HAZELWOOD SCHOOL (A Charitable Educational Trust Limited by Guarantee) Company No. 925581 Registered Charity No. 312081 GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Reference and Administrative Details Governors E. Bruwer H. Leach A. Campbell (appointed 13th September 20231 J_ Nebel lappoinled 1st September 202LI N. Carter-Pegg D. Price J. Coates M.Redman E. Codling (appointed 4th Dember 20241 N. Taylor IresBJned 4th December 2024.1 B. Figgis B. Thakar R. Heaton {Chairl Head MTS L. Louw Dirgctor of Finance Mr M Hugall Hazelwood School Wolfs Hill Limpsfield Oxted RH8 OQU Bankers Barclays Bank plc 80 High Street Sevenoaks KentTN13 1LR Solicitors Veale Wasbrough Lawyer5 Orchard Court Orchard Lane BRISTOL BS1 5WS Auditors Moore Kingston Smith LLP g Appold Slreèt London EC2A 2AP Page.. 1
Hazelwood School IA Charitable Educational Trust Limited by Guarantee) Governors. Report for the year ended 31st July 2024 Introduction The Governors have pleasure in presenting their report of the affairs of Hazelwood School Ithe School) for th: year ended 31st July 2024 togelhef Wlth the aud((ed financial statements for that period. These have been prepcred in accordan with the Slalemenl of Recommended Practi on Accounting and Reporting by Charities (The FRS 102 SORPI, current ststulory requirnents and the Chanty's Memorandum and Articles of A$soaOn. Charitable Objects The objects for which the Trust is established are the advanment and promotion of education in particular by the provision of a school for the education of children of both sexes. Govemance and Management Hazelwood School is a registered charity (No 3120811 and a company limited by guarantee (No 9255811. 11 is governed by its Memorandum and Artides of ASSOation. The Board of Govemors Ilhe Board) is guided by ils Governance Document. last updated in June 2017_ The members of the Board. who were Trustees of the Charity5 activittes and Directors of the Company lor the purposes of the Companies Act 2006 during the year ended 31st July 2024. are shown on page 1. During the year lo 31st July 2024. MT Campbell was appointed as a Governor lappoinled 13th September 2023",. After the end of the finan¢sal year, but prior to the signing off of the accounts Mrs Codling (appointed 4th December 20241 and Mrs Nebel lappoinled 1st September 20241 were both appointed as Governors. Mr Taylor resigned i)n 4th December 2024. On appointrnenl. Govemors are provided with a comprehensive information pack and guidelines on Govern,)rship. They are encouraged lo attend familiarisation visits to the School and all Governors are given opportunities lo attend seminars run by professional bodies to enhan awareness of both govemance skills and school management Isiues. The full Board meets four times a year with h¥0 meetings scheduled in the Autumn temi-. the ffrsl is a 'catch up Board Meeting, following the summer with the second taking the shape of a fvll day's immersion al the School. All the Governor Committees {Finance & General Pvrposes, Nomination & Remuneration, Compliance, Educalicn and Property) continue to meet at least On a lem. The Audit Committee meets On a year to provide oversight of the School's financial management, of the annual financial stslements and of the School's extemal auditors. The >chool has a wholly owned trading subsidiary. The Larks at Laverock Limited. which njns a day nursery for children aged 6 months lo 4 years. Its Board meets at least once a lemi. The Head. assisted by the Senior Leadership TEam. is responsible for the day to day management of the School and report5 dire¢Uy to the Governing Body. Strategic Report Principal Risks and Uncertainties The focus of the lalesl review of Principle Risks document was to identfy Tnore current risk5 associated with i=urrent economic conditions, most notably inflationary pressures, interest rate changes, the introduction of VAT on school fees and the abolishing of the business rates relief. After extensive modelling. the school is adjusting its future budgets to account for the increased costs of maintaining the highest level of education for the children. In addition, the Governors continue to review not only the application of statutory compliance and best Practice, bul also the other major risks lo which the School is exposed and they ensure that controls are pul in place to n)iligate those risks. The School's Risk Management Register detsils risk exposure including its Objects, Charity L<lW and Regulation. Governance and Management, External Influences. Environmental Health & Safety, Operab"onal Processes, Technologica5, Academic. Pastoral. Financial, Invesbnenl and Privacy. Risks have been allocated to the individual Govemor Committees for review at their lemily meetsngs. Prinrypal risks include loss of reputation leading lo a drop in pupil numbers_ This is mitigated first and foremost by a broad and balanced curriculum which celivers progress and SUlts. The school also has strong safeguarding procedures. works to maintain a posib.ve profile in the community and operates an excellent stsff perforrnan and development programme lo maintain high calibre qlaff. In addition, it invests in stringent financial modelling to capture emerging trends early in order lo rebalance the impact of changing pupil numbers. Also identified as a principal risk is the risk of financial mismanagement which is milig<iled by strong internal controls. detailed financial budgeting and mjelling of long lemi cash flow forecasts and regular reviews by Governors. More recently, VAT on school fees has been added to the Risk Management Register and has been extensively modelled. The Governors are confident Ihal risks are minimised and maintained within acceptable tolerances. The Governors have no financial interest in the Charity and re1ve no remuneration from the Charity. Page.. 2
