Charity Registratlon No. 312753 Company RÈgbStration No. 00887719 IEngland and Wales) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) AND CONSOLIDATED GROUP FINANCIAL sfATEMENTS FOR HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED (LIMITED BY GUARA EE} FOR THE YEAR ENDED 31 AUGUST 2024
HOMEFIELD PREPARATORY SCHOOL TRusf LIMITED CONTENTS Page Governors. Report (Incorporating the Strate8ic Report) Statement of Governor< Responsibilities Independent Auditorfs Report I13 Consolldated Statement of Financial Activities 14 Consolidated Balance Sheet 15 Company Balance Sheet 16 Cash Flow Statement 17 Notes to the Accounts 18_29
HOMEFIELD PREPARATORY SCHOOL TRusf LIMITED GOVERNORS, REPORT The Governors are pleased to present their report and financlal statements for the year ended 31 August 2024, whith also Gomplywith the Companie5Att 2006 requirement for a Directorg Report and Strategic Report. The financial statements have been prepared in accordance with the Companies Att 2006, Charitie5 Act 2011 and Accounting and Reportingfor Charities: Statement of Recommended Practice applicable to charities preparing their financial Statements in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102). STRucfuRE. GOVERNANCE AND MANAGEME Homefield Preparatory School Trust Limited I'the School.) was incorporated in 1966 and operates as Homefield Preparatory School. The School is a company limited by 8uarantee (company number ¢X1887719}, registered wth the Charity Commission {charity number 3127531 and 15 governed by its Articles of Association, last amended on 27 July 2021. The school has a dormant subsldiary company, Homefield School EnterpSeS Limited, whlch will be wound up during the year 24/25. Recrultment. Indurtlon and Training Governors of the School are elected on the basis of nominations received by the Chair of Governor5, to the Board's specifications concerning eligibility, personal competence, speclalist skllls and availability. Governors are elerted at any meeting of the Board, subject to confirmation of thelr eligibility to art as a Director and Trustee and selve an initial term of office of fouryear5. New Governors are inducted into the workings of the Charity and the School. They are given copies of various documents including the AGBIS"Guidelinesfor Governors- manual, the Article5 of Association, the13test audited accounts and the most recent School ISI inspection report. As part of their induttion, they visit the school and are 8iven orientation briefings by the Chair of Governor5 and/or other Governor5, the Head and the Bursar and receive Safeguarding trainin& New Governors complete mandatory"New Governorf training provided by AGBIS. All Governor5 are required to attend external trainin& courses and conferences designed to keep them infomled and updated on current issues and regulations concerning education and governance. Govemors, Directors and Charlty Trustees The Governors of Homefield Preparatory School Trust Limited {"the School", "the Charitf, "the Companv or"Homefield-) are the School's charitytrustees undercharity law and the directors of the charitable company. The members of the Goveming Body who served in office as Governors durin8 the year and subsequently are detailed below: Ms M G3rdiner Boiling. MA (Cantabl, Graduate LLB (Hons). DipABRSM Mr S EverestA OBE Mr A Ahmed. Bsc IHons} Mr C Akojie. Bsc ACA Dr G Bamford, Bsc (Honsl, PhD, CPsychol, FPsychol, PGCE Mrs J Crooke. Bsc (Honsl, ACMA Mrs G L Gillan, LLB (Honsl, MA Child Studies Mr J C Loveland, BA (Hons), ACA Mrs E Rix, BA (Honsl. PGCE resigned 16 February 2024 appointed A December 2023
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED GOVERNORS, REPORT Dr H Wllcox. MA. MSC. LLM, MB& MRCP. FRCPath Choir of Governo Deputy Chair of Governor Registered Office Homefield Preparatory School, Western Road, Sutton, Surrey SMI 2TE Organisational Management The members of the Governing Body. as the Charl$ trustees. are legally responsible for the overall management and control of the School. Meetin8s of the full Governing Body are held at least once a term. The day-to-day running of the School 15 delegated to the Head and Bursar, supported by other members of thesenior ManagementTeam. who togetherare the key personnel.The Head and Bursar attend all meetings of the full Governlro Body and committee meetings. The Governors Eive of their time freely and the pay and remuneration of the Headmaster and senior staff is set by the Governors and is kept under annual review. A number of criteria are used in setting pay: nature of the role and re5ponsibilitie5 personal performance based on annual appralsals salaries in the region the 5ertor average salary for comparable positions trends in pay In recent years. flexible pay across both state and private sector has affected the ease of recrultment to rtain roles. We offer appropriate incentives to encourage enhanced performance in a fair and responsible manner but remain sen5ltive to the broader issues of pay and employment conditions elsewhere. We aim to recwit the best qualified and experienced staff and provide scope to reward them for excellence. The Governors have, however, given delegated authority to the Headmaster to pay higher salaries for exceptional candidates where this is in the interest of the School. The Key Management Personnel Head: Mr A S Naismtth, BEd. (Hons) Mr C Hammond, BA (Honsl, PGCE, QTS Mrs G Anderson, BA (Hons), PGDip Ed resigned 31 August 2024 appointed I" September 2024 effective 22 April 2025 Head elect: Bursar: Ms N Nwaejike, BACC {Hons), FCA, AsslCIPD) M5 A F Owens resigned 1° February 2024 appointed 2 February 2024 reslgned 30 April 2024 appointed I" May 2024 Mr C J Kin& BMu5 (Hon51, MBA, MCGI, LR5M Deputy Head: Mr Z Stva, Bst (Hons), PGCE Mrs L CrooK BEd, MA resigned 4 March 2024 appointed 5 March 2024 Asst. Head Pastoral.. Mr E Smlth BA (Honsl. QT
