Registered number: 00872414 Charity numbèr. 3126S3 ROKE8Y EDUCATIONAL TRUST LIMITED GOVERNORS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 *ACIPHKCX* 1W1212￿3 COMPANIES H(JJSE #115 ROKEBY EDUCATIONAL TRUST LIMITED {A Company Limited by Guaranteel CONTENTS Page Governors. report Independent Audltor5' Report Ststsment of Flnanclal Activitie5 18 Company Balance Sheets 19 Cash Flow Statement 20 Notes to the Financial Statements 21 ROKEBY EDUCATIONAL TRUST LIMITED {A Company L￿lted by Guafantee} GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Governors present their re￿rt and the financial slalemenls of Rokeby Educational Trust Limited Ireferred lo as Ihe'companf, "Rokeby" or the'school.) for the year ended 31 August 2023. AIMS, OWECTIVES AND ACTMnES The principal charitable objective forbvthth the Company was established is the provision of a school. The school foeuses on the primary aim ofproviding an excellent. individually tailored education for boys in south west London and Surrey. Rokeby piovides day school education for boys from 4-13. The focus of the 5chool'5 leadership is developing interpersonal and Intrapersonal skills lo enable each boy to achieve his full potentsal as an all-round person. The school wants lo ensure that all boys a￿ well suiled for Iheirfuture in the modem workplace but - more importantly that they a￿ equipped to be successfijl and happy crtrLens. Above all else, the school aims to 'bring out the brilliant in each and every boy" To achieve this. the school has five main objectives.. 1. To help each boy to develop Str(Y￿ cognibve skills Ithinknng and intellectualj and a good attttude towards learning. 2. To help each boy to develop excellent personal skills, including self-awafeness. self-molivalion, and self-regulalion". so thal he can be confident, iesilienl, and positive in all 5rtuatiDns. 3. To help each boy to develop excellent inte￿￿OnalIS0¢lal skills 50 that he can learn lo collab¢)rale. be empathetic, assertive and re$￿thJI and lo commun￿ate 5UCtessfully. 4. To help each boy lo Contribute positivelyto our society and environment so that he can grow up into a successful and consit1erate crtizen. 5. To help him to athieve entry to a seniorschool whth h% suiled lo his abilities. interests, personality and needs. In aCCOfdance with ils charitable objectNes. the Company strives to advance the education of the boys attending the school. The Company's PTinupal beneficiaries are therefore the pupils. and benefits to pupils are provided Ihrough continuing lo maintain a high stanaard of educatson throughout the school. The general public is also a beneficiary as attendance at Rokeby saves the govemment and general public the cost of educating 400 Children. The Governors have taken The Charity Commission's specific guidance on public benefit (contained wlhin the guidance documenl'The Advancement of Education for the Public Benefit-l into consideration in preparing their slalemenls on public benefit contsined within this Govemors. Annual Report. The Governors, as the charrty Iruslees. bave complied with the Charrties Act 2011 to have due regard to the Charity Commission's published guidance on public b￿erIt. The Company tskes a mulli-pronged approach lo it5 Public Benefft obligats"on5. The Governors first Tecogni5e Ihal the school has a minimal endowmenl. that all costs associated with the provision of public benefit fall on those paying the fees charged for pupils attending Ihe school. and that Ihe attendance of pupils at the school relieves public funds. Against this backgroun(J. the Governors oversee the provision of additional public benefit in ￿ categories.. the provision of bursanes and financial support lo enable more b)ys lo attend the school. There were 3 awards of financial assistance. The school supports l¢xal and overseas charities. selected by the boys ir￿lUding Forever An9els and CAYSH. a charity for homeless younger people. The school plays a strong role in ils local communty. through volunteering, service and the sharing of reswrces. ROKEBY EOUCATIONAL TRUST LIMITED (A Company Limited by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Bursary Policy The sch¢￿1 provides grants lo boys In the form of bursarie5. The sth¢xI advertises these on the websrte and provides information lo applying parents. This support is available on a needs basis as delemined by the Bursar and approved by the Finance and Capital Assets Commrttee. We also provide places to boys, who are children ol staff, at reduced fees. The school uses an outside company. Bursary AckninislratKJn Ltd. to help rewew and assess the financial needs of its appiicanls INDICATORS. MILESTONES AND MEASUREMENTS The princLP81 benchmark for academic success is that boys progress lo their secondary school of choice. More broadly, the Governor5 monitor the quality of the schod's educational offering, the range of actwilies that the school offers, and the performance achieved. Extemally. the schod is sU￿.e¢l to inspection by the Independent Schools Inspectorate IISII. The school received an Excellent in Pupil's Personal Development and Good for auality of Pupils, Academie Achievements in 2019. The sch¢￿1,$ success is dependent on its financial $tabilty. To this end. the principal finan¢wl indicators targeted and monilored by the Governors indude current and prospective pu￿.1 numbers, annual surplus. and cash. The scht)ol ￿￿OPerate$ wilh several local Char￿￿$ and organisations to Teinforce in the boys an awareness of Ihe social conlexi of the educalion that they receive al Rokeby, and lo make best use ol the lacililie$ the school has. The senioi mènagemenl and the Board review the charrtable actNities of the school. ACHIEVEMENTS AND PERFORMANCE The 2022-23 S¢￿)1 year offered a full resLJmplion of schooling as n¢ymal, after the long impact of Covid. All students were offered a full range of trips. team building days, curriculum enrichment acli¥ilies. sports fixtures, and parents were able to be back on srte foT teacher meetings. workshops and information evenings and a full lange of pa￿nI association acts"wties. The school hosted its first Mutticullural Day. Led by the Rokeby Parents. Circle, the parents, staff and students all engaged to celebrate the diversrty of the worfd around us and the commLJnrtbes of all of our students with workshops and parent-led talks celebrating their family's rich cu￿ural histories. The school is also rLtnning the Se￿nd year of ils Intercultural Exchange Program, in which Year 6 boys meet and chal with an Italian primary Class online. Sludenls were able lo engage in a number of curriculum enriching activrties. such as trips lo the V&A, Nowei Wood, Winchester Science Museum. Roman Baths. London Zoo, and lo see The Woman in Black play at Bletchley Park They have heard talks from a range of speakers on a variety of tOPiC5 including Manga artisvauthof Sonia Leong and author Chiis Bradford on wribng and illuslraling". PC John Benbow on safety, and Vicar Rupert Cowan on Easter,. and Floyd Stea¢Jman OBE on unconscious bias. Other events included commemorating Holocaust Memorial Day and observing children'5 mental healih week and the G¥eal British Spring Clean. The Year 6 boys ¢realed and made their own podcast focuse(l on the school as part of their valedi¢lory programme. The Year 7 boys take general studies, a chance lo b￿ak out from curriculum focused learning and engage in collaboralive leam-based projects grounded in the real worfd. Last year, they did two spe¢laculai projects of re(Jesigning the garden on ihe school grounds and designiro and marketing a thocolate bar. ROKEBY EDUCATIONAL TRUST LIMITED (A Company Limited by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Scholarshlps and Academics- The school conlnued ils tradition of sending Year 8 and some Year 6 boys lo a wide range of senior schools in the southwest, including Epsom. Hamplon. King's College School. Reed's. and St. Paul's. In 2022-23. 