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 be￿en 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 Se￿OnS 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 H￿keY 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 SU￿leaSe 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
h￿Ilight 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 pla￿S 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 b￿n 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
0￿rational 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 di￿10$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 di￿10$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 a￿8$ 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 re5￿cl 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 cOn￿alMent, 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 fO￿ard
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 un￿rtaInlIes. 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 if￿COVer3b1e VAT
2.5 Invostmonts
The School has provided capital funding lo The Cenlral NO￿lCh 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 dep￿cIated
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 sch￿1 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, Pen￿OnS 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 NO￿lCh 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 NO￿lCh 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