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Governors. Report for the year ended 31st July 2024 (continued) Acllvlties, Achievements and Perfomian¢e The company fulfils its charitable objectives by running Hazelwood School, an independent Pre-prep and Preparatory School for boys and girLs aged 4 to 13 years. In shaping our objectives for the year 2023-24 and planning the school's activities. the Governors are aware of the Charity Commission's guidance on public benefit including the document. 'Public Benefit: running a charity IP21' In order to deliver the charitable objects, tie school offers a limited number of grant-assisted places which are made avaitable to local tamilies whose l inancial positions would not otherwise allow them to consider Hazelwood School for their childlchildren. Moreovei., the School employs individuals and owns buildings whose expertise. accommodation and facilities are made available to local and communitv oroanisations therebv deliverin2 Dublic benefit. In 2023124 we investe(J in our outdoor play provision working in partnership with our HPA to fund a playgroundltrim trail for our children in the lower school. in addition to investment in our sports facilities including a new long jump, improvements to pitches and safer access to New Field. and equipmentfor our swimming pool. We continued with our IT renewal programme investing in newVR sets. ipads and Chromebooks as well as. whiteboards and screens in various classrooms across the site. Improvements to the site included the creation of a Wellbeing Hub creating a wonderful safe space for oui. children. and a centr81 hub for our children with special educational needs and disabilities. In addition. wi: extended our Willow car park creating 29 additional parking spaces which has positively impacted our traffic mana%ement at peaktimes. In Summer 2024, ouryear 8 pupils achieved some ofthe best Common Entrance results in many years, with 100% scoring A'_C in all levels of paper and over 50% pupils achieving at least 1 A". Considering the underlying ¢lbility of the cohort laverage MidYIS 104 and CAT4 1151, these scores are very impressive. Phase 2 of our vision was shared in July 2024. where we have consolidated our research. efforts, and beliefs into 8 Learning Wheel. The Learning Wheel encapsulates our beliefs while firmly pointing to the f uture, our childi-en's future. reflecting howwe empower our pupils-and indeed allour people at Hazelwood-by expandingthe definition of what constitutes an innovative education. This is an education that embraces the pace of chEnge while treasuring and celebrating a wholesome childhood. Our Learning Wheel will guide us as we stay on the cutting edge of education. It ensures our children are equipped for a future defined by adaptability. emotional intelligence. innovation. and problem-solving. With people always at its heart. our goal is clear.. to create an environment where every pupil can thrive and every possibility ic within reach.The learning wheel has six interconnected strands= people centred, harnessing Al, real world relevance. flexible classrooms, adaptive approaches and wellbeing and me. Our commitmentto wellbeing is reflected in the newwellbeing Hub, which opened in July 2024. a dedicated space for SEN, counselling. mental health support. and nurturing the whole child. Staff training is undetW,'3y to increase the number of qualified staff available to assess and support needs. During the Summer Term, pupils participated in the County Athletics competition. with the under 12 girls i-elay team placing first overall and qualifying for the national finals. where they reached the final. There were also some individual victories for one particular pupil in longjump and hurdles at county level. which resulted in national final participation in which she won the hurdles event and made it to the final ot the long jump. The School has18unched a brand new website which will create an engaging and inspirational site that wi.1 encapsulate Hazelwood values and vision. The site will also setve to promote our facilities for lettings purposes to help maximise commercial revenue as well as community benefit opportunities. Public Benefit The school continues to follow its Bursary Pobcy. making a limited number of assisted places available to those farnilies whose financial circumstances woul(J not allow them to consider an education at Hazelwood Scliool. Lettings and the Community The Hazelwood Community Fund, which is an initiative set up pre covid to donate funds to local community projects, was re-energised this year and after depleting its balance in the previous year. started to replenish its coffers in order to make further donations. The first beneficiary this year was a local primary school and it is hoped that with more fundraising next year. the school can grow this initiative back to pre covid levels. Lettings have continued to show a strong growth this year and the launch of School Hire. which enables us to advertise our facilities across the UK. has seen a number of new regular hirers using our facilities as well dd hoc users from the local community. The roll out of this system has eliminated our debtors and streamlined administration. Page.. 3
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Governors, Report for the year ended 31st July 2024 (continued) Activities, Achievements and Perforniance (continued) Key Perforn)ance Indicators The following KPIS are reviewed by the Board= 2024 2023 Teachin Costs er £8,928 £7.727 Premises and Runnin Costs er £7.693 £6.988 TeacherlPu il ratio Excludin Teachin Assistants 1 108 1 to10 Fee Increase 6.750 5.50% il Numbers Rece tion to Year 8 432 441 Ca ital Ex ndilure er £1,869 £2.361 eralin Income lus as % of Gross Fee 9.35% Results, Financial Position and Reserve Policy The consolidated surplus Inel income) for the year amounted to £681.574 12023.. 827,593}. The Charity's 'Yree reserves" as defined by the Charity Commission Ilhal part of a charity's unreslricled funds that are freely available. to spend on any of the Charity's purposes bul excludes fixed assets Such as land and buildingsl net of as50cialed borrowings amount lo £1,702.926 12023". £1.649,0641. The Govemors. policy is lo apply any surplus towards enhancing the quality of education. the School's facilities. and in maintaining the operational capability of the School in the event of fluctuations in its nel income. The surplus in the current year demonstrate5 a positive move towards building reserves which has enabled further investment in the School and its faalities. A SerVeS policy has bven agreed which defines a level of reserves of £200,000 to be held against unforeseen events. The School's wholly owned trading subsiduary, The Larks at Laverod¢ Limited, generated a turnover of £1.777,:>83 12023.. £1.546,9361 and made a profit before grft donation of £256.277 12023.136,4291. The profil wa5 giftec to Hazelwood School. These figures are included in the consolidated accounts. Fixed Assets and Capital Investment The fixed asset focus this year has been the completion of the all weather pitch and pavilion. SLMent of Govgmor5' Responsibilities The Governors Iwho are also directors of HaZeoOd School for the purposes of company lawl are responsible for preparing the Goveinors, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). Company law requires Govemors to prepare financial statements for each financial year which give a true and fair view of the slate of the affair5 of the charitable company and the Group and of the income and expenditure of the Group for that period_ In preparing these financial statements. the Governors are required lo.. select suitable accounting policies and then apply them consistently- observe the methods and princip5 in the Charities SORP- make judgements and estimate5 that are reasonable and prudent- slate whether applicable UK Accounting Standards have been followed. subject to any material departures di5Glosed and explained in the financial slalements.. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company wll continue in busine5S. Page.. 4
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Governors. Report for the year ended 31st July 2024 (continued) Statement of Governors. Responsibilities {continued) The Govemors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posilion of the charitable company and the group and enable them to ensure that the fiiancial statemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for laking asonable steps for Ihe prevention and detection cif fraud and other irregularities. In so far as the Govemors are aware: there is no relevant audit infomation of which the charitable companrfs audttors are unaware.. and the Governors have taken all the 51eps Ihat they ought to have taken to make themselves aware of any relevant audit infomiation and lo establish that the charitable companls auditors are aware of that inforrnation. Moore Kingston Smith LLP have indicated their willingness to continue in office and in accordan M'ilh the provisions of the Companies Act it is proposed that they be re-appointed auditors for the ensuing year subject to the recommendation of the Audit Committee. By order of the Governo Wolfs Hill Limpsfield OXTED Surrey RH8 OQU M. Hugall Secretary Date: 11th February 2025 Page 5
Independent Auditors. Report to the Members of Hazelwood School Opinion We have audited the financial statements of HaZe¥00d Sthool (the 'parent charitable company ) and ils subsidiary (the 'group'l for the year ended 31 July 2024 which comprise the Group Statement of Financial Activities. the Group Summary Income and Expenditure Account. the Group and Parent Charitable Company Balance Shee15, the Group Cash Flow Statement and notes lo the financial staternents. induding significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland. {United Kingdom Generally Accepted Accounting PTacb"cel. In our opinion the financial slatemenls.. give a true and fair view of the stste of the Group's and the Parent Charitable Company's affairs a5 at 31 July 2024 and of the Group's incoming reSoUrS and application of resources. induding its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally ApIed Accounting Practi,. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAs{UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of financial statements section of our report. We are independent of the Parent Charitable Company in accordan with the ethical requirements that are relevant lo our audit of the financial stalements in the UK. induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wtlh these requirements_ We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the trnslees. use of the going cOnM basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identthed any material unrtaInbe$ relating lo events or conditions that, individually or collectively, may cast significant doubl on the group s and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the trustees with respect to going Conrn are described in the relevant sections of this report. Other information The other infomiation comprises the infomiatson included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infom)ation contained within the annua5 report. Our opinion on the financial statements does not cover the other infomiatton and, except to the extent olhetwise explicitly staled in our report, we do not express any fomi of assuran conclusion thereon. Our responsibility is lo read the other inforniation and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements. we are required lo determine whether there is a material misslatemenl in the financial statements themselves. If. based on the work we have perfornied, we conclude Ihal 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 strategic report and the Governors, annual report for the financial year for which the financial ststements are prepared is consistent with the financial statements.. and the strategic report and the Governors. annual report have been prepared in accordan wtlh applicable legal requirements. Page.. 6
Independent Auditors. Report to the Members of Hazelwood School Matters on whieh we are required to report by exception In the Sight of the knowledge and understanding of the Group and Parent Charitable Company and ils environment obtained in the course of the audit. we have not identified matefial misstatements in the strategic report or the trusteeh> annual report. We have nothing to report in respect of the following matters vthere the Companies Act 2006 and the Charities Act 2011 require us lo report to you if, in our opinion." the Parent Charitable Company has not kept adequate and sufficient accounting record5, or retums adequate for our audit have not been received from branches not visited by us- or the Parent Charitable Company s financial statements are not in agreement wlh the accounting records and returns,. or certain disclosures of Governors, remuneration specified by law a not made- or we have not received all the information and explanations we require for our audit Responsibilities of Governors As explained more fully in the Governors, responsibilities statement sel out on page 6, the Govemors {who are also the directors of the Parent Charitsble Company for the purposes of company lawl are responsible for the preparation of the financial statements and for being salisf1ed that they give a true and fair view. and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the linancial statements. the Govemors are responsible for assessing the Group and Parent Charitable Company's ability lo continue a5 a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Group or Parent Charitable Compary or lo cease operations, or have no realistic allemalive but to do so. Auditor's responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial stalements as a whole are free froin material misstatement, whether due to fraud or error, and to issue an audrtor's report that inciudes our opinion. Reasonab e assuran 15 a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delècl a material misstslement when it exists. Misstatements can arise from fraud or error and are considerEd material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of useiB tsken on the basis of these fi'nancial slalements. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintsin professional scepticism throughout the audit. We also.. Identify and assess the risks of material misslatemenl of the financial ststements. whether due lo fraud or error, desicn and perform audit procedures responsive to those risks. and obtain audit evidence Ihat is sufficient and appropriate -.o provide a basis for our opinion. The risk of not detecting a material misstatement resultsng from fraud is higher than fi)r one resulting from error. as fraud may involve collusion, fofgery, intents.onal omissions, misrepresentations, or trie override of internal control. Obtain an understanding of internal control relevant to the audtt in order to design audtt procedures that are appropria=e in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Group and Pareit Charitable Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures rnade by the trustees. Conclude on the appropriateness of the Governors, use of the going concern basis of accounting and. based on tFie audit eviden obtained. whether a material UnrtaInty exis15 related to events or conditions that may cast significait doubt on the Group and Parent Charitable Company's ability lo continue as a going concem_ If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in ltrie financial slalemenls or, rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on Ikie audit evidence obtained up to the dale of our auditor's report. However. future events or conditions may cause ltrie Group or Parent Charitable Company to cease to conb.nue as a going concem. Evaluate the overall presentation, structure and content of the financial statements. including the disclosure5, and whether the financial statements represent the undedying transactions and events in a manner that achieves fair pre5entslion. Page. 7
Independent Auditors. Report to the Members of Hazelwood School Obtain sufficient appropriate audit eviden regarding the financial information of the entities or business ai=Iivities within the Group to express an opinion on the consolidaled financÉal statements. We are responsible for the dii-ection, supervision and perf0rrnan of the group audit. We maIn solely responsible for our audit report. We communicate with those charged with g0Veman regarding. among other matters, the planned scope and tiining of the audit and significanl audit findings, including any significant deficiencies in intemal control that we identify during our audrt. Explanation as to what extent the audit was consldered capable of detecting irregularities. including fraud Irregularities, inclLJding fraud, are instances of non-compliance with laws and regulations. We design procedureq, in line with our responsibilittes, outlined above, to detect material misstatements in respect of irregularities, including fraijd. The extent to which our procedures are capable of detecting irregularilies. including fraud is detailed below. The objectives of our audit in respect of fraud, a- to identify and assess the risks of material misstatement of the financial slatemenls due to fraud., to obtain sufficient appropriate audit evidence regarding the assessed risks of rnaterial misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the Jrirnary responsibility for the prevenlion and detection of fraud rests with both management and those charged with governan of the charitable company. Our approach was as follows" We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are Ithe Companies Act 2006. the Charities Act 2011. the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Councill We obtained an understanding of how the charitable company complies with these requirements by discussic,ns with management and those charged g0veman. We assessed the risk of material misstatement of the finanual statements, including the risk of material missLitement due to fraud and how it might occur, by holding discussions with management and those Charged with governance. We inquired of management and those charged with g0veMan as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding. we designed specific appropriate audit procedures to identify instances ,)f non- compliance with laws and regulations. This incluijed making enquiries of management and those charg2d with governance and obtaining addthonal corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instans of non-complian with laws and regulations Ihat are not dosely related to events and transaclions reflecte(l in the financial statements. Also, the risk of not detecting a material misstalement due to fraud is higher than the ris1( of not detecting one resulting from error, as fraud may involve deliberate nalment by. for example. forgery or inLJntional misrepresentations, or through collusion. Use of our report This report is made solely to the chaTitsble companls members, as a body, in accordance with Chapter 3 of P¢rt 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable cornpany's members those matters which we are required to state to them in an auditorfs report and for no olher purpose. To the fullest extent pemitted by law. we do not acpt or assume responsibility lo any paty other than the charitable o)mpany and charitable company's members as a body, for our audit woth, for this reporL or for the opinions we have forme.d. Date. 11th February 2C25 g Appold Street London EC2A 2AP Jarnes Saunders {Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP. Statutory Auditor Page.. 8
