Berkhampstead School (Cheltenham) Trust Limited (A company limited by guarantee) Governors, Report and Financial Statements Year Ended 31 August 2024 Registered company number: 01136229 Registered charity number: 325018
Berkhampstead School (Cheltenham) Trust Limited Contents Page Reference and administrative details of the Company, its Governors and advisers Governor's report Independent auditor's report 8- 11 Consolidated statement of financial activities 12 Consolidated balance sheet 13 Company balance sheet 14 Consolidated statement of cash flows 15 Notes to the financial statements 16-35
Berkhampstead School {Cheltenham) Trust Limited Reference and administrative details of the Company. its Governors and advisers for the year ended 31 August 2024 Governors Mr S J Ackland 2.3 Mrs G Agg Mrs J Bowden Mr C M Collier, Mr P S Connaughton (resigned 13 May 2024) Mrs D M Cox 1.6 Mrs C France {appointed 28 September 2023) Mr D Freer (resigned 8 December 2023) Mr M A Kirby (Chair) ' Mrs C B Martin Mr A C Roberts Mr J E Walton 4.5 Mrs S E Williams (appointed 23 May 2024) 1 denotes membership of Finance and General Purposes Committee 2 denotes memberships of Health and Safety Committee 3 denotes membership of the Compliance Committee 4 denotes nominated Safeguarding Governor 5 denotes membership of the Education Committee 6 denotes membership of the Day Nursery Committee Company registered number 01136229 Charity registered number 325018 Registered office and Principal address Berkhampstead School Pittville Circus Road Cheltenham GL52 2QA Bursar and Company secretary Mr T Denmead Headmaster Mr R Cross Independent auditor Hazlewoods LLP Staverton Court staverton Cheltenham GL51 OUX Bankers Lloyds Bank PIC 130 High Street Cheltenham GL50 1EW Solicitors Sherbomes Solicitors 4 Royal Crescent Cheltenham GL50 3DA
Berkhampstead School {Cheltenham) Trust Limited Governors, report for the year ended 31 August 2024 The Governors present their annual report together with the audited financial statements of the group and the company for the year ended 31 August 2024. The Governors confim that the Annual Report and financial statements of the company comply with the current StatLrtory requirements, the requirements of the company's governing document and the provisions of the Statemenl of Recommended Practice ISORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015). STATUS AND ADMINISTRATION Berkhampstead School Icheltenham) Trust Limited is a charty wrthin the meaning of the Charities Act 2011 and has been entered on the Central Register of Charities (number 325018}. It is incorporated under the Companies Act 2006 {number 01136229) as a company limited by guarantee and not having share capital. It is governed by its Memorandum and Articles of Association and was incorporated on 26 September 1973. CHARITABLE OBJECTS The objects for which the charity is estsblished are to promote and provide for the advancement of education and in connection therewith to conduct, carry on. acquire and develop in the United Kingdom any boarding or day school for the education of children. PRINCIPAL ACTIVITY The principal activity of the School continues to be the provision of a well-rounded education to both boys and girls 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 overview of the trust's operations, including the management of the Day Nursery, is undertaken by the Executive Headteacher, with assistan from the Senior Leadership team consisting of the Headteacher, Director of Day Nurseries and Bursar. The day to day running of the Trust's activities is undertaken by the Headteacher, with the assistance of the administrative slaff. The Bursar co-ordinates the financial and administrative work of the School and manages any building and maintenance work in conjunction with 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 basis. Remuneration is set by the Board of Governors, With the policy of ensuring appropriate salaries to encourage enhanced performance and, in a fair and responsible manner, rewarding for individual contributions to the School's success. GOVERNORS The Chair of Governors is Mr Martin Kirby, who has a long-standing relationship with Berkhampstead School by way of ex parent and fomier Chair of the Finance and General Purposes Committee. The Goveming Body continues to strongly support the School. Governors attend courses and seminars to ensure that they are fully informed with regard to Govemance and work closely with the senior management and teaching staff supporting and challenging their work at all times. The Full Board is informed and supported by four main Committees.. Compliance, Finance and General Purposes, Education, and Day Nursery. who meet at least once a temi. Named Governors are allocated responsibilrty for monitoring Health and Safety and Safeguarding.
Berkhampstead School (Cheltenham) Trust Limited Governors, report for the year ended 31 August 2024 The Governors are aware of the new Charty Governance Code issued in July 2017. A review will be undertaken of the guidance in order to 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. Berkhampstead School (Day Care Nursery) Limited. The trading activities ofthe subsidiary consist of the provision ofa day nursery. Annual profits will be donated to the School under the Gift Aid Scheme where appropriate. Transactions between these entities are detailed within Note 14. BOARD POLICY AND PUBUC BENEFIT AIMS The board policy continues to put excellence in both teaching and learning as the prime strategic objective. We consider that this is brought about by providing an environment where every child is known and cared for in happy and fun surroundings. Effort and achievement in all areas are encouraged and recognised. Governors appreciate the importance of the very high standard of pastoral care that Berkhampstead continues to provide so that the children are supported in every way throughout their time in the school. Berkhampstead is a "feeder schoof, for a variety of secondary schools both in the maintained sector and independent schools. The teachers provide advice and guidance so that the pupils are able to transfer confidently to the school of their choice. Several pupils gain places at local grammar schools and others achieve awards at independent schools. There is a large variety of after school clubs and activities so that the children can develop individually in areas outside the main curriculum. Throughout the school participation is encouraged in Music, Drama, Art and Sport. In administering the charity, the charity Governors have complied with their duty in section 17 of the Charities Act 2011 and have paid due regard to the published Charity Commission guidance on the operation of the Public Benefrt requirements. The School continues to allow its facilities to be used by local organisations for musi¢, yoga, chess and local speakers. REVIEW OF ACTIVITIES AND ACHIEVEMENTS Berkhampstead School had another successful year academically under school the new management structure, consisting of an Executive Head (Richard Cross). Headteacher (Michelle Bareham), Bursar {Tom Denmead} and Director of Day Nurseries {Mollie Dodds), effective fom 1 September 2023. One of first challenges under the new structure was a routine regularly visit fom the ISI inspection team in November 2023. The school's previous inspection was in December 2019, where the school received an 'Outstanding' in all areas. Under the new inspection framework. ISI do not provide grades however, all standards were confidently met and the school received some exceptional comments in the report. Following this excellent inspection. we are aware that there is no room for complacency in any area of School life and it will continue to strive for excellence across the board. It was another successful year academically with Year 6 having excellent outcomes with 14 children being offered Grammar school (out ofthe 19 children that took the test), along with 15 scholarships also being offered within the year group of 31 pupils. In the end 11 Grammar school places were accepted, 15 headed to independent schools and 5 havejoined the local academies. These outcomes ofthe Year 6 pupils highlight the school's ability to best prepare the children for their next steps in education, whilst also catering for a wide range of individuals as shown by the variety of educational establishments the children are moving onto. Furthemore, with 15 scholarships being offered this year, it is clear to see that the academic, sport. drama and music experiences offered at Berf(hampstead School allow the children to flourish and have further opportunities to excel in their nexi setting. Whilst the academic success of the school is certainly regularly acknowledged and celebrated, the School regularly promotes and celebrates the achievements of those who participate and excel in other areas of school life and outside in the local communty.
