Company Number 00571803
Charity Number 312739
BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2024

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
CONTENTS
YEAR ENDED 31 AUGUST 2024
Fage
School information
Governors, Report
Independent Auditor's Report
li
Statement of financial activities
16
Balance sheet
17
Cash flow statement
18
Notes to the accounts
19

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
SCHOOL INFORMATION
YEAR ENDED 31 AUGUST 2024
GOVERNORS, DIRECTORS AND CHARITY TRUSTEES:
The Governors present their report and the audited accounts for the year ended 315t August 2024. The
accounts comply with current statutory requirements, the requirements of the Charit￿s governing
document and the requiTements of the Charities SORP (FRS 102).
Bute House operates as a charitable company limited by guarantee (for further details see page two below).
The Govemors of Bute House Preparatory School for Girls are the School's charity trustees under charity
law and the directors of the charitable company. The Governors who served during the year and
subsequently are detailed below:
Governors & I Committees:
Finance
Bursary
Norninations Education
Mr J Beckitt (Chair)
Mrs A Barron
Mr J Brough
Mr M Hauger (appointed 07.03.24)
Mrs S Paillasse
Mr M Perry
Mrs D Pierce-Burgess
Mrs P McAndrew (Vice-chair)
Mrs V Samuel (appointed 07.03.24)
Mr D Scott (appointed 20.06.24)
Dr M Sherman
Mr R Watne
An asterisk ('), indicates membership of a Committee. Other ad h()c committees operate as required.
The Finance Committee's full title is the Finance, Operations & Risk Committee.
HEAD
Ms Sian Bradshaw
BANKERS
Barclays Bank PLC
I Churchill Place
Canary Wharf
London
E14 5HP
Lloyds Bar￿ PLC
25 Gresham Street
London
EC2V 7HN
Page I

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
SCHOOL INFORMATION
YEAR ENDED 31 AUGUST 2024
SOLICITORS
Veale Wasborough Vizards LLP
24 King William Street
London
EC4R 9AR
AUDITOR
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
DIRECTOR OF FINANCE AND OPERATIONS
Miss E Bunting MA FCCA
CLERK TO THE GOVERNORS AND COMPANY SECRETARY
Mrs J Watkiss
REGISTERED OFFICE
Bute House
Luxemburg Gardens
London W6 7EA
Company Registration Number 00571803
Charities Registration Number 312739
Pase 2

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
GOVERNORS, REPORT
YEAR ENDED 31 AUGUST 2024
GOVERNORS, REPORT
PRINCIPAL ACTIVITY, STRATEGIC AIM AND INTENDED EFFECT
Principal Artivity
Bute House operates as a charitable company ("the Compani4') limited by guarantee, and accordingly
its constitution is set out in its Memorandum and Articles of AssociatRon. The objects of the company
are 'to advance education, includin& without limitation, by conducting the school known as Bute
House Preparatory School for Girls and any other school or schools, for girls or boys, as the Governors
may think fit. and purposes incidental or ancillary to the same,.
The powers of the Company are set out in the Articles. which may be exercised only in promoting its
objects. The powers set out in the documents relate primarily to the acquisition, use and disposal of
assets of the Company, including investments in funds not immediately required for the Companys
charitable purposes.
Governing Body
The School's Governors are its Directors and Charity Trustees. They are required under the Articles of
Association to serve as members of the Company. They are elected at a meetin8 of the Directors. New
Directors are recommended to the Governors by the Nominations Committee on the basis of the skills
and experience which he or she would bring to the Governing body.
Governors serve terms of office of four years from the date of their appointment and are eligible for re-
election for one further term of office of four years. The Governors who served during the year are
shown on page one.
Mr Robert Watneyi who was appointed on 26th August 2021, and Mr Daniel Scott, who was appointed
on 201h June 2024, are Liverymen and Freeman, respectively, of the Mercers, Company. The Mercers,
Company is the sole trustee of the St Paul's Schools Foundation which owns the freehold of the land
on which the School stands, and has granted in 1998 a 125-year lease. Seven Govemors are parents of
past pupils.
Recruitment, Induction and Training of Governors
Governors are selected by reference to their eligibility. personal competence and specialist skills. The
Governors can appoint between 5 and 15 Governors. On appointment new Governors are inducted into
the workings of the Governors and of the School via a formal process. The induction pack provided to
Governors includes a number of School documents and policies including:
"Guidelines for Governors," a booklet produced by the Association of Governing Bodies of
Independent Schools.
Keeping Children Safe in Education Part I
Charity Commission booklet CC3: The Essential Trustee
Charity Commission Guidan￿ on Charitable Purposes and Public Benefit
Charity Commission Guidance on decision making
Charities Governan￿ Code for larger Charities
Pase 3

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
GOVERNORS. REPORT (CONTINUED)
YEAR ENDED 31 AUGUST 2024
The Essential TTUStee- Six Main Duties
Individual Governors attend tailored training courses in key aspects of school governance and
management run by such bodies as AGBIS (Association of Governing Bodies of Independent Schools),
IAPS (Independent Association of Preparatory Schools) and ISBA (Independent Schools. Bursaf s
Association). In addition. Governors have attended safeguarding training provided for all staff at the
School or an online course.
Organisational Management
Responsibility for the overall management and organisation of the School rest5 with the Governors,
who meet at least termly. They are supported in carrying out their responsibilities by committee5
largely made up of Governors, including the Education Committee and Finance, Operations and Risk
Committee, which meet at least once a term prior to the Governor< meeting. The Bursary Committee
and the Nominations Committee meet as required.
The day to day management of the School is delegated to the Head supported by the Deputy Head and
Director of Finance and Operations, and this group together with the Assistant Head (Academic), the
Assistant Head (Staff Wellbeing & Data Assessment Lead). Staff salaries are reviewed annually by
Governors.
Page 4

