ALDRO ALDRO SCHOOL EDUCATIONAL TRUST LIMITED (a Registered Charity and Company Limited by Guarantee) and its subsidiary company operating as Aldro Enterprises Limited GOVERNORS, ANNUAL REPORT AND AUDITED CONSOLIDATED ACCOUNTS For the year ended 31 July 2024 Company Registration Number 00937890 Charity Commission Regi5tration-Number 312072
Aldro School Educational Trust Limited CONTENTS Page Governors, Annual Report (incorporating a Group Strategic Report) Independent Auditors Report 10 Consolidated Statement of Financial Aclivities 14 Consolidated Balance Sheet 15 Company Balance Sheet 16 Consolidated Cashflow Statement 17 Notes to the Accounts 18
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2024 GOVERNORS AND DIRECTORS The Governors of Aldro School are also the directors of the Aldro School Educational Trust Limited. They have all served in office throughout the year except as stated. They are: Governors and Directors K Allen C Betts J Ebsworth D Evans JBHGeffen l T Gunner- resigned 16th April 2024 SLHunt T Johns T Jones N Patterson - appointed 14th March 2024 I Waller C Winchcornbe - appointed 5th Dernber 2023 T G N Woodhouse Officers and Key Management The Head The Bursar and Company Secretary C Carfier V Smith Registered office and address Lombard Street Shackleford Godalming Surrey. GU8 6AS Auditors TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex. BN44 3TN Bankers Barclays Bank PIC 1 Churchill PlaGe London. E14 5HP Solicitors Moore Barfow The Oriel Sydenham Road Guildford Surrey. GU13SR
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2024 The Governors (who are also directors of the Charity for the purposes of the Companies Act) present their Annual Report, together with the Audited Accounts of Aldro School Educational Trust Limited (the Company) for the year ended 31 July 2024, which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The accounts comply with the Charities Act 2011, the Companies Act 2006, the School's Memorandum and Articles of Association, and 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 (FRS 102) (effective 1 January 2015). STRUCTURE. GOVERNANCE AND MANAGEMENT The company was incorporated on 27 August 1968. and was registered with the Charity Commission and is governed by its Mernorandum and Articles of Association. Company number: 937890. Charity numb8r'. 312072. Recruitment and training of Governors The School's elected Governors are appointed at a meeting of the Govemors. The Articles of Association allow for a minimurn of five Governors on the Board and a maximum of fifteen. Governors are appointed for a term of office of three years- they are eligible for re-election for a consecutive period not exceeding three terms in Offi from the date of their original appointment. This can be extended at the discretion of the Board. New Govemors are inducted into the workings of the School. including Board policy and procedures, by a variety of means. including training provided by independent professional l>)dies. Organisational management The Govemors, who are also the directors for company law purposes. are legally responsible for the overall management and control of the School and meet termly. The work of implementing most of their policies, as well as the day-to-day management of the School. is delegated to the Head and the Bursar. Certain responsibilities including those of a financial nature are further delegated to the Finance and General Purposes Committee, Education and Pastoral Care Committee and Govemance Committee, which all meet termly and report to the Governors meetings. Key Management Personnel The key management personnel of the charity as listed on page 1 are in charge of directing, controlling, running and operating the charity on a day-to-day basis. All diiectors give of their time freely and no director received any remuneration in the year. Details of directors, expenses and related party transactions are disclosed in Note 7 to thefinancial statements. The payof the Head and other senior staff is reviewed annually., any pay increases make referen to the outcome of the annual perfornance review. Group structure and relationships The School has a wholly-owned non-charitable trading subsidiary. Aldro Enterprises Limited. The trading performance and activities of Aldro Enterprises Limited are discussed on page 5. OBJECTIVES AND AIMS The objects of the School, as set out in the Memorandum of Association. are the advancement of education. Policy of the School In accordan with the Memorandum of Association, Aldro is a day and boarding school educating pupils aged 7 to 13 years. In furtheran of these objects the Directors. as the charity trustees, have complied with the duty in the Charities Act 2011 to have due regard to the Charity Commission's published general guidance concerning the operation of the Public Benefit requirement urKler the Act.