Berkhampstead School (Cheltenham) Trust Limited Governors, report for the year ended 31 August 2024 The School continues to take pride in the excellent qualty 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 learning. The School has retained the Mental Health Champions accredrtation and Gloucestershire Heatthy Living and Leaming Award, both for anotherthree years. The sporting successes have again been very good. and the school punches above rts weight in terms of winning at fixtures against other schools. Sport continues to be an important aspect of school life, with everyone from Years 3 to Year 6 taking part in matches. and there were numerous sporting clubs across the school. There were regular musical perfomiances during this school year. As well as temly, in-house recitals showcasing musicians of all abilities, there were Christmas nativtties and services, the Spring Concerts (which was held at the impressive Cheltenham Town Hall this yearl and the Summer productions. The Harvest Festival and the Easter Service at All Saints, Church also showcased music at Berkhampstead School. All of Year 6 perfomied in their Summer production. 'What a Knight, and the majority at the leavers, recital at the Parabola Art Centre. An abundance of music clubs were offered in the Autumn and Spring temis. The enrichment programme of activities and visits continued to be diverse and stimulating adding a valuable dimension to the children's leaming. Some of the many visits included a trip to the Cotswold Wildlife Park for Kindergarten, Bristol Aquarium for Year 1. Warwick Castle for Year 2, and a visit to the Everyman Theatre to watch a production of 'Mother Goose. for Year 1 and Year 2. Year 3 visited the Chedworth Roman Villa and Year 4 had a look around Chepstow Castle and an Income Gaming trip. Year 5 and 6 had residential trips to Viney Hill. There were also muttiple workshops run for the children in the year including an African Drumming and Dance. Music Hands and a Great Fire of London workshop. The pupils have been encouraged to become involved in various fundraising activities. Voted by the School Council, the two main charities for this yearwere the Rainforest Alliance and Emily's Gift. The School Eco Committee delivered on a number of initiatives during the year ranging from an Air Quality Education project and Big Walk and Wheel survey. Lttter picks and recycling projects are a regular occurrence, and the Prep and Pre-Prep committees grew plants to sell at the Summer Fete. Children all over the school were encouraged to take part in the 'Berky Eco Pledge,, and quite 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 retuming to the School for excellent canapes and refreshments provided by our ¢atenng providers. Pupil numbers were extremely strong at the end of the year. 42 were in Kindergarten, 77 in the Pre- Prep and 143 in the Prep department. There were also 157 children on role at the Day Nursery, leading to a total of419 children attending erther Berkhampstead School or the Day Nursery, an increase of12 since the prior year, and 19 since the Summer 2022 term. The number of enquiries ha5 been very positive throughout the year. Follow up of initial enquiries and subsequent visils have been carefully monitored. The Open Days Continued on an appointment only basis and proved to be popular events. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Net loss for the year totalled £173,605 {2023= £11,323). The consolidated unrestricted general fund of the group at 31 August 2024 was £1,986,15912023'. £2,159,764). In addition, the balance offunds upon which restrictions have been placed by donors is £22 (2023.. £22).
Berkhampstead School (Cheltenham) Trust Limited Governors, report for the year ended 31 August 2024 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 to consider ways of optimising the space available for the pupils. The School was in a strong p051tion financially to carry out key work over the course of the year. In January 2024, the front car park and entrance was reconfigured and refUished to make the School safer and much more welcoming experience for the children and parents. Over Ihe summer holidays, the toilets in the Prep and Early Years were refurbished and the planning and preparation of the new playground at the Pre-Prep began. wtth the completion date of December 2024. The Day Nursery continues lo thrive and is a happy and safe environment for the children. The number of children transferring either to Berkhamp5tead Kindergarten or to Reception at a later age has remained high and exceeds expectations. The Nursery has become more integrated into the main School and the children are often included in activrties such as music. French and sport. They have access to all the School indoor and outdoor faciltties for their activtiies and concerts. In March 2024, Berkhampstead School successful completed on the purchase ofa second day nursery in Cheltenham. The location of this new day nursery is in Charlton Kings, on the corner of Copt Elm Road and London Road. The area is home to many families, with limited options for childcare for children under five years old in this area of Cheltenham. The building itsetfwas formerly a family home before being used as a medical centre and is Grade11 listed, sharing similarities to the Pre-Prep School building located in Pitfville Circus. Works on the building were completed in December 2024 and we welcomed our first children in January 2025. The active PTA has continued to raise funds throughout the year by means of the operation of the second-hand unifomi shop. PTA events included Bonfire night, the Christmas Fayre, Coronation lunch and the Summer Festival. FUTURE PLANS Following the works at our new Day Nursery site in ChaTfton Kings, the refurt)ishment of the Pittville Circus Day Nursery is planned. Improvements to the Pre-prep including refurbishment of the front and sides of the building {the works to the rear were completed in August 2023). dining room and bay window and art room. The creation of a new access point befvrfeen the Pittville Circus Day Nursery and the Kindergarten will help collaboration between the hvo departments. The GymlHall in Prep will be replaced wrth a more modem building to accommodate drama and music perfom)ances. RESERVES POLICY The Governors aim to build up the free reserves of the Trust to ensure that these are sufficient to cover recurring expenditure in the short term to allow for possible loss or delays in respect of incorne. In common with most Independent schools Berkhampstead has negative free reseNes. At 31 August 2024. the total unrestricted reseNe was £1.986,159 (2023.. £2.159.764} with fixed assels valued at £4,345,051 {2023.. £2,579,551) resulting in negative free reserves of £2,358,892 (2023= £419.7871. In recent years the Governors have invested signrficant sums in improvements to the School facilities which have attracted pupil numbers. in addition to purchasing a new building for a second day nursery. School improvements and the acquisition of the new day nursery building have been funded by long temi loans secured on the freehold property. At 31 August 2024. £1.968,613 (2023. £194,073} was due in over 5 years, time.
