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 2024
Palmers Green High School Limited CONTENTS for the ear ended 31 Jul 2024 Contents Page Governors, officers and advisers Report of the governors Report of the auditors 12 Slalement of Financial Activities 16 Balance Sheet 17 Cash Flow Statement 18 Notes to the financial statements 19
Palmers Green High School Limited REPORT OF THE GOVERNORS for the ear ended 31 Jul 2024 Govérnors and Directors The directors of the company are Members of the Counal of Management, and also Governors and Trustees of the Charity. Mr JK Atkinson ' Mrs K Tidmarsh Miss A Averkiou Mr A Frankal. Mrs M Curtis. Rev. J V Coleman Miss A Eliades Mr G Tidmarsh" Mrs B Goulding Mr D Lewis. Miss D Trivedi 'Members of the Finan and General Purposes Commillee Officer3 Headmistress Bursar and Company Secretary Ms S Proudlove Mrs L Barnard Mlss H Lucas Deputy Head Advi50r8 Solicitors Veale Wasbrough Vizards Orchard Court Woknesl Woodhouse Ord)8rd Lane Bristol BS1 5WS Church Lane Aldford Cheshire CH3 6JD Bankers HSBC Bank Pl¢ 1 Aldermans Hill Palmers Green London N13 4YE Auditors Moore Kingston Smith LLP Floor 6 9 Appold Street London EC2A 2AP Investment Managers EFG Private Bank Limited PaTk House 116 Park Street London W1K 6AP Insurance Broker8 Hellle Andrews Eleven Brindleyplace 2 Brunswick Square Brindleypl8¢e BirmSngham BI 2LP ADDRESS Palmers Green High School 104 Hoppers R08d Winchmore Hill London N21 3LJ Website hs.co.uk Page 1
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 PALMERS GREEN HIGH SCHOOL 104 Hoppers Road, London, N213LJ, 0208 886 1135 REFERENCE AND ADMINISTRATIVE INFORMATION Palmers Green High School was founded in 1905 and was privately owned until its incorporation in 1954 as a 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 officersi professional advisers and address are given on page l. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The school is governed by its Memorandum and Articles of Association last amended in September 2007. Recruitment and Training of Governors New Governors are inducted into the workings of the Company as a registered Charity including Board Policy and Procedures and also of the school, at a meeting specially organised for them by the Head and Bursar. All Governors have access, as appropriate to their individual skills and experience, to trustee training workshops as organised by the Association of Governing Bodies of Independent Schools (AGBIS), the Independent Schools Inspectorate (ISI) and the Independent Schools Bursars Association (ISBA). The Governors are appointed annually by the School Council. In accordance with the Articles of Association one fifth or, if their number is not five or a multiple of five, the nearest to one fifth retire by rotation in the year at the Annual General Meeting. At the AGM in November 2023, Mrs Karen Tidmarsh and Miss Devkee Trivedi were re-elected. Miss Devkee Trivedi resigned from the Governing Body in June 2024 and was thanked for her contribution in the minutes of the School Council meeting on 26th June. The Reverend Julie Q)leman resigned from the Governing Body on 28th June. 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 Finance and General Purposes Committee, chaired by Mr Frankal, meets three to four weeks before each meeting of the full School Council to monitor and review budgets, accounts and reports for approval by the School Council. The Education Committee, chaired by Mrs Tidmarsh, meets termly during the year to review academic matters. The Buildings Committee, chaired by Mr Atkinson, meets termly and additionally on the instructions of the Schoo5 Council to plan and manage building projects. The Risk Mitigation Committee, chaired by Miss Averkiou, meets termly. There is a named governor for child protection and safeguarding and a named governor for health and safety (including school trips). The Pensions Committee and Remuneration Committee are sub-committees of the School Council, which meet at least annually. The Executive Committee meets as required and comprises the Chair of Governors, the Vice Chair of Governors and the Chair of the Finance & General Purposes Committee. The day-to-day running of the school is delegated to the Head and Bursar, supported by the Deputy Head and staff. The Head and the Bursar attend meetings of all the above governors, committees, with the Deputy Head attending Education Committee meetings (the Bursar does not attend Education committee meetings). The key Page 2
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 management personnel are the Head, the Bursar and the Deputy Head and their remuneration is determined by the Governors annually, taking account of their roles, experience and rates of pay in similar local independent schools. Volunteers Governors do not receive any remuneration for their seNices. The breadth of professional expertise within the governing body provides appropriate scrutiny and support for the school in the areas of education, finance, law, public relations and construction. Parents volunteer on an ad hoc basis to accompany educational visits, where they are always under the supervision of a member of PGHS staff. Parental support 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 places, objects and events. During the year, several parents have been into school or Nursery to talk to pupils about, for example: "What Babies Need" Ramadan and Jamaica (for Black History Month). Relationships Palmers Green High School is an accredited member of the Independent Schools Council (ISC), the Girls, Schools Association (GSA) and the Independent Schools Association (ISA). The school supports networking with other schools, and staff both host and attend seminars and cluster group meetings, which provide opportunities for staff development. Former pupils retain a close relationship with the school through the alumni neIork and the Parents and Friends Association provides opportunities for members of the wider 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 local and national charities including, in 2023-2024, Jeans for Genes, Children in Need, Save the Children, Noah's Ark Hospice, Bowel Cancer UK, Great Ormond Street Hospital and St John The Evangelist church in Winchmore Hill. Over the year, £7,954.52 has been raised in total for charity donation. Risk Management The Governors are responsible for the management of the risks faced by the school. Detailed considerations of risk are delegated to the Risk Mitigation Committee. The main areas of the charity's operations and the major risks faced in each of these areas have been identified, assessed and suitable controls established. A formal review of these risk management processes is undertaken on an annual basis. The key controls used by the school include: Regular review of the risk assessments in place for the safe operation of the School in the COVID-19 environment. The School's membership of the Teachers, Pension Scheme is reviewed on a regular basis. Fee levels are discussed in detail at the Spring Term F&GP Committee and School Council meetings, with comparative statistics published by competitor schools in addition 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 annuallyi Approval for major capital expenditure is closely scrutinised by the Buildings Committee and the F&GP Committee. Formal written policies are reviewed annuallyi There are formal agendas and minutes for all committee meetings. strategic planningi budgetingi and management reports are regularly reviewed by the Governors; and There are regular reports to the Governors from the Head and Bursar. In the opinion of the Governors, the major risks to which the school is exposed (as identified by them), include affordability and associated pupil numbers, the change of government and the consequential effects on the independent school sector. These risks have been reviewed and systems established which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations. Major risks to the school going forward (in particular 2024-25) are fees subject to VAT, loss of Business Rates Relief Page 3
