Charity Registration No: 311075 Company No. 00912022 (England and Wales) CHARLOTTE HOUSE SCHOOL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CHARLOTTE HOUSE SCHOOL LIMITED COMPANY INFORMATION Trustee8 S Reader (Chair of trustees) C Smith- resigned 31 August 2024 P McGlone A Hatfield M P Wilson S Ramroop R Stuttaford C Sm8thers K McNerney- resigned 31 December 2023 S Hollis- appointed on 2 July 2024 Z Odutola - appoint8d on 2 July 2024 S Peterson - appointed on 8 November 2024 Company Secretary G Chana Company number 00912022 (England and Wales) Charlty number 311075 Reglstered offlce 88 The Drive Rickmansworth Herts WD3 40U Bankers Barclays Bank PLC 22- 24 Upper Marlborough Road St Albans Hertfordshire AL13HJ Audftor Hardcastle Burton LLP Lake House Market Hill Royston Hertfordshire SG8 9JN CHARLOTTE HOUSE SCHOOL LIMITED CONTENTS Page Trustee5' Report Statement of Trustees, Responsibilities Independent auditor's report Statement of financial activities 10 Balance sheet Statement of cash flows 12 Notes to the accounts 13-21 CHARLOTTE HOUSE SCHOOL LIMITED TRUSTEES. REPORT Governlng document The Charity is governed by its Memorandum and Artides of Association dated 31 July 1967. Governlng Body The members of the Charity's Governing Body are listed above wllh details of changès during the year. We appointBd Iwo new Governors. Sarah Hollis and Zainab Odulola, on 2nd July 2024, and Sarah Peterson on 8th November 2024 (after Year Endl. Dr Karen M¢Nerney resigned on 31 sl December 2023 and Calriona Smith resigned on 31st August 2024. Recrultrnent and Trolnlng of Governors The Charity's elected Govemors are appointed 81 a meeting of the 8xlsling Govemors on the basis of nomlnations received from existing Governors and the Head to the Board's speclficalions concerning eliglbilily, personal competence. spe¢ialisl skills and local availablllty. New Governors are inductèd into the W0￿1n95 of the Charity Including Board Policy end Procedures. by initial briefing by the Chairman, attending Govemors, meetings and being directed to relevant guidellnes and courses. This Is supplernenled by personal visits to the School to talk lo staff, parents, and pupils. OrganSsatlonal Managfjment The Governorg. as the Iruslees of the CharSty, are legally responsible for the overall m8nag8ment and control of the School and me81 al least three times a year. In addition to this there are four Committees of th& Board which deal with specific areas of the School's operation.. The Education Committee.. Chaiffjd by S Hollis, is responslble for examinlng trends in education, educational policy and staff development and the promotion of the school and ils ethos. The Building and Finance Committee.. Chaired by th8 Treasurer IA Haifieldl and assisted by the Bursar. is r&sponsible for implementlng facilities and financial strategy and the policies of thè Board, including the preparation of budgets, management accounts and forecasts and is also responsible for the audit. The Health and Safèly Committee.. Chaired by the Bursar {G Chanal oversees all health and safely matters and operational risk management. The Marketing Committee- Chaired by R Stuttaford develops marketlng slralegies, oversees the creation of new advertising and website material and explores ideas for promoting the school. Th8S8 committees meet al le8s1 once 88¢h tsrm. S Holli$ Is th8 governor responsibl& for Child Protection. she reports to the Board on all matters pertaining to Safeguarding. P Wilson is the Early Years & Special Education Needs Governor. The day to day running of th8 School Is delegated to the Head supported by the Bursar and the Senior Management Team. The Head and the Bursar attend meetings of the above Committees and they a150 attend full Governlng Board meetings. The school is repre58nled on a numberof r&levanl organlsalions, including th8 Independent Association of Prepardlory Schools IIAPSI, the Independent Sch¢)ols' Bursars, Association IISBA) and the Association of Governing Bodies of Independent schools IAGBISI. CHARLOTTE HOUSE SCHOOL LIMITED TRUSTEES, REPORT (CONTINUED) Risk Management The Board of Governors is responsible for the managemanl of the business risks faced by the School. A Risk Register is maintained and ￿vieWed by the Board and this includes the management of actions in mitigation of business risks