NEWCASTLE
SCHOOL
FOR BOYS
Company No. 1196898
Registered in England
Charity No. 503975
NEWCASTLE SCHOOL FOR BOYS
A company limited by guarantee
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
INDEX TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31 AUGUST 2024
Contents
Page
Governors, Officers and Advisers
Annual Report of the Gurfemors
Strateglc Report
Statement of Accounting and Reporting Responsibilities
10
Independent Auditor's Rew)rt
12
Statement of Financial ktivities
16
Balance Sheet
17
Cash Flow Statement
18
Notes to the Financ7al Statements
19

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
GOVERNORS, DIREcfoRS AND CHARITY TRUSTEES
The Governors of Newcastle School for Boys {"the School") are the School's charity trustees
under charity law and the directors of the charitable cornpany. The members of the Governlng
Body who served In office as Governors during the year and subsequently are detailed below.
Finance Sub-committee
Strategy Sub-committee
Pro
rt Sub-committee
Finance Sub.Comrnittee
Strate
Sub-committee
Pu
il Wellbein
Finance Sub-committee
Finance Sub-committee
Health and Safet Sub-committee
Education Sub-committee
Marketin
Sub-committee
Pro
rt Sub-committee
Mr T Care (Chairman)
MrMRGIII'
Mrs L Graham '
Mrs C Kin
Dr N Lloyd-Jones
resi
ned 3 October 2024
Mrs S Melbourne
Mr P Parkinson
MrJSkes
Parent of pupll at the sCh￿l
OFFICERS
Mr D J Tickner
Mr D Todd
Executive Head
Bursar and Clerk to the Governors
Webslte
www.newcastleschool.co.uk
Prlnclpal address and Reglstered Office
30 West Avenue, Gosforth, Newcastle upon Tyne. NE3 4ES
Audltors
Joanne Regan FCA- Senlor Statutory Auditor, for and on behalf of Azets Audit Services, Bulman
House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS
Bankers
Barclays Bank plc, Newcastle Corporate Service, 7th Floor, Bank House, East Pilgrim St,
Newcastle-upon-Tyne NE16QE
Solldtors
Muckle LLP, Time Central, 32 Gallowgate, Newcastle upon Tyne, NE14BF
Ward Hadaway LLP, Sandgate House, 102 Quayside, Newcastle upon Tyne NE13DX
Insurance Broker
Marsh Limited, Capital House, 1-5 Perrymount Road, Haywards Heath, West Sussex RH16 3SY

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
The members of the Newcastle School for Boys Governing B(xly present their Annual Report for
the year ended 31 August 2024 under the Charities Act 2011, including the Directors, and
Strategic Reports, under the Companies Act 2006, together with the audited financTal
statements for the year.
REFERENCE AND ADMINi¥fRATIVE INFORMATION
The Charfty was founded In 1975 as Newlands Educational Trust and fs registered with the
Charity Commission under Charity No. 503975. Newiands Educational Trust merged with Ascham
House School Trust Limited on 1 September 2005 and changed its name to Newcastle School for
Boys ("the School") on 6 September 2005. The School is constituted as a company limlted by
guarantee registered in England, No. 1196898.
Details of the members of the Governing Body, together with the School's officers and principal
advTsers, are given on page 1.
STRucfuRE, GOVERNANCE AND MANAGEMENT
Governlng documents
The School is governed by ?ts Memorandum of Association and Articles of Association last
amended January 2014.
Governlng Body
The Governing Body is self-appointing, with members completing three years of service required
to retlre at each AGM. Members retiring can be re-elected.
New members of the Governing Body are elected on the basis of nominatlons frorn the Govemors
and the executive officers based on the candidates. professional qualities, experience) personal
competence and local availabillty.
Recrultment and trafnlng of Governors
New Governors are introduced into the workings of the School, including Governing Body policy
and procedures, at an induction workshop specially organised for them by the Head and Bursar.
The new Governors also attend specialist extemal courses on the role and responsibilitles of
charity trustees.
Members of the Governing Body attend extemal trustee training and information courses
designed to keep them informed and updated on current issues in the sector and regulatory
requTrements.
Organlsational management
The members of the Governing Body, as the charity trustees, are legally responsSble for the
overall management and control of the School and its senior and preparatory schools. They met
five times in the year ended 31 August 2024. The work of implementing their policies is carried
out by members of the Sub-committees:
The Finance Committee scrutinises revenue, the budget and capital expenditure. This
Committee also supervise and finalise the audited financial statements and annual report
for approval by the Governing Body. The Finance Committee 15 chaired by Titn Care.

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
The Property Committee, chaired by Jonathan Sykes, works to develop and implement a
strategy making best use of facilltles and identify altemative solutions.
The Marketlng Cornrnittee works closely with the Director of Marketing and Admlsslons,
developing the brand, assessing advertising effectiveness and developing social network
activity.
The Nominatlons Committee Identifies Potential new Governors when the need arises,
considering specific skills that would strengthen the relevant the Governing Body.
The Education Committee considers educational and pastoral pollcy. The Committee is
chaired by Sue Melbourne.
The Strategy Committee investigates and evaluates possible solutions or actions that
address longer term risks and opportunities.
Dr Neil Lloyd-Jones is a member of the School's Health and Safety Committee
Mrs Sue Mellx>ume is the responsible govemor for Safeguarding.
The day-to-day running of the School is currently delegated to the Executive Head, supported
by the Bursar, Head of Senior School, Senior School Deputy Head, Head of Junior School and
the Director of Marketing and Admissions, who work together as the Senlor Leadership Team.
The Executive Head and Bursar attend all meetings of the Govemors.
Group structure and relatlonshlps
Newcastle khool for Boys has no trading subsidiary company. The School co-operates with a
number of I￿al charities in its ongoing endeavours to widen public access to the schoollng that
it can provlde, to optimise the educational use of sporting and cultural facilities and to awaken
in its pupils the awareness of the wider social context of the education that they receive at
the Sthool.
Employment pollcy
The School is an equal opportunities employer. Full and fair consideration Is given to job
applications from disabled persons and due consideration is given to their training
and employment needs. Consultation with employees, or their representatives, has continued
at all levels with the aim of taking the VIev￿ of employees into account when decisions are
made that are likely to affect their interests. Ernployees are made aware of the financial and
economic performance of the School. The School's pay policy is in line with national pay scales.
Communication with employees continues through normal management channels in a variety
of forms and also through exceptlonal channels Lo apprise Staff of current issue5.
OBJECTS, AIMS, OBJEcfivES AND ACTIVITIES
Charftable Objects
The School's Objects, as set out in the Memorandum of Association, are the advancement of
education for boys. In furtherance of these Objects for the public benefit the School has
established and administers bursaries, awards and other benefactions, and acts as the trustee
and manager of property, bequests and gifts given or established in pursuance of these Objects.
The Board is mindful of the long-standing need to provide public benefit and of the
requirements of the Charities Act 2011, and with due consideration to the Charities Act 2022.

