THE UNICORN SCHOOL LIMITED A company limited by guarantee GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Charity number: 312578 Company number: 993831 (England and Wales) ACTXCZSP 2211212W23 COMPANIES HOUSE 111
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THE UIYICORN SCHOOL LIMITED GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Contents Pages Legal and Administrntive infonnation Report of the Governors 2-10 Independent AuditOTS' Report Stsiement of Financial A¢iivities (including the Inwme and Expenditure Account) 14 Balance Sheet 15 Reconciliation of Nei Expenditure to Nei C&th Flow atld Statema)t of Cash Flows 16 Note5 forning part of th¢ Financial SeMents 17-25
THE UNICORN SCHOOL LIMrrED LEGAL AND ADMINISTRATIVE INFORMATION LEGAL STATUS The Uni¢orn Sch(x)l Lirnited was esiablished on 9 Novernber 1970 under the Companies Aci. The company is a registered ¢harity and is limited by guaraniee. The Board of Directors ar¢ the Board of Governors. who are elected by the e[nbe¥s of th¢ company in accordance with the Arti¢l¢s of Asso¢iation. The Governors are also trustees of the charitable company. Th¢ membus of the company are the Governors and th¢ ¢urr¢nt parents. THE BOARD OF GOVERNORS P Rathbone (Chair of Governtys) P Aubery W Barker A Chandler T Ewing S Kudret CLee S L¢h¢ P O'Neill A Patel R Raffan-collins J Webbern SENIOR MANAGEMErfr HEAD BURSAR P Fraley C Mathias coTrtPANY SECRET ARY REGISTERED COMPANY NO. 993831 C Mathias REGISTERED CHARITY NO. 312578 BANKERS REGISTERED OFFICE Coutt5 & Co 440 Strand London WC2R OQS 238 K¢w Road Richrnond Surrey TW9 3JX SOLICITORS AUDITORS GBH Law Limiied 718 Innovation Pla¢¢ Douglas Drive Godalrning SuJTey GU7 IJX WSM Advisor5 Limited Chartered Accountsnts & Registered Auditors CoTmect House 133-137 Alexandra Road London SW19 7JY
THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 The Governors, who are also diTextor5 of th¢ ¢ompany forthe purposes of the Companies ACL are pl¢&sed to present their report iogether with the financial statements of the charitsble company for the year endeil 3 1 August 2023 and io confllTh that they comply with the requirements of the Charities Act 201 l. the MemoTandum of A550ciation of the Company and the Charities Statement of Recommended Practice (FRS102) (as amended for ¢oUtIng periods commencing OD or after l January 2016). The legal and athnini5trdtive information set out on page I forms part of this report. THE CHAUI'S REPORT The School has had a highly successful and busy year in which 169 children have received tyition. The S¢hool's ethos and reputation continue to amct parents (o Unicorn in an increasingly competitive ¢at¢hment area. Priority is given to siblings of children already in the school and io the children of Old Unicorns. There Are waiting lists and when places occasionally b¢¢ome available appliutions are considered. There is incre&sing competiiion for places at independent secondary schools iTL west London. Nevertheless, our Year 6 pupils were successful in being offered places at a range of sch¢)ols at I l+ which were carefully chosen to meet the needs of individual pupils. From a cohort of 21 pupils, 67 offets were received frorn 32 different independent, single sex and co-educational schools. The range of schools is in keeping with Unicorn as a co-educational. non-5elective School. Four Academic, four Music, one Ao and one DT scholarships were offered. In alphabetical OTder, pupils accepted offers from= Birkenhead, Break5pear Catholic. Churchmead. DunhursL Halliford. Hampton, Kew Holl5e. Kingston Grammar, Lady Eleanor Holles, Latymer Upper. Putney High. St Mary'5 A%ot and West LA)ndon Flee School. The htgh quality of education provided at Unicom and the results achieved are a testament to the ability and dedication of the teaching staff together with the children's commithient to give of their very besi The schijol welcomed The Good Schools Guide in the Spring and received an outstandlljg enlry into that publication ending. Varied and visionary timerable. together with wise, impl10ed staff sets children up to evolve into free thinking, decent and kind rnernb¢r5 of society. A triumph.. Unicorn then finished the acadernic year with a much delayed visit from the Independent Schools Inspectorate. Th¢ recently published report rates the school Excellent in both Academic Achievement and Personal Development and was an extremely posirive celebration of our happy and thriving School. OBJECTIVES ACTIvrrIES Unicorn School 15 a co-educational school for children from 3 to I l years of age. The principal objectiv¢s Of the S¢h(M)l ar¢ to provide a broad and stitnulating edueaiion to primary school aged childr¢n, within a nurturing and inclusive environment, and to achieve high standards withoui a'pressuriseiw approach. There have been no changes in objectives since the la annual report. THE MISSION The School is committed to providing a friendly. creative and stimulating learning environment forchildren between the ages of three and eleven. OUR ETHOS AND AIMS Our ethos: The intentions of th¢ School's founders still remain at the forefront of our thlnking. They created a s¢hool that educates children and achieves excellent academic outcomes without a "hot-house" approach. This encourag¢s them to flourish creaiively and enjoy the Process of learning. This is underpinned by parentsl involvement and the strong oornmunity CTeaied, with muThLal respect and understanding between pupils. paJents and sthff.
THE UNICORN SCHOOL LtfvlITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED) Our aims: to have the child and family at the centre of everythhng we do to maintain a happy, welcomin8 environmeni for children. families and staff to prepare our children to be the best they can be and io establish a lifelong love of learning io have high expectstion5 and to recognist that success comes in many fornis io celebrate the kindness. individuality. diversity. talents and achievements of our pupils for learning to be enhanced by a broad ¢utTi¢ulum whi¢h is ¢mbedded with creativity STRATEGIC PRIORITIES The Strategic Priorities are set to ensure the School successfvlly maintains its ethos and a¢hieve5 its aims remaining trne to all Unicorns po51 and present. The Governtng Board's main strategic objeciives continue to be thatr. The School rnaintains a broad curriculurn with a focus on creivity. Enquiring minds. a growth rnindset and low pupil staff ratio are important for pupils, surxess. Thorough assessing. tracking and reporting procedures without excessive testing are central io pupils, 5ucce5S. Infornial, verbal feedback is an important channel of communitIOn between staff and parents. Parents are encouraged to be fijlly aware of ihe ethos and aims of the School. ACHIEVEMENT AND PERFORMANCE Unicom's bToad curricvlum ¢xnds far bey()nd the usua] academic subject areas and include5 topics such as Pupils, Parliament and Debating in Year 5 and Philosophy in Year5 5 and 6. In addition, whilst Forest School was air¢ady part of NuTry and Reception'5 curriculurn and a Thursday afternoon club for the Juniors. it was also introdll¢¢d to Yellow and Green Classes a5 part of their Cu7clum. The cU1cUlUrn was fi]rther enhanced with certain trips. There were visits to.. Roald Dahl Museum, Curzon Cinem4 Natural History Museum. Gunnersbury Museum. BekonsCQt