identified. Health and Safely Risks are identified, controlled and managed by the Health and Safety Committee which is chaired by Ihe Bursar with members drawn from across the staff of the School. A Governors. representative also sils on thè Health and Safely Committee, and minutes. inspèction reports and other relevant information are reviewed by the Board. Furthermore, lo demonstrate the governors, proactive approach, in Fèbruary 2024 8 surveyor was appointed to conduct a Condition Survey Report which has provided the school with a comprehensive 40-year plan from which all maintenance is prioritised, planned and actioned. ensuring the school's lacililies remain safe and functional over the long term. The key controls used by the Charity include: Formal agendas and minutes for all Committee and Board activity Detailed terms of reference for all Commillees Comprehensive strategic planning. budgeting, long term planned maintenance, and management accounting Formal written policies Clear authorisation and approval levels Vetting procedures as required by law for the protection of the vulnerable Detailed eashflow forecasting and reporting. The school has an overdraft facility in place for further reassurance Through the risk management processes established for the School, the Govemors are satisfied that th8 malor rlsks identified have been adequately miligaled where necessary. 11 is recognised that the systems can only provide reasonable but nol absolute assurance that major risks h8v8 been adequately managed. Objectlves and actlvitles Charltabl• Objects The object of the Charity in accordance with ils Memorandum of Association is to provide education through the operation ol a Preparatory School. Charlolle House School is a fee-paying school for girls aged three lo eleven. In fUrthe￿nCe of this object, the Governors as the charity Iruslees have complied with th8 duly under S.4 of the Charities Act 2006 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the op6ration ol the Public Benefit requirement under that Act. Alms and Intended Impact The year ended 31st August 2024 has seen continued progress in accordance with the School's ethos and slraleglc aims. Charlolle House has a strong academic tradition based on the philosophy of education developed by Charlotte Mason, the founder of tho Parents, National Education Union, who believed that parents and the home were al the heart of developing children spiritually, physically and mentally and that children should bè respected as individuals and nurtured lo develop their unique lalenls. The Governors and staff are committèd to maintaining this tradition. It is the poI￿Y of Charlotte House School that pupils, including those in th& EYFS, receive a broad and balanced full lime supervised curriculum, which delivers an education suited lo all pupils across the full age and ability range. All pupils have the opportunity to learn and make progress and are preparod for the opportunities, responsibilities and experiences of life in British s(Kiely. The curriculum is designed lo engender a love and excitement of learning. Whilst with us. we see all pupils fulfil their individual academic and creative abilities, explore their tslents lo the full, and appreciate through study. the wealth of human achievement. Progression is al the core of the curriculum. Within a framework based on Christian values we provide a stimulating environment in which children are happy. successful and keen lo learn, thus helping them lo grow into young people who are fulfilled, respectful and able lo make a positive contribution to society. The school is committed lo equal opportunities for all. children and staff alike and provides a wid8 programme of sporting, dramatic, artistic and extra-curricular activities. CHARLOTTE HOUSE SCHOOL LIMITED TRUSTEES, REPORT (CONTINUED) Public Beneflt The total number of pupils at the school by th8 end of the year was 100 of which eight held partial bursaries. The Governors. policy is. within the reasonable means of the School. to maintain our bursary provision to help existing parents in time of hardship and to give child￿n, who would othefwise b8 unable to. the opportunity to be educated privately. The school has sought partnerships with local state schools including offering free places on our training days to Ihelr staff and hopes