Palmers Green High School Limited Limited by guarantee Registered Company Number 0537727 Registered Charity No. 312629 GOVERNORS, REPORT AND FINANCIAL STATEMENTS For the year ended 31 July 2023
Palmers Green High School Limited CONTENTS lor the ear ended 31 Jul 2023 Cont8nls Paue Governor5. officers and adSe[S Repori of Ihe governor& Report of the audilors 12 statement of financial acbvities 16 Balan¢e Sheet Cash flow statement 18 Noles lo Ihe financlal siai6rn8nts 19
Palmers Green High School Limited REPORT OF THE GOVERNORS for the ear ended 31 Jul 2023 Govrntsrs and Dlr¢¢tors rhe dirpctDrs ottheMmpJnyare K4embprs the Counryl ofMThayèm¢ni. also Governor5 and Tw$i888ollhe ChBdty. Plggoll, IR8signed 14 30251 Mrs K TMlh MIA FIBnkÉl' Rev. JV Colem Mf G TmTh IAPPOinied Y5 No¥oml 20221 41 D Leth5. lssAAvk TS M Cuths. ISS A Eliade? Is 8Gouldlng J MCKI IResWEd 15 November 20221 'NbEr&of1o Flnartee 2nd Gener¥A PIKposes Olfl¢rs adnM$tie$& M$ S PioudknvfrlappoirtEd 1 January 20231 Mi$ L8wnpid IpnIed I Septsftpr20221 Nliss H LuCè$ uisarAndCofflpany Secret Dttpuly H•a dvise slt0[5 Ved¢Wb104hVy Orthaid CDUti Woknest Woodhotss• Orchsid Lane Church Lgn¢ BSI SWS Al¢(otd Cheshir&CH3 6JD Bank8rs HSB¢ Bank FY¢ l Aldermans Pmgrs <>een Lwdon N13 4YE oor9 Sttllh LLP Fknllr 6 9Appold 51reel L0 EC2A2AP knvmènl Man8gcis EFG Priv&e Bank LI1¢d Pwk USe 116 Peik g1gt LondDn WIKOAP |Dsuranc88i¢erS HeNi¢ And¥ 2 Brun5Mck Square ADDRE$8 Palm8rs Gieen sthool 104 Mopperg RoEd Wirthnh)re Hdl LoD¢)D N21 3LJ Webio Page 1
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 -1 L,1.. 11?11 IlllNli 713.5 REFERENCE AND ADMINISTRATIVE INFORMATION Palmers Green High School was founded in 1905 and was privately owned until its incorporation in 1954 as company limited by guarantee and not having a share capital (Registered No. 537727). The school is a registered educational charity No. 312629. The school's governors, executive officers, professional advisers and address are given on page l. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The school is governed by its Memorandum and Artlcles of Assoclation last amended In September 2007. Recruitment and Training of Governors New Governors are inducted into the workings of the Company as a registered Charity includlng Board Policy and Procedures and also of the school, at a meeting specially organised for them by the Head and Bursar. All Governors have ass, as appropriate to their indlvldual skills and experieno, to trustee trainlng workshop5 as organi*d by the Association of Governlng Bodies of Independent Schools {AGBIS), the Independent Schools Inspectorate (ISI) and the Independent Schools Bursars Association (ISBA). A Governors, Strategy Day was held on Saturday 17th September 2022. During the academlc year 2023-2024, It is our intention to have more governor presence in school with governors attending lessons, meeting staff and pupils from various year groups. The Gtsvernors are appointed annually by the School Council. In accordance with the Artlcles of Association one fifth or, if their number is not five or a multlple of five, the nearest to one fifth retire by rotation in the year at the Annual General Meeting. At the AGM in November 2022, Mr Jason McKinlay resigned as Governor with effect from IS November 2022. Mr Gary Tidmarsh was elected as Governor from 15 November 2022. The Reverend julie Coleman was derted as Govemor from 22nd March 2023. Mr jeremy Piggotl resigned as Chair of The Finance & General Purposes Committee with effect from 221id March 2023. Mr Anthony Frankal was elected a5 Chair of the Finan & General PLJfposes Committee from 22nd March 2023. resigned as Governor with effect from 14th June 2023. Mr Jeremy Plggott Organisational Management The Governors meet as a Board at least three times a year to determine the general policy of the company and to review its overall management and control, for which they are legally responsible. The Flnance and General Purposes Committee, chaired by Mr Frankal, meets three to four weeks before each meeting of the full Schc>DI Council to monitor and review bLgets, accounts and reports for approval by the School Councll. The Education Commlttee, chalred by Mrs Tidmarsh, meets termly durlng the year to review academic matters. The Bulldings Committee, chalred by Mr Atkinson, meets termly and èdditr'onally on the instructions of the School Council to plan and manage building projects. Tre Risk Mitigation Committee, chalred by Miss Averklou, meets termly. There is a named governor for child protection and safeguardlng and a named governor for health and safety (inclLJding school trips). The Pensions Commlttee and Remuneration Comrmittee are sub-committees of the School Council, which meet at least annually. The Executive Committee meets as required and comprises the Chair of Govemors, the VI Chair of Governors and the Chair of the Finance & General Purposes Commlttee. Paye 2
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 The day-to-day runnlng of the school Is delegated to the Head and Bursar, supported by the Deputy Head and staff. The Head arKi the Bursar attend meetings of all the above governors, committees, with the Deputy Head attending Education Committee meetlngs (the BLJrsar dS not attend Education commlttee meeting5). The key management personnel are the Head, the Bursar and the Deputy Head and thelr remuneration 15 determined by the Governors annually, taking account of their roles, experien and rate5 of pay in slmilar local independent schools. Mrs Leonie Barnard was apwlnted Bursar, Clerk to Governors and Company Secretary September 2022. The school's prevlous Bursar, Mrs Angela Monty, stepped back to take on the role of Asslstant Bursar. Mrs Wendy Kempster, Headmistress, retlred in Dember 2022 and Ms Sarah Proudlove lolned the school in January 2023 as the new Head. Volunteers Governors do not receive any remuneratlon for their servlces. The badth of professional expertise wlthln the governing body provides appropriate scrutlny and support for the school In the areas of education, finance, law, public relation5 and construclion. Parent5 volunteer on an ad hoc ba515 to accompany educadonal visits, where they are always under the supervislon of a member of PGHS staff. Parental supt)ort for offsite visits ensures that appropriate adult'.pupil ratios are maintained In order to facilitate the safety of pupils, as well as providing an adult perspective on plaTrs, objects and events. During the year, several parents have been into School to talk io pupils about, for example.. Argentina, Ramadan and Eid, and Chinese New Year. A parent visited the Nur*ry to talk about how doctors help people, another visited to talk about Australia and another taught the Nursery pupi15 about Chinese New Year. For Black Hlstory Month a parent visited the Nursery to talk about Ghanaian kente cloth. Relatlonships Palmers Green High School is an accredited member of the Independent Schools Council (ISC) and the Glds, Schools Assouation {GSAI. The school supports networklng wlth other schools, and stsff both host and attend seminars and cluster group meetings, which provlde opportunltles for staff developmenL Former puplls retsin a close relats'onship with the school through the alumni neiwork and the Parents and Friends A550ciation prowdes opportunities for members of the wlder school community to interact with the School through a regular programme of events. Three members of the governing body are former pupils of the school. The School supports many l(Kal and national charities Including, in 2U22-2023, Jeans for Genes, Chlldren in Need, Sève the Children, Noah's Ark, the Malala Fund, DEC Turkey-syrla Appeal, The Prin,5 Trust and Evellna London Children's Charity. Over the year, £2,837 has been raised in total for charity donation. We have also done two food produ collections and also collected seeds and gardenlng equlpment for Cooking Champions. Risk Management The Governors are respcinsible for the management of the risks faced by the school. Detabled considerations of risk are delegated to the Risk Mitlgation Committee. The maln areas of the charlty's operations and the major risks faced in each of these areas have been identified, assessed ènd sultable controls established. A formal review of these risk management processes Is undertaken on an annual basis. In the oplnlon of the Governors, the major rlsks to which the school Is exposed (as Identified by them), Include the high rate of Inflation and rising energy costs, affordabillty and assoclated pupll numbers, Potential non- compllance with regulatory requirements and the threat of changes In the political environment and the consequentlal effects on the independent school sector. These risks have been reviewed and systems establlshed whlch, under normal conditlons, should allow these dsks to be mltlgated to an acceptable level in its day-to-day operations. Mar risks to the school going forward lin partlcular 2024-25) are Fees Subject to VAT, loss of Business Rates Relief and increase in employers, contributions to the Teachers Penslon Scheme. 5 Year financial plan5 have been rllodelled to Show impart of these risks. The Governors have established a workin9 party led by Mrs Bronwen Gouldlng to look into the ramifications of the increases In eMIO¥erS, contributlons lo the Teache Pensions Scheme and to make recommermlatlons as to what actlon should be taken io protect the finan5 of the School golng forwards. The key controls used by the school include.. Page 3