Berkhampstead School (Cheltenham) Trust Limited Governors, report for the year ended 31 August 2024 INVESTMENT POLICY Under the direction of the Goveming Body, investment of the School's fvnds may be applied in any of the following= Land or Propety whether freehold or leasehold. Investments in which the Governing Body feel appropriate, considering any risk which may be involved being at a minimum. The improvement or development of property belonging to the School. The approval of this policy, and any amendments to it, are a matter reserved for the Governing Body. The policy will be reviewed at intervals of no more than two years. The Governing Body has delegated responsibilty and authority for the monytoring of the perfonnance of investments to the Finance and General Purposes Committee. For the purpose of this policy, the term 'investment' is regarded as the purchase, holding and sale of Investments with a view to achieving a return, by way of income andlor capital growth, with 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 'investment' and tt is recognised that keeping funds in Bank accounts in the longer term will a5most certainly lead to erosion of real Capital values. Long and short-term objectives: The long-temi investment objective of the School is to protect the real value of the School's invested Capital by reference lo the Retail Price Index (RPI) and to produce real growth in net investment income arising therefrom without undue risk. The short-term objective is to achieve the long-term objective wtthout undue fluctuations year by year in the income arising from investments. Qualifying investments and criteria are established by the Goveming Body. The investments shall be those in which the Goveming Body are pemitted to invest by Law. RISK MANAGEMENT All committees are charged with the need to review risk and to check school policies that affect them specifically. All committee-level risk registers inform the Board Risk Register which is an agenda item at all board meetings. The Govemor with responsibility for Health and Safety has continued to meet with the Bursar and Estates Team each term and report to the Governing body. Financial performance is compared to budgets, which are prepared on an annual basis, for each of the three temis in the year and for the year as a whole. The Finance and General Purposes Committee meets regularly to discuss financial performance and fLrture funding requirements. The Chairman of Governors meets the Executive Headmaster regulady and also the Bursar when possible. The Compliance Committee, Finance and General Purposes, Education and Day Nursery Committee report lo the Full Board. This structure has proved effective in enabling the Governors to meet their obligations. Reports from external agencies providing expertise in areas such as water. fire safety and asbestos management continue to be sought, acted upon and signed off. PRINCIPAL RISKS AND UNCERTAINTIES The 3 Principle Board Risks are the continuing impacts of Brexit and other economic such as inflation creating the cost of living crisis, staff retention in key positions and the recent change in government which is leading to the introdudion of VAT on Independent School fees and the loss of business rates relief.
Berkhampstead School (Cheltenham) Trust Limited Governors, report for the year ended 31 August 2024 GOING CONCERN Governors have assessed the financial posrtion of the School and its subsidiary and whilst there are significant potential financial pressures on the independent education sector associated with the impact of a change in govemment leading to the VAT being applied 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 Day Nursery continues to have a waiting list for places and this trend should continue into the future. The Govemment have also committed to increase funding for parents with young children. FurtheThore, we are pleased to open our second Day Nursery from 2nd January 2025, and this has made an encouraging start. STATEMENT OF GOVERNORS. RESPONSIBIUTIES The Governors (who are also directors of Berkhampstead School {cheenham) Trust Limited for the purposes of company law) are responsible for preparing the Govemors, Report and the financial statements in accordance with applicable law and United Kingdom Arxounling Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable group for that period. In preparing these financial ststements, the governors are required to.. select suitable accounting policies and then apply them consistently., obsetve the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable group wll continue in operation. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions, disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for Ihe prevention and detedion of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Govemors at the time when this Governors, report is approved has confimied that. so far as that Governor is aware. there is no relevant audit information of which the charitable Group's auditor is unaware. and that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any relevant audit infomiation and to establish that the chantable Group's auditor is aware of that infomiation. AUDITOR For the financial year ending 31 August 2024. Hazlewoods LLP has been appointed as the external auditor, succeeding Crowe U.K. LLP. The Governors appreciate the dedicated service of Crowe U.K. LLP and look forward to working with Hazlewoods LLP. Approved by order of the members of the board of Governors and signed on their behalf by.. MrMAKirby_ Chair of Governors Date".
