HAZELWOOD SCHOOL .(A Charltabie:Educational Trns't Llmlted by GuararitO0) Company No. 925581 R8glstored Cbanty No: 312081 GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE. YEAR ENDED" 3tST JULY 2023 'WPSCV6* 11Y0412024 COPIPANIES HOUSE A17 #293 Hazelwood School {A'Cliaritable Educatlonal.Trii8t Llnilt¢d.'by. Guarantee> Reference an'd Adminlstrative Detalls N, C￿er.pe99" CafflpbeillaFpoirteO" i31h.Septerithr2023j'. J.'C(i?198 Curson Ir•signed 26th June 2023) D. Pffjè* (•ppc+irileO.13th'M•r¢ii 20231 _ r..Prod(>r Ir•swJnéd 71hDecemb•r 2022). M.Rthqn (appointed l$l Marth2023j G. Reody.(r¢Btgne¢i 7Vi Oecember 202"2}. 8.':Thak¥ S; Heald (restr￿ 7trtOecÉrrthr2t)22) R:.Fiealon.jCtia¥). ••d ..Rg91glered Qffic• Woif&H 8aidays B￿k Wc gSlatOi7 Road W861 'Surny R*i8 gEF .Solkltors Was!>iouiih L&¥yws "th3rdCoiin Orchaitt ian#.. 8RISTOL'BSI gAIS' MO0￿ Kingston Smith LLP 6th Fkjor 9AppokJ Street London EC2A 2AP Hazelwood School .(A'Charitsbh Edu¢aiional.Trust Lhnlt•d by Guaranto0). 'Governors'.Report ".forthe.y.ear ended 31st July 2023.. lritrodu¢llon"" Ttt'?"GoverrKirs havè p1fras￿ wi w¢rth¥4 thÉir of the 8ffdrn"olHazeÈwod scho(￿.(￿e.SthL*￿j lor the year . erideo 3151 July 2023 tO9elhèr Nlh the audlt8d fin￿l>al 8talèrnenlg lor that pett*i. These h3vo b•en'prèp810d iri aLy)jrd?ri￿ with the" SialeThenl ol Recon￿nded PRdKe tin Acttmintwd 8nd Rel*￿11￿9 by Ch'afitle$ Ifhe FRS 102 SORP),.'c4iir¢iii staiulw the Ch0rfW$ AssodatioFL'" Charilabl• Objeets Tho oblèèA$ whKh'lhB Tw%1 is e*abknhel ￿•.1￿* pro1￿...￿1 0ducati¢￿ kn"pa.FlkaJlar.ty..tho" ' pro¥i5ion'iif• scknooj lor th8 •thKar*in olthtklren ¢ltoth 5WS." .Gov•rnane• •nd Manag•m•nt: "Hai¢K¥ood' Sthiol is"a co91s￿r4d 4*•rtJi,(No 312081j-"•*J 4 ￿n￿￿'.1￿￿K¢d'bY gu¥¥nleo'{No 92SS81). ri.'Is gov•ifted ty its M•rnoraAditin •Thil A￿.￿￿$ Of Asswali(In, The".Bo¥d".of Govun￿$ (the 800rf1..18 9uidÈd ty'li% 'Govefft¢n¢O DC￿Me￿I, la6t UF4Jale¢l In j￿)e.2017. 'The ￿l￿mI)erS of ihe.8oard. weig TnjSl￿""or Ihe adibiueg •ftd"Owed(¥s"of'the".Cofvw8ny lar.tiie ..Pu￿SeS ofthe Companw A¢k21kn t1uiknJ yw.ended 31s1 2023. are shinn.cn p3gJ l." On 8pwnitMI[ Gov¢mw3 wo¥lde4 *￿h.*.*￿￿eI￿ss¥• info1￿￿￿ rAc* guKleline$"oA G0Veni￿￿lp.. 'Th¥y arè en￿raged to #itend familW?￿￿n visits lo Ihg School *J all Gov¢rnors'are oPp¢￿￿1￿ets to Ottend .sern!tiars rrin'by. prof8s$ioTral'btsthe5 10 ert*arice aWar¢n￿ ol.lth gove[n3r￿.5k1ls ari(i #¢hool manHgem•nt The full 80ord m8ei¥ knjr tjriws a yèarvriih rrieeiln￿ 5caieiiuigd ￿ theAulimin lefffl.. thg ffirst is a:'ratth up 8oard.' Me&thn9' fl￿0vIn9..th8 6iimm¢i vAlh'l1* seciNKI lakry lh• 5hapv of a dafs,•iimw6K)n al.Iho'"Schoot. Ati the,: Governor Committees.'IFinar*è,& Gefieral'Pwses,:'N¢rninakn &.RernuneFation.- C(Impliance. Educalbon"and ,Pwpety) eontinuè to in¢et ai &'ast on¢• • tènn Th¢ Audil Cominittep ff*ets ￿1¢0 a year lo pffjvide OVe￿Wi￿1 ofthe,. "Sd)¢)ol's finarttiol managèmtrt, rsf Ihe"anrtiial"f*ianc4al' 8talert)ents and of.lhe S¢htiofs èxt¢mal al￿￿0￿.. Th• ,Sehool ha$ a.vknolly oYrf*d Irat1tpy s￿$•. The Laths 81 LaveroL* Uniièd, ￿1th fvn$ a day nurwy for thmdren. •geO 6 frwth6 10 4 years.'1ts 8oard me•1$ at teast ¢fi￿ a lernL Hèad. •S$k81￿ by the S•nior Leai!er$lNp Team, *r•sponsiWe f¢)r Ihe'day lo day iTh•¥ag¢nwnt-ol thé Sth'iiol r8ptyts dweclty Io lh• Go¥emlng Btyli. Strale91¢ Rwort Prin¢ipal Rl¥k¥ and Un¢ort4inii•s. The focus"'of the laiesl fev￿￿ of Prwwie Fiisks was lo bjentify rAffent ftgks assou*ediiftlh c41￿8nt., e(￿￿)￿1C fA)n-th"IIM¥. riwi inI￿n￿ swos$1ires and Inle[e￿ taw Inww. In •dditlLYF, G¢v¢rntys ￿￿nue lo ie¥kn¥ nol'w IP1•"ap&ilKati￿ of thwiory Miiipfiancè •thi be51 yaciic•." b￿. also lh¢ Olher m8￿1 risks fo the'SclWI Is •y4osed ensur¥ ihai ryirilrols are wl IA pla¢8 lo Thitigit• lhose risks.. The School8 Risk M•ia9#ment Registor detai15 rfsk"•¥p05we hKludin9 its-obiecis. Cb•rtty L•Y and RegUl￿On, Go¥wia*Ke t•id Manageniènt. Exierrial Irifluen￿.. EriviixMn¢rf81 Healih. 8 Safety. Oper81ional Pro¢e$$es. TechnolcrfJtsl. Acadtn)K. P?sloial. F40wKial. Inv05triwt and PIT¥acy. Risks have allo￿ io tho hth¥idu81 Go'vemor Commitlees lor at &ieir tenTrty o￿vrig￿ PiincipA! risks inC￿de loss'¢il rewtaii¢n leathng lo"• *op in pupil nurter5.. Thi$ 1$ tyl1￿318¢ firsl fo¥8m051 by • broao aTrJ bO￿nCed c￿rn￿1￿M ￿1¢h dolivers piogress aiid results. The schoot also has strong safegu•r4ln9 ￿￿edUres..￿￿ks to mainlairi a wjsilive proAe in Ihe immunity opeia*s aft excdlent $14ff perform#nce at*j d¢¥eSwiment programme lo mainlain ￿9h ¢alibse 5iaff. In •ddiDai.' rt Ih¥e$15 in St￿￿1 financ*al lo wlute emwgiTr3 Ir￿$ èarfy in"iirder lo r*balance Ihe irnpact. of thi"n9in9.pupfl"*wmbers.':￿sO idenlified. •$ o yiicw.risk 15 Ih¢:riSk ol fmndal miBnwTra9èmènt."thth is mlligated by strorrfJ iiktoinal r¢y*ofs. d4l*led fin￿￿1 èudgeb.rvi aNJ iTr(¥JeWng ol W tem ¢ash flow foreea&ts"ai ulèr r￿lew$ l!y Go¥errJt)rs. Mose recenuy.. VAT on s¢1￿1 fees hgs b8en'athJed to Ihe Risk Man￿eMen1 Reglster, and h¥$ t4en exensively rofyYellWi."The.Gaw•M￿$.a1e ¢fy)fthnt Ihat rfsks a￿ ftwMTri6ed ￿ld mainlained:wlhiti #cceplable tolerances.. The 6ovemty4 havè fio finanpat thresl in th• Charfty *i rerAv4¢ fv) [en￿neral#>I from thg cFkrfly. Hazelwood School IA"ChaTltsb!• Edu¢ational.Tru8t Llmlted bY.Guarant￿> 'Governors' Rèport for the year ènded 31st"Ju!y 2023 .ICorilinu￿> A¢¢ivliles,. A¢1￿¥81￿n* and Perfoin￿£ The company fvffils.its tharEt8ble rtlecls by HaZeTr￿ SclK>t4, an ind4)en(leni p￿.￿ep ￿ Pwp•¥w Schwl. lor boys ¥niY W.