Registered Company number: 00984771 (England and Wales) Registered Charity number.. 312058 GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEEI FOR THE YEAR END 31 August 2024
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Governors LA Buchanan K L Davies (Chairl C K Decker l D Ferguson D Garrod lappointed 05106120241 Dr R S Kirkham P Mundy lappointed 24105120241 S Patel (appointed 24106120241 S M Perrett Ivice Chairl H F D Sturges J Tait-Harris (appointed 22109120231 J R We1ham Head G Franklin (appointed 01109120231 Bursar and Clerk to the Governors S Llones Charity Number 312058 Company Number 00984771 Registered Office & Principal Address Amesbury School Hazel Grove Hindhead Surrey GU26 6BL Auditors TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN United Kingdom Webslte amesburyschool.co.uk
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) CONTENTS Page Governors, Report Statement of Governors, Responsibilities Report of the Independent Auditors Statement of Financial Activities 13 Balance Sheet 14 Cash Flow Statement 15 Note5 to the Financial Statements 16
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT The Governors, who are of company law and Trustees for the purposes of charity law, present their Directors for the purpose5 annual report together with the financial statements of the charitable company for the year ended 31 August 2024. The School is governed by its Articles of Association last amended on 2 December 2015. Governlng Body The Governing Body is self-appointing. New Governors serve for an initial term ending at the AGM following the third anniversary of their appointment. They are then eligible for re-election for a maximum of two successive terms of three years. A Governor having served for three successive terms sh211 not be reappointed as a Governor without break of at least twelve months unless the other Governors waive this requirement. Recruitment and training of Governors Nominations for new Governors are sought through introductions from existing Governors, the Head or the Bursar based on the candidates, professional qualities, experience, personal competence and local availability. Where suitable candidates are not appointed in this way, advertlsements are placed in relevant places eg. AGBIS, TES, Linkedln. Particular regard is given to the need to maintain a range of skills within the Governing Body, including finance, education, pastoral, property, marketing, health and safety, IT and human resources expertise. New Governors are provided with induction support, including a tour of the school, discussions with senior staff, the Chair of the Governing Body and other governors. All Governors are encouraged to attend relevant conferences and training seminar5 ofEani5ed by AGBIS and other providers. Training is provided online and through workshop sessions at the school. All governors take their re5ponsibilitie5 seriously, with particular regard to the importance of operating in an environment where the safeguarding and protertion of children is paramount. All Governors have received training in safeguarding, PREVENT and e-safety. Governors are particularly conscious of their responsibility to regularly monitor and evaluate the effectiveness of the school's policies and procedures. Arrangements via the committee and meeting structures enable this to happen. They pay particular regard to the implications of the1aw, related procedures and best practice. Organisational management The members of the Governing Body are legally responsible for the overall management and control of the School. They normally meet three times a year. Much of the detailed work of overseeing policies is carried out by Committees of the Governing Body, which also meet for a minimum of three times a year. The day-to-day running of the School is delegated to the Head and Bursar, who attend all meetings of the Governing Body and it5 committee5.
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEEI GOVERNORS, REPORT (CONTINUED) The principal responsibilities of the Governors, committees are as follows.. The Finance Committee oversees financi31 control of the School and monitors strategic risk management, as well as supervises and monitors capital building projects and maintenance. Chair.. Hugh Sturges. The Education and Safeguarding Committee monitors and evaluates the School's educatlonal and pastoral policies and performance and oversees all safeguarding areas including pastoral welfare, safeguarding training and recruitment checks. Chair.. Karen Davies. The Nominations & Governance Committee is responsible for Governor recruitment and succession planning and overseeing the School's other governance processes. Chair: lan Ferguson The committees and their membership during the year were.. Trustee Tenure a5 governor LA Buchanan 3 years 5 years l year K L Davies Ichairl C K Decker l D Ferguson D E Gorrod 2 years New appointment 2 years New appointment New appointment 4 years 3 years R S Kirkham P Mundy S V Patel S M Perrett H F O Sturges J Tait-Harris l year 2 years J R Welham l. Finance Committee 2. Education and Safeguarding Committee 3. Nominations and Governance Committee In addition to the committees above, Governors sit in an advisory capacity on the following management committees.. Marketing, Health & Safety and Digital. The Head and 8ur5ar are supported by the Senior Leadership Team, who together constitute the key management personnel of the school. Remuneration policy is set by the Governing 8ody, with the objective5 of attracting high calibre staff and fairly and responsibly rewarding individual contribution5 to the School's success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools and the state sector to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.