to develop these further. Fund Ralsln9 The School is the prlncipal beneflciary of the Par8nt Teacher Association, a separate charity called the Charlotte House Prep School PTA (registe￿d number 1106504), through which fundraising for community projects, buildiThJ projects and school equlpment is conducl8d. The Pafftnl Teacher Association Continues to support the School enthusiastically as ever and hosted a winter and summer fair along with smallèr events such as a school disco. This year they financed virtual reality sessions for the whole school and provided each subject wtth a budget to buy some extra r8source$. The History Department purchased replica artefacls lo enhance leaming. Strateglc report The following secllons for a¢hievem8nts and perfomance and ftnanclal review form the strategic report of th& charity. Achlevomonts and Parfomiance OperatSonal Perfomian¢• This year again saw the ¢onllnuance of the high standards set In prevlous years in all aspects of the School's activllies. The gids b8n&fit from speci81ist teachers across the curriculum and we endeavour to provid8 them with a wealth of experiences and opportunities. W& ensured th8t planning was a¢curat& and appropriate for Ihe needs of the children, showing clear progression and conslst8n¢y. The girls take home 811 their books once every half term to promote our homelschool partnership. As a dyslexia friendly and a recognlsed rights r8spe¢ling school we continue to ensure that the school is a very happy environment where all girls can flourish, flnd th&ir voice and achieve their 9081s. Throughout the school year diagnostic, summallve and formative assessments are used lo ènsure each child is perfomiing to the best of their ability and is at least reaching age oxpected levels. Assessments used range from monitoringlmarking of school work lo ASPECTS, INCAS and PIPS. This wag a year of outstanding academlc performance with our assessments showing 8n excellgnl level of progress for all classes, tracking girls throughout their lime with us shows Considerable 'value-added'. In KS2 two thlrds of giAs weffj working al significantly above national average in both Maths and English. Gids were very successful in transferring lo the secondary schools of their choi¢e. They accepted places at both slat8 and prlvale schools and were offered one academic scholarshSp. CHARLOTTE HOUSE SCHOOL LIMITED TRUSTEES, REPORT (CONTINUED) School Offers Given Offers Accepted Scholarshipsl Awards Dr Challoner5' Haberdashers, Northwood Colle Ro al Masonic si Clement Danes. Sl Helen's SIMa Rickmansworth other slate schools TOTAL 'maintained sector 32 19 This is, as always. a vital and important process and we devole much care and attention to supporting both the girls and their parents, and in developing and maintaining strong links with all secondary schools in the area. Charlotte House girls benefit from the self-assurance and academic attainm8nt developed during their lime at the school. which enables them to transfer lo one of their chosen sécondary schools with ease, being sufficiently mature to deal with the changes. The school received a highly positive Independent Schools Inspectorate Inspect￿n report highlighting key strengths including excellent leadership and governance, a broad curriculum leading to strong academic outcomes, a nurturing early years foundation, high pupil Confidence, strong wellbeing support, with an &mphasis on respect. and robust safeguarding. Th8 only area idenlified for development was ensuring consistent identilicalion and support of pupil$ ready lor more complex18arning-though the report itself actually praises the school for doin9 this effectively. The head has already begun addressing this recommendation through dedicated staff training lo ensure challenge is consistent across all curriculum afeas. Wlder Communlty ActSvltle8 The School contlnues lo be an a¢liv8 member of the local community in providing education for girls of all abilities. The Govemors have also approved a policy of taking on early career teachers when appropriat8 and providing work experience for pupils from slate secondary schools or sludenl teachers. The S¢hool actively encourages pupils lo engage in raising funds for charities bas8d both in the UK and overseas, loslering in them an awareness ol real-wodd issues and a desire lo contribute lo