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 and increase in employers, contributions to the Teachers Pension Scheme. 5 Year financial plans have been modelled to show impact of these risks. Loss of pupil numbers in the Nursery became critical in May 2024 as only I pupil had registered and all existing pupils were due to move to Reception settings in Sept 2024. The decision to close the Nursery (temporarily) was taken and the four staff at the Nursery were made redundant at the end of the 2023-2024 academic year (Head of Nursery, 2 x Teaching Assistants and I Cleaner). The Nursery building is being checked on a weekly basis for security and maintenance purposes. The Governors established a working party, led by Mrs Bronwen Goulding, to look into the ramifications of the increases in employers, contributions to the Teachers Pensions Scheme. To protect the finances of the School going forwards, Governors agreed to a "phased withdrawal" from the TPS as of 1st September 2024, replacing it with an Aviva scheme offering a 50/0 minimum employee contribution (regardless of salary scale) and 22 % employer's contribution plus income protection and life insurance. Existing teaching staff were offered the option of remaining in the TPS and taking a salary freeze for a year to compensate for the additional cost to the school of the 5 % increase in TPS employers, contributions - or withdrawing from the TPS and enrolling in the APTIS scheme. This announcement was made to staff on 22nd April 2024. Teaching staff advised that they wanted to stay in the TPS scheme and receive a pay rise in 2024. Governors were unable to agree to this and the teaching staff mounted industrial action and went on strike for 2 days at the end of the academic year on 8th and 9th July (the school broke up for Summer on 10th July). A further 6 days of industrial action were threatened for the start of the 24-25 academic year and Governors and Union reps met with ACAS to agree a way forward. FoSlowing this meeting on 9th September, to avoid further industrial action which would have had severe financial repercussions for the school, Governors agreed to a 2.2 % pay increase with teaching staff remaining in the TPS at 28.68 % employer contributions and recognition of the NEU and NASu1 as unions by December 2024. OBJECTS, AIMS AND ACTIVITIES Charitable Objects To promote and provide for the advancement of education by providing, conductingi governingi carrying on and maintaining in the United Kingdom, or elsewhere, a boarding or day school or schools but so that each school shall be carried on as an educational charity. Principal Activities Palmers Green High School Limited is an educational charity providing single-sex education for girls aged between 3 and 16 years. In 2023-2024 the School educated a total of 255 pupils in Nursery, Preparatory, Junior and Senior Departments. Aims Palmers Green High School aims to maintain an impressive record of success, both academically and in the broader spectrum. By encouraging pupils to take advantage of the expertise of the teaching staff and to access the wide range of activities availabSei pupils should be able to achieve their potential. Pupils are encouraged to gain an awareness of the needs of others and as part of this strategy they are involved in fundraising activities that contribute regularly to different charities. Objectives for the Year In 2023-2024, the main objective of the school was to continue to provide a first-class education to pupils, facilitated through a dynamic teaching environment, thereby enabling the school to continue to achieve excellence, as recognised by ISI (Independent Schools Inspectorate) in the Focused Compliance and Educational Quality inspection in January 2022. The main non-academic focus was to continue to improve facilities throughout the school site and to ensure the school remained compliant in all areas of health and safety. staff have undertaken a variety of training this year through a combination of face to face and online provision. The courses have included whole staff (update) training on KCSIE and Safeguarding (Sept 2023), Supporting Pupils with Neurodiversity (Sept 2023), The Role of the Form Tutor (Sept 2023), Using the Smart Board (January 2024), Oracy: Sharing Good Practice (Jan 2024), AI in Schools (Jan 2024), Tooled Up Education (Jan Page 4
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 2024), Managing Parental Communications (June 2024). Staff training sessions also focused on the school development plan. staff have also undertaken individual continuing professional development training in a wide range of topics which include.. Child Protection and Safeguarding, Emergency First Aid, Paediatric First Aid and First Aid at Work, Use of Reasonable Force in Schools, ADHD Awareness, Health and Safety, Fire Safety and Fire Marshalling, Early Years, GDPR, Access Arrangements and Autism Spectrum Disorder. Courses have been accessed face to face and online through Educare, AGBIS, ASCL, Examination Boards, GSA, ISBA and ISI to ensure that staff knowledge is kept up to date at all times. Public Benefit The Governors confirmed they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. As part of our public benefit provision we continued to award scholarships, subject awards and means-tested bursaries. PGHS has formed a range of links that benefit the local community and beyond. Year 9-11 pupils have been able to volunteer locally in charity shops and care homes as part of their Duke of Edinburgh Award. The school's chamber choir sang at Christmas time at Anastasia Lodge, a residential home for older people. In 2023- 2024, we held several events in the local church, and donations given at these events provide income for the church community. We donate food and toiletries to the local community in the Autumn term each year as part of our Harvest Festival. This year we also organised a clothing drive for Smartworks, a charity that helps women return to work through support with interviews and by providing workwear. In 2023-2024 we continued to build our partnership with local charity, Enfield Cooking Champions. Year 5 pupils attended monthly Community Lunches where members of the local community are offered a free hot lunch and an opportunity to meet others. We continued to fundraise for Cooking Champions and donated items to their food bank. The school raises money through many fundraising activities and this is donated to charities, many of which are providing services in the local area. Our international links include the support given over a number of years to the HART (Humanitarian Aid RelieQ charity. Annually Senior pupils enter the HART Prize for Human Rights competition with great success. Financial Assistance for Fees Scholarships, bursaries and awards are available to candidates whose ability enables them to benefit from the academic rigour of the school. Fee reductions for bursaries and hardship awards were determined on the basis of family income by the Bursar in consultation with the Head and Chair of the Board of Governors. The Governors are committed to widening access to the school and intend to continue to provide means-tested awards. In 2023-24 Governors extended eligibility to apply for bursaries at the point of entry to school from Year 3 onwards. PGHS EQUALITY, DIVERSITY and INCLUSION PGHS follows its Equality, Diversity and Inclusion Policyi the full policy is available on request from the School. Policy Statement We see the diverse population of staff, pupils and their families at Palmers Green High School (PGHS) as one of the school's greatest strengths. At PGHS, we are committed to creating an environment for the whole school community that demonstrates shared values of inclusion, equality, fairness and respect. Overall aims At PGHS, we understand and take seriously our responsibility as educators to ensure that we promote the message of equality, embrace diversity 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 issues that young people face in these areas. Page S
