Reglsterod numbor.. 00940118 Charlty numbor.. 311293 TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guarantee) CONTENTS Page Rgfgrence and admlnlstrativg dgtsils of Ihg company* its Trustees and advise Trusteès, report Independent auditors, report on the financial statements Statsment of finanoial activities 10-13 14 Balanco sh¢&t Statemont of cash flows 16 Not9$ to the financial statements 17.33
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023 Tru$t99S Ms S J Anthony Or S A Patel Mr D Costello Mr A M A Fennell Mr A J Fish Iresigned 29 August 20231 Mr M M Graham MsJLNorth Dr S Kaushal Mr A M Possener Ms F V Fenlon-slone laprK)inled 20 February 20231 Ms H R Ripman lappoinled 15 September 20221 Ms I Webster lappoinled 1 September 20231 Company roglsterad numbgr 00940118 Charity rellistered number 311293 Registered office Town Close Educational Trust Limited 14 Ipswich Road Norwch NR2 2LR Company secrotary Mrs K D Artherton Ind•pend8nt auditors Larking Gowen LLP Slalulory Auditors 1st Floor Prospect House Rouen Road Norwich Norfolk NR1 1RE Bankers Handelsbanken Suite B 1 Prince ol Wales Road Norwich NR1 18D Solicitors Lealhes Prior 74 The Close Norwch Norfolk NR14DR Headmaster Mr C Wilson Page 1
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmltgd by guarant991 TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 The Trustees present their report and audited financial slalemenls for the year endec$ 31 July 2023 which comply with the reqLJiremenls of the Charities Acts 2011, with other current slalulory requirements and with the requirements of Ihe charity's governing d¢xumenl. The Trustees have adopted the provisions of the 2019 Charities SORP IFRS 1021 "Aceounling and Reporting by Charities.. 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 in preparing Ihe annual report and financial stslements of the charity. Prlnclpal activity and Status Town Close is an independent preparatory school, established in 1932 and, as Town Close House Educational Trust Limited. providing day education for girls and boys been the ages of 2 and 14. The Trust is a company limited by guarantee (company number 9401181. incorporated upon trusts sel out in the scheme of the Charity Commission dated 7 October 1968 Iregislered charity number 3112931. Since 2012, the School has no longer used the word 'House' in its branding. With a change lo the articles quired for the reason outlined below. Trustees look the opportunity lo also remove the word 'House' from the name of the Trust wlh effect from 8 July 2021. Mission and objective5 of the School The Trust is govemed by its Memorandum and Articles of Association. These were last amended on 20 June 2021 in order to remove the right ol the Norwich Town Close Eslale Charity to'require the appgintment of up to three persons as Governors, The Charity had previously owned the sile on which the School is housed but. followng the purchase of the sile by the Trust in 2016, this clause was no longer relevant. The articles were previously amended on 9 September 2011 in order to change the formal lo that specified by the Companies Act 2006 and lo allow for more up-lo-date working practices such as the use of electronic communications. The 2011 amenllmenl also enabled the Trusl to revisa its primary objects from being'lo acquire and carry on in the United Kingdom any boarding 01 day school or schools for Ihe education of eilhei sex or both sexes.. spe¢ifying particularly Town Close House Preparatory School. Norwich, lo "for the public benefit lo advance education of young people (under the age of 211 through the provision. support, conduct and rriainlenance of a day andlor boarding school or schools and such other ancillary educational activities anrs other associated activities for the benefit of the community.. In furtherance of these objects, Town Close aims, by the education of all ils pupils. lo develop an awareness of their full potential and encourage them lo strive to attain this polenlial. 11 expects lo equip them wlh the Intellectual. emotional and phy&cal attributes, as well as moral and Spiritual values. that they need lo live their lives fruillulSy. Page 2
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmitod by guaranteg) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Structura, Gov9rnancg and Managom9nt The Trustees are the Governors of the School and Directors ol the Company. (The single term 'Trusleelsl' is used in this annual report in describing the discharging of their various duties.) The Trustees who served during the year ended 31 July 2023 were as follow8.. Mrs SJ Anthony (Chairl Mrs K D Artherton- Isecretaryl Mr D Costello Mr A Fennell . Mrs F Fenton-stone lappointed 20 February 20231 Mr AJ Fish (Chair of Finance & General Purposes Committee and Joint Deputy Chair- resigned July 20231 Mr M Graham (Chair ol Finance & General PurF)oses Commilleel" Dr S Kaushal Mrs L North Dr S Patel Mr A Possener ' Mrs R Ripman lappoinled 15 September 20221 {"Indicales membership of the Finance & General Purposes Committee during the year ended 31 July 2023.1 Trustees retire from off I by rotation and are eligible for re-appointment in accordance Tmth the Article5 of Association. Appointments lo vacancies arising during the year are made by the Trustees on the recommendations of the Nominations Committee. The functions of this Committee include reviewng tho composition of the Goveming Body and its sub-commillees. overseeing succession planning and members, induction, and training and development. Trustees receive al least lermly reports from the Head on the work of the School, supplemented by monthly management accounts and briefin9 materials circulated by the Bursar (who is also Clerk to the Governors). Governing body meetings are often preceded by information sessions from staff on aspects of the School's academic and other aclivilies. Trustees liaise wlh staff by allendance al School events and activities, and individual Governors allend occasional national andlor local training and information seminars and workshops In addition to this, one Trustee is appointed lo be a Liaison Governor and comes into School regularly lo meet with different members of staff. Slalf may ask to attend one of these sessions or are selected In rotation by one of the Deputy Heads. The Liaison Govemor reports back to Trustees annually or more regularly if required. The Trustees, meeting formally as the Governing Body al least three times a year and, guided by the Finance and General Purposes Committee, determine the general strategy and policy of the Schwl. review ils overall management and control, and oversee regulatory comp5iance in accordanee with the terms of 115 Tegislralion with the Department lor Education The day-to-day affairs of the School are run by the Head, with the support of a Senior Management Team, and by the Bur5ar- a key member of that team. Page 3
