NEWLAND HOUSE SCHOOL TRUST LIMITED (A Registered Company Limited by Guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 Company Registered No. 1004580 Charity Registered No. 312670
IYEWLAND HOUSE SCHOOL TRUST LIMITED GOVERNORS, REPORT YEAR ENDED 31 AUGUST 2024 The Governors present their report and auditsd financial statements for the year ended 31 August 2024. REFERENCE AND ADMINISTRATIVE INFORMATION Newland House School Trust Limited is incorporated as a company limited by guarantee. number 1004580 and is a registered charity, nulllber 312670. The Registered Office and principal address of the Company is at Newland House School, Waldegrave Park. Twickenham, TWI 4TQ. GOVERNORS The Governors are th¢ dir¢ctors of the company and also the charity tTUStees and those who served during the year and since were: A T Gumpert HKMann J RPeachey G Hobday P Holmes N Janmohamed B Carter D James OFFICERS AND ADVISERS Head C Skelton Bursar and Company Secretary E Bell (to 5 August 2024) R Grant (5 AuEUSt 2024 onwards) Auditors Haysmac LLP 10 Queen StreetPlace LA)ndon EC4R IAG Bankers Barclays Bank Pl¢ Leicester LE87 2BB Solicitors Veale Wasbrough Vi7ards 86 Fetter Lane London EC4A IAD
NEWLAND HOUSE SCHOOL TRUST LIMrrED GOVERNORS, REPORT (Continued) YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Company is governed by its Memorandum and Articles of Association dated 12 March 1971. Governing Body Thc Governors. who are also required under the Articles to serve as members of the I'rnst, are electcd at a full Governors Meeting on the basis of nominations received from individual Governors paying due regard to cligibility, personal competence, SPL'cialist skills, availabilily and diversity of the governing body. Governors, Training New Governors are apprised of the working¥ of the School, and a180 of the Cotnpany as a registered charity, including policy and procedures by the Chairman and the Secretary to the Trust. Opportunities are made available for Governors throughout the year to attend training workshops and 8emin8r8 via the Secretary lo the Trnst. Organisation The Governors meet at least 4 times per year to deterniine the general policy of the 8chool. The responsibility for academic standards and the day to day operation of the school is delegated to the Head whilst the Company Secretary as Bursar is responsible for financial. property and administration matters. The Governing Body includes the following policy sub- committees: Education, Estates, HR, Health & Safety (and Child Protection), and Finance & General Purposes. Key Management Remuneration The Governors rely on the Senior Leadership Team (SLT), including the Head and Bursar for the operation of the s¢hool and the SLT is considered to be the key management group within the school. The SLT consists of; the Head, Bursar, Deputy Head -Pre Prep, Deputy Head, Deputy Head -Academic, Head of Admissxons and Head of HR and Compliance. Key management remuneration is set by the Remuneration Committee, collsisting of governors from the Finance & General Purposes Committee and the Chair of Governors. OBJECTIVES, AIMS AND PRINCIPAL ACTIVITIES Strategie Aim and Intended Effect The objects forwhich the trust is established are to promote and provide for the advancement of education and in connection therewith to conduct and cany on, acquire and develop in the United Kingdom ally boarding or day school or schools for the education of children of both sexes. The school's policy is forboys alld girls to attain the highest a¢ademic levels whilst also benefiting from a broad curriculum of sporting, musical. artistic artd other activities to develop their interests and abilities and to prepare them for the senior school of their choice. On-going Objective The Governors. main objective continues to refiect the desire to maintain the stability and swccess of a co-educational tamily school by investing for the future and for the benefit of pupils. The key element of the Tru.qt's present 8trategy rcvolves around the continuing revÉew of the school's facilities to ensure that they meet the needs of current and futurc pupils. Charities Act and Public Benefit The Governors recognise their responsibilitie8 in providing and demonstrating public benefit. Thc School hag and continues to demonstraie a number of areas of public benefit within its core charitable objective. Thc identifiable benefits includ¢ both the provision of means-tested bursaries and a range of community activities. Furthei detail.8 arc set out in the Public Benefil section of this report. The Governors, similarly to those of other independent school charities, have taken not¢ of the sub sector guidance provided by the Charity Commission and are aware of the Charity Commi88ion as8¢8sments into public benefit at independent schools. They will continue to work with the ISC and ISBA to enwurage and demonstrate effective public benefiL
NEWLAND HOUSE SCHOOL TRUST LIMITED COVERNORS, REPORT (Continued) YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR 2023-24 The trnst has continued to operate as a preparatory school for boys and girls and has offered education to pupils aged between 3 and 13 years. Teaching and Learning Children at the school continue to be taught in small classes by excellent teachers. The quality of pastoral care remains excellent and children are happy and their wellbeing looked after. The school maintains an effective balance between focu8cd attention on the academic subjects and the breadth of curriculum required to deliver an all-round eAlucation. The Ghildren at Newland House make excellent progress in all areas of school life and achieve highly. Thc core subjects of Mathematic8. English and Science remain at the centre of the school Gurriculum. In Mathematics, secure conceptual understanding is developed before linking to the abstract using the Singaporean approach and English is based around children reading proficiently and underslanding the meaning and themes within increasingly complex texts. In both of these areas, our children ¢ontinu¢ to achieve highly. Science lessons involve developing the children's skills of scientific enquiry. The creative arts continue to be well-represented. Projects involving a range of media, including making digital art, ontinue to inspire children. In Design and Technology, children from Year 3 and