OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-08-31-accounts

THE REDDIFORD SCHOOL CHARITABLE TRUST

STATEMENT OF ACCOUNTS

31 AUGUST 2023

THE REDDIFORD SCHOOL CHARITABLE TRUST

GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

The Governors of the School who served during the year were:

Mr A Cairns (appointed 14 June 2023) Mr G Jukes OBE (resigned 31 August 2023) Mrs C Ojo Mrs L Mercurius-Mascoll Mr K Carson (resigned 12 June 2023) Mrs P French (resigned 31 August 2023) Mr M Husbands Mrs A Troisi (appointed 13 June 2023) Mrs P Smith (appointed 1 September 2023)

The Trustee is Reddiford School Trustee, a company limited by guarantee of which all Governors are directors.

The Head J Batt The Bursar J Wallis Address: Reddiford School 38 Cecil Park Pinner Middlesex HA5 5HH Banker Barclays Bank Plc 1250 High Road Whetstone London N20 8PB Auditors: PKW Accountancy Limited Second Floor 1 Church Square Leighton Buzzard Bedfordshire LU7 1AE

1

THE REDDIFORD SCHOOL CHARITABLE TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2023

The Reddiford School Governors present their Annual Report and audited Accounts for the year ended 31 August 2023 and confirm they comply with the requirements of the Charities Act 2011, the Trust Deed and the Charities SORP (FRS 102).

Reference and Administrative information

The Governors and principal addresses of the Charity are listed on page 1.

Structure, Governance and Management

Organisational Management

The School’s policy is to attain the highest academic levels whilst allowing pupils to benefit from the extra curriculum programme. It aims to develop other interests and prepare them for the senior school of their own and their parents’ choice.

Risk Management

The Board continue to keep the School’s activities under review, particularly with major risks that may arise from time to time. The major risks identified by this process have been mitigated to an acceptable level by internal control systems, insurance cover and other factors as appropriate.

Governor Recruitment and Training

Object, Aims, Objectives and Activities

In setting our objectives and planning our activities, our Governors have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging.

Charitable Object

-

Aims and Intended Impact

Reddiford School aims to develop the whole child, not just securing academic foundations but also in the varied qualities needed in a demanding modern society. This is achieved by providing a broad and balanced curriculum. The Christian ethos encourages fellowship between all cultures and religions. Self discipline, tolerance and care for their fellow men are also an essential part of the curriculum.

2

THE REDDIFORD SCHOOL CHARITABLE TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2023 (Continued)

The Charity principally provides education in Pinner to boys and girls from the ages of 3-11.

Review of Achievements and Performance of the Year

The school year resumed in September 2022 with school life back to normal after the pandemic. We mourned the loss of Queen Elizabeth and celebrated the coronation of King Charles with crown making and other coronation related activities ending with a royal non uniform day and celebratory lunch organised by the PTA. The PTA has formed a new committee in September and organised many events for the pupils including pizza lunches, movie nights, London Mini-Marathon, Comedy Night, Summer Fair and Xmas Fair. Pupils took part in sporting activities, maths competitions and termly concerts. Prep pupils were able to celebrate their achievements at Speech Day, Year 6 remembered their Reddiford journey at the Leavers Assembly and had fun at the ‘leavers disco’ after the enjoyment of their residential trip

We continued with our marketing strategy, diversifying our publicity to online and social media with an excellent hit rate. Our numbers picked up from Easter and we ended the year on 272 pupils. We have developed relationships with local nurseries to improve our reception transfers. This has proved to be a valuable link. We improved our offer by introducing a holiday club for Early Years and Pre-Prep with an excellent uptake.

We redesigned the reception area in the Prep Department, making it more welcoming to visitors and prospective pupils and their parents. We completed repairs to the Pre-prep playground and updated the outdoor play areas in Early Years. The PTA raised funds that were used for enhancing outdoor play.

We introduced Time Table Rock Stars software and will be introducing a Management Information System (iSAMS) from September 2023 which will embed technology and improve processes in the school.

Early Years pupils all reached the expected levels of achievement in the EYFS with many working at the ‘exceeding’ level.

