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2024-08-31-accounts

THE UNICORN SCHOOL LIMITED A company limited by guarantee

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

Charity number: 312578 Company number: 993831 (England and Wales)

THE UNICORN SCHOOL LIMITED

GOVERNORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Contents Pages
Legal and Administrative information 1
Report of the Governors 2-10
Independent Auditors' Report 11-13
Statement of Financial Activities (including the Income and Expenditure Account) 14
Balance Sheet 15
Reconciliation of Net Expenditure to Net Cash Flow and Statement of Cash Flows 16
Notes forming part of the Financial Statements 17-26

THE UNICORN SCHOOL LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

LEGAL STATUS

The Unicorn School Limited was established on 9 November 1970 under the Companies Act. The company is a registered charity and is limited by guarantee. The Board of Directors are the Board of Governors, who are elected by the members of the company in accordance with the Articles of Association. The Governors are also trustees of the charitable company. The members of the company are the Governors and the current parents.

THE BOARD OF GOVERNORS

P Rathbone (co-Chair of Governors) C Lee (co-Chair of Governors) J Amin P Aubery W Barker S Cetinkaya Kudret A Chandler T Ewing S Lehec A McLaughlin P O’Neill A Patel

SENIOR MANAGEMENT

HEAD

BURSAR

P Fraley

K Guy

COMPANY SECRETARY REGISTERED COMPANY NO. 993831 K Guy REGISTERED CHARITY NO. 312578 BANKERS REGISTERED OFFICE

Coutts & Co 238 Kew Road 440 Strand Richmond London WC2R 0QS Surrey TW9 3JX

SOLICITORS

AUDITORS

GBH Law Limited WSM Advisors Limited 7/8 Innovation Place Chartered Accountants & Registered Auditors Douglas Drive Connect House Godalming 133-137 Alexandra Road Surrey GU7 1JX London SW19 7JY

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THE UNICORN SCHOOL LIMITED

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024

The Governors, who are also directors of the company for the purposes of the Companies Act, are pleased to present their report together with the financial statements of the charitable company for the year ended 31 August 2024 and to confirm that they comply with the requirements of the Charities Act 2011, the Memorandum of Association of the Company and the Charities Statement of Recommended Practice (FRS102) (as amended for accounting periods commencing on or after 1 January 2016).

The legal and administrative information set out on page 1 forms part of this report.

THE CHAIR’S REPORT

The School has had a successful and busy year in which 171 children have received tuition. The School’s ethos and reputation continue to attract parents to Unicorn in an increasingly competitive catchment area. Priority is given to siblings of children already in the school and to the children of Old Unicorns.

There is competition for places at independent secondary schools in West London. Nevertheless, our Year 6 pupils were successful in being offered places at a range of schools at 11+ which were carefully chosen to meet the needs of individual pupils. From a cohort of 19 pupils, 70 offers were received from 13 different independent, state, single sex and coeducational schools. The range of schools is in keeping with Unicorn as a co-educational, non-selective school. One Academic, one Art, four Sports and one Computer Science scholarships were offered. In alphabetical order, pupils accepted offers from: Chiswick Community, City of London, Francis Holland, Hampton, Ibstock Place, Kingston Grammar, Latymer Upper, Lady Eleanor Holles, Notting Hill & Ealing, Orleans Park, Radnor House, St James Boys’ and Surbiton High.

The high quality of education provided at Unicorn and the results achieved are a testament to the ability and dedication of the teaching staff together with the children’s commitment to give of their very best.

OBJECTIVES AND ACTIVITIES

Unicorn School is a co-educational school for children from 3 to 11 years of age.

The principal objectives of the School are to provide a broad and stimulating education to primary school aged children, within a nurturing and inclusive environment and to achieve high standards without a “pressurised” approach.

There have been no changes in objectives since the last annual report.

THE MISSION

The School is committed to providing a friendly, creative and stimulating learning environment for children between the ages of three and eleven.

OUR ETHOS AND AIMS

Our ethos:

The intentions of the School’s founders still remain at the forefront of our thinking. They created a school that educates children and achieves excellent academic outcomes without a “hot-house” approach. This encourages them to flourish creatively and enjoy the process of learning. This is underpinned by parental involvement and the strong community created, with mutual respect and understanding between pupils, parents and staff.

Our aims:

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THE UNICORN SCHOOL LIMITED

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

STRATEGIC PRIORITIES

The Strategic Priorities are set to ensure the School successfully maintains its ethos and achieves its aims remaining true to all Unicorns past and present. The Governing Board’s main strategic objectives continue to be that:

ACHIEVEMENT AND PERFORMANCE

Unicorn’s broad curriculum extends far beyond the usual academic subject areas and includes topics such as Pupils’ Parliament and Debating in Year 5, Philosophy in Years 5 and 6 and Mindfulness throughout the Juniors. Thursday afternoon clubs for the Juniors include sailing, pottery, horseriding, cookery, dance and paddel tennis amongst others. Forest School is part of the infant curriculum as are specialist-led music, P.E and computing lessons. The curriculum was further enhanced throughout the year with certain trips. There were visits to: Kew Gardens, Gunnersbury Park Museum, Garson’s Farm, Roald Dahl Museum, Water & Steam Museum, Cecil Court Care Home, Kew Sparkle, Curzon Cinema, St Anne’s Church, Battersea Park Zoo, Natural History Museum, Bekonscot Model Village, O2, BBC Earth Experience, Hampton Court, National Archives, Sayer’s Croft, Legoland, Saxon Sustainability Centre, Houses of Parliament, Thames Explorer Trust, Orange Tree Theatre, Richmond Park and Year 6’s Bus and Tube Day. All three residential trips went ahead with Years 3 and 4 to Sayers Croft, Year 5 to Devon and Year 6 to Cumbria. Year 4 had their Touch-Typing Course, Year 6 had their Cycling Proficiency week and the Leaver’s Evening in the summer. New Nursery class parents and children enjoyed some Stay and Play afternoons. These varying activities provide breadth and challenge in an enquirybased approach to education.

