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2023-08-31-accounts

Registered number: 960831 Charity number: 312717

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Governors and advisers 1
Governors' report 2 - 7
Governors' responsibilities statement 8
Independent auditor's report on the financial statements 9 - 12
Statement of financial activities 13 - 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 35

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Governors E A Bassett, Chair (appointed Chair 16 March 2023)
R K Harrison, Chair (stepped down as Chair 16 March 2023, resigned 16
November 2023)
G Apkarian
J Aviss
N Baker
B Daffey
E Hewer
S Kumleben
S J S Martyrossian (resigned 31 December 2022)
P Mattar
F Morton
J Richards
J Sloan (resigned 16 March 2023)
P Vanni
Company registered
number
960831
Charity registered
number
312717
Principal address and
registered office
86/87 Queen's Gate
London
SW7 5JX
Headmistress
N Kingsmill Moore (resigned 16 November 2023, contract end date 31 August
2024)
C Boyd (appointed March 2024, contract start date 1 September 2024)
Independent auditor
Crowe U.K. LLP
Fourth Floor
St James House
St James Square
Cheltenham
GL50 3PR
Bankers
Metro Bank plc
One Southampton Row
London
WC1B 5HA
National Westminster Bank plc
PO Box 592
18 Cromwell Place
London
SW7 2LB

Page 1

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Governors present their report and accounts for the year ended 31 August 2023, including Directors’ and Strategic Reports. The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2019) (Second Edition, effective 1 January 2019) applicable law and the Trust’s Memorandum and Articles of Association.

REFERENCE AND ADMINISTRATIVE INFORMATION

Glendower School Trust Limited was founded by Trust Deed in 1969 which was amended in 1977.

The charity is a company limited by guarantee. The Governors, who are also the directors for the purpose of company law and the charity's trustees, who served during the period and up to the date of the signing of this report are listed on page 1 of this report.

None of the Governors has any beneficial interest in the company. All of the Governors are members of the company and guarantee to contribute £1 in the event of a winding up.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by its Memorandum and Articles of Association last amended on 22 November 2005.

Governing Body

The Governors, who are also required under the Articles to serve as members of the company, are elected at a full Governors’ meeting. They are chosen to represent a suitable cross section of expertise and at least one Governor is a parent of a pupil (or former pupil) at the school. The school is planning to engage the services of an external board search specialist company to strengthen the board and ensure suitability of any new appointments.

Governor Training

New Governors are inducted into the workings of the school by the Head and Bursar and provided with an introductory pack of school information. Regular training workshops are organised and Governors are kept informed of other relevant training days run by outside organisations.

Organisational Management

The Governors meet as a Board at least three times a year to determine general policy. The Governors have set up sub committees which meet as needed but at least once a year: an Education sub-committee, chaired by Mr P Vanni which considers and advises on all aspects of the school’s curriculum; a Finance sub-committee, chaired by Mr G Apkarian, which normally meets two weeks before each Board meeting, to discuss matters arising and to review budgets and termly management accounts; and a Health and Safety Committee chaired by Mrs J Aviss. The day-to-day running of the school is delegated to the Head, supported by other teaching members of the Leadership team and the Bursar. These staff members along with the Governors are the key management personnel.

The Board reviews staff salaries annually at the Spring Board meeting and the Chair of Governors and Chair of the Finance sub-committee review the remuneration of the Head and Bursar. School pay is benchmarked against inner London prep schools and the state sector with the support of Baines Cutler. In the academic year 23/24 the school will introduce a payscale for all teaching staff.

Group Structure and Relationships

The Headmistress is a member of IAPS and the school is also a member of the Girls’ Schools Association. Both organisations are dedicated to promoting all round excellence in education and accredit only those schools that can demonstrate the highest standards of education.

As part of its commitment to providing Public Benefit the school operates a bursary programme (see below).

Page 2

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Fundraising

The school benefits from the work and generosity of the Glendower Parent Teacher Association (‘GPTA’). The name reflects the close co-operation and mutual support of parents and school staff. The GPTA hold regular special events to raise funds for the school (including for the bursary programme). The regular main events are a Spring Gala (held bi-annually) and an annual Christmas Bazaar. During the year parents gave £190,000 to enable the school to install and open our new immersive space and raise funds for our new playground - a project which is close to all our hearts. In raising funds, neither the school nor the GPTA engage professional fundraising organisations. Donations are only sought and received from parents of past and current pupils. During the year the school also introduced a Fundraising Policy which is available online and includes our approach to dealing with vulnerable people and ensuring ethical fundraising. The school did not incur any costs in connection with donations which it received. The school follows the fundraising regulators code of practice in regard to any complaints about fundraising procedure. There were no formal complaints received in the year.