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 Regular review of the risk assessments In place for the safe operats'on of the School in the COVID-1g environment. The School's membership of the Teacher5, Penslon Scheme is reviewed on a regular basis. Fee levels are discussed in detall at the Sprlng Term F&GP Cornmittee and School Counlll meetings, with comparative statistlcs published by competitor schoDls in addiuon to general financial information e.g. the rate OF inflation,. Expenditure is closely monitored by the Head and Bursar, and reviewed by the F&GP Committee each term. The School s accounts are audited annually,. Approval for major capital experKJiture Ss closely scrutinised by the Buildlngs CommitEee and the F&GP Committee,. Formal written pollcies are reviewed annually,. There are Formal agendas and minutes for all committee meetlngs; strategic plannlng, bLJdgetlng, and management reports are regularly revlewed by the Govemors; arKI There are regular reports to the Governors from the Head and Bursar. OBJECTS, AIMS AND ACTivrrIES Charitable Objects To promote and provlde for the advancement of education by providing, conductlng, governing, carrying on and malntaining In the Unlted Kingdom, or elsewhere, a boarding or day school or schools but so that each scFKX)I shall be carried on as an educational charity. Principal Acti¥itSes Palmers Green Hlgh School Limited Is an educational charity providing sSngle-sex education for girls aged between 3 and 16 years. In 2022-2023 the School educated a total of 260 pupils in Nursery, PreratOry, Junior and Senior Departments with waiting Ilsts for some year groLJP5 providing confidence that the school will contlnue to develop and thrlve. Aims Palmers Green High School alms to maintain an Impre55ive record of success, tx)th academically and in the broader spectrum. By encouraglng pupils to take advantage of the expertise of the teaching staff and lo access the wide range of activitie5 avallable, pupils should be able to achieve their potentr'al. Pupils are encouraged to gain an awareness of the needs of others and as part of this strategy they a involved in fundraising actlvlties that contrbbute regularly to different charle5. Objectives for the Year In 2022-2023, the main objective of the school was to continue to provlde è first-dass education to puplls, facilitated through a dynamlc teaching environment, thereby enabling the school to continue lo achieve excellence, as recognised by ISI (Independent Schools Inspectorate) In the Focused Compliance and Educational Quallty Inspection in January 2022. The main rKin-academlc focus wès to continue lo improve facilities throughout the sclK)ol slte and to ensure the school remèined compliant in all areas of health and safety. staff have undertaken a variety of tralning this year through a Combination of face to fa and online provision. The courses have included whole staff (update) training on KCSIE and Safeguarding (Sept 2022), Health and Safety (Sept 2022), Developlng Independent Learners (Sept 2022), Microsoft Teams (Jan 20231, Defibrillator and AAI Training (lan 2023), ICT and Cyber Security (Jan 2023), Using Evolve for Educational Visits (lune 20231 and Oracy (June 20231. Other whole school INSET sessions have Sncluded our Vislon and Values (lune 2023) and a collaborative exploration of our School Development Plan (June 2023). staff have also undertaken Indlv5dual continuing professional development trainlng in a wide range of topics which include.. Chlld Protectlon and Safeguarding, Emergency First Aid, Paediatrlc First Aid and First Aid at Work, Use of Reasonable Force in Schools, ADHD Awareness, Health and Safety, Flre Safety and Fire Marshalling, Early Years, GDPR, Access Arrangements and Autism Spectrum Dlsorder. Courses have been acSSed face to fa and onlSne through Educare, AGBIS, ASCL, Examination Boards, GSA, ISBA and ISI to ensure that staff knowledge is kept up to date at all times. Pwe4
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 Public Benefit The Directors confirmed they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public beneflt guidance published by the Charity Commbssion. As part of our public benefit provision we continued to award scholarshlps, subject awards and means-tested byrsarles. The school has contlnued to rebuild (after the disruption of Comdl its strong Partnershlp links with several local, maintalned prlmary schools, pupils from whlch are invited to a variety of partnership events at PGHS throughout the year. In 2022-2023, pupils participated in successful language outreach events. The first was in November an(i the second in February where the Head of Languages took a group of Year 11 pupils to leach Frenchlspanish to Year 5 pupils in two different local malntained primary schools. A group of Year 5 puplls from one of these schools also allended the Onatti Theatre production at PGHS in June. The partnershlp pupils were invited to a workshop run by PGHS Year 9 pupils to equip them wlth the essary language skills and vocabulary prior to them loinlng PGHS puplls to watch the production. In June 2023, the school hosted a Design & Technology STEAM Day dellvered by EDT (Englneering Development Trust) for pupils in Years 4-6 from PGHS and two other local state malntained prlmary schools. PGHS has formed a range of links that benefit the local communlty and beyond. Year 9 and 10 pupils have been able to volunieer locally in charity shops and care home5 as part of their Duke of Edinburgh Award. When possible, the school holds events in the lffal chLJrch, provlding Income for the church community. We donate fwd and toiletries to the local community in the Autumn term eèch year as Part of our Harvest Festival. Thls year, parents and puplls also made donations to Foodbank Aid in Sprlng term. In 2022-2023 we formed a new partnership wlth a local charity, Enfield Cooking Champions. Pupil ambassadors volunteered at the launch of their Eco Kitchen Garden in May 2023 and the School also collected donakn.ons of seeds and gardeniro equlpment for Enfield Cooking Champions in the summer term. We aim to grow our partnership with Enfield Cooklng Champlons in 2023-2024, The school ralses money thmugh many fundraising acbvltles and this Is donated to charities, many of which are prowding setvices in the1ocal area. Our international links include the support glven over a number of years to the HART {Humanltarian Ald Relief) tharity. Annually Senior pupils enter the HART Prize for Human Rights competition with great success. This year in the Spring term, Year 9 organlsed a cake sale and rai*d over £300 for the DEC Turkey-SyrSa Appeal. Financial Asslstance for Fees Scholarships, bursaries and awards are available to candldates whose abllity enables them to benefit from the academic rigour of the school. Fee redurtions for bursaries and hardship awards were determined on the basls ol family income by the Bursar in consultation with the Head and Chair of the Board of Governor5. The Governo>rs are commltted to widening access to the school and intend to continue to provide means-tested awards. PGHS EQUALITY, DIVERSITY and INCLUSION PGHS follows Its Equality, Diversity and Inclusion Pollcy, the full po1CY Is avallable on request from the Sthool. Policy Statement We see the dlverse populèfjon of staff, puplls and their families at Palmers Green Hlgh School IPGHS) as one of the school's greatest strengths. At PGHS, we are committed to ereatlng an environment for the whole sch(y)I community that demonstrates shared values of inclusion, equality, faimess and spect. Overall aims At PGHS, we understand and take seriously our respDnsiblllty as educators to ensure that we promote the message of equallty, embrace diverslty and are actively anti-racist in our curriculum, our ethos and our teaching. we understand the need to address in meaningful and sensitive ways all of the Issue5 that young people face in these areas. Page 5