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 PGHS strives to be an inclusive and tolerant environment in which the wellbeing of every young person comes first. Should a pupil ever be worried about racism or feel they have been the victim of abuse of any kind they should report it immediately as racism cannot be tolerated. Our aims are to: make sure that all pupils and staff are encouraged and supported to achieve their full potential; provide an environment which respects and values diversity and shows consideration for the traditions, cultures and religious practices of people from different racial groups and different geographical regions. challenge racial discrimination, racist behaviour, racist language or harassment, prejudice and stereotypingi however thoughtless or unintentional; prevent direct and indirect, overt and covert discrimination on grounds of race or geographical origin and assist in the identification of possible barriers to equality of opportunity for pupils and staff and to ensure that these barriers are addressed where possible. The school will tsckle inappropriate attitudes and practices through staff leading by example, through the personal, social, health and economic education (PSHEE) programme, through assemblies, through the supportive school culture and through the school's policies. Inappropriate attitudes and practices will be challenged. Pupils will be encouraged to value and respect appropriately all those they encounter at or through the school. Recruitment PGHS is an equal opportunity employer and we are fully committed to a policy of treating all of our employees and job applicants equally in all aspects of employment. We take all reasonable steps to employ, train and promote employees on the basis of their experience, abilities and qualifications. Our recruitment publicity aims to positively encourage applications from all suitably qualified people when advertising job vacancies in order to attract applications from all sections of the community. Governance The governing body is composed of a diverse range of people from a variety of backgrounds, cultures and religions. We always look to recruit new members from groups which reflect the diversity of our school community. Pro EDI policy reviewed and updated annually. The Head of History, Deputy Head and other teachers work with pupils annually to lead on several aspects of EDI such as BHM, Diversity Day and Mental Health Awareness Week. staff Recruitment policy reviewed annually to ensure that it is inclusive. GCSE data reviewed annually to ensure equality of performance. All staff attended Unconscious Bias Training in Autumn 2020 and staff participated in Hemisphere Education CPD in 2022 to build racial literacy and combat bias. Pupils lead assemblies for Black History Month on inspirational people of colour. All departments undertake a review of their practice and resources. Assistant Head (Pastoral) appointed in October 2023 with the lead responsibility for EDI. The school began working towards the Equaliteach Equalities Award. We hope to achieve this accreditation in 2024-2025. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Page 6
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 In the academic year 2023-2024, 27 pupils were awarded grades in GCSE, IGCSE and FSMQ (Free Standing Maths Qualification) qualifications with 990/0 of GCSEIIGCSE grades being 9-4. The School's overall percentage of (I)GCSEs at grade 9 was 19 % , grades 918 was 44 % and 9-7 was 72010. In November 2023 the school ranked Number 2 in the Parent Power League Tables produced by The Sunday Times in the independent schools with no sixth form category and we await the results of this for the academic year 2023-2024. The school carries out annual and on-going reviews include benchmarking against national standards, using raw and value-added data e.g.i MidYIS and GL Assessments, which enables the school to maintain the highest possible standards. In 2016, the School discontinued participation in the KSI and KS2 national tests due to the uncertainty and controversy surrounding the efficacy of these tests and the negative implications for delivering a rounded education in the primary phase. In 2023-2024, pupils were able to take part in a range of activities to extend their knowledge, enrich their understanding of the curriculum and broaden their wider cultural experiences. School visits have included: study ski115 sessions provided by Elevate and Glia Learning; age-appropriate workshops led by notable authors and poets such as Diane Samuels and Sophie Mckenie in October 2023, Joyce Efia Harmer and Michael Holland in March 2024 and Terrie Chilvers (June 2024). Pupils in Years 6-10 attended a Zoom event with Alastair Campbell. Pupils in Years 10 and 11 met professional footballer Bethany England. For Holocaust Memorial day, pupils heard about the experiences of a holocaust survivor. In July 2024, pupils from Years 6-10 attended workshops from the RAP project and Years 7-10 took part in the National Careers Challenge. Pupils - senior and junior- enjoyed Onatti foreign language theatre performances and pupils in Year 2 enjoyed a virtual visit from 'Mary Seacole" Year 6 learnt about safety from Transport to London. During 2023-2024, Nursery were visited a Street Dance company (Artz Kidz), and crew from Edmonton Fire Station. The Preps were visited by Zoolab and enjoyed a virtual "meet the author" vislt as well as a Drama workshop by an external provider. As detailed elsewhere in this report, several parents have been into school and nursery to talk to pupils about events such as Ramadan and Jamaica (for Black History Month). In September 2023 Year 7 went to Gilwell Park for a 3-day residential. Year 5 enjoyed a 3-day residential trip to Flatford Mill in May 2024. The school calendar was enriched by a wide variety of educational trips. In September and October 2023, there were GCSE Biology fieldwork trips in Epping Forest and Year 11 Geographers went on a fieldwork trip to the Olympic Park in Stratford. June 2024 saw the second Geography fieldwork trip to Walton-on-the-Naze. Year 9 enjoyed a Spanish cultural evening in a local restaurant. Theatre trips included: The Little Big Things, Wicked, Chickenshed, Kiss me Kate, Spirited Awayi Frantic Assembly Metamorphosis and the Lower School Pantomime trip to the Millfield Theatre. There were KS3 visits to the Tower of London and GCSE D&T pupils went to the Design Museum. Year I went to the National Gallery, Year 2 went to the Gunpowder Mills, Year 4 to Hever Castle and 5 went to the British Museum. Nursery enjoyed visits to Woodcroft Outdoor Space, Capel Manor and Hertfordshire Zoo. All year groups, including the Nursery, enjoyed end of year educational and activity day trips including Year 10 to Cambridge, and the Juniors to Lambourne End. Music and Drama thrived during 2023-2024 with notable performances at the Carol Service, Spring and Summer concerts, Founders Day and performing arts assemblies. In January 2024 over 60 pupils participated in Young Voices at the 02 arena, a highlight of the calendar. In March 2024, the Junior and Senior departments came together for an excellent production of assorted Grimm Tales. Each Junior year group performed class assemblies for parents and the Drama and Music productionslperformances for Year 3 and 4 and Year 5 and 6 Prize Giving events in July 2024 were a delight. To strengthen our pastoral care and sUPPOrt for parents, in 2023-2024, PGHS launched two new initiatives. Firstly we became a Girls on Board School. Girls on Board is an approach that empowers girls in school to navigate the choppy waters of friendships for themselves. The approach helps girls, their teachers and their parents understand the complexities and dynamics of girl friendships. Pupils across the age range participate in Girls on Board sessions which are non-judgmental and reflective, designed to raise empathy amongst the girls. Page 7