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2023 Kay Managèmant PeTsonn81- Pay pollcy for Sonior Staff Key management personnel are considered to be the board of directors. who are also Trustees, the Head and the Bursar who, collectively. are in charge of directing and controlling, running and operating the Trust on a day-lo-day basis. All directors give of their lime freely and no director received remuneration in the year. Details of directors, expenses and related party transactions are disclosed in note 2110 the accounts. The pay of the Head and Bursar is increased annually in line with any general increase given lo leaching staff as agreed by the Governing Body. Their pay Is 8180 benchmarked against other Heads and Bursars in similar schools and is reviewed lo consider whether il Continues lo be appropriate in the light of this and of.. lal performan". Ibl any changes in individual responsibilities or functions.. Icl slruelural changes in the Schcol.. Idl relative salaries of others on the Leadership scale or those on the main scale". lel any other elements agreed by the Committee to be relevant. In the absen of any signifirxnl 9rounds. under any of these headings. for increasing the fixed salary. the expectation is that their salary will remain al the fixed point. Publlc beneflt The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 20L% 2011 to have dije regard lo the public benefit guidance published by the Charity Commission in determining the activities undertaken. An annual review of this is conducted and reported lo the Governing Body and the Trust continues lo review ils activities regulady lo ensu public benefit is a consideration in all decisions. To Ihis end, public benefit is a regular agenda item for meetings of the SMT. Heads of Department have public benefit as a reporting criteria and il is regulady discussed al common room meetings. The provision of education lo a large number of pupils remains the Trust's wre chafilable purpose and activity and its fundamental conlribut10n lo public benefit. In a practice which accords with principles sel out in the Charity Commission's general guidance on public benefit. Town Close has for some years provided bursary assistance to the parents of a number ol pupils who are unable lo pay the full fees and has a means-tested framework for providing such assislanee. This has been applied in respect of pupils already in the School and lo new admissions. Reapients ol bursary awards are spread throughout the School, and from the nineteen pupils in receipt of financial support this year. sixteen received a remission of 50 /0 or more with seven pupils receiving at le85175% fees remission and three receiving 100Yo remission More broadly. the Trust provides public benefit by opening the sch)1,$ sports and other facilities lo outside users. including school-age children. some usage being without charge. The limitations imposed because of the pandemic reduced throughout the year and the demand for access to the swimming pool, Sports Hall and the Read Hall for the performing arts has continued lo grow over the last year almost back to pre-pandemic levels. Access to the School library was given free of charge to The Norfolk Reading Project ITNRPI for use lo Ira1n volunteers lo go into primary schools lo support children's reading. Thi5 is something that has been neede more than ever since the national lockdowns with the resulting impact this has had on ch11dren's mental health and academic allainmenl. TNRP had previously used the Norfolk and Norwich Millennium Library for their Iraining SeOnS but, like many other public buildings. this was closed for an extended periocs due to the pandemic. Not only did Town Close provirse allernalive accommodation bul doing so free of charge meant TNRP Can use ils limited resources on other aspecis of their work. This work Continues lo grow with TNRP being invited lo all public school events lo publicise the exce11enl work that they do. Page 4
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmlted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Publlc beneflt Icontlnuedl The School Is part of a hockey consortium fomied with a local sports club (Norwich Dragons Hockey Clubl and what was a local maintained sector school (The Hewett S¢hooll. While the Hewell School no longer exists, Town Close's substantial contribution lo the development is enabling ils sijccessor school IThe Hewell Academy), while not a member of the Consortium, lo extend hockey provision lo pupils for whom there was previously no opportunity 11 also enables the partner hockey club lo run free coaching session5 introducing the SF)Ort to local children. Other local schools can hire the pitch al a reduced hourly rate. The HkeY Consortium also sublets land free ol charge to another Independent school on which a second artificial turf has been conslrucled. One of the conditions associated with the SUleaSe was that this second pitch must be made available for community use in the evenings and al weekends. Other activities through which Town Close has pr()vided public benefit consistent wlh its aims and objectives have included.. the provision of five free places lo the SchoDI's summer holiday club for children from a local school In receipt of pupil premiLJm,' free use of the School swimming pcx)I for a local maintained school for children with complex needs.. the free use of the main sports field for maintained school events e.g. sports days and donating books lo other schools. The School has also been instrumental in supporting maintained schools across Norfolk lo introduce the use of Goblin electric go-karts. The cars come in kil form which children between the ages of 9 10 11 are able lo build and ra. The project aims to inspire children lo take an interest In engineering in a lun and innovative way. The Head of DT helped source funding to support the initial cost of the kits and then provided training sessions lo share learning and lo give instruction in how to introdu¢e the prqect in their schools. He wenl on lo find a suitable venue for a Norfolk-based racin9 event and coordinated a group of sponsors. 18 schools look 25 cars lo the event. along with an average of 6 pupils per car. This would nol have happened wilhoul Town Close's involvement and without the School agreeing to release the Head of DT lo work on this proiecl. Over the last three years, the Head of DT has continued lo work with Greenpower and helped lo secure grant funding lor maintained schools lo introduce the category of go-karts for secondary age pupils IF241. He attended several external events and visited other schools lo generate Interest In this category. as well as holding meetings and hIlight sessions al Town Close School. He secured the use of the Lotus lesl track for the inaugural F24 event in Norfolk held in June 2019 which allracled participants from across the region and further afield. Another F24 heal was held at the Lotus track again in July this year. Also, this year Hellesdon High Schotsl and the Action Community Enterprises in Rackhealh were able lo secure funding with the help of the Head of DT to enable them lo begin to build their involvement in F24 through the acquisition of the car building kil. The School has a minibus fleet which is not used during school holidays, this year local Scout groups have being making use of Ihe Schwl's minibuses with Cringleford Scouts taking an expedition lo the Peak District and another group taking their scouts lo a Jamboree in London. The School's chanly for this year was the Zoological Society of East Anglia and the School community raised £4,934 lor this worthy cause. Strategic objèctive8 and achievements The strategic objectives for the year were encapsulated by a five-year strategic plan for the School, presented internally in February 2023. The Ethos of the School forms the foundations for that plan. School Ethos To provide a broad and balanced curriculum. underpinned by academic rigour that develops interested. passionale and morally confident citizens of the future. The five-year plan provides a roadmap for delivering the School's vision - To build on the School's repulatson as Norwich's finest day co-educational Prep School for children age 2-14. To offer our pupils an unrivalled educational experience with the Spa lo grow. Page S