HOMEFIELD PREPARATORY SCHOOL TRusf LIMITED GOVERNORS. REPORT Asst. Head Lower School: Mrs E Field, BA (Hons) QTS Bankers.. Lloyds Bank plc, 49 High Street, Sutton, Surrey SMI IDX Audltors- TC Group, The Courtyard, Shoreham Road. Steynin& West Susse& BN44 3TN Employment poll The School 15 an equal opportunities employer. Relatlonships The School is a memberof the IAPS, AG815. and ISBA for the promotion, maintenance and delivery of excellence In educ*lon to the age of 13. The School attively contributes to the local community in a number of different ways, as detailed below under Public Benefit. OBJEcfs, AIMS, OBJEcfivES AND ACTivrriES Objects The Objects of the Company, in accordance with its Articles of Association and the Charity's governing document, allow for the education of boys UP to the age of 13 years. StrateBiC aim and intended effect At Homefield, we aim to provide a safe and happy environment, with a real depth of specialist teachin& to enable academic success. We invest in an ambitious curriculum for all our boys. This goes beyond English. Maths and the sciences, Quality and vitality inform the humantties, the arts and sport. This breadth and depth ensures a wider fulfilment of our boys. individual potential, in 'hand, head and hearv. We seek to develop deeper study skills and aptitudes toward learnin& such as research or collaboration. in order to inspire independent thinkers who work well with others and are eager for challenge, Wellbeing within our community sets us on this caring path. We aspire to be a truly c05mopolitan school, with a rich diversity both, reflecting and supporting our place as a charity within the wider community of London. We aim for a generous education of knowledge and skill, but also ethical character so that our boys not only 'do well. but 'do good.. With roots in the nineteenth Century, our mission embraces the 21 where well-bein8 3nd civic virtue are key to our school's character and SucsS. Objectives The Board's main objective continueto be to educate all the Schoofs pupilsto achieve their maximum individual potential in all of the academic and extra-curricular opportunities offered throughout the School, Our strategy for achieving this was. and is. to maintain a commitment to the delivery of best prartice, exemplifled by a strong teacher-to-pupil ratio and by seeking to meet the individual needs of all pupils. Activities The Charitrfs principal activity continues to be the provision of a preparatory day school education to pupils ranging from 3 to 13 years of age. Public Benefrt In setting objectives and planning activities the Governors have given careful consideration to the Charity Commission's general guidance on charitable purpose and public benefiL and in particular to
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED GOVERNORS. REPORT its supplementary guldance on the advancement of education. Homefield Preparatory School Trust Limited is a charitable trust which 5eek5 to benefit the public through the pursuit of its objects, alms and objectives. Fees are set at a level to ensure the financial viabifity of the School and at a level that is consistent with the achievement of its aims and objectives. The School's charitable objetts are "to provide education", such objects are recognised as benefitting the public when pursued in the context of formal educatlon In a body where all surplu5 funds are re-invested. The School is a charitable body with no external shareholder5 and no p055ibility of making distributions whether in the form of dividends or otherwise. All surpluses are rfrinvested In education. The awarding of bursaries for those who could not otherwise afford independent education Is a measurable means of providlng public benefit. The Governing Body takes the view that bursarie5 awarded to those who would not otherwise be able to afford the fees are important, but not to the exclusion of the much wider benefit that the School provides within the community- Those pupils who attend our school and who re1ve financial support contribute to the School community in a variety of ways, and 50 the benefit is not purelytothose pupils but to the whole School. The total for bursaries, discounts and awards in the year to 31 August 2024 were £91.250 (2023: £82,565). In addition to the charitable activities of the children. the school makes available our sports facilities. either free of charge or at a nominal rate. to local sports clubs in the evenin85 and weekend5 when not in use by the pupi15 at the school and in keeping with planning restrictions imposed by the local authority. We facilttate local charities. use of our minibuses for hollday clubs and day trips. ACHIEVEMENTS AND PERFORMANCE The Board is pleased to report the achievement of its pupils in attainin8 their highest potential as measured by value added criteria- eKamination results and their successful graduation to their preferred senior school. As with previous years. the 2023-2024 academic year was an extremely successful one, with a high proportion of b(rys gaining grammar school offers () and entry into highly selective Independent senior schools such as Eton and Kings College. 23% of our l)oys were awarded a place at Wilson's School, one of the top Grammar schools in the country. The CATS scores for the boy5 in Year 6 showed that 100% of boy5 were at or above the national standards, with 90% of year 8 boys reaching the same standard. Over 30% of both cohorts attained a result exceptionally above the national standard. Year 8 pupi15 had a 100% pa55 rate at Common Entrance and obtained places for their chosen senior schools. 100% of our boys attained an A-A* in Engllsh at Common Entrdnce, 91% gained grade A" to B in En81ish, Math5 and Science combined. In all, 39 Scholarship awards were offered to Year 6 and Year 8 pupils by highly respected senior schools, an increase from 28 the previous year. and 19 the year preceding that Music and Drama Music and Drama have remained central to our commitment to nurturing creativity, confidence, and a love for the perfomiin8 arts. Specialised teaching in music begins from Nursery, with Nursery and Reception boy5 enjoying three weekly sessions and Years I to 8 participating in two lessons per week. Around 70% of boys took private instrument lessons this year. Drama is introduced from Year I, with weekly lessons continuing into the Upper School, led by our Head of English and Drama. Love Theatre Arts also offers one-to-one acting tuition. enabling boys to work towards Trinity grades.