$ 4 tc¢'!3 years hi ShaFirtg wr0EFt1r•￿ for the year 2022.23 aThJ pLini*NJ the 6thoof$ Odivilies.. the Go¥8mW¥ W* o%vwe ol the Charity knwiwon'swKJaDc¥ r*) wbSc benerrt ¢Joedffl¢nt, :'Public 8enefi ..In thder.lo deliler th8 ¢*oot#ble ¢bierlS."th¢ scfv>J ¢ffw$ a"lrriited nurnbgl 01 gr•N.ass191ed. runtho a charity IP21'.' 'plac•$ afe (i¥ade availa￿• to loc*1 i¥nl" les ￿05• f￿an￿oI F￿1110￿$ wwfd OtheNdse them io conswjér.. HazeKvotsJ Schod <*ildlchldieri. More&¥tt.'Ihe Schoc4 efflF*$ Indwlduats and ¢MS tKildlfjgs ￿0$e e¥peits8 .8tt47inityJabon andladlths 4￿..Made aifaifaoto to￿￿1 a1xlwnhm￿ty*￿gal1IUikn1s. therety￿*ve4l￿J be￿t:" .liver ￿mffler ol 2021 the Srt*o¢l curylel8d •# w•atMs Pa)dld pidi ￿ sF<•ts"p*rfikWI thlJi¢9Tri%*l Uth•rit*" Ihe wg¥ision ol in ou¢ glin io'8chè¥e"six*lwvi •xteiferKe. •s ￿ as ILI yolde':the thmmuW.wNh a"" ne%Y facllty.- In January, 2¢f23.. the 13 NACE (Nab￿al"AsS0¢Wjin EdLKatkn} apj Ts n one ot a fiou￿_￿ ¥hi has iezth•d thls le¥el ol aC￿￿ltabofi NACE One of rri•ny pts$￿ crimmeni¥. 'ty Iho 1i!spedoT W35 IIKII 9￿ff arhl l*ve kngh"WCiOikihs of Ihèmsefv8s arml oi one aTrJlhw. thal'lheie Is reten￿55 diiv¢ tci i)rtyno*e eltedbVO l¢amty and ènsure lh• Naz•?orodwpts Bre.Yutur• reaw. The scjthi w¥$ ￿Sited.fOr.#ft •vort wwmrrfd 8 9?Id medaf in th?,YourrfJ 8oh.errits.":Prag￿• .'Ini8maitenal h￿s¢C FB5tyval.""The ¢*oti was.hyNy c4Jiiniended by t￿jIh I￿:1￿1g￿ Ar￿.a1$0.. cwductors o! other 'P8itiopanli. 'In sport5 U13 Ihe IAPS Nal*)Mls kn"*xiball the gBls Wsh-ed 611 o¥era51 iri Er¥JfLqh Pmiary .$wiffiif*ft9 Fil￿15 in Sh¢ffiW". The'launckn of.iho".new.'parewl o)mmunKakn port* has.teen wgl Te¢tyved by paents'and the'scheol Is wrenity wotling on • brand neit **bsilQ ue*e an wga9479 artd tn5wraiiort* ￿10 Ihai ertèpsLlale H8Ze1￿¢X '¥alue$ a￿1 ¥i8kin .The'g1è wl ￿50 seNe'to tyoniotè'thJr."tsi*its•$ fty *llftgs SMX&¥)ses.'tr• help rriaxtmise commerdal re¥ènue 85 well as btriefrt cpr#xtun*es.' liublie Berrf Th• #chool ￿lINUeS lo'f¢lkM R$ Prjw,.￿klr￿J • Ilmled nwnbèr.of •6si¥t¢d places'a¥alatif8 lo fho8o'f8mh"e$ ¥those finanGi* Ur¢urns￿¢es albw llwlo￿ffj1tter an e¢u¢•btyl atHa2*WJ Sd)od. i•tllngs 4TrJ ¢h• Comiiiunlty. The.Hazeknl￿ t￿lIrit￿nIty FiM*.'."**#ch ss.an ip*obve thai ¥AS set uki P￿ COVtd.iO dDnat• 10 loul cnmmurwty woj•£l* VIOS ￿￿erSist0 i1Tts y•W. P)si cthid. after (Weini9 rtstia1a￿ in lh• year.'stsrtedlo r•p1th$h Rs corfws In ud•i ￿ make fvither ¢oriaitffjs. Th¢ first beneficiary ￿,￿a$.8 wfflaty.itsify?14nd rt 15 lh4 wlih more hJndra*ir¥J ntrxl yè8( ts sthiic4 can9￿+¥ Ihisifyliabve back to Ca)￿ le¥eis. Lelllngs hwe ST￿￿1.9 thi5 year vith over 35 kcai c¢gwM5abMS benefillxg fvom th• ol ¢)ur Ta<h$. The c¢mpfel¢d ali weatyw is very pewl¥*ilh Ic¢al sports dubsol all •3eshirtrt9 aon &reyLtlaf b¥i*. Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Govemors. Report, for the year ended 31 s't July 2023 (continued) Actlvltle8. Achlèvethents and P¢rfonnanc• Icontlnued) Key Perf0m￿ne* In¢Jiulor5 Th¢ follwng KPIS are le¥l¢W￿￿y Ihe eoartr. 2023 2022 hl £7.n7 e6.7gF7 rdn £6. £6A21 11D10 Fe• In 6.75% 441 £2,361 £1,6S9 Feel 14tsV 14.77% R•¥uM¥, Flnan¢lAI Pos￿0n 4nd Reserve Pollcy Tho c¥Jn8olbJBted (ne1"￿ti)Me) lor Ihe y •mowAeO lo £831.190 12022 £WJ2,670). Tho CharfV5 *•e reserves" •s dthed by Ihe Charty CtynTThssion Ilh8t part of a thaFIV.s unfeslrf¢xed *Jnd$ Ihot are Ife"ety 8¥&18ble Io Epend on any ol lh8 ChariV$ purposes bA $xdurSe5 fbxed"èssets ?5 land and buildlng$) of a¥50cialed b￿T￿￿O9$ arntyjnl to. £1.649.084 12022: £1.810.659). Tho Govemors. p￿Y b 10 appty any suiplus toword¥ .¢nhanon9 the qu￿rtY of•thKalton. the f*liltes. and in m8lnt•iiln9 Ihg opeFaliohBI ¢ap•bil¢y of the School In th¢ ¢¥èni d fluctuztion5 ih #s income. The in the yw dehKNi$traws a pog16ve move ttyrfrds ii&in9 feserw vknkh has enatrfeo lurther uwosknent in Ihe Sr)￿>s.8￿d ils laoTries. A restsv88 poliGy has beeh 8groedwhkh defines a lev•1 of 01 £2O).ow 10 be hdd 39ainsl unh)re￿$￿ •v?nl5. Tho Scmd's vtholty l(•diw b￿S¥￿y. The L•rks al L￿rC(k Limrted. gener*d a lurnover ol £l.S73.770 (2022,. t1.375.130) ond made a profil beftro gTft doftaiw of £13Q429 (2022'141558}. Th• profil was ￿rted 10 Hol•￿ts0d Sth. ool Thes•.figA8s are indudeo *) Ih•. Company law requires Go¥efnors lo pK¢pgra r￿lat ststsfflen￿ IIK ea£h ￿a￿al year whKh bM¥e a true lèfr viN¥ ol Ihe state ol I￿ of the chJi13ble ¢tyn￿nY ano ￿.Gr￿1 and ol income ex￿nd￿vr￿ 01 thè Group lor ltrai wityj. kn pieparifi9 lh￿ f¥Mncial slalewi¥. th• Go¥8moi$ are requ*ed Its.. 8eled suiiaÈ48 *cc4>uNin9 pol￿￿¢¥ ¥nd thgrbappty Ilw wtsisknltr. ubT*erye Ihe mell￿$ 8nd wi[Kip*s￿ the Chgrii*¥ SORP.. make ludgemeDt5 3r¥d 8slimDtes Ihat •re rea50Trab￿ and Prude￿., $M!e wTreLPter OPPTk8W• UK Ac£i>thiin9 slanda￿S ha¥e be￿ lolmd. $ubit¢t th Any M￿en81 dvpartu t*stlos¢d and explasned in thè fir•noal stalementS'. preparÉ Ihe finanual slalemenls on the golng c￿ce1ft ba￿$ Urt￿$ it 1$ lTrapprO￿7￿e lo Ihal Ihe charitable company Yall continu& ￿ *wJslness. Pago: 4 Hazelwood.School Governors Report for the-year e"nded.31st-July.:2023.' Slal•rn•nt of C¥OV•inOf•' I1w￿l￿11[1l•1 le<)niin￿di Th$).G0￿mOf$.•re fesponst4e for keepin9 K•￿UnI￿V.lec0F¢iS.￿81 dlstiti$e wlh reasonabla ￿￿raty •( •ity time.lhe hianaalFP05itiOn'of the th0ri18trfe- company."ants trie."group and •nable Vi¢m..4ts eiisurè.lhai the.firiarK4al Itaiemeiils r￿Mpty.￿l1h !h* C¢mpaFwe8 Ad.. 2(￿. 'Th8y'.8r# 8190,'respinsltAet for. safeguarthn9. tha￿8¥$e1$".QI. Ihe cjiariiatle ojwoany wid tho w¢w"a(Kl heite lor iaking r&i5onatth 6l•ps (of th¢ w•wlion •"nd-del¢C1￿ of Iraud and olh6r.Irre9ul8ri1*s.'1 ln s(> fw.ai Il* Gi¥vorrity$ arèaw•rtt* ' Ihere t5 rioi*4vani 8udit in1th1￿￿OI1**Klt.kne d￿lIab￿"<0￿p3rrf.