the wider community. The school supported the Poppy Appeal. Icandance, Children in Need. The Peace Hospice and Marie Curie. Extra4urrlcular Acllvllle$ The following educational trips look place.. Nursery & Reception visited Krafty Koala and Aldenham Country Park, Form l & 11 went to Windsor Castle, Legoland and The Living Rainforest. Form111 went lo Hazard Alley, Celtic Hamony and a loam building (Jay: Form IV went lo Chiltern Open Air Museum and Lego18nd,' Form V went lo Paccar Scout Camp and Legoland., Fomi Vl went lo Longridge Activity Centre and Bletchley Park. Physical education and sport are key components of the school with all girts being actlV8ly involved in various Sporting activities. with the girls taking part in netball matches, swimming galas, cricket matches. alhlelics meetings and cross country. We held our Carol Service al St Mary's Church and the Form V & Vl choir sang at tho Rickmansworth Wint8r Festival. The following productions took place.. Early Years did their r181ivity 'Away in a Manger. Forms 111 & IV 'Cinderella'; Forms l & 11 'Pirates': Form V & Vl 'The Tempest,. There was also a Prep School Music Concert Form V went on 8 residential trip to Suffolk, Fomi Vl wenl on a residential to Hampshire and Form IV had a team buildinglbushcraft day and sleepover in tents. CHARLorrE HOUSE SCHOOL LIMITED TRUSTEES. REPORT (CONTINUED) The school continues to expand the girts, horizons with a range of lunchtime and after school clubs, including Tae Kwon Do. Speech & Drama, Ballet. Dance, PlayBall and Gymnastics. Staff also ran extra-curricular clubs including Maths, yoga. n8tball, cricket, knitting and sewing, Hama Beads, puzzle games, Chamber Choir. Speed Slacking, Purple Mash, Scratch Coding. debating & football. Skylark sessions are part of a new enrichment programme. W8 believe that girls should &xperien¢e as much as possible whilst they are with us as we subs¢ribe to the idea of 'if they dony see it how can thay do it?. Thes8 sessions have included a wide variety of activillès including a careers fair. drama lesson with a TV soap star, digital photography lessons, a sesslon with a culture change consultancy fimi 8nd cookery lessons with a professional chef., Staff In August, Malcolm Welch. our caretaker retired and Joe Morey started In this post. Caroline Guise stood down as Deputy Head and it was agreed she can work part-time next year. Margaret Hadden returned from matemity leave and Emlly Berlnger (prevlousty employ8d as mat&mity cover) agreed to stay on next year. Flnan¢lal r•vlew The finances. budgets 8nd spènd against budget 8re regularty reviewed by the Building and Finance Committee as part of the affective management of the school. The flnancial performance for the period was good, wlth surplus befor8 depreclalion of £111.49212023'. £39,988). approximating to 7.6% of the school s Incoming resources. Depreciation on fixed assets was £63.176 {2023.' £65,430). The resultant nel movèment In fund8 was £48.31612023: .£25.442). The rnain Cost lo the School remaln8d salaries. which decreased overall by 1 % compared with 2023. The School's overall increase In fee income was 4.1•/0 compared with 2023. Freehold property is included in the financial statements at a deprèciated cost of £1,155,079 {2023: £1,187,195) whlch is considèred lo be materially less than mat1(et or replacement value. Al 31 August 2024, bank borrowings were £nil12023.' £nill. The school has an overdraft facility of £500.OLKJ from Its bankers secured by way of a fixed and floating charge on the property known as 88 The Drive Rickmansworth Hertfordshire. Thls overdraft facility is not currently ulilised and remains in place as a component of the school's risk managemenl. Al the 31 August 2024. creditors falllng within one y88r and after more than one year slgnificantly increased lo £485,054 and £252.250 respe¢tively, due lo f&&s In advance R•8•rves Pollcy Clos? attentlon is pald to cash flow management and Ihe relationship between cash generation, the school's income and capital expenditu￿. The reserves policy is to maintain lolal reseNes and cash availability al levels which enable the school lo plan for future capital expenditure, whilst effectively managing the school's educational and charitsble activities. Plans for future perlods A comprehensive tWOThyear School Development Plan has been