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED GOVERNORS, REPORT Performance opportunities abound, with 16 weekly ensembles, including choirs, ensembles and orchestras. Annual events such as the Christmas Concert, Peri Prom concerts, the Year 6 Musical. and the Lower School Christma5 Show are key highlights, alongside ensemble performances at Prize Glvlng. Whole-year group slnging remains a distinctive feature, culminating in school-wide performances at a55emblies and two major concerts each year. Collaborations with schools such as Epsom College and Kings College Wimbledon. alongside trips to venues like The Globe Theatre, have enriched the boys, experiences. In 2024, our boys, talents have been recognised with 12 muslc and drama scholarshlps to leading schools, including Trinity School, and Whitgift School. Science and STEAM science at Homefield has been a keyfocus. Specialist teaching begins in Year 3. Lesson time has been expanded, wlth Years 3 to 5 recelving 120 minutes of science each week, Year6 enjoying 160 minutes, and Years 7 and 8 benefitin8 from 2(K) minutes weekly. Our state-of-the-art laboratories. equipped to secondary school standard5, have enabled boy5 to undertake advanced experimental work. To enrich the curriculum, we introduced termly Science Days for Years 7 and 8, allowing in-depth exploratlon of key topics. Exclting opportunities this year included a Year 6 trip to London Zoo, where boys studied animal adaptations and conservation, and a Year 7 ecolo8y fieldwork trip. Workshops. such as the Bloodhound Rocket Car project and planetarium session5, further broadened their horizons. Our commitment to excellence was reflected in the success of our National Science Quiz Club teams, with Year 5 and Year 6 boy5 once again reachingthe national finals and securlngtop 10 placements. STEAM has been at the forefront of our efforts to prepare boys for a rapidly changing world. Through a dedlcated 40-minute weekly lesson, projects like building rocket-powered vehicles have fostered hands-on learnin& collaboration, and innovative problem-solving. Coding has been a particular focu5, with younBer boys introduced to Marty the Robot and Lego codable software. laying the groundwork for future technological fluency. We've also strengthened partnerships with engineering initiatives. 8oys in Year 2 and Year 6 participated in a programme with Primary Engineer and Network Rail, working abngside professional engineers to explore rail safety. In Years 3 and 4. boys excelled in the Leaders Award Scheme, identifying real-world problems, and proposing engineering solutions. with two of their designs turned into prototypes by Kingston University. Art Homefield celebrated the boys, artistic talents through initiatives like the Artist of the Week programme and the annual Christmas Card Competition. The Artist of the Week spotlighted exceptional student creations, showcasing creativity across various mediums. A highlight of the year was a child in Year 6 winning the Christmas Card Competition with his Stunning 'Abstract Christmas, design. which was featured as the official school card. Sport At Homefield. we believe that sports education goes beyond winning trophies. Our sports for all. value-added approach focuses on holistic development, ensuring that every boy benefits from the physical. mental, and social aspects of sports. This year we have introduced a comprehensive fitness programme that caters to all skill levels, encouraging boys to set personal goals and track their
HOMEFIELD PREPARATORY SCHOOL TRUST UMITED GOVERNORS, REPORT progress. This initiative has not onty improved overall frtness but also b005ted self*steem and resilience. Our sports department has a150 prioritised inclusivity. offering a wide range of activities to ensure that every student finds a sport they love. From the tradttional team sports of football, ru8by hockey and cricket to individual pursuits like tenni5, dance and gymna5tiC5, we provide opportunities for all boys to participate and excel. Moreover, we have integrated sports wtth academic learning through our "Sports and Studies. programme for year 7 and 8 pupils. This initiatNe helps students balance thelr academlc responslbllitles wlth their sporting commitments, fostering time management skills and discipline. The boys from year 3 to year 8 played In over 120 competitive frxtures in football, rugby, hockey and cricket. The cross-country team competed at the Regional cross country competition held at Epsom College, thereweretwo 5wimmingga13s atsutton High school and tr40full schoolsports days. Notable success in Sports fixtures was the year 3 cricket Atearn who wentthe whole season unbeaten. Ayear 7 boy and captain of the first 11 cricket team represented Surrey at county levd. Individual Suc55 also came at National level for a boy in Year 4whowon the IAPS national Judo competttion. Sports at Homefield are notjust aboutcompetition;theyare about buildingcharter and community. Our boys have engaged in two outreach festivals run by the Homefleld puplls and PE staff for local state primary school in athletics and cricket. These experience5 have taught the boy5 the importance of empathy, teamwork. and leadership. In conclusion,the pa5tyearhas been a remarkable joumey of growth and achievement ft)r oursports department. We are intredibly proud of our boys and thelr accomplishments, and we remain committed to providin8 a supportive and enrichin8 environment for their continued development. ISI Inspectlon The School was inspected by the Independent Schools InspectOTate in September 2024. The inspettor5 looked at all aspects of school life in great detail and the report is very comprehensive. The School is delighted with the inspectors. comments a1ul. the quality of our boy< education, training and recreation. pupils, physical and mental health and emotional wellbein pupils, social and economic wellbeing and contrlbution to society, including careers. We are further delighted that the quality of our academlc and pastoral provision, teaching and learning and extra-curricular activities have been praised. We are, of course, disappointed with some elements of the report, but pleased that the report re¢ognises the significant work and progress that has been made over recent few month5. We look forward to welcoming inspectors back as soon as possible into 2025 in a short visit to monitor that progress. FINANCIAL REVIEW Results for the year The Charitvs net outgoing resources were £214,574 (2023: net incoming resources £397.8861.
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED GOVERNORS, REPORT Resenres level and policy The Board has established a general reserve policy to afford some protection to the School and its haritable programme and to provide time to adjust to changing financial circumstances. In the light of challenges in the independent sector, the governors are reviewing the reserves pollcy for the 24125 accounts. PRINCIPAL RISKS AND UNCERTAINTIES The Governors have an established produre to review key risks on an on80ing basis. The economic environment has not been helpful to independent schools over the past several years and many have closed as a result, with those outside the south East bearing the brunt. We have been secure at Homefield throughout this period but we have also been financial prudent. Even during thls tricky economic climate, we have continued to invest further in the School, and we will continue to irnprove and enhance the School's facilities as our finances allow. Homefi'eld has a strategic plan in place to grow In numbers, however. we never lose sight of the fart that Wtthin our resources, we must provlde the best P055ible education and learning environment for our pupils. The Governmenvs tax policles contained in their Autumn Budget in October 2024 will have significant impact on all independent schools throughout the country. including Homefleld. The decision bythe Governmentto implementthese chan8es mid-academic yearmean5 thatschools have had little time in which to make any structural changes to their provision for the academic year 2024125. The addition of VAT on school fees, the removal of mandatory business rates rellef, the increase in employerfs Nation31 Insurance and the increase in the National Living Wage will require high level of re-budgeting and forecasting forthe academic year 2024125 and beyond. The risk management process identifies risks, assesses their impact and likelihood, and where necessary, recommends controls to mitigate and monitor those risks assessed as high. The generic controls used to minimise risk include.. A full high level risk register reviewed by the Head. Bursar and Governing Body: Detailed terms of reference together with formal agendas ftjr each committee and full Governing Body meeting- Strategic development planning; Comprehensive budgeting and management accounting; Est2blished organisational structures and line of reporting. Formal written policies arKI approval levels; and Vettin8 procedure5 as required by law for the protection of the vulnerable. FLrruRE PLANS The recruitment and retention of pupils is of paramount importance, given the economic climate in the UK.There isan increased focus on effective Marketing and Admisslons, embracing the use ofsocial media to reach potential homefield families. The School will reopen Its Nursery in September 2024. due to a healthy appetite for agethree nursery places in the local area, and to provide a natural feeder into the Reception classes. Following the departure of Mr Naismith as Head. the Governors are delEhted that Mrs Ander50n is taking up the role in 24/25 and fully ernbedding her into the Homefield community is a key objective forthe nextyear. The Board would like to thankmr Hammond for his excellent tenure as Interim Head.