above continue to work in the DT laboratory using a combination of materials. Music remains a strength at the school and in Drama all year groups put on a perfornianre for their parents to enjoy. The humanities remain an integral part of a child's education al Newland House, with our curriculum looking at the Geography and History of both the local area as well as events and concepts of national and international significance. This occurs throughout the school. A topic-based approach continues to be used in the Pre-Prep- an example would be a unit of work about Castles encompassing all subjects in Year l- whereas there is a more discrete approach with the older children. The school continues to give significant lesson time for children to learn a foreign language- French. In Years 7 and 8 Spanish is introduced as a second language. The emphasis remains on speaking and listening to ensure that children are able to understand and be understood. Latin from Year 6 and above provides children with cultural and linguistic reference on which many other subjects stand. Sport and physical education remain a ndamental part of school life. The school offers gender neutral sports provision- our summer sport is cricket for both boys and girls, and in the other tenn8, boys and girls choose which main sport to focus on. Fixtures against othcr schools are a significant part of children's education- all boys and girls in Year 4 and above represented the school in a variety of different sports including in mixed-gender teams. Prep and Pre-Prep Sports Days as well as the Prep House Swimming Gala are popular fixtures on the calendar and all children in the school participated in these. Children's Gultural development remains a sigllificant aspect of school life with an emphasis on recognising and celebrating the diversity within the 8chool comn]unity and beyond. tn Nursery for example our youngest children learn about Diwali and Chinese New Yeat to name but two. Trips, visits aDd special events A large number of scheduled residential and educational day trips took place. These included a Year 8 fjeld skndy day at the River Tillingbourne to colleci data for a research project. In addition, the Year 7 pupils visited Salisbury Cathedral and the Year 5 pupils participated in a teambuilding exer¢is¢ at Horseshoe Lake. All of the Prep year groups went on residential trips in the Sumtner Tern] to activity Centres. For ¢hildren within the Pre-Prep, we had a number of visitors coming into school to alEow the children understand the topics that they learn about in more depth. A chocolate workshop for Year 2 proved popular, as did a visit by a local guide dog into Reception classes.
NEWLAND HOUSE SCHOOL TRUST LIMITED GOVERNORS, REPORT (Contlnued) YEAR ENDED 31 AUGUST 2024 Co-eurrlemlar An extensive clubs, programme remains a vital part of a Newland House child's education. These take place before school, during lunch break and after school. Some are subject based, for example sport squad training or extension art club, whereas others are more wide reaching. Dance club is ever popular in both Ihe Prep and Pre-Prep parts of the school as is thc STE.M Llub (Science, Tec'hnology, Enginc6ring and Maths) and Chess club to name but a few. Music was again Significantly rcpre8cnted with six different choirs and a host of cnscmbles and groups. The year culminated with a fabulous concert at the Hampton School"fheatre as well as the Chambcr Choir Tour to Cornwall in the Summer Tenn. Within the sporting field, extra-curyicular activities were centred around more specific interests, such a% tenni8 and fencing, as well as to help develop children's skills- for example netball club for all Prep GhildreD. Senior School Transition All leavers gained enty to competitive, selective secondary schools with many receiving awards for academic and non- a¢ademic excellence. in the year 2023124 children gained a total of 26 scholarships. FIIYAIYCIAL REVIEW AND RESULTS FOR THE YEAR Income increased from £6,863,579 to £6,893,386. There was an increase in expenditure from to £6,356,430 to £6,636.545. The net sU]uS for the year was £256,841 (2023.. £507,149). The designated funds now sland as follows: Property Fund Discretionary Fund £5,302,957 £0 The principal source of income is fees which account for 98 % of total income. The Governors are continuing their strategy of deploying all net incoming resources to investing in the educational purposes and fabric of our School. As a charity the parents of our pupils have the a&qurance that the income of the School must be applied for educational pUose8. A £3.3 million loan was arranged in 2015 to fu1Ce the constNction of the new Pre Prep building which opened in September 2016. The balance on the loan at the end of August was £2,351,461. Interest on the loan is charged at 2.10/0 over Base Rate. The terni of the loan is to June 2034. Freehold Properties The Governors have obtained a current market valuation of all the freehold land and buildings in 2015, which confinned that the value is sub8lantially in excess of book value. POLICIES Reserves Policy The Govcmors regularly review the finances. budgets and spend against budget together with a ternily cash flow analysis as part of the effective stewardship of the School. In common with other independent schools. the Governors have invested substantial sums into the school buildings in recent ycar8. ]nost notably tbe new Pre-Prep which opened in September 2016 and have a continuing programm¢ of refurbishment. development and investment to maintain excellent teaching facilities for our pupils. A designated fimd, the Property fund, is endowed by amounts appropriated out of income each year to provide a fund for the replacement and improvement of the existing properties and this is represented by the approximate level of the investmenl in the propeny. At 31 August 2024 the balance on this fund was £5,302,957. The Governors created a discretionary fund in the year to August 2021 of £556,109 and after spending against this fund on improvements to the Prep School building the balance at 31 August 2024 stood at £0. All school funds ar¢ unrestricled. At 31 August 2024 the School's free reserves were £3,295.291, as following significant investment in the pre-prep building the majority of reserves are held wiihin fLKed assets.