Many visitors were welcomed to the School, including: Freshwater Theatre, Pat Davies (100-year old lady talking about WW2) to Year 6, Thomas Franks – Sustainability assembly, Paramedic visit to Reception, NSPCC workshop, Thomas Franks – Food poverty assembly, BBC live lesson, duck eggs hatching in Reception, Reception Family Tree Afternoon, Victorian Toys Workshop, Richmond Music Trust Workshop, Orange Tree Theatre Workshop, Harvest Festival, Remembrance Day assembly and STEM workshop. The whole school took part in The Big Draw, Arts Week, Mad March Hair Day, School Disco, Mufti days, Party day, Cinema Night, Farmer’s Market, Second hand book sale, Second hand uniform sale, Christmas and Summer Fairs and thoroughly enjoyed dressing up for World Book Day.

As ever, the after-school and extra-curricular clubs (Touch-typing, String group, Swim club, M:Tech, Virtual Reality Club, Running club, La Jolie Ronde, Karate, Music theory, Tutti Fluti, Virtual Reality, Jitterbugs, Orchestra, Rock band, Unicorn Singers, Infant chess club, Junior chess club, Little Voices, Musical Theatre, School of Comedy, Sew What, and Lego) were much enjoyed by the children and the daily breakfast and newly introduced wraparound care until 6.00pm run by Richmond Rugby Club were invaluable to children and parents alike. Fifteen clubs were on offer at our junior clubs’ afternoon.

In sport, the children have participated in football, netball, hockey and cricket matches and tournaments with fixtures against other schools. Classes have been at Pools on the Park for their Friday morning swimming lessons and both the Inter House and Borough swimming galas. Swimming classes for all year groups up to and includign Year 4 are now held at a new SwimWay pool in Kew, eliminating the use of coaches and reducing our carbon footprint. Both the Nursery and Reception sports day and the years 1 - 6 sports day at our usual London Welsh Club venue were successful and enjoyed by families and children alike.

At Unicorn music, art and drama are fundamental curricular activities and the majority of pupils learn one or more instruments with considerable success. Pupils participated in musical events including the Christmas productions; the Junior Christmas concert was an enjoyable highlight. An Infant concert, Tea Time concerts and music recitals were also enjoyed. Years 5 and 6 sang at Kew Sparkle, also entertained residents at Cecil Court Care Home in Kew singing carols and Christmas songs and performed in the Richmond Music Trust. The Unicorn Singers sang beautifully in the Richmond Festival, and performed songs from Joseph and the Amazing Technicolor Dreamcoat at Hurlingham Prep. Musical

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THE UNICORN SCHOOL LIMITED

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

Theatre’s ‘Frozen’ was excellent. Years 1 - 6 had a Try an Instrument afternoon. There were outstanding results in the ABRSM music exams held in school.

Throughout the School there is an abundance of the children’s artwork on display everywhere reflecting their talents; inspirational, beautiful, bold, colourful and creative and whether paintings, ceramics, pottery or tapestry, it is of an exceptional standard. Our annual Big Draw saw all the children immersed in arty fun with the theme of ‘drawing with senses’ and our Arts Week had the theme ‘Sustainability’.

Drama continues to go from strength to strength with weekly tuition and involvement in Class Assemblies and Class Productions, notably our Year 4’s Celts and Romans Assembly and our Year 5’s Macbeth Assembly. Our Year 6’s performed an outstanding end of year production of ‘Ali Baba and the Bongo Bandits!’. The EYFS nativity performance in December was followed by Years 1 and 2’s Christmas Show which parents were able to come in to watch.

Pupils are encouraged to develop a concern for the wider community through PSHEE lessons and charitable fundraising supporting a broad spectrum of charities, which this year included Evelina Transplant Games Fund, The Orange Tree Theatre, Little Village and The Children’s Trust. Year 6 children also participated in regular Art classes with the residents of the Cecil Court Care home and this link will continue into the next year.

CHARITY, INCLUDING PUBLIC BENEFIT AND GRANT MAKING

The Governors, as both directors and charitable company trustees, have carefully considered the Charities Act 2011, with specific regard to the Charity Commission's guidance concerning the operation of the Public Benefit requirement under that Act. In particular the School operates a bursary scheme funding places for pupils who would otherwise not be able to attend the School.

This year the bursary scheme has funded several pupils (4.1% of total pupil numbers) with support at £35,555 in fees and other expenses. This represents 1.3% of our total fees in 2023/24 (2022/23: 4.0%). Donations from the School Committee’s fundraising activities through the year to the School’s Bursary Fund amounted to £3,517 and the Governors have approved a further contribution of £60,000 from the General Fund to the Bursary Fund.

We are also able to support current pupils who might otherwise suffer hardship due to changes in circumstances through the Educational Fund. This fund is in place to support in particular junior pupils nearing the end of their time at the School to enable them to continue their education. The fund stands at £96,507 and although available, was not required for funding in 2023/24.

The School makes charitable donations and also helps the local community in a variety of ways. The School undertakes a wide range of charity and outreach programmes for educational purposes and to awaken in our pupils an awareness of the wider social context of the education they receive at the School. The following examples provide a sample of this year's activities and show the School's commitment to supporting the wider community, both locally and further afield.

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THE UNICORN SCHOOL LIMITED

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

FINANCIAL REVIEW

In 2024 the company generated a surplus of £57,202 (2023 deficit: £96,352). Total income and endowments increased by £403,809; pupil numbers were slightly higher and fees increased by 6% over 2023. Total expenditure increased by £250,255 due partly to higher payroll costs.