* we vtt8w•re: ar#J 'Ihé Go¥ernoffj havé iak6n •ll lh8 $teps thal.they ou9ht ic* h3¥¢"tskeii'to inok• thwnsélves w¥a￿-01 any.￿IeYaril.. 5'oudlt inform•lioci aad to'establish"Ihal Ihe *riiat48 vitiwnrf$ 8uLttty$ a(¢ awam o1lhat￿f0￿￿31wir￿ 4oore Kirigslori'sinrth LLP hav• ind￿￿ their to Contin￿ in officè'and in 4￿r￿a￿a￿V￿.lhé"Prclw19IOns 'ftf",Vie ¢•￿PanieS A¢¢.. il l$:.Iwsèd Ihai'ihey. be"" re:appoinl•d audrtors4foi.:the enwiri9:.year:subj8d-:io tti•. '.i¢c(+mfflerO8lbn rA théAw*l c￿￿[￿¢0. By ordvof.the Ggwrnors .Vi¢lls Hlll .Llink18ftoki .&i"rrey.liTr18 Oi2U 'Dat•: 6th OKiimliw 2(123.' "k-FlÈld Independent Auditors. Report to the Members of Hazelwood School OpTnl¢)n We have aurfiled lh• ¥1*￿e￿9 ol HateN￿ Scl•)ol Ww..P￿RI comp8on and Is gub¥idiary Ohe 'omup) lor the ye2f ¢•ded J1 th 2￿23 thè Grthtp Statemw* ol Fln8ni¥al Acbvities, Gr￿JP Sumrn￿ InCrt)￿ and A(oyJrN. Iho Grwi •nO PateAtt Ch*it8bl¢ Comp•w 8alBne• Sheel$. the Gr¢up Cash Flow Statement and rths to finanml lo¢lurfing Signif￿nI $ccovnJrKJ pJfKies. Tl* finanrJal iewkng fr¥rnework Ihal has been #P￿.e￿ weparntion is apOcaNe law and Unhed Kirwdom *ountrft9 Stund8rds. indudlr*J Ffls 11rd Tr Fwwial Repyting. &and•rd . Ihe UK and R9￿￿"Co1 Ireland. Iuiwlod Gene1•l￿AC￿￿ A￿*￿thing Pffaclic*>. Inour oplniw Ihe finand•l s￿eme￿¥". a Irue •ThJ faif ofthe stét* ol Ihe Gr¢>￿.$ and the Paw4 Ckiiiab* Compartys affams a$ •t 31 Jyly 2￿) gnd ol Group's and a￿¢011(￿ of ￿Ources, IrKludir¥J fts eypendiltyre. k*lhe year Ihen ènd¢d.. ha¥e been pr*)perfy wepat•d Un41ed Klngdom GwffjrnltyA¢wpled Prnctice.. and h8¥0 beernpi•p•d In •¢tryth￿￿1lb Ihe rouiieowls¢fV* Conyw05 Ad 20(6 and the Chèri15es Ad B•sl¥ for oplnl¢) We *>)nducted w authl ¥1 *ilh 1nlema1x•￿ SlandaFds on Audiliry (UK) OSA6PKI) and appU¢*l8 law. Ckn fespGm8bi "Ilttes uryder thoso slaTrJafds are lurtlw desuw In the Avdd(¢s Re¥thsibiWW foF Ihe aud ol fin￿¢saI $latements ￿110￿ ofour reptyi. We org indepeThJ8nt of Ihe Pal￿t Cttarttsb￿ Cowny in th Ihe elhT¢ai wequlren*ntS a(¢ authl ol the financial ￿atementS lft th• UK. including the FRC'S Ethical Stsndard. 8ThJ we hava fulfil￿ wr Lther dht41 wwNtr414les in V￿1h Ihe¥e requiThtrné￿$. We bello¥•that lh¢ •udit e¥knK• we i• sulf￿le￿il￿ apyowi* to pFthid• a ba￿$ fffour orAnw?n. C￿l￿gI0n* fol￿￿9 to 9olng¢oM*m In atsdilirvj Ihe fA78ntial statemw)ts. we have that Ihg tsu91•es' use of th• goin9 cOn￿M ba¥1$ of ¥tr4unliw'ln Ihe p￿¥•hOn of the firwcyaf $tat•rne￿ 1$ approprwh. 8as8d on Ihe vrtrfk we h#¥e k*rfom*d, wo have bw rfknWfied *)y materf•l rtIati￿10 *¥￿1$ or c4ndiLiens Ihal, In￿ld￿81￿ or tth¢tivety. maycasi doubl *Jn Ihe wow's and p¥ent thaAabl• cornpanls •b4ityfo eJ)nlMxre as 0 9C￿￿ cont￿ fc¢a peiiod ofal le•5t ty￿fve monlhs troth when the fin•Ktal alerft¢nts ore But?￿ised for ￿8￿?. C*f fesponsiknlties Ind Ihe f•SP(•1Oti￿I*S al the t￿$1¢1$ 4Mlh respedlo gains ¢oftcem•r*d•scAW irt th• ¥anl $e¢h"oni ¢f Ihis ￿part. Olhw lftlorni&t¥on The olher Infomi8tiM lh• in￿(190 Tr ihe W￿￿91 fepthl. II¥M Iho f￿￿￿la1 slatemenls and OUT audilols iewrt Iheteon. The Iiustee$ ate respons1￿ for Ihe olher inf¢ymation c4ntain¢d wilhirlthe annugl wepth. Our o￿n￿)ft on the firt8nCYdl statement5 does Th)t cover Ihe olher iAformalTron •nd. excepi to Ihè extethl Olhthise ex￿1¢11￿ Stsled In w rep)rt w• t10 Dot express 4ny fqrn ol •$suranc* cortdusioTrtlw¢oD. Our rqspon$*ility ss tr& F¢od the ￿h•1 knformall￿ and. In so. ￿￿$￿1¢( *theiher the oth•r ￿1•mI3¢[0￿ is malerfally inthinslsi¢nl with Iha finanoal tl¥loW Of our knovledge obialnod in tho course ol Ihe authi or 01￿MiSe appea￿ to bé maieriawy mi5Staled. If we ttjenlify oyatsrial inc￿$1￿9nGieS or apparent rnalerfal misstslemenls, we ai¢ requiied lo determi￿ whelher is • Th￿￿n81 mis8i*•nwii ¥) thè fmnc+al 51atement$ Ihem58l¥es. IT. based s)n lh• we have perfwmo(l. w ¢O￿lUde Ih81 Ihere is • mateiial this other InfothalK)n. 4Yè •re requtrtrj lo r8ptyt faci We hève ￿￿tting lo loport rewd. Oplnitsn8 on oihvr mattern pr•s¢flbed by the Ctynpanl¢s A¢1 2006 In ouroJ*rMon. èasedon IheworturKlertaken Ihe c4urne ol Ihèawjl". Iho inloimabon giveft io lh4 straieglc i•port artd the Gover￿. annu•l wewt lor tho fwci¥l year lor Ihe fiftanci￿ ￿ateMentS3rQpreparld is con$i$lent wilh lh¥ fiftanri81 and Ihe ieporl and Ihe G￿em￿S. onnval have been in awO8nce wilh applcaNe le9al reqyirernenli. Pa9e". 6 Independent Auditors, Report,'to the.Members'.of Hazelwood School Ihttgrs •n wNeh wè atè rtquir•d t•npoii bY•￿•Pl￿. lft Ip3N of Ihe liniythJg¢ urndérstsTriY¥a •f1Tr4"Grwp w¥J Parert Ch"ariiatye.Ci>rryany ar￿ its ènwronmenl. 'otJlainéLI Trn lh• ¢4JJr8• 01 ts"*iOL,wt rni.lJ¢ti6fied.ni&i¢rlal I1￿sIal￿n8nIs in Iht stralégi¢.iepoit Cr triAl8•5' annual r¢ptirt.. We havè ￿l￿n9 to rwi in resFect ¢il thg lo1￿￿r& th• Ctsiipanies A¢1 2(K6 ar4J tm Ch8rh*sAci 2011"require us ie r¢wrtto yw K. in owtylrloff. 'the Parnnl Charilablè ké¢ii4deq￿te aNJ sufficignt Ka))wthrgiecgJN15. orTrknn• .iw oi¥ havg iioli*n rvAived Irr4Th bran¢h•5 ¥ssitwJ ty us., or ihe P•MntChariiabT•¢oiwn￿s ffMricl•l ¥• iiot In yeème14.1 *ilh"thg ac¢4u-ntirtsJ i•c¢rfds"aThO." .'(4rf8ln gisciosur•s ol speciw bylaw•￿￿￿1￿Odtr. or *a¥• not(e¢th¢d"41 the'lnforfflakn wF&nabtsns Y•P lor wr R•SpOr￿bill1ie9 ol GOveri￿ "As explaln8d mm'fvlty Go￿1￿$. iQFFWSt*ifths sdryrt on 6,"Ihe Go￿ti￿ ¥E• the tyractoi$ lif,.