Registered number: 00940118 Charlty number: 311293 TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) CONTENTS Page Reference and admlnl8trativ• detslls of the company, Its Trustoes and advlsers Trustges. report Independent auditors. report on the flnancial statements Stat•ment of financlal actlvities 2-10 15 Balance 8hoot 16 Statement of cash flows 17 Notes to the financlal stat•ments 18-33
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THEYEAR ENDED 31 JULY 2024 Trustees Ms S J Anthony Dr S A Patel Mr D Costello MrA M A Fennell Mr M M Graham Ms J L North Ms F V Fenton-stone Ms H R Ripman Ms I Webster lapwinted 1 September 2023) Ms G Hord8m (appointed 10 June 2024) Prof Gerard Parr (appointed 22 January 2024) Mr S l George (appointed 13 September 2024) Company reg18tered number 00940118 Charity rngistsrnd number 311293 Registerod offlc• Town Close Educational Trust Limited 14 Ipwch Road Norhich NR2 2LR Company socretary Mrs K D Artherton Independent auditors Larking Gowen LLP statutory Auditors 1 st Floor Prospect House Rouen Road Norwich Norfolk NR11RE Bankars Handelsbanken Suite 8 1 Prince of Wales Road Norwch NR118D Solicitors Leathes Prior 74 The Close Norwich Norfolk NR14DR Headmaster Mr C Wilson {reggned 31 August 2024) Mr N Tiley-Nunn (appointed 1 September 2024) Page 1
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company Ilmlted by guarantse) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their r8POrt and audited financial statements for the year ended 31 July 2024 which comply with the requirements of the Charities Acts 2011. wryth other current statutory requirements and with the requirements of the charity's goveming document. The Trustees have adopted the provisions of the 2019 Charities SORP (FRS 102) °Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicab18 in the UK and Republic of Irelan in preparing the annual report and financial ststements of the charity. Principal activity and status Town Close is an independent pparatOry h0, 8Stablished in 1932 and. as Town Close House Educational Trust Limited. providing day education for girls and boys befven the ages of 2 and 14. The Trust is a company limited by guarantee (company number 940118), incorporated upon trusts set out in the scheme of the Charity Commission dated 7 October 1968 (registered charity number 311293). Since 2012, ihe School has no longer used the word 'House' in its branding. With a change to the articles required for the reason outlined below, Trustees took the opportunity to also remove the *Drd 'House' from the name of the Tnjst with effect from 8 July 2021. Mlsslon and objectives of the School The Trust is govemed by its MemorarKlum and Artides of Association. These Yre last amendad on 20 June 2021 in order to remove the right of the Norwich Town Close Estate Charity to 'require the apFX)intment of up to three parsons as Governors,. The Charity had previously owned the te on which the School is housed but, followng the purchase of the site by the Trust in 2016, this daus8 vras no longer relevant. The articles were previously amended on 9 September 2011 in order to change the fomial to that wified by the Companies Act 2006 and to allow for more up-toal8 thf)rking practices such as the use of 818Ctronic communicatlons. The 2011 amendment also enabled the Trust to revise its primary objects from being.to acquire and carry on in the United Kingdom any boarding or day school or schools for the education of either sex or both sexes., specifying particularly Town Close House Preparatory Schwl, Norwich, to Yor the public benefit to advance education of young people (under the age of 21) through the provision, support. conduct and maintenance of a day andlor boarding school or schools and such other ancillary educational activities and other associated activities for the benefit of the community.. In furtherance of these objects, Town Close aims, by the education of all its pupils, to develop an avrareness of their full potential and encourage them to strive to attain this potential. It expects to equip them Viith the intellectual, emotbonol and physical attfibutes, as V11 as moral and spiriiual values. that they need to live their lives fruiffully. Page 2
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 structure. Governanco and Management The Trustees are the Governors of the Schcol and Directors of the Company (The single term 'Trustee(s)' is used in this annual report in describing the discharging of their various duties.) The Trustees seNed during the year ended 31 July 2024 yre as follov#8: Mrs SJ Anthony. (Chair) Mrs K D Artherton- (Secretary) Mr D Costello Mr A Fennell ' Mrs F Fenton-stone Mr M Graham ' Mrs G Hordem (appointed 10 June 2024) Dr S Kaushal (resigned 25 February 2025) Mrs L North Prof. G Parr (appointed 22 January 2024) Dr S Patel Mr A Possener. (resigned 31 July 2024) Mrs Ruth Ripman Mrs I Webster . (appointed 1 September 2023) ('indicates membership of the Finance & General Purposes Committee during the year ended 31 July 2024.) Trustees retire from office by rotation and are eligible for re-appointment in accordance Wth the Articles of Association. Appointments to vacancies arising during the year are made by the Trustees on the recommendations of the Nominations Committe8. The functions of this Committee include reviewng the composition of the Goveming Body and its sub<ommitlees, overseeing succ8ssion planning and members, induction, and training and development. Trustees receive at least ternly reports from the Head on the work of the School, supplemented by monthly management acc(KJnts and briefing materials circulated by the Bursar (who is also Clerk to the Govemors). Governing body meetings are often preceded by infornation sessions from staff on aspecis of the School's academic and other activities. Trustees liaise 1th staff by attendance at Schc(Jl events and activities, and individual Govemors attend occasional national andlor local training and infomiation seminars and workshops. In aijdition to this. one Trustee is appointed to be a Liaison Govemor and comes into School regularly to meet with different members of staff. Staff may ask to attend one of these sessions or are select8d in rotation by one of the Deputy Heads. The Liaison Govemor reports back to TNsiees annually or more regularly if required. The Trustees, meeting formally as the Govwning Body at least three tim8s a year and. guid8J by the Finance and General Purposes, Education, Salaries. and Nominations C(Mnmittees. determine the general strategy and policy of the School, review its overall management and control. and oversee regulatory compliance in accordance wth th8 terms of its registration vith the Department for Education. The day-to4ay affairs of the School are run by the Head, with the support of a S8nior Management Team, and by the Bursar- a key member of that leam. Whilst the Trustees operate in accordance with the Artides of Association they are supported arKI guided by the recently adopted Govemance Manual which defines the terms of reference for each commitlee and powers of delegation. Page 3