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
In thfs connectfon the Board has monitored closely the guidance on public benefit produced by
the Charity Commission together with its supplemental guidance on fee-charging.
Publlc Benefit and Intended Impact
In meeting these Charitable Objects, Newcastle School for Boys. public benefit aims are:
to make excellent, accessible education available to as many boys as possible,
to serve and support the local and wider community, and
to develop boys and young men of excellent character, who recognise and fulfil their
obligation to the local communlty an(J wider society.
Excellent teaching Is combined with an ethos that believes in knowing each boy as an fndividual
to create an environment where the highest posslble academic standards are achieved.
School Ethos and Alms
The School provides an excellent all-round learning experlence, in an envTronment that is
supportive and actively promotes wellbeing.
We alm to challenge and support each pupil to achieve the highest levels of:
Individual academic progress
Character development.
As one of the newest schools in the independent sector, Newcastle School for Boys Incorporates
traditfonal values whilst preparing all boys for the changing expectations and demands of
modern Ilfe.
The School is notable for its small size, with comparatively small class sizes and as an overall
school. Each pupil who joins Is well known to his teachers and taught as an individual. Each
pupil's individual talents and aspirations are reco8ni5ed and supported.
Outslde of the classroom, pupils are given the opportunity to bring their learning to life on a
number of exciting educational and sporting trips such as science trips to CERN and
international sports tours.
Our pupils are also encouraged to play their part within the comrnunlty, whether through
voluntary and charitable work or valuable work experience in some of the region's most highly
regarded organisations.
Pastoral care Is second to none. Pupils are offered support around matters both in and outside
of school to ensure they are prepared for the many challenges they may face.
From their very first years until the day they leave the School, pupits partTCTpate in a character
education programme, developing values of community, integrity, resilience, courage,
leadership and empathy with the airn of developing as young men of excellent character,
equipped with the tools needed to go on to lead successful and fulfTlled lives beyond school.
Strategles to achleve the prlmary objectlves
Emphasis is placed on the provision of outstanding teaching and learning throughout the School.

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
The Governors and Senior Leadership Team work hard to ensure the best financial position to
secure the future development of the School. hAlditional funding is provided by the NSB Parents
Association and is often targeted to provide finance for specific projects.
Prlncipal actlvlty
The School's principal activity, as specified in the Memorandum of Association, is the
advancement of education and, In this, the School has again had a successful year. The senior
school averaged 264 pupils {2023: 264) and 124 in the Junior School (2023: 111).
The School participates In the Government's free early year funding, offering 15 hours of
tuition to under 5's, and 30 free hours to eligible farnilies, funded by the local government.
Publlc beneflt and fee remlsslons
Newcastle School for Boys remains committed to the aim of providing public benefit in
accordance with its founding principles. Charity legislation includes a requirement to
demonstrate that public benefit for any charitable purwise and therefore commensurate
discLosure of the fulfilment of the School's public benefit aims.
In particular, the School's bursary programme seeks to make its education as accessible as
possible for those who may otherwise be unable to meet the cost of school fees.
To ensure falrness, all bursary awards are established according to detailed criteria and careful
means-testing in relation to their beneficiaries, financial and other circumstances.
The awarding of bursaries is a quantlfiable means of demonstrating public benefit. The
School's governors take the view that bursaries awarded to those who would not otherwise be
able to afford the fees are Important, but not to the exclusion of the wider benefit that the
5ChooI also provides withln the community. Those pupils who attend the School and who
receive financial support contribute to the school community in a variety of ways, and so the
benefit is not purely to these pupils but to the whole School and the wider community.
During the 2023124 acadernic year bursaries totalling £473,000 were awarded to 58 pupils,
including 4 for full fees (2023: 61 bursaries totslllng £478,OCM), 4 for full fees). The total cost
of bursaries represented 7.8% of the School's gross fee income (2023: 8.7%).
The balance of bursary and other awards remain under careful review by governors particularly
in the context of the additional financial challenges currently faced by all independent schools
including the introduction of VAT on fees
The School supports actively the attalnment of the highest standards of education through
rigorous and continuous evaluation of quality and performance, the application of best practice
and a wldespread desire to improve standards. We cooperate wlth Local charities and
educational bodies in our ongoing endeavours to widen public access to the schooling we
provide, to optimise the use of our cultural and sporting facTlities and to awaken in our pupils
an awareness of the social context of the all-round education they receive at the School.

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
STRATEGIC REPORT - Achlevements and Perforrnance
Governors continue to follow the principles set down in the Strategic Plan 2022-27. However,
the political changes in the year and the resultant changes in taxation treatment and cost base
have required Governors to adapt during the year.
Progressive and Relevant Curriculum
The School realised its plan to issue one-to-one devices to Senior School pupils and all staff last
year and continues to develop teaching methods using these toots. Effective use of technology
supports the delivery of a superior educational experience facilitating more individualised
leaming including through the ease of access and teacher feedback. It also helps pupils to
develop digital 17teracy and other important skills highly valued by employers and society such
as collaboration and creatfvity.
In academic performance, at A level, over 61% of grades were awarded A. to B and over three
quarters178%) A" to C. Within the School's unique offer of applied and vocational sixth form
qualifications, students achieved a 100% pass rate with 19.0% achieving starred distinctions.
For those students applying for immediate university entry, all achieved offers allowing thern
to progress including a number who were able to "trade up" due to thp strenvth of their results.
At GCSE, pupils once again outperformed national standards. Over 90% of pupils achieved
grades at 9 to 4 compared to the national figure of 67%.
Puplls In the Junior khool also continued to achieve exceptionally well academically
particularly in reading and maths. Assessments sat towards the end of the academic year
showed that 91 % of pupils from Years 2 to 6 achieved results that were at, or above the age-
related expectations for reading. In Mathematics in Years 1 to 6, this figure rose to 80.0%.
The breadth and opportunity of the School's co-currTcular programme is remarkable with close
to 100 different activitles per term enga£ing piipils across the whole school delivered in the
main by the School's own staff supplemented by some specialist external providers.
Pupils and the wider school communlty enjoyed participating in Christmas and summer term
concerts, the School's invitation concert in May along with harvest, Christmas and Easter
services.
Further hlghlights were two highly entertainlng drama performances at the Junior School and
the Senior School's outstanding joint production of The Addams Family with a local
independent girls, school at Northern Stage which saw three sell out performances.
The School continues to promote pupils, participation in the Duke of Edinburgh's Award Scheme
with many taking part in volunteering in the local community as part of their programme. During
the 2023124 academic year, three pupils achieved their gold awards. five silver and eight
bronze.
The School's Under 18 rugby team were county champions and the same age category cricket
team, north of England r20 finalists. In the Junior School, the Under 11s were Newcastle and
Northurnberland small school champions in football and Newcastle City runners.up in athletics.
Year 9 pupils combined again this year with the gTris at the local independent girls. school,
Westfield, to form a mixed touch rugby team that had an excellent trip to Worcester's Sixways
Stadium for the national finals. After a tough day of competition, they narrowly lost out on a

