HalLiford School SHEPPERTON Halliford School Limited Governors, Report and Financial Statements For the year ended 31 August 2024
Contents Legal and administrative details Governors, Report...................................................................................................................... Vision, Mission Statement, Aims and KeyActivities.................................................................. Governance and Management........................................................................,......................... Statement of Governors, Responsibilities.................................................................................. Strategic Report . .10 Independent Auditorfs Report to the members of Halliford School Limited .18 Statement of Financial Activities........................................................,.............................. .21 Balance Sheet...........................................................,...... .22 Statement of Cash flows. .23 Notes to the Financial Statements...........................................................................................24
Legal and administrative details Full name and registered address of the charity Halliford School Limited Russell Road Shepperton Middlesex TW17 9HX Charity status Founded in 1921 Halliford School was privately owned until December 1956 when it was incorporated as a company limited by guarantee, where the liability of the members is limited to £1, and not havin8 share capital. Re-named as Shepperton Grammar School Ltd the School retained this name until December 1971 when it reverted to Halliford School Ltd. The governing document of Halliford School Ltd are the Articles of Association which were adopted by th Special Resolution dated 25 ' January 2022 and approved by the Charity Commission 28 April 2022. Charity registration number- 312090 Company registration number- 00575324. Governors and Directors of the Company The following were both Governors of the School and Directors of the Company during the period of this report: Mr K.H. Woodward Mr C.S. Squire Mr M.A. Crosby Mr D. C. Davison Mr B.T. Harris Mrs P. A. Horner MrA. Lenoel Dr M. Sachania Miss A. Wallace Mrj. Sharp Ms A Stark Mr S Rabett Chairman and elected in the day-to-day management of the school. Deputy Chairman Resigned 31" August 2024 th Appointed 19 March 2024 th Appointed 19 March 2024 Governors, Report and Financial Statements 31 P a g e
Headmaster and Senior Staff Mr J Davies Headmaster Mrs E Sanders Bursar, Clerk to Governors and Company Secretary Mr R Fulford Deputy Head Academic Mrj Norman Deputy Head Pastoral Mr S Slocock Assistant Head Co-curricular Mr A Carroll Head of Sixth Form Mr M Shales Director of Student Welfare Mr G Boyes Director of Teaching and Learning Professional advisers Bankers National Westminster Commercial Bank 280 Bishopsgate London EC2M 4RB Auditors Cooper Parry Group Limited Aissela 46 High Street Esher Surrey 10 9QY Legal Veale Wasbrough Vizards Orchard Court Orchard Lane Bristol 8SI 5WS Governors, Report and Financial Statements 4 | P a g e
Governors, Report The members of Halliford School Governing Body present for the year ended 31" August 2024 their Annual Report under the Charities Act 2011, incorporating their Governors, and Strategic Report under the Companies Act 2006, together with audited financial statements of Halliford School. The financial statements comply with the Charities Act 2014, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effective l January 20191. Vision, Mission Statement, Aims and Key Activities Vision of Halliford School To be acknowledged as the small independent school of choice for 11-18 year olds, where we are proud to belong to a thriving, happy and aspirational community that is committed to each student as an individual. Mission Statement Halliford School is based on strong family values where we know and respect every student as an individual. We encourage and support Hallifordians to flourish and become the best version of themselves that they can possibly be. We aim for excellence by being academically ambitious but at the same time academically sensitive. We inspire Hallifordians within a community that is founded on high quality teaching and learning, outstanding pastoral care and first-class sporting, cultural and co-curricular opportunities. Halliford School is a boys, school for eleven to eighteen-year olds with a co-educational Sixth Form. Aims To provide a stimulating learning environment for boys 11-18 and girls 16-18 where we promote academic excellence and provide opportunities to realise the full potential of every individual to become the best version of themselves To provide a warm-hearted family ethos in which every student is known and valued as an individual To enable each individual to discover and develop his/her talents, character, creativity, resilience and ability to work within a team by providing a balanced and wide-ranging co- curricular programme To create an environment in which all members of the school community feel supported and valued and able to contribute positively to the lives of others by providing a framework of outstanding pastoral care To equip our students for the world they will encounter beyond Halliford School Governor5, Report and Financial Statements 5 | P a g e
Values Our students and staff identified the following values as being at the heart of what it means to be a Hallifordian.. Intellectually curious Respectful Warm-hearted Team players Creative Resilient As an educational charity, the parents of our pupils have the assurance that all the income of the School is used for educational purposes as described by the following objectives of the charity: To establish and maintain an independent day School for the education of both boys and Eirls, To establish or acquire as a going concern and carry on or manage elsewhere, any subsidiary, affiliated or other schools for the education of boys and girls in connection with the above mentioned School, and to supply to such pupil's instruction, together with physical, moral and religious tra ining, and to provide accommodation for Staff and pupils being boarded, and meals forthose taking meals at school, but so that each such school shall be carried on as an educational charity. As a charity the School benefits from some tax exemptions on it5 educational activities and investments and is entitled to an 80% reduction on business rates on all property used for charitable purposes. These financial benefits indirectly help us to sustain our bursary policy and provide a means by which we can educate some children whose families would otherwise not be able to afford the fees and therefore access the education offered. Key activities The Governors understand the requirement to deliver a rich and broad educational experience to all pupils. Through their strategic direction, governance and risk management they seek to ensure the School has both the resources and operating framework to enable it to provide a friendly, family orientated and supportive environment in which all pupils are known as individuals by most, if not all, staff. They are equally valued and supported regardless of race, religion, sender and disability. The School works to ensure all pupils are given the same opportunity to learn and develop and, in so doing, provide a wide array of sUPPOrt to pupi15 whether they face individual challenges to their ability to learn or are potentially high achievers. We offer a number of Academic, Music, Art, Drama, STEM and Sports Scholarships for entry to Year 7 and the Sixth Form. Scholarships are awarded on the basis of the individuals exceptional {academic, musical, artistic