Charlty registration number 515073 (England and Wales} Company registration number 01644174 BRANWOOD SCHOOL TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
BRANWOOD SCHOOL TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr T S Cramant Mr M N Fletcher Mr D M Taylor Mrs J E Wilcox Mr M Foster Mr J Seddon (Appointed 18 March 2024) Charity number 515073 Company number 01644174 Registered office Stafford Road Monton Eccles Manchester Auditor BarlowAndrews LLP Carlyle House 78 Chorley New Road Bolton
BRANWOOD SCHOOL TRUST LIMITED CONTENTS Page Trustees, report statement of Trustees, rèsponsibilities Independent auditols report Statement of financial activities 10 Balance sheet 11 Statement of cash flows 12 Notes to the financial statements 13-22
BRANWOOD SCHOOL TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report and financial statements for the year ended 31 August 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Irèland {FRS 102) (effective 1 January 2019).. Objectives and activities The charitable company's objects are.. To establish and carry on the charity as a Preparatory School, where children may receive a sound education. To establish and perpetuate a Preparatory School run in connection with. or independently of. any senior school or college. Br2nwood School Trust Limited operates as an Independent Preparatory School providing education to children of both sexes from the age of 3 through to 11. Each year the Trustees review the objectives and activities of the charity to ensure they continue to reflect our aims and to provide public benefit. In setting our objectives and planning our activities. our Governors have given careful consideration to the Charity Commission's general guidance and guidanGe on public benefit and in particular in its supplementary public benefit guidance on advancing education and on fee charging. The Trustees are more than satisfied that they do. The Trustees and Govemors have discussed the objectives of the school and how it can best serve not only the pupils and staff, but also the local community. The Trustees are committed to ensuring Ihe provision of excellence in education at an affordable cost. The Trustees are committed to offering scholarships as and when it is deemed feasible. and to assisting scholars as and when it is thought fit and appropriate. The school does not currently have a separate fund that would enable it to set up and maintain a system of Bursaries. and as the Trustees, policy is to maintain fees for the school at a reasonable level, it is unlikely that Bursaries can be offered in the short to medium term. The Trustees have publicised the facillties available at the school to the local community and organisations, at a reasonable cost where the use is considered to be appropriate and compatible. Achievements and performance The statement of financial activities is set out on page 10. The Trustees are pleased to report that the school has ènjoyed another successful year, and despite the current financial climate of economic uncertainty and inflationary pressures it has kept the reported financial deficit before gains on investments to a minimum in the year and will be looking to further use the charitable company's unrèstricted reserves to improve the school's facilities and enhance the charity's educational objectives over the forthcoming years.
BRANWOOD SCHOOL TRUST LIMITED TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Income generation The charity's main income continues to be derived from its principle adivity of providing education services to children. Fee income in the year increased to £1,292,219 from £1,148,404 in 2023. This was as a result of a percentsge increase in school fees as well as a slight increase in pupil numbers. Whilst the Trustees are mindful of the increasing pressures on parents, the charity is also faced with increasing costs. A comparison of fees with other educational establishments in the area has shown that the fees agreed by Branwood School Trust are comparable. The Trustees review fees on an annual basis and will continue to do so to ensure that the school provides an excellent all round education, enabling its pupils to progress to independent grammar schools in the general Manchester area. Resources expended The charity adopts a strict control policy for expenditure. After approval by the school Governors. recommendations are made to the board of Trustees to consider proposals for expenditure above a set criteria. Staff remuneration is decided annually at Govemors, meetings. The total expenditure on charitable activities in the year amounted to £1,444,846 (2023.. £1,289,139}. Of this, salaries and associated costs for teaching and support staff amounted to £938,959 (2023: £864,655). Thanks The Trustees would like to express their thanks and appreciation to the Headteacher and staff for their dedication and efforts towards the charity over the past year. Reserves policy It is the policy of the charitable company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to a minimum of one term's budgeted expenditure. At the balance sheet date the free reserves, which include the charity's investments, amounted to £488,837 (2023: £918,277), which is in line with the policy per above being a minimum of one term's expenditure {circa £480k). Total reserves amounted to £2,212,822 (2023.. £2,204,429). Designated reserves amounted to £1,723,978 (2023= £1,286,145) which relates to fixed assets held in the trust and amounts designated for development of the building. Developments began in October 2023 and are expected to continue throughout 2024125, subject to the financial impact of the October 2024 budget on net reserves and pupil numbers. Investment policy The charity has invested money with Insignis Cash. The Bursar and Chair of the Trustees manage investments via the Insignis platform. To minimise risk, deposits arè limited to £85,000 per fin2n¢ial institution to ensure FSCS protection. The performance of investments was in line with market conditions during the year and the Trustees are satisfied with the position at the year end. Risk management The Trustees have conducted a review of the major risks to which the charity is exposed and, where appropriate. systems or prOdureS have been established to mitigate those risks by the implementation of procedures for authortsation of all trans8Ctions. Procedures are in place to ensure compliance with health and safety of staff, volunteers and visitors to the school. In common with all other independent preparatory schools, the charitable company has been forced to register for VAT from 1 January 2025 due to new government legislation. The Trustees have identtfied this as a risk to income from school fees. However, whilst this is considered a risk, the managing of this transition is expected to be absorbed by existing school fvnds and passing on the VAT increase, in some capacity, by increasing fees.