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
trip to Twickenham only on points difference. The squad can be very proud of how quickly
they gelled and worked together after only a handful of training sessions.
Indivfdually, several pupits have achieved national and international sporting success during
this academlc year including representing England in the 2024 Under 19 cricket world cup in
South Africa alongside first class and T20 debuts for Durham CCC: repre*nting the national
Lambs representative invitational n￿bY team" and Scottish men's gyrnnastics Under 18 all-
round champion and selection for the national senior squad.
A new partnership approved by the Premier League saw the School deliverfng full-time
education on behalf of the Newcastle United football academy with two pupils selected for
the England Under 15 squad.
Prudent management of costs, cash and reserves
Managing the school's cost base and managing the cost challenges facing the school are the
overriding threads to all internal reviews. Govemors will continue to review the cost base of
the school to ensure the best value for money for parents. while resourcing the best
currlculum possible and developing staff professionally and pastorally. Governors remain
conscious that the scale of the school, with small class sizes and a personalised educatfon for
each boy in school is a key component for parents.
This needs to be achieved at a fee that is affordable to parents, after the imposition of VAT.
the removal of Mandatory Rate Relief in the year and the increases in Employer National
Insurance contributions, as well as overall cost increases. In addition, the School continues as
a charity with the consequent requirements for delivering charitable benefits.
Consultation wlth teaching staff during the year on pension provision led to the creation of a
defined contribution scheme for thosc who wished to exit the Teachers, Pension Scheme. This
has been achieved from September 2024 with Royal London Pensions. Those teachers wishing
to remain in the Teachers Pension Scheme have been able to do this while making a
contribution to the increasing employer costs of the scheme.
Governors will continue to review pay scales and increments against local and national norms
and seek to remain competitive in the market.
Publlc benefit and communlty engagement
The School remains committed to achievlng dernonstrable pubLic benefit and engaging with and
supporting our local community. 'Community' is one of the core virtues Within the School's
character compass that helps to shape the puplls, personal development.
The School's extensive scholarship and bursary programrnes *eks to make our education as
accessible as possible for those who may otherwise be unable to rneet the cost of school fees.
The School's valuable partnership work undertaken with two local state primary schools was
recognised and celebrated nationally in a publication produced by the Independent Schools
Council (SSC) Celebrating partnerships.

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
In relation to its charitable work and public and community benefit, the School ran seven
partnership events during this academic year engaging 27 local state schools and benefitting
493 of their pupils.
This included an expanded verslon of the School's annual choral day where Senior and Junior
School singers were Joined by over 1(M) children from Christ Church Primary School in North
Shields; Kings Priory School; Moorside Primary School in the West End of Newcastle and
Westfield School. In January, the Junior School choir, joined with other (ocal state and
independent school choirs at the Holocaust Memorial Day commemorative event held at
Newcastle City Library and sang movingly on the event's theme of the fragillty of freedom. At
Christmas, the Senior School chamber choir brought a great deal of joy to the local community
singing carols in The Gosforth Shopping Centre and at the local Abbeyfield residential care
home on The Grove. Similarly, Junior School art reached out into the local community to
provtde Christmas stars for the Gosforth Shopping Centre.
School and house sport contlnued to make slgnificant contributions not just to the School's
pupils. wellbeing and character development bijt providing OPFK)rtunitTes for those Tn the wider
community hosting several local state schools: junior football festivats, several age group rugby
sevens events as well as table tennis with a lot of the organ7sation and delivery of these events
provided by the School's sixth form sports leaders
The School continues to participate in the government's 30-hour free nursery provision for early
years enabling more children to benefit from the excellent teaching and supportive environment
at the start of their education.
FINANCIAL REVIEW
Results for the year
The School's rnovement in resources for the year amounted to net incoming resources of
£28,858 (2023 net outgoing resources: £76,031). The Governors have taken the decision to
utilise earnings generated and retained in previous years to avoid passing on to parents the full
7mpact of extraordinary cost increases, particularly in VAT from January 2025.
Reserves Level and Pollcy and Fanancial Vlablllty
The Governors maintain close control over expenditure and set fee income at a level which
alms to:
Meet all revenue expenditure, as well as the cost of providing bursaries and
scholarships;
Generate a surplus sufficient to cover the level of interest on the School's
financing costs;
Provide a level of cash flow that is sufficient to cover the capital repayments on
the School's loan with Barclay5 Bank; and
Maintain, as far as possible, stability in pupil numbers.
Following the simplification of the General Fund, at 31 August 2024 total reserves stood at
£5,896,172 (2023: £5,867,314), which cornprised unrestricted funds of £5,684,664 (2023:

NEWCASTLE
SCHOOL
FOR BOYS
NEWCAsfLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
£5,659,045) and restricted funds of £211,508 {2023: £208,269). The School's premfses and
equipment net of loans at 31 August 2024 were £5,381,344 (2023: £5,242,598).
The reserves policy requires that total free reserves, as defined by the Charities Commission,
cover four rnonths average gross expenditure in order to ensure sufficient funds are maintained
in the unrestrlcted general resen￿ to rneet the worklng capital requirements of the School,
through the generation of annual operating surpluses. At 31 August 2024 average monthly gross
expenditure was £487,811 (2023: £452,966). The free reserves as at 31 August 2024 were
£5,670,61712023: £5,584,524). The level of the general reserve 15 tngnitored by the Flnance
Sub-cornmittee and adjusted as required through efflcient financial management. Donations
for bursaries are held in a Restricted Fund until released to fund assisted fees in future periods.
In the current year £39,029 was released to fund bursarles for three boys in the school.
PRINCIPAL RISKS AND UNCERTAIKfiES
The Governors consider the economlc turbulence of recent years and the affordability of fees
by parents across the independent sector to be the principal risk faced by the School. Durlng
the year, the change in government has resulted in a change in taxation FM)Sition for the school
from 1 January 2025. This will stress parental affordab111ty and place5 a considerable burden
on the sector as a whole and the school itself. In addition, the removal of Mandatory Rate
Relief and the increases in Employer National Insurance mean the fixed cost base of the school
will increase beyond that assumed in the Strateglc Plan. The Governors are actively reviewing
options for the future to ensure that the school not only survives but thrives going forward.
This, of necessity, behoves governors to look at all costs against the need to provide the very
best educatlon for our pupils and competitive employment conditions for all staff.
During the year, govemors have reviewed the strategic options available to the school, takfng
fnto account all relevant factors of physical structure, costs, external factors such as market
demographics and political environment and have formulated a strategic plan. This plan will
be refined durlng the year before working with staff and parents to create the most cost
effective school possible while retaining all of the key characteristic which make Newcastle
School for Boys attractive to parents and pupils.
A comprehensive rlsk management process is being implemented, building on the successes of
past Health and Safety Management including educationaL visits both locally, nationally and
internationally. The risk management process will focus on key areas of risk for the school
including Regulatory, Governance, Educational, Financial and Reputational areas.
PLANS FOR FUTURE PERIODS
The School will continue to work hard to maintain the strength of its finances, assets and
resources to ensure that it can continue to deliver successfully its aims and other development
objectives, particularly in the face of current and predicted economic, environmental and
political challenge and uncertainty.
All future developments will aim to reduce the carbon footprint of the school and create, in the
long run, a school that is as near carbon neutral as is sensibly achievable within the context of
the buildings occupied by the operation.
The application of technology remains a key strand in the School's current Strategic plan 2022-
2027. Other focuses include enhanced staff development and sharing of good practice. The