NEWLAND HOUSE SCHOOL TRUST LIMITED GOVERNORS, REPORT (Continued) YEAR ENDED 31 AUGUST 2024 Bursaries Bursaries are granted to pupils who may not otheThvise bave the opportunity to receive an independent school education. This support, which is available on a needs basis as deterniined by the Finance & General Purposes Committee, reduces annual gross fee income. Public BenefAt lThe Governors continue to look at activitiex that will strcngthcn thc School's IiDks with ihe local community and provide public benefit. The School made available its music facilities free of chÈirgc to a local community choir and acted as a music examinalion centre. A local yoga group based in Teddington have benefitted from u.8ing the school facilities during the year. The Oiaker Kraus Music Trnst is a local charity which benefitted from using the school music facilities at weekends during the year. The school invited teachers from local maintained primary schools to join a training event 'Girls on Board. Throughout the year fimd raising activities were organised by the 8¢hool to benefit the Head Boy and Head Girl's chosen charity, Book Trust. The school operates the Early Years Funding initiative in conjunction with the London Borough of Richmond upon Thames to assist eligible pupils in their Nursery and Reception years. FUNDRAISING APPROACH AIYD PERFORMANCE The Governors are aware of the Charities (Protection and Social Investment) Act 2016 and recognise the importance of meeling the highest standards of pra¢li¢e and care in relation to ndraising activities. The School only raises funds from parents, staff and those with a personal connection to the school and does not undertake fundraising campaigns to members of the public. nor does it use the services of third party thndraisers. The School considers the origin of unsolicited donations and legacies. £500 of donations income was received in the 2024 f]cial year. RISK MANAGEMENT The Governors are responsible for identifying, assessing and mitigating potential risks ihat may affect the School. The Risk Register is revicwcd annually to ensure all risks arc identified and controls cstablished to provide robust mitigation. The Governors continue to keep the School's activities under review and consider the major risks faced in each of the principal areas of the School's operations. In the opinion of the Governors the charity has established resources and review systems which. under nornial conditions. should allow these risks to be mitigated to an acceptable level in its day to day operations. The principal controls used by the School are: Fonnal Agendas for all Board and Sub-committee meetings, including a range of standing agenda itcms Tenns of Reference for all Committees Comprehensive strategic planning. financial forecasting. budgeting and management accounting Established organisational structtlres and lines of reporting Comprehensive fornial written policies Clear financial authorisation limils Safeguarding pro¢edures. as required by law, for the protection of the children Sufficient and appropriate training for governors and key staff
NEWLAIYD HOUSE SCHOOL TRUST LIMITED GOVERNORS, REPORT (Continued) YEAR ENDED 31 AUGUST 2024 PRINCIPAL IUSKS AND UNCERTAINTIES The key business impacts and associated mitigations identified are: Economic Factors.. Affordability in the Independent School sector- sensible fee structure and appropriate bursary policy Increased cost of energy resources- robust budgcting Macro-economic instability- 8ensiblc fce structure and appropriate bursary policy Internel-b&8ed or cyber-attacks- appropriate network syslem8 and highly qualified IT 8taff Potential Ios8 of Mandatory Busine.%.4 Rates Relief - review cost% to mitigate impact on c08t ba Introduction of VAT on school fee8- looking at VAT recovery and cost base to mitigate cost to parents Political factors: Changing governmental and public attitudes to indq)cndent education- ability to demonstrate community value in th¢ school and its assets. provi.sion of means-tested bursaries Ensuring the school keeps up to date with political, legi8lative changes to regulatory compliance- appropriate training for staff and governors and use of external audil and expertise Legal factors.. Employment law Changes- seminar attendance for staff and advice from lawyers Regulatory compliance becoming more ¢hallenging- senior staff rea¢tive to changing Goven]ment and ISI requirements Internal: Repulalional damage- good and timely communication between governors, staff and parents Governance- strategic plan, training for Govemors, use of external advisors, membership of AGBIS and ISBA Financial Control- fmancial procedures, oversight by those charged with governance, monthly management accounts Academic Standards- monitoring by Education Committee and key staff. FUTURE PLANS The Governors will continue to implemcnt improvements and upgiades to the existing buildings and support infras1nJcture where necessary. based on sound prioritisalion and financial prudence. The refurbishment programme for the Prep part of the school conlinued this year with an upgrade in seating, lighting and sound in the Prep Hall. In addition, thc Prep Music School wag completely transfornied. Within the current challenging financial climate, the Governors havc investigated additional income opportunities within the School's estat¢ in order to help continue to n]ake the school as affordable as possible and also to continue to invebt where needed.