BRANWOOD SCHOOL TRUST LIMITED TRUSTEES, REPORT {CONTINUED}{INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Future Plans The Trustees are committed to maintaining Branwood School Trust as a successful educational resource, and to developing both its facilities and links with the local community. Whilst it is not possible to open the school facilities to members of the public during school time, the school has engaged the services of Greater Manchester Community Lettings (GMCL) Ltd to encourage community use of the school facilities. The uptake of the facilities has been promising, with the ha51 and astroturf pitches now being let a number of evenings per week. The school also offers regular holiday camps for local children during closure periods. The Trustees hope to build upon this success moving foNard. structure, governance and management The charitable company is a charitable limited company and was set up on 17 June 1982. It is governed by its Memorandum and Articles ofAssociation which was last amended on 18 MarGh 2024. The Trustees, who are also the directors for the purpose of company law, and who sewed during the year were.. Mr T S Cramant Mr M N Fletcher Mr D M Taylor Mrs J E Wilcox Mr M Foster Mr J Seddon {Appointed 18 March 2024) Trustee recruitment, appointment and training The recruitment and appointment of TrLJStees at Branwood School Trust Limited foSlows the conditions established within th2 charity's memorandum and articles. Trustees are recruited to the board from a variety of backgrounds and disciplines. None ofthe Trustees has any beneficial interest in the company. All ofthe Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. It is considered that the trust has sufficient lega5 and financial expertise to enable it to operate effectively and to manage the charity's affairs appropriately. All Trustees have undertaken and successfully completed webinars in line with ISI recommendations. Organisation structure The Trustees and Governors determine the general policy of the school. The day to day running of the school is delegated to the Headteacher, supported by senior staff. The Head undertakes the key1È2dership role overseeing educ2tional and administrative functions in consultation with senior staff. The day to day administration of the school is undertaken within the policies and procedures approved by the Trustees which provide for only significant expenditure decisions and major capital projects to be referred to the Trustees for prior approval. The Head oversees the recruitment of all educational staff, whilst under delegated authority the Bursar oversees the recruitment of administrative and non teaching support staff. The Head and Bursar are invited to attend Trustee and Governors, meetings. The Trustees discuss and agree pay and remuneration for all staff, including key management personnel, on an annual basis. Pay increases are considered with regard to inflation rates and increases awarded in the state sector, as well as "time served" experience.
BRANWOOD SCHOOL TRUST LIMITED TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Auditor In accordance with the company's articles, a resolution proposing that BarlowAndrews LLP be reappointed as auditor of the company will be put at a General Meeting. Disclosure of Informatlon to auditor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to ch relevant information and to establish that the auditor is aware of such information. The eport was proved by the Board of Trustees. MrMN Trustee Dated.. 2 her ary 2025
BRANWOOD SCHOOL TRUST LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees. who are also the directors of Branwood School Trust Limited for the purpose of company law, are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable Company and of the incoming resources and application of resources, including thè income and expenditure. of the charitable company for that year. In preparing these financial statements, the Trustees are required to-. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether 8ppIiGable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements. and prepare the financial statem&nts 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 position of the charitsble company and enable them to énsure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and éetection of fraud and other irregularities.