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
School will continue to develop a progressive and relevant curriculum and pupil experience
meeting the academic. character development and well-being needs of all puplls in a fast
changing world.
STATEMEKf OF AccouKfiNG AND REPORTING RESPONSIBILrriES
The trustees (who are also directors of Newcastle School for Boys for the purposes of company
law) are responsible for preparing the Trustees, Annual Report (including the Strategic Report)
and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practlce).
Company law requires the trustee5 to prepare financial statements for each financlal year.
Under company law the trustees must not approve the financial statements unless they are
satlsfled that they gTve a true and fair view of the state of affairs of the charitable company
and of the incomfng resources and application of resources, including the income and
expenditure, of the charitable company for that period. In preparing the* financial
statements, the trustees are required to:
select SU7table accounting policies and then apply them consistently;
observe the methods and principles In the Charities SORP 2019 (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed;
prepare the financial statements on the going concern basis unless it is inappropriate
to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with
reasonable accuracy at any time the financial F#)sition of the charitable company and enable
them to ensure that the financial statements comply with the Cornpanies Act 2006. They are
also re5pon5ible for 5afeguardlng the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
there is no relevant audit information of which the charitable company's auditor Is
unaware; and
the trustees have taken all steps that they ought to have taken to make themselves
aware of any relevant audit Information and to establish that the auditor is aware of
that information.
io

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
ANNUAL REPORT OF THE GOVERNORS
FOR YEAR ENDED 31 AUGUST 2024
This Trustees Report, including the Strategic Report, Is approved by the Board of Governors of
Newcastle School for Boys on 24 February 2024, and slgned on its behalf by:
TIM Care
(Chairman of Governlng Body)
24 February 2025
li

NEWCASTLE
SCHOOL
FOR BOYS
NEwcAsfLE SCHOOL FOR BOYS
INDEPENDENT AUDITORS REPORT TO THE
MEMBERS OF NEWCASTLE SCHOOL FOR BOYS
Oplnlon
We have audited the f7nancial statements of Newcastle School for Boys (the 'charftable
cornpany,) 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 statements,
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, including Financial Reporting Standard 102 The Financial Reportins Standard
appllcoble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting
Practice).
In our opinion the finandal statements:
give a true and fair view of the state of the charitable company's affairs as at 31
August 2024, and of its incorning resources and applicatlon of resources, including its
income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practlce; and
have been prepared in accordance w7th the requirements of the Companies Act 2006.
Basfs for oplnlon
We conducted our audit in accordance with International Standards on Auditlng {UK) (ISAS (UK))
and applicable law. Our responsibilities under tho* standards are further described in the
Auditor's responsibilities for the audit of the financial statements section of our report. We are
independent of the charitable company in accordance with the ethical requirements that are
relevant to our audit of the financial staternents in the UK, including the FRC'S Ethical Standard,
and we have fulfTlled our other ethical re5ponslbllltfes in accordance with these requirements.
We believe that the audit evidence we have obtained is Sufficient and appropriate to provide a
basls for our opinion.
Conclusions relating to golng concern
In auditing the financiat 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 performed, we have not identified any material uncertainties
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 Informatfon
The other information comprises the Information Tncluded in the Annual Report of the
Governors, other than the financial statements and our auditor's report thereon. The trustees
are responsible for the other information contained WTthin the Annual Report of the Governors.
12

NEWCASTLE
SCHOOL
FOR BOYS
NEWCAsfLE SCHOOL FOR BOYS
INDEPENDENT AUDITORS REPORT TO THE
MEMBERS OF NEWCASTLE SCHOOL FOR BOYS
Our oplnlon on the financial statements does not cover the other information and, except to
the extent otherwise explicitly stated in our report, we do not express any form of assurance
conclusion thereon. Our responsibility is to read the other information and, in doing so, consider
whether the other Information is materially inconsistent with the financial statements, or our
knowledge obtained in the course of the audit, or otherwise appears to be materially mlsstated.
If we identify such materlal inconsistencies or apparent material misstatements, we are
required to determlne whether thi5 gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have performed, we concLude that there is a
material misstatement of this other information, we are required to report that fact.
We have nothing to report In this regard.
Oplnlons on other matters prescrlbed by the Companles Act 2006
In our oplnion, based on the work undertaken fn tPE course of the audit:
the information given in the trustees, Annual rewrt of the Governors (incorporating
the strategic report and the directors. report) for the financial year for which the
financial statements are prepared Is consistent with the financial statements; and
the strategic report or the directors, report included withln the trustees. Annual report
of the Govemors have been prepared in accordance with applicable legal
requirements.
Matters on whlth we are requfred to report by exceptlon
In the light of our knowledge and understanding of the charitable company and its environment
obtalned in the course of the audit, we have not identified material misstaternents in the
strategic report and the directors, report.
We have nothing to report In respect of the following matters where the Companles Act 2006
requires us to report to you If, In our opinion:
adequate accounting records have not been kept. or returns adequate for our audit
have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns;
or
certain disclosures of trustees, remuneration specified by law are not made. or
we have not received all the infonnation and explanations we require for our audit.
Responsfbilitfes of trustees
As explained more fully in the trustees, responsibilities statement set out on page 10, the
trustees (who are also the directors of the charitable company for the purposes of company law)
are responsibLe for the preparation of the financial statements and for being satisfied that they
give a true and fair view, and for such internal control as the Irustees deierrnlne is nece55ary
to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
13

NEWCASTLE
SCHOOL
FOR BOYS
NEWCAsfLE SCHOOL FOR BOYS
INDEPENDENT AUDITORS REPORT TO THE
MEMBERS OF NEWCASTLE SCHOOL FOR BOYS
In preparing the flnancial statements, the trustees are responsible for assesslng the charitable
company's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the trustees either intend
to Iiquldate the charitable company or to cease operations, or have no realistic alternative but
to do so.
Audltor's responslbllltles for the audit of the financlal statements
Our objectives are to obtain reasonable assurance 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
is not a guarantee that an audit condurted in accordance with ISAS (UK) will always detect a
material misstatement when it ex7sts. Misstatements can arise from fraud or error and are
considered material if, 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.
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.or
.uklauditorsres
onsibilities. This
description forrns part of our auditor's report.
Extent to whlch the audit was considered capable of detectlng Irregularities. Including fraud
Irregularities, fncluding fraud, are instances of non-compliance WTth laws and regulatfons. We
design procedures in line with our responsibilities, outlined above and on the Financial Reporting
Council's website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its actfvTtTes, its control envlronment,
and likely future developments, including in relation to the legal and regulatory framework
applicable and how the entity is cotnplying with that frarnework. Based on this understanding,
we identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evTdence that is sufficient and appropriate to provide a basis for our opinion. This includes
consideration of the risk of acts by the entity that were contrary to applicable laws and
regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including
fraud, we deslgned procedures which included:
Enquiry of management and those charged with governance around actual and
potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a
direct material effect on the financial statements or the operations of the charitable
company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to
assess compliance with applicable laws and regulatTons;
Performing audit work over the risk of management bias and override of controls,
including testing of journal entries and other adjustments for appropriateness,
evaluating the business rationale of significant transactions outside the normal course
of business and reviewing accounting estimates for indicators of potential bias.
14