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A Company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Key Management Personnel - Pay policy for senior staff Key management personnel are considered to be the board of directors. who are also Trustees, the Head and the Bursar wtho. collectively. are in charge of directing and controlling. running and operats'ng the Trust on a day-t¢>day basis. All ditorS give of Iheir time fredy and no director received remuneration in the year. Details of directors, expenses and related party transactions are disclosed in note 21 to the accounts. The pay of the Head and Bursar is increased annually in line with any general increase giv8n to teaching staff as agreed by the Goveming Body. Their pay is also benchmarked against other Heads and Bursars in similar schools and is reVIed to consider vthether it conb.nues to be appropriate in the light of this and of.. (a) performance: .(b) any changes in individual responsibilities or functions. (c) structural changes in the School. (d) relative salaries of others on the Leadership scale or those on the main scale; (e) any other elements agreed by the Committee to be relevant. In the absence of any significant grounds, under any of th&se headings, for increasing the fixed salary, the exp8Ctation is that their salary will remain at the fixed point. Public bonofft The Trustee5 confimi that they have compli8d ryth the duty in section 4 of the Chariti8s Act 2011 to have due regard to the public benefit guidance published by the Charity Commission In detemiining the activities undertak8n. An annual review of this is conducted and th8 Trust continues to review its activities regularly to ensure public benefil is a consideration in all decisions. To this end. public benefit is a regular agenda ilem for meetings of the SMT. Heads of Department have public benefit as a reporting criteria, and it is regularly discussed at common room meetings. The provision of education to a large number of pupils remains the Trusf s core charitable purpose and activity and its fundamental contribution to public benefit. In a practice leh accords with principles set out in the Charity Commission's general guidance on public benefit, Tovm Close has for some years provided bursary assistance to the parents of a number of pupils vtho are unable to pay the full fees and has a means-tested framework for providing such assistance. This has been applied in respect of pupils already in the School and to new admissions. Recipients of bursary avRrds are spread throughout th6 School, and from the fvEnty pupils in receipt of financial support this year, thirteen received a remission of 50°/o or more wth eight pupils receiving at least 750/0 fees remission and five receiving 1000/0 remission. More broadly, the Trust provides public benefit by opening the School's sports and other faalities to outside Users, including school-age children. some usage being without charge. Access to the Sch1 library continues to be given fre8 of charge io The Norfolk Reading Project (TNRP) for use to train volunteers to go into primary g£hools to supporl children's r8ading. TNRP had previously used the Norfolk and NOl¢h Millennium Library for their training *ssons but. lik8 many other public buildings, this was closed for an extended period due to the pandemic.Not rmly did Tovm Close provide altemative accommcrfjation but doing so free of charge meant TNRP could use its limited resources on other aspects of their work. This Kork continues to grow with TNRP being invited to all public school events to publicise the excellent work that they do. Since their inception in 2015. the TNRP have trained over 500 volunteers who now read with children in primary schools across Norfolk. Page 4
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limlted by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Public beneflt (continued) Th8 School is part of a hockey consortium fonned a local sports club (N0Ch Dragons Hockey Club) and what was a local maintained sector school (The H&¥vett Schcol). While The Hevtt Schwl no longer exists, Town Close's substantial contribution to the development is enabling its successor schwl (The Hewett Academy), while not a member of the Consortium. to extend hockey provision to pupils for whom there was previously no opportunity. 11 also enables tha partner hockey club to run free coaching sessions introducing the sport to local children. 0th8r local schools can hire the pitch at a reduced hourly rate. The Hockey Consortium also sublets land free of charge to another independent school on whlch a second Astroturf has been constructad. One of the conditions associated with the sulTrlease was that this second pitch must be made available for community use in the evenings and al weekends. Other activities through whlch Town Close has provided public benefit consistent with its aims and objectives have induded.. the provision of five free places to the School's summer holiday club for children from a local school in receipt of pupil pr8mium; free use of the School swmming pool for a local Maintain 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 to other schools. The School has also been instrumental in supporting maintain8d schools across Norfolk to introduce the use of Goblin electric go-karts. The cars come in kit fom which children belween the ages of 9 to 11 are able to build and race. The project aims to inspire children to take an interest in engineering in a fun and innovative way. The H8ad of DT helped source funding lo support the initial cost of th8 kits and then provided training sessions to share leaming and to give instruction in how to introduce the project in their SLhools. He went on to find suitable venue for a Norfolk-based racing event and coordinated a group of sponsors. 18 schools took 25 cars to the event, along with an average of 6 pupils per car. This would not have happened without Town Close's involvement and wthout tha School agreeing to release the Head of DT to vnrk on this project. Over the last three years, the Head of DT has continued to work with Greenpower and helped to secur8 grant funding for maintained schools to introduce the category of go-karts for secondary age pupils (F24). He attended several exlemal events and visited other schLTh)Is lo generate interest in this category, as well as holding meetings and twilight sessions at TO Close School. He secured the use of the Lotus test track for the inaugural F24 event in Norfolk held in June 2019 which attracted participants from across the region and further afield, Another F24 heat was held at the Lotustrack again in July this year. This year the Head of DT ds instrumental in organising the marshals for the Hethel race, engaging the assistance of the Snotterton Marshals club vh)ich meant the Hethel race was able to go ahead for all of the schools and children involved. Support and assistance have alg) b88n directly provided to a number of local schools and sixth forms. inviting them to visit Town Close. And Finally, Town Close's Phantom team benefittad greatly from the development of a bespoke heatsink for their car. Town Close then organised the manufactur8 of a number of these to help other schfX)Is. The Colin Chapman Foundation has contributed annually over the past four years to fund innovation and the replac8ment of work components for the F24. Phantom Team car. The School has a minibus Ileet vthich is not used during h0o1 holidays, this year t) local Scout groups have being making use of the School's minibuse& The School's charity for this year was Friend Indeed and the School community raised in eXSS of £10k for this worthy cause. The School community also thoroughly enjoyed visting the residents of some of the care homes. writing to them and welcoming them to School for lunches, aftemoon teas and some wonderful musical events. Page 5