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
GOVERNORS. REPORT (CONTINUED)
YEAR ENDED 31 AUGUST 2024
STRATEGIC REPORT
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR
Operational Perfonnance of the School
The operational performance of the Sthool and its athievements against the context of the Sthool's
aims is led by the Head.
The school had a very successful ISI inspection in March 2024, which identified significant strengths.
The principal achievements during the year:
The Il+ results were excellent. In the academic year 2023-2024 fifty girls sat the Il+ examinations and
39 scholarships were awarded. One third of the year group were offered places at St Paul's Girls,
School, and this was made up of an equal proportion of girls who joined at 4+ to those joining via the
assessment process at 7+. Just under IO% of leavers went to boarding schools. one attended a local
state school, while the rest went to a good variety of London Day Schools. The boarding schools
included Wycombe Abbey, Cheltenham Ladies and Benenden.
The data for Summer 2024 shows that 35% of the Year 6 girls made much higher than expected
progress in maths accordin8 to their baseline data. In English 40¥0 made much higher than expected
progress.
By Year 6, 87¥0 of the cohort have a reading age of 17+, which places them in the top band nationally,.
and 90 % of the 8irls are writing 'in greater depth, accordin8 to No More Markin8 comparative
writing scores.
Twenty-five pupils performed particularly well in the Primary Maths Challenge and received awards.
this is more than any other girls. school in the international competition.
Over a fifth of the pupils took LAMDA and of these l(X)% obtained either a merit or a distinction this
academic year.
158 pupils sat ABRSM exams intemally with approximately 80% passing with merit or distinction.
Out of 324 pupils, 300 are taking music lessons (excluding Reception).
Notable S orts Achievements 2023-24
Netball
Year 6 won the IAPS regionals and reached the quarter finals at Nationals.
Swimming - The girls swam well in the IAPS Regionals: three of the relay teams qualified first, which
is a great achievement considering over 150 schools took part. For the first time, all the pupils that
entered Regionals qualified for Nationals. At the Nationals held at Olympic Park, Y6 pupils finished
second overall and Year pupils became National champions.
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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
GOVERNORS, REPORT (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Football
Year 4 girls represented Hammersmith at the London Youth Games.
Gymnastics - UIO girls came 2￿1 at the National ISGA floor and vault competition. tn the individual
competition, a Year 5 pupil came first and is the new UIO ISGA National Champion.
PUBLIC BENEFIT AND COMMUNITY RELATIONSHIPS
Publie Benefit
The School's key public benefit is delivered through the provision of an education for 4 -11 year-old
girls. The School is also committed to broadening access to the School by offering eligible
parentslguardians means-tested financial support with the payment of school fees. Such support is
known as a bursary and bursaries may be awarded in the form of a discount of up to 100 per cent of
tuition fees payable together with a uniform allowance and support towards the cost of residential
visits, depending on the financial circumstances of applicants. The School is cognisant of the
importance of making sure that a girl awarded a bursary would benefit from the education provided
by the School. Bursary awards will be offered for pupils on entry:
Who meet the School's normal entry requirements, and
Whose parents have demonstrated their inability to afford a full feethpaying place. A means
testing process is in place.
There was one Bursary award granted in the current year.
The Governors give careful consideration to the Charity Commission's general guidance on public
benefit and in particular to its supplemental guidance on public benefit in relation to the advancement
of education and on fee-charging. The School is a registered charity and is very involved in seeking
wider benefits for the public in line with its educational objectives.
The Bute House Partnerships Programme continues to develop a range of public benefit programmes,
and reaches out to all local primary schools with programmes and activities to enrich learnin& support
pupils and develop staff. Examples are below:
Mental Health Network - the school employs a school counsellor for two days per week to
work with three local state schools.
The School hosted maths rnasterclasses led by a team from the Royal Institute for children
selected from local state schools.
The Bute House Head of Art hosted art classes for selected pupils from local state schools.
The School hosted the first 'ENGAGE' Conferen￿ attended by 2(K) delegates from local state
schools. The conference offered three well-known keynote speakers as well as a range of
smaller workshops on innovations in teaching and learning and the curriculum.
The School hosts a Teaching Assistants Network.
Seven teachers at the school offered their time after schTh)I to work I:1 with pupils in local state
schools at risk of not meetin8 national benchmarks. This was a pilot project in collaboration
with the charity ALLCHtLD. I￿% of those pupils made significant progress.
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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
GOVERNORS, REPORT (coNfINUED)
YEAR ENDED 31 AUGUST 2024
Community Relationships
The School continues to support the local community association and partners with Hammersmith and
Fulham Gym Club, who use the hall. The school held a Harvest Festival Celebration in which pupils
brought in food goods to be distributed to Nazareth House. Hammersmi￿ a local care home.
Additionallyi the School continues to be a part of The Children's Book Project.
This year the School has established links with several charities: West London Welcome, which we
support with an annual donation as well as provide Christmas gifts for thildren who are refugees or
asylum seekers. Each year, the pupils choose their own charity to support. which is, in tum,
SUPPOrted by the Bute House Parents Ass(￿latiOn. This year the school raised funds for Duchenne
UK.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
The School reported a surplus of £869,669 (2023: surplus of £574,945) from its normal operating
activities in the year. In addition a net surplus of £796,991 was generated by restricted funds (2023:
surplus £59,041). The majority of restricted funding was in respect of building projects and a transfer
of £848.686 was made to unrestricted funds to reflect the value of building work capitalised which
satlsfied the restriction. After taking account the actuarial gain in pensions, the net result for the year
is a surplus of £1,664,695 (2023: surplus of £637,218>.
The movement in the net financial position year on year reflects an increase in the number of pupils.
The School continues to pay rental to the Mercers, Company for the land on which the school stands.
Pupil numbers were higher in the academic year, up from 319 to 323. They are anticipated to increase
in the future. Total operating expenditure rose year on year to £7.183m (2023: £6.562m), and staffing
costs accounted for 66¥0 of total expenditure {2023: 65%).
Restricted funds of £859,099 (2023: £117,984), were re￿iVed during the year.
Net assets increased to £10,180,321 (2023: £8,515,626) and overall, the Govemors are satisfied with the
financial position of the School in relation to its ongoing commitments.
INVESTMENT POLICY
The School does not have significant investments apart from its cash holdings. The School currently
minimises the investment risk by applying its treasury policy which includes:
Pern)itted investments:
UK Deposits on demand
UK Tenn deposits
UK certificates of Deposit issued by UK banks
Page 7