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 PGHS strlves to be an Incluslve and tolerant environment in which the wellbelng of every young person comes first. Should a pupil ever be worrled about racism or feel they have been the victim of abuse of any kind they should report it immedbately as racism cannot be tolerated. Our aims are to.. make sure that all pupils and staff are encourèged and supported to achleve thelr full potential,. prode an environment which resperts and values diverslty and shows conslderation for the traditions cultures and rellgious prècli$ of people from different raoal groups ar different geographical reglons,. challenge racial discrimination, redst behaviour, racist language or harassment, prejudi and stereotyping, however t1ughtless or unlntenlional,. prevent dirert and indirect, overl and covert dbscrimination on grounds of ra or geographical origin and assist in the identlflcation of ixjssible barrler5 to equality of opportunlty for pupils and staff arKi to ensure that these barriers are addressed where possible. The school wlll tad(le inapproprlate attitudes and practIS throLtgh staff leading by example, through the personal, social, health and economlc educatlon IPSHEEI programme, through assemblies, through the supportive school culture and through the school's policles. Inappropriate attitudes and practices will be challenged. Pupils wlll be encouraged to value and respect appropriately all those they encounter at or through the school. RecruStment PGHS is an equal opportunlty employer and we are fully committed tr) a pollcy of treating all of our employees and job appllcants equally in all aspects of employment. In 2023 the school galned accreditatlon as a London Uving Wage Employer. We take all reasonable steps to employ, train and promote employee5 on the basis of their experience, abilities and quallfications. Our recruitment publicity alms to posltively encourage applications from all suitably qualified people when advertislng job vacancies In order to attract applicaNons from all sects'ons of the community. The Governing Body has a Remuneration sub-commbttee whlch meets annually to review salaries and benchmarks pay against peer group schools in both the independent and state sector. Governance The governing body is composed of a dlverse range of people from a varlety of bad(grounds, cultures and religions. We always look to recruit new members from groups which reflett the diversity of our school communlty. Pr EDI pollcy reviewed and updated annually. The Heod of History, Deputy Head and other teachers work with pupils annually to lead on several aspects of EDI such as BHM, Diverslty Day and Mental Health AWaneSS Week. Staff Recruitment policy reviewed annually to ensure that it is Incluslve. GSE data reviewed annually to ensure equality of performance. All staff attended Unconscious Bias Tralning in Auttjmn 2020 and staff participated in Hemisphere Educatlon CPD in 2022 to bulld raaal literacy and combat blas. Pupils lead assemblies for Black History Month on Inspiratlonal people of colour. All departments undertake a review of their practlce and resources. Full School EDI Audit completed in 2021-22. Thls will be reviewed and updèted in 2023-2024. Cyber Security Staff are regularly reminded by email and during INSET of the need to be aware of opening suspect emails and links and never to respond to emails requestlng log-in details. Any susploous emalls are referred to the rr Page 6
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 Helpdesk consultancy for review. Staff received in-house training on Cyber Seajrlty Awareness In September 2023 and all puplls (Reception to Year 11) receive age-appropriate training in cyber safety. The school has Cyber insurance cover in pla and there is tho-factor authentication In place for staff remote access to the school's systems. In March 2023 the school completed the Moore Klngston Smith Cyber Securlty Rlsk questlonnaire and no material risk5 were identified. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR For academic year 2022-2023, external examinations returned to thelr pre-covid levels. The results achieved by the puplls were excellent. 22 pupi15 were awarded 9rades in GCSE, IGCSE and FSMQ (Free Standlng Maths QuallficatSon} qualifications wbth 99010 of GCSEIIGC5E grades being A19 to C/4. The School's overall perntage of II>GCSEs at A1918 grades was 41 % and at A*19 to A17 690h. In November 2022 the school wès agaln confirmed to be ranked Number l in the Parent Power League Tables prodUd by The Sunday Times in the small sch(Kils with no sixth form category and we await the results of thls for the academic year 2022-2023. The school carries Out annual and on-golng reviews include benchmarking against natlonal standards, using raw and value-added data e.g. MldYIS and GL Assessments, which enables the school to maintain the highest possible standards. In 2016, the School disconllnued partlcipation In the KSI and K52 national tests due to the uncertainty and controversy surrounding the efflcacy of these tests and the negative impllcations for delivering a rounded education In the primary phase. In 2022-2023, puplls were able to take part Sn a range of actliAties to extend their knowledge, enrlch their understanding of the curriculum and broaden their wlder cultural experlence5. School vlsits have included.. study skills sessions provlded for Seniors by Elevate,. age-appmpriate workshops led by notable authors and poets such as Christian Foley for national poetry day in October 2022., pcet Karen Mccarthy Woo)If in October 2022 (the workshop a result of a pupll winning the GSA creative wrlting competition), and in March 2023 visits from author Holly Rivers and Anthony Glen from "Shaking Up Shakespeare" Pupils in Years 9-11 heard about the experiences of Yisreal Abelesz a holocaust survlvor, from his granddaughter. Years 7-11 attended a CPR course in April 2023. RSE WOrhOp$ by It Happens were delivered to Year 9. During Saence week, we welcomed guaest speaker Muna Aghamelu who spoke on the theme of scientific conneclions. In November 2022 we were visited by alumna and music prodUr Raphaella Mazaheri-Asadi who shared insights Into her career. During 2022-2023, Nursery have been vislted by Artz Kidz, Freshwater Theatre and crew from Edmonton Fire Stats'on. The Preps have been visited by Zoolab. As detailed elsewhere in thls report, several parents have been into school and nursery to talk to pupi15 aty)ut events such as Ramadan and Eld, and Chinese New Year. School residentials began to return to pre-covid nom)s in 2022-2023. In September 2022 Year 7 went to Gilwell Park for a 3-dhy resldential. In October half term, pupils in Year ID and 11 spent a week in Geneva including a day at CERN, April 2023 saw pupils In Years 6-9 skn"Sng in the French Alps. Year 5 enjoyed a 3-day residential trlp to Flattord Mill in May 2023. Year 9 and 10 puplls spent two days in Parls In June 2023. Year 9 and 10 completed their Duke of Edinburgh pract1 and assessment expedltions in June. The scho)I calendar was also enriched by a wide variety of educatlonal trips. In September and October 2022, there were GCSE Biology fieldwork trips in Epping Forest and Year 11 Geographers went on a fleldwork trip to the Olymplc Park in Stratford. June 2023 Saw the second Geography fleldwork trip to Walton-on-the-Naze. Year 9 enjoyed a Spanish cultural evening In a local restaurant. Theatre trips induded Guys and Dolls, To Kill a Mockingbird, The Crucible, The Woman in Black and Chickenshed. There were KS3 visits to the Tate Modern, and Science Llve. Year 4 and 5 went to the British Museum, Year l and 2 went to the Tower of London. The Prep Department enjoyed visits to Woodcroft Outdoor spa and Whipsnade Zoo. Nursery sited a local farm and Paradise Wlldllfe Park. All year groups, including the Nursery, enjoyed end of year educational and activity day trips including Year 10 to Cambridge, Year 9 lo Brighton and the Juniors to Woburn 5afarl Parf<. Muslc and Drama thrived during 2022-2023 with notable performan5 at the Qrol Service, Spring and Summer concerts, Founders Day and performing arts assemblies. In January 2023 over 80 puplls partlcipated In Your¥J Paye 7