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limkted by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Public benerrt {contlnued) The Sch1 also WBlcomed 240 24 year c4ds as part of its MiniExplorers programme. Tynty places were offered over six sessions in two temis, albwing local young people to enjoy the School's woodland walk which culminated in a tedty bears. picnic They )hEre also given the opportunity to have fun in the swimming pool, experience yoga taught by a specialist teacher, as well as tuming their hands to being mini musc makers and artists with sessions lead by the School's music and art departments. Twenty iPads were donated to a local sixth fomi college to gjpport a group of young peop18 lyith their ent8rprise studies. Visiting authors to School saw Several local Pfimary hools bring puplls to enjoy the events. The School's art department participated in GOGO Safari in support of the Break charity. Book donations vrfere made to a new school which opened locally as WEII as further donations made to Safe Intemational, a charity based in Wymondham and partnered with a transformation charity in Westem Kenya. The Whery School attended the School's Year 6 production of Twelfth Night and finally, our Schoo5 site vms made available for a local charity to carry out search and rescue training for dogs. Strategic objectlves and achievements The five-year strdtegic plan. initially presented in February 2023 continues to encapsulate the strategic objectives for the School and the ethos of the School forms the foundations of that plan. School Ethos - To provide a broad and balanced curriculum, underpinned by academic rigour that develops Interested, passionate and morally confident citizens of the future. The five-year plan provides a roadmap for delivering the SchcM)I's vision. w+hich is to build on School's reputation as Norwich's finest day Coweducational Prep School for children age 2-14. To offer our pupils an unrivalled educational experience Vlith the space to grow. The strategy d8veloped to deliver the aims of the plan remained active. H(Avever. the decision of Mr Wilson. the Head to take up a role overseas at the end of th8 23124 academic year meant thal Ihe Schc(Jl was preparing to welcome its new Head, Mr Tiley-Nunn at the start of the 24125 academic year. With that exciting appointment will come the developmenl of the School's strategy and five-year plan. During the year the slrateglc plan based around delivering Ccessful community events included a from-the- heart4ay in February which involved Ial care home residents being in School to enjoy music and craft activities with pupils. A well-attend8d free menopau event hosted in the Read Hall saw members of the School. local community and alumni come together. The School conkn'nued to invest in its pu.IS the establishment of an Education Committee to tske delegated r8sponsibility on behalf of the Goveming Body to vntk wth pupils. leadership and management to monitor and review the academic and pastoral provision of the School. Ensuring pupils. ylIbeIng is actively promoted and making recommendations as appropriate to the Govemors. The Schcd successfully obtained allergy awareness accreditation during this year. Investment in the School estate included significant IT investsnent which in part enabled Cyber E&8entials accreditation to be achieved. This as facilitated in no small vrdy by the introduction of Smoothwall filtering and monitoring on all deViS. to help to keep our thildren safe in Iheir digital lives Page 6
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 strateglc obje¢tlves and achievoments (contlnued) Careful review of the School's utility purchasng was not only financially beneficial but also enabled the School lo switch to entirely sustainab18 energy lIst continuing to work with planning advisors to facilitate the development of solar arrays on site. The ECSChool Green Flag accreditstion the School had been working loardS was obtained during this year. The School's staff are central to the delivery of the School's ethos and the successful journey of our pupils through the School. Supporting our Stsff wth an independent counselling seNice provided off site when they need it has proved invaluable. The introduction of an EDI Lead. along with membership of the Global Equality Collective has produc8d an action plan for the senior leadership to deliv8r against. Whilst the deliv8ry of the aims of the plan, is a priority for the Senior Management Team and Board of Trustees, safeguarding and compliance with Keeping Childn Safe in Education remains the over8rching priority of the School. Operatlonal performance Year 8 pupils vtho sat their Common Entrance exams in the Summer Tern 2024 performed very well. 97°/0 of all grades were A. to C grades. An impressive 510/0 of the overall grades were graded as either A. or A. These results were the strongest set of results for our Year 8 cohorts since 2019, with the average grade sitting above a B grade. Puplls performed stronger overall in History, Theology Politics & Religion, Geography 8nd Spanish when comparing their results to the year group average. The following awards were given to our pupils at their Senior SchcK)Is: 8 academic scholarships 12 sports scholarship5 10 Headmasterfs awards 2 drama scholarships 3 music scholarships 1 music exhibition 1 academic exhibition 1 art scholarship 2 pupils accepted onto the Talented Athlete Development Programme at Gresham's 1 languages scholarship The School continues to use standardised NFER English and maths exams in KS1 and KS2, alongside other in- house tesling, to monitor attainment and progress. These sho1 that in Year 6. 790/0 of pupils were working at age-related expectations or above in maths. 940/0 of pupils were at age-related expectations or above in reading. CAT 4 lesting continued across the Prep department, to provide yearly data to help us to understand the children's learning profiles as effeth'vety as possible, along with our other formative and summative assessments. Page 7
TOWN CLOSE EDUCATIONAL TRUST LIMITED
(A company Ilmited by guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
Financlal revlew and reserves pollcy
The Sch