Model Village. Hampton Court, Rose Theatre, Kew Gardens. Wetlands Centre. Legolamd. Bocketts Farni, Saxon Sustainability Centre. Orange Tree Theatre, Barbican. Thames Explorer fwsi and Year 6's Bus and Tube Day. All three residential trips went ahead with Years 3 and 4 to Sayers Croft. Year 5 10 Devon and Year 6 to Cumbria. Year 6 had their Cyclints Proficiency week and the Leaver's Evening ID the sunun¢r. New Nursery class parents and children enjoyed some Stsy and Play afternoons. These varying activities provide breadth and challenge in an enquiry-based appr(Rch to education. Many visitors were w¢l¢omed to the Schwl, in¢luding.' Thotn&% Franks- Healthy Eating assembly. PC Mick to see Years 5 and 6, Rotary Club assembly, Cai allthor workshop, Harvest Fesiival, Remembrance Day assembly. Chinese New Year, Junior Assernbly Qui4 Duck eggs hatching in Reception, Dentist visiL Victorian Toys Workshop, Grandad Byatt to Nursery to tslk about money, Orange Tree Theatre Workshop, STEM wotkshop, Ramadan 8ssembly aT)d an Ethiopia assembly. The whole 5¢hool took part in The Big Draw, Arts Week. Mad March Hair Day. Safer Jnternet Day, School Disco. Mtsfti days, Party day, Cinema Nighl Famier's MarkeL Second hand bwk sal¢, ChristhJ&8 and Summer Fairs and thoroughly enjoyed dressing up for World Book Day. As ever. the after-school atld extrd-curricular clubs crouch typing. String gmup. Swim club. M:Tech. Virtual Reality Club, Running club, La Jolie Ronde, Karate, Music theory, Tutti Fluri, Vit1ual Reality, Jitterbugs, Orchestrd, Rock band, Unicom Singers, Inlani chess Club, Junior chess club, Linle VOIC Musical Theatre. S¢hool of Comedy and Lego) were much enjoyed by the children and the daily brea&fa5t aJ)d homework club5 w¢r¢ invaluable to children and parents alike. Fourteen clubs were on offer ai our junior clubs. afternoon_ In sport, Ihe children have participated in f(x)thall, ndball. hockey and cricket matches and tournaments with fixtures against other schools. All classes have been at P(Kbls on the Park for their Friday morning swimming l¢ssons and both the Inter House and Borough swirnming galas. Both the Nursery and Reception sport5 day ai h0o] and the Years I 5POrts day at our usual London We15h Club venue were successful. At Unicorn Music, art and drama are fundamentsl ¢wicular activities and the majorrty of pupils leam one or more instruments wilh considerable 5u¢cess. Pupils participaied in musical ¢vents including the Christtnas productions. lh¢ Junior Christmas concert was an enjoyable highlighL An Infant Tea Tim¢ con¢¢rt and music recital were also
THE UNICORN SCHOOL LIfkUTED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 CONTIfxuED enjoyed. Years S and 6 sang at Kew Sparkle and a150 entertained residents ai Cecil Court Care Home in Kew singing carols and Chri5Tha5 songs. The Unicom SingeTS sang beautifully in the liichmond Festival, Musical Theatre's 'Matilda the Musical. was excellent. Selected Year 5 pupils went to Ib5tock Place School for a singing workshop and Years I had a Try an Instrument afierncM)n. There were outstanding results in the ABRSM music exams held in school. Throughout the School there is an abundance of the childten's afftwoik on display everywhere reflecting their talents. inspirational, beautiful, bold. colourbjl and creative, whether paintings, cerdtnics, TK)ry or tapestry. it 15 of an exceptional siandaid. Our annual Big Draw saw all ihe children immersed in designing and creating Masterpi¢$ with the 'Come back to Colour. theme and our Week had the theme 'Japan'. Drdma continues to go from strength to strength with weekly tuition and involvernent in Class Assemblies and Cl&s% Productions, notably OUT Year 4's Celts and Romans As5enibly and our Year 5's Macbeth Assembly. Our Year 6's performed an outstanding end of year production of 'POidge! The EYFS nativity perfotmance in December was followed by Years l and 2's Christsn&s Show which parents were able to come in 10 watch. Pupils are encouraged to develop a concern for the wider community through PSHEE lessons and charitable fiindrai5ing supporting a broad spectrum of charities. which this year included Fare5hare. Srnall St¢P5. The Or8nge TTee Theatre and the Evelina Transplant Games Fund. CHARITY, INCLUDING PUBLIC BENEFIT AND GRANT MAKING The Governors. as directors and Charitable company trustees. have ¢arefully wnsidered the Charities Act 2011. with specific Tegard to the Charity Commission's guidance ¢oncerning th¢ 0ration of the Public Benefit iequiremeni under that Act. In particular th¢ Schwl operat¢5 a bursary schem¢ funding places for pupils who would otherwise not be able io attend the School. This year the bursary scheme has nded several pupils (4.1% oltoial pupil numbers) with sUPPOrt at £90,476 in fee5 and £5,273 in other expenses. This represents 4.ovo of our totsl fees in 2022f23 (2021122.. 3.70/0). Donations froTn the h0o1 Comrnittee's fimdrai5ing activities through the year to the School'5 Bursary Fund amounted to £6.771 and the Governors hav¢ approved a fither ¢ontribution of £60,000 from th¢ General Fund to the Bursary Fund. We are also able io support curreni pupils who might otheTwise suffer hardship due to changes in cwcumstances through the Educational Fund. This fijnd is in place to support in particular junior pupi15 nearing the end of their time at the School to enable them io continue their v¢arIOn. The fvnd stsnd5 at £96.507 and although available. w&$ not required for funding in 2022123. The School rnakes charitable donations and also helps the lo1 tommunity in a variety of ways. The School undertakes a wide range of charity and outreach programmes for educational purwses and io awaken in our pupils an awar¢n¢ss of the wider social context of ihe educaiion they receive * the School. The following examples provide a sample of this yeaws activities and show the School's commitment to supporting the wider community. both locally and fikner afield. The khool community ratsed £23,012 net of exptnse5 from fvndraising activitie5 duringihe year and the Governors thank par¢nts for their generosity in ghving both time and money. The SchiM)I Cornmittee also deserve our thanks. ably l¢d by both Mrs Heath and Mrs Marchant. They orgpnised the Farmers Markei Party Day, Harvest Festival, mufti days. second hand unifomi sales. Chn"stm&s Fahr. cake sales, Ix)ok sales. School disco. Cinema night. Parents, Social, Summer Fakr and Summer Raffle during the year. Apart from the £6,771 for the School Bursary Fun(L £16.241 was raised for external charitits, including £2,264 for Small Step5 (provide5 specialist help and supwjrt to parents with physically disabled children), £2,264 for Fareshare (a ¢harity network airned at relieving food tx)verty and reducing fi)(xl waste in the UK). Fund5 were also raised for n¢w externtl Gharities this year". £4.507 to Evelina Transplant Game5 (supw)rted by Evelina London Childr¢n's ChaJity, a specialsst children's hospitsl). £4.507 to the Orange Tree Theatre (a local independeni theatre promoting participaiory iheatre projects), £1.591 for DEC'S and Ahbap's Turkeylsyria Earthquake Appeal, £840 to West London Action for Children and £268 to the Toilet Twinning fund run by Tearfund. Offerings from the Harvest Festival were shared with Mem1 of the local community via West London Action for Children (WLAC).
THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED The School continue$ to hold the TfL's Stsrs Gold level Acueditstion for its s¢hool tsavel plan. Further afield the School is maintaining a committed and long-term relationship beTh¥een Unicorn and Tseda First School in Ethiopia and contributed a fijrther £500. We are also a'Kew Gardens Partner School,. FINANCIAL REVIEW tn 2023 the cornpany incurred a deficit of £96,352 (2022 SU[us= £74.090). Total income and endowments increased by £94,446", pupil numbers were slightly lower and fees increaseil by 5•/oover2022. Total expenditure increased by £264.888 due partly io higher payroll costs. The company's deficit of £96.352 wa5 made up of a deficit in schwl activities of £31,677 (2022 surplus= £102.589), donations to ihe Rainbow Fund of £34.083. a contribution from the Educational Fund (£715) and School Committee Fund (£5,755) offset by the use of the Bursary Fund {£93,718)- Transfers io and from the General Fund were made as follows.. £34.083 frorn the Rainbow FLmd to the General Fund and £60,000 from the Generdl Fund to the Bursary Fund. During the year £6.77] was also rransfeed from th¢ School Committee Fund to the Bursgry Fund. The company had positiv¢ n¢t flows from OEmtin8 activities of £7.170 (2022.. £236,442). Of these cash flows the company inv¢5t¢d £19213 (2022.. £127,404) in facilities includitig a new door enty system. The Governors have been able to continue to improve these facilitses without undem)ining the flnancial condition of th¢ company. The Board of Goyernors sets a target for the annual budget to at leasi break4ven each year and to generdte a pisitive cash flow. The Governors approved fee iThcreases in the year under review at 5 /• in line with a 5Vo increase in the previous year. Th¢y bLtdgeted for a tLet income bcfore depreciation from Ope10n$ of £107.576. the actual result was £51,321 (d¢fJ¢it on the General Fund £31.677 {noie 15) and depreci*ion added back of £82,998 (note 7}). The Governors set fees to tover costs oveT the medium ienn, thking into account both opernting ¢xpens¢5 and capitsl invesknent requiremenls. In terms of fundraising activities. the School Committee rais¢d £3 1.209 in the year. which after expenses left £23,012 for allocation. The School Committee again decided to divide the surplus beeeft charities selected. with the help of the children, and the Bursary Fund. This h&5 resulted in donations of £16,241 payable io external charities and £6.771 being transferred io the Bursary Fund. The Bursary Fund has fimded fees and disbursemenrs of £95,749 during the year, and the GovernoTS have approvd a firther contribution of £60.0 to the fund in line with the current estimate for long term requirement5. The teachers left the Teachers, Pension Scheme on 31 Augusi 220 and joined The Aviva Pension Trust for Independeni Schools IAPTIS) as of I September 2020. The pension charge for the year 10 31 August 2023 includes employer ¢ontributions payable to APTIS of £171,474. The Bursar and the Finance Committee have continued review and where necessary improv¢ financial systems so thai the company has up to date. documenied and approved fmancial prottdures that ate tsilored to the School's n¢¢ds and implemented consisienily. INVESTMENT POWERS. POLICY AND PERFORMANCE The Governors, policy is io rethin c&sh with minimal rk in bank deposits which are covered by the UK Govemment's guarantee.
THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED RESERVES The compw)y's reserves are held in a General Fund and a number of Designated Funds. the balances at year end were L follows- 2023 2023 2022 2022 Central Fund School Committee Fund Educational Fund 1,225,863 1,283,457 12,526 95.792 96,S07 Rainbow Fund Bursary Fund D¢5ignat¢d Funds Total Funds 71258 98.205 167.765 lJ93,628 206,523 1,489.980 Movernents on the fvnds are s¢t out in no* 16 to the fmancial statements. The General Fund represents the accumulated surpluses of the company over its life. The Fund effectively represents the sCh)1's propeTty and other fLxed assets. The Designated Fd$ are generally held for meeting fvwre expenditur¢ and each have a specific purpose, Is follows.. The School Comrnitt¢e FuDd r¢pr¢s¢nts fid$ raised and Set aside to help fmance any projects deemed necessary by the Sch{[ Cotnmittee in conjunction with the Head kn help the School futther Lis objectives. The Edu¢atioTral Fund represents monies set aside to be used io help finance educational or similar costs of pupils in hardship, particularly those in the junior section of the School who mighi need assi5tan¢e in ¢ompl¢ting their fujal years. The Rainbow Fund is made up of voluntary dOnlonS io help finance major activities and developlnents in the fufure. This year the fvnd has been used to help fund th¢ new toil¢t facilites with a transfer to the General Fund. The Bur53ry Fund h&% been set up by the Governors with Tnonies raised by appeal and by the School Committ¢¢ as well &5 funds tranSfe£d frorn recent operating SUTpluses, to be used to provide bursary places for pupils who would otherwise not have sutYiciEnl means to attend the School. The balance of the fund stsnds at £71,258 at 31 August 2023 and is reviewed by the Govemors annually io ensure its level of funding is appropriate forthe number of pupi15 currently holding bursary places. The Governor5 review the reserves policy and adequacy termly, having regard to levels of forecast fee income and expenditure, and are satlsfied that the reserves are both appropriate and sufficient for the School's obligations and activitie5. All the School's fund5 are unrestricted. The Governors will continue to keep fee rises to the lowest level consistent with delivering a high quality education. LOANS Loan5 have been received from meTnbers and are subject to repttyrnent within ninety days of the last child of the member ¢easing to Te¢¢ive tuition at the School- as per the Articles of A$clattn interest may be paid at rhe discretion of the Governor5 but historically none has been paid. The Govemors have decided to pay interesi on members, loans in respect of the year covered by the fmancial statements. DONATJONS During the year the School made charitsble donl0S of £28,767 (2022.. £6.893) of which £12,526 related to funds raised in the previous year.
THE UNICORN SCHOOL LIfvIITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED RISK MANAGEMENT AND PRINCIPAL RISKS The Govemors, with spe¢ifi¢ &5SiStance from the Risk & Compliance Committee. continue to keep ihe School's a¢tivities under review, particularly with regard to any rnajor Ti5ks that may arise from tirne io time, as well as the sysiems and procedures that have been estsblish¢d to manage them. The Risk & Cornpliance Comrnittee, chaired by Miss 8 Willis up to 31 August 2023, and now led by Mrs C Le¢. maintains a d¢tail¢d 1kn5k Managernent Control Form and the staff hold t¢rmly Healih and Safety review meetings. Th¢ minuws from th¢ Staff Health and Safety Comtllittet are brought io the Risk and Compliance meeting5. Regulatory wrnpliance forms an important Port of the risk manag¢rnent at the School and includes child welfare which is the responsibility of the Designated Safeguarding Lead IDeputy Head). regulatory risk and compliance with chariries law. The Governor with spwific safeguarding oversight r¢sp)n5ibility i5 M5 J Webbern. Risks are considered and the risk managemeni fom utrtlated ai leatt temily by each of the GovernoTS' suIFcommittee5. The principal Tisks and uncertainties facing the charitable ciKnpany and strategy for managing them are as follows= The risk of brea¢hing safeguarding obligations leads to a thild orchildren being put at risk and the School suffering from reputational damage-th¢ School takes saf¢guarding very seriously and has in place a Safeguarding Children and Child Protection poli¢y. The safeguarding Governor raises any issues with the designated Safeguarding Persons who are in pla¢e and fvlly trdined. All staff undergo DBS checks prior to appointment with regular follow up checks. The risk of fe and1055 of use of the building leads to financial loss, significant operational difficulties in fmding suitable alternative prernises and a reduction in applications to the Schi)ol- there is re(pular inspection of all major COTnponeniS of the building which is fully insured and also out of houts monitoring of the fire alarn) together with a disaster recovery platt that is reviewed annually. The risk of government imposcd regulatory and taxation changes that might negaiively impact income and expenditure lead5 to pressure on the long-tern fmancial viability of the School- the School maintains apprOprie cash balances and reserves. The risk of losing pupils or filling places leads to income being Silf1¢antIY lower than expenses which over time puts ai risk the faetaI viability of the School- the School maintains waiting lists for place5 and the School works hatd to maintain lis brand and reputation within the local community as a Sch¢)ol with a strong ethos that acbieves the righi results for the children. The School maintsins appropriate cash balances and Teserves. The T15k of being unable to recruit an(Vor retain high calibre staff leads to non-achievement of the Schools aims- the School has low staff turnover and rnak¢s sure its salaries are cornpetitive_ In addition. the School focuses on training and developrnent of stsff. The Governors are acutely aware thatthe likelihood of a [7¢1 polTCy change that might lead io a removal of charitable business rates relief andlor the imposition of tax on School fees in the independent sector oCcU1ng in the next 18 months is high and have formed a COTnmittee to coordinate cornmunication with parents and staff sn preparation for ihe change. This comrnittee reports into the Board of Gov¢rnor5. It 15 difficult at thi5 sfdge to forewt the possible effect of these changes on pupil numbers and the operation5 of the School but the School Maintains and will contirtue to maintain appropriate c&%h balances and reserves. The Bursar shares infonnation on these unprecedented risk5 with our insurers who respond accordingly. Risk Assessments r¢lated to the Safe opening of the school are approved by the full Board of Governors.
THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED) GOVERNANCE AND MANAGEMENT THE BOARD OF GOVERNORS The Governors who 5erYed the chariiable company during the period were follows.. P Aubery A Chandler T Ewing S Lehec P O'Neill R Raffan-collins P Rathbon¢ J Webbem (Non parenr Govemor) INon parent Governor) (appointed 24 March 2023) (Non parent Govemor) (appointed 21 March 2023) (Chair of Gov¢rnors and Non par¢nt Governor) (Non parent Governor) G BayltSS M Byatt I Thotnson K Warner S Willis (r¢5ign¢d 31 August 2023) (Non parent Governor) (resigned 31 August 2023) (resigned 31 August 2023) INon parent Governor) (resigned 31 Augus12023) (Non pareni Govemor) (resigned 31 Augum 2023) During The year the Governors delewed ihe day-io-day nmning of the School io the Head Mrs P Fraley and the Bursar, Mr C Mathias. They were both fijlly supported by their academrc and administrarive stsff. On I September 2023 Mr P Rathbone r¢Pled the Co-chairs of Gov¢mors Mr G Bayli5s and MT M Byatt as Chair of Governors. The following appointrnents have also been made in November 2023.. W Barker S Kudret CLee A Paiel (appointed 15 November 2023) (appointed 15 November 2023) (appointed 15 November 2023) (appointed 15 November 2023) APPOINTMENTOF GOVERNORS All parents are provided with infoThnation concerning governance and the role of a Goyemor in their handbook and on (he website and are alerted to prospcctive vacancies by the Chaivs newsletter. The Chairs, along with the whole governing body, assesses the skills tsf the Board to ensure appropriate divetsity and experience is maintained and they undertake a iegularself-evaluation. The Chairs. or Felevani ComTnittee Chair. along with another Governor, will interview prospective Governors. PaJenttl Govemors who will no longer have a child at the School are expect¢d io resign as a Governor when their child leaves the School. In ptactice they trnd to resign at the AGM preceding that ev¢nt or by th¢ tiTne their loan note 15 repaid (within ninety days of the child ceasing to receive tuition at the S¢hool). Notice of the AGM and infomialion and nomination forns for prospective Governor5 are sent to all paTents at around three weeks in advance of the AGM. The Co-chairs of Governors working with the Head and non-parental Governots have the responsibility of recruiting non-parental Governors, who Tnust follow the same interview. noMinlOn and election process.
THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED GOVERNOR INDucfioN AND TRAINING The new Governors are provided with 5tstutory documentation and documents lating to the aim5 and ethos of the School in addition io fmancial reports. lh¢ School Development Plan. past meeting minutes and material relevant to any sub- committee membeiship. Individual m¢etings are held as part of their induction and suitsble courses are made available for them to attend. They are expected to artend the AGBIS 'lntroduction to Governor5, fv11 day course during their first year on the Board. ORGANISATION The Governors are responsible for the overall management and ¢ontrol of the charitable company and meet each terni to review overall activiiies. with sub-committees (Buildings. Educalion & Staff8, Finance, IT and Risk & Compliance) rneeting independently. Each committee has a clear remit and the chair o(cach is responsible for setting objectives over one and three years a5 part of the School's Strdtegic Development Plan. This plan is reviewed annually with a 'score ard, checked periodically during th¢ yeor to monitor progress. We are very gtaieful to our fellow Governors who give up their time and expenise for the School. A number of Governors will stand forre-eleciion as part of our nonDal rotatign required by the Article5. The Governors are also ¢xpe¢t¢d to attend the AGM. The Risk and Cotnpliance COTnmitteew&s chaired by Miss S Willis during the yearended 31 August 2023 (to be Succeeded by Mr5 C Lee). and contains the Safeguarding Governor. Mrs J Webbern. and the School's Designated Safeguarding Lead, Mr D Gladstone. The Finance Committee. chaired by Mr T Ewin& has specific responsibility lo review the finan¢ial plans and activities of the School as well as the annual financial stsiements. The remuneration of Senior Management is authorised by the Chain of Governors and set with reference io Sch¢)ol BenchJnarking Surveys. The School is an IAPS (Independent A550ciation of Pr¢paratt>ry Sch(x)ls) rneTnber school and a member of the ISBA (Independent Schools, Bursars Association). The goveming body 15 a member of AGBIS IAssocTation of Governing Bodies of Independeni Schools) and Governors regularly attend training and receive publications.
THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERJNORS FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED COVERNORS, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Governors (who are also director5 of The Unicorn School Limited for th¢ purp05e5 of company law) are resp)nsible for preparing the Governors, Annual Report and the fmancial statement5 in accordance with applicable law and United Kingdom Accourtting Standards (United Kingdom G¢nera]ly Axepted Arxounling Prdctice). Company law requires the Governors to prepare financial stateTnents ft>r each financial year. which give a true and fair view of the state of affairs of the charitable company and of the incoming resources andapplication of re5ource5, including the income and expendiDJre. of the charitsble company for that peri(yJ. In prepaTing thes¢ fmbncial statemenis, the Governors are required to". select suitable accounting policies and then apply them consistently. obseive the methods and principles in the Charities SORP- make Judgents and estilnates that are reasonable and prudent. state whether applicable UK Accouniing Stsndard% Ilave been followed. subject io any material d¢partiir¢s disclosed and explained in the fmarjcial statements- PTepare the financial statements on the 80in8 concern basis unle5S it ts inappropnate to presume that the charitable company will continue in operntion. The Govemors are responsible for keepino adequate accounting reconls that di5c105e with reasonable accurdcy at any time the financial position of the charitsble MpaTry and enable them to ensure that the fmancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chariiable company and hence for takirhg reasonable steps for the prevention and detection of fraud and other hrre8ularithes. In so far as the Governors are aware". there is no relevant audii inforniation of which the charitable company's auditor is unaware" and the Governors have taken all steps that they outshi to have tsken to make them5elve5 aware of any relevant audit infomiation and to esiabl]sh that the auditor is aware of inforniation. The Governors are responsible for the maintenan¢¢ and Inteity of the corpornte and fanCIal inforTnation included on the charitable cornpaThy's website. Legislation in the United Kingdom governin8 the preparation and dissemination of financial statements Tnay differ from legislation in other jurtsdiciions. AUDITORS A resolution will be proposed at the Annual General Meeting that WSM Advisor5 Limit¢d be rt-Appointed auditors to the charitable company. Report of the Governors approved by the Board of Governor5 on 28 November 2023 and signed on their behalf by: Paul Rathbone Chair of Governors 10
