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 pU￿ose8.
A £3.3 million loan was arranged in 2015 to fu￿1Ce 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 f￿anCIal 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.
n￿ke 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 inCo￿OrateS 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 f￿ancial 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 f￿anCial 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 occu￿1Thg 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 f￿ed 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 E￿ENDrTURE
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 acc￿ed 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 Ca￿led 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