Berkhampstead School (Cheltenham) Trust Limited Independent auditors, report to the members of Berkhampstead School Icheltenham) Trust Limited for the year ended 31 August 2024 Opinion We have audited the financial statements of Berkhampstead School (Chettenham) Trusl Limited by ("the Parent Charitable Company") and its subsidiaries ('the Group") for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial ststements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including Financial Reporting standard 102 The Financial Reporting Standard applKable in the UK arpd Republic of Ireland and the Charities SORP IFRS102}. In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the Parent Charrtable Company's affairs as at 31 August 2024 and ofthe Group's 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 prepared in accordance with the requirements of the Companies Act 2006 and the Charities SORP {FRS102). Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) IISAS (UK)) and applicable law. Our responsibililies under those standards are further described in the Auditor's responsibilrties for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance wtth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have futfilled our other ethical responsibilities in accordance with these requirements. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions lating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identthed any material UnrtaIntIeS relating to events or conditions that, individually or collectively. may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other infomation. The other infomiation comprTses Ihe informalion included in the Reference and Administrative details, Trustees, Report and the Governance Statement, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the exient otherwise explicrtly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent 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 material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. If, based on the work we have performed. we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
Berkhampstead School (Cheltenham) Trust Limited Independent auditors, report to the members of Berkhampstead School {Cheltenham) Trust Limited for the year ended 31 August 2024 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the govemors, report (incorporating the strategi¢ report and the directors, report) for the financial year for whi¢h the financial statements are prepared is consistent with the financial statements- and the strategic report and the directors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of Group's and the Parent Charitsble Company and its environment obtained in the course of the audit, we have not identtfied material misstatements in the strategic report and the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion. adequate accounting records have not been by the Parent Charitable Company. or returns adequate for our audit have not been received from branches not visrted by us., or the Parent Charitable Company financial statements are not in agreement with the accounting records and returns- or certain disclosures of directors, remuneration specrfied by law are not made., or we have not received a51 the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement ofTrustees' Responsibilities, the trustees (who are also Ihe directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Group's and the Parent Charitable Company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis ofaccounting unless the governors either intend to liquidate the Charitable Company or to cease operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assuran about whether the financial statements as a whole are free from material misstatement, 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 15 not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS deted a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below..
Berkhampstead School (Cheltenham) Trust Limited Independent auditors, report to the members of Berkhampstead School (Cheltenham) Trust Limited for the year ended 31 August 2024 We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the operations ofthe company. We determined that the most 5igntfi¢ant laws and regulations included UKGAAP, UK Companies Act 2006 and taxation laws., We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included Challenging assumptions and judgments made by management in its significant accounting estimates and identifying and testing joumal entries, in particular any journal entries posted with unusual characteristics. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulalion. Thi5 risk increases the more that ComplianwIth a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and mainlain professional scepticism throughout the audit. We also= Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Charitable Company's intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the governors, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast signrficanl doubt on the Charitable Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or. if such dis¢losures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtsined up to the date of our auditor's report. However, future events or conditions may cause the Charitable Company to cease to continue as a going concem. Evaluate the overall presentation. structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other matter5, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 10
Berkhampstead School (Cheltenham) Trust Limited Independent auditors, report to the members of Berkhampstead School {Cheltenham) Trust Limited for the year ended 31 August 2024 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 the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Date . 0310212025 Scott Lawrence FCA DChA (Senior Statutory Auditor) For and on behalf of Hazlewoods LLP. Statutory Auditor Staverton Court Staverton Cheltenham GL51 OUX
Berkhampstead School (Cheltenham) Trust Limited Consolidated statement of financial activities (including summary of income and expenditure account) for the year ended 31 August 2024 Note Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 INCOME FROM Charitable activities- School fees Ancillary trading income Donations and legacies Non-ancillary trading income 2.755.924 277.060 27,765 1.484.031 2,755,924 277,060 27.765 1,484,031 2, 602,045 224,278 23, 856 1,280,074 Total Income 4.544,780 4,544,780 4, 130,253 EXPENDITURE ON Raising funds.. Charitable activities Trading activities Financing costs 3,381.994 1,250,779 85,612 3,381,994 1,250,779 85,612 3, 004, 342 1, 717,060 20,174 Total expenditure 4,718,385 4,718.385 4, 141,576 Net movement in funds (173,605) (173,605) (11,323) Reconciliation of funds Total funds brought forward 2,159,764 22 2,159,786 2,171, 109 Net movement in fund 1173,605 (173,605) (11,323) Total funds carried forward 1,986.159 22 1,986.181 2, 159, 786 The notes on pages 16 to 35 form part of these financial statements. 12