created by the Senior Management Team, staff and Governors and our foci for ngxt year include.. Further development of self-evaluative practice amongst both staff and pupils. To further employ the use of technology such as Al lo enhance lessons and furth&r prepa￿ our pupils for the future beyond Charlotte House To further develop our programme of eleven plus preparation to help our girfs prepare for Academic, Music, Art and Sports Scholarships in the future. CHARLOThE HOUSE SCHOOL LIMITED TRUSTEES, REPORT (CONTINUED Audltor Each of t￿ person$ who is a trustee al tha date of approval of this report confirms that.. so lar as they are aware, there 18 no relevant audit information of which the Gharity'$ auditor is unawarè., and they havè l#ken all steps Ihal they ought to have taken as a tru61ee lo mak& Ihem$8lves awa￿ ol ony rglevanl audit infoTmalion and to establish (hat the charity's auditOT is aware of that infonmalion. The auditor is d8erned lo have been Te-appoinled in accordance with Section 487 of th& Companies Act 2006. The Iru$lfje$' annual report and Ihe slratsgic report We￿ approved on { DATE -. l and syned on behaw of the board DI Iruslees by-. S. Read•r Trustee . Chana Charity Socmlary CHARLOTTE HOUSE SCHOOL LIMITED STATEhlENT OF TRUSTEES. RESPONSIBILITIES Trust￿$. mpon$lbllltlos staternent The trustees, who arg also directors for ihe purposes of company law, a￿ responsible for preparing thè INstees' report aThJ the financlal statsments in occordance wth appbcabkg law and Unlted Kingdom AGcounts"ng Standards (United Kingdom Generally Acc8pled AG¢ounling Pradice). Company law r8quiro$ the th8rity tmstees to prepare fmancial ststèm•nts for ••ch yearwhich glve • tru• and tsir vièw of th• stsle ol affairs ol the charitable cc4npany and th• in¢omlng resourc88 ond opplication of resourc•s. vi¢luding the incom& and gxpandilur8. for that period. In preparing Ihe8e finanaal statoments, lh• tru$ts•s arè raqulred to.. Select sultable a￿OUntIng poll¢l•$ and then apply them consiilenlly,. Ob8eN6 the methods •nd prlnclpl•s In thg appllcable CharIt￿$ SORP., Moke judgment8 arwj Iccounllng estimates Ihal am rea&on•ble and prudent., Slate wh8th•r applkabl• UK Accounllng Stsndards have boon lollowed, sublecl to any mo1orfAI dep•rturg8 disclosod 8nd explained In the financièl 81atements', Pr•p8r• tho financl¥l statements on thè golno ￿ncern basi8 un1•88 M18 inappropriate to pffj•um• thal Ihe charty will ¢ontlnu• In busineN$. Th• Iruit•e$ •r• ro8ponsibl• lor kè8plng ad•qu•le •ccounllng rècords thal are •uffici•nt lu bhow qnd explaln ltte charity's Ironsa¢lion8 and disd0￿ with reasonable a¢cur•cy al any limo the financial po$il*•n ofthe charity Jnd enab them to •n¥ui? that the finandal slatemènls c(Nnply with the CoThpank*s Act 2&J6. They are also respontylble for safeguar(ling the assets ol Ihe chadty and hencé for taklng rnasonoble steps fr*r the preventlon and d•h¢llon of fraud and other IrT•9ul•r1li￿. CHARLOTTE HOUSE SCHOOL LIMITED INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF CHARLOTTE HOUSE SCHOOL LIMITED Oplnlon We have audited the financial statements of Charlotte House School Limrted (the 'charity') for the year ended 31 August 2024 which comprise the statement of financial aclivilie5. the balance sheet, the statement of cash flows and notes lo 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 Stsndards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ir8land (United Kingdom Generally Accepted Accounting Practic81. In our opinion. the financial statements- Give a true ancl 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. for the year then ended. Have been properfy prepared in accordan￿ with United Kin9(Jom Generally Accepted Accounting Practic8. Have be8n prepared in accordance with the requirements of the Compani8s Act 2006. Bas18 for oplnlon We conducted our audit in accordance with International Standards on Auditing {UKI {ISAs IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for th& audit of thè financial statements section of our report. We are Independent of the charity in accordance with the ethical requirements that are relevant lo our audit of th8 financial slalement5 in th8 UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5ponsibililies in accordance with thes8 requirements. We believe that the audit 8vidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu$lons