Registered number: 01136229 Charity number: 325018 BERKHAMPSTEAD SCHOOL (CHELTENHAM) TRUST LIMITED (A company limited by guarantee GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 8ERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED {A company limltad by guarant90) CONTENTS Page Refernnce and admlnistrative details of the Company, Its Governors and advisers Govèrnors. report Independent auditor's report on the flnanclal statements Con8olldated statement of flnanelal actlvkties 9-12 Con¥olidated balance sheet 14 Company balanco sheot Conlolldated statemfrnt of cash flows 16 Notts to the financlal statements 17-40 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmtted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Governors Mr N E Southwell Iresigned 22 May 2023)3 Mr M A Kirbyl Mr C M Collierl Mr C B Martins Mr J E W8tton4.5 Mrs G Agg4 MrsDMCox Mr D Freer Iresigned 8 December 20231 Mrs Z J Meredrth-smyth Iresigned 31 July 202315 Mr P Connaughlon Mr S Ackland2.3 Mrs J Bowden lappointed 15 November 2022} Mr A C Roberts lappoinled 22 November 20221 Mrs C France lappoinled 28 September 20231 denotes membership of Financ8 and General Purposes Commitlee denotes membership of HeaRh and Safety Commrttee denotes membership of the Compliance Commrttee denotes nominated Safeguarding Governor denotes membership of the Education Committee Company registered number 01136229 Charlty reglstered number 325018 Roglstgrod office and prlnclpal address Berkhampslead Schwl pittville Circus Road Cheltenham Gloucestershire GL52 2QA Bursar and Company $ecrgtary Mr B Edward5110 2 April 20231 Mr T Denmead Ifrom 3 April 20231 Headmastsr Mr R Cross Ind•p•ndent auditor Crowe U.K. LLP Fourth Floor st James House st Jan*s Square Chettenham GL50 3PR Bankèrs Ltoyds 8ank PIC 130 High Stwl Chef(enham GL50 1EW P4e1 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A company Ilmlt•d by guar•nlM} REFERENCE AND ADMINISTRATIVE DETAILS OF ThE COMPANY. ITS GOVERNORS AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Solicitorn Sherbornes Solicitors 4 Royal Cres¢ent che￿enharll GL50 3DA Page 2 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA Company Ilmlted by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Governors present their annual report together with the audrted financial 5tatemen15 of the group and the company fof the year ended 31 August 2023. The Govemors confimi that the Annual Report and financial statements of the company compty with the cu￿nI statutory requirements, the requirernents of the Company's governing d¢xumenl and the prowsions of the Statement of Recommended Practi¢e ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irgland IFRS 1021 leffeclive 1 January 20151 as amended by Update 8ullelin 1 leffeclive 1 January 20151. STATUS AND ADMINISTRATION Berkhampslead School Ichellenhaml Tiusl Limited is a charity wrthin the meaning ol the Charthes Act 2011 and has been entered on the Central Re9iSter of Charities (number 3250181. 11 is incorporated under the Companies Act 20C6 (number 011362291 as a company limrted by guarantee and not having share capital. It is govemed by rts Mem¢)randum and Articles of Assc¢iation and was incorporated on 26 Septamb8r 1973. CHARITABLE OBJECTS The objects for which the Charty is established are lo promote and provide for the advancement of education and in connection Iherewilh lo conduct, carry on. acquire and develop in the United Kingdom any boarding or day school for the education of children. PRINCIPAL ACTIVITY The principal actiVTty of the School continues to be the proVis￿n of a welkounded education lo both boys and gids up to the age of 11. ORGANISATIONAL STRUCTURE The Trust is managed by the Board of Govemors. Meetings are held frequently throughout the year. The strategic planning and ovetview of the Irusl's operations, including the management ol the Day Nursery. is undertaken by the Executive Headleacher Ifrom 1 September 2023. previou5ty the Headteacherl. wfth a5Si5tsnce from the Senior Leadership team consisting of the Headleacher Director of Day Nurseries and Bursar. The day lo day running of the Trusfs activities is undertaken by the Headleacher. with the assistance ol the administrative staff. The Bursar ccwrdinates the financial and administrative work of the School and manages any buihjing and maintenance work in conjunction wlh the Estates Manager. Delegated tasks include those of a Chef Manager who is employed by Palmer & Howells Catering and runs the kitchen on a contract basi5. Remuneration is sel by the Board of Governors. with the policy of ensuring appropriate salaries lo encourage enhanced performance and. in a fair and responsible manner, rewarding for indi*idual contributions to the School's success. GOVERNORS The Chair of Govemors is Mr Marttn Kirby, who has a long-standing relationship with Berkhampslead School by way of ex parent and fomer Chair of the Finance and General Purposes Committ￿. The Governing 8ody continues to strongly support the School, 'Governors' days. had begn restarted following the end of the Financial Year. Govemors attend ￿UrSe5 arKI seminars to ensure that they are fulty infonned Nmth regard lo Goveman¢e and work dosely ￿th the senior management and leaching 51aff supporting and challenging their work at all limes. The Full Board is infomied and supported by three main Committees,. Compliance, Finance and General Purposes. and Education, who meet 8t least once a lem. Named Governors are allocated responsibility for monrtoring Heatth and Safety and Safeguarding. Page 3 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED (A company Ilmltod by guarantee) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 The Governors are aware of the new Charity Governance Code issued in July 2017. A review will be undertaken of the guidance in Order lo ensure that the School is working in line with the code. in all ways where it is practical to do so. GROUP STRUCTURE The School has one wholly owned non-charitable subsidiary. Berkhampslead School (Day Care Nursery) Limited. The trading aclivrtie5 of the subsidiary ¢onsisl of Ihe prows￿1n of a day nursery. Annual profits will be donated lo the Schod under the Gfft ANJ Scheme where appropriate. Transactions btheen these enlilies are detailed within Note 15. BOARD POLICY AND PUBLIC BENEFIT AIMS The board policy ¢onlinue$ to put excellence in both leaching and leaming as the prime slratsgic objectNe. We consider that this is brought about by providing an environment where every child is known and ¢ared for in happy and fun surroundings. Effort and achievement in all areas are encouraged and ￿COgnISed. Governors appreciate the importance of the very high standard of pastoral care that Berkhampslead continues lo provide so that the children are supported in every way throughout their lime in the school. Berkhampsle8d is a "feeder schoof, for a variety of secondary schools both In the maintained sector and Independent schools. The teaehers provide advice and guidance so that the pupils are able lo transfer confidently to the school of their cho￿. Several pupils gain plaees at local grammar schools and others achv&ve awards at independent schods. There is a large variety of arter school clubs and aclivities so Ihat the children can develop individualfy in areas outside the main curriculum. Throughout the school participation ss encouraged in Music, Drama. Art and Sport. In administering the charity, the charty Govemors have complied with their duly in section 17 of the Charities Act 2011 and have paid due regard to the published Charity Commission guidance on the operation of the Publi Benefit requirements. The School continues lo allow ils facilities lo be used by local organisalions for music. yoga, chess and local spe8keis. REVIEW OF ACTIVITIES AND ACHIEVEMENTS The S¢hool continues to go from slrenglh to strength, both academically and financially, with the school being able to reinvest in the teaching staff. resources and grounds lo provide the best possible experience for the children attending. With