Berkharnpstead School (Cheltenham) Trust Limited Consolidated balance sheet for the year ended 31 August 2024 Note 2024 2023 FIXED ASSETS Tangible assets 13 4,345,051 2,579,551 CURRENT ASSETS Debtors Cash at bank and in hand 15 143.578 921,689 171, 777 543, 052 1,065,267 714,829 Creditors: Amounts falling due within one year 16 (951.438} (708, 927) NET CURRENT ASSETS 113,829 5,902 TOTAL ASSETS LESS CURRENT LIABILITIES 4,458,880 2, 585,453 Creditors.- amounts falling due after more than one year 17 (2,472,699) (425, 667) TOTAL NET ASSETS 1,986,181 2. 159, 786 Charity Funds Restricted funds Unrestricted funds 20 20 22 1,986,159 22 2, 159, 764 TOTAL FUNDS 1,986,181 2, 159, 786 The Governors acknowledge their responsibilities for comptying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial ststements We approved and authorised for issue by the Governors and signed on their behalf by.. Mr M A Kirby Chair of Trustees Date: S0.I.>5 The notes on pages 16 to 35 fomi part of these financial statements. Note 2024 2023 13
Berkhampstead School (Cheltenham) Trust Limited Company balance sheet for the year ended 31 August 2024 FIXED ASSETS Tangible assets Investments 13 14 4,285,682 100 2,512, 140 700 4,285,782 2,512,240 CURRENT ASSETS Debtors Cash at bank and in hand 15 116,393 746.348 426,976 208, 885 862.741 635, 861 Creditors: Amounts falling due within one year 16 1792,212) (560, 373) NET CURRENT ASSETS 70,529 75,488 TOTAL ASSETS LESS CURRENT LIABILITIES 4,356,311 2, 587, 728 Creditors.. amounts falling due after more than one year 17 12,472,699) (425, 667) TOTAL NET ASSETS 1,883,612 2,162,061 Charity Funds Restricted funds Unrestricted funds 20 20 22 1,883,590 22 2, 162, 039 TOTAL FUNDS 1,883,612 2,162,061 The Company had a net deficit for the year of £278,449 (2023 - deficit of £32.426}. The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Governors and signed on their behalf by.. Mr M A Kirby Chair of Trustees The notes on pages 16 to 35 fomi part of these financial statements. 14
Berkhampstead School (Cheltenham) Trust Limited Consolidated statement of cash flows for the year ended 31 August 2024 2024 2023 Notes CASH FLOWS FROM OPERATING ACTNITIES Net cash used in operating activities 23 536.052 195.457 Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 2,026 (1.914,957) 2. 768 (123,265) Net cash used in investing activities (1.912,931) (120,497) Cash flow from financing activities Loan repayments Loan proceeds Finance costs (83,635) 1,923,750 {84.599) (895, 317) (9,281) Net cash used in financing activities 1,755,516 (904, 598) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 378,637 543,052 (829, 638) 1,372,690 Total cash and cash equivalents at the end of the year 921,689 543, 052 The notes on pages 16 to 35 form part of these financial statements. 15
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 General information Berkhampstead School Icheltenham) Trust Limited 15 a registered charity with the Charities Commission England and Wales Icharrty number 325018) and was incorporated in England as a private company limited by guarantee (company number-. 01136229) on 26 September 1973. The address of ils registered office is Berkhampstead School. Pittville Circus Road. Cheltenham, Gloucestershire, GL52 2QA. It's principal activity is the provision of boarding and day schooling. The members of the company are the Govemors named on page 1. In the event of the School being wound up the liabilrty in respect of the guarantee is limited to £1 per member of the School. Accounting policies 2.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Chartties: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Berkhampstead School (Chejtenhaml Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilrties are inrtially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial Statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activilies in these financial statements. 2.2 Going concem The Governors have a reasonable expectation that the Group has adequate resources to Continue in operational existence forthe foreseeable future. For long term finance the School relies on bank loans. In assessing going concern the Governors have assumed that these bank loans will not be repaid in the foreseeable future and are not aware of any circumstances that may adversely affect these facilities. Governors have assessed the financial position of the School and its subsidiary and whilst there are significant financial pressures on the independent education sector associated with the impact of the pandemic, Brexit, energy prices, the effect of losing charttable status, the crisis in the Ukraine as well as increases to the national living wage, pupil and child numbers have increased beyond expectations and the level of interest in the School continues to impress. The Day Nursery continues to have a waiting list for places and thi5 trend should continue into the future. The Government have also committed to increased funding for parents wtEh young children. Furthermore, we are pleased to open our second Day Nursery trom 2nd January 2025, and this has made an encouraging start. After making appropriate enquires, the Governors consider that the Group and Company has adequate resources to continue in operational existence for the foreseeable future and it is therefore appropriate to continue to adopt the going concern basis in preparing the financial statements. 16
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 Accounting policies (continued) 2.3 Fund accounting General funds are unrestricted funds which are available for use at the discretion ofthe Governors in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted fundsthat have been set aside bythe Governorsfor particular purposes. The aim and use of each designated fund is set out in the notes to thefinancial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specÉfic fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 2.4 Income All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Fees and similar income Fees receivable are stated after deducting allowances, scholarships, bursaries and other remissions granted by the School, but include contributions received from restricted funds for bursaries. Where fees are in advance, the in¢om& is deferred until the temi to which it relates. Donations Donations are recorded in the Statement of Financial Activities when the School has entitlement to the funds, any perfonnance conditions attached to the items have been met, it is probable that the income will be received and the amount can be measured reliably. Where donations are received only to be used for a specific purpose they are allocated to the appropriate restricted fund. Non Ancillary Trading Income Income comprises the nursery fee income and other income generated by Berkhampstead School (Day Care Nursery) Limited. 2.5 Government grants Govemment grants receNed are credited to the Consolidated statement of financial activities as the related expenditure is incurred. 2.6 Expenditure Expendrture is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendtture is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned 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 to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. 17
