2023-08-31-accounts - Homefield Preparatory School Trust Limited

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Contents		Page
Report ofthe Governors		1-8
Report ofthe Auditor		9-11
Statement of Financial	Activities	12
Balance Sheet		13
Cash Flow Statement		14
Notes to the Financial Statements		15-23

Additiona	l information for the Governors only
Revenue	Account	24
Schedule	to the Revenue Account	25-26

				2023			2022
			Unrestricted	Restricted		Unrestricted	Restricted
			Funds	Funds	Total	Funds	Funds		Total
		Note
Income from:
Donations			335	23,000	23,335	1,552			1,552
Other trading activities
School shop			103		103	299			299
investments			5,442		5,442	172			172
Charitable activities
Fees receivable			4,478,592	- 4,478,592		4,481,277	-	4,481,277
Extras chargeable			104,486		104,486	172,556			172,556
Other income
Sundry income			9,200		9,200	9,538			9,538
Early loan repayment			206 176		206 176
Total income			4804334	23000 4827334		4665394	-	4	665394
Expenditure on:
Raising funds
Cost ofgoods sold			2 012	-	2012	195
Charitable activities
School operating	costs		4 427 436	- 4427436		4150165		4	150 165
Total expenditure		2	4429448	- 4429 448		4150360	-	4	150360
Net income/(expenditure)		3	374,886	23,000	397,886	515,034			515,034
Transfers between	funds	13,14	23 000	(23000)
Net movement in	funds		397,886		397,886	515,034			515,034
Reconciliation of	funds
At 1 September 2022			9473916	3 446 9477 362		8958 882	3446	8	962328
Balance carried forward
At 31 August 2023			9871 802	3446 9875248		9473916	3446	9477362

					2023		2022
			Note
Fixed assets
Tangible assets					10,080,778		10,168,762
Investments					2			2
					10,080,780		10,168,764
Current assets
Stocks						1,781
Debtors and prepayments				73,472		74,586
Cash at bank and	in	hand		1 718850		2868 061
				1,792,322		2,944,428
Creditors: Amounts		falling due
within one year			10	(901 700)		(1 287831)
Net current assets					890622		1	656597
Total assets less	current liabilities				10,971,402		11,825,361
Creditors: Amounts		falling due after
more than one year					( 1 096 154)		( 2	347999)
Net assets					9875248		9	477 362
Unrestricted funds			13		9,871,802		9,473,916
Restricted funds			14		3446			3446
Total Charity funds					~9875 24		9	477 362

								2023	2023		2022	2022
						Nofe
Net cash inflow from operating				activities		20			200,768				971,754
Returns on investments		and
servicing offinance
Interest received							5,442				172
Early loan repayment	fee						206,176
Interest payable							( 49990)			(	10338)
									161,628			(	10,166)
Capital expenditure
Payments to acquire	tangible		fixed		assets		(200,756)				(1,519,993)
Receipts from sales	oftangible fixed assets										17600
									(200,756)			(1,502,393)
Financing activities
Proceeds of new bank loans											2,939,000
Repayment of bank	loans					(1	310 851)		(1 310851)		( 439 000)	2	500000
(Decrease)/Increase	in cash								(1 149211)			1	959 195
RECONCILIATION	OF NET CASH				FLOW TO MOVEMENT			IN	NET FUNDS
									2023				2022
(Decrease)/Increase	in cash in the				year				(1 149211)			1	959 195
Movement in net funds									(1,149,211)			1,959,195
Net funds brought forward									2 868 061				908866
Net funds carried forward									~17 8850			2	868061
ANALYSIS OF CHANGES		IN	NET		FUNDS
					Brought forward				Gashflows		Carried		forward f
Cash at bank					2,868,061				(1,149,211)			1,718,850
Bank loans					(2	486 000)			1 310851			(1	174 149)
						383061			161640				544 701