Additionally, as the second year implementing our partnerships and development programme under the Director of Partnerships and Development, we have further developed relationships with local maintained primary schools, in particular Park Walk Primary School, where we have a programme of joint activities. This year Glendower school has spent over 30 hours engaging in school partnership activities. During the year over 200 state school children engaged in partnership activities with Glendower pupils through activities such as a whole school event including all pupils and staff at both schools, to STEM activities and Joint Business Entrepreneurial projects for Year 6, Storytelling and literacy enhancing activities for Year 2, and debating competitions for Year 5.

A further 38 community engagement activities involving 475 Glendower Pupil hours were spent engaging in community activities with residents at St Teresa’s Care Home and staff and students at Queensmill School for autistic children.

Together as a community we raised an additional £50,000 for external charities through our pupil led fundraisers and GPTA events, of which £25,000 was raised directly by the school for external charities. This has enabled us to support our three chosen charities - Brompton Fountain, Honeypot and Kensington & Chelsea Foundation - with donations in excess of £12,000 each. Additionally, we have supported numerous emergency appeals, most notably raising over £14,000 for the DEC appeal in support of those effected by the earthquakes in Syria and Turkey.

The experiences our pupils, staff and parents have had as a result of these initiatives and partnerships have been truly inspiring.

Principal Risks and Uncertainties

The Board, with assistance from the Head and Bursar, continue to keep the school’s activities under review, particularly with regard to any major risks which may arise from time to time as well as the systems and procedures established to manage them. The principal risks and their effective mitigation are set out below:

Page 3

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

PURPOSE, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES Purpose

The Purpose of the Trust is to own and operate Glendower Preparatory School as an independent Preparatory, Pre-Preparatory and Nursery day school for girls aged 3 to 11.

Aims

The school aims to do more than simply teach young children. Rather, the aim is to introduce them to the pleasure and excitement of learning, stimulating their curiosity, their imagination and competitive spirit and developing their critical thinking skills. Whilst aiming for the highest academic and sporting results, the school is equally concerned with fostering the kind of skills that help young girls grow into capable women with the knowledge that the contribution they can make to society as a whole could shape the future. The school aims to provide an educational environment where each pupil is able to develop to her potential, inculcating a desire to contribute to the wider community, thus preparing each girl for the opportunities, responsibilities and experiences of later life.

Objectives for the year

The Board’s main objective is to educate the school’s pupils to the same high standard achieved in previous years, so that they will be able to gain a place at their chosen senior school and to benefit fully from their future education. The strategy for achieving this is to maintain a high teacher-to-pupil ratio and excellent teaching standards. In setting objectives and planning activities, Governors have given careful consideration to the Charity Commission’s general guidance on Public Benefit. The Governors confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on Public Benefit, “Charities and Public Benefit”.

Other key objectives are outlined below:

Page 4

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

celebration of the King’s Coronation, a fun packed day of activities for all Glendower and Park Walk pupils hosted at both schools.

Principal Activity

Glendower School Trust’s principal activity continues to be the operation of a day school for 3 to 11 year-old girls.

Bursaries

The Trust operates an entrance bursary scheme to assist parents who would otherwise be unable to afford to pay the fees. Two children benefitted from bursary assistance during the year. The school continues to follow the ISBA’s guidance on bursaries, assessing all pupils that apply for a bursary place within the school. The Governors view the bursary awards as important in helping to ensure that children from families who could not otherwise afford the fees can access the education offered at Glendower. In assessing means account is taken of investments, family income, savings and also family circumstances for example siblings and dependent relatives.

This year we have supported two 110% (full fees plus extras) bursary pupils and their families as they settle into life at Glendower. We also welcomed a further bursary recipient in September 2023 and look forward to increasing the number of bursary recipients on roll each academic year, as we steadily grow the number of pupils awarded bursaries in line with our vision.

At our school, we envision a future where all deserving girls have access to an exceptional education, regardless of their financial background. To achieve this, we are committed to providing means-tested bursaries that provide fully funded bursary places for the most vulnerable girls in our community and encourage enrolment of pupils from middle-income families.