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 Voice5 at the 02 arena, a highlight of the calendar. In March 2023, the Junlor and Senlor departments cafne together for a triumphant performance of Matilda Jr. Each Junior year group performed class assemblies for parents and the Drama and Muslc produttions1performanS for Year 3 and 4 and Year 5 and 6 Prize Giving events in July 2023 were a delight. In 2022123 the school introduced a number of new initiative5 to MproVe administrative management, including moving the finance management software system to the cloud, Introducing elertronlc payslips, installing an electronlc visitor and staff signing in system that provide5 Staff with ID cards and branded lanyards, the purchase and implementation of a site management software system and an electronic system for managing trips. new VOIP telephone system was installed, along with 5 new interactive screens in classrooms and the pijrchase of 55 new PCS to enable the school to install Windows 11 software. several bulldings improvement Inltiatives were carried out over the course of 2022123, Inc1ing the purchase of 106 Hoppers Road which Is currently let as a domestic residen but, subject to obtainlng the necessary planning permisslon, will be used to expand teaching & learning Spa5. The main school buSlding fascla was refurbishe(i with the painting of all exterlor fenclng plus timber panels and concrete plinth and we are awaiting delivery and installation of a laser cut, timber logo to the north Side timber panelling. The Science labs, Saence prep room, PE changing roorn and Gecwraphy r(K>ms were redecorated and the Art Room was refurblshed with new sinks, water heaters, storage units and redecoratlon. The ReptIOn classroom was reflirbished to include bb-fold doors and new windows, allowing greater visibillty for the teacher supervising children in the outdoor, free-flow play area which was also refurbished with a new "wet pour" surface and is awalting an electronlc awnlng. The Elizèbeth Smlth Hall was prepared for the installation of an acoustic, movable wall (to be Installed in ott 20231 whlch will allow the Spa to be divided into separate teaching space5/meeling areas. A flat roof inspection was carried out ènd reme(Ilal works, Including replaclng the entire roof to the main office, were carried out. Following a water tank leak the dining hall celllng collapsed and was made go(xJ and the entire room was redecorated. The Nursery building was redecorated intemally and externally, Including external gates. The Parent5 and Frlends Ass(Élab'on IPFA) have continued to support the School, brlnging together the community and ralslng funds for the school. The highlight of the year was the Christmas Fayre whlch raised over £8000. The PFA also ran Valentine's breakfasts, Preps and Junior DIsc05, an informal summer picnic and a senior movie night. Their pre-loved uniform sales also continue to ralse funds for the School. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The total income for the year ending 31 July 2022 amounted lo £3,847,988 (2022.. £3,929,166) a decrease of £81,178 on the prevlous year. Expenditure increased by £352,152 to £3,737,57512022.' £3,385,423). The net income before investrnent galns and losses for the year was £110,413 {2022'. E543,743). Cash and deposit at the bank has decrea by 38D/o bringing the cash in hand to £1,827,046 (2022 £2,984,287). Reserves Policy The school's total funds Stood at £7,357,680 as at 31 July 2023. £2,098,330 related to the net tKiok value of the flxed assets and £2,487,696 was tied up with Investment properties, leaving £2,771,654 as general reserves. The Governors consider that the school should aim to hold free reserves of É2,611,343 which equate to a minimum of two full temis of expenditure. This is considered to be prudent and prattlcable to cover the sks and uncertainties of operatiro as an independent eduotional establishment. The school has worked very hard to build reserves to ensure there remalns a sufficient fund to cover futtj projects and developments tt) ftjlfil the needs of the buslnes5 or comply wlth government legislation, start-up costs of new educational actbvities, and day-to-day working capital needs. The policy is therefore lo continue to malntain serveS out of annual operating surpluses to contlnue to equlp the school with the up-to-date facilities needed to malntain the standard of educational servi5 currently provlded. TFE reserves pollcy will be revlewed on an annual basls. Paje 8
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 Investment Policy Any net incoming resour5 at the end or the financlal year are Invested in an interest-earniro nk account, when considerations of working capital needs are taken Into consideration. It Is the pollcy of the Governors to review the rates on investment accounts on an on-golng basis. The Governors shall consult with charlty Investment experts to er)sure that the best rates are obtained to enable funds to grow at the rnost advantageous rate whilst taking into conslderatlon the need to safeguard the charlvs assets against undue risk. FUTURE PLANS Under the guidance of various Governors, Committees, the school alms to.. ConUnue to ensure that they discharge thelr respon5ibilitles for promong and safeguardlr¥J the welfare of puplls. Continue to develop Staff experknse throsjgh admsory vislts from educatlonal CDnsultants and attendance at courses and in-house trainings Including training and developing new staff and those undertaking new roles within the school; Continue to ensure that staff and pupil performance contlnues to be monltored and evaluated approprlatelyh includ1ng 'self-evaluatlon' and 'perfOrMan appraisal, for teaching staff and external appralsal for the Headmistress and Bursar, Contlnue to work wlth local schools, both state-funded and fee paybng; Continue to provide appropriate resources for teachbng and in partlcular ensure that the school's Ict facilities are up to date and SUPPK>rt teaching and leaming effectively; and Continue to review school faolilies to maintain a pleasant environment wlthin the school bulldlrws. Consider all options avallable with a view to relocating the Nursery closer to the maSn school. GOVERNORS, RESPONSIBILITIES 2) 3) 5) 6) 71 The governors (who are also dlrectors of Palmers Green High School Limited for the purposes of company law) re responsible for preparing the Governors, Report and the financial statements in accordance wlth appllcable law and Unlted Klngdom Accountlng Standards (Uniled Kingdom Generally Accepted Accounting Practlce). Company law requires governors to prepare financial statement5 for each financlal year, which give a true and fair view of the state of the affairs of the charitable Cofnpany and of the Incoming SOUrceS and appllcatlon of resour$, including the Income and expenditure, of the charitable company for that perlod. In preparing these rinancial statements, the governors are requlred to.. select suitable accounting pollcies and then apply them consistently; obserde the methods and principles in the Charltles SORP,. make Judgements ard estlmates that are reasonable and prudent,. stste whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the charitable company will continue in bUneSS The governors are responslble for keeping proper accounting records that dlsdose with reasonalle accuracy at any time the financial position of the charitable company and enable them to ensure that the financlal statements comply wlth the Companies Art 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the governor5 aware: Page 9
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2023 there is no relevant audit information of which the charitable company'5 auditor is unèware,. and the governors have taken all steps that they ought to have taken to make thÈmselves aware of any relevant audlt Information and to establish that the auditor is aware of that information. Auditors Moore Kingston Smith LLP have indbcated their willingness to ConnUe in office and, in accordan with section 487(21 of the Companles Att 2006, Itls proposed that they be re-appointed alltOrS for the ensulng year. Approved by the Board of Governors and slgned on their behalf by.. rsm Direc urtis Date.. Lf.11. tsb*S Page 10
Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS lor the ear ended 31 Jul 2023 Oplnlon We have audited Ihe finanual $18temenis of Palmers Green Hlgh Schod Limited I'lhe charilable company I for the year ended 31 July 2023 %thich comprise the Slalemenl of Financlal Aclivilies. the Balance Sheel, lh8 Cash Flow Slalemenl and note$ 10 Ihe financial slalemenls. induding a summary of signili¢onl accDunling poliryes. The financial rÈportiTrg Irarnework Ihal has been applied in their prÉp8r8uon Is applicable law and Unsied Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable In ihe UK a[ Republic of Irel8nd' Iuniled ngdoM Generally Actepied Accounting Pr8¢1icel. 1Tr our oplftion Ihe linancial siaieirenls.. give a true and fair view ol the stale of the ch8ri1able company's affai as ai 31 July ?023 and ol ils incomin9 resources and application of resources, including ils income and expendilLire. for the year Inen ended.. have been propeily prepared in accordar)Tr vilh Unil6d Kingdotn G8n8rally Accepted Accounting P¥actice.' arKI have been prepared in accordarite vAlh the requiremenls ol IIE CDmpanies Act 2006. Bosis for oplnlon We condlicied Qui audil in accordan Krylh Inlernaliwal siandards on Audiliny IUKI IISASIUKII atxl applicablE law. Our responsibiliiies under Ihose standards aTe lurther described in the Aiidilorfs Rasponsibililies for Ihe au¢ll of lh8 financial slalernenls sedion of our report. We afft independent of Ihe charil4ble company in accordance vAlh Ihe ethical reouireinenlts Ih81 are le¥an1 10 our audit of Ihe financial slalemenls ID Ihe UK, including the FRC'S Ethical Slandafd, we h3ve fulfilled our olher ethical resPQD51bilibes in accordance wilh these re4uiremen15. We believe Ihal th8 audit eviden we have obtained is sufficienl antf appropriate lo provldt a basiy for our oplnion. Concluslon$ relatlng to 905ng conctrrn In auditing Ihe financial slalemenls. we have condvded that the governors. use ol the going Con[n bas18 of accounling in the prtP8ralioTr ol the financial stalemÈnis is appropriate. 8ased on Ihe woik we have pertorme¢. we h8¥8 not idenlifiÈd any material unceriainlie5 laliTY lo evenls or coThJilion5 that. Individualty or collectively, may casl significant doubl on the charab companvs ability 10 conlinuÈ as a going coiicern for a penod ol al lea51 twelve months from when the finandal sl8lemenls are aulhorised for issue. Our responsibililie5 and the respOlbIllIIeS of Ihe govemors vilh spect Io going concern are (lescribed In Ihe rdevanl sections ol Ihis feport. other informatSon The olher Informg11gn comprises Ihe informallon induded In the 8nnu81 report. other Ihan Ihe f1n8nual sia18m8n15 and our audilor's report Ihereon. The governors are responsible lor the other informalion. (Xjr opinion on the financial slaletnents does nol cover Ihe olher infoirnalion and, except lo the extent olhemse explic1Y slated in our report, we do not express any lorm of assurance conclusion Ihereon. In coDDeclion wlh our audit of Ihe financial slalemenls. our responsiknlily is lo read Ihe olher inlormalion and. in doing so, consKler wheiher Ihe other information is mai&rially inconsislenl wlh Ihe fin8ncial 8laleTnenls or our know18dge obiained Iii Ihe audil or olheFwise appears lo be materially misslaled. 11 we idefibly such malerial Inconsistencies or apparèni maleiiHI tnis8ialemenls. we are reouired lo delermine whelher Ihere is a maierlal misslalemenl in Ihe financial slaleTneDl$ or a Material missl8lemenl of the other inlortn31ioD. If, based on Ihe work we have perforffled. we conclude Ihal Ihere is a maleiial misslaiemenl of Ihis olhtrr inlormalion, we a required to report that laci. Paoe11
Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS lor the ear ended 31 Jul 2023 Other infom)ation l¢ontlnuedl WÈ have noihitvj lo report In thi5 Egard. Opinlon orb Other matters pre$¢rfjbed by thÈ Companiès Att 2006 In our opinion, based on ihe work undertaken in Ilie eourse ol the audil. the InforFnalion 9ivtrn in slfalegic report and Ihe governors. annLJ81 reporf lor Ihe financial year foi which Ihe financial siaiemenls are prepared is consSsieni wilh the finan81 818ltmenls', 8nd th8 siraiÈgic report an(1 the governors, annual repori have been prepared in accordance th epplicable le9al iequiremenis. Matters which wo are requlrod to report by excepllon In the li9hl ol Ihe knowJedg2 3nd understanding of the comp8ny and ils environmeni obiained the couisÈ of the audll, we have not Identified material misslaiemen15 in the strategic Trport or the govemots, annual rtrport. We have rtolhing lo reporf in respect ol Ihe foll0vllg mallers where the Companies ArA 2006 reqtrires us lo report lo you il. in our opnion.. adequate accounting records have not been kepl, or reiurns adeouaie for our audit h8ve nol been reIVed from branches noi w511ed by u5." or the finaDaal st8lemenls are nDI in agreeme1111jb Ihe 8¢c0uiiling recgrds and returns.. or certain dis0$ues or 9overnors' remuntraiions specified bylaw are not made", or W8 have not re(*ived all the informalion and explan8kn.onts we requ1 fof our audit. Respon$lbSlltie5 of uovèrnors As explaineu MO lully in the governors. SponSIbl1111es slalemenl Sel out on pages 7 10 8, the govemors IvA)o are Hlso Ihe direclors of the chari18ble cgmpany lor the purposes ol cotllpany lawl 8re responSie for Ine prep8r)lion ol the financial sl8lemenls and lor beirp Satisfied thai they give a true and fair view. and fDf such Iniernal conirol as the governors determine Is necessary lo enable Ihe preparation ol nnancial siaiÈments that are ffe frotn maleii81 t$tatemnI, tte1her due lo fraud or error. In prepaFing the financial Slalernenl$, thè govermrs are responsible for assessing the ch8rilsble eOTnpany s abilily lo coniinue as a golng concern, disclosing, as applicable, m8llers relaled 10 golng concern and using the going concem basis of accounling uftless Ihe govemors &ilher intend lo liquidate Ihe chsrilable CDmp3ny or lo ase operations. or have no realistic allemalive bul lo do 50. Audltor's rèÈponslbllltlos for the audlt of tho flnancial staterneTrls IcontlnU9dl Our obieclives are lo obtain reason8blÈ assurance aboul v¢heiher the financial s181emenls as le are Irèe frDm malerial misslaiemeni. whelhtrr due lo Ifavd or error, and lo issue an avdilor's porf th81 Includes our opinion. Reasonable assuran is a high level of assviance, bul is noi a guarantee th81 an audii conducted in accordance wilh ISAS IUKI will always deieci a ffla16rlal misslalemeni when Il exisis. Missl8temenls can arise Irom fraud or errol and arÈ considered maierial Il, individually or in aggregate, they could reasonably be expecled lo influence the pcongmlc decisions ol u$er5 taken on the basis of Ihe5e financial sl4lemeni5. Psge12
Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS lor the ear ended 31 Jul 2023 Auditor's responsibilities ltsr the audit of the fln3n¢i#l statemfjnts Icontinuedl Irregularities. includin9 fraud, are instan¢Ès of non-compliance with law8 and regulations. We d£sign procedures in line with our responsibilities, oulined above, to del&ct material misslalements in respect of Irregularilies, inGluding fraud. The exltrnl lo which our procedures are capable of electing irregularities, including fraud is delai18d below. Explanation as to whal Èxtent the audlt wa5 consldered Gapablè of dgtettlng irregularlties, including fraud The objeckn-ves of our audil in respect of fraud, a.. lo identify and assess the risk5 of material misstalemenl of Ihe financial slalemenls due io fraud,. to obtain sufficient appropriate audit evic5ence regarding the assessed risks of material misslatemeni due lo fraud. through designin9 and implementing appropriate r&spon5e$ to those assessed risks.. and to r8spond appropriately lo ins18nces ol fraud or suspected fraud identified during IhÈ audit. However, the primary responsibilily lor the prevention and detection of fraud rests with both rnanagement and those charged with gov&rnan of the charitable ¢ompany. Our appr08ch wa5 as follows.. We oblained an unclerslanding of the legal and regulaiory requirements appliGabl8 to the charitable cornpany arid considered Ihal Ihe rnosl signifi¢ant are the Companies Acl 2(6. the Charities Acl 2011. th8 Charity SORP, and UK financial reporting $12ndards as issued by We obtained an understanding of how th8 charitable cornpany cornplies with these requiremenls by discussion5 with m8nagemenl and Ihose ¢harged with governante. We assessed the risk of material misslalemenl of the finanGial slalements, including Ihe risk of material mis8lalemeni due lo fraud and how it might Occur. by holding discussions with managemenl 2nd those charg8d wilh gov8rn8nce. We Inquired of management those charged with governance a5 to any known instances of noD-¢ompliance or Suspected non-compliance with laws and regulations. Ba8&d on this understanding. we designed specific appropriate audil procedure8 lo identify instances of non-compliance with law5 and r8gulalion$. Thi5 included making enquines of management and those Gharged with governance and obtaining additional corroboraiive evidenc8 as required. As part of an audit in ac¢ordance wllh ISAS IUKI we exefc15e professional judgement and maintain professional 8c8pIIci5tn throughout the audit. We also.. IdÈntily and assess the risks of material misstatement of the financial s181em&nls, whether dve to fraud or Érror. design and perform audil procedures responsive lo Ihgse risk5, and obioin audit evidenc& that Is sufficient and appropiiate to provide a basis for our opinion. The iisk of nol detecting a material misstatement resulting from fraud 18 higher Ihan for one re5ulling from erioi. as fraud may involve collusion. forgery. intentional omissions. misrepresenlalion5. or the override of internal control. Oblain an understandifig ol internal control relevant to th8 audit in ord8r lo design audit procedures Ihal are appropriate in the circurnslances, bul not for Ihe purposes of expressing an opinion on the 8ffeclivÈness of the charitable company'5 Internal control, Ev8lu8le the apprtrprial8n855 of 2ccounling policies used the reasonableness of aGGounling eslimales and related disclosures made by the governors. Page 13