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED GOVERNORS, REPORT The Board continues to strategically plan for the future through a programme of development and investment to: provide a stimulating leaming envlronment In which pupils can develop their academic potential to the full- ensure the teaching facilities for our pupils are of a high quality: provide a happy and secure pastoral environment. in which all pupils are offered opportunities for leadership and service to other5- offer all pupils the opportunities of experiencing a broad range of intellertual, cultural, sportin8 and wider-community influences- increase the capabilty of the School to offer education to chlldren whose Pants are unable to afftjrd full fee5, particularly Children Looked After,. 5UPPOrt members of Staff. particularly middle managers, with opportunities to develop their 5ki115 and career5; ensure that the School play5 a Significant part in the life of the local community. sharing facilities and seeking local partnerships wherever possible. STATEMENT OF GOVERNORS, RESPONSIBILlEs The Governors (who are also the directors of Homefield Preparatory School Trust Limited for the purposes of company lawl are responsible for preparlngthe Governors. Annual Report lincorporating the Strategic Report) and the financial Statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 Yhe Financial Reportin8 Standard in the UK and Republic of Ireland,. Company law requires the Governors to prepare financial statements for each financial year which give atrue and fairview of the state of affairsof thecharitable companyand ofthe incomingresources and application of resource5, including the income and expenditure, of the charitable company for that year. In preparing these financial statements. the Governors are required to: select suitable accounting policies and then apply them consistently; observe the method5 and principle5 in the Charities, SORP. make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitsble company will continue in operation. The Govemors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at anytime the financial position of the charitable company and enable them to ensurethat the financial Statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention of fraud and other irregularities.
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED GOVERNORS, REPORT DISCLOURE OF INFORMATION TO AUDITORS Each of the Governors has confirmed that there is no information of which they are aware that 15 relevant tothe audit, but ofwhich the auditoris unaware. They have further confirmed that they have taken appropriate steps to identify any such relevant information and to establish that the auditor is aware of such infomiation. This report. including the strategic report, was approved by the Governor5, a5 Director5 of the charitable com pany, on 4 February 2025 and signed on their behalf by: M5 M Gardiner Boiling Chair of Governors
HOMEFIELD PREPARATORY SCHOOL TRusf LIMITED REPORTOF THE INDEPENDE AUDtroRS TO THE MEMBERS We have audited the financial Statements of Homefield Preparatory School Trust Limited (the 'charitable company'l and its subsidiary I'the group,) for the year ended 31 August 2024 which comprise the Con501idated Statement of Financial Activities, the Consolidated Balancesheet, the charitable company Balance Sheet, the Consolidated Cashflow Statement and note5 to the financial statements. Thefinancial reportingframeworkthat has been applied intheir preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom GenerallyAcceptedAccountin8Prattice}. In our opinion. the financial statements: give a true and fair view of the state of the group and the parent charitable company's 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 Accepted Accounting Practice; and have been prepad in accordance with the requirements of the Companies Act 2006. Basis of QPTnion We conducted our audit in accordance with Intemational Standards on Aulting IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's sponSibl11t1es for the audit of the financial ststernents section of our report. We are independent of the group in accordance with the ethical requirements that ale relevant to our audit of the financial statements In the UK. Includlng the FRC'S Ethical Standard, and the provisions available for small entities. and we have fulfilled our ethical responsibilities in actordance with these requirements. We believe that the audit evidence we have obtained is suff icient and appropriate to provide a basis for our oplnlon. Concluslons relatlng to golng concern In auditlng the financial statements. we have concluded that the governor's use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relatlng to events or conditions that, individually or collectively, may cast doubt on the charitable companWs and group's ability to continue as a going concem for a period of at least e1ve months from when the financial ststements are authorised for issue. Our responsibilitles and the responsibilities of the governors with respect to going concern are described in the relevant Sections of thi5 report. Other infomiation The govemors are responsible for the other information. The other information comprises the Information included in the governors, report, other than the financial statements and our auditor's report thereon. Our opinion on the flnancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express anyform of assuranceconclusionthereon. io
HOMEFIELD PREPARATORY SCHOOL TRusf LIMITED REPORT OFTHE INDEPENDEKfAUDrroRSTO THE MEMBERS In connection with our audit of the financial statements. our responsibility is to read the DthÈr information and, in doin8 so, consider whether the other information Is materially Inconslstent 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 rnaterial misstatements, we are required to determine whether there is a material misstatement in the financlal statementsora material misstatementofthe otherinformation. If, based ontheworkwe have performed, we conclude thatthere is a material misstatement of this other information, we are requiredto reportthatfact. We have nothing to report in this regard. Oplnions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audlt: the information given in the governors, reportforthe financial yearforwhich thefinancial statements are prepared is consistent with the financial statements: and the goveinors. report has been prepared in accordance with applicable legal requirements. Matters on whl¢h we are requTred to report by exceptlon In the light of our knowledge and understanding of the charitable company and group and Its environment obtained in the course of the audit, we have not identified material misstatements in the governors, report. We have nothingto report in respect of thefollowing matters in relation towhich the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept by the charitable company and group, or returns adequateforouraudit have not been received from branches not visited byus; or the financial statements are not in a8reementwith the accounting records and returns- or certaindisclosures of directors. remuneration specified by laware not made; or we have not received all the information and explanations we require; or Re5pon5ibilities of the governors As explained more fully in the governors, responslbilities 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 orerror. In preparing the financial statements, the governor5 are responsible for assessing the charitable company's and group's ability to Ct)ntinue as a going concem, disc105in8, a5 applicable, matters related to going concern and using the going concern basis of accounting unles5 the governors either intend to liquidate the charitable company and group or to cease operations. or have no realistic alternative to do 50. li