NEWLAIYD HOUSE SCHOOL TRUST LIMITED GOVERNORS, REPORT (Continued) YEAR ENDED 31 AUGUST 2024 AUDrroRS Messrs Haysmac LLP have expressed their willingness to continue in office as auditors. STATEMENT OF GOVERNORS, RESPONSIBILITIES The purpose of this statctncnt 1% to distinguish the Governors, responsibilities for the accounts from those of thL' auditors as stated in their report. The Governors are responsible for preparing the annual report and the fmancial.8tatement4 in accordance with applicable law and United Kingdom Generally Acceptcd Accounting Practice. Company law requires the Governor8 to prepare financial statements for each fanCIal year which give a true and fair view of the state of affairs of the company and of the profit or loss of the conlpany for diat period. In preparing ihose financial statements, the Governors are required to. select suitable accounting policies and then apply them ¢onsistrntly' observe the methods and principles of the Charities SORP. nke judgements and estimates that are re&sonablc and prudent. state wh¢ther applicabl¥ accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatements. prepare the financial statements on the going concern basis unless it 18 inappropriate to presume that the charity will continue in operation. The Governors are responsible for keeping proper accounling records which disclose, with reasonable accuracy, the fmancial position of the company at any time. and to enable them lo ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the company's corporate a&sets and those of its ttust funds and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of error, fraud and irregularities. So far as each of the Governors is aware at the time the report is approved: There is no relevant audit inforniation of which the compangs auditors are unaware,. and The Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that the auditors are aware of that infomiation. The Govcmors, Report, incorporating the Strategic Report, was approved by the Governors at its meeting on 20 March 2025 and signed on its behalf by: A T Gumpert Clia an of Govcrnors
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NEWLAIYD HOUSE SCHOOL TRUST LIMITED Opinion We have audited the financial statements of The Newland House Schools Trusi for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a sumnwy of significant accounting policies. The fillancial 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 Siandardapplicable in ihe UK andRepublic oflreland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statenient%'. give a trne and fair view of the state of the charitable company'.% affairs as at 31 August 2024 and of the charitable company's net movemenl in funds, including thc income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounling Practice. and have bcen prepared in accordance with the requirements of the Companies Act 2006. 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 Audilor's responsibilities forthe audit of the financial statemenls section of our r¢port. Wc arc independent of ihe charity in accordance with the ethical requirements that are relevant lo our audit of the financial %tatcments in the UK, including the FRC'S Ethical Siandard. and we have fulfilled our other eihi¢al 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 ¢0 going concern In audiling the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparalAon of the fllW)cial statements is appropriate. Based on the work we have perfornled, we have nol identified any material uncerlainties 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 ai least twelve months from when the financial ststements are authorised for issue. Our responstbilities and the responsibilities of the trnstees with respect to going concern are described in tlje relevant sections of this report. Other Information The trnstees are responsible for the other inforniation. The other infonnation comprises the inforniation included in the Governor's Report. Our opinion on the fillancial statements does nol cover the other infom]ation and, except to the extent otherwise explicitly stated ill our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforn]ation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or Otherwi appears to be materially misstated. If we identify such material inconsistencie8 or apparcnt material misstatements, wc are required to detennine whether there is a material misstaiement in the financial .qlatements or a tnatcrial mis%t¢ltemcnt of the other inforniation. If, based on the work we have perfornied, we conclude that there is a material misslatement of thi% other inforn]ation, we are required to report that fact. We have nothing lo report in thi8 rcgard. Opinions on other matters prescrAbed by the Companic5 Act 2006 In our opinioll, based on the work undertaken in the course of the audit: the inforniation given in the Governor.8 Report (which includes the strategic report and the directors. report prepared for the putyoses of cotnpany law) for the fmancial year for which the financial statements are prepared is consistent with the financial stalements. and thc strategic report and Ihe directors, report included within the Governors, Rq)ort have been prepared in awordallce with applicable legal requirements.
INDEPENDENT AUDITORS? REPORT TO THE MEMBERS OF NEWLAIYD HOUSE SCHOOL TRUST LIMITED Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable compally and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors, Report (which inCoOrateS the strategic report and the directors. report). We have nothing to report in SpeCt of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company. or the charitable company financial statements arc not in agreement with the accounting records and relurns. or certain disclosures of trustees, remuneration specified by law are not made" or we have not received all the infomiation and explanations we require for our audit Respon%ibilitie$ of trustees for the fmaneial statements A¥ explained more fully in the trustees, responsibiliÉics 8tatement set out on page 7, the trnstees (who are also the directors of the charitable company for the purpose8 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 trustees deternline is neco8sary to ¢nable the preparation of fancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the ITUStecs 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 tnlstees either intend to liquidate the charitable company or to Cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the flnaneial statements Our objectives are to obtain reasonable assurance about whether the fmancial staEments 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 delect a material misstatement when it exists. Misstatements can arise from fraud or error and are consldered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respe¢t of i¢guLarItieS, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charitable company and the environment in which it operates, we Identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment Raw and Charitie5 Commission's general guidance and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practice for Charities (SORP 2015) (Second Editioo effective l January 2019), and consider other factors such as payroll taxes and VAT. We evaluated management's incentives and opportunities for fraudulent manipulation of the fanCial statements (including the risk of override of controls). Audit procedures perfonned by the engagement tcam included: Intspecting correspondence with regulators and tax authoritia5' Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. Evaluating management's control8 designed to prevent and delect irregularities. Identifying and testing journals, in particular journal entries posted as part of the year end process. and Challenging assumptions and judgements made by management in their accounting estimates.