NEWCASTLE
SCHOOL
FOR BOYS
NEWCAsfLE SCHOOL FOR BOYS
INDEPENDENT AUDITORS REPORT TO THE
MEMBERS OF NEWCASTLE SCHOOL FOR BOYS
Because of the inherent limitations of an audit, there is a risk that we will not detect all
irregularitie5, including those leading to a material misstatement in the financial statements or
non-compliance with regulation. This risk increases the more that compliance with 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 of not
detecting a material misstatement resulting from fraud is higher than for one resulting frorn
error, as fraud may Involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control. The primary responsibllity for the prevention and detection of fraud
rests with both those charged with governance of the charitable company and management.
Use of our report
This report is made solely to the charitable company's members, as a bodyi 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 rep)rt, or for the opinions
we have formed.
Joanne Kegan FCA (Senior Statutory Auditor)
For and on behalf of:
Azets Audit Services
Accountants
Statutory Audltor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
24 February 2024
15

NEWCASTLE SCHOOL FOR BOYS
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
Unrestricted Restricted
Funds
Funds
2023
TotGI
Notes
Totol
Income from:
Charitable actlvities
School fees receivable
Catering income
Govei iilTient funding
Income from School trips
Investment income
Other income
Voluntary sources
Grants and donatTons
4,996,044
343,807
93,328
294.012
31,445
68,229
4.996,044 4.517,647
343.807
283,112
93,328
102,771
294.012
385,590
37,171
15,775
68,229
50,519
5,n6
50,000
50,000
4, 142
Total income
5,826,865
55,726 5,882,591 5,359.556
Expenditure on:
Financing costs
(99,276)
{99,276) (86,777)
Charitable activities
Education and grant making
(5,753,277) (1,180) {5.754.457) (5,348,810)
(5,852,553) (1,180) (5.853,733) (5.435,587)
Total expenditure
Net income/(expenditure) and net
movement in funds before transfers
125.688)
54.546
28,858
176.031)
Transfers between funds
17
51,307
(51,3071
Net movement in funds
25,619
3,239
28,858
(76,031)
Fund balances brought forward
at 1 September 2023
5,659,046 208,268
5,867,314 5,943,345
Fund balances carried forward
at 31 August 2024
5,684.664 211,508
5,896.172 5,867,314
The notes on pages 19 to 33 form part of the￿ financial statements
16

NEWCASTLE SCHOOL FOR BOYS
COMPANY NO: 1196898
BALANCE SHEET AS AT 31 AUGUST 2024
Note
2024
2023
FIXED ASSETS
Tangible assets
Investments
6.917,897
2,113
6.920,010
7,006,434
2,113
7,008,547
CURRENT ASSErs
Stock
Debtors
Cash and deposits
256,689
1 361,814
1,618,503
174,572
1,322,852
1,498,068
CURRENT LIABILITIES
Creditors payable
within one year
10
1,328,846
1, 100,636
NET CURRENT ASSETS
I(LIABILITIES)
289,657
397,432
TOTAL AssEfs LESS CURRENT
LIABILITIES
7,209,667
7,405, 979
LONG-TERM LIABILITIES
Creditors payable after
one year
11
1,313,495
(1,538,665)
NET ASSETS
5.896 172
5,867,314
REPRESENTED BY:
RESTRICTED INCOME
FUNDS
16
211,508
208,268
UNRESTRICTED FUNDS
General Reserve
Designated Funds
16
16
5.670,617
14,047
5,584,524
74,522
5,896,172
5,867,314
These financial statements were approved by the Governing Body on 24 February 2025
Mr Tim Care
(Chairman of the Governing Body)
The notes on pages 19 to 33 form part of these financial statements
17

NEWCASTLE SCHOOL FOR BOYS
CASH FLOW STATEMENT AS AT 31 AUGUST 2024
Note
2024
2023
Net cash outflow from operatTons
Net cash provided by / {used in)
operating activities
(i)
436,771
207,767
Cash f lows from investing activities:
Purchase of Tangible fixed assets
Investment income and bank interest
received
1100,782)
(42,422)
127
Net cash (used in) / provided by
investing activlties
Cash flows from financing activities:
Interest paid on borrowings
Hire Purchase Capital repayment
Loan Capital repayments
Net cash provided by financing
actlvities
{63.611)
(42,295)
{99,276)
(9,751)
(225,171
(86, 777)
(9,757)
(225, 171
334,198
321,699)
Change in cash and cash equivalents in
the reporting period
{397,809)
(363, 994)
38.962
(156,227
Cash and cash equivalents at the
beginning of period
Cash and cash equivalents at the end of
the reporting period
1,322,852
1,479,079
1 361,814
1,322,852
(i) ReconcTliation of net income to net cash flow from operating activities
2024
2023
Net incoming resources
Elimination of non-operating cash flows:
Depreciation charges
28,858
(76,031)
189,319
185,739
Investment income
Loan interest
Ilncrease)/decrease in Stock and Debtors
Increase/(decrease) in Creditors
{37,171}
99,276
{81,473)
237,962
(127)
86,777
24,791
(13,382)
407,913
283.798
Net cash inflow from operations
436.771
207, 767
18

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS
FOR YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES
These financial statements are prepared in accordance with the Financlal Reportlng
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS102)' the Companies Act 2006 and the Charities SORP 2019. The functional currency of
the School Is GBP because that Is the currency of the primary economic environment in
which the School operates.
The accounts are drawn up on the historical cost basis of accounting.
Having reviewed the funding facllities available to the School together with the expected
ongoing demand for place5 and the School's future projected cash flows, the Govemors
have a reasonable expectation that the School has adequate resources to continue its
activities for the foreseeable future and consider that there were no material uncertainties
over the School's financial viabillty.
Accordingly, they also contlnue to adopt the going concem basis in preparing the financial
statements as outlined in the Statement of Accounting and Reporting Responsibilities on
page 11.
The accounts present the statement of financia( actfvities (SOFA), the cash flow statement
and the Charity balance sheet.
The School is a Public Benefit Entlty registered as a charity in England and Wales and a
company limlted by guarantee. It was incorporated in 1975 {company number: 1196898)
and registered a5 a charity in 1975 Icharity number: 503975).
Crltlcal accountlng Judgements and key sources of estlmatlon uncertalnty.
In the application of the accountlng policies, Trustees are required to make judgement,
estimates, and assurnptions about the carrying value of assets and liabilities that are not
readily apparent frorn other sources. The estimates and underlying assumptions are based
on historical experience and other factors that are considered to be relevant. Actual results
may differ from these estirnates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the
19