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
GOVERNORS. REPORT (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Funds during the year were deposited with Barclays Bank plc, in line with the above policy.
RESERVES POLICY
The Governors regularly review the level and nature of the reserve funds of the School.
At 31 August 2024 the School had free reserves of £2,610,892 (2023: £1,827,175), an increase of £783,717.
The School also had a fixed asset fund of £7,432,330 {2023: £6,499,65T).
The Governors, lon8 term intention is to maintain the free reserves to cover unforeseen risks. Currently
this is targeted at the equivalent of approximately one term's expenditure. The level is currently sitting
at just over three months expenditure. an increase on the previous year. It is the Governors, intention
to build up the free reserve back to the level of one term's expenditure. Governors are also committed
to maintaining and developing the School's premises and equipment, which are key to delivering the
School's aims.
The Governors believe that the School has adequate financial resources and is well placed to manage
its business risks. The School's plannins process, including financial projections, has taken into
consideration the current economic climate on the Schools key sources of income and planned
expenditure. The Governors have a reasonable expectation that the School has adequate resources to
continue in operational existence for the foreseeable future, and is able to meet its objectives. They
believe that there are no material uncertainties that call into doubt the School's ability to continue. The
accounts have therefore been prepared on the basis that the School is a going concern.
PLANS FOR THE FUTURE
The School's key objective is to educate all its pupils in a thallengin& happy and supportive
environment, to be at the forefront of educational development, and to place its leavers in schools
appropriate to their personalities and their abilities. The School is well placed to meet these objectives
through the continued investment in staffing and premises. The School's Partnerships work with the
local community continues to be expanded.
RISK MANAGEMENT
The Governors have assessed the major risks to which the School is exposed, in particular those relating
to the operations and finance5 of the Sthool, and are satisfied that systems are in place to manage
exposure to those major risks within acceptable bounds. The School's risks are documented in a Risk
Register which will continue to be reviewed and updated on a ternily basis. Risks and controls are also
regularly reviewed by the Finance, Operations & Risk Conimittee.
FUNDRAISING
The Governors take their responsibility under the Charities (Protection and Social Investment) Act 2016
seriously and have considered the implications on the school's activities. The School undertook a
fundraising campaign to raise funds for a capital project to build a well-being space.
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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
GOVERNORS. REPORT (CONTINUED)
YEAR ENDED 31 AUGUST 2024
The School follows the Fundraising Regulatofs Code of Practice. has established a Fundraising
Committee and has a Fundraising Policy and anti-money laundering policy in place. The majority of
fundraising is from current and past parents and alumni. as well as connected organisations.
The school does not actively solicit donations from the general public more widely, and will not accept
donations from anyone who does not have a connection with the School, in line with its Fundraising
Policy.
The Governors are not aware of any complaints made in respert of fundraising during the period.
PRINCIPAL RISKS AND UNCERTAINTIES
Major risks to the School are considered to come from any physical or emotional harm to the pupils or
staff, to the School's reputation, darnage to its fabric, from its ability to attract and retain good staff, or
from a serious incident. To help deal with these issues:
All staff sign a safeguarding statement and all pupils, health is monitored on pupils, files and
on an accident database which reports to the Health & Safety Committee termly.
Staff health and safety is monitored and staff reminded termly of their legal obligations to work
in a safe and healthy manner.
Covernors annually assess staff salaries and benefits to ensure staff are adequately rewarded.
Reputational risk is assessed from all the key standpoints, financial and legal advice is taken as
required, also a PR company advises on potential media issues arising.
In terms of fabric damage, comprehensive insurance is maintained for all likely scenarios and
a ten-year Maintenance Plan is in place.
In terms of a serious incident affecting human safety or the school environment, the School has
a Crisis Management Plan in place, which is updated and tested periodically.
AUDITORS
Saffery LLP have expressed their willingness to continue as auditors for the next financial year.
STATEMENT OF GOVERNORS, RESPONSIBILITIES
The Governors (who are also directors of Bute House Preparatory School for Girls Limited for the
purposes of company law and the Trustees for the purposes of the Charities Act 2011) are responsible
for preparing the Governors. 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 year which give
a true and fair view of the state of affairs of the charitable company and of the incoming resources and
application of resources, including the income and expenditure, of the charitable company for that
period. In preparing these financial statements. the Governors are required to:
select suitable accounting policies and then apply them consistently..
observe the methods and principles in the Charities 50RP (FRS 102).
make judgements and estimates that are rea50nabEe and prudent.
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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
GOVERNORS, REPORT (coNfINUED)
YEAR ENDED 31 AUGUST 2024
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
prepare the financial statements on the going cOTr￿rn basis unless it is inappropriate to
presume that the charity will continue in business.
The Covernors are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charitable company 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 charitable cornpany and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
In so far as the Governors are aware:
there is no relevant audit inforniation of which the charitable compan￿$ auditor is unaware;
and
the governors have taken all steps that they ought to have taken to make themselves aware of
any relevant audit information and to establish that the auditor is aware of that information.
This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved
by the Governors of Bute House Preparatory School for Girls, includin8 in their capacity as company
directors approving the Strategic Report contained therein.
This report was approved by the governors on
2024 and signed on their behalf by:
Jonathan Beckitt
Chair OE Governors
Page 10

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
INDEPENDENT AUDITOR'S REPORT
YEAR ENDED 31 AUGUST 2024
Opinion
We have audited the financial statements of Bute House Preparatory School for Girls Limited for the
year ended 31 August 2024 which comprise the statement of financial activities, balance sheet, cash
flow statement and notes to the financial statements, including 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:
give a true and fair view of the charitable companys state of affairs as at 31 August 2024 and
of its incoming resources and application of resources, including its income and expenditure,
for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Actrpted
Accounting Practice; and
have been prepared in accordance with the Companies Act 2(Ki6.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditof 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 UK, including the FRC'S Ethical Standard, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relatins to goiThg concern
In auditing the finanaal statements, we have concluded that the trustees, use of the goin8 concern basis
of accounting in the preparation of the finanaal statement5 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 con￿rft for a period of at least twelve months from when the
financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described
in the relevant sections of this report.
Pase 11