AMESBURY SCHOOL TRUST LIMITED (LIMITED BYGUARANTEEI GOVERNORS, REPORT (CONTINUED) Objective5 and attivities Amesbury School'5 over-arching purpose is the advancement of education through an independent nursery, pre- preparatory and preparatory school for boys and girls between the ages of nine months and 13 years. This schooling is non-selective at point of entry on grounds of academic Standard, race, religion or belief. Amesbury encourages participation in the academic, sporting, musical and artistic activities of the School by members of the local community who would not otherwise have Amesbury's quality of teaching and facilities available to them. In addition, sports and other facilities are opened up for local community Use outside of school hours and during school holidays. The School has strong links with other independent and state sector schoo15 and actively seek5 to develop these links. Our primary aim at Amesbury is to ensure that every child enjoys a fulfilling and enriching educational journey. We strive to create an environment where each student feels valued, supported, and empowered to reach their full potential. Specifically, our goals include.. l. Equipping every child with the skills, aptitudes, and resilience necessary for success in senior school and beyond. 2. Cultivating a caring community that promotes commitment, courtesy, cooperation, tolerance, and compassion. 3. Fostering strong partnerships between home and school to enhance the educational experience. 4. Setting a high standard of achievement and innovation, while nurturing personal development among staff. 5. Fulfilling our social and environmental responsibilities to society. Each of these objectives has 3 documented sub-set of more detailed strategies and tactlC5 designed to allow the main objective to be achieved. They are supported by strategies intended to enable the School to remain focused on delivering each objective. Departmental Development Plans are aligned with each objective and in combination form the basis of the School Development Plan ISDPI. Public Benefit The Governors are mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011 in setting the School's aims and objectives and planning the School's activities. During the year ended 31 August 2024, in accordance with section 4 of the Charities Act 2011, the Governors had due regard to the Charity Commission's public benefit guidance, as published in September 2013 following the 2011 decision of the Upper Tribunal and subsequent revisions. The School has provided means tested financial a5515tance during the 2023124 year amounting to £58,89812022123'. £47,201). Furthermore, the Amesbury Foundation fund has been constituted to provide bursaries for parents of children who would benefit from an Amesbury education. The Foundation fund ha5 a remaining balance of £65,334 12022123 £65,3341. In addition to bursaries, the school has long engaged in many activities that provide benef it to the public within the School's objectives, as well as some community benefit activities beyond the scope of those objective5. On the sports field, we were delighted to hold an annual football tourn3ment for 20 local club and school sides. We continue to offer fixtures to local primary schools. Amesbury 15 regularly used as an ad hoc exam centre for LAMDA, ABRSM and ISTD examinations and local children from state schools have made use of this in the past.
AMESBURY SCHOOL TRUST LIMITED (LIMITED BYGUARANTEEI GOVERNORS, REPORT (CONTINUED) As part of our Ame5bury Award and Life Skills programme, our eldest children vislt care homes in the local community. The Amesbury community donated food which our pupils delivered to the Food Bank in Haslemere as part of our Harvest seNice. Community Relationshlps The School works in association with local clubs, other charities and other schools in its ongoing endeavours to widen public access to its facilities and to awaken in its pupils an awareness of the social context of the education they receive at school. Every evening and at the weekends, local clubs and charities use Amesbury's facilities for a minimal charge calculated to cover costs. Rlsk Management The Governors have examined the major strategic, business and operational risks to which the School is exposed and confirm that procedures have been established to mitigate or reduce risks wherever possible and to insure against all normal business risks, such as public and employer's liability and properly10ss and dam38e. A register of risks has been developed and categorised and sub-committees of the Board, individual Governors or executives have been made responsible for identifying, assessing and monitoring the risks in each category. The risks identified are monitored and updated on an annual basis and approved by the Finance Committee and Full Board. Employment policv The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment need5. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of the School. Communication with employees continues through normal management channe$ in a variety of forms and includes awareness of the school's financial performance as well as current educational updates and safeguarding. REVIEW OF ACHIEVEMENTS AND PERFORMANCE Educatlonal Events and Achievements Amesbury extended its offering to include babies from 9 months old, in Little Amesbury. The school successfully passed OFSTED inspection and were delighted to welcome the first cohort of babies to Baby Amesburv. The School ended the year with 279 1202212023: 3041 full time Prep and Pre-Prep pupils. A further 81 children attended one or more days in Babies19 months to 2 yearsl, Pre-Nursery lage 2+1 or Nursery lage 3+15ession5 per week. Amesbury pride5 Itself on the wide range of senior schools, for which it prepares its pupils, so as to best fit the various academic, sporting, artistic and musical abilities and aspirations of the children and their parents. To this end, the Head and Senior Leadership Team maintain c105e relationships with many senior schools, arrange regular contact sessions between them and Amesbury's pupils and parents and ensure the pupils are well prepared for not only examinations but also interview5 and other selection techniques used by their preferred choices. There were 49 leavers from Y6, Y711 in Y71 & Y8 in july 2024 who went on to 18 different senior schoo15/prep schools, including 5 with scholarship5.