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 In 2023, we also became a Tooled Up school. In January 2024, PGHS became a "Tooled Up School" Tooled Up is an organisation with the mission to give every parent and every teacher the tools needed to develop children into young adults who are self-confident, self-sufficient and full of self-worth; curious about the world and passionate about learning; digitally skilled and digitally resilient. The Tooled Up digital library hosts a wealth of information for parents and teachers in the form of downloadable activities, recorded sessions and live, interactive webinars. The founder, Dr Kathy Weston, has collated the most up-to-date research from around the world to create easy to use resources and evidence-based information. Another focus for 2023-2024 was the setting up of the first ever PGHS Eco Committee. The group of pupils worked tirelessly to successfully meet the requirements of the Eco-schools Green Flag award. In December 2023 a new rr consultancyi Quest Technologies, took over from J&G Systems who withdrew from the London Market. Quest integrated into the school seamlessly and has implemented many new initiatives, including a new firewall and improved cyber security measures over the last 9 months. Quest has also worked tirelessly and collaboratively over the summer months to help the school in the transition of its MIS from SchoolBase to ISAMS (which went live on 1st September 2024). The school tendered its catering contract in the Spring Term of 2023-24 and 3 contractors were shortlisted to present to the school in May 2024. Each company offered a tasting opportunity to staff and a panel of pupils from year 4 to year 10 (including the newly elected Head Girls for 2024-25) and a presentation to senior staff. Accent Catering were awarded the contract and they took over from Harrisons Catering on 31st August 2024. The programme of buildings improvements continued apace over the course of 2023-24, including the installation of the moveable, dividing wall in the ESH - enabling the space to be used as two additional teaching areas, decoration of the North stainwell, and Art corridor, lobby space outside Geography and Years 1, 3, 4, 5 and 6 classrooms. The dining hall was refurbished during the 2024 Easter Holidays to include bespoke, fitted storage, new flooring, new furniture, fitting of acoustic panels, new fridges and new furniture - replacing the old trestle tables and benches with bespoke tables and stools that can be configured in different numbers - enabling children to eat with their friendship groups. The cost of this was partially met by a very generous donation from the PGHS Parents and Friends Group. The issue of pupil storage and the fact that personal bagslcoats were being stored on the backs of chairs in senior form rooms was addressed. 122 new lockers were installed in the main hall, PE changing room and Geography lobby and the senior corridor was refurbished extensively by removing the existing internal walls between 3 senior classrooms and corridor and replacing with bespoke plywood walls featuring 39 lockers in each of the classrooms. New carpet was laid in all of these rooms and the corridor itself. All lift-top desks and existing chairs were removed and replaced with padded chairs and trapezoidal tables on wheels that can be configured in different groups to encourage interaction and collaboration amongst pupils during lessons and allow teachers to move around the class more freely. The Parents and Friends Association (PFA) have continued to support the School, bringing together the community and raising funds for the school. The highlight of the year was the Christmas Fayre which raised over £8000. The PFA also ran Valentine's breakfasts, spring breakfasts, Preps and Junior Discos, and a junior movie night. Their pre-loved uniform sales also continue to raise funds for the School. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The total income for the year ending 31 July 2024 amounted to £4,188,175 (2023: £3,847,988) an increase of £340,187 on the previous year. Expenditure increased by £324,981 to £4,062,556 (2023: £3,737,575). The net income before investment gains and losses for the year was £125,619 (2023.. £4,346). Cash and deposit at the bank has increased by 36 % bringing the cash in hand and at bank to £2,489,455 (2023 £1,827,046). Reserves Policy The school's total funds stood at £7,625,617 as at 31 July 2024, of which £2,467,262 was deployed as part of the school premises and equipment, £187,198 related to the revaluation reserve leaving £4,971,157 as general Page 8
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 reserves, of which £2,670,652 represents free reserves. As recommended by the School's auditors, the Governors consider that free reserves of estimated expenditure for a minimum of two full terms is prudent and practicable to cover the risks and uncertainties of operating as an independent educational establishment. The school has worked very hard to build reserves to ensure there remains a sufficient fund to cover future projects and developments to fulfil the needs of the business or comply with government legislation, start-up costs of new educational activities, and day-to-day working capital needs. The policy is therefore to continue to maintain reserves out of annual operating surpluses to continue to equip the school with the up-to-date facilities needed to maintain the standard of educational services currently provided. The reserves policy will be reviewed on an annual basis. Investment Policy Any net incoming resources at the end of the financial year are invested in an interest-earning bank account, when considerations of working capital needs are taken into consideration. It is the policy of the Governors to review the rates on investment accounts on an on-going basis. The Governors shall consult with charity investment experts to ensure that the best rates are obtained to enable funds to grow at the most advantsgeous rate whilst taking into consideration the need to safeguard the charity's assets against undue risk. FUTURE PLANS Under the guidance of various Governors, Committees, the school aims to.. Continue to ensure that they discharge their responsibilities for promoting and safeguarding the welfare of pupils. Continue to develop staff expertise through advisory visits from educational consultants and attendance at courses and in-house training, including training and developing new staff and those undertaking new roles within the school. Continue to ensure that staff and pupil performance continues to be monitored and evaluated appropriately, including 'self-evaluation' and 'performance appraisal, for teaching staff and external appraisal for the Head and Bursar; Continue to work with local schools, both state-funded and fee paying; Continue to provide appropriate resources for teaching and in particular ensure that the school's facilities are up to date and support teaching and learning effectivelyi and Continue to review school facilities to maintain a pleasant environment within the school buildings. Consider all options available with a view to relocating the Nursery closer to the main school. 2) 4) 5) 6) 7) GOVERNORS, RESPONSIBILITIES The governors (who are also directors of Palmers Green High School Limited for the purposes of company law) are responsible for preparing the Governors, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires governors to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the governors are required to: select suitable accounting policies and then apply them consistentlyi obseNe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. Page 9
