CONIPANY NUMBER: 00937554 CHARITY NUMBER: 311711 BEAUDESERT PARK SCHOOL TRUST LIMITED (a company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
BEAUDESERT PARK SCHOOL TRUST LIMITED CONTENTS YEAR ENDED 31 JULY 2024 Page Trustees, Officers and Advisers Annual Report of the Trustees Directors. Report strategic Report 6- 11 Independent Auditor's Report 12-14 Statement of Financial Activities 15 Balance Sheet 16 Statement of Cash Flows 17 Notes to the Financial Statements 18-28
BEAUDESERT PARK SCHOOL TRUST LIMITED TRUSTEES, OFFICERS AND ADVISERS YEAR ENDED 31 JULY 2024 Directors and Charity Trustees The Trustees of Beaudesert Park School Trust Limited ("the School") are Ihe School's charity trustees under charity law and the directors of the charitable company. The members of the Governing Body who served in oflice as Trustees, and also any ex-Trustees who served during the year as indicaled, are-. Name Mr T Ahearne Mrs S Block Mr C Case Mr A Collins Mr S Elliott Mr P Evitt Lad R Ford Mrs K Hollowa Mrs H I'Anson Mr S Jones Chair MrsCK2 Com an Secretar Mrs C Lou Vice Chair Mrs Z Lucas Mr J Masse Mr J Nellleton Dr J Thompson Mrs E Walker Chair Chair Chair Chair Chair Chair Boarding, Pastoral and Safeguarding Sub-commiltee Education Sub-committee Finance and General Purposes Sub-commillee Governance and Compliance Sub-commitlee Mafkeling Sub-committee Polilical Risks Sub-committee Officers and Professlonal Advisers The Headmaster: Mr C Searson BA, QTS Finance Director: Mrs T Scrivener BA, ACA Independent Auditor.. Crowe U.K. LLP, 41h Floor, St Jaines House, St James Square Cheltenham. GL50 3PR Bankers.. Lloyds Bank PLC. 12 Rowcroft, Slroud, Gloucestershire. GL5 3BD Solicitors.. Harrison Clark Rickerbys Ltd, Ellenborough House, Wellington Slreet, Cheltenham, Gloucestershire, GL50 1YD
BEAUDESERT PARK SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The Board of Trustees present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011 and Companies Act 2006, Ihus including the Directors, Reporl and Strategic Report under the 2006 Act, logethei with the audited financial slatements for the year. DIRECTORS, REPORT Beaudeserl Park School Trust Limited is a Charitable Company founded in 1908, charity number 311711, company registration number 00937554, with the liability of ils members limited to £1 each by guarantee, The Company's Regislered Office and principal operating address is Beaudeserl Park School, Minchinhamplon. Gloucestershire, GL6 9AF. CONSTITUTION AND OBJECTS The objects of the Company in accordance with ils Articles of Association are the acquisition and continuance of schools for the education of children and the furthering of education in all respects, particularly as regards the development of Beaudesert Park School. In furtherance of these Objects for the public benefil. the School has established and administers bursaries, grants, awards and other benefactions, and acts as the trustee and manager of properly, endowments, bequests and gifts given or established in pursuance of these Objects. AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES Aims The School's principal aim is the provision of a high achieving, academically aspiring and all- encompassing education in a friendly family environment, which upholds traditional standards. All members of the School are actively encouraged to achieve their true potential. The Board of Trustees is mindful of the long-standing need lo provide public benefit and of the requirement of the Charities Act 2011. Please also refer lo page 7 for fuither details on the public benefit given by the School. Primary Objectlvos The primary objectives ol the School to fulfil this aim are- To provide a slimulating learning environment in which pupils can develop their academic potential lo the full- To provide a happy and secure pastoral environment in which pupils can learn lo live together and thus foster a sense of community. co-educalion, respecl for one anolher and good citizenship., To provide pupils with the opportunity to lake advantage of Ihe breadth of co-curricular activities In order to develop positively all aspects of their character: To provide financial support to enable children whose parents are unable to afford the full fees to benefit frorn a Beaudesert Park School educalion; To provide a clear, simple and effective management structure capable of taking timely decisions and allocating necessary resource5 appropriately., and To provide the necessary administrative and logislical framework to meel the needs of members of staff and pupils alike. GOVERNANCE AND MANAGEMENT Governing Document The School is governed by its revised Memorandum and Articles of Association, which were adopted for use at the Annual General Meeting held on 7 March 2006 and amended on 17 March 2020.
BEAUDESERT PARK SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Governance The updated Charity Governance Code (2020) was reviewed by the Trustees in 2022. and il was fe5t that no changes needed to be made to the School's governance at this point, although this will be kept under review. Governlng 8ody The method of appointment of new Trustees is by invitalion by the Board. Trustees are elected at main Board meetings following nominations from existing Trustees for candidates possessing the necessary competencies, specialist skills, eligibility and availability. Trustees are appointed for 2 3-year term but can seek re-election for up to a further iwo 3-year terms. Any extension beyond nine years requires the appioval of the full Board. There is a school policy relating to the appointment and re-election of Trustees. In line with a special resolution passed on 17 March 2020, the maximum numbei. of Trustees was increased lo 18. Trustee Trainlng New Truslees are inducted into the operation of the School and the requirement for compliance with company legislative and Gharilable regulations Ihrough specific orientation sessions organised both at Ihe School and elsewhere. Trustees have attended suilable updates or briefings on new legislative requirements. The full Board has received training in safeguarding. the expectations of the Independent Schools Inspectorate, and aspects of good practice. Trustee Monltoring A number of Trustees, acting in rolation, visit the School each term to scrulinise the School's performance in key areas and monitor progress and developmenl in relation lo stated aims and the targets set out in the School Development Plan. Organlsatlonal Management To ensure that Ihe Trustees have adequate suilably detailed knowledge of the operation of the School, its policies and compliance with all the necessary company and charitable legislation, each Trustee belongs to either the Education. Finance & General Purposes, Governance & Compliance, Boarding, Pastoral & Safeguarding or the Marketing sub-committees., their appointment to the Governing Board and respective sub-commiltee reflects Iheir individual areas of expertise. These 5 sub-commiltees normally meet lermly prior to each main Board meeting. They are responsible for reviewing annually Ihe School policies and risks relating to their area of responsibility. They are also responsible for monitoring and evaluating the relevant section of the School Development Plan which is prepared annually by the School's managemenl. The main Board meets termly lo review and approve the sub-commiltees, work and the overall policy for the management, functioning and developmenl of the School, for which they have a legal responsibilily. The day-to-day running of Ihe School is delegated to the Head and the Finance Director. wilh support from the Deputy Head and the Head of Pre-Prep along with other senior slaff. Given the significant implications and risks associated with potential changes in government policy to the financial framework within which independent schools had been operating, in parlicular the addition of VAT to fees, a sixth sub-committee was established in December 2022, the Political Risks Sub- Committee. This sub-committee has met at least lermly since inception, with the puiposes of facilitating coordination across the Goveining Board and its sub-committees and enabling acceleraled planning and decision-making in a dynamic, wide-reachin9 context. This sub-committee will continue to operate until such time that the risks of these external changes have been mitigated to the point that the prior arrangements for organisational management are sufficient. Remuneration is set by the Board for all staff. Established pay scales reflect skills. experience and responsibility, while the School aims to encourage enhanced performan and, in a fair and responsible manner, reward individual contributions to the School's Sucss.