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED REPORT OFTHE INDEPENDEKfAUDITORSTO THE MEMBERS Auditorfs responsibilities for the audSt of the financlal statements Our objectives are to obtain reasonable assurance aboutwhether thefinancial Statements a5 a whole are free from material mi55tatement, 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 condutted in accordance with ISAS (UK) will always detect a material mi55tatement when it eSts. Mi55tatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be experted to Influen the economic dea5ions of user5 taken on the basi5 of these financial statements. Irregularities. Includin8 fraud, are in5tsnces of non-complian with laws and regulations. The extent to which our procedure5 are capable of detecting irregularities. induding fraud, is detailed below. Extent to which the audrt was considered capable of detecting irregularities, Indudlng frdud The objectives of our audit, in respect to fraud, are: to identify and assess the rlsks of materlal misstatement of the financlal statements due to fraud: to obtain sUfficnt approprlate audlt evldence regarding the assessed risks of material mi55tatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or 5usperted fraud identified durin8 the audlt. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entty and its management. Our approach w35 as follow5: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience, and through discussion with the Governors, and other management (as required by audltlng standards), and dlscussed the Governors, and other management the policies and procedures regarding compliance with laws and re8ulations (see below); We identified the following areas as those most likely to have such an effect: health and safety. General Data Protection Regulation (GDPR); fraud; bribery and corruption. school inspections, keeping children safe in education {statutory guidancel, DBS check5 and employment law. Auditing Standards limit the required audit procedures to identify non- compliance withthese13ws and regulationsto enquiryof the trustees and other management and inspection of regulatory and legal correspondence, if any. The identified actual or suspected non-complian was not sufficiently significant to our audit to result in our response being identified as a key audlt matter. We considered the legal and regulatory framewoTk5 directly applicable to the financial statements reportin8 framework IFRS 102, the Companies Act 2(K)6 and the Charities Act 20111 and the relevant taxcompliance regulatiorns in the UK. We considered the nature of the charitable compa5 operations, the control environment and financial performance. We communicated identified laws and regulations throughout our team and remained alert to any indications of norKompliancethroughout the audit. We considered the procedures and controls that the charwtable company and group have established to address risks Identified, or that otherwise prevent, deter and detect fraud- and how senior management monitors those pro8rammes and control5. 12
HOMEFIELD PREPARATORY SCHOOL TRUSf LIMITED REPORT OF THE INDEPENDENT AUDITORSTOTHE MEMBERS Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the riskwas considered to be higher. we performed audit procedures to address each Identified fraud risk. These procedures included- testing m anual journals: reviewing the financial statement disclosures and testing to supporting documentation. performing analytlC31 procedures. and enquiring of Management, and were designed to provide reasonable assurance that the financlal statements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material mi5St3tements in the financial statements. even though we have properlv planned 2nd performed our audit in accordance wwth auditin8 Standard5. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and tran5action5 reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is 3150 greater regarding irregularitie5 occurring due to fraud rather than error, as fraud involves intentional concealment. forgery. collusion, omission or misrepresentation. We are not responsible for preventin8 non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely tothe charitable companrfs and group's members. as a body, in accordance with Chapter3 of Part 16 ofthe Companies Act 2006. Our auditwork has been undertaken so that we might state to the charitable company's and Eroup's members those matters we are required to state to them in an auditors, report and for the 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 group and the charitable company's and group's members. as a body, for our audit work, forthis report, or for the opinions we haveformed. Mark Cummins FCCA Senior Statutory Auditor for and on behalf ofTCGroup Statutory Auditors Office: SteyninE, West Sussex Dated: 13
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIALAcrivrTIES (INCLUDING INCOME & EXPENDITURE ACCOUNn FOR THE YEAR ENDED 31 AUGUST2024 Unrestricted Restrkted Fund5 Funds Total Funds 2024 Total Fund5 2023 Notes INCOME FROM: Donations 23.335 Other trading attivities 107 107 103 Investments 21,145 .145 5,442 Charitable actIvleS 4.401.954 4401.954 4.583,078 Other income 27.n2 27,722 215,376 Total income 4A50,928 4980 4,455.908 4,827.334 EXPENDITURE ON: Raising funds 1.423 1.423 2,012 Charitable actlvltles 4.669.059 4,669,059 4,427.436 Total expenditure io 4,670,482 4.670.482 4.429.448 Net Incomellexpenditurel 1219.554} (214.574} 397.886 Transfer betsveen funds 23 4980 Net movement in funds P14,574D (214S74} 397.886 Fund balances brought forward 9,871,802 3046 9,875.248 9.477,362 Fund balances carried for4Yard 22 9.657,228 3.446 9.660.674 9,875,248 All income and gains forthe year are recogni5ed above. All the schty)1'5 attwrtles a classlfled as continuing. The 5tstement of financlal activities also complles w5th the requirements for an irKome and expenditure account under the Companies Act 2006. There are no recognised gains or losses other than those reported on the Statement of Financial Attwities. The notes on pages 18 to 29 form part of these financSal ststements. 14
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED CONSOLIDATED BALANCE SHEEr Company Number: 00887719 AS AT 31 AUGUST 2024 Not¢$ 2024 2023 RESTATED Flxed assets Tangib18 assets 12 9.821.541 10,080,778 Current assets Debtors and prepayments Current asset investments Cash at b8nk and in hand 15 14 70,380 500,000 1.251.353 73,472 300,0 1,418050 1.821.733 1.792,322 Creditolg: amounts falling due Yiithin oneyear 16 {949Nn) (901.700} Net current assets 8n,261 890,622 Creditors: amountsfauingdue after more than oneyear 17 (1.033J281 11.096,1541 Net assets 9W.674 9,875,248 Represenled bw. Restricted funds Unrestrl¢tgd lunds: General school funds 22 9,657,228 9,871,802 9.660,674 9,875,248 The accounts were approved by the Board of Governors and signed on thelr half by: Ms M Gardiner Boiling Governor Mr5 J Crooke Governor Date: 4 February 2025 The notes on pages 18 to 29 forni part of these financial 5taternents. See note 13 for detalls of a prfor year adlustmenL 15
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED COMPANY BALANCE SHEEr Company Number. 00887719 AS AT 31 AUGUST 2024 Note8 2024 2023 RESTATED Fixed 088ets Tangible assets Investments 12 19 9A21.541 10,080,778 Current 8$$ets Debtors and prepayments Current asset investrnents Cash at bankand in hand 15 14 70.380 51X),OOD 1.251353 73.472 3¢Jl.0 1.418.850 L821.733 1.792,322 Creditors: amounts failing due withln on8J yoar 16 (949,4721 1901,7001 Net current as8et8 872.261 8,622 Credilors: amounts falling due after more than oneyear 17 11,033.128) 11.096.1541 Net aSS8ts 9.660.676 9,875,248 Reprasented by: Restricted funds Unrestrlcted funds: 3,446 Genoral school funds 22 9.657,230 9,871,802 9.660.676 9,875,248 The accounts were approved by the Board of Govemor5 and signed on their behalf by. s M Gardiner Boiling Governor Mrs J Crooke G0venr Date: 4 February 2025 The notes on pages 18 to 29 form partof these financial statements. See note 13 for details of a prior year adjustmo 16