NET INCOME					2023	2022
This is stated after charging:
Auditors' remuneration	—statutory	audit			6,600	5,940
	—termly and annual		accounts		4,372	4,663
	—payroll services				7,370	7,791
Depreciation					341,787	328,274
STAFF COSTS					2023	2022
Staff costs during the year amounted		to:
Wages and salaries					2,189,7?4	2,061,280
Social security costs					226,111	220,917
Pension costs (see Note 18)					361 157	356631
					2 777042	2638828
The average number ofemployees		during the	year was	as follows:	2023	2022
					No	No
Teaching					45	44
Estates					8	7
Administration					9	9
					62	60
The number ofemployees whose emoluments			amounted	to over F60,000	in the year were	as follows:
					2023	2022
					No	No
F60,001 - 270,000					2	2
P80,001 - F90,000					1
2120,001 - 8130,000					1

8	INVESTMENTS							2023		2022	2022
	Unlisted investment	at cost
	Homefield School Enterprises				Ltd
	Total Investments
	Homefield School Enterprises			Limited		isa wholly owned subsidiary		ofHomefield		Preparatory	School Trust
	Limited, which was incorporated				on 30 April 2013.It has		remained	dormant	to 31 August		2023.
9	DEBTORS									2023		2022
	Fees debtors									20,018		18,551
	Other debtors									13,156		2,939
	Prepayments									40 298		53096
										73472		74 586
10	CREDITORS: Amounts	falling			due within one year					2023		2022
	Bank loans									77,995		137,001
	Fees received in advance									419,701		591,730
	Taxes and social security		costs									53,565
	Accruals									76,477		148,6'I 9
	Other creditors									327527		356916
										901 700	1	287 831
11	CREDITORS: Amounts	falling			after more than one year					2023		2022
	Bank loans								1	096 154	2	347999
	Amounts are repayable	by	instalments			over the following	periods:
	Within one year									77,995		137,001
	Within two to five years									695,156	1,026,966
	After five years									400 998	1	321 033
									1	174 149	2	485 000
	Loan details are disclosed		in note 7.

The charitable were payable	company's total future minimum lease payments as set out below:	under operating leases at31	August 2023
		2023	2022
Within one year		28,317	19,680
Within two to	five years	39031	32 802
		67348	52 482
The operating	lease charges for the year were:
		2023	2022
Hire of plant	and machinery	21 839	21 555
			Page 19

FOR	THE YEAR ENDED 31 AUG	THE YEAR ENDED 31 AUG	US	T 2023 (con	tinued)
	UNRESTRICTED FUNDS			Balances	Income				Balances
				brought	less		Gains and		carried
				forward	expenditure	Transfers	losses		forward
	2023
	Designated funds:
	Tangible fixed asset	fund	10,168,762			(87,984)		10,080,778
	General reserve Total unrestricted	funds	(	694 846) 9473916	374886 374 886	110984 23000		(	208 976) ~9871 02
	2022
	Designated funds:
	Tangible fixed asset	fund		8,883,743		1,285,019		10,168,762
	General reserve Total unrestricted	funds		75 139 8958 82	615034 515034	(1 285 019)		(	694 846) 9473916
14	RESTRICTED FUNDS			Balances					Balances
				brought					carried
				forward	Income	Expenditure	Transfers		forward
	2023
	Early Years Training	Grant		2,229					2,229
	Playground grant				5,000		(5,000)
	Homefield Association				18,000		(18,000)
	School travel grant			1 217					1 217
	Total restricted funds			3446	23000		(23000)		3446
	2022
	Early Years Training	Grant		2,229					2,229
	School travel grant			1 217					1 217
	Total restricted funds			3446					3446

NET CASH INFLOW	FROM OPERATING	FROM OPERATING	ACTIVITIES
				2023			2022
Net movement in funds				397,886			515,034
Depreciation			341,787		328,274
Finance costs Loss/(profit) on disposal offixed		assets	191		( (	15,000) 6,967)
Interest receivable Early loan repayment	fee		( 5,442) (206,176)		(	172)
Interest payable			49990			10338
				180,350			316,473
Decrease in stock			1,781
Decrease in debtors			1,114			37,289
Decrease/(increase)	in creditors		(380363)		102958
				(377468)			140247
Net cash inflow from operating		activities		200 768			971 754