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limlted by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Objectives and Plans (continued) Mr filey-Nunn create teams comprising the Senior Leaderthip Team and Govemors lo Working wth the Senior Leadership Team the new Head will create teams of seni(K leaders and govemors to work towards delivering development plans in ten key areas: One School Academic People EYFS Co-curricular Pastoral EDI Sustainability Estates Community This vision inrjudes d8veloping underutillsed areas of the School to provide an additional sdence lab. a common room for the Year 8 pupils and the development of a new dining facility. All this wll be done wth the values embodied in the Town Close Way. These values act as a signpost for both children and adults across all their endeavours at School. Cares for our School and wider cmunity Acts potIvelY, honestly and yth ambiti Respects themselves and others Enjoys and celebrates learning Supports others to be thr best Investmènt power The Trustees are empowered to invest funds in a manner appropriate to the financial requirements of the School, having regard to the security of any investments made and the requirements of the Charity Commissioners, order. The only investment held by the School has provided capital funding to the Central Norwich Hockey Consortium. a registered charity of vthich it is a member. Th6 funding is recognised as a programme related investment and asssted V#ith the construction of an artificial turf hockey pitch which is available to the School and for community use (see note 9). Asset cover for funds The Trustees are satisfied that on a fund-by-fund basis the assets are sufficient to fulfil all the School's cUrnt obligations. Systems r•view and risk management The Trustees, Risk Management Policy and accompanying risk register are monitored by a working group comprising a number of Trustees and the School's Bursar. The vKrk of this group is grounded in th& operational aspects of th8 Schcol. but it 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 hdps to inform the Trustees. strategic planning and decision-making. The Risk Management Wothing Group reports at least annually to the Trustees. This commitiee in tum seeks specific advic8 and guidance on systems matters from the appointed auditor or from other professional advisers then required. Page 9
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Statement of Trustees. responsibilltles The Trustees (vtho a also directors of TowTr Close House Educational Trust Limited for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance V4ith applicable law and regulats'ons. Company law requires the Trustees to prepare financial statements for each financial year. Und8r that law, the Trustees have elected to prepare financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practs'ce>. The financial statements are required by law to give a tru8 and fair view of the stste of affairs of th8 charitable company and of the incoming resources and application of resources. including the income and exp8nditur8, of the charitable company for that period. In preparing these financial stslements, the Trustees are required to: select suitsble accounting policies and then apply them con9stentl, observe the methods and principles in the Charities SORP: make judgments and estimates that are reasonable and prudent; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsble for keeping adequate accounting re8 that disclose véith reasonable accuracy, at any time, the financial position of th8 charitable company and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsble for safeguarding th8 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 awtsre.. there is no relevant audit infomats'on of which the charitable company's auditor is unaware, and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditor is aware of the information. Audltor Lart<ing GoVn have been appointed as auditor in accordance with s485 (4) 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 Trustee Date.. 14 March 2025 Page 10
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMITED Opinion We have audited the financial statements of Town Close Educational Trust Limited (the 'ch3ritable company'l for the year ended 31 July 2024 which comprise the Statement of financial activities, the Balance sheel. the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framevlork that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. {United Kingdom Generally Accepted Accounting Practice), In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of Its incomlng resources and application of resources, including its income and expenditure for th8 year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in aGccKdance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance vjith Intemational Stsndards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance wth the ethical requirements that are relevant to our audit of the financial statements in the Uniled Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We bdieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for opinion. Concluslons relatlng to going concom In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant dwbt on the charitable company's ability to conlinue as a going conrn for a period of at least twelve months from vA)en the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the Trust8es N*ith respect to going ooncem are described in tha relevant sections of this report. Page11
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMITED (CONTINUED) Other information The other infomiation comprises the information included in the Annual Report other than the financial ststements and our Auditors, report thereon. The Trustees are responsible for the other infomiation contained within the Annual Report. Our opinion the financial statements does not cover the other infomialion and, except to the extent otherwise explicilly stated in our report, we do not expr&8s any fomi of assurdnca conclusion thereon. Our responsbility is to read the other infonnation and. in doing so, consider 8ther the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material mlsslatement in the financial statements themselves. If, based on the wDrk w6 have perfomed, we conclude that there is a materi81 misstatement of this other infomiation. VR are required to report that fact. We have nothing to report in this regard. Oplnion on other matters pre8crfbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audil: the inforniation given in the Trusiees. report for the financial year for Nthich the financial statements are prepared is consistent the financial statements. the Trustees. report has been prepared in accordance with applicable legal requirements, Matters on whlch wo are requlred to report by exception In the light of our knoedge and understanding of the tharitable company and its environment oblain8d in the course of the audit. we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the follov#ing matters in relation to which Companies Act 2006 requires us to r8POrt to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agr88ment the accounting records and retums. or certain disclosures of Trustees, remuneration Splfied by law are not made: or we have not received all the information and explanats'ons we require for our audit. Page 12