11 Year 8 pupils were awarded a scholarship or award lo schools they applied to. The school was particularly pleased with the high level of academic sclwlarshtps this year wlh 7 Ix)ys winning an academic scholarship, including 3 who won the prestigious John Colet award at Sl Paul's School_12 Year 6 boys were awarded a scholarship or award to schools they applied to. 9 not being taken up. The school awards boys who have achieved a high level of achievemenl in an a￿demiC S￿le¢¢ area by way of Internal Scholarship$. This year 21 boys gained Pass to Distinction Level. The ACE awards are for the Arts and Sports and 16 boys received awards, induding 3 renominations, last year. The Rokeby Old Boys. Club financially contritr#Jted lo the ACE award prizes lo Supwrt boy's pursuit of their individual areas of excellence. 3 students I￿8 in Y6 and Iwo from Y81 were offered a place in the Malhs Circle (King's College and University College Londonl lor students in Years 7 to 11 after a fantaskn"c performance in the London Verbal Maths Chaltenge. Octol)er 2023. At the end ol la51 a¢ademic yearl20221231 we had the fdlowng achievements.. Firsl Malhs Challenge'.lall Y4 and 20 Y3 sludenlsl 25 Gold. 27 Silver and 14 Bronze.. Primary Maths challenge{all Y6 and 10 Y5 students).. 8 Gold, 17 Silver and 3 Bronze., Primary Maths Challenge Bonus Round{17 students qualified)". 4 Gold, 6 Silver and 7 Bronze", UKMT Junior Maths Challenge{all ol Y7 and Y8}". 26 Gold, 20 Silver, 8 Bronze." 16 qualified for the Junior Kangarool4 students awarded certificate ol merit) and 4 for the Junior Olympiad.'12 awarded eertificale of distinclion and 1 sludenl a certificate of merit). Sports: The school ran a full and challenging programme of sports, offering students a wide range of ways to be involved in a sport of interest. The football programme had a total of 244 fixtures in the winter term, including hosting the IAPS regional qualilief and the Henkes Shield compelilion. The U1 IAS finished third out of 14 teams in the Fellonfleet tournament and made it lo the finals of the Surrey Cup. and the U11s won the Durslon House 6-a- side competition. The ski team competed in the IAPS National Ski Race Championships. wrth one boy finishing Ihird and one fourth in the piale competition and one of the teams wnning the silver medal_ The rugby team5 participated in a number of festivals and toumamenls. including the Murray Cup. The U11As lied for lop in the Rosslyn Park National 7's tompetition. Twenty-four Year 7 and 8 students had 3 wonderful trip lo the Midlands for a rugby and cricket tour. The school has also added a hockey team which is now competing against other schools. Six students partiopated in the Kingston Borough Cross Country competition, wlh four boy5 qualifying lo represent Kingston in the Surrey Schools cross-country competition. with one going on to lake 141h in the Surrey level race. Rokeby students took place in the Natignal Prep Schools Cross Country Compelblion al Malvern College, with the Ul1 boys team wnning the small schools leam event and Ihe U13 team took third. The junior team racing at Danes Hill Cross Country event placed 5 intemiediate placed seventh and the senior look eighth. Rokeby was selected as one of the top 50 Cricketing Prep Schools in the UK for the rrfth conseculNe year, one of only 15 schools in the country lo receNe that disbnclion. Rokeby retained Ihe Phillips Travers Trophy, an annual competrtion amongst all the year groups betsveen Cranmore and Rokeby. ROKEBY EDUCATIONAL TRUST UMITEO IA Company knmlted by Guafanteel GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Two boys won sports sch¢Jarships last year to their chosen sch¢xY. Arts: Three boys were awarded Drama scholarships. ar￿ one boy was awarded an Art scholarship lo their senioi scho￿. The Year 7 students put on a fanlastic performance of a Midsummer Night's Dream for the Shakespeare Schoo15 Festival in November at the Exchange Theatre in Twickenham. All of the Year 8 Leavers were successful In being awar¢Jed their Bronze Arts Award. The school held t4)th the Rowe Cup. the annual MUSK festival, in January and the Cup. the school's singing competition. in March wth over 162 boys audrtioned leading to 100 boys Competing in both events. The Year S lo Year 8 students pul on a magnificent prLxJuctirM of AIKe Ln Wlonoerland and Alice ThrO￿h the Looking Glass in March. There were hvo svccesslul rounds of ABRSM exams held in sthool," 20 boys completed examinalions wilh a 100010 pass rate.156 boys bets¥een Year 1 and Year 8 took and passed LAMDA exams last year with many passes al Disb"nth'on level. 32 Year boys We￿ svbmitled for Ihe Bronze Arts Award with a 100% pass rate. Ouring Poetry Week in the wnler term, all students behveen Year 5 and Year 8 learned a poem by heart and performed li in front of IheiT class Wbth one wnnei per class going on io a whole school assembly performance and judging round. Two boys from Rokeby were accepted into the Sloneleigh Training Orchestra and three boys won 81 the Kingston Music Festival Under 9 piano eompeb"lion. The Young Shakespeare Company paid a visit lo the school. Community and Charily: The school ￿ntinUed its invofvement in the communily and helped support a number of other tharilies. Overall, the school and Rokeby Parents Circle raised £34,017 for tharrty. In addition. £1,729 was raised for the Turkey and Syria earthquake appeal, £462 for the London Music Fund. £8737.54 for Restless development via their Triathlon event and £1926.50 for suSta￿able Merton. Dwn9 the year the boys and the sd)ool were involved in activities including" All Year 7 boys worked towards their JASS {Junior Award Scheme for School), wh￿h includes 8 hours of communtylvolunteering or tharity work. 24 boys achieved their bronze Award. Fc*)d donations lo Kingston Foodbank A number of boys have engaged in volunteer actwitses. induding cleaning local parks and litter picking. over 30 pledged to lake part in the Great British Spring Clean Christmas hampers for Staywell Service Support for Sustainable Merton induding Year 7 volunteemg in the orthard. LitteT picker of the week inrtiative Fundraising for the victims of the earthquakes in Turkey and Syria Donating supplies and loilelrie5 for the local hoffleless tl)fough Everyday Church ROKE8Y EDUCATIONAL TRUST LIMITED IA Company Limited by Guaranlee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 FUTURE PLANS Governors and senior stsff have conlinued to focus on the strategic needs of the school. First