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED CONSOLIDATED STATEMENTOF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2024 2024 2023 RWATED Notes Cash f lows from operating artivitie5: Net income/(expenditurel for the year Adlustments for: Depreciation charges Interest recelvable Interest payable Early loan repayment fee Lossllprofitl from sale of tangible fixed assets Ilncreaselldecrease in stock Ilncre35elldecrease in debtors Increaselldecreasel in creditors Net cash provlded byllused Inl operatlng artivitie5 {214574) 397.886 337A50 {21,145) 31.398 341,787 15.442 49,990 1206.176 191 1,781 1,114 1380,3631 3.092 47,T12 398.567 1197,118) Cash flows from irwesting activities: Interest receivable 21.145 (31.398) (72.6891 (200.0(KII 5,442 149,9901 1200,756) 1300,000) Interest payable Purchase5 of tangible fLxed assets Purchase of current asset Investments 14 Net cash provided by/lused in) investing artivilie5 (282,9421 1545,3041 Cash flows from financing actfvities: Eafly loan repaymentfee Loan repayments Net c45h provided by/lu5ed in) finonrin8 artivities 206,176 1.310,851 {68.548) 11.104.675) Change In fash and cash equfvalents In year Cash and cash equNalents at the be8inninE of the year 1167,4971 IIA49,2111 1,418,850 2,868,061 Cash and cash equivalents at the end of the yÈar 1.251,353 1,418,850 Analysis of changes in net funds Brought forward Cash flows Carrled foNard Cash at bank and in hand Current asset investments Bank loans I.41850 300,000 1.174,149) 1167,497) 20D,000 68.548 1,251,353 500.000 11,105,601} 645,752 544,701 101,051 17
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 Ststutory inforniation Homefield Preparatory School Trust Limited 15 a private charitable company. Ilmlted by guarantee, incorporated in England and Wales.The charitsble companrfs registered numberand registered office addres5 can be found on the legal and administrative information page. Accounting policies Basls of preparation The financial Statements have been prepared in accordance with Accountlng and Reporting by Charitie5: Statement of Recommended Practice appllcable to charities preparing their accounts in accordan with the Financlal Reportin8 Standard applicable in the UK (FR51021 leffettive l January 20191- Charities SORP IFRS1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) and the Companies Act 2006. The charitable company meets the definition of a public benefit entity under FRS102. Aets and liabilities are initially recognlsed at C05t or transattion value unless Otherwise stated in the relevant accounting policy. The financial staternents are prepared in Sterling and rounded to the nearest £1. After reviewing the tharitable company's forecasts and projections, the Governors have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its finanual statemen Estimates and judgements are continually evaluated and are based on historlcal experience and other fartors, including expectation5 of future events that are believed to be rea50nable under the circumstances. In the opinion of the Governor5, no assumptions conceming the future or estimation certalnty affecting assets and liabllities at the balan sheet date are likely to resutt In material adjustment to their carrying amounts in the nextfinanclal year. Income Fees re[Vable and charges for Servi$, le55 any allowance5, Scholarships and bursaries granted by the school a8ainst those fees are accounted for in the period in which the charity is legally entitled to it after any performance conditions have been meL the amounts can be measured reliably, and it is probably that income will be received. School fees are accounted for on a reNable basis. Fees for a future service period are included in deferred income, including those fees received under an advance fee payment scheme. The services provided are currently outside the SCOFQ of VAT. Realised and unrealised gains and losses on investments are reflected through the Statement of Financial Activities. Investment income is accounted for on an accruals basis. 18
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 2. kcounting policies (continued) Donations, legaciesi grants and other voluntary income are accounted for as and when entitlement arises. the amount be reliably measured, and theeconornic benefit is considered probable. Where a donor or an appeal has imposed restrirtions, the income is credited to a restricted fund. Expenditure Expenditure is recognised once there is a le8al or constructive obligation to make a payment to a thlrd party. it is probable that settlement will be required. and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis with irrecoverable VAT included with the item to which it relates. Charitable expenditure includes all expenditure dirertly related to the objects of the charitable company, and the related support costs, which comprise all the expenditure on the management and the administration of the charitab5e company. including an appropriate portion of the Head's and Bursar's time. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charlty and include the audit fees and costs linked to the Strategic management of the charity. All costs are allocated between expenditure categorles and departments on a basi5 designed to reflect the use of the resource. Costs relating to a particular activlty are allocated directly. 2A Tangible fixed 355ets and depreciation T2ngible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the Cost less estimated residual value of each a55et over its expected useful life 35 follows: School building5 Furniture & equlpment Motor vehicle5 Computer equipment 2- 21YA straight line (from the date brought into usel 25% straight line 20% straight line 33.3% straight line At each reporting date. the charitable company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. Any such loss would be recognised immediately as expenditure in that year. No depreciation has been provided on land. Operating lease commitments Rentals applicable to operating lease5 where substantially all benefits and the risks of ownership remain with the les50r are charged to the Statement of Financial Activities over the period of the lease. 19
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 Accounting pollcles (continued) Penslons The charltable company makes pension contributions for teaching staff through the scheme operated by the Teachers, Pension Agency. Contributions are made to personal pension plans for their staff at the dlscretion of the Board. Both schemes are regulated by the Pensions regulator. All costs are charged to the Statement of Financial Attivities in the period in which they are incurred. Operating leases Rentals applicable to operating leases where substantially all benefits and the risks of ownership remain with the lessor are charged to the Statement of Financial Activitie5 over the period of the lease. Employee benefits The cost of any unused holiday entitlement 15 recognised in the period In which the employee's services are received. Termination payments are recognised immediately as an expense when the charitable company is demonstrably commFtted to termlnate the eMplOlent of an employee or to provide termination benefits. Cash at bank and In hand Cash at bank and in hand include5 cash in hand, short term highly liquid investments with original maturity dates of the months or less. and bank overdrafts. The Governors seek to use short- and medium-term deposlts where possible to maximise the return on monies held at the bank and to manage cash flow. 2.10 Debtors Fees and extra5 receivable and accrued income are recognised at the settlement amount due. Prepayments are valued atthe amount prepald. 2.11 Creditors and provisions Creditors and provisions are recognlsed where the charitsble company has a present obligation arising 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 and provisions are recognised at theirsettlement amount. 2.12 Loans and borrowiftgs Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised tost using the effertive interest rate method. less impairment. If an arrangement constitutes a finance transaction it is measured at present value. 2.13 Financial instruments The charitable company only has financlal assets and liabilities of a kind that qualify as basic financial instruments which are inltlally recoBlli5ed at transaction value and Subsequently measured at their settlement value. 20