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company Ilmlted by guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 A clear strategy has been developed lo deliver the aims of the plan through., 1. Investlng In our community. we have fomialised school partnerships wlh local slate schools and augmented our outreach programme including a programme of Read Hall lectures open lo the public. 2. Investing in our pupll$', Academic investsnenl has included the embedding of the creative curriculum from Nursery lo Yr4 and weaving through all academic provision our commitment to suslainabilily Pastoral investment has focussed on the significance of the class teacher and lulor and supporting this structure with greater emphags placed on prefects and lop birds IPre-Prep Head of House equivalenlsl. The introduction of pastoral leads has provided greater dexlerily in responding to the pastoral needs of the pupils. Co-curriular investment has seen the development of the range and quantity of clubs on offer. 3. Investing in our 08tate', a broad body of work including greater sports provision on site, as well as developing and enhancing current assets. 4. Investing in Sustainabilityi greater emphasis on sustainable purchasing, and the reduction of Ihe School's carbon footprint through looking at sustainable energy supply, the reduction of waste and making necessary travel as sustainable as possble. 5. Investing in our staff. introduction of mental health first aiders lo augment the wellbeing programme already in existence, investment in EDI champions, and a reinvigorated staff recognition scheme. Whilst the delivery of the aim5 of the plan, is a priority for the Senior Management Team and Board of Trustees, safeguarding and compliance with Keeping Children Safe in Education remains the overarching priority of the School. Operational p8rformance Year 8 pupils who sat Iheir Common Entrance exams in the Summer Term 2023 perfomied very well. 93% of all grades We A. lo C grades. An impressive 47% of the overall grades were graded as either A. or A. These results were the strongest sel of results for our Year 8 cohorts &nce 2019, wlh the average grade silting above a B grade. Pupils perfomied slTonger overall in English, French, History, Theology Philosophy and Religion, and Spanish when comparing their results to the year group average. The tollowing awards were given lo our pupils al their Senior Schools.. 9 Academic Scholarships 13 Sports Scholarships 2 Music Seholarships 1 Art Scholarship 3 Headmaster's Awards 1 Academie Exhibition l English Award 1 Modern Foreign Languages Scholarship 3 plaS were given for the Talented Alhlele Development Programme al Gresham's School The School continues lo use slandardised NFER 11+ Common Entrance exams, alongside other in-house lesling, for Year 8 pupils lo monitor allainmenl and progress. These showed that 88% of pupils were working at age-relaled expectations OT above in English. and 58.10 In maths, with 83Q/o making strong or accelerated progress. CAT 4 lesling brought in for all children in the Prep department, lo provide yearly data on the progress of Ihe children, benchmarked against national data. Page 6
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guarante& TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Town Close life resumed in full this year with a full range of con-curricular and extra-curricular activities being offereol lo the widest range of pupils. Chess, cookery and golf clubs have been added lo the already extensive range on offer Theatre trips. residential Irips, sports day. prize day, concerts and performances were all well allended by pupils. parents. staff. Governors and the wider School community. The highlight event of the year was the celebration of the School's 90th anniversary with a lea party being held for 800 pupils. parents. staff. Governors, dignitaries and alumni. Mayp)le dancing, a wishing tree, and a gift of a native tree for every pupil, member of slafl and governor encapsulated the spirit of Town Close Schwl whilst reinforcing our commitment to susl8inabilily and community outreach Financial review and rg$orvo$ policy The School's principal Soufce of funding is from fee Income. As reported in the statemenl ol financial aclivities and income and expenditure account later in this Report, the School's nel income for the year, after depreciation, was £88,36712022." £139,136). This was another positive oullum following a pallern of strong perfom)ance over the past len years and more, that has facililaled a major development programme and continuous investment in improving the quality of Town Close's educational provision and reflects very effective financial planning and management. 11 should be noted that the cash position as al 31st July 2023 includes payments for the entirety of the next sehool year from parents electing 10 pay in advance. In the last year £357.820 was invested in capital items. A significant proportion of this was spent on IT hardware. pwl relining and investment in the pool air handling unit lo make il more efficient and elleclive. The Schwl remains in a strong financial position. This means that there is capacity lo respond to new demands, greater challenges and enhanced opportunities that might arise. The Trustees have considered the principal risks and uncertainties, in particular the challenges posed by the current economic climate and possible changes to existing fiscal legislation. The Trustees have fomed a working group to consider the implications for both the School and lor parents of any loss of Charilable benefit a change of Government may bring. This working group is considering the implications of the loss of business rate relief and the potential financial impact of the introduction ol VAT. The working group's remit includes planning, modelling and forecasting of various scenarios. arising from a possible change of VAT ststus lor the School. The Trustees consider that the School's strong financial position. the surplus and the good relationship with the School's bank mean il remains appfoprisle to prepare the financial glalemenls on a going concern basis (Note 2.2 to the Financial Statements refers). The policy of the Trustees is lo maintain reserves al a level that is sufficient lo enable the School lo continue lo operate as a going concern for the foreseeable fulvre. Al the present lime the reserves, amounting lo £8.894,339 {2022.. £8.805.9721 and held in the General and Designated Funds. are fully invested in the fabric of the School Capilalised expenditure on the School's premises and equipment was initially financed by the School's secured loan facility bul more recently this facility has bn cleared, this being possible due lo the successful operating performance outlined in this and recent Reports. The Trust is not empowered lo deliver any surplus by way of a dividend, bonus or other method lo its members. Pa9@ 7