the school receiving an 'oulstanding' in f(s most recent ISI inspection in December 2019, we are aware that there is no room for complacency in any area of School lrfe and il will continue to strive for excellence across the board. was arther successful year aCad￿l¢allY wlh Year 6 having excellent outcomes wi(h 18 Grammar school pla￿5 being offeied. along with 24 scholarships also being offered within the year group of 34 pupils. In the end 15 Grammar school places were accepted, 14 headed lo independent schools and 5 have joined the local academies. These outcomes of the Year 6 pupils highlight the school's ability lo best prepare the Child￿n for their next steps in education. whilst also catering for a wide range of indrviduals as shown by the variety of educational eslablishmenls the chIld￿n are moving onto. Furthermore. with 24 scholarships being offered this year. rt is clear lo see that the academic, sport. drama and music experiences offered at Berkhampslead School all(M the children to flourish and have fvrther opportunf(ies lo excel in their next setting. Whilst the academic success of the school is certainly regularly acknowledged and celebrated, the School regularly promotes and celebrates the a¢hievemgnts of thos9 who participate and excel in other areas of schwl lrfe and outside In the local communty. The School continues to take pride in the excellent quality of our pastoral care and the well-being program is embedded in the school day. It aims to give children the tools to manage their own well-being which aids leaming. The School has retained the Mental Health Champions accredilalion and Gloucestershire Heatthy Living and Leaming Award, both for another three ygars. Page 4 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company limlted by guaranl••l GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENOEO 31 AUGUST 2023 The sporting successes have again been very good. and the schotsl punches above rt5 weight in terms of nning at fixlur&s against other schools. Sport continues lo be an important aspect of school life, with everyone frcm Years 3 to Year 6 taking part in rnalches. There were numerous sporting Clubs across the school. There were regular musical performances during this school year. As well as temity, inthouse recrtals showcasing musicians of all abilities. there were Christmas nalivitj'es and Services. the Spring Concerts al the Pump Rooms and the Summer productions. The Harvest FestNal and the Easter Service al All Saints. Church also showcased MUSK at Berkhampslead School. All of Year 6 perfomied in their Summer production, 'The Amazing Adventures of Superslan, and the majority at the leavers. recital at the Parabola Art Cenlre. An abundance of music clubs were offered in the Autumn and Spring term5. The enrichment programme of ¥tivilie¥ and visits continued to be diverse ar￿ slimulaling adding a valuable dimgnsion to the children's learning. Some of the many Msrts included a trip up Crickley Hill lor Kindergarten and Year 1 and a visit lo the Everyman Theatre to watch a production of'The Snow Queen, lor Kindergarten, Year 1 and Year 2. Year 3 visited the Chedworth Roman Villa and Year 4 had a look around Chepstow Castlo, Thg children of Years. 4, S and 6 attended the Chertenham Literature Festival and Year 6 had a residential trip lo Viney Hill, with Year 5 attending in September 2023. There were also mukiple workshops run for the children in the year including Zoo Lab, Meet the Author and a Detective Agency workshop. The pupils have been encouraged lo become invofved in various fundraising activrties. Voted by the School Council, the ￿0 main charities for this year were the Cheltenham Animal Shemer and UNHCR supporting Ukrainian refugees. The School also raised money for the Tud(ey and Syria Earthquake appeal. The School E¢0 Committee delivered on a number of initiatives during the year ranging from an Eco Christmas Acrostic Poem Competition in the Prep School and an Eco-Friendly Arts and Crafts Day for Years 1 and 2. Litter picks and recycling projects are a regular occurrence, and the Prep and Pr&Prep committees grew plants to sell 81 the Summer Fete. Children all over the school were encouraged lo take part in the 'Berky Eco Pledge,, and qurte a few achieved their Eco Warrior Badge. Speech Day for the Year 6 pupils leaving the School had taken place in All Saints Church, with parents, staff and Governors attending and then returning lo the School for excellent canapes ar￿ refreshments provided by our catering providers. Pupil numbers were extremety strong at the end of the year.. 43 were in Kindergarten. 87 in the Pre-Prep and 135 in the Prep department. There were also 142 children on role al the Day Nursery, leading lo a lolal Df 407 children attending either Berf(hampstead School or the Day Nursery, an increase of 7 since Ihg prior year. The number of enquiries has been very positive throughout the year. Follow up of initial enquiTies and subsequent visits have been carefully monitored. The Open Day3 continued on an appointrnenl onty basis and proved lo be popular events. FINANCIAL REVIEW ANO RESULTS FOR THE YEAR Nel loss for the year totalled £11,323 (2022 nel income £12, 806). The cons0lid8led unreslricled general fund of the group al 31 August 2023 was £2.159,764 (2022.. £2. 169,462). In addf(ion, the balance of funds upon which restrictions have been placed by donors is £22 (2022 £1, 647). Page 5 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmhed by guarantee) GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 DEVELOPMENTS The School continues to invest in the fabric of the buildings, a continual rolling maintenance program and the Board and Senior Leadership team continue lo consid8r ways of optimising the Space available for the pupils. The School was in a strong position financially lo carry out key work over the ¢OUTse of the year. The rear of the Pre-prep building was refurbished, which involved careful planning due the listing slalus of the building. The Prep building also saw some improvements in the fomi ol a ￿furbIShMent of the Hall, which included new 85-inch interactive te￿vIsion lo replace the projector, playground resurfacing, and new boys and girls, toilets were installed. The School refurbished the kilchgn and cellar room lo allow for our catering provKlers lo work more efficienlty and the Pittville Circus Day Nursery lift was also upgraded. The Day Nurséry conth.nues to thrive and is a happy and safe environment for the children. The number of children transferring either lo Berkhampslead Kindergarten or lo Reception al a lalgr age has remained high and exceeds expeclalions. The Nursery has become more integrated into the mairi School and the children are often included in activities such as music. French and sport. They have aeces5 to all the School indoor and outdoor facilf(ies for their activities and concerts. In March 2024. Berkhamp$tead Sch¢)ol SU￿8$$ful completed on the purchase of a second day nursery in Chettenham. The location of this new day nursery is in Charllon Kings, on the corner of Copt Elm Road and London Road. The area is home lo many families, with limited options for childcare for children undei five years old in this a￿a of Chellenham. The building itself was fomierly a famity home before being used as a medical centre and is Grade 11 listed. sharing simil8rilies to the Pre-Prep School buikling located in Pth1111e Circus. The ambrtion is to be able to wekome new famil￿$ lo the Charflon Kings Day Nursery towards the latter part of 2024. The active PTA has contrnued lo raise funds throughout the year by means of the operation of the SO￿nd￿and uniform shop. PTA events included Bonfire night, the Christmas FayTe, Coronation lunch and the Summer Festival. FUTURE PLANS Improvements to the front of the Pre-prop and Pittville c1￿u$ Day Nursery to allow for a more welcoming appearance for parents dropping off and collecting children. The rear entrance of the PT&prep lo the pLqyground ￿ to be rebuim and made accessible, offenng an entrance