and foremost, that means the provision of an excellent and challenging academic education wh.le also fostering the development of the boys, sense of self, and their engagement wth the world around them. The school has presented a plan for improving its sports and assembty hall and adding three classrooms above the hall lo provide more modern faalities for ils currenl students. The school went thiough a PTe-planning and design rèview process ￿fOre unveiling rts plans to the netghbourhood foi comment and views. The seh¢)ol will be going through the council's planning proce55 in 2023-24 school year. The sthool continued investment in ils IT infrastructure and 15 expanding the iPad programme across the scho The school has increased its transport offer to students to decrease single car ioumeys. The Board 15 rewiling new members an¢J conlinues its robust oversight of th8 school. Evaluation and improvements to 9ovemance are part of the school's strategic plan. FINANCIAL REVIEW Financial Results of Activities and Events The financial results for the year 2022123 a sU￿lUS of £358.19512021122." £4C6.9901 Capital expendi(ure incurTed ID 2022r23 amounted lo £210.94212021122 £325.2201. Cash balances al the end of the year were £6,354,286131 Augvsl 2022.. £5,867.1111. The school has kept a carefvl watth on Ihe impacl from Brexf(. Covid 19 the cost of living increase and energy supply issues. Although these issues have had an impact on the School. the school's careful fiscal management, strong cash position, healthy pupil numbers and robust fecruilment numbers meant the Govemors are confident the school will have sufficient resources lo operate succe5sfulty now and in future years. The Governors make use of the following key performan￿ indicalors when aSses￿n9 the operating success of the Company.. Financial.. Annual sU￿lUS The annual surplus as a percentage of income on a rolling 5-year basis is lo be 5% or over Cash The minimum cash balan￿ al all times equals 5% of budgeted I￿orne plus the amount of contractually committed ¢apilal expenditure Pup￿ numbefs Pupil numbers to exceed budget throughout the year Polenlial enlries Formal apFAications lo exceed 150% of available places immediately prior lo the ballot ROKEBY EOUCATIONAL TRUST LIMITED (A Company Lirnited by Guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Non-financial.. Boys Boys achieve entry lo a senior school whth ts suited to their abililies, interests. personalty and needs ISI InSpeCt￿n l areas meet the requirements in the Independent Schools Inspectorate inspections The Governors are satisfied Trmlh the finanoal performance of the cOmp￿Y and satisfieu Ihat its financial positi al the year-end b*ill enable future slrategic plans lo be athieved. Grant Making The Company provided scholarships. bursaries, and di5count5 to 3 pupils12021r22'. 81 arnounling lo £26,104 12021122.. £61.3e61 Net income from the restricted Scholarship Fund tolalled £7.46112021122". £7,157) and net losses on inveslm8nls of £6,03412021122 '. £9.439 losses) All fvndraising is done m Com￿13Th¢e with the besi fundiaising practices. Fundraisirig follows traditional methods such as mufti days. cake sales and activitps for ihe boys. The govemor$ are nol aware ol any complaints made regarding fundraiwng in the p85t year. Reserve5 Policy The Governors, policy is to generate reserves lo provide funds lo underpin the school's d3y-tO-day operations and lo contsnue to enharKe the edtjcalional facilrties and services of the school and lo fund futu￿ projects. The minimum reserves required are based on a minimum cash balance al all limes equal lo 5'h of budgeted income plus the amounl of contractually committed caprtal expendrture. The reserves necessary to meet these needs comprise the General Fund. Al the balance sheet dale, the Company had restricted fvnds of £244,110 131 August 2022.. £268,787) and unrestricted lunds of £10,065.782 131 August 2022.. £9.682.9101 totalling £10.309,892 131 August 2022.. £9.951,6971. Free Teserves were £5.061.399131 August 2022.. £4.527,2521. In 2015, to mark the fiftielh anniversary of Rokeby's ￿-foUnding. the Govemors decitjed to transfer some reserves from the General Fund lo the Frftieth Aniversary Fund. The Fiftieth Anniversary Fund is intended to provide bursaries and other forms ol Specif￿ financial assistance lo students The amount lo be transferred each year is based on the amount of anticipated surplus. From 2020 to 2023, the governors decided not to transfer money due to the potential impact ol Covid 19 and plans for physic81 improvements lo the site. In addrtion to these unrestricted fvn(Js. the school has Resth"cted Funds whKh arise from donations made lo the school and which are designated for specrfic Purposes." the Bursary Fund. and Ihe Scholarship Fund Investsnents Policy The Governor5. investment wwers are set out in the Company's ArtKles of Association. This permits surplus funds lo be invested in inveslmenls, securities or property as may be thoughl fit SLbbjecl to any reslrictions which may for the lime being may be imposed or required by kw. ROKE8Y EDUCATIONAL TRUST LIMITED IA Company Llmlted by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Company's policy is to invest surplus funds in cash and short-term deposi($ except for the Scholarship Fund ich is invested in shares and other secunties lo achieve a balance of caprtal gr0￿h and income. Because the lund is small in investment lems. the cost of using wofessronal advrce to manage this fund would outsveigh likely relums from the fund, so the Govemors manage the investments directly using fv40 Common Investment Fund5 ICIFSI, which are inveslmenl vehicles similar lo unit trusts bth available only lo charrties. For the year ended 31 August 2023, the Company's restricted investments portfolio dropped in value by 3.2% 12021122." 4.8% fall in value) and generated an average income relum of 4.14 %12021122". 3.8%I- Each year the Finanee and Cardlal Assets C¢ynmiliee determines". how the funds will be deployed, and in particular the use of the Fiftieth Anniversary Fund and the Reslricled Funa (Paslorall L Sanderson Head of Lower Sch￿￿ and Designated Safeguarding Lead C Moolman A$￿Stant Head {Le8rner Operations) Tom Taylor Head of Midde School (appointed 17 Awil 20231 M C R Leeson Bursar, Clerk lo the Boar(l of Govemors and Company Secretary Thi5 rewrt was apwoved by the board of Govemors on 7 Deeembef 2023 and was signed for and on behalf of the b(iard by . Chair D A Davidson 14 ROKEBY EDUCATIONAL TRUST UMITED IA Company Limlted by Guarantee) AUDITORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Opinion We have audited the financial statemen15 of Rokeby Educational Trust Limited for the year ended 31 Augu51 2023 which ctsmprise the Slalements of Finanaal Aclivities. the Balance sheet, the Cash flow Statement and notes to the finanual statements, including a summary of significant a¢￿untIng policies. The financial reporting framework that has been applied in Ihèir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting sfandard applKable in the UK and Republic of I￿land (Uniled Kingdom Generalty Accepted Accounting pract￿e). In ow opinion. the financial slalemenls". give a true and fair view of the