and sporting) ability and potential. Candidates are encouraged to apply for a mean5 tested bursary to supplement their scholarship if financial constraints are a consideration. We advertise these on our School website. Bursary awards, which are available to all who meet the Schools, general entry requirements, are made solely on the basis of parental means or to relieve hardship (for example in the case of redundancy) or where a student's education and future prospects would otherwise be at risk. Bursary awards can be given up to IOO¥fj fees discount. Our School does not have a large endowment fund and in funding our awards we have to be mindful that we must ensure a balance between fee paying parents, many of whom make considerable personal sacrifice5 to fund their children's education, and those benefiting from the award. Our School welcomes pupils from all backgrounds; however, we need to be satisfied that we will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. To that end entrance interviews and assessments are undertaken to satisfy both ourselves and parents that potential pupi15 could cope with the pace of learning and benefit from the education Governors, Report and Financial Statements 61 P a g e
provided. An individual's economic status, ethnicity, religion or disability do not form part of our assessment process and to help with the continuity of education in families a discount is offered for parents who have more than two children in the School. This year the total value of awards for scholarships, bursaries and staff remission was £594,225 {2023 £540,151). During the year, the school awarded short-term financial assistance of £55,25312023: £44,311) We are an equal opportunity organisation committed to a working environment that is free from discrimination and will make reasonable adjustments to meet the needs of staff or pupils who are, or become, disabled. In summary, the role of our School is to provide pupils with a range of educational opportunities within which they can fully realise their individual potential. Our aims are for the public benefit, and we have considered the Charity Commission's Guidance. Governance and Management Board of Governors The number of Governors elected to the Board must be not less than 8 and not more than 20, Governors are encouraged to attend seminars organised by the Association of Governing Bodies of Independent Schools and other accredited organisations as appropriate. Upon election to the Board of Governors new Governors visit the School, are briefed by both the Headmaster and the Bursar, and are provided with a new Governors, Information Pack containing information about the School, Governing Body information, School policies and training available. The Governors are the company directors and trustees of the Charity and have control of the Charity and its property and funds. On appointment as a Governor, a Governor shall automatically become a Member of the Charity. The normal term of office for a Governor shall be four years, provided that the Governors may determine that the Governor shall in fact retire at the end of a meeting of the Board of Governors held within six months of the end of the Governor's term of office. Governance The Board of Governors continue to keep the School's activities under review and in particular, risk identification and, where appropriate, mitigation {including Insurance coverl and the effectiveness of internal controls. The Board of Governors meet once per term to review the reports of the sub-committees and determine both the strategic direction and policies of the School. In addition, the Executive Committee has powers to meet and reach decisions on issues requiring urgent attention. Sub-committees for the financial year ended on 31 August 2024 were: Staffing and Academic Finance Health and Safety Marketing Safeguarding and Welfare The Governors and the Senior Management Team comprise the key management personnel of the charity in charge of running and operating the School on a day-to-day basis. All Governors give their time freely and no director received remuneration in the year. Governors, Report and Financial Statements 7 | P a g e
The pay of all staff is reviewed annually and the Governors benchmark against pay levels in other independent schools of a similar size. Related Organisations Halliford School has a wonderful and supportive group of parents who arrange various fundraising events for the School. They are run as a separate organisation and any funds raised by the PTA are donated to the School. The School assists with Gift Aid claims. Governors, Report and Financial Statements 81 P a g e
Statement of Governors, Responsibilities For the year ended 31 August 2024 The Governors (who are also directors of Halliford School Limited for the purposes of company lawl are responsible for preparing the Governors, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as, the Governors are aware: There is no relevant audit information of which the charitable companVs auditor is unaware; and The Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Governor5 Report approved and signed on its behalf by K H Woodward Chairman Date ZcL+. Governors, Report and Financial Statements 9 | P a g e
Strategic Report Achievements and performance In the year ending 31" August 2024 pupils on roll in School was 459. The termly core fees, before any deduction of any means tested bursaries and scholarships for the year ending 31 August 2023 was £6,950. Academic Students and staff worked incredibly hard this yearto prepare for the return to formal Public Examinations sat under standard examination conditions. We were delighted that with the excellent support of our staff and strong cohort of students we were able to celebrate the best GCSE results ever recorded in our history as a school. The value-added results for our students placed us in the top IO% of schools nationally which is a remarkabSe achievement for a school of our size. GCSE Examination Results GCSE 2019 2020 2021 2022 2023 2024 Candidates 73 73 75 70 75 76 % Pass Grades 9-4 IA'_C) 95 99 97 97 95 99 A Level Examination Results We were delighted to see our students achieve a further set of excellent results with 55% of all grades at an A. _ B. This is a superb achievement given the broad range of academic abilities we welcome at Halliford School. These grades also enabled a record number of 94Yo of students able to go on to the University orApprenticeship routes of their choice. Over 50% of students are moving on to study at the prestigious Russell Group Universities this year as a result of their incredible results. Our value-added scores for this cohort place Halliford School in the top 12Yo of independent schools nationally, a testament to the quality of teaching on offer at our school. A Level 2019 2020 2021 2022 2023 2024 Candidates 35 33 37 49 43 35 % Pas5 (Grades A'_B) % Pass (Grades A'_El 46 66 85 60 55 55 99 loo 100 loo 99.5 99.7 Culture Interhouse competitions throughout the school year included Interhouse debating, Creative writing, University Challenge, Pumpkin Carving, Christmas card design, photography, dram3, rowing and Worldwide Quiz competitions. A team of students took part in the Schools Challenge Quiz and were thrilled to achieve some incredible results against many of our larger local independent school competitors. with our Juniors and Intermediate teams securing victories. Governors, Report and Financial Statements 10 I P a g e