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEEI GOVERNORS, REPORT {CONTINUED} Senior Schools- (scholarship5 in boldl Aldro (Prep School) 8ryanston Charterhouse Frensham Heights King Edward'5 Witley More House Seaford College St Edmund's Hindhead The Royal Grammar School, Guildford British International School, Riyadh Bohunt Churcher's College Hurstpierpoint College Lord Wandsworth College Prior's Field School Sherborne Girls St Catherine's Bramley Tormead School Wellbelng programme Recognising the importance of mental health support for our students, a Head of Mental Health & Wellbeing is now employed by the school and works closely with the children who need support. In addition, a clinical psychologist works on-site every Friday throughout the school year to support School children and their families. This invaluable resource ha5 provided students with easy access to professional psychological support, allowing them to discuss any concerns and receive guidance on coping strategies and interventions. This has not only helped to address individual needs but has also contributed to a more inclusive and supportive school environment. The embedding of Pastoral Heads of Section has formalised and enhanced the pastoral structure within the school, ensuring that each student's wellbeing is closely monitored and appropriately supported. These dedicated staff members have been responsible for maintaining a clear line of communication between student5, parents and school staff, allowing for timely and effective intervention when necessary. The Wellbeing Hub, which is open and available to pupils during break and lunchtime, provides students with a safe and welcoming space to relax, socialise, and access support when needed. Thi5 resource has been particularly beneficial for students who may feel overwhelmed or anxious during the busy school day, offering a quiet and calming environment to recharge and seek guidance from staff members. Charitable Activities and Donations The Charities Act 2011, section 3, specifically recognises Amesbury's overarching objective the advancement of education - as a charitable purpose. The School's day-to-day teaching activities also involve several other charitable purpose5 recognised by the Act relating to sport, arts, culture, heritage, science, citizenship and community. Within that wider definition of education, Amesbury encourages active involvement of staff, pupils, and parents in a school charities programme each year. The specific aims set for the programme in 2023124 were.. iii 121 131 141 to raise awareness in the children of the work of each charity and the reason for its existence,. to teach the children commitment to a charity and to follow its work over a period of time,. to fund-raise imaginatively and independently for the year's chosen charities; to understand that charity is not only about fundraising but is also concerned with the giving of time, skills, and effort,. 151 to instil an appreciation of their own good fortune and develop a tolerance, 5en51tivity and understanding of the need5 of others. In 2023124 the School Council continued to support the Bangladesh Orphanage and the following local charities.. Haslemere Foodbank, Liphook Foodbank, Pilgrim Retirement Home and Donec Mews, Grayshott. Amesbury students also raised fund5 for phyllis Tuckwell Hospice Care.
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT (CONTINUED) The fundraising events for the year were the Harvest festival, the Reindeer run, the school tuck shop and the year 7 cake and toy sale. The major charity event of the year was Charity Day hosted by the children which took place in the Trinity term. This included stalls run by the children, a fun run and a charity concert, as well as a family BBQ and drinks. FINANCIAL REVIEW Result for the year Unrestricted income for the year increased to £5,833,269 from £5,433,364 in 20221223, an increase of 7.4%. This was due to an increase in sundry income as well as income from charitable activitie5. Resources expended increased bv 9.7% to £5,738,099 from £5,229,141, due mainly to increased staff costs. The overall result Is a net movement of funds in 2023/24 of £95,17012022/23 negative movement of £216,223) Capital Empenditure and Balance Sheet The balance sheet as at 31 August 2024 shows an increase in total funds of £95,170 to £5,200,410. The school has continued to remain cash positive with no requirement to draw on it5 overdraft facility for day-to-day operations. This year a net cash surplus was generated of £1,168,264 12022123 deficit £144,039), mainly due to receipt of fees in advance prior to 29th July 2024. Capital expenditure of £374,511 was spent in the year (including £90,639 for asset5 under construction at the year- endl, the main projects being the redevelopment of Little Amesbury to welcome babies from 9 month5 from September 2023 and the doubling of this facility for September 2024 to a capacity of 18 babies, a new classroom for rising 3s, replacement windows in the Academic 81ock, a new wooden outdoor play area for pre-prep children and upgrades to staff and pupil person31 IT devices. Assets Value The Governors have considered the carrying values of the freehold properties and in their opinion there has been no impairment to the values shown in the accounts. Outlook for 2024125 The key educational objectives for the future remain as set out above. The Governor5 are keen to ensure that the estate continues to develop to allow a full and inspiring learning environment for the pupils and that teaching facilities remain leading-edge. Planned capital projects include the conti nued improvement of IT facilities and the development of the library alongside the building of a dedicated staff room for Early Years staff and the redevelopment of the School's cricket pavilion. The School's budget for 2024125 reflect5 the continuation of the desire to continue improving and updating learning and education spaces alonEside a streamlining of the cost base to ensure a robust financial model ready to meet the external financial challenges ahead. The ongoing challenges faced include the introduction of VAT at 20% on school fees from January 2025, the removal of business rates relief in April 2025 as well as the change in employer's National Insurance contributions from April 2025. These factor5 will inevitably have an impact on surpluses going forward, with the impact mitigated, at least in part, by adept financial plannin8 and proactive action. RESERVES POLICY Education is a highly capital-intensive activity, especially in relation to the land, buildings, fixtures and equipment needed in the operation of a school. Since it5 foundation, the School has owned the freehold site, centred around its grade 2 listed main school building, which is the only purpose-designed school by Sir Edwin Lutyens in the UK. Over the years, substantial investment has been made in the original Lutyens building and new buildings and facilities have been added within the site to ensure that the School can continue to provide a top-quality education that matches pupil needs and parental expectations.