state of the charitable company's affairs as al 31 August 2023 and of the charitable eompany's net movement in funds. induding the income and expenditure. for the year then ended,. have been properly wepared in ￿)rdance with United Kingdom Generally Accepted Accounting Praclice.. and have been p￿pared in accordarKe %wth the requirements of the Companie5 Act 20CE. Basls for opinion We conducted our audit in accordan￿ th Intemational Standards on Audrting IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial slalement5 section of our report. We are independent ofthe charity in accordance with the ethical quiremenls 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 responsibilrties in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statemenls, we have concluded that the tru51ees' use of the going concem basis of accounts.ng In the preparabon of the financol slalements is appropriate. Based on the work we have performed, we have nol idenlffied any material uncertainties relating lo events or conditions that, individtlally or co11￿LI¥eIy. may cast significant doubt on the charitable company's ability lo conts'nue as a going concern for a period of at lea51 Iwelve months from vhben the financial statements are aulhori5ed for Issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in Ihe relevant sections of this report. Other Informatlon The trustees are responsible for the olher information. The other infom)ation comprises the infomalion inc5uded in the Trustees. Annual Report OUT opinion on the financial statements does not cover the other information and, excepl to the extent olheThrfFse explicitly slated in our ￿pOrt. we do not express any form of assurance conclusion Ihereon. In connection with our audit of the finanoal $l*ements. our responsibilty is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the audit or olhefwse appears lo be materially misslaled. If we identify such material inconsisleneies or apparent material misslalemenls, we are required to determine whether there is a material misslatemenl in the financial slalements or a materkal misstatement of the other information. If, based on the work we have performed. we conclude that Ihere is a material mis5talemenl of this other information. we are required lo report that fact. We have nothirvJ to repc¥l in this reg¥d. 15 ROKEBY EDUCATIONAL TRUST LIMITED IA Company Limited by Guarnnt•el AUDITORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audrt.. the information given in the Truslees, Annual Report Iwhich includes the strategic report and the dIT￿lor5, report prepared for the purposes of company lawl for the finanoal year for which the financial statements are prepared is consistent wth the financial statements", and the strategic report and the directors, report included ￿thIn Ihe Tiu$tees' Annual Report have been prepared in accordance with applbcat4e legal requirements. Matters on which we are required to report by ex¢eption In the light ol Ihe knowledge and understanding of the charilat4e company and rts envinnment obtained in the ourse of the audit, we have nol identified material misststemenls in the Trustees, Annual Report (which incorporates the strategi¢ ieport and the ¢*"rectors' report). We have nothing to report in respect oflhe following matters in relation lowhieh the Companies Act 2006 requires us lo ￿port to you if, in our opinion". adequate accounb.ng records have not been kepl by the charitable company, or the charilatrAe company financial statemen15 are not in agreement wth the aC￿Unting records and retums", or certain disclosures of Ifustees. remuneration sperified by law are not made., or we have not received all the infomialion and explanations we require for our audit Responsibilities of trustees for the financial ststements As explained more fully in the Iruslees. responsibilities statement set out on page 12. the Iruslees Ibtho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being salisfied that they give a true and fair view, and for such internal control as the Iruslees determine Is necessary to enable the preparation of financial statements that are free from material m1551alemenl, whether due lo fraud or error. In prepanng the financ%al slalemenls. Ihe trustees are responsible for assessing the ¢haritab1e company'5 ability to continue as a going concem. disdosing. as applicable. matters relateo to going concern and using the going concern basis of accounling unless Ihe trustees erther intend lo liquidate the charitable company or to cease operations, or have no reali5lic aliemative bul lo do so. Auditorfs re$ponsibilltle$ for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the ffinanual slalemenls as a whole are freè from material misslatemenl, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. bul is nol a guarantee that an audit conducted in accordance wrth ISAS IUKI will always detect a malerial mis51alemenl when il exists. Misstalemenls can arise from fraud OT error and are cortsidered material rf. indNidually or in the aggregate. they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irr8gularilies, including fraud, are instance5 of non-compliarlce with laws and Tegulalions. We design proceilures in line with our responsibililies. outlined above, to delect material mi551alemenls in respect of ir(egularilies, including Iraud. The exlent to whth our procedures are Capable of detecting irregulantses. including Iraud is delailed below.. Based on our understsnding ofthe group and the environment in which rt operates, we identiffied that the pnncipal risks of non-compliance vAth laws and regulatsons related to charity and company law applicable in England and Wales, and we considered the extent lo which non-compliance might have a material effect on the finanaal statements. We also considered those laws and regulations that have a direct impact on the p￿paratiOn of the financial slalemenls such as the Companies Acl 2006_ 16 ROKEBY EDUCATIONAL TRUST LIMITED IA Company Llmited by Guaranteel AUDITORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 We evaluated management's incents"ve5 and opportunities for fraudulent manipulation of the financial slalements {includin9 the risk of override of controls), and determined thal the principal risks were related to revenue recognition, in particular in relation to recording income from donations and charitable ath"vrties in the correct accounting per￿d and managemenl override of eonlrols. Audit procedures performed by the engagement team included.. Inspecting corresp)ndence wlh regulalors. Oiscussions with management including conside¥akn"on of known or suspecte(l inSt￿ceS ol non- compliance with laws and regulab.on and fvaud". Reviewing the Conlrds and procedures of the charity relevant lo the preparation of the financial slalements to ensure these were in place throughout the year. including during the Covid-19 remote working period., Reviewing debtors recovefaLK"lity wsl year end". Reviewing managements decisions on bad debt,. Reviewing post balance sheet events.. Evaluating management's controls designed lo prevent and detecl irregularities., Identifying and leskn.ng journals, in particular journal entries posted wth unusual account combinations. posting5 