Palmers Green High School Limited INDEPENDENT AUOITORS REPORT ON THE FINANCIAL STATEMENTS lor the ear ended 31 Jul 2023 Explanatlon as to what ext•nt tho audlt wa8 eon¥lderèd capable of detecting Srrègularltf8s. In¢ludlng fvaud leontinuodl Condude on the approprialeness of Ihe governois, use of Ihe yoing Con1 basis or accounling and, based on the audit evenCe ob13ined. bthelher a material nrtaInty Èxisls relad lo ewenis or condilion5 thai rriay ca$1 *gnifiunl doubl on Ihp charitable company's ability lo continue as a going concern. 11 we conclude that a materi41 uncertainly exists. we are required lo draw allpnlion In oui auditor'8 repori lo the relaled disclosure$ in the financial Slalemenls or. il such disdosure$ are in3dequale, lo modify our opinion. Our coDdv$ion5 are based on Ihe audii ewdence obiained up to the dale ol our audilor's iepori. Howev8r. future events or coDdilions rnay causè the charitable company to c8a5e lo conlinue as a goilly oncern. Evaluated the overall preseniaiiDn. slruclure and cnnlenl of the financial stsietnÈrfs. includiny the disclo$ure5. and whelher the lin4ncial 51alemenis represenl the vndeflwny Ir8n88dions and evenls in a manner th81 achieves fair preseniation. We communic31e wllh those tharged wlh governance regarding, 8DTrong Dlher maller5. the pl3nned scope and liming ol IhÈ audit 8nrJ significant audit findings, Indudin9 any 5ignificanl deficiencies in internal control Ihai we identify during (Mjraudil. Uso of our rfrport This reporf is made 8olely lo the charitable company's meMrs. a body. in 8CeQtdance th Chapter 3 of Parf 16 of Ihe CDtnpanies Aci 2006. Our audit wotk has been undertaken so thai we might $lale lo the cOtnpanS members those maiieis we are iequired lo sials lo them in an au(lilor's report and for other purpose. To the ful$1 exlenl permilled by law, we do nol actepl or assume responsibilily lo any parly Olher Ih8n the chaTilable tyjmpany 8nd chaniable company's membèrs as a body. fgr our audit work. for this report, or for the oplniorK% we have fonned. Shlvanl Kothari Isenlor Statutory Audltorl lor and on behalf of Moore Kingslon Smilh LLP. Slalulory ALKJilor Dale.. Page 14
Palmers Green High School Limited STATEMENT OF FINANCIAL ACTIVITIES (including tho Income and ?xp&ndlture $iaièrngnti rended 31 Jul 2023 UNeytricled I D¢SDaled fund$ R8St[Ed lu¥ Tgtal 2023 To 20Z2 INCOME fee5 Olhei illGthItr In¢Orne Irom inve$imgtil$ 3,876.627 3,¢76,62Y 3.76S,4d1 Su&leibn9S InvStM8nllncome OtherlDcoM• 38.227 17.596 J6,?27 17,698 32.591 5.018 3.929,%86 Total Iiic¢me 3.847,98 3,847.988 EXPÉNDITURE Raising luthls loiei¢st and othei cosis 16.494 S,D43 16,494 6.043 .$73 Schoals oranthwkkng 3,715.038 3.716.038 3,3S9.214 Total •xp•ndlluie 3.737.575 J 7J7.576 3.385.423 opBratlno Incom1+XpeTrdl1Ur?7 545.743 Olh•r¥o¢0gDlsg gal#4 a{1 los¥• Realiwj and urtrealised IbBSllgain Ve5&t& 4.J46 4,346 67,244 Nel Incom#ll•xpnOl¢Ul 114.759 114.75$ 610.987 Tr8n$f*r beivieen lund¥ NeimDvqmBnt In funds 114.759 114.759 810.987 Toial luDds broughtluward 7,242.921 7,242,921 S,631.9J4 Totsl funds C&lli•d forwwd 7,357,6 7,367 680 7.242.921 All amurtls denve 110m activibes. Thech&iitailp Company has no i¢e¢8Dised othEI than ih• net c01 loi Ih¢yeai. Tne axompanying nDtes lotm patiol ihese IIDanci51 Ime1S. Page 15
Palmers Green High School Limited BALANCE SHEET Noles 2023 2022 pixeD ASSETS 2.09B,J30 J,82B,964 2.t2V,OOB 3.001,092 CURRENT ASSETS DetylOIS Cg$h ai bank and .927,294 14 66,143 1,B27,046 56,857 2.$B4.4B7 REDITORS". Arnountslelling dt withm<Jne year 1462,8tTr31 NeT CURRENT ASSÈf8 1.430,J86 TOTAL ASSETS LESS CURREtITLIA81LITies 7J67,680 7.242.921 ET A8SETS 7.3S1,68Q 7.242,921 FUNDS Unr8&Irted lund D8$4Th8t+d R4VaIufjtn 1*3etV8 10 5,072.1S2 2,098.JJO 4.926,715 2.129.008 7,J67.68 Apmed and lor issue by Iht Btraid olGoveffloTSOn........-..................................... and $wed On trhRlby. Mi$ ¢uttis Ch1 of Ihe pos gf Govetnors rhe a¢tOMpany1g notEsform part $lelpmpnts. Conwany Number. 0537727 Page 16
Palmers Green High School Limited CASHFLOW STATEMENT ar 31 Jul 2023 CASH FLOW STATEklEMT 2023 2022 Net ¢osh Infiawfrom oporalkng activ*ies 6e8.e46 ¢45h nowy ITOM InveSq aEtl¥1il'. iY.Sg8 DldndS TecEEVEd Initrest ¢lem&nt (IlinattC# lease ranta paymenls Pioceeds Iiom sale of InveShrenLs ioaGwke Iixfjd 38sels 16.0431 6.576 IB40,338} tcagtt tyJMuw liom investino a¢VNi8• ¢35hltrN Icom new borrowings Nei cashouthowliom expenthiure lrtrea5elldecreayel h ¢o8h B52,525 C85h and ¢osh 8qulvaleniS ai tha be4innin9olthe 18POrting p@riod 2,998,188 6S3 Cash anocash eqValentS at th¢ nd the IEPOrfing 2.998.18B Cash cash pquiva1Ent9'. 1.027,04S 3.466 2.984,487 C3sh hdd as ol InvesimEnl P01k? 1,B30,S11 2.998.18B Page 17
Palmers Green High School Limited ACCOUNTING POLICIES IDI the 2023 ACCOUNTING POLICIES Palmers Grean School LiNm1 is B Iwniled ty Wilh rÈgis18red Thrnber 05)7727. Irrforptsraled and domlclgd In En¥and and Wales. lis q9isiwea OllKe rs PFlmer$ Gregn Hvjh sth. 104 HDppers Road. Winchmore H1, LonthD, N21 3LJ. 1.1 ACCOUNTING COPIVENTION The finawal slatemeotG b88n prepared In a¢cordnc@ with the Finan¢inl RewrtirwJ Stand#fd appll¢abl& fft Ihg UK and Retybi ol lrfafid IFRS 102). Yh CharitaNe ¢ompBny 15 a public bErtefil lilY Ir thE purpD$è$ Of FRS 102 and Ih&rofoiE the Charlly 4so pr8pared its fillan¢ial statemnts in accordance with Ihe Stgt¢niniol RecommEDdEd PraciKe ID chariliFS pfepAnng Ih&ir é¢COuAIs In a¢cord8nce Wflh the Financ1 RèpDttsng sIAndard applic8e in the UK and of Ird&nd (Tha FRS 102 Chaiiiies SORPI. Iho COMpanSACt 20 and the Ch6rities Aci 2011. Th@ Iin3n¢isI $tat8ments wepgred in Sleiling. whkh is Ihe lufflctbTr81 cutreDcy of the cowp8ny. Monelary &mounl$ In these rinancl $latam8nt6 ne&iest pound. The I¢181 StrdtEmefflt¥ htve bEEn piopared On hisicita toÉt eMv¢nn, modrfipd by th$ iecounition d cerfain inve$tmèntS, inV¢gtments vopBes, a finanual 1$5els and Iiat¥lities ffle9$ured 8t lairv?luÈ. The principal a¢¢ounl1ry poli¢aaTe 61 ¢ut below. 1.2 GOING ¢ONCERN The govemors ttave asséssed whether the Use ol the g¢ing eoncÉrn ba$1$ is apPIl1e and have collwd¢Fed possiblg even13 LY conditlons thai might c4$1 gnilicaht doubl on ils Ability to niinUe 53 a ping CDncern. The budoetw and ltsrecastsng i¢wpwed tyy the goveinois hag consideied lh8 0090in9 Impa¢1 ol the current ratè ol inflation and ¢[easeS Ihe cost liVIDg. The pupil nunibe(3 been sta howèver we accept Ihere is 51111 un¢ert#inly around [U[@ pupil numbprs. Callsldwxiion has bagn glven to Ihg value OT the inv#Jl(nenls held on the bEJaKe She6t and the gtsv6ffl01$ believe lhe 15 no tall0 Ih8T8 hAs bB8n permanent than9B Oll Ihe iThvestm6nt vèlueg ss 8 1gSvll DI the CrreI ecOrnI¢ SituÈtion Arr making gPPltsPllate ¢nquKies lh• 9trvems wneluded that IhF chafilEble cowpany tell1S Tingn¢iaNy viato In the IDng irm and will h4ve ddequale r¢souiCEs lo fjet115 on9Ding Ii&knl11185 as thpy due lur Ihg peiiod al l@a$1 t2 rnonih Irorn the dale ol bpprova ol the accouTr15. On that b8$i$ the gOVWnOI$ that thechariiabie company is a going ¢Onrem Cvnlinug$ 10 adupl I.) FEes AND SIMILAR IM¢OME Fe8$ le¢Erwae an¢ chstyes for BèNIces and us8 ¢1 pTatNS8$ are PLcounled l¢r in the prtitr in which the Se[v 5$ plrydad. Fe8B leu1vob are staled aftBr dÈducting allowAnce4 holarshS atFd Qlher remls8lon$ grantèd by Ihe $¢knlfrom 119 unreslncted funds. 1.4 OONATION3 AND GRANTS DOnatnS recewed lor th2 98Trerèl wipos8s of th& school are hcluded a$ UnreslTiclod funds. Donati¢n$ res1tted by of th• donDr OT Ihe ieFmS ol an appeEI Ale rd$trKted fundB. Iiorn g¢v¢Tnment or OihBr giant¥ IS recagnised when Iho ¢hAiily has 8Dlllemeni to the fu$. any petfoFmance c¢n¥iti¢pTrs aiiached tts th2 9r?ni have beEll nwi. M Is probabh) Ihe In¢om6wdl bè received the armuni ba m8asvred. 1.5 EXPENDITVRE Expendrturw 1$ aGtrunted lor Qn an accwal$ basis recogni$8d wh9n ther8 is 9 ¢onsbuctive or l&Jd owigaiion io pay loi expgndrtuts. ¢8ngth 8xpendiltsre apportlmed to cost ¢oiegories bg¥ed on ihe esiKnated aitribu1até to Ihst acbvrty thB year. The8B eslimsies are b3rt on I1 Or on rea 9$ aPPTopnate. Goveiogn¢è ¢08ts COM)B the of lh& TNs1. in¢kFd#io itFat89 pnn19 f<K lis futh d8¥dwmEnl. •xiem814udit. and all oth¢r eosls ol Compiw wllh tDnsbtv1el ènd ststury rÈouw8Ments. 