relatlng to golng ¢oncern In auditing the financial stalemenls. we have concluded that the Trustees, usg of the ping concem basis of accounting in the preparation of thè financlal slalements is appropriate. Based on th8 work we have performed, we have not identified any materi81 uncerlainlies relating lo events or conditions that, individually or coll8cliv&ly, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our r85ponsibilities and Ihg responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other Infomiatlon The other information comprises the information included in the annual reFX)rt other than the financial statements and our audilorfs report thereon. The trustees are responsible for the other infomation contained within the annual report. Our opinion on the finanoial statements does not cover the other infomialion and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other inlormalion and, in doing so, consider whether the other infomation is materially inconsislenl with the finanaal stalemenls, or our knowledge obtained in the course of the audit. or otherwise appears lo be materially mis$taled. If we ident￿fy such material inconsistencies or apparent material misstalemenls, we are required to determine whether this gives rise tr) a material misslatemenl in the financi81 statements Ihemsolves. If. based on the work we have perfomied, we conclude that there is a material misstatement of this other information. we are required lo report that fact. We have nothing to report in this regard. CHARLOTTE HOUSE SCHOOL LIMITED INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF CHARLOTTE HOUSE SCHOOL LIMITED Matters on whlch we aro rèqulred to report by oxceptlon We have nothing to report in respect of the following matters in ￿latiOn lo which the Charities (Accounts and Reports) Regulatrons 2008 require us to report lo you if, in our opinion: th8 information given in the financial statements Is Inconsistent in any matèrial Trsp8Ct with the Trustees, report.. or sufficient accounting records have not been kept,. or the financial statements ar8 not in agreement with the accounting records: or w8 have not received all the information and explanations we require for our audit. Responslbllltle8 of trustees As explained moro fully in the statement of Trustees, responsibilities, the trustees, who are also the directors of th8 charity for the PLrrposè of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees delemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial slelemenls. the Irusle8s a￿ responsible for assessing the charity's ability lo continu& as a going concern. disclosing, as applicable. matters related lo goin9 concem and using the going concern basis of accounting un18s$ Ihe Iruslees elther intend lo liquldate the ¢harftable company or to cease operations. or have no realisti¢ altemative but to do so. Audltor'8 ro8ponslblllt0&$ for the audll of the flnanclal statornents We have been appointed as auditor under section 144 of the Chaflties Act 2011 and report In accordance with the Act and r81evanl regulations mad8 or having effect Ihereunder. Our objecllves are lo obtain reasonable assurance about wh8lher the financial statements as a whole are free from material misslalèmenl, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a hlgh level of assurance bul Is not a guarantee that an audit conducted In accordance with ISAS IUKI w511 always delect a material misslalemenl when il exists. Misslatemenls arise from fraud or error and are considered material ff, individually or in the aggregat&, they could reasonably be exp&cled to influence th& economic decisions of users taken on the basis of these financial slatem8nls. Explanatlon a• to what extont th• audll was con81dered capabl• of det•¢tlng Irrogularllles, Includlng fraud We gained an understanding of the l&gal and regulatory framework applicable lo the company and the industry in which il operates and considered the rlsk of acts by the company that were contrary lo appli¢able laws and regulations, including fraud. These included. bul were not limited lo. the Companies Act 2006, Ch8rilies Act 2011 and tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the finan¢lal r8POrt Ilncluding the risk of overrld8 of controls), and determined that the principal risks were related to posting