We implemented the ISI inspection recommendation and continued to attend community events such as laying a wreath for Remembrance Sunday, attending Pinner Rotary Fair, singing for local elderly residents and local hospitals.

We continue to build on our success of helping to place our pupils in prestigious independent senior schools and local grammar schools with many scholarships offered. SATs results exceeded national averages in all categories.

We said goodbye to a few members of our school community: teachers, governors and administration staff including Graham Jukes OBE our Chair of Governors. We welcome new staff and governors and a new Chair of Governors, Allan Cairns.

Reddiford will celebrate it’s 110 year anniversary in September 2023 with a service of thanksgiving.

3

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2023 (Continued)

THE REDDIFORD SCHOOL CHARITABLE TRUST

Financial Results for the Year and Reserve Policy

The financial results are set out on page 9. These reflect a satisfactory year of further consolidation. The Trustees regularly review the finances, budgets and expenditure against budget together with termly cash flow analysis. The reserves represent the substantial amount of investment that has been put into the school buildings. The Trustees reserve policy is to hold enough funds to meet the day to day operation of running the School and to have enough funds to maintain the buildings in a good standard of repair.

The deficit for the year amounted to £162,555 (2022 deficit £164,650). Total Unrestricted funds amount to £4,730,353 (2022 £4,892,908),

Investment Policy and Objectives

Financial Results for the Year and Reserve Policy (continued)

Plans for future periods

The School Development Plan is under review. The key objectives within the current plan are:

  1. To maintain the present low pupil / teacher ratio, which we believe gives the pupils the necessary time for developing both academic and wider skills.

  2. To maintain the school roll in accordance with our strategy.

  3. To continue to review the academic syllabus.

  4. To maintain current high standards of academic achievement as measured by external public examinations.

  5. To balance academic achievement through maintaining a curriculum allowing full scope for the development of sporting and social as well as academic skills.

  6. To widen access to the school still further through the provision of means tested bursaries, hardship grants and scholarships.

  7. To continue to build local links with local senior schools and nurseries.

  8. To continue to be recommended by word of mouth and reputation as a school of choice for co ed education of 3-11 year old children. To promote Reddiford School within the community in line with our aims and objectives.

Accounting and Reporting Responsibilities

The purpose of this statement is to distinguish the Trustee’s responsibilities for the accounts from those of the auditors as stated in their report.

The Charities Act 2011 requires the Trustee to prepare accounts for each financial year which gives a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing the accounts the Trustee should follow best practice and:

4

THE REDDIFORD SCHOOL CHARITABLE TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 AUGUST 2023 (Continued)

The Trustee is responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial position of the charity at any time, and to enable the Trustee to ensure that the accounts comply with the disclosure regulations. The Trustee is also responsible for safeguarding the Charity’s assets, and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.

Approved by the trustee on 5[th] December 2023 and signed on its behalf by:

………………………………………..

A Cairns – Chairman

5

THE REDDIFORD SCHOOL CHARITABLE TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF THE REDDIFORD SCHOOL CHARITABLE TRUST

Opinion

We have audited the financial statements of The Reddiford School Charitable Trust for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

6

THE REDDIFORD SCHOOL CHARITABLE TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF THE REDDIFORD SCHOOL CHARITABLE TRUST (cont.)

Other Information

The trustee is responsible for the other information. The other information comprises the information included in the trustee’s annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement 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.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustee

As explained more fully in the Trustee’s Responsibilities Statement set out on page 4, the trustee is responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustee 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 trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under section 154 of the Charities Act 2011 and report in accordance with regulations made under this Act.

7

THE REDDIFORD SCHOOL CHARITABLE TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF THE REDDIFORD SCHOOL CHARITABLE TRUST (cont.)