by unusual users or wth unusual descriptions." and Challenging assumptions and judgements made by management in their critical accounting eslimales. Because of the inherent limilalions of an audil. there is a risk thal we wll not delecl all irregularities, includin9 those lèading to a material misstatement in the financial statements or nOn-comp￿18nce with regulation. This risk increases the more that compliance a law or regulation is removed ftom the events and transactions reflected in the financial slalemenls. as we wll be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than erior. as fraud inVo￿e$ intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al. www.frc.or .uklauditor5re5 nsibilities. This description fomis part of our auditor's report. Use of our rnport This report is made solely to the chantable company's members. as a body. in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required lo stale to them in an Audrtorfs repx)rt and for no tslhei purpose. To the lullest exlenl permitted by law. we do not accept or assume responsibility lo anyone other than the tharitable company and the charrtable company's members, as 8 body, for OUT audit work. for this report. or for the opini¢Jns we have fomed. Thomas Wlson (Senior Statutory Audrtor} For and on behalf of Haysmacinlyie LLP. Statutory Auditor Oate.. 10 Queen st￿et Place London EC4R 1AG 15112123 17 ROKEBY EOUCATIONAL TRVST UMITED IA Company Llmlted by Guarnnteel STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR EMDED 31 AUGUST 2023 Unrestricted fund$ 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note INCOME FROM: Donations and grants Charitable aclivilies.. School operating income Investment incoffle 7.599.331 116.206 7.599,331 123.667 7,146,538 9.156 7.461 TOTAL INCOME 7.716,323 7,461 7,723.784 7,1 $5,694 EXPENDITURE ON: Charitsble activf(ie5 School operatsng eosts (7.333.451) (26.1041 {7,359.5551 16.739,2651 .TOTAL EXPENDITURE (7,333.451) {26.104} (7.359.555) 16.739,2651 NET INCOME BEFORE INVESTMENT GAINS & LOSSES 382,872 (18,6431 364.229 416,429 Net Ilossesllgains on investrnent assets 11 16,0341 16,034) 19,4391 NET MOVEMENT IN FUNDS FOR THE YEAR 382.872 (24,677) 358,195 406,9 Tolal fLtnds al I September 2022 16 9.682,910 268.787 9.951.697 9,544.707 TOTAL FUNDS AT 31 AUGUST 2023 16 10.065.782 244,110 10.309.892 9.951.697 All activities Telate lo continuing operati¢YbS. The notes on pages 21 to 34 fomi part of these finanual stslements. 18 ROKEBY EOUCATIONAL TRUST LIMITED IA Company Limited by Guarantee) BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note FIXED ASSETS Intangible assets Tangible assets Investments 10 5.004,383 180.193 5,155.658 186,228 5,184.576 5.341,886 CURRENT ASSETS Debtors Bank 12 232,811 6,354.286 214,232 5,867,111 6,587,097 6,081,343 CREDITORS: amounts falling due within one year 13 1842,2871 1942,7881 NET CURRENT ILIABIUTIESIIASSETS 5.744,810 5,138,555 TOTAL ASSETS LESS CURRENT LIABIUTIES 10,929.386 10,480,441 CREDITORS: amounts falling due after more than one year {619,4941 1528,7441 NET ASSETS 10,309,892 9,951,697 CHARITY FUNDS 16 Reslricled funds.. Scholarship Fund Bursary Fund Unrèslrtted funds.. General fund Fiftieth Anniversary Fund 212,757 31,353 230.908 37,879 9,065.782 1.000.000 8.682.910 1,CliO.000 10,309,892 9,951,697 The financial statements were approved by the Governors on 7 December 2023 signed on their behalf. by.. Chair - Treasurer D A Dovidson S Cotton 19 ROKE8Y EDUCATIONAL TRUST LIMITED IA Company Limited by Guarantee) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Note Cash flows from operatlng actlvities". Nel cash generated from operatsng activrties 18 483.699 853,114 Cash flows from investing activities: Dividends, interest and fenls from investments Purchase of property, plant and equipment 123.667 1210,9421 9,156 1325.2201 Net ￿$h used in investing &tivities 187.2751 1316.0641 Cash flows from flnanclng actlvities: Movement on fees in advance Movement on deposrts from parent5 (1.7491 92,500 {72.5001 13,7501 90,751 176.2501 Change in cash and cash equivalents In the reportlng perlod 487,175 460,800 Cash and cash equivalents al the beginnirwJ of the repoftirrtj period 5.867,111 S,406,311 Cash and Cash Equivalents at the end of the reportlng period 6,354,286 5,867.111 20 ROKEBY EDUCATIONAL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES 1.1 COMPANY INFORMATION Rokeby Educational Trust Limited (the Company) is a private company limited by guarantee incorporated in England and Wales. 115 reg15tered office add￿5$ is Coombe Croft. George Road, Kingston upon Thames, Surrey KT2 7PB. The wncipal actsvity is th'sclosed in the Govem(Ks' annual ￿pOrt. 1.2 BASIS OF ACCOUNTING These financial statements have been prepared in accordance ￿th FRS 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland". the ￿qUIrementS oflhe Companies Act 2006 and under the historical cost convention, except as modified for the annual revaluation of fixed asset investments. Ihin the definrtions of FRS 102. the Compary ts a put4ic benefit entrty. The finanaal statements have also been wepared in accordan￿ wilh the accounting policies set out in more detail bdow, to comply with Ihe Company's governing document, the Charities Act 2011 and Accounting and Reporting by Charilies.. 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 1021 leffective 1 January 2019)_ The finanual stslements have been prepared with the adoption ofthe FRS 102. Thi5 15 the fiisl sel of financial slalemenls Whe￿ the Triennial Revrew amendments have been adopted. There have been no changes to amounts presented in rè5pecl oftran5adions or balances In any ofthe main statements as a result of adoplis)n of the changes. but certain disc105ures have been up(laled in line with the new requirements. The financial statements are prepared in Sterting, which is the fiJnctK>nal currency of the Company. Mc￿etary amounls in these financial statemerrts are rounded to the nearesl £1. 1.3 GOING CONCERN The govemors have assessed and analysed a number of factors inc1￿j1ng sthool enrolment. waf(ing lists, cash flow forecasts and budget piojections for the ftjlure. All of Ihose factors have given the Governors confidence that the Company will be able to continue its activities and meets it financial 'abililies for the foreseeable future. On that basis, the Govemors have prepared Ihe financial statements using the going corKem basis. 21 ROKEBY EDUCATIONAL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POUCIES {Continued) 1.4 INCOME General donations aThJ 0￿r simil¥ types of voluntary income are brought into account vthen receivable and donated incorne is included gross of any attributable tax recoverable, where relevant. Donations given for speofic purpose5 are treated as re51ri¢led income. Tuition fees are billed lemity and are aecounted for on an accrual basis. Investment income, registration and examination fees is fecoynized when eamed. Income for extra-curricular activities and ￿h0o1 provided transport in kn'lled lermly in arrears. 