Our school aims to increase gradually the number of bursary pupils on a sliding scale from 25% to 110%, providing additional support for those who may need it. Our goal is to offer 14 full-fee equivalent bursary places, enhancing accessibility and diversity of experience for the whole school community.

We aim to create an inclusive environment where all students feel supported, regardless of their financial background. By integrating bursary recipients fully into the school community, we can help to break down barriers and promote social mobility while providing an enriching educational experience for all students.

To ensure that our bursary recipients receive the support they need to succeed academically and make a smooth transition to secondary education, we establish links and relationships with secondary schools and their bursary leads.

We acknowledge that a diversified fundraising strategy, which includes multiple streams of revenue, is crucial for the long-term success of any bursary programme. Therefore, we are committed to building relationships with potential donors and supporters, effectively communicating the impact of bursaries and maintaining transparency in the fundraising process.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

On 29 January 2021 and in accordance with the Governors’ strategic plan, the school acquired a residential property directly adjacent to and overlooking the playground, suitable for conversion into facilities for the main school and a Nursery for up to 32 children aged 3-4 years. Planning permission was obtained in October 2021 and conversion work commenced in early 2022. The original purchase price of the building was £3.0m and costs of £1.5m have been incurred in respect of the conversion works.

The new facilities were ready for occupation in mid-October 2022 making the year of this report the first year of operation for the nursery, which we have named Little Glendower. This first year has proved successful with Little Glendower operating at capacity with a full complement of qualified staff.

Page 5

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The school had an average of 280 pupils during the year (2022: 250). In Spring 2023 pupils achieved excellent results in the 11+ examinations, which included a number of scholarships. Places were offered at the very best day and boarding schools. There were pleasing results in both music and music theatre exams again this academic year.

The school continues to focus on the need to ensure that there is no parking, dropping off or collecting outside the school between 8am and 9am and again between 3:15pm and 4:15pm. The School Travel Plan, which was updated during the year, has been approved by the local authority, RBKC and Transport for London, and the school has achieved a Bronze Award for Sustainable Travel. RBKC has painted ‘school keep clear’ road markings outside the school to establish the area as an official School No Parking Zone. This has ensured that the area is monitored by RBKC parking attendants. RBKC have installed green man crossings on all four corners of Queen’s Gate and Stanhope Gardens, which are in use. Glendower’s traffic management is used as an example of best practice by the Borough and another local school has been asked to observe how the noparking zone is managed. The school continues to take part in the “Walk on Weekdays” scheme and other Borough led initiatives for road safety and traffic management.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The accounts for the year show net income before other recognised gains or losses of £175,027 (2022: £166,208) which included a small gain of £66,237 on unrestricted funds and an increase in restricted funds of £108,790. The school’s funds at year end are thus made up of £579,342 in restricted funds and £8,872,584 in unrestricted funds, of which £2,464,873 is cash reserves (increased from 2022: £2,341,977).

Investment Policy, Powers and Performance

There are no restrictions on the school’s absolute powers of investment. The school's aims continues to be to achieve long-term capital growth through risk-averse investments.

Included within these financial statements is the fair value of an interest rate swap contract the school has in place. The fair value of the interest rate swap is provided by the bank counterpart. The value of the swap is estimated based on the bank’s market projection of future bank rates and is therefore subject to market conditions.

The purchase of the adjacent property required a re-structuring of the company’s finances: the £6.2m loan from BNP Paribas was repaid using new borrowings from Metro Bank which provided a further facility of £2.8m to assist with the purchase. The conversion works cost £1.5m which have come from the school’s existing resources.

Reserves Policy

The school currently has unrestricted funds of £8,872,584 (2022: £8,602,523). It has been the policy of the Trust that unrestricted free reserves which have not been designated for a specific use should be maintained at a level of one term’s expenditure (approximately £2.25 million). As part of its re-development plan, the school has invested heavily in fixed assets and so currently has no free reserves when taking into account the loan used to fund the capital works. The school is satisfied that it has sufficient reserves and cash resources to meet its foreseeable financial obligations. There are also restricted funds of £579,342 (2022: £470,552), which will mostly be used to finance bursaries, plus there are two additional restricted pots of funding to install a new playground and pay for new books for Park Walk school, one of our local partner state schools, which will be spent down in 2023/24.