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limitsd by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMrrED (CONTINUED) Rosponsiblllties of trustees As explained more fully in the TrLSStees' responsibilities statement. the Trust8es {0 are also the directors of the chariiable company for the purposes of company law) are responsible for the preparation of the financial statemants and for being satisfied that they give a true and fair view. and for such internal control as the Trustees determina is necessary to enable the preparation of financial statements that are free from material misstatemeni, whether due to fraud or error. In pparing the financial ststements, the Trustees are r8sponsble for assessng the charitable company's ability to continue as a going concem, disdosing. as applicable. matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic allemab've but to do g). Auditors. rgsponslblllties for the audit of the financlal statements Our objectives are to obtain reasonab18 assurance about vthether the financial statements as a whole are free from material misstatement. vtheiher due to fraud or error. and to issue an Auditors, report that includes our opinion. R8ason8ble assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always det8Ct a material misstatement vth8n it exists. Misstatements can arise from fraud or error and ar8 considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the baS of these financial statements. Irregularities, including fraud, are instances of non-complian V4ith laws and regulations. We design procedures in line wth our responsbilities. outlined above, to detecl material misstatements in respect of irregularities, including fraud. The extent to which our procedures are Capable of detecting irregularities. induding fraud is detailed below. Due to th8 field in 1¢h the company operates, identified the areas rnost likely to have a direct material impact on the financial statements as compliance with safeguarding regulations, the Charity Commission and the Companies Act 2006. In addition, we considered the provisions of other lav and regulations which. vhllst nol having a direct impact on the financial statements, are fundamental to the company's ability to operate including health and safety" employment law, and compliance with various other regulations relevant to the conduct of the company's operations running a sch(y)l. Our approach to identifying and assessing the risk of material mi&8tatement in respect of irregularities. including fraud and non-compliance with laS and regulation5. included the follo)Mng: Enquiries with management about any knov¥n or suspected instances of non<ompliance with laws and regulations, accidents in the schojl, potential litigation or claims and fraud- Enquiries with management about any knovm instances of health and saf8ty breaches, safeguarding issues or GDPR breaches. Review of legal and profesgonal fees to confinm matters vthere the company engaged lawy8TS during the year; Review of financial ststement disclores. and t8Sting to supporting documentation to assess compliance th applicable laws and regulations: Review of board minutes and any relevant correspondence with external authorities. Challenging assumptions and judgments made by management in their significant accounting estimates., Auditing th8 risk of management override of controls. including through testing joumal entries and other adjustments for appropriateness. and evaluating the rationale of any &gnificant transactions outside the nomial course of business. Page 13
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company limited by guarantee) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF TOWN CLOSE EDUCATIONAL TRUST LIMITED (CONTINUED) Because of the inherent limitations of an audit. there is a risk that will not detect all irregularities. including those leading to a material misststement in the financial statements or non-compliance wth regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we wll be less likely to become aware of instances of non-compliance. The risk is also greater regarding iffegularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, colluson, omission or misrepresentstion. A further description of our responsibilities for the audit of the financtal ststements is located on th8 Financial Reporting Council's Y#ebsite at: V4WN.frc.o 'biliti8 This description forms part of our Auditors, port. Use of our r•port This report is made lelY to the charitable ccKnpany's members. as a body, in accordance Viith Chapter 3 of Part 16 of the Companies Act 2006. Our audit YK) has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors. report and for no other purpose. To the fullest exlent permitt8d by law, we do not accept or assume respon%bility to anyone other than th8 charitabl6 company and its members, as a body, for our audit V¥X)rk, for this report. or for th8 opinions we have formed. J Grlmmer FCA DChA (Senlor ststutory auditor) for and on behalf of Larklng Gowen LLP Statutory Auditors Nomch 1 st Floor Prospect House Rouen Road Nowch Norfolk NR1 1RE Date: l April 2025 Page 14
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Charitable activities: School fees Schwl trips Holiday activities Income from other activities 6,030,156 92,337 89,717 246,318 6,030,156 92,337 89,717 246,318 5,903, 133 110,525 84, 603 198, 790 Total Incom¢ 6,458,528 6,458,528 6.297, 051 Expenditure on: Cosls of generating funds Fundraising and publicity Charitable activities.. School expenses Schcol trkps Repalrs. renewals and grounds Interest payable other support cost - govemance Other charitable activities 72,165 72,165 57,088 6,175,394 104.693 298.700 45.783 186,542 6,175,394 104,693 298,700 45,783 186,542 5, 537,005 125.517 332.034 32, 659 116,757 7, 624 Total expendllure 6,883,277 6,883,277 6,208,684 Net Income {424,749) {424,749) 88.367 ReconcllSatlon of funds: Totsl funds brought for¥vard Net movement in funds 8,874,339 (424,749) 20,000 8,894,339 (424,7491 8, 805,972 88.367 Total funds carried forward 8.449,5SXI 20.000 8.469,590 8.894,339 The Statement of financial activities includes all gains arKJ losses recognised in the year. The notes on pages 18 to 33 fom part of these financial stslements. Page 15
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00940118 BALANCE SHEEr AS AT 31 JULY 2024 2024 2023 Note Flxod assets Investments 50,000 7,640,827 75, 000 7, 904, 803 Tangible assets 10 7,690,827 7,979,803 Current as8et8 Debtors Cash at bank and in hand 171,707 2,180,228 124.513 1, 877,324 17 2.351.935 2.(X)1,837 Creditors,. amounts falling due within one year 12 (1,173,333) (948, 062) Net current assets 1,178.602 1,053. 775 Total assets less current Ilablllties 8.869,429 9,033,578 Creditors.. amounts falling due after more than one year 13 (399,839) (139,239) Total net a88et8 8,469,590 8, 894,339 Charity fund8 Restricted funds Unrestrict8d funds 14 14 20,000 8,449.590 20,000 8,874.339 Total funds 8,469,590 8, 894,339 The Trustees a¢knOedge their responsibilities for complying %*ith th8 requirements of the Act V•ith respect to a¢Un'n9 records and preparation of financial statements. The financial ststements were approved and authorised for issue by the Trustees and signed on their behalf by.. 3 c 1,4e,T Ms S J Anthony Trustee Date: 14 March 2025 The notes on pages 18 to 33 fomi part of these financial statements. Mr M M Graham Trustee Page 16
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Note Cash flows from operatlng activitles Net cash used in operating activities 16 602,805 467,045 Cash flows from Inve8tlng actlvlties Proceeds from the sale of tangible fixed assets Purchase of tsngible fixed assets 4,035 {303,936) (357,820) Net cash used In Investlng activities {299,901) (357.820) Cash flows from financlng actlvitles Repayments of borrowng (687,500) Net ¢a$h provlded byl(used in) financing actlvltles (687,500) Change In cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year 302,904 1,877,324 (578, 275) 2.455,599 Cash and ca8h oqulvalents at the end of tho year 17 2,180,228 1,877.324 The notes on pages 18 to 33 fomi part of th financial statements. Page 17