BEAUDESERT PARK SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also Diiectors of Beaudesert Park School Trust Limited for the purposes of company law) are responsible for pieparing the Trustees, Annual Repoil and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial slatements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure. of the Charitable Company for that period. In preparing Ihese financial slatements, the Trustees are required lo.. select suilabSe accounting policies and Ihen apply them consistently., observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent: state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume Ihal the Charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions. disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the Charity's constilulion. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies. So far as the Truslees are aware, there is no relevant audit information of which the Charilable Company's auditors are unaware. The Trustees have each laken all the steps that they ought lo have taken as Trustees in order to make themselves aware of any relevant audit information and lo establish that the Charitable Company's auditors are aware of that information.
BEAUDESERT PARK SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 STRATEGIC REPORT MISSION STATEMENT Beaudesert is one of the leading prep schools in the country, inspiring and nurluring every one of OLtr children to be the very best versions of themselves they can possibly be, encouraging aspiration, celebrating individuality, embracing curiosity and fostering kindness. We wish for our children to be happy and flourishing in the present, while preparing for and stepping confidently into a bright future. We achieve this in an environment that is forward-lhinking. holistic and dynamic educationally, while upholding the finest traditional values and practices. Our position as an entirely independent 13+ prep school enables us to be flexible and adaptable to the needs of every individual child and family, supporting and preparing them for their future education with confidence. STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES The Board's main objective for the year continued lo be the educalion of the School's pupils aged between 3 and 13 to the highest possible standard, so that they will succeed with their application to, and subsequent careers in, Iheir chosen senior schools. To asslst in achieving this objective, the Board's strategy was to maintain and improve the physic21 buildings and assets of the School and maintain the appropriate number and quality of motivated staff to deliver the widest and most appropriate curriculum to its pupils. ACHIEVEMENTS AND PERFORMANCE Inspection The School successfully underwent a Regulatory Compliance Inspection by Ihe Independent Schools Inspectorate {ISII in June 2022. The Key Findings were as follows.. 'The School meets the standards in the schedule to the Education (Independent School Standards) Regulations 2014, the National Minimum Standards for Boarding Schools 2015, and relevant requiremenls of the slatutory framework for the Early Years Foundation Stage, and associated requirements, and no further action is required as a result of this inspection. The previous Inspection in November 2017 dealt with both Regulatory Compliance {findings as above) and the Quality of Education which covered all aspects of school life. The parl dealing with Quality of Education focussed on Iwo key outcomes: the achievement of the pupils, including academic development, and the personal development of pupils. The School was graded Excellenf in both categories, this being the highest of four gradings that can be awarded. Review of achievements and performance for the year Of the 48 Year 8 leavers, all went on lo their fifstchoice of a wide variety of senior schools, which totalled 19 this year. Additionally, 16 of these pupils were awarded scholarships or exhibilions reflecting their prowess in either Ihe Academic, Drama, Art. Design Technology, Music, or Sporling disciplines. Elsewhere in the School the overall academic achievement was similarly buoyant, with drama, music, art and sport featuring most extensively in the life of the School's pupils. Year 5 experienced a three day combined History and Geography fieldtrip lo Devon in March and Year 7 undertook Ihe personally challenging week's outward bound course in September. The Year 8 leavers undertook a week of adventure and fun in Cofnwall, as part of Iheir post Common Entrance piogramme. which enabled them to spend some special time together before heading off to their various senior schools. Faclllties New facilities completed in the last 10 years, particularly the Performing Arts Centre (2015), the Library (2016), the Qube Classroom block (2017), a second ICT suite (2017), the resurfacing of Ihe aslroturf
BEAUDESERT PARK SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 (2018) and the restoration of the Victorian pond {2019), have all continued to serve an excellent educational facility, enhancing the children's learning experiences. In 2020 the School began a programme of refurbishment of existing classrooms with the first four classrooms completed in the 2020121 academic yearand two furtherclassrooms refurbished in 2021122. A new canopy was also constructed lo partially cover the Reception year outdoor play area to extend use of this facility Ihrough all seasons. In the summer of 2021 further iinprovements were made lo the Pre-Prep outdoor play areas including the addition of some all-weather astroturf to the Nursery play area and willow fencing to enclose the Reception year outdoor area. In addition, the boys, boarding facilitie5 were renovated to modernise and rejuvenate Ihe bedroom spaces. In the autumn term of 2021 the School's mini-astrolurf was resurfaced and new relraotable crickel nets installed enabling this area to be used as a multi-use sporling facility. In the summer of 2022 the hardcourts were also resurfaced with a new larmac layer covered by a thin carpel which enables the Spa to be used for hockey and ball sports whilst still remaining suilable for tennis and netball, thus widening use of this facility across the school year. In 2024 the Pre-Prep play area was expanded and new outdoor climbing equipment installed. A classroom was Converted inlo a new and very welcoming'wellbeing" hub for children called"The Nook" In addition, the girls, boarding facilities were renovated to Cfeate bright, light and inspiring bedrooin spaces. Publlc benefit Beaudesert Park School remains committed to the aim of providing public benefit in accordance with its founding principles. Charity law has introduced a requirement to demonstrate public benefit for charitable purposes where it has hilheilo been presumed in the absence of evidence to the contrary. This calls in turn for more detailed disclosures concerning our aclivities. Educational The independent sector as a whole. and Beaudeserl in particular. provides excellence in "challenging subjects.. While nationally the number of children studying languages has declined, the School continues to teach all children modern foreign languages. All children are screened for Special Educalional Needs. The provision of specialisl support lo those identified with needs is in ilsell a public good. As part of the School's development and improvement planning the standards of the School's education are reviewed annually against national benchmarks and Ihe School's educational provision exceeds those benchmarks. The School uses its own resources to recruit people into the teaching profession, then to induct and train them. They are actively assisted in achieving Qualified Teacher Status, which allows teachers to move to the maintained sector should they wish. Wider communit and arlnershi The School is conslanlly seeking new ways in which lo deliver ils charitable objects lo young people without regard to wealth, race, religion, social or academic status. The School has developed and continued links with our local community including: Access lo facilities for schools in the maintained sector, for example developing Links with Avening Primary School. Brimscombe Primary School and Acorn School to utilise the School's pool for swimming lessons. Access to facilities for local children's sports teams, for example access to the School's astroturf for evening training for Minchinhampton Under 9's, Under 11's and Under 13's football teams, and access to the School's playing fields to host the Gloucestershire Cricket Board's week long Under 10,5 cricket festival. Access to the swimming pool for the local community in the early mornings, evenings and at weekends, including for children of primary school age to use and learn to swim through the Saturday Swim School. Access to the School's music facilities for local chiklren when it acts as a centre for Associaled Board for Music Exams.