to pupils throughout the day. The Creation of a new access point between the Pittville Circus Day Nursery and the Kindergarten will help collaboration between the two departments. The GymlHall in Prep will be replaced with a more modern building lo acwmmodate diama and mu*c performances. Thè development of new Charlton Kings Day Nursery. RESERVES POLICY The Governors aim to build up the f￿e ￿serveS of the Trust to ensure that these a￿ 8ufficient lo cover recurring expenditure in the short tem lo allow for possible loss or delays in respect of income. In common with most Independent schools Berkhampstead has negative free reserves. Al 31 August 2023, the total unrestricted reserve was £2.159.764 wrth fixed assets valued at £2,579.551 resulting in negative free reserves of £419.787. In recent years the Govemors have invested signifi'cant sums in improvements to the School facilities which have allraclèd pupil numbers. Improvements have been funded by long term loans secured on the freehold property. Al 31 Augu512023, £194.073 was due in over 5 years. time. Page 6 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company Ilmlted by guarants•l GOVERNORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 INVESTMENT POUCY Under the d1￿ctIon of the Goveming B¢xly. inveslmgnl of the School's funds may be appliod in any of the following-. Land or Propety whelhef freehold or leasehoby. Investments in which the Goveming Body feel appropriale, Cons￿e￿ng any risk which may be involved being at a minimum. The improvement or dovelopmgnt of property belonging to the School. The approval of this policy, and any amendments to it. are a matter reserved for the Goveming Body. The policy will be reviewed al intervals of no more than years. The Governing Body has delegated responsibility and authority for the monitoring ol the perfomance of Investments to the Finance and General Purposes Committee. For the Purpose of this policy, the term 'inveslmenl' is regarded as the purehase, holding and sale of Investments with a view lo achiwng a relum, by way of income andlor capital growth, wrth an understanding that the capital value may go up or down. Placing money on deposit, in Bank deposit accounts or in deposit funds, is not regarded as 'inveslmenl' and il is recognised that keeping funds in Bank accounts in the longer lem) wll almost certainly lead lo erosion of real Capital values. Long and short48rm objectives.. The long-lemi investment objective of the School is tci protect the real value of the School's invested Capital by reference to the Retail Price Index IRPII and lo produce real growth in nel Investment income arising therefrom wi(houl undue (isk. Thè short4em objective is to achieve Ihe long-lem) objedive without undue fluctuations year by year in the income arising from inveslmenls. Qualifying investments and criteria are established by the Goveming Bctydy. The investments shall be those in which the Govoming Body are pemiitted lo inv8sI by Law. RISK MANAGEMENT All committees ara charged with the need lo review risk and lo check school policies that affect them 8pecrfieally. All committee-level risk registers inforni the Board Risk Register which Is an agenda item at all board meetings. The Govemor with responsibility for Heatth and Safety has continued to meet wrth the Bursar and Estates Team each temi and report lo the Goveming body. Financial perform8nce is compared to budgets, which are p￿pared on an annual basis, for each of the three terms in the year and for the year 8s a whole. The Finance Committee meets regularly lo discuss financial perfomiance and future funding requirements. The Chaiman of Governors meets the Headmaster regularty and also the Bursar when possible. The Compliance Committee. Finance and General-Purposes and the Education Commrttee report lo the Full Board. This 51ructurg has proved effective in enabling the Governors lo meet their obligations. Reports from external agencies providing expertise in areas such as wal8r, fire safety and asbestos management continue to be sought, acted upon and signed off. PRINCSPAL RISKS AND UNCERTAINTIES The 3 Principle Board Risks are the impact of Brexrt and other economic such as inflation creating the cost of living crisis. staff retention in key positions and a possible change in govemm8nl. Page 7 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmltod by guarantso) GOVERNORS, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 GOING CONCERN Governors have assessed the financial positi'on of the School arKI its subsidiary and wthilsl there are signfficant potential financial pressures on Ihe independent education secloT associated with the impact of a change in government leading to the possibilrty of losing charitable stslus, VAT being appl￿d on school fees and loss of business rates relief, pupil and child numbers have increased beyond expectations and the level of interest in the School continues to impress. The Nursery continues lo have a wailing list for a number of rooms and this trend shoukl continue into the future. STATEMENT OF GOVERNORS, RESPONSIBILITIES Tho Govemor5 Iwho are also dirèctors of 8erkhamp51e8d School Icheltenhaml Trust Limited for the purposes of company lawl are responsible for preparing the Govemors. Report and the financial stslements in accordance with applicable law and United Kingdom Accounting Standards IUnit8d Kingdom Generally Accepted Accounting Pradicel. Company law wuires the Governors lo prepare financial stalemenls for each financial year. Under company law the Governors musl not approve the financial slalemenls unle55 they are satisfied that they give a true and fair view of the slate of affairs of the charitsble company and the group and of the incoming ￿sourceS and application of resources. including the Income and expenditure of the charitable group for that peric¥J. In preparing these financial statements. the governors are required lo.. select Surtable accounting pcAic*s and then apply them consistent￿, observe the methods and pnnciples In the Chariiies SORP., make iudgemenls and estimates that are reasonable and prudent", stsle whether applicable UK Accounting Standards IFRS 1021 have been followgd. subject to any materi81 departures disclosed and explained in the financial slalemenls., prepare the financial slalemenls on the going concem basis unless rt is inappropriate lo presume that the charitable group will continue in operation. The Govemors are responsible ft¥ keeping adequate accounting ￿01￿$ that are suffic*nl lo Show and explain the chaTrtable company and the group's transactions, disclose wrth Teasonable accuraey al any lime the financial position of the charrtable group and enable them to ensure that the financial stalgmenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hgnce for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Governors al the lime wh9n this Govemors, report is approved ha$ confirmed that.. so far as that Govemor is aware. there is no relevant audrt infomation of which the charitable Group's auditor is unaware, and lh* Governor has taken all the steps that ou9ht lo have been taken as a Governor in order lo ba aware of any relevant audrt inforniation and lo establish that the charitable Group's auditor is aware of that information. AUDITOR The aud((or. Crowe U.K. LLP, has ind1caled his willingness lo continue in office. The desonated Govemors will PfOPOSe a motion roappoinling the auditor al a meeting of the Govemors. Approved by order of the members of the board of Governors and Signéd on their behalf by.. Mr M A Kirby Chair of Trustees Dale.. Page 8 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED Opinion We have audited the financial slalements of Berkhampslead School Icheltenhaml Trust Limited Ilhe 'parent d)aritable companll and rts subsidiaries Ithe 'group'l for the Ygar ended 31 August 2023 which comprise the Consolidated s18tement of financial activities, the Consolidated balance sheet, the Company balance sheet. the Consolidated slalemenl of cash flows and the related notes, including a summary of signrfi¢anl accounting policies. The financial reporting framework that has been applied In their preparation is applicable law and Unrted Kingdom A￿oUntIng Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in tho UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practi￿). In our opinion the financial slalemenls.. give a true and fair wew of the slate of the Group's and of the parent charitable company's affairs as a131 August 2023 and of the Group's incoming resources and application of resources, including ils income and expenditure for the Year then ended,. have been propedy prepared in accordance with United Kingdcffi Generalty Accepted Accounting Practice", and have been prepared in accordance wrth the requirement5 of the Companies Act 2LK6. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and appI￿able 18w. Our responsibilities Ljnder those standards are further described in the Audilorfs ￿sponSibl1111es for the audrt of the financial $lalemenls section of our report. We are independent of the Group in accordance wf(h the 8thi¢al requirements that are relevant to our audit of the financial statements in the Unrted Kingdom. including the Finanaal Reportin9 Council'5 Ethical Standard, and we have fuffilled our other fjlhical rest)onsibilrtie$ in accordance wrth these requirements. We belEve that the audrt ev￿n￿ we have obtsined is sufficient and appropriate to provide a basis for our ¢winion. Conclusions rnlatlng to going concern In auditing the financi81 statements, we have concluded that Ihg Governors. use of the going concem basis of accounting in the preparalKJn of the financial statements is appropriate. Based on the work we have performed, we have not idenlifEd any material uncertainties relating to events or conditi'ons Ihal. individually or colwively, may cast signfficanl doubt on the Group's or the parent charitable company's abilty to continue as a going concern for a period ol at least twelve months from when the financial stslements are aulhorised for issue. Our responsibilities and the responsibilities of the Governors with respect to 90ing concem are described in the relevant sections of this report. Page 9 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guarantoel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED ICONTINUEDI Other Infomatlon The other infomi81ion comprises the information included in the Annual ￿port other than the financial statements and our Audilorfs report the￿on. The Govemors are responsible for the other information contained wthin the Annual report. Our opinion on the financial statements does not covei the other Infomation and, except to the extent otherwise explicitly slated in our report. we do not express any form of assurance conclusion the￿on. Our sponsibilty is to r&id the other Infornialion and, in doing so. consider whether the other infomation is materially inconsistent wrth the financial statements or our knowledge obtained in the course of the audit, or olhemse appears lo be malerially misstated. If we identify such material inconsistencies or apparent material misstslemenls, we are required lo determine whether this gives rise lo a malenal mi5Statemenl in th8 financial stalemgnts themselves. If, based on the work we have perfomied. we condude that there is a matèrial misslalemenl of thi$ olhei information. V*P are required to report that fact. We have nothing lo report in thi5 rega￿. Oplnlon on oth9r matters prescribod by the Compani•s Act 2006 In our opinion. based on the work undertaken in the course of the audrt.. the infomiation given in the Govemors, report including the Strategic report for the finan¢ial Year for which the finartcial statemen15 are prepared is consistent with the financial slalemenls. the Governors, report and the Strategic report have been prepared in accordance with applicable legal requirements. Matt?rs on which we ar• r•quired to rèport by exceptlon In the light of our knowladge and understanding of the charitable Company and ils enwronmenl obtained in the course of the audit, we have not identified material misstalemenls in the Governors. report including the Strategic report. We have nothing to report in respect of the following matters in re￿￿"on to wh￿h Companies Act 2006 requires us to report lo you rf. in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or retums adequate for Dur audit have not been received from branches not visited by us., OT the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosu￿$ of Governors, Temuneralion specified by law are not made,. or we have not ￿CeIVed all the infomialion and explanations we require for our audrt. Page10 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A company Ilmllfjd by guarantw) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKHAkqPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED ICONTINUEDI ResponsibllFtles of trustses As explained more fully in the Govemors, responsibilrties st*ement. the Govemors (who are also the directors of the charrtable company for th8 purposes of company lawl 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 Govemors determine is necg$$ary lo enable the preparation of financial statements that a￿ free from material misslatemenl, whether due to fraud or error. In preparing the financial statements, the GovemoT5 are responsible for assessing thè Group's and the pa￿nI charitable compan¥s abilty lo continue as a going concern, disclosing, as applicablo, matters related lo going concern and using the going concem basis of accounting unless the Governor5 either intend to liquidate the Group or the parent charitable company or lo cease operations, or have no realistic artemalive bLrt to do so. Audltorfs responsibilities for the audit of the financial statements Our e&jective8 are to obtain reasonable assuran¢e about whether the financial slalèmenls a5 a whole are free frorn material misslalemenl, whether due lo fraud or error, and lo issue an Auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranlee that an audit conducted in accordance wi(h ISAS IUKI will a￿ayS delect a material misstatement when il exists. Misstalemenls can arise ftom fraud or errof and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decision5 of users taken on the basis of these financial slatemenls. Irregularities. including fraud, are instsnces of non-compliance with Saws and regulations. We design proeedures in line with our responsibilrties. outlined above, lo detect material misstatements in respect of irregularities, including fraud. The exlent lo wthich our procedures are capable of dglecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks wrthin which th& chartsble company operates. focusing on those laws and ￿ulatIonS that have a direct effect on the delemiination of material amounts and disclosures in the financial slalemenls. The laws and regulations we considered in this conlexi were the Companies Act 2006. taxation legislation, together wrth the Charities SORP IFRS 1021. Wo assessed the required compliance wrth these laws and regulations as part of our audit prC￿edureS on the related financial slalemenl items. In add￿On. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which might be fundamental to the charitable company s ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud, The laws and regulations we considered In this context lor the UK operations were The Education Ilndependenl School Standards) Regulations 2014. General Data Protection Regulation IGDPRI. Health and safety legislat￿n. and Employment ￿1$1￿1￿. Audrting stsndards Iimil the requir8d audit procedures lo idenlty non-compliance with these laws and regulations to enquiry of the Trustees and olhgr management and inspeclion of regulatory and legal correspondence. if any. We idenlrfied the greatest risk of malenal impact on the financial slalemenls from irregularities. including fraud, to be the override of controls by management. Ouf audit procedures to respond to these risks included enquiries of management. and the Finance Commrttee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing r8gulatory correspondence wth the Charity Commission. Independent Schools Inspeclorale. Ofsted and reading minutes of meetings of those charged with governance. ing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some m*erial misstatements in the financial statement5, even though we have propedy p18nngd and perfonned our Page11 ## **BERKHAMPSTEAD SCHOOL (CHELTENHAM) TRUST LIMITED** **(A company limited by guarantee)** **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BERKHAMPSTEAD SCHOOL (CHELTENHAM) TRUST LIMITED (CONTINUED)** audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non­ compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. **Guy Biggin (Senior statutory auditor)** for and on behalf of **Crowe U.K. LLP** Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR Date: 10 May 2024 Page 12 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACllVlnES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2023 Unr•strJ¢ted funds 2023 Rgstrictsd funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Chantable actNilies". School Fees Ancillary trading income Non•ancillary trading activities 23,856 23.856 26.210 2.602,045 224,278 1.280.074 2.602.045 224.278 1.280.074 2,387,500 207. 114 1.075,&J6 Total income 4.130,253 4,130,253 3, 695.830 Expenditure on: Raising funds.. Trading activilias Financing costs Charitable activities 1.117.060 20,174 3.002.717 1.117.060 20.174 3.004.342 972.871 49,230 2,660,923 10 1,625 Total expendlture 4,139.951 1.625 4.141.576 3,683,024 Net movement Sn funds 19.6981 11,6251 111,323) 12. 806 Reconclliatlon of funds: Total funds brought forward Nel movement in funds 2.169,462 19.6981 1,647 {1,6251 2,171.109 111,323) 2, 158,303 12,806 Total funds carrled forward 19 2.159.764 2.159.786 2, 171. 109 The notes on pages 17 to 40 form part of these financial slalemenls. Page 13 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guarantee) REGISTERED NUMBER: 01136229 CONSOUDATED BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Not• Flxed assets Tangible assets Current assets 14 2,579,551 2.601.691 Debtors Cash * bank and in hand 16 171.777 543.052 116,561 1.372, 690 714.829 1,489.251 Creditors". amounts falling due wittiin one year 17 1708.9271 (1,415, 748) Ngt curront assets 5,902 73,503 Total assets less current liabilities 2,585,453 2, 675, 194 Creditors.. amounts falling duo after more than one year 18 1425,6671 {￿.085} Total net assèts 2,159,786 2. 1 T1, 109 Charity funds Restricted funds Unreslrictsd funds 19 19 1.647 2, 169,462 2,159,764 Total funds 2,159,786 2. 171. 109 The Govemois acknowledge their ￿pOnsibIlitIeS for Corrp￿fi9 with the requirements of the Act wrth respect to accounting records and preparation of financial slatemenls. The financial statements were approved and aulhorised for issue by the Governors and signed on thgir behalf Mr M A Kirby Chair of Trustees Date.. The notes on pages 17 10 40 fomi part of these financial slalemenls. Page 14 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED (A company limitad by guarantee) REGISTERED NUMBER: 01136229 COMPANY BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note Fixed assets Tangible assets Investments 14 2.512.140 100 2,563,718 100 2,512,240 2,563,818 Current assets Debtors 16 426.976 208,885 137,813 1,274,929 Cash al bank and in hand 635.861 1,412, 742 Creditors.. amounts falling due within one 17 1560,3731 (1,277,988) Net current assets 75,488 134, 754 Total assets less current liabilities 2,587,728 2, 698,572 Creditors.. amounts falling due after more than one year 18 1425,6671 (504,085J Total net assets 2,162.061 2, 194.487 Charity funds Reslricled funds Unrestiicted funds 19 19 22 2,162.039 7.647 2. 192.840 Total funds 2.162.061 2, 194.487 The Company's nel movement in funds for the Year was £132,426) (2022- £704,347). The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accountin9 records and preparation of financial statements. The financial slalemenls were approved and authorised for issue by the Govemors and signed on their behalf by.. Mr M A Kirby Chair of Trustees Dale.. The notes on pages 17 to 40 form part of these financial statements. Page15 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limltod by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Note Cash flows from operating activities Net cash used in operating adivities 22 195,457 236.977 Cash flo￿ from Investing actlvltles Prrxeeds from the sale of tangible fixed assets Purchase of tangible fixed assets 2,768 1123,2651 799 1108.357J Net cash used in investing actlvlties 1120.4971 1107,5581 Cash flows from flnanclng actlvltl8$ Loan repayments Finance costs 189S.3171 19,2811 (178, 745) {53,275J Net cash used in financing actlvltles IYM,59BI 1232,0201 Change In cash and cash equlvalents In the Year Cash and cash equivalents at the beginning of lh8 Year 1829.6381 1,372.690 1102.6011 1.475.291 Cash and cash equiv•lents at the end of tho Year 23 543,052 1.372.690 The notes on pages 17 to 40 form part of these financial statements Page 16 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company Ilrnlt•d by guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 General inforniatSon Berl(hamp$lead Schoot ICheKenhaml Trust Limrted is a registered charity with the Charrties Commission England and Wales Icharily number 325D181 and was incorporalgd in England as a private company limited by guarantee (company number. 011362291 on 26 Seplember 1973. The address of its registered office is Berkhampste8d School, Prttw'lle Circus Road, Chehenham. Gknice5ter5hire. GL52 2QA. It's principal activty 15 the prO￿¥10n of boarding and day schooling. The members of the company are the Governors namod on page 1. In the evenl of the School being wound up the liabilty in respect of the guarantee is limrted to £1 per memLer of the School. Accounting pollcles 2.1 Basis of preparatlon of flnanclal statements The financial statements hav8 been prepared in accordance with the Charrties SORP IFRS 1021 Accounting and Reporting by Charrties.. Statement of Recommended Practice applicable to charrties preparing their accounts In accordance wi(h the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20ffi. Berkhampslead School (che￿enhaM) Trust Limited meets the definition of a public benefft entity under FRS 102. Assets and liabilities a￿ 1nrtlal￿ recognised al historical cost or lrnnsaclion value unless otherwse $l*ed in the relevant accounting policy. The Consolidated statement of financial activities ISOFAI and Consolidated balance sheet consolidate the financial statements of the Company and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has tsken 8dv8nlage of the exemption allowed under section 408 of the Companies Act 2006 and ha$ not presented ils own Statement of financial activrties in these financial statements. 2.2 Going concern The Govemors have a ￿asonable expectation that the Group has adequate resources lo continue in operational existence for the foreseeable future. For long term finance the SchcK)I relies on bank loans. In assessing going concem the Governors have a55umed that these bank loans will not be repaid in the loreseeable future and are not aware of any circurnslances that may adversely affect these facilrties. Govemors have assessed the financial position of the School and its subsidiary and whllsl there are significant financial pressures on the independent education sector ass¢xialed with the impact of the pandemic, Brexit. energy prices, the effect of losing charitable slalus. the crisis in the Ukraine as well as increases lo the national Imng wage. pupil and child number5 have increased beyond expectation5 and the level of interest in the School continues to irnpress. The Nursery continues to have a warting list for a number of rc4)ms and this trend should continue into the future. After making appropriate enquires, the Governors consider that the Group and Company has adequate resources lo continue in operational existence for the foreseeable future and il is therefore appropriate lo continue lo adopt the going concern basis in preparing the financial statements. Page 17 8ERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting pollcles Icontlnuedl 2.3 Fund iccountlng General funds are unrestricted funds which are avaiLable use al the discretion of the Govemors in furtherancg of the general c4'edives ol the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Govemors for particular purposes. The aim and use of each designated fund is sel out In the notes lo the financi slatemenls. Reslricted fijnds are funds wthich are lo be used in accordance with specrfic restrictions imposed by donors or which have been Taised by the Group for particular purposes. The costs of raising and administering such filnds are charged against the specrfic fund. The aim and use of each reslricled fund is set out in the notes to the financial 81alemenls. 