￿¢ PArenl.chantsb￿" CAynwy. rt<'.th•.pu￿0$¢S o! i%mwy fvl ¥e"iespori$th.fw. Irepaiakn ￿.tr￿. fih8nrial"staiernerts a'fyJ:for be*i9.:$8Usfied Ihat Ilwy:9p48 a Inje and f8W aThJ foT S￿h iThtèm81 ¢oritft4 as the GOv•m￿S (J9￿1￿1* ss r*c*ss¥y ￿ efiablo lh• of firtanci¥ staternenls Ihal arè,, .rrw from m8tei*al misstslen￿nl YAwthwth* lo fr8￿￿ err¢ir. Irs weparfrwj iliè finanaAI stataww15. GwrrKrfS are respongth for au•s8•)9 tswGroup and S¥ar•ii-Ch•rii•tyb. Company's atslity to conti(w• a5 a Cts￿M. ¢Jisct6NVJ. as wkcab*..Ii￿IlWS'l01a¢e￿ to co1￿￿￿ 8TrJ the c4nc4rn basis of ¥<*othbro ilia"Govwrm ¢ither intefvj t(> wqitida18.tho.Gf￿1I w Pa"reit .0)enlab￿ Company or1(+C￿Se operaknrms."￿ hw• fio r•a4sbc4ltemabve blrt lo-¢Jo $0. Audltorf$ i•sp•n%lt#bt108 f•r th• au¢lll •1 th• Ilri¥ii¢lal 8lai•H•nts Obt ar¢ 19 rnaso+4ble &ssur3Ke aboutthothel $lai8rnrrts as • a￿ free fvom n?atg1?al inisslal?rwiL whèther the lo (Y wr¢y,.arKI Io is5￿ an Mpyi ih8t Inc*Jdes tyJi opinion: Reasorioble &ssue8rKe ts • lgvel ol a9Jur¥rt￿ nol a warani•B ¢hat sn aud4 coNlucl•i in a(ryrdaw' .wlti ISA8 IUKJ atrd¥s'd•t•d a Inal￿2& rI￿s￿I￿lent I ￿81$. I¥$5t8térnenL8 ¢4ib aw from tsaLKI tir *i¢Y Énd are"￿￿er¢ol malvial il, ln ￿￿re98t•, t￿Y ￿sonatsty b8.•>FecW io uiftuenM éconaffli¢i#e¢ls¥ills of Y￿¥* 18keri on ba5L% of ltsse 6rianoal staleTh￿1$.." .As p*1 ofaTravJliri •cur¢**e wfjlh ISAS (UK1￿ ¢xwri*tyti*sslortaljWent aJbJ mairtan profess￿Mal '5G9PDutsrTr thfoiw Iho a￿lIL Wo alx*". Iden6fy orKJ 8Jyess ts ris*s ol m?teriafrno*oteniefii 01 Iha T￿3[￿1 $I*￿nIS." whdherdu8 to fraud or vryof., ées¥Jth ansj ￿r10Frn awjl to thosè n*$. ar¥J auillt ¢*￿e￿ Ihot 1s'$¥ific*nl and 8AiIW8te t(* prowts a lor ￿ tr¥+￿￿￿. Th8 ol Dot dutfj¢brrfJ o matsibal M￿s￿l•ll)￿l r•6vthrg frnisd L% bviber biari ￿V￿￿'1rOrn eri*y. as fra￿) may invoivè'ctd￿￿￿n-. lo￿ory,, intqntiona1 ony5$￿nI srwes¢nlaiioD5,'u lh8 0￿￿*￿¢ of inlemal contrd. Olilari an,und81siarbduwJ ol lrtttrfial eAWtro! iel8vant iÈi"th•.•¥lil dg$K• atyJlt Ihai"afO apsiwna¢o in ¢yw¢thxylancés, twl r4Jt ol exwesgng an oJxnThi rffi ts effecbveiiess of i Grow ar￿ Parert Ch•ritat4e C¢riyanls irthDal Ev8lv?te the ￿p￿pri*ene55 ol 3rKthrntii¥i ¢tsed athj th• wasorrabkn)•￿ ol act¢￿￿11￿9 •sIknat￿ aryl relatéd ¢Jlsèlosuffjs nia¢g bji ￿ ￿$18•#. Cc￿(￿￿￿e on the appr¢wialéness ofts bosL4 01 Kthjntirtp wd, bos•5 Jdit Ov*Jer￿ oiJtaln8d."ththe¥ • mat8i41 IAK¢rtatnty ￿lSts to e¥ent$ or c4nditKffjS IN rn•y c*#t $*idf*ant &)id)l ￿ th• Gp>tp and PaFehi Ctiaritabb s alhlty as a 9D+ng oy*•rit..:11 con¢tud8 Ihal a mHl8rial ￿$ts, af* rw4viip¢J 10 attenDon fft tsJf al￿"11y.¥ reijort io the rèlate d￿dDSUr¢S iri.￿ financial:siakn)e￿S or..Il's￿h dWasurès.8r• wi3de4￿ta. lo'fTh>lty."our 04ntyin O onctU$iOThS iFe t*gsed ¢n the e￿er￿• ¢èi*r*d to ttie date"¢>l our authorfs w*?rt. HoY4evèr. fvlurt v•nts"tr"t4Mditioris may ￿¥58 Grwp or Pafert Chan"iablo &)Trpany ¢0 oase ic• tyjrttinue as a Ev8lualg ON￿11 presenlatio￿ of ts finwoai 51atowwt¥. the thscl)surès." ¢.whether.*¢ slatoff*ritsJrgpres¢ni t1￿ ts4rwtil￿% •Rnts'.in a inannor that hi•ves f8lf pr*sèftt8trtir Inde￿nIent Auditor8::Re"poit to the Mernb'ér8.of "Ha201wood School ..Oblain su!Ibent.•)wwnaté". OlK4t:•*￿1￿e.1e9&thr￿..Ih0"flffta￿￿8l tif entibes.iir.liusirffjs$. 'Ktsvibos iwth*i lthè'Grwp to expresy.all fitYdn&at $&l￿nIS. w9'a￿ i¢sponsU•. lor.V* dirnClc•."swtN"Ston.aF￿j FeifofftW¢4"+il tP•"9fLWP aL*Ii We 501ely rw%bl8'lw our a￿lit Imfrfj of.Ih•:a¢Jdit afvJ".$ty30iffcanl ffI￿sA9$. ￿ell￿1r￿ ami s4n*Sc•tt d•frt*￿ ￿ iniémal ctywol th81 JeTrtfydurfThJ our Explan•1[￿5 •¥ t•wht exient'th• audIt￿¥ ¢on8lknd c•ybl•"of dèthc¥ng kw•g"ulailllé•. IrKfvdlng fr8ud liregul8rfdag"..i￿ILilry fr*￿. are I￿￿nr*S oi ￿K(￿h8nt• *￿h kn aTrJ r•gLIa￿..w* rfgswJA wi)cEthffo5 i Ouf resp¢115￿.￿be5, ¢￿Ill￿ed at*)Vè.'t¢ matedal nwlalemems in of iFrylwii*S,'ittduth9 !r8ud." The èxtsbu lo wwor¢durè$ are ¢4pabfe Otde*￿￿jYeg￿af￿￿S.u￿￿fl￿g fra￿a i*do!aited L*ltr•. The oty"e¢bv85 01 guf 8ik*it hl r•wii of arn: to'*ienbty 45sesg the ol mai•tsl 1Th551atement ol th•. filia￿al swemeuts'lj￿ to:fraiwj.."ki sulfi(wi apyc(Jrfalt& a￿$1 evthAC• lh¢ a5305sed btsks'of" iiiatwTral misststsm¢Trt thJe"to'frOLKI.'Ihr¢J¥gh.Wnll)g •d appr￿5#￿ lo¥￿Se5 WJ th050 a55es2ed. ts1o: and to re$W￿¥￿V￿￿￿iY.l(> hry8tan(ès ol tr￿d ty *wededfrawJ #Jentifi*jduJin9 I￿ H￿￿1, Our wproKhwas as Idlx.. Wo w•in8d aft I¥￿•1513￿jrf￿a oi toggl and reqwreffwtls 10 Il* (*art8bfe c•Nwany and C￿5*Y¥r8d".1h•i Th¥ist *giifft?nl the'Cwwrdos"Aei 211)6,"V*" Ctisiwes'AI 2011. ihe Charity SORP, and UK finanrial raptyting si•Alath"*5 I￿? Fi03rKial RèrKvbTr3 . We'obtained •ri tNerslanth"ng'1?f hiw V*"tharitsbl? C￿￿Y ii*sB by wth manageinent8n(J tharg•J wth . W¢ a53essed.tho'thsk'ol m•teriai tYos8iai•m8nl ol M•riLY?I sla1￿￿￿￿..1￿￿r•j lliè.th ol,rnèle￿1i misslalewt lo rfra￿ Atsj W. h(*JiwJ di¥c¥ss*>￿ tlw"diarged th govqrnanr•. ' . We lftqulred ol mwgemwt arKI thf*¢ ch¥g6d *ilh go¥wM. ￿ a5 10 Aty kn¢r*n'AistafthS of INTr￿lIp1K•r￿* $VSFeded It*s arttl r•gvlaboi 8ased or* li￿$ bAdets18f+dlr¥. we ¢Jesy)ed speufic apprgyl￿e proc￿￿9$ tO'KleriDfy" Instsnc*5 01 C4XTWi8nce with law5 reglrf3￿15. Tki$ wdtNJed rrtaPai9 W4¥ries'of Mana9￿￿1 aNS IIFOW L*arged VAlh gO¥erft￿ and Oblaini￿ cwobtyaivB 8vthnc• •s ffjqUWEd.. ' Tror• are inherènt *￿it do$&￿.*0¥4. Wo am *ts'laoty to"bectyp• •¥r•"til IAStsncos.ol (w)n4ompl¥n￿.bitr.,1s%￿ regu￿tionS thal are Mi c&)apty.rek71ed 10 ¢¥￿[5 ar*J relected In its finaiicl81 siat6menls. AJs0..t￿ risk ol rnt a makn.al M￿tAtement tJJ8 lo fraud Is hwJher ithan Ihe iisk of n91dthr*ng 079 rpsulbr& frofft as Ir*AI noy ddit•oioc*Yreakn*nt by. lor.exom*, repl￿g•nI?i￿$,"ot Ihr+W.I roi111gottL ..Uge olwf r¢port This report L% ri18dv scrfetyio IhB c￿ri￿bIe cti)i7•n￿I a3 8 tÉ•iy.'th arrtydwicéwlh Ch•pter 3 of P8ft 16 ollhe Cotrpanre$ A¢1 2fK6.' Our al￿11 has beefy ￿￿j0"rtakèft so tha! ￿ rriwhtstala lo th&"Cn3ryia￿# ¢ryTpanys .rnÈmbeo Ihose mallÉw$ whkh we 8re re9ui￿￿ io Slatè to thern aft awStof3 afvj fy no iilher Purposg..T(* ithe knlesi extsiit FerrnitieLS by13w..