INDEPEIYDENT AUDITORS, REPORT TO THE MEMBERS OF NEWLAND HOUSE SCHOOL TRUST LIMITED Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The rAsk is also greater regarding irregularities occu1Thg due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A rther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting CounLil's website at.. www.frL.oi )(111siliililiLS. This description fonns part of our auditor's report. Use of ollr report Thib report is made solely to the charitable companys members. as a body, in accordance with Chaptcr 3 of Part 16 of the Companies Act 2006. Our audit work has been undertsken .90 that we might 8tatc to the charitable company's members those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fulle8t extent permitted by law, we do not accept or assume responsibility to anyone other than th¢ charitsble company and the Gharitsble company's members, as a body, for our audit work. for this report, or for the opinions we have fornied. Kathryn Burton (Senior Statutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditor Date.. 28th March 2025 10 Queen Street Place London EC4R IAG io
NEWLAND HOUSE SCHOOL TRUST LIIVIITED STATEMENT OF FINANCIAL ACTIVITILS FOR THE YEAR ENDED 31 AUGUST 2024 2024 Total 2023 Total INCOME FROM Charitable activities Notes Fees receivable 6,503,989 6,481,968 Sustainable transport iniliatives 63,207 49,312 Other educational income 287,197 283,852 Grants & donations 500 26,472 Raising funds: rents and lettings 35,743 21,975 Other income 2,750 Total income 6.893,386 6,863,579 EXPENDTTURE Charitable activities 6.636,545 6,356,430 Total expenditure 4,5,6 6.636,545 6,356,430 NET INCOME 256,841 507,149 NET MOVEMENT IN FUNDS 256,841 507,149 Balances brought fonvard at I September 2023 8,341,407 7.834,258 Balances carried fonvard at 31 August 2024 12 8,598,248 8,341,407 The accompanying notes on pages 14-25 forn) an integral part of these accounts. There were no recogoised gains and losses other than those shown on the above Statement of Financial Activities. There was no restricted income or expenditur¢ in 2023 or 2024. All funds in IK>th years wer¢ unrestricted.
NEWLAND HOUSE SCHOOL TRUST LIMITED COMPANY NUMBER: 1004S80 BALANCE SHEET As at 31 AUGUST 2024 2024 2023 FIXED ASSETS Flotes Tangiljle assets 9,860,740 9.849,935 CURREN"r ASSETS St(Kk 12,422 14,710 Debtors 243,208 204.164 C&8h at bank and in Iland 3,322,708 2,279,115 3.578,338 2,497,989 CREDITORS- due within one year io (1,616,704) (1,107,308) NET CURRENT ASSETS 1,961,634 I J90,681 CREDrroRS: due after more than one {3,224.126) {2,899,210) NET ASSETS 8,598,248 8,341,406 Represented by: CENERAL FUND 12 3,295,291 3,228,693 DESIGNATED FUNDS 12 5,302,957 5,112,713 TOTAL FUNDS 8,598,248 8,341,406 Th¢ fin2mcial statements were appmved and authorised for issue by the Board on 20.03.2025 and were signed below on its behalf by: 2£)>S A T Gumpert HKMann The accompanying notes forn] an integral part olthese accounts oll pages 14-25. 12
NEWLAND HOUSE SCHOOL TRUST LIMITED IYOTES TO ACCOUNTS YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Net cash provfided by operations Cash flows from investing activities: Deposit interest Loan interest Payable 1,725,849 (49,077) (51,988) (183,297) (23,285) (184,230) Purcha8c of fixed assets {446,971) {329,383) Nct cash used in investing activities (682,256) (536,898) Change in cash and cash equivalcnts in the reporting period 1,043,593 (585.975) Net cash and cash equivalents at beginning of perlod 2,279,115 2,865,090 Net cash and cash equivalenls at end of period 3,322.708 2,279,115 IYOTES RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPLRATIONS 2024 2023 Net income Depreciation charges Bank interest Bank loan interest payable Debtor8 (increase) Creditors increascl(decrease) Inventory increase Net cash inflow from operating acttvitie8 256,841 436.167 51,988 183,297 (39.044) 834,312 2,288 1,725,849 507,149 399.568 23,385 184,230 (2.679) (1,150,549) (10.180) (49,077) ANALYSIS OF MOVEMEIYTS IN NET DEBT 2023 Cashflow 2024 Cash at bank and in hand 2.279,115 1,043,593 3.322,708 Loan- Barclays- due within one year Loan- Bar¢lays- due after one year Total (98,982) (2,464,070) (283,937) (13,195) 112,609 (112,177) (2,351,461) 859,070 I.L43.007 13
NEWLAND HOUSE SCHOOL TRUST LIMITED NOTES TO ACCOUNTS YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Basis of Preparatlon The fmancial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland {FRS 102) - second edition effective l January 2019. The accounting policies set out below have been applied in preparing the financial statements for the year ended 31 August 2024 and the comparative infonnation presented in these financial statements for the year ended 31 August 2023. The financial statements are drawn up under the historical cost convention. The School is a Public Benefit Entity registered as a charity and company in England and Wales, it was incorporated on 12 March 1971 (charity number 312670 and company registration number 1004580). Going ¢on¢¢rn Having reviewed the ndIllg facilities available to the School together with the expected ongoing demand for places and the School's future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable futhre and consider that there were no material uncertainties over the School's financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements. CriticAI aecountlng Judgements and key sources of estimation uncertainty n the application of the accounting policies, the Governors are required to make judgement, estimates, and