1.6 FIXED ASSETS Tan01 fixeda$6ets are i11¥ mèèguted at co$1 and subs¢guÈnVy m•aswl al cosl ¢r vÈIualn, nei oldEP18t1orn and any Itrnntl0S5Q5. Depreci£liaffl is wowded the ortginpj tost 01911 tsfiuibla fixed b&sel$. al rbts$ CE4¢ulaitd IDwrile ott cosk hs$ èstynated r£#u81 value of ¢a¢h asset wer 11$ expecivd uSelullilea$.' Fr6@hd buAdin9S Freehll imwovgments Furnilureand eojipment Conuler 8qUipment olorvehicles f.7 INVESTMENT PROPERTIÈS Investmént pioperty, whh 1$ w¢porty ID E&m reniats Bndlor lor ¢¥ltal apweciation. u8iDg the fair Ve rnathl and stat8d at Its as Ihe ieporNng efid daté. The [plS or dgh¢itQTr T8VeIuall Is retty2ned in reseTV8S. 1.1 INVESTMENTS Listéd invosimBllts are included Ihe 8¢rDuTrls ai iheK wkei VBknE. lTrvastmènl prapgth&9 h8v9 been revjlued to iheir deend Maiket valuo baged a piole$510nal valuation by a govemor DF $¢hool. 1.9 CASH AND CASH EQUIVALENTS Cash and cash $iuNal¢Jnt¥ cash In hènd. deposiis held at cal wlth b5nks, othersterrn INuits InVesents withoirfginl m8iuriiks ol thi¢e tmnths Orless. barth ovpidrafls. Bank overdrafls are shown Wllhih bDrrowiTrgs incurr8nl118bilitles. 1.10 FINANCIAL INSTRUMENTS The compew hs to apply ihg p¥105 ol Se¢Uon 11 '8asK Fillandal In$trumenLs' Sectlon 12'01hJr Fiiancial Insifuments I$w&s' of FRS 102 all l linanck41 2% p¢r annum IO% pèr ènnum 33.33% peranrum Finan¢ig1 inetruments &it recoanised In ihe charit3tsk Corn1& bAlsn eheet when the ch&rilabh Cornpany becomè$ party to the tradUal pl0vlan8 ol the InsmeI. aScFlAN¢1AL ASSETS Easiclinantpal ass8ts. which Irède an¢ other recer•8bles an¢J cash 4nd bnk balances. are initlally megsurtd at liansacin prire induthng tr8n$sctson eo¥tS and are subs4u¢nltycaTried at AmDtbsed ¢o¥i using Ihe tffeclivelntertst melhod Un$¥th8 arranyèm8nl ¢M8titules A finan9 trSElln. where lh8 tr)n$aCIr IS m8asvred Ét lh& present valu801 Ihe I[e r8¢thpt6 ¢Jiscounled èi a mBTk•t iote of 18[051. Paoe 18
Palmers Green High School Limited ACCOUNTING POLICIE8 foT afended 31 Jul 2022 OTHERFINANCIALASSETS Olharlin8lltid asseis, InduditwJ InveStmèn15 In 9quity instruments W¢ are nol subslrieS. a$soriates orlt v¢niure$. 4re rtIallY meosured at fair vslue. whlth n41mally tignsaclknn piKe. Such assets are Subsequenly urried 2t la and the chEllgÈ$ In lair vglue afB iecognisad In prohi loss, exc@pl thal v&stmEnts è4UilY SInjrnns that are noi publicjy Iraded and whDSv lairvaluescatml be mo$urfft1 re115bty are mga$ur8d at C051 IPSS Impairmallt. Trade ttebtois. lo?n$ and olhEf fei8ivaWs that have Ilxwj or d¢18ruate paYts tyhat at8 quoiea In an aciivè mathei are 83Sled as 'l¢an5 and iecelv3ble$'. loans and recpwables ale rnea3ured at AmortKed cost usw)O th¢ ¢llectiva Inlere%t meihod, 18S8 any 1Thaei. Inieresi is rewgDised by p¥INg Ihe eNeclNe Inieresi 1&19, lor short-l¢fm réceivaL4es when thè T8counitson ol inteie51 wodd be imm&ieiial. The effertr kiieiest fflEd 15 a m¢thod of calculstlw omonised CDSI ol A a$bl IDsLwmeni of allocalitwJ the Inieresi Income over ihE YB¥an Peri. The eNt¢iN8 iere¥t iew is ijte that exadly div e1d Iviurg cash rece& Ihrough th8 expEcied Ile ol tho debl Ins1MEi to tho n¢t Car# am¢unl on inlt181 IAIPAIRMENTOFFIN1C1AL ASSETS FIn9nc assels. ¢th¢f Ihan thos8 tteld at thrauuh piDfit and kn55. alfr 8SSE3yed l<K indi¢ators of Inipaimiont 914¥h reputtinp data. Financial as5els impaired whe1 ther 1$ obiBclive eviden¢¢ Ihgl, 85 a resdt of ¢ne oi mor8 events that OCCUlf8d afiei Ih? Irdtial iécounilno1lhefina0rlol a$s81, Ihe eslimalEd re ¢èsh have bpen art¢¢lod. The impaiim¢nt1¢$5 {aCUgThl$ed in ¢xpEndiiur£. BASIC FINANCI LIABIUTIES B8$ic flMn¢41 bbl8s. I[KIj1 trad8 and alhei pèy2t4tt and bank baTr8. arts hrtialy recoDni$Èd di tran3&ctTh prke unle$$ arrampenI nbluteS 8 lIDan iransaclTh, whefe ih8 dEbt Instrument IS m•awFert at preyeni v41ue ollhelutUT¢ paymgnls diScontOd ai a matket iatB ollnter8sl. Dèbt gubsÈqUenlly carfj¢d at a15ed cost. Ihe effeciive lThwe51 rate uld. Ac¢ovnl paYate5 ale 0trAlg)Iil io pay for goody or $8tyTh8 hev b88n acquired in the ordinary cwrse of bu$lnBSS Irom suppllvs. ACut$ poyqN8 are assi as cuiient Itllbililies I paymeni li du8 within onè yearorlèss. not. Ihey are pi8sEnlBd as n4n-OJireni IKgblilE3 Trad• payse3 ai¢ wwi$gd Iniii3lly ai ce and $ubsequenfjy measurÈd ai niSed cost USinS thÈetfe¢iivp InieTest tnethod. 1.11 TAXE5 under StIon 505 01 Incotne and CorporaiiDnTaxègA¢t 1988lhg co5Y IS exeMplfTomirtthn kxek Full acc¢Junt 1$ lak¢n of CTEdts alWhll to cove8 aThd di68 1.12 FUNOS HELD BY THE SCHOOL ARE EITHER.. The$9 ?re luThdÉ whh tan De accordaTr¢e wrth the Ch?rilaeQbJects at Go¥8rnoTS. Deggnated Fund5'. These 3re fUlS set a5iOe by the GovemDrs outol un¢siriued gener fut5 for specifi£ luture purwses or projetts. Restrkled Fu5.. Th$ èTe funds heid fOr5peof puwose5 a5 SplfiEd by the donor, 1.13 OPERATrNG LEASES ReTrials VnderopErètp leasesaFg thaiged on a Sty?A9hl1e bB3is Over the1e8sB taink 1.14 PENSIONS The $Chod con1n@S to thè TeA¢h9rs' Seheme, a d¢fined bEnelil s¢hem8. The lunds art hd independendy ol IhB S¢hoo1'$ luDds. The atcoun¥ng lundkng and accounts payable are charged 10 dired chariiaL4e UxnlIr¥ so as to ypi?a4 cost Ihe over ihe eMoyeeS. wOt INeg wilh Ihe 5choDI. ThB #ch(d Also make conlribuins kn Ihfy peTwnèl pènsion $¢heMeslDrnon toaching staff. 1.15 JUDGEMENTS AND KEY SOURCES OF ESTIMAnOtI UNCERTAINTY In IhE ap&110 of IhE chaiiiabl¢ compary's SC¢Ovnng thp govemois ale requi io ma¥@ judgements. e¥llmates Et¥J a$$umpiions 8bDUt th¢ Ggrrying IMunl ol B55ets and IIAbiliiip8 that noi rathly appaieni Ittsm QlhoT 8ourcEs. The esiwnales and ES8DCi8itd as$uWiotbs are b8¥9¢ on hi5t4fi¢ol exp9nence and Other1[8 tho1 are 1$t¢d 1¢ r81evant. Actual iesulL% fflay diNer l¢om lhe¢S1mEte5. Th6 &sUmates und8rfyin9 assumptions ar8 revi8wed on an ongtyn9 basis. Rpwslon$ io xcountw estimat4$ ar8 fecoJnis¢d ln lh8 periud in wblch the @stimaie 1$ T4Vised where ihB revi5ti) èfféciB 0[Y thal peiiod, or ln Ihe ped olthe i•vlsh?n fulure wftods wheTe the I$VI6IOD allt8 bolh ¢urigllt fuiure peilods. 1.18 CRITICAL JUOGEMENTS Tha lolowing judgem9(part fr<Jm thtsse InVOng eBbmate51 have had lh& $ionrt1l effecl on amaunts rewnised in thè findn¢i ststefflenis. The SchDoI iise$ a ré1evani IDcal Ind8x pUb%hEd on RknIa¥e.CO lik to esiablish the IEir vÈlue ¢f Il¥ InvestfflEnt wopertiey since lh¢ prop8tb8s wèie Independnlly vgluBd In 2017. ThÉ valualiun 15 b&sed upon the key aS5iimPliODS esliffl£led rontal valvBS m&rkei bas8d yi810$. In deteiThynin9 fa we ake ielerènG$ ttr mathol avidence ie¢eni iTansaction prices lor sIMar Propert5. The 3chDd mokt$ an estimale ol the r¢¢ov8r9e valu$ ol tradg and 0rdeois. Wh8n impairnwnl of trade and QlheiéebtDts. managemeDicon$id$lS lacior5 Including Ihe Cuirtnt crgdit raUn9Qt Ihe deb[, th@a9Bln4 pr4lile ol J&blsal hiStorKal eXPQ[nCe. See noi¢ 14 191 ihB nEt carrying aMaL doblors nd assacle0 Impairm¥nlprovis10n. The annual dEweclalion ch419¢ lor PlDPErty. gno equipmni15 sensitive to ch$n9È5 In Ihe asbmaled useld e¢onDmiclivE5 ènd ie5idvd VE13 of th¢ a$seis. The u3eful ¢¢OnOm lives and re$iduEI volu8s are ie-S99e6$gd gnnually and ale based an thE di(ecio¢E' be$1 esiimalE. TY are afflended wTh ne¢essary tts IEfl¢t ¢JYrent Esbmatets. based on advan¢gN8Thl, future InVesTrIs, 8canoThMe Uilisatson and the physicd c¢ndFtioTr of the es$eb. Seg nat8 12 lortho ¢arryillg 5tnDuni ¢1 tht prop8tty. antand eqUIpnTht and ) l¢1 lh8 us8ul econDmKlwes each cl5 oIASS•I. Pape 19
Palmers Green High School Limited NOTE5 TO THE FINANCIAL 8TATÉMENT8 ItK the Far8nded 31 j1 2023 FEE IWCOME The SGhoDfs Incomp compimed.. 21123 2022 Sro$$fe¢s Less.. #t0t 3,7BI.882 3.5.460 3 676 6Z7 3 765.441 J OMII EDUCATIONAL INCOME 102J 2022 Exllas and dkSbuTht 9S.624 9,600 1,400 5.894 109,218 5,770 2,052 2.250 Olh8r 112618 OTHER TRADING INCOME 2023 20?2 RentAnd Wliig J6,227 32.591 Include4 wlihin abDve1$4n aMntO1£1l22?.' £11*h rdat¢$ i¢ re$iithd in¢om&. INVESTMENTINCOME 2023 2023 lrtar8$1 rA¥ed IndudedN•illMn Iho abo an awount4ltnil 12022.. Enll which Ite3 lo r8strKied invJm8. DOWITION5 AND GRANTS 2023 2022 Dtsnabons and 9rf15 S,018 10 743 IncknJ8dwllhin thè 4bDV8 1$ 8n amovntof £nlll2022." £DqI whKh IELyies 10 ie5tdtled Orne. Page 20