Hazelwood School IA Charitable Educational Trust Limited by Guarantee) Consolidated Statement of Financial Activities lincorporating an income and expenditure account) For the year ended 31st July 2024 Note 2024 2024 RÈstrt¢ted Funds 2024 Total Funds 2023 Totsl Fund5 Unrestricted Funds Income from: Donations 33.875 33,875 84.648 Charitable activities 7,442.407 7.442.407 7.179.280 Tuintsver of subsidiary undertaking 1.777.283 1.777.283 1,546,936 Oth&r income 341.574 341.574 241,642 Total Income 9.561.264 33.875 9.595,139 9,052.506 Expenditure on: Raising funds 89.906 89.906 73,359 C05t5 of Trading Sub&diary 11 1.233.002 1.233,002 1,223.507 Ch8ntable activiti8s 7.567.151 23.506 7.590.657 6,928.047 Total Expenditure 8.890.059 23.506 8.913,565 8,224.913 Net Income 671.205 10.369 881.574 827.593 Net movement in funds 671.205 10.369 681.S74 827.593 Fund balan$ al 1 st August 9.970.274 150,756 10,121.030 9,293,437 Fund balances at 31st July 17 10.641.479 181.125 10.802,604 10,121.030 All amounts ielate to ctjntinuing activities in respect of both yeaw5. There were no other recogni58d gains or bsses during the finanoal yeats. As perrnitted by section 408 of C(ThpanS Ad 20[ the ir[ne and expenditure account ofthe parent Company is not presented as part ofthe58 accounts. Page.. 9
Hazelwood School (A Charitsble Educational Trust Limited by Guarantee) Balance Sheets at 31st July 2024 2024 2023 Note Group Charity Group Charity Fixed Assets Tangible assets 10 10.612,041 10,612.041 10,412,291 10,412,291 Investment in Subsidiary Undertaking 11 100 100 10.612.041 10.612,141 10.412.291 10,412,391 Current Assets Stock Debtors 12 13 15.051 328,031 9.412 261,469 12.886 217.210 6.310 279,410 Cash at bank and in hand 4.682.100 4,521.602 2,882,297 2,615,233 5.025.182 4,792,483 3.112,393 2.900,953 Creditors: Amounts falling due within one year 14 (3.058.36n (2,825,768) (1,419,826) {1,208,486) Net Current Assets 1,966,815 1,966,715 1,692,567 1,692,467 Totsl Assets less Current Liabilities 12.578,856 12.578,856 12.104,858 12,104,858 Creditors: Amounts falling due after more than one year 15 (1,776.252) (1,776.252) (1,983,828) {1,983,828) Net Assets 10,802,604 10,802.604 10,121,030 10,121,030 Accumulated Funds Unrestricted Funds- General Fund Restricted Funds 17 10.642.514 160.090 10,642.514 160.090 9,970.274 150,756 9,970,274 150.756 10,802,604 10,802.604 10,121,030 10,121,030 The surplus of Ihe Charity for 2024 was £681,57412023= £827.593) including Gift Donation from The Larks. The financial statements were approved by the Governors and authorised for issue on 11th February 2025 and signed on their behalf by- R. Heaton . Govemor (Chair) N. Carter-Pegg . Govemor Company NuTnber: 925581 Page.. 10
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Consolidated Statement of Cash Flows For the year ended 31 st July 2024 2024 2023 Net Cash Inflow from Operating Activities Inoto 11 2.979.288 954.430 Cash flows from investing activities Purchase of tsngible fixed assets Disposal of tangible fixed assets {756,4071 11,026,3291 Net cash provided byl{used inl investing activities 1756.4071 11,026,329 Cash flows from financing activitie5 Cash inflows from new borrowng Repayments of borrowing 1423.0781 1423,0781 Net ¢ash provided byl{usod In} financing activities 1423,0781 1423,0781 Changg in cash and cash gquivalents in the r•porting period 1,799.803 1494,9771 Cash and cash equivalents at the beginning of the reporting period 2.882,297 3,377.274 Cash and cash equivalants at tho end of the mporting porlod 4,682,100 2,882,297 Notes to the Consolidated Statemant of Cash Flow$ For the year ended 31$t July 2024 Reconciliatton of Net Income to Net Cash Inflow from Operating Acttvities 2024 2023 Nel income foi the year Depreciation IlncfeasellDecrease in stock Decreaselllncreasel in deblors. and prepayments (oecreaselllncase in cteditors. provisions (Decreaselllncrease in fees in advan Net Cash Inflow trom Operaling Activities 681,574 556,657 12.1651 (110,8211 1,579.581 274.462 827,593 510,361 12701 (19.5141 189.2241 1274.5161 2,979.288 954.430 Analysis of Cash and Cash Equivalents At 31 July At 1 August 2024 2023 Cash at bank and in hand 4.682,1011 2.882,297 Page.. 11
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Notes to the Financial Statements For the year ended 31st July 2024 (Continued) Accounting policie$ al Accounting convention Basis of preparation of financial $tatements The financial statements have been prepared in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Parent Charitable Company and its subsidiaries are a public bnefit group for the purposes of FRS 102 and therefore the charrty also prepared its financial slalements accordance with the Slalement of Recommended Practi applicable to charilies preparing their accounts in accordance with the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORPI, the Gompanies Act 2006 and the Charities Act 2011_ The financial statements are prepared in slerting. which is the fvnclional cUencY of the group. Monelaiy amounts in these financial statemen15 are rounded to the nearest pound. b) Going Concern Basis The Governors have assessed whether the use of the going concern basi5 is appropriate and have considered possible events or conditions that might cast signrficant doubl on the ability of the group lo conb'nue as a going concern. The Governors have made this assessment for a period of at least one year from the dale of approval of thE.. financial statements. In particular the Governors have considered the group's forecasts and projections and have taken account of pressures on income. Particular consideration has been given lo the introduction of VAT on school fpes and ils impact and detailed financial modelling has been conducted for various scenarios for a period of al lea¢',l e1ve months from the dale of approval of the financial slatemenls. As a result, the Governors have concluded that ltrere is a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going cOnM basis in preparing its financial statements. Al the balance sheet date the group had net current assets of £1,966.81512023: £1.692,567). c) Fixed Assets and Depreciation The school's freehold properties are capitalised in the finanaal statements at their historic cost or. in th• case of the Laverock sile, its existing use valuation as at the dale of its transfer to HaZe00d School. All fixed assets with a cost above £1.000 are capilalised and depreciated al rates calculated to write ofl the Gost. less estimated residual value, evenly over their expected useful lives, as follows.. Fixtures, fittings and equipment- Computer and other equipment Other fixtures and fittings Other assets". Motor vehicles Buildings Swimming pool 33.3Vo per annum 10% per annum 20% per annum 2% per annum 10% per annum No depreciabon is provided on freehold land. dl Stock Stock valued at the lower of cost and net realisable value. Page.. 12