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General information Town Close Educational Trust Limited is a charitsble company limited by guarantee, charity number 311293 and company number 00940118. The registered office is Tovm Close Educational Trust Limited. 14 Ipswich Road, NoMich. NR2 2LR. Accountlng pollcl•s 2.1 Ba815 of preparatlon of flnancial statsments The financial statements have been prepared in accordance vth the Charities SORP (FRS 102) - Accounting and Reporting by Charities". Ststement of Recommended Practice applicable to charib'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir81and (FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} and the Companies Act 2006. Tovm Close Educational Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value un18ss othethise stated in the relevant accounts'r)g policy. 2.2 Golng concorn The Trustees have considered the principal risks and uncertainties affecting the School, in particular the challenges posed by the Current economic climate, the continuing impacl of higher energy costs and recenl changes to employment related taxation. The Trust88s have also given consideration to the impact that the rising cost of living and the recently introduced VAT on private school fees might have on future pupil numbers. The Trustees consider that the School's strong financial position, the strong surplus and the gocd relationship with the School's bank mean it remains appropriate to prepare the financial statements on a going concern basis. 2.3 Incomo All income is recognised once the company has entit18ment to the income, it is probable that the Income wll be rec8ived and the amount of income receivable can be measured reliably. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 Expendlture Expenditure is recognised there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. Th8 costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undwtaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs lch contribute to more than One activity and support costs vthich are not attributable to a single activity are apportioned beMEen Ihose activities on a basis congstent viith the use of resources. Central staff costs are allocated on th8 basis of time spent, and depreciation charges allocated on the portion of the asset's use. Page 18
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting pollcies (continued) 2.4 Expendituro (continued) Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitsb18 acb'vities is incurred on directly undertaking the activities whlch further the company's objectives, as V11 as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Inv08tments The School has provided capital funding to The Central Norwich Hockey Consortium (a registered charity). Funding has assisted with construction of artificial turf hockey pitches and associated facilities, vthich are available for school and community use. The funding is recognised as a programme related investment stated at cost less amortisation. The investment is being amortised by way of an annual grant lo The Central Norwich Fhxkey Consortium on a straight line basis over 15 years. the period during thIch the school expects to utilise the facilities. 2.6 Tangible flxed assets and depreclatlon Tangible fixed assets CS11ng £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or v8lue of the asset can be measured reliably. Tangible fixed assets ar8 initially recognised at cost. After racognitlon. under tha cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed ass8t into its intended working condition should be induded in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value Over their estimated useful lives, using the straighl-line method. Depreciation is provided on the following bases.. Freehold land Freehold buildings Motor vehicles Furniture. fittings and equipment Computer equipment Assets in course of construction Not d8preciated 20 to 50 years 5 years 10 years 3 years Not depreciated during the period of construction 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid n81 of any trade discounts due. Page 19
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accountlng policies {continued) 2.8 Cash at bank and In hand Cash at bank and in hand includes cash short-tenn highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Llabilltles and provlslons Liabilities are recognised vhen Ihere is an obligation at the Balance sheet date as a result of a past event. il is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement Gan be estimated reliably. Liabilitie5 are rec()Jnised at the amount that the company antlcipates it will pay to settle the debt or the amount it has received as advanced payments for the gcods or seNices il must provide. Provisions are measured at the best estimate of the amounts required to settle th8 obligation. Where the effect of the time value of money is material. the provision is based on th8 present value of those amounts. discounted al the pr&tax discounl rate that reflects the risks specific to the liability. The unwinding of th6 dixount is recognised in the Statement of financial 8Ctivities as a finance cost. 2.10 Flnancial instruments The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recoJnised at transaction value and subsequently measured at iheir settlement value with the exception of bank loans which are subsequently measured at amortised cost usng the effective interest method. 2.11 Operatlng leases Rentals paid under operating leases are charged to the Statement of financial activities on a straight-line basis over the lease temi. 2.12 Penslons Retirement benefits to employees of the Schocl are provided by the Teacherts, Penson Schem8 (TPS"). This is a defined bwefit scherne. The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees. working lives with the School in such a way that the pension cost is substantially level percentsge of current and future pensionable payroll. The contributions are etemiined by the Govemment Actuary on the basis of quadrennial valuations using a prospeclive unit credit method. TPS is an unfunded multi*mployer scheme with no undedying ass8ts to assign b8tween employers. Consequently. Ihe TPS is treated as a defin8d contribution herne for accounting purposes and the contributions recognised in Ihe period to which they relate. Page 20
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policles (continued) 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. D8sign8ted funds comprise unrestricted funds that have been set a&de by the Trustees for particular purposes. The aim and use of each degnated fund is set out in the not8S to the financial statements. Restricted funds are funds vthich are to be used in accordance Vth specific restrictions imposed by donors or thich have been raised by the company for particular purposes, The costs of raising and administering Such funds are charged against the specific fund. The aim and use of each restricted fund is set out in th8 notes lo the financial statements. School fees 2024 2023 Gross Fees Less.. Bursaries and remissions 6,573,194 6, 396, 771 (543.038) (493,639) 6,030,156 5,903, 132 Page 21