The company’s surplus of £57,202 was made up of a surplus in school activities of £49,557 (2023 deficit: £31,677), donations to the Rainbow Fund of £35,607 and a contribution from the School Committee Fund of £3,517, offset by the use of the Bursary Fund (£31,479).

Transfers to and from the General Fund were made as follows: £8,200 from the Rainbow Fund to the General Fund and £60,000 from the General Fund to the Bursary Fund. During the year £3,517 was also transferred from the School Committee Fund to the Bursary Fund.

The company had positive net cash flows from operating activities of £692,010 (2023: £7,170). Some parents exceptionally opted to pay school fees a year in advance, inflating cash inflows by approximately £480,200. Of these cash inflows the company invested £72,539 (2023: £19,213) in facilities to enhance the visual appeal and equipment within the school. The Governors have been able to continue to improve these facilities without undermining the financial condition of the company.

The Board of Governors sets a target for the annual budget to at least breakeven each year and to generate a positive cash flow. The Governors approved fee increases in the year under review at 6% in line against a 5% increase in the previous year. They budgeted for a net income before depreciation from operations of £89,260; the actual result was £129,493 (made up of the General Fund surplus of £49,557 (note 16), Rainbow Fund transfer of £8,200 (note 16) and depreciation added back of £79,936 (note 7). The Governors set fees to cover costs over the medium term, taking into account both operating expenses and capital investment requirements. With the on-set of VAT from 1 January 2025, the Governors are content with the net surplus carried forward for added reserves.

In terms of fundraising activities, the School Committee raised £22,437 in the year, which after expenses left £14,286 for allocation. The School Committee again decided to divide the surplus between charities selected, with the help of the children, and the Bursary Fund. This has resulted in donations of £10,769 payable to external charities and £3,517 being transferred to the Bursary Fund. The Bursary Fund has funded fees and disbursements of £35,555 during the year, and the Governors have approved a further contribution of £60,000 to the fund in line with the current estimate for long-term requirements.

The teachers left the Teachers’ Pension Scheme on 31 August 2020 and joined The Aviva Pension Trust for Independent Schools (APTIS) as of 1 September 2020. The pension charge for the year to 31 August 2024 includes employer contributions payable to APTIS of £182,907.

The Bursar and the Finance Committee have continued to review and where necessary improve financial systems so that the company has up to date, documented and approved financial procedures that are tailored to the School’s needs and implemented consistently.

INVESTMENT POWERS, POLICY AND PERFORMANCE

The Governors’ policy is to retain cash with minimal risk in bank deposits with Fitch rated banks (over BBB+) which are also covered by the UK Government’s guarantee.

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THE UNICORN SCHOOL LIMITED

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

RESERVES

The company’s reserves are held in a General Fund and a number of Designated Funds; the balances at year end were as follows:

General Fund
School Committee Fund
Educational Fund
Rainbow Fund
Bursary Fund
Designated Funds
Total Funds		 2024
£
-
96,507
27,407
103,296		 2024
£
1,223,620
227,210
1,450,830		 2023
£
-
96,507
-
71,258		 2023
£
1,225,863
167,765
1,393,628

Movements on the funds are set out in note 16 to the financial statements.

The General Fund represents the accumulated surpluses of the company over its life. The Fund effectively represents the School’s property and other fixed assets.

The Designated Funds are generally held for meeting future expenditure and each have a specific purpose, as follows:

The School Committee Fund represents funds raised and set aside to help finance any projects deemed necessary by the School Committee in conjunction with the Head to help the School further its objectives.

The Educational Fund represents monies set aside to be used to help finance educational or similar costs of pupils in hardship, particularly those in the junior section of the School who might need assistance in completing their final years. The Rainbow Fund is made up of voluntary donations to help finance major activities and developments in the future. This year the fund has been used to help fund the expansion of the Year 5 classroom.

The Bursary Fund has been set up by the Governors with monies raised by appeal and by the School Committee as well as funds transferred from recent operating surpluses, to be used to provide bursary places for pupils who would otherwise not have sufficient means to attend the School. The balance of the fund stands at £103,296 at 31 August 2024 and is reviewed by the Governors annually to ensure its level of funding is appropriate for the number of pupils currently holding bursary places.

The Governors review the reserves policy and adequacy termly, having regard to levels of forecast fee income and expenditure, and are satisfied that the reserves are both appropriate and sufficient for the School’s obligations and activities. All the School's funds are unrestricted.

The Governors will continue to keep fee rises to the lowest level consistent with delivering a high quality education.

LOANS

Loans have been received from members and are subject to repayment within ninety days of the last child of the member ceasing to receive tuition at the School; as per the Articles of Association interest may be paid at the discretion of the Governors but historically none has been paid. The Governors have decided not to pay interest on members' loans in respect of the year covered by the financial statements.

DONATIONS

During the year the School made charitable donations of £10,769 (2023: £28,767, of which £12,526 related to funds raised in the previous year).

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THE UNICORN SCHOOL LIMITED

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

RISK MANAGEMENT AND PRINCIPAL RISKS

The Governors, with specific assistance from the Risk & Compliance Committee, continue to keep the School's activities under review, particularly with regard to any major risks that may arise from time to time, as well as the systems and procedures that have been established to manage them. The Risk & Compliance Committee, chaired by Mrs C Lee, maintains a detailed Risk Management Control Form and the staff hold termly Health and Safety review meetings. The minutes from the Staff Health and Safety Committee are brought to the Risk and Compliance meetings.