BEAUDESERT PARK SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Charity fundraising both in terms of money raised and collections, such as supporting the Macmillan Cancer Coffee Morning, collecting food through our Harvest Festival service for Slroud Foodbank, raising funds for Children in Need and the British Legion, and making donations to the Red Cross and the local Stroud Choral Society. Again this year, children from Years 310 6 took pait in Ihe Restless Development children's triathlon at Clifton College Ihat raised £99.000 in total. Our annual charity shopping fair also saw £10,000 raised for Guide t)ogs enabling the School to sponsor a puppy through its training. Visits to residents of care homes in Minchinhamplon and Nailsworth as part of activities programmes or wilh the Pre-Prep choir. combined with fundraising events for these centres and for the local hospice. During the year the School continued ils link with Widden School, a multicultural primary school in Gloucester. Pupils from Year 4 in each school experienced the environment of the other to gain an understanding of the lives of others from different backgrounds and Gultures. Environmental and suslainabilit The School is committed to educating ils pupils about environmenlal and sustainablllty issues. Children from Nursery lo Year 3 have Forest School lessons, while Ecology is also taught from Year 3 to Year 5 as a dedicated subject. Our E¢o£ommittee once again achieved Green Flag Status for the School having underlaken various Eco-school projects encompassing heallhy living, energy and marine support. Meat Free Mondays take place at lunchtimes, followinq child- led requests lo do so. More widely, learning about the environment and Inatters of sustainability are embedded within the Science curriculum and our programme of assemblies. The renovation and restoration of the Victorian pond encourages ecological inlerest and commitment amongst the pupils. A recently acquired field has been set aside as a wildflower meadow and native trees and hedge species have been planted to encourage more wildlife. During the 2023124 academic year the School commissioned an Estate Decarbonisation Plan and will use it to help formulate a long-term strategy to achieve Net Zero carbon. Financial and access Bursaries - It is important to us that access to the educalion we offer is not restricted to those who can afford our fees. The School's bursary policy has been authorised by the Trustees and forms part of the School's public benefit stralegy which contributes to a widening of access lo the education we offer and the facilities we enjoy. The aim of the bursary policy is to ensure that prospective and current parents are aware of the bursary provision and the process by which they can apply. The Trustees are committed lo assisting access lo the School by offering means-tesled financial support with the paymenl of school fees. Bursaries may be awarded in the form of a discount of up to 1000k of the day tuition fees, depending on the financial circumstances of applicants. The School supported 21 children with financial help duiing the year amounting to fee assistance of £197,224 (2023.. £134.397) To ensure Ihat music advancement is appropriately encouraged to the highest levels, pupils who have attained Grade 5 in any particular instrument are offered subsequent free music tuition for that instrumenl amounting to £1,280 in the year for 3 pupils (2023.. £500 for 2 pupils). In the furtherance of Ihese aims Beaudesert Park School Trustees have complied with the duty in s.17 of the Charities Act 2011 to have due regard to Ihe Charity Commission's published general and Televant sub-sector guidance concerning the operation of the Public Benefit requirement under the Act.
BEAUDESERT PARK SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 FINANCIAL REVIEW Results for the year The School's operating surplus for the year was £250,117 (2023.. £422,386) which included donations of £1,24812023.' £8,358) as below. The School's total unrestricted surplus for the year was £282,475 {2023.' £432, 512) and is equivalenl to 3.6 % of total income (2023.. 5.6%). Fundralsing performance No formal fundraising for the School has been undertaken in 2023-24. In 2022-23, the majorily of the donated incoine was from families donating their deposits when their child left the School and from a fundraising talk. Regarding 'normal' fundraising activities, the School does not use professional fundraisers or have any commercial parlicipalors. All fundraising activilies are managed by the School Office and monitored by the Finance Direclor, with overall oversight by members of the governing body. No complaints relating to fundraising were received by the School during this financial period. However. the School has in place procedures thal would be followed in the event of a complaint being reGeived with the initial response being the responsibility of the Finance Director. Any continuing issues would then be passed to the governing body to determine whal further action might be required. The School does nol subscribe to any specific fundraising standards or schemes for fundraising regulalion bul considers that it has set appropriale standards for the operation and management of ils fundraising activities. In particular, the School considers that ils processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable inlrLFsion on a person's privacy and Ihat no fundraising activilies would be unreasonably persistent or place undue pressure on a peison to give money or other property. The School has a separate volunteer parent body, the Friends of Beaudesert, which aims lo organise social events for parents and pupils. The Friends also undertake some general fundraising activities, most notably the annual Autumn Fair held on site at the School, the proceeds of which are donated to a charity of their choice. Investment policy, objectives and performance All liquid resources are secured in bank current accounts, fixed term cash deposits, T-Bills and government bonds pending the need for the funds for working capital. future building, maintenance and development programmes. The School currently does nol have any olher form of investments. The School's investment approach is, therefore, lo achieve the best financial return possible within the conslraints of maintaining appropTiate liquidily and investing in low-risk assets. Target returns for investment are either above the cost of funds raised or, in the case of retained surpluses and general school monies, returns as close lo Bank of England base rates as can be achieved while meeling the School's liquidity and capital PTeservation requirements. In Ihe period. these goals were met. To the extenl that suitable investments in future include those with social, environmental or ethical implications, investment decisions will lake these into account in the context of the School's ethos and responsibilities in these areas. Reserves level and policy The Trustees, policy is over time to build up free reserves (General Funds less Tangible Fixed Assets) out of annual operating surpluses towards a level equivalent to approximately one term's expenditure (circa £2ml. This reflects Ihe need to cover the risks and uncertainties of operating as an independent educational establishment, but will be subject to the prior demands of capital expendilure programmes to equip the School with the up-to-date facilities needed to mainlain the standard of educational services currently provided. Going forward, and within the objectives of the policy, the Trustees will use its credil facility and any like il to fund further small capital developments as and if required.