assumptions about the Carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountillg estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and tUre periods if the revision affected current and future periods. In the view of the Governors, no assumptions concerning the tUre or estimation uncertainty affecting assets or liabilities at the balan¢e sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School's fmancial slatements. Fees and similar income Fees recexvable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees. but including contribution received from restricted funds, are accounted for in the period in which the service is provided. Donations Donations are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is Considered probable. Investment income Investment income from dividends, bank balances and fixed interest securities is accounted for on an accNal8 basis. 14
NEWLAND HOUSE SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (Continued) YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (continued) Expenditure Charitable activities costs represent costs directly associatcd with the provision of education atid related support costs. Expenditure is allocated to each expense hcdding on a direct cost basis. 'fhe irrecoverable element of VAT is included with the ilem of expense to whiLh it rclates. Governance costs comprise the costs of running the charity, including strategic planning for its future developmenl. external audit, any legal advicL for thc School's Governors, and all the costs of complying with conslitulional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounls and satisfying public aLcountability. Financial Instrument5 B&%ic Financial tnstrlunents are initially recognised at transaction valuc and 8ubsequently mca4ured at amortised with the exception of investments which are held ai fair value. Financial a8.4et8 hcld at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for dcbt8 for which reGovcrability is in doubt. Cash at bank and in hand is defined all ca8h held in in8tant acce8% bank accounts and used as woiking capital. Financial liabilities held at amorti8ed cost ¢ompri8e all Greditor8 excopt social security and oiher taxes and provisions. Debtors School fee and other debtors are recognised at the settlemeat atnount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditor5 and provisions Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty alld the amount due to settle the obligation can be mcasurcd or cstimatcd rcliably. Crcditors and provisions are nomially recognised at their settlement amount after allowing for any trade discounts due. Depreeiation Depreciation is provided on freehold pernianent buildings at two per cent per annum after allowing for £1,679,000 being the estimated cost of land included in the original purchase. Short leasehold property is being depreciated over the tern] of the lease, being 40 years from 29 June 2012. Depreciation is provided on other fed assets to write off their Cost on a straight-line basis over their estimated useful lives, subject to annual review, as follows.. Furniture, fittings and equipment Motor vehicles Computers Plant & Climate Control systems Software (mtmagemenl systems) Artificial Playing Surfaces 7 to 20 years 5 years - 4 years 10 years 10 year Gencral Fund lThe general fund is unrestricled and represents accumulated ,8UTpluses and gifts received towards capital expenditure. 15
NEWLAND HOUSE SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (Continued) YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (eontlnued) Property Fund Amounts are designated equal to the net book valuL of the School's Idnd and buildings, including properties in the course of constriction, less bank loans, up to the value of gcneral funds available. Governors, Discretionary Fund Amounts are appropriated out of income from time to time to providc a designated fund to improve the fabric of the prep school building. Operating Leases Rental¥ applicable to operating leases. where substantially all of the benefits and risks of ownership remain with the lessor, arc charged to the income and expenditure account as incurred. Employee Benefits Shorl tenn benefils Short tenn benefits including holiday pay are re¢ognised as an expense in the period in which the service is received. Employee teP7nination benefiis Tern]ination benefits are accounted for on an accrual basis and in line with FRS 102. Pensions The company operates two contributory pension schemes for substantially all staff. The Pensions Trust Growth Plan is a multi-employer pension schetne. IÉ is not possible to identify the School's share of the underlying assets and liabilities of the Plan on a consistent and reasonable basis and therefore. as required by FRS102, the School accounls for the scheme as if it were a defined contribution scheme. The School's contributions are charged in the period in which the salaries to which they relate are payable. The School operates a defined contribution pension scheme and the pension charge represents the amounts payable by the School to (he fund in respect of the year. 2024 2023 FEES RECEIVABLE Tuition fees tLss'. Scholarships. bursaries and other allowances 6,693,344 (189,355) 6,644,403 (162,435) 6.503,989 6,481,968 2024 2023 OTHER EDUCATIONAL INCOME Registration fees After school and holiday clubs Other 6,500 191,546 11,800 159,823 89.151 112.229 287,197 283,852 16