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
i. AccoU￿rING POLICIES (contlnued)
revlsion affects only that perfod, or in the period of the revision and future periods If the
revision affected current and future periods.
In the view of the trustees, no assumptions concerning the future or estimation uncertainty
affecting assets or liabilitles at the balance sheet date are likely to result in a material
adjustment to their carrying amounts in the next financial year.
The following accounting policies have been applied consistently in dealing with items which
are considered material in relation to the School's financial statements.
1.1 Fees and slmllar earned Income
Fees receivable and charges for services and use of the premises, less any allowances,
scholarships, bursaries granted by the School against those fees, but including contributions
rece?ved from restricted funds, are accounted for in the period in which the service is
provided.
1. 2 Investment Income
Investment income from dividends, bank balances and fixed interest securities is accounted
for on an accruals basis.
1.3 Donations, legacie5. grants and other voluntary incoming resources
Voluntary incoming resources are accounted for as and when entitlement arises, the
amount can be reliably quantified and the economic benefit to the School is considered
probable.
Voluntary Income for the School's general purposes is accounted for as unrestricted and is
credited to the General Reserve. Where donations have been received that are to provide
assistance with fees, they are recognised when received and shown as an incoming resource
under Restricted Funds, unless it is a conditlon stipulated by the donor that they are to be
used in future periods. Where there is a condition stipulated by the donor that they are to
be used in future periods, the donations are included as deferred income within creditors
and released to fees receivable as the conditions are satisfied. All donations are held in a
separate designated bank account until ut71ised.
When utilised they are transferred to unrestricted funds and netted off against fees
receivable. Gifts in kind are valued at estimated open market value at the date of gift, in
the case of assets for retention or consumption, or at the value to the School in the case
of donated services or facil7tTes.
1.4 Expendlture
Expenditure is accrued as soon as a liability is considered probable, discounted to present
value for longer-term liabilities. Expenditurc attributable to more than one cost category
in the SOFA is apportioned to them on the basis of the estimated amount attributable to
20

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
1. AccouKfiNG POLICIES (contlnued)
each activity in the year, either by reference to staff time or the use made of the
underlying assets, as appropriate.
Governance costs comprise the costs of complying with constitutional and statutory
requirements.
1. 5 Tanslble flxed assets
Expenditure on the acquisition, construction or enhancernent of land and buildings costfng
more than £10,000 together with vehicles, furniture, machinery, I￿ infrastructure and
other equipment costing more than £5,OCX) are capitalised and carried In the balance sheet
at historical cost. In certain circumstances, where the original costs of assets are not
ascertainable, a reasonable estimate of the cost, if material, has been used.
Other expenditure on equ7pment incurred in the normal day-to-day running of the School is
charged to the Statement of Financial Activities as Incurred.
1.6 Depreclatlon
Depreciation is provided to write off the cost of all relevant tangible fixed as*ts
less estimated residual value based on current market prices, in annual instalments over
their expected useful economic lives as follows:
Straisht-line basis."
Freehold buildings
Freehold building improvements
Leasehold Improvements
Astro- turf and playground surfaces
Motor vehicles
Fixtures, fittings and equipment
Computers (from Sept 2021)
2%
33%
Redudns balance basis."
Computers (prior to Aug 2021)
Classroom digital boards
33%
15%
Where the net book value of the reducing balance becomes immaterial the balance will be
depreciated to zero.
1. 7 Investments
Listed investments are valued at fflarket value as at the balance sheet date. Unrealised
gains and losses arising on the revaluation of investments are credited or charged to the
Statement of Financial Activities and are allocated to the appropriate Fund according to
the "ownersh7p" of the underlying assets.
21

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
AccouKriNG POLICIES (contlnued)
1.8 Stock
Stocks are valued at the lower of cost and net realisable value.
1.9 Fund accountlng
The charitable trust funds of the School are accounted for as unrestricted or restrlcted
Income, in accordance with the terms of trust imposed by the donors or any appeal to
which they may have responded.
Unrestrfcted Income belongs to the School's corporate reserves, spendable at the
dlscretion of the Governors either to further the School's Objects or to benefit the School
itself. Where the Governors decide to set aside any part of these funds to be used 7n
future for some specific purpose, this Is accounted for by transfer to the appropriate
designated fund. The a7m and u* of each designated fund is set out in the notes to the
f?nancial statements.
Restrfcted Income comprises gifts, legacies and grants where there is no capital retention
obligation or power but only a trust law restriction to some specific pur￿* intended by
the donor.
1.10 Pensfon costs
Retirement beneflts to employees of the School are provided through two pension
schemes, one defined benefit and one defined contribution. The pension costs charged
in the Statement of Financial Activities are determined as follows:
a. The Teachers, Pension Scheme - This scheme is a multi-employer pension scheme. It
is not possible to identify the School's share of the underlying assets and liabilities
of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore,
as required by FRS102, the scheme is accounted for as if it were a defTned
contribution scheme. The School's contributions, which are in accordance with the
recommendations of the Government Actuary are charged in the perTod in which the
salaries to which they relate are payable.
b. The NOW Pension scheme This is a defined contributlon multi-employer pension
plan. Employer's pensions costs are charged in the period in which the salaries to
which they relate are payable.
1 .11 Operatlng leases
Rentals under operating leases are charged on a straight-line basis over the lease term,
even if the payments are not made on such a basis. Benefits received and receivable as
an incentive to sign an operating lease are spread on a reducing balance basis over the
lease term.
22

NEWCASTLE
SCHOOL
FOR BOYS
NEWCAsfLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
AccouKriNG POLICIES (continued)
1.12 Flnandal Instruments
Basic financial instruments are initvally recognised at transaction value and subsequently
measured at amortised cost, except for investments and other derivative financial
instruments which are held at fair value. Financial assets held at atnortised cost comprise
cash at bank and In hand, together with trade and other debtors. A specific provision is
made for debts for which recoverability is In doubt. Cash xt bank and In hand is defined
as all cash held in instant access bank accounts and used as working capital. Financial
Ilabilities held at amortised cost comprise all creditors except social security and other
taxes and provisions.
CHARrrABLE AcfiviTIES - FEES RECEIVABLE
2024
2023
Fees recelvable consist of:
Gross School fees
6,060.709
5,502,795
Less: Total scholarships and bursaries
Other awards
(970.035)
94.630
(916.330)
68,818
4 996 044
4,517.647
Bursaries and other awards pafd for by restricted furKJs transferred during the year
totaLLed £39,029 (2023.. £28,046)
Scholarships, bursaries and other awards were paid to 184 pupils12023.. 189). Withln this,
means tested bursaries totalling £473,718 were paid to 58 pupils, {2023.' £477,981 to 61
pupils).
GRANTS AND DONATIONS RECEIVABLE
2024
2023
Donations from:
Parental donations
Parents. Association funding
Cookson Trust
2,900
1,242
4, 142
23