BEAUDESERT PARK SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The School's unrestricled funds stood at £10.3m (2023." £10.Om) at the year end with free reserves of £2.3m (2023.- £1.8n7). Unrestricted funds are used to fund the School's premises and equipmenl tolalling £8.Om, net of the School's working capital and cash reserves. Day to day working capital needs were met by careful management of the School's liquid resources. The School's restricted funds of £9,456 (2023." £41.814) will be used to fund means-tested Bursaries going forward. The School also has a designated fund of £116,237 (2023.. £70,591) which is designed to fund the restricted fund for means-tested Bursaries if Ihe need arises. FUTURE PLANS The School continues to plan to provide the most stimulating 2nd all round education to its pupils and in that regard aims to increase, enhance and maintain ils educalional resources and facilities to provide the most motivating learning environment. Duiing the course of the academic year 2019120 a new 5 Year Strategic Developnient Plan was agreed in consultation with all staff and members of the Board of Governors. This was formally launched in the summer of 2020 to guide the School's planning through to 2025. It includes the development of the School's academic, pastoral and boarding provision, with particular focus on character developmenl, breadth of opportunity and the enhancement of community, charily, diversity and environmental awareness. Appropriate development of facilities to support these aspirations is also included. RISK MANAGEMENT The Trustees have given consideralion lo the major risks lo which the School is exposed. The Governing body has ultimate responsibility for managing any risks faced by the School. Detailed consideration of risk is delegaled to the Governance & Compliance Committee, and from there to the other sub- committees of the Board for the areas relevant to each of them, reporting formally lo the Board each year. Routine management of risk is delegated to the Head and Finance Director, supported by the Senior Leadership Team. The risk management process and the resulting risk register identifies risks, assesses their impact and likelihood and, where necessary. recommends controls to mitigate and monitor risks, in parlicular those assessed as high. Princlpal risks The Board continues to identify and review the major risks to which the School is exposed. In particular, the School recognises three principal risks, summarised below.. Loss of Finaiicial Security External forces, including economic faciors such as inflation, energy prices, cosls of living, increases to employer National Insurance contfibutions and a change in government policy toward independent schools removing mandatory Business Rates Relief and imposing VAT on fees, may combine to undermine affordability for parents and the financial resources andlor operating model of the School. The key controls to mitigate this risk are.. Maintaining an effective financial planning framework, including detailed scenario analysis, cost and investment spending disciplines. financial controls and reserving policy. Spending on resources required to maintain high educalional standards while raising fee levels by the minimum amount lo do so. Providing bursary support in certain cases where families require it to benefit from the School. utilising external advice from relevant associations (including ISC, AGBIS, ISBA) and professional providers, as necessary. Loss of Rep(Ilation due to Falling Educational Standar(Js io
BEAUDESERT PARK SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 High educational standards are a pre-requisite to ensure the excellent reputation ol the School is preserved. The key controls to mitigate this risk are.. Effective structures for school management. communication and reporting. Employirig, retaining and training excellent teaching staff. Disciplined programme for staff appraisal and monitoring. Resources, time and priority given to stalf wellbeing. Mainlaining the quality of contingent remote learning provision. Failure to Comply with Stalutory Regulalioi?s In order to provide a safe environment for pupils, staff and other visitors as well as appropriate levels of education, the School is required to comply with a variety of slatutory regulations. The key controls to mitigate this risk are.. Comprehensive policies and procedures, reviewed by Governors, Ihe Head and the Finance Director at least annually and familiar to staff as necessary for their roles. Internal and external reviews and checks, with the necessary resources provided, lo confirm compliance with laws, guidelines and good praclise. Relevant and adequate insurances in place. reviewed annually by the Governance & Compliance Committee. Ongoing tfaining, including as diclaled by changing regulation. Clear and established safeguarding protocols, procedures, controls and roles. The Trustees believe that the School's financial resources, conlingency planning and management of risks are sufficient to ensure the ability of the School to continue as a going concern for the foreseeable future. AUDITOR In accordance with Section 485 of the Companies Act 2006, a resolution proposing Crowe U.K. LLP'S reappointment as auditor will be pul lo the Annual General Meeting. This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Beaudeserl Park School on 18th March 2025, including in their capacity as company directors approving the Strategic Report conlained therein, and is aulhorised on its behalf by.. Mr S Jones Chair of Trustees li
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BEAUDESERT PARK SCHOOL TRUST LIMITED Opinion We have audited the financial statements of Beaudeserl Park School Trust Limited for the year ended 31 July 2024 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, including Financia5 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 slatemenls-. give a true and fair view of the stale of the charitable company's affairs as al 31 July 2024 and of the incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit in accordance with International Starbdards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are furlher described in the Auditor's responsibilities for the audit of Ihe financial statements section of our report. We are independent of the haritable company in accordance with the elhical requirements that are relevant lo our audil of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibililies of the Trustees with respect to going concern are described in the relevant sections of this report. other information The Trustees are responsible for the other information contained within the annual report. The other information comprises the informalion included in the annual report, olher than the financial stalements and our audilor's report thereon. Our opinion on Ihe financial statements does nol cover the other information and, except to the extent otherwise explicitly stated in our report, we do nol express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, Consider whether the other information is materially inconsistent wilh the financial stateinents or our knowledge obtained in the audil or otherwise appears to be malerially misstated. If we identify such material inconsislencies or apparent material misstatements. we are required to determine whether this gives rise to a material missl2tement in the financial statements themselves. If, based on the work we have performed, we conclude that Ihere is a material misstatement of Ihis other information, we are required to report that fact. We have nothing lo report in this regard. 12
Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit Ihe informalion given in the Trustees. report, which includes the directors. reporl and the strategic report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the strategic report and the directors, report included within the Trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In light of the knowledge and understanding Ihe charitable company and their environmenl obtained in the course of the audit, we have not identified material misslatemenls in Ihe slrategic reporl or the directors. report included within the Truslees, rewrt. In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the Trustees. repoil. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo you if, in our opinion- adequate accounting records have not been kept. or Ihe financial statements are not in agreement wilh the a¢¢ounting records and retUTns,' or certain disclosures of Trustees, remuneration specified by law are not made., or we have nol received all Ihe information and explanations we require for our audit. Responsibilities of Trustee8 As explained more fully in the Trustees, responsibi5ities statement on page 5 the Truslees (who are also the (fireclors of the charitable company for the purposes of company law) are responsible for the prepaiation of the financial statements and for being salisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Tiustees are responsible for assessing the charilable company's ability lo continue as a going concern, disclosing, as applicable, Imatlers related to going concern and using the going concern basis of accounting unless the Truslees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance alx)ut whether the financial statements as a whole are free from material misslalemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could Teasonably be expected to influence the economic decisions of users taken on Ihe basis of these financial stalements. Extent to whlch the audit was considered capable of detecting irregularltles, Including fraud Irregularities. including fraud, are instances of non-compliance with Saws and regulations. We design procedures in line with our responsibilities. oullined above, lo detect material misslatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecling irregularities, including fraud is detailed below- We obtained an understanding of the legal and regulatory frameworks wilhin which the Charitable 13
Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be with the completeness and accuracy of bursaries, remissions and other fee concessions, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, The Finance Director and the Finance Sub-Committee about their own identification and assessment of the risks of irregularities, sample testing on bursaries, remissions and other fee concessions, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Tara Westcott Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 41" Floor St James House St James Square Cheltenham GL50 3PR
Date: 01 April 2025
14
BEAUDESERT PARK SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Summary Income and Expenditure Account) FOR THE YEAR ENDED 31 JULY 2024 Unrestricted Funds Restricted Funds 2024 Total 2023 Tolal Notes INCOME FROM: Charitable activities School fees receivable Ancillary trading income Olher income Donations & Grants Receivable 6,976,593 639,358 28,906 700 6,976,593 639,358 28,906 1.248 6, 954, 763 575,978 34, 939 8,358 548 Other trading actlvitles Investment income Other income 114,458 107,750 3,038 7,870.803 114,458 110,608 3,038 87,986 39,581 17,804 2,858 Total income 3,406 7 874,209 7, 719,389 EXPENDITURE ON: Charitable actlvlties.. Education 7 588,328 7 624 092 7, 297,003 Total expendlture 5alb 7,588,328 35,764 7,624,092 7,297, 003 Net Income l (expendlture) before investment gains Gains on fees in advance investments 282,475 132,358) 250,117 422,386 35,517 35,517 Funds brought forward 13114 9 968,577 10 010 391 9, 588,005 Funds Carried forward 13114 10 286 569 9,456 10,296 025 10,010,391 The notes on pages 18 to 28 form pail of these financial slalements. 15
BEAUDESERT PARK SCHOOL TRUST LIMITED COMPANY NUMBER: 00937554 BALANCE SHEET AS AT 31 JULY 2024 Note 2024 2023 FIXED ASSETS Tangible fixed assets Investments 7,969,428 4,285,222 12,254,650 8, f 88, 082 8, 188,082 CURRENT ASSETS stocks Debtors Cash and deposits 15.609 522,238 2,023 394 2,561,241 18,891 495,091 2,490,881 3,004, 863 CREDITORS (amounts falling due within one year) 10 2,279,991 857,909 NET CURRENT ASSFTS 281,250 2,146,954 TOTAL ASSETS LESS CURRENT LIABILITIES 12,535,900 10.335,036 CREDITORS (amounts falling due after more than one year) 2,239 875 324, 645 NET ASSETS 10 296 025 10,010,391 FUNDS: Restricted Unrestricted: Designated Genefal 14 9,456 4t,814 13 13 116,237 10 170,332 70,591 9,897,986 TOTAL FUNDS 10,296,025 10,010,391 The financl21 statements were approved and authofised for issue by the Board of Truslees on 181h March 2025, and were signed on its behalf by: Mr S Jones Chalr of Trustees The noles on pages 18 to 28 form part of these financial statements. 16
BEAUDESERT PARK SCHOOL TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Cash flows from operating activities: Nel income for the year 250,117 422,386 Adjustments for: Unrealised gains on fees in advance investments Inlerest received Finance costs Investment Manager's lees Profil on Sale of fixed assets Depreciation charges Oecrease in stock (Increase) in debtors IncreasellDeciease) in creditors IncreasellDecrease) in fees in advan Net cash provided by operallng activities 35,517 (110,608 3,203 8,115 {320) 472,536 3,282 {27,146) 512,512 2,824,798 (39, 561) 3,012 (1, 350) 502,871 16, 727 (8, 581) {25, 713) 110,647 3,972,006 759, 144 Cash flows from investing activitles: Purchase of tangible fixed assets Purchase of inveslments Investment Manager's fees Proceeds from sale of tangible fixed assets Interest received {253,8811 (4,285,222} (8,115) 320 110,608 (228. 833) 1,350 39,561 Net cash used in investing activilles (4,436,290 (187, 922) Cash flows from financlng activities: Finaiice costs paid 3,203 Net cash used in financing activities 3,203 3,012 Change in cash and cash equlvalents in the year 467,487 568,210 Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 2,490,881 1,922,6Tf 2,023 394 2,490,881 Notes to the Statement of Cash Flows ANALYSIS OF CASH AND CASH EQUIVALENTS Al 1 Augusl 2023 Cash Flow At 31 July 2024 Cash in hand and al bank Short term deposits Total 596. 072 1,894,809 917,229 1,384,716 {467,4871 1,513,301 510,093 2,023,394 2.490,881 The noles on pages 18 to 28 form part of these financial stalements. 17