THE UNICORN SCHOOL LJNirrED INDEPENDEwf AUDITORS, REPORT TO THE MEMBERS OF THE UNICORN SCHOOL LJMITED FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED Opinio We have audited the fmancial srhtements of The UnicoTn School Limited { 'charit3ble compaThy') for the yeaT ended 31 August 2023 wbich Compri the Statemeni of Finan¢ia] Activiti&S. the Balance SheeL the Ststement of Cash Flows and the nott% to the fmaDcial statements. including a summary of significattt acwunting policie5. Th¢ fmancial reportEng framework that h&8 been applied ID theiJ preparation is applicable law and UDlted Kingdom Accounting Stsndards. including FRS 102 The Finoncial Reporting Stondord applicable in the UKand Republic ofJrel£md (United Kingdom Generally Awted Accounting Piactice). In Ollr opinion. the financial ststemeuts". give a true alld fair view of the sfate of the charitable company's affars a8 at 31 August 2023 and of its incoming resources and 4ipIication of resource5. for the yeaJ then ended: have been properly prepared in accoidauce with ulted Kingdom GerKrdlly Accepted AccoulltiDg Practice" and have been prepared ij) accordance with the requirements of the Compatiies Act 2006. Basis for OPiDiOll We tonducted our audit in accordance with tntemational Standards on Audititig IUK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are fijrthtr des¢nl)ed ill the Auth"ttsVs r&spnsibilities for the audit of the fItl¢la1 statements sedion of our Teport. We an independent of the ¢Flble company in accordallce with the ethical requirements are Televont to our audit of the financial statements in tbe UL including the FRC'S Bthical StaJ)d(L and we have fu]filled our oth¢T ethical r¢sponsibilitie5 in a[dance with these requirements. We believe that the audit evidence we have obtained is suffi£ieDt and appropriate to provide a basis for our opinion. The Impact of macro-economic uneertsillties oll our audit Our audit of the fancIal Statements requires US to obtsEn an undetstandmgof all ielevallt UDcertainties, including those aTiStng ls a CODsequence of the effects of macro-economic uncertainties. All audits &ss&%s alld ehallettge the reasonablelless of e5tiTnates made by the rn¢mbers andthe relatgj disclosuresandthe appropriateness of the going concem basis of preparation of the fiDan¢ia] swements. All of these depend on assessments of the futtwe econotnic environment and the chatitable company's fvture pr05pe¢ts ld performan. Conclusions relating to goÉDg coneer Jn auditing the fLtMttcial Stateellts. we have C4)llcluded that the members. we of the going conceJD basis of accounting in the preparation of the financial statements is appropriate. Based orl the wort( we have perfoTmed, we bave not identified any matsrial uncertaÉnties relattng to events or conditions thaL individually or collectively, may c&8t significant doubt on the charitable company'$ ability to continue as a going Concern for a period of at le&¥t twelve months from when the froncial 5tatemeDts ar¢ authorised for issue. Ow respollsibilities aTLd the r&5ponsibilities of the membcts with resixct 19 Boing Concern are described in the relevant se¢tions of this report. Other information The other inforniatioll conkprises the information included in the Report of the Governo. other than the firLan¢ial ststernents aDd ow auditor's report thereon. The members are responsible for the other infortnation. Our opinion on the f]nancial statements does llot cover the other iDfoTmatiOD an(i exc¢pt to the ¢rtent otherwise explicltly stated in ourrepo¢ we do not express aDy fonn of assurance conclusion thereon. In connection with our audit of the fitwicial statements. ourresponsiTr)ility is to read the other inforniation an4 in dou]g so, consider whether the other infornktion ts material]y inconsistent wrth the fJnan¢ial statements or our kttowledge obtsined in the audit or otherwise appears to be mat¢rialty rni55tated. If we identify such aterIal inconsist¢ncies or apparent aterial mi55tatements. we are required to deternine wtrlether thue is & material llJiSStatement in the financial statements or a material nLiSStatement of the other Infozation. If. b&8ed on the work we have perfornied. w¢ conclude that there is a material Tllis5tatement of this other infornation. we are requirgj to repott that fact.
THE UNICORN SCHOOL LIMITED INDEPENDENf AUDITORS, REPORT TO THE MEMBERS OF THE UNICORN SCHOOL LIMITED FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED We have nothing to rewrt ID tbi5 rewd. Matters on which we are re4]red to f4)ort by ceptIo We bkve Dothing to report in Tespett ofthe following Matt in relatioti to Mbichtbe Cornpanies A¢1 2006 requires us to report to you if. iti ouTopinioll: the iDforniation given the fiDancial statem¢nts is iDCODWteDt in any matuial respect with theGovcrnor5' Report. or suffiGieDt accounting records have T]Ot bEeD kept. or the ftswicial statements are not in agreement witb the actmting re¢thds ardreturns" or c¢rtoitL disclosures of dIrr$. reiDuuer8tion specified by law are not or we have Jjot reccivcd all the iDfoTmation aDd explanatIc we require for our audit RespoDsibilitieJ of rnembeTS As explain¢d mor¢ fvlly io th¢ Stat¢m¢Dt of Governors. RP)nSIbIliti¢ tke membus (who a150 tbe directOT5 of th¢ ¢haritabl¢ compally and Governors) ar¢ r¢sw>nsibl¢ for the Prepalon of the financial ststemeDts and for beiDg satisfied that they give a true and fair view. aud for su¢h ]llt¢IT wnlrol as the 0berS detamine is necessary to erthle the pr¢paralion of fmanrial ststeuLeDts are free ftvm material rnisslatemelli whetber du¢ to fraud orerror. In preparin8 the fiEwicial statementy the members ate resp)nsibk for a55C55itLg the tharitablc ¢orDpany's ability to eA)ntinueas a going eoncern, disclosing, as applicable, matters related to going concern and u5iDg thc goitjg concern basis of accoutsting unless the tnetnbers intend to liquidatr the charitable ¢Dnp8Dy or to opuation5. or have no realimic alt¢Tnative bllt to do w. Auditor's respoDsibilities ftsr Ibe audit of the fmana*l ststemtnts We have beell atV)iDted &$ auditor under sectiott 476 of thc CompaDics A¢t2CO6 and sectkon 144 of the Cbarities Act 2011 and report in accordatte with those Acts attd relevant Te8ulatioJkS ma(kor having effect thereuTrJer. Our objectives are io obtsin reasonable about tbe fillClaI siatements as a wbol¢ ar¢ fre¢ fmm mthrial rni5StatemenL whether due to frdud or er. and issue an awtitovs Yeport that includes our Opillio Reasonable &sswan¢¢ is a high level of &5surw. but is not a guaTantee an audit CODducted in &cordancL with ISAS (UK) will always d¢tect a material mtsstatemeot Wh it exists. Mi5slate]neDts can arise from fraud or error 2nd ar¢ Considered marerial if. itidividually or iti the aggtegat¢, they could reasonably Ix exp14 io influetlce the economic decisions of users taken on the basis ofthese financial staiements. Irregularities, including fraud, are I$t$t& of Di>ll-COTnpli8nt£ with laws arNI TegulatioDS. We design predureS in li¢ with ourrespoDsibilitie5, Qutlined above. to deteet material misstatemellts ITL wectof irregularities, including fraud. The extent to vthich our procedur&s are Gapable of detecting i¢gUlarIti1. iu¢ludin8 frau(L is detsiled bEIow. We evaluated maDagemettVs incentives opp)thJnities for fralU1eDt Thanipulation of the fmaDcial stAtements (including the risk of override of controls) alld deterniilled that the principal risks were related to Ina3geCllt bi&% in aGfATrUDtiDg e5timat&s and posting inappropriateiourna] entries to matiipylatt the fairvalue of the charitable iompally's assets. Our tests incltthd agreeing the finaociai ststemeot disclosurw to UDderlyiDg pportIng thscumentstion wh¢re relevan4 review of Governors, Ineeiing minutes. enquiries with management a5 ts) the risks of DOll<O]npliance and any inst8nces thereo( ChlengIng assumptions aod judgments mad¢ by Dn88eme¢ aDd identifying and testillg jourtkal elltties, in particu13r any journal entri )sted with unusual a¢coullt ¢ombillatiOllS. (hty audit procedure5 a150 f(Kused oll laws and regulatiofjs that could give ris¢ to a matetial mi5Statement ID the finan¢i41 aaterfjent& induding. but not limited to. the CompaDi&% Act 2006. 12