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Other inforniation
The trustees are responsible for the other information. The other information comprises the information
included in the annual Teport, 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
course of the audit or otherwise appears to be rnaterially 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
perfornied, we conclude that theTe is a material misstaternent of this other information we are required
to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the infonnation given in the Governors, Report which includes the Directors, Report and the
Stratesic Report for the financial year for which the financial statements are prepared is
consistent with the financial statements; and
the Governor5, Report which includes the Directors. Report and the Strategic Report has been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by eX￿PtiOn
In the light of the knowledge and understanding of the d￿ritable company and its environment
obtained in the course of the audit, we have not identified material misstatements in the Governors,
Report and Strategic Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 require5
us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
rtain disclosures of trustees, remuneration specified by law are not made. or
we have not received all the inforniation and explanations we require for our audit.
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BufE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Responsibilitie8 of trustees
As explained more fully in the Governors. Responsibilities Statement set out on page 9 and 10, the
trustees (who are referred to as Governors throughout this document and are also 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 trustees 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 trustees are responsible for assessing the charitable
companYs ability to Continue as a going Conce￿ disclosin& as applicable, matters related to going
concern and using the going concern basis of accounting unless the trustees either intend to liquidate
the charitable company or to cease operations, or have no realistic altemative to do so.
Auditorfs responsibilities for the audit of the financial statements
We have been appointed as auditors under the Companies Act 21x16 and report in accordance with
regulations made under that Act.
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 auditorfs 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.
Irregularities, includin8 fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilitie5, Outlined above, to detect material misstatements in respect
of irregularities, including fraud. The specific Pr￿edureS for this engagement and the extent to which
these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charitable companYs financial statements to material
misstatement and how fraud might occur, including through discussions with the trustees, discussions
within our audit team planning meetin& updating our record of internal controls and ensuring these
controls operated as intended. We evaluated possible incentives and opportunities for fraudulent
manipulation of the financial statements. We identified laws and regulations that are of significance in
the context of the charitable company by discussions with trustees and updating our understanding of
the sector in which the charitable company operates.
Laws and regulations of direct significance in the context of the charitable company include The
Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.
Further the charity is subject to other laws and regulations where the consequences of non-compliance
could have a material effect on amounts or disclosures in the financial statements, through significant
fine, litigation or restrictions on the charitys operations. We identified the most significant laws and
Pa8e 13

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
YEAR ENDED 31 AUGUST 2024
regulations to be the Independent Schools Standards as found in the Education and Skills Act 2008 and
guidance issued by the Department foT Education.
Audit response to risks identified:
We considered the extent of Complian￿ with these laws and regulations as part of our audit procedures
on the related financial statement items including a review of financial statement disclosures. We
reviewed the charitable companys records of breaches of laws and regulations, minutes of meetings
and correspondence with relevant authorities to identify potential material misstatements arising. We
discussed the charitable companys policies and procedures for compliance with laws and regulations
with members of management responsible for complian￿.
During the planning meeting with the audit team, the engagement partner drew attention to the key
areas which might involve non-compliance with laws and regulations or fraud. We enquired of
management whether they were aware of any instances of non-compliance with laws and regulations
or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through
management override of controls by testin8 the appropriateness of journal entries and identifying any
significant transactions that were unusual or outside the normal course of business. We assessed
whether judgements made in making accounting estimates gave rise to a possible indication of
management bias. At the completion stage of the audit, the engagement partner's review included
ensuring that the team had approached their work with appropriate professional scepticism and thus
the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely we would become aware of it. Also, the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve deliberate concealment byi for example, forgery OT intentional misrepresentations, or
through collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website
at: www.frc.or8.uklauditorsresponsibilities. This description forms part of our auditorfs report.
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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Use of our report
This report is made solely to the charitable compan￿5 members. as a body, in accordance with Chapter
3 of Part 16 of the Companies Act 2(K)6. OUT audit work has been undertaken so that we might state to
the charitable companws members those matters we are required to state to them in an auditor's report
and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume
responsibility to anyone other than the charitable company and the charitable companYs members as
a body, for our audit work, for this report, or for the opinions we have formed.
Cara Turtington (Se
or Statutory Auditor)
for and on behalf of Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Statutory Auditors
Date:
10 F&w 1025
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Pase 15

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMrrED
STATEMENT OF FINANCIAL ACTtVITIES
(INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 AUGUST 2024
Notes
Unrestricted
funds
Restricted
funds
Total
2024
Total
2023
INCOME AND ENDOWMENTS FROM
Charitable activities
School fees
Other educational income
Registration fees and other
7,248,989
451,028
67,625
7,248,989 6,532,035
451,028
319,107
67,625
63,998
Other activities to senerate funds
Investment income
Donations
Other activities
199.(NX)
199,000
859,099
24,057
139,756
117,984
20.943
859,099
24,057
Total income
7,990,699
859,099 8,849,798 7,193,823
TOTAL EXPENDITURE ON
Raising fund8
7,473
7,473
12,511
Charitable activities
School operating costs and srants
7,113,557
62,108 7,175,665 6,549,066
Total expenditure
7,121,030
62,108 7,183,138 6,561,577
Net incomel(expenditure) before
gainl(loss) on investments
869,669
796,991
1,666,660
632,246
Net gains on investments
1,740
Net incomel(expenditure)
869,669
796,991
1,666,660
633,986
Actuarial 8ainl(loss) on defined
benefit pension scheme
Transfers
17
(1,965)
(1,965)
3,232
12
848,686
(848,686)
Net movement in funds
1717 390
695
Total funds brought forward
8,326,832
188,794 8,515,626 7,878,408
Total funds carried forward
13
10 043 222
137 099 10 180,321 8 515,626
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 19 to 34 form part of these financial statements.
Page 16