BEAUDESERT PARK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES CHARITY INFORMATION Beaudesert Park School Trust Limited is a registered charity with the Charities Commission England and Wales (charity number= 311711) and was incorporated as a private company limited by guarantee (company number.. 00937554). The address of its registered office is Beaudesert Park School, Minchinhampton. Gloucestershire, GL6 9AF. b) BASIS OF ACCOUNTING The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006, the Statemenl of Recommended Practice applicable lo charities prepaiing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - and the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102). Beaudesert Park School Trust Limited meets the definition of a public benefit enlity under FRS 102. GOING CONCERN The Governors have undertaken planning and forecasting for al the least the next 18 months and continue to closely monitor the economic and polilical situation. Despite the current circumstances the Governors believe that the School's financial resources and conlingency planning is sufficient to ensure the ability of the School to continue as a going concern for the foreseeable future, being at least Iwelve months from the date of approval of these financial statements and therefore have prepared the financial siatemenls on a going concern basis. d) INCOME All income is recognised in the Statement of Financial Activities when the conditions for receipt have been mel and there is a probability of receipt. The following accounting policies are applied to income: School Fees and Simllar Income School fees represent gross fees receivable, including fees for exlracurricular activities less allowances, bursaries and other remissions granted by Ihe School. Investment Income Investment income is taken into account in the financial period in which it is due lo be received. Donations & Grants Recelvable Donations are recorded in the Statement of Financial Activities when the School has entitlemenl lo the funds, any performance conditions attached lo the items have been met, it is probable that the income will be received and the amount can be measured reliably. Where donations are received only to be used for a specific purpose they are allocated to the appropriate reslricled fund. Grants from government bodies and other sources are received for specific projectslcosls and are recognised in accordance with their individual terms and conditions. Income is recognised when the School has entitlement to the funds which is when any perlormance condilions attached are met, it is probable that the income will be received and the amount can be reliably measured. Grant income will be deferred if received in advance of meeting perfoimance conditions or if the funder specifically states that the income must be spent in a future accounling period. EXPENDITURE Expenditure is accrued as soon as a liability is considered probable. Expenditure is allocated to expense headings on a direct cost basis, with slaff costs being allocated according to the eslimated time spent by staff working in relevant departments. The irrecoverable element of VAT is included with the item of expense to which it relates. Governance costs include costs involving the trustees and the direction of the School and are included wilhin support costs. 18
BEAUDESERT PARK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES (continued) fl FUND AccouNTING The School maintains various types of funds as follows.. Restrlcted Funds Restricted funds represent grants. donations and legacies received which are allocated by Ihe donor for specific purposes. General Funds General funds are unrestricted funds representing funds which are expendable at the discretion of the Trustees in the furtherance of the objects of the School. Such funds may be held in order to finance both working capital and capital investment. Designated Funds Designated funds comprise unrestricted lunds that have been set aside by the Governing body for particular purposes. The aim and use of each designaled fund is set out in the notes to the financial slatemenls. g) TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets are staled at cost less depreciation. Deprecialion is not provided on freehold land. On other assets depreciation is provided on cost in equal annual instalmenls over Ihe eslimaled economic lives of the assets. The rates of depreciation are as follows.. Freehold Buildings Plant and Machinery Computers Fixtures, fittings and equipment 2-10 /0 slraight line 20-50°/o straight line 10-33.3 % straight line 150/0 Straighl line Expenditure on fixed assets is capilalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is wrillen off as expenditure in the Statement of Financial Activities. Items costing less than £500 are wiitten off as an expense as acquired. Assets in the course ofconstruclion are included at cost. Depreciation on these assets is not charged until they are brought into use. h) INVESTMENTS Listed investments are valued at markel value as al Ihe balance sheet date. Unrealised gains and losses arising on revaluation are credited or charged to the Statement of Financial Aclivilies. STOCKS Stocks are slated in the Balance Sheet at the lower of cost and net realisable value. DE8TORS Shorl term debtors are recognised at Ihe settlement amount after any impairment. k) CREDITORS Shorl term credilors are normally recognised at their seltlement amount after allowing for any trade discounts. AOVANCE FEE SCHEME CREDITORS Amounts received under the School's Advance Fee Scheme contracts for education, not yel utilised to settle school fees, are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months of Ihe Balance Sheet date, and as long-term liabilities where the education will be provided in subsequent years. CASH AT BANK Cash is represented by cash in hand and deposits with financial institutions. 19