%•* d) not ax*pt Th arKI expertiirfu￿ ol Ihe par•nt Con4>•ny k nct presenled as P3rtof.Ihesè Page: 9 Hazelwood.School (A Cikarltabie Edu¢ational Trust Llniitsd by. Guarantée) Ba!ance.Sheets.at 31st July.2023 2022 GfWP Flxed Assets. 'Tang￿le auets ..10.412291 .10.4122 ,9.8*,324 9.8*.324. In￿$1m*Tht In TiuiBl¢Jl•ry Lkn"d•ttaT(In9 .11 10.4*2.291.. 10.'4t2.391_- 9.896,424 ".&rient A•$¢ts ."StcKk. "12 6.310 ,217.210 C•&That bank lTr.h•nd 2.615.233 _￿74 3.258.735 44.11."188 ¢r¢dltors' thi)o"unl8"lalliriq il '.wlthlThont y•ar. (1'.419.8261. -'{t.843,375} (1.467.057) tldcrirfent A•¥8ts 1.6WL,467. .- 1,944.211. Tolal Asse18 l••• Cur￿￿ Ll•bilill•s .12,104.858. 12.104.858: '11,840A35' ,1 t.840.$35 ¢i•dltoin: ialtlngdw.. •ft¢i mor4 than on• yoaT (1.983,8281 .(1.983.828) (2.547,(&7) .N¢l ￿$•18 10.121.030. 10.121.030 9,293,438 9,293,'438 A¢¢umulated Fvnds, Unresiircted Furié$'" Gèneral Fund. ResI￿le￿ F￿(111 9.970.374 9.970.274 'iSO.758 9.188,37 105,058. 9,188,379 .105,058. 10.121.130 iO,i21,030 9293.437.. . 9293,"437. T14e ol Ciiènty for2023 was £82?,593 OnCFLwJ￿V Gfft frorTr:T!tè Lath8). The finanoal $lalemenis wTre arw¥ed by th¢ Go¥¢miys and ￿{)￿Se0 for is3￿ on 6th Dtiember 2023 ¥nd oh tlielr l)fjhairty.' R. Htaloh..... N. Cart&r-P¥gg.. Ci)Aii>aAy Nun*er.' 925581 Hazeliiiood.School .{A' Charitablè Educatlonai Trust Liiiilted'by Guarante•), .Consolidated.Statement"of Cash Flows, For the year endedi31st July..2023: Net Cash trinow fr•m ,.Op•ratlng A¢ll¥itiè8 jnoi• t) f.'495,'368.' Cash Ilo¥iii ffonb'lnvastlfig A¢thTllk$: P4J'rthase ollarytle iyed 488et* K•',026.Y291 M•1 c8*h pmidéd byqused In) knslkig xtfvli1o¥. 1028'.3291 "Catih n+J4¥S Ir•m Ilnan¢Tn8 a¢iMIiM": C¥sh inft0￿ nèw b￿1￿￿11￿4 Riipayments 0lboir0￿ N¢tcash piovided by1(￿*d iiil iIMn¢lfig a¢¥vllles. .f423.ts78> 142J.0781' i4YJ.0781' .'{423,078j ¢haniie lib t48h.and ¢•Bh o1iui¥4teots In the ￿1>0￿1￿•9¢rf 494,977 '335.7(6 . 'C•6h4nd ¢•6h È4uhalerits"aitho béWnAthg of Ihg r•poning pwkn"d.. '¢•sh •nd ¢•sh Muivalqnts alth• ond ol the ffpoitifjg-perfod ,2.883.19 .Nol•s ti)th¢ co1￿01[**ted Slalèfflèntof Flows For lh• ytaiended Y$1 J* 202J': R•¢ON¢￿1*t1O￿ ol NeiiAeom* to 14et Casli knflow Irom ¢Jp•F¥iINJ A¢ii¥¥b "Trlot foe the yMr Oepredakft I1￿$¢YO¢creaS0ln skn* .Oeueasèllknrxe•se) ih debtors. af•J pitpayments.. , IOaciea8eWnué89e In uèthtOLS. P￿￿$¥￿$5. .,IOerieaséiJlftuease in less in advar Nel Cash Infto¥li fwoffj Op•iats"i¥J ArJivi1*5 f19.5141 [89.2241. 274,516, 954.430" 1109,318 .1.495.388 12. :AJthbysls ￿ Cash and cash Eqillw￿￿l¥ At J1 &dy. ..20 At 1'Aug￿l 2022 CKII al b¥r* 8rLI h h8Ni 2 882 297'.fr- -"3 377 274, 2.•B2.297 .3.377 274 Hazelwood:S¢hool. IA Charltsblo Educailonal Trus! Llmiled by Gyaranléa) ,Notes.to.the Flnanclal Statemènts For.,the:year.anded 31st-July.2023 ..{Continued) .'A¢countlno policles "•} A¢etiyrrtingc¢vnv•nit4XI .Basl• •f prwratlon . Thè fifjAi*l81 $taiernenls ha¥e b&en pwared in arurtlarts Mrflh lh• Financthl ReMITting *andarOappffcab18 in Ihe .UK $nd Rèwb*c"of tfeland IFRS 102>. Th• Pareftl Charitsbl¢ Compariy and ds ¥ul)svJièrfè3 are 8 p￿riG benefil ,9row l¢r the purposes ol FRS 102 a￿j thwelor• the charity also Prepared As fineA(i?I slateriwnti in aiwdan "with Ihé.Slaleinent of li•commeTrY&1 aFWICs￿tO (*arities lire￿￿￿9 IhyraC￿￿10 kn'8coirdance w51h' th• Finand8i Repoitrri9 Ston(1or(l aptiKcablÈ liiii* UK and Re￿bI￿ of tr4#r￿ (Th¢ FRS 102 ¢h8rtii¢g SORPI th*. cort1p*￿A￿ 2LTh th* ChaftUe$A¢¢ 2011.. ,The fiftaKial stgtemenis are.￿epared in sterfiii9. is uirièrrty ollh• woi*-"'Monèi*y amoun1& .In th•w firtr¥ncial swtmgnls are r￿n￿￿•0"1b& r￿8$1 pound.. '.b) Goln9 ¢oncèin B•>h' Th¢Go¥"eMors have èsse8sed %¥tielh8rthg-ug• oflhg c4w•m basis is opprow* and havtrc4nsidered .'possibleevènts or ¢tsKIll￿￿s thal riwhl (0615tgnificotii dlivtst tyi fv abll*yof the 9roup to ¢4nlrnu8 as a g¢in9. 'ti)ncerin-.The Governors h8v¢ ffl#de thi5 ass¢$srnenl for8 period olal lea5tor* year frnfftlhe dole ol approwal of '.Ihe finanoal stalèrnents.. In PaiticJJl¥ts Govemois ha¥e ¢on*dered the grout•'s foie¢a$t$ #nd proiectiorss and 'ha¥e ia*èn ¥CCiivriI of pre3sufé8 on"irtomé. Pari￿￿arC¢YnS1rte¢¥tiQn has 9t¥en to the potential inlrtJducl¢oftof VAT on 5cJtool feu and rts impad èod dèl•leil firi8Thc181 ffi'odèllirig conducled tor,¥ahous scenatI￿ I wiod of at1088i tV4elve months from tre of appwval Flxed A$8•ts and Oeprèclatwr• r￿'scho￿.5 Ireehotd propeples are è8piaWsed inthe I￿￿¢[87 statements al I￿1r his10￿ cost or, In the ￿se ol Ihe Lavero¢* site. its *￿S11r￿ use as 81 Ihe dple oll$ I￿￿[•¥ to FiazeiM)Dd scho￿.. 'Ail r￿ed ass8t$ with a ¢fjst abrwe £l,(W are ¥rtd depre¢Faled at inles alcul￿e0 off the cA>sL.. lèss emm￿81¢d t¥5i6ual vakie. *verity ￿er iiw¢wcaed iBéfu1kn8. as lolkn¥s'. F4xlwes. fittinos an¢leqi•prntni.. CompLrter aThJ olhtreguipm8 Othel fix1v￿ 8nd filliF4S Other assets.. Molor vehlchs .33.3% per Wim 11YA w èmiim ..￿￿'Per•nnuM Swlmriiinppool .10% per an fvlo. dep{eu￿10￿I¥ wo¥Kled on fte¢hofd land.. dl Stoek Slock is ¥￿8(1 01 the kMrolc•st lid roalisal4È iiahie. Hazelwood School (A Charilable Educallonal Trust Llmlted by Gu•ranlefy) Notes to the Financlal Statements For the year ended 31st July 2023 {Continued) A¢counlln9 pollcle• l¢ortinYod) •) F998 5neludlffjg d5bur59m•nt* tharg Thfrse represenl invty¢eO valuè of 811 ethc8tion41 oThJ sss(tt*ed provlded duiwv Ih? y.