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
Note
2024
2023
Fixed assets
Tangible fixed assets
Investments
7,431330
6,499,657
7,431330
6,499,657
Current assets
Debtors
Cash at bank and in hand
io
196,128
5,708,936
5,905,064
142,077
4,406,589
4,548,666
Creditors.. amounts falling due
within one year
Net current asset8
li
2,955,304>
(2,480,263)
2,949,760
2,068,403
Total assets le88 current liabilities
10,382,090
8,568,060
Creditors: amounts falling due after
one year
Net assets before pension liability
10,382,090
8,568,060
Defined benefit pension scheme
17
(201,769)
(52,434))
Net assets
10,180J21
8,515,626
Funds
Unrestrictedfynds
General funds
Fixed assets fund
Bursary fund
2,610,892
7,432,330
1,827,175
6,499.657
10,043,222
8,326,832
Restri¢tedfviids
Total funds
137,099
10,180,321
188,794
8,515,626
12
The notes on pases 19 to 34 form part of these financial statements.
Approved by the Board of Governors and authorised for issue on
its behalf by".
linw0q￿tr
2024 and signed on
Jonathan Beckitt
Chair
Mark
Chair o
Inance Committee
Company registration number 00571803
Page 17

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
CASH FLOW STATEMENT
YEAR ENDED 31 AUGUST 2024
2024
2023
Cash flows from operating activities:
Net cash provided byl(used in)
operating activities
(see below)
2,111.452
992,240
Cash flows from investing activities:
Purchase of property, plant and equipment
Interest received
Proceeds received from sale of investments
Net cash provided byl(used in) investing
activities
(982,768)
173,663
(278,293)
139,756
159,851
(809,105)
21,314
Cash flows from financing artivities:
Repayment of bank loan
Net cash provided byl(used in) finanan8
activities
Change in cash and cash equivalents in the reportins period
1,302,349
1,013,554
Cash and cash equivalents at the besinning of the period
4,406,589
3,393,035
Cash and cash equivalents at the end of the period
5,708,936
4,406,589
Rec
iliati
in
net ca
hflowf
eratin
ivi
ie
Net incomel(expenditure) for the reporting period
Adjustments for:
(Gains)Ilosses on investments
Non- cash movement on Independent Schools, Pension Scheme
Depreciation charges
Interest receivable
Loss/(profit) on the sale of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
1,666,660
633,986
(1,740)
3,232
332,392
(139,756)
407
5,441
158,278
(1,965)
337,332
{199,000)
2.993
(28,713)
334,145
Net cash Provided byl(used in) operating activities
2,111,452
976,548
Anal
sis of chan
es in net debt
At the
start of
Cash
flows
At the
end of
year
4,406,589
4,406,589
year
5,708,936
5.708.936
Cash
I.￿2,349
1,302,349
Page 18

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS
YEAR ENDED 31 AUGUST 2024
Charity infomiation
Bute House Preparatory School for Girls is a registered charity (No. 312739) and company (No. 00571803)
which is incorporated and registered in England and Wales. The address of the registered office is Bute House,
Luxemburg Gardens, London, W6 7EA.
The charity is a company limited by guarantee. En the event of the charity being wound up, the liability of
members in respert of the guarantee is limited to £1. At 31 August 2024, the total of such guarantees was £9
(2023: £9).
Accounting policies
Basis of accounting
The accounts have been prepared in accordance with the Companies Act 2006 and the 'Statement of
Recommended Practice: Accounting and Reporting by Charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland
(FRS 102) and the Charities Act 2011.
The financial statements are prepared on the historical cost basis excepting the revaluation of
investments.
The accounts are prepared in sterlin& which is the functional currency of the School. Monetary
amounts in these financial statements are rounded to the nearest £.
The Charity constitutes a public benefit entity as defined by FRS 102.
Going concem
Having reviewed the funding 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 future
and consider that there were no material uncertainties over the School's financial viability.
Accordingly, they also continue to adopt the goins cOn￿rn basis in preparing the financial
statements as outlined in the Statement of Governors, Responsibilities.
Income
Fees receivable and similar earned income are credited to the Statement of Financial Activities
(SOFA) in the year for which they are due. Deferred income represents amounts received for future
periods and is released to the SOFA in future periods when the service is provided.
Fee5 due in respect of Bursary Students are deducted from fee income and a transfer is made from
the Bursary Fund to the General Reserve to cover the Bursary Fee income. when funds are available.
Donations are accounted for as and when entitlement arises, the amount can be reliably quantified
and the economic benefit to the Trust is considered probable.
Pase 19

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Gifts of assets and services are recognised at the time of receipt at their value to the charity when the
benefit is reasonable, measurable and quantifiable.
Expenditure
Expenditure is accrued as soon as a liability is considered probable, discounted to present value for
longer tern) liabilities. The School is not registered for V AT and accordingly expenditure is shown
gross of VAT.
Where costs cannot be diTectly attributed to particular headings they have been allocated to activities
on a basis consistent with the use of the resources. Governan￿ costs are those incurred in connection
with the administration of the charity and in compliance with constitutional and statutOTy
requirements.
Tangible fixed assets
Tangible fixed assets are stated at cost les5 depreciation. Depreciation is recognised so as to write off
the cost of assets less their residual values over their useful lives on the following bases:
Leasehold premises
Work in progress
Over 50 years on cost
Not depreciated
Plant and equipment..
Computer equipment
Fixtures, fittings and equipment
33Yo per annum
IO% per annum
Assets purchased which cost less than LS(K) are not capitalised and are expensed to the Statement of
Financial Activities in the year in which they are purchased.
The School negotiated with the Mercers, Company to grant a new lease for 125 years which took
effect from 24 December 1997. Amortisation of the School's premises is charged over 50 years on a
straight line basis, with effect from I September 1998.
Investments
Fixed asset investments held for charitable purposes are stated at market value. Unrealised gains
and losses arising on the revaluation of fixed asset investments during the year are credited or
charged to the Statement of Financial Activities under 'Unrealised gain on investments,.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar
account.
Page 20