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business The governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the governors are aware: there is no relevant audit information of which the charitable company's auditor is unaware; and the governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Auditors Moore Kingston Smith LLP have indicated their willingness to continue in office and, in accordance with section 487(2} of the Companies Act 2006, it is proposed that they be re-appointed auditors for the ensuing year. Approved by the Board of Governors and signed on their behalf by: Mrs Curtis Director Date: Page 10
Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2024 Opinion We have audited the financial statements of Palmers Green High School Limited ('the charitable company,) for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to Ihe financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparalion 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: give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of Ihe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, we have concluded that the governors, 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 e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the governors 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 annual report, other than the financial statements and our auditor's report thereon. The governors are responsible for the other information. Our opinion on the financial slatements does not cover the other information and, except to the extent otheNise 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 whelher the other information is materially inconsistent with the financial statemenls 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 lo determine whether there is a material misstalement in the financial statements or a material misstatement of the other information. 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. Page11
Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2024 Other information (continued) We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. Ihe information given in the strategic report and the governors, annual report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the governors, annual report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and ils environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the governors, annual report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been reiVed from branches not visited by us., or Ihe financial statements are not in agreement with the accounting records and returns., or certain disclosures or governors, remunerations specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of governors As explained more fully in the governors, responsibilities statement, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors 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 governors 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 governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's rèsponsibilities for the audit of the financial statements {continued) Our objectives are to obtain reasonable assurance about whether the financial slatements 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 acoordance wth 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Page 12
Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2024 Auditor's responsibilities for the audit of the financial statements (continued) 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit in respect of fraud, are., to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Charitable company. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve colSusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the governors. Page 13
Palmers Green High School Limited INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2024 Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued) Conclude on the appropriateness of the governors, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions th31 may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluated the overall presentation, slructure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than Ihe charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. ts. LLe. Jonathan Aikens Senioi sta10[y Au&'¢or for and on behilf ot .Moore Kingston Smith LLP, Srarutory Auditor Date.. 21 November 2024 Page 14
Palmers Green High School Limited STATEMENT OF FINANCIAL ACTIVITIES Ilncludlng the in¢omè and expenditure ststèmèntl for the ear ended 31 Jul 2024 Unrestricted I Designated runds Resliicted funds Total 2024 Total 2023 Notes INCOME Incomè from charltable 8Ctlvitlès School fees Other educational Income Income from Investments Sub-lellinos Investment Income Donatlons & Legacles Donations 3,952,468 120,142 3,952,468 120,142 3,676,627 112.518 75,882 38,472 75,682 38,472 26.227 17,598 1,211 1,211 5,018 Total Income 4,188.175 4,188.175 3,847,988 EXPENDITURE Ralslng Funds Ralsing funds Interest and olher costs 21.877 1,967 21,877 1,967 16.494 8.043 Charltable actlvltl88 Schools and grant rnaking 4.038,712 4,038,712 3.715,038 Total expendlturtr 4,062,556 4,062,558 3,737,575 Net operatlng IncomellexpendlturÈl 125.619 125.819 110.413 other recognlsed galns and losses Realised and unrealised Ilossllgzin on Investments 12 142,318 142318 4,346 Net Incomellexp•ndlturel 267.937 267,937 114.759 Transfer betwe8n funds Nèt movement In funds 267,937 267.937 114.759 Total Ivncss brought forward 7,357.680 7,357,680 7,242.921 Total funds carried foNard 15,16 7,625,617 7,625,617 7,357,880 All amounts derive from continuing aclivilies. The charltsble company has no recognised g8ins or105ses other than the net income forthe year. The accompanying notes foim part of these fin8nC181 statements. All income & expenditure in 2023 & 2024 was unrestricted Page 15
Palmers Green High School Limited BALANCE SHEET 85 8131 Jul 2024 Notes 2024 2023 FIXED ASSETS Tangible assets Investments 2,467,263 3,948,170 2,098,330 3 828 964 12 6,445,433 5.927,294 CURRENT ASSETS Debtors Cash at bank and in hand 13 83,243 2,489,455 66,143 1 827 048 2,572,699 1,893,189 CREDITORS.. Amounts falling due wlthin one year 14 11,362,515) 1462.8031 NET CURRENT ASSETS 1,210,184 1,430.386 TOTAL ASSETS LESS CURRENT LIABILITIES 7,625,617 7,357,880 NET ASSETS 7,625,617 7,357,880 FUNDS Unreslricted General fund Deslgnaled fund Revaluation resetve 15 15 15 4,971,157 2,467,262 187,198 5,072,152 2,098,330 187.198 7,625,617 7,357.680 13 Novernber 2024 Approved and aulhorised for issue by the Board of Govemors on .............................................. and slgned on their behalf by.. Mrs M Curtis Chair of the Board of Govemors The accompanying notes form part ol Ihese financi81 statement$. Company Number.. 0537727 Page 16
Palmers Green High School Limited CASHFLOW STATEMENT for the ear ended 31 Jul 2024 CASH FLOW STATÉMENT Notes 2024 2023 Nel cash inflow from operating aclSvi1Ses 20 1,139,615 1192,8781 Cash flows from Investlng a¢tlvltles'. 8ank inleresl received Inlerest payable PrOed$ from sale of investments Paymenls to acquire fixed assets Payrnant5 to acqulre investments 38,472 11,9671 21.836 1536,8191 17,598 16,0431 6,576 1152,5921 1840,3381 Net cAsh outflow from invesling aclivities 661,137 11.167,6771 Inase1(dec8sel in ca8 661,137 11.167,6771 Cash and cash equivalents al the beglnning of the reporting period 1,830,511 Cash and cash equivalents at the end of the reporting peri 2,491,648 1,830,511 Cash and ¢ash equlv81ents'. Cash al bank and in hand Cash held as part ol investment portfolio 2,489,4S6 2,185 1,e27.046 3.465 2.491,640 1,830,511 Page 17