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) GOVERNORS, REPORT (CONTINUED) In an ideal world, the Governors would like to have unrestricted reserves sufficient to match the aggregate investment in the core fixed assets essential for the purposes of rLJnning the School and nursery (currently £5.7m excluding the core a55ets paid for out of restricted reserves), plus 'free reserves equal to one term's outgoings as a contingency gainst unforeseen financial shocks (approximately £1.9ml. In practice, however, the School's only material source of reserves growth is any annual surplus generated by the operations of the School. In line with previou5 years, the Governors have therefore accepted the need to manage the risk of unforeseen financial shocks through tight budgeting and financial controls. Each year, as part of the budgeting process and especially in advance of any major investment project, the Governors ensure that expected cash flows are sufficient to meet both planned capital investment and scheduled repayments of the non-core funding sources set out above and that any reliance on short term bank borrowinÉs can be repaid from projected cash flow surpluses over no more than 5 years. In thi5 regard, at the end of 2023124 and taking into account the budgeted income and expenditures for 2024125, the Governors are 5at15fied that the Trust's reserves are adequate to sustain Amesbury's educational operations for the foreseeable future. Flnanclal Instruments The School's activities expose it to a number of financi81 risks including, cash flow risk, interest rate risk, credit risk and liquidity risk. Cash flow rlsk The School monitors it5 cashflow risk through careful monitoring of expected future cashflows, ensuring that there is always prudent cushion headroom within agreed borrowing limits. Interest rate risk The School's activities expose it primarily to interest rates. Interest bearing assets and liabilities are held at fixed and variable rates. The annual report was approved by the Governors of the charity on !.).l.s.l.S and signed on it5 behalf by.. S Ljones Company Secretary
AMESBURY SCHOOL TRUST LIMITED (LIMITED BYGUARANTEE) STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors, who are also the directors of Amesbury School Trust Limited for the purpose of company law, are responsible for preparing the Governors, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom GenÈrèlly Accepted Accounting Practice), including Financial Reporting St8ndard FRS102 'The Financial Reporting Standard applicable in the U K and Republic of Ireland,. Company law requires the Governors to prepare accounts for each financial year which give a true and fair view of the state 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 year. In preparing these accounts, the Governors are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent; and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Governors are responsible for keeping proper accounting record5 that disclose with reasonable accuracy at ny time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEEI REPORT OF THE INDEPENDENT AUDITORS TOTHE MEMBERS We have audited the financial statements of Amesbury School Trust Limited I'the charitable compan) for the year ended 31 August 2024 which comprise the Statement of Financial Activitie5, Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 3 summary of significant 3ccounting policies. The financial reporting framework 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 Iunited 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 August 2024 and of it5 incoming resources and application of resources 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. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit 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 that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the governor's use of the going concern basis of accounting in the preparation of the financial statements 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 doubt on the charitable company's ability to continue a5 a going concern for a period of at least twelve months from when the financial statements are authorized for issue. Our re5ponsibilitie5 and the re5ponsibilitie5 of the governor's with respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the annual report, including the governor's report, other than the financial statements and our auditor's report thereon. The governors are responsible for the other information. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
AMESBURY SCHOOL TRUST LIMITED (LIMITED BYGUARANTEEI REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the dlrectors, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the tru5tee5' responsibilities statement, the trustees Iwho are a150 the directois of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee5 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 trustees are responsible for a55e55ing the charitable company's ability to continue as a going concern, disc105ing, a5 applicable, matters related to going concern and using the going concern basi5 of accounting unless the trustees either intend to liquidate the charitable company or to cease operation5, or have no realistic alternative but to do so. io