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

This report is made solely to the charity’s trustee, as a body, in accordance with regulations of the Charities Act 2011. Our audit work had been undertaken so that we might state to the charity’s trustee 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 anyone other than the charity and the charity’s trustee as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………… PKW Accountancy Limited Chartered Accountant and Statutory Auditor Second Floor 1 Church Square Leighton Buzzard Bedfordshire LU7 1AE

… …………….. 2023

PKW Accountancy is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

8

THE REDDIFORD SCHOOL CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023


Notes
INCOME
Incoming resources from charitable activities
School Fees
Income from other trading activities
- Registration fees and other income
2
Investment income
Other income – grants
Total incoming resources
EXPENDITURE
Expenditure on Charitable Activities
- Teaching costs
5
- Welfare costs
5
- Premises costs
5
- Support costs
5
Total expenditure
Net income
Total funds brought forward
Total Funds carried forward		 2023 2022
£ £
Unrestricted
Unrestricted
Funds
Funds
3,205,194
3,232,537
14,838
10,798
10,239
609
-
8,603
_
_
3,230,271
3,252,547
2,403,584
2,440,295
22,531
21,590
319,713
407,865
646,998
547,447
_
_
3,392,826
3,417,197
_
_
(162,555)
(164,650)
4,892,908
5,057,558
_
_
4,730,353
4,892,908
_
_

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 19 form part of these accounts.

9

THE REDDIFORD SCHOOL CHARITABLE TRUST

BALANCE SHEET AS AT 31 AUGUST 2023

2023 2022 2022
Notes £ £ £ £
Fixed Assets
Tangible fixed assets:
- School buildings and equipment 6 3,923,719 3,995,687
Current Assets
Stock 25,694 20,866
Debtors and prepayments 7 70,895 53,567
Cash at bank 1,219,243 1,312,743
__ __
1,315,832 1,387,176
__ __
5,239,551 5,382,863
Creditors: amounts due within one year 8 (249,052) (222,415)
__ __
Total assets less current liabilities 4,990,499 5,160,448
Creditors: amounts due after one year 9 (260,146) (267,540)
__ __
Total net assets 4,730,353
__		 4,892,908
__
Unrestricted Funds
Reserves
 10 4,730,353 4,892,908
__ __
Total Funds 4,730,353
__		 4,892,908
__

The financial statements were approved by the trustee on … ……… 2023 and signed on its behalf by

……………………….. A Cairns Chairman

The notes on pages 12 to 19 form part of these financial statements.

10

THE REDDIFORD SCHOOL CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

2023 2022
Notes £ £
Net cash used in operating activities 13 (95,308) (99,918)
__ __
Cash flows from investing activities
Interest and dividends 10,239 609
Purchase of tangible fixed assets (8,431) (24,757)
Sale of tangible assets - -
__ __
Net cash provided by (used in) investing activities 1,808 (24,148)
__ __
Charges in cash & cash equivalents in the year (93,500) (124,066)
Cash and cash equivalents brought forward 1,312,743 1,436,809
__ __
Cash and cash equivalents carried forward 1,219,243 1,312,743
__ __

11

THE REDDIFORD SCHOOL CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies

a) Basis of accounting

The charity constitutes a public benefit as defined by FRS 102. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and Generally Accepted Practice as it applied from 1 January 2015.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The presentation currency of the Financial Statements is the pound sterling (£) and the Financial Statements are rounded to the nearest £.

b) Tangible Fixed Assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets retained for use by the School, other than freehold land, at rates and bases calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Furniture and equipment 25% on reducing balance Freehold property 2% on cost per annum Motor vehicle 25% on cost per annum

c) Fees and other income

All incoming resources are included in the statement of financial activities when the charity is entitled to and will probably receive them. Fees consist of charges billed for the School Year ending 31 August, less bursaries and allowances. If any income is received that relates to the next academic year then it is deferred to that year.

Grants where entitlement is not conditional on the delivery of a specific performance by the Charity are recognised when the charity becomes unconditionally entitled to the grant.

d) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure is summarised under functional headings either on a direct cost basis or for overhead costs apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

e) Teaching costs

Supplies of games equipment, books, stationery and sundry materials are written off to General Revenue account as soon as the expenditure procuring them is incurred.