students took part in the UK Maths Challenge, the British Bio108y Olympiad and the UK Linguistics Olympiad. A number of students took part in the Elmbridge Literary competition, with one student awarded a first place and one awarded a second place prize, and 4 student commendations. Teams of Year 9 MFL students took th Part in the GCHQ National Language Competition ranking 185 out of 3038 in the country. A team of student5 took part in the Rotary Youth Speaks competition, where they won the Regional Heat and then the Regional Final, demonstrating their adeptness at articulating complex ideas with clarity and conviction. A win in the District final meant that they qualified for the National Final, etching their names in Halliford School's history books. Drama During the Autumn Term all students in Year 8 took part in an outstanding 'Shakep5eare-ience' evening. In the Spring Term, drama students of all ages either took to the stage or supported backstage the magnificent production of Les Miserables to the delight of sold-out audiences. Halliford's first ever Talent show followed a few weeks later, giving students the opportunity to show off a range of acts ranging from singing and dancing to drawing and magic and a little of everything in between. LAMDA Students took exams in the Spring Term receiving numerous distinctions and merits. The Summer Term saw the introduction of Halliford's Senior Play where students from Year 9 upwards performed the play DNA by Dennis Kelly. Music The music department works incredibly hard to offer a wide range of musical opportunities to students and in the Winter term were proud to entertain audiences at the House Music Competition, Winter Concert, Informal lunch time concerts and various Carol Services. In the Spring Term, competition was fierce in the annual Battle of the Bands competition which featured musicians from all year groups, inspiring students to perform at the very highest of levels. The Summer Term saw the return of the Summer Concert held outdoors in the school courtyard where students, staff and Old Hallifordians performed. Several music student5 sat Instrumental exams, including the ABRSM, receiving merits and distinctions. Events and School Trips Events and Trips are an integral part of the education offered by the school, and a selection of trips covering academic, cultural, and sporting activities included the following: European Day of Languages Year 8 Trip to Hampton Court palace Computer Science trip to the MINI plant in Oxford A-Level Geography Trip to Royal Geographical Society French Exchange Trip German Exchange Trip Lower Sixth Team Building Afternoon Physical Theatre Drama workshop Music Tour to 5orrento Ski and Snowboarding Trip to Passo Tonale Classics Trip to Greece Sixth Form Politics Trip to Parliament and the Supreme Court D-Day Commemoration visit to Normandy De5iEn and Technology trip to the Design Museum Governors, Report and Financial Statements 11 I P a g e
A-Level Biology Field Trip EPQ Poster presentation evening Sixth Form History and French trip to Paris Year 8 Religious Studies Trip to Khalsa Jatha Gurdwara Medical Ethics workshop for PHA students Lower Sixth History visit to the National Archives Year 10 German students visit to Goethe Institut Onatti Production Company performance of DerBobysitter performed at Halliford school and attended by other local schools Year 7 trip to the Story Museum Academic Collaboration Week Mental Health Awareness Week Year 7 Trip to France Year 8 Trip to Cuffley Active Learning Centre Year 9 Trip to Ypres Year 10 Trip to Rockley Point in Dorset Year 11 Celebration Day Upper Sixth Celebration Day Year 10 GCSE Geography Field Trip Music Technology Trip to Air Studios in Hampstead Art Exhibition Speech Day Duke of Edinburgh This continues to grow in popularity each year and over 90% of Year 9 students took part in the Bronze Practice and the Assessed Expeditions in the South Downs. The Silver Practice Expedition in the South Downs and the Assessed Expedition in the New Forest was completed by 22 students in Year 10. Seven students took part in the Gold Practice Expedition in the Peak District and the Assessed Expedition in the Lake District. Sport and Co-curricular clubs Halliford School is proud to be able to offer our students a wide variety of learning experiences outside the classroom to support and enhance the learning that goes on inside the classroom. We believe these are an invaluable part of our students, education and strongly encourage students to participate. The Autumn term was extremely busy, full of lunchtime and after school practices, Ibstock Place Football tournaments, Independent Schools association golf, Rugby fixtures, Middlesex County age group Rugby festivals and interhouse competitions. Halliford students attended sporting fixtures in outstanding numbers and Halliford continues to provide a huge amount of opportunity and success on the sports field for a school of this size. 90+ Rugby fixtures were played in the Autumn term. The Spring term saw outstanding numbers for football training and fixtures. Halliford consistently fielded A and B teams and saw a growing fixture list for C and D teams as well. Cricket nets training resumed in preparation for the Summer Term. Other sporting activities included Rugby Sevens, Inter-house cross-country and Inter-house football. Cricket in the Summer Term is going from strength to strength requiring a huge level of commitment from staff and students to overcome the inconsistency of the weather. This included getting 4 teams out in Year 7, Governors, Report and Financial Statements 121 P a g e
Halliford's philosophy of 'sport for all, was evident in the numbers of students who take part in some form of sport, whether it is school matches, Inter-house competitions or simply a modified version to get better at one of the skills required. Halliford took part in the National Knockout Golf tournament at Burhill and the Plate Competition at Fulwell. Halliford also competed in the National Golf Competition at the Warwickshire Golf and Country Club. Two students have also represented the school in two junior competitions. Sports Day was a fantastic highlight of the Summer Term, achieving a true mass participation element. Currently we offer a wide selection of lunchtime clubs and after school clubs which are all well attended from every year group. These range from the sport sessions such as rugby, football, tennis and golf, to clubs such as Photography Club, Lego Club, Aviation club and Touch typing. Public Benefit Halliford School takes its responsibilities as a Charitable Trust very seriously. The Governors are fully committed to making education open to all children regardless of family means. Governors continue to place a great emphasis on means tested bursaries, this year the school awarded £398,235 in the form of bursaries and financial assistance to 40 students12023'. £308,311 to 361. Halliford School has a Iways taken and will continue to take its responsibilities as a charitable trust very seriously. The school will continue to contribute by maintaining current links and creatin8 new links within the community. Over the past year, Halliford School has: Held a Harvest Festival in October collecting over 20 crates of food, cleanin8 products and toiletries which was donated to St. Saviourfs in Sunbury and the Greeno Centre in Shepperton, Laid a wreath at the Remembrance Sunday Service at the Shepperton War Memorial, and held a Remembrance Service at Halliford School where the whole community were invited Took part in Cut your Carbon month, where students were encouraged to take part in a range of activities. The top completed activities were Ditch The Drive, Love your Leftovers and Pass me On Took part in the Rotary Christmas Shoebox Campaign Provided a venue for Sunbury and Shepperton Local History Society meetings, Sunbury Ferry meetings and Rotary Club Prestige Lecture Provided cricket nets for local cricket club Held a Christmas Jumper day Took part in Carol singing at a local garden centre and a local care home Invited local primary schools to the school production Provided car parking for the Shepperton Fair Held a silent auction raising over £350 for the White Lodge Centre in Chertsey A number of students took part in an outreach programme at a local Primary School Donated 40 laptops to Level Up, a project that provides refurbished laptops for children and young people who need them for home study. Contributions to Education in the Community Two members of staff are members of the Governing Body at local independent schools. Governors, Report and Financial Statements 131 P a g e