2.4 Incomg All incoTh is recognised once the Group has entitlement to th8 in¢om8. f( is probable that the income will be r￿a￿ed and the amount of income re¢eivable can bo measured reliably. Fees and Similar income Fees receivable are stated after deducting aifowances, scholarships. bursarie5 and other remi%sKsns granted by the School, bul include contributions receNed from restr￿ted funds for bursaries. Where fees are in advance. the inc(Mme Is deferred until the temi to wh￿h it relates. Donations Donation5 are recorded in the Statement of Financi81 Activf(ies when the School has entitlement lo the funds, any performance conditions attached lo the items have been met. it 1$ probable that the income will be received and the amount can be measured reliabty. WheTe donations are receivad only to be used for a specffic purpose they are allocated to the appropriate restricted fvnd. Non Ancillary Trading Incomo Income comprises the nursery fee income and other in¢ome generated by Berkhampstead School (Day Nursèry Limited}. 2.6 Government grants Govemmenl grants receNed are credited to the Consolidated statement of financial activrties as the related expendrture is incurred. Page 18 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies (continu￿) 2.6 Expgnditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, il is probable that a transfer of economiG benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 1$ Classified by a¢tivty. The costs of each activity are made up of the lolal Df direct costs and shared costs. including support costs involved in undertaking each 8cts'wty. Direct ¢os1s 8ttributable lo a single activity are allocated direclty to that activty. Shared costs which contribute lo more than one activrty and support costs which are not attributable lo a single activty are appOrt￿ned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. Expenditure on raising funds Includes all expenditure incurred by the Group lo raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expendbture on charitable activities is incurred on direct￿ undertaking the activities which further the Group's objectives, as well as any associated support costs. All expendilure is inclusive of irrecoverable VAT. 2.7 Tangible fixed assets and doprgciation Tangible fixed asset5 costing £1,000 or more are capi181i5ed and recognised when future g¢onL¥nic benefits are probable and the cost or value of the as3el can be rneasureil reliably. Tangible fixed assets are initially recognised al cost. After recognrtion. under the cost mtxlel. tsngible fixed assets are measured al cost less aceumulaled depreciation and any aceumulated impaimient losses. All costs incurred lo bring a tsngible fixed asset into its Intend￿ working condth.on should be included in the measurement of c05t. Depreciation is charged so as lo allocate the cost of tangible fixed a8sel8 188s their residual value over their estimated useful lives. Depreciation is provided on the fouowing bases.. Freehold property Leasehold improvements Fixtures and equipment 2-209A straight line 1(*330￿ slraighl line 5-33.30h straight line and 33.30A reducing balance 20-33.3gK slraighl line and 33.30A reducing balance 10-33.3°h slraighl line and 25-33% reducing balance Motor vehicles Computer equipment 2.8 Investments Investments in subsidiaries are value(l at cost less provision for impaimient. 2.9 Operatlng leases Rentals paid under operating leases are charged to tho Consolidated statement of finaneial activrties on a straight line basis over the lease term. Page 19 BERKHAMPSTEAD SCHOOL {CHELTENHAM) TRUST UMITED IA company 11m1t￿ by guar•nteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 AUGUST 2023 Accounting pollcles Icontinuedl 2.10 Debtors Trade and other debtors are recognised al the setliement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11 Cash at bank and In hand Cash al bank and in hand Indude$ cash and short-lemi highly liquid investments with a short malurty of three months or less from the date of acquisition or opening of the deposit or yimilaT account. 2.12 Liabilitigs and provisions Liabilities are recc>Jnised when there is an c+)lig81ion al the Balan¢e sheet dale as a rasult of a past event. it is probable that a Iransfer of economic benefft wll be required in sett￿ment. and the amount of the settlement can be aslimaled reliabty. Liabili(ie5 are recognised al the amount that the Group anticipates rt will pay to settle the debt or the amount rt has ￿e1Ved as advanced payments for the goods or seNices il musl provide. Provtsions are measured al the best estTmate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of Ih05e amounts, discounted al the pre-tax discount rate that reflects the risks specific to the IHbilily, The unwinding of the di$¢ounl Is recognised in the Consolidated statement of financial activities as finance cost. 2.13 Financial instruments The Group only has financial assets and ffinancial liabi1rt￿S of a kind that qualify as bas￿ finanual instruments. Basic financial instruments are inrtl81ty recognised al transaction value and subsequently measured al their settlement value wrth the exception of bank loans %thich are subsequently measured at amortisod cost using the effectNe interest method. 2.14 Pensions The Group operates a defined contribution pension scheme for ils administrative, domestic. leaching assistants and maintenance 51aff, the asse15 of which are held separately from those ol the School. The pension charge represents the amounts payable by the Group lo the fund in respect of the year. The School contributes lo the Teachers, Pension defined benefits pension scheme. The scheme is a multi-employar scheme whero il is not possible. in the nomial course of events, to identify on a consistent and reasonable basis, the share of underfybng assets and Iiabllrt￿S belonging to individual participating employers. Therefore. as required by FRS 102. the School accounts for this schome as if it was a defined tonlribution scheme. The amount ¢haiged to the Statement of financial aciivilies represents contributions payab￿ lo the scheme in respect of the accounting period. Page 20 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company limited by guarant•g1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting poll¢i¢s Icontinuedl 2.15 Pupil deposlts The Govemors have rev$￿ed the contract lems under wh￿h pupil fee deposits are hekj by the Group. Af(hough under normal circumstan¢o$ these wll be repaid in futu￿ years when the pupils complete their edu¢atK)n at the school. pupils can ￿ave at earfier d*es. The Group does not therefore have an un¢ondth'onal right to retain the indiwdual deposrts lor at least 12 months after the balance sheet dale and in line with the requirements in FRS 102, the balance of deposits held al 31 August has been included within current liabilities. Critical accounting estimates and areas of judgement Estimates and judgements are contsnualty evaluatgd and are based on historical èxperience and other factors, including expectations of futu￿ events that are believed to be reasonable under the circumstances. Revisions lo accountin9 eslimales are recognised in the period in which the estimate is revised if the revision affects onty that period, or in the peri(Kl of the ievision and lulure periods rf the revision affected current and fiJlur6 period5. In the wew of th& Govetnors. assumptions conceming the future or estimation uncertainty affecting assets or liabilrties al the balance sheet dale a￿ likely to result in a material adjuslmenl lo their carrying amounts in the next financial year. Page 21 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company Ilmlted by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Income from donatlons and leg•cl Unr•8trlcted funds 2023 Total funds 2023 Tot81 funds 2022 Donations 23,856 23,858 26,210 Total 2023 23.856 23,856 26.210 Total 2022 26,210 26.210 Income from charltable a¢tNltles - Fees re¢elvable This represents gross Schcol fees invoiced. less scholarships, bursaries and all(Mance5. 