Going Concern

The financial statements have been drawn up using the going-concern basis as the Governors, after the review of relevant budgets and forecasts, have a reasonable expectation that the organisation will continue in operational existence for a minimum of twelve months from the date of the signing of the accounts. This assessment has been made having considered budgets and cashflow forecasts covering a period of at least twelve months from the date these accounts were approved.

Page 6

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Future Plans

In September 2024, a new headteacher, Claire Boyd, will start at the school following the resignation of Nina Kingsmill-Moore who is leaving to lead another London prep school. This will bring some changes but Ms Boyd comes with an excellent reputation and the governors have full confidence that an excellent appointment has been made.

The school has also been developing a long-term capital investment plan with the support of Kennedy Woods, a London based architecture firm. The masterplan will be finalised in Summer 2024 following which the school intends to create five-year implementation plan and set up a designated capital fund from free cash reserves.

The school development plan, also to be launched in Summer 2024, outlines a five pillar approach to ensuring the school maintains its excellent reputation and high academic standards. The five pillars are: Intellect, Innovation, Individuals, Impact & Influence and Investment.

Approved by order of the members of the board of Governors and signed on their behalf by:

E A Bassett

(Chair of Trustees) Date:

Page 7

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF GOVERNORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023

The Governors (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Governors' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial . Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as we are aware:

AUDITORS

In accordance with section 485 of the Companies Act 2006, a resolution proposing Crowe U.K. LLP to be appointed as auditors of the company, will be put to the Annual General Meeting.

Approved by order of the members of the board of Governors and signed on its behalf by:

E A Bassett (Chair of Trustees) Date:

Page 8

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENDOWER SCHOOL TRUST LIMITED

Opinion

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Page 9

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENDOWER SCHOOL TRUST LIMITED (CONTINUED)

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 10

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENDOWER SCHOOL TRUST LIMITED (CONTINUED)

Responsibilities of Governors

As explained more fully in the Governors' responsibilities statement, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and employment legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the approval and processing of fee concessions and discounts, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over fee concessions and discounts, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted, and reading minutes of meetings of those charged with governance.

Page 11

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENDOWER SCHOOL TRUST LIMITED (CONTINUED)

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 risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin (Senior statutory auditor) for and on behalf of

Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Date:

Page 12

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Income from:
Donations and legacies
4
Charitable activities:
5,6
School fees
Other educational income
Interest income
7
Total income
Expenditure on:
Costs on raising funds:
8
Investment management fees
Finance costs
Charitable activities
9
Total expenditure
Net income
Transfers between funds
20
Net movement in funds before other
recognised gains
Other recognised gains:
Change in fair value of interest rate
swap
Net movement in funds		 Unrestricted
funds
2023
£
-
6,281,728
413,940
7,843
6,703,511
6,001
664,439
5,994,869
6,665,309
38,202
28,035
66,237
203,824
270,061		 Restricted
funds
2023
£
189,491
-
-
-
189,491
-
-
52,666
52,666
136,825
(28,035)
108,790
-
108,790		 Total
funds
2023
£
189,491
6,281,728
413,940
7,843
6,893,002
6,001
664,439
6,047,535
6,717,975
175,027
-
175,027
203,824
378,851		 As restated
Total
funds
2022
£
297,500
5,258,561
286,847
768
5,843,676
12,833
559,202
5,105,433
5,677,468
166,208
-
166,208
441,631
607,839

Page 13

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Reconciliation of funds:
Total funds brought forward as
previously stated
Prior year adjustment
19
Total funds brought forward as restated
Net movement in funds
Total funds carried forward
20		 Unrestricted
funds
2023
£
8,602,523
-
8,602,523
270,061
8,872,584		 Restricted
funds
2023
£
318,163
152,389
470,552
108,790
579,342		 Total
funds
2023
£
8,920,686
152,389
9,073,075
378,851
9,451,926		 As restated
Total
funds
2022
£
8,465,236
-
8,465,236
607,839
9,073,075

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 17 to 35 form part of these financial statements.