Palmers Green High School Limited NOTES TO TPIE FINANC1AL STATEMENTS EXPENDITURE lal Costs Ra151n4 Funds Stsff costs In¢te Bi Olh•r Dapreciailon 2023 Flnarn¢g cosls vestmeni MaMgarnDntFea$ 6.043 16.494 8.043 16,494 Total Cost5 ofRa161np Fund• CharRabl• èxpon<lluFe 22,$J7 22,537 Total 20 Sta co¥t$ CXhEi Oewecialian Téachln9 w[arE PmIS afid E¥t4ie& 309,313 61.269 220.069 ie3,270 2.827,144 68,769 J25.778 47J,35J 19,994 7.500 105,709 Governance t9.994 2.749,588 782,180 ?e3,27 J.716,QJB Total Expendqd 2 749 588 804 717 3 737 576 Induded withln thecharitsbk expndituié Is an amunt of £nil 12022 tnill relaung lo le¥Id p•tture. Costs of Ralxlng Funds staff cost$ Olhar Depreciation 2022 Finantyng cos 1nvBStmenl M7Ala9emeni Fees 8,573 17,636 8.$7J 17.636 Total Costs DfRallng Fund$ 28,209 26,209 Ch¥ritabh xpodltvr8 Stsff co$ts Oihei 2022 TeaBhino Wellaie Prenys¢$and Eststes AdnilgtratloTr 2.224.633 29B.441 47.622 18.5S4 2.541.628 47,622 353.079 393.189 104.751 242.644 150,544 GoYefflan¢e 22.897 23.697 Total Charitable Expèndllur 2,572. 651.220 1J5.%5 3.359.214 Total ExpeDdgd 2 572 028 877 429 3 385.423 Ibl Othèr GovornJnc• Cast$ Incliide.. 2023 2022 Audrtors, Ièmneratn 16,950 16.200 - tsverl lundeil p¥1 Irom FlOuS yOaF AccuuTrlEn¢Y Fees - Other Audiiors reMUneraOn 2,68B 2,460 2Q2J 2022 SalanES at1 In$urAnc8 Pension Costs 262,473 203,791 17,584 14.989 559 2Q.695 15.400 295 S19( UnrfoiEn P051age and s181ery Teleph¢nèg ruliscdlaneouS-Admini¥li?tion 8ad debts Legal Piafe55ional Fe&5 Other A4nMDisiraiion ¢osls 14.9V6 6.201 6,297 49,168 85.870 8S.285 473,353 393.1B7 P39e21
Palmers Green High School Limited NOTES TO THE FINANCIAL STATÉMENTS lor the Fai 6nded 31 Ju 2023 5TAFP COSTS 2023 3022 and solari$$ R9dvnoAntyand seitlemrtcosts Soci séwiiy Costs Othei pension ¢ost 2,1J6.478 7,500 216.3£0 389,2SO 1,9.811 202,740 378.477 2 749 SBe 2 572 028 ThE Bver4go numbei DI empknye•sdufih9 they8arwa$ È$ lol(ws' 2D2J N¢. 54 2022 No. 52 Toachini SuppDrt 62 65 Th8 numb8rol $MD¥ee5 wh06e emUmBlS anted loov•r £60.000 in th¢ yeatwas asfollows 202J 2022 £60,OW- £70.000 £eo.001-E90.WO Pension Contribu1$ lorthÈ yfraf aM¢unlqd toE15.25$12022 E28.74$1 lor IhB ab enwknyo&. VERNORS REMUNERAfioM AND 8ENEFITS There werE nD G¢vtmors' remunerat other benelils toi th&y•ar enoed 31 )Y 2023 (larth+ye[QTh1Q 31 ju 2022. To thè yeai etslÈd 31 JY 2023 £nil12022". tnll (l ex$$&e io Gov8Fnors. Key managennt person1 In¢lud$ the Govgnor&And th8 s¢niOfexecutives whh are made up uf lh8 Phad. Deputy Head artd the Bur8Èr. Tho lo1 Y bertelits eWed by key manag8m801 Perstsnnd £226.047 12022" t287.1351. 11J PENSIQNS ThE S¢hwl pa1p&16S In the Tp&thers' Pension Schem l-thÈ TPS-I its teacthng 511. penSn Charge for Ihè yfar Indudo$ contribu08 Its thE TPS of £J69,71112022 t356,1221 and at the yèar £40,25012022". t40.2411 WAS accrued in resppclol ¢oniributlOnS W this Ychétre. The TPS an empyE[d@Tin8d benohls PgWiOp) geherne goveined by TeatheTS' ponsn ReUatN$ 2010 la$ èmended) and The Tea¢hers' SchEmE 2014 las ?mendÈdl Con1T1¢ on 8'p8yas you gD"b8sis wlth ¢ontrthlion$fiom m8mber$ the b•iw ciediled to Ihe Exchoguer Relemen1 and trtheT pension )ènelrts ar& by lund$ PTovhled by Pailiameni. The cllnlriby1ioTh is set by th$ Sectotaryof Slate I10J1np s¢heme valua15 undErten by Ihe GoverntnanlA¢iuayB Oepartmenl. most TEc4nl uaiKryI valuatlon ol the TPS prEpar8d as ai 31 2016 and th Valublion Rtport. whKh wa$ PUE4i5hed In Mirch 2D19. ¢tsnrirm80 Ihat the empknyeT conlribulion 14te for th¢ TPS would ¢re0$e from 16.4% 10 23.6% from i Sewembei 2019. Émployeis &Te also le9ed io pay a sch8mo èdmini$lratrOn levy ol 0.08% 9ivIDg a totsl em0Ye¢MlrlbulI0ffl late ol 23 68%. Th8 J1 March 2016 Valua1)n Rqportvia6 maied in auofdAn¢e wllh the bsrt¢ffts seloth th8s¢h•me reOnSarnd the 9p£tfd lha The spOrt siall are rngrnbefis ¢1 a $tak8hrldw $Chen is ll d¢fin*d schemB. Th8 char99 Its ye8r illGkvJu conthblitn5 pay¥ble to * $thEOf19.5JS (31 Jdy 2022.. £22.355). Page 22
Palmers Green High School Limited 14OTES TO THE FINANCIAL STATEMENTS forthe eai @Trd 31 2023 11 NET INCOME FOR THE YEAR 2023 2022 Nét income statBd aftei chaigin9-. Dépiacialion of lang1& assets 183.270 135.966 12 TANGIBLE FIXED ASSETS FreehL4d Ptothy FY£¢htt Inwrtwgmènts EqUIpTrt Equipm8nt vÈhlc5 Totsi CD3t Al l August 2022 Addilions 3.429.046 8S2,010 69.301 414,292 2.759 264.607 80.532 35,842 &OQ$,797 152.592 At 31 July 2023 3,429,046 417,051 35.e42 5.168.J69 09pr8c1Btll" At 1 AUSt222 Ch8r9ofor yv81 1,463.608 6U.s80 776.2 88.201 379.605 4.805 221.528 23.884 35.842 2,H76,78$ 183.270 Al31 JY 2022 862,407 3.210 35.842 3.060,IJS9 Ngibook value.. Al 31 J¥ 202Y 189685 99 727 2 094 330 AI I Au9USI 2022 f.96S.430 85.804 J4.687 43.079 2,129,008 IJ INvesTMENT8 Ivesimerns Propfjrty 2D2J 2022 VglvaonAI 1 Au9USt 2022 1.353.734 1.647,358 J.OQ1.092 2.951,483 Addiliuns B40.338 840,J38 8PQ531$ 16,5761 Unle¢1 ga1([055) on ivostMonls IDecTease)finciease in cash 4.?02 4,302 67.517 2.4B7 696 3 B28 964 3W1092 UK $llty InierThalKJnal equity Bond5 Popedy Cash 1.337.e03 1.337,803 2.487,S98 3,465 7.340.$ 1,647.358 2.487.696 34$5 1 341.268 2487 696 J e26 964 3.001.002 Inve5trnBnt5 IFPle8¢ntlnp more Ihèn 5% o[ho.. 2023 unis N¢w C$pit41 GLB Alph) FD X Acc GBP 1.337,8 HBioiical cosl PPertY Olhei inveslmenis 2Q2J 1.337.803 2.071.526 Invesimeni piopeiiy has not been Tormal rtvakngd since Ihe ybar ended 31 July 2017 and thpvalu8tl¢n for Ihe year onded 31 July 20Z3 bè5ed on the Direc19. esiiWlert¥aluo by re(oronla r8bvanl bcal w0perty1eX pulsheon RlthtmW.CQ.Iik sinco th¢ dat¢ d pvrthse orlhe mBire¢eni th paty valvallQn. Paoe 23
Palmers Green High School Limited NOTES YO THE FINANCIAL STATEMENTS fof th9 o4r endeQ 31 Ju 2023 14 DEBTORS 2023 2022 FeèsAnd èxtras Lass proyi$ion lordoublt dÈbts Otherdebtors PrepaYts and g¢cwed 32.J89 41.897 2.607 1.020 20796 16 CREDITORS Amunts laUinGduBwilhin ono y•ai.' 2023 2022 Loans Trède CTedilors Taxalon and Sotsal $ecurity cost8 OBposi F89$ In advan¢¢ OUIBrcr8diwrÉ Ac¢iuals soo,000 30,737 $0.266 210.2$0 3Q.067 92.514 JJ.812 62,490 210,2SO 39,741 96.424 928,52J The EFa bank loan of EDq 12022.. £SQD,OODI was swied agAinsi nortI Inv¢8tmènis Within 13. Inle1 was al 1% Dver SONIA was repak% In ILllduiing the 2022123fkiantial year. Def8ttBd income. 2023 2022 Broi1 loiwAids Rel¢asEd in ye5r Rec9h0 In year 30,067 42,368 39,741 30.7 ¢Brit forwards 30.067 DerTed inc<>rng relate$ teBS r8c8ived kn8d¥anc&fLYth8 ft4kndingt¢mi. Page ?4
Palmers Green High School Limited NCITES TO THE FINANCIAL STATEMENTS 2023 16 STATEMENT OF FUNDS At l Augu$l2022 A131 JJty2U23 Expenthiwe Funds UnTQ$trKied fuTrds'. General Ie 4,926,715 3,847.988 4.348 S,072.1$2 (hslgn8tÈd lund De51gnaed ass8t fund 2,129.008 152.592 2.098.350 Totalde$TrAied 2.129.008 11VJ.2701 152.592 2.09e.3ts0 Reva1uatilln r458rv Totallvnds 7.242.921 3.847.98U 4,346 7.3$7.680 At 1 August 2021 Transfer Galn¥l Al 31 Juty 2022 In¢omg Expgndfture Fund9 ¢r?I rgsefve 4.401.647 3.929,164 13.249.456) 4.926.715 D$S£ted Iwhd DEsvJnalert aswfvnd 2.219.$93 I135.6) 45.381 2.129.008 Tot81 desKJnaied 2,219.$93 1135,9651 45.3B1 2.129,00 REV21ualionre5erye 14.69$ 176.503 Totsi 6.631,955 3.929.184 67.244 7.242.921 rhtr IhgUnr&slricfrsdrnlO111e book v6th olt&nybl8 fixttdassets rhtrièv&luahDn thor9Vetin valus lorlb$ uivèsltpTQp8rtY Thofesirtciedlundreptss$nt5 dDnalion twrS equipment. Th8 Iran$lgrwes$iKs ihe ie51tiC16dassets ihai h&v8 &atisfi6dtlTrvirr8sfThWnin b&nupwchass4 bfyn9tranEf8rf8dlo d8swal•d P9ge 25
Palmers Green High School Limited NOTES TO TWE FINAN¢IAL STATEMENTS for the ai ended 31 Jul 2023 17 ANALYSIS OF NET ASSETS BETEll FUNDS Unre$llted lunds Rwaluaiion 2023 Tanu1e fixed 8ss8ts Invesimenis Cuiiont ass 2.098.330 3.641.766 1.893,189 14£2.8031 2.098.33D 3,E28.964 1.893,189 1B7.198 7.170 482 7 357 68D RevAluatlan 2022 lunds Tllngible Iixed 8¥¥ets InvesentS CuThellt asset 2.129,008 2,813.8$4 3.041,344 1928.5231 2,129.OD8 3,001,092 3,041.344 187.198 Lon9 ierrn liabili15 T¢i¢l n¢1 a$w$ 7,055.723 187.198 7.242.921 18 COMMITMENTS UNDER OPERATING LEASES At 31 July 2023. rhe coThwny had outstsDd¥ig comiitmenlslorloiLYe minimm leaye payrn6n noTrc4n¢eIlApOp8ra1In9 laasoB, Wnich IAI dve asfollowE'. 2023 Olf4c• 2022 tqwpmènt Je within anp yeai beNveen Nvoand Ilve years 1,020 2.805 19 RELATED PARTIES JRgwtt. a irtJStè8 (knn9 tbjs wr, 0<9[01EFG Priva B&nkLlnVtsd. InYeyiment6 valued èt £1.341.268 120T2 £1.353.7341 aio held in an inve$trnenl wilh EFG Piivaie Bènk Limited Inv&BimeDI incomè was recgiyèd ttr value £126 12022. C1.1011 And £16,494 12U22.- t17.6361 manageDnt chg19t5 wtre pa the year EFG have prOve¢j an Int8r8sl only ot 12022. £S00,0001 In the y##r S¢Cuted againsl nwroperty inw$tmnts a$ discknpd note 15. 20 CAPITAL COMMIThIENTS Al Ihe yeai effld the School ha5 ¢apsial tEthrtitrnEnt5 DI tNil13022 £0). 21 NOTES TO THE CASHFLOW STATEMENT 2023 2022 Rc4nc1al0n OP8Tating r8sulllo n81 ¢o$h Inlhw lffjm &¢llwhg9 Nel movemenl hi funds Redlised BtKI unlpaliSEd 5(2110 Ves1Th Depiecpa1n eank intes1 recewed 610.986 183,270 135.966 6.043 1466,1201 19.2861 8,573 18.2001 9,866 192 B7B Page 26