THE UNICORN SCHOOL LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE UNICORN SCHOOL LIMITED FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED laws and regulations is frorn th¢ events andtrarLsactiort% retlected in the fthancial ststements. the less like we are to become aware of it. A further de5¢riPtion of our responsibilities for the ttudii of the fUl¢la1 sthtements is located on the Financial Reponing Council's website at: http'.IlWww.frc.org.uklauditorsTessIbIIitIes. This description fornis part of our auditorfs report. Use of our report This report is made solely to the charitsble company's memi*rs. as a body. in accordance with Chapier 3 of Part 16 of the Companies Act 2006. Ouraudit work has been undertaken sothat we might state to the charitable company's members those matters we axe requred to stale to (hem in an auditors. report and forno otherpurpose. To the lIest extent perniitted bylaw. we do not accept orassume tesponsibilrty to aJ)yone other than ihe charitsble company and its members as a body, for our audit work, for this repo¢ or for the opinions we have forn]ed. KJ/¥ Simon Marsh FCA {Senior Statutory Auditor) for 2nd on behalf of WSM Advisors Lirnited Statutory Auditor Registered Auditors and Chartered Accountsnts Connect House 133-137 Alexandra Ritrad Wirnbledon London SW197JY 13
THE UNICORN SCHOOL LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 2023 3022 Incorne from charitable activities 2.425.719 2.310. 186 Incorne and endowments from". Donaiiorts and legaeies her trading a¢iivitLes Inieresr received 35,S81 31209 632 7500 35. 753 35. 181 490 30. 785 Oth¢r in¢ome Total income aDd endowments 2,506,841 2,412,395 Eipenditure on raisirtg funds Expenditure on ehariiable aetivities &J97 2,S94,996 8,364 2.32P.P41 Totsl expenditure 2.603.193 2.338,305 Net (expendibjre ) l income {96J52) 74,090 Recon¢iliatlOD of Funds Totsl funds brought forward 1,489,980 1,415,890 TOTAL FUNDS CARRIED FORWARD lJ93.628 1.489.P80 All movements in 2023 and 2022 are in unrestricted fimds. Th¢ charity has no recognised gains or losses other than the results for the year as set out above. All of the aciivities of the charity are cla4ed coniinuimg. This includes the incotne and expendilure account. 14
THE UNICORN SCHOOL LIMITED BALANCE SHEET AT 31 AUGUST 2023 Not 2023 2022 FIXED ASSETS Tangibl¢ fixed assets 1265238 1.329.023 CINRRENT ASSETS Debiors 12 87.869 88,547 Cash at bank and in hand 883,270 888,48J 971.139 977.028 Creditors: 2mounts falling due within one y¢¥r (842,749) 16.071) NET CURRENT ASSETS 128J90 160,Q57 NET ASSETS 1.393,628 J,489,989 FUNDS UnTestri¢ted.. Designated funds General fi]nds 167,76S 1325,863 206,523 1,283,457 15 TiyfAL FUf4DS CARRIED FORWARD 16 lJ93,628 1,489.980 Approved by th¢ Board of Governors on 28 November 2023 and sigT*d on its behalf. P RATHBONE- Covernor Cornpany registration number. 993831 (England and Wales) 15
THE UNICORN SCHOOL LIMITED RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Ne5 2023 2022 Net (expenditure) l incorne for the year Adjusmients for". Depreciation charges interest received De¢ase l (increase) in debto Increase in creditors (96J52) 74,090 82,998 (6,832) 678 26.673 7.170 78,280 (490) (J4,662) 99.224 236.442 12 13 Net cash provided by l (used in) operating activities STATEMENT OF CASH FLOWS Noi 2023 2022 Cash flow5 from op¢rating tiVItIes. Net cash provided by l (used in) operntiJJg adivities 7,170 236.442 Cash tlows from investing a¢tivilies'. InteTest re¢¢ived Purchase of proty. plant and equit*nent Net cash provided by l (used in) investing activiiies 6,832 (19.213) (12J81) 49Q (127.404) (136,QJ4) Change in cash and cash equivalents in the year Cash and cash equivalenis ar the beginning of the year Cash and cash equivalents at the end of the year (5,211) 888,481 883270 109.528 778.953 .888.481 ANALYSIS OF CASH AND CASH EQUtVALENrs 2023 2022 Cash in hand Notice deposits Total cash and cash wuivalents 8(17.049 76221 883.270 812, 782 75,699 888,48J 16
THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 I ACCOUNTING POLICIES The principal accounting policies whi¢h are adopwi consistently in the prepardtion of the fJnancÈal ststements ar¢ s¢t out below.. a) Ba$is of aecounting The financial sthiements hav¢ been pr¢pared in acc(xdance with the company's rnemorandum and atwcles of association. the Companies Aci 2(K)6 and 'Accounting and RertIng by Charities.. Statement of Recommertded Practice appli¢able to charities preparing their accounts in accordance with the FinaTh¢ial Reporting Standard applicable in ihe UK and Republic of Ireland {FRS 102). la5 amended for accountin8 period5 Cotntnencirtg on or after l January 2016). The is a Publi¢ Benefit Eniity as defined by FRSIO2. Thc financial ststements have dcparted from the Charities (Accounts and Rewjrtsl Re8ulation5 only to the extent required to provide a true arKI fair view. This deparre has irlvolved followng the Stattment of Rcconimended Practice for charitiC5 applyinu FRS 102 fdther than the version of the S¢ament of Recommended Practice which is referred to in the Re8ulation5 but which has since betlh withdrnwrt. The financial statements are prepared in sterling. which is the fiJn¢t¥)nal ¢urr¢ncy of the charity. Monetary amounts in these financial statements are rounded to the nearest £. At the tim¢ of approving the accounts, the Governor5 have a re&sonable expectation that the Chanty has adequ&ts rewurces to continue in operntional txistsnct for the foreseeable fuwre. Thu5 the Governo ¢on¢inue io adopt the going concern b3$is of accounting in preparin8 the accounts. b) ITrcoming resourtes School fees receivable athd charge5 for services are accounted for in the period in which the 5eThice is provided. Fee5 receivable are ststed afier deductin8 discounts and allowances by the school. Other fees include registration fees. which are rewised on a reip[S basis. Donation$ and similar iThcome re5wrces are included in the year in which they are receivabl¢ whi¢h is when the charity becomes entitled to the re50Lirce. fk)nation5 received for the oeneral purposes of the charity are included as nrestricted funds. DoThaLions for activities restricted by the wi5he5 of the donor ate ¢aken 10 restricted funds whert th¢s¢ wishes are legally binding on the Governors. tncome from inveslmeTht is included in thE Statement of Firl¢la1 Activities (SOFA) iTh the y&v in which it is receivable. c) Resources expended Resource5 expended are included in the Statement of Firtartcial Activities in the year in which they are incurred. inclusive of any VA T which cannot recovered. Costs incurred on school lun¢hes, s¢hool trips and clubs are ststed afttr TrettiThg off any dksbuT5ements receiv in re5PCCt of these activities. Resour¢es expended are allo¢a¢ed and app(tioned between costs in furtherancc of charitable objects (namely aching costs. premises costs and support ¢osrs), fvndraising ¢OSts and governance costs. Teaching costs represent all costs directly incurred in the COUT5e of furthering the ¢haritys principal objective through the provision of education lo ¢hildr¢n and Yn¥ people. including teaching staff ¢osK educational ma*rials. depre¢iaiion and related equipmenL Premises eosts represent those ¢ts incurred in the runniTho Maintenance and utFkeep of the school buildings and ground5. Support Costs Teprc5ent those costs tncltrred throu1 the administrdtion of the charityts activities ill fvrtherance of the charity's principal objective. Costs incurred in assistsng the Governors in their stewardship of the tharity are classified under Bovemance costs.