Charity Fundraising Charity is at the heart of our ethos here at Halliford School and every year we endeavour to raise funds for various local a nd national causes. Fundraising organised by the Charity Prefects included the following: Movember charity, a charity that aims to raise awareness of men's health issues, including mental health and suicide prevention, prostate cancer, and testicular cancer. In total, students raised £9,021 through events onsite as well as from online donations, making Halliford the 3, highest fundraiser nationwide amongst the 32,193 schools who take part in the event. Save the Children Christmas Jumper day raised around £700 The Battle of the Bands concert raised £710 for Comic Relief Charity Week- Students led a huge variety of events from the newly created Human Fruit Machine, to the ever-popular Chilli Challenge, as well as many sports competitions. Students were delighted to have raised just over £2,000 to support the work of Comic Relief. Students raised over £500 during Mental Health Awareness week for the Mental Health Foundation Financial Overview Financial Results The financial statements show net income from unrestricted funds for the year amounted to £998,902 {2023". £778,904) Unrestricted net cash inflow from operating activities for the year was £5,096,90712023: £1,559,731). The School's total unrestricted reserves at the year-end including designated fund5 {excluding the revaluation reserve} were £12,447,585 {2023: £10,963,724). Summary of the year Income from charitable activities of £10,447,930 (2023: £9,491,776) has increased due to additional students. School services costs of £5,506,84412023: £4,906,028) have increased due to additional staffing costs and increased departmental resource costs. Support Costs totalling £3,622,237 (2022: £3,366,424) have risen due to additional student and staffing needs. Reserves Policy In balancin8 the needs of current and future beneficiaries Governors consider how the School's reserves can best be utilised to meet the likely challenges and opportunities in the medium to long term and have agreed that the primary objectives for the reserves are: In the event of a crisis, be able to sustain education provision for those pupils within an examination phase until their examinations have been completed. To improve the School environment. School reserves are made up of Unrestricted Funds, Designated Funds, Restricted Funds and an Endowment Fund. Governors, Report and Financial Statements 141 P a g e
Unrestricted Funds Unrestricted funds must be at least enough to support 3 months of operating costs which would act as a buffer to ensure the School can fund continuity of education in a crisis. The unrestricted reserves considered to be sufficient for the immediate needs are approximately £1,696,459. This is kept under constant review. Designated Funds The Governors designate any reserves in excess of the £1,696,459 in order for the school to continue to invest in the improvement of educational, sport and co-curricular facilities offered. These designated funds represent unrestricted funds which are retained to finance the freehold property and fixed assets as well as earmarked for future capital projects such as further development of school buildings, grounds and additional sports facilities. The Governors review the finances, budgets and spend of the School on a termly basis and as part of the effective stewardship of the School. The construction of the new Drama Studio and The Forum commenced in Summer 2024 and opened November 2024. During the summer, Matrons Room was demolished, and a newly refurbished wellbeing area was created in the Cottage. The internal refurbishment and creation of additional catering space took place as well as the refurbishment of the John Crook Theatre which was partially funded by a donation from the Halliford School PTA. This entire capital project has been funded from additional borrowing and an allocation of desi8nated funds which total £861,771. Restricted Funds These funds are held separately by the School and have been provided for specific items such as prizes, awards, bursaries and scholarships. Total restricted funds are £83,365 (2022: £83,887). Endowment Funds The endowment fund is held to fund education at the discretion of the Governors, Total endowment funds are £104,32312022: £101,837). The total funds held are £15,415,959 (2023: £13,302,606). Future Developments The Governing Body along with the Senior Management Team strive to maintain pupil numbers and financial reserves and ensure there is sufficient investment and development in the school in order for it to continue in the foreseeable future. The aim is to reinvest wherever possible financial surpluses raised in order to improve the education of all students by providing the best teaching and sporting facilities and significant resources across the whole school site. The school must continue to reinvest as much financial surplus as possible by maintaining pupil numbers in a very competitive market as well as Satisfying the bank covenants. The new construction attached to the John Crook Theatre completed November 2024 and this additional permanent space will enable the school to provide teaching, dining, assembly and meeting facilities for the School, parents and the local community. The Governors will keep under review the later phases of the School masterplan which was created in 2020. Governors, Report and Financial Statements 151 P a g e
Principal risks and uncertainties The Governors are responsible for overseeing the risks faced bythe School. Risks are kept under regular review," appropriate controls are established throughout the year. The review covers the major risks and uncertainties common to all independent schools and the main risks currently are introduction of VAT on school fees which leads to concerns over school finances, pupil numbers and the Browing number of school closures. The Senior Management Team reviews and updates the risks appropriate to them and ensure action is taken to mitigate any negative impact of risk. Risks for an independent school Changes to the political landsca pe following the general election in July 2024 will affect the School financially, strategicallyi and operationa Ily. Mitigation Parental Affordability sunley was carried out in January 2024. Through financial review and scenario modelling the school may reduce net fees from l January 2024. Introduction of VAT @ 20% on school fees from l January 2025. VAT will raise fees inevitability pricing out some parents whose children will move to the state sector. Reassessment of the school's operating model and long- term strategic reviews. Governors are controlling costs where possible and tightly controlling any future capital spend, They are continuing to monitor possible challenges which arise to maintain a level of surplus funds in order to safeguard the future of the school. As a consequence of any issue there is a risk of reputational damage. The School maintains effective policies to identify and minimise any risks, Recruitment and retentions of high-quality , New Academic Pay Policy came into effect in September teaching and support staff. 