Page 14

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 960831

BALANCE SHEET AS AT 31 AUGUST 2023

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 1,774,343
2,464,873
4,239,216
(3,179,668)		 2023
£
18,166,238
1,059,548
19,225,786
(9,773,860)
9,451,926
579,342
8,872,584
9,451,926		 1,660,477
2,341,977
4,002,454
(3,535,893)		 As restated
2022
£
18,686,342
466,561
19,152,903
(10,079,828)
9,073,075
470,552
8,602,523
9,073,075

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

E A Bassett (Chair of Trustees) Date:

G Apkarian

The notes on pages 17 to 35 form part of these financial statements.

Page 15

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

Note
Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investing activities
Interest income
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Finance costs
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23		 2023
£
1,030,212
7,843
(172,477)
(164,634)
(78,243)
(664,439)
(742,682)
122,896
2,341,977
2,464,873		 As restated
2022
£
2,516,509
768
(1,681,053)
(1,680,285)
-
(559,202)
(559,202)
277,022
2,064,955
2,341,977

The notes on pages 17 to 35 form part of these financial statements

Page 16

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. General information

Glendower School Trust Limited is a private charitable company limited by guarantee incorporated and registered in England and Wales (charity number 312717, company number 960831). The address of its principal place of business is 87 Queen's Gate, London, SW7 5JX, and the nature of its operations are set out in the Governors' Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Glendower School Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The financial statements have been drawn up using the going-concern basis as the Governors, after the review of relevant budgets and forecasts, have a reasonable expectation that the organisation will continue in operational existence for a minimum of twelve months from the date of the signing of the accounts. This assessment has been made having considered budgets and cashflow forecasts covering a period of at least twelve months from the date these accounts were approved.

2.3 Income

All income is recognised once the School has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Fees receivable and charges for services are accounted for in the year in which the services are provided. Fees receivable are stated after deducting allowances.

Investment income is accounted for in the period in which the school is entitled to the income.

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.

The income is attributable to the principal activities of the charity, and is earned entirely within the UK.

Page 17

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is accounted for on an accruals basis and is summarised under functional headings in the Statement of Financial Activities, with the irrecoverable element of value added tax included with the item of expense to which it relates.

Governance costs are those incurred in connection with the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Redundancy and termination costs only occur where absolutely necessary and are accounted for on an accruals basis when the commitment to terminate a post on the grounds of redundancy has been made.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold buildings - 2% on cost
Building improvements - 10% on cost
Fixtures and equipment - 20% on cost
Computers - 33% on cost

No depreciation is charged on land. Assets under construction are not depreciated until they are completed and brought into use.

2.6 Hedging arrangements

The Company applies hedge accounting for transactions entered into to manage the cash flow exposures of borrowings.

Changes in the fair values of derivatives designated as cash flow hedges, and which are effective, are recognised directly in other recognised gains and fosses in the Statement of Financial Activities Statement - in line with the hedge accounting treatment above.

2.7 Valuation of interest rate swaps

Included within these financial statements are the fair value of an interest rate swap contract. The fair value of this interest rate swap is provided by the counterparty. However, the value of the swap is estimated based on the bank's projection of future base rates and is therefore subject to the interest rate market.

Page 18

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.8 Debtors

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

2.9 Creditors 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 party and the amount due to settle the obligation can he measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

2.10 Financial instruments

Financial assets and financial liabilities are recognised when the School becomes a party to the contractual obligations, rather then the financial instrument's legal form.

All financial assets and liabilities measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. A finance asset or financial liability that is payable or receivable in one year is measured at the undiscounted amount expected to be received or paid net of impairment, unless it is a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets and financial liabilities are offset only when there is a current legally enforceable right to set off the recognised amounts and the intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2.11 Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

2.12 Pensions

The teaching staff are members of the Department for Education superannuation scheme run by Teachers' Pensions.

This scheme is a multi-employer pension-scheme. It.is not possible to identify the school's share of the underlying assets and liabilities of the Teachers' Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS 102, accounts for the scheme as if it were a defined contribution scheme. The school's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

The Charity also contributes to defined contribution personal pension schemes for non-teaching staff. Contributions are charged to the Statement of Financial Activities in the period in which the salaries they relate to are paid.

Page 19

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.13 Funds

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donor.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The School makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible assets

The annual depreciation charges for the tangible assets are sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The basis has been changed for some assets this year. See note 13 for the carrying amount of the tangible assets and note 2.5 for the useful lives for each class of asset.

Impairment of debtors

The School makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 14 for the net carrying amount of the debtors and associated impairment provision.