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2024 Strategic Aim In accordance with the Memorandum of Association, Aldro is a day and boarding school educating pupils aged 7 to 13 years. The School's policy for the public benefit as a charitable independent school is to atlain the highest academic standards whilst providing the pupils with a full programme of co-curricular activity, an eduGation founded on Chrtstian values and teaching. and giving them a full appreciation of moral and ethical values. The School's Vision is to instill in its pupils a life-long love of learning and to make them positive contributors to society. General objectives The School's objectives were as follows: To ensure that the pupils and families are the primary recipients of benefit, but that the wider community would also benefit from having well*ducated and well-rounded children growing up and integrating into society in general. that the whole population would benefit from their skills and talents nurtured In school, and that the country benefits from the fact that School's pupils are not taking up a plaTr at a State school" and To ensure that good practice in teaching, as disseminated by the Professional Bodies and by the Department for Education is incorporated into the curriculum, placing particular emphasis on the social skills of the pupils and monitoring each individual closely so that they may be given appropriate assistsnce, and to observe the needs of the pupils and their parents, and where possible and practical making reasonable adjustments to the School's Servi to take account of these needs. STRATEGIC REPORT Objectives for the year The School's objectives for the year under review were as follows: To establish the School's reputation as an outstanding coeducational boarding and day prep school. To secure the School's fvture through robust financial management. To have a highly professional staff body committed to professional development. To send all Form 8 pupils on to their senior school of choice. To broaden the offering of activities in line with increased pupil numbers. To invest in and modemise the School's facilities for the benefit of the pupils (e.g. Create more girls changing facilities and develop an all-weather surface.) Longer-term objectives The longer-term objectives of the School were as follows- To provide outst8nding pastoral care within a nurturing family environment. underpinned by Christian values and teaching. To prepare pupils for the next stage: for transition to their senior schools of choice and for adult life beyond. To enGourage curiosity, critical thinkirrfJ and independence of thought through an innovative learning experience and inspirational teaching. To develop strength of character through a broad, stimulating curricular and co-curricular offering. To create a vibrant boarding environment that promotes independence and responsibility. To share our resources with. and make a positive contribution to, the wider community. To be happy. have fun and make lasting memories. Strategies to achieve the year's objectives The strategies established by the School to achieve these objectives were as follows: To introduce a termly focus for Teaching and Leaming. To provide excellent and bespoke advi for parents regarding future schools; to maintain strong links with a wde variety of senior schools. To appoint a Director of Developrnent and to build a Development Offi. To convert the.existing tennis courts into an all-weather surface. To invest in the appointment of new games staff to lead netball and hockey. To conduct a review into the appraisal of all staff and to launch a new appraisal system.
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2024 To expand the bursarial team, initially with the appointment of an Assistant Bursar. To offer full-boarding to the girls and to make plans for the introduction of phase 2 of girls. boarding. To develop the growing partnership between Aldro and St Mary's Infant School. Shackleford. Achievements and Perfonnance The School achieved the following with reference to its objectives for the year. Numbers on roll this year were the highest in the school's history. peaking at 237. All of the 13+ Common Entran candidates performed strongly in their exams and were offered places at their chosen schools. In addition. 14 scholarships were awarded in total to leavers in academic, sport, music. drama and DTllnnovation. Academic scholarships were achieved by pupils to Winchester (x2}, Wycombe Abbey, RGS Guildford, Gordonstoun, KES Witley (x2}. In 2024 leavers rnoved onto 20 different senior schools, including Eton, WinGhester, Radley, Harrow, Wycombe Abbey. Benenden, Charterhouse. Sherborne, St George's Ascot, Cranleigh, Canford, stowe, RGS Guildford, Tonbridge, Lord Wandsworth College. King Edward's Witley, Sevenoaks and King's Canterbury. The school had 73 girls in the school in September 2023. The school opened full boarding for girls during the year. The school welcomed 54 new pupils in September 2023 (23 % of the total NOR). Bursary Fund Policy and Grant Making The Governors are committed to broadening aCsS to the school by offeTing to eligible parents means-tested financial support with the payment of school fees. Such support may be awarded in the fomi of a discount of up to 1000/0 on tuition fees payable. The size of a bursary depends upon the financial, compassionate or other family circumstances of applicants. Bursary awards are subject to repeat testing of parental means each year and may be varied upwards or downwards, depending on parental circumstances. Bursaries were awarded representing 3.380/0 of total fee income. Actual bursaries awarded amounted to £174,541 in 2024 (2023: £168,024). 37 pupils were assisted with fees Ma an Allowances Scheme, including 8 worth 75 /0 or more of the fee. which redUd fee income by £332.343 in the year (2023: £291,969). Charitable Benefit The school is committed to working in partnership with local maintained schools. offering resources. staffing and facilities and working together collaboratively to the benefit of all parties. The school has trained staff from St Mary's Shackleford so that they can drive the minibuses and allows them to borrow them. The school also allows local churches and the village the use of the facilities in the holidays where possible for annual away days and tennis tournaments. It is planned going forwiaTds to provide lunches to the local school, St Mary's Shackjeford. The school. for several years, has been supporting the charity Starfish Malawi, which supports educational and health projects in Malawi and we have direct links with a school in a village called Simawaya. Aldro also supports other charities each year which helps create in our pupils an awareness of the wider social context of the education Ihey receive at the school. The principal charity that has been supported for the last year has been Hounds for Heroes, a charity that helps provide dogs for veterans. Aldro also rents out facililies to the Lions Sports Academies. The Brass Academy and LDN Holidays. FINANCIAL REVIEW OF THE YEAR The net Income for the year amounted to £279,838 which compares with net income of £128.911 in 2023. This includes net restricted income of £98.289 {2023: £117.138) leaving net income of £181.549 {2023'.£11,773) on unrestricted funds. The net expenditure is after deduding depreciation of £242,221 {2023: £244.191). This increase in the net income is due to higher numbers on roll and the reduction in discounts following the move to Co-education. The subsidiary company. Aldro Enterprises Limited, contributed during the year by renting out the school site to extemal activity providers.