2024 following a collective consultation in 2023. The new scale is fair, transparent and competitive allowing more Labour market remains tight and therefore I reward through threshold progression. the attraction of new personnel has become difficult. Reliance on supply agencies. Removal of mandatory business rate relief from April 2025. The financial impact of this single change is c.£180k annually. Reputational Damage Continue to benchmark competitors using eternal pay reviews conducted by ISBA, AGBIS & Baines Cutler surveys. Inability to attract support staff in all areas particularly domestic roles. A new DC Scheme introduced to staff from September 2024 TPS contribution increase to 28.68% and ! following collective consultation whilst allowing TPS to further revaluations due in the coming, remain. years. i Maintaining or improving student recruitment in both Senior School and Sixth i Form. Focus in the USP of the School, resource, and market effectively. Arising principally from introd uction of VAT, economic uncertainty; parental employment, affordability and the strong Increase offering to students in music, art, drama and sport. Increase co-curricular offering with additional external providers before and after school. Governors, Report and Financial Statements 16 | P a g e
competition from local Independent and State Schools. Continue to invest in the facilitie5 available. Potential lag on pupil numbers due to parental perceptions on affordability of an independent education. I Parental confidence reduced in investment I into independent education. Pupil Admissions in Sixth Form including girls Improve the retention of internal candidates by offering joining at 16 years. earlier / more scholarships. Increase lecture programme and careers events. Improve and expand current Open Evening offering and creation of new Sixth Form events for new applicants. Failure to comply with legislation in particular Safeguardin8, Health and Safety i and Employment laws. The School has policies and procedures to reduce the risk and maintain compliance and includes termly Governor overview. The School must provide a safe environment for all students. Safeguardin8 is a growing risk to the sector. DSL Team has increased in size and are provided with support and training. Increasing cyber risk in school and the possibility leading to loss of data, potential data breach and fraud. Outsourced IT provision providing robust knowledge and i skills, software experience and data storage/ recover facility. Additional training for staff in information security and data protection. Strategic Report approved and signed on its behalf by dward Chairman Date Governors, Report and Financial Statements 171 P a g e
Independent Auditorfs Report to the members of Halliford School Limited For the year ended 31 August 2024 Opinion We have audited the financial statements of Halliford School Ltd (the 'charitable company,) for the year ended 31" August 2024 which comprise Statement of financial activities, Balance Sheet, Statement of Cash flowsand notes to the financia I statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the fina ncial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individua Ily or collectively, may cast significant doubt on the 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 responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditorfs report thereon.The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this Governors, Report and Financial Statements 18 | P a g e
gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit: or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemption in preparing the trustees annual report, Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irre8ularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements. including, but not limited to, the Companies Act 2006 and Governors, Report and Financial Statements 19 | P a g e
UK tax legislation. Our tests included agreeing the financial statement disc105ures to underlying supporting documentation and enquiries with management. Our procedures in relation to fraud included but were not limited to: inquires of mana8ement whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accoutring estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Because of the inherent limitations of an audit, there 15 a risk that we will not detect all irregularities, includ ing those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: htt www.frc.or .uk Our-work Audit Audit-and-assurance Standards-and- uidance Standards-and- uidance-for-auditors Auditors-res onsibilities-for-aud it Descri tion-of-auditors-res onsibilities-for- audit.as x. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable compan¢s members as a body, for our audit work, for this report, or for the opinions we have formed. Jane Wills FCA MA Senior Statutory Auditor Cooper Parry Group Limited Aissela 46 High Street Esher Surrey KTIO 9QY For and on behalf of Cooper Parry Group Limited, Statutory Auditor Date: Cooper Parry Group Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Governors, Report and Financial Statements 20 | P a g e
Halliford School Limited Statement of Financial Activities (Including income and expenditure account) For the year ended 31 August 2024 Unrestrirted Funds Unrestrirted Revaluation Reserve Restricted Endowment Funds Funds Total Funds Total Funds Notes Income and Endowmentsfrom Donation5 & Legacie5 Investment Income Incoming f rom chaiStable actlvSties Totsl Incoming Resources 61,667 210,921 62,667 213,575 13,107 86,446 3b 1,168 1.486 3c 10.447,930 10,447,930 9,491,776 10,720,518 1,168 10.n4,172 9,591,329 Ex enditure on Charitable Activities School Services Support Costs Bursarles and Scholarshlps Total Resources Expended 3d 3e 5,506,629 3,620,762 594,225 9,721.616 215 1,475 5,506,844 3,622,237 4.906,028 3,366,421 S40,1 8,812.6LMJ 9,723,3C6 Net Income{expenditurel and net Movement in funds forthe 998,902 15221 i.LXW).866 vear Transfer between funds Galns/llosse51 on revaluation of flxed assets 192,3401 92,340 577,298 535,188 1,112,486 Netmovementin Funds Total Funds brought forward 1.483,860 10,963,725 627,528 2,153,157 5221 83,887 2.113.353 13,302.606 101,837 12,523,877 Fund Balances at 31 August 24 12.447.585 2.780.686 83.365 104.323 15.415.959 13,302,EI16 Governors, Report and Financial Statements 21 | P a g e
Halliford School Limited Balance Sheet As at 31 August 2024 Company Number 00575324 2023124 Restricted Endowment Funds Funds 2022123 Unrestricted Funds Total Total Notes Flxed A55ets Tan8ible A55ets sa-b 16,742.022 16,742,022 1,031 1,031 16,743,052 16,743,052 13,833,974 13,833,974 Current Assets Stocks Debtors Cash at bank and in hand sc 205,852 299,846 8,260,280 8,765,978 205,852 299,846 8,446,938 8,952,636 106.663 2),319 4,EQ5.593 4,972,575 sd 82,335 82,335 104,323 104,323 Llabllltles Creditors: amounts fallin8 due within one year Netcurrent assets 13,232,332) 13,232,332) 11,696,543) 5,533.646 82.335 i¢J4.323 5,720,304 3.276,033 Total asset5 less current Ilabllltles 22,275,668 83,365 104,323 22,463,356 17,110,W7 Creditors: amounts fall ina due after more than one year {7,047,3971 17,047,397) 13,807,4(KII Total Net Assets 15,228,271 83.365 104,323 15.415.959 I3,302,6 Prof it and Loss Fund Reval uation Reserve Funds 12,447,585 2,780,686 15,228,271 83.365 104,323 12,635,273 2,780,686 15,415,959 11,149,449 2, 153,157 13.302,606 83,365 104.323 th The Financial Statements were approved by the Board of Governors on 19 November 2024 and Signed on its behalf by: K H Woodward Chairman Governors, Report and Financial Statements 221 P a g e