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 Accounting policies (continued 2.6 Expenditure (continued) Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset Gan be measured reliably Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases= Freehold land and buildings Motor vehicles Fixtures and equipment 20A _ 330/0 Straight line 200/. 33.3 % straight line and 33.3 % reducing balance 50A- 33.3 % straight line and 25Q/o 33.3% reducing balance 2.8 Investments Investments in subsidiaries are valued at cost less provision for impaimient. 2.9 Operating leases Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease temi. 2.10 Debtors Trade and other debtors are recognised at the settlement 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 at bank and in hand includes cash and short-term highty liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.12 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefrt will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilrties are recognised at the amount that the Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 18
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 Accounting policies (continued) 2.12 Liabilities and provisions (continued) Provisions are measured at the best estimate ofthe amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount 15 recognised in the Consolidated statement of financial activities as a finance cost. 2.13 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instnjments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.14 Pensions The Group operates a defined contribution pension scheme for its administrative, domestic, teaching assistants and maintenance staff, the assets of which are held separately from those of the School. The pension charge represents the amounts payable by the Group to the fund in respect of the year. The School contributes to the Teachers. Pension defined benefits pension scheme. The scheme is a multi-employer scheme where it is not possible. in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS 102, the School accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of financial activities represents contributions payable to the scheme in respect of the accounting period. 2.15 Pupil deposits The Governors have reviewed the contract terms under which pupil fee deposits are held by the Group. Although under normal circumstances these will be repaid in future years when the pupils complete their education at the school. pupils can leave at earlier dates. The Group does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and in line with the requirements in FRS 102, the balance of deposits held at 31 August has been included within current liabiltties. 2.16 Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. or in the period of the revision and future periods if the revision affected current and future periods. In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilrties at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 19
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 Income from charitable activities - Fess receivable Total 2024 Total 2023 Gross school fees Less.. Bursaries Allowances 2,894,737 (79,274) (59.539) 2.715,978 (51,371) (62, 562) School fees less discounts 2,755,924 2.602,045 Bursaries and awards We paid to a total of 14 pupils (2023: 11). wrthin this means tested bursaries totalling £79.032 were paid to 14 pupils (2023.. £50,960 to 11 pupils). This figure includes free places of £11.995 (2023= £12,658) which are means tested and awarded to 4 {2023.- 2) pupils this year. Included within gross school fees is an amount of £241,030 (2023.. £190,259) in relation to governments grants received. In 2023 all of the total income from school fees receivables was to unrestricted funds and £Nil to restricted funds. Income from charitable activities- Ancillary trading 2024 2023 Music tuition School outings and clubs Learning support Swimming income SFRS School shop and sundry income Registration fees Retsined deposits 3,013 130,931 124,542 7,880 4,782 2,662 3,000 250 2,389 135,066 68, 828 8, 135 4, 822 1, 758 3, 030 250 277,060 224,278 Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 27,765 27,765 23, 856 Total 2024 27,765 27,765 23, 856 Total 2023 23,856 23,856 In 2023 all of the total income from ancillary trading income was to restricted funds and £Nil to restricted funds. 20
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 Income from non-ancillary trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 other trading activities Trading income- Berkhampstead School (Day Care Nursery) Limrted 3,376 3,376 3, 143 1,480,655 1,480,655 1,276,931 Total 2024 1,484,031 1,484,031 1,280,074 Total 2023 1,280,074 1.280,074 Included within turnover is an amount of £245,320 {2023.'182,143} in relation to governments grants received. Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Restricted funds 2024 Total 2024 Total 2023 Teaching costs Welfare 1.816.972 328,778 632,890 603,354 1,816,972 328,778 632,890 603,354 1, 582, 982 247,016 655, 696 518,648 Premises Support and governance costs Total 2024 3,381,994 3,381,994 3, 004, 342 Total 2023 3.002, 717 1.625 3,004,342 21
Berkhampstead School {Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 Analysis of expenditure on charitable activities (continued) Summary by expenditure type Staff Costs 2024 Depreciation 2024 Other costs 2024 Total 2024 Total 2023 Teaching costs Welfare Premises Support and Governance costs 1.723,042 93.930 328,778 335,563 1,816,972 328,778 632,890 1, 582, 982 247,016 655. 696 165.023 132.304 338.172 265,182 603,354 518,648 Totsl 2024 2,226,237 132.304 1,023.453 3,381,994 3,004,342 Total 2023 1.876, 720 125,891 1,QQ1,731 3,004,342 Support costs forschooling Includes IT. administration costs, and govemance costs totalling £25,798 (2023 £22,583) consists of inspection costs and professional fees (including auditors fees of £14,700 for the year). Expenditure on raising funds- Trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other costs Staff costs Depreciation 328.227 910,732 11.820 328,227 910,732 11,820 291,294 809,451 16,315 Total 2024 1,250,779 1,250,779 1,117,060 Total 2023 1,117,060 1,117,060 22
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 Financing costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank loan interest Bad debts 84,599 1,013 84,599 1,013 9,281 10,893 Total 2024 85,612 85,612 20,174 Total 2023 20.174 20,174 10. Auditor's remuneration 2024 2023 Fees payable to the School's auditor of the School's annual accounts Fees payable to the School's auditor in respect of: The auditing of accounts of the subsidiary of the school All non-audit services not included above 12,500 10,450 2,200 5,350 1,925 4, 770 11. Staff costs Group 2024 Group 2023 Company 2024 Company 2023 Wages and salaries Social securty cost5 Pension costs 2,625,021 236,527 275,421 2.263,401 192,426 230,344 1,796.908 174.862 254.467 1, 522, 749 142, 184 211. 787 3,136,969 2. 686. 171 2,226,237 1,876, 720 23