Regulatory compliance forms an important part of the risk management at the School and includes child welfare which is the responsibility of the Designated Safeguarding Lead (Deputy Head), regulatory risk and compliance with charities law. The Governor with specific safeguarding oversight responsibility is Mr A McLaughlin.

Risks are considered and the risk management form updated at least termly by each of the Governors’ sub-committees.

The principal risks and uncertainties facing the charitable company and strategy for managing them are as follows:

The risk of removal of charitable business rates relief and the imposition of tax on school fees are now a reality. The School continues to communicate regularly with parents regarding these changes and has taken steps to mitigate their impact. It is difficult at this stage to forecast the possible effect of these changes on pupil numbers and the operations of the School but the School maintains and will continue to maintain appropriate cash balances and reserves.

The Bursar shares information on these unprecedented risks with our insurers who respond accordingly. Risk Assessments related to the safe opening of the school are approved by the full Board of Governors.

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THE UNICORN SCHOOL LIMITED

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

GOVERNANCE AND MANAGEMENT

THE BOARD OF GOVERNORS

The Governors who served the charitable company during the period were as follows:

P Aubery (Non parent Governor) W Barker S Cetinkaya Kudret A Chandler T Ewing (Non parent Governor) C Lee S Lehec (Non parent Governor) P O’Neill A Patel P Rathbone (Non parent Governor) R Raffan-Collins (resigned 12 June 2024) (Non parent Governor) J Webbern (resigned 4 June 2024) (Non parent Governor)

During the year the Governors delegated the day-to-day running of the School to the Head, Mrs P Fraley and the Bursar, Mr K Guy. They were both fully supported by their academic and administrative staff.

The following appointments have also been made in November 2024:

J Amin (appointed 13 November 2024) A McLaughlin (appointed 13 November 2024)

Mrs C Lee was appointed co-Chair of Governors alongside Mr P Rathbone with effect from 13 November 2024.

APPOINTMENT OF GOVERNORS

All parents are provided with information concerning governance and the role of a Governor in their handbook and on the website and are alerted to prospective vacancies by the Chair's newsletter. The Chairs, along with the whole governing body, assesses the skills of the Board to ensure appropriate diversity and experience is maintained and they undertake a regular self-evaluation. The Chairs, or relevant Committee Chair, along with another Governor, will interview prospective Governors. Parental Governors who will no longer have a child at the School are expected to resign as a Governor when their child leaves the School. In practice they tend to resign at the AGM preceding that event or by the time their loan note is repaid (within ninety days of the child ceasing to receive tuition at the School).

Notice of the AGM and information and nomination forms for prospective Governors are sent to all parents at around three weeks in advance of the AGM. The Co-Chairs of Governors working with the Head and non-parental Governors have the responsibility of recruiting non-parental Governors, who must follow the same interview, nomination and election process.

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THE UNICORN SCHOOL LIMITED

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

GOVERNOR INDUCTION AND TRAINING

The new Governors are provided with statutory documentation and documents relating to the aims and ethos of the School in addition to financial reports, the School Development Plan, past meeting minutes and material relevant to any subcommittee membership. Individual meetings are held as part of their induction and suitable courses are made available for them to attend. They are expected to attend the AGBIS ‘Introduction to Governors’ full day course during their first year on the Board.

ORGANISATION

The Governors are responsible for the overall management and control of the charitable company and meet each term to review overall activities, with sub-committees (Buildings, Education & Staffing, Finance, IT and Risk & Compliance) meeting independently. Each committee has a clear remit and the chair of each is responsible for setting objectives over one and three years as part of the School’s Strategic Development Plan. This plan is reviewed annually with a ‘score card’ checked periodically during the year to monitor progress. We are very grateful to our fellow Governors who give up their time and expertise for the School. A number of Governors will stand for re-election as part of our normal rotation required by the Articles. The Governors are also expected to attend the AGM.

The Risk and Compliance committee was chaired by Mrs C Lee. The School’s Designated Safeguarding Lead, Mr D Gladstone, sits on this Committee.

The Finance Committee, chaired by Mr T Ewing, has specific responsibility to review the financial plans and activities of the School as well as the annual financial statements. The remuneration of Senior Management is authorised by the Chairs of Governors and set with reference to School Benchmarking Surveys.

The School is an IAPS (Independent Association of Preparatory Schools) member school and a member of the ISBA (Independent Schools' Bursars Association). The governing body is a member of AGBIS (Association of Governing Bodies of Independent Schools) and Governors regularly attend training and receive publications.

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THE UNICORN SCHOOL LIMITED REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED) GOVERNORS, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Governors (who are also direciors of The Unicorn School Limited for the purposes of company law) dre res￿nsIble for preparing the Governors, Annual Report and the financial statements in accordance with applicable law and United Kingdom AccounLing Standards (United Kingdom Generally Accepied Accounling Practice). Company law requires the Governors io prepare financial slatements for each financial year. which give a true and fair view of the slate of affairs of the charitable compxny and of the incoTning resources and application of iesources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the Governors are iequired to- select suitable accounting policies and then apply them consistently; observe the ￿eth(MIS and principles in the Charities SORP" make judgments and estimates thai are reasonable and prudent" State whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the fmancial state[nen￿. prepare the fmancial statements on ihe going concern basis unless it is inappropriaie to presutne that the charitable company will continue in operation. The Governors are responsible for keeping adequate accouniing record5 that disclose with reasonable accuracy at any tiTne ihe financial position of the chariiable company and enable them to ensure thai the financial statemenis comply with the Companies Act 2(M)6. They are also responsible for safeguarding the assets ol the charitable company and hence for taking reasonable steps for the preveniion and deiection of fraud and other irregularities. In so far as the Governors are aware: there is no relevani audit infonnation of which the charithble company's audilor is unaware" and the Goven)ors have taken all steps that they oughi io have taken to make themselves aware of any relevant audit infonnation and to establish that the auditor is aware of that information. The Governors are responsible for the mainlenance and inlegrity of the corporate and financial infornation included on the charitable company's website. Ltgislaiion in the United Kingdom governing the preparation and dissernination of financial statements may differ from legislation in other jurisdictions. AUDITORS A resolution will be proposed at the Annual General Meeting that WSM Advisors Limited be re-appointed auditors to the charitable company. Report of the Governors approved by the Board of Governors on 28 February 2025 and signed on iheir behalf by: Paul Rathbone co-chair of Governors Ciiarlotte Lee co-chair of Governors io