inappropriate entrfes including joumals to overstate income or understst& &XP8ndlture and management bias in accounting estimates. Audit procedures perfomied by the engagement team included: discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud: gaining an understanding of management's controls designed to prevent and delecl irregularities., and • identifying and testing joumal entrtes. CHARLOTTE HOUSE SCHOOL LIMITED INDEPENDENT AUDITORS REPORT (CONTINUED) TO THE TRUSTEES OF CHARLOTTE HOUSE SCHOOL LIMITED Cming to the Inhe￿nI limitations of an audit, there is an unavoidable risk that we may not have det8cteol some material misstatements in the financial slalements. even though we have propedy planned and performed our audit in accordance with auditing standards. For examp18, the furlher removed non-compliance with laws and regulations lirregulariliesl is from the events and transactions reflected in the financial slalements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition. as with any audit, there remained a higher risk of non-deleclion of irregularities, as these may involve collusion, forgery. intentional omissions. misrepresenlalions. or the override of inlemal controls. We are not responsible for preventing non- compliance and cannot be expected to d8t8cI non-compliance with all laws and regulations. A description of our responsibilities is available on the financi81 r8POrting council's website at.. .fr .ukl . This description forms part of our auditor's report Us• of our r•port This report is made solely to the charity's trustees, as a body, in accordancg With part 4 of the Chariti8s (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's Irust8es those matters we are required to slate lo them in an auditor's report and for no other purpos8. To the fullest extent permitted by law, we do not accèpt or assume responsibility to anyone other than the charity and the charity's Iruslees as a body, for our audit wo￿, for this report, or for the oplnions we hav8 formed. Krlstl Johnson ACA FCCA CTA IS¢nlor Statutory Audltor) for and on b•half of Hardcastle Burton LLP Chartered A¢countants Slatutory Audllor lIlLtrl ZLYIS Lake House Market Hill Royslon SG8 9JN Hardcaslle Burton LLP is eligible lor appointment as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of th& Companies Act 2006 10 CHARLOTTE HOUSE SCHOOL LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT Unrestricted funds 2024 Rostrl¢ted funds 2024 Total 2024 Total 2023 Notes Incomo from: Grants, Donalk•ns and Legacies Charitsble activities 6,687 1,503.329 6,687 1,503,329 1.490 1,435,557 Total Incom• 1510.016 1510 016 1437 047 Expendlturn on: Charltable a¢llvlti&s 1,460,398 1,300 1,461,698 1,462,489 Total expondlturo 1460 398 1461698 1462 489 Nel movomont In lunds 49.618 (1,300) 48,318 (25,442) Funds at 1 S•plember 2023 1,730,846 6.951 1.737,797 1.763,239 Fund8 at 31 August 2024 1780 464 1786 115 1 737 797 The statement of financial activities includes 811 gains and losses recognised in the year. All income and expenditur8 derived from continuing acllviliès. The stalem&nl of financial activities also ¢ompll8S With the requirements for an Sncomg and expendSlure account under the Companies Act 2006. 11 CHARLOTTE HOUSE SCHOOL LIMITED BALANCE SHEET 2024 2023 Notes Flxed assets Tangible assets 1.427,380 1.475.726 Current assets Deblors Cash 8t bank and in hand 22,339 1,073.700 1,096.039 17,041 514,774 631,815 CreditoryJ: amounts falllno due wlthln onè year (485,054) 1269.744) Net current assets Total a880ts loss current Ilabllltle8 610 985 2,038.365 262.071 1,737.797 Credltors Amounts falling due after rn0￿ than one yèar 10 (252,2501 Net assets 1786115 1737 797 Income funds Reslricled funds Unreslricled funds 13 5,651 1,780 464 1786115 6,951 1730.846 1737 797 The company is entitled to the exèmption from the audlt requirement contsined in section 477 of th8 Companies Act 2006, for the year ended 31 August 2024, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of Ihe Companies A¢1 2006 with respect to accounting records and the preparation of financial slatemenls. The members have not required the Company lo oblaln an audit of ils financial statements under the requirements of the Companies Act 2006, for the year in question in a¢¢ordance with section 476. Thèse financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small