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 11. Staff costs (continued) The average number of persons employed by the Company during the year was as follows.. Group 2024 Group 2023 Teaching Day Nursery Administration 67 47 43 14 114 104 The number of employees whose emoluments exceed £60,000 were.. Group 2024 Group 2023 £60,001- £70,000 £100,001- £110,000 The total employee benefits of the key management personnel totalled £342,902 (2023 - 292,362). 12. Governors, remuneration and expenses During the yearthe school paid one of the Governors, Mrs G Agg £3,235 {2023- £2,970) for professional services provided to the school. Four Governors {2023: Four) had children at the school during the year. One Governor received a staff discount as a result of a spouse working at the school. At the year end, no fees12023.' £1,922) were due from one Governors and an amount of £5.868 was owed to one Governor for fees paid in advance12023'. £51). The Governors and Senior Leadership Team paid fees under nonnal commercial temis and all fee discounts were awarded on an ams-length basis. During the year ended 31 August 2024. no Govemor expenses have been incurred (2023 - £NIL). 24
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 13. Tangible fixed assets- Group Freehold land and buildings Assets under construction Motor Vehicles Fixtures and equipment Total Cost At 1 September 2023 Additions 3.489,515 32.287 (3,310) 72,789 828,221 107,437 (63,410) 4,390,525 1,914,958 166,7201 1.775,234 Disposals At 31 August 2024 3.518,492 1.775,234 72,789 872,248 6.238,763 Depreciation At 31 August 2023 Provided during year On disposals 1,254,885 75,522 {1,&15) 70,181 2.608 485,908 65.994 159,841) 1,810,974 144,124 {61,3861 At 31 August 2024 1,328,862 72.789 492,061 1,893.712 Net book value At 31 August 2024 2.189,630 1,775,234 380.187 4.345,051 At 31 August 2023 2,234, 630 2. 608 342,313 2,579. 551 25
Berkhampstead School {Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 13. Tangible fixed assets l¢ontinued)- Company Freehold property Assets under construction Motor Vehicles Fixtures and equipment Total Cost At 1 September 2023 Additions 3,377,118 32,287 (3,310) 72,789 712,447 100,752 (46,299) 4,162,354 1,908,273 149,609) 1.775,234 Disposals At 31 August 2024 3,406,095 1.775.234 72,789 766,900 6,021,018 Depreciation At 31 August 2023 Provided during year On disposals 1.150,250 73,944 {1,545 70,181 2,608 429,783 55,752 (45,637) 1,650,214 132,304 (47,182> At 31 August 2024 1.222,649 72,789 439,898 1,735,336 Net book value At 31 August 2024 2,183,446 1,775,234 327,002 4,285,682 At 31 August 2023 2,226,868 2, 608 282, 664 2,512, 140 26
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 14. Fixed asset investments Investments in subsidiary companies Company Cost or valuation At 1 September 2023 100 At 31 August 2024 100 Principal subsidiaries The following was a subsidiary undertaking of the Company and has been included in the consolidation= Name Company number Registered office Principal activity Share holding Berkhampstead School {Day Nursery) Limited 07805292 Berkhampstead School, Day nursery Pitiville Circus Road Cheitenham Gloucestershire GL52 2QA Ordinary The financial results of the subsidiary for the year were.. Name Income Expenditure Profit for the year Net assets Berkhampstead School (Day Nursery) Limited 1.480,655 (1,375,811) 104,844 102,673 Included within tumover is an amount of £245.320 (2023 - £182.143) in relation to governments grants received with regards to fees. Administrative expenses include rent totalling £60,000 {2023 £60,000) and a management charge of £65,032 (2023 - £78,768) paid to Berkhampstead School {Cheltenham} Trust Limited. A gift aid payment of £Nil (2023- £Nil) was made to Berkhampstead School (Cheltenhaml Trust Limited. At the yearend Berkhampstead School (Cheftenham) Trust Limited owed Berkhampslead School (Day Care Nursery) Limited £1,085 (2023 - (£84.475)} 27
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 15. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Trade debtors Amounts owed by group subsidiaries Other debtors Prepayments and accrued income 11,084 47.350 11.006 39,015 284, 475 841 102, 645 11,117 121,377 6. 969 117,458 9.383 96.004 143,578 171, 777 116,393 426,976 Fee debtors are stated after impaimient provisions totalling £21,178 (2023.. £23,178). 16. Creditors: amounts falling due within one year Group 2024 Group 2023 Company 2024 Con7pany 2023 Bank loan Trade credilors Amount owed to group subsidiaries Social security and other taxes Pension creditor Fees paid in advance Deposits Advan fees scheme Accruals and deferred income 101,666 232,046 83,067 92,147 101,666 204,087 83,067 63,459 1,085 41,002 32,471 206,006 41,500 100,947 63,448 56,825 38,344 232,196 97,858 100,947 91,556 47,280 19,315 252. 866 110,245 35,519 16,046 230, 782 39, 857 104, 007 91,643 951.438 708, 927 792,212 560,373 Fees in advan represent payment for school and nursery fees relating to tems within the 2023124 financial year. Movements during the year were= Group 2024 Group 2023 Company 2024 Company 2023 Fees paid in advance Balance at 1 September Resources deferred during the year Amounts released from previous years 252,866 232.196 1252.8661 189, 877 252, 866 (189,877) 230,782 206,006 (230,782) 161,556 230, 782 (161,556) Balance at 31 August 232.196 252.866 206,006 230, 782 28
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 17. Creditors: amounts falling due after more than one year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans {Note 19) Advance fees scheme (Note 18) 2,247.183 225.516 425. 667 2,247.183 225,516 425,667 2.472.699 425.667 2,472,699 425, 667 18. Advance fees scheme Parents may enter into a contract to pay the school up to the equivalent of seven years. tuition fees in advance. The money may be retumed to the parents at the discretion of the school in exceptional circumstances. Assuming pupils will remain in the school. advance fees will be applied as follows.. Group 2024 Gn)up 2023 Company 2024 Company 2023 Due within 1 year (Note 16) Due after 1 year (Note 17) 100,947 225,516 100,947 225,516 326.463 326,463 19. Bank loans Group 2024 Gmup 2023 Company 2024 Company 2023 Due within 1 year (Note 16) Due after 1 year (Note 17) 101,666 2.247,183 83.067 425. 667 101,666 2,247,183 83,067 425, 667 2,348,849 508.734 2,348,849 508,734 The aggregate amount of liabilities payable or repayable wholly or in part more than ftve years after the reporting date is= Group 2024 Group 2023 Company 2024 Gompany 2023 Payable or repayable by instalments 1,968.613 194,073 1.968,613 194, 073 29