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Creditors
Creditors 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 be measured or estimated reliably. Creditors are nornially recognised at their
settlement amount after allowing for any trade discounts due.
i.io
Funds
General funds are unrestricted funds available for use at the discretion of the Governors to further
the general objectives of the School that have not been deSi￿ated for other purposes.
Designated funds, comprising the fixed asset fund which is maintained at the amount of net tangible
fixed assets and the bursary fund, are unrestricted funds that have been set aside by the Governors
for particular purposes.
Restricted funds are funds that the School has received subject to specific restrictions imposed by the
donor.
i.ii
Pension costs
The School contributes to two independently administered defined benefit pension schemes: the
Teachers, Pension Defined Benefit Scheme and the Independent Schools Pension Scheme (ISPEN).
The school contributes to these schemes at rates set by the schemes, actuaries and advised to the
School by the scheme's administrators. The schemes are multi-employer pension schemes and it is
not possible to identify the assets and liabilities of the schemes which are attributable to the School.
The School also contributes to one defined contribution scheme, contributions by the School are
accrued as they fall due.
1.12
Taxation
The School is a registered charity and its income is not liable to taxation as it is applied to wholly
charitable purposes.
1.13
Financial instruments
The School only has financial assets and financial liabilities of a kind that qualify as basic financial
Énstruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value with the exception of bank loans which are
subsequently measured at amortised cost using the effective interest method.
1.14
Critical accounting judgements and key sources of estimation Un￿rtaintY
The preparation of the fmancial statements in accordance with FRS 102 requires the trustees to make
estimates and a55umptions concerning the future. The estimates and assumptions that could have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next finanaal year indude accruals, depreciatio￿ freehold building residual values and
Pase 21

BufE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
revenue recognition. The accounting in these areas of the accounts requiTes management to use
judsement.
School fees
2024
2023
The school's fee income comprised:
Gross fees
Less: Bursaries and grants
7,326,195
(117,702)
7,208,493
40,496
6,577,301
(86,417)
6,490,884
41,151
Add back: 8rants and bursaries paid by restricted funds
Operating school fee (excludins bursaries and Hardship grants)
7,248,989
6,532,035
Other income
2024
2023
Donations:
Bursary Fund (restricted)
Mercers Trust Fund (restricted)
Saturday School (restricted)
Buildin8 fund (restricted)
Other restricted donations
17,863
25,21Ki
63,784
200
6,￿0
802,686
7,350
46,OCN)
2,0
859,099
117,784
Other activities:
Facilities hired out by the School
24,057
20,943
Donation income includes gift aid income on relevant donations.
Raising funds
2024
2023
Finance costs:
Other interest payable
Bank charges
2,825
1,701
2,425
2,048
Cost of fundraising activities
2,947
8,038
7,473
12,511
Page 22

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Analysi8 of total expenditure
2024
Staff costs
Other costs
Depreciation
Total
Raising Funds
7,473
7,473
Charitable activities
School operating costs:
Teaching
Welfare (includins catering>
Premises
2,892,589
686,752
465,088
614,300
326,893
2,093,033
153,466
5,548
178,318
3,732,808
470,636
951,064
2,021,157
7,175,665
158,446
1,694,264
4,745,3C
Support costs (note 6)
337,332
Total Expenditure
4,745,3(X)
2,100,506
337,332
7,183,138
Staff costs exclude Chartwells Independent staff of £237,948 (2023: £244,441)
2023
Staff costs
Other cost8 Depreciation
Total
Raising Funds
12,511
12,511
Charitable activities
School operating costs:
Teaching
Welfare (including catering)
Premises
2,813,021
623,335
445,120
558,515
330,794
1,957,764
150,258
3.816
178,318
3,586,614
448,936
892,097
1,621,419
6,549,066
155,264
1,290,625
4,258,910
Support costs
332,392
Total Expenditure
4.258.910
1.970,275
332,392
6,561,577
Page 23

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
Governance costs included in support costs
2024
2023
Current auditor
Auditor - Audit fees (current year)
Auditor - Non-audit fees
16,3
2,7LKI
2,628
15,81JJ
2,6(K)
8,020
Governors, expenses
21,628
26,420
The Governors receive no remuneration for their services.
Expenses reimbursed to Governors during the year amounted to £692 (2023: restated £nil) for travel
expenses for I governor (2U23: nil). Other amounts included in Governors, expenses related to fees
for training courses and seminars, subscriptions to the Govemance magazine and review of
Governance during the year.
Employee infonnation
Total staff costs were as follows:
2024
2023
Wases and salaries
Employer's national insuran
Employer's pension contributions
Total staff costs
3,548,704
384,051
812,544
2,976,239
360,644
570,827
4,745,300
4,258,910
In addition, the School paid £nil (2023: £18,980) to club coaches. Whilst club coaches are paid through
the payroll, they are not regarded as employees of the Schiy)l and so thetr costs have been excluded
from the staff costs shown above.
Remuneration totalling £633,296 was paid to Key Management Personnel during the year
(2023: L585,603). The key management personnel are defined on page 4.
Wages and salaries include a total of £11,222 (2023: £103,911) for redundancy and termination
payments during the year.
Employerfs pension contributions includes an estimate of the withdrawal debt for the Pensions Trust
as explained in note 17.
Page 24

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
The number of staff with emoluments in excess of £60,(KK) is set out below:
2024
2023
£60,LK)0- £70,(
£70,LKiO. L80,(KJO
£80,tMJ) . £90,IXJO
£90,0(K) . £iLK),O(M)
£IOO,(K)O - £iiO,(KK)
£IIO,CrfXi- £120,(
£120,IKKJ - £130,(M)O
£130,1J)O- a40,(KX)
Sixteen of these employees are members of the Governmenys Teachers Pension Defined Benefits
Scheme.
The total number of employees during the year, including full-time and part-time staff was:
2024
2023
Teaching
Teachin8 assistants
Non-teaching
42
40
12
34
13
32
87
86
The total head count of employees during year. calculated on the basis of full time equivalents
includin8 those workins under 30 hours per week was:
2024
2023
Teaching
Teaching assistants
Non-teachin8
35
13
38
12
27
29
75
79
Page 25