Palmers Green High School Limited ACCOUNTING POLICIES for the ear ended 31 Jul 2024 ACCOUNTING POLICIES Palmeis Green High Schod Llmlled is a cornpany Ilmited by gu8rantee wilh registered number 0537727, incorporated and domicSled in England and Wales. Ils registered office is Palmers Green High School, 104 Hoppers Road, Winchmore Hill, London, N213LJ. f.1 ACCOUNTING CONVENTION The financial ststements have been prepared In accordance wlh the Finanual Reporting Sland8rd applicable in the UK and Republic ol Ireland IFRS 1021. The Charitable Company is 8 publlc benefit entily for the purposes of FRS 102 and Iherefore the Charity also prepared ils financial slalements in accordance wlh the Slalemenl of Recommended pract1 app1i¢ab18 to charities preparing thelr accounls in accordan wilh the Finanaal Reporting St8ndar(S appllcable in the UK and Republic of Iieland (rhe FRS 102 Charllies SORPI. Ihe Companies Act 2006 and the Charitie5 Act 2011. The linanc481 statements are prepared in sterling. which is the Ivnclional currency of the umpany. Monetary amounts in these financial statements are rounded to the nearest pound. The flnan¢ial sialements have been prepared on the histOriGg1 cost unvention, rnodifled by the recognition of rtain investments, investments properties, and financial assets and liabilities measuth al fair value. The principal 8ccounling policies 8re set out below. 1.2 GOING CONCERN The govemors have assessed whether the use of the going ¢oncem basls Ss appropriate have considered posslble evenls or conditions that might cast slgnificanl doubt on ils ability to continue as a going conrn. The budgeting and [0caSting reviewed by the governors hzs wnsidered Ihe ongoino imp8¢t of the current r81e of inllatlon and increase5 In the cost living. The pupll numbers have been stable however we accept there is slill UnrtaInlY around future pupil numbers, particularly wilh the Snlrodu¢lion of VAT on fees from January 2025. Consider8lion has been given lo the value of the inveslments held on Ihe balan sheet and the governors believe there is no indic8tion Ihere has been a permanenl change on the inveslmenl values as a result of the current economic silualion. After makSng appropri81e enquSries the governors concluded that the charitable company iemains finanually viable in the k)ng lerm and will have adequate resource8 to tneel Its ongoing liabi5ilies as they fall due for the period al least 12 month from Ihe date of approval of ihese accounts. On that b8SiS the gov&rnars conclude thal the charitable company is a golng conrn and continues lo adopt the going concern basis in preparing these finan81 statements. 1.3 FEES AND SIMILAR INCOME Fees receivable and charges lor s8rvices end use of premises are accounted for In the period in which the Serv1 is provided. Fees recelvaue are slated alter deductlng allowances, 8chol8rships and other remlssions granted by the h0o[ from ils unrestricted funds. 1.4 DONATIONS AND GRANTS Donations received for the general purposes ol the school are Included as unreslrided funds. Donations restricted by the vrishes or the donor or the terms of an appeal a taken lo restricted funds. Income from governinent or other grants 18 recognisecl when the charity has enlillemenl to the funds. any performance conditions attached lo the grant have been mel, il is probable Ihe income wll be 1ved and the amount can be reliably measured. 1.5 EXPENDITURE Expenditure Ss accounted lor on an accruals b88is and recognised when there is a conslruclive or le9al obligation lo pay for expendilure. Certain expendlture Is apportioned lo Cost eategories based on the eslimaled atnount allribuiable to thal adIlY in the year. These estimates are based on slalf lime or on floor area as 8ppropriale. Governan eosls comprise the costs of running the School. induding strategic planning for its futu developmen( extemal audit, and all other costs of Complying wilh eonslilulion81 and statutory requ1Ments. 1,6 FIXED ASSETS T3ngitAe fixed assels are initially measu at cost and subsequenlly measured at cost or valuation, net of depreciation and any Impairment losses. Depreciation is prowded on the original cosl of all tangible fixed assels. al rale5 calculated lo wrile off the etssts less eslimaled residual value of ea¢h asset over its e%pe¢led useful life as.. Freehold buildings Freehold improvements FurnSlure and equipment Computer equipment Motor veh1des 1.7 INVESYMENT PROPERTIES Investment property, which is property held to eam rentals andlor for capilal appreciation, Is measured using the fair value model and ststed at Its fair value as the reporting end ijale. The surplus or defiut on revaluation is recognised in general reserve5. 1.8 INVESTMENTS Lisled investments are included In the accounts at Ihelr markel value, Investment properties have ljeen revalued to thelr deemed market V81ue based on a professional valuallon by a governor of the school. 1.9 CASH AND CASH EQUIVALENTS Cash and cash equivalents include eash in hand, deposS1s held al call with banks. other short-term Ilquld investments with origlnal malurilies of three months or less. and bank overérafts. Bank overdrafts are shown wthin borrowings in current liabllllies. 2% per annum 10¢h per annum 10OA per annum 33.33% per annum 25% per annum 1.10 FINANCIAL INSTRUMENTS The eompany has elected lo apply the provislons of Section 11 'Baslc Financi81 Instruments, and Seclian 12 '01her Financial Instrument5 Issues, of FRS 102 to all of its financial instruments. Financial instruments 8r8 reco9nised in the charitable company'5 bslance sheet when the charitable company b8comes party to the contractual prowsions of the Inslrumerbt. BASIC FINANCIAL ASSETS B88ic financlal assets. which include trade and other receivables and cash and bank balan5, are Initially measured at transaction pri induding Irans8ellon costs and are subsequently c8rried at amortised cost using the effective interest method unless the arrangement ¢onslilutes a financing tr3nsa¢lion. where the transaction is measured al Ihe present value of the future reoipts rliscounled al a rnarket rale of interest. Page 18
Palmers Green High School Limited ACCOUNTING POLICIÈS forthe ear ended 31 Jul 2024 OTHER FINANCIAL ASSETS Other linanclal assets. Including investments in equity inslfumenls which are not subsidiaries, #ssoaates or joint ventures, are Ini118lly measured al lair value, whSch is norm811y the transaction pri. Such assets 8re subsequently carried at fabr value and the ehanges In fair value are recognised in profit or loss. except that investments in equity Instruments th81 a not publidy 118ded and whose fairvalues eannot be measured rellably are measured at cost less imp8iimenl. Trade debtors, loans and olher receivables Ihal have lixed or determinable payments that are not quoted in an aclive market a classified a5 '1oans and receivables,. Loans and re]VableS are measured at amortise<S cost uslng the effective interest method. less any Impalrmenl. Interest is recognised by applying the effective inleresl rale. excepl for short-teim [vable$ when the recognition of inleresl would be immalerial. The effective interest method is a method of calculating the amortised ¢ost of a debt Inslrumenl and of allocating Ihe inlere5t income over Ihe relevant perlod. The eflective intere81 rate Is Ihe rale th81 exactly discounls estimated fulure cash receipts through the expected life of Ihe debt insliument to the nel carrying amount on inili81 cognilion. IMPAIRMSNT OF FINANCIAL ASSETS Financial assets, other than those held al fair value Ihiough profit and 108s, are assessed for indicators of Impairmenl 81 each reptsrtlng end dale. Flnan¢ial 8S8ets are Impaired where there Is objective evidence that. as a result of one or more events that occurred aller the inllial recognition ol the financlal asset, the eslim8ted future ¢ash IIow8 have been alfecled. The impairment loss is reco9nised in expendilure. BASIC FINANCIAL LIABILITIES 8asl¢ financial Ilabillties, including trade and other payables and bank loans, are inlllally recognised at Iransa¢llon pri unless the arrangement constitutes a rinancSng Iransaclion, where the debt instrument Ss measured al the present value of Ihe future payments discounted at a market rale of interest. Debt Inslrumenls are subsequently carried at amortised cost, using the elfeclive interes1 rate method. Account payables are obligatlons to pay for goods or servlces Ih8t have been 3¢ouired in the ordlnary course of business from suppliers. Account5 paYae are classified as eurrent liabililies if payment is due wlhin one year or less. 11 not, they a presenl8d as non4urrent liabililies. Trade payables are re¢ognised initlally at transaction priee and subsequently measured al amortised cost using the effeclNe inleresl method. 