NEWLAIYD HOUSE SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (Continued) YEAR ENDED 31 AUGUST 2024 ANALYSIS OF TOTAL EENDrTURE Staff Costs Other Depreelation TotV41 2024 2024 2024 2024 Charitable activities: School operating Costs Teaching Welfare Premises Support costs of schooling Finance costs 3,913,855 285,572 381,821 664,720 188,096 183,297 1,703,506 185,830 4,385,257 381,821 1,249,058 437,112 183,297 6.636,545 334,001 249,016 250,337 4,496,872 436.167 Staff Costs Other Depreciation 2023 Totsl 2023 2023 2023 Charitable aclivities: School operating costs Teaching Welfare Premises Support costs of schooling Finance costs 3,724,348 283,296 327,545 655,499 175,686 184,230 170,237 4,177,881 327,545 1218,831 447,943 184,230 334,001 272,257 229,331 4,330,606 1,626,256 399 568 6 356 430 17
NEWLAND HOUSE SCHOOL TRUST LIMrrED NOTES TO ACCOUNTS (Conlinued) YEAR ENDED 31 AUGUST 2024 ANALYSIS OF TOTAL EXPENDITURE {continued) 2024 2023 Other costs: Educational Supplies Games Calering Sustainable transport scheme Rent, rates insurance Building, ground and household maintenance Services Professional General Bad debts Web enhancement Governance costs Bank loan interest 163.424 122,148 326,552 165,607 117,689 296,634 3,220 333.954 214,519 100,227 9,941 145,734 17,725 6,800 29,976 184.230 363,003 184,527 109,390 20,483 180.881 8,071 7,800 33,930 183,297 1,703,506 1,626,256 STAFF COSTS 2024 2023 Wages and salaries Social security Costs Pension contributions 3.618,236 362,427 516,209 4,496.872 3,476,025 354,701 499.879 4,330,605 2024 2023 No. The average number of employees in ihe year was: Teaching Others 76 89 33 20 109 109 The Governors received no remuneration or reimbursement of expenses during the year (2023: £nil). Employees received remuneration exceeding £60,000 as shown below.. 2024 2023 £60,000 - £69,999 £70,000- £79,999 £80,000 - £89,999 £90,000- £99,999 £100,000-£109,999 The total remuneration paid to key management in the year was £610,301 {2023'. £592,191). 18
NEWLAND HOUSE SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (Continued) YEAR ENDED 31 AUGUST 2024 NET MOVEMENT IN FUNDS 2024 2023 Net movement in funds is stated after charging: Dq)reciation Operating lease rentals: buildings other 436,167 399,568 205,632 19,155 131,309 204,548 12,287 160,945 Ballk loan interest Auditors remuneration: Audit OtILer setvices 23,500 975 26.037 TAIYGIBLE FIXED ASSETS The movement of tangible assets was as follows: Freehold land & permanent building5 Short leasehold property Furnlture, equipment & computers Cost Motor Vehicles Total At I September 2023 Additions Disposals At 31 August 2024 Depreciation At I September 2023 Charge for the year Disposals 9,219,841 9,588 2,101,664 2,582,000 332,750 101,387 104,635 (15,923) 190,099 14.004,892 446,973 (15,923) 14,435,942 9,229,429 2,101,664 2,914,750 1,312,940 1,616,854 1,132,622 92,541 4,154,957 149,897 52,541 212,533 21,197 436,168 (15,923) 97,815 (15,923 4.575,202 At 31 August 2024 Net Book Value At 31 August 2024 At 31 Augu%t 2023 1,462 837 1,669,395 1,345,155 7,766,592 7 906 901 432,269 484.810 1,569,595 1.449,378 92,284 8,846 9,11611,740 9,849,935 The leasehold property is held on a 40 year lease from 29 June 2012. The School's loans as detailed in note I l are secured on the school's property Stock 2024 2023 Finished goods and goods for resale 12,422 14,710 12,422 14,710 19
NEWLAIYD HOUSE SCHOOL TRUST LIMITED NOTES TO ACCOUIYTS (Continued) YEAR ENDED 31 AUGUST 2024 DEBTORS - due within one y& 2024 2023 Fees and extras in arrears Prepayments and acced income Other debtors 79,064 144,934 19,210 243,208 57,403 131,171 15,590 204,164 10. CREDITORS - due within one year 2024 2023 Fees received in advance Deposits Trade creditors Accrnals Other creditors Other taxation and social security Pensions Trust scheme liability (see note 15) Bank Loan {see note I la) 1,170,348 80,619 6,242 111,025 39,801 92,221 4,271 112,177 697,869 62,204 10,734 71,013 69,238 91,140 6,128 98,982 1,616,704 1,107,308 Fees in advance related to the forthcoming financial year. 11. CREDITORS- due after more than one year 2024 2023 Deposits Bank Loan (see note I la) 383,640 2,351,461 435,140 2,464,070 Fees in advance 489,025 3,224.126 2,899.210 Ila. BANK LOMS 2024 2023 The bank loan is repayable by instalments: Due within l year Due within 2-5 ycar. Due after 5 ycars 112.177 448.709 1,902,752 98,982 485.700 1,978,370 2,463,638 2,563.052 A £3.3 million loan facility was arranged with Barclays Bank in June 2022. Interest is charged at 2.1 0/0 per annum above base rate. The loan is secured by a charge on the School's properties. Repayments are made quarterly over a 13 year temi with initial payments being £43,444 increasing to £71,047 by tlie last repayment in the year June 2024. Post year end they have subsequently increased flwther lo £74,952, and following a loan repayment of £248,906 in October 2024, reduced to £66,364 in December 2024. 20
NEWLAND HOUSE SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (Contlnued) YEAR ENDED 31 AUGUST 2024 12. UNRESTRICTED FUNDS Balance at I September 2023 Balance at 31 August 2024 Income Expenditure Transfers General funds 3.228,694 6.893.386 (6.636.545) {19)244) 3,295,291 Designated funds Propety fimd Governors, discretionary fund 5.112,713 190244 5,302,957 8,341,407 6,893,386 (6,636,545) 8.598,248 Balance at I September 2022 Balance at 31 August 2023 Income Expenditure Transfers General funds 2,721,545 6,863,579 (6,356,430) 3,228,694 Designated funds Ptoperty fund Governors, discretionary fund 4.904,831 207,882 5,112,713 207,882 (207,882) 7,834,258 6,863,579 (6,356,430) 8,341,407 21