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2024 An unusually large arnount of cash was received in the year due to a number of parents pre-paying their fees, either for the year 2024-25 or through the Fees in Advance scheme.
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2024 Invesknent Policy Investments are govemed by the Memorandum of Association, which permits funds to be invested in secursties or property as may be thought fit. The current policy is to invest surplus cash balanS in interest- bearing bank deposits at first class banking institutions. Bursary funds are invested in M&G Charifund, which aims to provide a high and growing income. whilst at the same time protecting their capital from the erosive effects of inflation over a rolling ten year period. Reserves Policy As stated in the accounts, the funds are split between those that are restricted for specific purposes and those available for other requirements of the School. The Governors aim to maintain a level of 'free' reserves, reserves not committed or invested in tangible fixed assets, of approximately £1,200,000. As a result of building the Sports Hall in 2015 and the current level of operating, the School's balance sheet temporarily shows an unsatisfactory reserves position. A committed Revolving Credit Facility has been arranged to provide financial stability whilst the levels of free reserves are being restored. Fundraising In line with the new reporting requirements included in the Charities Act 2016 the Govemors are pleased to confirm that all fundraising is done in compliance with best fundraising practice. All fundraising activities follow traditional methods. During 2023-24 we did not employ any professional fundraisers. There were no cornplaints or Griticisms during the year about our fundraising activities. PLANS FOR THE FUTURE Aldro continues to provide an outstanding education to its pupils. The school's tangible sense of community and Christian character, its academic aspirations, its day and boarding offering and its broad co-curricular provision, all offered within the school's stunning rural location in SUey. means that the school continues to Provide an exceptional and distinctive educational offering. The school offers its pupils an exlIent education across all academic subjects, with outstanding sporting, music, drama, art and DT facilities, as well as a broad range of activities, which include shooting. chess, sailing, riding, gyrnnastics, judo, dance etc. From September 2024 the school plans to build on the initial transition to co-education by continuing to increase the number of girls on roll. The school expects to start the new year with 71 girls on roll (32 % NOR} and expects to increase the percentage of girls towards 40 % over the nexl 3-5 years. As part of the ongoing roll-out of coeducation, the school also aims to open phase two of the girfs, full boarding facility. The school plans to grow its investment in the training and development of academic staff to ensure a lively and engaging curriculum delivery and a culture of continual professional development. The school expects to grow and develop its teams. A review of the school's appraisal system has been undertaken, and more emphasis will be placed on staff training and development. The sGhool aims for all teachers to be trained in both First Aid and Mental Health First Aid. The school plans to develop a whole-school approach to wellbeing. The school plans to launch a new website during 2025 and has commissioned Finalsite to design this. The boarding provision at Aldro will continue to be an area of strategic focus. The growing number of full-time boarders recruited both in the UK and intemationally will be accompanied by day pupils opting to board on a part4ime basis. This flexible approach (family friendly) continues to be very successful allowing the pupils and the parents to embrace the boarding at a pa suitable to each individual f3rnily. Boarding is a key preparation for the senior school transition, as the vast majority of the pupils will follow onto major public schools. Both SW London and intemational rnarkets continue to te a target for future pupil recruitment.
Aldro School Educational Trust Limited GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2024 RISK MANAGEMENT The Board, continue to keep the School's activities under review. particularly with regard to any major risks thal rllay arise from time to time as well as the systems and procedures established to manage them. They monitorthe effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified can best be mitigated. Based on an annual risk review, the Finan and General Purpose Committee considers the most relevant risks. and the means by which they may be mitigated, to be as follows: Increased pressure upon the numbers on roll related to an uncertain economic climate and the addition of VAT on school fees. The Govemors are committed to managing future fee increases to ensure that aCsS to the School remains unaffected, whilst rnaintaining numbers on roll, Decline in boarding numbers following the addition of VAT on school fees. The school is ensuring clear and consistent communication to parents and has an experienced team in position to be able to oversee this. Increasing cost base with higher wages and increased ernployer National Insurance contributions. Online risks, encompassing fraudulent activity or hacking, inappropriate use by staff or pupils and insufficient capability of the network and equipment. The school has invested heavily in this to mitigate these risks. Reputstional risk is managed through school's commitment to its safeguarding policies. staff recruitment policies, inspection readiness and exlIent pastoral support for both pupils and staff. The school is Gommitted to promoting wellbeing among the pupils and staff. Changing Governmental policy that results in an even less favourable operating environment for Independent Schools. The Governors and SLT keep a close eye on legislative and other changes. A working paty has been formed and meets monthly to develop a strategy for this eventuality.