2023 2022 Gros5 school fees Less." BuTsaiies lowances 2.715,978 151,3711 162,S621 2.499. 722 145,365) (66, 857J School fees less discounts 2,602.046 2,387,500 BurSar￿S and award8 We￿ paid for a lotal of 11 pupiL8 f2022- 12). Within th￿ means lesled bur5anes lolalling £50.960 were paid to 11 pupils (2022- £45,36510 12 pupils). This figure Includes freè places of £12,658 (2022." £NilJ which are means tested and awarded to 2 (2022- none) pupils this year. Included wi(hin gros8 School fees is an amount of £190,259 (2022- £149.452J in relation to govemm8nls grants re￿ived. In 2022 all of the total income from school fees receivable was to Un￿strICted funds and £Nil lo restricted funds. Page 22 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Income frorn charitablè Idivities - Ancillary tradlng 2023 2022 Music luilion School outings and clubs Learning support Swmming income 2,389 135,066 68,828 8.135 4,822 1,758 3.030 250 2.087 709,370 65,516 12,863 9.346 3,532 2.8(10 SFRS School shop and sundry irKorne Registration fees Retained deposits 224,278 207, 114 In 2022 all of the total income from aneillary trading income was to unrestrtded fvnds and £Nil to reslricled funds. Income from Non-an¢lllary trnding activiti8s Unrestricted fund3 2023 Total funds 2023 Total runds 2022 Other aclivilie$ Trading income- Berkhampstead S¢hwl (Day Care Nursery) Limited 3,143 3,143 3, 195 1,276,931 1.276.931 1,071,811 Total 2023 1,280,074 1,280,074 1.075,CQ6 Total 2022 1.075,LKt6 1.075,LX In¢ludod within lumover is an amount of £182,143 (2022.. £157, 100) in ￿latIon lo governments grants received. Page 23 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA cornpany limited by guarant￿) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Exp•nditure on raising funds - Tradlng actlvltlo$ Unrestricted fund5 2023 Total funds 2023 Total funds 2022 Other costs Staff costs Depreciation 291,294 809,451 16,315 291.294 809,4S1 16.31S 265, 172 688.535 19,164 Total 2023 1,117,1%0 1,117,060 972,871 Total 2022 972,811 972,811 Financing costs Unrestri¢ted funds 2023 Total funds 2023 Total fvnds 2022 Bank loan interest Bad debts 9.281 10,893 9,281 10,893 53.275 (4,045) Total 2023 20.174 20,174 49.230 Total 2022 49,230 49,230 Page 24 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. Analysls of expendlture on charitable actlvltles Summary by fund type Unrèstrlcted Restrlcted funds fund$ 2023 2023 Total 2023 Total 2022 Teaching costs WeNare Premises Support and g0Veman￿ costs 1,582.504 247,016 655,696 517,501 478 1.582.982 247,016 665,696 618,648 1,488. 790 247,920 418.495 505.718 1,147 Total 2023 3,002,717 1.625 3.004,342 2. 660.923 Total 2022 2.660.624 299 2.660.923 Summary by expenditure typ Staff costs Depreclatlon OtheT costs 2023 2023 2023 Total 2023 Total 2022 Teaching costs Welfare 1.483,701 99,281 247,018 423,222 232,212 1,582.982 247.016 665,696 518,648 1.488. 790 247,920 418,495 505.718 Premises 106,583 286.436 125,891 Support and governance costs Total 2023 1.876.720 125.891 1.001.731 3,004.342 2,660,923 Tot812022 1, 741,575 131,581 T87,827 2,6SO, 923 Support cost8 for sehooling includes IT, administration co$l$, and governance costs. Governance costs lotallin9 £22,583 (2022 - £38, 694) eonsisl of Inspection c05t5 and Professional fees (including auditors fees of £12.375 lor the year). Page 25 8ERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company limlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11. Audltor's rnmuneration 2023 2022 Fees payable to the School's auditor for the audi( of the School's annual accounts 10,450 Fees payable lo the School's auditor in respect of.. The auditing of accounts of Ihg subsidiary of tho School All non-audil Se￿iceS not induded above 1.925 4,770 1. 750 3,990 12. Staff costs Group 2023 G￿up 2022 Company Company 2023 2022 Wages and salaries Soc¢al securty costs Pension costs 2,263,401 192,426 230,344 2,040,888 163,376 227, 786 1,522.749 142,184 211,787 1,405,258 123,528 212, 729 2.686,171 2,430,050 1.876.720 1. 741.515 During the peritra there weie lèmiination payments made of £Nil {2022 - £1.730). Nil remained oulslanding at year end. The average number of person$ employed by the Company during the Year was as follows.. Group 2023 No. Gn)up 2022 No. Teaching Day Nursery Administration 47 44 38 13 14 104 95 Page 26 8ERKHAMPSTEAD SCHOOL {CHELTENHAM} TRUST LIMITED IA company Ilmltfjd by guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 12. Stsff costs Icontlnued) The number of employees who88 employee benefits (excluding employer pension costs) oxceoded £60,000 was.. Group 2023 No. Group 2022 No. In the band £60,001 - £70.000 In the band £90,001- £100,000 In the band £100,001- £110,000 The total employee benefits of the key management personnel totalled £290,362 (2022- £228,290J. 13. Govemors. remun•r•tion and expanses During the year the school paid onè of the Govemors, G Agg E2,970 (2022- £1,500) for professional servKes provided lo the School. Four Govemors (2022.. Two) had chiklren at the School during the year. One Governor received a staff discount as a result of a spouse working al the School. Al the year end fees lolalling £1.922 (2022." £551) were due from 2 Governors and an amount of £51 was owed to 1 Govemor for fees pa￿ in a(fvance (2022.. £3,965). In the prior year one of the Senior Management Team also had Children al the Schcol during the year. Al the year end fees lotalling £Nil were due from the staff (2022. £834J. The Governors and SMT paid fees under normal commercial term8 and all fee discount8 were awardfjd on an arms-lenglh basis. During the Year ended 31 August 2023, no Govemor expenses have been incurred (2022- £NIL). Page 27 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmited by guarant8el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 14. Tangible fixed assets Group L•a$ehold Improve- mènts Fixtures Motor and Computer Vghi¢les gquipmenl equipment Freehold property Total Cost At 1 September 2022 3.377.118 Additions Disposals 126.742 72,789 596.116 77,116 {17.4941 154.721 4.327,486 46,149 123,265 {28.3871 {60,2261 {14.3451 At 31 August 2023 3,377.118 112.397 72,789 655,738 172,483 4.390.626 Depreciation At 1 September 2022 Charge for the Year On disposals 1.077,272 72.978 116,397 2,584 114,3461 67,573 2,608 365,045 42,331 114,4571 99.508 21,796 128,315} 1.725.795 142,297 {57,1181 At 31 August 2023 1.150,250 104,635 70,181 392,919 92,989 1.810,974 Net book value At 31 August 2023 2,226,868 7,762 2,608 262,819 79,494 2.579.551 At 31 August 2022 2,299,846 10,345 5,216 231.071 5&213 2,601,691 Pa9e 28 BERKHAMPSTEAD SCHOOL ICHELTENHAM) TRUST LIMITED IA company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 14. Tanglble flxed assets Iconllnuodl Company Freehold property Motor Fixtures and vtrhlcles equipment Computer equipment Total Cost At 1 September 2022 Addrtions Transfers inlfa group Di$wals 3.377.118 72.789 518.581 34,352 13.0021 14.1931 148.533 44,829 4,117,021 79,181 13,0021 130.8461 126,6531 Al 31 August 2023 3.377,118 71789 $45,738 166,709 4.162.354 Depr•¢lJtlon At 1 September 2022 Charge for the Year Transfers intra group On disposals 1,OTI.272 72,978 67,573 2,608 314,586 30.074 16671 {2.4901 93,872 20,989 1,553,303 126.649 16671 {29,0711 126.