1.5 EXPENDITURE Expenditure is allocated lo the Company's prinrypal aclivtty wthere the costs can be bdenlrfied as being directly relaled to thal activity. Al cosls that cannot be idenlffied as relating directly to the Company's principal activity are categorised as either support costs or govemance costs. Any costs Ihat cannot be speulically categorised are allocated in prop)rtions based UFon a suitable rats'o applicable to the nature ol the cost invofved. Bursaries payable are ￿cogniSed in the period in Vthfithlhe approved offer is conveyed lo the fecipienl except in those cases whefe the offer 15 conditional, such bursarie5 being recogni5ed only when the conditions attaching to the award are fvlfilled. Bursaries offered subject to conditsons. which have not been mel at the balance sheet date, may be noted as pJtential comrnilments where signrficanl, bul are not treated as a liabilty. Governance costs are the costs associaled with running the Company as a chantable company, and include a proportion ol stsff costs. audrt fees and certain other costs identified as directly governance related. 1.6 TAXATION The Company is a registered d)anty and as such ils income and gains falling due under section 471 to 489 of the Corpor*ion Tax Act 2010 or secb.on 256 01 the Taxation of Chargeable Gains Act 1992 are exempl Ifom corporate tsx to the extent that they are applied lo ils charitable objectives. 1.7 INTANGIBLE FIXED ASSETS All intangible assets purchased Ihat have an expected useful economic life that ex￿dS one year are ¢apilali5ed and classified as fixed assets. Intangible fixed assets are slated at historical c051 less amortisation. Amortisation is provided on all intangible fixed assets at rates cakulated to write e&h asset down to its estimated residual value eventy over its expected useful lile. as follows.. Website - Over four years 22 ROKE8Y EDUCATIONAL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES Icontlnuèdl 1.8 TANGIBLE FIXED ASSETS All tangible assets purthased that have an expected useful economie life that exceeds one year are capilalised and classified as fixed assets. Tangible fixed assets are stated at historical cost less depreaation. Depreaation is provided on all tangible fixed assets at rates calculated to write each asset down lo its ests'mated residual value evenly over its expected useful life, as follows.. Freehokj land and buildings - The land and buildings held by the Company in George Road, Kingston UFrf)n Thames al 31 August 1975 had been written down lo £100.000, being an amount representing the value of the freehold knd. This freehold land has been reta1ned in the balance sheet al Ihe ￿rry1r￿j value of £100.000.. The freehold land at the sports ground in Worcester Park is not depreciate(l. The cost of the pavilion is depreciated overten years. The cost of any minor additions to buildings since 1 September 1975 is depreciated over ten years. Major alierations made to existsng school buildings and adortional buildings acquired a￿ depreciated over fifty years. Fixtures, fittings and equipment CompuleT equipment over three years - All other fixtures, fittinys and equipment over four yews Motor vehicles - Over four years 1.9 INVESTMENTS The Company's investment5 are included in the balance sheet al fair vahje (their market value). The gains or losses arising upon their annual revaluats.on are induded in the statement of financial activities. 1.10 LEASED ASSETS AND OBLIGATIONS All of the Company's leases are 'operalirvJ leases.. The costs of these leases are charged to the statement of financial aclivilies on an accruals basis over the lem of the lease. 23 ROKE8Y EDUCATIONAL TRUST LIMITED IA Company Limtted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNnNG POLICIES (Continued) 1.11 PENSION CONTRIBUTIONS Retiremet)I benefts to certain employees of the Company are provided by the Teacher5, Pension Scheme England and Wales ('TPS-l. a defined benefft scheme for which the assets are held separately from those of the Company. The TPS is an unfunded scheme and contribulions are calculated so as 10 spread the cost of pensions over employees, working lives with the Company in such a way that the pension cost 15 subslanlialty level percentage of current and future pensionable payroll. The contributions are determined by the Govemment Aduary on the basis of quinquennial valuations using a wospective benefit method. The TPS is a multi-employer scheme and the Company is unable lo identify its share of the underfying assets and liabilities of the scheme on a consislenl artd reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are payable each year. For all other employees, the CLNnpany makes contributions into a defined contribution scheme, whose assets are also held in a separate fund independentty administered by Scottish Widows. The amount charged lo the statement of financial activities in respect of pension costs is the total contributions payable for the year. 1.12 FINANCIAL INSTRUMENTS A finanual instrument is a contract that gives rise to a fmancial asset of one entity and a financial liabilty or equity instrument of another entity. Financial instruments a￿ therefore classified and accounted for according to the Substan￿ of the contractual arrangement as financial assets. financial liabilities or equrty instruments. An equity instrument is any contrxl that evidences restdual interest in the assets of the entity after deduding all of ils liabilities 1.13 FINANCIAL ASSETS AND LIABILITIES The Company s debtors and creditors that meet the definition of erther a financk?l asset or a financial liability are initially recognise¢J al fair value and thereafter awe stsle¢J at amortised cost using the effective inleresl method. 1.14 FUND ACCOUNTING The general funa comprises the accumulated surpluses of unrestrictèd income over expenditure. which are available for use in lurtherance of Ihe general objectives of the Company. Designated funds are a particular f￿rn of unrestricted funds consisting of amounts, which have been allocated or designated for specific purposes by the Govemors. The use of designated funds remains al the discretion of the Govemors. Restricted funds are ftjnds subjecl to specrfic conditions impose¢Y by donors. The purpose and use ol the restricted funds are sel out in the note5 to the financial slalemen15. Amoun15 unspent al the year end are carried forward in the balance sheet. 1.15 GOVERNMENT GRANTS Govemment grants are recognised al the fair value of the asset received or receivable when there is reasonable assurance that the grant condilions will be met and the grants will be weNed. 