Halliford School Limited Statement of Cash flows For the year ended 31 August 2024 202312024 Restricted Endowrnent Funds Fund XJ2V2023 Unre5trirted Funds All Funds Cash flows from operatlng actlvlties: Net Cash provided by Iu5ed inl operatin8 Ortivitie5 5,096.906 12151 1.000 5.097,691 1,559,515 Cash flows from Investlng actlvltles: Proceed5 f rom the Sale of property. plant and equipment Purchase of property, plant and equipment Interest received Net cash provlded by {used In) Investlng artlvltles 12,361,771) 210,921 IISO.8501 0 12,361,771) 1.486 213,575 2.148. 1280,9491 86,446 194,503 1,168 1,168 Cash flows from flnancln8 artlvltle5: Repayments of borrowing IBank loan) Cosh inflow5 f rom new borrowing Interest paid Net cash provided by (used In) flnanclng artlvltles 1387,8(Kll 1,510,933 1231,2831 891,8SO 1387.8(KJl 1.510.933 1231,283 891,850 1387,80)) 101 1216,582 1604,382 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginnln8 of the reporting period Cash and cash equivalents at the end of the reporting period 3,837,907 953 2.486 3,841,346 760,631 4,422,373 81,381 101,837 4,605,592 3,844,961 6b s.2.180 82,335 104,323 8,446,938 4.EQ5.592 Governors, Report and Financial Statements 231 P a g e
Halliford School Limited Notes to the Financial Statements For the year ended 31 August 2024 l. Accounting Policies a. Basis of Preparation The financial statements have been prepared in accordance with the Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) effective January 2019 - (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. Halliford School Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The accounts have been prepared on a going concern basis as there are no material uncertainties surrounding the charitable company's ability to continue as a going concern. b. Income Income from charitable activities relates to gross fees charged for the school year ending 31 August 2024. Government Grants Grant income is recognised under the performance model of Financial Reporting Standard 102. Government grants are reco8nised in income when the 8rant proceeds are received or receivable. c. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the account of the obligation can be measured reliably. Expenditure on charitable activities relates to tuition costs, support costs including depreciation, school running costs and governance costs, and bursaries and scholarships awarded to students. d. Tangible Fixed Assets Tangible assets excluding land and buildings are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and the costs directly attributable to bringing the asset to its working condition for its intended use. The capitalisation threshold, with the exception of computers, which are treated as a group asset, is £1,000. Land & buildin Land and buildings include freehold property and are measured at fair value at the date of revaluation less any 5ub5equent accumulated depreciation and subsequent accumulated impairment losses. Governors, Report and Financial Statements 241 P a g e
reciation Land is not depreciated. Depreciation on other assets is calculated, using the straight-line method, to allocate the depreciable amount to their residual values over their estimated useful lives, as follows: Freehold building5 Additional building costs Plant and machinery IT (user interface) IT Iservers etc) Vehicles 50 years 15 years 5- 10 years, plus a piano depreciated over 20 years 3 years 5 years 4 years Assets under construction are not depreciated until they are cornplete and in use. e. Taxatlon The School, as a registered charity, is able to take advantage of the tax exemptions available to charities. Accordingly, there is no corporation tax payable on the net incoming resources. f. Financial Instruments Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractU31 provisions of the instrument in accordance with the substance of the contractual arrangements entered into. Trade and other debtors and creditors are classified as basic financial instruments and at initial reco8nition are measured at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there 15 objective evidence that the school will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the school's cash management. A financial liability in the form of a bank loan is included in creditors due within one year and creditors falling due after more than one year. Bank loans a re initially recognised at the transaction price includ ing transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Details of carrying amounts, terms and conditions of the loan, security and interest expensed in the Statement of Fina ncial Activities are included in note 51. g. Stock Stock held relates to IT devices available for sale to students/parents for use in education. Stock is valued at the lower of cost and net realisable value. Stock is held as part of a charita ble activity and is provided at a subsidi5ed cost. In line with Charities SORP IFRS 102), net realisable value is based on the service potential provided by the item of stock and is not written down unless stock is damaged or obsolete. h. Pension Schemes The School participates in the Teachers, Pension Scheme {"the TPS'I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £754,42812023". £622,223). Governors, Report and Financial Statements 25 | P a g e
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teacher Pensions Regulations 2010 la5 amended) and The Teachers, Pension Scheme Regulations 2014 {as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuarfs Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the '8reater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.60%, and employers are also required to pay a scheme administration levy of 0.08Yo giving a total employer contribution rate of 28.68%. Non-Teaching Staff For non-teaching Staff the School contributes 16% of annual basic pay to a stakeholder pension scheme managed by Royal London. Key Sources of Estimation Uncertainty and Judgement The preparation of financial statements in conformity with the statement of recommended practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. There is estimation uncertainty in calculating the bad debt provision. A full review of fees receivable is carried out by management regularly. Whilst every attempt is made to ensure that the bad debt provision is as accurate as possible, there remains a risk that the provisions do not match the debts that prove to be ultimately irrecoverable. There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of assets and that estimates for residual amounts recoverable may differ. Governors, Report and Financial Statements 261 P a g e
Statement of Financial Activitie5- Unrestrirted Funds Com aratives to SOFA from ear Unresirlcted Funds Unrestrlcted Revaluatlon Reservé Resfrlctsd Endowrnent Funds Funds Total Funds Total Funds Note5 Income and Endowments from Donations & Le8acie5 Investrnent Income Incorning from ¢haritable activities Total Incomlng Resources 13,107 84,931 13,107 3b 3,517 3c 9.491,776 9.491,776 9.018,602 9.$89.814 9.591.329 9.028.212 end5ture on Charltable Activities School Services Support Costs 8ursaries and Scholarshlps Total Resoue$ Expended 3d 3e 3c 4.905.813 3.364,946 540,151 8.810,910 215 1,475 4,Xfj,028 3,366,421 S40,1 8.812,6(Kl 4,810.831 3,118,040 S27,7Cg 8.456,$80 Net Incornelexpendlturel and netmo¥emefit In funds forthe 907 7N729 57¥631 year Transfer between funds Gains/llos5esl on revaluation ol flxed as5e15 92.340 192,3401 I1.493.3) Ilet Movefflent In Funds Total Funds brou8ht forward 871,244 10.092.481 192,340 2,245,497 778,729 12,523.877 1922,In 13.446,049 84,969 10).930 Fund Balanos at 31Auwst23 10,963,725 2.153.157 83.887 101,837 13,302,f 12,523.877 Income and Endowments from a. Donations & Legacies £61,667 in donations were received from the PTA. Events organised by the PTA over the last two years raised funds to support student activities. £1,000 was donated to the Endowment Fund. b. Investment Income Represent5 the interest earned on Funds. Governors, Report and Financial Statements 27 | P a g e