Interest rate swap derivative

A significant estimate is used for the annual re-valuation obtained for the changes in fair value for the interest rate swap derivative.

Page 20

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

4. Income from donations and legacies

Restricted
funds
2023
£
Donations
189,491
Total 2023
189,491
Total 2022 as restated
297,500
Charitable activities - School fees
Unrestricted
funds
2023
£
-
Total 2023
44,200
Total 2022
5,258,561		 Total
funds
2023
£
189,491
189,491
297,500
Total
funds
2023
£
-
44,200
5,258,561		 As restated
Total
funds
2022
£
297,500
297,500
Total
funds
2022
£
-
33,226

5. Charitable activities - School fees

Page 21

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

6. Charitable activities - Other educational income

Unrestricted
funds
2023
£
Music lessons
6,734
Deposits retained
-
Registration fees
63,087
School fees protection and personal acident policies
71
Swimming
(580)
Trips
136,540
Other income
208,088
Total 2023
413,940
Total 2022
286,847
7.
Investment income		 Total
funds
2023
£
6,734
-
63,087
71
(580)
136,540
208,088
413,940
286,847		 Total
funds
2022
£
396
100
47,015
1,214
17,974
90,923
129,225
286,847
Unrestricted
funds
2023
£
Bank interest receivable
7,843
Total 2023
7,843
Total 2022
768		 Total
funds
2023
£
7,843
7,843
768		 Total
funds
2022
£
768
768

Page 22

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. Costs of raising funds

Unrestricted
funds
2023
£
Investment management fees
6,001
Finance costs
664,439
Total 2023
670,440
Total 2022
572,035		 Total
funds
2023
£
6,001
664,439
670,440
572,035		 Total
funds
2022
£
12,833
559,202
572,035

Page 23

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Teaching costs
3,622,216
Welfare costs
267,479
Premises costs
1,231,640
Support and governance costs
873,534
Grants and awards
-
Total 2023
5,994,869
Total 2022
5,092,182		 Restricted
funds
2023
£
-
-
-
8,466
44,200
52,666
13,251		 Total
2023
£
3,622,216
267,479
1,231,640
882,000
44,200
6,047,535
5,105,433		 Total
2022
£
2,554,218
225,885
1,153,967
1,158,112
13,251
5,105,433

Summary by expenditure type

Teaching costs
Welfare costs
Premises costs
Support and governance costs
Grants and awards
Total 2023
Total 2022		 Staff costs
2023
Depreciation
2023
£
£
2,711,146
-
-
-
79,794
692,581
568,473
-
-
-
3,359,413
692,581
2,879,823
730,579		 Other costs
2023
£
911,070
267,479
459,265
313,527
44,200
1,995,541
1,495,031		 Total
2023
£
3,622,216
267,479
1,231,640
882,000
44,200
6,047,535
5,105,433		 Total
2022
£
2,554,218
225,885
1,153,967
1,158,112
13,251
5,105,433

Page 24

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. Auditor's remuneration

2023 2022
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 25,000 15,000
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above 4,000 4,660

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
2,699,918
241,102
418,393
3,359,413		 2022
£
2,285,087
239,301
355,435
2,879,823

During the year ended 31 August 2023, the School made redundancy/termination payments amounting to £32,000 (2022: £20,000) .

The average number of persons employed by the Charity during the year was as follows:

Teachers
Domestic
Administration		 2023
No.
55
2
10
67		 2022
No.
49
2
8
59

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 2 2
In the band £70,001 - £80,000 2 2
In the band £110,001 - £120,000 - 1
In the band £120,001 - £130,000 1 -

Aggregate remuneration and benefits of key management personnel totalled £740,843 (2022 - £609,015 ).

Page 25

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Governors' remuneration and expenses

During the year, no Governors received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 August 2023, expenses totalling £ 885 were reimbursed or paid directly to 3 Governors (2022 - £147 to 3 Governors) . An amount of £1,670 ( 2022 - £1,488 ) was spent on seminars that were attended by the Governors. The costs of Governors' indemnity insurance in the year amounted to £1,148 (2022 - £3,863 ).

Related Party Transactions

There have been no further related party transactions in the year ended 31 August 2023 that require disclosure.