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policles (contlnuedl 2.14 Fund accountlng Unrestritted funds comprise those fund5 which can be used in accordance with the charitable objects at the discretion of the Eovernors. Restricted funds are those funds that can only be used for particular restricted purposes in accordance with the wishe5 of the donor or when funds are raised for particular restricted purposes. 2.15 Crltlcal accountlng estimates and judgements In the application of the Group's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Artual results may differ from these estimates. The estimate5 and underlying 3S5umption5 are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The Govemors do not conslder that there are any critical estimates or area5 of judgement that need to be brou8ht to the attention of the readers of the financial statements. Turnover The turnover of the charity Is wholly attributable to the objects of the charity as stated in the Governors, Report and is earned entirely within the UK. This is stated after charging: 2024 2023 Operating lease payments Depreciation Loss on disposal offixed assets Auditors. r8muneration- audit Services (see note 10) 31.049 337.450 21.839 341,787 191 14A74 6,600 Taxatlon The charitable company is registered as a charity and all of its income falls within the exemptions under Part 11 of the Corporation Tax Att 2010. Income from donations and legacie5 Unrestricted Restricted Total 2024 Total 2023 Donations 4,980 4.980 23,335 21
HOMEFIELD PREPARATORY SCHOOL TRusf LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 Income from other trading activities Unrestrirted Restricted Total 2024 Total 2023 School shop 107 107 103 Incorne from investments Unrestrfcted Restricted Totsl 2024 Total 2023 Interest receivable 21,145 21.145 5,442 Income from charltable activities ZO24 2023 Gross school fees Less discounts Net school fees 4,374,257 152,285) 4.321.972 4,517,897 {39,3051 4,478,592 Home away club Registration & assessment fees School bus seNice and minibus hire Deposits adjusted and forfeited 9,073 11.500 78,413 5,500 9,450 70.357 175 4.401,954 4,583,078 Other Income Unrestricted Restricted Total 2024 Total 2023 Hall facilities/hirlng revenue Holiday activities Loan repayment income Sundry income 917 917 6,800 206,176 1,400 Z6.805 26,805 27.722 27,722 215,376
HOMEFIELD PREPARATORY SCHOOL TRusf LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 10. Analysis of expenditure School operatlnE costs Governance costs Total 2024 Total 2023 Costs of ralslng funds School unlform shop Total costs of ralslng funds 1.423 1,423 1,423 1.423 2,012 2,012 Charltable actlvitles Administration and general Educational Establlshment Housekeeping Depreciation Total charitable expenditure 641,8 2,842.187 433,094 369,136 337.450 4.622,935 26.895 19,229 667.963 2,861A16 433,094 369.136 337.450 4.669.059 697,794 2,553,909 463,148 370,798 341,787 4,427,436 46.124 Total expenditure 4.624.358 46,124 4,670,482 4.429.448 Analysis of governance costs: 2024 2023 Governance costs.. Auditors remuneration for audrt serVIS Accountancy and payroll c05t5 Governors. expenses Other governance costs Total governance costs 14.474 11,769 652 19.229 6,600 11,742 119 45,836 46,124 64,297 ii. stsff costs The aggregate payroll costs for the year were as follows: 2024 2023 Wage5 and Salaries Social security costs Pension costs 2,429,045 240.477 412,529 2,189,774 226,111 361,157 3,082,051 2,777,042 The average monthly number of employees durlng the year was- 2024 Number 2023 Number Teaching Estates Administration 46 62 23
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 11. Staff costs (contlnued) None of the governors recelved any remuneration or other benefits from the school or any connected body12023: none). Four Governors12023: Two) received reimbursed expenses in the year of £652 12023: £119) for travelling expenses and DBS check5 during the year. Included wlthln staff costs are ex-gratla payments of £141,584 (2023: £Nil). stsff with emoluments in ex$$ of £60.OIXI per annum in the following bands are: 2024 Number 2023 Number £60,000 - £69,999 £70,000- £79,999 £80.000- £89,999 £120,OtKI - £129,999 Of the employees whose emoluments exceed £60,000. none (2023: none) has benefits accruing under a defined benefitscheme outslde of theTeachers' Pension Scheme. The key management personnel of the school are detailed in the Governor Report and Legal and Administrative Information. In 2024: 7 staff12023: 6 staffj. 2024 2023 Aggregate employee benefwt5 of key management personnel Ilncluding employer national insurance and pension contributions) 696.689 501,134 24
HOMEFIELD PREPARATORY SCHOOL TRUSf LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 12. Tanglble fixed assets- company and con501idated group Freehold Land Furniture & and Buildings Equipment Motor Computer vehicles equipment Total Cost At I September 2023 Additions 11.616,423 693.835 19.554 558.870 12888,682 62,629 153,2361 3,302 65,518 131,449 Disposals At 31 August 2024 Depreciation At I September 2023 Charge for the year {53,2361 11,625.816 697.137 19.554 624.388 12,966.895 1.691.167 237,547 567,099 66,275 19,554 530,084 33,628 2,807,904 337,450 At 31 August 2024 1.928.714 633.374 19.554 563.712 3.145,354 Net book value At 31 August 2024 9,697.102 63.763 60,676 9021,541 At 31 August 2023 9,925.256 126.736 28.786 10.080,778 Included within freehold land and buildings Is £66,000 of land that Is not depreaated. Aloanfacilitywasgranted on3 August2020 and issecured bya fixed charge overthe school'sfreehold land and buildings.The carrying value of the assetscharges was £9,697,101 at the balance sheetdate. The loan facility was made available in an aggregate amount of £2,5Q),000. Two further tranches of £625,OW each lat 2.70% fixed for 5 years and 2.76% fixed for 10 years) and an additional tranche of £1.250,WO lat 2.77% fixed for 1Syears}weredrawn down in August2022. Interestreverts to afloatlng rate after the fixed interest rate period5. All amounts are repayable within 15 year5 from l August 2022. The £1,250,10 loan tranche was repaid in March 2023. The board considers that the current value of the freehold property is likely to be materially higher than the carrying value as shown in the flnanclal statements. However, without the beneflt of a professional valuation the Board 15 not in a position to quantify the difference. The Board considers that the cost involved in obtaining a professional valuation out of charitable funds would not be of sufficient benefit to the school to warrant the expense. 13. Prlor year adjustment Management have detemiined that the fixed deposits recognised as cash at bank in the year ended 31 August 2023 had maturity dates in exce55 of those which would allow them to be classtfied as demand deposits and should instead be classified as current asset investments. The financial statements have therefore been restated. The restatement has resulted In cash at bank and in hand decreasing from El,718,850 to £1,418,850 and other current assets increasing from £73,472 to £373,472 at the year ended 31 August 2023.