Aldro School Educational Trust LimÉted GOVERNORS, ANNUAL REPORT (incorporating a Group Strategic Report) Year Ended 31 July 2024 STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors. who are also the directors of Aldro School Educational Trust Limited for the purposes of company law, are responsible for preparing the Governors, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practs.). Company law requires the Governors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Trust and its subsidiary and of the incoming resources and application of reSoUrs. including the income and expenditure, of the group for that year. In preparing those financial statements. the Governors are required to". select suitable accounting policies and then apply them consistently: observe the methods and principles in the SORP: make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the group will continue in business. The Govemors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financAal position of the Trust and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITORS Each of the Governors has confimied that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further Confined that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such infonnation. AUDITORS A resolution proposing the re-appointment of TC Group as auditors to the company will be put to the annual general meeting, This report, incorporating the Strategic Report. was approved by the Govemors on Z É. I i . £¥ and igned on behalf of the board by James Geffen Chair of Governors and Director
Aldro School Educational Trust Limited INDEPENDENT AUDITOR'S REPORT Year Ended 31 July 2024 Opinion We have audited the financial statements of Aldro School Educational Trust Limited (the 'parent charitable company and its subsidiary (the group.)) for the year ended 31 July 2024. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally ACpted Accounting Practice). In our opinion the financial statements". give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended: have been properly prepared in accordan with United Kingdom Generally ACpted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are fvrther 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 requirernents 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 is SLrfficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where: the Govemors. use of the going concem basis of accounting in the preparalion of the financial statements is not appropriate- or the Govemors have not disclosed in the financial statements any identified malerial uncertainties that may cast significant doubt about the group and charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least Iwelve months from the date when the financial statements are authorised for issue. 10
Aldro School Educational Trust Limited INDEPENDENT AUDITOR'S REPORT Year Ended 31 July 2024 Other information The Governors are responsible for the other information. The other information comprises the information included in the Govemors. annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance Gonclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider vthether the other information is materially inconsistent wilh the financial statements or our knowledge obtained in the audit or othep¥vise 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 infomiation. If, based on the work we have perfonned, we condude 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. Opinions 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 Governors, annual report (incorporating the strategic report and the directors, report) for the financial year for which the financial ststements are prepared is Gonsistent with the financial statements- and the strategic report and the directors, report have been prepared in accordance with applicable legal requirernents. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and charitable company and its environment obtained in the course of the audiL we have not identified material misstatements in the strategic repork and the direGtors' 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 infonnation and explanations we require for our audit.
Aldro School Educational Trust Limited INDEPENDENT AUDITOR'S REPORT Year Ended 31 July 2024 Responsibilities of Governors As explained more fully in the Governors, responsibilities statement, the Govemors (who are also the directors of the charitable company for Ihe purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for suoh intemal control as the Governors determine is necessary to enable the preparation of financial statem8nts that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the govemors a responsible for assessing the charitable Gompany's ability to continue as a going concem. disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the governors either intend to liquidate the charitsble Company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities forthe audit of the financial ststements 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 auditorfs report that includes our opinion. Reasonable assuran is a high level of assurance. but is not a guarantee that an audit conducted in accordan with ISAS (UK) 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:Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities. including 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 assessed risks of material misstatement due to fraud, through designing and irnplementing appropriate responses" and to respond appropriately to fraud or suspected fraud identrfied during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governan 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 sector experience. and through discussion with the Governors. and other management (as required by auditing standards), and discussed with the Govemors, and other management the policies and procedures regarding compliance with laws and regulations (see below). We identified the following areas as those most likely to have such an effect: health and safety; General Data Protection Regulation (GDPR)- fraud; bribery and corruption. school inspections, keeping children safe in education (statulory guidance), DBS checks and ernployment law. 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 12