24 ROKEBY EDUCATIONAL TRUST LIMITED (A C¢)mpany Limited by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CRMCAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Company's accounting polioes, the Governors are required to make judgemenls. estimates and assumplions atout the earywng amount of assets and liabilities that are not ￿adIlY apparent from other sources The estimates and underlying assumptions a￿ based on historical experience and other factors that are considefed to be relevant. Actual resuws may differ from these estimates. The estimates and underlying assumplions are rewewed on an ongoing basis. RevisK*ns to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that penod or in the period of the rew5i¢)n and fulwe penods if the revision affects both current and future penods. School Deposits Refundable deposit5 are currently classified between lon9 term and short term in the finanoal stslemenls. These deposits are refvndable in the event that pupils leave the school on one term's notice. and as such the deposit wcmjld be ￿[Unded lo the parents al that point_ However, the financial statements are prepared on a going concem basis and management make a judgement that the majority of pupils will ￿maIn in the s¢hiX)I for their full years of educab.on and therefore the deposit wll be relunded lo them when they leave the scho￿. Therefore. short term deposrts reflect those pupils that will be leaving the school wthin one year. and the long-temi deposits refiect those pupils thal ore likely lo be leaving the schod more than fv￿1ve months from the balance sheet date. Income from donations and legacies Total 2023 Total 2022 Donations 786 786 All income fr¢)m donations and *acies is unrestTiCted foi the current arKI comparative year. School operntlng Income 2023 2022 Gross Fees rec￿vable for turtion and fees in lieu of not 7,322,122 6.919,983 Nel Fees 7,322.122 6,919,983 Other operating income 277,209 226,555 7,599.331 7,146,538 All School operatirvJ income is unrestricted for the currenl and comparative year. 25 ROKE8Y EDUCATIONAL TRUST LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Investment Income unrestricted Restrtcted 2023 2023 Total Unrestricted Restricted 2023 2022 2022 Total 2022 Bank interest Income from investments 116.2C 116.206 1.999 1,999 7.461 7.461 7,157 7,157 116,2( 7,461 123.667 1.999 7.157 9.156 6. School Operating Costs and Governance Costs 2023 2022 Dlrect Costs Teaching .' Staff costs Teaching .' Operating lease rentals Teaching '. Other costs Welfare .' Olher costs Premises Staff Costs Premises .' Other ¢osls Schdarships, di$￿￿ntS and bursaries awarded 3,937.870 3.685.313 59,000 48.630 544,066 443.367 429,432 377,657 309,654 286,552 640.976 726.267 30.476 61,336 Support Costs Wages and salaries - Support Depreciation Audit fee Operating lease rentals other costs ' 554.093 362.218 22.790 14,093 454.887 507.456 326.385 18,835 27.936 229.531 7.359,555 6,739,265 Other c05t5 comprise general administrative costs induding items such as recruitment, professional fees. marketing. IT, Pfinling etc. NET MOVEMENT IN FUNDS 2023 2022 This is slated aftef chargng.. Auditors. remunefalion." audit Auditors. remuneration." non-audit fees 19,500 1.980 17,035 1.800 26 ROKEBY EDUCATIONAL TRUST LIMITED {A Company Llmited by Gvaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 8. STAFF COSTS 2023 2022 Wages and salaries Social security cosls Teacher pension costs Other pension costs 3,758.894 3,523,778 394.846 365,459 549,434 507,068 98.443 83,018 4,801,617 4,479,321 The average monthly number of employees duriNJ the period was as follows.. 2023 Number 2022 Number Teaching Welfare, wemises . support and administrali 65 31 30 96 99 The number of employees wlK)se remuneration for the year fell within the fol￿￿n9 bands was". 2023 Number 2022 Number £60.000 to £69.999 £70,000 to £79,999 £80,000 to £89,999 £120,000 10 £129.999 £130,000 to £139.999 The Company made contributions to pension sthemes on behaff of all employees whose emoluments exceeded £60,000, and the lotsl contributions payable duiing the year amounted lo £202,717 12022.. £115.252}. No other member of stsff received lolal emoluments in excess of £60,000 during the Current or previous year. The total amouni of employee benefits received by key management personnel.for their services lo Ihe Company during the year amounted to £498,31212022.' £502.5831 and the Company in¢urred employers. national insurance contribution Costs of a further £68,03612022' £51,193) In relation lo the employment of Ihese same members of staff. None ofthe Governors received any remuneration for services as a trustee or a5 a director oflhe Company during the current or previous year None ofthe Governors received reimbursement for expense5 incurred in relation lo the Company during the current or previous year. 27 ROKEBY EDUCATIONAL TRUST LIMITED (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 The Company has taken out a combined insurance policy that includes buildings and contents insurance. employer's liability insurance and proles5ional indemnity Insuran￿ cover for the Governors and staff of the Company. The premium for professional indemnty insurance paid by the Company in respect of this element of the insufance policy was £2.057 for the year ending 31 March 2023 (the Company paid premium of £1.583 for the year ended 31 March 20221. g. Intangible Flxed Assets Web$lte Total Cost.. 1 September 2022 and 21 August 2023 24,336 24.336 Amortisath"on'. 1 September 2022 Charge for the year 24,336 24,336 31 Augusl 2022 24,336 24,336 Net book Value". 31 August 2023 31 AugLt512022 10. Tangible Fixed Assets Assets under constructSon Fixtu￿5 and rrttin9S Freehold Motor Total Cost.. 31 August 2022 Additions 9.569.012 31.809 2,158,572 15.733 195,209 84.171 11,843,564 210,942 31 August 2023 9,569,012 47,$42 2,353.781 84,171 12,054.506 Depreciation.. 31 August 2022 Provided during the year 4,745.730 193.417 1.867,332 166.070 74.844 2.730 6,687,906 362,217 31 August 2023 4.939.147 2,033,402 77.574 7,050.123 Nel book value.. 31 August 2023 4.629,865 47,542 320,379 6,597 5,004,383 31 August 2022 4.823,282 31.809 291.240 9.327 5,155.658 28 ROKEBY EDUCATIONAL TRUST LIMITED (A Company Limited by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2023 11. Investments 2023 2022 1 September 2022 Gains and Losses 186,227 {6,0341 195,667 19,4391 31 August 2023 1BO,193 186,228 At the balance sheet date, the historical Cost of the investments was £125.991 {2022'. £125,991). Individual holdings representing more than 5% of the market value of ihe portfolio al the balance sheet date are as follows.. 2023 2022 CCLA Investment Management Ltd - COIF Charrties Investment Fund M&G - Equities Investment fund for charib.es 109.409 70.784 111,582 74.646 180,193 188,228 12. DEBTORS 2023 2022 Trade debtors Prepayments and accrued income 138.441 102,829 94,370 111.403 232,811 214,232 13. CREDITORS.. amounts fa115ng due wilhin one year 2023 2022 Trade creditors Parental deposits Other taxation and social securty Pension contributions payable Other eredilors Accruals Deferred income 73.334 42,500 101,535 80,835 4,459 66.920 472,704 81,860 147,500 91,741 71,250 5,463 60,273 484,701 842,287 942,788 29 ROKEBY EDUCATIONAL TRUST LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 AUGUST 2023 14. DEFERREO INCOME 2023 2022 Movements in deferred income were as follows." Deferred income at the start of the year Income received in advance Deferred income released 484,701 559.110 472,704 484,701 1484,701) 1559.1101 Defeired income al end of year 472.704 484.701 Defer￿ income represents fee ineome received in advance. 15. CREDITORS.. amounts falllng due wlthln more than one year 2023 2022 Deferred income Deposits from pa￿nts 68,250 551,244 70.000 458,744 619,494 528,744 Deposits from parents fall due foT repayment wthn three months aftef the nominated pupil leaves Rokeby. Earlier Tepaymenls may be made at the discretion of thè Govemors. 