NEWLAND HOUSE SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (Contfinued) YEAR ENDED 31 AUGUST 2024 13. ANALYSIS OF NET ASSETS BETWEEIY FUIYDS Unrestricted 2024 Total 2024 Fixed Assets Stock Debtors Cash at bank and in hand Creditors- due in less than l year Creditors- due in more than l year 9.860.740 12,422 243,208 3,322,708 (1,616,704) {3,224,126) 8,598,248 9,860,740 12,422 243,208 3,322,708 (1,616,704) (3.224,126) 8,598,248 Unrestrieted 2023 Total 2023 Fixed Assets Stock Debtors Cash at bank and in hand Creditors- due ill less than l year Creditors- due in more than l year 9,849,936 14,710 204,164 2.279,115 (1,292,514) (2,714,005) 9,849,936 14,710 204,164 2,279,115 (1292,514) {2,714,005) 8,341,406 8.341,406 14. OPERATING LEASE COMMITMENTS The school had ihe following tUre commitments under non-cancellable operating leases at August: 2024 2023 Land and Buildings Land and Buildings Other Other Witbin one year Between two and five years After five years 215,000 860,000 4,135,000 8,435 6.320 215,000 860,000 4.350,000 10,981 15,297 5,210,000 14,755 5,425,000 26,278 Of the amounts expiring after five years disclosed above, £170,000 (reviewed every 5 years) is payable per annum until 28 June 2052. 15. TAXATION The company is a registered charity and taxation is not payable on its charitable income. 22
NEWLAND HOUSE SCHOOL TRUST LIMITED NOTES TO ACCOUNTS (Continued) YEAR ENDED 31 AUGUST 2024 16. PENSION COSTS These are charged to the statement of financial activities as they arise. Pensions Trust Growth Plan The company participates in the schcme, a multi-employer scheme which provides benefils to some 950 non- associated participating eMployc. The scherne is a defined benefit scheme in the UK. It is not possible for the company to obiain suffIcicnt inforniation to enable it to account for the scheme as a defined benefit schcme. Therefore it acLounts for the scheme as a defmed contribution scheme. The scheme is Subject to thc funding legislation outlined in the Pensions Act 2004 which came into forcc on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards 158ucd by thc Financial Reporting Council, set out the framework for funding defined benefit occupational pension Scheme. in the UK. Thc 8chemc 1.4 classified as a 'last-man standing arrangemenv. Therefore the company 1% potcntially liable for other participating employers, obligations if those employers are unabl¢ to meet their 8harc of the scheme deficit following withdtawal from the scheme. Participaling employers are l¢gally required to mcct their share of the scheme deficit on an annuity PUTchase basis on withdrawal from the s¢heme. A full actuarial valuation for the scheme was Caled oul at 30 September 2017. This valuation showed assels of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional Contributions to the schetlle as follows: Deficit contributions From l April 20 to 31 January 2025: £11,243,000 per anllum (payable monthly and increasing by 3 /0 each on I st April) Unless a concession has been agreed with the Trustee the tern) lo 3 L January 2025 applies. Note that the scheme's previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £793.4m, liabilities of £969.9m and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: Deficil conlribulions From l April 2016 to 30 September 2025: £12,945,440 per annum (payable monthly and increasing by 3 /0 each on 1st April) From l April 2016 to 30 September 2028: £54,560 per annum Ipayable monthly and increastng by 3 /0 cach on 1st April) The recovery plan cuntributions are allocated to each participating employer in line with their estimatcd share of the Series l and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deflcit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the defi¢il reduction contributions payable under the agrcemcnt that rclates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. 23
NEWLAND HOUSE SCHOOL TRUST LIMITED NOTES TO ACCOt7NTS (Continued) YEAR ENDED 31 AUGUST 2024 16. PENSION COSTS (continued) PRESENT VAI,UES OF PROVISION -1 l Aiigusl 2022 {£%) -31 AiiEiisl 21121 {£$) 31 .4iigiist 202U (15) £2,iJ.34 Present value of ruvi.4i()11 ASSUMVTIOIYS Rate of discount 0.55 The discount late shown above are ihe equivalent single discount rates which. when used to discount the future recovery plan contributions due. would givc the same results as using a full AA COTporate bond yield wrve to discount the same recovery plan ¢ontributions. Aviva The school is enrolled in the Aviva (Aptis) defined contribution scheme. The employer contributions are set at 16.850/0 and the contributions payable for 2024 were £377,556 (2023.. £370.722). At year end £125 (2023: £2,705) was accrued in respect of contributions to this scheme. 24
NEWLAND HOUSE SCHOOL TRUST LIMrrED NOTES TO ACCOUNTS (Contlnued) YEAR ENDED 31 AUGUST 2024 17. CAPITAL COMMITMENTS At 31 August 2024 the School had commitments for future capital expenditure of £NIL (2023: £NIL) which had been contracted for. 18. RELATED PARTY TRANSACTIOIYS There w¢re no related paty trdnsactions in the period (2023: no related paty transactions). 19. LIABILITY OF MEMBER Every member of the Company undertakes to contribute to the assets of the Company. in the event of the satne being wound up while they are a member. or within one year after they cease to be a member. for payment of the debts and liabilities of the Company contracted before they cease to be a member, and of the costs. charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselve8. such amount as may be required not exceeding £1. 25