Aldro School Educational Trust Limited INDEPENDENT AUDITOR'S REPORT Year Ended 31 July 2024 corresponden, if any. The identified actual or suspected non-complian was not sufficiently significant to our audit to result in our response being identified as a key audit matter. We considered the legal and Tegulatory frameworks directly applicable to the financial statements reporting framework (FRS 102, the Companies Act 2006 and the Charities Act 2011) and the relevant tax compliance regulations in the UK. We considered the nature of the charitable company's operations, Ihe control environment and financial perfomiance. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-complian throughout the audit: We considered the procedures and controls that the charitable company has established to address risks identified, or that otherwise pVent. deter and detect fraud. and how senior management monitors those programmes and controls. Based on this understanding we designed our audit procedures to identify non-complian with such laws and regulations. Where the risk was considered to be higher, we perfomied audit ProdureS to address each identified fraud risk. These procedures included: testing manual journals. rewewing the financial statement disclosures and testing to supporting docurnentation; perfoming 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 ststements, even though we have propedy planned and performed our audit in accordance with auditing standards. For example. the further removed non-complian 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. We are not responsible for pVenting non- compliance and cannot be expected to detect non-cofflpliance with all laws and regulations. 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 rnatters 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 fonned. f c IrE--P Mark Cummins FCCA (Senior Statutory Auditor) for and on behalf of TC Group Statutory Auditors Office: Steyning, West Sussex Dated: 20 IS 13
Aldro School Educational Trust Limited CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account) Year Ended 31 July 2024 Notes Unrestricted Funds Restricted Funds TOTAL 2024 TOTAL 2023 INCOME FROM: Donations and legacies 117,147 92,477 209,624 135,336 Charitable activities Fees receivable Other income 5,169,678 100,587 5,169,678 100.587 4,591,204 91,843 Other trading activities Commercial operations Aldro Ball 65,011 17,673 65,011 17,673 47,721 Investment Income 1.000 2.539 3.539 2,087 Total Income 47 4 868 191 EXPENDITURE ON: Raising funds Commercial operations Other 111 15.005 111 15.005 834 104 Charitable Activities Education 5.274,431 4,735,128 Total Expenditure 4 736 066 Net gains l (losses) investments on 10 3,273 3.273 (3.214} NET INCOMEI(EXPENDITURE) 181,549 98.289 279,838 128,911 Transfers between funds 15 295,288 (295,288) NET MOVEMENT IN FUNDS 476,837 (196,999) 279,838 128,911 Reconciliation of funds Total funds brought forward 6,055.104 5,926,193 Total funds carried forward 6.257,983 76,959 6,334.942 6,055,104 This statement of financial activities also complies with the requirernents for an income and expenditure account under the Cornpanies Act 2006. All activities are Glassed as continuing. There are no recognised gains or losses other than those reported on the Statement of Financial Activities. 14
Aldro School Educational Trust Limited CONSOLIDATED BALANCE SHEET As at 31 July 2024 Notes 2024 2023 FIXED ASSETS Tar)gible Assets Investments 6,770,514 44,494 6,815,008 6.857,926 41.221 6.899,147 10 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 834 1,777,131 225,187 11 1.374.836 1,998,249 Total Current Assets 3.373,919 2,003,152 Creditors, due within one year 12 (3,195,758) (2,560,372) NET CURRENT ASSETS I {LIABILITIES) 178.161 {557.220) LONG TERM LIABILITIES Creditors, due after more than one year 13 (658,22n (286.823) TOTAL NET ASSETS Represented by General Fund Designated Fund Fixed Asset Fund Unrestricted Funds {197.539) (752,487) 6,500 15 6.257,983 5,781,146 Restricted Fund 14 273 958 TOTAL NET FUNDS 6,334,942 6.055,104 The financial statements were approved by the board on ZL z¥ and signed on their behalf by: I Waller Governor and Director C Carlier Vsrnith Bursar Company number 00937890 15
Aldro School Educational Trust Limited COMPANY BALANCE SHEET As at 31 July 2024 Notes 2024 2023 FIXED ASSETS Tangible Assets Investments 6,770,514 6.857.926 10 6,815,010 6,899,149 CURRENT ASSETS Debtors Cash at bank and in hand 1,393,713 1,978,820 1.791.921 222,487 Total Current Assets 3,372,533 2,014.408 Creditors, due within one year 12 3213 431 NET CURRENT ASSETSI (LIABILITIES) 159,102 (545,964) LONG TERM LIABILITIES Creditors, due after more than one year 13 (658,227) (286,823) TOTAL NET ASSETS 6.315.885 6,066,362 Represented by General Fund Designated Fund Fixed Asset Fund Unrestricted Funds (216.596) (741,229) 6,500 6,527,133 5.792,404 6,455,522 6,238,926 15 Restricted Fund 14 76,959 273,958 TOTAL NET FUNDS 6.315.885 6.066.362 The financial statements were approved by the board on 1¢ and signed on their behalf by.. I Waller Governor and Director C Carlier Hoad V Smith Bursar Company number 00937890 16
