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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|
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|Additiona|l
information
for the Governors
only||
|---|---|---|
|Revenue|Account|24|
|Schedule|to the Revenue Account|25-26|
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|||||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|
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|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||
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|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.||||||||||
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|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|
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|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|
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|20|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|
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||||||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|
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|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|