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEOI FOR THE YEAR ENDED 31 JULY 2023 Obj9Ctivo8 and Plans Objectives for the next year and the medium term include.. Set the strategic direclion of the Scht)ol, through the implemenlalion of year one of the five-yèar strategic plan. Invest in Community Pupils - Academia Pastoral Co-curricular Estate Sustainability Staff Develop the sporting offering on site, making current assets more efficient and investing in new facilities lo enhance the sporting offering for our pupils whilst supporting the School's suslainabilily pledge. Obtain Cyber Essentials accredilalion. Obtain Allerw awareness accredilalion. Obtain Greenllag accredilalion Invèstment power The Trustees are empowered lo invest funds in 8 manner appropriate lo the financial requirements of the School, having regard lo the security of any investments made and the roquirements of the Charity Commissioners, order. The only inveslmenl held by Ihg School has provided capitsl funding lo Ihe Central Norwich Hockey Consortium, a registered charity of which il is a member. The funding is recognised as a programme related investment and assisted with the eonslruclion of an artificial turf hockey pitch which is available to the School and for community use lsee note 91. A$sgt cover for funds The Trustees are satisfied that on a fund-by-fund basis the assets are sufficient to fulfil all the School's current obligations. Sy6t•ms revlew and rlsk management The Trustees. Risk Management Policy and accompanying risk register are monitored by a working group comprising a number of Tru51ees and the School's Bursar The work of this group is grounded in the 0rational aspecls of the School, bul il also has an important strategic role in reviewing higher level Issues such as the educational, economic. legal and political context in which the School operates. and thereby helps lo inform the Trustees, slrale9ic planning and decision-making. The Risk Management Working Group reports al least annually lo the Trustees. This commillee in turn seeks specific advice and guidance on systems mallers from the appointed auditor or from other professional advisers when required. Page 8
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Stat•mont of Tru8tees' r68pon8ibilitlO8 The Truslees (who are also directors of Town Close House Educational Trijsl Limited for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial s¢alemenls in accordance with applicable law and regulations. Company law requires the Trustees lo prepare financial slalemenls lor each financial year. Under that law, the Trustees have elected to Prepare financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The financial statements are required by law lo give a true and fair view of the slate of affairs of the charitable company and of the Incoming resources and application of resourcos. including the income and expenditure. of the charitsble company lor that period. In preparing these financial slalemenls, the Trustees are required to". select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP", make judgments and eslimales that are reasonable and prudent., prepare the financial slalemenls on the 90ing concern basis unless il is inappropriate lo presume that the charitable company will continue in busine89. The Trustees are responsible for keeping adequate a¢¢ounling records that di10$9 wilh reasonable accura¢y, al any lime. the financial position of the charitable company and enable them lo ensure that the financkql $lalemenls Comp wlh the Companies Act 2006. They are also respollsble for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as each of the Trustees is aware.. there is no relevant audit information of which the charitable company's auditor is unaware, arKI the Trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and to establish that the auditor is aware of the information. Audltor Larking Gowen have been appointed as auditor in accordance with $485141 of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by.. Ms S J Anthony i kn W fviA(&H 2011 Dale.. Page 9
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limitod by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMITED Oplnlon We have audited the financial statements of Town Close Educational Trust Limited Ilhe 'chariiable company'l IOT the year ended 31 July 2023 which comprise the Slalemenl of financial aclivilies. the Balance sheet. the statement of cash flows and the related note5, including a summary of significant accounting policies. The financial reporting framework that has been applied in Ihe1r preparation is applicable18w and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Finanoal Reporting Standard applicable in the UK and Republic of Ireland, {Unit Kingdom Generally Accepted A¢unting Praclicel. In Ouf opinion the financial $18lemenls". give a true and fair view of the slate of the charitable company's affairs as al 31 July 2023 and of ils Incoming resources and application ol resources, including its Income and expenditure for the year then ended.. have been propefly prepared in accordance wlh United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirèments of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibililies under those standards are further described in the Auditors, responsibilities lor the aLJdil of the financial statements section of our report. We are independent of the chariiable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other elhi¢al responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial slalemenls. we have concluded that the Trustees. use of the going concem basis of accounting in the preparalion of the financial slalemenls is appropriate Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or conditions that, Individually or eolleclively, may cast sgnificant doubl on the charitable company's ability lo continue as a going concern for a period of al least twelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees ¥Mth resr*ct lo going concem are described in Ihg relevant sections of this report. Page 10
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limitod by guardntg91 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMITED ICONTINUEDI Other inforniation The other information comprises the information Includ in the Annual Report other than the financial slalemenls and our Auditors. port Ihereon. The Trustees afe SponsIbLe for Ihe olher informalion contained within the Annual Report. Our opinion on the financial slalernenls does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility Is lo read the other infomialion and, in doing so, consider whether the other information is materially inconsslenl wlh the financial statements or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo delerrnine whether this gives rise to a material misstatement in the financial statements themselves. If. basgd on the work we have performed. we conclude that there is a material misslalemenl of this olhei information, we are required lo report that lacl. We have nothing lo report in this regard. Opinion on other matters prgscribad by the Compania$ A¢1 2006 In our opinion, based on the work undertaken in the course ol the audit., the information given in the Trustees. rep)rt for the financial year for which the financial slalemenls are prepared is consislenl wlh the financial statements. the TfUStees' report has been prepared In accordance with applicable legal requirements. Matters on which wo aro required to roport by exceptlon In the light of our knowledge and understanding of the charitsble company and its environment obtained In the course of the audit, we have not identified material misslalements in the Trustees, report. We have nothing lo report in respect of the followng matters in relation lo which Companies Act 2006 require5 us lo report lo you if, in our ¢¥inion'. 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 Ihe accounting records and returns,. or certain di10$Llres of Trustees, remuneration specified bylaw are not made," or we have not received all the information and explanations we require lor our audit. Page 11