BRANWOOD SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRANWOOD SCHOOL TRUST LIMITED Opinion We have audited the financial statements of Branwood School Trust Limited (the 'charitable company,) for the year ended 31 Augusl 2024 which comprise the statement of financial activities. the balance sheet, the statement of cash flows and notes to the financial statements, including 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 Reporting Standard applioable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financi81 statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance with the requirements of the CompaniesAct 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial staternents 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 statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating 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 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 concem are described in the relevant sections of this report. other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othemise 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 infonTtation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent rnaterial misstatements, we are required to determine whether this 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, wa are required to report that fact. We have nothing to report in this regard.
BRANWOOD SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF BRANWOOD SCHOOL TRUST LIMITED Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the Trustees, report for the financial year for which the financial statements are prepared. which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements. and the directors, report included within the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the ourse of the audit, we have not identified material misstatements in the directors, report included within the Trustees, 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 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 information and explanations we require for our audit; or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantsge of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report. Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the charitable company for the purposè 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 ig neGessary to enable the preparation of financial statements that are free from rnaterlal misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing 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 liquidate the charitable Gompany or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial 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 conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements Can arise frorn 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
BRANWOOD SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF BRANWOOD SCHOOL TRUST LIMITED the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-complian with applicable laws and regulations. we idÈntified the laws and regulations applicable to the charitable company through discussions with trustees and other management, and from our commercial knowledge and experience of the charity sector. we focused on specific12ws and regulations which we considered may have 8 direct material effect on the financial statements or the operations of the charity, including the Companies Act 2006 and the Charities Act2011; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management., and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transaotions., and assessed whetF7er judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were not limited to: agreeing financial statement disclosures to underlying supporting documentation. reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential litigation and claims., and reviewing correspondence with relevant regulators. There are inhèrent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing stsndards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect that those that arise from error as they may involve delibèrate Gonalment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at- https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
BRANWOOD SCHOOL TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF BRANWOOD SCHOOL TRUST LIMITED 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 memberg 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, forthis report, or for the opinions we have fomied. Paul Burton (Senior Statutory Auditor) For and on behalf of BarlowAndrews LLP, Statutory Auditor Carlyle House 78 Chorley New Road Bolton 29 January 2025
BRANWOOD SCHOOL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Income from: Income from charitable activities Investments 1.388,370 1.231,179 22.325 8,435 Total income 1,410,695 1,239,614 Ex enditure on: Expenditure on charitable activities 1,444,846 1,289,139 Net movement in funds before gains and losses on investments (34,151) {49,525) Net gains/(losses) on investments 42,544 (10.280) Net movement in funds 8,393 (59,805> Fund balances at 1 September 2023 2,204.429 2.264,234 Fund balances at 31 August 2024 2.212,822 2.204,429 The statement of financlal activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities and relates to unrestricled funds. The ststement of financial activities also complies with the requirements for an income and expenditure account under the CompaniesAct 2006. 10-