Aldro School Educational Trust Limited CONSOLIDATED CASH FLOW STATEMENT Year ended 31 July 2024 2024 2023 Cash flows from operating activities: Net incomelexpenditure for the year Adjustments for: Depreciation Interest payable Net (gains) I losses on investrnents Loss on sale of fixed assets Decrease in stocks Decreasel{ Increase) in debtors Increase in credrtors 279.838 128.911 242,221 45,644 (3,273) 1.074 244,191 14.923 3.214 402,295 (514,085) 47 Net cash provided by operating activities 2,018.423 498,630 Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities 133682 (155,883) {133.682) Cash flows from financing activities Interest paid Repayments of boOng Net cash used in financing activities {45,644) {43,834) (14,923) (395,420) (89.478) (410,343) Change in cash and cash equivalent in the year 1.773,062 (45,395) Cash and cash equivalents at the beginning of the year 225,187 270,582 Cash and cash equivalents at the end of the year 1,998,249 225,187 Analysis equivalents Cash at bank and in hand Bank loans within in year Bank loans afler one year Total cash and cash equivalents cash and cash 1,998,249 (286,959) 225,187 (43,970) (286,823) (105,606) 1,711.290 17
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2024 1 STATUTORY INFORMATION The charity is a charitable company, limited by guarantee, registered in England and Wales. The registered offi, company number and charity number are detailed in the Governors, annual report. 2 ACCOUNTING POLICIES Basis of preparation The accounts have been prepared under the Companies Act 2006 and in accordance with the Charities, Statement of Recommended Practice (SORP (FRS 102)) and Financial Reporting Standard 102. The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy. After reviewing the charity's forecasts and projections. the Governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its accounts. Currency The Group presents its accounts in Sterling and figures are rounded to the nearest £. Group accounts The accounts consolidate the results of the charity and its wholly owned subsidiary Aldro Enterprises Limited on a line by line basis. A separate Ststement of Financial Activities (including income and expenditure account) for the charity has not been presented as the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Income Donations received for the general purposes of the School are credited to unrestricted funds expt insofar as they are incapable of financial measurement. Donations for purposes restricted by the wishes of Ihe donor are taken to restricted funds where these wishes are legally binding on the charity. School fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees received in advan of education to be prowded in future years are held as liabilities until either taken to income in the temi when used or else refunded. They are stated after deducting bursaries, scholarships and other fee remissions granted by the School. Lettings and investment income are aGcounted for in the period in which they are re1Vable. Other incoming resources are accounted for when reived. Expenditure Expenditure is accounted for on an accruals basis, with value added tax included within the item of exp8nse to which it relates. Overhead and other costs not directly attributable to a particular functional activity category are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year. Governan costs comprise the costs of running the charity, including strategic planning for its future development, also internal and external audit. any legal advice for the Governors, and all the costs of complying with constitutional and statutory requirements. such as the cost of board and committee meetings and of preparing Statutory accounts and satisfying public accountability. Irrecoverable VAT is attributed directly to the cost to which it relates. 18
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2024 Assets Fixed assets are shown on the balance sheet at cost less accumulated depreGiation. Current assets are shown at the lower of cost and net realisable value. Depreciation Depreciation is provided on fixed assets to write off their cost over their estimated useful lives at the following rates: Freehold buildings Assets in the course of construction Car park surfacing Fumiture and equipment Cornputers Vehicles Nil to 40/0 Straight line 25 % straight line 100/0 reducing balance basis 25 % straight line 25 % reducing balance basis An item with a purchase cost of £1.000 or below is written off as an expense in the year of acquisition. Freehold land is not depreciated. Pension schemes The School contributes to a defined contribution scheme for staff. The assets of the scheme are held separately from those of the School in an independently administered fund. Conlributions to the scheme are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. Operating lease rentals Rentals paid in respect of assets held under operating leases are taken to the Statement of Financial Activities as they fall due. Investments Listed investments are stated at market value. Investrnents in subsidiaries are stated at cost where this is not significantly different to market value. Unrealised gains and losses are CogniSed in the Statement of Financial Activities as a component of net income and expenditure. Cash at bank and in hand Cash at bank and in hand includes cash and short temi highly liquid investments. The Govemors seek to use short and medium term deposits where possible to rnaximise the return on monies held at the bank and to manage cash flow. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third paty and the arnount due to settle the obligation can be measured or estimated reliably. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Stocks Stocks of clothing are valued at the lower of cost and net realisable value. l9