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMITED ICONTINUEDI Responsibilitlè8 of trustses As explained more fully in the Trustees. responsibilities slalemenl, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary lo enable the preparatson of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the finanryal slalements. the Trustees are respongble for assessing the charitable company's ability to continue as a going concern, disdos4ng, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either Intend lo liquidate the charitable company or lo ase operations, or have no realistic allernalive bul to do so. AudIt0. respon8ibillties for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement. whether due lo fraud or error. and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level ol assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misstalomenls can arise from fraud or error and are considered material if, Individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities. including fraud, a instances of non-compliance with laws and regulations. We design procedures in line wlh our responsibilities, outlined above, lo delecl material misslatemenls in respect of irregularities. including fraud. The exlenl lo which our procedures are capable of delgcting irregularities, including fraud is delailed below.. Due lo the field in which the company operates, we identified the a8$ most likely lo have a direct material impacl on the financial statemenis as compliance with safeguarLling regulations, the Charity Commission and the Companies Act 2006. In addition, we considered Ihe provisions of other laws and regulations which, whilst not having a direct impaGI on the financial slalemenls, are fundamental lo the company's ability lo operate includin9 health and safety., employment law, and compliance with various other regulations relevant lo the conduct of the company's operalions running a school. Our appToach to identifying and assessing the risk of material misstatement in re5cl of irregularities. including Iraucs and non-compliance with laws and regulations, included the followng.. Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the school, potential liligalion or claims and fraud., Enquiries with management atrKJut any known Instances of health and safety breaches. safeguarding issues or GDPR breaches. Review of legal and professional lees lo confirm matters where the company engaged lawyers during the year.. Review ol financial slalemenl disclosures. and lesling lo supporting dctumenlalion to assess compliance wlh applicable laws and regulations", Review of board minutes and any relevant correspondence with external aulhorilies., Challenging assumptions and judgments made by management in their significant accounting eslimales., Auditing the risk of managemenl override ol controls. Including through lesling journal entries and other adiu5tmenls lor appropriateness. and evaluating the rationale of any significant transactions outside the normal course of bu5ine5S Page 12
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmlted by guaranteel INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMITED (CONTINUED} Because of the inherent limitations of an audit, there is 8 risk that we wll not delect all irre9ulariligs. including those leading lo a material misslalemenl in the financial slalemenls Of non-compliance wlh gulatIOn This risk Increases the more that compliance with a law or regulalion is removed from the events and transactions reflected in Ihe financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional cOnalMent, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al.. wM.frc.or .ukJaudilorsres nsibililies. This description forms part of our Auditors, report. 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 slate lo the charitable company's members those mallers we are required to stale lo them in an Auditors, report and lor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members. as a body, for our audit work, for this report, or for the opinions we have fomied. J Grlmmèr FCA DChA ISenior6tatutory audbtorl for and on behalf of Larklng Gowon LLP Slalutory Auditors Norwich 1st Floor Prospect House Rouen Road Nor¥wch Norfolk NR1 1RE Dale.. 3 April 2024 Page 13
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company Ilmlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2023 Unrestrictèd funds 2023 Restrlcted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Charitable aclivilies.. School fees School trips Holiday activities Income from other activities 5,903.133 110,525 84,603 198,790 5,903,133 110,525 84,603 198,790 5.457, 795 70, 726 74, 292 344. 145 Total income 6.297,051 6,297,051 5, 746, 958 Expenditurn on: Cosls of generating funds Fundraising and publicity Charitable aclivilies.. Schwl expenses Schcol trips Repairs. renewals and grounds Interest payable Other support cost - governan Other charitable activities 57,088 57.088 56,618 5,537,005 125,S17 332,034 32,659 116,757 7,624 5.537,005 125,517 332,034 32,659 116,757 7,624 5.015.930 105,234 287,633 32,876 709,481 Total oxpgnditure 6,208.684 6,208,684 5,607, 772 Net income 88.367 88,367 139, 186 Reconciliation of funds: Total fund5 brought fOard Nel movement in funds 8.785,972 88,367 20,000 8.805,972 88.367 8, 666, 786 139, 186 Total funds carried fonyard 8,874,339 20,000 8,894,339 8,805, 972 The Stslemenl ol financial activities includes all gains and losses recognised in the year. The nolos on pages 17 10 33 form part ol these financial stalemenls. Page 14
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guaranto&1 REGISTERED NUMBER.. 00940118 BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Noto Fixed a$$gts Investments Tangible assets 75,000 7,904,803 loo,000 7,894.244 10 7.979,803 7,994,244 Current a8s0ts Debtors Cash at bank and in hand 124,513 1,877,324 135,319 2,455,599 17 2,001,837 2,590,918 Creditors.. amounts falling due within one year 12 1948,062} (1,000, 651) N•t current a88ets 1,053.775 1.590,267 Total assgt$ les$ currgnt liabilities 9,033,578 9,584,571 Creditors amounts falling due after more than one year 13 {139,2391 (778, 539) Totsl net assets 8,894.339 8.805,972 Charity funds Reslricled funds Unreslricled funds 14 20.000 8,874.339 20.000 8, 785,972 14 Total funds 8,894,339 8, 805,972 The Trustees acknowledge their responsibilities lor complying with the requirements of the Act with respect to accounting records and preparalion of financial statements The financial slalemenls were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Ms S J Anthony Mr M M Graham Dale.. A(LH The notes on pages 17 10 33 form part of these financial slalemenls. Page 15