THE UNICORN SCHOOL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNICORN SCHOOL LIMITED FOR THE YEAR ENDED 31 AUGUST 2024

Opinion

We have audited the financial statements of The Unicorn School Limited (the ‘charitable company’) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are 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.

The impact of macro-economic uncertainties on our audit

Our audit of the financial statements requires us to obtain an understanding of all relevant uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties. All audits assess and challenge the reasonableness of estimates made by the members and the related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the charitable company’s future prospects and performance.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually 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 members 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 Report of the Governors, other than the financial statements and our auditor’s report thereon. The members are responsible for the other information. 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.

In connection with our audit of the financial statements, 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 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 give rise to a material misstatement in the financial statements. 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.

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THE UNICORN SCHOOL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNICORN SCHOOL LIMITED FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

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:

Responsibilities of members

As explained more fully in the Statement of Governors’ Responsibilities, the members (who are also the directors of the charitable company and Governors) 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 members 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 members 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 members either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

Irregularities, 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 evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and posting inappropriate journal entries to manipulate the fair value of the charitable company's assets.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation where relevant, review of Governors’ meeting minutes, enquiries with management as to the risks of non-compliance and any instances thereof, challenging assumptions and judgments made by management, and identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. Our audit procedures also focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less like we are to become aware of it.

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THE UNICORN SCHOOL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNICORN SCHOOL LIMITED FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditors' 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 its members as a body, for our audit work, for this report, or for the opinions we have formed.

28 February 2025

Simon Marsh FCA (Senior Statutory Auditor) for and on behalf of WSM Advisors Limited Statutory Auditor Registered Auditors and Chartered Accountants

Connect House 133-137 Alexandra Road Wimbledon London SW19 7JY

13

THE UNICORN SCHOOL LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

----- Start of picture text -----
Notes 2024 2023
£ £
Income from charitable activities 2 2,803,578 2,425,719
Income and endowments from:
Donations and legacies 3 40,793 35,581
Other trading activities 4 22,437 31,209
Interest received 5 31,866 6,832
Other income 6 11,976 7,500
Total income and endowments 2,910,650 2,506,841
Expenditure on raising funds 8,151 8,197
Expenditure on charitable activities 2,845,297 2,594,996
Total expenditure 7 2,853,448 2,603,193
Net (expenditure ) / income 9 57,202 (96,352)
Reconciliation of Funds
Total funds brought forward 1,393,628 1,489,980
TOTAL FUNDS CARRIED FORWARD 1,450,830 1,393,628
----- End of picture text -----

All movements in 2024 and 2023 are in unrestricted funds.

The charity has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the charity are classed as continuing.

This includes the income and expenditure account.

14

THE UNICORN SCHOOL LIMITED BALANCE SHEET AT 31 AUGUST 2024 Noles 2024 2023 FIXED ASSETS Intangible fixed assets Tangible r￿ed assets li 10,880 12 1,246,402 1.265.238 1,257,282 1,205,238 CURRENT ASSETS Debiors 13 72.500 87.869 Cash at bank and in hand 1,535,166 883.270 1,607,666 971.139 Creditors: amounts falling due within one year 14 (1,414.118) (842, 749) NET CURRENT ASSETS 193548 128,390 NET ASSETS 1,450.830 1,393,628 FUNDS Unrestricied: Designated funds General funds 16 227,210 1223.620 167, 765 1.225,863 16 TOTAL FUNDS CARRIED FORWARD 17 1,450.830 1.393,628 Approved by the Board of Governors on 28 February 2025 aDd signed on its behalf. P RATHBONE - Governor Cotnpany 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 2024

Net (expenditure) / income for the year
Adjustments for:
Depreciation and amortisation
Interest received
Decrease / (increase) in debtors
Increase in creditors
Net cash provided by / (used in) operating activities
STATEMENT OF CASH FLOWS		 Notes
9
9
5
13
14		 2024
£
57,202
79,936
(31,866)
15,369
571,369
692,010		 2023
£
(96,352)
82,998
(6,832)
678
26,678
7,170
Cash flows from operating activities:
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Interest received
Purchase of intangible asset
Purchase of property, plant and equipment
Net cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 Notes
5
11
12		 2024
£
692,010
31,866
(12,245)
(60,294)
(40,673)
651,337
883,270
1,534,607		 2023
£
7,170
6,832
-
(19,213)
(12,381)
(5,211)
888,481
883,270

ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
Fixed term deposits
Notice deposits
Total cash and cash equivalents		 2024
£
495,355
1,039,811
-
1,535,166		 2023
£
807,049
-
76,221
883,270

16

THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 ACCOUNTING POLICIES

The principal accounting policies which are adopted consistently in the preparation of the financial statements are set out below:

a) Basis of accounting

The financial statements have been prepared in accordance with the company’s memorandum and articles of association, the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' (as amended for accounting periods commencing on or after 1 January 2016). The school is a Public Benefit Entity as defined by FRS102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

At the time of approving the accounts, the Governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the accounts.

b) Incoming resources

School fees receivable and charges for services are accounted for in the period in which the service is provided. Fees receivable are stated after deducting discounts and allowances by the school.