Hazelwood School (A Charitable Educational Trust Limited by Guarantee Notes to the Financial Statements For the year ended 31st July 2024 (Continued) Aceountsng policies {eontinuedl e) Fees including disbursements charyed These represent the gross invoiced value of all educational and associated activities provided during lie year. Bursarie5 and Scholarship5 provided by the School are shown separately under Bursaries and other fpe rernissions. The School, which provides educational services, registered for VAT in December 2024. All fees are derived from thin the UK. fj Pension Scheme Contributions These are charged lo the Statement of Financial Activities as they arise. g) Composition Fees Discounting on composition fees is calculated temily at rates sel annually by the Governors by reference to rates of return available lo the School and is charged to the Statement of Financial Aclwilies on an accruals bcSIS. h) Alloeation of Expenditure All expenditure incurred in the running of the School is treated as charitsble expenditure. A proportion of administrative costs is recharged lo the Lat*s at Laveroth Lirnited lo reflect management time incurre(l in relation to that company. i) Leasing and hire pUhaSe commitments Assets held under finance leases and hire purchase contracts are capitslised ir¢ the Balance Sheet anj are depreciated over their expected useful lives. The interest element of the rental obligatsons is charged to the Ststement of Financial Activitses over the period of the lease on a straight line basis. Rentsls paid under operating leases are charged on a straight line basis over the lease terni. jl Consolidation The Statement of Finan¢i81 Activities ISOFAI and Balan Sheet consolidate the financial statements of the Parent Charitable Company and ils subsidiary. The assets and liabilits.es of the subsidiary are consolidated oli a line by line basis. kl Critical accounting estimates and areas of judgement In preparing financial statemen15 11 is necessary to make certain judgements. estimates and assumpli(In5 that affect the amounts recognised in the financial slatemenls. The following judgements and eslimales are considered by the Governors to have the most signfficant effect on amounts recognised in the financial slatemenls.. The annual depreciation charge for propety. plant and equipment is sensitive to changes in useful eci)nomic life and residual values of assets. These are reassessed annually and an impaimienl review is perfomied where necessary. The repayment periods for fees in advance is estimated on the expecled attendance al the school of tne students. 11 Financial instruments Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand and short tem deposits wrth a maturity dale of three months or less. Basic financial instruments The Charity only holds basic financial instruments as defined by FRS 102. Financial instruments recei'iable or payable within one year of the reporting dale are carried at their al transaction price and subsequently al amortised cost. Page.. 13
Hazelwood School (A Charitsble Educational Trust Limited by Guarantee) Notes to the Financial Statements For the year ended 31st July 2024 (Continued) Income from Donations Unrestricted Restricted Funds Funds Totsl 2024 Yearto 31 July 2024 Donatsons 33.875 33,875 33.875 33.875 Unrestricted Restricted Fund$ Funds Total 2023 Year to 31 July 2023 Donations 7.526 7,526 77.122 77,122 84.648 84,648 Income from Charitable activities Unrestricted Restricted Funds Funds Total 2024 Yearto 31 July 2024 Gross Fees induding disbursements charged Bursaries and other fee remissions Other PLspiI related income 7,834.257 (397.9651 6,115 7.442,407 7,834,257 1397,9651 6.115 7,442,407 Unrestricted Restrictsd Funds Funds Totsl 2023 Yearto 31 July 2023 Gross Fee5 including disbursements charged Bursaries and other fee remissions Other pupil related income 7.466,721 {292,591} 5.150 7.179,280 7,466.721 1292,5911 5.150 7,179.280 Tumover from subsidiary undertakings Unrestricted Restricted Funds Funds Total 2024 Year to 31 Juty 2024 Turnover of subsidiary 1.777,283 1,777,283 1.777,283 1.777,283 Unrestricted Restricted Funds Funds Total 2023 Yearto 31 July 2023 Tumover of subsidiary 1,546.936 1.546.936 1,546.936 1,546.936 Page. 14
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Notes to the Financial Statements For the year ended 31st July 2024 (Continued) Other income Unrestricted Restricted Funds Funds Total 2024 Ygarto 31 July 2024 Rental and hire fees Interest Re1Vable 226,112 115,462 341.574 ?26,112 .115.462 .'341.574 Unrestricted Restricted Fund5 Funds Total 2023 Year to 31 July 2023 Rental and hire fees Interest Re1vable 187.231 54.411 241,642 187,231 54.411 ?41.642 Expenditure on raising funds Unrestricted Restrictod Funds Funds Totsl 2024 Yearto 31 July 2024 Adverh'sing and publicity costs 89.906 89,906 89,906 89,906 Unre$trictsd Restri¢ted Funds Funds Totsl 2023 Year to 31 July 2023 Advertising and publicity costs 73,359 73.359 73,359 73,359 Expenditure on charitable activities Unrestricted Restricted Funds Funds Total 2024 Yearto 31 July 2024 Staff costs - teaching adminislralive Education and recreatson Domestic Estsblishment costs Depreciation Composition fee discoun15 Office costs maintenan of buildings, swimming p¢x)l and equipment Adminislralive costs Bad debt expense Bank interest & charges Governance costs (see below) 3,856,847 1.238,974 460,157 309,221 353,278 533.151 4.068 173.843 220,295 256.472 110.1361 151.870 19.111 7.567.151 3.856,847 1.238,974 460,157 309,221 353,278 556,657 4,068 173.843 220.295 256.472 110,1361 151.870 19,111 23.506 7,590,657 23,506 Page.. 15
Hazelwood School (A Charitable Educational Trust Limited by Guarantee} Notes to the Financial Statements For the year ended 31st July 2024 (Continued) Expenditure on charitsble activities {continuedl Unrestricted Restricted Funds Funds Total 2023 Yearto 31 July 2023 stsff costs teaching adminislralive Education and recreation Domestic Estsblishment costs Depreciation Composition fee discounts Office costs Maintenance of buildings, swimming pool and equipment Adminislralive costs Bad debt expense Bank interest & charges Loss on Disposal of fixed asset Governan costs {see below) 3.407.462 1.206,589 437.160 291.153 283,684 484,138 3,394 166,747 244,019 187,236 28,200 146.620 3.407.462 1,206.589 437,160 291,153 283.684 510.361 3,394 166,747 244,019 187,986 28,200 146,620 26,223 750 14.672 6,901,074 14,672 6,928.047 26,973 Governance costs Unrestricted Restricted Funds Fund$ Total 2024 Yearto 31 July 2024 Auditors. remuneration.. Audit fee including VAT Underlloverl provision from prior year Other services Other ptofessional fees 15,082 1,082 2,947 15,082 1.082 2.947 19.111 19,110 Unrestricted Restricted Funds Funds Totsl 2023 Year to 31 Juty 2023 AuditOfS' remuneration". Audit fee including VAT Underlloverl provision from prior year Other services Other professional fee5 12.828 {3481 1.434 758 14,672 12,828 13481 1,434 758 14,672 Page.. 16