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company Ilmlted by guarantgel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Note Cash flows from operating activiti9$ Nel cash used in operating activities 16 467,045 421, 657 Cash flows from investing activities Purchase of tangible fixed assets 13S7,8201 (166. 091? Not C48h us•d In Inv•$tlng actlvltle8 1357,8201 1166,0911 Cash flows from financing activities Repayments of borrowing 1687,5001 (50.000) N•t cash u80d In flnancSng actlviti&s 1687,500} {50,0001 Chango In cash and cash equivalents in the yoar Cash and cash equivalenls al the beginning of the year 1578,2751 2.455,599 205,566 2,250.033 Cash and cash equivalents at the end of the year 17 1,877.324 2,455, 599 The notes on pages 17 10 33 fomi part of these financial slalementS. Page 16
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Genèral information Town Close Educational Trust Limited is a charitable company 5imiled by guarantee, charity number 311293 and company number 00940118. The registered office is Town Close Educational Trust Limited, 14 Ipswich Road, Norwich. NR2 2LR. Accountlng pollcle8 2.1 Ba818 of preparation of financial statements The financial slalemenls have en prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordar} with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Stsndard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Town Close Educational Trust Limited meets the definition of a public benefit enlily under FRS 102. Assets and liabilities aro initially recognisod al historical cost or transaction value unless olhetwise stsled in the relevant accounting policy. 2.2 Going concèrn The Trustees have considered the principal risks and unrtaInlIes. in particular the challenges posed by the current economic climate, in particular the rising inflation and exceptional increase in utility costs. The Trustees have also given consideration lo the impact that the rising cost ol living might have on future pupil numbers. The Trustees consider that the School's strong financial position. the strong surplus and the good relationship with the Sch(K)I's bank mean il remains appropriate lo prepare the financial slalements on a going concern basis. Further detail is provided in the Trustees. report. 2.3 Income All income is recognised once the company has enlillemenl lo the income, il is probable that the income wll be received and the amount of income receivable can be measured reliably. Other Income is recognised in the period in which il is receivable and lo the exlenl the goods have been provided or on completion of the servi. 2.4 Expenditur9 Expenditure Is recognised On there Is a legal or constructive obligation to transfer economic benefit lo a third party, il is probable that a Iransler ol economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably Expenditure Is classified by aclivily. The costs ol each activity are made up of the total ol direct costs and shared costs. including Support costs involved in undertaking each activity. Direct costs atlributable lo a single activity are allocated directly to that activily. Shared costs which Contribule lo MO Ihan one activity and support costs which are not allribulable lo a single activity are apFX)rtioned between those 8Ctivilies on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Page 17
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies Icontlnuodl 2.4 Expenditure lcontinuedl Expenditure on raising funds includes all expenditure incurred by the CL)mpany lo raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direetly undertaking the activities which further the company's objectives, as well as any associated support eosls. All expenditure is inclusive of ifCOVer3b1e VAT 2.5 Invostmonts The School has provided capital funding lo The Cenlral NOlCh Hockey Consortium la registered charity). Funding has assisted wth construction of artifi¢ial turf hockey pitches and associated facilities. which are available lor school and community use. The funding is recognised as a programme related investment slalerj al cost less amortisalion. The investment is being amortised by way of an annual grant lo The Central Norwich Hockey Consortium on a straight line basis over 15 years, the period during which the school expects lo utilise the lacililies. 2.6 Tangibl8 fixgd assats and depreciation Tangible fixed assets costing £5.000 or MO are capilalised and recognised when future econcxnic benefits are probable and the cost or value of the asset can be meawred reliably. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model. tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tsngible fixed asset into its Intended working condition should be included in the measurement of cosl. Depreciation is charged so as lo allocate the eosl of tangible fixed assets less their resdual value over their eslimaled useful lives, using the straighl-line method. Depreciation is provided on the followng bases.. Freehold land Freehold buildings Motor vehicles Furnilure. 1111ings and equipment Computer equipment Assets in course of construction Not depcIated 20 10 50 years S years 10 years 3 years Not depreciated during the period of construction 2.7 Debtors Trade and other debtors are recognised al the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Page 18
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company Ilmited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accountlng pollclos {contlnuod} 2.8 Cash at bank and in hand Cash al bank and in hand includes cash and short-term highly liquid investments wlh a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.9 Llabllltles and provl$lons Liabilities are recognised when there is an oblioalion al the Balance sheet date as a result of a past evenl. il is probable that a transfer of economic benefit will be required in selllemenl, and the amount ol the selllemenl Can be estimated reliably. Liabilities are recognised al the amount that the company anticipates il wll pay to sellle the debt of the amount il has received as advanced payment$ for the g¢)xls or services il must provide. Provisions are measured al the best estimate of the amounts required to sellle the obligation. Where the effect of the lime value of money is material. the provision is based on the present value of those amounts, discounted al the pre-lax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Slalement of financial activities as a linance cost 2.10 Financial instruments The company only has financial assets and linancial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Operatlng leases Rentals paid under operating leases are charged lo the Statement of financial activities on a slraighl-line basis over the lease term 2.12 Pensions Retirement benefits lo employees of the School are provided by the Teachers, Pension Scheme I'TPS l. This Is a defined benefit scheme. The TPS is an unfunded scheme and contributions are calculated so as lo spread the cost of pen&ons over employees, working lives with the School in such a way that the pension cost is a substantially level percentage of current and lulure pensionable payroll. The contributions are determined by the Government Actuary on the bags of quadrennial valuations using a prospective unil credit method. TPS is an unlunded mulliemployer scheme with no underlying assets to assign between employers. Consequently, the TPS is Irealed as a defined conlribLJtion scheme fo¥ accounting purposes and the contributions reco9nised in the period to which Ihey relate. Page 19