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS Auditorfs responsibilitie5 for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. httPs'./lwww.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Extent to whlch the audit wa5 consldered capable of detecting irregularities, Includlng fraud The objectives of our audit, in respect to fraud, are.. to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the a55essed risks of material misstatement due to fraud, through designing and implementing appropriate responses. and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. Our approach was as follows: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management las required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations- We identified the following areas as those most1ikely to have such an effect.. health and safety,. General Data Protection Regulation IGDPRI,. Sndependent Schools Inspectorate IISII,. fraud,. bribery and corruption, school inspections, DBS checks, employment law and Keeping Children Safe in Education under Section 175 of the Education Act 2002. Auditing standards limit the required audit procedures to identify non- compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework IFRS 102 and the Companies Act 2006 and the Charities Act 20111 and the relevant tax compliance regulations in the UK,. We considered the nature of the company's/charity's operations, the control environment and business performance, including the key drivers for management's remuneration; We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the 8 udit,. We considered the procedures and controls that the company/charity has established to address risks identified, or that otherwise prevent, deter and detect fraud,. and how senior mènagement monitors those programmes and controls. li
AMESBURY SCHOOL TRUST LIMITED {LIMITED BY GUARANTEEI REPORT OF THE INDEPENDENT AUDITORS TOTHE MEMBERS Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included.. testing manual journa15,' reviewing the fin2ncial statement disclosures and testing to supporting documentation,. performing analytical procedures,. and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. 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 lirregularitiesl is from the events and transactions reflected in the f i nancial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, a5 f raud involves intentional concealment, forgery, collusion, omission or mi5represent2tion. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use ofour report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable compantys members those matters we are required to state to them in an audilor'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. Mark Cummins FCCA (Senior Statutory Audltor) for and on behalf of TC Group Statutory Auditors Office.. Sussex Dated.. 12
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST2024 Unrestricted funds Deslgnated funds Restricted funds Total 2024 Total 2023 INCOME FROM: Donations and legacies Charitable activate5 Investment income Other income Notes 12,131 5,375,404 3,392 54,437 5,746,698 14,830 71,741 5,746,698 14,830 71,741 Total income 5,833,269 5,833,269 5,445,364 EXPENDITURE ON: Charitable activities 5,738.099 5,738.099 5,229,141 Total expendlture 5,738,099 5,738,099 5,229,141 Net movement In funds 95,170 95,170 216,223 Fund balances brought forward 5.027,554 65,334 12.352 5.105.240 4,889,017 Fund balances at carried forward 23 5,122,724 65,334 12,352 5,200,410 5,105,240 All the charity's activities derive from continuing operations during the above two periods. The funds breakdown is shown in note 23. 13
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments 13 5,724.684 5,623,833 14 5,724,686 5,623,835 CURRENT ASSETS Stock Debtors Cash at bank and in hand 15 16 13,103 298,502 1,686,053 1,997,658 43,077 273,671 517,789 834,537 CURRENT LIABILITIES Creditors due within one year 17 11,315,665) 1670,6081 NET CURRENT ASSETS 681,993 163,929 TOTAL ASSETS LESS CURRENT LIABILITIES 6,406,679 5,787,764 LONG TERM LIABILITIES Creditors due after one year 18 11,206,269) 1682,524 NET ASSErs 5,200,410 5,105,240 REPRESENTED BY: 23 RESTRicfED FUNDS 12,352 12,352 UNRESTRICTED FUNDS General funds Designated funds 5,122,724 65.334 5,027,554 65,334 5,188,058 5,092,888 5,200,410 5,105,240 The financial statements on pages 16 to 29 were approved by the governors, and authorised for i55ue on and signed on their behalf by.. K L Davies Chair Date.. Company Number- 00984771 211+.lig.... 14
AMESBURY SCHOOL TRUST LIMITED (LIMITED BYGUARANTEE) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Net cash provided by/lused inl operating activitie5 26 1,547,005 221,278 Cash flows from investing activities: Interest receivable and Similar income Purchase of tangible fixed assets Net cash used in investing activities 14,830 1374,5111 3,392 1193,1581 13 1359,6811 1189,7661 Cash flows from financing activitles: Repayment of loans and borrowings Net cash used in financing activities 19 119,0601 1175,5511 119,0601 1175,5511 Net increase/ldecreasel in cash and cash equivalents 1,168,264 1144,0391 Cash and cash equivalents at I September 2023 517,789 661,828 Cash and cash equivalents at 31 August 2024 1,686,053 517,789 Reconciliation of net cash flow to movement In net debt Increase/ldecreasel in cash and cash equivalents in the year Ilncreasel/decrease in debt Change in net funds1ldebtl resulting from cash flows 1,168,264 1144,0391 19,060 175,551 1,187,324 31,512 Net funds at I September 2023 359,039 327,527 Net funds at 31 August 2024 25 1.546,363 359,039 All of the cash flows are derived from conti nuing operations during the above two periods. 15