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Notes to the Financial Statements For the year ended 31st July 2024 (Continued) Net income 2024 2023 This is staled after charging.. Auditors, remunerab.on (excluding VATI Depreciation 13.470 556.657 10,400 510,361 staff costs (Group) 2024 2023 Wages and salaries Social security costs Other pension costs 4.869,601 465,963 693,359 6.028.923 4,484.722 433,180 607,784 5.525.686 No remuneration was paid to the Govemors in either period and no expenses were reimbursed. CharÉty 2024 Actual 2023 Actual The average monthly number of employees during the year was. Teaching and learning support Administration 75 75 131 129 Group 2024 Actual 2023 Actual The average monthly number of employees during the year was.. Teaching and learning support Administratson 103 60 163 103 60 163 The number of employees whose emoluments amounted to over £60.000 in the year were as follows.. Number of Ernployees 2024 2023 Remuneration Range £60.001- £70.000 £70,001- £80.000 £80,001- £90.000 £110,001 - £120,000 £120.001- £130.000 £130.001 - £140.000 Pension conlributsons made for higher paid employees were £73.00512023". £46,774). There were no lerrriinalion paymenls12023 £0}. Key management personnel Key management personnel include the Head Teacher, Deputy Heads and Directors of Finan. The total employee benefits (including salaries. bonuses, employers pension costs and other benefits) of the School's key management personnel were £516.32212023". £362.3271. Page: 17
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Notes to the Financial Statements For the year ended 31 st July 2024 {Continued) 10 Fixed Assets Group and company FehOld Land and Buildings EquipmenL Fumiture and Fittings Assets Under Construction Swimming Pool Motor Vehicles Total Cost At 1 st August 2023 Transfers 13.738,661 10.938 13,749,599 118.172 253.028 2,630.833 10.415 2.641.248 283,990 8,450 26,56Q -21.353 5.207 343,057 16,657,532 253.028 11.188 8.450 16,657.532 756,407 Additions at cost Disposals at cost Adjustment At 31 st July 2024 13,867,771 264.216 2.925.238 8.450 348.264 17,413.939 Depreciation At 1 st August 2023 Charge for the year Depreciation on Disposal 3.957,562 409,529 219,702 5,845 2,059,527 141,283 8,450 6,245,241 556.657 At 31 st July 2024 4.367.091 225,547 2,200,810 8,450 6.801,898 Net Book Amount At 31 st July 2024 9.500,680 38.669 724.428 348.2e4 10,612.041 At 31st July 2023 9,781.099 33,326 571,306 26,5EO 10,412,291 At 31 July 2024 the company had contractual capital commitrnents in respect of building works tatalling £012023.. £31,374). 11 Investment in Subsidlary undertaklng Hazelwood School owns the entire issued share capital of The Larks at Laverock Limited of £100. The company's turnover for the year ended 31 July 2024 was £1,777,283 (2023.. £1,546,936) and its profit for the year was £O1202-' £0) after a staff osts and overhead recharge from Hazelwood School Limiled of £288.00012023'. £187.0001 and a gift donation to Hazelwood School Limited of £256,27712023= £136,429}. A deed of covenant is in place approving the gift transfer of profit to Hazelwood School. Net assets at 31 July 2024 were £10012023.. net assets £100}. Group Charity 12 Stock 2024 2023 2024 2023 Sundry consumables 15.051 12,886 9,412 6,311) Group Charity 13 Debtors 2024 2023 2024 2023 School fees receivable Other debtors Prepayments and accrued income Owed by Group undertaking 142.640 10,389 175.002 83.283 7,655 126,272 97.293 10,389 153,787 66,014 113,318 92,4(13 279,4. 0 328.031 217,210 261,469 Page 18
Hazelwood School (A Charitsble Educational Trust Limited by Guarantee) Notes to the Financial Statements For the year ended 31st July 2024 (Continued) 14 cdItorS. Amounts falling due within one year Group Charily 2024 2023 2024 2023 Bank loan Fees in advan (note 161 Trade creditors Accruals and deferred income Owed to Group undertaking 423,078 345.622 209.649 2.080.018 423,078 286.662 284,427 425,659 423,078 258,122 159.055 1.984.355 1,158 423.078 207.312 247,434 330.662 3.058,367 1.419,826 2,825,768 1,208,486 15 Creditors: Amounts falling due after more than one year Group Charity 2024 2023 2024 2023 Long term bank loan Fees in advan (note 16} 1,249,376 526.876 1.672,454 311,374 1.249,376 526.876 1,672,454 311,374 1.776.252 1.983,828 1,776,252 1.983,828 In June 2015. the school agreed a funding package with Barclays Bank plc lo finance the construction of the Bally building. This included a tem) loan of £4_634m. Temly repayments of £141,000 coMMend from September 2017 with a final repayment of £1.249m in August 2025. The loan is secured by a fixed charge over the School's freehc,Id propety and a cross-guarantee and debenture with The Larks at Laverod( Limited. The interest rale calculation has changed following the cessation of LIBOR after 31 st Dember 2021 and has moved from LIBOR lo the Bank of England Bank Rate plus a credit adjuslmenl spread which is designed lo approximate to what the rale would have been if c)ntinued on the previous basi5. Sinte the change. cuAt year interest has varied ben 3_2293% at the start of the yEar and 7.6366 /0. at the end of the year. 16 Fees in Advance Composition Disbursement Deposits Total Total 2024 2023 Net amounts repayable-. in less than one year in one lo years in lo five years After five years 218,808 170,328 201.638 16,514 39,314 21,421 84,126 32,849 258,122 191,749 285.764 49,363 207.312 72,963 195,409 43.002 607,288 177.710 784,998 518.686 The Composition Fees repayment periods are based on the annual utilisation spread over the life of the scheme. If a pupil left prematurely the balan would become repayable al that dale. Disbursement deposits are repayable by deduction from the final temi's fees. Discounts on composrtion fees are credited to the composition fee acccunl on a lemily basis in accordance with the Accounting Policy described in note 1. and are calculated on the amounli remaining in the fund following the withdrawal of each term's fees. The above table is for the charity alone. In addition, there are £87,50012023". £79,350} of disbursement deposits held in the Larks subsidiary which are Shown as repayable in le5S than one year. Page.. 19