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2024 Fund accounting Unrestricted funds comprise those funds which be used in accordan with the charitable objectives at the discretion of the Governors. Restricted funds are those funds which can be used in accordan with the specific restrictions imposed by the donor or which have been raised by the charity for a specific purpose. The cost of raising and administering such funds is charged against the funds and the School reirnburses the costs from unrestricted funds. The aim and use of each restricted fund is set out further in the notes to the accounts. Turnover The turnover of the charity is wholly attributable to the objeGt of the charity as stated in the Governors, Report and is eamed entirely within the UK. Taxation The charitable company is registered as a charity and all of its income falls within the exemptions under Part 11 of the Corporation Tax Act 2010. Deferred taxation in the subsidiary company arising on the valuation of the fehOld is not provided for as. in the opinion of the directors of the Group, the liability is unlikely to arise. Critical accounting estimates and judgements In the application of the Group's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily 8pparent from other sources. The estimates and associated assumptions are based on histOriGal experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The Governors do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements. 3 Income from Charitable Activities 2024 2023 Gross fees Less.. bursaries and discounts 5,807,056 5,434,753 259 4.480,494 5.065,312 Extras 5.169,678 4,591,204 Other income Included in other income is £28,253 (2023: £57.307) relating to insurance claims. 4 Income from Other Trading Activities 2D24 2023 Lettings and activities (subsidiary company) Aldro Ball 65,011 47,721 82,684 47,721 20
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2024 5 Analysis of Expenditure Total 2024 Total 2023 Staff Costs Other Depreciation Cost of raising funds Fundraising Lettings Total cost of raising funds 15.005 11 15,005 111 104 834 15,116 15.116 938 Charitable activities - Education Teaching 2,367.498 Weare 406,930 Premises 178,300 Support Total charitable expenditure 178,995 221.168 809,784 2.165 2.548,658 628.098 1,228,140 2,472,601 685,715 898,039 678,773 240.056 3,337,911 1,694,299 242,221 5,274,431 4,735.128 Total Expenditure 3.337,911 1,709,415 242,221 5,289,547 4,736,066 Analysis of support costs 2024 2023 Govemance costs.. Auditors. remuneration for audit services 15,120 13,928 Support costs: Support staff wages, national Insuran and pension Other support costs 385.183 323,643 869 35 Net Income is stated after charging £120,644 (2023: £128.656) to operating lease rentals included within premises costs. 21
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2024 6 Comparative Statement of Financial Activities - Year Ended 31 July 2023 Unrestricted Funds Restricled Funds Total 2023 INCOME FROM: Donations and legacies 16,965 118,371 135,336 Charitable activities Fees receivable Other income 4,591,204 91,843 4.591.204 91,843 Other trading activities Commercial operations 47.721 47,721 I nvestment income 2,085 2.087 Total Income 4,747,735 120.456 4,868,191 EXPENDITURE ON: Raising funds Commercial operations Other 834 104 104 Charitable Activities Education Total Expenditure 4,735,962 104 4736,066 Net losses on investments (3,214) {3.214) NET INCOME 11,773 117.138 128.911 Net movement in funds Fund balanS brought forward Fund balances carried forward 5,781,146 273,958 6.055,104 22
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2024 7 Staff Costs 2024 2023 Sa18ries and wages Social security costs Pension costs 2.777.316 255,117 2.416.541 220,718 3,328.902 009 2,907.126 Temporary and casual wages Number of employees whose emoluments for the year exeded £60,000 2024 2023 £60,000 to £69,999 £70.000 to £79,999 £120,000 to £129.999 £140.000 to £149.999 Contributions totalling £32,788 (2023: £27,757) were made during the year to a pension scheme on behalf of the above employees. The average monthly headcount during the year was: 2024 2023 Teaching Teaching support Domestics and matron Maintenance Administration Catering Cleaning 43 17 43 16 11 11 91 The key management personnel of the school are detsiled in the Govemors. Report, 2024 2023 Aggregate employee benefits of key management personnel 26 Operating Surplus 2024 2023 Included within the operating surplus for the year are the following-. Charitable Activities - Education Operating lease rentals (inc. VAT) 120,644 128,656 Governance Auditors. fees- audit ServIS (inc. VAT) 15.120 13.928 As described in the notes to the accounts, no separate Statement of Financial Activities has been prepared forthe School alone. The School contributed £213,350 to the surplus of the Group forthe year (2023: £171.612 to the surplus). 23