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policios lcontlnuedl 2.13 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Tfuslee5 in furtheran of th9 general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund 15 sel out in the notes lo the financial slatemenis. Reslricled funds are funds which are to be used In accordance with specific reslriclions imposed by donors or which have been raised by the company for particular purposes. The costs ol raising and aLYminislenng such funds are Charged against the specific fund. The aim and use of each restricted fuThJ is set out in the notes lo the financial slalements. School fee8 2023 2022 Gross Fees Less.. Bursaries and remissions 6,396,771 1493,6391 5,875, 240 (417,445) 5,903,132 5.457, 795 Page 20
TOWN CLOSE EDUCATIONAL TRUST LIMITED A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Income from other activities Unrg$tri¢ted funds 2023 Total funds 2023 Total funds 2022 Swimming pool income Other hirings After Schocl care income Other Income Fundraising Music lessons 42.202 27.487 82,755 40.922 4.934 490 42,202 27.487 82.755 40,922 4.934 490 30. 765 19,460 69,497 14.755 9, 129 539 198.790 198.790 144. t45 144. 145 144. t45 School Expenses 2023 2022 Teaching staff costs Domeslie and grounds staff costs Housekeeping and provisions Depreciation Amortisalion Teaching materials and other school expenses General support costs- staff costs other 3.149.393 503.628 579,139 339,659 25,000 367.815 432.663 139.708 2,852,258 465. 165 458,079 339,868 25,000 332. 707 412.702 130. 157 5,537.005 5.015.930 Page21
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Govornance co8t8 2023 2022 Staff costs Audit fees Professional fees General office expenses 42,791 15,013 43,430 15,523 40.817 13.908 40.295 14,461 116,757 109.481 10% of general office expenses are allocated lo governance. Staff costs ara allocated on the basis of estimated time spent, being 9% allocated to governance. Audltors, remuneratlon 2023 2022 Fees payable lo the company's auditor for the audit of the company's annual aceounts 15,013 13, 908 Staff costs 2023 2022 Wages and salaries Social security costs Contribution to p&n810n heMeS 3,325,852 282,442 520.181 2.984.347 261,469 525. 126 4,128,475 3. 770,942 The average number of persons employed by the company during the year was as follow3.. 2023 No. 2022 Average no. of employees 129 124 Page 22
TOIAN CLOSE EDUCATIONAL TRUST LIMITED A company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Staff costs Icontinuedl The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2023 No. 2022 No. In the band £60,001- £70,000 In the band £80,001 - £90.000 In the band £,001 £100,000 Employers, pension contributions in respect of the employees whose earnings were between £60,001 and £70,000 were £30,376 12022.. £28,969). Employers, pension conlributions in respect of the employee whose earnings were between £80,001 and £90,000 were £9,52312022.' £19.1641. Employers, pension Contributions in SpeCt of the employee whose earning5 were between £90,001 and £100,000 were £21.86512022.. £21,484). The key management personnel comprise trustees, who are unpaid. together with the Headmaster and the Bursar. The total employee remuneration (including employers, national insurance costs) of the key management personnel was £230.44512022." £249,838). Page 23
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guardnteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Investments Programme Related Invo$tmonts Cost Al 1 August 2022 375.000 Al 31 July 2023 375,000 Amortisation Al 1 August 2022 Charge for the year 275,000 25,000 Al 31 July 2023 300,000 N¢t book value Al 31 July 2023 75,000 At 31 July 2022 100.000 The School has provided capital funding lo The Central Norwich Hockey Consortium la registered charilyl Funding has assisted with the construction of artificial turf hockey pitches and associated facilities, which are available for sch1 and community use. The funding is recognised as a programme related Investment and slated al cosl less amortisalion. The investment 1s being amortised by way of an annual grant lo The Central Norwich HrKkey Consortium on a slraighl line bass over 15 years. the period during which the School expects lo ulilise the lacililies. Page 24
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA Company limited by guarant90} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 10. Tangiblo fixod as$ot$ A88ets In the course Furnlture, Motor fittings and v•hicl¥s equipmgnt ¢on$truction Frgehold property Total Cost or valuation At 1 August 2022 Additions Disposa15 11,696,523 43,852 236,220 2,000,346 72,239 44.7371 238,897 241,729 14,171,986 357,820 144,7371 Al 31 July 2023 11,740.376 236.220 2.027.848 480,626 14,485,069 Depreciation At 1 August 2022 Charge for the year On diswsals 4,317,920 222,777 206.500 11.621 1,753,322 105,239 137,1131 6,277.742 339,637 137,1131 Al 31 July 2023 4,540,697 218,121 1,821,448 6,580,266 Net book valuè Al 31 July 2023 7,199,678 18,099 206,400 480,626 7,904,803 Al 31 July2022 7,378, 603 29, 720 247,024 238,897 7, 894.244 Included within freehold property are land and buildings split as follows. 2023 2022 Land Buildings 1,925,062 5,274.603 1,925,062 5,453.541 7.199,665 7,378,603 Page 25
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guar¥nteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 11. Debtor8 2023 2022 Due wlthln one year Trade debtors Prepayments and accrued income 39,792 84,721 31,999 103,320 124.513 135,319 12. Credltors: Amounts falllng due within one ygar 2023 2022 Bank loans Fee depo&ls Trade creditors Other laxalion and social security Fees In advance Other creditors Accruals and deferred income 22,$00 190.758 73.015 469.271 S1,291 141.227 21,997 106, 703 70.247 532.926 47.448 171,336 948,062 1,000,651 2023 2022 Deferred income al 1 August 2022 Resources deferred during the year Arnounls released from previous periods 58S,209 658. 113 505,979 585.209 1585,209) (658. 113) 505,979 585,209 Deferred income is included within the fees in advance and accruals and deferred income categories of creditors. Page 26
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 13. Crèditors: Amounts falling due after more than one year 2023 2022 Bank loans Fee deposits 637,500 141.039 139,239 139,239 T78.539 A breakdown of the malurily of the bank loans is as follows". 2023 2022 Bank loan8 Due in less than one year Due within one lo two years Due within two lo five years Due In more than live years 50,000 50.000 150.000 431,500 687, 500 The bank loan was secured by a legal charge over the properly at 14 Ipswich Road, Norwich The loan carried interest al a rale of 2.30kn over the bank base rale and was paid off in full in this financial year Page 27
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 14. Statement of funds Statemont of funds - currgnt yoar 8alan¢e at 1 August 2022 Balance at Incomg Expenditure 31 July 2023 Unrestrlcted fund8 Designated Funds 89,054 89,054 General funds 8,696,918 6,297,051 16.208,6841 8,785,285 Total Unrestrlcted funds 8,785,972 6,297,051 16.208.6B41 B,874.339 Restricted funds Chakravarty donation 20.000 20.000 Total of funds 8.805,972 6.297,051 16,208,684) 8,894,339 Followng a receipt of £84.263 in 2013 the Governors decided lo designate these funds lor use in future capital projects. which will recoonise the contribution of the Timothy Alston Foundation. In 2021 other donations of £4.791 were transferred into this fund by the Trustees. The Chakravaty donation lund represents a donation, Flus associated gift aid receivable, made lo the Charity towards the fitting out of a new science lab. Page 28