BEAUDESERT PARK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES (continued) TAXATION The School is a registered charily and. as such, is entitled to taxation exemplions on all its income and gains properly applied for its charitable purposes over the period of these financial statements. VALUE ADDED TAX Under legislation in force during the period of these fi'nancial slatements, the School remains unable to recover any value added lax charged by suppliers. All such tax has been included in the financial slatemenls with the expenditure to which it relales. OPERATING LEASES Rental costs under operating leases are charged lo the Statement of Financial Aclivities in equal annual amounts over the periods of the leases. p) PENSION COSTS On 31 December 2019 the School withdrew from the Teachers. Pension Scheme and now operates a defined contribution scheme for all its staff, the assets of which are held separately from those of the School. The pension cost charge represents contributions payable by the School to the scheme. LIABILITIES Liabilities are recognised once there is a legal or constructive obligation that commits the School to the obligation. ql FINANCIAL INSTRUMENTS The School only has linancial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. s) JUDGEMENTS IN APPLYING AccouNTING POLICIES ANO KEY SOURCES OF ESTIMATION UNCERTAINTY Eslimates and judgements are continually evalualed and are based on historical experience and other factors, including expectalions of future events that are believed to be reasonable under the circumstances. The items In the financial statements where these estimates and judgements have been made include the following.. Useful economlc Ilves of tangible fixed assets The annual depreciation charges for the tangible fixed assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current eslimales, based on economic utilisation and the physical condition of the assets, See note 7 for the cariying amount of the tangible fixed assets and note lg for the useful lives for each class of assel. Impairment of debtors The School makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credil rating of the debtor, the ageing profile of debtors and historical experience. See note 9 for Ihe nel carrying amount of the debtors and associated impairment provision. 20
BEAUDESERT PARK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 CHARITABLE ACTIVITIES - FEES RECEIVABLE Fees receivable represenl gross school fees invoiced less discounts and allowances. 2024 2023 School fees Discounts and allowances.. Fee SUPPOft Fees less discounts 7,438,053 7,068,835 197,224 6,940,829 134,397 6, 934, 438 Add Back.. Bursaries and other awards paid for by restricted funds 35,764 6,976 593 20,325 6, 954, 763 CHARITABLE ACTIVITIES - ANCILLIARY TRADING INCOME 2024 2023 Trip income Music income Tuition fees other fee extras 425,320 248,128 149,485 116,425 639 358 97,874 215, 158 164,678 98,268 575,978 DONATIONS & GRANTS RECEIVABLE 2024 2023 Donations 8.358 21
BEAUDESERT PARK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 5(a). EXPENDITURE- Analysis of total expenditure staff Cost5 Other Depreciation 2024 2023 Charltable activities Education Housekeeping costs Premises costs Marketin9 and publicily Scholarships and discounts from restricted funds Support costs and governance Total expenditure 4,566,363 35,787 472,034 334,850 627,787 33,802 5,038,397 370,637 1,100,323 33,802 4, 829,054 350,516 1,032,046 42,834 472,536 35,764 35,764 788.242 5,390,362 256 957 1045,169 7,624,092 1,022,228 7, 297, 003 1,761,194 472,536 5(b). EXPENDITURE - Other dlsclosures 2024 2023 Governance included in support costs: Auditor's remuneration - for audit Reimbursement of personal expenses to Governors- travel cosls other governance costs 15,060 1,873 11,646 28,579 13,547 1,939 10,313 25, 799 Travel expenses of £1,873 (2023.. £1,939) were reimbursed (or accrued) in relation to two Trustees (2023.. three Trustees). 2024 2023 Charltable activltles expenditure includes.. Depreciation of owned assets Lease payment on School playing field Bank charges Inveslment Manager's fees Pension costs 472,536 4,139 3,203 8,115 513 068 502, 871 3,857 3,012 508, 978 INFORMATION REGARDING TRUSTEES AND EMPLOYEES Trustees, emoluments and expenses: No Trustee, or person related as close family or connected by business to them, has received any remuneration or other benefits from Ihe School during the year. 2024 2023 Employee costs durlng Ihe period: Wages and salaries Social secLFlity costs Pension costs 4,482,784 394,510 513,068 5,390,362 4,249,170 389,067 508, 978 5,147,155 Included wilhin wages and salaries above is £372,348 (2023.- £342,699) relating to catering and Gleaning wages for staff thatare noldirectly employed by the School, but by the catering and cleaning suppliers. 22
BEAUDESERT PARK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 INFORMATION REGARDING TRUSTEES AND EMPLOYEES (continuedl 2024 No. 82 22 38 16 158 2023 Average number of persons employed: Teaching staff Peripatetic music and activities Support staff Catering 84 23 38 16 161 The number of employees whose emoluments exeded £60,000 were: 2024 2023 No. £60,000 - £70,000 £70,000 - £80,000 £80,000 - £90,000 £90,000 - £100,000 £100,000- £110,000 The hlghesl paid employee was a member of the Schools Group Personal Pension Defined Contributions Scheme. Contributions during the year were £16,595 (2023.. £15,811). During the year there were £4,000 redundancy or lerminalion payments (2023.. £iiil). 2024 2023 Aggregate employee benefits of key management personnel 422,717 402, 753 This includes gross salaiy, employers, pension and employers, National Insurance costs. TANGIBLE FIXED ASSETS Freehold Land and Buildings Plant and Machinery Coinputer Flxtures. Flttlngs and Equlpinent Assets Under Constructlon Total Cost Al l Augusl 2023 Additions Disposals At 31 July 2024 12,008,479 290,815 18,424 442.356 84,478 49,348 1.014,633 120,478 67,223 11,069 30,502 73,767,352 253,882 116,571 12 008,479 309,239 477,486 1,067,888 41,571 13,904,663 Depreciation Al l Augusl 2023 Charge for the year Disposals 4.326,382 248, 733 238.952 765.203 5,579,270 268,393 16,849 96.993 {49,348) 90.301 167,223) 472,536 (116,5711 At 31 July 2024 4,594,775 265.582 2B6,597 788.281 5,935,235 Net Book Value At 31 July 2024 7,413,704 43.657 190,889 279,607 41,571 7,969,428 Al 37 Jtily 2023 7, 682,097 42,082 203,404 249, 430 11,069 8, 188,082 23
BEAUDESERT PARK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 INVESTMENTS 2024 2023 Investments held in support of the fees in advance scheme Other financial assels 2,781,669 1,503,553 4,285,222 At fj August 2023 New money invested Investment Manager's fees Change in market value of investments Al 31 July 2024 4,257,820 (8,115) 35,517 4,285,222 Investments comprise.. Government Bonds Cash 4,260,655 24,567 4,285,222 The balance of fees in advance scheme assets at the year end were held within other financial assets or within Current assets as cash deposits. Investments are managed by LGB &Co Liinited and held in the UK by Pershing Securities Limited. DEBTORS 2024 2023 Fee and extras debtors Prepayments and accrued income 303,802 218,436 522,238 324,438 170.653 495,091 Fee debtors are stated after impairment provisions tolalling £79.183 (2023.. £79,008). 10. CREDITORS (AMOUNTS FALLING DUE WITHIN ONE YEAR) 2024 2023 Trade CTeditor5 Other creditors Taxation and social security Pension Deposits (note 111 Accruals and deferred income Fees paid in advance Fees in advance scheme (nole 12) other loan 107,175 12,089 98,377 63.057 40,750 285,131 418,701 1,244,066 69,523 7,117 103,338 60,644 41,748 160,810 45,192 358, 892 10,645 857,909 2,279,991 24