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 STATUTORY INFORMATION Ame5bury School Trust Limited is a charitable company, limited by guarantee, and incorporated in England and Wales. The principal place of business and principal activity of the company are outlined in the Legal and Administrative Information and Report of the Governors sections of these financial statements respectively. ACCOUNTING POLICIES 2.1 Summary of 51gnificant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated. 2.2 Basis of preparation The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with Charities SORP (FR5 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statement have been prepared under the historical cost convention. Consolidated financial statements have not been prepared on the basis that the inclusion of the dormant subsidiary would not make a material difference. 2.3 Going concern The financial statements have been prepared on a going concern basis, on the basis that no material uncertainties exist that cast significant doubt upon the charity'5 ability to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. 2.4 Income and endowments All income is recognised once the charity has entitlement income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. School fee income is accounted for on a receivable basis and consists of charges billed for the school year ended 31 August 2024, less bursaries and allowance5. Fees received for education to be provided in future years are carried forward as deferred income. Donations are accounted for as received by the school. Investment income is accounted for in the period in which the school is entitled to receipt. 2.5 Deferred income Deferred income relates to monies received in advance of the school term they relate to. The income is recognised at the start of the term. 16
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 2 ACCOUNTING POLCIES Icontinuedl 2.6 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 2.7 Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 2.8 Taxatlon The charity is considered to pass the tests set out in ParaBraph I Schedule 6 of the Finance Act 2021 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is exempt from taxation in respect of income or capital gains received within Categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, as such income or gains are applied exclusively to charitable purposes. 2.9 Intangible assets Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life a5 follows: Assets Class Website development costs Amortisation method and rate 25% on cost 2.10 Depreciation Depreciation is provide on a11 tangible fixed a55etS Other than freehold land once the asset has been fully brought in working order. The following annual rates are used in order to write off each asset over its estimated useful Assets Class Fixtures and equipment Depreciation method and rate Between S 25% Orn cost (motor vehicles.. 25% reducing balance) 2% on valuation or cost Freehold properties 2.11 Stock Stock is valued at the lower of cost and estimated selling price, after due regard for obsolete and slow moving stocks. 2.12 Debtors Short term debtors are measured at transaction value less any impairment. At each balance sheet date, debtors are assessed for objective evidence of impairment. If an a5set15 impaired, the impairment1055 15 measured as the difference between the carrying amount and the amount expected to be received. 2.13 Creditors Short term creditors are measured at transaction value. 17
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES {continued} 2.14 Bank loans Bank loans are recorded at amortised c05t. 2.15 Fund structure Unrestricted income funds are general funds that are available for use ot the trustees, discretion in furtherance of the objectives of the charity. The designated Unrestricted fund is made up of the Capital and Revaluation Reserves which are retained for the funding of future general capital expenditure and the Amesbury Foundation reserve which 15 Set aside for the provision of means tested bursaries. Restricted funds can only be used for particular restricted purposes within the objectives of the Trust. Further explanation of the nature and purpose of each restricted fund is included in the notes to the account5. 2.16 Penslons and other post retirement obligations The school operates an AVIVA Pension Trust for Independent Schools IAPTISI pension scheme. This 15 a defined contribution scheme. The School also operate5 a defined contribution pension scheme for its non-teaching staff. Contributions payable for the year are charged to the Statement of Financial Activities as incurred. 2.17 Redundancy and termination payments Costs of redundancy and termination payments are accrued within the period in which the notice was given. INCOME FROM DONTATIONS AND LEGACIES Unrestricted Restricted Total 2024 Total 2023 Donations 12,131 INCOME FROM CHARITABLE AcfiviTIES Total 2024 Total 2023 Pupil fees Bursaries, Scholarships and discounts 6,176,538 1429,8401 5,748,002 1372,5981 5,746,698 5,375,404 18