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limitèd by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 14. Statsment of funds Icontinugdl Statemgnl of funds - prior year Balance &1 1 Augusl 2021 Balance al Income Expenditure 31 July 2022 Unrestrictod fund8 Designated Funds 89,054 89, 054 General funds 8,557, 732 5. 750,985 {5, 611. 799) 8,696.918 Total Unrostrictgd funds 8,646, 786 5, 750,985 {5, 611, T99) 8, 785,972 Restriclgd funds Chakravarty donation 20,000 20.000 Total of funds 8,666, 786 5, 750.985 (5, 611, 799) 8,805,972 Page 29
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company limltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 15. Analysis of net assets between funds Analysis of nel a$$ot$ bgtwggn fund8 - current year Unrestricted funds 2023 Re8tricted funds 2023 Totsl fund8 2023 Tangible fixed assets Intangible fixed assets Current assets Creclilors due within one year Creditors due in more than one year 7,904,803 75.000 1,981.837 1948.0621 1139.2391 7.904,803 75,000 2.001,837 1948,0621 1139,239} 20.000 Total 8,874,339 20.000 8,894,339 Analysis of not assets botwoen funds - prior ygar UnTrslricled runds 2022 Restricted funds 2022 Totsl funds 2022 Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 7.894,244 100,000 2,570,918 (1,000.651) (778,539) 7.894,244 100.000 20.000 2, 590.918 (1,000. 651J (778,539J Total 8, T85.972 20,000 8, 805.972 Page 30
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company limited by guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 16. Reconciliation of net movement in funds to net cash flow from operating activltie8 2023 2022 Nel income for the year las per Slalemenl of Financial Acliviliesl 88,367 139, 186 Adjustments lor: Depreciation charges Amortisalion charges Loss on the sale of fixed assets Decrease in debtor5 Decrease in creditors 339,637 25,000 7,624 10,806 {4,389} 339, 869 25,000 955 (83.353) N9t ca$h provldgd by operatlng actlvltles 467,045 421. 657 17. An*ly8i8 of ca8h and cash equivalents 2023 2022 Cash al bank and in hand 1.877,324 2.455.599 18. Analy$i$ of chang88 in not dgbt At 1 August 2022 Cash flow8 At31 July 2023 Cash al bank and in hand Debt due within 1 year Debt due after 1 year 2,455.599 Iso,000 1637,5001 1578.2751 so,000 637.500 1.877,324 1.768,099 109,225 1,877,324 Page 31
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limitod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 19. Pen8lon commltm•nt8 The SchoDI participates in the Teachers. Pension Scheme I'the TPS'I for leaching staff. The pension charge for the year includes contributions payable lo the TPS of £405.87612022.' £373,626) and at the yearend £48,58412022.' £45,132) was accrued in respect of contributions to this scheme. The School also operates a defined contribution scheme for non-leaching staff. The lolal cost of this for the year was £114.305 12022.. £151,500). There were no amounts outstanding al the end of the year 12022.. £Nill lo the non-leaching staff defined contribution s¢herne Tgachgrs, Penslon Schem• The Teachers, Pension Scheme ITPSI is a slalulory, unfunded, defined benefit seheme, governed by the Teachers. Pensions Regulations 2010. and the Teachers, Pension Scheme Regulations 2014. These regulations apply lo teachers in gchools othe educational eslablishmenls. including academies, in England and Wales that are maintained by local aulhorilies. In addition. teachers in many independent and volunlary-aided schools and teachers and lecturers in some eslablishmenls of further and higher education may be eligible lor membership. Membership is automatic lor full-lime teachers and lecturers and, from 1 January 2007. automatic loo for teachers and lecturers In part-lime employment following appointment or a change of contract. Teachers and lecturers are able lo opt out of the TPS. Valuation of the Teachers. Penslon Scheme The Government Actuary, using normal actuarial principles. conducts a fomal actuarial review of the TPS in accordance wlh the Public Service Pensions Ivalualions and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is lo specify the level of future contributions Actuarial scheme valuations are dependent on assumptions about the value of future costs. design of benefits and many other factors. The lalesl valuation of the Teachers. Pension Scheme was carried out as at 31 March 2020. The valuation was published by the Department for Education on 26 October 2023. The key elements of the valuation and subsequent consullalion are.. employer contribution rates currenuy set al 23.68°1o of pènsonable pay (including a 0.08% administration levyl vrill increase by 5¢A on 1 April 2024. total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) lor service lo the effective dale of £262,000 million and notional assets lestimated future contributions together with the notional investments held al the valuation datel of £222,200 million, giving a notional past service delicil of £39,800 million. The valuation result is due lo be implemented from 1 April 2024. copy of the v8lualion port and supporting documentation is on the Teachers, PenOnS website htlps'.Ilwww.leacherspensions.co.ukJnewslemployers120231101valuation.resull Under the definitions sel out in FRS 1 D2, the TPS Is an unfunded mulli-employer pension scheme The Group ha5 accounted for ils contributions lo the scheme as il il were a defined Contribution scheme. The Group has sel out above the information available on the scheme. Page 32
TOWN CLOSE EDUCATIONAL TRUST LIMITED IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 20. Oporating 18*80 commitments Al 31 July 2023 the company had commitments lo make future minimum lease payments under non- cancellable operating leases as follows". 2023 2022 Operating leaBes which expire Not later than 1 year Later than 1 year and not later than 5 years Lalef than 5 years 10,730 34,270 99.875 10.270 36,541 107.875 144,875 154, 686 The following lease payments have been recognised as an expense in the Slalemenl of financial aclivilies.. 2023 2022 Operating lease rentals 10,730 10.270 21. Relatod party transactions One Iruslee had expenses reimbursed by the School during the year lolalling £8012022.. £1291. During the year. no Trustees received any remuneration or other benefils12022." £Nill. The Company is a founding co-member of the Central NOlCh Hockey Consortium Limited, a registered charity. The School'$ funding is recognised as a programme related investment. The School hires the hockey pitch operated by the consortium and during the year fees lolalling £9.05012022. £7,700) were payable In addilon, income of £Nil was received from the Central NOlCh Hockey Consortium in respect of one-off staff costs 12022. £7,207). The Sch(K)I currently expects to use the facilities for a period of 15 years and is amortisin9 the original investment by way of annual grant lo the consortium. A grant. in the form of amortisalion of the programme related investment. of £25.OW was made lo the consortium12022'. £25,000). A senior member ol staff rents school property as living accommodation The nI81 income for the year relating lo this was £8,70012022.. £3.6251. A close family member of a trustee was employed by the school on a lempor8ry basis during the year. Total wages payable during the year were £38012022." £3801. During the year, the School purchased goods and services tolalling £3,23912022'. £Nill from a business owned by close family of the School's bursar. Page 33