Other fees include registration fees, which are recognised on a receipts basis.

Donations and similar income resources are included in the year in which they are receivable, which is when the charity becomes entitled to the resource. Donations received for the general purposes of the charity are included as unrestricted funds. Donations for activities restricted by the wishes of the donor are taken to restricted funds where these wishes are legally binding on the Governors.

Income from investment is included in the Statement of Financial Activities (SOFA) in the year in which it is receivable.

c) Resources expended

Resources expended are included in the Statement of Financial Activities in the year in which they are incurred, inclusive of any VAT which cannot be recovered. Costs incurred on school lunches, school trips and clubs are stated after netting off any disbursements received in respect of these activities.

Resources expended are allocated and apportioned between costs in furtherance of charitable objects (namely teaching costs, premises costs and support costs), fundraising costs and governance costs.

Teaching costs represent all costs directly incurred in the course of furthering the charity's principal objective through the provision of education to children and young people, including teaching staff costs, educational materials, depreciation and related equipment.

Premises costs represent those costs incurred in the running, maintenance and up-keep of the school buildings and grounds.

Support costs represent those costs incurred through the administration of the charity's activities in furtherance of the charity's principal objective.

Costs incurred in assisting the Governors in their stewardship of the charity are classified under governance costs.

17

THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

1 ACCOUNTING POLICIES (CONTINUED)

d) VAT

The charity registered for VAT on 1 January 2025. Up until this date, expenditure is shown gross of irrecoverable VAT.

e) Intangible fixed assets and amortisation

Purchased intangible assets are stated at cost less accumulated amortisation. Amortisation is charged on a straight line basis over the estimated useful life of the asset. For the website this is estimated to be 3 years.

f) Tangible fixed assets and depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation (where applicable) and any impairment losses.

As of 1 September 2016, Freehold Land, Buildings and Improvements have not been depreciated further. In the opinion of the Governors their residual value (realisable value at the end of their economic life) was at least equal to the historical cost less accumulated depreciation at 31 August 2016. These assets are tested annually for impairment. Improvements are added to the fixed asset value. Where these replace previous identifiable improvements, the net book value of any replaced assets will be recorded as disposals in the year. Regular redesign and refurbishment costs are however expensed in the year.

Depreciation is provided on all other tangible fixed assets at rates calculated to write off the full cost less estimated residual value of each asset over its estimated useful economic life. The principal rates in use are:

Freehold Buildings and Improvements 0% per annum (see above) Playground and equipment over 15 years Fixtures and fittings 20% per annum on a straight line basis Computer equipment 33% per annum on a straight line basis

g) Financial instruments

Financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets impairment

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

Financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

18

THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

1 ACCOUNTING POLICIES (CONTINUED)

Financial liabilities derecognition

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

h) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

i) Fund accounting

The funds held by the charity are unrestricted funds. These are funds which can be used in accordance with charitable objects at the discretion of the Governors.

Designated funds - these funds are set aside by the Governors out of unrestricted general funds for specific future purposes or projects. The Reserves section of the Governors' Report sets out the purpose, policies and balances of each of these funds at the year end.

j) Taxation

As the company is a registered charity, it is exempt from corporation tax on its charitable activities.

Deeds of Covenant and Gift Aid Donations are received net of tax and credited to the appropriate fund in the year received. The tax credit recoverable from HM Revenue and Customs is also credited to the appropriate fund when receivable.

k) Employee benefits

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

l) Operating lease

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

m) Pension schemes

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

n) Company limited by guarantee

The liability of the members is limited. Every member undertakes to contribute an amount not exceeding £1 to the assets of the company, in the event of the company being 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 ceasing to be a member.

19

THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

2
INCOME FROM CHARITABLE ACTIVITIES
Tuition fees payable by parents
Add: fees funded from Bursary Fund
School tuition fees
Other fees receivable
Total income receivable		 2024
£
2,744,066
35,368
2,779,434
24,144
2,803,578		 2023
£
2,331,443
90,476
2,421,919
3,800
2,425,719

3 DONATIONS AND LEGACIES

Rainbow Fund
Bursary Fund
Other donations		 2024
£
35,607
4,076
1,110
40,793		 2023
£
33,956
1,625
-
35,581

Voluntary income relates to donations and gifts to the funds above and other donations. The donations to the Rainbow Fund include £1,481 (including Gift Aid) (2023: £919) from Governors and their families.

These are all unrestricted donations and legacies.

4 OTHER TRADING ACTIVITIES

Fundraising
School Committee Fund		 2024
£
22,437		 2023
£
31,209

Bank interest received

2024
£
31,866		 2023
£
6,832

6 OTHER INCOME

Letting income 2024
£
11,976		 2023
£
7,500

20

THE UNICORN SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

Staff costs (note 8)
Depreciation and amortisation (note 9)
Other
2023		 Fund
raising
costs
£
-
-
8,151
8,151
8,197		 Charitable
activities
£
1,930,464
79,936
822,416
2,832,816
2,584,192		 Governance
costs
£
-
-
12,481
12,481
10,804		 Total
2024
£
1,930,464
79,936
843,048
2,853,448		 Total
2023
£
1,753,154
82,998
767,041
2,603,193

Governance costs comprise the annual audit fee together with other Governance costs incurred. No Governor has claimed expenses nor had expenses met by the charity.

8 STAFF NUMBERS AND COSTS

Staff costs:
Wages and salaries
Social security costs
Pension costs		 2024
£
1,570,115
154,519
205,830
1,930,464		 2023
£
1,418,566
142,891
191,697
1,753,154

The average number of full-time equivalent employees during the year was as follows:

Teachers
Others		 2024
Number
25
6
31		 2023
Number
25
5
30

The average monthly headcount was 45 (2023: 43) of whom 39 were teaching staff (2023: 38) and 6 were nonteaching staff (2023: 5). The difference in these numbers from those in the table above reflects the high proportion of part-time staff working in the school.