Unrestricted Income from Charitable Activities This represents school fees receivable and other educational income. 2024 2023 The School's fee income comprises: Gross Fees Less bursaries, scholarships and staff discounts 9,675, 160 (594,225) 9,080,935 8,728,927 (540, 151) 8.188,776 Bursaries Hardship Fund Scholarships Staff Discounts Total 342,983 55,253 95,910 ICHJ,080 594,225 264,000 44,311 94,080 137,760 540,151 Other Educztional Income Catering Coach Seniice Rental Income IT Equipment Receipts Insurance Receipts Other Income Commission etc Government Grants Total 433,879 239,515 13,050 75,336 735 10,256 418,660 228,965 11,684 69,407 248 33,886 762,849 Unrestricted Income from Charitable Activities 10,447,930 9,491,776 Governors, Report and Financial Statements 28 | P a g e
enditure on Charitable Activities d. Unrestricted School Services (Tuition) 2024 2023 Personnel Costs Other Costs Sthool Services 4,287,856 1,218,773 5,506,629 3,941,932 963,881 4.5,813 Personnel Costs Salaries 2023 3, 188.332 345,095 754,428 4,287,856 2022 2.997,963 321,746 622,223 3,941,932 Pension Contributions Total Staff Numbers- FfE AcademicTeaching Academicsupport Total 2024 55 2023 55 13 Staff Numbers-Average Number Employed Full Time Part Time Total 2024 2023 58 20 57 19 76 Other Costs Staff Related Costs Departmental Resources School Events IT Related Costs Transport Related Costs Pupi l Related Costs Total Other Costs 2024 47,368 355,587 7,380 394,747 399,809 13.881 1.218.773 2023 14.671 320,544 9,230 249,825 355,813 13,798 963,881 Cost of key management personnel (Senior Management Team) included above is £853,206 12023: £640,027). The following number of employees received benefits totalling between: 2024 2023 £FAJ,CrfJO and £70,(1 £70,C(11 and £80,(KKJ £80,COI and £90,1))J £90,C()l and £ICKI.IXQ £I(KJ.¢Xil and £llO,C(tI £IIO.CQl and £130,) Governors, Report and Financial Statements 29 | P a E e
Support Costs 2024 Personnel C05t5 Other Costs Total School Ser¥lce Costs I,L1S7,168 2,555,069 3,622,237 957,521 2,408,91J) 3,366.421 Staff Numbers- FTE Domestic Property General Total 2024 io 14 14 26 Staff Numbers-Average Number Ernployed Full fime Part Time 15 17 32 16 15 31 Personnel Costs- Domestlc Salarie5 2024 260,722 17,262 32,369 310,352 222,760 15,148 29,767 267,676 Pension Contributions Total Dome5tlc Personnel C05ts-General Salaries Nl Pension Contributions Total Admin 2023 417,271 41,879 66,968 526,118 438,C69 44,181 68,470 550.720 Personnel Costs- Property Salaries 157.252 14,395 23,530 195,ITI 131,824 12,115 19,787 163.726 Pension Contributions Total Property Total Peysonnel Costs 1,056,249 957,521 Other Costs Catering Costs Grounds and Property Maintenance Property Supplies and Equipment Admin Resources, Equipment and Marketing Setvice Costs Staffing and Recruitment Costs Depreciation Auditors remuneration: Statutory audit Assurance services other than audit Otherf inancial services Totsl Othercosts 2024 204,3 839,184 176,537 266.783 441,353 37,882 565,179 2023 210,858 759,568 145,718 249,901 424,168 42,C67 555.020 23,850 21,6CIJ 2.555.069 Governors, Report and Financial Statements 301 P a g e
Movement in Funds A detailed breakdown of the movement of the Endowment Funds, Restricted Funds and Designated Funds is shown below: a. Current Year Movement Endowment and Restricted Funds Balance at 31 Aug 23 Incoming Resources Resources Expended Balance at 31 Aug 24 Endowment Funds Endowment Funds Total Endowment Funds 101,837 101,837 104,323 104,323 Bursary and Scholarshlps A.J. Vincent Hardshlp Bursary Fund Fee donations Restrlcted Donatlons Musicdepartment Prlzes and Awards A. Hitchens- Memorial GuyValadon- Single Scien J Hobbs- Memorial John Crook John Lewis-History Ken Russell - Trophy Neil Jones-memorial Fund Norma Cook-senior Latin Peacock- Latin Peter Grove5- Chemistry Wendy Simmons-MFL BahadurSunderji-FurtherMaths Crosby- Maths Prize Valerie Brooking- History Prize 01 iver Griffin - Government and Pol itics Totsl Prizes and Awards 71,926 72,974 3,676 1,475 2,201 2,476 1, 182 1,243 I,CK)i 77 36 17 18 15 20 15 20 20 20 2,492 1,185 1,241 996 87 ICK) 157 538 561 15 74 102 144 15 569 20 20 15 15 20 366 62 335 1611 83 81 345 1451 ioi iii 8,286 120 215 Total Restrirted Funds 1,168 I.6) Governors, Report and Financial Statements 31 | P a g e
Prior Year Movement Endowment and Restricted Funds Balance at 31 Au8 22 Incoming Resouros Resour5 Expended Balance at 31 Aug 23 Endowment Funds Endowment Funds Total Endowment Funds l(Xl.930 l(X>,930 101,837 101,837 907 Bursary and Scholar5hlps A.J. Vincent Hardship Bursary Fund Fee donations Restricted Donatlons Music department Prlzesand Awards A. Hitchens- Memorial Guy Valadon - Single Scie nce J Hobbs- Memorial John Crook John Lewis-History Ken Russell - Trophy Neil Jones-memorial Fund Norma Cook-senior Latin Peacock- Latin PeterGroves-Chemistry Wendy Simmons- MFL Bahadur Sunderji~ Further Maths Crosby- Maths Prize Valerie 8rookin8- History Prize OliverGriffin Governmentand Politics Totsl Prlzes and Awards 71,374 552 71.926 5.151 1,475 3.676 2,479 1,189 1.254 1.014 97 17 20 15 20 20 2,476 1,182 1,243 I,i)Ji 77 20 102 100 171 534 557 15 87 100 15 157 S38 561 380 398 20 ioi 358 1301 121 20 81 15 15 20 215 345 1451 ioi 101 57 Total Restrlcted Funds 84,969 1,690 83,887 Governors, Report and Financial Statements 32 | P a g e
b. Designated Funds At each year end, the governors determine how much funds if any are to be designated for the purpose of funding future capital projects and/or are released to fund existing projects. In order to meet the reserves required by the Charities Commission guidance the School maintains £1,696,459 at all times. The Governors review the finances, budgets and spend of the School on a termly basis against the budget as part of the effective financial management of the School. Unrestricted funds available in 2024 are £12,447,585 {2023 £10,963,725) and a proportion of this has been allocated and ring fenced for capital projects to improve or extend School buildings. These capital projects include additional dining facilities, improved theatre facilities and installation of alternative energy sources that will reduce the School's reliance on expensive grid power. Balance Sheet a. Fixed Assets FrnIle Vehl Fund Btsln Vse NssEtsunder Totil C05tNALWimON AI0IrnI3 Addliloni Olspouls Reclassiflcatlonof Auets ReI1110n At 3Jrn2D14 13.4TI.BII 40.261 J2),$91 I),1,210 2,DJ4,199 2,044. L24J,S>) i.6 169,2861 36,659 11432,854 l361.771 1123,287) 152 15.40? IS4,QJil 2,361,771 86.738 535.1 535.18 14,14qCto 2,OJ4,19Y 14144,193 1123,)98) 535.JlO 1I2C6.526 535. 142346n 1,531,WJ 551520 17& 34152 0 AtOJ10511023 h&ryE fatlhe year 281995 2%,195 $65 167,042 169.2861 467,718 345 27,650 l47S 1,629.032 179 1123.2871 577,298 L4916Z6 29Q299 563,704 1123.2871 S77.29a L464,SOI R¢valuatlonA4luStrnent At3YC¢12Q24 577.2 5ri,299 544.120 501C*2 NEIOOOKVAiVE At JVW2014 14.140,COJ 387.489 49,458 IQ741025 L027 15.741052 dJ9.458 16.742.1)2S Y43 At¢JICel>)23 IIC6L722 123.358 11175. 33&618 57.262 11733,565 Ll 117x715 13,C61,722 123.398 13.175.120 33fi618 57.162 13.733.565 L150 11734.n5 b. Fixed Asset Disclosures Freehold Land and buildin The Land and Buildings were revalued in March 2024 by Gerald Eve, LLP an independent valuer. The property has been valued on the basis of Market Value for the property as a fully equipped operational entityi for Loan Security Purposes. Evidence of freehold and leasehold transactions of other schools and similar properties were analysed, adjusted, and applied to the property held by the charity. Governors, Report and Financial Statements 331 P a g e