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 14. Current asset Investments- company and consolldated group AS RESTATED 2023 2024 Long term dep05its 500,000 3CQ,000 15. Debtors- company and consolidated group 2024 2023 Fee debtors Prepayments and accrued income Other debtors 4.533 64,468 1,379 70,380 20.018 40,298 13,156 73.472 16. Creditors: amounts falling due within one year-company and consolidated group 2024 2023 Bank103n15ecured - see note 18) Trade creditors Accruals and deferred income Other creditors Fees in advan Deposits Other taxes and social security 77,995 158,068 76,477 7,109 419,701 162,350 116.624 21,325 45,642 481,501 170,657 41.250 949A72 901.700 Fees in advance represent fees received for Autumn term 2024. 17. Creditors: amounts falling due after one year- company and con501idated gTOUP 2024 2023 Bank loan (secured- see note 18) 1.033,128 1.096,154 18. Analysis of secured debts- company and consoldated group The bank loan is wholly repayable in instalments a5 follows: 2024 2023 In less than one year In more than one year but le55 than five year5 In more than five years 72.473 674,527 358,601 77.995 695,156 4ChJ,998 1.105.601 1,174,149 Details of the bank loan are disclosed in note 12. 26
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 19. Fixed asset investments 2024 2023 Investments in subsidiaries The group or the companfs investments atthe balance Sheet date in the share capital of companies include the following: Subsidiaries Homefield School Enterprises Ltd Registered office: Homefield School. Western Road. Sutton, Surrey, SMI 2TE Nature of business: Dormant company Class of shares.. °A holding- Ordinary 100,c Homefield School Enterprises Ltd is a whollyowned subsidiary of Homefield Preparatory School Trust Limited, which was incorporated on 30 April 2013. It has remained dormant to 31 August 2024. 20. Commitments under operatln8 leases At 31 August 2024 the company had total commitments under non-cancellable operat]n8 leases which are payable as follows- 2024 2023 Within one year Between one and five years 15,197 18.595 33.792 29,019 46,647 75,666 Operating lease expenses incurred during the year are as follows: Motor expenses £28,143 Printing and stationary £2,906 21. Penslon commitments The School participates inthe Teachers, Pension Scheme I'the TPS"}for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £350. 11812023: £301.0961 and at the year-end £42.82312023 - £Nill was accrued in respeci of contributions to thi5 scheme. The TPS is an unfunded multi-employer defined beneffts pension scheme governed by The Teachers, Penslons Regulations 2010 las amended) and The Teachers. Pension Scheme Regulations 2014 las amendedl. 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. 27
HOMEFIELD PREPARATORY SCHOOL TRusf LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 21. Pension commitments Irontinued) The employer contrlbutlon rate is set by the Secretary of State following scheme valuations undertaken by the Government Artuarrfs Department. The most recent actuarial valuation of theTPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Followingthe Mccloud judgemenL the remedy proposed that when benefits become payable, eligible members can selectto receive them from eitherthe refonned or legacy schemesforthe period l April 2015 to 31 March 2022. The actuaries have assumed that member5 are likely to choose the option that provides them with the greater benefits. and in preparing the 2020 valuation has valued the 'greater value, benefits for groups of relevant members. The employer contribution rate forthe TPS is 28.6%, and employer5 are a150 required to pay a scheme administration le of 0.08% glving a total employer contribution rate of 28.68%. The charitable company withdrew from the Trs in September 2024, with all teaching staff (except TA'S) joining the new scheme. The school also makes contributions to a defined contribution scheme for non-teaching staff. The assets of these are held separately to those of the school in independently administered funds. Contributlons payable during the year were £62,411 (2023: £60.061) and at the year-end £3,814 12023.. £Nil) was accrued in respect of contributions due to the scheme. 22. Censolidated analysis of net assets between funds Unrestrkted funds Restrirted funds Total Fund balances at 31 Au8USt 2024 are represented by: Tangible fixed assets Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year 9,821.541 1,818,287 (949,4721 (1,033,128) 9.821.543 1,821,733 (949,472) {1.033,128J 9.660,674 3,446 9.657.228 3.446 Unrestricted Funds Restricted funds Total Comparative Fund balances at 31 August 2023 are represented by: Tan8ible fixed assets Current assets Creditors: amounts fralling due within one year Creditors: amounts falling due after one year 10.080,780 1,788A76 (901.700} 11,096,154) 10,080,780 1.792.322 {901,700) {1.0%,154) 9.875,248 3.446 9,871,802 3,446 28
HOMEFIELD PREPARATORY SCHOOL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 23. Restrirted fvnds Balance as at 1 September 2013 Transfers to unrestricted reseNes Balance as at 31 August 2024 Incoffle Expenditure Green tiavel EYPS award 1,217 2,229 1.217 2,229 3.446 4,980 4,980 (4,980) (4,9801 3,446 During the year, the Charities Aid Foundation made a donation of £4,956 to the school. Afurther donation of£24was made during the year by a private individual. All donations received in the year were fully spent at the year-end. 24. Share capital and control The company is limited by guarantee and does not have a share capital. In the event of a windin8 UPI each member guar3ntees to contribute an amount of no more than £1. 25. Governorf indemnlty Insurance As part of its overall insurance policy, the charitable company purchased Governors, liability insurance providing cover up to £2,000.000 in respect of claims arising from negligence. error or omi55ion committed in good faith. 26. Related party transactlons No Governors had children who attended the School during the current year12023: None). During the year the school paid third parties £721 for training of the Governors12023- £Nil). Two member5 of key management personnel had children who attended the school during the year {2023.' two). Fees payable and any discountswere charged and awarded on the Same basis as for other parents and staff. 29