13. Tangible fixed assets

Cost or valuation
At 1 September 2022
Additions
Transfers between classes
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 Land and
buildings
£
15,662,627
-
3,000,000
18,662,627
2,791,029
368,253
3,159,282
15,503,345
12,871,598		 Building
improvements
£
2,171,671
55,028
1,904,117
4,130,816
1,367,401
280,081
1,647,482
2,483,334
804,270		 Fixtures and
fittings
Assets
under
construction
£
£
775,569
4,918,328
131,660
(14,211)
-
(4,904,117)
907,229
-
683,423
-
44,247
-
727,670
-
179,559
-
92,146
4,918,328		 Total
£
23,528,195
172,477
-
23,700,672
4,841,853
692,581
5,534,434
18,166,238
18,686,342

Page 26

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Debtors

Fees debtors
Prepayments and accrued income		 2023
£
1,721,002
53,341
1,774,343		 As restated
2022
£
1,479,605
180,872
1,660,477

Fee debtors are stated after impairment provisions totalling £81,169 (2022: £81,169) .

15. Creditors: Amounts falling due within one year

Bank loans
Fees charged in advance
Fee deposits
Trade creditors
Other taxation and social security
Other creditors and accruals
Fees charged in advance
Deferred income at 1 September 2022
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 August 2023		 2023
£
162,845
2,269,210
111,625
100,981
69,552
465,455
3,179,668
2023
£
2,083,531
2,269,210
(2,083,531)
2,269,210		 2022
£
-
2,083,531
109,315
245,968
58,532
1,038,547
3,535,893
2022
£
1,789,086
2,083,531
(1,789,086)
2,083,531

Fees charged in advance at the Balance Sheet date relates to monies (deferred income) received in advance for school fees for the 2023/24 school year.

Page 27

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. Creditors: Amounts falling due after more than one year

Bank loans
Fee deposits
Other creditors
Interest rate swap liability		 2023
£
8,758,912
912,672
50,000
52,276
9,773,860		 2022
£
9,000,000
823,728
-
256,100
10,079,828

Included within the above are amounts falling due as follows:

Between two and five years
Bank loans
Over five years
Bank loans		 383,811
8,375,101		 144,605
8,855,395

There are two bank loans in place, one of £6.2m which is secured by a legal charge on the school's freehold properties at 86 and 87 Queen's Gate and 86 Stanhope Mews East. It is interest only until February 2024. The loan interest is floating rate equal to the aggregate of the Margin (3.75%) and the Base Rate.

The second bank loan of £2.8m is secured by a legal charge on the school's freehold properties at 86 and 87 Queen's Gate and 86 Stanhope Mews East. It is interest only until February 2024. The loan interest is floating rate equal to the aggregate of the Margin (3.75%) and the Base Rate.

There is also an interest rate swap entered into with BNP Paribas. The swap is held separately to the bank loans, with interest payable at a fixed rate of 5.2% until 2027, the swap amortised from 2019. The value of the swap has been included at the balance sheet date, in line with FRS 102 and the accounting policies set out in note 1.

17. Taxation

The School has no liability for taxation due to its charitable status.

18. Share capital

The company is limited by guarantee and does not have share capital. In the event of the company being wound up and unable to meet its debts, the maximum liability of each member is £1.

Page 28

GLENDOWER SCHOOL TRUST LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

19. Prior year adjustment

Included within the comparative figures of these financial statements is an adjustment to accrued income, to recognise income in the year ended 31 August 2022, which had not been previously recognised.

The effect on the prior year Statement of Financial Activities is an increase in the surplus by £152,389 to be £607,839 for the year ended 31 August 2022.

The effect on the prior year Statement of Financial Position is an increase in net assets by £152,389 to be £9,073,075 at 31 August 2022.

20. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds
Restricted
funds
Bursary Fund
Playground fund
Park Walk Book
Project
Total of funds		 As restated
Balance at 1
September
2022
£
8,602,523
470,552
-
-
470,552
9,073,075		 Income
£
6,703,511
71,165
109,860
8,466
189,491
6,893,002		 Expenditure
£
(6,665,309)
(44,200)
-
(8,466)
(52,666)
(6,717,975)		 Transfers
in/(out)
£
28,035
-
(28,035)
-
(28,035)
-		 Gains/
(Losses)
£
203,824
-
-
-
-
203,824		 Balance at
31 August
2023
£
8,872,584
497,517
81,825
-
579,342
9,451,926

Page 29

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Bursary Fund
Total of funds		 Balance at
1 September
2021
£
8,278,933
186,303
8,465,236		 As restated
Income
£
5,546,176
297,500
5,843,676		 Expenditure
£
(5,664,217)
(13,251)
(5,677,468)		 Gains/
(Losses)
£
441,631
-
441,631		 As restated
Balance at
31 August
2022
£
8,602,523
470,552
9,073,075

Bursary funds comprise donations received by the school for use in the provision of bursaries to children who meet the current requirements. The transfer represents total bursaries awarded in the year to be allocated against the fund.