BEAUDESERT PARK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. CREDITORS (AIVIOUNTS FALLING DUE AFTER MORE THAN ONE YEAR) 2024 2023 Fees in advance scheme (note 12) Deposits Other102n 1,939,625 300,250 314,000 10,645 324, 645 2,239,875 Deposits Deposits are held for all pupils and are repayable when they leave the School. 2024 2023 Within one year (note 10) Within one lo two years Within two to five years Over 5 years 40,750 41,000 122,250 137 000 341,000 41,748 37,000 137,000 140,000 355 748 12. FEES IN ADVANCE SCHEME Parents are able to enter inlo a contract to pay the School tuition fees in advance. The money may be returned subjecl lo specific conditions on the receipt of one term's notice. Assuming pupils will remain in the School, advance fees will be applied as follows: 2024 2023 Within 2 - 5 years Within 1 2 years (note 11) Within 1 year {note 10) 1,017,240 922,385 1,939,625 1,244,066 358, 892 3,183,691 358, 892 The balance of £3,183,691 {2023.' £358,892) represents the accrued liability under the contracts. The movements during the year were: 2024 2023 Balance at the start of the year New contracts 358,892 3,183,691 3,542,583 1358,892) 469, 539 291.430 760,969 (402,077) Amounts utilised in payment of fees Balance at the end of the year 3,183,691 358, 892 25
BEAUDESERT PARK SCHOOL TRUST LIThRITED NOTES TO THE FINANCIAL STATEllllENTS FOR THE YEAR ENDED 31 JULY 2024 MOVEMENT IN UNRESTRICTED FUNDS Year ended 31 July 2024 Balan 1 August 2023 Balance 31 July 2024 Incoming Resources resources expended Gains and losses other transfers General fund Designated fund Total unrestricted funds 9,897.986 70.591 7,870,803 {7,588,328) 35,517 (45,646 45,646 10,170,332 116,237 9,968,577 7,870,803 7,588,328 35,517 10,286,569 Year ended 31 July 2023 Balance l Augusl 2022 8alanc8 31 July 2023 Incoming Resources resourcos expended Gains and losses Other transfers Gengral fund Designaled fund Total unrestrlcted funds 9.478,265 57.800 7, 709, 190 (7.276,678) (12,791) 12.191 9, 897, 986 70,591 9.536,065 7, 709, 190 7,276,678 9,968.577 14. MOVEMENT IN RESTRICTED FUNDS Year ended 31 July 2024 Balance 1 August 2023 Balance 31 July 2024 Income Expendlture Restrlcted funds Bursary Fund 41,814 3,406 35,764 9,456 Total 41,814 3,406 35,764 Year ended 31 July 2023 Balance 1 Aiigust 2022 Balance 31 July 2023 Income Expenditure Restricted funds Bursary Fund 51,940 10,199 20.325 41,814 Total 5t.940 10,199 20,325 41,814 Bursary Fund income is generated as a resull of fundraising. The use of the funds so generated is intended to be to provide transformalional bursaries, or else support a family who's circumstances have changed so drastically they find il impossible to continue lo afford the fees, to help ensure that a Beaudesert education is accessible to all children who have the aptitude to contribute to the life of the School and to benefit from the experience. 26
BEAUDESERT PARK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. ANALYSIS OF ASSETS & LIABILITIES BETWEEN FUNDS For the year ended 31 July 2024 Unrestrlcled Funds Designated Funds Restricted Funds Total 2024 Fixed assets Current assets Current and long term liabilities 12,254,650 2,435,548 4,519,866 12,254,650 2,561,241 4,519,866 10,296,025 116,237 9,456 10,170,332 116,237 9,456 For the year ended 31 July 2023 Unrestricted Funds Designated Funds Restrlcted Funds Total 2023 Fixed assels Curi-eiit assets Ciiirent ai?d long leim liabilities 8, 188.082 2,892.458 1, 182,554 9, 897, 986 8, 188, 082 3, 004, 863 1, 182,554 10,010,391 70,591 41,814 70,591 41,814 16. PENSION COSTS All staff lif eligible) are enrolled into the School's defined contribution scheme. the assets of which are held separately ffom Ihose of the School. The pension cost charged represents contributions payable by the School to the scheme and amounted to £513,068 for the year ended 31 July 2024 (2023." £508, 978). At 31 July 2024 contributions of £63.057 were due lo be paid (2023." £60, 644). All pension charges are charged to unrestricted funds. in line with the fund out of which wages and salaries are paid. 7. CAPITAL COMMITMENTS £79.069 unaccrued capital expenditure was conlracted for as al 31 July 2024 (2023.. £23,536). 18. FINANCIAL COMMITMENTS At 31 July 2024 the School had fulure minimum lease payments under non-cancellable operating leases as follows: Plant and equipment 2024 2023 Land and Buildings 2024 2023 Expiring within l year Expiring between 1 and 5 years Expiring after 5 years 39,346 45,354 61,607 87.977 3,488 13,952 363 3,488 13,952 3,851 19, MEMBERS The Charity is incorporated as a Company limited by guarantee having no share capital and in accordance with the Memorandum of Association every member of the Company undertakes to contribute lo its assets in the event of a winding up while slhe is a member, or within one year after 27
BEAUDESERT PARK SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEThAENTS FOR THE YEAR ENDED 31 JULY 2024 slhe ceases to be a member, up to an amount not eXedIng £1. Al 31 July 2024 there were 17 members (2023.. 17 members). 20, RELATED PARTY TRANSACTIONS During the year, some Trustees and Senior Leadership Team members were also parents of pupils at the School. All Iransactions with these parents were conducted under normal commercial terms and at arms-lenglh. One School Trustee, J Nettleton, is a direclor of Blake Architects Limited who were awarded the WOTk to rebuild Ihe swimming pool roof after winning a compelitive, arms-length tender process. Transactions in the year amounted to £15.885 (2023.. £2.016). There were no outstanding balances at the year end (2023.. £nil). 21. STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES B Y FUND TYPE Unrestricled Funds Restricted Funds 2023 Total Year ended 31 July 2023 Notes INCOME FROM: Charitable actlvlties School fees receivable Ancillary trading income Other income Doiiations & Grants Recelvable Other tradii)g activities Hire of school facilities Investment income Other income 6, 954, 763 575,978 34, 939 6,954, 763 575,978 34, 939 8,358 8,358 87.986 37. 720 17,804 7. 709, 190 87,986 39,561 17,804 7, 719,389 1,841 Total income 10, 199 EXPENDITURE ON". Charitable activities: Education 7,276,678 20,325 7,297,003 Total expendlture 5alb 7,276,678 20,325 7,297,003 Net income l (expendlture) and net movem8nt in funds 432,512 (10, 126) 422,386 Funds brought forward 12113 9, 536.065 51.940 9,588,005 Funds carried forward 12113 9.968.577 41,814 70,OqO,391 28