•*. 8uisarie¥ and Sthoiarghlps prowded by Ihg School are sho¥m s¢par*ety under 8ursari•$ 4Trd otherfee rem1￿￿On$ The Srthool, prO￿deS w*¢eg. is not regi6twed S)f VAT. M fee5 dwThTed from thtn UK, g) Compo•itlon Fws Dlscthtr1ts"￿ on Cornw￿¢￿ fees ts ca¢)Jaled lenrty ¥1 tate$ set annualty by Ihe Govèrfiors byrnf0ffjn¢e 10 rales ol ¥•lum av￿¥ble kn the S￿￿1 and i& ¢hao¢d to Ihe &8temeni olFbw¢tal Acti￿[16$ w an bgws, h) Allocation ol Expend5tw• All Èxpendtture the IL￿Ning oftha Sthiot i¥ Ir•atadas tharftthoxpendltwe. A prOp￿an ol adrninislr•tiv• weclwqed lo I1￿ •t LA¥érock Lith ￿ ieffeci manag8frtfft￿ tim•lnc4Jrred ID relation to ttstCWPBny. Lèaslng and hir• purcha￿ ¢ornmilm•nts Assèts hdo undèr finafKO leaw and hlre o)ntrntswe car*l•lis•d trntho 8818nce Sheel and ¥r¢ d•ptstsal*5 o¥•r Ihelr ¢¥wcied UGeful fi¥￿. Snlwesl element uflhè rwital oWai*)As 15 tharg¢0 Slatement of Finkn*al AtlNtbes 0￿r tho perfod ol the teas• on ¥ $trwghl lkne b3$is. RIM￿1¥ polo under owabng l¢•ses we chwqedm • $lfdgM li￿ l)asis o¥w tho lfya$• tenTb. 1> Con¥o*datiort The Stalernent of fwtsrteiol Aesvilies (SOFA) *KI Bal*icE Con￿ld#fe the fbnanc•al slatem•nis rf the Parent Charil•ble C¢*V•ly and its sub*di¥ry. The assels and li•bnitks ol Ihe subwdspry arè const403￿& on a lin• ty hne basi% k) CrillcAI atcounling 08tirn*•8 and areas of ludgem•nl In preparing ￿ancIal51atèmenI5 it is necess•y io make ￿￿?￿ll￿0mè￿s. •Slim*•s artd •wmpli¢)ns that affecl th• amwnls rec•gnised fihanual The 10kn￿￿￿￿*aeffienfs and *sllmaiesaretth$ideted by Ihe Governors lo th? mo4 svjnikanl ¢tlecion arnwnts rec4gni$ed in the fina￿la1 sIal￿entS.. The onnual deweoatlon ¢ha¥g¢ lot woperty. plan1 and equIpfvth￿ 15 s•nsilvrn io Funds rotal 2023 Y￿r to 31 July 2023 T¥mo¥erolsubs#50ry .1,548.936 1.$46.936 1".546.936 1.546.938 Ilnr•sit1¢tèd R•stri¢ted Fwd¥ Funds Total 2Q22 Ye•f 10 31 ts￿1 2022 Tvmover 01subs￿1ary t.375.130 1,375,130 1.375,"130 1275.130 Pa9e: 14 Hazelwood School (A Charitable Ed￿¢*I10nal Trnst Llmiled by Guarantee) Notes to the Flnancial Statements For the year ended 31st July 2023 {Contlnued) C4h•r In¢om• Unr*strfctod Restrl¢tsd Fund$ Total 2orJ Year l•.31 J￿Y 2023 Rent01 and hlre lees CJRS Fundkng 187.231 187.231 54.411 241.642 .54,411 Uffir¢8trlct•d R¢slrfciod Fufidg Tol01 2022 Y•arto 31 July2022 Rentsl •rtd hlr¢ lee$ CJAS 16tr 1.735 2,722 164.805 1eo,348 1,735 2.7r 164.805 Interest Rec8svabl8 Expendlture on raiging fvndB un￿1￿¢1•￿ Rg¥tri¢ Funds Fund• Y•tr Its 31 July 2023 2(+23 A¢fvèrt*Sin9 and publK4ty co¥1> 73.359 73.359 359 UN•$lrTCted R6strl¢ted Fund> Total 2022 Year to 31 J￿Y 2022 Adve+1iwKJ al￿ pL*4[¢aY￿StS 4s.869 45.669 45.669 ExpMdltur• on¢h¥dt4ble a¢lfvltle$ UmJtrlet•d Restrfctsd Fund8 Funds rotsl 21123 YèartoJl July 2023 Sl•ff cost$ - - admiAstr8ti¥ Educ•itongntJ Fe¢4eation Otsmeslic Eslabllshmenl c415ts Dep(eciabon Compowtiw*feo ths¢LNnl8 oirice ￿$18 Mainl•nance of bu4rf1rt91. $*AtimtftipooI Ano ¢qwTront Admini5trntive cost5 Bad debl Bank inleresi & char9•$ Lo$s on DisposBI ol fixed 355•t .GQvÉr￿ftte costs (see t>efTh 3.407.462 I.2￿.58? 437.180 291,￿3 283.684 484.138 3.394 168.747 244.019 187236 28200 146mO 3.407.482 1.2(6.589 437.160 291.153 283.084 510,361 3.394 166.747 244.019 187.986 28.21x1 146.620 26.223 750 "14.672 6.gJ7.074 14..672 6,928,047 26.973 Pago= 15 Hazelwood School (A Charllablo Edu¢atl•>nal Tiust Llmltod by Guarantee) Notes to the Financial Statements For the year ended 31 st July 2023 (Continued) Expendltitlo OAch•ritable'a¢Uvili•• l¢ortlnuFd> Vniéslrf¢l•d RestrTei*d Fwd$ Fund T+)tsl 2022 Ye•r ￿ 37 JI*.2022 Staff cosls . l•achNvJ 017.757 1.315,563 357,579 .3.017."7S7 7,31S.563 357,S79 E¢Jucab'tti •nd re¢re4t Esl8bli$hment Depreciabon Cornposilion l¢•.&isc¢Amls u)$ts manieTra￿'Oy￿lttgs, p)018nd A¢kninlsiraOve (osls. R*51aied 8od debl e￿. 8ank intere51 & ¢harg95 Lo$8 OTr Disposal ol ftheo 858•t Govern*ice ￿$ts (see befuWI 292.180 3T4.812 4MS f44.019 ' 292.180 .394.089 4.68S 144.019 2￿.664 182,188 24.J56 82.812 19,27? 158.798 24.356 82.812 17.Tf8 6,283.351 17.778 6.￿,018 22.667 GgV¢rTr4t￿# cos¢$ UnN$trktod Restrl¢ted Fund• Tolal 2023 Y•ar 14 31 Julw 2023 Authtors. reffluner8bo Avdit fts i￿Ul￿vAT UthJwllove¥l provi$ior4 Irom wror year Ol￿r 5eMc*8 Olhw profes$ional feés 12.828 1348 1.434 758 14.672 12,828 1348) 1.434 758 14,672 il#￿trict¢d R•8trlGt•d Fund* F￿d# Toitl 21122 Yeaf to 31 J￿Y 2022 Audllm, ¢emufiw•ts Avdit if￿￿dIr￿j VAT Lkndeillover) ptOVlSlOA Irorn year Oihw Other fft85ional lee3 12.828 12,82& 1.434 1,674 17.778 1.434 1.674 17,778 Hazelwood School (A Charitable Educatlonal Trust Limlted by Guaranteo) Notes to the Financial Statements For the year ended 31st July 2023 (Continued). M•t In¢om• 2023 2022 This Ls staled afterthar9n9-. ALrtlilors' feMwwR￿QTr(*Yc* VAri 08PT•e*81ion '"10.40D 510,361 12,225 394.089 Slaff costs {Group) 2fj23 2422 Wag•s •nd s*rtes Social s•a¥ity CO$1 Other c4MI$ 4.484.122 433.180 607,784 5.525.688 4.*o6.581 384.423 5S3.636 5.144.640 No ff munerabon VA8 pold 10 Ihe Gover￿ts in ertherpéiiod •nd Th) expenstswer•reImbw￿. Charfty 2023 Aelu•l 2022 Actual Th8 average monlhty rn￿ber ofempttrfft5 durin9 lh¢ yea¢ wa Tea¢hing and leamiwJ $ypwl AdtThni8tration. 75 129 125 Group 2023 20 Aclual Thg-avorage monlhly number of employees durlng Iheyèarwas Teachlng and lèam5NJ wpport Admlftistraiwjn ioj 62 1ST 163 Tl* nwnber ol employ￿¥ vknèemolunieits am￿￿￿10 £60.fm in the yvarwAr• as fdl Numb•r of Employees 2023 2022 Remufw¥lion RawvJ• £eo.coi. £70,C•yJ £70.W?