12

THE REDDIFORD SCHOOL CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)

f) Pension Schemes

The charity contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the school. In accordance with FRS17 therefore, the scheme is accounted for as defined contribution scheme. The charity also contributes to a company pension scheme for non-teaching staff in line with automatic enrolment that came into effect from 1 October 2014.

g) Governance costs

These comprise the costs of running the charity, including strategic planning for its future development, external audit, any legal advice for the Governors and all costs of complying with constitutional and statutory requirements.

h) Operating leases

Rentals payable under operating leases are charged in the SOFA on a straight line basis over the lease term.

i) Stock

Stock is valued at the lower of cost and net realisation value.

j) Going Concern

The accounts have been prepared on a going concern basis, no material uncertainties that may cause significant doubt about the ability of the charity to continue as a going concern have been identified by the trustee.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Repayments are valued at the amount prepaid net of any trade discounts offered.

l) Creditors and Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial Investments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

n) Taxation

The Reddiford School Charitable Trust is a charity within the meaning of Paragraph 1 schedule 6 of the Finance Act 2010. Accordingly it is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992

to the extent that such income or gains are applied exclusively to charitable purposes.

13

THE REDDIFORD SCHOOL CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)

o) Judgements and Key Sources of Estimation Uncertainty The statement of Accounts contains estimated figures that are based on assumptions made by the Charity about the future or that are otherwise uncertain.

Estimates are made taking into account historic experience, current trends and other relevant factors. However, because balances cannot be determined with certainty actual results could be different from the assumptions and estimates.

The items in the Charity’s Balance Sheet as at the 31 August 2023 for which there is a risk of adjustment in the following financial year are:

2. Registration Fees and Other Income

£

----- Start of picture text -----
2023 2022
£
Registration fees 7,600 6,900
Sundry Income – Other 471 12
References charges 3,500 750
Insurance 3,267 3,136
__ _
14,838 10,798
 ___
----- End of picture text -----

3. Trustee and Other Key Management Personnel Remuneration and Expenses

The Charity considers its Key Management Personnel comprises its Governors, Head Teacher and Bursar and therefore the total amount of employee benefits received by Key Management Personnel is £215,390.

No remuneration was paid to any Governor or the Trustee in the year but they had the following expenses.

2023 2022 £ £ Sundries 222 248 _ __

14

THE REDDIFORD SCHOOL CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)

4. Staff Costs

4. Staff Costs
2023
2022
£ £
Wages and salaries 2,126,182 2,189,419
Social security costs 228,575 236,227
Pension contributions 325,186 324,276
Other costs 54,923 48,003
__ __
2,734,866 2,797,925
__ __
The average number of employees in the year was:
Teaching - Full time 36 38
- Part time 14 17
Welfare 1 1
Domestic 3 4
Administration 8 7
The following number of employees exceeded
£60,000 emoluments and their retirement
benefits are accruing under Defined Benefit
Schemes (Money-Purchase Schemes: none)
£60,000 - £70,000 4 4
£70,000 - £80,000 2 1
£120,000 - £130,000 1 1

5. Expenditure

Analysis of total resources expended

Staff Costs Governance
Other Depreciation
Costs
2023
2023
2023
2023
£
£
£ £
Teaching costs
2,217,648
-
153,776
32,160
Welfare
22,531
-
-
-
Premises
95,313
-
176,161
48,239
Support costs
399,374
7,057
240,567
-
__
__
_
_
2,734,866
7,057
570,504
80,399
__
_

_____		 Total
Total
2023
2022
£ £
2,403,584
2,440,295
22,531
21,590
319,713
407,865
646,998
547,447
_
_
3,392,826
3,417,197
_
_

15

Governance Costs

Audit fee
Governors expenses		 2023
£
6,835
222
_
7,057
___		 2022
£
6,725
248
_
6,973
___

16

THE REDDIFORD SCHOOL CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)