Playground fund comprises donations from parents towards the installation of a new playground on-site. The fundraising campaign successfully raised over £100,000 and the playground was installed over October 2023 half term.

Park Walk Book project relates to a fundraising initiative at Glendower to raise funds for Park Walk School, a local maintained school that we have a strong partnership with. All funds raised were used to purchase new books for the school’s library.

Page 30

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
18,166,238
Current assets
3,659,874
Creditors due within one year
(3,179,668)
Creditors due in more than one year
(9,773,860)
Total
8,872,584		 Restricted
funds
2023
£
-
579,342
-
-
579,342		 Total
funds
2023
£
18,166,238
4,239,216
(3,179,668)
(9,773,860)
9,451,926

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total as restated		 Unrestricted
funds
2022
£
18,686,342
3,531,902
(3,535,893)
(10,079,828)
8,602,523		 As restated
Restricted
funds
2022
£
-
470,552
-
-
470,552		 As restated
Total
funds
2022
£
18,686,342
4,002,454
(3,535,893)
(10,079,828)
9,073,075

Page 31

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Change in fair value of interest rate swap
Interest income
Increase in debtors
(Decrease)/increase in creditors
Finance costs
Net cash provided by operating activities
23.
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
24.
Analysis of changes in net debt
At 1
September
2022
Cash flows
Changes in
fair value
£
£
£
Cash at bank and in hand
2,341,977
122,896
-
Debt due within 1 year
-
-
-
Debt due after 1 year
(9,000,000)
78,243
-
Interest rate swap liability
(256,100)
-
203,824
(6,914,123)
201,139
203,824		 As restated
2023
2022
£
£
175,027
166,208
692,581
730,579
203,824
441,631
(7,843)
(768)
(113,866)
(351,423)
(583,950)
971,080
664,439
559,202
1,030,212
2,516,509
2023
2022
£
£
2,464,873
2,341,977
2,464,873
2,341,977
Other non-
cash
changes
At 31
August 2023
£
£
-
2,464,873
(162,845)
(162,845)
162,845
(8,758,912)
-
(52,276)
-
(6,509,160)

Page 32

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

25. Capital commitments

2023 2022
£ £
Contracted for but not provided in these financial statements
Acquisition of tangible fixed assets - 585,356

26. Pension commitments

The School participates in the 'Teachers' Pension Scheme ("the TPS'') for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £346,469 ( 2022 - £307,377) and at the year-end £63,527 ( 2022 - £Nil ) was accrued in respect of contributions this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Page 33

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

27. Operating lease commitments

At 31 August 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
16,900
8,450
25,350		 2022
£
27,000
35,220
62,220

The following lease payments have been recognised as an expense in the Statement of financial activities:

2023 2022
£ £
Operating lease rentals 27,000 24,906

Page 34

GLENDOWER SCHOOL TRUST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

28. Statement of Financial Activities for the year ended 31 August 2022 (as restated)

Income from:
Donations and Legacies
Charitable activities:
School fees
Other educational income
Interest income
Total income
Expenditure on:
Costs on raising funds:
Investment management fees
Finance costs
Charitable activities
Total expenditure
Net income/(expenditure) before
other gains and losses
Change in fair value of interest
rate swap
Net movement in funds
Fund balances at 1 September 2021
Fund balances at 31 August 2022		 Unrestricted
funds
2023
£
-
5,258,561
286,847
768		 Restricted
Total
funds
funds
2023
2023
£
£
297,500
297,500
-
5,258,561
-
286,847
-
768
297,500
5,843,676
-
12,833
-
559,202
13,251
5,105,433
13,251
5,677,468
284,249
166,208
-
441,631
284,249
607,839
186,303
8,465,236
470,552
9,073,075
5,546,176
12,833
559,202
5,092,182
5,664,217
(118,041)
441,631
323,590
8,278,933
8,602,523

Page 35