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Income from other activities Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Swimming pool income Other hirings After School care income other income 43.443 31.664 82,828 76,111 12,097 175 42.202 27,487 82, 755 40, 922 4, 934 490 31,664 82,828 76,111 12,097 175 Fundraising Music lessons 246.318 246,318 198, 790 198, 790 198, 790 School Expenses 2024 2023 Teaching stsff costs Domestic and grounds staff costs Housekeeping and provisions Depreciation Amortisation Loss on disposal of assets in the course of construction Teaching materials and other schoJl expenses General support costs - staff costs other 3,428,852 539,418 514,035 351,601 25,000 216,191 492,146 449,964 158,187 3. 149.393 503,628 579. 139 339, 659 25, 000 367,815 432, 663 139. 708 6,175.394 5, 537,005 The loss on disposal of assets in the course of constructs'on represents the writing off of previously- capitalised planning and other no longer deemed recoverable due to changes made to the designs and plans for the asset. Page 22
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Governance costs 2024 2023 Stsff costs Audit fees Professional fees General office expenses 44,502 14,800 109,664 17.576 42,791 15.013 43,430 15,523 186,542 q16.757 100/0 of general office expenses are alIcated to govemance. Staff costs are allocated on the basis of estimated time spent. being 9 /0 allocated to govemance. Audltors, remuneratlon 2024 2023 Fees payable to the company's auditor for the audit of the company's annual accounts 14,800 14,225 Fees payable to the companvs auditor in reSpt of: All taxation advisory services not included above All assurance services not included above All non-audit services not included above 12,260 650 5,135 500 615 I,Ql0 Staff cost8 2024 2023 Wages and salaries Social security costs Contribution to pension schemes 3,552,945 304.837 604,953 3,325, 852 282,442 520. 181 4.462,735 4,128,475 The average number of pemns employed by the company during the year was as follows.. 2024 No. 2023 No. Averag8 no. of employees 129 129 Page 23
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A Company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Staff costs (continued) The number of employees whose employ88 benefits (exduding employer pension costs) 8xce8ded £60,000 was: 2024 No. 2023 No. In the band £60.001- £70.000 In the band £70,001- £80,000 In the band £80,001- £90.000 In the band £90,001- £100.000 In the band £100,001- £110,000 Employers, pen&on contn'bub'ons in respect of the above employees was as follows: 2024 2023 In the bar £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £90,001- £100,000 In the band £100,001- £110.000 30,376 44,290 9,523 21.865 24,905 The key management personnel comprise truslees, vtho are unpaid, together with the Headmaster and the Bursar. The total employee remuneration (including employ@rs' national insurance costs) of the key management personnel was £237,17312023'. £230,445). Included wthin the above staff costs are ternlnation payments made to three fomier members of staff totalling £36,894 (2023. £Nil). Page 24
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Investments Programme Related Investments Cost At 1 August 2023 375,000 At 31 July 2024 375.000 Amortisation At 1 August 2023 Charge for the ye 300,000 25,000 At 31 July 2024 325,000 Net book valu• At 31 July 2024 50,000 At 31 July 2023 75,000 The School provided capitsl funding to The Central Nowch Hockey Consortium (a registered charity). The funding asted wth the construction of artificial turf hockey pitches and ass¢xiated facilities, which are available for h0o1 and community use. The funding is recognised as a programme related investment and stated at cost less amortisation. The investment is being amortised by way of an annual grant to The Central NOlCh Hockey Consortium on a straight line basis over 15 years, the period during which the School expects to utilise the facilib'es. Page 25
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2024 10. Tangible fixed assets Assots In the course Furniture. Motor flttlngs and vohlclos equlpment construction Freehold property Total Cost or valuatlon At 1 August 2023 Additions Disposals Transfers between classes 11,740,375 236.220 9.900 (44,378) 2,027.848 138,814 (57.141) 174.370 480,626 14,485,069 155,222 303.936 (216,191) {317,710) (174,370) At 31 July 2024 11,740,375 201,742 2.283,891 245,287 14,471.295 Depreclation At 1 August 2023 Charge for the year On disposals 4,540,697 216,341 218,121 11,866 (44,3781 1,821,448 123,394 (57,021) 6,580.266 351.601 1101,399) At 31 July 2024 4,757.038 185.609 1,887,821 6,830,468 Net book value At 31 July 2024 6,983.337 16,133 396,070 245,287 7,640,827 At 31 July 2023 7, 199.678 18,099 206,400 480,626 7,904,803 The disposal of assets in the course of construction repr8senlS the vrtiting off of previously-capitalised planning and other works no longer deemed recoverable due lo chang8s made to the designs and plans for the asset. Included in the net book value of property displayed above are the foll0vng amounts ascribable to land: 2024 2023 Land Buildings 1,925,062 5,058,275 q,925,062 5,274, 603 6,983,337 7,199. 665 Page 26
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. Debtors 2024 2023 Due within one year Trade debtors Other debtors Prepayments and accrued income 80,847 850 90,010 39. 792 84, 721 171.707 124,513 12. Credltors: Amounts falllng due within one yoar 2024 2023 Fee deposits Trade creditors Other taxation and social security F88s in advance Other creditors Accruals and deferred income 25,500 53,716 77,191 793,247 74,295 149,384 22,500 190, 758 73,015 469, 271 51,291 141,227 1,173,333 948.062 2024 2023 Deferred income at 1 August 2023 Resources deferred during the year Amounts released from previous periods 505.979 1,054.672 (505,979) 585.209 505,979 (585,209) 1.054.672 505, 979 Deferred income is included within the fees in advance and accruals and deferred income categories of creditors. Page 27
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 13. Credltors: Amounts falllng due after more than one year 2024 2023 Fee deposits Fees in advance 152,439 247.400 139,239 399.839 139, 239 14. Slatement of funds Statem•nt of funds - currnnt year Balance at 1 August 2023 Balance at In¢oma Expendltur• 31 July 2024 Unrestrict•d funds Designated Funds 89,054 89,054 General funds 8,785,285 6,458,528 (6.883,277) 8.360,536 Total Unre8trlcted funds 8,874,339 6.458,528 {6,883,277) 8,449,590 Restricted funds Chakravaty donation 20,000 20.000 Total of funds 8,894,339 6,458,528 (6,883,277) 8.469,590 Following a receipt of £84,263 in 2013 the Govemors decided to designate these funds for use in future capital projects, which Yill COgnise Ihe contribution of the Timothy Alston Foundation. In 2021 other donations of £4.791 were transferred into this fund by the Trustees. The Chakravaty donation fund represents a donation, plus associated gift aid receivable. made to the Charity towards the fitting out of a new Scien lab. Page 28
