960 17,041 6,366 475 16.436 23.277 Credlto Amounts falllng due wlthln ong year.. 2023 X122 Other taxabcn and social $o¢urity Trade credltors other ¢￿dItOrS Accruals and deferred In￿me 20.601 70.432 5.162 173.549 19,689 218.966 4,998 43,560 287,213 269.744 20 CHARLOTfE HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI Retlrernent bonofil 5¢h•mts Tea¢hers' Penslon S¢hgm• The school partKipar•$ in lh• T•a¢hèrs' P•nsitrn S¢h•m• Errfjland and wa￿ ITPSI. for a¢a¢eM￿ and related $taff. Introductlon The Teachers, Pension S¢hemg ITPSI is ¥ ststulory, contrlbutory, defiw benefit scheme. governed by the Teachers, Ponsion S¢homo Rggulatlons 2014. Membershlp 1$ automall¢forteach8rs in acadern￿. AJI tèachers have the Op￿0￿ to opl-out of th8 TPS followlng enrolmonl. The TPS is an unfunthd 5chem8 to which both the member and employei mak85 contributions. as a porcenta￿ ol Salary - th￿e ¢ontribulions aro cr¢ditod to Ex¢hwuor. R•tlr•menl and other pension benefits are pakl by Publ￿ funds provhjed by Partiament. Valuatlon ofthe Teachers, Penslon sC￿me Thg Gov6mmonl Actuary, usin9 nonnal actuarial priiwlès, eonducts 8 formd acluaiial rwow ol Ihe TPS In a¢cordan¢e wrth the pu￿1¢ Semce Pen$ioTrs IValuation8 aThJ Employer Cost Capl D￿CtionS 2014 publi5hEd by HM Treasury every 4 years. The aim of the revw is lo specify the level of future contributions. Actuarial 5cherne valuations are de￿ndent on assumptK•ns about Ihe valu• of futur• to$ts. dosgn of benefits and many oth¢r factors. Th8 latest aciuarial valuation of th¢ TPS was carri8d out at 30 September 2020. Th8 valuation ￿port was putlished by the Departrnent for EthJcal￿n on 30 0¢tO￿r 2023. This valuation showed a85ets of £800.3m, liabilrties cf £831.9m and a defirAt of £31.6m. To eliminate this fundin9 $hortfall, th Trustee has asked the participating employers to pay 8ddititsn81 conlribubons to the scheme of £3,312,000 per annum. Th1$ 1$ payable moNhly Irom 1 April 2022 to January 2023 and increases by 30/0 e8ch on 1rt *pril. The nextvaKJats"on resull 18 due to be implemented from 1 April 2024. A copy ofth8 valuation report and supporbng documentation is on the Teacherg Pension wetsit•. Underthe definition5 set out In FRS 102. the TPS 1$ a multi-errployer pension sthtsm. The charty ha accounted for its contrbutK)ns to the scheme a$ if it werE a deffined cwttoulion scheme. The charity ha$ Set out abjve the inferrnabon available on the sch8rne. Non4*¥¢h*rs' Ptnslon S¢hem* The school also contributes to defined contribution schernes on behalf of its other Staff. Employef costs ¢ontribu¢od lo th•$• s¢hem•$ amounted lo £27,17312022". £9,318). 21 CHARLOThE HOUSE SCHOOL LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 11 Restrfcted fund$ The income funds of the Chanty Indude restrKted funds comprfsiThJ th8 following un8XP8Tr1ed bakrK*$ of don8tion8 and grants h81d ￿ trust1￿ spectfic purp0s6S'. B•l¥mce •t 1 Sfjpthnbqr 2D21 Baanc• at 31 Augu#t 2023 S•pt•mber 2022 Donations spe¢fficaMy tor minfous 9.545 1.294 8.251 1,300 6.951 12 An￿y$l$ of n•taM•t$ b&￿￿0n fvnd8 lknrHtr*tsd R•strfctod fundl 20 Tot Unrn4tsiC*d R•sirf¢i•d funds Totsl 2022 2021 2022 2022 FuThl balance8 at 31 ￿JgUst are represented by.. Tang￿￿ assets cUrr￿t assets 1,468.775 262,071 6.951 1,47S.726 282,071 1,532,9C6 222,082 8,251 1.541.157 222.082 1,730,848 1737 797 1.754.988 8,251 1,763 239 13 Rolat•d party tran$a¢tlons There We￿ no ￿￿￿oSable relgted party transactions during the ye8r12022- non81 14 CaBh generated from operatlons 2023 2022 IdEficit)15ufF4us for t￿ year Adjustsnents for.. Depreciation of tangiblefixed a$sots 125,4421 42,020 65,431 65.562 Do¢r•a$ollk)croasèI in dobtors 6,237 18.8291 ID&creaselllncrease in credrtors 17.470 5,499 Cash ggnerated from op•ration$ 28.758 15 Analysls of charges Sn net funds Tha charity had no dobl during th• y•ar. 22