NEWCASTLE
SCHOOL
FOR BOYS
NEWCAsfLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
ANALYSIS OF EXPENDITURE
(a) Total expenditure year ended 31 August 2024
Staff costs Depreciation Other
(note 6) (note 7)
Total
2024
Total
2023
Costs of generating funds:
Financing costs -loan interest
99,276
99,276
86,777
Charitable expenditure:
Education and grant
making
Teaching
Welfare
Premises
Support costs and
governance
3,083,259
14,241
243,144 189,319
527,760 3.611.019 3,467, 115
403,762 418,003 380,229
493,007 925,470 832.663
480,947
319 018
799 965 668,803
Total charitable
expenditure
3,821,591
189,319 1,743,547 5.754,457 5,348,810
Total expended
3 821 591
189 319 1842 823 5 853 733 5,435 587
Prior Year comparison.. Total expenditure to 31 August 2023
Staff costsDepreclotion Other
(note 6) (note 7)
Total
2023
Total
2022
Costs of generating funds."
Financing costs -loon interest
86,777
31,284
Charitable expenditure
Education and srant
making
Teachins
Welfare
Premises
Support costs and
sovernance
2,819,505
14,511
218,868
647,610 3,467, 115 2.948,656
365,718 380,229 318,357
428,056 832,663 736,305
185, 739
360, 909
307,894
668 803 623,813
Total charitable
expenditure
3,413,793 185,739 1,749,278 5,348,810 4,627,131
Total expended
3,413,793 185,739 1,836,055 5 435 587 4,658,415
24

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
2024
2023
(b) Governance Included In support costs:
Remuneration paid to auditor for audit services
Other governance costs
14,916
15,894
Total governance costs
15,894
IKrEREST PAYABLE AND SIMILAR CHARGES
2024
2023
Bank Loan interest
86,777
STAFF COSTS AND RELATED PARTY TRANSAcfioNS
2024
2023
The aggregate payroll costs for the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Private Health Insurance
2.970,380 2,676,666
289,398
258,500
556,991
474,067
4,823
4,560
Total Staff Costs
3.821,592 3.413,793
None of the directors (or any persons connected with them) received any remuneration
from Newcastle School for Boys during the year.
Aggregate employee-benefits of key management personnel
539,202
511,759
2024
2023
Number of higher paid employees in bands of:
£60,001 £70,000
£70,001 £80,000
£90,001 £100,000
The number with retirement benefits accruing
In Defined Contribution schemes was:
of which the contributions amounted to:
£3,765
£ 3,535
In Defined Benefit schemes was:
25

NEWCASTLE
SCHOOL
FOR BOYS
NEwcAsfLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
The average numl)er of the Scht)ol's employees during the year calculated on a full-time
equivalent basls, was 74 (2023." 77). The average number of employees employed during the
year was:
2024
2023
Teaching
Welfare
Prernises
Support
62
12
10
14
93
Transactions with Related Parties:
Scholarships awarded to children of directors:
Governor's Liability Insurance cost bome by the company:
Training and expenses borne by the company (8 trustees):
6,939
935
11,218
891
TANGIBLE FIXED ASSErs
Leasehold Flxtures,
lrnprove- FittTngs ft
ments
Equipment Computers
Freehold
Total
Cost or valuatlon:
At 1 Sept 2023
9,285,532
37,165
542,396
511,372 10,376.465
Additions
Disposals
Transfer
24,073
76,012
697
100,782
At 31 Aug 2024
Depreciatlon:
At 1 Sept 2023
9,309,605
37,165
618,408
512,070 10.477,247
2.437.989
37.165
506,064
388,812
3.370,030
On Disposals
Charge for Year
At 31 Aug 2024
Net Book Value:
At 31 Aug 2024
148 752
189.319
420,138 3,559,350
2,586,742
37.165
515,306
6,722.864
103,101
91,932 6.917,897
At 1 Sept 2023
6 847,543
122,560
7,006 434
26

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
Tangible fixed assets with a net book value of £4,441.182 have been pledged as security
for liabilities of the charity.
INVESTMENT
The Investment consists of 150 units M&G Charifund stock stated at market value.
The cost was £173.
DEBTORS
Amounts falling due within one year:
2024
2023
Fee Debtors
Prepayments and Accrued Income
Sundry Debtors
49.131
199,918
7,640
256,689
52,201
95,558
174,572
10.
CREDITORS: amounts falling due wlthln on• year
2024
2023
Loan
Trade Creditors
Fee payments received in Advance
Other Creditors
Taxation and Social Security
Accruals and Deferred income
Hire Purchase
225.171
288,912
463,663
99.968
63,581
187.550
225,171
184,602
392,394
78,298
63,359
147,060
9,752
1 328,846
1, 100,636
Deferred income totals £86,743 {2023: £53,925) and relates to amounts received in
advance from parents for school trips.
CREDITORS: amounts falllng due after more than one year
2024
2023
Hire Purchase
Loan
1 313.495
1,313,495
7,538,665
1,538, 665
Bank Loan - repaid by equal monthly instalments over a 20.year period which started In
July 2011
Amounts falling due:
In one year or less or on demand
Between one and two years
Between two and five years
In five years or more
225.171
225.171
675,512
412,812
1 538.666
225, 171
225, 171
675,512
637, 982
1,763,836
27

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
Interest is charged at 0.86% plus Base Rate and is secured by the following charges:
Charge over The Grove, Gosforth, Newcastle upon Tyne dated 2610912006;
Charge over Land and Build7ngs at the junction of The Grove and Moor Road South.
Gosforth, Newcastle upon Tyne dated 2910612007:
Charge over 39141143 Linden Road and 30 West Avenue, Gosforth, Newcastle upon
Tyne dated 2910612007;
Charge over Ascham House, 21 North Avenue, Gosforth, Newcastle upon Tyne dated
1611112011.
12. FINANCIAL INSTRUMENTS
2024
2023
Financial assets measured at amortised cost (a)
Financial liabilities measured at fair value
Financial liabilities measured at amortised cost (b)
Net financial liabilities
1.418,571
1,402,480
2.518,760
2.575, 943
1.100,189
1.173,463
(a) Financial assets include stock, cash. trade and fee debtors and other debtors
(b) Financial liabilities include deposits, fees in advance, trade creditors, other creditors and
bank loans
Impairment losses charged to financial assets measured at amortised cost in the year arnounted
to £0.
13. LEASES
The company has a number of operating leases for computer equipment, minibus and
photocopiers. A twenty-year lease of property at 1 Moor Road was signed in February 2016. The
flrst break clause was in Year 5, February 2022. As six months, notice Is required to action this
break clause, and that date has passed, the next break clause is in Year 10, February 2027. Rents
payable up to that break clause are included below. A new lease for photocopiers, sisned in
February 2022 became operational in April 2022, and is reflected in the table below. A five-year
lease for the rental of 51 desktops was signed in June 2021.
A new three-year lease for the rental of laptops for one-to-one use by staff and two PUP71 year
groups was agreed Tn August 2021 and became operational in September 2021. A second lease for
the remaining senior school year groups became operational in April 2022.
The future minimum lease payments under non-cancellable operating leases are committed to
be paid in the following periods:
2024
2023
In less than one year
Between 1 year and 5 years
In more than 5 years
100.162
85,529
137,913
187.300
185,691
325,213
28