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 INCOME FROM INVESTMENTS Unrestricted Restrlcted Total 2024 Total 2023 Interest receivable on bank deposits 14,830 14,830 3,392 OTHÉR INCOME Unrestricted Restricted Total 2024 Total 2023 Sundry income including lettings 71,741 71,741 54,437 EXPENDITURE ON CHARITABLE ACTIVITIES staff Costs Depreciatlon Other COSts Total Total 2024 2023 Teaching Welfare Premises Support and governance 2,993.770 159,536 586,927 316,903 440,293 200.097 3,580,697 476,439 713,953 967,010 3,223,043 435,663 657,930 912,505 273,660 766,913 3,920,219 273,660 1,544.220 5,738,099 5,229,141 All of the above expenditure was attributable to unrestricted fund5 for 2024 and 2023. 19
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2024 7 EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED} Analysls of support and governance cost5., Total 2024 Total 2023 Governance costs.. Auditors, remuneration for audit services Legal and professional fees Total governance cost5 15,000 33,125 48,125 14,700 16,836 31,536 Support costs.. Auditors, remuneration for non audit services Support staff wages, national insurance and pension Advertising and marketing IT and computer costs General office expenses Finance costs Other support costs 702 766,913 59,477 2,674 51,261 21,336 16,522 918,885 10,245 727,987 48,207 4,404 58,853 23,617 7,656 880,969 Total support and governance costs 967,010 912,505 NET INCOME/OUTGOING RESOURCES Net income for the year 15 after charging.. 2024 2023 Operating leases Audit fees Non audit accountancy services Depreciation of fixed assets 48,109 15,000 180 273,660 22,939 14,700 180 242,931 9 TRUSTEES REMUNERATION AND EXPENSES No trustees, not any person5 connected with them, have received any remuneration from the charity during the year. There were no reimbursed expenses during the year12023.' £nill. 20
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 10 STAFF COSTS The aggregate payroll costs were as follows.. 2024 2023 Wages and salaries Social security costs Pension costs 3,258,796 298,232 363,191 2,977,534 271,429 305,528 Total salaries 3,920,219 3,554,491 The monthly average number of persons lincluding senior management teaml employed by the charity durin8 the year expressed as full time equivalents was as follows.. 2024 Number 69 28 2023 Number 56 28 Education Administration and domestic 97 84 The number of employees whose emoluments fell within the following bands was: 2024 Number 2023 Number £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £IQO,000 + The key management personnel of the school are the Headmaster, the Bursar, the Academic Deputy Head, the Pastoral Deputy Head, the Head of Marketing & Admissions, and the Head of Pre-Prep. The total employee benefits lincluding employers pension and national insurance contributions) of the key management personnel of the school were £522,15712023.. £469,781). For employees with emoluments over £60,000, the total pension costs during the year were £19,05012023'. £17,222). During the year payments of £56,57512023.. £nill were made in regards to the termination of employment. 21
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 COMPARATIVE STATEMENT OF FINANCIAL AcfiviTIES- YEAR ENDED 31 AUGUST 2023 Unrestrlcted funds Deslgnated funds Restricted funds Total 2023 INCOME FROM: Donations and legacies Charitable activates Investment income Other income 131 5,375,404 3,392 54,437 12,000 12,131 5,375,404 3,392 54,437 Total Income 5,433,364 12,000 5,445,364 EXPENDITURE ON: Charitable activities 5,229,141 5,229,141 Total expenditure 5,229,141 5,229,141 Net Incomellexpenditurel 204,223 12,000 216,223 Transfers between funds 9,494 19,4941 Net movement In funds 213,717 19,4941 12,000 216,223 Fund balances brought forward Fund balances at carrled forward 4,813,837 74,828 352 4,889,017 5,027,554 65,334 12,352 5,105,240 22
AMESBURY SCHOOL TRUST LIMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 INTANGIBLE FIXED ASSETS Webslte Total Cost At I September 2023 & 31 August 2024 Amort15ation At I September 2023 & 31 August 2024 Net book value 31,844 31,844 31,844 31,844 At 31 August 2024 At 31 August 2023 13 TANGIBLE FIXED ASSETS land and Furniture & Motor Asset5 Under Total Bulldlngs Equlpment Vehlcles Construrtion Cost At I September 2023 Additions 6,822,406 21,931 1,466,141 247,631 19,113 14,310 8,307,660 374,511 90,639 At 31 August 2024 6,844,337 1,713,772 33,423 90,639 8,682,171 Depreclatlon At I September 2023 Charge for the year At 31 August 2024 1,747,389 125,624 925,604 141,686 10,834 6,350 2,683,827 273,660 2,957.487 1,873,013 1,067,290 17,184 Net book value At 31 August 2024 4.971,324 646,482 16,239 90.639 5,724,684 At 31 August 2023 5,075,017 540,537 8,279 5,623,833 The carrying value of freehold property reflects a revaluation made in the year to 31 August 1993 of £139,874. No subsequent revalu3tions have been made. Included within freehold properties is land valued at £562,953, which is not depreciated. 23