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2024 Tangible Fixed Assets The movement of tsngible fixed assets was as follows: THE GROUP &THE COMPANY Freehokl land and buildings Fumiture and equipment Motor vehicles TOTAL Cost At beginning of year Additions Disposals At end of year 10,723,767 131.248 1.846,825 24,635 76,302 12,646,894 155,883 10 855 01 Accumulated Depreciation At beginning of year Charge for year Disposals At end of year 4,583.666 155,039 1,138,442 85.017 66.860 2,165 5,788,968 242.221 4 738 705 Net Book Value At beginning of year At end of year 6 140 101 10 Investments The Group Listed SubsKliary The Company Listed Subsidiary Total Total Fair value At beginning of year Revaluations in year At end of year 41,221 41.221 41,221 41.223 44,494 44,494 44,496 The Company owns 1 OOOh of the shares of the subsidiary company Aldro Enterprises Limited, company number 02483985. which is incorporated in England and Wales. The trading results of Aldro Enterprises Limited for the year ended 31 July 2024 are: Profit for the year £12.640 Capital and Reserves £1,386 11 Debtors The Group 2024 The Company 2024 2023 2023 Fees re1vable Prepaymenls and accrued incL)rne Amounts owed by group undertakings 1,272.862 101,974 1,640,048 137.083 1,221,738 101.974 70.001 1,602,097 137,083 52,741 TOTAL 374 24
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2024 12 Creditors due within one year The Group 2024 The Company 2024 2023 2023 Bank loan (secured) Trade creditors Deferred revenue Fees payable in advan Other taxes and social security Deposits held Other creditors Accruals 286.959 62.703 1.816.040 422,127 43,970 87,006 1,732.995 64.818 57,193 516.985 10,058 47,347 286,959 62,703 1.816,040 422,127 43.970 87,006 1,732,995 64,818 57,193 516.985 10,058 47,347 550,519 16.579 40,831 550,519 34,252 40,831 TOTAL 13 13 Credrtors due after more than one y The Group 2024 The Company 2024 2023 2023 Bank loan {secured} Fees payable in advance 286.823 286,823 658,227 658,227 TOTAL 658 27 286 823 658 227 286 823 Maturity analysis Bank loan due in less than 1 year Bank loan due in 1-2 years Fees in advance due in less than 1 year Fees in advance due in 1-2 years Fees in advance due in 2-5 years 286,959 43.970 286,823 286,959 43.970 286,823 422.127 412,375 245.852 422,127 412,375 245,852 TOTAL 367313 The bank overdraft facility. loan and £1 M credit facilty are secured by a fixed charge over the school's freehold land and buildings. The carrying value of the assets charged was £6,094,298 (2023: £6.140.101) at 31 July 2024. Bank loan and credit facilities totalling £1,500,000 were agreed on an interest rate of 1.75 % above Barclays, base rate, repayable over 5 years expiring in September 2024. The school site was valued on 25 July 2022 at a market value of £7,500,000. The £1,000,000 revolving loan facility was renewed in October 2024. The interest rate is 1.950L)/o above BarGlays' base rate, repayable over 5 years expiring in October 2029. 25
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2024 14 Restricted Fund Balan Balance al 31 July 2024 at 1 August 2023 Gains on investments Income Transfers Francis Hudson Bursary Fund Fort and playground All-weather surfa Development Fund New Bursary Fund 43,306 2,539 3,273 (49,118) 37,331 55.146 (37.331) (55.146) (139,868) (13,825) 216,827 13,825 76,959 TOTAL 273 27 295 288 76 959 The Francis Hudson Bursary Fund provides for bursaries to boys whilst at the school. The Fort and playground Fund provides money for these new areas of the school. The All-weather surface Fund provides money for the All-weather surface. The Development Fund provides money for capital projects through fundraising, the marketing costs of which are also met by the use of this Fund. The New Bursary Fund contains donations given to help fund bursaries. Transfers represent monies expensed on projects during the year. 15 Unrestricted Fund Balance at 1 August 2023 Balance at 31 July 2024 Income Expenditure Transfers General fund Designated fund Fixed asset fund (752,487) 6.500 6,527,133 5,471.096 (5.289.547) 373.399 {6.500) {71.611) (197,539) 6,455,522 TOTAL 47 The fixed asset fund is maintained at an amount equal in total to the school's fixed assets less mortgages secured on those assets, and a transfer is made equivalent to the net movement in fixed assets and mortgages. The designated fund represents income from legacies set aside for provision of an outdoor leaming environment. 26
Aldro School Educational Trust Limited NOTES TO THE ACCOUNTS Year ended 31 July 2024 16 Net Assets Between Funds of the Group Unrestricted Restricted At 31 July 2024 Fixed Assets Investments Current Assets Current Liabilities Long-term Liabilities Group 6,770,514 44,494 3,296,960 (3.195.758) 658 227 6,770,514 44.494 3,373,919 (3,195,758} 76,959 Unrestricted Restricted At 31 July 2023 Fixed Assets Investments Current Assets Current Liabililies Long-term Liabilities Group 6,857.926 6.857,926 41,221 2,003,152 (2,560,372) 41,221 232,737 1,770,415 (2,560,372) 823 605510 17 Operating Leases The group has financial commitments in respect of non-cancellable operating leases of plant and machinery. At 31 July 2024, the outstanding comrnitments for non-cancellable operating leases were: 2024 2023 Within one year Between two and five years 92.429 114,780 145 945 18 Governors, Remuneration, Reimbursement of expenses and Interests in Contracts No remuneration was provided to any Governors during the year. Two govemors were reimbursed travel expenditure during the year of £377 (2023: 2 of £777). Members of the close family of the key managernent personnel received remuneration of £17.904 (2023.. £29,371). S Hunt {Govemor), T Jones (Governor) and V Smith (Bursar) are parents of pupils attending the school during the yearfor whom fees were payable to the school. Fees payable and any discounts were charged and awarded on the same basis as for other parents and staff. 19 Control The company is lirnited by guarantee with no one member having overall control. The company is limited by guarantee and each member is urKJer covenant to contribute a sum not exceeding £1. 27