THE UNICORN SCHOOL LtMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED) AccourfriNG POLICIES (COIYTINUED) d) VAT The charity is not rtgisiered for VAT and acc(dingly expendttyre is slthvn grw of irrecoverable VAT. e) Tangible fJx¢d #s$ets and depretiation Tangible fjxed assets are iniiially musured cost and $ub5equendy tsred at C05L net of depreciation {where applicable) and any impairnieni10sses. As of I September 2016, Freehold Land. Buildin8s and Improvements have rhot bcen depreciat£d further. In the opinion of the Governor5 their residual value (realisable value at the end of their economic life) was at least equa] to the historical cost less accumulaied depreciaiion ai 31 August 2016. These assets are tested annually for impairmcTht. Improvements are added io the f>xed assei value. Whcre the5¢ replace previous identifiable iinprovements. the net FM)ok value of any replaced asseis will be recorded as disrA)5als in the year. Regular redesign aThd refurbi5hrnent costs are however expensed in the year. Depreciation 15 provided on all other tartgible fixed asse ai rates calculated to write off the full cost less tstimatcd residllal value of each asset over its estimated useful e¢onomic life. The principal rdies in use are: Freehold Buildittgs and Improvements Iyh per anr)um (see atp)ve) Playground and equipment ov¢r 15 yea Fixtures and fjllhngs 20% per annum on a Straight line basis Computer equipment 33% per annum on a straight lille basis Financial instruments Finantial assets Basic financial assets. which ittclude debrors and cash athd bank balances. art initially measijred at transaction price Including transaction ¢osts and art subsequently tarrjed at atJM)rtised cost usjng the effective interest mtthod unles5 the arr3ngem¢nt ¢onst1¢u$ a finan¢ing transaction. where the transaction is measured at the present value of the futtjre receipts discounted at a markei rnie of intere#. Fina]Kial assets c125s1f &$ receivable within oThe year are not arnortised. inancial assets implirmertt FinancIAI assets, other than those held at foir value through Jthcome and expenditure, art assessed for indicators of impairment ai each rekN)rting end de_ Finan¢ia] assets are impaired where there 13 objective evidence that. as a result of one or moff events orxuned after th¢ initial COgnItion of the financial &sse4 the estimated future c&sh flows have been affected. If an asset 1$ Itnpaired. the itnpairment loss is the difference between the carrying amount and the present value of th¢ ¢stimad ¢ash flows discounted a¢ the asset's oiiginal eff¢¢tive illiest rate. The impairmertr loss is recogni5ed in net incomel(expendiDJre) for the year. Finaneial liabilities Bastc financial liabilities. including credir$ are initially recognised * transaction pri¢¢ unless the arrangement ¢Oll5titute5 a fin74ncing transaction. where thc debt Illstrument 1$ measured at the present value of the future receipts discounted at a nwket Tate of inieTesL Financia] liabilities ¢]ass¥fied as payabl¢ within on¢ yw ar¢ noi amortised. Trade creditors are obligations to pay for gcK>d5 OT services that have been acquired itl the ordinary course of operation5 from 5upplier5. Amounts payable are classified as current liabilities if pajinent is due within one year or les5. If not, they 2re Presenttd as non-current liabilitie5. Trdde crediwrs are recogni5ed initially at transaction price and 5ubsequenily measured at amortised c1 Using the effective interest method. Fin#ntiAI libilitie$ deretognitio Financial liabilities are dere¢ognised when the chariirfs Contrac8] obligations expire or ar¢ discharged or cancelled.
THE UNICORN SCHOOL LIMtTED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED) ACCOUTr ING POLICIFS (CONTINUED) g) Cash gnd cish equivleNts Cash and c&sh equivalellls in¢lude cash in hand, deposits held at call with banks and other short-iem liquid in¥e5mients w2th original maiurilies of three months w less. h) Fund accounting The funds held by the charity a unre5tricied funds. These are funds which can be used in ac¢ord8n¢¢ with ¢haritable objects at the discreti of the Governors_ Designated funds - Ihe5e funds are set aside by the GovernoTS ou¢ of unre5triCted oeneral fund5 for specific fure purpose5 or projects. The Reserve5 section of the Governtsts, Report sets out the purFM)se, policies and balances of each of these fur5 at the year end. il Taxation AS ihe company is a registered charity, it 15 exempt from ¢orp)rntion thx oth its chartrable activities. Deeds of Covenant and Gift Aid Donations are received net of tax and credid to the appmpriaie fund in ¢h¢ y¢ar received. The tax credit recoverable from HM Revenue and Cu5torns is a150 credited to the appropriate fund when receivable. jl Employee benefits Temiittation benefits are recognised immediately an cxpense when the charity is demonstrnbly committed to temiinate the employment of an employee or to provide ternination benefits. k) Operating l¢xs¢ Rentals payable under operating leases. including any lease ItentiveS received, are char8ed inwme on a straight line b&%is over the iernh of the relevant lease. l) Pension sthernes Up to 31 Au8usi 2020 the charity ctsntributed to the Teachers. Pension Scheme (England and Wales) for its teaching staff at rates Set by the Scheme Acbjary. From I Scplcmber 2020 the ehariry has contributed to ihe Aviva Pension rrust for Independent Sch(K>ls {APTIS) for its teachithg staff. Thys is a defined contribution scheme and cOntribtiOnS are accounted for and paid on a monthly basis. The charity also ¢onirilwtes to defined contribution pension scherne5 for certn membets of stsff who are not eligible ro join the Aviva Pertsion for Irtdependeni Sch(xJls. The assets of these Schemes aTe held separatrly from those of the charity. being invested with insurance companie5 or a 8overnrnent workplace pension scheme. Pension costs charged in the Ststement of Finan¢ial Aciivities represent the coniributions payable by the charity in the year. m) Company limited by guarantet The liability of the mernber5 is lirnited. Every member undertakes to wntribute an amount noi exceeding £1 to the Ossets of the company, in the event of the company bein8 wound up whilst they are a member. or within one year after Ceasing to be a member. for the payment of the debts and liabilities of the company contracted before cea5Jng to be a member. 19
THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED) INCOME FROM CHARrrABLE AcfivJTIES 2(123 2022 Tuilion fees payabl¢ by parents Add.. fees furtded from Bursary Futhd School tuition fecs Other fees receivable 2J)1,443 90,476 2,421.919 3IJD 2.425,719 2.220.434 80,102 2.3Q6.530 3.650 2.310, 186 Total Incotne re¢eJvabl¢ DONATIONS AND LECACIES 202J 2022 Rainbow Fund Bursary Fund 33.956 31.628 4.125 35.753 Volunthry incorne relaies to donations ar gifts to the fuNd$ above and other th)nlOn9. The donations ro th¢ Rainbow Fund include £919 (in¢luding Gift Aid) {2022-. £1.856) frorn Governors and their families. These are all unrestri¢ted donations and lega¢ies_ OTHER TRADING ACTIVITILS 2Q23 2022 FuDdrAi5ing Schfy)I Commit¢ Furtd 31209 35.181 INTEREST RECEIVED 2&23 2022 Bank interest ie¢eived 6J32 490 OTHER INCOME 2023 2022 Grants receivable LettiThg income 30,785 30,785 The ¢haTity received grnnts arnounting w £Nil (2022= £30.785) from lo¢al ¢oun¢ils ftT SUPPOrt staff costs. 20
THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED TOTAL EXPENDfTURE raiswg cosis ChDri•ble GoNYnh2nce Total 2022 2023 Staff costs (note 8) Depreciation (note 9) Other .753.154 82.998 748,0 2,584,192 2.321.1lJ8 .753,154 82,998 767,041 2,603,19J 1.6Jl. 194 78.280 648,831 2,338,305 8.197 8,197 8.304 10.804 10,804 8.933 2022 Governance costs comprise the annual audit fee togethei with other Govemance costs incurred. No Govemor has laimcd exp¢n5es nor had expen5 mct by the Charity. srAFF NUMBERS Af4D cosrs 2023 2022 St¥ff tosts: Wages and $arleS Social security c05ts PeThsion costs IAJ8566 l42.891 l91.697 1.306.830 131.130 173.222 1.753,154 J.61J.194 The average number of full-time equivalent employees during the year was as follows". 2023 2022 IVwmbeT Wumbtr Teachers Others 20 30 30 The averatte monthly headcount was 43 {2022.. 43) of whom 38 were t¢aching staff (2022.. 38) arbd 5 were tLofb- tcaching Staff {2022.. 5). The difference ITh these nube[S from those In the table above reflects the hitrh prnportion of part-time staff Working in the Sch1. The number of employees whose emolum¢nrs as defined fortaxation purpose5 amounted over £60.000 in the y¢ar was as follows.. 2023 2022 Number NNmber £70,001-£80.0 £80,001-£90.OC4] Tht key management personnel of the charity comprise the GoveTnors. the He*J. the Bursar and the Deputy Head of the schiM)I. Th¢ charity paid emoluments amounting £248,528 12022.. £236,902) and pension contributions amounting to £36.533 {2022= £34,796) in the year for these members of sraff. The remllnerltion of these members of staff is authorised by ihe Co-chairs of Governors and Staffing Committee and sei with reference to Sch(x)l Benchmarkin Survrys. No Governors hav¢ been paid any remuneraiion or re¢eived any other benefits from the charity. 21
THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED NET EXPENDITURE This is stated after charyr)g: 2Q23 2022 Operating le&8e rentals Staff pension contributions Depreciation ¢haiges Auditors. remunerntk)n External audit Other setvites 1,749 191,697 81998 J,776 173,222 78,280 9.804 7.961 702 io TAXATION The charity Is exempt from ¢OTPOntion thx on its ¢h8ritabie activities. TANGIBLE FIXED ASSETS Freehold iniÈfesi i Fulures, lon4 building Ploiground fi¢iiings dex&rLYWnS ondequ¥Jméni andEquymenl Totol Cost: At I Sepiember 2022 Addition5 .701.679 146.572 601.751 19,213 {25.8911 2.450.002 19,213 (25,891) 2,443J24 Dksp05a15 At 31 August 2023 1.701.679 146un Depreciation". At I September 2022 Adjustwneni for disposals Charge for the year At 31 August 2023 663.040 59.747 398.192 125.891) 73.226 1,120.979 (2i,8911 82.998 9.772 663.040 69.$19 445.527 1,178,086 Net book vglue: At 31 August 2023 1038ffjJ9 77,0.53 1,265238 At 31 August 2022 1.038,639 86.825 311J,559 1,325),023 Th¢ net book value of lathd and buildings at 31 August 2023 is rnade up as follow$.' 2023 2022 Fr¢ehold land and buildings 2flJ,482 200,482 The Charilies SORP (FRS 102) requires the Board of Governots to de¢l8re where the market value of freehold land and buildings differs materially from net ixy)k value. The Governors still estimate the Current market value of ihe fre¢hold land and buildings w b¢ well in excess of net value.
THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEhtENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTtNUED 12 DEBTORS 2023 2022 School fees receiwdble J4.526 1270 52,073 41,950 Other debtors Prepaid expenses and ared incom¢ 0.632 39.959 87,869 88.547 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Metnbers, unsecuTed loan r Deferred income (notr 14) Oth¢r creditors Other tsx and social security Accruals 320,(MJO 387,933 48J37 36,022 50,457 842.749 311.500 368.018 43,034 34.001 58.918 816.071 Thc members, unsecured loan note5 are repayable within nincty days of thc last child of the m¢tnb¢r eeassng to receive tuition at the school. Interest is payable at the Governorg discretion at a rate exceeding 5%. Historically the Governor5 have not paid iThttrest. 14 DEFERRED INCOME 2023 2022 Totsl def¢ried income at I September 2022 Amounts received in the year Amounis ¢rtdiied io striement of financial activities Total deferred income at 31 August 2023 368,018 262,259 2JS1 JS8 2,332,193 {2J31,443) (2.226.434) 387J33 3t58,018 Deferred income relates to deposits and fee5 paid in advarhte for the following year.
THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED 15 UNRFsfRicfED FUNDS Incoiiiing Balance 01 ISep22 Bfjlt7Hce ul 31A resourceF rran 23 Destgnated Funds SchLK)I Committee Fund Educational Fund Rainiw)w Fund 31.209 715 34.083 2.031 (36,964) {&755) 7lS 34,0 193.718) (6.771) 12.526 95.792 96507 (34.083) 66,771 Bursary Fund Subtotal (95,749) 98.205 712.18 68.038 1132,713) 25,917 206.523 167,765 General Fund 2.438.803 (1470.480) 2,506.841 (2.603.193) lJJh771 196 J52} (25.917) 1.283.457 1,489.980 1225063 lJ93,628 Total During the year transfers of £6,771 were m* from the SchTh)I CommLttee Fund to the Bursary Fund. Out80ing r¢source5 from the Schfy)I Committ¢e Fund repr¢s¢ni fvndraising costs and donations to charity. The fund balance at I September 2022 of £12,526 r¢lakd to (knations paid oui during this financial year. A transfer was made from the RainlM)w Fund to the General Fund of £34.083 to fund the new toilet faciliti¢5. Outgoing resources from the Bursary Fund related to fee5 (£90.476) alld other expenses (£5.273). The Burs Fund also benefjtted frorn a transfer in of £60.000 fr(¥n the GeneTai Fund. All transftts were approved by the Governor5. 16 ANALYSIS OF NET ASSETS AMONG FUNDS To¢alfi¥wds 2023 Toffulfvnds 2022 Tangible fixed assets N¢t current assets 1365238 128J90 1.329.023 JOO.Qi7 lJ93th28 1.489.980 All funds ar¢ unr¢stri¢i¢d. 17 LEASING COMMITMENTS Operaiing leases Ai 31 August 2023 th¢ chaTity hwj fubjre minimum l¢asc payThents under norkll¢an¢ellable operating leases as follows= 2023 2022 Other her Paytrjents due.. Within one year Between ts¥o ¥d fiwe yea 1.418 1.086 390 24
THE UNICORN SCHOOL LIfvtrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CONTINUED 18 BELATED PARTY TRANSAcfioNS No tr8nsa¢tions with reloted parties were undertaken such as are requir•4 to be disclosed under Financial Rew)rting Standard 102 except for the donations received from Governors as dilosed in Nott 3. No &&vcrnors thor 8rty persons connected with them bave re¢eived any such remuneratitin nor pse$. 19 TEACHBRS, DEFINED CONIRIBtrrIoN PENSION SCHEME AND BENEFrrs OD 3 1 August 2020 the teaching staff left the TeAchen' Pension Scheme and on I SeptembET 2020 they joined new Def]ned Contr¢bution p¢wion scheme operated by Aviv4 the Amva Pen5ioTh Trust for Indepetmlent Schoots {'AVtIs'). The pension Charge for the year Encludes ¢ontribulion5 payable to APTIS of £171,474 (2022.. £153,865). Wage5 and salaries INote 8) in¢lude ¢Olltributions made during the yeat on behalf of the teachers to the Ava Group tncome Protection s¢hesrhe (£5.611) and'the Aviva Life Assurallce scbeine {£4.410). At the y¢ar end th¢re were unpaid pension contributions of £18.570 (2022.. £16.915). 20 OTHER PENSIOP4 SCHEMFS The charity pay5 contribution5 into per50Dat pension sclKmes for threc of Èts noTrtea¢hing staff at 8% of gross pay and these contributiOJLS amouTh*d to £13.849 during the year (2022.. foursttff. £13.993). The charity also pays ¢ontributiow into NEST (National EmploytneDt Savin8s TrLL8t) for thirteen of its other eligible jobholders a13% of qUlfyS earnings atsd these contributiorn8 arwnted kn £6.397 during the year (2022.. £5,340). 25