$811 At 31 August 2023 1,150.250 70,181 341,503 1.650.214 Net book valu• At 31 August 2023 2,226.868 2,608 204,235 78.429 2,S12,140 At 31 August 2022 2,299,846 5,216 203.995 54,661 2,563, 718 Page 29 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A Company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 15. Fixed asset investmènts Investments In subsidiary companies Company Cost or valuation At 1 September 2022 100 At 31 August 2023 100 Principal subsidiarle$ The following was a Subs￿lary undertaking of the Company and has been Includ￿ in the consolK18lion'. Name Company number Regl8tered office or princlpal place of busln•$s Princlpal activity Share holding BerkhamwJtead Sthc*)5 (Day 07805292 Nurseryl Limited Berkhampstead School, Pittville Circus Road. Chellenham, Glouceslershire, GL52 2QA Day nursery 100% Ordinary The financial resuhs of the subsidiary for Ihe year were.. Namo Incomo Expendlture Proftt for the year Net Ilabilities Berkhampslead School (Day Nursery) Limrted 1.276,931 11.255,8281 21,103 12,1751 Included within turnover 1$ an amount of £182.143 (2022 - £757. ILKI) in relation lo govemments grarrts received wrth regards to fees. AdministralNe expenses include rent lotalling £60,000 12022 - £53,232) and a management charge of £78,768 (2022- £77,940) paid lo Berkhampslead School Ichellenhaml Trust Limrted. A grfi aid payment of £Nil (2022 - £59,309) was made lo Berkhampstead School Ichetienhaml Trust Limrted. Al the year end Berkhamp$tead School (Day Care Nursery) Lirniled owed 8erkhampslead Schwl Chellenhaml Trust Limited £84.475 (2022- £39. 112)- Page 30 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmltod by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 16. Debtorn Group 2023 Grt)up 2022 Company 2023 Company 2022 Trade debtors Amount$ owed by group undertakings Other deblors Prepayments and accrued income 47.350 44,836 39.016 284.475 42.310 39.112 t. 188 55.203 6.969 117A58 3,892 67,833 102.645 171.777 116.567 426.976 137.813 Fee debtors are ststed after Impalm￿nI provisions tolalling £23,178 (2022.. £34,347). Page 31 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. Credltors: Amounts falllng due wlthln one year Group 2023 Gmup 2022 Company 2023 Company 2022 Bank loans Trade creditors Other laxalion and social securty Pension cieditor Fees paid in advance Deposits Accruals and deferred income 83,067 92.147 47.280 19.315 252.866 110.245 104.007 899,966 111,596 39,298 19,176 179,428 105,872 60,412 83,087 63.4S9 35.519 16.046 230,782 39,857 91.643 899,966 79,391 32.760 18,118 161.556 38.757 47,440 708,927 1,415, 748 560,373 1,277.988 After the 2022 year end 3 bank loans were repaid in full. totalling £818,973. The repayments ￿tre therefore aged as amounts falling due wrthin one year in 2022. Fees in advance represent payment for school and nursery fo85 relating to terms within the 2022r23 financial year, Movements during the year were.. Group 2023 Gmup 2022 Company 2023 Company 2022 Fees paid In advance Balance al 1 September Resources deferr8d during the year Amounts released from previous years 189.877 189,877 161,556 252,866 179,428 230,782 1189.877> (189.877) 1161,5561 768.525 161.556 1168,525) Balan￿ at 31 August 252.866 179.428 230.782 161,556 Page 32 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guarant•&) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 18. Credltors". Amounts falling du• •fter more than one year Group 2023 Group 2022 Company 2023 Comp8ny 2022 Bank loans 425,667 504,085 425.067 504,085 Included within the above are amounts falling due as follows.. Group 2023 Group 2022 Company Company 2023 2022 Between one and two years Bank loans 85.231 83.066 85.231 83,066 Between two and flve years Bank loans 146.363 210.831 146.363 210,831 Over five yearn B8nk loans 194,073 210. 188 194.073 210,188 The a99￿gate amount of liabilities payable or repayable Whol￿ or in part more than five years after the reporting dale is.. Group 2023 G￿uP 2022 Company 2023 Company 2022 Payable or repayabk by instalments 194,073 210, 188 194,073 210, 188 The School h88 six (2022.. nine) loans. three (2022.. Iwel are fixed rate loans and three 12022.. four) are variablè rale loans. The first has 8 fixed interest rale of 3.71% for len yeafs. the second has a fixed rate of 3.90Dh for 12 years, the third has a fixed rate of 3.770A lor 12.5 years. The three variablo rale loans hav& inleresl rates of 1•h and 1.95°h over the base rate. The loans are secured by means ol a legal mortgage over the freehold property known as Pengwem House. Pittville Circus Road, Chellenham, GL52 20A and Berkhamp81ead School Ichellenhaml Trust Limited, Pittville Circus Road, Cheltenham, GL52 2QA. There is also an unlimrte(I debenture incorporating a fixed and floating charge. Page 33 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST UMITED IA company Ilmltgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 19. Statèment of funds Statement of funds - current Y•ar 8alance at 1 S8ptember 2022 Balance at 31 August 2023 Transf8rs inlout Incom8 Expgndituro Unrostricted funds Deslgnated funds Govemors Bursary PTA fund 8.878 29,505 18,878 23.756 {29.0351 12.000) 38.383 14.878 129,0351 12.0001 22.226 General funds General fund- Day Nursery General fund - School Eliminated on consolidation 123,3781 1,276,931 2,154,457 2,977,212 1138.768} 11.265,8281 12,993,856) 138,768 12,2751 2.139,813 2.000 2.131,079 4,115,375 14,110,916) 2.000 2,137,538 Total Unr8strlcted funds 2.169.462 4.130.253 {4.139,9511 2.159,764 Restricted funds Science Equipment Fund Staff Entertainment Fund 500 1.147 14781 (1.1471 22 1.647 11,6251 22 Total of funds 2.171.109 4.130.253 {4,141,576) 2,1 $9,786 Page 34 BERKHAMPSTEAD SCHOOL ICHELTENHAM} TRUST LIMITED {A company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 19. Statement of funds Icontinued) Statement of funds- prlor Yaar Balance al 7 September 2021 Balanc8 al 31 Augusl 2022 Tftnsfe in/out Income Expendrture Unrestricted funds Dèsignatgd funds Govemors Bursary PTA fund 8.878 34.393 8,878 29,505 26,118 (30,208) f798J 43,271 26.118 (30,208) (798) 38.383 General funds General furKI- Day Nursery General fund- School Eliminated on consolidation 68.763 2.044.923 1.071.817 (1, 763,352) 2. 788,382 (2. 679, 646) (190,481) 190,487 (23,378) 2, 154,457 798 2, 113,086 3, 669. 712 (3, 652,517J 798 2. 131,079 Total Unrestrictod funds 2,156.357 3,695,830 (3,882.725) 2, 169,462 Restricted funds Science Equipment Fund Staff Entertainment Fund 1,446 (299J 1, 147 1,946 (299J 1,647 Total of funds 2. 158,303 3. 695.830 (3,683,024) 2, 171, 109 Page 35 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 19. Statement of funds l¢ontlnued The Govemors Bursary fund provides fee reM￿s1On for chiklren wher8 n88d k8 id8ntifigd. The PTA fund Is monie5 raised by the PTA for use within the school. The transfer in the year relates lo fixed assets purchased with PTA fund monies and the prior y6ar relates lo 8 correction lo expenditure in the prior year. The scien￿ Equipment fijnd is a donation to provide for science materials. The Staff Entertainment fund 15 a dOnat￿n lo be spent on the Staff. Summary of funds Summary offunds- currnnt Year Balance at 1 September 2022 Balance at 31 August 2023 Transfgrs Inlout Income Expenditure Designated funds General funds Restricted fun¢Js 38,383 2.131,079 1,647 14,878 129,0351 4.115.375 14.110.916) 11,6251 12,0001 2,000 22,226 2,137.538 22 2,171,109 4,130.253 14,141,576) 2.159.786 Summary of fund3- prior Y•ar Balance al 1 September 2021 Balance al 31 Augusl 2022 Trnnsfefs i￿out Incon￿ Expendrture Designated funds General funds Restricted funds 43.271 2, 113.086 1,946 26.118 (30.208J 3.669. 712 (3.652.517J (299) f798) 798 38.383 2, 131,079 1,647 2. 158.303 3, 695,830 (3,683,024) 2, 171, 109 Page 36 BERKHAMPSTEAD SCHOOL ICHELTENHAMI TRUST LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 21. Analysls of ngt assets between fvnds Analysls of ngt a$$gls ba￿80n funds - currgnt year Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Tangible fixe