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows:

£60,001-£70,000
£70,001-£80,000
£80,001-£90,000
£101,001-£110,000		 2024
Number
2
1
1		 2023
Number
-
1
2
-

The key management personnel of the charity comprise the Governors, the Head, the Bursar and the Deputy Head of the school.

The charity paid emoluments amounting to £284,725 (2023: £248,528) and pension contributions amounting to £41,289 (2023: £36,533) in the year for these members of staff. The remuneration of these members of staff is authorised by the Co-Chairs of Governors and Staffing Committee and set with reference to School Benchmarking Surveys.

No Governors have been paid any remuneration or received any other benefits from the charity.

21

THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

9 NET EXPENDITURE

This is stated after charging:

Operating lease rentals
Staff pension contributions
Depreciation and amortisation
Auditors' remuneration
External audit
Other services		 2024
£
711
205,830
79,936
10,836
1,500		 2023
£
1,749
191,697
82,998
9,804
-

10 TAXATION

The charity is exempt from corporation tax on its charitable activities.

11 INTANGIBLE FIXED ASSETS

Cost:
At 1 September 2023
Additions
At 31 August 2024
Amortisation:
At 1 September 2023
Charge for the year
At 31 August 2024
Net book value:
At 31 August 2024
At 31 August 2023		 Website
£
-
12,245
12,245
-
1,365
1,365
10,880
-

22

THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

12 TANGIBLE FIXED ASSETS

Playground
and equipment
£
£
Cost:
At 1 September 2023
1,701,679
146,572
Additions
-
-
Disposals
-
-
At 31 August 2024
1,701,679
146,572
Depreciation:
At 1 September 2023
663,040
69,519
Adjustment for disposals
-
-
Charge for the year
-
9,772
At 31 August 2024
663,040
79,291
Net book value:
At 31 August 2024
1,038,639
67,281
At 31 August 2023
1,038,639
77,053
The net book value of land and buildings at 31 August 2024 is made up as follows:
Freehold land and buildings
Freehold
interest in
land, buildings
and extensions		 Fixtures,
fitttings
and equipment
£
595,073
60,294
(17,041)
638,326
445,527
(16,482)
68,799
497,844
140,482
149,546
2024
£
260,482		 Total
£
2,443,324
60,294
(17,041)
2,486,577
1,178,086
(16,482)
78,571
1,240,175
1,246,402
1,265,238
2023
£
260,482

The Charities SORP (FRS 102) requires the Board of Governors to declare where the market value of freehold land and buildings differs materially from net book value. The Governors still estimate the current market value of the freehold land and buildings to be well in excess of net book value.

23

THE UNICORN SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

13 DEBTORS

School fees receivable
Other debtors
Prepaid expenses and accrued income		 2024
£
5,828
3,887
62,785
72,500		 2023
£
34,526
1,270
52,073
87,869

14 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Members' unsecured loan notes
Deferred income (note 15)
Other creditors
Other tax and social security
Accruals		 2024
£
297,500
965,031
72,565
36,974
42,048
1,414,118		 2023
£
320,000
387,933
48,337
36,022
50,457
842,749

The members' unsecured loan notes are repayable within ninety days of the last child of the member ceasing to receive tuition at the school. Interest is payable at the Governors' discretion at a rate not exceeding 5%. Historically the Governors have not paid interest.

15 DEFERRED INCOME

Total deferred income at 1 September 2023
Amounts received in the year
Amounts credited to statement of financial activities
Total deferred income at 31 August 2024		 2024
£
387,933
3,321,164
(2,744,066)
965,031		 2023
£
368,018
2,351,358
(2,331,443)
387,933

Deferred income relates to deposits and fees paid in advance for the following year.

24

THE UNICORN SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

16 UNRESTRICTED FUNDS

Designated Funds
School Committee Fund
Educational Fund
Rainbow Fund
Bursary Fund
Subtotal
General Fund
Total		 Incoming
resources
£
22,437
-
35,607
4,076
62,120
2,848,530
2,910,650		 Outgoing
resources
£
(18,920)
-
-
(35,555)
(54,475)
(2,798,973)
(2,853,448)		 Net movement
in resources
£
3,517
-
35,607
(31,479)
7,645
49,557
57,202		 Transfers
£
(3,517)
-
(8,200)
63,517
51,800
(51,800)
-		 Balance at
1 Sep 2023
£
-
96,507
-
71,258
167,765
1,225,863
1,393,628		 Balance at
31 Aug 2024
£
-
96,507
27,407
103,296
227,210
1,223,620
1,450,830

During the year transfers of £3,517 were made from the School Committee Fund to the Bursary Fund. Outgoing resources from the School Committee Fund represent fundraising costs and donations to charity.

A sum of £8,200 was used from the Rainbow Fund to extend the Year 5 classroom. The remaining balance will be carried forward for use in future years.

Outgoing resources from the Bursary Fund related to fees (£35,368) and other expenses (£187). The Bursary Fund also benefitted from a transfer of £60,000 from the General Fund.

All transfers were approved by the Governors.

17 ANALYSIS OF NET ASSETS AMONG FUNDS

Intangible fixed assets
Tangible fixed assets
Net current assets		 Total funds
2024
£
10,880
1,246,402
193,548
1,450,830		 Total funds
2023
£
-
1,265,238
128,390
1,393,628

All funds are unrestricted.