16. THE FUNDS OF THE CHARITY 2023 Brought Forward Investment galns ca￿led Forward Income Expenditurg RESTRICTED FUNDS Scholarship Fund Bursary Fund 230.908 37.879 7.461 {19,5781 {6,5261 16'.0341 212.757 31,353 268.787 7.461 {26.104} 16.0341 244,110 UNRESTRICTED FUNDS General Fund Ffftieth Anniversary Fur 8,682.910 1.000.000 7.716,323 17.333,451 9,065.782 1.000.000 Total unrestr￿led Funds 9.682.910 7.716.323 17.333,4511 10.OS5,782 Total funds 9.951.697 7,723.784 17,359,555) 16.0341 10.309.892 30 ROKEBY EDUCATIONAL TRUST LIMITED IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2023 16. THE FUNDS OF THE CHARI￿ {contlnuedl 2022 Brougm Forward Investment gains Carried Forward Income Expenditure RESTRICTED FUNDS Scholarship Fund Bursary Fund 251.835 45,003 7.157 (18,6451 {7.1241 19.439) 230,908 37,879 296.838 7.157 (25.7691 19.439) 268.787 UNRESTRICTED FUNDS General Fund Fiftieth Anniversary Fund 8.247,869 1,000,000 7.148.537 16.713.496) 8.682.910 1.000,000 Total Unrestricted Funds 9.247,869 7.148.537 16.713,496) 9.682,910 Tolal funds 9.544,707 7.155,694 16,739,26S) 19.4391 9.951,697 The Scholarship Fund was set up in 1995 follwng the recept of an anonymous dona1m￿. The funds are intended lo be used to provide a full scholarship for a pupil of Rokeby School, who would otherwise be unable for finanoal reasons to attend the school. The Bursary Fund was sel up in 2008 followng the weipt of donations from the parent5 of boys leaving that year and this fund has $ubsequenYy been added to by ¢Jonalions from Ihe Rokeby Parents. Circle as well as other anonymous donations. The funds are intended lo be used to provide bursaries for boys whose parents would otherwise be unable lo afford the sthool's rKwmal tuition and extra-curricular fees. The Fiftieth Anniversary Fund was created in 2016. H¢)wever, rt has not been used since ils designation. Al a Board meeting held on 7 December 2023. the Governors agreed lo remove the status of the Fiftieth Anniversary as a designated lund. The monies will now form part of the General Fund. 31 ROKEBY EDUCATIONAL TRUST LIPJJITEO {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. ANALYSIS OF NET ASSETS BETWEEN FU140S - 2023 Restricted Unrestricted funds tunds 2023 2023 Total funds 2023 Tangible fixed assets Investments Net Current assets Creditors due in more Ihan one year 5.004,383 5.004,383 180.193 5,744.810 1619.494) 180,193 63.917 5.680,893 1619.4941 244,110 10,065.782 10,309.892 ANALYSIS OF NET ASSETS BETWEEN FUNDS- 2022 Restricted Unrèstricted funds funds 2022 2022 Total funds 2022 Intangible & Tangible fixed assets Investments Net Current assets Creditors due in more than one year 5.155,658 5,155,658 186.228 5,138.555 (528.7441 166,228 82.559 5.055,996 1528.7441 268.787 9.682,910 9.951.697 18. NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net movement in funds Dividends. interest and rents from inVestsn￿ts Depreciation ¢haiges Net losses Ilgainsl on investrnenl assets Ilnueasel l Decrease in debtor5 Increase l (Decrease) in creditors 356,19S (123,6671 362,217 6,034 18,5791 1100.5011 406,990 19,1561 326,355 9.439 {30.9741 150.460 NET CASH INFLOW FROM OPERATIONS 483,699 853.114 32 ROKEBY EOUCATIONAL TRUST LIMITED IA Cr>mpany Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 19. COMMITMENTS UNDER OPERATING LEASES 2023 2022 At 31 August 2023, the Company was committed lo make the followng total paymellts under non-cancellable operating leases". In respect of motor vehicles and plant and mathinery leases- Amount5 due within one year Amounts due beknn one and five year5 47,317 141.368 21,678 25,411 188.685 47,089 20. RELATEO PARTY TRANSACTIONS During the prior year the followng Govemors. ￿ were during the course of the year parents of boys at the school, had a financial TelatKJnship ¥￿th the sch￿1 on Ihe same basis as any other parentlnone in 20231.. D A Oawdson In ielats'on to the above, during the year, the Company cecognised total fees receivable for tuition amounting to £Nil12022.. £18,645). At the balance sheet date. £Nil12022'. £NIl ) wa5 owed lo the Company by parent Governors, and in respect of loans and deposils received from parents, no amounts were owed to any of the parent Govemors from the Company {2022.' None). There are no ￿rther related party transaction5. 21. PENSION COMMITMENTS The School participates in the Teachers. Pension Stheme Ilhe TPSI for ils tea¢hTrng stsff. The pension cha¥ge for the year indudes conth"butions payable to the TPS of £549.43412022." £507.0681 and al Ihe year end dale, £68,41212022.. £60,106) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer define(I benefils pension scheme govemed by the Teachers. Pensions Regulations 2010 las amended) and the Teachers, Pension Scheme Regulations 2014 las amended). Members contribthe on a "pay as you go basis with contrif)utions from members and the employer being credrted lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department The mosl ￿cent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report, which was pUt￿l$he0 in March 2019. conf5rmed that the employer contribution rale for the TPS would increase from 16.4°A lo 23.6% from 1 September 2019. Employers are also required lo pay a scheme administration lewy of 0.08% giving a lolal employer ecfitribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance the benefrts sel out in the scheme regulation5 and under the approach specified in the Directions. as they applied, at 5 March 2019. However, Ihe assumptions were considered and sel by the Department for Education prior lo the ruling in the 'McCloudlSargeanl case,. This case has required the courts lo consider cases regarding the implemenlalion of the 2015 reforms lo Public se￿iCe Pensions ineluth"n9 the Teachers. Pensions. 33 ROKEB Y EDUCATIONAL TRUST LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 21. PENSION COWIITMENTS Icontinuodl The TPS is subject to a cost cap methanism wh￿h was put in place lo protect taxpayers against unforeseen changes in scheme ￿$t$. The Chief Secretary lo Ihe Treasury, having in 2018 annoUn￿d that there would be a review of this ¢ost cap mechanism. in January 2019 announced a pause lo the cost eap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there was certainty about the value ol pensions to employees from April 2015 onwards. The pause was lrfted in July 2020, and following a public consultation in 2021, the Govemmenl have accepted three key proposals recommended by the Government Actuary. and are aiming to implement these changes in lime for the 2020 valuations. The 2016 cosl control valuatsons were completed in January 2022, and the results indicated thal there would be no changes to berbefils or member contributions required. The results of the Cost cap valuation ale not use(J to set the employercontribution rate. and HM T￿aSUry has indicated that any changes to the employer eorrtribulion rale resultng from the 2020 valuat￿n$ will tske effecl in April 2024. Until the 2020 valuation 1$ completed. it is not Fossible to condude on any financial impact or future changes to the contribution rales of the TPS. Accordingly no &￿VisIon for any addrtional past benefit pension costs is included in these finanual slalements. Following Ihe year end the TPS announeed that Ihe employer wntribution rale would be increasing 5'h to 28.68%