5. Expenditure (continued)

Other Costs

Teaching supplies
Redundancy payments
ICT Costs
Website costs
Repairs and Maintenance
Heat, Light and Water
Cleaning
Telephones
Rates and Council Tax
Minibus
Printing, postage, stationery and rental equipment
Insurance
Legal and Professional
Marketing
Bank Charges
Loan Interest
Miscellaneous
Outside Activities		 2023
£
27,766
108,490
75,229
5,584
44,621
29,473
54,380
12,858
29,524
5,306
34,067
28,236
18,892
20,314
5,280
8,888
21,700
39,896
_
570,504
_		 2022
£
27,180
-
68,045
19,910
87,039
35,894
66,868
12,365
33,328
3,435
37,842
29,416
24,795
11,314
13,082
3,907
21,164
31,285
_
526,869
_

6. Tangible Fixed Assets

Tangible Fixed Assets
Freehold
Fittings
Property and
and
Motor
ImprovementsEquipment Vehicles
£
£
£
Cost
1 September 2022
4,739,353
807,993
56,687
Additions
-
8,431
-
Disposals
-
-
-
__
_
__
31 August 2023
4,739,353
816,424
56,687
__
_
_
Depreciation
1 September 2022
829,341
722,318
56,687
Charge for the year
56,872
23,527
-
Disposals
-
-
-
_
_
_
31 August 2023
886,213
745,845
56,687
_
_
_
Net Book Values
31 August 2023
3,853,140
70,579
-
__
_
______
31 August 2022
3,910,012
85,675
-
_
_
____		 Total
£
5,604,033
8,431
-
_
5,612,464
_
1,608,346
80,399
-
_
1,688,745
_
3,923,719
__
3,995,687
__

17

THE REDDIFORD SCHOOL CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)

7. Debtors
2023 2022
£ £
Fees 41,656 37,889
Prepayments 28,989 15,678
Other debtors 250 -
______ ______
70,895
______		 53,567
______
8. Creditors: due within one year
2023 2022
£ £
Trade creditors 4,177 38,952
Bank loan 23,000 23,000
Other taxes and social security 53,158 -
Accruals and deferred income 162,166 160,463
Other creditors 6,551 -
_ _
249,052
_		 222,415
_
The bank loan is secured by legal charges over 58 Marsh Road and 99/101 Marsh Road.
Deferred income included in the above figure is as follows:
2023 2022
£ £
Brought forward 147,887 143,963
Advance fees 150,582 147,887
Released (147,887) (143,963)
_ _
150,582
_		 147,887
_
9. Creditors due after one year
2023 2022
£ £
Final Term Deposits 126,000 119,500
Bank loan 134,146 148,040
_ _
260,146
_		 267,540
_

The maturity of the bank loan is greater than five years.

18

THE REDDIFORD SCHOOL CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)

10. General Reserve

Brought forward
Deficit for the year
Balance carried forward		 2023
£
4,892,908
(162,555)
_
4,730,353
_		 2022
£
5,057,558
(164,650)
_
4,892,908
_

All the funds reserves to unrestricted funds.

11. Pension Schemes

The School participates in a multi employer pension scheme, the Governments’ Teachers Pension Defined Benefits

Scheme, for its teaching staff. The pension liability is the responsibility of the Teachers Pension. As a result it is

not

possible to identify the assets and liabilities of the scheme which are attributable to the School.

The charity also contributes to a company pension scheme for non-teaching staff in line with auto enrolment that came into place on the 1 October 2014. Entrants are offered 5% for both employee and employer contributions.

12. Contracts and commitments

At the year end the charity had Capital commitments contracted for but not provided in these Financial Statements

of £nil (2022: nil).

13. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Add back depreciation
Deduct interest income shown in investing activities
Decrease/(increase) in stock
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 2023
£
(162,555)
80,399
(10,239)
(4,828)
(17,328)
19,243
_
(95,308)
_		 2022
£
(164,650)
85,430
(609)
(6,268)
(323)
(13,498)
_
(99,918)
_

14. Related Parties

There have been no related party transactions that require disclosure in this period.

19

THE REDDIFORD SCHOOL CHARITABLE TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)

15. Leases

The total future minimum lease payments under non-cancellable leases are payable as follows:-

Equipment 2023 2022
£ £
Within one year 13,763 8,040
After one year but within five years 41,288 8,040

20