Gompanies regime. The finan¢ial statements werè approved by the trustees on . Mr S Reader Trustee 12 Cornpany regi5tratlon number 00912022 CHARLorrE HOUSE SCHOOL LIMITED STATEMENT OF CASH FLOWS 2024 Note8 Cash flows from 0￿ratIng activltles Cash generated from operations 16 573,756 28,756 Investlng actlvltles Purchase of tangible fixed assets 114.830) Net cash ubod In Invo8llng a¢tlvltl•s {14.830) Net cash used In Ilnanclng actlvltle• Not In¢r•a8e In cash and cash oqulvalenls 558.926 28.756 Cash and cash equivalents at beglnning of year 514,774 486,018 Cash and cash equlval•nt8 al •nd of y•ar 1,073.700 514,774 13 CHARLOTTE HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS Accountlng pollclgs Charlty Infomiatlon Charlotte House School Limited is a private company limited by guarantee incorporatod in England and Wales. The registered office is 88 The Drive, Rickmansworth. Herts. WD3 4DU. Accountlng Conventlon The financial statements have been prepared in accordance with the charivs Memorandum and Articles of Association, the Companies Act 2006 and 'Accounling and Reporting by Charities.. Slalernenl of Recommended Practice applicable lo charities preparing their accounts in a¢￿￿rdance with the Financial Reporting Standard applicabl6 in the UK and Republic of Ireland {FRS 1021" las amended for accounting periods commencing from 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been pr8par&d under the historical cost convention. The principal accounting policies adopted a￿ set out below. Golng Concern The Governors have maintain8d a close r8view of financial and strategic and political risk and und8rtake financial modelling lo consider the impact of challenges faced by the school and the independent sector. These include rising running costs, changing demography and increased lax liabilities for both schools and fee-pay8rs. These sectoral challenges a150 present opportunities for the school, and any negative impact has been oftset by a healthy uptick in enrolmenl. The modelling shows that the school has adequale resources lo continue ils 8Ctivities for the foreseeable future and the Governors are therefore satisfied that the school remains a 90ing conc8Tn. Charltablo Funds Unrestricted funds are av8ilable for use at the discretion of th8 trustee5 in furtherance of their Charitable objectives unless the funds have b8en designated for other purposes. Restricted funds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are set out in Ihe notes to the flnancial statements. Income Income is recognised when the charity is legally entitled to it after any performance conditions have been mel, the amounts can be measured reliably. and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are reoogni5ed once the charity has boen notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Legacies are recogniseé on receipt or otheThvise if the charity has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, tho legacy is treated as a contingent asset. Assets for distribution are reccgnised only when dislribuled. Assets 9iven for use by the charity are recognised when receivable. Stocks of undislributed donated good5 are not valued for balance sheet purposes. Government grants relating lo revenue are recognised in income on a syslematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Tumover is measured al the fair value of the consideration received OT receivable and represents amounts receivable for goods and services provided in the normal course of busines5, net of discounts, VAT and other sales related taxes. 14 CHARLOTTE HOUSE SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) A¢¢ountJng pollcles (Continued) Income (contlnuodl Other education income such 8$ fees recelvable and charges for use of the p￿MISes, less any allowances or bursaries given against those fees are accounted for in the year in whi¢h the service is provided. Fees in adv8nce for education to be provlded in future years are carried lo￿ard as deferred income. Expendlture Expenditure is r8cognised on an accruals basls as a liability is Incurred. Expendlture includes any VAT whlch cannot b& fully recovered, and is classified under headings of the slalement of financial 8cliviti&s lo which il relates.. expenditure on raising funds in¢ludes the costs of all fundralsing activllies, events, non