- E80.(xo £80.001- £90.(X El10.￿l- £120.CIXJ É120.fA)1- L130.C(5I Pension contribulrJn¥ m*Je htgher pawl efflpbY￿ we £48.77412022: È52.346). Th•r• no terfflinatffj paym•nts(2￿ £0). management pefsor*n•l Key rnanagerneftt personnel inctude th¢ Heail Teather. Oeputy Head and Thi¢¢lor of F#78nte. The tolal enyknye• bertefils linc4udin9 salaries. bonuses. emil0￿ pens*ytco$ts and olher benefilsl of the Sth¢<4's key management pevsomw weie £362P2712022". £434".0501. Tr* 8uisJr left mid year w• 21R2 and hTr$ sdary lo date ollea¥ing was Indudeo lasl year. Page: 17 Hazelw.ood School ¢A Chafitable Educatlonal Trust'Llmlléd by Guirnnteoj. Notes to tho'Flnan¢ial Statement8 For"tho year elided 31st July 2023 (Contlnuedj 10. FIX¢d Assets 'Group and twp*iiy Ffethold L*dand BuNdln91 EquIPrne￿. ' Fumlluro. and Fitiiny". Asset* Mo V•hl¢lgs Po￿. coll￿￿¢11￿n "_To¢al A1181 Augusi 2022 Transfers 12.302.871 W.850 253.028 .2,491 124 14.881 575.ril 575 731 .15.631.204 8.4 'AddA¥￿S.9t Cgs¢ 874.9IQ. 124.82é'. 1,026.328 Al J'1gi ￿3. 13.738.eé1 2¢.S60 16 657.$32 . OeprecS•llon A118t'Au9USt >)22. Charge lorihe ) .1575.338 382.224 2f4.143 8,4￿). &734.880 slo.￿1 122A78" .'Al 31stJuty 2023 219.7W2. ' 1059 527 .0.4x1 6245 241 Al 31st Juty 2023 571.ji 10.412 281 .A13141 Juli 2U22 8,727.$33 57&731 9.89B.324 'Al 31 Juty 2023 I￿ r•jwhyb¥dc￿1rac1V8l •tal wnmibmentsfv) ie8pedofpAwldty wo¢ks lotalkng E31.37412022:. .£1.74fm61- f1 Invtslffl•nt IA Biibgtdl•ryuridert•kkn9 Hazel￿￿￿4 owns ihe enlwe iS$L*d$h￿ cam* dThg L*s 81 La¥*rock of£1(*). Th8 tUmQV4r the year ended 31 July 2023YrdS £I.573.77012027.' £1.375.130) profil Ihe year was £012022: £1¥ &fter a staficosts ond overhead r¢¢harge Irorn Maze￿C(#3 S¢iiogl L￿Nted of £187.1)JO{2￿￿2. £175.C#JOl •TrJ a gft Oonall￿ t Hazeh¥thJ LimQ4d vfÉ138,429"1202t. £141.SW. A deÈd olctyenanl is [¢1 ￿ appro¥!n9 trarffjforol pror to Scht*)i Nel 8sselsai 31 Juty 2023 wer• £1￿ 1202>. n•t a$sels £1CIl. X123 (koup Ch•rMy 12 sioek 2023 2022 Sundry ¢on5uffiabfes 12. "6.310 Chart 1) Déblo 2023 2022 2&23 20ZZ fee$￿￿t$￿'. "83.283. 7.6S5 126.272 .92,57S 9.13 ..95.983 86.014 80,327 9.136 80.738 25,239 144,964 pl￿3¥MentS a•d ir¢fAimo 113.338 d,403 279.410 217.210 .197. TM va￿e ol iae bad debts irfjthled Schc4)I fe•¥ fecÉiva￿￿as 2023.. 194,164 P022.. £73,4e61. PA9￿,18 Hazelwood School {A Char•lable Educational Trust Limlted by Guarant•e) Notes to the Financlal Statements For thè year ended 31st July 2023 (Continued) 'f4 Crodliors: Amounts f4fiiig*Jg withln <)rt¢ year Charity 2023 2023 2022 eank |+xn Fees in advarK• (nole 18) Tr8t* (yeolt AccThMls an¢1 defernd Ir￿M* Owed io GrnUpunderta￿n9 423.078 286,e62 284,427 425.659 423.078 420.987 141.161 858,149 423.078 207,312 247,434 423 078 350.187 117,791 578.(K)1 1,41fv.828 1,843,375 1,2C¢.486 I.467￿7 IS Cr•dltor8: Amounts falllr•thJe afttt nw• one ytar CITrJvbty 2023 2022 2023 2022 Long temktsonk lojn Fee6 in athnc• (note 16) 1.672.454 311.J74 2.095.532 451.$6S 1.672.454 311.374 2.095J32 451.565 1,983.828 2.547m7 1.983.82a 2.547,097 In June 2015. lh• ¥¢hool ogr••d afuttding p• vthh B•¥d•ys B•ok pk10 ffina￿ lh• the B* builthng. TNS In¢luded a iemi bjan 01 £4.631m. T¢rn4y fepayments of£141.IY)O ￿mmenced fiom septem￿ 2017 Ih 8 final repaymenl ol £1.249m In Au9USt 2025. The loan 1$ 8eoJred by a fixed over Ihè Sthool's freehcld property and 8 uoss8uaranieg and dthnIU￿ Milh The Lathsat La¥ercKk Limited. The interest rale ca￿latIOn h88 changed lolloving the cowilon ofLIBOR aflei 31st Oecember 202t a￿1 n￿ed from LieoR ttsiht B8nk ol Enyard Pank Rate rkn a cteth"i adjustm8iK •pv•od is deSig￿j io apwoxim8le lo wh41 Ihe rate would hav¢ been 11 eontinoed on the prw?ous ba>$. Since Ihe chty*. VJffenI￿r hlteresl hasvari•d b•trw 32293% * Ihe starl 01 fv yt8r and 7.6366%. at Ihe end oflh¢ year. 16 F¢e• lrt Adv*nee Cornptisili¢>n 058bw¥ement D•posh# Total 2023 Toial 2022 Nei amou￿5 repayabh.. IA fes¥ Ihan one year iThene to yfjais two io frye yews After five yews 163.￿3 52.176 112,184 11,053 207.312 72.963 195.409 43.¢>)2 350.18T 158,092 219.104 74.369 20.ny 83.225 31.949 338.416 180.270 518,686 801.752 The Composil#A) Fe•$ r¢paym¢ni per￿￿ *• based annual t51Nis•iioA Sp￿adover Ih? fil• oflh? s¢hen*. 11 pu$xf￿ft prematwéty the baLan¢AvKwAd bec￿8 Mpoyable 01 ihat date. Oi$bur5emert deposits ale fepardble by deducfKon Imm iho final Iwm'¥ W¢es. OiscoiJMS s)n comrosit[￿ lees afe credited lo ¢heo)mposil¥)n lee •cuunl on 8 m￿Y ba￿# h> arxordance Iho Acc4wnl¥￿ p￿&￿ ¢Sesaabed (n n¢Xg 1. •nd #re ￿levI01ed on Ihe ￿0￿nts remainw M) Ihe fomowkng Ihe Ofe￿tt terrn's rets. Tht atthe iable is lof lh• ¢harity alone. In adol￿On, Ihertr are £79,35012022: £70,8CfjI ol th¥ivsofflent de￿)￿ts l*ld ift La￿3 subst￿1•ry whtch af*shovm a$ repayablg 4n1•ss th¥tsone year. Pa9e.' 19 Hazelwood School (A Charllable Edue4llonal Trusl Limlted by Guarantee) Notes to the Financial Statements For the year ended 31st July 2023 (Continued) 17 Funds Ypar to 31¥tJuly 2Q23 Exp•ryditurn l Tra￿1¢￿8 e8frf•d Forwarth Forw•rd Unr08tri¢aed FiJnd$- Gew*81 FWKI Re3tr[c￿ F￿￿ Innwa150n Sp#¢4 Bw5ary Fi￿1 Twvanr 9,t88.379 8.975.384 18.193.389) 9.970.374 e6.321 4.ODI 2241 2.385 .110 (10,932) (4,451) 55.389 450 2.241 3.307 89 819 Commurty Fvt Hazeh¥otsJ Pweni$ A8sfthlM 1.672 7S.IXXI {75 15,291 8.224.81 9.293,437 9,1}52.