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Notes to the Financial Statements For the year ended 31st July 2024 (Continued) 17 Funds Yearto 31st July 2024 Brought Forward Income Expenditure l Transfers Carried Forward Unrestricted Funds- General Fund Restricted Funds.. Innovation Space Bursary Fund Tanzania Hazelwood Community Fund Hazelwood Parents Assoctation 9.970.274 9.561.264 18,889,024) 10,642,514 55,389 110,9321 11.0351 44,457 1.035 2.241 3,307 89,819 2,241 6,063 107.329 2,756 30.084 {12.5741 10.121.030 9.595.139 18,913.5651 10,802,604 Reslricled funds represent the following. The Innovation Spa, an anonymous donation, to provide. a hi tech agile 5earning spa. The capital equipment element of this wll be depreciated over >10 years Ideiiending on asset type). The Bursary Fund is where parents can voluntsrily donate their deposit when their child leaves the school for the benefit of other children_ This has been released as bursaries during the year. The Tanzania project is a long term initiative wth donations ring-fenced to provide resources to fund the project moving forwards. This project has not yet recommenced since Covid. Donations lo the Hazelwood Community Fund Iless expenses related lo the Fund) are used to contribute towards good causes within the local coinmunity and the HaZeOod Parent5 Association relates lo funding provsded by Ihem for the purchase cost of the outdoor trim trail. This was capilalised and is being depreciated over 10 years. Yearto 31stJuly 2023 Brought For*iard In¢ome Expenditure l Transfers Carried Forward Unreslricled Fund5 - General Fund Reslricled Funds". Innovation Space Bursary Fund Tanzania HazeKYood Community Fund HaZeV00d Parents Association 9.188.379 8,975,384 {8,193.3891 9,970,274 66,321 4.001 2,241 2.385 30.110 {10.9321 14.4511 55,389 450 2,241 3,307 89,819 1.672 75,000 17501 115,2911 9.293.437 9,052.506 18.224,8131 10,121,030 18 Operating Lease Commttments At 31st July the Charity had total commitments under operating leases as follows". Group Charity 2024 Other Assets 2023 Other Assets 2024 Other Assets 2023 Other Assets Amoun15 due within one year 53.588 66,163 53,588 66.163 Amounts due in one lo five years 23.305 76,893 23,305 76,893 Page.. 20
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Notes to the Financial Statements For the year ended 31st July 2024 (Continued) 19 Pension Scheme Arrangements The Teachers. Pensions The School participales in the Teachers. Pension Scheme (Ihe TPS-} for its leaching staff. The pension ctriarge for the year includes contributions payable to the TPS of £607,160 {2023.' £526,202). Al the end of the year. nil was accrued in respect of the year. The TPS is an unfunded multiomployer defined benefits pension scheme governed by The Teachers, Pensions Regulation5 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amendecl. Members contribute on a pay as you go. basis wrth contributions from members and the employer being credited to the Exchequer. RetlTement and other pension benefits are paid by public funds provbded by Parliament. The employer contn"bution rale is set by the Secretary of State follow¢ng scheme valuations unde-lken by the Government Actuary's Department. The most recenl acluarial valuaty.on of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Followng the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the refomied or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely lo choose the option that provides them with the greater benefits. and in preparing the 2020 valuation has valued the greater value, benefits for groups of relevant members. The employer contribution rale for the TPS is 28.6%. and employers are also required to pay a scheme administration levy of 0.08¥0 giving a total employer contribution rate of 28_68%. The Pensions Trust In line wtlh the Govemment pension auloenrolment requirement to provide a workplace pension scheme. Ihe school has a pension scheme for non teaching staff whith commenced in May 2014. The Scheme is a defined coilribulions scheme managed by The Pensions Trust ISPS and is Tun as a contractual scheme, meaning that all permcanenl non leaching staff are automatically put into the scheme, regardless of eamings. as long as they are over 18 and under stale retirement age. They have the option lo opt OUL The Govemment minimum contribulion for Employees and Employers increased lo a total of 80/0 from Mari:h 2019 (guidan was Employees 5QA and Employers 3%1-The school has taken the decision lo increase the minimum Employer's contribution lo 4°/o. thereby reducing the burden on the Employee to 4¥0, due lo the policy of matching Employees conlributsons. This satisfie5 the Govemmenl requirement for 8% in total. Employer contribulioris can rise lo a maximum of SO/0 if the Employee contributes the same_ Employerfs contribution rates will continue to ir.crease in the future to at least meet the government minimum levels for aulo-enrolmenl schemes. In addition, the School continues to contribute to defined contribution personal pension arrangements of certain other existing non-teaching staff who preferred lo remain with their own scheme rather than joining the new worb.place pension scheme. There is only one employee left on this arrangement as this option is not available for neiN employees Ilhere were tsvo in the prioi yearl. There were no accrued contributions al the year end. The Group pension charge for the year includes conlributions payable lo The Pensions Trust of £82,858 {"023". £75.0771 and personal pension of £3,34012023- £6,505). At the year end £nil12023." £nill was accrued in respect of contributions. This gives a total combined Group pension cost for The Teachers. Pen5i0ns. The Pensions Trust and private pension of £693.35912023.. £607.7841 with £nil accrued. Page.. 21
Hazelwood School (A Charitable Educational Trust Limited by Guarantee) Notes to the Financial Ststements For the year ended 31st July 2024 (Continued) 20 Members. Liability The number of members at 31st Juty 2024 was 1012023.. 111 and their liability in the event of the winding-up of the Charity is limited lo £1 per member_ 21 Related Party Transa¢tions There were no related third party transactions in 2024. Page.. 22