BRANWOOD SCHOOL TRUST LIMITED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes Fixed assets Tangible assets Investments 11 12 1,473,978 536,145 1,038.261 1,473,978 1,574,406 Current assets Debtors Investments Cash at bank and in hand 14 15 41.194 1,029,172 274,226 39,518 885,250 1,344,592 924,768 Creditors: amounts falling due within one year 16 {605,748) 1294,745) Net current assets 738,844 630,023 Total assets less current Ilabilities 2,212.822 2,204,429 Income funds Unrestricted funds Designated funds- Tangible fixed assets Development funds 1,473,978 250,000 536,145 750,000 19 1,723,978 488,837 1,286,145 918,277 General unrestricted funds Share capital 2,212.822 2,204,429 2,212,822 2.204,429 The fin tements wer pproved by the Trustees on 29 January 2025 MrMNF Trustee er Compan istratlon No. 01644174 11
BRANWOOD SCHOOL TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 23 343,294 118,868 Investing activities Purchase of tangible fixed assets Proceeds from disposal of investments Investment income received (1,028,276) 1.080,805 22,325 (52,567) 8,435 Net cash generated froml(used in) investing activities 74.854 (44,132) Net cash generated from flnancing activities Net increase in Cash and cash equivalents 418,148 74,736 Cash and cash equivalents at beginning of year 885,250 810,514 Cash and cash equivalents at end of year 1,303,398 885,250 Relating to: Cash at bank and in hand Short term deposits included in current asset investments 274,226 885,250 1,029,172 12-
BRANWOOD SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Charity information Branwood School Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered ofFice is Stafford Road, Monton, Eccl&s, Manchester. 1.1 Accounting convention The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019)" The charitable company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention, modified to include the revaluation of rtain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statèments. 1.4 Income Income is recognised at fair value on a reGeivable basis and is reported gross of any related expenditure and when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income that is invoiced in advance or arrears is apportioned so that only that relating to the period of the financial statements is included in income. 1.5 Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which can not be recovered and is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indireGt nature necessary to support them. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. 13-
BRANWOOD SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (,CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (Continued) Depreciation is recognlsed so as to write off the cost or valuatlon of assets less their residual values over their useful lives on the following bases: Land and buildings Property improvements Fixtures, fittings & equipment Computer equipment 20/0 Straight line 100/0 Straight line 15% reducing balance 33 % straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impaimient of fixed assets At each reporting end date. the charitable company reviews the carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held at call with banks. 1.10 Financial instruments The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which include current asset investments, debtors and cash and bank balancès, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 14-
BRANWOOD SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {Continued} Impairment of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or mor& events that occurred after the initial reGognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in net incomel{expenditure} for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the Gurrent carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/{expenditure) for the year. BasiG financial liabilities Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaGtion, where the debt instrument is measured at thè present value of the future payrnents discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade Creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charitable company's contractual obligations expire or are discharged or cancelled. 1.11 Taxation The company has charitable status and is thus exempt from taxation of its income and gains falling within section 505 of The Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. 1.12 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in th& period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Retirement benefits Payments to defined Gontribution retirement benefit schemes are charged as an expense as they fall due. 15-
BRANWOOD SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Critical accounting estimates and judgements In the application of the charitable company's accountlng policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from charitable activities 2024 2023 School fees School activities Other income 1,292,219 87,546 8,605 1.148,404 77,515 5,260 1,388,370 1,231,179 Investments 2024 2023 Interest receivable 22,325 8,435 16-
BRANWOOD SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on charltable activities 2024 2023 staff costs Depreciation and impairment Recruitment costs Establishment costs Postage and stationery Repairs and maintenance Office expenses Services and supplies Transport and security Advertising and promotion Bad debts Bank charges Donations Accountancy fees Cost of trustee meetings Legal and professional fees Auditors, remuneration 938,959 90.443 2,946 54,135 6,877 86,973 6.850 177,919 23,225 9,362 5,121 3,986 66 9,865 879 20,340 6,900 864,655 58,534 3,430 44,116 5,950 95,907 7,797 150,701 23,690 5,119 1,724 1,187 8,741 217 11,071 6,300 Unrestricted funds 1,444,846 1,289,139 Governance costs Governance costs of £6,90012023.' £6,300), being auditors, remuneration, are included within expenditure on Gharitable activities. Net movement in funds 2024 2023 The net movement in funds is stated after charging.. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 6,900 90,443 6,300 58,534 Trustees None of the Trustees (or any persons Gonnected with them) received any remuneration or benefits from the charitable company during the year. Trustees, expenses During the year trustees were reimbursed for a total of £879 relating to travel and catering expenses12023'. £217). 17