￿ ￿ 10.121.130 Resirietsd bJth feprè$wrt Ihe loltyalng. Th Ir*W)¥o￿"0ft s9￿. an anonymw &)n*ion. to pmvKl8 a hi te¢h ag1￿ leamin9 The equiomw* e￿ment of1￿$ be dowc4atèd•ver&10 y•aF5 (depenthng On•SS¢l type). The 8w¥ary F4md i$*t*r• pa¥ents caft ¥¢kn￿￿ty donale Ih8lrdep05it when Ihewchil l¢ave5 the xh¢d foi Il* b•iefftolotscl¥tdrert Th￿haS beer• relg•¥•d astmwsarles thJring Iho yw. Tho Tanzanla wojed is a long lem initioD¥e v•ith dgnabon$ to Msource5 10 luftd lh• p movino fop*ards. proIed h¥$ not y•t recoMme￿*d srte CtiNid. Donatth)s to lh• Commvnty Fwid Oess ¢xpense$ reLqted io Ihe Fund) •te to ti)ntribute ttylaFds 9ood wilhiFklhe cal cthmuntri anolhe H8zeWd Paienls Associa￿ rethies ty fuDrtin9 wo%*Jed by Ihwn kyihe cosl ofa t￿eh¢uSe. teepee 8rtd inlmatth dS$ploy sueen5 Io lh¢ now pavil•Jn. Y•arto 31￿ July 2022 8rowJht FoThYard In¢•mo Expendtlu ITran•krd C•rri•d FtThard Unreslrid¢d Funds- Genef4 F￿1 R¢$liicled F￿.. I￿￿v*110￿ Space Bursary Fw Tan24nla Mazeknod Community Fund 8.276.185 8.299.01 17.367,592) g.J88,379 77.257 2.501 2241 {10,9361 66.321 4.CQl 1241 2.385 30,110 3.223 13,39LII 18.341) 8.390.767 7,410.2 9,293 437 10 Opqi•liTra L•asÈ Commikneni8 At 31st Ihè Ch•rity trradlolal ¢¥mmiknents under operalmw lèases Gr￿p Chjrfty 2023 2022 2023 2022 OlherAs*•ts Oth¢ff Asyls Other As#•l• OtherAgs•ts Amunl¥ due %sllhin one year 66.163 61,LVJ5 66,163 61.095 Amoun18 one lo fi¥¢ years 76.893 97,146 76.WJ 97.14S Arnotmts dut ITr mL¥e Ihan fi¥9 year5 Page.. 20 Hazèlwood'school .'(A.Charltablg Educational Tfust Limited'by Guarantee) Notes to th"e.'Financial'Stateménts For the year.ended'31st:July 2023 (Continued) 19 .P•nalon Scherne AThaTha8ment• .Th•.T•¥eh￿.. P•MIoiis. '.The Si*od partsgpatos ki"th¢ Te8trièis Peiislori S¢*eme Cth? TPSI slBff. The Groiip pension, .thaf96 lor the year srdLNYès c(JnlribulM￿5 payabl8 io lh8 TPS oi £$26202 12022". £473.2151 $rtd #l Ihe yÈar-e( tnil (2022." Eriil) wa$ •cuved In ￿$￿tel tsf¢0nthhi￿lIs sch0ft￿.. The TPS 18 on unfunded nwjtrbempfoyer defined benefits scheme gtrd.effl£d by Th•Teach¢rn' P¢nsioti$ 'RegulAtsons 2010 (as amenrft¢S> and,Tho Teachers, pens¥￿ sclteTh8Reg￿tsr¥lS 201418$ ainendédl. Membe(8 coNrib¥tO *Yt8"P8y 8$ you ￿. ba&s with ¢￿ts*)¥￿'0￿$ froin rnérnbers and ihe ernpkjyer bgiTha v¢(lit¢d to the '.Eyche4iuer. Relwemenl aiid olher penI￿N benefits are ￿ by wbffG k¥vJ5 po%ryded by Pot&an*ftt Thè èThpfoyer ciintthtton iale is Stl by Ihe Secrétw tsf State lthirig"scherrie Valuat￿￿￿¥)•rtakeft ty.the .Govemmenl A¢tiiary'$ 0gp•lrrwl.'Th# rec￿1 a¢tuaiial iiahmlion ￿ ihe TPS was wepared 8$ èt 31 Mawcb .2020 andlhe V¥lu•tiOh Re￿r( *th¢cli vras publshed m Oclob*r 2LYrJ: Follown9 ihe Mccknud iv¢9enwi its r•mth wopose(I Ihat ththon benefds l>eLw p8yBtle."elviibie mefflbtsis 'ort ￿ceIVe Iheffl •ther th8 r•10￿•￿ ow.*8cy scjwes ky Ihe perK)d l Awil 2015 10 31.M#rch .2021 The 8cluario5 havt assumed th•1 menthrs are Iikety to 1h¢ optim th•1 provtdés Ihèm'vAth th" .greaier ben•fits, •nd ￿ prep8ftr¥ ihe'"2W20 valualion have tPie'gfèatèrvalue' bèntifits foryoups of" ,reiév8fi1 ffièffllie¥* 'Thé Yaluabon ¢4nfirined thal the ernployei rnte lor the TPS T4w>vld Inc￿se fFom23.6% Its 28.6% ..l(om.1 April 2024.'Ernployei$ #re f¢qithd ￿ pay a schèmeadmi*•k*).1evyofO.08% a lotal. -8mpr￿Or0)nlrtJYtI1y% r8te of 28.68%. The P•nslon¥ Tr￿1 . In fine the Goyefflrrieni pènsirffi autooniolmenl require1￿nI to provlle a workplac* pensKn schem< ihe 'schoel has a peTr￿ri scherne for nori iexhlng Staff v*4ch" commer￿0 in May 2014. ThFi Stheme is a defined iniribuboris scheiile matwged by The Ptn5ions T￿1 ISPS 04Yi Is run as a c¢nlraclval s¢herne. Theaning Ihat ah pefm8nent non teathing staff atsttyr1a￿.c41Y pul knto ihe scheTThi. 109ardl86s ol￿r01n95. 89 long a$ Ihey". .'are over 18 and l1ftdér•ts￿ ieiienieiil 8ge. They ha?1¢ lh¢ to OPI out. Ttte'Governrnèril minknum c¢rifrknA￿n fop E.iiWoyees aThJ Ern￿oYerS iriL¥ea$ed lo a lolal o!trA IrL¥n Ma .2019 (guidance w8$ Employees S% and Efflptoy•is 3%) .Tti8 8¢hoc4 has lak￿ the de¢ig0iI w invea$e the:. mknimum Eli)￿0Y•r.1b conithrtK)ri 10 4%. Ihereby fedwn9 Ihe on the Enipk)yee lo 4%",.¢lue lo Ihè pofKy .'ol maiching Erripltiyees cortJibuUorts. Thls salisfies thg Gov¢mmerf rew*emÈni 8% iri i￿al, Employer ntributhins can ri5*10 a rnaxinuin of S% bl Ihe Einwoyee r£*nliibtrtes samg.'Emi>kyefs contr5butiori lates .t*lli ck)nbnu• io In¢rexe iri tli8 luttxe to at leasl ineel Ih•go¥einment mlnifflum leve[$ for411i￿OnI￿rn￿i. In Addition. th• S¢bo& continues to fA)rilritwto Ic*"itsffirwLf c4intribu140n personal pen&on arran9ernenls ￿ ￿01￿*. "Olhèr riM.tèact¥n9 ￿atr w¢feffed to remain v4dh the+r own schern? raiiLérth•A jolnin9 the r¢v•.' woertplace pensithi scl¢eme.'There ￿S onty￿ eryfgyeg. orn this 3rr8Nieineni as ihis oJtot! is noi •v811oble ,for tw¥ ernployees."(lhereviw•t￿ In Ilio'pffiw yèsfj: ThÈre Th0￿￿￿d c4*1bittt(w£ ai the year end," The Group penthr* thar9tknr ts y￿r conknbutic•* payab* to The TNst ol t75,077120Z2.. '£70.150} personal peftsons 01 £6.$0512022: £10271). At th? Enil 12022.. Énl) was ITh ie&peci olc(#)Iri￿r￿￿9. 'This 9iV*$ a tolal cornkniied Group pén%orncost lor The feachw8' P•nsFfm. ThePension$ Tru51 arid priv91•. pemons of£￿7.781(2012." É553.6361 Ena acrjued: Page.. 21 .Hazelwoo.d s.chool (A Charltabla Educational Trust Limiled by Guarant6•1. Notes to the Financial Statements. For the-year ended .31st.July 2023 (Contlnued) .10 Momborrf L¥#blltty Th¢ fiymberof pwmber8 al"31￿ W 202i"T*A$ 1112022..121 aAd Ihe6r In Ihe"e¥•* ol-the wnii"In9..'up oflhtr, ¢har*ty is h"mrfeO,lo £1 per Me0￿(.. The￿ iyere.no iel•teil."th¥d paty kan$8clw$ *k2623. Page.. 22