Berkhampstead School {Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 19. Bank loans {¢ontinued) The school has eight {2023.' six) loans, three (2023.. three) are fixed rate loans and five (2023.. three) are variable rate loans. The first has a fixed interest rate of 3.71Q/o for ten years, the second has a fixed rate of 3.900/0 for 12 years, the third has a fixed rate of 3.770kn for 12.5 years. The three variable rate loans have interest rates of 1 OA and 3.33 % over the base rate. The loans are secured by means of a legal mortgage over the freehold property known as Pengwern House, Pittville Circus Road, Chemenham, GL52 2QA. Berkhampstead. Pittville Circus Road, Cheltenham, GL52 2QA and Lexham Lodge. Copt Elm Road, Charlton Kings, Cheltenham, GL53 8AG. There is also an unlimited debenture incorporating a fixed and floating charge. 20. ststement of funds Statement of funds - current year At1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds PTA fund 22.226 11.248 (14,139) 19,335 22,226 11.248 (14,139) 19,335 General funds General- Day Nursery Genera5 - School Eliminated on consolidation 12,275) 2,139,813 1,480,655 3,177,909 (1,375,811) (3,453,467) 102,569 1,864,255 (125,032) 125,032 2.137,538 4.533.532 (4,704,246) 1,966,824 Total Unrestricted funds 2.159,764 4.544,780 (4,718,385) 1,986,159 Restricted funds Science equipment Funds 22 22 22 22 Total funds 2,159,786 4,644,812 (4,818,417) 1,986,181 30
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 20. Statement of funds (continued) Statement of funds- prior year Atl September 2022 Balance at 31 August 2023 Transfers in/out Income Expenditure Unrestricted funds Designated funds Governors Bursary PTA fund 8,878 29, 505 (8, 878) 23, 756 (29.035) (2,000) 22,226 38.383 14,878 (29.035) (2, 000) 22,226 General funds General- Day Nursery General- School Eliminated on consolidation (23, 378) 2. 154,457 1,276.931 2.977.212 (1,255. 828) (2,993. 856J (2,275) 2, 139,813 2, 000 (138, 768) 138, 768 2. 131,079 4. 115,375 (4. 110,916) 2,000 2, 137,538 Total Unrestricted funds 2, 169.462 4, 130,253 (4, 139, 951) 2, 159, 764 Restricted funds Science equipment Funds Stsff entertainment fund 500 (478) 22 1,147 (1. 147) 1,647 (1. 625) 22 Total funds 2, 171, 109 4, 130, 253 (4, 141,576) 2, 159, 786 The Govemors Bursary fund provides fee remission for children where need is identified. The PTA fund is monies raised by the PTA for use within the school. The transfer in the year relates to fixed assets purchased with PTA fund monies and the prior year relates to a correction to expenditure in the prior year. The scien Equipment fund is a donation to provide for science materials. The Staff Entertainment is a donation to be spent on the staff. 31
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 21. Summary offund$- current year Balance at 1 Sept 2023 Balance at 31 Aug 2024 Transfers inlout Incorne Expenditure Designated funds General funds Restricted funds 22.226 2.137.538 22 11,248 4,633,564 (14,139) (4,804,278) 19,336 1,966,823 22 2,159,786 4,644.812 {4,818.417) 1,986,181 Summary offunds- prior year Balance at 1 Sept 2022 Income Expenditu Transfers in/out Balance at 31 Aug 2023 Designated funds General funds Restricted funds 38,383 2. 131,079 1,647 14.878 4, 115.375 (29,035) (4,110,916) (1,625) (2,000) 2,000 22,226 2, 137,538 22 2, 171. 109 4, 130,253 (4, 141,576) 2. 159, 786 22. Analysis of net assets between funds- Current year Unrestricted Funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 4,345,051 1.065,245 (850.491) (2.573,646) 4,345,051 1,065,267 {850,491) {2,573,646) 22 Total 1.986,159 22 1,986,181 32
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial ststements for the year ended 31 August 2024 22. Analysis of net assets between funds (continued) - prior year Unrestricted Funds 2023 Restricted funds 2023 Total 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 2,579, 551 714,807 (708, 927) (425. 764) 2,579,551 714, 829 (708, 927) (425, 667) 22 Total 2, 159, 764 22 2, 159, 786 23 Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Net expenditure for the reporting period (as per the Statement of Financial Activities) (173,605 (11,323) Adjustments for: Depreciation charges Lossllprofit) on the sale of fixed assets Increase in debtors Increase in creditors Finan costs 144,124 3,307 28,199 449,428 84,599 142,297 340 (55,216) 110,078 9,281 Net cash provided by operating activities 536,OS2 195,457 24. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 921,689 543, 052 Total cash and cash equivalents 921,689 543, 052 33
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 25. Analysis of changes in net debt Other non- cash changes At 1 Sept 2023 At31 August 2024 Cashflows Cash at bank and in hand Debt due within 1 year Debt due after 1 year 543,052 (83,067) (425.667) 378,637 1,840,115 921,689 (101,666) {2,247,183) 1,821,516 (1,821,516) 34,318 1,461.478 (1,427,160) 26. Pension contribution Teachers. Pension Scheme The School participates in the Teachers. Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £172,831 (2023 £141,917) and at the yearnd £32,471 (2023- £16.123) was accrued in respect of contributions to this scheme. The TPS is an unfunded multimployer defined beneftts pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 {as amended). Members contribute on a "pay as you 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. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the GovemmentActuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefrts become payabSe, eligible members can select to receive them from etther the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value. benefits for groups of relevant members. The valuation confimied that the employer contribution rate for the TPS would increase from 23.60/0 to 28.6/0 from 1 Aprtl 2024. Employers are also required to pay a scheme administration levy of 0.08/0 giving a total employer contribution rate of 28.680A. Scheme for non-teaching staff and teachers The School operates a defined contribution scheme for its non-teaching staff in addrtion to teachers not in TPS, the assets of which are held separately from those of the School. The pension costs charged represents contributions payable by the School to the scheme and amounted to £81,636 (2023 £88,427} for the year ended 31 August 2024. At the year end £7,905 (2023- £3,191} was due to be paid.
Berkhampstead School (Cheltenham) Trust Limited Notes to the financial statements for the year ended 31 August 2024 27. Operating lease commitments At 31 August 2024 the Group and Company has commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Company 2024 Company 2023 Not later than one year Later than one year and not than five years 38,165 48.607 38,165 48,607 152.659 107. 125 152,659 107, 125 190,824 155. 732 190,824 155, 732 The following lease payments have been recognised as an expense in the Statement of financial activities.. Group 2024 Group 2023 Company 2024 Company 2023 Operating lease rentals 48,607 28, 260 48,607 28,260 28. Related party transactions There were no other Related Paty Transactions other than those disclosed in note 12 and 14. 35