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Slat•ment of funds (continued) statement of funds - prior year Balance at 1 August 2022 Balance at Inoyne Expenditure 31 July 2023 Unrestrictad funds D8gnated Funds 89,054 89,054 General funds 8,696,918 6,297,051 (6,208,684) 8. 785,285 Total Unrestricted funds 8, 785,972 6,297.051 (6,208,684) 8, 874,339 Rostrlcted funds Chakravaty donation 20.000 20,000 Total of funds 8,805,972 6, 297,051 (6, 208, 684) 8,894,339 Page 29
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Analysis of net assets between funds Analy8ls of net assets between funds - currant perlod Unrestricted R•strlcted funds funds 2024 2024 Total fvnds 2024 Tangible fixed assets Intangible fixed assets Current ass8ts Creditors due vthin one year Creditors due in more than one year 7.640,827 so,000 2,331.935 (1.173,333) (399,839) 7,640,827 50,000 2,351,935 (1,173,333) (399.839) 20,000 Total 8,449,590 20,000 8,469,590 Analysls of not assets botween fvnds - prlor perfod UnstrICted funds 2023 Restrcted funds 2023 Total funds 2023 Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 7.904.803 75,000 1.981,837 (948,062) (139,239) 7,904,803 75,000 2.001,837 (948, 062) (139,239) 20.000 20, 000 8,894,339 Total 8, 874,339 Page 30
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 16. Réconclllation of net movement in funds to net cash flow from operating actlvlties 2024 2023 Net (expenditureyincome fc Ihe period (as per Statement of Finanal Activities) (424.749) 88,367 Adju8tmonts for: Depreciation charges Amortisation charges Loss on disposal of a&8ets in the COLwse of construction {Profitllloss on the sale of fixed assets {Incre8seydecrease in debtors Incr8asel{decrease) in creditors 351,601 25,000 216,191 (3,915) (47,194) 485,871 339, 637 25, 000 7, 624 10,806 (4, 389) Net cash provided by operating actlvltle3 602,805 467,045 17. Analysls of cash and cash equfvalents 2024 2023 Cash in hand 2.180,228 1.877,324 Total cash and cash equlvalents 2,180,228 1,877,324 18. Analysis of changes In not dobt At 1 August 2023 Cash flows At 31 Juty 2024 Cash at bank and in hand 1.877.324 302,904 2,180,228 1.877,324 302,904 2,180,228 Page 31
TOWN CLOSE EDUCATIONAL TRUST LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Penslon commitments The School participates in the Teachers. Pension Scheme {'Ihe TPS.) for teaching staff. The pension charge for the year includes Contributions payable to the TPS of £510.596 (2023.. £405,876) and at the year-end £60,926 (2023: £47, 127) was accrued in respect of contributions to this scheme. The School also operates a d8finaJ contribution sch8me for non-teaching staff. The total cost of this for the year was £94,357 (2023: £114,305) and at the yearend £10.495 (2023.. £1,457) was accrued in re¥JKI of contributions to this scheme. Teachers, Penslon Schem• The Teachers, Pension Scheme {TPS) is a statutory. unfunded, defined benefit scheme. governed by th8 Teachers. Pensions Regulations 2010. and the Teachers, Pension Scheme Regulations 2014. These regulations apply to teachers in schools and othe educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition. teachers in many independent and voluntsry-aided hOolS and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for full-time teachers and lecturers and. from 1 January 2007. automatic too for teachers and lecturers in part-time employment followng appointment or a change of contract. Teachers and lecturws are able to opt out of the TPS. Valuation of tho Teachers. Pension Scheme The Govemment Actuary, using nal actuarial principles, conducts a fomial actuarial review of the TPS in accordance Vlrylh the Public Service Pensions (Valuab'ons and Employer Cost Cap) Directions 2014 published by HM Treawry every 4 years. The aim of th6 review is to specify the lev81 of future contributions. Actuarial scheme valuations are dependenl on assumptions about th8 value of future costs, design of benefits and many other factors. The latest valuation of the Teachers. Pension Scheme was carried out as at 31 March 2020. The valualion vras published by the Department for EdL8.on on 26 October 2023. The key e18manls of the valualion and subsequent consultation a.. employer contribution rates previously set at 23.680/0 of pensionable pay {including a 0.08°/0 administration levy} increased by 50/0 on 1 April 2024. total scheme liabilities (pensions cUentlY in payment and the estimat8d cost of future beneflts) for Servi to the effective date of £262,000 million arHI notional assets (estimated future contributions together with the notional investrnents held at the valuation date) of £222,200 mllllon, giving a notional past soNice deficit of £39,800 million. The valuation result vras implemented from 1 April 2024. A copy of the valuation report and supporting documentation is on the Teach8rs' Pensions website https:Ilvhvw.teacherspensions.co.ukJnevoJemployerg202311 Olvaluation-result Under the definitions set out in FRS 102. the TPS is an unfunded multi*mployer pension scheme. The Schcol has accounted for its contributions to the scheme as if it Vre a defined contribution scheme. The School has set out above the infomiation available on the scheme. Page 32
TOWN CLOSE EDUCATIONAL TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20. Operating lease commitments At 31 July 2024 the company had commitments to make future minimum lease payments under non- ¢ancellabl8 operating leases as follows: 2024 2023 Operatlng leas6s whl¢h explro Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 30,834 100,544 91,875 10,730 34.270 99.875 223,253 144,875 The following lease payments have been recognised as an expense in the Statement of financial activities: 2024 2023 Operating laase rentsls 28,240 10,730 21. Rolated party transactlons Four trustees had expenses reimExJrsed by the School dunng the year totalling £1,323 (2023". one trustee totalling £80). During the year, no Trustees received any remuneration or other benefits (2023.. £Nil). The Company is a founding cTrmember of the Central NorwAch Hcxkey Consortium Limited, a registered charity. The School's funding is recognised as a programme related investrnent. The School hires tha hockey pitch operated by the consortium and during the year fees totslling £8,050 (2023.. £9.050) were payable. In additon, income of £4,234 vrfas received from the Central Norwich Hockey Consortium in respect of oneff staff costs {2023.. £Nil). The School currently expects to U the facilities for a period of 15 years and is amortising the original investment by VRY of annual grant to the consortium. A grant, in the form of amortisation of the programme related inveslment, of £25,000 was made to the consortium (2023.. £25.000). A senior member of staff rents school propety as living acc(modation. The rental income for the year relating to this was £9,800 (2023. £8,700). A close family member of a tnjstee was employed by the school on a temporary basis during the prior year. Totsl wages payable during the year were £Nil {2023.. £380). A dose family member of another ttijstee was engaged by the school on a voluntary basis during the year and had associated expenses reimbursed by the School totslling £527 (2023: £Nil). During the year, the School purchased goods and sep4ices totslling £2,617 (2023: £3,239) from business owned by close family of the School's bursar. Page 33