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
14. RECONCILIATION OF NEf DEBT
At 1 Sept
2023
Cashflows New finance At 31 Aug
lease
2024
Cash
1,322,852
38,962
1,361,814
Finance Leases
Loans falling due within
one year
Loans falling due after
more than one year
(9,752)
9,751
{1)
(225,171)
(225,171)
(1,538.665)
225,171
(1,313,494)
Total
(450,736)
273,884
(176,852)
15. FUNDS OF THE SCHOOL
The School's funds are analysed under the following headings.
a) RESTRicfED FUNDS
The restricted fund relates to a fundraising campaign in which donors can specify whether the
funds are to be used for:
Providing assistance with fees andlor
For use in capital projects
Once funds have been used for providlng Assistance with Fees a transfer is made to the General
Fund. Once funds have been used against capital projects, a transfer is made to the Designated
Fixed Fund. Restricted funds are held in a separate designated bank account.
b) UNRESTRicfED FUNDS
Unrestricted funds represent accumulated income from the School's activities and other sources
that are available for the general purposes of the School.
The General Fund represents the free funds of the charity which are not designated for partTcular
purposes.
c) DESIGNATED FUNDS
The Designated Fixed Asset Fund has been set up to assist in identifying those funds that are not
free funds and it represents the net book value of tangible fixed assets that have been purchased
using restricted funds but for which the use of the asset, once purchased, Is unrestricted.
The depreciation of the Designated Fund assets is transferred to the general reserve each year.
The Designated Cap7tal fund was formed from the accumulated surpluses on historical trips and
clubs and will be used to fund capital projects.
29

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
16. ANALYSIS OF Nrf ASSEfs BETWEEN FUNDS
Asat31
Net Current
August
Assets/
2024
(Liabilities)
Flxed
Assets
Long Term
Liabilitfes
Investments
Total
General
Funds:
6,917,897
2,113
64,102
(1,313,495)
5,670,617
Desfgnated
Funds:
14,047
14,047
Restrfcted
Funds:
211,508
289,657
211,508
5,896,172
6.917,897
2.113
1,313,495
Net Current
Assets/
Investments (Liabilities)
Fixed
Assets
As at 31 August 2023
Long Term
Liabilities
Totol
General Funds..
6,990,678
2.113
130,398
(1,538,665) 5,584,524
Designated Funds..
1,868
72.654
74,522
Restricted Funds..
13,888
7.006,434
194.380
397,432
208,268
(1,538,665) 5,867,314
2,113
30

NEWCASTLE
SCHOOL
FOR BOYS
NEWc￿LE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
17. SUMMARY OF MOVEMEKfs ON MAIOR FUNDS
Current Year
At1
September Incomlng
2023
Resources
At31
August
2024
Resources
Expended
Reval'n Transfers
General Funds:
General Fund
Music Prize Fund
5.584,274 5,826,865
250
(5.852,553)
111,781 5,670,367
250
Deslgnated Funds:
Fixed Asset Fund
Capital Fund from
trips
Other Fund
Total Unrestrfrted
Funds:
Restrlcted Funds:
Fundraising -
Assistance with Fees
Fundraising -
Capital Projects
Fundraising -
Assistance with Fees
or Capitsl Projects
1,868
(1,868)
70,230
2,423
{58,222)
(384)
12,008
2,039
5,659,045 5,826,865
(5,852,553)
51,307 5,684,664
194,211
55,726
(39,029)
210,908
13,888
(13,888)
90
(90)
Other
Total Restricted
Fund:
80
(1,180)
1,700
600
208,269
55,726
{1,180)
(51,307)
211,508
Total Funds:
5,867,314 5,882,591
(5,853,733)
5,896,172
31

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
Prior Year
comparison
Ati
September
2022
At31
August
2023
Incoming
Resources
Resources
Expended
Reval n Tronsfers
General Funds..
General Fund
5,632,556
5,354,304
(5,430.632)
28,046 5,584,274
Music Prize Fund
250
250
Desisnated Funds..
Fixed Asset Fund
Capltal Fund from
trips
Other Fund
Total Unrestricted
Funds..
1,868
1,868
70,230
2,423
71,614
723
3,552
1.7
{4,936)
5 707011
5.359 556
5 435 568
28.046 5 659 045
Restricted Funds..
Fundraising -
Assistonce with
Fees
Fundraising -
Capital Projects
Fundraising -
Assistance with
Fees or Capital
Projects
Other
Totol Restricted
Fund..
222,256
(28,046)
194,211
13,888
13,888
90
90
100
20
80
236.334
20
28,046
208,269
Total Funds..
5,943 345
5,359,566
5,435,588
5,867,314
18. PENSION SCHEMES
Retirement benefits to employees of the School are provided through one defined benefit
scheme, which are funded by the School's and employees, contributions.
Defined benefit scheme - 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 £520,054 12023..
£455, 111) and at the year-end £72,25712023 - £52.135) was accrued in respect of contributions
to this scheme.
32

NEWCASTLE
SCHOOL
FOR BOYS
NEWCASTLE SCHOOL FOR BOYS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR YEAR ENDED 31 AUGUST 2024
The TPS Is an unfunded rnulti-employer defined benefits pension scheme governed by The
Teachers, Penslons Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations
2014 (as amended). Members contribute on a -pay as you go" ba57S With contributions from
members and the ernployer being credited to the Exchequer. Retirement and other pension
benefits are pald by public funds provlded by Parliament.
The employer contribution rate Is set by the Secretary of State following scheme valuations
undertaken by the Government Actuary's Department. The most recent actuarial valuatlon of the
TPS was prepared as at 31 March 2020 and the Valuation Re￿rt was published in October 2023.
Following the Mccloud judgement, the remedy proposed that when benefits become payable,
eligible members can select to receive them from either 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 has valued the 'greater value, benefits for groups of relevant members.
The employer contribution rate for the TPS Is 28.6%, and employers are also required to pay a
scheme administration levy of 0.08% giving a total employer contributlon rate of 28.68%.
Following a consultation with eligible teaching staff during 2024, it has been agreed that those
wishing to stay within TPS can do so and will sacrifice salary to a value of 5.0%. Those wishing
to exit the scheme can do so and join a school defined contribution scheme with Royal London
Pensions, where the school will maintain an employer contribution of 21.68%.
Defined contrlbutlon scheme
Newcastle khool for Boys contributed in the year to the money purchase group personal pension
scheme managed by NOW:Pensions. Contributions of 5% were made for the employee and from
3% to 5% for the employer. The employer's contributions are charged in the Statement of Financial
AciivfEles In the period in which the salaries to which they relate are due. The employer's
contributions in the year amounted to £24,516 (2023: £18,879I- At 31 August 2024 there were
£5,314 accrued pension contributions for this scheme (2023: £3,930).
Following consultation, the school will from 1 September 2024 offer a defined contribution
scheme operated by Royal London Pensions with employer contributions maintained at between
3% and 5%.
33