					2023		2022
Turnover
Tuition fees				4,478,592		4,481,277
Uniform shop sales				103		299
Extra charges				104,486		88,090
Meals						84466
					4,583,181		4,654,132
Other income
Hall hiring revenue				6,800		3,988
Donations				335		1,552
Donations for restricted		use (including	from
Homefield Association)				23,000
Early loan repayment	fee			206,176
Sundry income				2400	238711	5 550		11 090
					4,821,892		4,665,222
Deduct: Expenditure	(pages 25 &26)				(4 429 448) 392,444		(4	150 360) 514,862
Add: Interest receivable					5442			172
Surplus for the year					397886			515034

							2023		2022
Administration and			general
Accountancy							4,372		4,663
Payroll costs							7,370		7,791
Advertising							58,950		35,398
Audit fee							6,600		5,940
Matron's school flowers							1,013		121
Minibus repairs and		other			expenses		32,547		25,123
Legal and professional				charges			66,576		21,474
Medical supplies							2,017		1,026
Office staff salary							360,824		336,906
Office staff pension							32,324		31,034
Admin Agency staff							187		550
Staff uniforms							1,108		561
Printing 8 stationery			inc photocopying				6,857		3,045
Admin Equipment	hire						486		4,921
Postage							732		1,144
Functions 8 promotional				events			2,428		7,812
Photographs							325
Staff recruitment expenses							16,970		28,186
Subscriptions and	membership						26,164		20,363
Telephone							6,815		6,706
Tips/gifts							574		1,115
Bank charges							8,484		276
Bank loan interest							49,990		10,338
Safeguarding costs							4 D81		2498
								697,794		556,991
Educational
Scholarships							11,116		13,818
Bursaries							43,260		61,975
Sports facility hire	and equipment						17,847		21,083
Examination fees							11,851		13,194
External Assessments				(PIPS/MIDIS)			11,971
Music							1,721		1,048
Drama							2,290
Library books							406		1,028
School books and	teaching					aids	30,388		15,665
Computer software,		manuals				8 accessories	30,447		27,707
Website							10,476		4,644
Computer maintenance							34,395		43,476
School stationery	inc		photocopying				15,747		19,627
Teaching staff salary							1,890,418		1,810,699
Teaching staff pension							321,651		320,979
Educational Agency		staff					16,540		19,655
Agency recruitment		costs					54,794		2,910
Prizes							5,791		3,578
Courses for teachers/staff					development		17,785		14,072
School trips							13,860		19,064
Educational staff welfare							7,715		4,824
School Inspection							3440		3D90
								2553909		2422 138

or the information	oft	he Governors only)
				2023		2022
Brought forward					3,251,703	2,979,127
Establishment
Depreciation offreehold		buildings	232,023			223,046
Depreciation offurniture		and equipment	78,581			75,380
Depreciation of rninibuses			2,608			6,037
Depreciation ofcomputer		equipment	28,575			23,811
Loss/(profit) on disposal		offixed assets	191			(6,967)
Ground subcontractor's		costs	5,132			19,172
Estate staff salary			164,643			134,592
Estate staff pensions			7,182			4,618
Insurance			46,126			51,828
Light and heat			102,628			184,200
Rates			25,754			22,557
Water			10,089			5,821
Refuse			( 1,374)			8,946
Repairs and renewals			54,311			57,819
Service agreements			46466			32 140
					804,935		843,000
Housekeeping
Cleaning and laundry			73,634			67,506
Catering agreement			296,913			259,390
Provisions			251			1 142
					370,798		328,038
Uniform shop
Opening Stock			1,781			1,781
Purchases			231			195
Closing stock						(1 781)
					2 012		195
Total expenditure	(page 24)				4 29448	4	50360