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 14 FIXED ASSET INVESTMENTS Subsidiary undertakings Total Cost at I September 2023 and 31 August 2024 Net book value at I September 2023 and 31 August 2024 Detalls of undertaklngs Details of the investments in which the charity holds 25% or more of the nominal value of class of share capital are a5 follows.. Undertaking County of Incorporation Holding Proportion of voting rights and shares held directly Principal activity Amesbury Enterprises Limited England and Wales Ordinary Shares of £1 each loo% Dormant The Company was dormant throughout 2024 and 2023. 15 STOCK 2024 2023 Stocks 13,103 43,077 16 DEBTORS 2024 2023 Trade debtors 150,364 127,749 20,389 84,080 160,470 29,121 Prepayments and accrued income Other debtors 298,502 273,671 24
AMESBURY SCHOOL TRUST LIMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 CREDITORS: amounts falling due within one year 2024 2023 Bank loans 19,721 118,376 70,281 33,346 5,200 19,060 116,184 70,041 19,565 9,200 436,558 Trade creditors Other taxation and social securitv Other creditors Fee deposits Accruals and deferred income 1,068,741 1,315,665 670,608 18 CREDITORS.. amounts falling due after one year 2024 2023 Bank loans 119,969 141,406 944,894 1,206,269 139,690 123,705 419,129 682,524 Fee deposits Deferred income Included within bank loans due after one year 15 £33,60212023'. £58,197) due by in5talments after more than five years. Deferred income 2023 Deferred income at I September 2023 Resources deferred in the period Amount5 released from previous periods Oeferred income at 31 August 2024 812,673 1,562,586 1393,5431 1,981,716 Deferred income includes £1,508,54412023.. £597,080) held under the schools advanced payment scheme, of which £944,89412023.. £419,129) is shown in note 18 as being due after more than one year. Bank borrowing The fixed rate103n has an interest rate of 3.65%. The carrying amount at the year end is £139,69012023'. E158,7501. 25
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 SECURED CREDITORS The following creditors have been secured by way of a floating and fixed charge over the assets of the charity. 2024 2023 Bank loans 139,690 139,690 158,750 158,750 20 OBLIGATIONS UNDER LEASES AND HIRE PURCHASE CONTRAcrs Total future minimum lease payments under non-cancellable operatinE leases are as follows.. 2024 2023 Other Within one year Between one and five years 57,564 92,867 150,431 57,718 150,371 208,039 21 PENSION SCHEMES The pension cost charge for the year represents contributions payable by the School to differing schemes and amounted to £363,19112023'. £305,528) 22 CHARITY STATUS The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the Charity in the event of liquidation. 26
AMESBURY SCHOOL TRUST LIMITED {LIMITED BYGUARANTEEI NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 23 FUNOS Balance at I September 2023 Incomlng re50urce5 Resources expended Balance at 31 August 2024 Unrestricted funds General Accumulated fund Designated Amesbury Foundation fund 5,027,554 5,833,269 15,738,099) 5,122,724 65,334 65,334 5,092,888 65,334 65,334 5,188,058 Total unrestricted funds 5,833,269 15,738,0991 Restrlcted fund5 REW Wainwright Library fund Playground project Total restrirted funds Total fund5 352 12,000 12,352 5,105,240 352 12,000 12,352 5,200,410 5,833,269 15,738,099) The specific purposes for which the fund5 are to be applied are a5 follows.. The REW Wainwright Library fund is a donation received toward5 library books for the school. The Accumulated fund represents the free funds of the charity which are not designated for particular purposes. The Playground project represents donations received towards the cost of a new playground at the School. There is one designated fund. The Amesbury Foundation funds are set aside for the provision of means tested bursaries. 27
AMESBURY SCHOOL TRUST LIMITED {LIMITED BYGUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 24 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrirted funds Designated funds Restricted funds 2024 Total Fund balances at 31 August 2024 are represented by.. Fixed assets Fixed assets investments Current assets Current liabilities Creditors.. due after one year 5,724,684 5,724,684 1,919,972 11,315,665) 11,206,269) 5,122,724 65,334 12,352 1.997.658 11.315,665} 11.206,269} 5,200,410 65,334 12,352 Unrestrlcted funds Deslgnated funds Restricted funds 2023 Total Fund balances at 31 August 2023 are represented by: Fixed assets Fixed assets investments Current assets Current liabilities Creditors.. due after one year 5,623,833 5,623,833 756,851 1670,6081 1682,5241 5,027,554 65,334 12,352 834,537 1670,608 1682,5241 5,105,240 65,334 12,352 25 ANALYSIS OF NET DEBT Atl September 2023 Flnancing cash f lows At31 August 2024 Cash at bank ar)d in hand Debt due within one year Debt due after more than one year Net debt 517,789 119,0601 1139,6901 359,039 1,168,264 16611 19,721 1,686,053 119,7211 1119,9691 1,546,363 1,187,324 Atl September 2022 Financing osh flows At31 August 2023 Cash at bank and in hand Debt due within one year Debt due after more than one year Net debt 661,828 136,3701 1297,9311 327,527 1144,0391 17,310 158,241 517,789 119,0601 1139,6901 359,039 31,512 28
AMESBURY SCHOOL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 26 NET CASH INFLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the year Depreciation charges Investment income Increase in stocks Increase in debtors Decrease in creditors 95,170 273,660 114,830) 29.974 124,8311 1,187,862 1,547.005 216,223 242,931 13,3921 130,0211 156,6051 1147,8581 221,278 29