1.11 TAXES Under Seclion 505 of the Income and CorFX)ration Taxes Act 1988 the Company is exempt from ?n laxe5. Full account is laken ol tax ciedits attachlng to covenants dividends. 1.12 FUNDS HELD BYTHE SCHOOL ARE EITHER.. UnStrIcted Gener81 Funds". These are funds whlch can be used in accordance with the charitable objects at the d[s¢tion of the Governors. Degnated Funds-. These are funds set aside by the Governors out of unrestrirted general funds lor specific future purposes or projects. Restricted Funds.. These are fund5 held for specific purposes as specified by the donor. 1.13 OPERATING LEASES Rentals payable under operating le8se8 are eharged on a straight line basis over the lease term. 1.14 PENSIONS The school conlribules to the Teachers, Pension Scheme. a defined benefit scheme. The funds are held independenuy of the School's lur)ds. The accounting policy follow8 the fundlng policy and accounts payable are charged lo direct Charitable expendilure so as to Spad Ihe cosl of the penslons over Ihe employees, working lives wilh the school. The school also make ¢onlribulions to the personal pension schemes lor non teaching slaff. 1.15 JUOGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the applicalion of the charitable ¢omp8ny'$ aecounling policies, the governors are required to make judg8ments, estlmales and assumptions about the carryino 8mount of assets and li8billtSes Ihal are noi readlly 3pp3renl from ather sources. The estimates and asso¢ialed assumptions are based on historical exper4ence and olherfactors that are considered lo be relevant. Aetual results may differfrom these estitnale8. The estimates and undedying assumptions are revieweol on an ongoing basls. Revisions to accounting eslim31es are recognised in the period in which the estimate is revised where the revision affects only Ihal period, or in the period of the revlsion and lulure periods where Ihe revision affects both curfenl and future periods. 1.16 CRITICAL JUDGEMENTS The followng judgements lapart from those involving eslimate51 have hed the rnost signllicanl effect on amounts recognlsed in the financial statements. The School uses 8 relevant local property index publlshed on Rightmove.co.uk lo eslabli5h the falr value of ils investment properties since the pioperties were independently valued in 2017. The valuation is based upon the key assumptions ol eslimaled rental values and markel based ylelds. In determining fair value we make reference to market evidence and recenl Iransaclion prices for similar propertles. The school makes an estimate of the recoverable value of trade and other debtors. When assessing impaimient of Irade and other debtors, management conslders faclors indudino the current credit rating of Ihe deblor, the ageing profile of debtor5 and hislori¢al experience. See note 14 lor the net carryin9 amount of the debtors and associated ImpaSrmenl provision. The annual depCIatIOn charge for properly. plant and equipment is sensitive to ¢hanges in Ihe estin)ated usefu1 economic lives and reslrlual values of the assets. The useful economic lives and resldual valu88 ale -assessed annually and a based on th8 directors, best eslimale. They are amended when necessary lo reflect cutnt eslimales. based on le¢hnological advancemenl, lulure inve51menls, economic utilisalion and the physical condilion of the assets. See note 12 for Ihe carrying amounl of the property, plant and equipment and note I lor the useful eeonomlc lives for each class of asset. Page 19
Palmers Green High School Limited NOTES TO YHE FINANCIAL STATEMENTS for the ear ended 31 Jul 2024 FEE INCOME Th8 School's fee income comprised.. 2024 2023 Gr05s fees Less.. Discounts 4,067,199 1414,7311 3,781,882 1105,2551 3 952 468 3 676 627 OTHER EDUCATIONAL INCOME 2024 2023 Exlras and disbursements Regislralion fee5 Fee8 inlleu ol noli Olher income 106,327 4,725 1,090 8,QOO 95,624 9,600 1,400 5,894 120142 112518 4 INVESTMENT INCOME 2024 2023 Interest received Rent and tting$ 38.472 75,882 17,598 36,227 114354 Included within the above is amount ol £nil12023.. £nlll which relates to $1Cted income. DONATIONS AND GRANTS 2024 2023 Donations and gifts 1,211 6.018 Included wlhln the above is an amount of £nll12023.' £nill whieh relates to restricted Sncome. Page 20
Palmers Green High School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2024 EXPÉNDITLIRE lal Costs of Ralslng Funds Staff costs (note 81 Total 2024 Other Depreciation Financlng costs Inve81ment Management Fees 1,967 21,877 1,967 21,877 T(>tal Costs of Ralslng Funds Charltable expendlture 23.844 23.844 Slalf costs (note 81 Total 2024 Other Depciall0n Teaching Welfa Premises and Eslaleg Administrallon Governance 2,506.591 414,614 73,232 145.707 280.944 23,238 167,889 3,089,094 73,232 276,382 576,766 23,238 130,675 295,822 Total Charltable gxpendlture 2,933.088 937,735 167,889 4,038,712 Total Eypended 2 933 088 961 579 167889 4 062 556 Included wthin the Charitable expenditure Is an amount of £nil12023'. £nill relaling to restd¢led expenditur8. Costs of Ralslng Funds Slaff costs Inole 81 Total 2023 other Depreciatton Flnancing cosls Investment Management Fees 8,043 18.494 6,043 18,494 Total Costs of Ralslng Fund8 22,537 22,537 Charltable expendlture Slalf costs Inote 81 To181 2023 Other Oeprecialion Teaching Welfare Premises and Estates Administratlon Governance 2,334,561 7,600 105,709 301.818 309.315 61.269 220.069 171,535 19,984 183.268 2,827,144 68,789 325,778 473,353 Ttstal Charltable Expendlture 2,749,588 782,182 183.288 3,715,038 Total Expended 2 749,588 804719 183268 3 737 575 Ibl Oth6r Governance Costs Include.. 2024 2023 Auditors, rsrnuneration Audll Fees OtherAudllors remuneralion 17,650 4,570 16,950 2.460 2024 2023 Icl Admlnlstratlon Ctssts Salarias National Insurance Pension Costs Subscriptions Staff Uniform Postage and Stationery Miscellaneous- Adminislralion Bad debts Legal and Professional Fees OtherAdminislralion Costs 255,503 22,697 17,622 23,199 262,473 21,761 17.584 14,980 559 15,681 6.297 11,0181 49,166 85,870 9,793 43,373 11,8711 42,609 163,940 578,76S 473,353 Page 21