18 LEASING COMMITMENTS

Operating leases

At 31 August 2024 the charity had future minimum lease payments under non-cancellable operating leases as follows:

Payments due:
Within one year
Between two and five years		 2024
Other
£
417
-		 2023
Other
£
711
390

25

THE UNICORN SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (CONTINUED)

19 RELATED PARTY TRANSACTIONS

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 except for the donations received from Governors as disclosed in Note 3. No Governors nor any persons connected with them have received any such remuneration nor expenses.

20 PENSION SCHEMES

The charity operates a defined contribution retirement benefit scheme for all qualifying teaching staff.

The charity pays contributions into personal pension schemes for three of its non-teaching staff.

The charity also pays contributions into NEST (National Employment Savings Trust) for eligible jobholders.

The assets of all schemes are held separately from those of the charity. The charity contributes a specified percentage of payroll costs to the retirement benefit schemes to fund the benefits. The only obligation of the charity with respect to the schemes is to make the specified contributions.

26

THE UNICORN SCHOOL LIMITED

For the year ended 31 August 2024

The following pages do not form part of the statutory financial statements which are the subject of the independent Auditors' Report on pages 11-13.

27

THE UNICORN SCHOOL LIMITED

Detailed income and expenditure account for the year ended 31 August 2024

GENERAL FUND (SCHOOL)
Turnover
Fees receivable
Other Income
Registration fees
Contribution to SEN staffing support
Learning Support
Other income
Donations
Interest receivable
Overheads
Personnel costs
Establishment costs
Office and administration expenses
School supplies and services
Net movement in funds before transfers for the year		 £
1,700
22,444
10,815
11,976
1,110
31,866
1,930,464
228,104
103,803
536,602		 2024
£
2,768,619
79,911
2,848,530
2,798,973
49,557		 £
3,800
-
10,074
7,500
-
5,584
1,753,154
232,360
100,872
384,094		 2023
£
2,411,845
26,958
2,438,803
2,470,480
(31,677)

28

THE UNICORN SCHOOL LIMITED

Detailed income and expenditure account for the year ended 31 August 2024 (continued)

GENERAL FUND (SCHOOL)
Personnel costs
Salaries and wages
National Insurance costs
Pension costs
Healthcare and insurance costs
Establishment expenses
Rates
Light and heat
Insurance
Repairs and maintenance
Cleaning
Lease of equipment
Office and administration expenses
Audit fees
Legal and professional charges
Printing, stationery and postage
Telephone
Travel
Staff training and expenses
Computer services and support
Sundry expenses including Inspection
Governance costs
Advertising, publicity and subscriptions
Bank charges
Charitable donations
School supplies and services
Cost of books and teaching aids
Catering supplies
Lunch expenses
Pitches, swimming and coach hire
Field study, outings and workshops
School productions
Computer costs including website
Depreciation of fixtures, fittings & equipment
DESIGNATED FUNDS
Expenditure from designated funds		 £
1,553,178
154,519
205,830
16,937
30,750
26,909
22,398
94,806
52,530
711
12,336
7,348
3,486
1,825
4,504
13,856
28,283
4,450
145
24,694
1,936
940
75,200
7,516
178,569
93,336
63,435
2,286
36,324
79,936		 2024
£
1,930,464
228,104
103,803
536,602
2,798,973
2024
£
54,475		 £
1,404,396
142,891
191,697
14,170
30,054
26,398
20,876
105,283
48,000
1,749
9,804
14,356
4,174
3,092
2,045
14,720
27,484
4,071
1,000
18,192
1,154
780
40,180
8,325
111,740
78,114
27,259
2,153
33,325
82,998		 2023
£
1,753,154
232,360
100,872
384,094
2,470,480
2023
£
132,713

29

THE UNICORN SCHOOL LIMITED

Detailed income and expenditure account for the year ended 31 August 2024 (continued)

The income funds of the charity include the following designated funds that have been set aside out of unrestricted funds by the Governors for specific purposes.

DESIGNATED FUNDS
School Committee Fund
Balance of the fund at 31 August 2023
Income on school fairs and fundraising
Expenses on school fairs and fundraising
Donations made to external charities
Transfer to Bursary Fund
Balance of the fund at 31 August 2024
Educational Fund
Balance of the fund at 31 August 2023
Deposit interest
Balance of the fund at 31 August 2024
Rainbow Fund
Balance of the fund at 31 August 2023
Donations received
Deposit interest
Transfer to General fund
Balance of the fund at 31 August 2024
Bursary Fund
Balance of the fund at 31 August 2023
Donations received
Bursary Fund expenses
Deposit interest
Transfer from School Committee Fund
Transfer from General Fund
Balance of the fund at 31 August 2024
Total Designated Funds at 31 August 2024		 £
-
22,437
(8,151)
(10,769)
(3,517)
96,507
-
-
35,607
-
(8,200)
71,258
4,076
(35,555)
-
3,517
60,000		 2024
£
-
96,507
27,407
103,296
227,210		 £
12,526
31,209
(8,197)
(28,767)
(6,771)
95,792
715
-
33,956
127
(34,083)
98,205
1,625
(95,749)
406
6,771
60,000		 2023
£
-
96,507
-
71,258
167,765

30

THE UNICORN SCHOOL LIMITED

Detailed income and expenditure account for the year ended 31 August 2024 (continued)

Summary of Movements on Designated Funds
Balance of the fund at 31 August 2023
Net movement in funds for the year
Transfer to general fund
Transfer from general fund
Balance of the fund at 31 August 2024
Summary of Financial Activities
Net movement on designated funds
Surplus for the year on the general fund
Net movement in funds for the year		 £
167,765
7,645
(8,200)
60,000
7,645
49,557		 2024
£
227,210
57,202		 £
206,523
(64,675)
(34,083)
60,000
(64,675)
(31,677)		 2023
£
167,765
(96,352)

31