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
TangibIe fixed assets
Leasehold
premises
Plant and
Equipment
Work in
Progress
Total
Cost
At I September 2023
Additions
Disposals
8,915,907
1,849,648
256,024
(101,431)
72.273
1,016,974
10.837,828
1,272,998
(101,431)
At 31 August 2024
8,915,907
2,004,241
1,089,247
12,009,395
Depreciation
At I September 2023
Charge for the year
Disposals
3,140,898
178,318
1,197,273
159,014
(98,438)
4,338,171
337,332
(98,438)
At 31 August 2024
3,319,216
1,257,848
4,577,065
Net book value
At 31 August 2024
5,596,691
746,392
1,089.247
7,432,330
At 31 August 2023
5,T/5,009
652,375
72,273
6,499,657
Barclays has a first lesal charge over the leasehold property of the tharity as a result of a loan. The
bank loan was fully repaid in May 2019.
Fixed asset investments
2024
2023
UK Managed Funds
Market value at I September 2023
Investment gainsl(losses)
Proceeds from disposal of investments
158,111
1,740
159,851)
Market value at 31 August 2024
Historical cost at 31 August 2024
Pase 26

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
io.
Debtors
2024
2023
Fee debtors
Other debtors
58,3%
44,193
(207)
98,091
142,077
Prepayments and accrued income
137,732
196,128
Fee debtors relate to the cost of clubs, trips and other sundry costs in regard to Summer term
activities, billed in August and received in September.
ii.
Creditors: amounts fallins due within one year
2024
2023
Trade creditors
Accruals
Deferred income
Acceptance fees deposits
Other creditors
49,482
373,303
310.384
2,221,773
363
83,805
85,283
238,186
2,072,989
2,955,304
2,480,263
Acceptance fee deposits
The Governors have reviewed the contract terms under which Pupil fee deposits are held by the
School. Although under normal circumstances these will be repaid over future years when the pupils
complete their education at the School, pupils can leave at earlier dates. The School does not therefore
have an unconditional right to retain the individual deposits for at least 12 months after the balance
sheet date and, in line with the r4uirements in FRS 102, the balance of the deposits held at 31 August
2024 have been included within current liabilities.
Deferred income refiects payments received in advance for the Autumn term's fees. All income
deferred in 2023 was released in 2024.
Pase 27

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS ICONTINUED)
YEAR ENDED 31 AUGUST 2024
12.
Statement of movement in funds
2024
Transfers,
actuarial
gain, and
loss on
investments
BaIance at
I September
2023
Balance at
31 August
2024
Income
Expenditure
Unrestricted Funds:
General funds
Fixed asset fund
1,827,175
6,499,657
7,990,699
(6,783,698)
(337,332)
(423,284)
1,270,005
2,610,892
7,432,330
Restricted Funds:
Bursary fund
The Sainsbury
Fund
Mercers Trust
Fund
Saturday School
Building Fund
Other restricted
funds
17,863
(40,496)
106,293
106,293
11,868
25,2CK)
(17,302)
19,766
6,000
46,(KX)
802,686
7,350
(848,686)
(4,310)
5,040
8,515,626
8,849,798
{7,183,138)
(1,965)
10,180,321
2023
Transfers,
actuarial
gain. and
los$ on
investments
Balance at
I September
2022
Balance at
31 Ausust
2023
Income
Expenditure
Unrestricted Funds:
General funds
Fixed asset fund
1,194,491
6,554,164
7,075,839
{6,168,502)
(332,392)
(274,653)
277,885
1,827,175
6,499,657
Restricted Funds:
Bursary fund
The Sainsbury
Fund
Learning Powers
Mercers Trust
Fund
Saturday School
Building Fund
63,784
(41,151)
22,633
104,553
1,740
106,293
2,000
25,21
25,200
(6,OCX))
46,CKK)
46.000
7,878,408
7,193,823
(6.561,577)
4,972
8,515,626
Page 28

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
The fixed assets fund represents the School's net investment in fixed assets, less any bank loan. The
transfer to the fixed asset fund from general funds reflects the movement in the net book value of
fixed assets in the year, less the movement in the amount in any bank loan.
The restricted bursary fund represents donations given to the School for bursaries as specified by
the donors.
The Sainsbury Fund was established in 1991 to provide assistan￿ with School fees to parents in cases
of hardship. An established set of criteria exists for applications to the Hardship Fund, which are
considered by the Bursary Committee of Governors.
mer￿r5 Trust Fund relates to donations received for a specific mental health and wellbeing project.
The Saturday School Fund represents donations re￿iVed to set up and fund a Saturday school.
The Building Fund represents donations received for a capital project to create a Wellbeing space for
the school and partnerships.
Other restricted funds includes relates to donations received to raise the profile of the school's
'Learning Powerg and other smaller projects.
The transfer relates to expenditure which has been capitalised and so the restriction has been met.
Page 29

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
13.
Analysis of net assets between funds
2024
Tangible
fixed
Other
assetsl
(liabilities)
assets
Investments
Total
Unrestricted Funds:
General funds
Fixed asset fund
2,610,892
2,610,892
7,432,330
7,432,330
Restricted Funds:
Bursary Fund
The Sainsbury Fund
Mercers Trust Fund
Saturday School
Building Fund
Other restricted funds
106,293
19,766
6,CK)O
106,293
19,766
6,000
5,040
5,040
Total funds 2024
7,432,330
2,747,991
10,180,321
2023
Tangible
fixed
assets
Other
a88etsl
(liabiIities)
Investments
Total
Unrestricted Funds:
General funds
Fixed asset fund
1,827,175
1,827,175
6,499,657
6,499,657
Restricted Funds:
Bursary Fund
The Sainsbury Fund
Learning Powers
Mercers Trust Fund
Building Fund
106,293
(53,558)
106,293
104,553
2,000
11,868
46,000
11,868
Total funds 2023
6,499,657
2,015,969
8,515,626
The liabilities included within The Sainsbury Fund represent the grants paid using unrestricted
funds whith will be transferred when the investment is realised.
14.
Capital commitments
The School has capital commitments at the year end of £9,982 relating to the Safe spa￿ build
project.
Page 30

BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS ICONTINUED)
YEAR ENDED 31 AUGUST 2024
15.
Operating lease commitments
Le88ee
Operating lease payment represent rentals payable by the company for its property and office
equipment.
The property relates to a 125 year lease commencing 1997 from The Mercer5 Company, the lease
agreement is 310 of gross fee income p.a. this has been capped at £90,1XJO p.a. The disclosure below
shows future payments being rnade at £90,11)O p.a. in respect of this lease.
2024
2024
2023
2023
tand and
buildings
Land and
buildings
83,5
334,CK)O
7,932,500
Other
20,919
31,380
Other
20,919
52,299
Within one year
Between two and five years
In over five years
8,460,(KK)
8,910,(KX)
52,299
8,350,000
73,218
16.
Related party transa¢tions
Two Governors R. Watney and D. Scott are Liverymen and Freeman, respectively, of the Mercers,
Company. The Mercers, Company is the sole trustee of the St Paul's Schools Foundation which own5
the freehold of the land on which the School stands, and granted in 1997 a 125-year lease.
The School buildings adjoin the playing field, netball courts and swimming pool of St. Paul's Girls,
School. The School hires the tennis courts and swimming pool for regular use during term time and
the use of the field one day per year for the annual Summer Fair and Sports Day through a standard
letting agreement, £25,050 (2023: 125,050).
During the year donations from govemors (including their close family members and associated
companies) totalled £]2,()￿ (2023: £nil).
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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
17.
Pension Schemes
17.1
TeacheTS' Pen8ion Scheme (TPS)
The School participates in the Teacherg Pension Scheme for its teaching staff. The pension costs
paid to JPS in the period amounted to L551,037 (2023.. £ 473,420).
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 so" 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 Govemment Actuaryi using normal actuarial principles, conducts a formal actuarial review of
the IPS in accordance with the Public servi￿ Pensions (Valuations and Employer Cost Cap)
Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure
scheme costs are recognised and managed appropriately and the review specifies the level of
future contributions.
Actuarial scheme valuations are dependent on assumptions about the value of future costs, design
of benefits and many other fartors. The latest actuarial valuatson of the Trs was carried out as at 31
March 2020. The valuation report was published by the Department for Education on 27 October
2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above
the rate of CPI. The key elements of the valuation outcome are:
Employer contribution rates set at 28.68% of pensionable pay (including a 0.08¥0 adminTrstTation
levy). This is an increase of 5¥0 in employer contributions and the cost control result is such that
no change in member benefits is needed.
Total scheme liabilities (pensions currently in payment and the estimated cost of future
benefits) for service to the effective date of f262,LNXI million and notional assets (estimated
future contributions together with the notional investments held at the valuation date) of
22,200 million, giving a notional past service deficit of £39,8(M) million
The result of this valuation has been implemented from l April 2024. The next valuation result is
due to be implemented from l April 2028.
17.2
Pensions Trust- Independent Schools, Pension Scheme
The company participates a multi-employer scherne which provides benefits to some 61 non-
associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the
company to obtain suffiaent inforniation to enable it to account for the scheme as a defined benefit
scheme. Therefore, it accounts for the scheme as a defined contribution scheme.
The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into
force on 30 December 2005. This, together with documents issued by the Pensions Regulator and
Technical Actuarial Standards issued by the Financial Reporting CounciL sets out the framework for
funding defined benefit occupational pension schemes in the UK.
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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
The scheme is classified as a 'last-man standing arrangement,. TherefoTe, the company is potentially
liable for other participating employers. obligations if those employers are unable to meet their share
of the scheme deficit following withdrawal from the scheme. Participating employers are legally
required to meet their share of the scheme deficit on an annuity PUTchase basis on withdrawal from
the scheme.
On 31 August 2024, the two employees within the scheme left their employment with the School
which constitutes a cessation event. Information has not yet been received for the final withdrawal
debt on the cessation event at 31 August 2024 but it is expected that the School will make a final
payment and withdraw fvom the scheme as at 31 August 2024.
The School has reviewed all information available to it as at 31 August 2024 and has provided for a
final settlement amount of £201,769. This amount is calculated on a different ba51S to the balance of
£52.434 included in the financial statements at 31 August 2023, which assumed the School would
remain a member of the scheme and only provided for committed future deficit payments.
The provision included on the balance sheet is the best estimate at the year end for the withdrawal
debt.
RECONCILIATION OF OPENING AND CLOSING PROVISIONS
Period Ending
31 August 2024
(£s)
Period Endins
31 August 2023
(£s)
Provision at start of period
52,434
59,790
Unwindin8 of the discount factor (interest expense)
2,825
2,425
Deficit contribution paid
(6,745)
(6,549)
Re-measurements - impact of any change in assumptions
Re-measurements
amendments to the contribution
schedule
Additional provision for debt on withdrawal charged to
ex
enditure
1,965
(3,232)
151,290
Provision at end of period
201,769
52,434
17.3
Stakeholder scheme
In addition, the school participates in a stakeholder compliant scheme, which is available to non-
teaching staff. The stakeholder compliant scheme is a defined contribution scheme. The pension
charge for the year includes contributions to this scheme of £74.627 (2023: £ 69,371). As at the balance
sheet date there were 34 active members of the scheme employed by the School. The school
continues to offer membership of the scheme to its employees.
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BUTE HOUSE PREPARATORY SCHOOL FOR GIRLS LIMITED
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 AUGUST 2024
18.
Comparative statement of financial activities for 2023
Unrestricted
funds
Restricted
funds
TotaI
2023
INCOME AND ENDOWMENTS FROM
Charitable activitie8
School fees
Other educational income
Registration fees and other income
6,532,035
319,107
63,998
6,532,035
319,107
63,998
Other activities to senerate funds
Investment income
139,756
139,756
117,984
20,943
Donations
Other activitie5
117,984
20,943
Total income
7,075,839
117,984
7,193,823
TOTAL EXPENDITURE ON
Raisin8 funds
12,511
12,511
Charitable activities
School operating costs and grants
6,488,383
60,683
6,549,066
Total expenditure
6,500,894
60,683
6,561,577
Net incomel(expenditure) before 8ainlllos8) on
investments
574,945
57,301
632,246
Net gains/(losses) on investments
1,740
1,740
Net incomel(expenditure)
574,945
59,041
633,986
Actuarial gainl{loss) on defined benefit pension
scheme
Transfers
3,232
3,232
Net movement in funds
578,177
59,041
637,218
Total funds brought forward
7,748,655
129,753
7,878,408
Total funds carried forward
8,326,832
188.794
8,515,626
Page 34