Palmers Green High School Limited NOTES TO THE FINANCIAL STATEMENTS forthe ear ended 31 Ju1 2024 STAFF COSTS 2024 2023 Wages and salaries Redundancy and selllement costs Social security costs Other pension costs 2,246,502 S8,Q99 227,83S 400.651 2.136,478 7.500 218,360 389,250 2 933 087 2.749,588 The average number of employees during the ye8rwas as follows.. 2024 2023 No. 54 Teaching Support 51 15 66 62 The number of employees whose ernolumenls amounle(S to over £60,000 in Ihe yearwas as follows.. 2024 No. 2023 No. £80,000- £70.000 £90,000-2100,000 Pension conlribullons lor the year amounted 10 £48.26812023.' £15.2551 forthe above employees. GOVERNORS REMUNERATION AND BENEFITS There We no Govemors. MUneratIon or other benefits for Ihe ye8r ended 31 July 2024 nor for the yearended 31 July 2023. To the year ended 31 July 2024 £nil12023." £nll1 of expenses were reimbursed to Goveinors. Key management personnel include Ihe Govenors and the senior executlves which are made up of the Head, Depuly Head and the Bursar. The total pay and benefits received by key management peisonnel were £306.78212023.. £228,0471. PENSIONS The School participates in Ihe Teachers, Pension Scheme flhe TPS") lor ils teachSng stall. The pension charge for the year in¢ludes contribullons payable to the TPS of £378.95512023'. £369,7111 and at the year end £39.45712028". £40,250) was accrued in respect of conlribulions 10 this scheme. The TPS Is an unfunded mulli-employer defined beneflls pension scheme governed by The Teachers, Penslon5 Regulations 2010 las amended) and The Teachers, Penslon Scheme Regulations 2014 las amended). Members contribute on a.pay 85 you go" basis wlh contrfbulions from Members and Ihe employer being credited to Ihe Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rale Ss set by the Secretary ol State following scheme valuations underiaken by the Government Actuary's Department The most reThI acluarial valuation of the TPS was prepared as at 31 March 2020 and the Valuallon Repartwas published in October 2023. Followng the Mccloud judgement, the remedy proposed that when benefits become payable. eligible members can select lo receive Ihem from either the formed or lega¢y schemes for the period 1 April 2015 to 31 March 2022. The acluarie5 have assumed that members afft likely lo choose Ihe optlon that provides them wlh the greater benefils, and in preparing the 2020 valuation h88 valued Ihe'greater value, benefit8 for groups of relevant members. The employer contributSon rale for the TPS 15 28.6%, and employeis are also required lo pay a stheme administration levy of 0.08Uk giving a total employer contribution rale of 28.680k. The Support stall are mernbers of a stakeholder scheme which Is a defined contribution scherne. The pension charge for the ye8r includes conlribulions payable to the scheme of £21.696131 July 2023.. £19,5361. To protect the finances of the School going forwards. Govemors agreed lo a "phased wilhdrawal from the TPS as of 1st September 2024, replacing il with an Aviva s¢heme offerfng a 5% minlmvm employee conlribvlion (regardles5 of salary scale) and 220A employer's conliibutlon- uS income prOLI70n and life insurance. Page 22
Palmers Green High School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2024 10 NET INCOME FOR THE YEAR 2024 2023 Nel income is stated after charging.. Deptration of tanglble fixed assels 167.887 183,270 11 TANGIBLÈ FIXED ASSETS Fumiture Freehold Freehold Property Improvement5 IT Equipment Molof Vehides Equipment Total Cost.. At 1 August 2023 Additions 3,429,046 931.311 451.011 417.051 38,447 345,139 47.361 35,842 5,158,389 S36,819 At 31 July 2024 3,429,046 1,382,322 455,498 392,500 35.842 5,695,208 Depr8ci8tion'. At 1 August 2023 Charge for year 1,683,562 68,582 711,033 35,239 384.210 6,266 245,412 57,800 35,842 3,060,059 167,887 At 31 July 2024 1.752,144 746,272 390,476 303.212 35.842 3,227,946 Net book value.. Al 31 July 2024 1676.902 636 050 65 022 2 467 262 At 1 August 2023 1,745,484 220,278 82,841 gS,727 2,098,330 12 INVESTMENTS Listed Inveslmenis Property 2024 2023 Valualion Al 1 August 2023 1,341.267 2,487,698 3,828,964 3,001,092 Additions Disposals Gainl Ilossl on Inveslmenls IDecre8sellinerease in cash 840,338 16.5761 4,259 110,1491 121.8361 142,318 11,2801 121,8361 142,318 11,280 Valuation At 31 July 2024 1.460.469 2 487.696 3948166 3 828 964 UK equily International equlty Bonds Property Cash 1,458,284 1.4S8,284 2,487,696 2,185 1,337.808 2,487,896 3,465 2,487.696 2,185 1.460 469 2.487.69 3948166 3.828 964 Investments represenling more than 5% of holdino.. 2024 Uniis Value New Capilal GLB Alpha FD X Ace GBP 11,144 1,458,284 Historfeal cost.. Property Other investments 2024 1.438.437 2,071,526 3 507 963 Investment property has not been formally revalued slnce the year ended 31 July 2017 and the valuation for the year ended 31 July 2024 is based on the Directors, eslimaled value by referen¢e to a relevant loral property index published on Rlghtmove.co.uk since the date of purehase or the mo$1 recent third party valu81ion. Page 23
Palmers Green High School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2024 13 DEBTORS 2024 2023 Fees and e*ras Less provision for doubiful debts Other debtors Prepayments and accrued income 32.728 32,389 16.0441 2.607 37.191 500 50.015 14 CREDITORS Amounts falling due wllhin one year.. 2024 2023 Trade credSlors T8xalion and So37 security Costs Fee Deposits Fees In advance Other creditors Accruals 52,542 49,028 1B4,500 908,172 168,273 33,812 52,490 210,250 39.741 95,424 31,086 1 362515 462 803 Deferred in¢ome'. 2024 2023 8roughl forward Released in year Receivad in year 39,741 139,7411 908,172 42,368 142,3681 39,741 Carried forward 908472 Deferred ineome lateS lo s¢hools fees received In advance lor Ihe following lerm 8cademlc year. Page 24
Palmers Green High School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Jul 2024 16 sfATEMENTOF FUNDS Transfer eiween Funds At 1 Auousl 2023 Gainsl Ilossesl Al 31 July 2024 Income Expenditure Unreslri¢led funds.. General reserve 5,072.152 4,188,175 13.894,6691 1536,8191 142,318 4,971,157 Designated fund.. Designaled 8sset fund 2,098.330 1167,8871 536.819 2.467.262 Total designated 2,098.330 1167.8871 536.819 2.487,282 Revaluation reserve 187.198 187.198 Total funds 7,357,680 4,188.175 14.062,5561 142.318 7.625,617 At l August 2022 Transf8r Betwèen Funds Galnsl Ilossesl At 31 July 2023 Income Expendlture Unreslricled lunds.. General reserve 4.926,715 3,847.988 13,554,305) 1152.5921 4.346 5,072,152 Designated fund.. Designated asset fund 2,129.008 1183,2701 152.592 2,098.330 Total deslgnated 2,129,008 1183.2701 152.592 2,098,330 Revaluation reserve 187.198 187.198 Total funds 7.242,921 3.847.988 13,737,575) 4,348 7,357,680 The d85ignated fund represents th8 unr8sineted elemenl ofihe n&1 book value of tangible fixed assets The rev8lualion fund r8pres8nts the mvement in value forlh8 jrJv6stmenl property Th8 reslitted fundrepresenls clon811) towards equipmenl. The Iransferr8pr8S8nls the reslrfcled assels Ih81 h8V8 satisfied thelrrestr1cln in being purchased, being transferredlo d&sign818d Page 25
Palmers Green High School Limited NOTES TO THE FINANCIAL STATEMENTS for Ihe ear ended 31 Jul 2024 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds Rev8luallon reserve 2024 Total Tangible fixed assets Inveslmenis Current 8ssels 2.487,263 3,948,170 2.572,699 11,362,515) 2,467,263 3,948,170 2,572,699 11,362,5151 Total nel assets 7.625 617 7625617 Uniestricted funds Revaluation resetve 2023 Tolal Tangible fixed assets Inveslmenls Cuirent assets 2,098.330 3,641,766 1,893,189 1462,8031 2,098,330 3.828,964 1,893,189 1462,8031 187.198 Long term liabililies Tolal nel as8els 7,170.482 187,198 7,357,680 17 COMMITMENTS UNDER OPERATING LEASES Al 31 July 2024, Ihe company had oulslanding commltmenls for futu minlmum lease payments under non<an¢ellable operating leases, whl¢h fall due as follows.. 2024 Offl¢e equlpment 2023 Ollice equlpment Due within one year Due bewn Nvo and five years 1,020 765 1,020 1,785 2.805 18 RÉLATED PARTIES Paym&nls totalling £215,095 were paid to Mr J Piggoll. a trustae during this year, is a dlrector of EFG Private Bank Limited. Inveslmenis valued al £1,480.47012023.. £1,341.2681 are held in an investment portfolio wlh EFG Private Bank Liiniled. Inveslment incorne was recelved lo the value of £22012023.. £1261 and £21,87712023." £16.4941 management charges were paid in the year. 19 CAPITAL COMMITMENTS Al the year end the School has c2pilal commitments of £nil12023.' £nlll. 20 NOTES TO THE CASHFLOW STATEMENT 2024 2023 Reconciliation of opeiating result to nel cash Inflow from operating activities Net rnovement In funds Realised znd unrealised lossllgainl on investments Depreciation Bank interest reiVed Interest payable IncreasellDecreasel in tdItorS IlncreasellDe¢rea8e in debtors 267,937 1142,3181 167,889 138,4721 1,967 899,712 117.1001 114,759 14,3461 183,270 117,5981 6,043 1465,7201 19,2861 1 13961S 192.878 Page 26