Their valuation is £14,140,000 If freehold land and buildings had not been revalued, it would have been included at the following values: 2023 Aggregate Historic Cost Aggregate accumulated depreciation Aggregate carrying amount 13,555,216 3,092,360 10,462.856 11,475,226 2,823,016 8.652,210 The property was purchased in 1956. Depreciation has only been charged on the property since the year ended 31 August 2002 in the financial statements, therefore the above calculations are based on depreciation charged from this date. ICT Included in ICT are fixed assets which were previously held under two finance leases. These have now both ended. Stock 2024 2023 IT Devices 205,852 205,852 106,663 106,663 Stock held relates to IT devices ava ilable for sale to students/parents for use in education. d. Debtors 2024 2023 Fees Receivable Bad Debt Provision Prepayments/Accrued Income 12,979 18,165) 295,032 299,846 25,228 {11,3931 246,484 260,319 Governors, Report and Financial Statements 34 | P a g e
e. Creditors- Amounts falling due within one year 2024 2023 Deferred Income Fees in Advance Scheme Accrued Expenses Trade Creditors Taxation and Social Security Othercreditors Bank loan (Note 51) 992,964 989,222 97,177 231,096 334,144 132,274 249,724 651,725 270.148 3,232,332 592,601 387,800 1,696.543 Deferred Income Deferred income comprises fees paid upfront relating to the year ended August 2025. 2024 2023 Balance a5 at I" September 2023 Amount released to income f rom charitable activities Amount deferred in year Balance as at 31" August 2024 262,373 1262,3731 232,811 232,811 245,927 1245,9271 262,373 262,373 g. Credltors- Amounts falling due after more than one year 2024 2023 Fees In Advan Scheme (Note Sh) Other Creditors Bank loan (Note 51) 1,999,211 10) 5,048, 186 7.047.397 101 3,807,400 3.807,4CKI h. Fees In Advance Scheme Parents may enter into a contract to pay the school in advance for fixed contributions towards the tuition fees for a minimum of two years. The money may be returned subject to specific conditions on the receipt of notice. Assuming students will remain in the school, fees in advance will be applied as follows: Governors, Report and Financial Statements 35 | P a g e
2024 2023 Amounts falling due within one year Amounts falling due afterone year Total 989,222 1,999,211 2,988,433 Summary of movements in liability Balance as at I September 2023 New Contracts Refunded Amounts used to pay fees Balance as at 31 August 2024 3,002,090 13,657 2.988,433 Financial Instruments Amounts repayable by instalments are as follows: 2024 2023 Bank loan payable (falling due within one yearl Bank loan payable (falling due in more than one year but less than 5 years) Bank loan payable Ifal ling due in more than 5 years) Total 270, 148 387,800 1,260,339 1,551,2CAJ 3.787,847 5.318 334 2,256,2C(i 4,195,2 The bank loans are secured on the School premises which has a carrying value of £16,144,199 on 31 August 2024 and on all the assets of the company. If any event of default specified in the terms occurs, then the bank may demand immediate repayment of the loans, all interest accrued and all other sums payable. The School loan with Natwest Bank for£3,467,OOOwhich commenced in August 2018 was renegotiated and a new loan was commenced in August 2024 for £3,360,000. This will be repaid over 15 years. Interest is accrued at a variable rate of 2.oyo above the base rate. Interest costs recognised in 2023124 relating to this loan totalled £151,78612023: £131,524). The School has a second loan with Natwest Bank for £2,350,000, which commenced in February 2022 and will be repaid over 15 years. Interest is accrued at 3 fixed rate of 3.87%. Interest costs recognised for 2023124 relating to this loan totalled £79,49712023: £85,058). Governors, Report and Financial Statements 36 | P a g e
Reconciliation of Funds The School's funds are considered below. Unrestrlded Fund5: Profil and loss fund Unrestrfcted Funds: Revaluatlon ReseNe Restrfrted Funds Endowmeni Funds Yotsl Totsl Balance at tst Sept 2023 Net Movements in year Transfer in the year Galns/llossesl on revaluatlon of flxed assets Balance at 3tst Au8 2024 10.963,725 1153,157 83,887 15221 101.837 2.486 13,302,607 I,CIX),8E6 12,523.877 778.729 192.3401 577.258 IZ,447,585 92,340 535.188 2,7W,6E6 1,111486 15,415,959 321 ,302,6C Comparatives of school funds in prior year Unrestrfcted Funds: Profit and Ios5 fund Unrestrfrted Fund5'. Revaluatlon Resèrve Resirfcted Funds EndoTrent Funds 20 ToLIl Totsl Balance at tsi Sept 2022 Net Mcvernents In year Transfer In the year Galns/llossesl on revaluailon of flxed assets lance at 31st Au8 2023 10.C82.481 778,5 92,340 2.245.497 84,969 I1.2) ILb),930 9)7 12.523.877 778.729 J3,446,049 57L631 192,3401 1.493.803 Unrestricted funds represent accumulated income from the School's activities and other sources less expenditure that are available for the general purpose of the School. Restricted funds represent donations received from external donors, which are used for prizes and awards each year. A Declaration of Trust established the Endowment Fund in 1968. This Trust fund is a permanent endowment that is the capital of the Trust fund and cannot be spent, only the income accrued on the capital sum. 6. a. Reconciliation of net movernent in funds to net cash from operating activities Unrestrl¢ted Restrirted Endowment 2024 Funds Funds Fund 2023 Net incomellexpenditurel 998.902 15221 I,O)J.866 778,729 Adju5tmentsfor.' Depreciation Charges Net Interest adjustment Lossllprofitl on the sale of fixed assets Increase in finance lease assets Ilncrea5ellDecrease in Stocks IlncreasellDecrease in debtors IncreasellDecrea5el in creditors 563,704 20,362 1.475 11,1681 565.179 17,708 555,020 130.135 11.4861 199,1881 139.527) 3,652,653 199.1881 139.5271 3,651653 118,4501 165,4621 179,544 Net cash provided by {used in) operatln8 activities 5.OY4905 {2151 5.097.691 ¥559,5J5 Governors, Report and Financial Statements 37 | P a g e
- b. Analysis of cash and cash equivalent5 Unrestricted Funds Restrlcted Funds Endowment Fund Cash in hand Total cash and cash equivalents 8,260,280 426Q280 82,335 81335 104,323 8,446,938 4446,938 4.605,593 6.c Analysis of Change in net (debt)/funds Nel Cash Cash at bank and in hand at 0110912023 Cashflow al 3V081a)24 Unrestricted Restricted Endowment 4,422.374 81,381 101,837 4,EKJ5,593 3.837.907 953 2.486 3.841,346 8,260,280 82,335 104,323 8,446,938 Debt Debt falling due wlthin one year Oebt falling due after one year Unrestrlcted Unrestrlrted 1387,8WI 13,807,4CX) 14,195,2¢x)I 117.652 11,240,786) 11,123,134 1270,1481 15,048,186) 5,318,334) Totsl 410,393 2.718.212 3.128,605
- Operating Leases The total future minimum lease payments under non-cancellable operating leases fall due as follows: 2024 2023 Within one year Between one and five years More than f ive years Total Operating Leases 18,9 38,873 30,668 6,670 57.833 37.338 The total operating lease expenditure included in the Statement of Financial Activities is £30,958 (2023: £35,919).
- Transactions with Related Parties There was no remuneration paid to the Governors in the year12023: Nil), nor expenses paid then reimbursed to Governors12023: Nill. There were no other related party transactions in the current or prior year.
- Legal Status The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charitable company's registered office is included on page 3. Governors, Report and Financial Statements 381 P a 8 e