BRANWOOD SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Teaching staff Administration staff Domestic staff 18 22 Total 32 33 Employment costs 2024 2023 Wages and salaries Social security Costs other pension costs 831,619 71,689 35,651 767,038 65,210 32,407 938,959 864,655 The number of employees whose annual remuneration was more than £60,000 is as follows: 2024 Number 2023 Number £60,000- £69,999 Remuneration of key management personnel, The remuneration of key management personnel is as follows- 2024 2023 Aggregate compensation 125,446 116,228 Gains and losses on investments Unrestricted Unrestri¢ted funds funds 2024 2023 Gainsl(losses) arising on: Revaluation of investments Sale of investments (10,280) 42.544 42,544 (10,280) 18-
BRANWOOD SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 10 Taxation The charity is exempt from taxation on ils activities because all its inGome is applied for charitable purposes. 11 Tangible fixed assets Land and Property buildlngs improvements Fixturgs, fittings & equipment Computer equipmènt Total Cost At 1 September 2023 Additions 701,960 319,248 891,037 178,467 129,827 167,728 1.367,403 7,412 1,028,276 At 31 August 2024 701,960 1,210,285 308,294 175,140 2,395,679 Depreciation and impairment At 1 September 2023 Depreciation charged in the year 378,846 14,035 171,205 56,755 139,117 6,490 142,090 13,163 831,258 90,443 At 31 August 2024 392,881 227,960 145,607 155,253 921,701 Carrying amount At 31 August 2024 309,079 982,325 162,687 19,887 1,473,978 At 31 August 2023 323,114 148,043 39,350 25,638 536,145 12 Fixed asset investments Listed investments Cost or valuation At 1 September 2023 Gain on sale of investments Disposals 1,038,261 42,544 11,080,805) At 31 August 2024 Carrying amount Al 31 August 2024 At 31 August 2023 1,038,261 19-
BRANWOOD SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 Financial instruments 2024 2023 Carrying amount of financial assets Debt instruments measured at amortised cost Equity inslruments measured at cost less impairment Instruments measured at fair value through profit or loss 288,905 896,695 1,038.261 1.029,172 Carrying amount of financial liabilities Measured at amortised cost 605,748 294,745 14 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 14,679 9,567 1,878 28,073 26,515 41,194 39,518 15 Current asset investments 2024 2023 Unlisted investments 1,029,172 16 Creditors: amounts falling due within one year 2024 2023 Trade creditors other creditors Accruals and deferred income 72,879 387 532,482 25,989 198 268,558 605,748 294,745 Deferred income of £222,507 (2023: £226,581) is included in accruals and deferred income. 17 Retirement benefit schemes 2024 2023 Deflned contribution schemes Charge to profit or loss in respect of defined contribution schemes 35,651 32,407 The charitable company operates a defined contribution pension scheme for all qualitying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. -20-
BRANWOOD SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18 Share capital 2024 2023 Ordinary share capital Issued and fully pald 7 Ordinary shares of £1 each 19 Designated funds The income funds of the charity include designated funds. The tangible fixed assets fund relates to the tsngible fixed assets held in the trust. As at 1 September 2023 the amount held in this fund was £536,145. During the year there was a net movement of £937,833, as a result of significant fixed asset additions in excess of depreciation charged. At the year end the balance on the fund was £1,473,978. The second fund amounted to £750,000 at 1 September 2023 and related to amounts set aside for expenditure on a new development. This was fully utilised during the year on fixed asset additions, as detailed above. An additional £250,000 has been transferred to this fund from general unrestricted funds to be spent in 2024125. 20 Analysis of net assets between funds Unrestricted funds 2024 At 31 August 2024: Tangible assets Current assetsl(liabilities) 1,473,978 738,844 2,212.822 Unrestricted funds 2023 At 31 August 2023: Tangible assets Investments Current assetsl(li8bilities) 536,145 1,038,261 630,023 2,204,429 21
BRANWOOD SCHOOL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 21 Operating lease commitments At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows- 2024 2023 Within one year Between two and five years 1,718 1.289 1,718 3,007 3.007 4,725 22 Related party transaGtions During the year the charity made payments in respect of consultancy services of £14,400 (2023: £nil) to Mr M Fletcher. This was in relation lo additional services provided to the charity in his role as a Trustee. During the year the charity also made payments in respect of maintenance costs of £1,140 (2023.. £nil) to Seddon Construction Limited of which Mr J Seddon rfrustee) is a Director. No other disclos8ble related party transactions have been noted. 23 Cash generated from operatlons 2024 2023 Surplusl(deficit) for the year 8,393 (59.805) Adjustments for: Investment income recognised in ststement of financial activities Gain on disposal of investments Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets (22,325) (42,544) (8,435) 10,280 58,534 90,443 Movements in working capital: (Increase)Idecrease in debtors Increase in creditors (1,676) 311.003 1,082 117.212 Cash generated from operations 343,294 118,868 24 Analysis of changes in net funds The charitable company had no material debt during the year. -22-